|
||||||||||||||||||||||||||
| SEC Info℠ | | | Home | | | Search | | | My Interests | | | Help | | | Sign In | | | Please Sign In | |||||||
|
||||||||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 2/23/21 JPMorgan Chase & Co. 10-K 12/31/20 220:68M |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 7.97M
2: EX-4.6 Instrument Defining the Rights of Security Holders HTML 208K
3: EX-10.17 Material Contract HTML 366K
4: EX-21 Subsidiaries List HTML 61K
5: EX-22.2 Published Report re: Matters Submitted to a Vote HTML 57K
of Security Holders
6: EX-23 Consent of Expert or Counsel HTML 57K
7: EX-31.1 Certification -- §302 - SOA'02 HTML 60K
8: EX-31.2 Certification -- §302 - SOA'02 HTML 60K
9: EX-32 Certification -- §906 - SOA'02 HTML 61K
16: R1 Document and Entity Information HTML 145K
17: R2 Consolidated Statements of Income HTML 154K
18: R3 Consolidated Statements of Comprehensive Income HTML 91K
19: R4 Consolidated Balance Sheets HTML 175K
20: R5 Consolidated Balance Sheets (Parenthetical) HTML 115K
21: R6 Consolidated Statements of Changes in HTML 118K
Stockholders' Equity
22: R7 Consolidated Statements of Changes in HTML 58K
Stockholders' Equity (Parenthetical)
23: R8 Consolidated Statements of Cash Flows HTML 181K
24: R9 Basis of Presentation HTML 118K
25: R10 Fair Value Measurement HTML 1.06M
26: R11 Fair Value Option HTML 213K
27: R12 Credit Risk Concentrations HTML 169K
28: R13 Derivative Instruments HTML 556K
29: R14 Noninterest Revenue and Noninterest Expense HTML 151K
30: R15 Interest Income and Interest Expense HTML 95K
31: R16 Pension and Other Postretirement Employee Benefit HTML 232K
Plans
32: R17 Employee Share-Based Incentives HTML 97K
33: R18 Investment Securities HTML 348K
34: R19 Securities Financing Activities HTML 144K
35: R20 Loans HTML 603K
36: R21 Allowance for Credit Losses HTML 301K
37: R22 Variable Interest Entities HTML 272K
38: R23 Goodwill and Mortgage Servicing Rights HTML 159K
39: R24 Premises and Equipment HTML 59K
40: R25 Deposits HTML 91K
41: R26 Leases HTML 146K
42: R27 Accounts Payable and Other Liabilities HTML 65K
43: R28 Long-term Debt HTML 145K
44: R29 Preferred Stock HTML 152K
45: R30 Common Stock HTML 82K
46: R31 Earnings Per Share HTML 82K
47: R32 Accumulated Other Comprehensive Income/(Loss) HTML 177K
48: R33 Income Taxes HTML 149K
49: R34 Restricted Cash, Other Restricted Assets and HTML 72K
Intercompany Funds Transfers
50: R35 Regulatory Capital HTML 141K
51: R36 Off-balance Sheet Lending-related Financial HTML 203K
Instruments, Guarantees, and Other Commitments
52: R37 Pledged Assets and Collateral HTML 80K
53: R38 Litigation HTML 89K
54: R39 International Operations HTML 114K
55: R40 Business Segments HTML 198K
56: R41 Parent Company HTML 156K
57: R42 Basis of Presentation (Policies) HTML 267K
58: R43 Basis of Presentation Basis of Presentation HTML 90K
(Tables)
59: R44 Fair Value Measurement (Tables) HTML 1.02M
60: R45 Fair Value Option (Tables) HTML 206K
61: R46 Credit Risk Concentrations (Tables) HTML 164K
62: R47 Derivative Instruments (Tables) HTML 558K
63: R48 Noninterest Revenue and Noninterest Expense HTML 145K
(Tables)
64: R49 Interest Income and Interest Expense (Tables) HTML 93K
65: R50 Pension and Other Postretirement Employee Benefit HTML 230K
Plans (Tables)
66: R51 Employee Share-Based Incentives (Tables) HTML 91K
67: R52 Investment Securities (Tables) HTML 340K
68: R53 Securities Financing Activities (Tables) HTML 141K
69: R54 Loans (Tables) HTML 566K
70: R55 Allowance for Credit Losses (Tables) HTML 281K
71: R56 Variable Interest Entities (Tables) HTML 253K
72: R57 Goodwill and Mortgage Servicing Rights (Tables) HTML 153K
73: R58 Deposits (Tables) HTML 93K
74: R59 Leases (Tables) HTML 105K
75: R60 Accounts Payable and Other Liabilities (Tables) HTML 65K
76: R61 Long-term Debt (Tables) HTML 232K
77: R62 Preferred Stock (Tables) HTML 167K
78: R63 Common Stock (Tables) HTML 177K
79: R64 Earnings Per Share (Tables) HTML 80K
80: R65 Accumulated Other Comprehensive Income/(Loss) HTML 179K
(Tables)
81: R66 Income Taxes (Tables) HTML 152K
82: R67 Restricted Cash, Other Restricted Assets and HTML 67K
Intercompany Funds Transfers (Tables)
83: R68 Regulatory Capital (Tables) HTML 132K
84: R69 Off-balance Sheet Lending-related Financial HTML 176K
Instruments, Guarantees, and Other Commitments
(Tables)
85: R70 Pledged Assets and Collateral (Tables) HTML 80K
86: R71 International Operations (Tables) HTML 115K
87: R72 Business Segments (Tables) HTML 187K
88: R73 Parent Company (Tables) HTML 155K
89: R74 Basis of Presentation - Financial Instruments - HTML 99K
Credit Losses, Adoption Impacts (Details)
90: R75 Basis of Presentation - Narrative (Details) HTML 82K
91: R76 Fair Value Measurement - Recurring Basis (Details) HTML 419K
92: R77 Fair Value Measurement - Level 3 Inputs (Details) HTML 349K
93: R78 Fair Value Measurement - Changes in Level 3 HTML 317K
Recurring Measurements (Details)
94: R79 Fair Value Measurement - Level 3 Analysis HTML 77K
(Details)
95: R80 Fair Value Measurement - Transfers (Details) HTML 102K
96: R81 Fair Value Measurement - Impact of Credit HTML 60K
Adjustments (Details)
97: R82 Fair Value Measurement - Nonrecurring Basis HTML 117K
(Details)
98: R83 Fair Value Measurement - Equity Securities Without HTML 76K
Readily Determinable Fair Values (Details)
99: R84 Fair Value Measurement - Carrying Value and HTML 125K
Estimated Fair Value (Details)
100: R85 Fair Value Option - Changes in fair value under HTML 131K
the fair value option (Details)
101: R86 Fair Value Option - Aggregate Differences HTML 116K
(Details)
102: R87 Fair Value Option - Structured note products by HTML 93K
balance sheet classification and risk component
(Details)
103: R88 Credit Risk Concentrations (Details) HTML 205K
104: R89 Derivative Instruments - Notional Amount of HTML 101K
Derivative Contracts (Details)
105: R90 Derivative Instruments - Impact on Balance Sheet HTML 103K
(Details)
106: R91 Derivative Instruments - Derivatives Netting HTML 182K
(Details)
107: R92 Derivative Instruments - Liquidity Risk and HTML 72K
Credit-Related Contingent Features (Details)
108: R93 Derivative Instruments - Impact on Statements of HTML 90K
Income, Fair Value Hedges (Details)
109: R94 Derivative Instruments - Cumulative Fair Value HTML 90K
Hedging Adjustments (Details)
110: R95 Derivative Instruments - Impact on Statements of HTML 81K
Income, Cash Flow Hedges (Details)
111: R96 Derivative Instruments - Impact on Statements of HTML 75K
Income, Net Investment Hedges (Details)
112: R97 Derivative Instruments - Impact on Statements of HTML 68K
Income, Risk Management Derivatives (Details)
113: R98 Derivative Instruments - Credit Derivatives HTML 83K
(Details)
114: R99 Derivative Instruments - Credit Derivatives, HTML 80K
Protection Sold, Notional and Fair Value (Details)
115: R100 Noninterest Revenue and Noninterest Expense - HTML 67K
Investment Banking Fees (Details)
116: R101 Noninterest Revenue and Noninterest Expense - HTML 75K
Principal Transactions (Details)
117: R102 Noninterest Revenue and Noninterest Expense - HTML 64K
Lending and Deposit-Related Fees (Details)
118: R103 Noninterest Revenue and Noninterest Expense - HTML 76K
Asset Management, Administration and Commissions
(Details)
119: R104 Noninterest Revenue and Noninterest Expense - Card HTML 82K
Income (Details)
120: R105 Noninterest Revenue and Noninterest Expense - HTML 60K
Components of Noninterest Expense (Details)
121: R106 Interest Income and Interest Expense (Details) HTML 103K
122: R107 Pension and Other Postretirement Employee Benefit HTML 128K
Plans - Defined Benefit Pension Plans (Details)
123: R108 Pension and Other Postretirement Employee Benefit HTML 63K
Plans - Gains and Losses (Details)
124: R109 Pension and Other Postretirement Employee Benefit HTML 133K
Plans - Net Periodic Benefit Costs (Details)
125: R110 Pension and Other Postretirement Employee Benefit HTML 63K
Plans - Plan Assumptions (Details)
126: R111 Pension and Other Postretirement Employee Benefit HTML 74K
Plans - Twenty-Five Basis Point Decrease Effects
(Details)
127: R112 Pension and Other Postretirement Employee Benefit HTML 90K
Plans - Investment Strategy and Weighted Average
Asset Allocation (Details)
128: R113 Pension and Other Postretirement Employee Benefit HTML 130K
Plans - Plan Assets and Liabilities Measured At
Fair Value (Details)
129: R114 Pension and Other Postretirement Employee Benefit HTML 73K
Plans - Changes In Level 3 Fair Value Measurements
(Details)
130: R115 Pension and Other Postretirement Employee Benefit HTML 71K
Plans - Estimated Future Benefit Payments
(Details)
131: R116 Employee Share-Based Incentives - Employee HTML 85K
Share-Based Awards (Details)
132: R117 Employee Share-Based Incentives - RSUs, PSUs, SARS HTML 136K
and Stock Options Activities (Details)
133: R118 Employee Share-Based Incentives - Compensation HTML 68K
Expense (Details)
134: R119 Employee Share-Based Incentives - Tax Benefits HTML 59K
(Details)
135: R120 Investment Securities - Narrative (Details) HTML 72K
136: R121 Investment Securities - Amortized Costs, Fair HTML 169K
Value (Details)
137: R122 Investment Securities - Continuous Unrealized Loss HTML 117K
Position (Details)
138: R123 Investment Securities - Realized Gain (Loss) HTML 65K
(Details)
139: R124 Investment Securities - Amortized Cost, Fair HTML 223K
Value, by Contract Maturity (Details)
140: R125 Securities Financing Activities - Schedule of HTML 124K
Securities Purchased Under Resale Agreements,
Netting & Securities Borrowed (Details)
141: R126 Securities Financing Activities - Schedule of HTML 96K
Secured Financing Transactions by Assets Pledged &
Remaining Maturity (Details)
142: R127 Securities Financing Activities - Schedule of HTML 58K
Transfers Not Qualifying for Sale Accounting
(Details)
143: R128 Loans - Narrative (Details) HTML 101K
144: R129 Loans - By Portfolio Segment (Details) HTML 82K
145: R130 Loans - Purchased, Sold and Reclassified to HTML 75K
Held-for-Sale (Details)
146: R131 Loans - Consumer, Excluding Credit Card Loan HTML 69K
Portfolio (Details)
147: R132 Loans - Consumer, Excluding Credit Card Loan HTML 132K
Portfolio, Residential Real Estate (Details)
148: R133 Loans - Consumer, Excluding Credit Card Loan HTML 131K
Portfolio, Residential Real Estate, Nonaccrual
Loans and Other Credit Quality Indicators
(Details)
149: R134 Loans - Consumer, Excluding Credit Card Loan HTML 83K
Portfolio, Loan Modifications, Nature and Extent
of Modifications (Details)
150: R135 Loans - Consumer, Excluding Credit Card Loan HTML 95K
Portfolio, Financial Effects of Modifications and
Redefaults (Details)
151: R136 Loans - Consumer, Excluding Credit Card Loan HTML 123K
Portfolio, Auto and Other (Details)
152: R137 Loans - Consumer, Excluding Credit Card Loan HTML 94K
Portfolio, Auto and Other, Nonaccrual Loans and
Other Credit Quality Indicators (Details)
(Details)
153: R138 Loans - Credit Card Loan Portfolio, Delinquency HTML 88K
Information (Details)
154: R139 Loans - Credit Card Loan Portfolio, Other Credit HTML 91K
Quality Indicators (Details)
155: R140 Loans - Credit Card Portfolio, Loan Modifications HTML 74K
(Details)
156: R141 Loans - Wholesale Loan Portfolio, Internal Risk HTML 192K
Ratings (Details)
157: R142 Loans - Wholesale Loan Portfolio, Real Estate HTML 89K
Class of Loans (Details)
158: R143 Loans - Wholesale Loan Portfolio, Nonaccrual HTML 72K
(Details)
159: R144 Loans - Wholesale Loan Portfolio, Loan HTML 62K
Modifications (Details)
160: R145 Allowance for Credit Losses (Details) HTML 243K
161: R146 Variable Interest Entities - Credit Card HTML 69K
Securitizations (Details)
162: R147 Variable Interest Entities - Firm Sponsored HTML 124K
Variable Interest Entities (Details)
163: R148 Variable Interest Entities - Re-securitizations HTML 68K
(Details)
164: R149 Variable Interest Entities - Multi-seller Conduits HTML 68K
(Details)
165: R150 Variable Interest Entities - Consolidated VIE HTML 126K
Assets and Liabilities (Details)
166: R151 Variable Interest Entities - VIEs Sponsored by HTML 83K
Third Parties (Details)
167: R152 Variable Interest Entities - Securitization HTML 81K
Activity (Details)
168: R153 Variable Interest Entities - Loans Sold to HTML 70K
Third-Party Sponsored Securitization Entities
(Details)
169: R154 Variable Interest Entities - Schedule of Loans HTML 64K
Repurchased and Option to Repurchase Delinquent
Loans (Details)
170: R155 Variable Interest Entities - Loan Delinquencies HTML 81K
and Net Charge-offs (Details)
171: R156 Goodwill and Mortgage Servicing Rights - by HTML 74K
Business Segment (Details)
172: R157 Goodwill and Mortgage Servicing Rights - Changes HTML 66K
During Period (Details)
173: R158 Goodwill and Mortgage Servicing Rights - Mortgage HTML 97K
Servicing Rights (Details)
174: R159 Goodwill and Mortgage Servicing Rights - Mortgage HTML 85K
Fees and Related Income (Details)
175: R160 Goodwill and Mortgage Servicing Rights - Key HTML 70K
Economic Assumptions (Details)
176: R161 Deposits - Noninterest and Interest-bearing HTML 81K
(Details)
177: R162 Deposits - Time Deposits (Details) HTML 62K
178: R163 Deposits - Maturities of Interest-Bearing Time HTML 78K
Deposits (Details)
179: R164 Leases - Narrative (Details) HTML 62K
180: R165 Leases - Information Related to Operating Leases HTML 87K
(Details)
181: R166 Leases - Future Payments Under Operating Leases HTML 76K
(Details)
182: R167 Leases - Carrying Value of Assets Subject to HTML 64K
Operating Leases (Details)
183: R168 Leases - Operating Lease Income and Related HTML 70K
Depreciation Expense (Details)
184: R169 Leases - Future Receipts Under Operating Leases HTML 71K
(Details)
185: R170 Accounts Payable and Other Liabilities (Details) HTML 65K
186: R171 Long-term Debt - Summary of Long-Term Debt HTML 213K
(Details)
187: R172 Preferred Stock (Details) HTML 423K
188: R173 Common Stock - Narrative (Details) HTML 72K
189: R174 Common Stock - Shares Issued (Details) HTML 82K
190: R175 Common Stock - Repurchases (Details) HTML 63K
191: R176 Earnings Per Share (Details) HTML 99K
192: R177 Accumulated Other Comprehensive Income/(Loss) - HTML 99K
Rollforward (Details)
193: R178 Accumulated Other Comprehensive Income/(Loss) - HTML 122K
Components of Other Comprehensive Income/(Loss)
(Details)
194: R179 Income Taxes - Reconciliation of Effective Income HTML 81K
Tax Rate (Details)
195: R180 Income Taxes - Components of Income Tax HTML 92K
Expense/(Benefit) (Details)
196: R181 Income Taxes - Results from Non-U.S. Earnings HTML 66K
(Details)
197: R182 Income Taxes - Affordable Housing Tax Credits HTML 65K
(Details)
198: R183 Income Taxes - Deferred Tax Assets and Liabilities HTML 104K
(Details)
199: R184 Income Taxes - Unrecognized Tax Benefits (Details) HTML 81K
200: R185 Restricted Cash, Other Restricted Assets and HTML 88K
Intercompany Funds Transfers (Details)
201: R186 Regulatory Capital (Details) HTML 164K
202: R187 Off-balance Sheet Lending-related Financial HTML 179K
Instruments, Guarantees, and Other Commitments
(Details)
203: R188 Off-balance Sheet Lending-related Financial HTML 80K
Instruments, Guarantees, and Other Commitments -
Standby Letters of Credit, Other Financial
Guarantees and Other Letters of Credit (Details)
204: R189 Off-balance Sheet Lending-related Financial HTML 61K
Instruments, Guarantees, and Other Commitments -
Securities Lending Indemnifications (Details)
205: R190 Off-balance Sheet Lending-related Financial HTML 76K
Instruments, Guarantees, and Other Commitments -
Derivatives Qualifying as Guarantees (Details)
206: R191 Off-balance Sheet Lending-related Financial HTML 62K
Instruments, Guarantees, and Other Commitments -
Loan Sales- and Securitization-Related
Indemnifications (Details)
207: R192 Off-balance Sheet Lending-related Financial HTML 67K
Instruments, Guarantees, and Other Commitments -
Other Off-Balance Sheet Arrangements (Details)
208: R193 Pledged Assets and Collateral - Pledged Assets and HTML 79K
Collateral (Details)
209: R194 Litigation (Details) HTML 123K
210: R195 International Operations (Details) HTML 117K
211: R196 Business Segments - Narrative (Details) HTML 70K
212: R197 Business Segments (Details) HTML 154K
213: R198 Parent Company - Statements of Income and HTML 113K
Comprehensive Income (Details)
214: R199 Parent Company - Balance Sheets (Details) HTML 122K
215: R200 Parent Company - Statements of Cash Flows HTML 133K
(Details)
216: R201 Parent Company - Footnote Information (Details) HTML 79K
218: XML IDEA XML File -- Filing Summary XML 432K
15: XML XBRL Instance -- jpm-20201231_htm XML 21.66M
217: EXCEL IDEA Workbook of Financial Reports XLSX 499K
11: EX-101.CAL XBRL Calculations -- jpm-20201231_cal XML 862K
12: EX-101.DEF XBRL Definitions -- jpm-20201231_def XML 3.69M
13: EX-101.LAB XBRL Labels -- jpm-20201231_lab XML 6.42M
14: EX-101.PRE XBRL Presentations -- jpm-20201231_pre XML 4.39M
10: EX-101.SCH XBRL Schema -- jpm-20201231 XSD 756K
219: JSON XBRL Instance as JSON Data -- MetaLinks 1,211± 1.99M
220: ZIP XBRL Zipped Folder -- 0000019617-21-000236-xbrl Zip 3.49M
| jpm-20201231 |
| For the fiscal year ended | Commission file | |||||||||||||
| i i December 31, 2020 / | 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 6.10% Non-Cumulative Preferred Stock, Series AA | i JPM PR G | i The New York Stock Exchange | ||||||
i Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB | i JPM PR H | 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 Alerian MLP Index ETNs due May 24, 2024 | i AMJ | i NYSE Arca, Inc. | ||||||
i Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC | i JPM/28 | i The New York Stock Exchange | ||||||
☒
| i Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | i ☐ | Smaller reporting company | i ☐ | Emerging growth company | ||||||||||||||||||||
| Page | ||||||||
| 1 | ||||||||
| 1 | ||||||||
| 1 | ||||||||
| 1 | ||||||||
| 2-3 | ||||||||
| 3-7 | ||||||||
| 300-304 | ||||||||
| 44, 299, 300 | ||||||||
| 312 | ||||||||
| 110-131, 232-247, 313-318 | ||||||||
| 132-133, 248-252, 319-320 | ||||||||
| 265, 321 | ||||||||
| 322 | ||||||||
| 8-32 | ||||||||
| 33 | ||||||||
| 33 | ||||||||
| 33 | ||||||||
| 33 | ||||||||
| 34 | ||||||||
| 34 | ||||||||
| 34 | ||||||||
| 34 | ||||||||
| 34-35 | ||||||||
| 35 | ||||||||
| 35 | ||||||||
| 35 | ||||||||
| 36 | ||||||||
| 37 | ||||||||
| 37 | ||||||||
| 37 | ||||||||
| 37 | ||||||||
| 38-41 | ||||||||
1 | ||||||||
| Employee Breakdown by Region | Employee Breakdown by LOB | |||||||||||||
| Region | Employees | LOB | Employees | |||||||||||
| North America | 162,670 | CCB | 122,894 | |||||||||||
| Europe/Middle East/Africa | 22,346 | CIB | 61,733 | |||||||||||
| Latin America/Caribbean | 3,691 | CB | 11,675 | |||||||||||
| Asia-Pacific | 66,644 | AWM | 20,683 | |||||||||||
| Total Firm | 255,351 | Corporate | 38,366 | |||||||||||
| Total Firm | 255,351 | |||||||||||||
2 | ||||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
6 | ||||||||
7 | ||||||||
8 | ||||||||
9 | ||||||||
10 | ||||||||
11 | ||||||||
12 | ||||||||
13 | ||||||||
14 | ||||||||
15 | ||||||||
16 | ||||||||
17 | ||||||||
18 | ||||||||
19 | ||||||||
20 | ||||||||
21 | ||||||||
22 | ||||||||
23 | ||||||||
24 | ||||||||
25 | ||||||||
26 | ||||||||
27 | ||||||||
28 | ||||||||
29 | ||||||||
30 | ||||||||
31 | ||||||||
32 | ||||||||
| December
31, 2020 (in millions) | Approximate square footage | ||||
United States(a) | |||||
New York City, New York | |||||
383 Madison Avenue, New York, New York | 1.1 | ||||
All other New York City locations | 8.0 | ||||
Total New York City, New York | 9.1 | ||||
Other
U.S. locations | |||||
Columbus/Westerville, Ohio | 3.8 | ||||
Chicago, Illinois | 2.7 | ||||
Phoenix/Tempe, Arizona | 2.4 | ||||
Wilmington/Newark, Delaware | 2.2 | ||||
Houston, Texas | 1.9 | ||||
Jersey
City, New Jersey | 1.7 | ||||
Dallas/Plano, Texas | 1.6 | ||||
All other U.S. locations | 34.8 | ||||
Total United States | 60.2 | ||||
Europe, the Middle East and Africa (“EMEA”) | |||||
25
Bank Street, London, U.K. | 1.4 | ||||
All other U.K. locations | 2.9 | ||||
All other EMEA locations | 1.4 | ||||
Total EMEA | 5.7 | ||||
Asia-Pacific, Latin America and Canada | |||||
India | 4.7 | ||||
All
other locations | 3.8 | ||||
Total Asia-Pacific, Latin America and Canada | 8.5 | ||||
Total | 74.4 | ||||
33 | ||||||||
| Year ended December 31, 2020 | 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) | |||||||||||||||||||||||||||||||||||||
| First quarter | 50,003,062 | $ | 127.92 | $ | 6,397 | $ | 9,183 | (b) | |||||||||||||||||||||||||||||||||
| Second quarter | — | — | — | 9,183 | (b) | ||||||||||||||||||||||||||||||||||||
| Third quarter | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| October | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| November | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| December | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Fourth quarter | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Year-to-date | 50,003,062 | $ | 127.92 | $ | 6,397 | $ | — | ||||||||||||||||||||||||||||||||||
34 | ||||||||
35 | ||||||||
| Age | ||||||||
| Name | (at December 31, 2020) | Positions and offices | ||||||
| James Dimon | 64 | Chairman of the Board and Chief Executive Officer; he had been President from July 2004 until January 2018. | ||||||
| Ashley Bacon | 51 | Chief Risk Officer since June 2013. | ||||||
| Lori A. Beer | 53 | Chief Information Officer since September 2017, prior to
which she had been Chief Information Officer of the Corporate & Investment Bank since June 2016. She was Global Head of Banking Technology from January 2014 until May 2016. | ||||||
| Mary Callahan Erdoes | 53 | Chief Executive Officer of Asset & Wealth Management since September 2009. | ||||||
| Stacey Friedman | 52 | General Counsel since January 2016, prior to which she was Deputy General Counsel since July 2015 and General Counsel for the Corporate & Investment Bank since August 2012. | ||||||
| Marianne Lake | 51 | Chief
Executive Officer of Consumer Lending and Card Services since May 2019, prior to which she had been Chief Financial Officer since 2013. | ||||||
| Robin Leopold | 56 | Head of Human Resources since January 2018, prior to which she had been Head of Human Resources for the Corporate & Investment Bank since August 2012. | ||||||
| Douglas B. Petno | 55 | Chief Executive Officer of Commercial Banking since January 2012. | ||||||
| Jennifer Piepszak | 50 | Chief
Financial Officer since May 2019, prior to which she had been the Chief Executive Officer for Card Services since 2017. She was Chief Executive Officer of Business Banking from 2015 to 2017. | ||||||
| Daniel E. Pinto | 58 | Co-President and Co-Chief Operating Officer since January 2018, Chief Executive Officer of the Corporate & Investment Bank since March 2014, and Chief Executive Officer of Europe, the Middle East and Africa since June 2011. | ||||||
| Peter Scher | 59 | Head of Corporate Responsibility since 2011 and Chairman of the Mid-Atlantic Region since 2015. | ||||||
| Gordon A. Smith | 62 | Co-President and Co-Chief Operating Officer since January 2018, and Chief Executive Officer of Consumer & Community Banking since December 2012. | ||||||
36 | ||||||||
| December 31, 2020 | Number of shares to be issued upon exercise of outstanding options/stock appreciation rights | Weighted-average exercise price of outstanding options/stock appreciation rights | Number of shares remaining available for future issuance under stock incentive plans | |||||||||||||||||||||||
| Plan category | ||||||||||||||||||||||||||
| Employee share-based incentive plans approved by shareholders | 3,124,739 | (a) | $ | 41.25 | 66,621,995 | (b) | ||||||||||||||||||||
| Total | 3,124,739 | $ | 41.25 | 66,621,995 | ||||||||||||||||||||||
37 | ||||||||
| 1 | Financial statements | |||||||
| The Consolidated Financial Statements, the Notes thereto and the report of the Independent Registered Public Accounting Firm thereon listed in Item 8 are set forth commencing on page 159. | ||||||||
| 2 | Financial statement schedules | |||||||
| 3 | Exhibits | |||||||
| 3.1 | ||||||||
| 3.2 | ||||||||
| 3.3 | ||||||||
| 3.4 | ||||||||
| 3.5 | ||||||||
| 3.6 | ||||||||
| 3.7 | ||||||||
| 3.8 | ||||||||
| 3.9 | ||||||||
| 3.10 | ||||||||
| 3.11 | ||||||||
| 3.12 | ||||||||
| 3.13 | ||||||||
| 3.14 | ||||||||
| 3.15 | ||||||||
| 3.16 | ||||||||
| 3.17 | ||||||||
38 | ||||||||
| 3.18 | ||||||||
| 3.19 | ||||||||
| 3.20 | ||||||||
| 4.1(a) | ||||||||
| 4.1(b) | ||||||||
| 4.2(a) | ||||||||
| 4.2(b) | ||||||||
| 4.3(a) | ||||||||
| 4.3(b) | ||||||||
| 4.4 | ||||||||
| 4.5 | ||||||||
| 4.6 | ||||||||
| Other instruments defining the rights of holders of long-term debt securities of JPMorgan Chase & Co. and its subsidiaries are omitted pursuant to Section (b)(4)(iii)(A) of Item 601 of Regulation S-K. JPMorgan Chase & Co. agrees to furnish copies of these instruments to the SEC upon request. | ||||||||
| 10.1 | Deferred
Compensation Plan for Non-Employee Directors of JPMorgan Chase & Co., as amended and restated July 2001 and as of December 31, 2004 (incorporated by reference to Exhibit 10.1 to the Annual Report on Form 10-K of JPMorgan Chase & Co. (File No. 1-5805) for the year ended December 31, 2007).(a) | |||||||
| 10.2 | ||||||||
| 10.3 | ||||||||
| 10.4 | JPMorgan
Chase & Co. Amended and Restated Long-Term Incentive Plan, effective May 15, 2018 (incorporated by reference to Appendix B of the Schedule 14A of JPMorgan Chase & Co. (File No. 1-5805) filed April 5, 2018).(a) | |||||||
39 | ||||||||
| 10.13 | ||||||||
| 10.14 | ||||||||
| 10.15 | ||||||||
| 10.16 | ||||||||
| 10.17 | ||||||||
| 10.18 | ||||||||
| 10.19 | ||||||||
| 10.20 | ||||||||
| 21 | ||||||||
| 22.1 | Annual Report on Form 11-K of The JPMorgan Chase 401(k) Savings Plan for the year ended December 31, 2019 (to be filed pursuant to Rule 15d-21 under the Securities Exchange Act of 1934). | |||||||
| 22.2 | ||||||||
40 | ||||||||
| 23 | ||||||||
| 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.(d) | |||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document.(b) | |||||||
| 101.CAL | XBRL
Taxonomy Extension Calculation Linkbase Document.(b) | |||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document.(b) | |||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document.(b) | |||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.(b) | |||||||
| 104 | Cover
Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). | |||||||
41 | ||||||||
42 | ||||||||
| Financial: | ||||||||||||||||||||
| 44 | Audited financial statements: | |||||||||||||||||||
| 45 | 158 | |||||||||||||||||||
| Management’s discussion and analysis: | 159 | |||||||||||||||||||
| 46 | 162 | |||||||||||||||||||
| 47 | 167 | |||||||||||||||||||
| 54 | ||||||||||||||||||||
| 57 | ||||||||||||||||||||
| 60 | ||||||||||||||||||||
| 62 | Supplementary information: | |||||||||||||||||||
| 65 | 299 | |||||||||||||||||||
| 85 | 300 | |||||||||||||||||||
| 90 | 305 | |||||||||||||||||||
| 91 | ||||||||||||||||||||
| 102 | ||||||||||||||||||||
| 110 | ||||||||||||||||||||
| 135 | ||||||||||||||||||||
| 143 | ||||||||||||||||||||
| 145 | ||||||||||||||||||||
| 152 | ||||||||||||||||||||
| 156 | ||||||||||||||||||||
| 157 | ||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 43 | |||||||
As
of or for the year ended December 31, (in millions, except per share, ratio, headcount data and where otherwise noted) | |||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||
| Selected income statement data | |||||||||||||||||||||||
Total
net revenue(a) | $ | 119,543 | $ | 115,399 | $ | 108,783 | $ | 100,460 | $ | 96,275 | |||||||||||||
Total noninterest expense(a) | 66,656 | 65,269 | 63,148 | 59,270 | 56,378 | ||||||||||||||||||
Pre-provision
profit(b) | 52,887 | 50,130 | 45,635 | 41,190 | 39,897 | ||||||||||||||||||
| Provision for credit losses | 17,480 | 5,585 | 4,871 | 5,290 | 5,361 | ||||||||||||||||||
| Income before income tax expense | 35,407 | 44,545 | 40,764 | 35,900 | 34,536 | ||||||||||||||||||
| Income tax expense | 6,276 | 8,114 | 8,290 | 11,459 | 9,803 | ||||||||||||||||||
| Net income | $ | 29,131 | $ | 36,431 | $ | 32,474 | $ | 24,441 | (h) | $ | 24,733 | ||||||||||||
| Earnings per share data | |||||||||||||||||||||||
| Net income: Basic | $ | 8.89 | $ | 10.75 | $ | 9.04 | $ | 6.35 | $ | 6.24 | |||||||||||||
| Diluted | 8.88 | 10.72 | 9.00 | 6.31 | 6.19 | ||||||||||||||||||
| Average shares: Basic | 3,082.4 | 3,221.5 | 3,396.4 | 3,551.6 | 3,658.8 | ||||||||||||||||||
| Diluted | 3,087.4 | 3,230.4 | 3,414.0 | 3,576.8 | 3,690.0 | ||||||||||||||||||
| Market and per common share data | |||||||||||||||||||||||
| Market capitalization | $ | 387,492 | $ | 429,913 | $ | 319,780 | $ | 366,301 | $ | 307,295 | |||||||||||||
| Common shares at period-end | 3,049.4 | 3,084.0 | 3,275.8 | 3,425.3 | 3,561.2 | ||||||||||||||||||
| Book value per share | 81.75 | 75.98 | 70.35 | 67.04 | 64.06 | ||||||||||||||||||
Tangible
book value per share (“TBVPS”)(b) | 66.11 | 60.98 | 56.33 | 53.56 | 51.44 | ||||||||||||||||||
| Cash dividends declared per share | 3.60 | 3.40 | 2.72 | 2.12 | 1.88 | ||||||||||||||||||
| Selected ratios and metrics | |||||||||||||||||||||||
Return on common equity (“ROE”)(c) | 12 | % | 15 | % | 13 | % | 10 | % | 10 | % | |||||||||||||
Return
on tangible common equity (“ROTCE”)(b)(c) | 14 | 19 | 17 | 12 | 13 | ||||||||||||||||||
Return on assets (“ROA”)(b) | 0.91 | 1.33 | 1.24 | 0.96 | 1.00 | ||||||||||||||||||
| Overhead ratio | 56 | 57 | 58 | 59 | 59 | ||||||||||||||||||
Loans-to-deposits ratio(d) | 47 | 64 | 69 | 66 | 67 | ||||||||||||||||||
Firm
Liquidity coverage ratio (“LCR”) (average)(e) | 110 | 116 | 113 | 119 | NA | ||||||||||||||||||
JPMorgan Chase Bank, N.A. LCR (average)(e) | 160 | 116 | 111 | 108 | NA | ||||||||||||||||||
Common
equity tier 1 (“CET1”) capital ratio(f)(g) | 13.1 | 12.4 | 12.0 | 12.2 | 12.3 | ||||||||||||||||||
Tier 1 capital ratio(f)(g) | 15.0 | 14.1 | 13.7 | 13.9 | 14.0 | ||||||||||||||||||
Total
capital ratio(f)(g) | 17.3 | 16.0 | 15.5 | 15.9 | 15.5 | ||||||||||||||||||
Tier 1 leverage ratio(f)(g) | 7.0 | 7.9 | 8.1 | 8.3 | 8.4 | ||||||||||||||||||
Supplementary
leverage ratio (“SLR”)(f)(g) | 6.9 | % | 6.3 | % | 6.4 | % | 6.5 | % | 6.5 | % | |||||||||||||
Selected balance sheet data (period-end) | |||||||||||||||||||||||
Trading
assets(d) | $ | 503,126 | $ | 369,687 | $ | 378,551 | $ | 349,053 | $ | 342,436 | |||||||||||||
| Investment securities, net of allowance for credit losses | 589,999 | 398,239 | 261,828 | 249,958 | 289,059 | ||||||||||||||||||
Loans(d) | 1,012,853 | 997,620 | 1,015,760 | 959,429 | 922,831 | ||||||||||||||||||
| Total assets | 3,386,071 | 2,687,379 | 2,622,532 | 2,533,600 | 2,490,972 | ||||||||||||||||||
| Deposits | 2,144,257 | 1,562,431 | 1,470,666 | 1,443,982 | 1,375,179 | ||||||||||||||||||
| Long-term debt | 281,685 | 291,498 | 282,031 | 284,080 | 295,245 | ||||||||||||||||||
| Common stockholders’ equity | 249,291 | 234,337 | 230,447 | 229,625 | 228,122 | ||||||||||||||||||
| Total stockholders’ equity | 279,354 | 261,330 | 256,515 | 255,693 | 254,190 | ||||||||||||||||||
| Headcount | 255,351 | 256,981 | 256,105 | 252,539 | 243,355 | ||||||||||||||||||
| Credit quality metrics | |||||||||||||||||||||||
| Allowances for loan losses and lending-related commitments | $ | 30,737 | $ | 14,314 | $ | 14,500 | $ | 14,672 | $ | 14,854 | |||||||||||||
| Allowance for loan losses to total retained loans | 2.95 | % | 1.39 | % | 1.39 | % | 1.47 | % | 1.55 | % | |||||||||||||
Nonperforming assets(d) | $ | 10,906 | $ | 5,054 | $ | 5,901 | $ | 7,119 | $ | 7,754 | |||||||||||||
| Net charge-offs | 5,259 | 5,629 | 4,856 | 5,387 | 4,692 | ||||||||||||||||||
| Net charge-off rate | 0.55 | % | 0.60 | % | 0.52 | % | 0.60 | % | (i) | 0.54 | % | ||||||||||||
44 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December 31, (in dollars) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||
| JPMorgan Chase | $ | 100.00 | $ | 134.57 | $ | 170.54 | $ | 159.20 | $ | 234.46 | $ | 221.52 | |||||||||||||||||||||||
| KBW Bank Index | 100.00 | 128.51 | 152.41 | 125.42 | 170.72 | 153.12 | |||||||||||||||||||||||||||||
| S&P Financials Index | 100.00 | 122.75 | 149.92 | 130.37 | 172.21 | 169.19 | |||||||||||||||||||||||||||||
| S&P 500 Index | 100.00 | 111.95 | 136.38 | 130.39 | 171.44 | 202.96 | |||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 45 | |||||||
| INTRODUCTION | ||||||||||||||
46 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| EXECUTIVE OVERVIEW | ||||||||||||||
| Financial performance of JPMorgan Chase | ||||||||||||||
| Year ended December 31, (in millions, except per share data and ratios) | ||||||||||||||
| 2020 | 2019 | Change | ||||||||||||
| Selected income statement data | ||||||||||||||
Total net revenue(a) | $ | 119,543 | $ | 115,399 | 4 | % | ||||||||
Total
noninterest expense(a) | 66,656 | 65,269 | 2 | |||||||||||
| Pre-provision profit | 52,887 | 50,130 | 5 | |||||||||||
| Provision for credit losses | 17,480 | 5,585 | 213 | |||||||||||
| Net income | 29,131 | 36,431 | (20) | |||||||||||
| Diluted earnings per share | 8.88 | 10.72 | (17) | |||||||||||
| Selected ratios and metrics | ||||||||||||||
| Return on common equity | 12 | % | 15 | % | ||||||||||
Return
on tangible common equity | 14 | 19 | ||||||||||||
| Book value per share | $ | 81.75 | $ | 75.98 | 8 | |||||||||
| Tangible book value per share | 66.11 | 60.98 | 8 | |||||||||||
Capital
ratios(b) | ||||||||||||||
| CET1 | 13.1 | % | 12.4 | % | ||||||||||
| Tier 1 capital | 15.0 | 14.1 | ||||||||||||
| Total capital | 17.3 | 16.0 | ||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 47 | |||||||
| CCB ROE 15% | •Average deposits up 22%; client investment assets up 17% •Average loans down 6%; debit and credit card sales volume down 3% •Active
mobile customers up 10% | |||||||
CIB ROE 20% | •$9.5 billion of Global Investment Banking fees, up 25% •#1 ranking for Global Investment Banking fees with 9.2% wallet share for the year •Total Markets revenue of $29.5 billion, up 41%, with Fixed Income Markets up 45% and Equity Markets up 33% | |||||||
| CB ROE 11% | •Gross Investment Banking revenue of $3.3 billion,
up 22% •Average deposits up 38%; average loans up 5% | |||||||
| AWM ROE 28% | •Assets under management (AUM) of $2.7 trillion, up 17% •Average deposits up 20%; average loans up 13% | |||||||
| $2.3 trillion | Total credit provided and capital raised (including loans and commitments)(a) | ||||||||||
| $226 billion | Credit
for consumers | ||||||||||
| $18 billion | Credit for U.S. small businesses | ||||||||||
| $865 billion | Credit for corporations | ||||||||||
| $1.1 trillion | Capital raised for corporate clients and non-U.S. government entities | ||||||||||
| $103 billion | Credit and capital raised for nonprofit and U.S. government entities(b) | ||||||||||
| $28 billion | Loans under the Small Business Administration’s Paycheck
Protection Program | ||||||||||
48 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 49 | |||||||
50 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 51 | |||||||
52 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 53 | |||||||
| CONSOLIDATED RESULTS OF OPERATIONS | ||||||||||||||
| Revenue | |||||||||||
| Year ended December 31, (in millions) | |||||||||||
| 2020 | 2019 | 2018 | |||||||||
| Investment banking fees | $ | 9,486 | $ | 7,501 | $ | 7,550 | |||||
| Principal transactions | 18,021 | 14,018 | 12,059 | ||||||||
Lending- and deposit-related fees(a) | 6,511 | 6,626 | 6,377 | ||||||||
Asset
management, administration and commissions(a) | 18,177 | 16,908 | 16,793 | ||||||||
Investment securities gains/(losses) | 802 | 258 | (395) | ||||||||
Mortgage fees and related income | 3,091 | 2,036 | 1,254 | ||||||||
Card
income(b) | 4,435 | 5,076 | 4,743 | ||||||||
Other income(c) | 4,457 | 5,731 | 5,343 | ||||||||
| Noninterest revenue | 64,980 | 58,154 | 53,724 | ||||||||
| Net interest income | 54,563 | 57,245 | 55,059 | ||||||||
| Total net revenue | $ | 119,543 | $ | 115,399 | $ | 108,783 | |||||
54 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Provision for credit losses | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Consumer, excluding credit card | $ | 1,016 | $ | (378) | $ | (119) | |||||||||||
| Credit card | 10,886 | 5,348 | 4,818 | ||||||||||||||
| Total consumer | 11,902 | 4,970 | 4,699 | ||||||||||||||
| Wholesale | 5,510 | 615 | 172 | ||||||||||||||
| Investment securities | 68 | NA | NA | ||||||||||||||
Total
provision for credit losses | $ | 17,480 | $ | 5,585 | $ | 4,871 | |||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 55 | |||||||
| Noninterest expense | |||||||||||
| Year ended December 31, | |||||||||||
| (in millions) | 2020 | 2019 | 2018 | ||||||||
| Compensation expense | $ | 34,988 | $ | 34,155 | $ | 33,117 | |||||
Noncompensation expense: | |||||||||||
| Occupancy | 4,449 | 4,322 | 3,952 | ||||||||
Technology,
communications and equipment | 10,338 | 9,821 | 8,802 | ||||||||
Professional and outside services | 8,464 | 8,533 | 8,502 | ||||||||
Marketing(a) | 2,476 | 3,351 | 3,044 | ||||||||
Other(b)(c) | 5,941 | 5,087 | 5,731 | ||||||||
Total
noncompensation expense | 31,668 | 31,114 | 30,031 | ||||||||
Total noninterest expense | $ | 66,656 | $ | 65,269 | $ | 63,148 | |||||
| Income tax expense | |||||||||||||||||
| Year ended December 31, (in millions, except rate) | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
Income before income tax expense | $ | 35,407 | $ | 44,545 | $ | 40,764 | |||||||||||
| Income tax expense | 6,276 | 8,114 | 8,290 | ||||||||||||||
| Effective tax rate | 17.7 | % | 18.2 | % | 20.3 | % | |||||||||||
56 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS | ||||||||||||||
| Selected Consolidated balance sheets data | ||||||||||||||
| December 31, (in millions) | 2020 | 2019 | Change | |||||||||||
| Assets | ||||||||||||||
| Cash and due from banks | $ | 24,874 | $ | 21,704 | 15 | % | ||||||||
| Deposits with banks | 502,735 | 241,927 | 108 | |||||||||||
Federal funds sold and securities purchased under resale agreements | 296,284 | 249,157 | 19 | |||||||||||
| Securities borrowed | 160,635 | 139,758 | 15 | |||||||||||
Trading
assets(a) | 503,126 | 369,687 | 36 | |||||||||||
| Available-for-sale securities | 388,178 | 350,699 | 11 | |||||||||||
| Held-to-maturity securities, net of allowance for credit losses | 201,821 | 47,540 | 325 | |||||||||||
| Investment securities, net of allowance for credit losses | 589,999 | 398,239 | 48 | |||||||||||
Loans(a) | 1,012,853 | 997,620 | 2 | |||||||||||
| Allowance for loan losses | (28,328) | (13,123) | 116 | |||||||||||
| Loans, net of allowance for loan losses | 984,525 | 984,497 | — | |||||||||||
Accrued interest and accounts receivable | 90,503 | 72,861 | 24 | |||||||||||
| Premises and equipment | 27,109 | 25,813 | 5 | |||||||||||
| Goodwill, MSRs and other intangible assets | 53,428 | 53,341 | — | |||||||||||
Other assets(a) | 152,853 | 130,395 | 17 | |||||||||||
| Total assets | $ | 3,386,071 | $ | 2,687,379 | 26 | % | ||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 57 | |||||||
| Selected Consolidated balance sheets data | ||||||||||||||
| December 31, (in millions) | 2020 | 2019 | Change | |||||||||||
| Liabilities | ||||||||||||||
| Deposits | $ | 2,144,257 | $ | 1,562,431 | 37 | |||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | 215,209 | 183,675 | 17 | |||||||||||
| Short-term borrowings | 45,208 | 40,920 | 10 | |||||||||||
| Trading liabilities | 170,181 | 119,277 | 43 | |||||||||||
Accounts payable and other liabilities | 232,599 | 210,407 | 11 | |||||||||||
Beneficial
interests issued by consolidated variable interest entities (“VIEs”) | 17,578 | 17,841 | (1) | |||||||||||
| Long-term debt | 281,685 | 291,498 | (3) | |||||||||||
| Total liabilities | 3,106,717 | 2,426,049 | 28 | |||||||||||
| Stockholders’ equity | 279,354 | 261,330 | 7 | |||||||||||
Total liabilities and stockholders’ equity | $ | 3,386,071 | $ | 2,687,379 | 26 | % | ||||||||
58 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| (in millions) | Year ended December 31, | |||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Net cash provided by/(used in) | ||||||||||||||||||||||||||||||||
Operating
activities(a) | $ | (79,910) | $ | 4,092 | $ | 15,614 | ||||||||||||||||||||||||||
Investing activities(a) | (261,912) | (52,059) | (199,420) | |||||||||||||||||||||||||||||
Financing
activities | 596,645 | 32,987 | 34,158 | |||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | 9,155 | (182) | (2,863) | |||||||||||||||||||||||||||||
Net
increase/(decrease) in cash and due from banks and deposits with banks | $ | 263,978 | $ | (15,162) | $ | (152,511) | ||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 59 | |||||||
| OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL CASH OBLIGATIONS | ||||||||||||||
| 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 14 | 253-260 | ||||||
| Off-balance sheet lending-related financial instruments, guarantees, and other commitments | Refer to Note 28 | 283-288 | ||||||
60 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Contractual cash obligations | ||||||||||||||||||||
| By
remaining maturity at December 31, (in millions) | 2020 | 2019 | ||||||||||||||||||
| 2021 | 2022-2023 | 2024-2025 | After 2025 | Total | Total | |||||||||||||||
| On-balance sheet obligations | ||||||||||||||||||||
Deposits(a) | $ | 2,134,256 | $ | 4,321 | $ | 2,931 | $ | 1,637 | $ | 2,143,145 | $ | 1,558,040 | ||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | 214,881 | 118 | 9 | 189 | 215,197 | 183,675 | ||||||||||||||
Short-term
borrowings(a) | 28,514 | — | — | — | 28,514 | 35,107 | ||||||||||||||
| Beneficial interests issued by consolidated VIEs | 14,976 | 2,400 | — | 223 | 17,599 | 17,874 | ||||||||||||||
Long-term
debt(a) | 22,461 | 42,084 | 42,180 | 123,477 | 230,202 | 250,415 | ||||||||||||||
Operating leases(b) | 1,606 | 2,705 | 2,070 | 3,602 | 9,983 | 10,090 | ||||||||||||||
Other(c) | 8,694 | 2,237 | 2,008 | 2,592 | 15,531 | 15,568 | ||||||||||||||
| Total on-balance sheet obligations | 2,425,388 | 53,865 | 49,198 | 131,720 | 2,660,171 | 2,070,769 | ||||||||||||||
| Off-balance sheet obligations | ||||||||||||||||||||
Unsettled
resale and securities borrowed agreements(d) | 95,084 | 1,764 | — | — | 96,848 | 117,951 | ||||||||||||||
Contractual interest payments(e) | 6,071 | 10,450 | 8,128 | 29,719 | 54,368 | 54,681 | ||||||||||||||
| Equity investment commitments | 286 | — | — | — | 286 | 539 | ||||||||||||||
| Contractual purchases and capital expenditures | 1,968 | 942 | 225 | 198 | 3,333 | 2,929 | ||||||||||||||
Obligations
under co-brand programs | 333 | 530 | 240 | 79 | 1,182 | 1,548 | ||||||||||||||
| Total off-balance sheet obligations | 103,742 | 13,686 | 8,593 | 29,996 | 156,017 | 177,648 | ||||||||||||||
| Total contractual cash obligations | $ | 2,529,130 | $ | 67,551 | $ | 57,791 | $ | 161,716 | $ | 2,816,188 | $ | 2,248,417 | ||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 61 | |||||||
EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES | ||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Year
ended December 31, (in millions, except ratios) | Reported | Fully taxable-equivalent adjustments(b) | Managed basis | Reported | Fully taxable-equivalent adjustments(b) | Managed basis | Reported | Fully taxable-equivalent adjustments(b) | Managed basis | ||||||||||||||||||||||||||||||||||||||||||||
| Other income | $ | 4,457 | $ | 2,968 | $ | 7,425 | $ | 5,731 | $ | 2,534 | $ | 8,265 | $ | 5,343 | $ | 1,877 | $ | 7,220 | |||||||||||||||||||||||||||||||||||
Total
noninterest revenue(a) | 64,980 | 2,968 | 67,948 | 58,154 | 2,534 | 60,688 | 53,724 | 1,877 | 55,601 | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | 54,563 | 418 | 54,981 | 57,245 | 531 | 57,776 | 55,059 | 628 | 55,687 | ||||||||||||||||||||||||||||||||||||||||||||
| Total net revenue | 119,543 | 3,386 | 122,929 | 115,399 | 3,065 | 118,464 | 108,783 | 2,505 | 111,288 | ||||||||||||||||||||||||||||||||||||||||||||
Total
noninterest expense(a) | 66,656 | NA | 66,656 | 65,269 | NA | 65,269 | 63,148 | NA | 63,148 | ||||||||||||||||||||||||||||||||||||||||||||
| Pre-provision profit | 52,887 | 3,386 | 56,273 | 50,130 | 3,065 | 53,195 | 45,635 | 2,505 | 48,140 | ||||||||||||||||||||||||||||||||||||||||||||
| Provision for credit losses | 17,480 | NA | 17,480 | 5,585 | NA | 5,585 | 4,871 | NA | 4,871 | ||||||||||||||||||||||||||||||||||||||||||||
| Income before income tax expense | 35,407 | 3,386 | 38,793 | 44,545 | 3,065 | 47,610 | 40,764 | 2,505 | 43,269 | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 6,276 | 3,386 | 9,662 | 8,114 | 3,065 | 11,179 | 8,290 | 2,505 | 10,795 | ||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 29,131 | NA | $ | 29,131 | $ | 36,431 | NA | $ | 36,431 | $ | 32,474 | NA | $ | 32,474 | ||||||||||||||||||||||||||||||||||||||
| Overhead ratio | 56 | % | NM | 54 | % | 57 | % | NM | 55 | % | 58 | % | NM | 57 | % | ||||||||||||||||||||||||||||||||||||||
62 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year ended December 31, (in millions, except rates) | 2020 | 2019 | 2018 | ||||||||
| Net interest income – reported | $ | 54,563 | $ | 57,245 | $ | 55,059 | |||||
| Fully taxable-equivalent adjustments | 418 | 531 | 628 | ||||||||
Net interest income – managed basis(a) | $ | 54,981 | $ | 57,776 | $ | 55,687 | |||||
Less: CIB Markets net interest income(b) | 8,374 | 3,120 | 3,087 | ||||||||
Net
interest income excluding CIB Markets(a) | $ | 46,607 | $ | 54,656 | $ | 52,600 | |||||
Average interest-earning assets(c) | $ | 2,779,710 | $ | 2,345,279 | $ | 2,212,657 | |||||
Less:
Average CIB Markets interest-earning assets(b)(c) | 751,131 | 672,417 | 593,104 | ||||||||
| Average interest-earning assets excluding CIB Markets | $ | 2,028,579 | $ | 1,672,862 | $ | 1,619,553 | |||||
| Net yield on average interest-earning assets – managed basis | 1.98 | % | 2.46 | % | 2.52 | % | |||||
Net
yield on average CIB Markets interest-earning assets(b) | 1.11 | 0.46 | 0.52 | ||||||||
Net yield on average interest-earning assets excluding CIB Markets | 2.30 | % | 3.27 | % | 3.25 | % | |||||
Calculation of certain U.S. GAAP and non-GAAP financial measures | ||||||||||||||
Certain
U.S. GAAP and non-GAAP financial measures are calculated as follows: | ||||||||||||||
Book value per share (“BVPS”) Common stockholders’ equity at period-end / Common shares at period-end | ||||||||||||||
Overhead ratio Total noninterest expense / Total net revenue | ||||||||||||||
Pre-provision profit Total net revenue – Total noninterest expense | ||||||||||||||
Return on assets (“ROA”) Reported net income / Total average assets | ||||||||||||||
Return
on common equity (“ROE”) Net income* / Average common stockholders’ equity | ||||||||||||||
Return on tangible common equity (“ROTCE”) Net income* / Average tangible common equity | ||||||||||||||
Tangible book value per share (“TBVPS”) Tangible common equity at period-end / Common shares at period-end | ||||||||||||||
* Represents net income applicable to common equity | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 63 | |||||||
| Period-end | Average | |||||||||||||||||||
| Dec
31, 2020 | Dec 31, 2019 | Year ended December 31, | ||||||||||||||||||
| (in millions, except per share and ratio data) | 2020 | 2019 | 2018 | |||||||||||||||||
Common stockholders’ equity | $ | 249,291 | $ | 234,337 | $ | 236,865 | $ | 232,907 | $ | 229,222 | ||||||||||
| Less: Goodwill | 49,248 | 47,823 | 47,820 | 47,620 | 47,491 | |||||||||||||||
Less: Other intangible assets | 904 | 819 | 781 | 789 | 807 | |||||||||||||||
Add:
Certain deferred tax liabilities(a) | 2,453 | 2,381 | 2,399 | 2,328 | 2,231 | |||||||||||||||
| Tangible common equity | $ | 201,592 | $ | 188,076 | $ | 190,663 | $ | 186,826 | $ | 183,155 | ||||||||||
| Return on tangible common equity | NA | NA | 14 | % | 19 | % | 17 | % | ||||||||||||
| Tangible book value per share | $ | 66.11 | $ | 60.98 | NA | NA | NA | |||||||||||||
64 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| BUSINESS SEGMENT RESULTS | ||||||||||||||
| JPMorgan Chase | ||||||||||||||||||||||||||||||||||||||
| Consumer Businesses | Wholesale Businesses | |||||||||||||||||||||||||||||||||||||
| Consumer & Community Banking | Corporate & Investment Bank | Commercial Banking | Asset & Wealth Management | |||||||||||||||||||||||||||||||||||
| Consumer
& Business Banking | Home Lending | Card & Auto | Banking | Markets & Securities Services | • Middle Market Banking | • Asset Management | ||||||||||||||||||||||||||||||||
• Consumer Banking • J.P. Morgan Wealth Management • Business
Banking | • Home Lending Production • Home Lending Servicing • Real Estate Portfolios | • Credit Card • Auto | • Investment Banking • Wholesale Payments • Lending | • Fixed Income Markets | • Corporate
Client Banking | • Wealth Management | ||||||||||||||||||||||||||||||||
• Equity Markets • Securities Services • Credit Adjustments & Other | • Commercial Real Estate Banking | |||||||||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 65 | |||||||
| Year ended December 31, | Consumer & Community Banking(a) | Corporate & Investment Bank | Commercial Banking | ||||||||||||||||||||||||||||||||
| (in millions, except ratios) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
| Total net revenue | $ | 51,268 | $ | 55,133 | $ | 51,271 | $ | 49,284 | $ | 39,265 | $ | 37,382 | $ | 9,313 | $ | 9,264 | $ | 9,336 | |||||||||||||||||
| Total noninterest expense | 27,990 | 28,276 | 27,168 | 23,538 | 22,444 | 21,876 | 3,798 | 3,735 | 3,627 | ||||||||||||||||||||||||||
| Pre-provision profit/(loss) | 23,278 | 26,857 | 24,103 | 25,746 | 16,821 | 15,506 | 5,515 | 5,529 | 5,709 | ||||||||||||||||||||||||||
| Provision for credit losses | 12,312 | 4,954 | 4,754 | 2,726 | 277 | (60) | 2,113 | 296 | 129 | ||||||||||||||||||||||||||
| Net income/(loss) | 8,217 | 16,541 | 14,707 | 17,094 | 11,954 | 11,799 | 2,578 | 3,958 | 4,264 | ||||||||||||||||||||||||||
| Return on equity (“ROE”) | 15% | 31% | 28% | 20 | % | 14% | 16% | 11 | % | 17% | 20% | ||||||||||||||||||||||||
| Year ended December 31, | Asset & Wealth Management | Corporate | Total(a) | ||||||||||||||||||||||||||||||||
| (in millions, except ratios) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
| Total net revenue | $ | 14,240 | $ | 13,591 | $ | 13,427 | $ | (1,176) | $ | 1,211 | $ | (128) | $ | 122,929 | $ | 118,464 | $ | 111,288 | |||||||||||||||||
| Total noninterest expense | 9,957 | 9,747 | 9,575 | 1,373 | 1,067 | 902 | 66,656 | 65,269 | 63,148 | ||||||||||||||||||||||||||
| Pre-provision profit/(loss) | 4,283 | 3,844 | 3,852 | (2,549) | 144 | (1,030) | 56,273 | 53,195 | 48,140 | ||||||||||||||||||||||||||
| Provision for credit losses | 263 | 59 | 52 | 66 | (1) | (4) | 17,480 | 5,585 | 4,871 | ||||||||||||||||||||||||||
| Net income/(loss) | 2,992 | 2,867 | 2,945 | (1,750) | 1,111 | (1,241) | 29,131 | 36,431 | 32,474 | ||||||||||||||||||||||||||
| Return on equity (“ROE”) | 28 | % | 26% | 32% | NM | NM | NM | 12% | 15% | 13% | |||||||||||||||||||||||||
66 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| CONSUMER & COMMUNITY BANKING | ||||||||||||||
Consumer & Community Banking offers services to consumers and businesses through bank branches, ATMs, digital (including mobile and online) and telephone banking. CCB is organized into Consumer & Business Banking (including Consumer Banking, J.P. Morgan Wealth Management and Business Banking), Home Lending (including Home Lending Production, Home Lending Servicing and Real Estate Portfolios) and Card & Auto. Consumer & Business Banking offers deposit and investment products, payments and services to consumers, and lending, deposit, and cash management and payment solutions to small businesses. Home Lending includes mortgage origination and servicing activities, as well as portfolios consisting of residential
mortgages and home equity loans. Card & Auto issues credit cards to consumers and small businesses and originates and services auto loans and leases. | ||
| Selected income statement data | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| (in millions, except ratios) | 2020 | 2019 | 2018 | ||||||||||||||
| Revenue | |||||||||||||||||
Lending- and deposit-related fees(a) | $ | 3,166 | $ | 3,938 | $ | 3,787 | |||||||||||
Asset
management, administration and commissions(a) | 2,780 | 2,808 | 2,592 | ||||||||||||||
| Mortgage fees and related income | 3,079 | 2,035 | 1,252 | ||||||||||||||
Card income(b) | 3,068 | 3,412 | 3,108 | ||||||||||||||
| All other income | 5,647 | 5,603 | 4,599 | ||||||||||||||
| Noninterest revenue | 17,740 | 17,796 | 15,338 | ||||||||||||||
| Net interest income | 33,528 | 37,337 | 35,933 | ||||||||||||||
| Total net revenue | 51,268 | 55,133 | 51,271 | ||||||||||||||
| Provision for credit losses | 12,312 | 4,954 | 4,754 | ||||||||||||||
| Noninterest expense | |||||||||||||||||
| Compensation expense | 11,014 | 10,815 | 10,580 | ||||||||||||||
Noncompensation expense(b)(c) | 16,976 | 17,461 | 16,588 | ||||||||||||||
| Total noninterest expense | 27,990 | 28,276 | 27,168 | ||||||||||||||
| Income before income tax expense | 10,966 | 21,903 | 19,349 | ||||||||||||||
| Income tax expense | 2,749 | 5,362 | 4,642 | ||||||||||||||
| Net income | $ | 8,217 | $ | 16,541 | $ | 14,707 | |||||||||||
| Revenue by line of business | |||||||||||||||||
| Consumer & Business Banking | $ | 22,955 | $ | 27,376 | $ | 25,607 | |||||||||||
| Home Lending | 6,018 | 5,179 | 5,484 | ||||||||||||||
Card & Auto(b) | 22,295 | 22,578 | 20,180 | ||||||||||||||
| Mortgage fees and related income details: | |||||||||||||||||
| Net production revenue | 2,629 | 1,618 | 268 | ||||||||||||||
Net mortgage servicing revenue(d) | 450 | 417 | 984 | ||||||||||||||
| Mortgage fees and related income | $ | 3,079 | $ | 2,035 | $ | 1,252 | |||||||||||
| Financial ratios | |||||||||||||||||
| Return on equity | 15 | % | 31 | % | 28 | % | |||||||||||
| Overhead ratio | 55 | 51 | 53 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 67 | |||||||
68 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Selected metrics | |||||||||||||||||
| As of or for the year ended December 31, | |||||||||||||||||
| (in millions, except headcount) | 2020 | 2019 | 2018 | ||||||||||||||
| Selected balance sheet data (period-end) | |||||||||||||||||
| Total assets | $ | 496,705 | $ | 541,367 | $ | 560,177 | |||||||||||
| Loans: | |||||||||||||||||
| Consumer & Business Banking | 48,810 | (d) | 29,585 | 28,450 | |||||||||||||
Home Lending(a)(b) | 182,121 | 213,445 | 247,721 | ||||||||||||||
| Card | 144,216 | 168,924 | 156,632 | ||||||||||||||
| Auto | 66,432 | 61,522 | 63,573 | ||||||||||||||
| Total loans | 441,579 | 473,476 | 496,376 | ||||||||||||||
| Deposits | 958,706 | 723,418 | 684,124 | ||||||||||||||
| Equity | 52,000 | 52,000 | 51,000 | ||||||||||||||
| Selected balance sheet data (average) | |||||||||||||||||
| Total assets | $ | 501,584 | $ | 543,127 | $ | 548,637 | |||||||||||
| Loans: | |||||||||||||||||
| Consumer & Business Banking | 43,064 | 28,859 | 27,890 | ||||||||||||||
Home
Lending(a)(c) | 197,148 | 230,662 | 250,373 | ||||||||||||||
| Card | 146,633 | 156,325 | 145,652 | ||||||||||||||
| Auto | 61,476 | 61,862 | 64,675 | ||||||||||||||
| Total loans | 448,321 | 477,708 | 488,590 | ||||||||||||||
| Deposits | 851,390 | 698,378 | 675,537 | ||||||||||||||
| Equity | 52,000 | 52,000 | 51,000 | ||||||||||||||
| Headcount | 122,894 | 125,756 | 127,826 | ||||||||||||||
| Selected metrics | ||||||||||||||
| As
of or for the year ended December 31, | ||||||||||||||
| (in millions, except ratio data) | 2020 | 2019 | 2018 | |||||||||||
| Credit data and quality statistics | ||||||||||||||
Nonaccrual loans(a)(b)(c) | $ | 5,675 | (f) | $ | 3,027 | $ | 3,349 | |||||||
| Net charge-offs/(recoveries) | ||||||||||||||
| Consumer & Business Banking | 263 | 298 | 246 | |||||||||||
| Home Lending | (169) | (98) | (294) | |||||||||||
| Card | 4,286 | 4,848 | 4,518 | |||||||||||
| Auto | 123 | 206 | 243 | |||||||||||
| Total net charge-offs/(recoveries) | $ | 4,503 | $ | 5,254 | $ | 4,713 | ||||||||
| Net charge-off/(recovery) rate | ||||||||||||||
| Consumer & Business Banking | 0.61 | % | (g) | 1.03 | % | 0.88 | % | |||||||
| Home Lending | (0.09) | (0.05) | (0.12) | |||||||||||
| Card | 2.93 | 3.10 | 3.10 | |||||||||||
| Auto | 0.20 | 0.33 | 0.38 | |||||||||||
| Total net charge-off/(recovery) rate | 1.03 | % | 1.13 | % | 0.98 | % | ||||||||
| 30+ day delinquency rate | ||||||||||||||
Home Lending(d)(e) | 1.15 | % | (h) | 1.58 | % | 1.63 | % | |||||||
| Card | 1.68 | (h) | 1.87 | 1.83 | ||||||||||
| Auto | 0.69 | (h) | 0.94 | 0.93 | ||||||||||
| 90+ day delinquency rate - Card | 0.92 | % | (h) | 0.95 | % | 0.92 | % | |||||||
| Allowance for loan losses | ||||||||||||||
| Consumer & Business Banking | $ | 1,372 | $ | 750 | $ | 796 | ||||||||
| Home Lending | 1,813 | 1,890 | 2,791 | |||||||||||
| Card | 17,800 | 5,683 | 5,184 | |||||||||||
| Auto | 1,042 | 465 | 464 | |||||||||||
| Total allowance for loan losses | $ | 22,027 | $ | 8,788 | $ | 9,235 | ||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 69 | |||||||
| Selected metrics | ||||||||||||||
| As of or for the year ended December 31, | ||||||||||||||
| (in billions, except ratios and where otherwise noted) | 2020 | 2019 | 2018 | |||||||||||
| Business Metrics | ||||||||||||||
| CCB households (in millions) | 63.4 | 62.6 | 61.7 | |||||||||||
| Number of branches | 4,908 | 4,976 | 5,036 | |||||||||||
Active digital customers (in thousands)(a) | 55,274 | 52,453 | 49,254 | |||||||||||
Active mobile customers (in thousands)(b) | 40,899 | 37,315 | 33,260 | |||||||||||
| Debit
and credit card sales volume | $ | 1,081.2 | $ | 1,114.4 | $ | 1,016.9 | ||||||||
| Consumer & Business Banking | ||||||||||||||
| Average deposits | $ | 832.5 | $ | 683.7 | $ | 661.7 | ||||||||
| Deposit margin | 1.58 | % | 2.48 | % | 2.38 | % | ||||||||
| Business banking origination volume | $ | 26.6 | (f) | $ | 6.6 | $ | 6.7 | |||||||
| Client investment assets | 590.2 | 501.4 | 399.7 | |||||||||||
| Number of client advisors | 4,417 | 4,196 | 3,929 | |||||||||||
| Home Lending | ||||||||||||||
| Mortgage
origination volume by channel | ||||||||||||||
| Retail | $ | 72.9 | $ | 51.0 | $ | 38.3 | ||||||||
| Correspondent | 40.9 | 54.2 | 41.1 | |||||||||||
Total
mortgage origination volume(c) | $ | 113.8 | $ | 105.2 | $ | 79.4 | ||||||||
Total loans serviced (period-end) | $ | 626.3 | $ | 761.4 | $ | 789.8 | ||||||||
| Third-party mortgage loans serviced (period-end) | 447.3 | 520.8 | 519.6 | |||||||||||
| MSR carrying value (period-end) | 3.3 | 4.7 | 6.1 | |||||||||||
| Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) | 0.74 | % | 0.90 | % | 1.17 | % | ||||||||
MSR
revenue multiple(d) | 2.55 | x | 2.65 | x | 3.34x | |||||||||
| Credit Card | ||||||||||||||
| Credit card sales volume, excluding commercial card | $ | 702.7 | $ | 762.8 | $ | 692.4 | ||||||||
New
accounts opened (in millions) | 5.4 | $ | 7.8 | 7.8 | ||||||||||
Net revenue rate(e) | 10.92 | % | 10.48 | % | 10.17 | % | ||||||||
| Auto | ||||||||||||||
| Loan
and lease origination volume | $ | 38.4 | $ | 34.0 | $ | 31.8 | ||||||||
| Average auto operating lease assets | 22.0 | 21.6 | 18.8 | |||||||||||
70 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| CORPORATE & INVESTMENT BANK | ||||||||||||||
| The Corporate & Investment Bank, which consists of Banking and Markets & Securities Services, offers a broad suite of investment banking, market-making, prime brokerage, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, merchants, government and municipal entities. Banking offers a full range of investment banking products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity and debt markets, as well as loan origination and syndication. Banking also includes Wholesale Payments, which provides payments services enabling clients to manage payments and receipts globally, and cross-border financing. Markets & Securities Services includes Markets, a global market-maker across products, including cash and derivative instruments, which also offers sophisticated risk management solutions, prime brokerage, and research. Markets & Securities Services also includes Securities Services, a leading global custodian which provides custody, fund accounting and administration, and securities lending products principally for asset managers, insurance companies and public and private investment funds. | ||
| Selected income statement data | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Revenue | |||||||||||||||||
| Investment banking fees | $ | 9,477 | $ | 7,575 | $ | 7,473 | |||||||||||
| Principal transactions | 17,560 | 14,399 | 12,262 | ||||||||||||||
Lending- and deposit-related fees(a) | 2,070 | 1,668 | 1,633 | ||||||||||||||
Asset
management, administration and commissions(a) | 4,721 | 4,400 | 4,361 | ||||||||||||||
| All other income | 1,292 | 2,018 | 2,125 | ||||||||||||||
| Noninterest revenue | 35,120 | 30,060 | 27,854 | ||||||||||||||
| Net interest income | 14,164 | 9,205 | 9,528 | ||||||||||||||
Total net revenue(b) | 49,284 | 39,265 | 37,382 | ||||||||||||||
| Provision for credit losses | 2,726 | 277 | (60) | ||||||||||||||
| Noninterest expense | |||||||||||||||||
| Compensation expense | 11,612 | 11,180 | 10,776 | ||||||||||||||
| Noncompensation expense | 11,926 | 11,264 | 11,100 | ||||||||||||||
| Total noninterest expense | 23,538 | 22,444 | 21,876 | ||||||||||||||
Income before income tax expense | 23,020 | 16,544 | 15,566 | ||||||||||||||
| Income tax expense | 5,926 | 4,590 | 3,767 | ||||||||||||||
| Net income | $ | 17,094 | $ | 11,954 | $ | 11,799 | |||||||||||
| Selected income statement data | |||||||||||||||||
| Year ended December 31, | |||||||||||||||||
| (in millions, except ratios) | 2020 | 2019 | 2018 | ||||||||||||||
| Financial ratios | |||||||||||||||||
| Return on equity | 20 | % | 14 | % | 16 | % | |||||||||||
| Overhead ratio | 48 | 57 | 59 | ||||||||||||||
Compensation
expense as percentage of total net revenue | 24 | 28 | 29 | ||||||||||||||
| Revenue by business | |||||||||||||||||
| Investment Banking | $ | 8,871 | $ | 7,215 | $ | 6,987 | |||||||||||
| Wholesale Payments | 5,560 | 5,842 | 5,930 | ||||||||||||||
| Lending | 1,146 | 1,021 | 999 | ||||||||||||||
| Total Banking | 15,577 | 14,078 | 13,916 | ||||||||||||||
| Fixed Income Markets | 20,878 | 14,418 | 12,706 | ||||||||||||||
| Equity Markets | 8,605 | 6,494 | 6,888 | ||||||||||||||
| Securities Services | 4,253 | 4,154 | 4,245 | ||||||||||||||
Credit
Adjustments & Other(a) | (29) | 121 | (373) | ||||||||||||||
Total Markets & Securities Services | 33,707 | 25,187 | 23,466 | ||||||||||||||
| Total net revenue | $ | 49,284 | $ | 39,265 | $ | 37,382 | |||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 71 | |||||||
72 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Selected metrics | |||||||||||||||||
| As of or for the year ended December 31, (in millions, except headcount) | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
Selected
balance sheet data (period-end) | |||||||||||||||||
| Assets | $ | 1,097,219 | $ | 914,705 | $ | 909,292 | |||||||||||
| Loans: | |||||||||||||||||
Loans
retained(a) | 133,296 | 121,733 | 129,389 | ||||||||||||||
Loans held-for-sale and loans at fair value(b)(c) | 39,588 | 34,317 | 36,407 | ||||||||||||||
| Total loans | 172,884 | 156,050 | 165,796 | ||||||||||||||
| Equity | 80,000 | 80,000 | 70,000 | ||||||||||||||
Selected
balance sheet data (average) | |||||||||||||||||
| Assets | $ | 1,122,939 | $ | 993,508 | $ | 930,126 | |||||||||||
Trading assets-debt and equity instruments(c) | 422,237 | 376,182 | 321,280 | ||||||||||||||
Trading
assets-derivative receivables | 72,065 | 48,196 | 60,552 | ||||||||||||||
| Loans: | |||||||||||||||||
Loans retained(a) | 135,676 | 122,371 | 114,417 | ||||||||||||||
Loans
held-for-sale and loans at fair value(b)(c) | 33,792 | 32,884 | 30,317 | ||||||||||||||
| Total loans | 169,468 | 155,255 | 144,734 | ||||||||||||||
| Equity | 80,000 | 80,000 | 70,000 | ||||||||||||||
| Headcount | 61,733 | 60,013 | 58,572 | ||||||||||||||
| Selected metrics | |||||||||||||||||
| As
of or for the year ended December 31, (in millions, except ratios) | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
Credit data and quality statistics | |||||||||||||||||
Net charge-offs/(recoveries) | $ | 370 | $ | 183 | $ | 93 | |||||||||||
| Nonperforming assets: | |||||||||||||||||
| Nonaccrual loans: | |||||||||||||||||
Nonaccrual loans retained(a) | 1,008 | 308 | 443 | ||||||||||||||
Nonaccrual loans held-for-sale
and loans at fair value(b)(c) | 1,662 | 644 | 921 | ||||||||||||||
Total nonaccrual loans | 2,670 | 952 | 1,364 | ||||||||||||||
| Derivative receivables | 56 | 30 | 60 | ||||||||||||||
Assets
acquired in loan satisfactions | 85 | 70 | 57 | ||||||||||||||
Total nonperforming assets | 2,811 | 1,052 | 1,481 | ||||||||||||||
| Allowance for credit losses: | |||||||||||||||||
Allowance
for loan losses | 2,366 | 1,202 | 1,199 | ||||||||||||||
Allowance for lending-related commitments | 1,534 | 848 | 754 | ||||||||||||||
Total allowance for credit losses | 3,900 | 2,050 | 1,953 | ||||||||||||||
Net
charge-off/(recovery) rate(d) | 0.27 | % | 0.15 | % | 0.08 | % | |||||||||||
Allowance for loan losses to period-end loans retained | 1.77 | 0.99 | 0.93 | ||||||||||||||
Allowance
for loan losses to period-end loans retained, excluding trade finance and conduits(e) | 2.54 | 1.31 | 1.24 | ||||||||||||||
Allowance for loan losses to nonaccrual loans retained(a) | 235 | 390 | 271 | ||||||||||||||
Nonaccrual
loans to total period-end loans(b) | 1.54 | 0.61 | 0.82 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 73 | |||||||
Investment
banking fees | |||||||||||||||||||||||||||||||||||
| Year ended December 31, | |||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Advisory | $ | 2,368 | $ | 2,377 | $ | 2,509 | |||||||||||||||||||||||||||||
Equity
underwriting | 2,758 | 1,666 | 1,684 | ||||||||||||||||||||||||||||||||
Debt underwriting(a) | 4,351 | 3,532 | 3,280 | ||||||||||||||||||||||||||||||||
Total
investment banking fees | $ | 9,477 | $ | 7,575 | $ | 7,473 | |||||||||||||||||||||||||||||
| League table results – wallet share | ||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||
| Year ended December 31, | Rank | Share | Rank | Share | Rank | Share | ||||||||||||||||||||
Based on fees(a) | ||||||||||||||||||||||||||
M&A(b) | ||||||||||||||||||||||||||
Global | # | 2 | 9.3 | % | # | 2 | 8.9 | % | # | 2 | 8.6 | % | ||||||||||||||
U.S. | 2 | 9.7 | 2 | 9.2 | 2 | 8.8 | ||||||||||||||||||||
Equity
and equity-related(c) | ||||||||||||||||||||||||||
Global | 2 | 8.6 | 1 | 9.3 | 1 | 9.0 | ||||||||||||||||||||
U.S. | 2 | 11.1 | 2 | 13.2 | 1 | 12.3 | ||||||||||||||||||||
Long-term
debt(d) | ||||||||||||||||||||||||||
Global | 1 | 8.9 | 1 | 7.8 | 1 | 7.2 | ||||||||||||||||||||
U.S. | 1 | 12.8 | 1 | 12.0 | 1 | 11.4 | ||||||||||||||||||||
Loan
syndications | ||||||||||||||||||||||||||
| Global | 1 | 11.1 | 1 | 10.1 | 1 | 10.1 | ||||||||||||||||||||
| U.S. | 1 | 11.5 | 1 | 12.5 | 1 | 12.3 | ||||||||||||||||||||
Global
investment banking fees(e) | # | 1 | 9.2 | % | # | 1 | 8.9 | % | # | 1 | 8.6 | % | ||||||||||||||
74 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
| Year
ended December 31, (in millions, except where otherwise noted) | Fixed Income Markets | Equity Markets | Total Markets | Fixed Income Markets | Equity Markets | Total Markets | Fixed Income Markets | Equity Markets | Total Markets | ||||||||||||||||||||||||||
Principal transactions | $ | 11,857 | $ | 6,087 | $ | 17,944 | $ | 8,786 | $ | 5,739 | $ | 14,525 | $ | 7,560 | $ | 5,566 | $ | 13,126 | |||||||||||||||||
Lending-
and deposit-related fees | 226 | 10 | 236 | 198 | 7 | 205 | 197 | 6 | 203 | ||||||||||||||||||||||||||
Asset management, administration and commissions | 411 | 2,087 | 2,498 | 407 | 1,775 | 2,182 | 410 | 1,794 | 2,204 | ||||||||||||||||||||||||||
| All other income | 493 | (62) | 431 | 872 | 8 | 880 | 952 | 22 | 974 | ||||||||||||||||||||||||||
| Noninterest revenue | 12,987 | 8,122 | 21,109 | 10,263 | 7,529 | 17,792 | 9,119 | 7,388 | 16,507 | ||||||||||||||||||||||||||
| Net interest income | 7,891 | 483 | 8,374 | 4,155 | (1,035) | 3,120 | 3,587 | (500) | 3,087 | ||||||||||||||||||||||||||
| Total net revenue | $ | 20,878 | $ | 8,605 | $ | 29,483 | $ | 14,418 | $ | 6,494 | $ | 20,912 | $ | 12,706 | $ | 6,888 | $ | 19,594 | |||||||||||||||||
Loss
days(a) | 4 | 1 | 5 | ||||||||||||||||||||||||||||||||
Selected
metrics | |||||||||||||||||
| As of or for the year ended December 31, (in millions, except where otherwise noted) | 2020 | 2019 | 2018 | ||||||||||||||
Assets under custody (“AUC”) by asset class (period-end) (in billions): | |||||||||||||||||
| Fixed Income | $ | 15,840 | $ | 13,498 | $ | 12,440 | |||||||||||
| Equity | 11,489 | 10,100 | 8,078 | ||||||||||||||
Other(a) | 3,651 | 3,233 | 2,699 | ||||||||||||||
| Total AUC | $ | 30,980 | $ | 26,831 | $ | 23,217 | |||||||||||
Merchant processing volume (in billions)(b) | $ | 1,597.3 | $ | 1,511.5 | $ | 1,366.1 | |||||||||||
Client
deposits and other third party liabilities (average)(c) | $ | 610,555 | $ | 464,795 | $ | 434,422 | |||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 75 | |||||||
| International metrics | |||||||||||||||||
| As of or for the year ended December 31, (in millions, except where otherwise noted) | 2020 | 2019(c) | 2018(c) | ||||||||||||||
Total
net revenue(a) | |||||||||||||||||
| Europe/Middle East/Africa | $ | 13,872 | $ | 11,905 | $ | 12,422 | |||||||||||
| Asia-Pacific | 7,524 | 5,319 | 5,077 | ||||||||||||||
| Latin America/Caribbean | 1,931 | 1,543 | 1,473 | ||||||||||||||
| Total international net revenue | 23,327 | 18,767 | 18,972 | ||||||||||||||
| North America | 25,957 | 20,498 | 18,410 | ||||||||||||||
| Total net revenue | $ | 49,284 | $ | 39,265 | $ | 37,382 | |||||||||||
Loans retained (period-end)(a) | |||||||||||||||||
| Europe/Middle East/Africa | $ | 27,659 | $ | 26,067 | $ | 23,648 | |||||||||||
| Asia-Pacific | 12,802 | 14,759 | 17,101 | ||||||||||||||
| Latin America/Caribbean | 5,425 | 6,173 | 6,515 | ||||||||||||||
| Total international loans | 45,886 | 46,999 | 47,264 | ||||||||||||||
| North America | 87,410 | 74,734 | 82,125 | ||||||||||||||
| Total loans retained | $ | 133,296 | $ | 121,733 | $ | 129,389 | |||||||||||
Client
deposits and other third-party liabilities (average)(b) | |||||||||||||||||
| Europe/Middle East/Africa | $ | 211,592 | $ | 174,477 | $ | 162,846 | |||||||||||
| Asia-Pacific | 124,145 | 90,364 | 82,867 | ||||||||||||||
| Latin America/Caribbean | 37,664 | 29,024 | 26,668 | ||||||||||||||
| Total international | $ | 373,401 | $ | 293,865 | $ | 272,381 | |||||||||||
| North America | 237,154 | 170,930 | 162,041 | ||||||||||||||
Total
client deposits and other third-party liabilities | $ | 610,555 | $ | 464,795 | $ | 434,422 | |||||||||||
AUC (period-end)(b) (in billions) | |||||||||||||||||
| North America | $ | 20,028 | $ | 16,855 | $ | 14,359 | |||||||||||
| All other regions | 10,952 | 9,976 | 8,858 | ||||||||||||||
| Total AUC | $ | 30,980 | $ | 26,831 | $ | 23,217 | |||||||||||
76 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| COMMERCIAL BANKING | ||||||||||||||
| Commercial Banking provides comprehensive financial solutions, including lending, wholesale payments, investment banking and asset management products across three primary client segments: Middle Market Banking, Corporate Client Banking and Commercial Real Estate Banking. Other includes amounts not aligned with a primary client segment. | ||
| Middle Market Banking covers small and midsized companies, local governments and nonprofit clients. | ||
| Corporate Client Banking covers large corporations. | ||
| Commercial Real Estate Banking covers investors, developers, and owners of multifamily, office, retail, industrial and affordable housing properties. | ||
| Selected income statement data | |||||||||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Revenue | |||||||||||||||||
Lending-
and deposit-related fees(a) | $ | 1,187 | $ | 941 | $ | 896 | |||||||||||
All other income(a) | 1,880 | 1,769 | 1,724 | ||||||||||||||
| Noninterest revenue | 3,067 | 2,710 | 2,620 | ||||||||||||||
| Net interest income | 6,246 | 6,554 | 6,716 | ||||||||||||||
Total net revenue(b) | 9,313 | 9,264 | 9,336 | ||||||||||||||
| Provision for credit losses | 2,113 | 296 | 129 | ||||||||||||||
| Noninterest expense | |||||||||||||||||
| Compensation expense | 1,854 | 1,785 | 1,694 | ||||||||||||||
| Noncompensation expense | 1,944 | 1,950 | 1,933 | ||||||||||||||
| Total noninterest expense | 3,798 | 3,735 | 3,627 | ||||||||||||||
Income
before income tax expense | 3,402 | 5,233 | 5,580 | ||||||||||||||
| Income tax expense | 824 | 1,275 | 1,316 | ||||||||||||||
| Net income | $ | 2,578 | $ | 3,958 | $ | 4,264 | |||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 77 | |||||||
CB product revenue consists of the following: | ||||||||||||||
Lending includes a variety of financing alternatives, which are primarily provided on a secured basis; collateral
includes receivables, inventory, equipment, real estate or other assets. Products include term loans, revolving lines of credit, bridge financing, asset-based structures, leases, and standby letters of credit. | ||||||||||||||
Wholesale payments includes revenue from a broad range of products and services that enable CB clients to manage payments and receipts, as well as invest and manage funds. | ||||||||||||||
Investment banking includes revenue from a range of products providing CB clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through advisory, equity underwriting, and loan syndications. Revenue from Fixed Income and Equity Markets products used by CB clients is also included. | ||||||||||||||
Other
product revenue primarily includes tax-equivalent adjustments generated from Community Development Banking activities and certain income derived from principal transactions. | ||||||||||||||
| Selected income statement data (continued) | |||||||||||||||||
| Year ended December 31, (in millions, except ratios) | 2020 | 2019 | 2018 | ||||||||||||||
| Revenue by product | |||||||||||||||||
| Lending | $ | 4,396 | $ | 4,057 | $ | 4,049 | |||||||||||
| Wholesale payments | 3,715 | 4,200 | 4,351 | ||||||||||||||
Investment
banking(a) | 1,069 | 919 | 852 | ||||||||||||||
| Other | 133 | 88 | 84 | ||||||||||||||
Total Commercial Banking net revenue | $ | 9,313 | $ | 9,264 | $ | 9,336 | |||||||||||
Investment
banking revenue, gross(b) | $ | 3,348 | $ | 2,744 | $ | 2,491 | |||||||||||
| Revenue by client segment | |||||||||||||||||
| Middle Market Banking | $ | 3,640 | $ | 3,805 | $ | 3,797 | |||||||||||
| Corporate Client Banking | 3,203 | 3,119 | 3,119 | ||||||||||||||
Commercial Real Estate Banking | 2,313 | 2,169 | 2,251 | ||||||||||||||
| Other | 157 | 171 | 169 | ||||||||||||||
| Total Commercial Banking net revenue | $ | 9,313 | $ | 9,264 | $ | 9,336 | |||||||||||
| Financial ratios | |||||||||||||||||
| Return on equity | 11 | % | 17 | % | 20 | % | |||||||||||
| Overhead ratio | 41 | 40 | 39 | ||||||||||||||
| Selected metrics | |||||||||||||||||
| As of or for the year ended December 31, (in millions, except headcount) | 2020 | 2019 | 2018 | ||||||||||||||
Selected balance sheet data (period-end) | |||||||||||||||||
| Total assets | $ | 228,932 | $ | 220,514 | $ | 220,229 | |||||||||||
| Loans: | |||||||||||||||||
| Loans retained | 207,880 | 207,287 | 204,219 | ||||||||||||||
Loans held-for-sale and loans at fair value | 2,245 | 1,009 | 1,978 | ||||||||||||||
| Total loans | $ | 210,125 | $ | 208,296 | $ | 206,197 | |||||||||||
| Equity | 22,000 | 22,000 | 20,000 | ||||||||||||||
Period-end
loans by client segment | |||||||||||||||||
| Middle Market Banking | $ | 61,115 | (a) | $ | 54,188 | $ | 56,656 | ||||||||||
| Corporate Client Banking | 47,420 | 51,165 | 48,343 | ||||||||||||||
| Commercial Real Estate Banking | 101,146 | 101,951 | 100,088 | ||||||||||||||
| Other | 444 | 992 | 1,110 | ||||||||||||||
| Total Commercial Banking loans | $ | 210,125 | (a) | $ | 208,296 | $ | 206,197 | ||||||||||
Selected balance sheet data (average) | |||||||||||||||||
| Total assets | $ | 233,158 | $ | 218,896 | $ | 218,259 | |||||||||||
| Loans: | |||||||||||||||||
| Loans retained | 217,767 | 206,837 | 204,243 | ||||||||||||||
Loans
held-for-sale and loans at fair value | 1,129 | 1,082 | 1,258 | ||||||||||||||
| Total loans | $ | 218,896 | $ | 207,919 | $ | 205,501 | |||||||||||
Client deposits and other third-party
liabilities | 237,825 | 172,734 | 170,901 | ||||||||||||||
| Equity | 22,000 | 22,000 | 20,000 | ||||||||||||||
Average
loans by client segment | |||||||||||||||||
| Middle Market Banking | $ | 61,558 | $ | 55,690 | $ | 57,092 | |||||||||||
| Corporate Client Banking | 54,172 | 50,360 | 47,780 | ||||||||||||||
| Commercial Real Estate Banking | 102,479 | 100,884 | 99,243 | ||||||||||||||
| Other | 687 | 985 | 1,386 | ||||||||||||||
Total
Commercial Banking loans | $ | 218,896 | $ | 207,919 | $ | 205,501 | |||||||||||
| Headcount | 11,675 | 11,629 | 11,042 | ||||||||||||||
78 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Selected metrics | |||||||||||||||||
| As of or for the year ended December 31, (in millions, except ratios) | 2020 | 2019 | 2018 | ||||||||||||||
Credit data and quality statistics | |||||||||||||||||
| Net charge-offs/(recoveries) | $ | 401 | $ | 160 | $ | 53 | |||||||||||
| Nonperforming assets | |||||||||||||||||
| Nonaccrual loans: | |||||||||||||||||
Nonaccrual loans retained(a) | 1,286 | 498 | 511 | ||||||||||||||
Nonaccrual loans held-for-sale and loans at fair value | 120 | — | — | ||||||||||||||
| Total nonaccrual loans | 1,406 | 498 | 511 | ||||||||||||||
Assets acquired in loan satisfactions | 24 | 25 | 2 | ||||||||||||||
| Total nonperforming assets | 1,430 | 523 | 513 | ||||||||||||||
| Allowance for credit losses: | |||||||||||||||||
| Allowance for loan losses | 3,335 | 2,780 | 2,682 | ||||||||||||||
Allowance
for lending-related commitments | 651 | 293 | 254 | ||||||||||||||
Total allowance for credit losses | 3,986 | 3,073 | 2,936 | ||||||||||||||
Net
charge-off/(recovery) rate(b) | 0.18 | % | 0.08 | % | 0.03 | % | |||||||||||
Allowance for loan losses to period-end loans retained | 1.60 | 1.34 | 1.31 | ||||||||||||||
Allowance
for loan losses to nonaccrual loans retained(a) | 259 | 558 | 525 | ||||||||||||||
Nonaccrual loans to period-end total loans | 0.67 | 0.24 | 0.25 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 79 | |||||||
| ASSET & WEALTH MANAGEMENT | ||||||||||||||
Asset & Wealth Management, with client assets of $3.7 trillion, is a global leader in investment and wealth management. Asset Management Offers multi-asset investment management solutions across equities, fixed income,
alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs. Wealth Management Provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients. The majority of AWM’s client assets are in actively managed portfolios. | ||
| Selected income statement data | |||||||||||
| Year
ended December 31, (in millions, except ratios and headcount) | 2020 | 2019 | 2018 | ||||||||
| Revenue | |||||||||||
Asset management, administration and commissions | $ | 10,610 | $ | 9,818 | $ | 9,808 | |||||
| All other income | 212 | 418 | 244 | ||||||||
| Noninterest revenue | 10,822 | 10,236 | 10,052 | ||||||||
| Net interest income | 3,418 | 3,355 | 3,375 | ||||||||
| Total net revenue | 14,240 | 13,591 | 13,427 | ||||||||
| Provision for credit losses | 263 | 59 | 52 | ||||||||
| Noninterest expense | |||||||||||
| Compensation expense | 4,959 | 5,028 | 4,888 | ||||||||
| Noncompensation expense | 4,998 | 4,719 | 4,687 | ||||||||
| Total noninterest expense | 9,957 | 9,747 | 9,575 | ||||||||
Income before income tax expense | 4,020 | 3,785 | 3,800 | ||||||||
| Income tax expense | 1,028 | 918 | 855 | ||||||||
| Net income | $ | 2,992 | $ | 2,867 | $ | 2,945 | |||||
| Revenue by line of business | |||||||||||
| Asset Management | $ | 7,654 | $ | 7,254 | $ | 7,163 | |||||
| Wealth Management | 6,586 | 6,337 | 6,264 | ||||||||
| Total net revenue | $ | 14,240 | $ | 13,591 | $ | 13,427 | |||||
| Financial ratios | |||||||||||
| Return on common equity | 28 | % | 26 | % | 32 | % | |||||
| Overhead ratio | 70 | 72 | 71 | ||||||||
| Pre-tax margin ratio: | |||||||||||
| Asset Management | 29 | 26 | 26 | ||||||||
| Wealth Management | 27 | 30 | 30 | ||||||||
| Asset & Wealth Management | 28 | 28 | 28 | ||||||||
80 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
AWM’s
client segments consist of the following: | ||||||||||||||
Private Banking clients include high- and ultra-high-net-worth individuals, families, money managers and business owners. | ||||||||||||||
Institutional clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide. | ||||||||||||||
Retail clients include financial intermediaries and individual investors. | ||||||||||||||
Asset
Management has two high-level measures of its overall fund performance. | ||||||||||||||
• 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. The “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 given 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 this analysis. All ratings, the assigned peer categories and the asset values used to derive this analysis are sourced from these fund rating providers mentioned in footnote (a). The data providers re-denominate the asset values into U.S. dollars. This % 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 where
Nomura provides ratings at the fund level. The “primary share class”, as defined by Morningstar, denotes the share class recommended as being the best proxy for the portfolio and in most cases will be the most retail version (based upon annual management charge, minimum investment, currency and other factors). The performance data could have been different if all funds/accounts would have 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 this analysis are sourced from the fund ranking providers mentioned in footnote (b). Quartile rankings are done on the net-of-fee absolute return of each fund. The data
providers re-denominate the asset values into U.S. dollars. This % of AUM is based on fund performance and associated peer rankings at the share class level for U.S. domiciled funds and at the “primary share class” level or fund level for all other funds. The “primary share class”, as defined by Morningstar, denotes the share class recommended as being the best proxy for the portfolio and in most cases will be the most retail version (based upon annual management charge, minimum investment, currency and other factors). Where peer group rankings given for a fund are in more than one “primary share class” territory both rankings are included to reflect local market competitiveness. The performance data could have been different if all funds/accounts would have been included. Past performance is not indicative of future results. | ||||||||||||||
| Selected metrics | |||||||||||
As of or for the year ended December 31, (in millions, except ranking data and ratios) | 2020 | 2019 | 2018 | ||||||||
% of JPM mutual fund assets rated as 4- or 5-star(a) | 55 | % | 61 | % | 58 | % | |||||
%
of JPM mutual fund assets ranked in 1st or 2nd quartile:(b) | |||||||||||
| 1 year | 55 | 59 | 68 | ||||||||
| 3 years | 69 | 77 | 73 | ||||||||
| 5 years | 68 | 75 | 85 | ||||||||
Selected balance sheet data (period-end)(c) | |||||||||||
| Total assets | $ | 203,384 | $ | 173,175 | $ | 161,047 | |||||
| Loans | 186,608 | 158,149 | 145,794 | ||||||||
| Deposits | 198,755 | 142,740 | 133,276 | ||||||||
| Equity | 10,500 | 10,500 | 9,000 | ||||||||
Selected
balance sheet data (average)(c) | |||||||||||
| Total assets | $ | 181,432 | $ | 161,863 | $ | 151,632 | |||||
| Loans | 166,311 | 147,404 | 136,929 | ||||||||
| Deposits | 161,955 | 135,265 | 132,123 | ||||||||
| Equity | 10,500 | 10,500 | 9,000 | ||||||||
| Headcount | 20,683 | 21,550 | 21,520 | ||||||||
| Number of Wealth Management client advisors | 2,462 | 2,419 | 2,385 | ||||||||
Credit data and quality statistics(c) | |||||||||||
| Net charge-offs/(recoveries) | $ | (14) | $ | 29 | $ | — | |||||
| Nonaccrual loans | 785 | 115 | 263 | ||||||||
| Allowance for credit losses: | |||||||||||
| Allowance for loan losses | 598 | 350 | 326 | ||||||||
Allowance for lending-related commitments | 38 | 19 | 16 | ||||||||
Total
allowance for credit losses | 636 | 369 | 342 | ||||||||
| Net charge-off/(recovery) rate | (0.01) | % | 0.02 | % | — | % | |||||
Allowance for loan losses to period-end loans | 0.32 | 0.22 | 0.22 | ||||||||
Allowance
for loan losses to nonaccrual loans | 76 | 304 | 124 | ||||||||
Nonaccrual loans to period-end loans | 0.42 | 0.07 | 0.18 | ||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 81 | |||||||
| Client assets | |||||||||||
| December 31, (in billions) | 2020 | 2019 | 2018 | ||||||||
| Assets by asset class | |||||||||||
| Liquidity | $ | 641 | $ | 539 | $ | 477 | |||||
| Fixed income | 671 | 591 | 455 | ||||||||
| Equity | 595 | 463 | 376 | ||||||||
| Multi-asset | 656 | 596 | 515 | ||||||||
| Alternatives | 153 | 139 | 135 | ||||||||
| Total assets under management | 2,716 | 2,328 | 1,958 | ||||||||
Custody/brokerage/ administration/deposits | 936 | 761 | 661 | ||||||||
| Total client assets | $ | 3,652 | $ | 3,089 | $ | 2,619 | |||||
| Assets by client segment | |||||||||||
| Private Banking | $ | 689 | $ | 628 | $ | 518 | |||||
| Institutional | 1,273 | 1,081 | 930 | ||||||||
| Retail | 754 | 619 | 510 | ||||||||
| Total assets under management | $ | 2,716 | $ | 2,328 | $ | 1,958 | |||||
Private Banking | $ | 1,581 | $ | 1,359 | $ | 1,155 | |||||
| Institutional | 1,311 | 1,106 | 950 | ||||||||
| Retail | 760 | 624 | 514 | ||||||||
| Total client assets | $ | 3,652 | $ | 3,089 | $ | 2,619 | |||||
| Client assets (continued) | |||||||||||
| Year ended December 31, (in billions) | 2020 | 2019 | 2018 | ||||||||
Assets
under management rollforward | |||||||||||
| Beginning balance | $ | 2,328 | $ | 1,958 | $ | 2,010 | |||||
| Net asset flows: | |||||||||||
| Liquidity | 104 | 61 | 30 | ||||||||
| Fixed income | 48 | 104 | (4) | ||||||||
| Equity | 33 | (11) | — | ||||||||
| Multi-asset | 5 | 2 | 17 | ||||||||
| Alternatives | 6 | 2 | 5 | ||||||||
| Market/performance/other impacts | 192 | 212 | (100) | ||||||||
| Ending balance, December 31 | $ | 2,716 | $ | 2,328 | $ | 1,958 | |||||
| Client assets rollforward | |||||||||||
| Beginning balance | $ | 3,089 | $ | 2,619 | $ | 2,685 | |||||
| Net asset flows | 276 | 176 | 74 | ||||||||
| Market/performance/other impacts | 287 | 294 | (140) | ||||||||
| Ending balance, December 31 | $ | 3,652 | $ | 3,089 | $ | 2,619 | |||||
| International metrics | |||||||||||
| Year ended December 31, (in billions, except where otherwise noted) | 2020 | 2019 | 2018 | ||||||||
Total net revenue (in millions)(a) | |||||||||||
Europe/Middle East/Africa(b) | $ | 2,956 | $ | 2,869 | $ | 2,850 | |||||
Asia-Pacific(b) | 1,665 | 1,509 | 1,538 | ||||||||
Latin
America/Caribbean(b) | 782 | 724 | 755 | ||||||||
| Total international net revenue | 5,403 | 5,102 | 5,143 | ||||||||
| North America | 8,837 | 8,489 | 8,284 | ||||||||
| Total net revenue | $ | 14,240 | $ | 13,591 | $ | 13,427 | |||||
| Assets under management | |||||||||||
Europe/Middle East/Africa(b) | $ | 517 | $ | 428 | $ | 366 | |||||
Asia-Pacific(b) | 224 | 192 | 163 | ||||||||
Latin
America/Caribbean(b) | 70 | 62 | 51 | ||||||||
| Total international assets under management | 811 | 682 | 580 | ||||||||
| North America | 1,905 | 1,646 | 1,378 | ||||||||
| Total assets under management | $ | 2,716 | $ | 2,328 | $ | 1,958 | |||||
| Client assets | |||||||||||
Europe/Middle East/Africa(b) | $ | 622 | $ | 520 | $ | 440 | |||||
Asia-Pacific(b) | 330 | 272 | 226 | ||||||||
Latin
America/Caribbean(b) | 166 | 147 | 125 | ||||||||
| Total international client assets | 1,118 | 939 | 791 | ||||||||
| North America | 2,534 | 2,150 | 1,828 | ||||||||
| Total client assets | $ | 3,652 | $ | 3,089 | $ | 2,619 | |||||
82 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| CORPORATE | ||||||||||||||
The
Corporate segment consists of Treasury and Chief Investment Office and Other Corporate, which includes corporate staff functions and expense that is centrally managed. Treasury and CIO is predominantly responsible for measuring, monitoring, reporting and managing the Firm’s liquidity, funding, capital, structural interest rate and foreign exchange risks. The major Other Corporate functions include Real Estate, Technology, Legal, Corporate Finance, Human Resources, Internal Audit, Risk Management, Compliance, Control Management, Corporate Responsibility and various Other Corporate groups. | ||
| Selected income statement and balance sheet data | |||||||||||||||||
| Year ended December 31, (in millions, except headcount) | 2020 | 2019 | 2018 | ||||||||||||||
| Revenue | |||||||||||||||||
| Principal transactions | $ | 245 | $ | (461) | $ | (426) | |||||||||||
| Investment securities gains/(losses) | 795 | 258 | (395) | ||||||||||||||
| All other income | 159 | 89 | 558 | ||||||||||||||
| Noninterest revenue | 1,199 | (114) | (263) | ||||||||||||||
| Net interest income | (2,375) | 1,325 | 135 | ||||||||||||||
Total net revenue(a) | (1,176) | 1,211 | (128) | ||||||||||||||
| Provision for credit losses | 66 | (1) | (4) | ||||||||||||||
| Noninterest expense | 1,373 | 1,067 | 902 | ||||||||||||||
Income/(loss)
before income tax expense/(benefit) | (2,615) | 145 | (1,026) | ||||||||||||||
| Income tax expense/(benefit) | (865) | (966) | 215 | ||||||||||||||
| Net income/(loss) | $ | (1,750) | $ | 1,111 | $ | (1,241) | |||||||||||
| Total net revenue | |||||||||||||||||
| Treasury and CIO | (1,368) | 2,032 | 510 | ||||||||||||||
| Other Corporate | 192 | (821) | (638) | ||||||||||||||
| Total net revenue | $ | (1,176) | $ | 1,211 | $ | (128) | |||||||||||
| Net income/(loss) | |||||||||||||||||
| Treasury and CIO | (1,403) | 1,394 | (69) | ||||||||||||||
| Other Corporate | (347) | (283) | (1,172) | ||||||||||||||
| Total net income/(loss) | $ | (1,750) | $ | 1,111 | $ | (1,241) | |||||||||||
| Total assets (period-end) | $ | 1,359,831 | $ | 837,618 | $ | 771,787 | |||||||||||
| Loans (period-end) | 1,657 | 1,649 | 1,597 | ||||||||||||||
| Headcount | 38,366 | 38,033 | 37,145 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 83 | |||||||
| Selected income statement and balance sheet data | |||||||||||||||||
| As of or for the year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Investment securities gains/(losses) | $ | 795 | $ | 258 | $ | (395) | |||||||||||
| Available-for-sale securities (average) | $ | 413,367 | $ | 283,205 | $ | 203,449 | |||||||||||
| Held-to-maturity securities (average) | 94,569 | 34,939 | 31,747 | ||||||||||||||
Investment securities portfolio
(average) | $ | 507,936 | $ | 318,144 | $ | 235,196 | |||||||||||
| Available-for-sale securities (period-end) | $ | 386,065 | $ | 348,876 | $ | 228,681 | |||||||||||
Held-to-maturity
securities, net of allowance for credit losses (period–end)(a)(b) | 201,821 | 47,540 | 31,434 | ||||||||||||||
Investment securities portfolio, net of allowance for credit losses (period–end)(a) | $ | 587,886 | $ | 396,416 | $ | 260,115 | |||||||||||
84 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| FIRMWIDE RISK MANAGEMENT | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 85 | |||||||
86 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 87 | |||||||
88 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Risk governance and oversight functions | Page | ||||
| Strategic Risk | 90 | ||||
| Capital risk | 91-101 | ||||
| Liquidity risk | 102-108 | ||||
| Reputation risk | 109 | ||||
| Consumer Credit Risk | 114-120 | ||||
| Wholesale credit risk | 121-131 | ||||
| Investment portfolio risk | 134 | ||||
| Market risk | 135-142 | ||||
| Country risk | 143-144 | ||||
| Operational risk | 145-151 | ||||
| Compliance Risk | 148 | ||||
| Conduct risk | 149 | ||||
| Legal risk | 150 | ||||
| Estimations and Model risk | 151 | ||||
| JPMorgan Chase & Co./2020 Form 10-K | 89 | |||||||
| STRATEGIC RISK MANAGEMENT | ||||||||||||||
90 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| CAPITAL RISK MANAGEMENT | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 91 | |||||||
92 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 93 | |||||||
94 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| 2020 | 2019 | |||||||
| Fully Phased-In: | ||||||||
| Method 1 | 2.50 | % | 2.50 | % | ||||
| Method 2 | 3.50 | % | 3.50 | % | ||||
| JPMorgan Chase & Co./2020 Form 10-K | 95 | |||||||
| Standardized | Advanced | |||||||||||||||||||||||||||||||||||||
(in
millions, except ratios) | December 31, 2020(c)(d) | December 31, 2019 | Minimum capital ratios(e) | December 31, 2020(c)(d) | December 31, 2019 | Minimum capital ratios(e) | ||||||||||||||||||||||||||||||||
Risk-based
capital metrics: | ||||||||||||||||||||||||||||||||||||||
| CET1 capital | $ | 205,078 | $ | 187,753 | $ | 205,078 | $ | 187,753 | ||||||||||||||||||||||||||||||
| Tier 1 capital | 234,844 | 214,432 | 234,844 | 214,432 | ||||||||||||||||||||||||||||||||||
| Total capital | 269,923 | 242,589 | 257,228 | 232,112 | ||||||||||||||||||||||||||||||||||
| Risk-weighted assets | 1,560,609 | 1,515,869 | 1,484,431 | 1,397,878 | ||||||||||||||||||||||||||||||||||
| CET1 capital ratio | 13.1 | % | 12.4 | % | 11.3 | % | 13.8 | % | 13.4 | % | 10.5 | % | ||||||||||||||||||||||||||
| Tier 1 capital ratio | 15.0 | 14.1 | 12.8 | 15.8 | 15.3 | 12.0 | ||||||||||||||||||||||||||||||||
| Total capital ratio | 17.3 | 16.0 | 14.8 | 17.3 | 16.6 | 14.0 | ||||||||||||||||||||||||||||||||
| Leverage-based capital metrics: | ||||||||||||||||||||||||||||||||||||||
Adjusted average assets(a) | $ | 3,353,319 | $ | 2,730,239 | $ | 3,353,319 | $ | 2,730,239 | ||||||||||||||||||||||||||||||
| Tier 1 leverage ratio | 7.0 | % | 7.9 | % | 4.0 | % | 7.0 | % | 7.9 | % | 4.0 | % | ||||||||||||||||||||||||||
Total leverage exposure(b) | NA | NA | $ | 3,401,542 | $ | 3,423,431 | ||||||||||||||||||||||||||||||||
SLR(b) | NA | NA | NA | 6.9 | % | 6.3 | % | 5.0 | % | |||||||||||||||||||||||||||||
96 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| (in millions) | December 31, 2020 | December
31, 2019 | ||||||
| Total stockholders’ equity | $ | 279,354 | $ | 261,330 | ||||
| Less: Preferred stock | 30,063 | 26,993 | ||||||
| Common stockholders’ equity | 249,291 | 234,337 | ||||||
| Add: | ||||||||
Certain
deferred tax liabilities(a) | 2,453 | 2,381 | ||||||
| Less: | ||||||||
Goodwill | 49,248 | 47,823 | ||||||
Other intangible assets | 904 | 819 | ||||||
Other CET1 capital adjustments(b) | (3,486) | 323 | ||||||
Standardized/Advanced
CET1 capital | 205,078 | 187,753 | ||||||
| Preferred stock | 30,063 | 26,993 | ||||||
| Less: Other Tier 1 adjustments | 297 | 314 | ||||||
Standardized/Advanced Tier 1 capital | $ | 234,844 | $ | 214,432 | ||||
Long-term
debt and other instruments qualifying as Tier 2 capital | $ | 16,645 | $ | 13,733 | ||||
Qualifying allowance for credit losses(c) | 18,372 | 14,314 | ||||||
Other | 62 | 110 | ||||||
Standardized Tier 2 capital | $ | 35,079 | $ | 28,157 | ||||
Standardized
Total capital | $ | 269,923 | $ | 242,589 | ||||
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(d) | (12,695) | (10,477) | ||||||
Advanced Tier 2 capital | $ | 22,384 | $ | 17,680 | ||||
| Advanced Total capital | $ | 257,228 | $ | 232,112 | ||||
| Year Ended December 31, (in millions) | 2020 | ||||
| Standardized/Advanced CET1 capital at December 31, 2019 | $ | 187,753 | |||
| Net income applicable to common equity | 27,548 | ||||
| Dividends declared on common stock | (11,119) | ||||
Net purchase of treasury stock | (5,135) | ||||
Changes
in additional paid-in capital | (128) | ||||
Changes related to AOCI | 6,417 | ||||
Adjustment related to AOCI(a) | (1,829) | ||||
Changes related to other CET1 capital adjustments(b) | 1,571 | ||||
| Change in Standardized/Advanced CET1 capital | 17,325 | ||||
Standardized/Advanced
CET1 capital at | $ | 205,078 | |||
Standardized/Advanced Tier 1 capital at | $ | 214,432 | |||
Change in CET1 capital(b) | 17,325 | ||||
| Net issuance of noncumulative perpetual preferred stock | 3,070 | ||||
| Other | 17 | ||||
| Change in Standardized/Advanced Tier 1 capital | 20,412 | ||||
Standardized/Advanced Tier 1 capital at | $ | 234,844 | |||
| Standardized Tier 2 capital at December 31, 2019 | $ | 28,157 | |||
Change in long-term debt and other instruments qualifying as Tier 2 | 2,912 | ||||
Change in qualifying allowance for credit losses(b) | 4,058 | ||||
Other | (48) | ||||
Change in Standardized Tier 2 capital | 6,922 | ||||
| Standardized Tier 2 capital at December 31, 2020 | $ | 35,079 | |||
| Standardized Total capital at December 31, 2020 | $ | 269,923 | |||
| Advanced Tier 2 capital at December 31, 2019 | $ | 17,680 | |||
Change in long-term debt and other instruments qualifying as Tier 2 | 2,912 | ||||
Change
in qualifying allowance for credit losses(b) | 1,840 | ||||
Other | (48) | ||||
Change in Advanced Tier 2 capital | 4,704 | ||||
| Advanced Tier 2 capital at December 31, 2020 | $ | 22,384 | |||
| Advanced Total capital at December 31, 2020 | $ | 257,228 | |||
| JPMorgan Chase & Co./2020 Form 10-K | 97 | |||||||
| Standardized | Advanced | |||||||||||||||||||||||||
| Year
ended December 31, 2020 (in millions) | Credit risk RWA | Market risk RWA | Total RWA | Credit risk RWA | Market risk RWA | Operational risk RWA | Total RWA | |||||||||||||||||||
| December 31, 2019 | $ | 1,440,220 | $ | 75,649 | $ | 1,515,869 | $ | 932,948 | $ | 75,652 | $ | 389,278 | $ | 1,397,878 | ||||||||||||
Model
& data changes(a) | (800) | (16,320) | (17,120) | (6,100) | (16,320) | — | (22,420) | |||||||||||||||||||
Portfolio runoff(b) | (4,450) | — | (4,450) | (4,000) | — | — | (4,000) | |||||||||||||||||||
Movement
in portfolio levels(c) | 29,249 | 37,061 | 66,310 | 79,482 | 37,578 | (4,087) | 112,973 | |||||||||||||||||||
| Changes in RWA | 23,999 | 20,741 | 44,740 | 69,382 | 21,258 | (4,087) | 86,553 | |||||||||||||||||||
| December 31, 2020 | $ | 1,464,219 | $ | 96,390 | $ | 1,560,609 | $ | 1,002,330 | $ | 96,910 | $ | 385,191 | $ | 1,484,431 | ||||||||||||
Three months ended (in millions, except ratio) | December 31, 2020 | December 31, 2019 | ||||||
Tier 1 capital | $ | 234,844 | 214,432 | |||||
| Total average assets | 3,399,818 | 2,777,270 | ||||||
Less: Regulatory capital adjustments(a) | 46,499 | 47,031 | ||||||
Total adjusted average assets(b) | 3,353,319 | 2,730,239 | ||||||
Add: Off-balance sheet exposures(c) | 729,978 | 693,192 | ||||||
| Less: Exclusion for U.S. Treasuries and Federal Reserve Bank deposits | 681,755 | — | ||||||
Total leverage exposure | $ | 3,401,542 | $ | 3,423,431 | ||||
SLR | 6.9 | % | 6.3 | % | ||||
| Line of business equity (Allocated capital) | ||||||||||||||
| December 31, | ||||||||||||||
| (in billions) | January 1, 2021 | 2020 | 2019 | |||||||||||
| Consumer & Community Banking | $ | 50.0 | $ | 52.0 | $ | 52.0 | ||||||||
| Corporate & Investment Bank | 83.0 | 80.0 | 80.0 | |||||||||||
| Commercial Banking | 24.0 | 22.0 | 22.0 | |||||||||||
| Asset & Wealth Management | 14.0 | 10.5 | 10.5 | |||||||||||
| Corporate | 78.3 | 84.8 | 69.8 | |||||||||||
Total common stockholders’ equity | $ | 249.3 | $ | 249.3 | $ | 234.3 | ||||||||
98 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||
| Common dividend payout ratio | 40 | % | 31 | % | 30 | % | |||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Total
number of shares of common stock repurchased | 50.0 | 213.0 | 181.5 | |||||||||||||||||
Aggregate purchase price of common stock repurchases | $ | 6,397 | $ | 24,121 | $ | 19,983 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 99 | |||||||
| Minimum Requirements | |||||
| TLAC to RWA | 23.0 | % | |||
| TLAC to leverage exposure | 9.5 | ||||
| External long-term debt to RWA | 9.5 | ||||
| External long-term debt to leverage | 4.5 | ||||
| December 31, 2020 | December 31, 2019 | |||||||||||||
| (in billions, except ratio) | External TLAC | LTD | External TLAC | LTD | ||||||||||
| Total eligible amount | $ | 421.0 | $ | 181.4 | $ | 386.4 | $ | 161.8 | ||||||
| % of RWA | 27.0 | % | 11.6 | % | 25.5 | % | 10.7 | % | ||||||
| Surplus/(shortfall) | $ | 62.1 | $ | 33.1 | $ | 37.7 | $ | 17.8 | ||||||
| % of total leverage exposure | 12.4 | % | 5.3 | % | 11.3 | % | 4.7 | % | ||||||
| Surplus/(shortfall) | $ | 97.9 | $ | 28.3 | $ | 61.2 | $ | 7.8 | ||||||
100 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December 31, 2020 | ||||||||
| (in millions) | Actual(a) | Minimum | ||||||
Net Capital | $ | 27,651 | $ | 5,024 | ||||
| December 31, 2020 | ||||||||
| (in millions, except ratios) | Estimated | Minimum ratios | ||||||
| Total capital | $ | 55,156 | ||||||
| CET1 ratio | 17.9 | % | 4.5 | % | ||||
| Total capital ratio | 22.8 | % | 8.0 | % | ||||
| JPMorgan Chase & Co./2020 Form 10-K | 101 | |||||||
| LIQUIDITY RISK MANAGEMENT | ||||||||||||||
102 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Three months ended | |||||||||||
| Average amount (in millions) | December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||
JPMorgan
Chase & Co.: | |||||||||||
| Eligible HQLA | |||||||||||
Eligible cash(a) | $ | 455,612 | $ | 458,336 | $ | 203,296 | |||||
Eligible securities(b)(c) | 241,447 | 211,841 | 341,990 | ||||||||
Total
eligible HQLA(d) | $ | 697,059 | $ | 670,177 | $ | 545,286 | |||||
| Net cash outflows | $ | 634,037 | $ | 587,811 | $ | 469,402 | |||||
| LCR | 110 | % | 114 | % | 116 | % | |||||
Net
excess eligible HQLA(d) | $ | 63,022 | $ | 82,366 | $ | 75,884 | |||||
JPMorgan Chase Bank, N.A.: | |||||||||||
| LCR | 160 | % | 157 | % | 116 | % | |||||
| Net excess eligible HQLA | $ | 401,903 | $ | 366,096 | $ | 79,483 | |||||
| JPMorgan Chase & Co./2020 Form 10-K | 103 | |||||||
104 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| As of or for the year ended December 31, | Average | |||||||||||||||||||
| (in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Consumer & Community Banking | $ | 958,706 | $ | 723,418 | (a) | $ | 851,390 | $ | 698,378 | (a) | ||||||||||
Corporate
& Investment Bank | 702,215 | 511,905 | (a) | 655,095 | 515,938 | (a) | ||||||||||||||
Commercial Banking | 284,263 | 184,115 | 237,645 | 172,666 | ||||||||||||||||
Asset
& Wealth Management | 198,755 | 142,740 | (a) | 161,955 | 135,265 | (a) | ||||||||||||||
Corporate | 318 | 253 | 666 | 820 | ||||||||||||||||
| Total Firm | $ | 2,144,257 | $ | 1,562,431 | $ | 1,906,751 | $ | 1,523,067 | ||||||||||||
| As
of December 31, (in billions except ratios) | ||||||||
| 2020 | 2019 | |||||||
Deposits | $ | 2,144.3 | $ | 1,562.4 | ||||
Deposits as a % of total liabilities | 69 | % | 64 | % | ||||
Loans | 1,012.9 | 997.6 | ||||||
Loans-to-deposits
ratio | 47 | % | 64 | % | ||||
| JPMorgan Chase & Co./2020 Form 10-K | 105 | |||||||
| Sources of funds (excluding deposits) | |||||||||||||||||
| As of or for the year ended December 31, | Average | ||||||||||||||||
| (in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Commercial paper | $ | 12,031 | $ | 14,754 | $ | 12,129 | $ | 22,977 | |||||||||
| Other borrowed funds | 8,510 | 7,544 | 9,198 | 10,369 | |||||||||||||
Total short-term unsecured funding | $ | 20,541 | $ | 22,298 | $ | 21,327 | $ | 33,346 | |||||||||
Securities
sold under agreements to repurchase(a) | $ | 207,877 | $ | 175,709 | $ | 246,354 | $ | 217,807 | |||||||||
Securities loaned(a) | 4,886 | 5,983 | 6,536 | 8,816 | |||||||||||||
Other
borrowed funds(b) | 24,667 | 18,622 | 23,812 | 26,050 | |||||||||||||
Obligations of Firm-administered multi-seller conduits(c) | 10,523 | 9,223 | 11,430 | 10,929 | |||||||||||||
Total
short-term secured funding | $ | 247,953 | $ | 209,537 | $ | 288,132 | $ | 263,602 | |||||||||
| Senior notes | $ | 166,089 | $ | 166,185 | $ | 171,509 | $ | 168,546 | |||||||||
| Subordinated debt | 21,608 | 17,591 | 20,789 | 17,387 | |||||||||||||
Structured notes(d) | 75,325 | 74,724 | 73,056 | 65,487 | |||||||||||||
| Total long-term unsecured funding | $ | 263,022 | $ | 258,500 | $ | 265,354 | $ | 251,420 | |||||||||
Credit card securitization(c) | $ | 4,943 | $ | 6,461 | $ | 5,520 | $ | 9,707 | |||||||||
| FHLB advances | 14,123 | 28,635 | 27,076 | 34,143 | |||||||||||||
Other long-term secured funding(e) | 4,540 | 4,363 | 4,460 | 4,643 | |||||||||||||
| Total long-term secured funding | $ | 23,606 | $ | 39,459 | $ | 37,056 | $ | 48,493 | |||||||||
Preferred stock(f) | $ | 30,063 | $ | 26,993 | $ | 29,899 | $ | 27,511 | |||||||||
Common
stockholders’ equity(f) | $ | 249,291 | $ | 234,337 | $ | 236,865 | $ | 232,907 | |||||||||
106 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Long-term unsecured funding | |||||||||||||||||
| Year ended December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
| (Notional in millions) | Parent Company | Subsidiaries | |||||||||||||||
| Issuance | |||||||||||||||||
| Senior notes issued in the U.S. market | $ | 25,500 | $ | 14,000 | $ | 60 | $ | 1,750 | |||||||||
| Senior notes issued in non-U.S. markets | 1,355 | 5,867 | — | — | |||||||||||||
| Total senior notes | 26,855 | 19,867 | 60 | 1,750 | |||||||||||||
| Subordinated debt | 3,000 | — | — | — | |||||||||||||
Structured
notes(a) | 7,596 | 5,844 | 24,185 | 33,563 | |||||||||||||
Total long-term unsecured funding – issuance | $ | 37,451 | $ | 25,711 | $ | 24,245 | $ | 35,313 | |||||||||
| Maturities/redemptions | |||||||||||||||||
| Senior notes | $ | 28,719 | $ | 18,098 | $ | 7,701 | $ | 5,367 | |||||||||
| Subordinated debt | 135 | 183 | — | — | |||||||||||||
| Structured notes | 5,340 | 2,944 | 30,002 | 19,271 | |||||||||||||
Total long-term unsecured funding – maturities/redemptions | $ | 34,194 | $ | 21,225 | $ | 37,703 | $ | 24,638 | |||||||||
| Long-term secured funding | |||||||||||||||||
| Year ended December 31, | Issuance | Maturities/Redemptions | |||||||||||||||
| (in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Credit card securitization | $ | 1,000 | $ | — | $ | 2,525 | $ | 6,975 | |||||||||
| FHLB advances | 15,000 | — | 29,509 | 15,817 | |||||||||||||
Other long-term secured funding(a) | 1,130 | 204 | 1,048 | 927 | |||||||||||||
Total
long-term secured funding | $ | 17,130 | $ | 204 | $ | 33,082 | $ | 23,719 | |||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 107 | |||||||
| JPMorgan Chase & Co. | JPMorgan Chase Bank, N.A. | J.P. Morgan Securities LLC J.P. Morgan Securities plc | |||||||||||||||||||||||||||||||||
| December 31, 2020 | 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 | A2 | P-1 | Stable | Aa2 | P-1 | Stable | Aa3 | P-1 | Stable | ||||||||||||||||||||||||||
| Standard & Poor’s | A- | A-2 | Stable | A+ | A-1 | Stable | A+ | A-1 | Stable | ||||||||||||||||||||||||||
Fitch
Ratings(a) | AA- | F1+ | Negative | AA | F1+ | Negative | AA | F1+ | Negative | ||||||||||||||||||||||||||
108 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| REPUTATION RISK MANAGEMENT | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 109 | |||||||
| CREDIT AND INVESTMENT RISK MANAGEMENT | ||||||||||||||
110 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 111 | |||||||
| CREDIT PORTFOLIO | ||||||||||||||
112 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Total credit portfolio | |||||||||||||||||
| December 31, (in millions) | Credit exposure | Nonperforming(f)(g) | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| Loans retained | $ | 960,506 | $ | 945,601 | $ | 8,782 | $ | 3,983 | |||||||||
| Loans held-for-sale | 7,873 | 7,064 | 284 | 7 | |||||||||||||
Loans at fair value (a) | 44,474 | 44,955 | 1,507 | 647 | |||||||||||||
| Total loans – reported | 1,012,853 | 997,620 | 10,573 | 4,637 | |||||||||||||
| Derivative receivables | 79,630 | 49,766 | 56 | 30 | |||||||||||||
Receivables
from customers(b) | 47,710 | 33,706 | — | — | |||||||||||||
Total credit-related assets | 1,140,193 | 1,081,092 | 10,629 | 4,667 | |||||||||||||
Assets
acquired in loan satisfactions | |||||||||||||||||
| Real estate owned | NA | NA | 256 | 344 | |||||||||||||
| Other | NA | NA | 21 | 43 | |||||||||||||
Total
assets acquired in loan satisfactions | NA | NA | 277 | 387 | |||||||||||||
Lending-related commitments(a) | 1,165,688 | 1,108,399 | 577 | 474 | |||||||||||||
| Total credit portfolio | $ | 2,305,881 | $ | 2,189,491 | $ | 11,483 | $ | 5,528 | |||||||||
Credit derivatives used in credit portfolio management activities(c)(d) | $ | (22,239) | $ | (18,530) | $ | — | $ | — | |||||||||
Liquid
securities and other cash collateral held against derivatives(e) | (14,806) | (13,052) | NA | NA | |||||||||||||
| Year ended December 31, (in millions, except ratios) | 2020 | 2019 | |||||||||
| Net charge-offs | $ | 5,259 | $ | 5,629 | |||||||
Average retained loans | 958,303 | 941,919 | |||||||||
Net charge-off rates | 0.55 | % | 0.60 | % | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 113 | |||||||
| CONSUMER CREDIT PORTFOLIO | ||||||||||||||
114 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Consumer credit portfolio | |||||||||||||||||||||||||||||||||||||||||
| As of or for the year ended December 31, (in millions, except ratios) | Credit exposure | Nonaccrual loans(j)(k)(l) | Net charge-offs/(recoveries) | Net charge-off/ (recovery) rate(m) | |||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
| Consumer, excluding credit card | |||||||||||||||||||||||||||||||||||||||||
Residential real estate(a) | $ | 225,302 | $ | 243,317 | $ | 5,313 | $ | 2,780 | $ | (164) | $ | (92) | (0.07) | % | (0.04) | % | |||||||||||||||||||||||||
Auto
and other(b)(c)(d) | 76,825 | 51,682 | 151 | $ | 146 | 338 | $ | 456 | 0.51 | (d) | 0.88 | ||||||||||||||||||||||||||||||
| Total loans - retained | 302,127 | 294,999 | 5,464 | 2,926 | 174 | 364 | 0.06 | 0.12 | |||||||||||||||||||||||||||||||||
| Loans held-for-sale | 1,305 | 3,002 | — | 2 | NA | NA | NA | NA | |||||||||||||||||||||||||||||||||
Loans
at fair value(e)(f) | 15,147 | 19,816 | 1,003 | 438 | NA | NA | NA | NA | |||||||||||||||||||||||||||||||||
| Total consumer, excluding credit card loans | 318,579 | 317,817 | 6,467 | 3,366 | 174 | 364 | 0.06 | 0.12 | |||||||||||||||||||||||||||||||||
Lending-related
commitments(g) | 57,319 | 40,169 | |||||||||||||||||||||||||||||||||||||||
Total consumer exposure, excluding credit card | 375,898 | 357,986 | |||||||||||||||||||||||||||||||||||||||
| Credit Card | |||||||||||||||||||||||||||||||||||||||||
Loans retained(h) | 143,432 | 168,924 | NA | NA | 4,286 | 4,848 | 2.93 | 3.10 | |||||||||||||||||||||||||||||||||
| Loans held-for-sale | 784 | — | NA | NA | NA | NA | NA | NA | |||||||||||||||||||||||||||||||||
| Total credit card loans | 144,216 | 168,924 | NA | NA | 4,286 | 4,848 | 2.93 | 3.10 | |||||||||||||||||||||||||||||||||
Lending-related
commitments(g)(i) | 658,506 | 650,720 | |||||||||||||||||||||||||||||||||||||||
Total credit card exposure(i) | 802,722 | 819,644 | |||||||||||||||||||||||||||||||||||||||
Total
consumer credit portfolio(i) | $ | 1,178,620 | $ | 1,177,630 | $ | 6,467 | $ | 3,366 | $ | 4,460 | $ | 5,212 | 0.99 | % | 1.11 | % | |||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 115 | |||||||
| December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||
| (in millions, except ratios) | Loan balance | Percent of loan class balance(e) | Percent of accounts who exited payment deferral and are current | Loan balance | Loan balance | Type of assistance | |||||||||||||||||||||||||||||||||||
Residential real estate(a)(b) | $ | 10,106 | 4.5 | % | 95 | % | $ | 11,458 | $ | 20,548 | Rolling
three month payment deferral up to one year; in most cases, deferred payments will be due at the end of the loan term | ||||||||||||||||||||||||||||||
Auto and other(c) | 377 | 0.5 | 94 | 457 | 3,357 | •Auto:
Currently offering one month payment deferral (initially offered three month payment deferral). Maturity date is extended by number of months deferred •Business Banking: Three month deferral with automatic deferment to either maturity (loan) or one year forward (line) | |||||||||||||||||||||||||||||||||||
| Credit card | 264 | 0.2 | 90 | (f) | 368 | 4,384 | Currently offering deferral of one month minimum payment (initially offered three month minimum payment deferral). Interest continues to accrue during the deferral period and is added to the principal balance | ||||||||||||||||||||||||||||||||||
Total consumer(d) | $ | 10,747 | 2.4 | % | 91 | % | $ | 12,283 | $ | 28,289 | |||||||||||||||||||||||||||||||
116 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| (in millions) | December 31, 2020 | December 31, 2019 | ||||||
| Current | $ | 669 | $ | 1,432 | ||||
| 30-89 days past due | 235 | 704 | ||||||
| 90 or more days past due | 874 | 1,090 | ||||||
Total
government guaranteed loans(a) | $ | 1,778 | $ | 3,226 | ||||
| JPMorgan Chase & Co./2020 Form 10-K | 117 | |||||||
| (in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||
Retained loans(a) | $ | 15,406 | 5,926 | |||||||||||
| PCI loans | NA | 12,372 | (d) | |||||||||||
Nonaccrual retained loans(b)(c) | $ | 3,899 | 2,332 | |||||||||||
Nonperforming
assets(a) | |||||||||||
| December 31, (in millions) | 2020 | 2019 | |||||||||
| Nonaccrual loans | |||||||||||
Residential real estate(b)(c)(d) | $ | 6,316 | $ | 3,220 | |||||||
| Auto and other | 151 | 146 | |||||||||
| Total nonaccrual loans | 6,467 | 3,366 | |||||||||
| Assets acquired in loan satisfactions | |||||||||||
Real estate owned(e) | 131 | 229 | |||||||||
| Other | 21 | 24 | |||||||||
| Total assets acquired in loan satisfactions | 152 | 253 | |||||||||
| Total nonperforming assets | $ | 6,619 | $ | 3,619 | |||||||
118 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
Nonaccrual loan activity(a) | ||||||||||||||
| Year ended December 31, | ||||||||||||||
| (in millions) | 2020 | 2019 | ||||||||||||
| Beginning balance | $ | 3,366 | $ | 3,853 | ||||||||||
| Additions: | ||||||||||||||
| PCD loans, upon adoption of CECL | 708 | NA | ||||||||||||
| Other additions | 5,184 | (c) | 2,174 | |||||||||||
| Total additions | 5,892 | 2,174 | ||||||||||||
| Reductions: | ||||||||||||||
Principal payments and other(b) | 983 | 1,167 | ||||||||||||
| Charge-offs | 390 | 371 | ||||||||||||
| Returned to performing status | 1,024 | 751 | ||||||||||||
| Foreclosures and other liquidations | 394 | 372 | ||||||||||||
| Total reductions | 2,791 | 2,661 | ||||||||||||
| Net changes | 3,101 | (487) | ||||||||||||
| Ending balance | $ | 6,467 | $ | 3,366 | ||||||||||
| (in millions, except ratios) | December 31, 2020 | December 31, 2019 | ||||||
Loan delinquency(a) | ||||||||
| Current | $ | 16,036 | $ | 18,571 | ||||
| 30-149 days past due | 432 | 970 | ||||||
150 or more days past due(b) | 573 | 822 | ||||||
Total
PCD loans | $ | 17,041 | $ | 20,363 | ||||
| % of 30+ days past due to total retained PCD loans | 5.90 | % | 8.80 | % | ||||
Nonaccrual loans(c) | $ | 1,609 | NA | |||||
| (in millions, except ratios) | Twelve months ended December 31, 2020 | |||||||
| Net charge-offs | $ | 74 | ||||||
| Net charge-off rate | 0.39 | % | ||||||
| JPMorgan Chase & Co./2020 Form 10-K | 119 | |||||||
120 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| WHOLESALE CREDIT PORTFOLIO | ||||||||||||||
| Wholesale credit portfolio | |||||||||||||||||
| December 31, (in millions) | Credit exposure | Nonperforming(f) | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| Loans retained | $ | 514,947 | $ | 481,678 | $ | 3,318 | $ | 1,057 | |||||||||
| Loans held-for-sale | 5,784 | 4,062 | 284 | 5 | |||||||||||||
Loans
at fair value (a) | 29,327 | 25,139 | 504 | 209 | |||||||||||||
| Loans – reported | 550,058 | 510,879 | 4,106 | 1,271 | |||||||||||||
| Derivative receivables | 79,630 | 49,766 | 56 | 30 | |||||||||||||
Receivables from customers(b) | 47,710 | 33,706 | — | — | |||||||||||||
Total
wholesale credit-related assets | 677,398 | 594,351 | 4,162 | 1,301 | |||||||||||||
Assets acquired in loan satisfactions | |||||||||||||||||
Real estate owned (c) | NA | NA | 125 | 115 | |||||||||||||
| Other | NA | NA | — | 19 | |||||||||||||
Total
assets acquired in loan satisfactions | NA | NA | 125 | 134 | |||||||||||||
Lending-related commitments (a) | 449,863 | 417,510 | 577 | 474 | |||||||||||||
Total
wholesale credit portfolio | $ | 1,127,261 | $ | 1,011,861 | $ | 4,864 | $ | 1,909 | |||||||||
Credit derivatives used in credit portfolio management activities(c)(d) | $ | (22,239) | $ | (18,530) | $ | — | $ | — | |||||||||
Liquid
securities and other cash collateral held against derivatives(e) | (14,806) | (13,052) | NA | NA | |||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 121 | |||||||
(in millions, except ratios) | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
| Industry | Loan balance | Percent of total industry loan balance(a) | IG percentage of loan balance in payment deferral | Loan balance | Loan balance | |||||||||||||||||||||||||||||||||
| Real Estate | $ | 550 | 0.46 | % | 36 | % | $ | 4,385 | $ | 5,211 | ||||||||||||||||||||||||||||
| Individuals and Individual Entities | 402 | 0.37 | 4 | 691 | 809 | |||||||||||||||||||||||||||||||||
| Transportation | 394 | 5.99 | 92 | 346 | 294 | |||||||||||||||||||||||||||||||||
| Consumer & Retail | 82 | 0.21 | 2 | 413 | 690 | |||||||||||||||||||||||||||||||||
| Automotive | 22 | 0.13 | — | 15 | 8,827 | |||||||||||||||||||||||||||||||||
| Industrials | 19 | 0.09 | — | 91 | 335 | |||||||||||||||||||||||||||||||||
| Healthcare | 7 | 0.04 | — | 100 | 300 | |||||||||||||||||||||||||||||||||
| All Other industries | 147 | 0.08 | 99 | 233 | 309 | |||||||||||||||||||||||||||||||||
| Total wholesale | $ | 1,623 | 0.32 | % | 45 | % | $ | 6,274 | $ | 16,775 | ||||||||||||||||||||||||||||
Maturity
profile(g) | Ratings profile | ||||||||||||||||||||||||||||||||||
| 1 year or less | 1 year through 5 years | After 5 years | Total | Total | Total % of IG | ||||||||||||||||||||||||||||||
| December
31, 2020 (in millions, except ratios) | Investment-grade | Noninvestment-grade | |||||||||||||||||||||||||||||||||
| Loans retained | $ | 183,969 | $ | 197,905 | $ | 133,073 | $ | 514,947 | $ | 379,273 | $ | 135,674 | $ | 514,947 | 74 | % | |||||||||||||||||||
| Derivative receivables | 79,630 | 79,630 | |||||||||||||||||||||||||||||||||
Less: Liquid securities and other cash collateral held against derivatives(b) | (14,806) | (14,806) | |||||||||||||||||||||||||||||||||
| Total derivative receivables, net of collateral | 18,456 | 17,599 | 28,769 | 64,824 | 38,941 | 25,883 | 64,824 | 60 | |||||||||||||||||||||||||||
Lending-related
commitments(c) | 116,950 | 315,179 | 17,734 | 449,863 | 312,694 | 137,169 | 449,863 | 70 | |||||||||||||||||||||||||||
| Subtotal | 319,375 | 530,683 | 179,576 | 1,029,634 | 730,908 | 298,726 | 1,029,634 | 71 | |||||||||||||||||||||||||||
Loans
held-for-sale and loans at fair value(c)(d) | 35,111 | 35,111 | |||||||||||||||||||||||||||||||||
| Receivables from customers | 47,710 | 47,710 | |||||||||||||||||||||||||||||||||
| Total exposure – net of liquid securities and other cash collateral held against derivatives | $ | 1,112,455 | $ | 1,112,455 | |||||||||||||||||||||||||||||||
Credit derivatives used in credit portfolio management activities(e)(f) | $ | (6,190) | $ | (13,223) | $ | (2,826) | $ | (22,239) | $ | (17,860) | $ | (4,379) | $ | (22,239) | 80 | % | |||||||||||||||||||
122 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
Maturity
profile(g) | Ratings profile | ||||||||||||||||||||||||||||||||||
| 1 year or less | 1 year through 5 years | After 5 years | Total | Total | Total % of IG | ||||||||||||||||||||||||||||||
| December 31, 2019 (in millions, except ratios) | Investment-grade | Noninvestment-grade | |||||||||||||||||||||||||||||||||
Loans
retained(a) | $ | 159,006 | $ | 186,256 | $ | 136,416 | $ | 481,678 | $ | 363,444 | $ | 118,234 | $ | 481,678 | 75 | % | |||||||||||||||||||
| Derivative receivables | 49,766 | 49,766 | |||||||||||||||||||||||||||||||||
Less: Liquid securities and other cash collateral held against derivatives(b) | (13,052) | (13,052) | |||||||||||||||||||||||||||||||||
| Total derivative receivables, net of collateral | 7,136 | 7,569 | 22,009 | 36,714 | 29,416 | 7,298 | 36,714 | 80 | |||||||||||||||||||||||||||
Lending-related commitments(a)(c) | 87,577 | 312,939 | 16,994 | 417,510 | 296,702 | 120,808 | 417,510 | 71 | |||||||||||||||||||||||||||
| Subtotal | 253,719 | 506,764 | 175,419 | 935,902 | 689,562 | 246,340 | 935,902 | 74 | |||||||||||||||||||||||||||
Loans
held-for-sale and loans at fair value(c)(d) | 29,201 | 29,201 | |||||||||||||||||||||||||||||||||
| Receivables from customers | 33,706 | 33,706 | |||||||||||||||||||||||||||||||||
| Total exposure – net of liquid securities and other cash collateral held against derivatives | $ | 998,809 | $ | 998,809 | |||||||||||||||||||||||||||||||
Credit derivatives used in credit portfolio management activities(a)(e)(f) | $ | (5,412) | $ | (10,031) | $ | (3,087) | $ | (18,530) | $ | (16,724) | $ | (1,806) | $ | (18,530) | 90 | % | |||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 123 | |||||||
Wholesale
credit exposure – industries(a) | |||||||||||||||||||||||||||||
| Selected metrics | |||||||||||||||||||||||||||||
30 days or more past due and accruing loans(h) | Net charge-offs/ (recoveries) | Credit derivative hedges(i) | Liquid
securities and other cash collateral held against derivative receivables(k) | ||||||||||||||||||||||||||
| Noninvestment-grade | |||||||||||||||||||||||||||||
Credit exposure(f)(g) | Investment- grade(g) | Noncriticized(g) | Criticized performing | Criticized
nonperforming | |||||||||||||||||||||||||
| As of or for the year ended December 31, 2020 (in millions) | |||||||||||||||||||||||||||||
| Real Estate | $ | 148,498 | $ | 116,124 | $ | 27,576 | $ | 4,294 | $ | 504 | $ | 374 | $ | 94 | $ | (110) | $ | — | |||||||||||
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) | ||||||||||||||||||||
| Technology, Media & Telecommunications | 72,150 | 36,435 | 27,770 | 7,738 | 207 | 10 | 73 | (934) | (56) | ||||||||||||||||||||
| Asset Managers | 66,573 | 57,582 | 8,885 | 85 | 21 | 19 | 1 | — | (4,685) | ||||||||||||||||||||
| 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 | (555) | (1,648) | ||||||||||||||||||||
| Automotive | 43,331 | 25,548 | 15,575 | 2,149 | 59 | 152 | 22 | (434) | — | ||||||||||||||||||||
| Oil & Gas | 39,159 | 18,456 | 14,969 | 4,952 | 782 | 11 | 249 | (238) | (4) | ||||||||||||||||||||
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) | — | ||||||||||||||||||||
| Central Govt | 17,025 | 16,652 | 373 | — | — | — | — | (8,364) | (982) | ||||||||||||||||||||
| 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) | ||||||||||||||||||||
| 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) | 100,713 | 84,650 | 15,185 | 504 | 374 | 83 | (9) | (9,429) | (1,889) | ||||||||||||||||||||
| Subtotal | $ | 1,044,440 | $ | 744,848 | $ | 258,019 | $ | 37,622 | $ | 3,951 | $ | 2,922 | $ | 799 | $ | (22,239) | $ | (14,806) | |||||||||||
| Loans held-for-sale and loans at fair value | 35,111 | ||||||||||||||||||||||||||||
| Receivables from customers | 47,710 | ||||||||||||||||||||||||||||
Total(e) | $ | 1,127,261 | |||||||||||||||||||||||||||
124 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Selected metrics | ||||||||||||||||||||||||||||||||
| 30 days or more past due and accruing loans | Net charge-offs/ (recoveries) | Credit derivative hedges(i) | Liquid securities and other cash collateral held against derivative receivables(k) | |||||||||||||||||||||||||||||
| Noninvestment-grade | ||||||||||||||||||||||||||||||||
Credit exposure(f)(g) | Investment-
grade(g) | Noncriticized(g) | Criticized performing | Criticized nonperforming | ||||||||||||||||||||||||||||
| As of or for the year ended December 31, 2019 (in millions) | ||||||||||||||||||||||||||||||||
| Real Estate | $ | 150,919 | $ | 121,625 | $ | 27,779 | $ | 1,457 | $ | 58 | $ | 104 | $ | 13 | $ | (100) | $ | — | ||||||||||||||
Individuals
and Individual Entities(b) | 105,027 | 93,181 | 11,617 | 192 | 37 | 388 | 33 | — | (287) | |||||||||||||||||||||||
| Consumer & Retail | 106,986 | 58,704 | 45,806 | 2,261 | 215 | 118 | 124 | (235) | (5) | |||||||||||||||||||||||
| Technology,
Media & Telecommunications | 60,033 | 35,878 | 21,066 | 2,953 | 136 | 27 | 27 | (658) | (13) | |||||||||||||||||||||||
| Asset Managers | 54,304 | 47,569 | 6,716 | 6 | 13 | 18 | — | — | (4,410) | |||||||||||||||||||||||
| Industrials | 62,483 | 39,434 | 21,673 | 1,157 | 219 | 172 | 48 | (746) | (1) | |||||||||||||||||||||||
| Healthcare | 50,824 | 36,988 | 12,544 | 1,141 | 151 | 108 | 14 | (405) | (144) | |||||||||||||||||||||||
| Banks & Finance Cos | 50,786 | 34,941 | 15,031 | 808 | 6 | — | — | (834) | (1,419) | |||||||||||||||||||||||
| Automotive | 35,118 | 24,255 | 10,246 | 615 | 2 | 8 | 1 | (194) | — | |||||||||||||||||||||||
| Oil & Gas | 41,641 | 22,244 | 17,823 | 995 | 579 | — | 98 | (429) | (6) | |||||||||||||||||||||||
State & Municipal Govt(c) | 30,095 | 29,586 | 509 | — | — | 33 | 7 | — | (16) | |||||||||||||||||||||||
| Utilities | 34,843 | 22,213 | 12,316 | 301 | 13 | 2 | 39 | (414) | (34) | |||||||||||||||||||||||
| Chemicals & Plastics | 17,499 | 12,033 | 5,243 | 221 | 2 | 5 | — | (10) | (13) | |||||||||||||||||||||||
| Central Govt | 14,865 | 14,524 | 341 | — | — | — | — | (9,018) | (850) | |||||||||||||||||||||||
| Transportation | 14,497 | 8,734 | 5,336 | 353 | 74 | 30 | 8 | (37) | (37) | |||||||||||||||||||||||
| Metals & Mining | 15,586 | 7,095 | 7,789 | 661 | 41 | 2 | (1) | (33) | (2) | |||||||||||||||||||||||
| Insurance | 12,348 | 9,458 | 2,867 | 19 | 4 | 3 | — | (36) | (1,790) | |||||||||||||||||||||||
| Securities Firms | 7,381 | 6,010 | 1,344 | 27 | — | — | — | (48) | (3,088) | |||||||||||||||||||||||
| Financial Markets Infrastructure | 4,121 | 3,969 | 152 | — | — | — | — | — | (4) | |||||||||||||||||||||||
All
other(d) | 79,598 | 73,453 | 5,722 | 412 | 11 | 4 | 4 | (5,333) | (j) | (933) | ||||||||||||||||||||||
| Subtotal | $ | 948,954 | $ | 701,894 | $ | 231,920 | $ | 13,579 | $ | 1,561 | $ | 1,022 | $ | 415 | $ | (18,530) | $ | (13,052) | ||||||||||||||
| Loans held-for-sale and loans at fair value | 29,201 | |||||||||||||||||||||||||||||||
| Receivables from customers | 33,706 | |||||||||||||||||||||||||||||||
Total(e) | $ | 1,011,861 | ||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 125 | |||||||
| December 31, 2020 | ||||||||||||||||||||||||||||||||
| (in millions, except ratios) | Loans and Lending-related Commitments(d) | Derivative Receivables | Credit exposure | % Investment-grade | % Drawn(e) | |||||||||||||||||||||||||||
Multifamily(a) | $ | 85,368 | $ | 183 | $ | 85,551 | 85 | % | 92 | % | ||||||||||||||||||||||
| Office | 16,372 | 475 | 16,847 | 76 | 70 | |||||||||||||||||||||||||||
Other
Income Producing Properties(b) | 13,435 | 421 | 13,856 | 76 | 55 | |||||||||||||||||||||||||||
| Retail | 10,573 | 199 | 10,772 | 60 | 69 | |||||||||||||||||||||||||||
| Services and Non Income Producing | 9,242 | 22 | 9,264 | 62 | 47 | |||||||||||||||||||||||||||
| Industrial | 9,039 | 69 | 9,108 | 76 | 73 | |||||||||||||||||||||||||||
| Lodging | 3,084 | 16 | 3,100 | 24 | 57 | |||||||||||||||||||||||||||
Total
Real Estate Exposure(c) | 147,113 | 1,385 | 148,498 | 78 | 80 | |||||||||||||||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||||||||||||
| (in millions, except ratios) | Loans and Lending-related Commitments(d) | Derivative Receivables | Credit exposure | % Investment- grade | % Drawn(e) | |||||||||||||||||||||||||||
Multifamily(a) | $ | 86,381 | $ | 58 | $ | 86,439 | 91 | % | 92 | % | ||||||||||||||||||||||
| Office | 15,734 | 231 | 15,965 | 80 | 70 | |||||||||||||||||||||||||||
Other
Income Producing Properties(b) | 14,372 | 181 | 14,553 | 48 | 45 | |||||||||||||||||||||||||||
| Retail | 11,347 | 87 | 11,434 | 83 | 68 | |||||||||||||||||||||||||||
| Services and Non Income Producing | 9,922 | 19 | 9,941 | 57 | 47 | |||||||||||||||||||||||||||
| Industrial | 8,842 | 24 | 8,866 | 74 | 75 | |||||||||||||||||||||||||||
| Lodging | 3,702 | 19 | 3,721 | 51 | 38 | |||||||||||||||||||||||||||
| Total Real Estate Exposure | 150,300 | 619 | 150,919 | 81 | 78 | |||||||||||||||||||||||||||
126 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| 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(c) | 105,635 | 2,802 | 108,437 | 53 | 36 | |||||||||||||||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||||||||||||
| (in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment- grade | % Drawn(d) | |||||||||||||||||||||||||||
Retail(a) | $ | 29,290 | $ | 294 | $ | 29,584 | 54 | % | 37 | % | ||||||||||||||||||||||
| Food and Beverage | 27,956 | 625 | 28,581 | 67 | 36 | |||||||||||||||||||||||||||
| Business and Consumer Services | 24,242 | 249 | 24,491 | 51 | 37 | |||||||||||||||||||||||||||
| Consumer Hard Goods | 13,144 | 109 | 13,253 | 65 | 35 | |||||||||||||||||||||||||||
Leisure(b) | 10,930 | 147 | 11,077 | 21 | 19 | |||||||||||||||||||||||||||
Total
Consumer & Retail | 105,562 | 1,424 | 106,986 | 55 | 35 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| December 31, 2019 | ||||||||||||||||||||||||||||||||
| (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 | $ | 22,543 | $ | 646 | $ | 23,189 | 38 | % | 38 | % | ||||||||||||||||||||||
Other
Oil & Gas(a) | 18,246 | 206 | 18,452 | 73 | 23 | |||||||||||||||||||||||||||
Total Oil & Gas(b) | 40,789 | 852 | 41,641 | 53 | 31 | |||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 127 | |||||||
Wholesale nonaccrual loan activity | |||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | |||||||||
| Beginning balance | $ | 1,271 | $ | 1,587 | |||||||
Additions(a) | 6,753 | 2,552 | |||||||||
| Reductions: | |||||||||||
| Paydowns and other | 2,290 | 1,585 | |||||||||
| Gross charge-offs | 922 | 425 | |||||||||
| Returned to performing status | 569 | 652 | |||||||||
| Sales | 137 | 206 | |||||||||
| Total reductions | 3,918 | 2,868 | |||||||||
| Net changes | 2,835 | (316) | |||||||||
| Ending balance | $ | 4,106 | $ | 1,271 | |||||||
| Wholesale net charge-offs/(recoveries) | ||||||||
| Year ended December 31, (in millions, except ratios) | 2020 | 2019 | ||||||
| Loans – reported | ||||||||
| Average loans retained | $ | 509,907 | $ | 472,628 | ||||
| Gross charge-offs | 954 | 472 | ||||||
| Gross recoveries collected | (155) | (57) | ||||||
| Net charge-offs/(recoveries) | 799 | 415 | ||||||
| Net charge-off/(recovery) rate | 0.16 | % | 0.09 | % | ||||
128 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Derivative receivables | ||||||||
| December 31, (in millions) | 2020 | 2019 | ||||||
| Total, net of cash collateral | $ | 79,630 | $ | 49,766 | ||||
Liquid securities and other cash collateral held against derivative receivables(a) | (14,806) | (13,052) | ||||||
| Total, net of liquid securities and other cash collateral | $ | 64,824 | $ | 36,714 | ||||
Other
collateral held against derivative receivables(a) | (6,022) | (1,837) | ||||||
| Total, net of collateral | $ | 58,802 | $ | 34,877 | ||||
| JPMorgan Chase & Co./2020 Form 10-K | 129 | |||||||
| Ratings profile of derivative receivables | |||||||||||||||||
2020(a) | 2019(a) | ||||||||||||||||
| December 31, (in millions, except ratios) | Exposure net of collateral | % of exposure net of collateral | Exposure net of collateral | % of exposure net of collateral | |||||||||||||
| Investment-grade | $ | 37,013 | 63 | % | $ | 27,851 | 80 | % | |||||||||
| Noninvestment-grade | 21,789 | 37 | 7,026 | 20 | |||||||||||||
| Total | $ | 58,802 | 100 | % | $ | 34,877 | 100 | % | |||||||||
130 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Credit derivatives used in credit portfolio management activities | |||||||||||
Notional amount of protection purchased and sold(b) | |||||||||||
| December 31, (in millions) | 2020 | 2019 | |||||||||
| Credit derivatives used to manage: | |||||||||||
| Loans and lending-related commitments | $ | 3,877 | $ | 2,047 | |||||||
Derivative
receivables (a) | 18,362 | 16,483 | |||||||||
Credit derivatives used in credit portfolio management activities | $ | 22,239 | $ | 18,530 | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 131 | |||||||
| ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||
| Assumptions at January 1, 2020 | |||||||||||
| 2Q20 | 4Q20(b) | 2Q21 | |||||||||
U.S. unemployment rate(a) | 3.7 | % | 3.8 | % | 4.0 | % | |||||
| Cumulative change in U.S. real GDP from 12/31/2019 | 0.9 | % | 1.7 | % | 2.4 | % | |||||
| 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 | % | |||||
132 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Allowance for credit losses and related information | |||||||||||||||||||||||||||||
2020(d) | 2019 | ||||||||||||||||||||||||||||
| Year ended December 31, | 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, | $ | 2,538 | $ | 5,683 | $ | 4,902 | $ | 13,123 | $ | 3,434 | $ | 5,184 | $ | 4,827 | $ | 13,445 | |||||||||||||
| Cumulative effect of a change in accounting principle | 297 | 5,517 | (1,642) | 4,172 | NA | NA | NA | NA | |||||||||||||||||||||
| Gross charge-offs | 805 | 5,077 | 954 | 6,836 | 902 | 5,436 | 472 | 6,810 | |||||||||||||||||||||
| Gross recoveries collected | (631) | (791) | (155) | (1,577) | (536) | (588) | (57) | (1,181) | |||||||||||||||||||||
| Net charge-offs | 174 | 4,286 | 799 | 5,259 | 366 | 4,848 | 415 | 5,629 | |||||||||||||||||||||
Write-offs
of PCI loans(a) | NA | NA | NA | NA | 151 | — | — | 151 | |||||||||||||||||||||
| Provision for loan losses | 974 | 10,886 | 4,431 | 16,291 | (378) | 5,348 | 479 | 5,449 | |||||||||||||||||||||
| Other | 1 | — | — | 1 | (1) | (1) | 11 | 9 | |||||||||||||||||||||
| Ending balance at December 31, | $ | 3,636 | $ | 17,800 | $ | 6,892 | $ | 28,328 | $ | 2,538 | $ | 5,683 | $ | 4,902 | $ | 13,123 | |||||||||||||
Allowance
for lending-related commitments | |||||||||||||||||||||||||||||
| Beginning balance at January 1, | $ | 12 | $ | — | $ | 1,179 | $ | 1,191 | $ | 12 | $ | — | $ | 1,043 | $ | 1,055 | |||||||||||||
| Cumulative effect of a change in accounting principle | 133 | — | (35) | 98 | NA | NA | NA | NA | |||||||||||||||||||||
Provision for lending-related commitments | 42 | — | 1,079 | 1,121 | — | — | 136 | 136 | |||||||||||||||||||||
| Other | — | — | (1) | (1) | — | — | — | — | |||||||||||||||||||||
| Ending balance at December 31, | $ | 187 | $ | — | $ | 2,222 | $ | 2,409 | $ | 12 | $ | — | $ | 1,179 | $ | 1,191 | |||||||||||||
| Impairment methodology | |||||||||||||||||||||||||||||
Asset-specific(b) | $ | (7) | $ | 633 | $ | 682 | $ | 1,308 | $ | 75 | $ | 477 | $ | 295 | $ | 847 | |||||||||||||
| Portfolio-based | 3,643 | 17,167 | 6,210 | 27,020 | 1,476 | 5,206 | 4,607 | 11,289 | |||||||||||||||||||||
| PCI | NA | NA | NA | NA | 987 | — | — | 987 | |||||||||||||||||||||
| Total allowance for loan losses | $ | 3,636 | $ | 17,800 | $ | 6,892 | $ | 28,328 | $ | 2,538 | $ | 5,683 | $ | 4,902 | $ | 13,123 | |||||||||||||
| Impairment methodology | |||||||||||||||||||||||||||||
| Asset-specific | $ | — | $ | — | $ | 114 | $ | 114 | $ | — | $ | — | $ | 102 | $ | 102 | |||||||||||||
| Portfolio-based | 187 | — | 2,108 | 2,295 | 12 | — | 1,077 | 1,089 | |||||||||||||||||||||
| Total allowance for lending-related commitments | $ | 187 | $ | — | $ | 2,222 | $ | 2,409 | $ | 12 | $ | — | $ | 1,179 | $ | 1,191 | |||||||||||||
| Total allowance for credit losses | $ | 3,823 | $ | 17,800 | $ | 9,114 | $ | 30,737 | $ | 2,550 | $ | 5,683 | $ | 6,081 | $ | 14,314 | |||||||||||||
| Memo: | |||||||||||||||||||||||||||||
Retained
loans, end of period | $ | 302,127 | $ | 143,432 | $ | 514,947 | $ | 960,506 | $ | 294,999 | $ | 168,924 | $ | 481,678 | $ | 945,601 | |||||||||||||
Retained
loans, average | 302,005 | 146,391 | 509,907 | 958,303 | 312,972 | 156,319 | 472,628 | 941,919 | |||||||||||||||||||||
| Credit ratios | |||||||||||||||||||||||||||||
Allowance
for loan losses to retained loans | 1.20 | % | 12.41 | % | 1.34 | % | 2.95 | % | 0.86 | % | 3.36 | % | 1.02 | % | 1.39 | % | |||||||||||||
Allowance
for loan losses to retained nonaccrual loans(c) | 67 | NM | 208 | 323 | 87 | NM | 464 | 329 | |||||||||||||||||||||
Allowance for loan losses to retained nonaccrual loans excluding credit card | 67 | NM | 208 | 120 | 87 | NM | 464 | 187 | |||||||||||||||||||||
| Net charge-off rates | 0.06 | 2.93 | 0.16 | 0.55 | 0.12 | 3.10 | 0.09 | 0.60 | |||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 133 | |||||||
| INVESTMENT PORTFOLIO RISK MANAGEMENT | ||||||||||||||
134 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| MARKET RISK MANAGEMENT | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 135 | |||||||
| LOBs and Corporate | Predominant business activities | Related market risks | Positions included in Risk Management VaR | Positions included in earnings-at-risk | Positions included in other sensitivity-based measures | ||||||||||||
| CCB | •Services mortgage loans •Originates loans and takes deposits | •Risk from changes in the probability of newly originated mortgage commitments closing •Interest
rate risk and prepayment risk | •Mortgage commitments, classified as derivatives •Warehouse loans that are fair value option elected, classified as loans – debt instruments •MSRs •Hedges of mortgage commitments, warehouse loans and MSRs, classified as derivatives •Interest-only and mortgage-backed securities, classified as trading assets debt instruments, and related hedges, classified as derivatives •Fair value option elected liabilities(a) | •Retained
loan portfolio •Deposits | •Fair value option elected liabilities DVA(a) | ||||||||||||
| CIB | •Makes markets and services clients across fixed income, foreign exchange, equities and commodities •Originates loans and takes deposits | •Risk of loss from adverse movements in market prices and implied volatilities across interest rate, foreign exchange, credit, commodity and equity instruments •Basis
and correlation risk from changes in the way asset values move relative to one another •Interest rate risk and prepayment risk | •Trading assets/liabilities – debt and marketable equity instruments, and derivatives, including hedges of the retained loan portfolio •Certain securities purchased, loaned or sold under resale agreements and securities borrowed •Fair value option elected liabilities(a) •Derivative CVA and associated hedges •Marketable equity investments | •Retained
loan portfolio •Deposits | •Privately held equity and other investments measured at fair value; and certain asset-backed fair value option elected loans •Derivatives FVA and fair value option elected liabilities DVA(a) | ||||||||||||
| CB | •Originates loans and takes deposits | •Interest rate risk and prepayment risk | •Marketable equity investments(b) | •Retained
loan portfolio •Deposits | |||||||||||||
| AWM | •Provides initial capital investments in products such as mutual funds and capital invested alongside third-party investors •Originates loans and takes deposits | •Risk from adverse movements in market factors (e.g., market prices, rates and credit spreads) •Interest rate risk and prepayment risk | •Debt securities held in advance of distribution to clients,
classified as trading assets - debt instruments(b) | •Retained loan portfolio •Deposits | •Initial seed capital investments and related hedges, classified as derivatives •Certain deferred compensation and related hedges, classified as derivatives •Capital invested alongside third-party investors, typically in privately distributed collective vehicles managed by AWM (i.e., co-investments) | ||||||||||||
| Corporate | •Manages
the Firm’s liquidity, funding, capital, structural interest rate and foreign exchange risks | •Structural interest rate risk from the Firm’s traditional banking activities •Structural non-USD foreign exchange risks | •Derivative positions measured at fair value through noninterest revenue in earnings •Marketable equity investments | •Deposits with banks •Investment securities portfolio and related interest rate hedges •Long-term
debt and related interest rate hedges | •Privately held equity and other investments measured at fair value •Foreign exchange exposure related to Firm-issued non-USD long-term debt (“LTD”) and related hedges | ||||||||||||
136 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 137 | |||||||
| Total VaR | |||||||||||||||||||||||||||||||||||||||||
| As of or for the year ended December 31, | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
| (in millions) | Avg. | Min | Max | Avg. | Min | Max | |||||||||||||||||||||||||||||||||||
| CIB trading VaR by risk type | |||||||||||||||||||||||||||||||||||||||||
| Fixed income | $ | 98 | $ | 35 | $ | 156 | $ | 40 | $ | 31 | $ | 50 | |||||||||||||||||||||||||||||
| Foreign exchange | 10 | 4 | 18 | 7 | 4 | 15 | |||||||||||||||||||||||||||||||||||
| Equities | 24 | 13 | 41 | 20 | 13 | 31 | |||||||||||||||||||||||||||||||||||
| Commodities and other | 28 | 7 | 47 | 8 | 6 | 12 | |||||||||||||||||||||||||||||||||||
Diversification benefit to CIB trading VaR | (67) | (a) | NM | (b) | NM | (b) | (33) | (a) | NM | (b) | NM | (b) | |||||||||||||||||||||||||||||
| CIB trading VaR | 93 | 32 | (b) | 160 | (b) | 42 | 29 | (b) | 61 | (b) | |||||||||||||||||||||||||||||||
| Credit portfolio VaR | 16 | 3 | 28 | 5 | 3 | 7 | |||||||||||||||||||||||||||||||||||
Diversification benefit to CIB VaR | (17) | (a) | NM | (b) | NM | (b) | (5) | (a) | NM | (b) | NM | (b) | |||||||||||||||||||||||||||||
CIB
VaR | 92 | 31 | (b) | 162 | (b) | 42 | 29 | (b) | 63 | (b) | |||||||||||||||||||||||||||||||
CCB
VaR | 5 | 1 | 12 | 5 | 1 | 11 | |||||||||||||||||||||||||||||||||||
Corporate and other LOB VaR | 19 | 9 | 82 | (c) | 10 | 9 | 13 | ||||||||||||||||||||||||||||||||||
Diversification
benefit to other VaR | (4) | (a) | NM | (b) | NM | (b) | (4) | (a) | NM | (b) | NM | (b) | |||||||||||||||||||||||||||||
| Other VaR | 20 | 10 | (b) | 82 | (b) | 11 | 8 | (b) | 17 | (b) | |||||||||||||||||||||||||||||||
Diversification
benefit to CIB and other VaR | (17) | (a) | NM | (b) | NM | (b) | (10) | (a) | NM | (b) | NM | (b) | |||||||||||||||||||||||||||||
| Total VaR | $ | 95 | $ | 32 | (b) | $ | 164 | (b) | $ | 43 | $ | 30 | (b) | $ | 65 | (b) | |||||||||||||||||||||||||
| (in millions) | Amount by which reported average VaR would have been higher for the year ended December 31, 2020 | ||||||||||
| CIB fixed income VaR | $ | 9 | |||||||||
| CIB trading VaR | 7 | ||||||||||
| CIB VaR | 9 | ||||||||||
| Total VaR | 8 | ||||||||||
138 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| First Quarter 2020 | Second Quarter 2020 | Third Quarter 2020 | Fourth Quarter 2020 | ||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 139 | |||||||
140 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December 31, (in billions) | 2020 | 2019 | |||||||||
| Parallel shift: | |||||||||||
| +100 bps shift in rates | $ | 6.9 | $ | 0.3 | |||||||
| Steeper yield curve: | |||||||||||
| +100 bps shift in long-term rates | 2.4 | 1.2 | |||||||||
| Flatter yield curve: | |||||||||||
| +100 bps shift in short-term rates | 4.5 | (0.9) | |||||||||
| December 31, (in billions) | 2020 | 2019 | |||||||||
| Parallel shift: | |||||||||||
| +100 bps shift in rates | $ | 0.9 | $ | 0.5 | |||||||
| Flatter yield curve: | |||||||||||
| +100 bps shift in short-term rates | 0.8 | 0.5 | |||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 141 | |||||||
Year ended December 31, Gain/(loss) (in millions) | ||||||||||||||||||||||||||
| Activity | Description | Sensitivity measure | 2020 | 2019 | ||||||||||||||||||||||
Debt and equity(a) | ||||||||||||||||||||||||||
| Asset Management activities | Consists
of seed capital and related hedges; fund co-investments(b); and certain deferred compensation and related hedges(c) | 10% decline in market value | $ | (48) | $ | (68) | ||||||||||||||||||||
| Other debt and equity | Consists of certain asset-backed fair value option elected loans, privately held equity and other investments held at fair value(b) | 10% decline in market value | (919) | (867) | (e) | |||||||||||||||||||||
| 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(d) | 1 basis point parallel tightening of cross currency basis | (16) | (17) | ||||||||||||||||||||||
Non-USD LTD hedges foreign currency (“FX”) exposure | Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(d) | 10% depreciation of currency | 13 | 15 | ||||||||||||||||||||||
Derivatives – funding spread risk | Impact of changes in the spread related to derivatives FVA(b) | 1 basis point parallel increase in spread | (4) | (5) | ||||||||||||||||||||||
| Fair value option elected liabilities – funding spread risk | Impact of changes in the spread related to fair value option elected liabilities DVA(d) | 1 basis point parallel increase in spread | 33 | 29 | ||||||||||||||||||||||
Fair value option elected liabilities –interest rate sensitivity | Interest rate sensitivity on fair value option liabilities resulting from a change in the Firm’s own credit spread(d) | 1 basis point parallel increase in spread | (3) | (2) | ||||||||||||||||||||||
Interest rate sensitivity related to risk management of changes in the Firm’s own credit spread on fair value option liabilities(b) | 1 basis point parallel increase in spread | 3 | 2 | |||||||||||||||||||||||
142 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| COUNTRY RISK MANAGEMENT | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 143 | |||||||
Top
20 country exposures (excluding the U.S.)(a) | |||||||||||||||||||||||
| December 31, (in billions) | 2020 | 2019(f) | |||||||||||||||||||||
Lending and deposits(c) | Trading and investing(d) | Other(e) | Total exposure | Total exposure | |||||||||||||||||||
| Germany | $ | 120.8 | $ | 5.8 | $ | 0.6 | $ | 127.2 | $ | 51.6 | |||||||||||||
| United Kingdom | 57.2 | 9.4 | 1.8 | 68.4 | 42.4 | ||||||||||||||||||
| Japan | 36.7 | 8.6 | 0.3 | 45.6 | 43.8 | ||||||||||||||||||
| China | 9.7 | 9.9 | 1.6 | 21.2 | 19.2 | ||||||||||||||||||
| France | 13.4 | 4.6 | 0.8 | 18.8 | 18.1 | ||||||||||||||||||
| Switzerland | 14.7 | 0.5 | 3.5 | 18.7 | 18.3 | ||||||||||||||||||
| Australia | 9.9 | 5.7 | 0.3 | 15.9 | 11.7 | ||||||||||||||||||
| Canada | 13.4 | 0.9 | 0.2 | 14.5 | 13.2 | ||||||||||||||||||
| Luxembourg | 11.1 | 1.3 | — | 12.4 | 12.9 | ||||||||||||||||||
| Brazil | 4.2 | 6.6 | — | 10.8 | 7.2 | ||||||||||||||||||
| India | 3.9 | 5.1 | 1.5 | 10.5 | 11.3 | ||||||||||||||||||
| South Korea | 5.4 | 4.3 | 0.4 | 10.1 | 6.4 | ||||||||||||||||||
| Italy | 4.7 | 4.7 | 0.3 | 9.7 | 6.8 | ||||||||||||||||||
| Singapore | 4.0 | 2.7 | 2.0 | 8.7 | 6.8 | ||||||||||||||||||
Netherlands(b) | 5.4 | 0.1 | 2.2 | 7.7 | 5.8 | ||||||||||||||||||
Hong
Kong SAR | 3.7 | 1.9 | 0.6 | 6.2 | 5.1 | ||||||||||||||||||
| Spain | 4.1 | 1.6 | 0.1 | 5.8 | 5.8 | ||||||||||||||||||
| Saudi Arabia | 4.9 | 0.9 | — | 5.8 | 5.2 | ||||||||||||||||||
| Mexico | 3.9 | 1.0 | — | 4.9 | 4.7 | ||||||||||||||||||
| Sweden | 5.4 | (1.1) | — | 4.3 | 1.1 | ||||||||||||||||||
144 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| OPERATIONAL RISK MANAGEMENT | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 145 | |||||||
146 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 147 | |||||||
| COMPLIANCE RISK MANAGEMENT | ||||||||||||||
148 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| CONDUCT RISK MANAGEMENT | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 149 | |||||||
| LEGAL RISK MANAGEMENT | ||||||||||||||
150 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| ESTIMATIONS AND MODEL RISK MANAGEMENT | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 151 | |||||||
| CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM | ||||||||||||||
152 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December
31, 2020 (in billions, except ratios) | Total assets at fair value | Total level 3 assets | |||||||||
| Federal Funds sold and securities purchased under resale agreements | $ | 238.0 | $ | — | |||||||
| Securities borrowed | 53.0 | — | |||||||||
| Trading assets: | |||||||||||
| Trading debt and equity instruments | $ | 423.5 | $ | 2.6 | |||||||
Derivative receivables(a) | 79.6 | 7.7 | |||||||||
| Total trading assets | 503.1 | 10.3 | |||||||||
| AFS securities | 388.2 | — | |||||||||
| Loans | 44.5 | 2.3 | |||||||||
| MSRs | 3.3 | 3.3 | |||||||||
| Other | 304.1 | 0.5 | |||||||||
Total
assets measured at fair value on a recurring basis | 1,243.2 | 16.4 | |||||||||
Total assets measured at fair value on a nonrecurring basis | 3.6 | 2.0 | |||||||||
Total assets measured at fair value | $ | 1,246.8 | $ | 18.4 | |||||||
| Total Firm assets | $ | 3,386.1 | |||||||||
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) | 1.5 | % | |||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 153 | |||||||
154 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 155 | |||||||
| ACCOUNTING AND REPORTING DEVELOPMENTS | ||||||||||||||
| Financial Accounting Standards Board (“FASB”) Standards Adopted since January 1, 2020 | ||||||||||||||
| Standard | Summary of guidance | Effects on financial statements | ||||||||||||
Financial Instruments - Credit Losses (“CECL”) Issued June 2016 | •Establishes
a single allowance framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. This framework requires that management’s estimate reflects credit losses over the instrument’s remaining expected life and considers expected future changes in macroeconomic conditions. •Eliminates existing guidance for PCI loans, and requires recognition of the nonaccretable difference as an increase to the allowance for expected credit losses on financial assets purchased with more than insignificant credit deterioration since origination, with a corresponding increase in the amortized cost of the related loans. •Requires inclusion of expected recoveries, limited to the cumulative amount of prior writeoffs, when estimating the allowance for credit losses for in scope financial assets (including collateral-dependent
assets). •Amends existing impairment guidance for AFS securities to incorporate an allowance, which will allow for reversals of credit impairments in the event that the credit of an issuer improves. •Requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. | •Adopted January 1, 2020. •Refer to Note 1 for further information. | ||||||||||||
Goodwill Issued January 2017 | •Requires
recognition of an impairment loss when the estimated fair value of a reporting unit falls below its carrying value. •Eliminates the requirement that an impairment loss be recognized only if the estimated implied fair value of the goodwill is below its carrying value. | •Adopted January 1, 2020. •No impact upon adoption as the guidance was applied prospectively. •Refer to Note 15 for further information. | ||||||||||||
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, and these elections did not have a material impact on the Consolidated Financial Statements. | ||||||||||||
156 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| FORWARD-LOOKING STATEMENTS | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 157 | |||||||
158 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 159 | |||||||
160 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 161 | |||||||
| Year ended December 31, (in millions, except per share data) | 2020 | 2019 | 2018 | ||||||||||||||
| Revenue | |||||||||||||||||
| Investment banking fees | $ | i 9,486 | $ | i 7,501 | $ | i 7,550 | |||||||||||
| Principal transactions | i 18,021 | i 14,018 | i 12,059 | ||||||||||||||
Lending-
and deposit-related fees(a) | i 6,511 | i 6,626 | i 6,377 | ||||||||||||||
Asset
management, administration and commissions(a) | i 18,177 | i 16,908 | i 16,793 | ||||||||||||||
| Investment securities gains/(losses) | i 802 | i 258 | ( i 395) | ||||||||||||||
| Mortgage fees and related income | i 3,091 | i 2,036 | i 1,254 | ||||||||||||||
Card
income(b) | i 4,435 | i 5,076 | i 4,743 | ||||||||||||||
| Other income | i 4,457 | i 5,731 | i 5,343 | ||||||||||||||
| Noninterest revenue | i 64,980 | i 58,154 | i 53,724 | ||||||||||||||
| Interest income | i 64,523 | i 84,040 | i 76,100 | ||||||||||||||
| Interest expense | i 9,960 | i 26,795 | i 21,041 | ||||||||||||||
| Net interest income | i 54,563 | i 57,245 | i 55,059 | ||||||||||||||
| Total net revenue | i 119,543 | i 115,399 | i 108,783 | ||||||||||||||
| Provision for credit losses | i 17,480 | i 5,585 | i 4,871 | ||||||||||||||
| Noninterest expense | |||||||||||||||||
| Compensation expense | i 34,988 | i 34,155 | i 33,117 | ||||||||||||||
| Occupancy expense | i 4,449 | i 4,322 | i 3,952 | ||||||||||||||
| Technology, communications and equipment expense | i 10,338 | i 9,821 | i 8,802 | ||||||||||||||
| Professional and outside services | i 8,464 | i 8,533 | i 8,502 | ||||||||||||||
Marketing(b) | i 2,476 | i 3,351 | i 3,044 | ||||||||||||||
| Other expense | i 5,941 | i 5,087 | i 5,731 | ||||||||||||||
| Total noninterest expense | i 66,656 | i 65,269 | i 63,148 | ||||||||||||||
| Income before income tax expense | i 35,407 | i 44,545 | i 40,764 | ||||||||||||||
| Income tax expense | i 6,276 | i 8,114 | i 8,290 | ||||||||||||||
| Net income | $ | i i 29,131 / | $ | i 36,431 | $ | i 32,474 | |||||||||||
| Net income applicable to common stockholders | $ | i 27,410 | $ | i 34,642 | $ | i 30,709 | |||||||||||
| Net income per common share data | |||||||||||||||||
| Basic earnings per share | $ | i 8.89 | $ | i 10.75 | $ | i 9.04 | |||||||||||
| Diluted earnings per share | i 8.88 | i 10.72 | i 9.00 | ||||||||||||||
| Weighted-average basic shares | i 3,082.4 | i 3,221.5 | i 3,396.4 | ||||||||||||||
| Weighted-average diluted shares | i 3,087.4 | i 3,230.4 | i 3,414.0 | ||||||||||||||
162 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Net income | $ | i i 29,131 / | $ | i 36,431 | $ | i 32,474 | ||||||||||||||
| Other comprehensive income/(loss), after–tax | ||||||||||||||||||||
| Unrealized gains/(losses) on investment securities | i 4,123 | i 2,855 | ( i 1,858) | |||||||||||||||||
| Translation adjustments, net of hedges | i 234 | i 20 | i 20 | |||||||||||||||||
| Fair value hedges | i 19 | i 30 | ( i 107) | |||||||||||||||||
| Cash flow hedges | i 2,320 | i 172 | ( i 201) | |||||||||||||||||
| Defined benefit pension and OPEB plans | i 212 | i 964 | ( i 373) | |||||||||||||||||
| DVA on fair value option elected liabilities | ( i 491) | ( i 965) | i 1,043 | |||||||||||||||||
| Total other comprehensive income/(loss), after–tax | i 6,417 | i 3,076 | ( i 1,476) | |||||||||||||||||
| Comprehensive income | $ | i 35,548 | $ | i 39,507 | $ | i 30,998 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 163 | |||||||
| December 31, (in millions, except share data) | 2020 | 2019 | |||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | i 24,874 | $ | i 21,704 | |||||||
| Deposits with banks | i 502,735 | i 241,927 | |||||||||
Federal
funds sold and securities purchased under resale agreements (included $ i 238,015 and $ i 14,561
at fair value) | i 296,284 | i 249,157 | |||||||||
Securities
borrowed (included $ i 52,983 and $ i 6,237 at fair value) | i 160,635 | i 139,758 | |||||||||
Trading
assets (included assets pledged of $ i 130,645 and $ i 111,522)(a) | i 503,126 | i 369,687 | |||||||||
Available-for-sale
securities (amortized cost of $ i 381,729 and $ i 345,306;
included assets pledged of $ i 32,227 and $ i 10,325) | i 388,178 | i 350,699 | |||||||||
Held-to-maturity
securities (net of allowance for credit losses of $ i 78) | i 201,821 | i 47,540 | |||||||||
| Investment securities, net of allowance for credit losses | i 589,999 | i 398,239 | |||||||||
Loans
(included $ i 44,474 and $ i 44,955 at fair value)(a) | i 1,012,853 | i 997,620 | |||||||||
| Allowance for loan losses | ( i 28,328) | ( i 13,123) | |||||||||
| Loans, net of allowance for loan losses | i 984,525 | i 984,497 | |||||||||
| Accrued interest and accounts receivable | i 90,503 | i 72,861 | |||||||||
| Premises and equipment | i 27,109 | i 25,813 | |||||||||
| Goodwill, MSRs and other intangible assets | i 53,428 | i 53,341 | |||||||||
Other
assets (included $ i 13,827 and $ i 12,676 at fair value and assets pledged of $ i 3,739
and $ i 3,349)(a) | i 152,853 | i 130,395 | |||||||||
Total
assets(b) | $ | i 3,386,071 | $ | i 2,687,379 | |||||||
| Liabilities | |||||||||||
Deposits
(included $ i 14,484 and $ i 28,589 at fair value) | $ | i 2,144,257 | $ | i 1,562,431 | |||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements (included $ i 155,735 and $ i 549
at fair value) | i 215,209 | i 183,675 | |||||||||
Short-term
borrowings (included $ i 16,893 and $ i 5,920 at fair value) | i 45,208 | i 40,920 | |||||||||
| Trading liabilities | i 170,181 | i 119,277 | |||||||||
Accounts
payable and other liabilities (included $ i 3,476 and $ i 3,728
at fair value) | i 232,599 | i 210,407 | |||||||||
Beneficial
interests issued by consolidated VIEs (included $ i 41 and $ i 36 at fair value) | i 17,578 | i 17,841 | |||||||||
Long-term
debt (included $ i 76,817 and $ i 75,745 at fair value) | i 281,685 | i 291,498 | |||||||||
Total
liabilities(b) | i 3,106,717 | i 2,426,049 | |||||||||
| Commitments and contingencies (refer to Notes 28, 29 and 30) | i | i | |||||||||
| Stockholders’ equity | |||||||||||
Preferred
stock ($ i i 1 / par value; authorized
i i 200,000,000 / shares:
issued i 3,006,250 and i 2,699,250 shares) | i 30,063 | i 26,993 | |||||||||
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 88,394 | i 88,522 | |||||||||
| Retained earnings | i 236,990 | i 223,211 | |||||||||
| Accumulated other comprehensive income | i 7,986 | i 1,569 | |||||||||
Shares
held in restricted stock units (“RSU”) trust, at cost ( i zero and i 472,953
shares) | i — | ( i 21) | |||||||||
Treasury
stock, at cost ( i 1,055,499,435 and i 1,020,912,567 shares) | ( i 88,184) | ( i 83,049) | |||||||||
| Total stockholders’ equity | i 279,354 | i 261,330 | |||||||||
| Total liabilities and stockholders’ equity | $ | i 3,386,071 | $ | i 2,687,379 | |||||||
| December 31, (in millions) | 2020 | 2019 | |||||||||
| Assets | |||||||||||
| Trading assets | $ | i 1,934 | $ | i 2,633 | |||||||
| Loans | i 37,619 | i 42,931 | |||||||||
| All other assets | i 681 | i 881 | |||||||||
| Total assets | $ | i 40,234 | $ | i 46,445 | |||||||
| Liabilities | |||||||||||
| Beneficial interests issued by consolidated VIEs | $ | i 17,578 | $ | i 17,841 | |||||||
| All other liabilities | i 233 | i 447 | |||||||||
| Total liabilities | $ | i 17,811 | $ | i 18,288 | |||||||
164 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year ended December 31, (in millions, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
| Preferred stock | ||||||||||||||||||||
| Balance at January 1 | $ | i 26,993 | $ | i 26,068 | $ | i 26,068 | ||||||||||||||
| Issuance | i 4,500 | i 5,000 | i 1,696 | |||||||||||||||||
| Redemption | ( i 1,430) | ( i 4,075) | ( i 1,696) | |||||||||||||||||
| Balance at December 31 | i 30,063 | i 26,993 | i 26,068 | |||||||||||||||||
| Common stock | ||||||||||||||||||||
| Balance at January 1 and December 31 | i i 4,105 / | i i 4,105 / | i i 4,105 / | |||||||||||||||||
| Additional paid-in capital | ||||||||||||||||||||
| Balance at January 1 | i 88,522 | i 89,162 | i 90,579 | |||||||||||||||||
Shares
issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | ( i 72) | ( i 591) | ( i 738) | |||||||||||||||||
| Other | ( i 56) | ( i 49) | ( i 679) | |||||||||||||||||
| Balance at December 31 | i 88,394 | i 88,522 | i 89,162 | |||||||||||||||||
| Retained earnings | ||||||||||||||||||||
| Balance at January 1 | i 223,211 | i 199,202 | i 177,676 | |||||||||||||||||
| Cumulative effect of change in accounting principles | ( i 2,650) | i 62 | ( i 183) | |||||||||||||||||
| Net income | i 29,131 | i 36,431 | i 32,474 | |||||||||||||||||
| Dividends declared: | ||||||||||||||||||||
| Preferred stock | ( i 1,583) | ( i 1,587) | ( i 1,551) | |||||||||||||||||
Common
stock ($ i 3.60, $ i 3.40 and $ i 2.72
per share for 2020, 2019 and 2018, respectively) | ( i 11,119) | ( i 10,897) | ( i 9,214) | |||||||||||||||||
| Balance at December 31 | i 236,990 | i 223,211 | i 199,202 | |||||||||||||||||
| Accumulated other comprehensive income | ||||||||||||||||||||
| Balance at January 1 | i 1,569 | ( i 1,507) | ( i 119) | |||||||||||||||||
| Cumulative effect of change in accounting principles | — | — | i 88 | |||||||||||||||||
| Other comprehensive income/(loss), after-tax | i 6,417 | i 3,076 | ( i 1,476) | |||||||||||||||||
| Balance at December 31 | i 7,986 | i 1,569 | ( i 1,507) | |||||||||||||||||
| Shares held in RSU Trust, at cost | ||||||||||||||||||||
| Balance at the beginning of the period | ( i 21) | ( i 21) | ( i 21) | |||||||||||||||||
| Liquidation of RSU Trust | i 21 | i — | i — | |||||||||||||||||
| Balance at December 31 | i — | ( i 21) | ( i 21) | |||||||||||||||||
| Treasury stock, at cost | ||||||||||||||||||||
| Balance at January 1 | ( i 83,049) | ( i 60,494) | ( i 42,595) | |||||||||||||||||
| Repurchase | ( i 6,397) | ( i 24,121) | ( i 19,983) | |||||||||||||||||
| Reissuance | i 1,262 | i 1,566 | i 2,084 | |||||||||||||||||
| Balance at December 31 | ( i 88,184) | ( i 83,049) | ( i 60,494) | |||||||||||||||||
| Total stockholders’ equity | $ | i 279,354 | $ | i 261,330 | $ | i 256,515 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 165 | |||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Operating activities | |||||||||||||||||
| Net income | $ | i 29,131 | $ | i 36,431 | $ | i 32,474 | |||||||||||
| Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||||||||
| Provision for credit losses | i 17,480 | i 5,585 | i 4,871 | ||||||||||||||
| Depreciation and amortization | i 8,614 | i 8,368 | i 7,791 | ||||||||||||||
| Deferred tax expense | ( i 3,981) | i 949 | i 1,721 | ||||||||||||||
| Other | i 1,649 | i 1,996 | i 2,717 | ||||||||||||||
Originations
and purchases of loans held-for-sale(a) | ( i 166,504) | ( i 169,289) | ( i 172,728) | ||||||||||||||
Proceeds
from sales, securitizations and paydowns of loans held-for-sale(a) | i 175,490 | i 171,415 | i 163,747 | ||||||||||||||
| Net change in: | |||||||||||||||||
Trading assets(a) | ( i 148,749) | i 6,551 | ( i 35,067) | ||||||||||||||
| Securities borrowed | ( i 20,734) | ( i 27,631) | ( i 6,861) | ||||||||||||||
| Accrued interest and accounts receivable | ( i 18,012) | ( i 78) | ( i 5,849) | ||||||||||||||
Other
assets(a) | ( i 42,434) | ( i 17,570) | ( i 8,779) | ||||||||||||||
| Trading liabilities | i 77,198 | ( i 14,516) | i 18,290 | ||||||||||||||
| Accounts payable and other liabilities | i 7,827 | ( i 352) | i 14,630 | ||||||||||||||
Other
operating adjustments(a) | i 3,115 | i 2,233 | ( i 1,343) | ||||||||||||||
| Net cash provided by/(used in) operating activities | ( i 79,910) | i 4,092 | i 15,614 | ||||||||||||||
| Investing activities | |||||||||||||||||
| Net change in: | |||||||||||||||||
| Federal funds sold and securities purchased under resale agreements | ( i 47,115) | i 72,396 | ( i 123,201) | ||||||||||||||
| Held-to-maturity securities: | |||||||||||||||||
| Proceeds from paydowns and maturities | i 21,360 | i 3,423 | i 2,945 | ||||||||||||||
| Purchases | ( i 12,400) | ( i 13,427) | ( i 9,368) | ||||||||||||||
| Available-for-sale securities: | |||||||||||||||||
| Proceeds from paydowns and maturities | i 57,675 | i 52,200 | i 37,401 | ||||||||||||||
| Proceeds from sales | i 149,758 | i 70,181 | i 46,067 | ||||||||||||||
| Purchases | ( i 397,145) | ( i 242,149) | ( i 95,091) | ||||||||||||||
| Proceeds from sales and securitizations of loans held-for-investment | i 23,559 | i 62,095 | i 29,826 | ||||||||||||||
Other
changes in loans, net(a) | ( i 50,263) | ( i 51,743) | ( i 83,013) | ||||||||||||||
| All other investing activities, net | ( i 7,341) | ( i 5,035) | ( i 4,986) | ||||||||||||||
| Net cash (used in) investing activities | ( i 261,912) | ( i 52,059) | ( i 199,420) | ||||||||||||||
| Financing activities | |||||||||||||||||
| Net change in: | |||||||||||||||||
| Deposits | i 602,765 | i 101,002 | i 26,728 | ||||||||||||||
| Federal funds purchased and securities loaned or sold under repurchase agreements | i 31,528 | i 1,347 | i 23,415 | ||||||||||||||
| Short-term borrowings | i 4,438 | ( i 28,561) | i 18,476 | ||||||||||||||
| Beneficial interests issued by consolidated VIEs | i 1,347 | i 4,289 | i 1,712 | ||||||||||||||
| Proceeds from long-term borrowings | i 78,686 | i 61,085 | i 71,662 | ||||||||||||||
| Payments of long-term borrowings | ( i 105,055) | ( i 69,610) | ( i 76,313) | ||||||||||||||
| Proceeds from issuance of preferred stock | i 4,500 | i 5,000 | i 1,696 | ||||||||||||||
| Redemption of preferred stock | ( i 1,430) | ( i 4,075) | ( i 1,696) | ||||||||||||||
| Treasury stock repurchased | ( i 6,517) | ( i 24,001) | ( i 19,983) | ||||||||||||||
| Dividends paid | ( i 12,690) | ( i 12,343) | ( i 10,109) | ||||||||||||||
| All other financing activities, net | ( i 927) | ( i 1,146) | ( i 1,430) | ||||||||||||||
| Net cash provided by financing activities | i 596,645 | i 32,987 | i 34,158 | ||||||||||||||
| Effect of exchange rate changes on cash and due from banks and deposits with banks | i 9,155 | ( i 182) | ( i 2,863) | ||||||||||||||
| Net increase/(decrease) in cash and due from banks and deposits with banks | i 263,978 | ( i 15,162) | ( i 152,511) | ||||||||||||||
| Cash and due from banks and deposits with banks at the beginning of the period | i 263,631 | i 278,793 | i 431,304 | ||||||||||||||
| Cash and due from banks and deposits with banks at the end of the period | $ | i 527,609 | $ | i 263,631 | $ | i 278,793 | |||||||||||
| Cash interest paid | $ | i 13,077 | $ | i 29,918 | $ | i 21,152 | |||||||||||
| Cash income taxes paid, net | i 7,661 | i 5,624 | i 3,542 | ||||||||||||||
166 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 167 | |||||||
168 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| (in billions) | December 31, 2019 | CECL adoption impact | January 1, 2020 | ||||||||
Allowance for credit
losses | |||||||||||
Consumer, excluding credit card(a) | $ | i 2.6 | $ | i 0.4 | $ | i 3.0 | |||||
Credit
card | i 5.7 | i 5.5 | i 11.2 | ||||||||
Wholesale(a) | 6.0 | ( i 1.6) | i 4.4 | ||||||||
Firmwide | $ | i 14.3 | $ | i 4.3 | $ | i 18.6 | |||||
Retained
earnings | |||||||||||
Firmwide allowance increase | $ | i 4.3 | |||||||||
Balance sheet reclassification(b) | ( i 0.8) | ||||||||||
Total
pre-tax impact | i 3.5 | ||||||||||
Tax effect | ( i 0.8) | ||||||||||
Decrease
to retained earnings | $ | i 2.7 | |||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 169 | |||||||
| Fair value measurement | Note 2 | page 171 | |||||||||
| Fair value option | Note 3 | page 192 | |||||||||
| Derivative instruments | Note 5 | page 198 | |||||||||
Noninterest revenue and noninterest expense | Note 6 | page 212 | |||||||||
| Interest income and Interest expense | Note 7 | page 215 | |||||||||
Pension and other postretirement employee benefit plans | Note 8 | page 216 | |||||||||
| Employee share-based incentives | Note 9 | page 221 | |||||||||
| Investment securities | Note 10 | page 223 | |||||||||
| Securities financing activities | Note 11 | page 229 | |||||||||
| Loans | Note 12 | page 232 | |||||||||
| Allowance for credit losses | Note 13 | page 248 | |||||||||
| Variable interest entities | Note 14 | page 253 | |||||||||
| Goodwill and Mortgage servicing rights | Note 15 | page 261 | |||||||||
| Premises and equipment | Note 16 | page 265 | |||||||||
| Leases | Note 18 | page 266 | |||||||||
| Long-term debt | Note 20 | page 269 | |||||||||
| Earnings per share | Note 23 | page 274 | |||||||||
| Income taxes | Note 25 | page 277 | |||||||||
Off–balance sheet lending-related financial instruments, guarantees and other commitments | Note 28 | page 283 | |||||||||
| Litigation | Note 30 | page 290 | |||||||||
170 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 171 | |||||||
172 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Product/instrument | Valuation methodology | Classifications in the valuation hierarchy | ||||||
| Securities financing agreements | Valuations are based on discounted cash flows, which consider: | Predominantly level 2 | ||||||
• Derivative features: refer to the discussion of derivatives below for further information. | ||||||||
• Market rates for the respective maturity | ||||||||
• Collateral characteristics | ||||||||
| Loans and lending-related commitments — wholesale | ||||||||
| Loans carried at fair value (trading loans and non-trading loans) and associated lending-related commitments | Where observable market data is available, valuations are based on: | Level 2 or 3 | ||||||
• Observed market prices (circumstances are infrequent) | ||||||||
• Relevant broker quotes | ||||||||
• Observed market prices for similar instruments | ||||||||
| Where observable market data is unavailable or limited, valuations are based on discounted cash flows, which consider the following: | ||||||||
• Credit spreads derived from the cost of CDS; or benchmark credit curves developed by the Firm, by industry and
credit rating | ||||||||
• Prepayment speed | ||||||||
• Collateral characteristics | ||||||||
| Loans — consumer | ||||||||
| Loans carried at fair value — conforming residential mortgage loans expected to be sold | Fair value is based on observable prices for mortgage-backed securities with similar collateral and incorporates adjustments to these prices to account for differences between the securities and the value of the underlying loans, which include credit characteristics, portfolio composition, and liquidity. | Predominantly level 2 | ||||||
| Investment and trading securities | Quoted market prices | Level 1 | ||||||
| In the absence of quoted market prices, securities are valued based on: | Level 2 or 3 | |||||||
• Observable market prices for similar securities | ||||||||
• Relevant broker quotes | ||||||||
• Discounted cash flows | ||||||||
| In addition, the following inputs to discounted cash flows are used for the following products: | ||||||||
| Mortgage- and asset-backed securities specific inputs: | ||||||||
• Collateral characteristics | ||||||||
• Deal-specific payment and loss allocations | ||||||||
• Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity | ||||||||
| Collateralized loan obligations (“CLOs”) specific inputs: | ||||||||
• Collateral
characteristics | ||||||||
• Deal-specific payment and loss allocations | ||||||||
•Expected prepayment speed, conditional default rates, loss severity | ||||||||
• Credit spreads | ||||||||
• Credit rating data | ||||||||
| Physical commodities | Valued using observable market prices or data. | Level 1 or 2 | ||||||
| JPMorgan Chase & Co./2020 Form 10-K | 173 | |||||||
| Product/instrument | Valuation methodology | Classifications in the valuation hierarchy | ||||||
| Derivatives | Exchange-traded derivatives that are actively traded and valued using the exchange price. | Level 1 | ||||||
| Derivatives that are valued using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs as well as considering the contractual terms. The key valuation inputs used will depend on the type of derivative and the nature of the underlying instruments and may include equity prices, commodity prices, interest rate yield curves, foreign exchange rates, volatilities, correlations, CDS spreads and recovery rates. Additionally, the credit quality of the counterparty and of the Firm as well as market funding levels may also be considered. | Level 2 or 3 | |||||||
| In addition, specific inputs used for derivatives that are valued based on models with significant unobservable inputs are as follows: | ||||||||
| Structured credit derivatives specific inputs include: | ||||||||
• CDS spreads and recovery rates | ||||||||
• Credit correlation between the underlying debt instruments | ||||||||
| Equity option specific inputs include: | ||||||||
• Forward
equity price | ||||||||
• Equity volatility | ||||||||
• Equity correlation | ||||||||
• Equity-FX correlation | ||||||||
• Equity-IR correlation | ||||||||
| Interest rate and FX exotic options specific inputs include: | ||||||||
• Interest
rate volatility | ||||||||
• Interest rate spread volatility | ||||||||
• Interest rate correlation | ||||||||
• Foreign exchange correlation | ||||||||
• Interest rate-FX correlation | ||||||||
| Commodity derivatives specific inputs include: | ||||||||
• Commodity
volatility | ||||||||
• Forward commodity price | ||||||||
• Commodity correlation | ||||||||
| Additionally, adjustments are made to reflect counterparty credit quality (CVA) and the impact of funding (FVA). Refer to page 188 of this Note. | ||||||||
| Mortgage servicing rights | Refer to Mortgage servicing rights in Note 15. | Level 3 | ||||||
| Private equity direct investments | Fair value is estimated using all available information; the range of potential inputs include: | Level 2 or 3 | ||||||
• Transaction prices | ||||||||
• Trading multiples of comparable public companies | ||||||||
• Operating performance of the underlying portfolio company | ||||||||
• Adjustments as required, since comparable public companies are not identical to the company being valued, and for company-specific issues and lack of liquidity. | ||||||||
• Additional
available inputs relevant to the investment. | ||||||||
| Fund investments (e.g., mutual/collective investment funds, private equity funds, hedge funds, and real estate funds) | Net asset value | |||||||
• NAV is supported by the ability to redeem and purchase at the NAV level. | Level 1 | |||||||
• Adjustments to the NAV as required, for restrictions on redemption (e.g., lock-up periods or withdrawal limitations) or where observable activity is limited. | Level
2 or 3(a) | |||||||
| Beneficial interests issued by consolidated VIEs | Valued using observable market information, where available. | Level 2 or 3 | ||||||
| In the absence of observable market information, valuations are based on the fair value of the underlying assets held by the VIE. | ||||||||
174 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Product/instrument | Valuation methodology | Classification in the valuation hierarchy | ||||||
| Structured notes (included in deposits, short-term borrowings and long-term debt) | • Valuations
are based on discounted cash flow analyses that consider the embedded derivative and the terms and payment structure of the note. • The embedded derivative features are considered using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs, depending on the embedded derivative. The specific inputs used vary according to the nature of the embedded derivative features, as described in the discussion above regarding derivatives valuation. Adjustments are then made to this base valuation to reflect the Firm’s own credit risk (DVA). Refer to page 188 of this Note. | Level 2 or 3 | ||||||
| JPMorgan Chase & Co./2020 Form 10-K | 175 | |||||||
| Assets and liabilities measured at fair value on a recurring basis | |||||||||||||||||||||||
| Fair value hierarchy | |||||||||||||||||||||||
| December 31, 2020 (in millions) | Level 1 | Level 2 | Level 3 | Derivative netting adjustments(g) | 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(b) | 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 179 | — | i 99,866 | ||||||||||||||||||
Physical
commodities(c) | i 6,382 | i 5,189 | i — | — | i 11,571 | ||||||||||||||||||
| Other | i — | i 17,165 | i 346 | — | i 17,511 | ||||||||||||||||||
Total
debt and equity instruments(d) | i 234,452 | i 186,369 | i 2,623 | — | i 423,444 | ||||||||||||||||||
| Derivative receivables: | |||||||||||||||||||||||
| Interest rate | i 2,318 | i 386,865 | i 2,307 | ( i 355,765) | i 35,725 | ||||||||||||||||||
| Credit | i — | i 12,879 | i 624 | ( i 12,823) | i 680 | ||||||||||||||||||
| Foreign exchange | i 146 | i 205,127 | i 987 | ( i 190,479) | i 15,781 | ||||||||||||||||||
| Equity | i — | i 71,279 | i 3,519 | ( i 54,125) | i 20,673 | ||||||||||||||||||
| Commodity | i — | i 21,272 | i 231 | ( i 14,732) | i 6,771 | ||||||||||||||||||
| Total derivative receivables | i 2,464 | i 697,422 | i 7,668 | ( i 627,924) | i 79,630 | ||||||||||||||||||
Total
trading assets(e) | 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) | i 21,018 | i 92,283 | 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 21,018 | i 105,372 | 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 | ||||||||||||||||||
| Certificates of deposit | i — | i — | i — | — | i — | ||||||||||||||||||
| 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 236,104 | i 152,074 | i — | — | i 388,178 | ||||||||||||||||||
Loans(b)(f) | i — | i 42,169 | i 2,305 | — | i 44,474 | ||||||||||||||||||
| Mortgage servicing rights | i — | i — | i 3,276 | — | i 3,276 | ||||||||||||||||||
Other
assets(b)(e) | i 8,110 | i 4,561 | i 538 | — | i 13,209 | ||||||||||||||||||
| Total assets measured at fair value on a recurring basis | $ | i 481,130 | $ | i 1,373,593 | $ | 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(d) | i 82,669 | i 16,838 | i 51 | — | i 99,558 | ||||||||||||||||||
| Derivative payables: | |||||||||||||||||||||||
| Interest rate | i 2,496 | i 349,082 | i 2,049 | ( i 340,615) | i 13,012 | ||||||||||||||||||
| Credit | i — | i 14,344 | i 848 | ( i 13,197) | 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 | |||||||||||||
176 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Fair value hierarchy | ||||||||||||||||||||||||||
| December 31, 2019 (in millions) | Level 1 | Level 2 | Level 3 | Derivative netting adjustments(g) | Total fair value | |||||||||||||||||||||
| Federal funds sold and securities purchased under resale agreements | $ | i — | $ | i 14,561 | $ | i — | $ | — | $ | i 14,561 | ||||||||||||||||
| Securities borrowed | i — | i 6,237 | i — | — | i 6,237 | |||||||||||||||||||||
| Trading assets: | — | |||||||||||||||||||||||||
| Debt instruments: | — | |||||||||||||||||||||||||
| Mortgage-backed securities: | — | |||||||||||||||||||||||||
U.S.
GSEs and government agencies(a) | i — | i 44,510 | i 797 | — | i 45,307 | |||||||||||||||||||||
| Residential – nonagency | i — | i 1,977 | i 23 | — | i 2,000 | |||||||||||||||||||||
| Commercial – nonagency | i — | i 1,486 | i 4 | — | i 1,490 | |||||||||||||||||||||
| Total mortgage-backed securities | i — | i 47,973 | i 824 | — | i 48,797 | |||||||||||||||||||||
U.S.
Treasury, GSEs and government agencies(a) | i 78,289 | i 10,295 | i — | — | i 88,584 | |||||||||||||||||||||
| Obligations of U.S. states and municipalities | i — | i 6,468 | i 10 | — | i 6,478 | |||||||||||||||||||||
Certificates
of deposit, bankers’ acceptances and commercial paper | i — | i 252 | i — | — | i 252 | |||||||||||||||||||||
| Non-U.S. government debt securities | i 26,600 | i 27,169 | i 155 | — | i 53,924 | |||||||||||||||||||||
| Corporate debt securities | i — | i 17,956 | i 558 | — | i 18,514 | |||||||||||||||||||||
Loans(b) | i — | i 6,340 | i 673 | — | i 7,013 | |||||||||||||||||||||
| Asset-backed securities | i — | i 2,593 | i 37 | — | i 2,630 | |||||||||||||||||||||
| Total debt instruments | i 104,889 | i 119,046 | i 2,257 | — | i 226,192 | |||||||||||||||||||||
| Equity securities | i 71,890 | i 244 | i 196 | — | i 72,330 | |||||||||||||||||||||
Physical
commodities(c) | i 3,638 | i 3,579 | i — | — | i 7,217 | |||||||||||||||||||||
| Other | i — | i 13,896 | i 232 | — | i 14,128 | |||||||||||||||||||||
Total
debt and equity instruments(d) | i 180,417 | i 136,765 | i 2,685 | — | i 319,867 | |||||||||||||||||||||
| Derivative receivables: | ||||||||||||||||||||||||||
| Interest rate | i 721 | i 311,173 | i 1,400 | ( i 285,873) | i 27,421 | |||||||||||||||||||||
| Credit | i — | i 14,252 | i 624 | ( i 14,175) | i 701 | |||||||||||||||||||||
| Foreign exchange | i 117 | i 137,938 | i 432 | ( i 129,482) | i 9,005 | |||||||||||||||||||||
| Equity | i — | i 43,642 | i 2,085 | ( i 39,250) | i 6,477 | |||||||||||||||||||||
| Commodity | i — | i 17,058 | i 184 | ( i 11,080) | i 6,162 | |||||||||||||||||||||
| Total derivative receivables | i 838 | i 524,063 | i 4,725 | ( i 479,860) | i 49,766 | |||||||||||||||||||||
Total
trading assets(e) | i 181,255 | i 660,828 | i 7,410 | ( i 479,860) | i 369,633 | |||||||||||||||||||||
| Available-for-sale securities: | ||||||||||||||||||||||||||
| Mortgage-backed securities: | ||||||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i — | i 110,117 | i — | — | i 110,117 | |||||||||||||||||||||
| Residential – nonagency | i — | i 12,989 | i 1 | — | i 12,990 | |||||||||||||||||||||
| Commercial – nonagency | i — | i 5,188 | i — | — | i 5,188 | |||||||||||||||||||||
| Total mortgage-backed securities | i — | i 128,294 | i 1 | — | i 128,295 | |||||||||||||||||||||
| U.S. Treasury and government agencies | i 139,436 | i — | i — | — | i 139,436 | |||||||||||||||||||||
| Obligations of U.S. states and municipalities | i — | i 29,810 | i — | — | i 29,810 | |||||||||||||||||||||
| Certificates of deposit | i — | i 77 | i — | — | i 77 | |||||||||||||||||||||
| Non-U.S. government debt securities | i 12,966 | i 8,821 | i — | — | i 21,787 | |||||||||||||||||||||
| Corporate debt securities | i — | i 845 | i — | — | i 845 | |||||||||||||||||||||
| Asset-backed securities: | — | — | — | |||||||||||||||||||||||
| Collateralized loan obligations | i — | i 24,991 | i — | — | i 24,991 | |||||||||||||||||||||
| Other | i — | i 5,458 | i — | — | i 5,458 | |||||||||||||||||||||
| Total available-for-sale securities | i 152,402 | i 198,296 | i 1 | — | i 350,699 | |||||||||||||||||||||
Loans(b)(f) | i — | i 44,439 | i 516 | — | i 44,955 | |||||||||||||||||||||
| Mortgage servicing rights | i — | i — | i 4,699 | — | i 4,699 | |||||||||||||||||||||
Other
assets(b)(e) | i 7,305 | i 3,824 | i 917 | — | i 12,046 | |||||||||||||||||||||
| Total assets measured at fair value on a recurring basis | $ | i 340,962 | $ | i 928,185 | $ | i 13,543 | $ | ( i 479,860) | $ | i 802,830 | ||||||||||||||||
| Deposits | $ | i — | $ | i 25,229 | $ | i 3,360 | $ | — | $ | i 28,589 | ||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i — | i 549 | i — | — | i 549 | |||||||||||||||||||||
| Short-term borrowings | i — | i 4,246 | i 1,674 | — | i 5,920 | |||||||||||||||||||||
| Trading liabilities: | ||||||||||||||||||||||||||
Debt and equity instruments(d) | i 59,047 | i 16,481 | i 41 | — | i 75,569 | |||||||||||||||||||||
| Derivative payables: | ||||||||||||||||||||||||||
| Interest rate | i 795 | i 276,746 | i 1,732 | ( i 270,670) | i 8,603 | |||||||||||||||||||||
| Credit | i — | i 14,358 | i 763 | ( i 13,469) | i 1,652 | |||||||||||||||||||||
| Foreign exchange | i 109 | i 143,960 | i 1,039 | ( i 131,950) | i 13,158 | |||||||||||||||||||||
| Equity | i — | i 47,261 | i 5,480 | ( i 40,204) | i 12,537 | |||||||||||||||||||||
| Commodity | i — | i 19,685 | i 200 | ( i 12,127) | i 7,758 | |||||||||||||||||||||
| Total derivative payables | i 904 | i 502,010 | i 9,214 | ( i 468,420) | i 43,708 | |||||||||||||||||||||
| Total trading liabilities | i 59,951 | i 518,491 | i 9,255 | ( i 468,420) | i 119,277 | |||||||||||||||||||||
| Accounts payable and other liabilities | i 3,231 | i 452 | i 45 | — | i 3,728 | |||||||||||||||||||||
| Beneficial interests issued by consolidated VIEs | i — | i 36 | i — | — | i 36 | |||||||||||||||||||||
| Long-term debt | i — | i 52,406 | i 23,339 | — | i 75,745 | |||||||||||||||||||||
| Total liabilities measured at fair value on a recurring basis | $ | i 63,182 | $ | i 601,409 | $ | i 37,673 | $ | ( i 468,420) | $ | i 233,844 | ||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 177 | |||||||
178 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 179 | |||||||
Level
3 inputs(a) | ||||||||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||
| 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 1,282 | Discounted cash flows | Yield | i 0% | – | i 18% | i 6% | ||||||||||||||||||
| Prepayment speed | i 0% | – | i 46% | i 10% | ||||||||||||||||||||||
| Conditional default rate | i 0% | – | i 30% | i 14% | ||||||||||||||||||||||
| Loss severity | i 0% | – | i 107% | i 7% | ||||||||||||||||||||||
Commercial
mortgage-backed securities and loans(c) | i 466 | Market comparables | Price | $ i 0 | – | $ i 101 | $ i 84 | |||||||||||||||||||
| Corporate debt securities | i 507 | Market comparables | Price | $ i 2 | – | $ i 116 | $ i 85 | |||||||||||||||||||
Loans(d) | i 1,930 | Market comparables | Price | $ i 10 | – | $ i 104 | $ i 72 | |||||||||||||||||||
| Asset-backed securities | i 28 | Market comparables | Price | $ i 1 | – | $ i 97 | $ i 57 | |||||||||||||||||||
| Net interest rate derivatives | i 238 | Option pricing | Interest rate volatility | i 7bps | – | i 513bps | i 101bps | |||||||||||||||||||
| Interest rate spread volatility | i 11bps | – | i 23bps | i 15bps | ||||||||||||||||||||||
| Interest rate correlation | ( i 65)% | – | i 99% | i 35% | ||||||||||||||||||||||
| IR-FX correlation | ( i 35)% | – | i 50% | i 0% | ||||||||||||||||||||||
| i 20 | Discounted cash flows | Prepayment speed | i 0% | – | i 30% | i 8% | ||||||||||||||||||||
| Net credit derivatives | ( i 260) | Discounted cash flows | Credit correlation | i 34% | – | i 65% | i 48% | |||||||||||||||||||
| Credit spread | i 3bps | – | i 1,302bps | i 441bps | ||||||||||||||||||||||
| Recovery rate | i 0% | – | i 67% | i 46% | ||||||||||||||||||||||
| Conditional default rate | i 2% | – | i 100% | i 58% | ||||||||||||||||||||||
| Loss severity | i i 100 / % | i 100% | ||||||||||||||||||||||||
| i 36 | Market comparables | Price | $ i 1 | – | $ i 115 | $ i 71 | ||||||||||||||||||||
| Net foreign exchange derivatives | ( i 298) | Option pricing | IR-FX correlation | ( i 40)% | – | i 65% | i 18% | |||||||||||||||||||
| ( i 136) | Discounted cash flows | Prepayment speed | i i 9 / % | i 9% | ||||||||||||||||||||||
| Net equity derivatives | ( i 3,862) | Option pricing | Forward equity price(h) | i 61% | – | i 106% | i 99% | |||||||||||||||||||
| Equity volatility | i 5% | – | i 138% | i 35% | ||||||||||||||||||||||
| Equity correlation | i 18% | – | i 99% | i 60% | ||||||||||||||||||||||
| Equity-FX correlation | ( i 79)% | – | i 55% | ( i 27)% | ||||||||||||||||||||||
| Equity-IR correlation | i 20% | – | i 50% | i 28% | ||||||||||||||||||||||
| Net commodity derivatives | ( i 731) | Option pricing | Oil Commodity Forward | $ i 600 / MT | – | $ i 609 / MT | $ i 605 / MT | |||||||||||||||||||
| Forward power price | $ i 12 / MWH | – | $ i 55 / MWH | $ i 34 / MWH | ||||||||||||||||||||||
| Commodity volatility | i 1% | – | i 58% | i 29% | ||||||||||||||||||||||
| Commodity correlation | ( i 49)% | – | i 95% | i 23% | ||||||||||||||||||||||
| MSRs | i 3,276 | Discounted cash flows | Refer to Note 15 | |||||||||||||||||||||||
| Other assets | i 299 | Discounted cash flows | Credit spread | i i 45 / bps | i 45bps | |||||||||||||||||||||
| Yield | i 4% | i 30% | i 7% | |||||||||||||||||||||||
| i 585 | Market comparables | Price | $ i 29 | – | $ i 29 | $ i 29 | ||||||||||||||||||||
Long-term
debt, short-term borrowings, and deposits(e) | i 27,912 | Option pricing | Interest rate volatility | i 7bps | – | i 513bps | i 101bps | |||||||||||||||||||
| Interest rate correlation | ( i 65)% | – | i 99% | i 35% | ||||||||||||||||||||||
| IR-FX correlation | ( i 35)% | – | i 50% | i 0% | ||||||||||||||||||||||
| Equity correlation | i 18% | – | i 99% | i i 60 / % | ||||||||||||||||||||||
| Equity-FX correlation | ( i 79)% | – | i 55% | ( i 27)% | ||||||||||||||||||||||
| Equity-IR correlation | i 20% | – | i 50% | i 28% | ||||||||||||||||||||||
| i 818 | Discounted cash flows | Credit correlation | i 34% | – | i 65% | i 48% | ||||||||||||||||||||
Other
level 3 assets and liabilities, net(f) | i 250 | |||||||||||||||||||||||||
180 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 181 | |||||||
182 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2020 (in millions) | Fair value at January 1, 2020 | Total realized/unrealized gains/(losses) | Transfers into level 3(i) | Transfers (out of) level 3(i) | Fair value at Dec. 31, 2020 | Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||
Purchases(g) | Sales | Settlements(h) | |||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||
| Trading assets: | |||||||||||||||||||||||||||||||||||||||||
| Debt instruments: | |||||||||||||||||||||||||||||||||||||||||
| Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||
| U.S. GSEs and government agencies | $ | i 797 | $ | ( i 172) | $ | i 134 | $ | ( i 149) | $ | ( i 161) | $ | i — | $ | i — | $ | i 449 | $ | ( i 150) | |||||||||||||||||||||||
| Residential – nonagency | i 23 | i 2 | i 15 | ( i 5) | ( i 4) | i — | ( i 3) | i 28 | ( i 1) | ||||||||||||||||||||||||||||||||
| Commercial – nonagency | i 4 | i — | i 1 | i — | ( i 1) | i 2 | ( i 3) | i 3 | i — | ||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 824 | ( i 170) | i 150 | ( i 154) | ( i 166) | i 2 | ( i 6) | i 480 | ( i 151) | ||||||||||||||||||||||||||||||||
U.S.
Treasury, GSEs and government agencies | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||
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 21 | i 281 | ( i 245) | ( i 7) | i — | ( i 23) | i 182 | i 11 | ||||||||||||||||||||||||||||||||
| Corporate debt securities | i 558 | ( i 23) | i 582 | ( i 205) | ( i 236) | i 411 | ( i 580) | i 507 | ( i 25) | ||||||||||||||||||||||||||||||||
Loans(b) | i 673 | ( i 73) | i 1,112 | ( i 484) | ( i 182) | i 791 | ( i 944) | i 893 | ( i 40) | ||||||||||||||||||||||||||||||||
| Asset-backed securities | i 37 | ( i 3) | i 44 | ( i 40) | ( i 9) | i 9 | ( i 10) | i 28 | ( i 4) | ||||||||||||||||||||||||||||||||
| Total debt instruments | i 2,257 | ( i 248) | i 2,169 | ( i 1,129) | ( i 601) | i 1,213 | ( i 1,563) | i 2,098 | ( i 209) | ||||||||||||||||||||||||||||||||
| Equity securities | i 196 | ( i 75) | i 53 | ( i 376) | ( i 1) | i 535 | ( i 153) | i 179 | ( i 20) | ||||||||||||||||||||||||||||||||
| Other | i 232 | i 271 | i 245 | ( i 9) | ( i 154) | i 6 | ( i 245) | i 346 | i 206 | ||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 2,685 | ( i 52) | (d) | i 2,467 | ( i 1,514) | ( i 756) | i 1,754 | ( i 1,961) | i 2,623 | ( i 23) | (d) | ||||||||||||||||||||||||||||||
Net
derivative receivables:(c) | |||||||||||||||||||||||||||||||||||||||||
| Interest rate | ( i 332) | i 2,682 | i 308 | ( i 148) | ( i 2,228) | ( i 332) | i 308 | i 258 | i 325 | ||||||||||||||||||||||||||||||||
| Credit | ( i 139) | ( i 212) | i 73 | ( i 154) | i 181 | i 59 | ( i 32) | ( i 224) | ( i 110) | ||||||||||||||||||||||||||||||||
| Foreign exchange | ( i 607) | i 49 | i 49 | ( i 24) | i 83 | i 13 | i 3 | ( i 434) | i 116 | ||||||||||||||||||||||||||||||||
| Equity | ( i 3,395) | ( i 65) | i 1,664 | ( i 2,317) | i 1,162 | ( i 935) | i 24 | ( i 3,862) | ( i 556) | ||||||||||||||||||||||||||||||||
| Commodity | ( i 16) | ( i 546) | i 27 | ( i 241) | i 356 | ( i 310) | ( i 1) | ( i 731) | i 267 | ||||||||||||||||||||||||||||||||
| Total net derivative receivables | ( i 4,489) | i 1,908 | (d) | i 2,121 | ( i 2,884) | ( i 446) | ( i 1,505) | i 302 | ( i 4,993) | i 42 | (d) | ||||||||||||||||||||||||||||||
| Available-for-sale securities: | |||||||||||||||||||||||||||||||||||||||||
| Mortgage-backed securities | i 1 | i — | i — | i — | ( i 1) | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||
| Asset-backed securities | i — | i — | i — | i — | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||
| Total available-for-sale securities | i 1 | i — | i — | i — | ( i 1) | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||
Loans(b) | i 516 | ( i 243) | (d) | i 962 | ( i 84) | ( i 733) | i 2,571 | ( i 684) | i 2,305 | ( i 18) | (d) | ||||||||||||||||||||||||||||||
| Mortgage servicing rights | i 4,699 | ( i 1,540) | (e) | i 1,192 | ( i 176) | ( i 899) | i — | i — | i 3,276 | ( i 1,540) | (e) | ||||||||||||||||||||||||||||||
Other
assets(b) | i 917 | ( i 63) | (d) | i 75 | ( i 104) | ( i 320) | i 40 | ( i 7) | i 538 | ( i 3) | (d) | ||||||||||||||||||||||||||||||
| Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2020 (in millions) | Fair value at January 1, 2020 | Total realized/unrealized (gains)/losses | Transfers (out of) level 3(i) | Fair value at Dec. 31, 2020 | Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||
| Purchases | Sales | Issuances | Settlements(h) | Transfers into level 3(i) | |||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||
| Deposits | $ | i 3,360 | $ | i 165 | (d)(f) | $ | i — | $ | i — | $ | i 671 | $ | ( i 605) | $ | i 265 | $ | ( i 943) | $ | i 2,913 | $ | i 455 | (d)(f) | |||||||||||||||||||
| Short-term borrowings | i 1,674 | ( i 338) | (d)(f) | i — | i — | i 5,140 | ( i 4,115) | i 105 | ( i 46) | i 2,420 | i 143 | (d)(f) | |||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 41 | ( i 2) | (d) | ( i 126) | i 14 | i — | ( i 4) | i 136 | ( i 8) | i 51 | ( i 1) | (d) | |||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 45 | i 33 | (d) | ( i 87) | i 37 | i — | i — | i 47 | ( i 7) | i 68 | i 28 | (d) | |||||||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs | i — | i — | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||
| Long-term debt | i 23,339 | i 40 | (d)(f) | i — | i — | i 9,883 | ( i 9,833) | i 1,250 | ( i 1,282) | i 23,397 | i 1,920 | (d)(f) | |||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 183 | |||||||
| Fair value measurements using significant unobservable inputs | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2019 (in millions) | Fair value at January 1, 2019 | Total realized/unrealized gains/(losses) | Transfers (out of) level 3(i) | Fair value at Dec. 31, 2019 | Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Purchases(g) | Sales | Settlements(h) | Transfers into level 3(i) | |||||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. GSEs and government agencies | $ | i 549 | $ | ( i 62) | $ | i 773 | $ | ( i 310) | $ | ( i 134) | $ | i 1 | $ | ( i 20) | $ | i 797 | $ | ( i 58) | ||||||||||||||||||||||||||||||||
| Residential – nonagency | i 64 | i 25 | i 83 | ( i 86) | ( i 20) | i 15 | ( i 58) | i 23 | i 2 | |||||||||||||||||||||||||||||||||||||||||
| Commercial – nonagency | i 11 | i 2 | i 20 | ( i 26) | ( i 14) | i 15 | ( i 4) | i 4 | i 1 | |||||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 624 | ( i 35) | i 876 | ( i 422) | ( i 168) | i 31 | ( i 82) | i 824 | ( i 55) | |||||||||||||||||||||||||||||||||||||||||
U.S.
Treasury, GSEs and government agencies | i — | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 689 | i 13 | i 85 | ( i 159) | ( i 8) | i — | ( i 610) | i 10 | i 13 | |||||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 155 | i 1 | i 290 | ( i 287) | i — | i 14 | ( i 18) | i 155 | i 4 | |||||||||||||||||||||||||||||||||||||||||
| Corporate debt securities | i 334 | i 47 | i 437 | ( i 247) | ( i 52) | i 112 | ( i 73) | i 558 | i 40 | |||||||||||||||||||||||||||||||||||||||||
Loans(b) | i 738 | i 29 | i 456 | ( i 519) | ( i 82) | i 437 | ( i 386) | i 673 | i 13 | |||||||||||||||||||||||||||||||||||||||||
| Asset-backed securities | i 127 | i — | i 37 | ( i 93) | ( i 40) | i 28 | ( i 22) | i 37 | ( i 3) | |||||||||||||||||||||||||||||||||||||||||
| Total debt instruments | i 2,667 | i 55 | i 2,181 | ( i 1,727) | ( i 350) | i 622 | ( i 1,191) | i 2,257 | i 12 | |||||||||||||||||||||||||||||||||||||||||
| Equity securities | i 232 | ( i 41) | i 58 | ( i 103) | ( i 22) | i 181 | ( i 109) | i 196 | ( i 18) | |||||||||||||||||||||||||||||||||||||||||
| Other | i 301 | ( i 36) | i 50 | ( i 26) | ( i 54) | i 2 | ( i 5) | i 232 | i 91 | |||||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 3,200 | ( i 22) | (d) | i 2,289 | ( i 1,856) | ( i 426) | i 805 | ( i 1,305) | i 2,685 | i 85 | (d) | |||||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(c) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate | ( i 38) | ( i 394) | i 109 | ( i 125) | i 5 | ( i 7) | i 118 | ( i 332) | ( i 599) | |||||||||||||||||||||||||||||||||||||||||
| Credit | ( i 107) | ( i 36) | i 20 | ( i 9) | i 8 | i 29 | ( i 44) | ( i 139) | ( i 127) | |||||||||||||||||||||||||||||||||||||||||
| Foreign exchange | ( i 297) | ( i 551) | i 17 | ( i 67) | i 312 | ( i 22) | i 1 | ( i 607) | ( i 380) | |||||||||||||||||||||||||||||||||||||||||
| Equity | ( i 2,225) | ( i 310) | i 397 | ( i 573) | ( i 503) | ( i 405) | i 224 | ( i 3,395) | ( i 1,608) | |||||||||||||||||||||||||||||||||||||||||
| Commodity | ( i 1,129) | i 497 | i 36 | ( i 348) | i 89 | ( i 6) | i 845 | ( i 16) | i 130 | |||||||||||||||||||||||||||||||||||||||||
| Total net derivative receivables | ( i 3,796) | ( i 794) | (d) | i 579 | ( i 1,122) | ( i 89) | ( i 411) | i 1,144 | ( i 4,489) | ( i 2,584) | (d) | |||||||||||||||||||||||||||||||||||||||
| Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage-backed securities | i 1 | i — | i — | i — | i — | i — | i — | i 1 | i — | |||||||||||||||||||||||||||||||||||||||||
| Asset-backed securities | i — | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||||
| Total available-for-sale securities | i 1 | i — | i — | i — | i — | i — | i — | i 1 | i — | |||||||||||||||||||||||||||||||||||||||||
Loans(b) | i 856 | i 59 | (d) | i 236 | ( i 188) | ( i 482) | i 188 | ( i 153) | i 516 | i 38 | (d) | |||||||||||||||||||||||||||||||||||||||
| Mortgage servicing rights | i 6,130 | ( i 1,180) | (e) | i 1,489 | ( i 789) | ( i 951) | i — | i — | i 4,699 | ( i 1,180) | (e) | |||||||||||||||||||||||||||||||||||||||
Other
assets(b) | i 1,161 | ( i 150) | (d) | i 229 | ( i 166) | ( i 156) | i 6 | ( i 7) | i 917 | ( i 180) | (d) | |||||||||||||||||||||||||||||||||||||||
| Fair value measurements using significant unobservable inputs | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2019 (in millions) | Fair value at January 1, 2019 | Total realized/unrealized (gains)/losses | Transfers (out of) level 3(i) | Fair value at Dec. 31, 2019 | Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
| Purchases | Sales | Issuances | Settlements(h) | Transfers into level 3(i) | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits | $ | i 4,169 | $ | i 278 | (d)(f) | $ | i — | $ | i — | $ | i 916 | $ | ( i 806) | $ | i 12 | $ | ( i 1,209) | $ | i 3,360 | $ | i 307 | (d)(f) | ||||||||||||||||||||||||||||
| Short-term borrowings | i 1,523 | i 229 | (d)(f) | i — | i — | i 3,441 | ( i 3,356) | i 85 | ( i 248) | i 1,674 | i 155 | (d)(f) | ||||||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 50 | i 2 | (d) | ( i 22) | i 41 | i — | i 1 | i 16 | ( i 47) | i 41 | i 3 | (d) | ||||||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 10 | ( i 2) | (d) | ( i 84) | i 115 | i — | i — | i 6 | i — | i 45 | i 29 | (d) | ||||||||||||||||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs | i 1 | ( i 1) | (d) | i — | i — | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
| Long-term debt | i 19,418 | i 2,815 | (d)(f) | i — | i — | i 10,441 | ( i 8,538) | i 651 | ( i 1,448) | i 23,339 | i 2,822 | (d)(f) | ||||||||||||||||||||||||||||||||||||||
184 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2018 (in millions) | Fair value at January 1, 2018 | Total realized/unrealized gains/(losses) | Transfers (out of) level 3(i) | Fair
value at Dec. 31, 2018 | Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases(g) | Sales | Settlements(h) | Transfers into level 3(i) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. GSEs and government agencies | $ | i 307 | $ | ( i 23) | $ | i 478 | $ | ( i 164) | $ | ( i 73) | $ | i 94 | $ | ( i 70) | $ | i 549 | $ | ( i 21) | |||||||||||||||||||||||||||||||||||
| Residential – nonagency | i 60 | ( i 2) | i 78 | ( i 50) | ( i 7) | i 59 | ( i 74) | i 64 | i 1 | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial – nonagency | i 11 | i 2 | i 18 | ( i 18) | ( i 17) | i 36 | ( i 21) | i 11 | ( i 2) | ||||||||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 378 | ( i 23) | i 574 | ( i 232) | ( i 97) | i 189 | ( i 165) | i 624 | ( i 22) | ||||||||||||||||||||||||||||||||||||||||||||
U.S.
Treasury, GSEs and government agencies | i 1 | i — | i — | i — | i — | i — | ( i 1) | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 744 | ( i 17) | i 112 | ( i 70) | ( i 80) | i — | i — | i 689 | ( i 17) | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 78 | ( i 22) | i 459 | ( i 277) | ( i 12) | i 23 | ( i 94) | i 155 | ( i 9) | ||||||||||||||||||||||||||||||||||||||||||||
| Corporate debt securities | i 312 | ( i 18) | i 364 | ( i 309) | ( i 48) | i 262 | ( i 229) | i 334 | ( i 1) | ||||||||||||||||||||||||||||||||||||||||||||
Loans(b) | i 612 | i 1 | i 941 | ( i 536) | ( i 219) | i 619 | ( i 680) | i 738 | ( i 13) | ||||||||||||||||||||||||||||||||||||||||||||
| Asset-backed securities | i 153 | i 28 | i 98 | ( i 41) | ( i 55) | i 45 | ( i 101) | i 127 | i 22 | ||||||||||||||||||||||||||||||||||||||||||||
| Total debt instruments | i 2,278 | ( i 51) | i 2,548 | ( i 1,465) | ( i 511) | i 1,138 | ( i 1,270) | i 2,667 | ( i 40) | ||||||||||||||||||||||||||||||||||||||||||||
| Equity securities | i 295 | ( i 40) | i 118 | ( i 120) | ( i 1) | i 107 | ( i 127) | i 232 | i 9 | ||||||||||||||||||||||||||||||||||||||||||||
| Other | i 690 | ( i 285) | i 55 | ( i 40) | ( i 118) | i 3 | ( i 4) | i 301 | ( i 301) | ||||||||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 3,263 | ( i 376) | (d) | i 2,721 | ( i 1,625) | ( i 630) | i 1,248 | ( i 1,401) | i 3,200 | ( i 332) | (d) | ||||||||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate | i 264 | i 150 | i 107 | ( i 133) | ( i 430) | ( i 15) | i 19 | ( i 38) | i 187 | ||||||||||||||||||||||||||||||||||||||||||||
| Credit | ( i 35) | ( i 40) | i 5 | ( i 7) | ( i 57) | i 4 | i 23 | ( i 107) | ( i 28) | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign exchange | ( i 396) | i 103 | i 52 | ( i 20) | i 30 | ( i 108) | i 42 | ( i 297) | ( i 63) | ||||||||||||||||||||||||||||||||||||||||||||
| Equity | ( i 3,409) | i 198 | i 1,676 | ( i 2,208) | i 1,805 | ( i 617) | i 330 | ( i 2,225) | i 561 | ||||||||||||||||||||||||||||||||||||||||||||
| Commodity | ( i 674) | ( i 73) | i 1 | ( i 72) | ( i 301) | i 7 | ( i 17) | ( i 1,129) | i 146 | ||||||||||||||||||||||||||||||||||||||||||||
| Total net derivative receivables | ( i 4,250) | i 338 | (d) | i 1,841 | ( i 2,440) | i 1,047 | ( i 729) | i 397 | ( i 3,796) | i 803 | (d) | ||||||||||||||||||||||||||||||||||||||||||
| Available-for-sale securities: | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage-backed securities | i 1 | i — | i — | i — | i — | i — | i — | i 1 | i — | ||||||||||||||||||||||||||||||||||||||||||||
| Asset-backed securities | i 276 | i 1 | i — | i — | ( i 277) | i — | i — | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
| Total available-for-sale securities | i 277 | i 1 | (j) | i — | i — | ( i 277) | i — | i — | i 1 | i — | |||||||||||||||||||||||||||||||||||||||||||
Loans(b) | i 2,152 | i 9 | (d) | i 412 | ( i 1,256) | ( i 496) | i 194 | ( i 159) | i 856 | ( i 4) | (d) | ||||||||||||||||||||||||||||||||||||||||||
| Mortgage servicing rights | i 6,030 | i 230 | (e) | i 1,246 | ( i 636) | ( i 740) | i — | i — | i 6,130 | i 230 | (e) | ||||||||||||||||||||||||||||||||||||||||||
Other
assets(b) | i 1,496 | ( i 319) | (d) | i 195 | ( i 38) | ( i 176) | i 4 | ( i 1) | i 1,161 | ( i 331) | (d) | ||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2018 (in millions) | Fair value at January 1, 2018 | Total realized/unrealized (gains)/losses | Transfers into level 3(i) | Transfers
(out of) level 3(i) | Fair value at Dec. 31, 2018 | Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
| Purchases | Sales | Issuances | Settlements(h) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits | $ | i 4,142 | $ | ( i 136) | (d)(f) | $ | i — | $ | i — | $ | i 1,437 | $ | ( i 736) | $ | i 2 | $ | ( i 540) | $ | i 4,169 | $ | ( i 204) | (d)(f) | |||||||||||||||||||||||||||||||
| Short-term borrowings | i 1,665 | ( i 329) | (d)(f) | i — | i — | i 3,455 | ( i 3,388) | i 272 | ( i 152) | i 1,523 | ( i 131) | (d)(f) | |||||||||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 39 | i 19 | (d) | ( i 99) | i 114 | i — | ( i 1) | i 14 | ( i 36) | i 50 | i 16 | (d) | |||||||||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 13 | i — | ( i 12) | i 5 | i — | i — | i 4 | i — | i 10 | i — | |||||||||||||||||||||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs | i 39 | i — | i — | i 1 | i — | ( i 39) | i — | i — | i 1 | i — | |||||||||||||||||||||||||||||||||||||||||||
| Long-term debt | i 16,125 | ( i 1,169) | (d)(f) | i — | i — | i 11,919 | ( i 7,769) | i 1,143 | ( i 831) | i 19,418 | ( i 1,385) | (d)(f) | |||||||||||||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 185 | |||||||
186 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 187 | |||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Credit and funding adjustments: | |||||||||||||||||
| Derivatives CVA | $ | ( i 337) | $ | i 241 | $ | i 193 | |||||||||||
| Derivatives FVA | ( i 64) | i 199 | ( i 74) | ||||||||||||||
188 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Fair value hierarchy | Total fair value | |||||||||||||||||||
| December 31, 2020 (in millions) | Level 1 | Level 2 | Level 3 | |||||||||||||||||
| Loans | $ | i — | $ | i 1,611 | (c) | $ | i 972 | (d) | $ | i 2,583 | ||||||||||
Other
assets(a) | i — | i 5 | i 979 | i 984 | ||||||||||||||||
| Total assets measured at fair value on a nonrecurring basis | $ | i — | $ | i 1,616 | $ | i 1,951 | $ | i 3,567 | ||||||||||||
Accounts
payable and other liabilities(b) | i — | i — | i 12 | i 12 | ||||||||||||||||
| Total liabilities measured at fair value on a nonrecurring basis | $ | i — | $ | i — | $ | i 12 | $ | i 12 | ||||||||||||
| Fair value hierarchy | Total fair value | |||||||||||||||||||
| December 31, 2019 (in millions) | Level 1 | Level 2 | Level 3 | |||||||||||||||||
| Loans | $ | i — | $ | i 3,462 | (c) | $ | i 269 | $ | i 3,731 | |||||||||||
| Other assets | i — | i 14 | i 1,043 | (e) | i 1,057 | |||||||||||||||
Total
assets measured at fair value on a nonrecurring basis | $ | i — | $ | i 3,476 | $ | i 1,312 | $ | i 4,788 | ||||||||||||
| December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Loans(a) | $ | ( i 393) | $ | ( i 274) | $ | ( i 68) | ||||||||||||||
Other
assets(b) | ( i 529) | i 182 | (c) | i 132 | ||||||||||||||||
Accounts
payable and other liabilities | ( i 11) | i — | i — | |||||||||||||||||
Total
nonrecurring fair value gains/(losses) | $ | ( i 933) | $ | ( i 92) | $ | i 64 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 189 | |||||||
| As of or for the year ended December 31, | ||||||||||||||||||||
| (in millions) | 2020 | 2019 | ||||||||||||||||||
| Other assets | ||||||||||||||||||||
Carrying value(a) | $ | i 2,368 | $ | i 2,441 | ||||||||||||||||
Upward
carrying value changes(b) | i 167 | i 243 | (d) | |||||||||||||||||
Downward
carrying value changes/impairment(c) | ( i 301) | ( i 42) | ||||||||||||||||||
190 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
| 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 24.9 | $ | i 24.9 | $ | i — | $ | i — | $ | i 24.9 | $ | i 21.7 | $ | i 21.7 | $ | i — | $ | i — | $ | i 21.7 | |||||||||||||||
| Deposits with banks | i 502.7 | i 502.7 | i — | i — | i 502.7 | i 241.9 | i 241.9 | i — | i — | i 241.9 | |||||||||||||||||||||||||
Accrued
interest and accounts receivable | i 89.4 | i — | i 89.3 | i 0.1 | i 89.4 | i 71.3 | i — | i 71.2 | i 0.1 | i 71.3 | |||||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | i 58.3 | i — | i 58.3 | i — | i 58.3 | i 234.6 | i — | i 234.6 | i — | i 234.6 | |||||||||||||||||||||||||
Securities
borrowed | i 107.7 | i — | i 107.7 | i — | i 107.7 | i 133.5 | i — | i 133.5 | i — | i 133.5 | |||||||||||||||||||||||||
Investment
securities, held-to-maturity | i 201.8 | i 53.2 | i 152.3 | i — | i 205.5 | i 47.5 | i 0.1 | i 48.8 | i — | i 48.9 | |||||||||||||||||||||||||
Loans,
net of allowance for loan losses(a) | i 940.1 | i — | i 210.9 | i 755.6 | i 966.5 | i 939.5 | i — | i 214.1 | i 734.9 | i 949.0 | |||||||||||||||||||||||||
| Other | i 81.8 | i — | i 80.0 | i 1.9 | i 81.9 | i 61.3 | i — | i 60.6 | i 0.8 | i 61.4 | |||||||||||||||||||||||||
| Financial liabilities | |||||||||||||||||||||||||||||||||||
| Deposits | $ | i 2,129.8 | $ | i — | $ | i 2,128.9 | $ | i — | $ | i 2,128.9 | $ | i 1,533.8 | $ | i — | $ | i 1,534.1 | $ | i — | $ | i 1,534.1 | |||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i 59.5 | i — | i 59.5 | i — | i 59.5 | i 183.1 | i — | i 183.1 | i — | i 183.1 | |||||||||||||||||||||||||
| Short-term borrowings | i 28.3 | i — | i 28.3 | i — | i 28.3 | i 35.0 | i — | i 35.0 | i — | i 35.0 | |||||||||||||||||||||||||
Accounts
payable and other liabilities | i 186.6 | i — | i 181.9 | i 4.3 | i 186.2 | i 164.0 | i 0.1 | i 160.0 | i 3.5 | i 163.6 | |||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs | i 17.5 | i — | i 17.6 | i — | i 17.6 | i 17.8 | i — | i 17.9 | i — | i 17.9 | |||||||||||||||||||||||||
| Long-term debt | i 204.8 | i — | i 209.2 | i 3.2 | i 212.4 | i 215.5 | i — | i 218.3 | i 3.5 | i 221.8 | |||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
| 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 2.2 | $ | i — | $ | i — | $ | i 2.1 | $ | i 2.1 | $ | i 1.2 | $ | i — | $ | i — | $ | i 1.9 | $ | i 1.9 | |||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 191 | |||||||
192 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||
| December 31, (in millions) | Principal transactions | All other income | Total changes in fair value recorded(f) | Principal transactions | All other income | Total changes in fair value recorded(f) | Principal transactions | All other income | Total changes in fair value recorded(f) | |||||||||||||||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | $ | i 12 | $ | i — | $ | i 12 | $ | ( i 36) | $ | i — | $ | ( i 36) | $ | ( i 35) | $ | i — | $ | ( i 35) | ||||||||||||||||||||||||||
| Securities borrowed | i 143 | i — | i 143 | i 133 | i — | i 133 | i 22 | i — | i 22 | |||||||||||||||||||||||||||||||||||
| Trading assets: | ||||||||||||||||||||||||||||||||||||||||||||
Debt and equity instruments, excluding loans | i 1,546 | ( i 1) | (d) | i 1,545 | i 2,482 | ( i 1) | (d) | i 2,481 | ( i 1,680) | i 1 | (d) | ( i 1,679) | ||||||||||||||||||||||||||||||||
Loans
reported as trading assets: | ||||||||||||||||||||||||||||||||||||||||||||
Changes in instrument-specific credit risk(a) | i 135 | i — | i 135 | i 248 | i — | i 248 | i 15 | i — | i 15 | |||||||||||||||||||||||||||||||||||
Other
changes in fair value(a) | ( i 19) | i — | ( i 19) | ( i 1) | i — | ( i 1) | i 28 | i — | i 28 | |||||||||||||||||||||||||||||||||||
| Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Changes
in instrument-specific credit risk(a) | i 190 | i 7 | (d) | i 197 | i 475 | i 2 | (d) | i 477 | i 385 | i 1 | (d) | i 386 | ||||||||||||||||||||||||||||||||
Other
changes in fair value(a) | i 470 | i 3,239 | (d) | i 3,709 | i 267 | i 1,224 | (d) | i 1,491 | i 138 | i 185 | (d) | i 323 | ||||||||||||||||||||||||||||||||
Other
assets(a) | i 103 | ( i 65) | (e) | i 38 | i 8 | i 6 | (e) | i 14 | i 11 | ( i 45) | (e) | ( i 34) | ||||||||||||||||||||||||||||||||
Deposits(b) | ( i 726) | i — | ( i 726) | ( i 1,730) | i — | ( i 1,730) | i 181 | i — | i 181 | |||||||||||||||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | ( i 6) | i — | ( i 6) | ( i 8) | i — | ( i 8) | i 11 | i — | i 11 | |||||||||||||||||||||||||||||||||||
Short-term
borrowings(b) | i 294 | i — | i 294 | ( i 693) | i — | ( i 693) | i 862 | i — | i 862 | |||||||||||||||||||||||||||||||||||
| Trading liabilities | i 2 | i — | i 2 | i 6 | i — | i 6 | i 1 | i — | i 1 | |||||||||||||||||||||||||||||||||||
Other
liabilities | ( i 94) | i — | ( i 94) | ( i 16) | i — | ( i 16) | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Long-term
debt(b)(c) | ( i 2,120) | ( i 1) | (d) | ( i 2,121) | ( i 6,173) | i 1 | (d) | ( i 6,172) | i 2,695 | i — | i 2,695 | |||||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 193 | |||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||
| December 31, (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(a) | $ | i 3,386 | $ | i 555 | $ | ( i 2,831) | $ | i 2,563 | $ | i 234 | $ | ( i 2,329) | |||||||||||||||||
Loans(a) | i 1,867 | i 1,507 | ( i 360) | i 964 | i 696 | ( i 268) | |||||||||||||||||||||||
| Subtotal | i 5,253 | i 2,062 | ( i 3,191) | i 3,527 | i 930 | ( i 2,597) | |||||||||||||||||||||||
90
or more days past due and government guaranteed(b) | |||||||||||||||||||||||||||||
| Loans reported as trading assets | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||
| Loans | i 328 | i 317 | ( i 11) | i 138 | i 129 | ( i 9) | |||||||||||||||||||||||
| Subtotal | i 328 | i 317 | ( i 11) | i 138 | i 129 | ( i 9) | |||||||||||||||||||||||
All
other performing loans(c) | |||||||||||||||||||||||||||||
Loans reported as trading assets(a) | i 7,917 | i 6,439 | ( i 1,478) | i 8,288 | i 6,779 | ( i 1,509) | |||||||||||||||||||||||
Loans(a) | i 42,022 | i 42,650 | i 628 | i 43,955 | i 44,130 | i 175 | |||||||||||||||||||||||
| Subtotal | i 49,939 | i 49,089 | ( i 850) | i 52,243 | i 50,909 | ( i 1,334) | |||||||||||||||||||||||
| Total loans | $ | i 55,520 | $ | i 51,468 | $ | ( i 4,052) | $ | i 55,908 | $ | i 51,968 | $ | ( i 3,940) | |||||||||||||||||
| Long-term debt | |||||||||||||||||||||||||||||
| Principal-protected debt | $ | i 40,560 | (e) | $ | i 40,526 | $ | ( i 34) | $ | i 40,124 | (e) | $ | i 39,246 | $ | ( i 878) | |||||||||||||||
Nonprincipal-protected
debt(d) | NA | i 36,291 | NA | NA | i 36,499 | NA | |||||||||||||||||||||||
| Total long-term debt | NA | $ | i 76,817 | NA | NA | $ | i 75,745 | NA | |||||||||||||||||||||
| Long-term beneficial interests | |||||||||||||||||||||||||||||
Nonprincipal-protected debt(d) | NA | $ | i 41 | NA | NA | $ | i 36 | NA | |||||||||||||||||||||
| Total long-term beneficial interests | NA | $ | i 41 | NA | NA | $ | i 36 | NA | |||||||||||||||||||||
194 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
| (in millions) | Long-term debt | Short-term borrowings | Deposits | Total | Long-term debt | Short-term borrowings | Deposits | Total | |||||||||||||||||||||
| Risk exposure | |||||||||||||||||||||||||||||
| Interest rate | $ | i 38,129 | $ | i 65 | $ | i 5,057 | $ | i 43,251 | $ | i 35,470 | $ | i 34 | $ | i 16,692 | $ | i 52,196 | |||||||||||||
| Credit | i 6,409 | i 1,022 | i — | i 7,431 | i 5,715 | i 875 | i — | i 6,590 | |||||||||||||||||||||
| Foreign exchange | i 3,613 | i 92 | i — | i 3,705 | i 3,862 | i 48 | i 5 | i 3,915 | |||||||||||||||||||||
| Equity | i 26,943 | i 5,021 | i 6,893 | i 38,857 | i 29,294 | i 4,852 | i 8,177 | i 42,323 | |||||||||||||||||||||
| Commodity | i 250 | i 13 | i 232 | i 495 | i 472 | i 32 | i 1,454 | i 1,958 | |||||||||||||||||||||
| Total structured notes | $ | i 75,344 | $ | i 6,213 | $ | i 12,182 | $ | i 93,739 | $ | i 74,813 | $ | i 5,841 | $ | i 26,328 | $ | i 106,982 | |||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 195 | |||||||
196 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| 2020 | 2019 | |||||||||||||||||||||||||||||||
Credit
exposure(h)(i) | On-balance sheet | Off-balance sheet(i)(k) | Credit exposure(h)(i) | On-balance sheet | Off-balance sheet(i)(k) | |||||||||||||||||||||||||||
| December 31, (in millions) | Loans(i) | Derivatives | Loans(i) | Derivatives | ||||||||||||||||||||||||||||
| Consumer, excluding credit card | $ | i 375,898 | $ | i 318,579 | (j) | $ | — | $ | i 57,319 | $ | i 357,986 | $ | i 317,817 | $ | — | $ | i 40,169 | |||||||||||||||
Credit
card(a) | i 802,722 | i 144,216 | — | i 658,506 | i 819,644 | i 168,924 | — | i 650,720 | ||||||||||||||||||||||||
Total
consumer-related(a) | i 1,178,620 | i 462,795 | — | i 715,825 | i 1,177,630 | i 486,741 | — | i 690,889 | ||||||||||||||||||||||||
Wholesale-related(b) | ||||||||||||||||||||||||||||||||
| Real Estate | i 148,498 | i 118,299 | i 1,385 | i 28,814 | i 150,919 | i 117,709 | i 619 | i 32,591 | ||||||||||||||||||||||||
Individuals
and Individual Entities(c) | i 122,870 | i 109,746 | i 1,750 | i 11,374 | i 105,027 | i 94,616 | i 694 | i 9,717 | ||||||||||||||||||||||||
| Consumer & Retail | i 108,437 | i 39,013 | i 2,802 | i 66,622 | i 106,986 | i 36,985 | i 1,424 | i 68,577 | ||||||||||||||||||||||||
| Technology,
Media & Telecommunications | i 72,150 | i 14,687 | i 4,252 | i 53,211 | i 60,033 | i 15,322 | i 2,766 | i 41,945 | ||||||||||||||||||||||||
| Asset Managers | i 66,573 | i 31,059 | i 9,277 | i 26,237 | i 54,304 | i 24,008 | i 7,160 | i 23,136 | ||||||||||||||||||||||||
| Industrials | i 66,470 | i 21,143 | i 1,851 | i 43,476 | i 62,483 | i 22,063 | i 878 | i 39,542 | ||||||||||||||||||||||||
| Healthcare | i 60,118 | i 19,405 | i 3,252 | i 37,461 | i 50,824 | i 17,607 | i 2,078 | i 31,139 | ||||||||||||||||||||||||
| Banks & Finance Cos | i 54,032 | i 31,004 | i 8,044 | i 14,984 | i 50,786 | i 31,191 | i 5,165 | i 14,430 | ||||||||||||||||||||||||
| Automotive | i 43,331 | i 17,128 | i 5,995 | i 20,208 | i 35,118 | i 18,844 | i 368 | i 15,906 | ||||||||||||||||||||||||
| Oil & Gas | i 39,159 | i 11,267 | i 1,643 | i 26,249 | i 41,641 | i 13,101 | i 852 | i 27,688 | ||||||||||||||||||||||||
State
& Municipal Govt(d) | i 38,286 | i 18,054 | i 2,347 | i 17,885 | i 30,095 | i 13,271 | i 2,000 | i 14,824 | ||||||||||||||||||||||||
| Utilities | i 30,124 | i 4,874 | i 3,340 | i 21,910 | i 34,843 | i 5,157 | i 2,573 | i 27,113 | ||||||||||||||||||||||||
| Chemicals & Plastics | i 17,176 | i 4,884 | i 856 | i 11,436 | i 17,499 | i 4,864 | i 459 | i 12,176 | ||||||||||||||||||||||||
| Central Govt | i 17,025 | i 3,396 | i 12,313 | i 1,316 | i 14,865 | i 2,840 | i 10,477 | i 1,548 | ||||||||||||||||||||||||
| Transportation | i 16,232 | i 6,566 | i 1,495 | i 8,171 | i 14,497 | i 5,253 | i 715 | i 8,529 | ||||||||||||||||||||||||
| Metals & Mining | i 15,542 | i 4,854 | i 882 | i 9,806 | i 15,586 | i 5,364 | i 402 | i 9,820 | ||||||||||||||||||||||||
| Insurance | i 13,141 | i 1,042 | i 2,527 | i 9,572 | i 12,348 | i 1,356 | i 2,282 | i 8,710 | ||||||||||||||||||||||||
| Securities Firms | i 8,048 | i 469 | i 4,838 | i 2,741 | i 7,381 | i 757 | i 4,507 | i 2,117 | ||||||||||||||||||||||||
| Financial Markets Infrastructure | i 6,515 | i 19 | i 3,757 | i 2,739 | i 4,121 | i 13 | i 2,482 | i 1,626 | ||||||||||||||||||||||||
All
other(e) | i 100,713 | i 58,038 | i 7,024 | i 35,651 | i 79,598 | i 51,357 | i 1,865 | i 26,376 | ||||||||||||||||||||||||
| Subtotal | i 1,044,440 | i 514,947 | i 79,630 | i 449,863 | i 948,954 | i 481,678 | i 49,766 | i 417,510 | ||||||||||||||||||||||||
Loans
held-for-sale and loans at fair value | i 35,111 | i 35,111 | — | — | i 29,201 | i 29,201 | — | — | ||||||||||||||||||||||||
Receivables
from customers(f) | i 47,710 | — | — | — | i 33,706 | — | — | — | ||||||||||||||||||||||||
| Total wholesale-related | i 1,127,261 | i 550,058 | i 79,630 | i 449,863 | i 1,011,861 | i 510,879 | i 49,766 | i 417,510 | ||||||||||||||||||||||||
Total
exposure(g)(h) | $ | i 2,305,881 | $ | i 1,012,853 | $ | i 79,630 | $ | i 1,165,688 | $ | i 2,189,491 | $ | i 997,620 | $ | i 49,766 | $ | i 1,108,399 | ||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 197 | |||||||
198 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 199 | |||||||
| Type of Derivative | Use of Derivative | Designation and disclosure | Affected segment or unit | Page reference | ||||||||||
| Manage specifically identified risk exposures in qualifying hedge accounting relationships: | ||||||||||||||
•Interest rate | Hedge fixed rate assets and liabilities | Fair value hedge | Corporate | 206-207 | ||||||||||
•Interest
rate | Hedge floating-rate assets and liabilities | Cash flow hedge | Corporate | 208 | ||||||||||
•Foreign exchange | Hedge foreign currency-denominated assets and liabilities | Fair value hedge | Corporate | 206-207 | ||||||||||
•Foreign exchange | Hedge
foreign currency-denominated forecasted revenue and expense | Cash flow hedge | Corporate | 208 | ||||||||||
•Foreign exchange | Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities | Net investment hedge | Corporate | 208 | ||||||||||
•Commodity | Hedge commodity inventory | Fair value hedge | CIB | 206-207 | ||||||||||
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 | 209 | ||||||||||
•Credit | Manage
the credit risk associated with wholesale lending exposures | Specified risk management | CIB | 209 | ||||||||||
•Interest rate and foreign exchange | Manage the risk associated with certain other specified assets and liabilities | Specified risk management | Corporate | 209 | ||||||||||
Market-making derivatives and other activities: | ||||||||||||||
•Various | Market-making and related risk management | Market-making and other | CIB | 209 | ||||||||||
•Various | Other derivatives | Market-making and other | CIB, AWM, Corporate | 209 | ||||||||||
200 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
Notional
amounts(b) | |||||||||||||||||||||||||||||
| December 31, (in billions) | 2020 | 2019 | |||||||||||||||||||||||||||
| Interest rate contracts | |||||||||||||||||||||||||||||
Swaps | $ | i 20,986 | $ | i 21,228 | |||||||||||||||||||||||||
Futures
and forwards | i 3,057 | i 3,152 | |||||||||||||||||||||||||||
Written
options | i 3,375 | i 3,938 | |||||||||||||||||||||||||||
Purchased
options | i 3,675 | i 4,361 | |||||||||||||||||||||||||||
Total
interest rate contracts | i 31,093 | i 32,679 | |||||||||||||||||||||||||||
Credit
derivatives(a) | i 1,201 | i 1,242 | |||||||||||||||||||||||||||
Foreign
exchange contracts | |||||||||||||||||||||||||||||
Cross-currency swaps | i 3,924 | i 3,604 | |||||||||||||||||||||||||||
Spot,
futures and forwards | i 6,871 | i 5,577 | |||||||||||||||||||||||||||
Written
options | i 830 | i 700 | |||||||||||||||||||||||||||
Purchased
options | i 825 | i 718 | |||||||||||||||||||||||||||
Total
foreign exchange contracts | i 12,450 | i 10,599 | |||||||||||||||||||||||||||
| Equity contracts | |||||||||||||||||||||||||||||
Swaps | i 448 | i 406 | |||||||||||||||||||||||||||
Futures
and forwards | i 140 | i 142 | |||||||||||||||||||||||||||
Written
options | i 676 | i 646 | |||||||||||||||||||||||||||
Purchased
options | i 621 | i 611 | |||||||||||||||||||||||||||
| Total equity contracts | i 1,885 | i 1,805 | |||||||||||||||||||||||||||
| Commodity contracts | |||||||||||||||||||||||||||||
Swaps | i 138 | i 147 | |||||||||||||||||||||||||||
Spot,
futures and forwards | i 198 | i 211 | |||||||||||||||||||||||||||
Written
options | i 124 | i 135 | |||||||||||||||||||||||||||
Purchased
options | i 105 | i 124 | |||||||||||||||||||||||||||
Total
commodity contracts | i 565 | i 617 | |||||||||||||||||||||||||||
Total
derivative notional amounts | $ | i 47,194 | $ | i 46,942 | |||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 201 | |||||||
Free-standing
derivative receivables and payables(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 390,659 | $ | i 831 | $ | i 391,490 | $ | i 35,725 | $ | i 353,627 | $ | i — | $ | i 353,627 | $ | i 13,012 | ||||||||||||||||||||||||||||||||||||||||
| Credit | i 13,503 | i — | i 13,503 | i 680 | i 15,192 | i — | i 15,192 | 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 74,798 | i — | i 74,798 | i 20,673 | 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 704,898 | $ | i 2,656 | $ | i 707,554 | $ | i 79,630 | $ | i 685,295 | $ | i 3,592 | $ | i 688,887 | $ | i 70,623 | ||||||||||||||||||||||||||||||||||||||||
| Gross derivative receivables | Gross derivative payables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2019 (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 312,451 | $ | i 843 | $ | i 313,294 | $ | i 27,421 | $ | i 279,272 | $ | i 1 | $ | i 279,273 | $ | i 8,603 | ||||||||||||||||||||||||||||||||||||||||
| Credit | i 14,876 | i — | i 14,876 | i 701 | i 15,121 | i — | i 15,121 | i 1,652 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign exchange | i 138,179 | i 308 | i 138,487 | i 9,005 | i 144,125 | i 983 | i 145,108 | i 13,158 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | i 45,727 | i — | i 45,727 | i 6,477 | i 52,741 | i — | i 52,741 | i 12,537 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Commodity | i 16,914 | i 328 | i 17,242 | i 6,162 | i 19,736 | i 149 | i 19,885 | i 7,758 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total
fair value of trading assets and liabilities | $ | i 528,147 | $ | i 1,479 | $ | i 529,626 | $ | i 49,766 | $ | i 510,995 | $ | i 1,133 | $ | i 512,128 | $ | i 43,708 | ||||||||||||||||||||||||||||||||||||||||
202 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| 2020 | 2019 | |||||||||||||||||||||||||||||||||||||
| December 31, (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: | ||||||||||||||||||||||||||||||||||||||
| OTC | $ | i 367,056 | $ | ( i 337,451) | $ | i 29,605 | $ | i 299,205 | $ | ( i 276,255) | $ | i 22,950 | ||||||||||||||||||||||||||
| OTC–cleared | i 18,340 | ( i 17,919) | i 421 | i 9,442 | ( i 9,360) | i 82 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 554 | ( i 395) | i 159 | i 347 | ( i 258) | i 89 | ||||||||||||||||||||||||||||||||
| Total interest rate contracts | i 385,950 | ( i 355,765) | i 30,185 | i 308,994 | ( i 285,873) | i 23,121 | ||||||||||||||||||||||||||||||||
| Credit contracts: | ||||||||||||||||||||||||||||||||||||||
| OTC | i 9,052 | ( i 8,514) | i 538 | i 10,743 | ( i 10,317) | i 426 | ||||||||||||||||||||||||||||||||
| OTC–cleared | i 4,326 | ( i 4,309) | i 17 | i 3,864 | ( i 3,858) | i 6 | ||||||||||||||||||||||||||||||||
| Total credit contracts | i 13,378 | ( i 12,823) | i 555 | i 14,607 | ( i 14,175) | i 432 | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||
| OTC | i 201,349 | ( i 189,655) | i 11,694 | i 136,252 | ( i 129,324) | i 6,928 | ||||||||||||||||||||||||||||||||
| OTC–cleared | i 834 | ( i 819) | i 15 | i 185 | ( i 152) | i 33 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 35 | ( i 5) | i 30 | i 10 | ( i 6) | i 4 | ||||||||||||||||||||||||||||||||
| Total foreign exchange contracts | i 202,218 | ( i 190,479) | i 11,739 | i 136,447 | ( i 129,482) | i 6,965 | ||||||||||||||||||||||||||||||||
| Equity contracts: | ||||||||||||||||||||||||||||||||||||||
| OTC | i 34,030 | ( i 27,374) | i 6,656 | i 23,106 | ( i 20,820) | i 2,286 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 28,294 | ( i 26,751) | i 1,543 | i 19,654 | ( i 18,430) | i 1,224 | ||||||||||||||||||||||||||||||||
| Total equity contracts | i 62,324 | ( i 54,125) | i 8,199 | i 42,760 | ( i 39,250) | i 3,510 | ||||||||||||||||||||||||||||||||
| Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
| OTC | i 10,924 | ( i 7,901) | i 3,023 | i 7,093 | ( i 5,149) | i 1,944 | ||||||||||||||||||||||||||||||||
| OTC–cleared | i 20 | ( i 20) | i — | i 28 | ( i 28) | i — | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 6,833 | ( i 6,811) | i 22 | i 6,154 | ( i 5,903) | i 251 | ||||||||||||||||||||||||||||||||
| Total commodity contracts | i 17,777 | ( i 14,732) | i 3,045 | i 13,275 | ( i 11,080) | i 2,195 | ||||||||||||||||||||||||||||||||
Derivative
receivables with appropriate legal opinion | i 681,647 | ( i 627,924) | i 53,723 | (d) | i 516,083 | ( i 479,860) | i 36,223 | (d) | ||||||||||||||||||||||||||||||
Derivative
receivables where an appropriate legal opinion has not been either sought or obtained | i 25,907 | i 25,907 | i 13,543 | i 13,543 | ||||||||||||||||||||||||||||||||||
Total
derivative receivables recognized on the Consolidated balance sheets | $ | i 707,554 | $ | i 79,630 | $ | i 529,626 | $ | i 49,766 | ||||||||||||||||||||||||||||||
Collateral
not nettable on the Consolidated balance sheets(b)(c) | ( i 14,806) | ( i 13,052) | ||||||||||||||||||||||||||||||||||||
Net
amounts | $ | i 64,824 | $ | i 36,714 | ||||||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 203 | |||||||
| 2020 | 2019 | |||||||||||||||||||||||||||||||||||||
| December 31, (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 331,854 | $ | ( i 320,780) | $ | i 11,074 | $ | i 267,311 | $ | ( i 260,229) | $ | i 7,082 | ||||||||||||||||||||||||||
| OTC–cleared | i 19,710 | ( i 19,494) | i 216 | i 10,217 | ( i 10,138) | i 79 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 358 | ( i 341) | i 17 | i 365 | ( i 303) | i 62 | ||||||||||||||||||||||||||||||||
| Total interest rate contracts | i 351,922 | ( i 340,615) | i 11,307 | i 277,893 | ( i 270,670) | i 7,223 | ||||||||||||||||||||||||||||||||
| Credit contracts: | ||||||||||||||||||||||||||||||||||||||
| OTC | i 10,671 | ( i 9,141) | i 1,530 | i 11,570 | ( i 10,080) | i 1,490 | ||||||||||||||||||||||||||||||||
| OTC–cleared | i 4,075 | ( i 4,056) | i 19 | i 3,390 | ( i 3,389) | i 1 | ||||||||||||||||||||||||||||||||
| Total credit contracts | i 14,746 | ( i 13,197) | i 1,549 | i 14,960 | ( i 13,469) | i 1,491 | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||
| OTC | i 210,803 | ( i 193,672) | i 17,131 | i 142,360 | ( i 131,792) | i 10,568 | ||||||||||||||||||||||||||||||||
| OTC–cleared | i 836 | ( i 819) | i 17 | i 186 | ( i 152) | i 34 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 34 | ( i 2) | i 32 | i 12 | ( i 6) | i 6 | ||||||||||||||||||||||||||||||||
| Total foreign exchange contracts | i 211,673 | ( i 194,493) | i 17,180 | i 142,558 | ( i 131,950) | i 10,608 | ||||||||||||||||||||||||||||||||
| Equity contracts: | ||||||||||||||||||||||||||||||||||||||
| OTC | i 35,330 | ( i 28,763) | i 6,567 | i 27,594 | ( i 21,778) | i 5,816 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 34,491 | ( i 26,752) | i 7,739 | i 20,216 | ( i 18,426) | i 1,790 | ||||||||||||||||||||||||||||||||
| Total equity contracts | i 69,821 | ( i 55,515) | i 14,306 | i 47,810 | ( i 40,204) | i 7,606 | ||||||||||||||||||||||||||||||||
| Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
| OTC | i 10,365 | ( i 7,544) | i 2,821 | i 8,714 | ( i 6,235) | i 2,479 | ||||||||||||||||||||||||||||||||
| OTC–cleared | i 32 | ( i 32) | i — | i 30 | ( i 30) | i — | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 7,391 | ( i 6,868) | i 523 | i 6,012 | ( i 5,862) | i 150 | ||||||||||||||||||||||||||||||||
| Total commodity contracts | i 17,788 | ( i 14,444) | i 3,344 | i 14,756 | ( i 12,127) | i 2,629 | ||||||||||||||||||||||||||||||||
Derivative
payables with appropriate legal opinion | i 665,950 | ( i 618,264) | i 47,686 | (d) | i 497,977 | ( i 468,420) | i 29,557 | (d) | ||||||||||||||||||||||||||||||
Derivative
payables where an appropriate legal opinion has not been either sought or obtained | i 22,937 | i 22,937 | i 14,151 | i 14,151 | ||||||||||||||||||||||||||||||||||
Total
derivative payables recognized on the Consolidated balance sheets | $ | i 688,887 | $ | i 70,623 | $ | i 512,128 | $ | i 43,708 | ||||||||||||||||||||||||||||||
Collateral
not nettable on the Consolidated balance sheets(b)(c) | ( i 11,964) | ( i 6,960) | ||||||||||||||||||||||||||||||||||||
Net
amounts | $ | i 58,659 | $ | i 36,748 | ||||||||||||||||||||||||||||||||||
204 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| OTC and OTC-cleared derivative payables containing downgrade triggers | |||||||||||||||||
| December 31, (in millions) | 2020 | 2019 | |||||||||||||||
Aggregate fair value of net derivative payables | $ | i 27,712 | $ | i 14,819 | |||||||||||||
| Collateral posted | i 26,289 | i 13,329 | |||||||||||||||
| Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives | |||||||||||||||||
| 2020 | 2019 | ||||||||||||||||
| December 31, (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 119 | $ | i 1,243 | $ | i 189 | $ | i 1,467 | |||||||||
Amount
required to settle contracts with termination triggers upon downgrade(b) | i 153 | i 2,449 | i 104 | i 1,398 | |||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 205 | |||||||
| Gains/(losses) recorded in income | Income statement impact of excluded components(e) | OCI impact | ||||||||||||||||||||||||
| Year ended December 31, 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 2,962 | $ | ( i 1,889) | $ | i 1,073 | $ | i — | $ | i 1,093 | $ | i — | ||||||||||||||
Foreign
exchange(c) | i 793 | ( i 619) | i 174 | ( i 457) | i 174 | i 25 | ||||||||||||||||||||
Commodity(d) | ( i 2,507) | i 2,650 | i 143 | i — | i 137 | i — | ||||||||||||||||||||
| Total | $ | i 1,248 | $ | i 142 | $ | i 1,390 | $ | ( i 457) | $ | i 1,404 | $ | i 25 | ||||||||||||||
| Gains/(losses) recorded in income | Income statement impact of excluded components(e) | OCI impact | ||||||||||||||||||||||||
| Year ended December 31, 2019 (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 3,204 | $ | ( i 2,373) | $ | i 831 | $ | i — | $ | i 828 | $ | i — | ||||||||||||||
Foreign
exchange(c) | i 154 | i 328 | i 482 | ( i 866) | i 482 | i 39 | ||||||||||||||||||||
Commodity(d) | ( i 77) | i 148 | i 71 | i — | i 63 | i — | ||||||||||||||||||||
| Total | $ | i 3,281 | $ | ( i 1,897) | $ | i 1,384 | $ | ( i 866) | $ | i 1,373 | $ | i 39 | ||||||||||||||
| Gains/(losses) recorded in income | Income statement impact of excluded components(e) | OCI impact | ||||||||||||||||||||||||
| Year ended December 31, 2018 (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 1,145) | $ | i 1,782 | $ | i 637 | $ | i — | $ | i 623 | $ | i — | ||||||||||||||
Foreign
exchange(c) | i 1,092 | ( i 616) | i 476 | ( i 566) | i 476 | ( i 140) | ||||||||||||||||||||
Commodity(d) | i 789 | ( i 754) | i 35 | i — | i 26 | i — | ||||||||||||||||||||
| Total | $ | i 736 | $ | i 412 | $ | i 1,148 | $ | ( i 566) | $ | i 1,125 | $ | ( i 140) | ||||||||||||||
206 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
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) | ||||||||||||||||
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, 2019 (in millions) | Active hedging relationships | Discontinued hedging relationships(d)(e) | Total | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Investment securities - AFS | $ | i 125,860 | (c) | $ | i 2,110 | $ | i 278 | $ | i 2,388 | |||||||||||
| Liabilities | ||||||||||||||||||||
| Long-term debt | $ | i 157,545 | $ | i 6,719 | $ | i 161 | $ | i 6,880 | ||||||||||||
| Beneficial interests issued by consolidated VIEs | i 2,365 | i — | ( i 8) | ( i 8) | ||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 207 | |||||||
| Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||||||||||||||||||||||||||
Year ended December 31, 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 570 | $ | i 3,582 | $ | i 3,012 | ||||||||||||||||||||||||||||||||
Foreign
exchange(b) | i — | i 41 | i 41 | |||||||||||||||||||||||||||||||||||
| Total | $ | i 570 | $ | i 3,623 | $ | i 3,053 | ||||||||||||||||||||||||||||||||
| Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2019 (in millions) | Amounts reclassified from AOCI to income | Amounts recorded in OCI | Total change in OCI for period | |||||||||||||||||||||||||||||||||||
| Contract type | ||||||||||||||||||||||||||||||||||||||
Interest
rate(a) | $ | ( i 28) | $ | ( i 3) | $ | i 25 | ||||||||||||||||||||||||||||||||
Foreign
exchange(b) | ( i 75) | i 125 | i 200 | |||||||||||||||||||||||||||||||||||
| Total | $ | ( i 103) | $ | i 122 | $ | i 225 | ||||||||||||||||||||||||||||||||
| Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2018 (in millions) | Amounts reclassified from AOCI to income | Amounts recorded in OCI | Total change in OCI for period | |||||||||||||||||||||||||||||||||||
| Contract type | ||||||||||||||||||||||||||||||||||||||
Interest
rate(a) | $ | i 44 | $ | ( i 44) | $ | ( i 88) | ||||||||||||||||||||||||||||||||
Foreign
exchange(b) | ( i 26) | ( i 201) | ( i 175) | |||||||||||||||||||||||||||||||||||
| Total | $ | i 18 | $ | ( i 245) | $ | ( i 263) | ||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||
| Year
ended December 31, (in millions) | Amounts recorded in income(a)(b) | Amounts recorded in OCI | Amounts recorded in income(a)(b) | Amounts recorded in OCI | Amounts recorded in income(a)(b) | Amounts recorded in OCI | ||||||||||||||||||||
| Foreign exchange derivatives | $( i 122) | $( i 1,408) | $ i 72 | $ i 64 | $ i 11 | $ i 1,219 | ||||||||||||||||||||
208 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Derivatives gains/(losses) recorded in income | |||||||||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Contract type | |||||||||||||||||
Interest rate(a) | $ | i 2,994 | $ | i 1,491 | $ | i 79 | |||||||||||
Credit(b) | ( i 176) | ( i 30) | ( i 21) | ||||||||||||||
Foreign
exchange(c) | i 43 | ( i 5) | i 117 | ||||||||||||||
| Total | $ | i 2,861 | $ | i 1,456 | $ | i 175 | |||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 209 | |||||||
210 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
Total
credit derivatives and credit-related notes | |||||||||||||||||||||||
| Maximum payout/Notional amount | |||||||||||||||||||||||
| Protection sold | Protection purchased with identical underlyings(b) | Net protection (sold)/purchased(c) | Other protection purchased(d) | ||||||||||||||||||||
December
31, 2020 (in millions) | |||||||||||||||||||||||
| Credit derivatives | |||||||||||||||||||||||
| Credit default swaps | $ | ( i 535,094) | $ | i 554,565 | $ | i 19,471 | $ | i 4,001 | |||||||||||||||
Other
credit derivatives(a) | ( i 40,084) | i 57,344 | i 17,260 | i 9,415 | |||||||||||||||||||
| Total credit derivatives | ( i 575,178) | i 611,909 | i 36,731 | i 13,416 | |||||||||||||||||||
| Credit-related notes | i — | i — | i — | i 10,248 | |||||||||||||||||||
| Total | $ | ( i 575,178) | $ | i 611,909 | $ | i 36,731 | $ | i 23,664 | |||||||||||||||
| Maximum payout/Notional amount | |||||||||||||||||||||||
| Protection sold | Protection purchased with identical underlyings(b) | Net protection (sold)/purchased(c) | Other protection purchased(d) | ||||||||||||||||||||
| December 31, 2019 (in millions) | |||||||||||||||||||||||
| Credit derivatives | |||||||||||||||||||||||
| Credit default swaps | $ | ( i 562,338) | $ | i 571,892 | $ | i 9,554 | $ | i 3,936 | |||||||||||||||
Other
credit derivatives(a) | ( i 50,395) | (e) | i 46,541 | (e) | ( i 3,854) | i 7,364 | |||||||||||||||||
| Total credit derivatives | ( i 612,733) | i 618,433 | i 5,700 | i 11,300 | |||||||||||||||||||
| Credit-related notes | i — | i — | i — | i 9,606 | |||||||||||||||||||
| Total | $ | ( i 612,733) | $ | i 618,433 | $ | i 5,700 | $ | i 20,906 | |||||||||||||||
Protection
sold – credit derivatives and credit-related notes ratings(a)/maturity profile | |||||||||||||||||||||||||||||||||||||||||
(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 93,905) | $ | ( i 307,648) | $ | ( i 35,326) | $ | ( i 436,879) | $ | i 5,521 | $ | ( i 835) | $ | i 4,686 | |||||||||||||||||||||||||||
| 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 125,714) | $ | ( i 404,985) | $ | ( i 44,479) | $ | ( i 575,178) | $ | i 9,474 | $ | ( i 3,377) | $ | i 6,097 | |||||||||||||||||||||||||||
| December
31, 2019 (in millions) | <1 year(c) | 1–5 years | >5 years | Total notional amount | Fair value of receivables(b)(c) | Fair value of payables(b)(c) | Net fair value | ||||||||||||||||||||||||||||||||||
| Risk rating of reference entity | |||||||||||||||||||||||||||||||||||||||||
| Investment-grade | $ | ( i 119,788) | $ | ( i 311,407) | $ | ( i 42,129) | $ | ( i 473,324) | $ | i 6,168 | $ | ( i 901) | $ | i 5,267 | |||||||||||||||||||||||||||
| Noninvestment-grade | ( i 41,799) | ( i 87,769) | ( i 9,841) | ( i 139,409) | i 4,287 | ( i 2,817) | i 1,470 | ||||||||||||||||||||||||||||||||||
| Total | $ | ( i 161,587) | $ | ( i 399,176) | $ | ( i 51,970) | $ | ( i 612,733) | $ | i 10,455 | $ | ( i 3,718) | $ | i 6,737 | |||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 211 | |||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Underwriting | |||||||||||||||||
| Equity | $ | i 2,759 | $ | i 1,648 | $ | i 1,684 | |||||||||||
| Debt | i 4,362 | i 3,513 | i 3,347 | ||||||||||||||
| Total underwriting | i 7,121 | i 5,161 | i 5,031 | ||||||||||||||
| Advisory | i 2,365 | i 2,340 | i 2,519 | ||||||||||||||
| Total investment banking fees | $ | i 9,486 | $ | i 7,501 | $ | i 7,550 | |||||||||||
212 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Trading
revenue by instrument type | ||||||||||||||||||||
Interest rate(a) | $ | i 2,575 | $ | i 2,739 | (c) | $ | i 1,844 | (c) | ||||||||||||
Credit(b) | i 2,753 | i 1,628 | (c) | i 1,625 | (c) | |||||||||||||||
| Foreign exchange | i 4,253 | i 3,179 | (c) | i 3,222 | (c) | |||||||||||||||
| Equity | i 6,171 | i 5,589 | (c) | i 4,822 | (c) | |||||||||||||||
| Commodity | i 2,088 | i 1,133 | (c) | i 895 | (c) | |||||||||||||||
| Total trading revenue | i 17,840 | i 14,268 | i 12,408 | |||||||||||||||||
| Private
equity gains/ (losses) | i 181 | ( i 250) | ( i 349) | |||||||||||||||||
| Principal transactions | $ | i 18,021 | $ | i 14,018 | $ | i 12,059 | ||||||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Lending-related fees | $ | i 1,271 | $ | i 1,184 | $ | i 1,117 | |||||||||||
Deposit-related
fees(a) | i 5,240 | i 5,442 | i 5,260 | ||||||||||||||
Total
lending- and deposit-related fees | $ | i 6,511 | $ | i 6,626 | $ | i 6,377 | |||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Asset management fees | |||||||||||||||||
Investment
management fees(a) | $ | i 11,694 | $ | i 10,865 | $ | i 10,768 | |||||||||||
All
other asset management fees(b) | i 338 | i 315 | i 270 | ||||||||||||||
| Total asset management fees | i 12,032 | i 11,180 | i 11,038 | ||||||||||||||
Total
administration fees(c) | i 2,249 | i 2,197 | i 2,179 | ||||||||||||||
| Commissions and other fees | |||||||||||||||||
Brokerage commissions(d) | i 2,959 | i 2,439 | i 2,505 | ||||||||||||||
All
other commissions and fees(e) | i 937 | i 1,092 | i 1,071 | ||||||||||||||
| Total commissions and fees | i 3,896 | i 3,531 | i 3,576 | ||||||||||||||
Total
asset management, administration and commissions | $ | i 18,177 | $ | i 16,908 | $ | i 16,793 | |||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 213 | |||||||
| Year
ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Interchange and merchant processing income | $ | i 18,563 | $ | i 20,370 | $ | i 18,808 | ||||||||||||||
Reward
costs and partner payments(a) | ( i 13,637) | ( i 14,540) | ( i 13,320) | (c) | ||||||||||||||||
Other
card income(b) | ( i 491) | ( i 754) | ( i 745) | |||||||||||||||||
| Total card income | $ | i 4,435 | $ | i 5,076 | $ | i 4,743 | ||||||||||||||
| Year
ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Legal expense/(benefit) | $ | i 1,115 | $ | i 239 | $ | i 72 | |||||||||||
FDIC-related
expense | i 717 | i 457 | i 1,239 | ||||||||||||||
214 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year ended December
31, (in millions) | 2020 | 2019 | 2018 | ||||||||
| Interest income | |||||||||||
Loans(a)(b) | $ | i 43,758 | $ | i 51,855 | $ | i 49,032 | |||||
| Taxable securities | i 7,843 | i 7,962 | i 5,653 | ||||||||
Non-taxable
securities(c) | i 1,184 | i 1,329 | i 1,595 | ||||||||
Total
investment securities(a) | i 9,027 | i 9,291 | i 7,248 | ||||||||
Trading
assets - debt instruments(b) | i 7,832 | i 9,141 | i 7,146 | ||||||||
Federal
funds sold and securities purchased under resale agreements | i 2,436 | i 6,146 | i 3,819 | ||||||||
Securities
borrowed(d) | ( i 302) | i 1,574 | i 913 | ||||||||
| Deposits with banks | i 749 | i 3,887 | i 5,907 | ||||||||
All
other interest-earning assets(b)(e) | i 1,023 | i 2,146 | i 2,035 | ||||||||
| Total interest income | $ | i 64,523 | $ | i 84,040 | $ | i 76,100 | |||||
| Interest expense | |||||||||||
| Interest bearing deposits | $ | i 2,357 | $ | i 8,957 | $ | i 5,973 | |||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i 1,058 | i 4,630 | i 3,066 | ||||||||
Short-term
borrowings(f) | i 372 | i 1,248 | i 1,144 | ||||||||
Trading
liabilities - debt and all other interest-bearing liabilities(d)(g) | i 195 | i 2,585 | i 2,387 | ||||||||
| Long-term debt | i 5,764 | i 8,807 | i 7,978 | ||||||||
Beneficial
interest issued by consolidated VIEs | i 214 | i 568 | i 493 | ||||||||
| Total interest expense | $ | i 9,960 | $ | i 26,795 | $ | i 21,041 | |||||
| Net interest income | $ | i 54,563 | $ | i 57,245 | $ | i 55,059 | |||||
| Provision for credit losses | i 17,480 | i 5,585 | i 4,871 | ||||||||
Net
interest income after provision for credit losses | $ | i 37,083 | $ | i 51,660 | $ | i 50,188 | |||||
| JPMorgan Chase & Co./2020 Form 10-K | 215 | |||||||
216 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| As of or for the year ended December 31, | Defined benefit pension and OPEB plans | ||||||||||||||||||||||
| (in millions) | 2020 | 2019 | |||||||||||||||||||||
| Change in projected and accumulated benefit obligations, U.S. defined benefit pension plans | |||||||||||||||||||||||
| Benefit obligation, beginning of year | $ | ( i 13,277) | $ | ( i 12,173) | |||||||||||||||||||
| Benefits earned during the year | ( i 2) | ( i 327) | |||||||||||||||||||||
| Interest cost on benefit obligations | ( i 422) | ( i 518) | |||||||||||||||||||||
| Plan amendments | i — | ( i 5) | |||||||||||||||||||||
| Net gain/(loss) | ( i 1,086) | ( i 944) | |||||||||||||||||||||
| Benefits paid | i 640 | i 690 | |||||||||||||||||||||
| Benefit obligations, end of year, U.S. defined benefit pension plans | $ | ( i 14,147) | $ | ( i 13,277) | |||||||||||||||||||
| Benefit obligations, other defined benefit pension and OPEB plans | ( i 4,990) | ( i 4,428) | |||||||||||||||||||||
| Benefit obligations, end of year | $ | ( i 19,137) | $ | ( i 17,705) | |||||||||||||||||||
| Change in plan assets, U.S. defined benefit pension plans | |||||||||||||||||||||||
| Fair value of plan assets, beginning of year | $ | i 16,329 | $ | i 14,521 | |||||||||||||||||||
| Actual return on plan assets | i 1,901 | i 2,465 | |||||||||||||||||||||
| Firm contributions | i 29 | i 33 | |||||||||||||||||||||
| Benefits paid | ( i 640) | ( i 690) | |||||||||||||||||||||
| Fair value of plan assets, end of year, U.S. defined benefit pension plans | $ | i 17,619 | $ | i 16,329 | |||||||||||||||||||
| Fair value of plan assets, other defined benefit pension and OPEB plans | i 7,798 | i 7,037 | |||||||||||||||||||||
| Fair value of plan assets, end of year | $ | i 25,417 | $ | i 23,366 | |||||||||||||||||||
| Net funded status, U.S. defined benefit pension plans | $ | i 3,472 | $ | i 3,052 | |||||||||||||||||||
| Net funded status, other defined benefit pension and OPEB plans | i 2,808 | i 2,609 | |||||||||||||||||||||
| Net funded status | $ | i 6,280 | $ | i 5,661 | |||||||||||||||||||
| Amounts recorded in accumulated other comprehensive income/(loss), U.S. defined benefit pension plans | |||||||||||||||||||||||
| Net gain/(loss), U.S. defined benefit pension plans | $ | ( i 1,558) | $ | ( i 1,745) | |||||||||||||||||||
| Prior service credit/(cost), U.S. defined benefit pension plans | ( i 4) | ( i 5) | |||||||||||||||||||||
| Accumulated other comprehensive income/(loss), end of year, U.S. defined benefit pension plans | $ | ( i 1,562) | $ | ( i 1,750) | |||||||||||||||||||
| Accumulated other comprehensive income/(loss), other defined benefit pension and OPEB plans | ( i 24) | ( i 66) | |||||||||||||||||||||
| Accumulated other comprehensive income/(loss) | $ | ( i 1,586) | $ | ( i 1,816) | |||||||||||||||||||
| U.S. defined benefit pension plans | |||||||||||||||||||||||
| As of December 31, | 2020 | 2019 | |||||||||||||||||||||
| Discount rate | i 2.50% | i 3.30%
| |||||||||||||||||||||
| Rate of compensation increase | NA | NA | |||||||||||||||||||||
| Interest crediting rate | i 4.65 | i 4.65 | |||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 217 | |||||||
| Pension and OPEB plans | |||||||||||||||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||||||||
| Components of net periodic benefit cost, U.S. defined benefit pension plans | |||||||||||||||||||||||
| Benefits earned during the year | $ | i 2 | $ | i 327 | $ | i 323 | |||||||||||||||||
| Interest cost on benefit obligations | i 422 | i 518 | i 478 | ||||||||||||||||||||
| Expected return on plan assets | ( i 634) | ( i 776) | ( i 836) | ||||||||||||||||||||
| Amortization: | |||||||||||||||||||||||
| Net (gain)/loss | i 6 | i 147 | i 80 | ||||||||||||||||||||
| Prior service (credit)/cost | i — | i — | ( i 21) | ||||||||||||||||||||
| Curtailment (gain)/loss | i — | i — | i 21 | ||||||||||||||||||||
| Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans | $ | ( i 204) | $ | i 216 | $ | i 45 | |||||||||||||||||
| Other defined benefit pension and OPEB plans | ( i 81) | ( i 72) | ( i 72) | ||||||||||||||||||||
| Total net periodic defined benefit plan cost/(credit) | $ | ( i 285) | $ | i 144 | $ | ( i 27) | |||||||||||||||||
| Total defined contribution plans | i 1,332 | i 952 | i 872 | ||||||||||||||||||||
| Total pension and OPEB cost included in noninterest expense | $ | i 1,047 | $ | i 1,096 | $ | i 845 | |||||||||||||||||
| Changes recognized in other comprehensive income, U.S. defined benefit pension plans | |||||||||||||||||||||||
| Prior service (credit)/cost arising during the year | i — | i 5 | i — | ||||||||||||||||||||
| Net (gain)/loss arising during the year | ( i 181) | ( i 745) | i 453 | ||||||||||||||||||||
| Amortization of net (loss)/gain | ( i 6) | ( i 147) | ( i 80) | ||||||||||||||||||||
| Amortization of prior service (cost)/credit | i — | i — | i 21 | ||||||||||||||||||||
| Curtailment (loss)/gain | i — | i — | ( i 21) | ||||||||||||||||||||
| Total recognized in other comprehensive income, U.S. defined benefit pension plans | $ | ( i 187) | $ | ( i 887) | $ | i 373 | |||||||||||||||||
| Other defined benefit pension and OPEB plans | ( i 27) | ( i 270) | i 77 | ||||||||||||||||||||
| Total recognized in other comprehensive income | $ | ( i 214) | $ | ( i 1,157) | $ | i 450 | |||||||||||||||||
| Total recognized in net periodic defined benefit plan cost/(credit) and other comprehensive income | $ | ( i 499) | $ | ( i 1,013) | $ | i 423 | |||||||||||||||||
| U.S. defined benefit pension plans | |||||||||||||||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||||||||
| Discount rate | i 3.30% | i 4.30% | i 3.70
/ i 4.50% | ||||||||||||||||||||
| Expected long-term rate of return on plan assets | i 4.00 | i 5.50 | i 5.50 | ||||||||||||||||||||
| Rate of compensation increase | NA | i 2.30 | i 2.30 | ||||||||||||||||||||
| Interest crediting rate | i 4.65 | i 4.90 | i 4.90 | ||||||||||||||||||||
| Effect on U.S. defined benefit pension plans | |||||||||||
(in millions) | Pension expense | Benefit obligation | |||||||||
Expected long-term rate of return | $ | i 43 | NA | ||||||||
Discount
rate | ( i 20) | i 404 | |||||||||
218 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
U.S. defined benefit pension
plan(c) | |||||||||||||||||||||||||||||||||||
| Asset | % of plan assets | ||||||||||||||||||||||||||||||||||
| December 31, | Allocation | 2020 | 2019 | ||||||||||||||||||||||||||||||||
| Asset class | |||||||||||||||||||||||||||||||||||
Debt securities(a) | i 42- i 100% | i 77 | % | i 74 | % | ||||||||||||||||||||||||||||||
| Equity securities | i 0- i 40 | i 15 | i 16 | ||||||||||||||||||||||||||||||||
| Real estate | i 0- i 4 | i 1 | i 1 | ||||||||||||||||||||||||||||||||
Alternatives(b) | i 0- i 15 | i 7 | i 9 | ||||||||||||||||||||||||||||||||
| Total | i 100 | % | i 100 | % | i 100 | % | |||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 219 | |||||||
| Pension plan assets and liabilities measured at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
| Defined benefit pension and OPEB plans | |||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||||||||||||||||||||||
Equity
securities | $ | i 2,353 | $ | i — | $ | i 2 | $ | i 2,355 | $ | i 2,259 | $ | i 3 | $ | i 2 | $ | i 2,264 | |||||||||||||||||||||||||||||||
| Corporate debt securities | i — | i 7,414 | i 11 | i 7,425 | i — | i 6,474 | i 2 | i 6,476 | |||||||||||||||||||||||||||||||||||||||
U.S.
federal, state, local and non-U.S. government debt securities | i 1,395 | i 360 | i — | i 1,755 | i 1,616 | i 401 | i — | i 2,017 | |||||||||||||||||||||||||||||||||||||||
| Mortgage-backed securities | i 461 | i 1,184 | i 31 | i 1,676 | i 312 | i 681 | i 4 | i 997 | |||||||||||||||||||||||||||||||||||||||
Other(a) | i 788 | i 861 | i 201 | i 1,850 | i 718 | i 49 | i 250 | i 1,017 | |||||||||||||||||||||||||||||||||||||||
U.S.
defined benefit pension plans(b) | $ | i 4,997 | $ | i 9,819 | $ | i 245 | $ | i 15,061 | $ | i 4,905 | $ | i 7,608 | $ | i 258 | $ | i 12,771 | |||||||||||||||||||||||||||||||
Other
defined benefit pension and OPEB plans(c) | i 2,034 | i 2,565 | i 2,707 | i 7,306 | i 1,834 | i 2,307 | i 2,431 | i 6,572 | |||||||||||||||||||||||||||||||||||||||
| Total assets measured at fair value | $ | i 7,031 | $ | i 12,384 | $ | i 2,952 | $ | i 22,367 | $ | i 6,739 | $ | i 9,915 | $ | i 2,689 | $ | i 19,343 | |||||||||||||||||||||||||||||||
| Year ended December 31, (in millions) | U.S. defined benefit pension plans | |||||||||||||
| 2021 | $ | i 912 | ||||||||||||
| 2022 | i 918 | |||||||||||||
| 2023 | i 897 | |||||||||||||
| 2024 | i 847 | |||||||||||||
| 2025 | i 829 | |||||||||||||
| Years 2026–2030 | i 3,843 | |||||||||||||
220 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 221 | |||||||
| RSUs/PSUs | SARs/Options | |||||||||||||||||||||||||||||||
| Year ended December 31, 2020 | Number of units | Weighted-average grant date fair value | Number of awards | Weighted-average exercise price | Weighted-average remaining contractual life (in years) | Aggregate intrinsic value | ||||||||||||||||||||||||||
(in thousands, except weighted-average data, and where otherwise stated) | ||||||||||||||||||||||||||||||||
| Outstanding, January 1 | i 52,239 | $ | i 99.62 | i 5,527 | $ | i 41.36 | ||||||||||||||||||||||||||
| Granted | i 17,891 | i 132.17 | i 1 | i 137.80 | ||||||||||||||||||||||||||||
| Exercised or vested | ( i 21,502) | i 96.64 | ( i 2,389) | i 41.40 | ||||||||||||||||||||||||||||
| Forfeited | ( i 1,118) | i 111.59 | ( i 4) | i 122.59 | ||||||||||||||||||||||||||||
| Canceled | NA | NA | ( i 11) | i 39.33 | ||||||||||||||||||||||||||||
| Outstanding, December 31 | i 47,510 | $ | i 112.85 | i 3,124 | $ | i 41.25 | i 1.4 | $ | i 265,059 | |||||||||||||||||||||||
| Exercisable, December 31 | NA | NA | i 3,124 | i 41.25 | i 1.4 | i 265,059 | ||||||||||||||||||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Cost of prior grants of RSUs, PSUs, SARs and stock options that are amortized over their applicable vesting periods | $ | i 1,101 | $ | i 1,141 | $ | i 1,241 | ||||||||||||||
Accrual
of estimated costs of share-based awards to be granted in future periods including those to full-career eligible employees | i 1,350 | i 1,115 | i 1,081 | |||||||||||||||||
Total
noncash compensation expense related to employee share-based incentive plans | $ | i 2,451 | $ | i 2,256 | $ | i 2,322 | ||||||||||||||
222 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 223 | |||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||
| December 31, (in millions) | Amortized cost(e) | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost(e) | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||||
| Available-for-sale securities | |||||||||||||||||||||||||||||||||||
| Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies(a) | $ | i 110,979 | $ | i 2,372 | $ | i 50 | $ | i 113,301 | $ | i 107,811 | $ | i 2,395 | $ | i 89 | $ | i 110,117 | |||||||||||||||||||
| Residential: | |||||||||||||||||||||||||||||||||||
| U.S. | i 6,246 | i 224 | i 3 | i 6,467 | i 10,223 | i 233 | i 6 | i 10,450 | |||||||||||||||||||||||||||
| Non-U.S. | i 3,751 | i 20 | i 5 | i 3,766 | i 2,477 | i 64 | i 1 | i 2,540 | |||||||||||||||||||||||||||
| Commercial | i 2,819 | i 71 | i 34 | i 2,856 | i 5,137 | i 64 | i 13 | i 5,188 | |||||||||||||||||||||||||||
| Total mortgage-backed securities | i 123,795 | i 2,687 | i 92 | i 126,390 | i 125,648 | i 2,756 | i 109 | i 128,295 | |||||||||||||||||||||||||||
| U.S. Treasury and government agencies | i 199,910 | i 2,141 | i 100 | i 201,951 | i 139,162 | i 449 | i 175 | i 139,436 | |||||||||||||||||||||||||||
| Obligations of U.S. states and municipalities | i 18,993 | i 1,404 | i 1 | i 20,396 | i 27,693 | i 2,118 | i 1 | i 29,810 | |||||||||||||||||||||||||||
| Certificates of deposit | i — | i — | i — | i — | i 77 | i — | i — | i 77 | |||||||||||||||||||||||||||
| Non-U.S. government debt securities | i 22,587 | i 354 | i 13 | i 22,928 | i 21,427 | i 377 | i 17 | i 21,787 | |||||||||||||||||||||||||||
| Corporate debt securities | i 215 | i 4 | i 3 | i 216 | i 823 | i 22 | i — | i 845 | |||||||||||||||||||||||||||
| Asset-backed securities: | |||||||||||||||||||||||||||||||||||
| Collateralized loan obligations | i 10,055 | i 24 | i 31 | i 10,048 | i 25,038 | i 9 | i 56 | i 24,991 | |||||||||||||||||||||||||||
| Other | i 6,174 | i 91 | i 16 | i 6,249 | i 5,438 | i 40 | i 20 | i 5,458 | |||||||||||||||||||||||||||
Total
available-for-sale securities(b) | i 381,729 | i 6,705 | i 256 | i 388,178 | i 345,306 | i 5,771 | i 378 | i 350,699 | |||||||||||||||||||||||||||
Held-to-maturity
securities(c) | |||||||||||||||||||||||||||||||||||
| Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i 107,889 | i 2,968 | i 29 | i 110,828 | i 36,523 | i 1,165 | i 62 | i 37,626 | |||||||||||||||||||||||||||
| U.S. Residential | i 4,345 | i 8 | i 30 | i 4,323 | i — | i — | i — | i — | |||||||||||||||||||||||||||
| Commercial | i 2,602 | i 77 | i — | i 2,679 | i — | i — | i — | i — | |||||||||||||||||||||||||||
| Total mortgage-backed securities | i 114,836 | i 3,053 | i 59 | i 117,830 | i 36,523 | i 1,165 | i 62 | i 37,626 | |||||||||||||||||||||||||||
| U.S. Treasury and government agencies | i 53,184 | i 50 | i — | i 53,234 | i 51 | i — | i 1 | i 50 | |||||||||||||||||||||||||||
| Obligations of U.S. states and municipalities | i 12,751 | i 519 | i — | i 13,270 | i 4,797 | i 299 | i — | i 5,096 | |||||||||||||||||||||||||||
| Asset-backed securities: | |||||||||||||||||||||||||||||||||||
| Collateralized loan obligations | i 21,050 | i 90 | i 2 | i 21,138 | i 6,169 | i — | i — | i 6,169 | |||||||||||||||||||||||||||
Total
held-to-maturity securities, net of allowance for credit losses(d) | i 201,821 | i 3,712 | i 61 | i 205,472 | i 47,540 | i 1,464 | i 63 | i 48,941 | |||||||||||||||||||||||||||
Total
investment securities, net of allowance for credit losses(d) | $ | i 583,550 | $ | i 10,417 | $ | i 317 | $ | i 593,650 | $ | i 392,846 | $ | i 7,235 | $ | i 441 | $ | i 399,640 | |||||||||||||||||||
224 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| 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 | |||||||||||||||||
| Certificates of deposit | i — | i — | i — | i — | i — | i — | |||||||||||||||||
| 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 | |||||||||||
| Available-for-sale securities with gross unrealized losses | |||||||||||||||||||||||
| Less than 12 months | 12 months or more | ||||||||||||||||||||||
| December 31, 2019 (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 1,072 | $ | i 3 | $ | i 423 | $ | i 3 | $ | i 1,495 | $ | i 6 | |||||||||||
| Non-U.S. | i 13 | i — | i 420 | i 1 | i 433 | i 1 | |||||||||||||||||
| Commercial | i 1,287 | i 12 | i 199 | i 1 | i 1,486 | i 13 | |||||||||||||||||
| Total mortgage-backed securities | i 2,372 | i 15 | i 1,042 | i 5 | i 3,414 | i 20 | |||||||||||||||||
| Obligations of U.S. states and municipalities | i 186 | i 1 | i — | i — | i 186 | i 1 | |||||||||||||||||
| Certificates of deposit | i 77 | i — | i — | i — | i 77 | i — | |||||||||||||||||
| Non-U.S. government debt securities | i 3,970 | i 13 | i 1,406 | i 4 | i 5,376 | i 17 | |||||||||||||||||
| Corporate debt securities | i — | i — | i — | i — | i — | i — | |||||||||||||||||
| Asset-backed securities: | |||||||||||||||||||||||
| Collateralized loan obligations | i 10,364 | i 11 | i 7,756 | i 45 | i 18,120 | i 56 | |||||||||||||||||
| Other | i 1,639 | i 9 | i 753 | i 11 | i 2,392 | i 20 | |||||||||||||||||
| Total available-for-sale securities with gross unrealized losses | $ | i 18,608 | $ | i 49 | $ | i 10,957 | $ | i 65 | $ | i 29,565 | $ | i 114 | |||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 225 | |||||||
226 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year
ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Realized gains | $ | i 3,080 | $ | i 650 | $ | i 211 | |||||||||||
| Realized losses | ( i 2,278) | ( i 392) | ( i 606) | ||||||||||||||
Net
investment securities gains/(losses) | $ | i 802 | $ | i 258 | $ | ( i 395) | |||||||||||
| Provision for credit losses | $ | i 68 | NA | NA | |||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 227 | |||||||
| By remaining maturity December 31, 2020 (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 741 | $ | i 7,797 | $ | i 115,257 | $ | i 123,795 | |||||||||||||||||||
| Fair value | i — | i 756 | i 8,139 | i 117,495 | i 126,390 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i 1.66 | % | i 1.67 | % | i 2.57 | % | i 2.51 | % | |||||||||||||||||||
| U.S. Treasury and government agencies | |||||||||||||||||||||||||||||
| Amortized cost | $ | i 33,633 | $ | i 110,033 | $ | i 46,827 | $ | i 9,417 | $ | i 199,910 | |||||||||||||||||||
| Fair value | i 33,678 | i 111,014 | i 47,675 | i 9,584 | i 201,951 | ||||||||||||||||||||||||
Average
yield(a) | i 0.42 | % | i 0.53 | % | i 0.79 | % | i 0.48 | % | i 0.57 | % | |||||||||||||||||||
| Obligations of U.S. states and municipalities | |||||||||||||||||||||||||||||
| Amortized cost | $ | i 33 | $ | i 203 | $ | i 1,047 | $ | i 17,710 | $ | i 18,993 | |||||||||||||||||||
| Fair value | i 33 | i 211 | i 1,111 | i 19,041 | i 20,396 | ||||||||||||||||||||||||
Average
yield(a) | i 4.11 | % | i 4.59 | % | i 4.84 | % | i 4.80 | % | i 4.80 | % | |||||||||||||||||||
| Non-U.S. government debt securities | |||||||||||||||||||||||||||||
| Amortized cost | $ | i 8,282 | $ | i 8,011 | $ | i 5,615 | $ | i 679 | $ | i 22,587 | |||||||||||||||||||
| Fair value | i 8,297 | i 8,225 | i 5,726 | i 680 | i 22,928 | ||||||||||||||||||||||||
Average
yield(a) | i 1.25 | % | i 1.70 | % | i 0.68 | % | i 0.17 | % | i 1.24 | % | |||||||||||||||||||
| Corporate debt securities | |||||||||||||||||||||||||||||
| Amortized cost | $ | i — | $ | i 141 | $ | i 74 | $ | i — | $ | i 215 | |||||||||||||||||||
| Fair value | i — | i 139 | i 77 | i — | i 216 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i 1.21 | % | i 1.92 | % | i — | % | i 1.45 | % | |||||||||||||||||||
| Asset-backed securities | |||||||||||||||||||||||||||||
| Amortized cost | $ | i 554 | $ | i 2,569 | $ | i 5,987 | $ | i 7,119 | $ | i 16,229 | |||||||||||||||||||
| Fair value | i 554 | i 2,591 | i 5,990 | i 7,162 | i 16,297 | ||||||||||||||||||||||||
Average
yield(a) | i 1.31 | % | i 2.00 | % | i 1.33 | % | i 1.48 | % | i 1.50 | % | |||||||||||||||||||
| Total available-for-sale securities | |||||||||||||||||||||||||||||
| Amortized cost | $ | i 42,502 | $ | i 121,698 | $ | i 67,347 | $ | i 150,182 | $ | i 381,729 | |||||||||||||||||||
| Fair value | i 42,562 | i 122,936 | i 68,718 | i 153,962 | i 388,178 | ||||||||||||||||||||||||
Average
yield(a) | i 0.59 | % | i 0.65 | % | i 1.00 | % | i 2.64 | % | i 1.49 | % | |||||||||||||||||||
| Held-to-maturity securities | |||||||||||||||||||||||||||||
| Mortgage-backed securities | |||||||||||||||||||||||||||||
| Amortized cost | $ | i — | $ | i 158 | $ | i 11,908 | $ | i 102,791 | $ | i 114,857 | |||||||||||||||||||
| Fair value | i — | i 160 | i 12,707 | i 104,963 | i 117,830 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i 1.56 | % | i 2.42 | % | i 2.94 | % | i 2.88 | % | |||||||||||||||||||
| U.S. Treasury and government agencies | |||||||||||||||||||||||||||||
| Amortized cost | $ | i 501 | $ | i 42,477 | $ | i 10,206 | $ | i — | $ | i 53,184 | |||||||||||||||||||
| Fair value | i 501 | i 42,511 | i 10,222 | i — | i 53,234 | ||||||||||||||||||||||||
Average
yield(a) | i 1.86 | % | i 0.60 | % | i 0.94 | % | i — | % | i 0.67 | % | |||||||||||||||||||
| Obligations of U.S. states and municipalities | |||||||||||||||||||||||||||||
| Amortized cost | $ | i — | $ | i 65 | $ | i 532 | $ | i 12,211 | $ | i 12,808 | |||||||||||||||||||
| Fair value | i — | i 67 | i 565 | i 12,638 | i 13,270 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i 3.09 | % | i 3.57 | % | i 3.62 | % | i 3.62 | % | |||||||||||||||||||
| Asset-backed securities | |||||||||||||||||||||||||||||
| Amortized cost | $ | i — | $ | i — | $ | i 11,617 | $ | i 9,433 | $ | i 21,050 | |||||||||||||||||||
| Fair value | i — | i — | i 11,658 | i 9,480 | i 21,138 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i — | % | i 1.40 | % | i 1.33 | % | i 1.37 | % | |||||||||||||||||||
| Total held-to-maturity securities | |||||||||||||||||||||||||||||
| Amortized cost | $ | i 501 | $ | i 42,700 | $ | i 34,263 | $ | i 124,435 | $ | i 201,899 | |||||||||||||||||||
| Fair value | i 501 | i 42,738 | i 35,152 | i 127,081 | i 205,472 | ||||||||||||||||||||||||
Average
yield(a) | i 1.86 | % | i 0.60 | % | i 1.65 | % | i 2.88 | % | i 2.19 | % | |||||||||||||||||||
228 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 229 | |||||||
| 2020 | |||||||||||||||||||||||
| December 31, (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 | ||||||||||||||||||
| 2019 | |||||||||||||||||||||||
| December 31, (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 628,609 | $ | ( i 379,463) | $ | i 249,146 | $ | ( i 231,147) | (d) | $ | i 17,999 | (d) | |||||||||||
Securities
borrowed | i 166,718 | ( i 26,960) | i 139,758 | ( i 104,990) | i 34,768 | ||||||||||||||||||
Liabilities | |||||||||||||||||||||||
| Securities sold under repurchase agreements | $ | i 555,172 | $ | ( i 379,463) | $ | i 175,709 | $ | ( i 151,566) | $ | i 24,143 | |||||||||||||
Securities
loaned and other(a) | i 36,649 | ( i 26,960) | i 9,689 | ( i 9,654) | i 35 | ||||||||||||||||||
230 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Gross liability balance | |||||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||||
| December 31, (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 56,744 | $ | i — | $ | i 34,119 | $ | i — | |||||||||||||||
| Residential - nonagency | i 1,016 | i — | i 1,239 | i — | |||||||||||||||||||
| Commercial - nonagency | i 855 | i — | i 1,612 | i — | |||||||||||||||||||
| U.S. Treasury, GSEs and government agencies | i 315,834 | i 143 | i 334,398 | i 29 | |||||||||||||||||||
| Obligations of U.S. states and municipalities | i 1,525 | i 2 | i 1,181 | i — | |||||||||||||||||||
| Non-U.S. government debt | i 157,563 | i 1,730 | i 145,548 | i 1,528 | |||||||||||||||||||
| Corporate debt securities | i 22,849 | i 1,864 | i 13,826 | i 1,580 | |||||||||||||||||||
| Asset-backed securities | i 694 | i — | i 1,794 | i — | |||||||||||||||||||
| Equity securities | i 20,980 | i 37,627 | i 21,455 | i 33,512 | |||||||||||||||||||
Total | $ | i 578,060 | $ | i 41,366 | $ | i 555,172 | $ | i 36,649 | |||||||||||||||
| Remaining contractual maturity of the agreements | |||||||||||||||||||||||||||||
| Overnight and continuous | Greater than 90 days | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
| Remaining contractual maturity of the agreements | |||||||||||||||||||||||||||||
| Overnight and continuous | Greater than 90 days | ||||||||||||||||||||||||||||
| 2019 (in millions) | Up to 30 days | 30 – 90 days | Total | ||||||||||||||||||||||||||
| Total securities sold under repurchase agreements | $ | i 225,134 | $ | i 195,816 | (a) | $ | i 56,020 | (a) | $ | i 78,202 | (a) | $ | i 555,172 | ||||||||||||||||
| Total securities loaned and other | i 32,028 | i 1,706 | i 937 | i 1,978 | i 36,649 | ||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 231 | |||||||
232 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 233 | |||||||
234 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
Consumer, excluding credit card | Credit card | Wholesale(c) | ||||||||||||
• Residential real estate(a) •
Auto and other(b) | • Credit card loans | • Secured by real estate • Commercial and industrial • Other(d) | ||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 235 | |||||||
| December 31, 2020 | Consumer, excluding credit card | Credit card | Wholesale | Total(b)(c) | ||||||||||||||||||||||||||||||||||
| (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(a) | i 15,147 | i — | i 29,327 | i 44,474 | ||||||||||||||||||||||||||||||||||
| Total | $ | i 318,579 | $ | i 144,216 | $ | i 550,058 | $ | i 1,012,853 | ||||||||||||||||||||||||||||||
| December 31, 2019 | Consumer, excluding credit card | Credit card | Wholesale | Total(b)(c) | ||||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||||||||
| Retained | $ | i 294,999 | $ | i 168,924 | $ | i 481,678 | $ | i 945,601 | ||||||||||||||||||||||||||||||
| Held-for-sale | i 3,002 | i — | i 4,062 | i 7,064 | ||||||||||||||||||||||||||||||||||
At
fair value(a) | i 19,816 | i — | i 25,139 | i 44,955 | ||||||||||||||||||||||||||||||||||
| Total | $ | i 317,817 | $ | i 168,924 | $ | i 510,879 | $ | i 997,620 | ||||||||||||||||||||||||||||||
| 2020 | ||||||||||||||||||||||||||||||||||||||
| Year
ended December 31, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | ||||||||||||||||||||||||||||||||||
| Purchases | $ | i 3,474 | (b)(c) | $ | i — | $ | i 1,159 | $ | i 4,633 | |||||||||||||||||||||||||||||
| Sales | i 352 | i — | i 17,916 | i 18,268 | ||||||||||||||||||||||||||||||||||
Retained
loans reclassified to held-for-sale(a) | i 2,084 | i 787 | i 1,580 | i 4,451 | ||||||||||||||||||||||||||||||||||
| 2019 | ||||||||||||||||||||||||||||||||||||||
| Year
ended December 31, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | ||||||||||||||||||||||||||||||||||
| Purchases | $ | i 1,282 | (b)(c) | $ | i — | $ | i 1,291 | $ | i 2,573 | |||||||||||||||||||||||||||||
| Sales | i 30,474 | i — | i 23,445 | i 53,919 | ||||||||||||||||||||||||||||||||||
Retained
loans reclassified to held-for-sale(a) | i 9,188 | i — | i 2,371 | i 11,559 | ||||||||||||||||||||||||||||||||||
| 2018 | ||||||||||||||||||||||||||||||||||||||
| Year
ended December 31, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | ||||||||||||||||||||||||||||||||||
| Purchases | $ | i 2,543 | (b)(c) | $ | i — | $ | i 2,354 | $ | i 4,897 | |||||||||||||||||||||||||||||
| Sales | i 9,984 | i — | i 16,741 | i 26,725 | ||||||||||||||||||||||||||||||||||
Retained
loans reclassified to held-for-sale(a) | i 36 | i — | i 2,276 | i 2,312 | ||||||||||||||||||||||||||||||||||
236 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December 31, (in millions) | 2020 | 2019 | ||||||
| Residential real estate | $ | i 225,302 | $ | i 243,317 | ||||
Auto
and other(a) | i 76,825 | i 51,682 | ||||||
| Total retained loans | $ | i 302,127 | $ | i 294,999 | ||||
| JPMorgan Chase & Co./2020 Form 10-K | 237 | |||||||
| (in millions, except ratios) | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||
| Term loans by origination year | Revolving loans | Total | Total | ||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the revolving period | Converted to term loans | ||||||||||||||||||||||||||||||||||
Loan delinquency(a)(b) | |||||||||||||||||||||||||||||||||||||||||
| Current | $ | i 55,562 | $ | i 31,820 | $ | i 13,900 | $ | i 20,410 | $ | i 27,978 | $ | i 50,232 | $ | i 7,370 | $ | i 15,792 | $ | i 223,064 | $ | i 239,979 | |||||||||||||||||||||
| 30–149 days past due | i 9 | i 25 | i 20 | i 22 | i 29 | i 674 | i 21 | i 245 | i 1,045 | i 1,910 | |||||||||||||||||||||||||||||||
| 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 | i 1,428 | |||||||||||||||||||||||||||||||
| Total retained loans | $ | i 55,574 | $ | i 31,859 | $ | i 13,930 | $ | i 20,450 | $ | i 28,025 | $ | i 51,750 | $ | i 7,413 | $ | i 16,301 | $ | i 225,302 | $ | i 243,317 | |||||||||||||||||||||
%
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 2.86 | % | i 0.58 | % | i 3.12 | % | i 0.98 | % | i 1.35 | % | |||||||||||||||||||||
238 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| (in millions, except weighted-average data) | December 31, 2020 | December 31, 2019 | |||||||||
Nonaccrual loans(a)(b)(c)(d)(e) | $ | i 5,313 | $ | i 2,780 | |||||||
90
or more days past due and government guaranteed(f) | i 33 | i 38 | |||||||||
Current
estimated LTV ratios(g)(h) | |||||||||||
Greater than 125% and refreshed FICO scores: | |||||||||||
| Equal to or greater than 660 | $ | i 10 | $ | i 31 | |||||||
| Less than 660 | i 18 | i 38 | |||||||||
101%
to 125% and refreshed FICO scores: | |||||||||||
| Equal to or greater than 660 | i 72 | i 134 | |||||||||
| Less than 660 | i 65 | i 132 | |||||||||
80%
to 100% and refreshed FICO scores: | |||||||||||
| Equal to or greater than 660 | i 2,365 | i 5,953 | |||||||||
| Less than 660 | i 435 | i 764 | |||||||||
Less
than 80% and refreshed FICO scores: | |||||||||||
| Equal to or greater than 660 | i 208,457 | i 219,469 | |||||||||
| Less than 660 | i 12,072 | i 14,681 | |||||||||
| No FICO/LTV available | i 1,732 | i 2,052 | |||||||||
U.S.
government-guaranteed | i 76 | i 63 | |||||||||
Total
retained loans | $ | i 225,302 | $ | i 243,317 | |||||||
Weighted
average LTV ratio(g)(i) | i 54 | % | i 55 | % | |||||||
Weighted
average FICO(h)(i) | i 763 | i 758 | |||||||||
Geographic
region(j) | |||||||||||
| California | $ | i 73,444 | $ | i 82,147 | |||||||
| New York | i 32,287 | i 31,996 | |||||||||
| Florida | i 13,981 | i 13,668 | |||||||||
| Texas | i 13,773 | i 14,474 | |||||||||
| Illinois | i 13,130 | i 15,587 | |||||||||
| Colorado | i 8,235 | i 8,447 | |||||||||
| Washington | i 7,917 | i 8,990 | |||||||||
| New Jersey | i 7,227 | i 7,752 | |||||||||
| Massachusetts | i 5,784 | i 6,210 | |||||||||
| Connecticut | i 5,024 | i 4,954 | |||||||||
All
other(k) | i 44,500 | i 49,092 | |||||||||
Total
retained loans | $ | i 225,302 | $ | i 243,317 | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 239 | |||||||
| Year ended December 31, | 2020 | 2019 | 2018 | |||||||||||
Number of loans approved for a trial modification | i 5,522 | i 5,872 | i 7,175 | |||||||||||
Number
of loans permanently modified | i 6,850 | i 4,918 | i 7,853 | |||||||||||
Concession
granted:(a) | ||||||||||||||
Interest rate reduction | i 50 | % | i 77 | % | i 54 | % | ||||||||
Term
or payment extension | i 49 | i 71 | i 62 | |||||||||||
Principal
and/or interest deferred | i 14 | i 13 | i 29 | |||||||||||
Principal
forgiveness | i 2 | i 5 | i 7 | |||||||||||
Other(b) | i 66 | i 63 | i 51 | |||||||||||
240 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year
ended December 31, (in millions, except weighted - average data) | 2020 | 2019 | 2018 | ||||||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | i 5.09 | % | i 5.68 | % | i 5.50 | % | |||||
Weighted-average
interest rate of loans with interest rate reductions – after TDR | i 3.28 | i 3.81 | i 3.60 | ||||||||
Weighted-average
remaining contractual term (in years) of loans with term or payment extensions – before TDR | i 22 | i 20 | i 21 | ||||||||
Weighted-average
remaining contractual term (in years) of loans with term or payment extensions – after TDR | i 39 | i 39 | i 38 | ||||||||
Charge-offs
recognized upon permanent modification | $ | i 5 | $ | i 1 | $ | i 2 | |||||
Principal
deferred | i 16 | i 19 | i 30 | ||||||||
Principal
forgiven | i 5 | i 7 | i 17 | ||||||||
Balance
of loans that redefaulted within one year of permanent modification(a) | $ | i 199 | $ | i 166 | $ | i 161 | |||||
| JPMorgan Chase & Co./2020 Form 10-K | 241 | |||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
(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 | Total | ||||||||||||||||||||||||||||||||
Loan delinquency(a) | |||||||||||||||||||||||||||||||||||||||||
Current | $ | i 46,169 | (b) | $ | i 12,829 | $ | i 7,367 | $ | i 4,521 | $ | i 2,058 | $ | i 742 | $ | i 2,517 | $ | i 158 | $ | i 76,361 | $ | i 51,005 | ||||||||||||||||||||
| 30–119 days past due | i 97 | i 107 | i 77 | i 53 | i 42 | i 23 | i 30 | i 17 | i 446 | i 667 | |||||||||||||||||||||||||||||||
| 120 or more days past due | i — | i — | i — | i 1 | i — | i 1 | i 8 | i 8 | i 18 | i 10 | |||||||||||||||||||||||||||||||
| 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 | $ | i 51,682 | |||||||||||||||||||||
%
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 | % | i 1.31 | % | |||||||||||||||||||||
| (in millions, except ratios) | Total Auto and other | |||||||
| December 31, 2020 | December 31, 2019 | |||||||
Nonaccrual loans(a)(b)(c) | i 151 | i 146 | ||||||
Geographic
region(d) | ||||||||
| California | $ | i 12,302 | $ | i 7,795 | ||||
| New York | i 8,824 | i 3,706 | ||||||
| Texas | i 8,235 | i 5,457 | ||||||
| Florida | i 4,668 | i 3,025 | ||||||
| Illinois | i 3,768 | i 2,443 | ||||||
| New Jersey | i 2,646 | i 1,798 | ||||||
| Arizona | i 2,465 | i 1,347 | ||||||
| Ohio | i 2,163 | i 1,490 | ||||||
| Pennsylvania | i 1,924 | i 1,721 | ||||||
| Colorado | i 1,910 | i 1,247 | ||||||
| All other | i 27,920 | i 21,653 | ||||||
| Total retained loans | $ | i 76,825 | $ | i 51,682 | ||||
242 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
(in
millions, except ratios) | December 31, 2020 | December 31, 2019 | |||||||||||||||
| Within the revolving period | Converted to term loans(b) | Total | Total | ||||||||||||||
Loan delinquency(a) | |||||||||||||||||
Current
and less than 30 days past due and still accruing | $ | i 139,783 | $ | i 1,239 | $ | i 141,022 | $ | i 165,767 | |||||||||
30–89
days past due and still accruing | i 997 | i 94 | i 1,091 | i 1,550 | |||||||||||||
90
or more days past due and still accruing | i 1,277 | i 42 | i 1,319 | i 1,607 | |||||||||||||
| Total retained loans | $ | i 142,057 | $ | i 1,375 | $ | i 143,432 | $ | i 168,924 | |||||||||
| Loan delinquency ratios | |||||||||||||||||
% of 30+ days past due to total retained loans | i 1.60 | % | i 9.89 | % | i 1.68 | % | i 1.87 | % | |||||||||
%
of 90+ days past due to total retained loans | i 0.90 | i 3.05 | i 0.92 | i 0.95 | |||||||||||||
| (in millions, except ratios) | December 31, 2020 | December 31, 2019 | ||||||
Geographic region(a) | ||||||||
| California | $ | i 20,921 | $ | i 25,783 | ||||
| Texas | i 14,544 | i 16,728 | ||||||
| New York | i 11,919 | i 14,544 | ||||||
| Florida | i 9,562 | i 10,830 | ||||||
| Illinois | i 8,006 | i 9,579 | ||||||
| New Jersey | i 5,927 | i 7,165 | ||||||
| Ohio | i 4,673 | i 5,406 | ||||||
| Pennsylvania | i 4,476 | i 5,245 | ||||||
| Colorado | i 4,092 | i 4,763 | ||||||
| Michigan | i 3,553 | i 4,164 | ||||||
| All other | i 55,759 | i 64,717 | ||||||
| Total retained loans | $ | i 143,432 | $ | i 168,924 | ||||
Percentage
of portfolio based on carrying value with estimated refreshed FICO scores | ||||||||
| Equal to or greater than 660 | i 85.9 | % | i 84.0 | % | ||||
| Less than 660 | i 13.9 | i 15.4 | ||||||
| No FICO available | i 0.2 | i 0.6 | ||||||
| JPMorgan Chase & Co./2020 Form 10-K | 243 | |||||||
| Year ended December 31, (in millions, except weighted-average data) | 2020 | 2019 | 2018 | |||||||||||
Balance of new TDRs(a) | $ | i 818 | $ | i 961 | $ | i 866 | ||||||||
Weighted-average
interest rate of loans – before TDR | i 18.04 | % | i 19.07 | % | i 17.98 | % | ||||||||
Weighted-average
interest rate of loans – after TDR | i 4.64 | i 4.70 | i 5.16 | |||||||||||
Balance
of loans that redefaulted within one year of modification(b) | $ | i 110 | $ | i 148 | $ | i 116 | ||||||||
244 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 245 | |||||||
| December
31, (in millions, except ratios) | Secured by real estate | Commercial and industrial | Other(b) | Total retained loans | |||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
| Loans by risk ratings | |||||||||||||||||||||||||||||||||||||||||
| Investment-grade | $ | i 90,147 | $ | i 96,611 | $ | i 71,917 | (a) | $ | i 80,489 | $ | i 217,209 | $ | i 186,344 | $ | i 379,273 | (a) | $ | i 363,444 | |||||||||||||||||||||||
| Noninvestment- grade: | |||||||||||||||||||||||||||||||||||||||||
| Noncriticized | i 26,129 | i 22,493 | i 57,870 | i 60,437 | i 33,053 | i 27,591 | i 117,052 | i 110,521 | |||||||||||||||||||||||||||||||||
| Criticized performing | i 3,234 | i 1,131 | i 10,991 | i 4,399 | i 1,079 | i 1,126 | i 15,304 | i 6,656 | |||||||||||||||||||||||||||||||||
| Criticized nonaccrual | i 483 | i 183 | i 1,931 | i 844 | i 904 | i 30 | i 3,318 | i 1,057 | |||||||||||||||||||||||||||||||||
| Total noninvestment- grade | i 29,846 | i 23,807 | i 70,792 | i 65,680 | i 35,036 | i 28,747 | i 135,674 | i 118,234 | |||||||||||||||||||||||||||||||||
| Total retained loans | $ | i 119,993 | $ | i 120,418 | $ | i 142,709 | $ | i 146,169 | $ | i 252,245 | $ | i 215,091 | $ | i 514,947 | $ | i 481,678 | |||||||||||||||||||||||||
| % of investment-grade to total retained loans | i 75.13 | % | i 80.23 | % | i 50.39 | % | i 55.07 | % | i 86.11 | % | i 86.63 | % | i 73.65 | % | i 75.45 | % | |||||||||||||||||||||||||
| % of total criticized to total retained loans | i 3.10 | i 1.09 | i 9.05 | i 3.59 | i 0.79 | i 0.54 | i 3.62 | i 1.60 | |||||||||||||||||||||||||||||||||
| % of criticized nonaccrual to total retained loans | i 0.40 | i 0.15 | i 1.35 | i 0.58 | i 0.36 | i 0.01 | i 0.64 | i 0.22 | |||||||||||||||||||||||||||||||||
| Secured by real estate | |||||||||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||
| Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the revolving period | Converted to term loans | Total | Total | ||||||||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||||||||
| Investment-grade | $ | i 16,560 | $ | i 19,575 | $ | i 12,192 | $ | i 11,017 | $ | i 13,439 | $ | i 16,266 | $ | i 1,098 | $ | i — | $ | i 90,147 | $ | i 96,611 | |||||||||||||||||||||
| Noninvestment-grade | i 3,327 | i 4,339 | i 4,205 | i 2,916 | i 2,575 | i 11,994 | i 489 | i 1 | i 29,846 | i 23,807 | |||||||||||||||||||||||||||||||
| Total retained loans | $ | i 19,887 | $ | i 23,914 | $ | i 16,397 | $ | i 13,933 | $ | i 16,014 | $ | i 28,260 | $ | i 1,587 | $ | i 1 | $ | i 119,993 | $ | i 120,418 | |||||||||||||||||||||
| Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||
| Term loans by origination year | Revolving loans | |||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the revolving period | Converted to term loans | Total | Total | |||||||||||||||||||||||||||||||||||
Loans by risk ratings | ||||||||||||||||||||||||||||||||||||||||||||
| Investment-grade | $ | i 21,211 | (a) | $ | i 7,304 | $ | i 2,934 | $ | i 1,748 | $ | i 1,032 | $ | i 1,263 | $ | i 36,424 | $ | i 1 | $ | i 71,917 | $ | i 80,489 | |||||||||||||||||||||||
| Noninvestment-grade | i 15,060 | i 8,636 | i 5,131 | i 2,104 | i 497 | i 2,439 | i 36,852 | i 73 | i 70,792 | i 65,680 | ||||||||||||||||||||||||||||||||||
Total
retained loans | $ | i 36,271 | $ | i 15,940 | $ | i 8,065 | $ | i 3,852 | $ | i 1,529 | $ | i 3,702 | $ | i 73,276 | $ | i 74 | $ | i 142,709 | $ | i 146,169 | ||||||||||||||||||||||||
Other(b) | |||||||||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||
| Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior to 2016 | Within the revolving period | Converted to term loans | Total | Total | ||||||||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||||||||
| Investment-grade | $ | i 31,389 | $ | i 10,169 | $ | i 6,994 | $ | i 6,206 | $ | i 3,553 | $ | i 12,595 | $ | i 145,524 | $ | i 779 | $ | i 217,209 | $ | i 186,344 | |||||||||||||||||||||
| Noninvestment-grade | i 5,009 | i 2,220 | i 1,641 | i 550 | i 146 | i 636 | i 24,710 | i 124 | i 35,036 | i 28,747 | |||||||||||||||||||||||||||||||
Total
retained loans | $ | i 36,398 | $ | i 12,389 | $ | i 8,635 | $ | i 6,756 | $ | i 3,699 | $ | i 13,231 | $ | i 170,234 | $ | i 903 | $ | i 252,245 | $ | i 215,091 | |||||||||||||||||||||
246 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December
31, (in millions, except ratios) | Multifamily | Other Commercial | Total retained loans secured by real estate | |||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||
| Retained loans secured by real estate | $ | i 73,078 | $ | i 73,840 | $ | i 46,915 | $ | i 46,578 | $ | i 119,993 | $ | i 120,418 | ||||||||||||||
| Criticized | i 1,144 | i 340 | i 2,573 | i 974 | i 3,717 | i 1,314 | ||||||||||||||||||||
| % of total criticized to total retained loans secured by real estate | i 1.57 | % | i 0.46 | % | i 5.48 | % | i 2.09 | % | i 3.10 | % | i 1.09 | % | ||||||||||||||
| Criticized nonaccrual | $ | i 56 | $ | i 28 | $ | i 427 | $ | i 155 | $ | i 483 | $ | i 183 | ||||||||||||||
| % of criticized nonaccrual loans to total retained loans secured by real estate | i 0.08 | % | i 0.04 | % | i 0.91 | % | i 0.33 | % | i 0.40 | % | i 0.15 | % | ||||||||||||||
| Secured by real estate | Commercial and industrial | Other | Total retained loans | ||||||||||||||||||||||||||||||||
| December 31, (in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
Loans
by geographic distribution(a) | |||||||||||||||||||||||||||||||||||
| Total U.S. | $ | i 116,990 | $ | i 117,836 | $ | i 109,273 | $ | i 111,954 | $ | i 180,583 | $ | i 150,512 | $ | i 406,846 | $ | i 380,302 | |||||||||||||||||||
| Total non-U.S. | i 3,003 | i 2,582 | i 33,436 | i 34,215 | i 71,662 | i 64,579 | i 108,101 | i 101,376 | |||||||||||||||||||||||||||
| Total retained loans | $ | i 119,993 | $ | i 120,418 | $ | i 142,709 | $ | i 146,169 | $ | i 252,245 | $ | i 215,091 | $ | i 514,947 | $ | i 481,678 | |||||||||||||||||||
Loan
delinquency(b) | |||||||||||||||||||||||||||||||||||
Current and less than 30 days past due and still accruing | $ | i 118,894 | $ | i 120,119 | $ | i 140,100 | $ | i 144,839 | $ | i 249,713 | $ | i 214,641 | $ | i 508,707 | $ | i 479,599 | |||||||||||||||||||
30–89
days past due and still accruing | i 601 | i 115 | i 658 | i 449 | i 1,606 | i 415 | i 2,865 | i 979 | |||||||||||||||||||||||||||
90
or more days past due and still accruing(c) | i 15 | i 1 | i 20 | i 37 | i 22 | i 5 | i 57 | i 43 | |||||||||||||||||||||||||||
| Criticized nonaccrual | i 483 | i 183 | i 1,931 | i 844 | i 904 | i 30 | i 3,318 | i 1,057 | |||||||||||||||||||||||||||
| Total retained loans | $ | i 119,993 | $ | i 120,418 | $ | i 142,709 | $ | i 146,169 | $ | i 252,245 | $ | i 215,091 | $ | i 514,947 | $ | i 481,678 | |||||||||||||||||||
| Net charge-offs/(recoveries) | $ | i 10 | $ | i 44 | $ | i 737 | $ | i 335 | $ | i 52 | $ | i 36 | $ | i 799 | $ | i 415 | |||||||||||||||||||
| % of net charge-offs/(recoveries) to end-of-period retained loans | i 0.01 | % | i 0.04 | % | i 0.52 | % | i 0.23 | % | i 0.02 | % | i 0.02 | % | i 0.16 | % | i 0.09 | % | |||||||||||||||||||
| December
31, (in millions) | Secured by real estate | Commercial and industrial | Other | Total retained loans | ||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Nonaccrual
loans(a) | ||||||||||||||||||||||||||||||||||||||||||||
| With an allowance | $ | i 351 | $ | i 169 | $ | i 1,667 | $ | i 688 | $ | i 800 | $ | i 28 | $ | i 2,818 | $ | i 885 | ||||||||||||||||||||||||||||
Without
an allowance(b) | i 132 | i 14 | i 264 | i 156 | i 104 | i 2 | i 500 | i 172 | ||||||||||||||||||||||||||||||||||||
Total
nonaccrual loans(c) | $ | i 483 | $ | i 183 | $ | i 1,931 | $ | i 844 | $ | i 904 | $ | i 30 | $ | i 3,318 | $ | i 1,057 | ||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 247 | |||||||
248 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 249 | |||||||
| (Table continued on next page) | ||||||||||||||||||||||||||
2020(e) | ||||||||||||||||||||||||||
| Year ended December 31, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | ||||||||||||||||||||||
| Allowance for loan losses | ||||||||||||||||||||||||||
| Beginning balance at January 1, | $ | i 2,538 | $ | i 5,683 | $ | i 4,902 | $ | i 13,123 | ||||||||||||||||||
| Cumulative effect of a change in accounting principle | i 297 | i 5,517 | ( i 1,642) | i 4,172 | ||||||||||||||||||||||
| Gross charge-offs | i 805 | i 5,077 | i 954 | i 6,836 | ||||||||||||||||||||||
| Gross recoveries collected | ( i 631) | ( i 791) | ( i 155) | ( i 1,577) | ||||||||||||||||||||||
| Net charge-offs | i 174 | i 4,286 | i 799 | i 5,259 | ||||||||||||||||||||||
Write-offs
of PCI loans(a) | NA | NA | NA | NA | ||||||||||||||||||||||
| Provision for loan losses | i 974 | i 10,886 | i 4,431 | i 16,291 | ||||||||||||||||||||||
Other | i 1 | i — | i — | i 1 | ||||||||||||||||||||||
| Ending balance at December 31, | $ | i 3,636 | $ | i 17,800 | $ | i 6,892 | $ | i 28,328 | ||||||||||||||||||
Allowance
for lending-related commitments | ||||||||||||||||||||||||||
Beginning balance at January 1, | $ | i 12 | $ | i — | $ | i 1,179 | $ | i 1,191 | ||||||||||||||||||
| Cumulative effect of a change in accounting principle | i 133 | i — | ( i 35) | i 98 | ||||||||||||||||||||||
Provision
for lending-related commitments | i 42 | i — | i 1,079 | i 1,121 | ||||||||||||||||||||||
Other | i — | i — | ( i 1) | ( i 1) | ||||||||||||||||||||||
| Ending balance at December 31, | $ | i 187 | $ | i — | $ | i 2,222 | $ | i 2,409 | ||||||||||||||||||
| Total allowance for credit losses | $ | i 3,823 | $ | i 17,800 | $ | i 9,114 | $ | i 30,737 | ||||||||||||||||||
Allowance
for loan losses by impairment methodology | ||||||||||||||||||||||||||
Asset-specific(b) | $ | ( i 7) | $ | i 633 | $ | i 682 | $ | i 1,308 | ||||||||||||||||||
| Portfolio-based | i 3,643 | i 17,167 | i 6,210 | i 27,020 | ||||||||||||||||||||||
| PCI | NA | NA | NA | NA | ||||||||||||||||||||||
| Total allowance for loan losses | $ | i 3,636 | $ | i 17,800 | $ | i 6,892 | $ | i 28,328 | ||||||||||||||||||
| Loans by impairment methodology | ||||||||||||||||||||||||||
Asset-specific(b) | $ | i 16,648 | $ | i 1,375 | $ | i 3,606 | $ | i 21,629 | ||||||||||||||||||
| Portfolio-based | i 285,479 | i 142,057 | i 511,341 | i 938,877 | ||||||||||||||||||||||
| PCI | NA | NA | NA | NA | ||||||||||||||||||||||
| Total retained loans | $ | i 302,127 | $ | i 143,432 | $ | i 514,947 | $ | i 960,506 | ||||||||||||||||||
| Collateral-dependent loans | ||||||||||||||||||||||||||
| Net charge-offs | $ | i 133 | $ | i — | $ | i 76 | $ | i 209 | ||||||||||||||||||
Loans
measured at fair value of collateral less cost to sell | i 4,956 | i — | i 188 | i 5,144 | ||||||||||||||||||||||
Allowance
for lending-related commitments by impairment methodology | ||||||||||||||||||||||||||
Asset-specific | $ | i — | $ | i — | $ | i 114 | $ | i 114 | ||||||||||||||||||
| Portfolio-based | i 187 | i — | i 2,108 | i 2,295 | ||||||||||||||||||||||
Total
allowance for lending-related commitments(c) | $ | i 187 | $ | i — | $ | i 2,222 | $ | i 2,409 | ||||||||||||||||||
Lending-related
commitments by impairment methodology | ||||||||||||||||||||||||||
Asset-specific | $ | i — | $ | i — | $ | i 577 | $ | i 577 | ||||||||||||||||||
Portfolio-based(d) | i 37,783 | i — | i 426,871 | i 464,654 | ||||||||||||||||||||||
Total
lending-related commitments | $ | i 37,783 | $ | i — | $ | i 427,448 | $ | i 465,231 | ||||||||||||||||||
250 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| (table continued from previous page) | |||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
| Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | ||||||||||||||||||||||||||||||||||||||||
| $ | i 3,434 | $ | i 5,184 | $ | i 4,827 | $ | i 13,445 | $ | i 3,892 | $ | i 4,884 | $ | i 4,828 | $ | i 13,604 | ||||||||||||||||||||||||||||||||
| NA | NA | NA | NA | NA | NA | NA | NA | ||||||||||||||||||||||||||||||||||||||||
| i 902 | i 5,436 | i 472 | i 6,810 | i 977 | i 5,011 | i 361 | i 6,349 | ||||||||||||||||||||||||||||||||||||||||
| ( i 536) | ( i 588) | ( i 57) | ( i 1,181) | ( i 827) | ( i 493) | ( i 173) | ( i 1,493) | ||||||||||||||||||||||||||||||||||||||||
| i 366 | i 4,848 | i 415 | i 5,629 | i 150 | i 4,518 | i 188 | i 4,856 | ||||||||||||||||||||||||||||||||||||||||
| i 151 | i — | i — | i 151 | i 187 | i — | i — | i 187 | ||||||||||||||||||||||||||||||||||||||||
| ( i 378) | i 5,348 | i 479 | i 5,449 | ( i 121) | i 4,818 | i 188 | i 4,885 | ||||||||||||||||||||||||||||||||||||||||
| ( i 1) | ( i 1) | i 11 | i 9 | i — | i — | ( i 1) | ( i 1) | ||||||||||||||||||||||||||||||||||||||||
| $ | i 2,538 | $ | i 5,683 | $ | i 4,902 | $ | i 13,123 | $ | i 3,434 | $ | i 5,184 | $ | i 4,827 | $ | i 13,445 | ||||||||||||||||||||||||||||||||
| $ | i 12 | $ | i — | $ | i 1,043 | $ | i 1,055 | $ | i 12 | $ | i — | $ | i 1,056 | $ | i 1,068 | ||||||||||||||||||||||||||||||||
| NA | NA | NA | NA | NA | NA | NA | NA | ||||||||||||||||||||||||||||||||||||||||
| i — | i — | i 136 | i 136 | i — | i — | ( i 14) | ( i 14) | ||||||||||||||||||||||||||||||||||||||||
| i — | i — | i — | i — | i — | i — | i 1 | i 1 | ||||||||||||||||||||||||||||||||||||||||
| $ | i 12 | $ | i — | $ | i 1,179 | $ | i 1,191 | $ | i 12 | $ | i — | $ | i 1,043 | $ | i 1,055 | ||||||||||||||||||||||||||||||||
| $ | i 2,550 | $ | i 5,683 | $ | i 6,081 | $ | i 14,314 | $ | i 3,446 | $ | i 5,184 | $ | i 5,870 | $ | i 14,500 | ||||||||||||||||||||||||||||||||
| $ | i 75 | $ | i 477 | $ | i 295 | $ | i 847 | $ | i 143 | $ | i 440 | $ | i 350 | $ | i 933 | ||||||||||||||||||||||||||||||||
| i 1,476 | i 5,206 | i 4,607 | i 11,289 | i 1,503 | i 4,744 | i 4,477 | i 10,724 | ||||||||||||||||||||||||||||||||||||||||
| i 987 | i — | i — | i 987 | i 1,788 | i — | i — | i 1,788 | ||||||||||||||||||||||||||||||||||||||||
| $ | i 2,538 | $ | i 5,683 | $ | i 4,902 | $ | i 13,123 | $ | i 3,434 | $ | i 5,184 | $ | i 4,827 | $ | i 13,445 | ||||||||||||||||||||||||||||||||
| $ | i 5,961 | $ | i 1,452 | $ | i 1,123 | $ | i 8,536 | $ | i 6,665 | $ | i 1,319 | $ | i 1,459 | $ | i 9,443 | ||||||||||||||||||||||||||||||||
| i 268,675 | i 167,472 | i 480,555 | i 916,702 | i 305,077 | i 155,297 | i 475,561 | i 935,935 | ||||||||||||||||||||||||||||||||||||||||
| i 20,363 | i — | i — | i 20,363 | i 24,034 | i — | i 3 | i 24,037 | ||||||||||||||||||||||||||||||||||||||||
| $ | i 294,999 | $ | i 168,924 | $ | i 481,678 | $ | i 945,601 | $ | i 335,776 | $ | i 156,616 | $ | i 477,023 | $ | i 969,415 | ||||||||||||||||||||||||||||||||
| $ | i 46 | $ | i — | $ | i 36 | $ | i 82 | $ | i 16 | $ | i — | $ | i 29 | $ | i 45 | ||||||||||||||||||||||||||||||||
| i 2,053 | i — | i 87 | i 2,140 | i 2,076 | i — | i 206 | i 2,282 | ||||||||||||||||||||||||||||||||||||||||
| $ | i — | $ | i — | $ | i 102 | $ | i 102 | $ | i — | $ | i — | $ | i 99 | $ | i 99 | ||||||||||||||||||||||||||||||||
| i 12 | i — | i 1,077 | i 1,089 | i 12 | i — | i 944 | i 956 | ||||||||||||||||||||||||||||||||||||||||
| $ | i 12 | $ | i — | $ | i 1,179 | $ | i 1,191 | $ | i 12 | $ | i — | $ | i 1,043 | $ | i 1,055 | ||||||||||||||||||||||||||||||||
| $ | i — | $ | i — | $ | i 474 | $ | i 474 | $ | i — | $ | i — | $ | i 469 | $ | i 469 | ||||||||||||||||||||||||||||||||
| i 30,417 | i — | i 392,967 | i 423,384 | i 26,502 | i — | i 374,996 | i 401,498 | ||||||||||||||||||||||||||||||||||||||||
| $ | i 30,417 | $ | i — | $ | i 393,441 | $ | i 423,858 | $ | i 26,502 | $ | i — | $ | i 375,465 | $ | i 401,967 | ||||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 251 | |||||||
| Assumptions at January 1, 2020 | |||||||||||
| 2Q20 | 4Q20(b) | 2Q21 | |||||||||
U.S. unemployment rate(a) | 3.7% | 3.8% | 4.0% | ||||||||
| Cumulative change in U.S. real GDP from 12/31/2019 | 0.9% | 1.7% | 2.4% | ||||||||
| 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% | ||||||||
252 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Line of Business | Transaction Type | Activity | 2020
Form 10-K page references | ||||||||
| CCB | Credit card securitization trusts | Securitization of originated credit card receivables | 253-254 | ||||||||
| Mortgage securitization trusts | Servicing and securitization of both originated and purchased residential mortgages | 254-256 | |||||||||
| CIB | Mortgage and other securitization trusts | Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans | 254-256 | ||||||||
| Multi-seller conduits | Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs | 256 | |||||||||
| Municipal bond vehicles | Financing of municipal bond investments | 256-257 | |||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 253 | |||||||
| 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 | ||||||||||||
| Principal amount outstanding | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | |||||||||||||||||||||||||
| December 31, 2019 (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 60,348 | $ | i 2,796 | $ | i 48,734 | $ | i 535 | $ | i 625 | $ | i — | $ | i 1,160 | ||||||||||||
| Subprime | i 14,661 | i — | i 13,490 | i 7 | i — | i — | i 7 | |||||||||||||||||||
Commercial
and other(b) | i 111,903 | i — | i 80,878 | i 785 | i 773 | i 241 | i 1,799 | |||||||||||||||||||
| Total | $ | i 186,912 | $ | i 2,796 | $ | i 143,102 | $ | i 1,327 | $ | i 1,398 | $ | i 241 | $ | i 2,966 | ||||||||||||
254 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Transfers of securities to VIEs | |||||||||||||||||
| U.S. GSEs and government agencies | $ | i 46,123 | $ | i 25,852 | $ | i 15,532 | |||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 255 | |||||||
| Nonconsolidated re-securitization VIEs | |||||||||||
| December 31, (in millions) | 2020 | 2019 | |||||||||
U.S.
GSEs and government agencies | |||||||||||
Interest in VIEs | $ | i 2,631 | $ | i 2,928 | |||||||
256 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Assets | Liabilities | |||||||||||||||||||||||||
| December
31, 2020 (in millions) | Trading assets | Loans | Other(b) | Total assets(c) | Beneficial interests in VIE assets(d) | Other(e) | 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 | ||||||||||||
| Assets | Liabilities | |||||||||||||||||||||||||
| December
31, 2019 (in millions) | Trading assets | Loans | Other(b) | Total assets(c) | Beneficial interests in VIE assets(d) | Other(e) | Total liabilities | |||||||||||||||||||
| VIE program type | ||||||||||||||||||||||||||
| Firm-sponsored credit card trusts | $ | i — | $ | i 14,986 | $ | i 266 | $ | i 15,252 | $ | i 6,461 | $ | i 6 | $ | i 6,467 | ||||||||||||
| Firm-administered multi-seller conduits | i 1 | i 25,183 | i 355 | i 25,539 | i 9,223 | i 36 | i 9,259 | |||||||||||||||||||
| Municipal bond vehicles | i 1,903 | i — | i 4 | i 1,907 | i 1,881 | i 3 | i 1,884 | |||||||||||||||||||
Mortgage
securitization entities(a) | i 66 | i 2,762 | i 64 | i 2,892 | i 276 | i 130 | i 406 | |||||||||||||||||||
| Other | i 663 | i — | i 192 | i 855 | i — | i 272 | i 272 | |||||||||||||||||||
| Total | $ | i 2,633 | $ | i 42,931 | $ | i 881 | $ | i 46,445 | $ | i 17,841 | $ | i 447 | $ | i 18,288 | ||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 257 | |||||||
258 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||
| Year
ended December 31, (in millions) | Residential mortgage(d) | Commercial and other(e) | Residential mortgage(d) | Commercial and other(e) | Residential mortgage(d) | Commercial and other(e) | ||||||||||||||||||||
| Principal securitized | $ | i 7,103 | $ | i 6,624 | $ | i 9,957 | $ | i 9,390 | $ | i 6,431 | $ | i 10,159 | ||||||||||||||
All
cash flows during the period:(a) | ||||||||||||||||||||||||||
Proceeds received from loan sales as financial instruments(b)(c) | $ | i 7,321 | $ | i 6,865 | $ | i 10,238 | $ | i 9,544 | $ | i 6,449 | $ | i 10,218 | ||||||||||||||
| Servicing fees collected | i 211 | i 1 | i 287 | i 2 | i 319 | i 2 | ||||||||||||||||||||
Cash
flows received on interests | i 801 | i 239 | i 507 | i 237 | i 411 | i 301 | ||||||||||||||||||||
| Year ended December 31, | 2020 | 2019 | 2018 | |||||||||||||||||
| Residential mortgage retained interest: | ||||||||||||||||||||
| Weighted-average life (in years) | i 4.7 | i 4.8 | i 7.6 | |||||||||||||||||
| Weighted-average discount rate | i 8.2 | % | i 7.4 | % | i 3.6 | % | ||||||||||||||
| Commercial mortgage retained interest: | ||||||||||||||||||||
| Weighted-average life (in years) | i 6.9 | i 6.4 | i 5.3 | |||||||||||||||||
| Weighted-average discount rate | i 3.0 | % | i 4.1 | % | i 4.0 | % | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 259 | |||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||
| Carrying value of loans sold | $ | i 81,153 | $ | i 92,349 | $ | i 44,609 | |||||
Proceeds
received from loan sales as cash | $ | i 45 | $ | i 73 | $ | i 9 | |||||
Proceeds
from loan sales as securities(a)(b) | i 80,186 | i 91,422 | i 43,671 | ||||||||
Total
proceeds received from loan sales(c) | $ | i 80,231 | $ | i 91,495 | $ | i 43,680 | |||||
Gains/(losses)
on loan sales(d)(e) | $ | i 6 | $ | i 499 | $ | ( i 93) | |||||
| December 31, (in millions) | 2020 | 2019 | ||||||
Loans repurchased or
option to repurchase(a) | $ | i 1,413 | $ | i 2,941 | ||||
Real
estate owned | i 9 | i 41 | ||||||
Foreclosed
government-guaranteed residential mortgage loans(b) | i 64 | i 198 | ||||||
| Securitized assets | 90 days past due | Net liquidation losses | ||||||||||||||||||||||||
| As of or for the year ended December 31, (in millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Securitized loans | ||||||||||||||||||||||||||
| Residential mortgage: | ||||||||||||||||||||||||||
| Prime/ Alt-A & option ARMs | $ | i 41,265 | $ | i 48,734 | $ | i 4,988 | $ | i 2,449 | $ | i 212 | $ | i 579 | ||||||||||||||
| Subprime | i 12,154 | i 13,490 | i 2,406 | i 1,813 | i 179 | i 532 | ||||||||||||||||||||
| Commercial and other | i 92,351 | i 80,878 | i 5,958 | i 187 | i 30 | i 445 | ||||||||||||||||||||
| Total loans securitized | $ | i 145,770 | $ | i 143,102 | $ | i 13,352 | $ | i 4,449 | $ | i 421 | $ | i 1,556 | ||||||||||||||
260 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||
Consumer & Community Banking(a) | $ | i 31,311 | $ | i 30,133 | $ | i 30,084 | |||||
Corporate
& Investment Bank(a) | i 7,913 | i 7,901 | i 7,721 | ||||||||
| Commercial Banking | i 2,985 | i 2,982 | i 2,860 | ||||||||
Asset
& Wealth Management(a) | i 7,039 | i 6,807 | i 6,806 | ||||||||
| Total goodwill | $ | i 49,248 | $ | i 47,823 | $ | i 47,471 | |||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
| Balance at beginning of period | $ | i 47,823 | $ | i 47,471 | $ | i 47,507 | |||||||||||
Changes
during the period from: | |||||||||||||||||
Business combinations(a) | i 1,412 | i 349 | i — | ||||||||||||||
Other(b) | i 13 | i 3 | ( i 36) | ||||||||||||||
| Balance at December 31, | $ | i 49,248 | $ | i 47,823 | $ | i 47,471 | |||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 261 | |||||||
262 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| As of or for the year ended December 31, (in millions, except where otherwise noted) | 2020 | 2019 | 2018 | |||||||||||||||||
| Fair value at beginning of period | $ | i 4,699 | $ | i 6,130 | $ | i 6,030 | ||||||||||||||
| MSR activity: | ||||||||||||||||||||
| Originations of MSRs | i 944 | i 1,384 | i 931 | |||||||||||||||||
| Purchase of MSRs | i 248 | i 105 | i 315 | |||||||||||||||||
Disposition
of MSRs(a) | ( i 176) | ( i 789) | ( i 636) | |||||||||||||||||
| Net additions/(Dispositions) | i 1,016 | i 700 | i 610 | |||||||||||||||||
Changes
due to collection/realization of expected cash flows | ( i 899) | ( i 951) | ( i 740) | |||||||||||||||||
| Changes in valuation due to inputs and assumptions: | ||||||||||||||||||||
Changes due to market interest rates and other(b) | ( i 1,568) | ( i 893) | i 300 | |||||||||||||||||
| Changes in valuation due to other inputs and assumptions: | ||||||||||||||||||||
Projected cash flows (e.g., cost to service) | ( i 54) | ( i 333) | (e) | i 15 | ||||||||||||||||
Discount
rates | i 199 | i 153 | i 24 | |||||||||||||||||
Prepayment
model changes and other(c) | ( i 117) | ( i 107) | ( i 109) | |||||||||||||||||
| Total changes in valuation due to other inputs and assumptions | i 28 | ( i 287) | ( i 70) | |||||||||||||||||
| Total changes in valuation due to inputs and assumptions | ( i 1,540) | ( i 1,180) | i 230 | |||||||||||||||||
| Fair value at December 31, | $ | i 3,276 | $ | i 4,699 | $ | i 6,130 | ||||||||||||||
Change
in unrealized gains/(losses) included in income related to MSRs held at December 31, | $ | ( i 1,540) | $ | ( i 1,180) | $ | i 230 | ||||||||||||||
| Contractual service fees, late fees and other ancillary fees included in income | i 1,325 | i 1,639 | i 1,778 | |||||||||||||||||
| Third-party mortgage loans serviced at December 31, (in billions) | i 448.0 | i 522.0 | i 521.0 | |||||||||||||||||
Servicer
advances, net of an allowance for uncollectible amounts, at December 31, (in billions)(d) | i 1.8 | i 2.0 | i 3.0 | |||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 263 | |||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||||||||
CCB mortgage fees and related income | |||||||||||||||||
| Net production revenue | $ | i 2,629 | $ | i 1,618 | $ | i 268 | |||||||||||
| Net mortgage servicing revenue: | |||||||||||||||||
| Operating revenue: | |||||||||||||||||
| Loan servicing revenue | i 1,367 | i 1,533 | i 1,835 | ||||||||||||||
Changes
in MSR asset fair value due to collection/realization of expected cash flows | ( i 899) | ( i 951) | ( i 740) | ||||||||||||||
| Total operating revenue | i 468 | i 582 | i 1,095 | ||||||||||||||
| Risk management: | |||||||||||||||||
Changes in MSR asset fair value due to market interest rates and other(a) | ( i 1,568) | ( i 893) | i 300 | ||||||||||||||
Other
changes in MSR asset fair value due to other inputs and assumptions in model(b) | i 28 | ( i 287) | ( i 70) | ||||||||||||||
Change
in derivative fair value and other | i 1,522 | i 1,015 | ( i 341) | ||||||||||||||
| Total risk management | ( i 18) | ( i 165) | ( i 111) | ||||||||||||||
| Total net mortgage servicing revenue | i 450 | i 417 | i 984 | ||||||||||||||
| Total CCB mortgage fees and related income | i 3,079 | i 2,035 | i 1,252 | ||||||||||||||
| All other | i 12 | i 1 | i 2 | ||||||||||||||
Mortgage
fees and related income | $ | i 3,091 | $ | i 2,036 | $ | i 1,254 | |||||||||||
| December 31, (in millions, except rates) | 2020 | 2019 | |||||||||
Weighted-average prepayment
speed assumption (constant prepayment rate) | i 14.90 | % | i 11.67 | % | |||||||
Impact
on fair value of 10% adverse change | $ | ( i 206) | $ | ( i 200) | |||||||
Impact
on fair value of 20% adverse change | ( i 392) | ( i 384) | |||||||||
Weighted-average
option adjusted spread(a) | i 7.19 | % | i 7.93 | % | |||||||
Impact
on fair value of 100 basis points adverse change | $ | ( i 134) | $ | ( i 169) | |||||||
Impact
on fair value of 200 basis points adverse change | ( i 258) | ( i 326) | |||||||||
264 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December 31, (in millions) | 2020 | 2019 | ||||||||||||
| U.S. offices | ||||||||||||||
Noninterest-bearing
(included $ i 9,873 and $ i 22,637 at fair value)(a) | $ | i 572,711 | $ | i 395,667 | ||||||||||
Interest-bearing
(included $ i 2,567 and $ i 2,534 at fair value)(a) | i 1,197,032 | i 876,156 | ||||||||||||
| Total deposits in U.S. offices | i 1,769,743 | i 1,271,823 | ||||||||||||
| Non-U.S. offices | ||||||||||||||
Noninterest-bearing (included $ i 1,486 and $ i 1,980
at fair value)(a) | i 23,435 | i 20,087 | ||||||||||||
Interest-bearing
(included $ i 558 and $ i 1,438 at fair value)(a) | i 351,079 | i 270,521 | ||||||||||||
| Total deposits in non-U.S. offices | i 374,514 | i 290,608 | ||||||||||||
| Total deposits | $ | i 2,144,257 | $ | i 1,562,431 | ||||||||||
| December 31, (in millions) | 2020 | 2019 | ||||||||||||
| U.S. offices | $ | i 33,812 | $ | i 44,127 | ||||||||||
| Non-U.S. offices | i 50,523 | i 50,840 | ||||||||||||
| Total | $ | i 84,335 | $ | i 94,967 | ||||||||||
| December 31, 2020 (in millions) | ||||||||||||||||||||
| U.S. | Non-U.S. | Total | ||||||||||||||||||
| 2021 | $ | i 44,785 | $ | i 48,142 | $ | i 92,927 | ||||||||||||||
| 2022 | i 1,451 | i 175 | i 1,626 | |||||||||||||||||
| 2023 | i 259 | i 7 | i 266 | |||||||||||||||||
| 2024 | i 210 | i 36 | i 246 | |||||||||||||||||
| 2025 | i 197 | i 633 | i 830 | |||||||||||||||||
| After 5 years | i 451 | i 298 | i 749 | |||||||||||||||||
| Total | $ | i 47,353 | $ | i 49,291 | $ | i 96,644 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 265 | |||||||
| December 31, (in millions, except where otherwise noted) | ||||||||||||||||||||||||||
| 2020 | 2019 | |||||||||||||||||||||||||
| Right-of-use assets | $ | i 8,006 | $ | i 8,190 | ||||||||||||||||||||||
| Lease liabilities | i 8,508 | i 8,505 | ||||||||||||||||||||||||
| Weighted average remaining lease term (in years) | i 8.7 | i 8.8 | ||||||||||||||||||||||||
| Weighted average discount rate | i 3.48 | % | i 3.68 | % | ||||||||||||||||||||||
| Supplemental cash flow information | ||||||||||||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities - operating cash flows | $ | i 1,626 | $ | i 1,572 | ||||||||||||||||||||||
| Supplemental non-cash information | ||||||||||||||||||||||||||
| Right-of-use assets obtained in exchange for operating lease obligations | $ | i 1,350 | $ | i 1,413 | ||||||||||||||||||||||
| Year
ended December 31, (in millions) | 2020 | 2019 | ||||||
| Rental expense | ||||||||
| Gross rental expense | $ | i 2,094 | $ | i 2,057 | ||||
| Sublease rental income | ( i 166) | ( i 184) | ||||||
| Net rental expense | $ | i 1,928 | $ | i 1,873 | ||||
| Year ended December 31, (in millions) | |||||
| 2021 | $ | i 1,606 | |||
| 2022 | i 1,435 | ||||
| 2023 | i 1,270 | ||||
| 2024 | i 1,123 | ||||
| 2025 | i 947 | ||||
| After 2025 | i 3,602 | ||||
| Total future minimum lease payments | i 9,983 | ||||
| Less: Imputed interest | ( i 1,475) | ||||
| Total | $ | i 8,508 | |||
266 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December
31, (in millions) | 2020 | 2019 | |||||||||
Carrying value of assets subject to operating leases, net of accumulated depreciation | $ | i 21,155 | $ | i 23,587 | |||||||
Accumulated
depreciation | i 6,388 | i 6,121 | |||||||||
Year ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||
| Operating lease income | $ | i 5,539 | $ | i 5,455 | $ | i 4,540 | ||||||||
| Depreciation expense | i 4,257 | i 4,157 | i 3,522 | |||||||||||
| Year ended December 31, (in millions) | |||||
| 2021 | $ | i 3,686 | |||
| 2022 | i 2,084 | ||||
| 2023 | i 613 | ||||
| 2024 | i 52 | ||||
| 2025 | i 24 | ||||
| After 2025 | i 34 | ||||
| Total future minimum lease receipts | $ | i 6,493 | |||
| JPMorgan Chase & Co./2020 Form 10-K | 267 | |||||||
| December 31, (in millions) | 2020 | 2019 | ||||||||||||
| Brokerage payables | $ | i 140,291 | $ | i 118,375 | ||||||||||
Other
payables and liabilities(a) | i 92,308 | i 92,032 | ||||||||||||
Total
accounts payable and other liabilities | $ | i 232,599 | $ | i 210,407 | ||||||||||
268 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| By
remaining maturity at December 31, (in millions, except rates) | 2020 | 2019 | |||||||||||||||||||||||||||||||||
| Under 1 year | 1-5 years | After 5 years | Total | Total | |||||||||||||||||||||||||||||||
| Parent company | |||||||||||||||||||||||||||||||||||
| Senior debt: | Fixed rate | $ | i 9,225 | $ | i 49,987 | $ | i 114,296 | $ | i 173,508 | $ | i 161,198 | ||||||||||||||||||||||||
| Variable rate | i 1,580 | i 8,644 | i 8,353 | i 18,577 | i 18,615 | ||||||||||||||||||||||||||||||
Interest
rates(a) | i 1.33- i 4.63% | i 0.50- i 4.50% | i 0.17- i 6.40% | i 0.17- i 6.40% | i 0.15- i 6.40% | ||||||||||||||||||||||||||||||
| Subordinated debt: | Fixed rate | $ | i — | $ | i 5,678 | $ | i 13,577 | $ | i 19,255 | $ | i 15,155 | ||||||||||||||||||||||||
| Variable rate | i — | i — | i 9 | i 9 | i 9 | ||||||||||||||||||||||||||||||
Interest
rates(a) | i i — / % | i 3.38- i 7.75% | i 2.96- i 8.00% | i 2.96- i 8.00% | i 3.38- i 8.00% | ||||||||||||||||||||||||||||||
| Subtotal | $ | i 10,805 | $ | i 64,309 | $ | i 136,235 | $ | i 211,349 | $ | i 194,977 | |||||||||||||||||||||||||
| Subsidiaries | |||||||||||||||||||||||||||||||||||
Federal
Home Loan Banks advances: | Fixed rate | $ | i 7 | $ | i 45 | $ | i 71 | $ | i 123 | $ | i 135 | ||||||||||||||||||||||||
| Variable rate | i 3,000 | i 11,000 | i — | i 14,000 | i 28,500 | ||||||||||||||||||||||||||||||
Interest
rates(a) | i 0.57- i 0.60% | i 0.19- i 0.24% | i 4.66- i 7.73% | i 0.19- i 7.73% | i 1.67- i 8.31% | (h) | |||||||||||||||||||||||||||||
| Senior debt: | Fixed rate | $ | i 1,067 | $ | i 3,157 | $ | i 11,534 | $ | i 15,758 | $ | i 19,597 | ||||||||||||||||||||||||
| Variable rate | i 12,055 | i 18,448 | i 7,608 | i 38,111 | i 45,861 | ||||||||||||||||||||||||||||||
Interest
rates(a) | i i — / % | i i 7.28 / % | i 1.00- i 1.30% | i 1.00- i 7.28% | i 1.00- i 9.43% | ||||||||||||||||||||||||||||||
| Subordinated debt: | Fixed rate | $ | i — | $ | i 309 | $ | i — | $ | i 309 | $ | i 305 | ||||||||||||||||||||||||
| Variable rate | i — | i — | i — | i — | i — | ||||||||||||||||||||||||||||||
Interest
rates(a) | i i — / | % | i i 8.25 / | % | i i — / | % | i i 8.25 / | % | i i 8.25 / | % | |||||||||||||||||||||||||
| Subtotal | $ | i 16,129 | $ | i 32,959 | $ | i 19,213 | $ | i 68,301 | $ | i 94,398 | |||||||||||||||||||||||||
| Junior subordinated debt: | Fixed rate | $ | i — | $ | i — | $ | i 738 | $ | i 738 | $ | i 693 | ||||||||||||||||||||||||
| Variable rate | i — | i — | i 1,297 | i 1,297 | i 1,430 | ||||||||||||||||||||||||||||||
Interest
rates(a) | i i — / % | i i — / % | i 0.71- i 8.75% | i 0.71- i 8.75% | i 2.41- i 8.75% | ||||||||||||||||||||||||||||||
| Subtotal | $ | i — | $ | i — | $ | i 2,035 | $ | i 2,035 | $ | i 2,123 | |||||||||||||||||||||||||
Total
long-term debt(b)(c)(d) | $ | i 26,934 | $ | i 97,268 | $ | i 157,483 | $ | i 281,685 | (f)(g) | $ | i 291,498 | ||||||||||||||||||||||||
Long-term
beneficial interests: | |||||||||||||||||||||||||||||||||||
| Fixed rate | $ | i 625 | $ | i 1,744 | $ | i — | $ | i 2,369 | $ | i 2,990 | |||||||||||||||||||||||||
| Variable rate | i 1,924 | i 650 | i 210 | i 2,784 | i 3,748 | ||||||||||||||||||||||||||||||
| Interest rates | i 0.36- i 2.77% | i 0.00- i 2.39% | i 0.00- i 3.75% | i 0.00- i 3.75% | i 0.00- i 4.06% | ||||||||||||||||||||||||||||||
Total
long-term beneficial interests(e) | $ | i 2,549 | $ | i 2,394 | $ | i 210 | $ | i 5,153 | $ | i 6,738 | |||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 269 | |||||||
270 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
Shares(a) | Carrying
value (in millions) | Issue date | Contractual rate in effect at December 31, 2020 | Earliest redemption date(b) | Floating annualized rate of i i i i i i i i i three-month
LIBOR / / / / / / / / / i i i Term
SOFR / / plus: | Dividend declared per share(c) | ||||||||||||||||||||||||||||||||||||||
| December 31, | December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
Fixed-rate: | ||||||||||||||||||||||||||||||||||||||||||||
Series
P | i — | i — | $ | i — | $ | i — | i 2/5/2013 | i — | % | i 3/1/2018 | NA | $ i — | $ i 545.00 | $ i 545.00 | ||||||||||||||||||||||||||||||
Series
T | i — | i — | i — | i — | i 1/30/2014 | i — | i 3/1/2019 | NA | i — | i 167.50 | i 670.00 | |||||||||||||||||||||||||||||||||
Series
W | i — | i — | i — | i — | i 6/23/2014 | i — | i 9/1/2019 | NA | i — | i 472.50 | i 630.00 | |||||||||||||||||||||||||||||||||
| Series Y | i — | i 143,000 | i — | i 1,430 | i 2/12/2015 | i — | i 3/1/2020 | NA | i 153.13 | i 612.52 | i 612.52 | |||||||||||||||||||||||||||||||||
Series
AA | i 142,500 | i 142,500 | i 1,425 | i 1,425 | i 6/4/2015 | i 6.100 | i 9/1/2020 | NA | i 610.00 | i 610.00 | i 610.00 | |||||||||||||||||||||||||||||||||
Series
BB | i 115,000 | i 115,000 | i 1,150 | i 1,150 | i 7/29/2015 | i 6.150 | i 9/1/2020 | NA | i 615.00 | i 615.00 | i 615.00 | |||||||||||||||||||||||||||||||||
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 575.00 | i 575.00 | i 111.81 | (d) | ||||||||||||||||||||||||||||||||
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 600.00 | i 511.67 | NA | (e) | ||||||||||||||||||||||||||||||||
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 506.67 | NA | NA | (f) | ||||||||||||||||||||||||||||||||
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 428.03 | $ i 593.23 | $ i 646.38 | (g) | ||||||||||||||||||||||||||||||
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 515.00 | i 515.00 | i 515.00 | |||||||||||||||||||||||||||||||||
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 600.00 | i 600.00 | i 600.00 | |||||||||||||||||||||||||||||||||
| 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 675.00 | i 675.00 | i 675.00 | |||||||||||||||||||||||||||||||||
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 612.50 | i 612.50 | i 612.50 | |||||||||||||||||||||||||||||||||
| 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 436.85 | i 534.09 | i 500.00 | (h) | ||||||||||||||||||||||||||||||||
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 610.00 | i 610.00 | i 610.00 | |||||||||||||||||||||||||||||||||
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 453.52 | i 530.00 | i 530.00 | (i) | ||||||||||||||||||||||||||||||||
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 462.50 | i 462.50 | i 462.50 | |||||||||||||||||||||||||||||||||
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 500.00 | i 251.39 | NA | (j) | ||||||||||||||||||||||||||||||||
| Series HH | i 300,000 | i — | i 3,000 | i — | i 1/23/2020 | i 4.600 | i 2/1/2025 | SOFR
+ i 3.125 | i 470.22 | NA | NA | (k) | ||||||||||||||||||||||||||||||||
| Series II | i 150,000 | i — | i 1,500 | i — | i 2/24/2020 | i 4.000 | i 4/1/2025 | SOFR
+ i 2.745 | i 341.11 | NA | NA | (l) | ||||||||||||||||||||||||||||||||
| Total preferred stock | i 3,006,250 | i 2,699,250 | $ | i 30,063 | $ | i 26,993 | ||||||||||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 271 | |||||||
272 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||
Total issued – balance at January 1 | i 4,104.9 | i 4,104.9 | i 4,104.9 | ||||||||
| Treasury – balance at January 1 | ( i 1,020.9) | ( i 829.1) | ( i 679.6) | ||||||||
| Repurchase | ( i 50.0) | ( i 213.0) | ( i 181.5) | ||||||||
| Reissuance: | |||||||||||
Employee
benefits and compensation plans | i 14.2 | i 20.4 | i 21.7 | ||||||||
Warrant
exercise | i — | i — | i 9.4 | ||||||||
Employee
stock purchase plans | i 1.2 | i 0.8 | i 0.9 | ||||||||
| Total reissuance | i 15.4 | i 21.2 | i 32.0 | ||||||||
Total
treasury – balance at December 31 | ( i 1,055.5) | ( i 1,020.9) | ( i 829.1) | ||||||||
| Outstanding at December 31 | i 3,049.4 | i 3,084.0 | i 3,275.8 | ||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Total number of shares of common stock repurchased | i 50.0 | i 213.0 | i 181.5 | |||||||||||||||||
Aggregate
purchase price of common stock repurchases | $ | i 6,397 | $ | i 24,121 | $ | i 19,983 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 273 | |||||||
| Year ended December 31, (in millions, except per share amounts) | 2020 | 2019 | 2018 | ||||||||
| Basic earnings per share | |||||||||||
| Net income | $ | i 29,131 | $ | i 36,431 | $ | i 32,474 | |||||
| Less: Preferred stock dividends | i 1,583 | i 1,587 | i 1,551 | ||||||||
Net
income applicable to common equity | i 27,548 | i 34,844 | i 30,923 | ||||||||
Less:
Dividends and undistributed earnings allocated to participating securities | i 138 | i 202 | i 214 | ||||||||
Net
income applicable to common stockholders | $ | i 27,410 | $ | i 34,642 | $ | i 30,709 | |||||
Total
weighted-average basic shares outstanding | i 3,082.4 | i 3,221.5 | i 3,396.4 | ||||||||
| Net income per share | $ | i 8.89 | $ | i 10.75 | $ | i 9.04 | |||||
| Diluted earnings per share | |||||||||||
Net income applicable to common stockholders | $ | i 27,410 | $ | i 34,642 | $ | i 30,709 | |||||
Total
weighted-average basic shares outstanding | i 3,082.4 | i 3,221.5 | i 3,396.4 | ||||||||
Add:
Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs, and warrants | i 5.0 | i 8.9 | i 17.6 | ||||||||
Total
weighted-average diluted shares outstanding | i 3,087.4 | i 3,230.4 | i 3,414.0 | ||||||||
| Net income per share | $ | i 8.88 | $ | i 10.72 | $ | i 9.00 | |||||
274 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Year
ended December 31, (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 December 31, 2017 | $ | i 2,164 | $ | ( i 470) | $ | i — | $ | i 76 | $ | ( i 1,521) | $ | ( i 368) | $ | ( i 119) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative
effect of changes in accounting principles(a) | i 896 | ( i 277) | ( i 54) | i 16 | ( i 414) | ( i 79) | i 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net change | ( i 1,858) | i 20 | ( i 107) | ( i 201) | ( i 373) | i 1,043 | ( i 1,476) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2018 | $ | i 1,202 | $ | ( i 727) | $ | ( i 161) | $ | ( i 109) | $ | ( i 2,308) | $ | i 596 | $ | ( i 1,507) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net change | i 2,855 | i 20 | i 30 | i 172 | i 964 | ( i 965) | i 3,076 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2019 | $ | i 4,057 | $ | ( i 707) | $ | ( i 131) | $ | i 63 | $ | ( i 1,344) | $ | ( i 369) | $ | i 1,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net change | i 4,123 | i 234 | i 19 | i 2,320 | i 212 | ( i 491) | i 6,417 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 | $ | i 8,180 | (b) | $ | ( i 473) | $ | ( i 112) | $ | i 2,383 | $ | ( i 1,132) | $ | ( i 860) | $ | i 7,986 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 275 | |||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, (in millions) | Pre-tax | Tax effect | After-tax | 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 6,228 | $ | ( i 1,495) | $ | i 4,733 | $ | i 4,025 | $ | ( i 974) | $ | i 3,051 | $ | ( i 2,825) | $ | i 665 | $ | ( i 2,160) | |||||||||||||||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(a) | ( i 802) | i 192 | ( i 610) | ( i 258) | i 62 | ( i 196) | i 395 | ( i 93) | i 302 | ||||||||||||||||||||||||||||||||||||||||||||
| Net change | i 5,426 | ( i 1,303) | i 4,123 | i 3,767 | ( i 912) | i 2,855 | ( i 2,430) | i 572 | ( i 1,858) | ||||||||||||||||||||||||||||||||||||||||||||
Translation
adjustments(b): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Translation | i 1,407 | ( i 103) | i 1,304 | ( i 49) | i 33 | ( i 16) | ( i 1,078) | i 156 | ( i 922) | ||||||||||||||||||||||||||||||||||||||||||||
| Hedges | ( i 1,411) | i 341 | ( i 1,070) | i 46 | ( i 10) | i 36 | i 1,236 | ( i 294) | i 942 | ||||||||||||||||||||||||||||||||||||||||||||
| Net change | ( i 4) | i 238 | i 234 | ( i 3) | i 23 | i 20 | i 158 | ( i 138) | i 20 | ||||||||||||||||||||||||||||||||||||||||||||
Fair
value hedges, net change(c): | i 25 | ( i 6) | i 19 | i 39 | ( i 9) | i 30 | ( i 140) | i 33 | ( i 107) | ||||||||||||||||||||||||||||||||||||||||||||
| Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | i 3,623 | ( i 870) | i 2,753 | i 122 | ( i 28) | i 94 | ( i 245) | i 58 | ( i 187) | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(d) | ( i 570) | i 137 | ( i 433) | i 103 | ( i 25) | i 78 | ( i 18) | i 4 | ( i 14) | ||||||||||||||||||||||||||||||||||||||||||||
| Net change | i 3,053 | ( i 733) | i 2,320 | i 225 | ( i 53) | i 172 | ( i 263) | i 62 | ( i 201) | ||||||||||||||||||||||||||||||||||||||||||||
| Defined benefit pension and OPEB plans, net change: | i 214 | ( i 2) | i 212 | i 1,157 | ( i 193) | i 964 | ( i 450) | i 77 | ( i 373) | ||||||||||||||||||||||||||||||||||||||||||||
| DVA on fair value option elected liabilities, net change: | $ | ( i 648) | $ | i 157 | $ | ( i 491) | $ | ( i 1,264) | $ | i 299 | $ | ( i 965) | $ | i 1,364 | $ | ( i 321) | $ | i 1,043 | |||||||||||||||||||||||||||||||||||
| Total other comprehensive income/(loss) | $ | i 8,066 | $ | ( i 1,649) | $ | i 6,417 | $ | i 3,921 | $ | ( i 845) | $ | i 3,076 | $ | ( i 1,761) | $ | i 285 | $ | ( i 1,476) | |||||||||||||||||||||||||||||||||||
276 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Effective tax rate | |||||||||||||||||||||||
| Year ended December 31, | 2020 | 2019 | 2018 | ||||||||||||||||||||
| Statutory U.S. federal tax rate | i 21.0 | % | i 21.0 | % | i 21.0 | % | |||||||||||||||||
Increase/(decrease)
in tax rate resulting from: | |||||||||||||||||||||||
U.S. state and local income taxes, net of U.S. federal income tax benefit | i 2.5 | i 3.5 | i 4.0 | ||||||||||||||||||||
Tax-exempt
income | ( i 1.6) | ( i 1.4) | ( i 1.5) | ||||||||||||||||||||
Non-U.S.
earnings | i 1.4 | i 1.8 | i 0.6 | ||||||||||||||||||||
Business
tax credits | ( i 6.3) | ( i 4.4) | ( i 3.5) | ||||||||||||||||||||
Tax
audit resolutions | i — | ( i 2.3) | ( i 0.1) | ||||||||||||||||||||
Impact
of the TCJA(a) | i — | i — | ( i 0.7) | ||||||||||||||||||||
Other,
net | i 0.7 | i — | i 0.5 | ||||||||||||||||||||
| Effective tax rate | i 17.7 | % | i 18.2 | % | i 20.3 | % | |||||||||||||||||
| Income tax expense/(benefit) | ||||||||||||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Current income tax expense/(benefit) | ||||||||||||||||||||
| U.S. federal | $ | i 5,759 | $ | i 3,284 | $ | i 2,854 | ||||||||||||||
| Non-U.S. | i 2,705 | i 2,103 | i 2,077 | |||||||||||||||||
| U.S. state and local | i 1,793 | i 1,778 | i 1,638 | |||||||||||||||||
Total
current income tax expense/(benefit) | i 10,257 | i 7,165 | i 6,569 | |||||||||||||||||
Deferred
income tax expense/(benefit) | ||||||||||||||||||||
| U.S. federal | ( i 3,184) | i 709 | i 1,359 | |||||||||||||||||
| Non-U.S. | ( i 126) | i 20 | ( i 93) | |||||||||||||||||
| U.S. state and local | ( i 671) | i 220 | i 455 | |||||||||||||||||
Total
deferred income tax expense/(benefit) | ( i 3,981) | i 949 | i 1,721 | |||||||||||||||||
Total
income tax expense | $ | i 6,276 | $ | i 8,114 | $ | i 8,290 | ||||||||||||||
| Year
ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| U.S. | $ | i 26,904 | $ | i 36,670 | $ | i 33,052 | ||||||||||||||
Non-U.S.(a) | i 8,503 | i 7,875 | i 7,712 | |||||||||||||||||
Income
before income tax expense | $ | i 35,407 | $ | i 44,545 | $ | i 40,764 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 277 | |||||||
| December 31, (in millions) | 2020 | 2019 | ||||||||||||
| Deferred tax assets | ||||||||||||||
| Allowance for loan losses | $ | i 7,270 | $ | i 3,400 | ||||||||||
| Employee benefits | i 1,104 | i 1,039 | ||||||||||||
Accrued
expenses and other | i 3,332 | i 2,767 | ||||||||||||
| Non-U.S. operations | i 849 | i 949 | ||||||||||||
| Tax attribute carryforwards | i 757 | i 605 | ||||||||||||
| Gross deferred tax assets | i 13,312 | i 8,760 | ||||||||||||
| Valuation allowance | ( i 560) | ( i 557) | ||||||||||||
Deferred
tax assets, net of valuation allowance | $ | i 12,752 | $ | i 8,203 | ||||||||||
| Deferred tax liabilities | ||||||||||||||
| Depreciation and amortization | $ | i 3,329 | $ | i 2,852 | ||||||||||
Mortgage
servicing rights, net of hedges | i 2,184 | i 2,354 | ||||||||||||
| Leasing transactions | i 5,124 | i 5,598 | ||||||||||||
| Other, net | i 6,025 | i 4,683 | ||||||||||||
| Gross deferred tax liabilities | i 16,662 | i 15,487 | ||||||||||||
| Net deferred tax (liabilities)/assets | $ | ( i 3,910) | $ | ( i 7,284) | ||||||||||
| Year
ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Balance at January 1, | $ | i 4,024 | $ | i 4,861 | $ | i 4,747 | ||||||||||||||
Increases
based on tax positions related to the current period | i 685 | i 871 | i 980 | |||||||||||||||||
Increases
based on tax positions related to prior periods | i 362 | i 10 | i 649 | |||||||||||||||||
Decreases
based on tax positions related to prior periods | ( i 705) | ( i 706) | ( i 1,249) | |||||||||||||||||
Decreases
related to cash settlements with taxing authorities | ( i 116) | ( i 1,012) | ( i 266) | |||||||||||||||||
| Balance at December 31, | $ | i 4,250 | $ | i 4,024 | $ | i 4,861 | ||||||||||||||
278 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| Periods under examination | Status | |||||||||||||
JPMorgan Chase – U.S. | 2009 – 2013 | Field examination of amended returns | ||||||||||||
JPMorgan Chase – U.S. | 2014 - 2016 | Field Examination | ||||||||||||
JPMorgan Chase – New York State | 2012 - 2014 | Field Examination | ||||||||||||
JPMorgan Chase – New York City | 2012 - 2014 | Field Examination | ||||||||||||
JPMorgan Chase – California | 2011 – 2012 | Field Examination | ||||||||||||
JPMorgan Chase – U.K. | 2006 – 2018 | Field examination of certain select entities | ||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 279 | |||||||
| December 31, (in billions) | 2020 | 2019 | ||||||
Cash reserves – Federal Reserve Banks(a) | $ | i — | $ | i 26.6 | ||||
Segregated
for the benefit of securities and cleared derivative customers | i 19.3 | i 16.0 | ||||||
Cash
reserves at non-U.S. central banks and held for other general purposes | i 5.1 | i 3.9 | ||||||
Total
restricted cash(b) | $ | i 24.4 | $ | i 46.5 | ||||
280 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
Standardized Minimum capital ratios | Advanced
Minimum capital ratios | Well-capitalized ratios | ||||||||||||||||||
BHC(a)(b)(c) | IDI(c)(d) | BHC(a)(c) | IDI(c)(d) | BHC(e) | IDI(f) | |||||||||||||||
| Capital ratios | ||||||||||||||||||||
| CET1 capital | i 11.3 | % | i 7.0 | % | i 10.5 | % | i 7.0 | % | NA | i 6.5 | % | |||||||||
| Tier 1 capital | i 12.8 | i 8.5 | i 12.0 | i 8.5 | i 6.0 | i 8.0 | ||||||||||||||
| Total capital | i 14.8 | i 10.5 | i 14.0 | i 10.5 | i 10.0 | i 10.0 | ||||||||||||||
| Tier 1 leverage | i 4.0 | i 4.0 | i 4.0 | i 4.0 | NA | i 5.0 | ||||||||||||||
| SLR | NA | NA | i 5.0 | i 6.0 | NA | i 6.0 | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 281 | |||||||
| December
31, 2020 (in millions, except ratios) | Basel III Standardized | Basel III Advanced | |||||||||||||||
JPMorgan Chase & Co.(c) | JPMorgan Chase Bank, N.A.(c) | JPMorgan Chase & Co.(c) | JPMorgan Chase Bank, N.A.(c) | ||||||||||||||
| 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 | |||||||||||||
| Leverage-based capital metrics: | |||||||||||||||||
Adjusted average assets(a) | $ | i 3,353,319 | $ | i 2,970,285 | $ | i 3,353,319 | $ | i 2,970,285 | |||||||||
| Tier 1 leverage ratio | i 7.0 | % | i 7.9 | % | i 7.0 | % | i 7.9 | % | |||||||||
Total
leverage exposure(b) | NA | NA | $ | i 3,401,542 | $ | i 3,688,797 | |||||||||||
SLR(b) | NA | NA | i 6.9 | % | i 6.3 | % | |||||||||||
| December
31, 2019 (in millions, except ratios) | Basel III Standardized | Basel III Advanced | |||||||||||||||
| JPMorgan Chase & Co. | JPMorgan Chase Bank, N.A. | JPMorgan Chase & Co. | JPMorgan Chase Bank, N.A. | ||||||||||||||
| Risk-based capital metrics: | |||||||||||||||||
CET1
capital | $ | i 187,753 | $ | i 206,848 | $ | i 187,753 | $ | i 206,848 | |||||||||
Tier
1 capital | i 214,432 | i 206,851 | i 214,432 | i 206,851 | |||||||||||||
Total
capital | i 242,589 | i 224,390 | i 232,112 | i 214,091 | |||||||||||||
| Risk-weighted assets | i 1,515,869 | i 1,457,689 | i 1,397,878 | i 1,269,991 | |||||||||||||
| CET1 capital ratio | i 12.4 | % | i 14.2 | % | i 13.4 | % | i 16.3 | % | |||||||||
| Tier 1 capital ratio | i 14.1 | i 14.2 | i 15.3 | i 16.3 | |||||||||||||
| Total capital ratio | i 16.0 | i 15.4 | i 16.6 | i 16.9 | |||||||||||||
| Leverage-based capital metrics: | |||||||||||||||||
Adjusted average assets(a) | $ | i 2,730,239 | $ | i 2,353,432 | $ | i 2,730,239 | $ | i 2,353,432 | |||||||||
| Tier 1 leverage ratio | i 7.9 | % | i 8.8 | % | i 7.9 | % | i 8.8 | % | |||||||||
| Total leverage exposure | NA | NA | $ | i 3,423,431 | $ | i 3,044,509 | |||||||||||
| SLR | NA | NA | i 6.3 | % | i 6.8 | % | |||||||||||
282 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 283 | |||||||
| Off–balance sheet lending-related financial instruments, guarantees and other commitments | ||||||||||||||||||||||||||||||||
| Contractual amount | Carrying value(j) | |||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
| By remaining maturity at December 31, (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 26,788 | $ | i 1,597 | $ | i 3,962 | $ | i 13,700 | $ | i 46,047 | $ | i 30,217 | i 148 | i 12 | ||||||||||||||||||
| Auto and other | i 10,471 | i 1 | i 8 | i 792 | i 11,272 | i 9,952 | i — | i — | ||||||||||||||||||||||||
| Total consumer, excluding credit card | i 37,259 | i 1,598 | i 3,970 | i 14,492 | i 57,319 | i 40,169 | i 148 | i 12 | ||||||||||||||||||||||||
Credit
card(b) | i 658,506 | i — | i — | i — | i 658,506 | i 650,720 | i — | i — | ||||||||||||||||||||||||
Total
consumer(b)(c) | i 695,765 | i 1,598 | i 3,970 | i 14,492 | i 715,825 | i 690,889 | i 148 | i 12 | ||||||||||||||||||||||||
| Wholesale: | ||||||||||||||||||||||||||||||||
Other
unfunded commitments to extend credit(d)(e) | i 96,490 | i 174,335 | i 128,736 | i 16,267 | i 415,828 | i 380,307 | i 2,148 | i 952 | ||||||||||||||||||||||||
Standby
letters of credit and other financial guarantees(d) | i 17,478 | i 7,986 | i 4,051 | i 1,467 | i 30,982 | i 34,242 | i 443 | i 618 | ||||||||||||||||||||||||
Other
letters of credit(d) | i 2,982 | i 45 | i 26 | i — | i 3,053 | i 2,961 | i 14 | i 4 | ||||||||||||||||||||||||
Total
wholesale(c) | i 116,950 | i 182,366 | i 132,813 | i 17,734 | i 449,863 | i 417,510 | i 2,605 | i 1,574 | ||||||||||||||||||||||||
| Total lending-related | $ | i 812,715 | $ | i 183,964 | $ | i 136,783 | $ | i 32,226 | $ | i 1,165,688 | $ | i 1,108,399 | $ | i 2,753 | $ | i 1,586 | ||||||||||||||||
| Other guarantees and commitments | ||||||||||||||||||||||||||||||||
Securities lending indemnification agreements and guarantees(f) | $ | i 250,418 | $ | i — | $ | i — | $ | i — | $ | i 250,418 | $ | i 204,827 | $ | i — | $ | i — | ||||||||||||||||
| Derivatives qualifying as guarantees | i 2,489 | i 541 | i 12,182 | i 39,203 | i 54,415 | i 53,089 | i 322 | i 159 | ||||||||||||||||||||||||
| Unsettled resale and securities borrowed agreements | i 95,084 | i 1,764 | i — | i — | i 96,848 | i 117,951 | i 2 | i — | ||||||||||||||||||||||||
Unsettled
repurchase and securities loaned agreements | i 104,289 | i 612 | i — | i — | i 104,901 | i 73,351 | ( i 1) | i — | ||||||||||||||||||||||||
Loan
sale and securitization-related indemnifications: | ||||||||||||||||||||||||||||||||
| Mortgage repurchase liability | NA | NA | NA | NA | NA | NA | i 84 | i 59 | ||||||||||||||||||||||||
| Loans sold with recourse | NA | NA | NA | NA | i 889 | i 944 | i 23 | i 27 | ||||||||||||||||||||||||
Exchange
& clearing house guarantees and commitments(g) | i 142,003 | i — | i — | i — | i 142,003 | i 206,432 | i — | i — | ||||||||||||||||||||||||
Other
guarantees and commitments (e)(h) | i 2,457 | i 574 | i 758 | i 2,541 | i 6,330 | i 6,334 | (i) | i 52 | ( i 66) | |||||||||||||||||||||||
284 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| 2020 | 2019 | ||||||||||||||||||||||||||||||||||
| December
31, (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 22,850 | $ | i 2,263 | $ | i 26,880 | $ | i 2,137 | |||||||||||||||||||||||||||
Noninvestment-grade(a) | i 8,132 | i 790 | i 7,362 | i 824 | |||||||||||||||||||||||||||||||
| Total contractual amount | $ | i 30,982 | $ | i 3,053 | $ | i 34,242 | $ | i 2,961 | |||||||||||||||||||||||||||
| Allowance for lending-related commitments | $ | i 80 | $ | i 14 | $ | i 216 | $ | i 4 | |||||||||||||||||||||||||||
| Guarantee liability | i 363 | i — | i 402 | i — | |||||||||||||||||||||||||||||||
| Total carrying value | $ | i 443 | $ | i 14 | $ | i 618 | $ | i 4 | |||||||||||||||||||||||||||
| Commitments with collateral | $ | i 17,238 | $ | i 498 | $ | i 17,853 | $ | i 728 | |||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 285 | |||||||
| (in millions) | December 31, 2020 | December 31, 2019 | |||||||||
| Notional amounts | |||||||||||
| Derivative guarantees | $ | i 54,415 | $ | i 53,089 | |||||||
Stable
value contracts with contractually limited exposure | i 27,752 | i 28,877 | |||||||||
Maximum
exposure of stable value contracts with contractually limited exposure | i 2,803 | i 2,967 | |||||||||
| Fair value | |||||||||||
| Derivative payables | i 322 | i 159 | |||||||||
286 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 287 | |||||||
288 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| December 31, (in billions) | 2020 | 2019 | ||||||||||||
| Assets that may be sold or repledged or otherwise used by secured parties | $ | i 166.6 | $ | i 125.2 | ||||||||||
| Assets that may not be sold or repledged or otherwise used by secured parties | i 113.9 | i 80.2 | ||||||||||||
| Assets pledged at Federal Reserve banks and FHLBs | i 455.3 | i 478.9 | ||||||||||||
| Total pledged assets | $ | i 735.8 | $ | i 684.3 | ||||||||||
| December 31, (in billions) | 2020 | 2019 | ||||||||||||
| Investment securities | $ | i 80.2 | $ | i 35.9 | ||||||||||
| Loans | i 420.5 | i 460.4 | ||||||||||||
| Trading assets and other | i 235.1 | i 188.0 | ||||||||||||
| Total pledged assets | $ | i 735.8 | $ | i 684.3 | ||||||||||
| December 31, (in billions) | 2020 | 2019 | |||||||||||||||
| Collateral permitted to be sold or repledged, delivered, or otherwise used | $ | i 1,451.7 | $ | i 1,282.5 | |||||||||||||
| Collateral sold, repledged, delivered or otherwise used | i 1,038.9 | i 1,000.5 | (a) | ||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 289 | |||||||
290 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 291 | |||||||
292 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 293 | |||||||
| As
of or for the year ended December 31, (in millions) | Revenue(c) | Expense(d) | Income before income tax expense | Net income | Total assets | ||||||||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||||||||
| Europe/Middle East/Africa | $ | i 16,566 | $ | i 10,987 | $ | i 5,579 | $ | i 3,868 | $ | i 530,687 | (e) | ||||||||||||||||||||||||
| Asia-Pacific | i 9,289 | i 5,558 | i 3,731 | i 2,630 | i 252,553 | ||||||||||||||||||||||||||||||
| Latin America/Caribbean | i 2,740 | i 1,590 | i 1,150 | i 837 | i 61,980 | ||||||||||||||||||||||||||||||
| Total international | i 28,595 | i 18,135 | i 10,460 | i 7,335 | i 845,220 | ||||||||||||||||||||||||||||||
North
America(a) | i 90,948 | i 66,001 | i 24,947 | i 21,796 | i 2,540,851 | ||||||||||||||||||||||||||||||
| Total | $ | i 119,543 | $ | i 84,136 | $ | i 35,407 | $ | i 29,131 | $ | i 3,386,071 | |||||||||||||||||||||||||
2019(b) | |||||||||||||||||||||||||||||||||||
| Europe/Middle East/Africa | $ | i 15,887 | $ | i 9,860 | $ | i 6,027 | $ | i 4,158 | $ | i 391,369 | (e) | ||||||||||||||||||||||||
| Asia-Pacific | i 7,254 | i 5,060 | i 2,194 | i 1,467 | i 183,023 | ||||||||||||||||||||||||||||||
| Latin America/Caribbean | i 2,405 | i 1,561 | i 844 | i 609 | i 47,820 | ||||||||||||||||||||||||||||||
| Total international | i 25,546 | i 16,481 | i 9,065 | i 6,234 | i 622,212 | ||||||||||||||||||||||||||||||
North
America(a) | i 89,853 | i 54,373 | i 35,480 | i 30,197 | i 2,065,167 | ||||||||||||||||||||||||||||||
| Total | $ | i 115,399 | $ | i 70,854 | $ | i 44,545 | $ | i 36,431 | $ | i 2,687,379 | |||||||||||||||||||||||||
2018(b) | |||||||||||||||||||||||||||||||||||
| Europe/Middle East/Africa | $ | i 16,459 | $ | i 10,032 | $ | i 6,427 | $ | i 4,569 | $ | i 424,935 | (e) | ||||||||||||||||||||||||
| Asia-Pacific | i 6,991 | i 4,884 | i 2,107 | i 1,481 | i 171,547 | ||||||||||||||||||||||||||||||
| Latin America/Caribbean | i 2,365 | i 1,301 | i 1,064 | i 744 | i 43,871 | ||||||||||||||||||||||||||||||
| Total international | i 25,815 | i 16,217 | i 9,598 | i 6,794 | i 640,353 | ||||||||||||||||||||||||||||||
North
America(a) | i 82,968 | i 51,802 | i 31,166 | i 25,680 | i 1,982,179 | ||||||||||||||||||||||||||||||
| Total | $ | i 108,783 | $ | i 68,019 | $ | i 40,764 | $ | i 32,474 | $ | i 2,622,532 | |||||||||||||||||||||||||
294 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 295 | |||||||
| (Table continued on next page) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As of or for the year ended December 31, (in millions, except ratios) | Consumer & Community Banking(b) | Corporate & Investment Bank | Commercial Banking | Asset & Wealth Management | ||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||
| Noninterest revenue | $ | i 17,740 | $ | i 17,796 | $ | i 15,338 | $ | i 35,120 | $ | i 30,060 | $ | i 27,854 | $ | i 3,067 | $ | i 2,710 | $ | i 2,620 | $ | i 10,822 | $ | i 10,236 | $ | i 10,052 | ||||||||||||||||||||||||||
| Net interest income | i 33,528 | i 37,337 | i 35,933 | i 14,164 | i 9,205 | i 9,528 | i 6,246 | i 6,554 | i 6,716 | i 3,418 | i 3,355 | i 3,375 | ||||||||||||||||||||||||||||||||||||||
| Total net revenue | i 51,268 | i 55,133 | i 51,271 | i 49,284 | i 39,265 | i 37,382 | i 9,313 | i 9,264 | i 9,336 | i 14,240 | i 13,591 | i 13,427 | ||||||||||||||||||||||||||||||||||||||
Provision
for credit losses | i 12,312 | i 4,954 | i 4,754 | i 2,726 | i 277 | ( i 60) | i 2,113 | i 296 | i 129 | i 263 | i 59 | i 52 | ||||||||||||||||||||||||||||||||||||||
| Noninterest expense | i 27,990 | i 28,276 | i 27,168 | i 23,538 | i 22,444 | i 21,876 | i 3,798 | i 3,735 | i 3,627 | i 9,957 | i 9,747 | i 9,575 | ||||||||||||||||||||||||||||||||||||||
Income/(loss)
before income tax expense/(benefit) | i 10,966 | i 21,903 | i 19,349 | i 23,020 | i 16,544 | i 15,566 | i 3,402 | i 5,233 | i 5,580 | i 4,020 | i 3,785 | i 3,800 | ||||||||||||||||||||||||||||||||||||||
Income
tax expense/(benefit) | i 2,749 | i 5,362 | i 4,642 | i 5,926 | i 4,590 | i 3,767 | i 824 | i 1,275 | i 1,316 | i 1,028 | i 918 | i 855 | ||||||||||||||||||||||||||||||||||||||
| Net income/(loss) | $ | i 8,217 | $ | i 16,541 | $ | i 14,707 | $ | i 17,094 | $ | i 11,954 | $ | i 11,799 | $ | i 2,578 | $ | i 3,958 | $ | i 4,264 | $ | i 2,992 | $ | i 2,867 | $ | i 2,945 | ||||||||||||||||||||||||||
Average
equity | $ | i 52,000 | $ | i 52,000 | $ | i 51,000 | $ | i 80,000 | $ | i 80,000 | $ | i 70,000 | $ | i 22,000 | $ | i 22,000 | $ | i 20,000 | $ | i 10,500 | $ | i 10,500 | $ | i 9,000 | ||||||||||||||||||||||||||
| Total assets | i 496,705 | i 541,367 | i 560,177 | i 1,097,219 | i 914,705 | i 909,292 | i 228,932 | i 220,514 | i 220,229 | i 203,384 | i 173,175 | i 161,047 | ||||||||||||||||||||||||||||||||||||||
Return
on equity | i 15 | % | i 31 | % | i 28 | % | i 20 | % | i 14 | % | i 16 | % | i 11 | % | i 17 | % | i 20 | % | i 28 | % | i 26 | % | i 32 | % | ||||||||||||||||||||||||||
| Overhead ratio | i 55 | i 51 | i 53 | i 48 | i 57 | i 59 | i 41 | i 40 | i 39 | i 70 | i 72 | i 71 | ||||||||||||||||||||||||||||||||||||||
296 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| (Table continued from previous page) | |||||||||||||||||||||||||||||||||||||||||
| As of or for the year ended December 31, (in millions, except ratios) | Corporate | Reconciling Items(a) | Total(b) | ||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
| Noninterest revenue | $ | i 1,199 | $ | ( i 114) | $ | ( i 263) | $ | ( i 2,968) | $ | ( i 2,534) | $ | ( i 1,877) | $ | i 64,980 | $ | i 58,154 | $ | i 53,724 | |||||||||||||||||||||||
| Net interest income | ( i 2,375) | i 1,325 | i 135 | ( i 418) | ( i 531) | ( i 628) | i 54,563 | i 57,245 | i 55,059 | ||||||||||||||||||||||||||||||||
| Total net revenue | ( i 1,176) | i 1,211 | ( i 128) | ( i 3,386) | ( i 3,065) | ( i 2,505) | i 119,543 | i 115,399 | i 108,783 | ||||||||||||||||||||||||||||||||
Provision
for credit losses | i 66 | ( i 1) | ( i 4) | i — | i — | i — | i 17,480 | i 5,585 | i 4,871 | ||||||||||||||||||||||||||||||||
| Noninterest expense | i 1,373 | i 1,067 | i 902 | i — | i — | i — | i 66,656 | i 65,269 | i 63,148 | ||||||||||||||||||||||||||||||||
Income/(loss)
before income tax expense/(benefit) | ( i 2,615) | i 145 | ( i 1,026) | ( i 3,386) | ( i 3,065) | ( i 2,505) | i 35,407 | i 44,545 | i 40,764 | ||||||||||||||||||||||||||||||||
Income
tax expense/(benefit) | ( i 865) | ( i 966) | i 215 | ( i 3,386) | ( i 3,065) | ( i 2,505) | i 6,276 | i 8,114 | i 8,290 | ||||||||||||||||||||||||||||||||
| Net income/(loss) | $ | ( i 1,750) | $ | i 1,111 | $ | ( i 1,241) | $ | i — | $ | i — | $ | i — | $ | i 29,131 | $ | i 36,431 | $ | i 32,474 | |||||||||||||||||||||||
Average
equity | $ | i 72,365 | $ | i 68,407 | $ | i 79,222 | $ | i — | $ | i — | $ | i — | $ | i 236,865 | $ | i 232,907 | $ | i 229,222 | |||||||||||||||||||||||
| Total assets | i 1,359,831 | i 837,618 | i 771,787 | NA | NA | NA | i 3,386,071 | i 2,687,379 | i 2,622,532 | ||||||||||||||||||||||||||||||||
Return
on equity | NM | NM | NM | NM | NM | NM | i 12 | % | i 15 | % | i 13 | % | |||||||||||||||||||||||||||||
| Overhead ratio | NM | NM | NM | NM | NM | NM | i 56 | i 57 | i 58 | ||||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 297 | |||||||
Statements of income and comprehensive income | ||||||||||||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Income | ||||||||||||||||||||
Dividends
from subsidiaries and affiliates: | ||||||||||||||||||||
| Bank and bank holding company | $ | i 6,000 | $ | i 26,000 | $ | i 32,501 | ||||||||||||||
Non-bank(a) | i — | i — | i 2 | |||||||||||||||||
| Interest income from subsidiaries | i 63 | i 223 | i 216 | |||||||||||||||||
Other
income from subsidiaries: | ||||||||||||||||||||
| Bank and bank holding company | i 2,019 | i 2,738 | i 515 | |||||||||||||||||
| Non-bank | ( i 569) | i 197 | ( i 444) | |||||||||||||||||
| Other income | i 205 | ( i 1,731) | i 888 | |||||||||||||||||
| Total income | i 7,718 | i 27,427 | i 33,678 | |||||||||||||||||
| Expense | ||||||||||||||||||||
Interest
expense/(income) to subsidiaries and affiliates(a) | ( i 8,830) | ( i 5,303) | i 2,291 | |||||||||||||||||
| Other interest expense | i 14,150 | i 13,246 | i 4,581 | |||||||||||||||||
| Noninterest expense | i 2,222 | i 1,992 | i 1,793 | |||||||||||||||||
| Total expense | i 7,542 | i 9,935 | i 8,665 | |||||||||||||||||
Income
before income tax benefit and undistributed net income of subsidiaries | i 176 | i 17,492 | i 25,013 | |||||||||||||||||
| Income tax benefit | i 1,324 | i 2,033 | i 1,838 | |||||||||||||||||
Equity
in undistributed net income of subsidiaries | i 27,631 | i 16,906 | i 5,623 | |||||||||||||||||
| Net income | $ | i 29,131 | $ | i 36,431 | $ | i 32,474 | ||||||||||||||
| Other comprehensive income, net | i 6,417 | i 3,076 | ( i 1,476) | |||||||||||||||||
| Comprehensive income | $ | i 35,548 | $ | i 39,507 | $ | i 30,998 | ||||||||||||||
| Balance sheets | ||||||||||||||
| December 31, (in millions) | 2020 | 2019 | ||||||||||||
| Assets | ||||||||||||||
| Cash and due from banks | $ | i 54 | $ | i 32 | ||||||||||
| Deposits with banking subsidiaries | i 6,811 | i 5,309 | ||||||||||||
| Trading assets | i 1,775 | i 3,011 | ||||||||||||
Advances
to, and receivables from, subsidiaries: | ||||||||||||||
| Bank and bank holding company | i 27 | i 2,358 | ||||||||||||
| Non-bank | i 86 | i 84 | ||||||||||||
Investments
(at equity) in subsidiaries and affiliates: | ||||||||||||||
| Bank and bank holding company | i 508,602 | i 471,207 | ||||||||||||
| Non-bank | i 1,011 | i 1,044 | ||||||||||||
| Other assets | i 10,058 | i 10,699 | ||||||||||||
| Total assets | $ | i 528,424 | $ | i 493,744 | ||||||||||
| Liabilities and stockholders’ equity | ||||||||||||||
Borrowings from, and payables to, subsidiaries and affiliates(a) | $ | i 25,150 | $ | i 23,410 | ||||||||||
| Short-term borrowings | i 924 | i 2,616 | ||||||||||||
| Other liabilities | i 9,612 | i 9,288 | ||||||||||||
Long-term
debt(b)(c) | i 213,384 | i 197,100 | ||||||||||||
Total
liabilities(c) | i 249,070 | i 232,414 | ||||||||||||
| Total stockholders’ equity | i 279,354 | i 261,330 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | i 528,424 | $ | i 493,744 | ||||||||||
| Statements of cash flows | ||||||||||||||||||||
| Year ended December 31, (in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Operating activities | ||||||||||||||||||||
| Net income | $ | i 29,131 | $ | i 36,431 | $ | i 32,474 | ||||||||||||||
Less:
Net income of subsidiaries and affiliates(a) | i 33,631 | i 42,906 | i 38,125 | |||||||||||||||||
| Parent company net loss | ( i 4,500) | ( i 6,475) | ( i 5,651) | |||||||||||||||||
Cash
dividends from subsidiaries and affiliates(a) | i 6,000 | i 26,000 | i 32,501 | |||||||||||||||||
| Other operating adjustments | i 15,357 | i 9,862 | ( i 4,400) | |||||||||||||||||
Net
cash provided by/(used in) operating activities | i 16,857 | i 29,387 | i 22,450 | |||||||||||||||||
| Investing activities | ||||||||||||||||||||
| Net change in: | ||||||||||||||||||||
Advances
to and investments in subsidiaries and affiliates, net | ( i 2,663) | ( i 6) | (e) | i 8,036 | ||||||||||||||||
| All other investing activities, net | i 24 | i 71 | i 63 | |||||||||||||||||
Net
cash provided by/(used in) investing activities | ( i 2,639) | i 65 | i 8,099 | |||||||||||||||||
| Financing activities | ||||||||||||||||||||
Net change in: | ||||||||||||||||||||
Borrowings from subsidiaries and affiliates(a) | i 1,425 | i 2,941 | ( i 2,273) | |||||||||||||||||
| Short-term borrowings | ( i 20) | ( i 56) | ( i 678) | |||||||||||||||||
Proceeds
from long-term borrowings | i 37,312 | i 25,569 | i 25,845 | |||||||||||||||||
| Payments of long-term borrowings | ( i 34,194) | ( i 21,226) | ( i 21,956) | |||||||||||||||||
Proceeds
from issuance of preferred stock | i 4,500 | i 5,000 | i 1,696 | |||||||||||||||||
| Redemption of preferred stock | ( i 1,430) | ( i 4,075) | ( i 1,696) | |||||||||||||||||
Treasury
stock repurchased | ( i 6,517) | ( i 24,001) | ( i 19,983) | |||||||||||||||||
| Dividends paid | ( i 12,690) | ( i 12,343) | ( i 10,109) | |||||||||||||||||
| All other financing activities, net | ( i 1,080) | ( i 1,290) | ( i 1,526) | |||||||||||||||||
Net
cash used in financing activities | ( i 12,694) | ( i 29,481) | ( i 30,680) | |||||||||||||||||
Net
decrease in cash and due from banks and deposits with banking subsidiaries | i 1,524 | ( i 29) | ( i 131) | |||||||||||||||||
Cash
and due from banks and deposits with banking subsidiaries at the beginning of the year | i 5,341 | i 5,370 | i 5,501 | |||||||||||||||||
Cash
and due from banks and deposits with banking subsidiaries at the end of the year | $ | i 6,865 | $ | i 5,341 | $ | i 5,370 | ||||||||||||||
| Cash interest paid | $ | i 5,445 | $ | i 7,957 | $ | i 6,911 | ||||||||||||||
Cash
income taxes paid, net(d) | i 5,366 | i 3,910 | i 1,782 | |||||||||||||||||
298 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| As of or for the period ended | 2020 | 2019 | |||||||||||||||||||||||||||||||||
| (in millions, except per share, ratio, headcount data and where otherwise noted) | 4th quarter | 3rd quarter | 2nd quarter | 1st quarter | 4th quarter | 3rd quarter | 2nd quarter | 1st quarter | |||||||||||||||||||||||||||
| Selected income statement data | |||||||||||||||||||||||||||||||||||
Total net revenue(a) | $ | 29,224 | $ | 29,147 | $ | 32,980 | $ | 28,192 | $ | 28,285 | $ | 29,291 | $ | 28,747 | $ | 29,076 | |||||||||||||||||||
Total
noninterest expense(a) | 16,048 | 16,875 | 16,942 | 16,791 | 16,293 | 16,372 | 16,256 | 16,348 | |||||||||||||||||||||||||||
Pre-provision profit(b) | 13,176 | 12,272 | 16,038 | 11,401 | 11,992 | 12,919 | 12,491 | 12,728 | |||||||||||||||||||||||||||
| Provision for credit losses | (1,889) | 611 | 10,473 | 8,285 | 1,427 | 1,514 | 1,149 | 1,495 | |||||||||||||||||||||||||||
| Income before income tax expense | 15,065 | 11,661 | 5,565 | 3,116 | 10,565 | 11,405 | 11,342 | 11,233 | |||||||||||||||||||||||||||
| Income tax expense | 2,929 | 2,218 | 878 | 251 | 2,045 | 2,325 | 1,690 | 2,054 | |||||||||||||||||||||||||||
| Net income | $ | 12,136 | $ | 9,443 | $ | 4,687 | $ | 2,865 | $ | 8,520 | $ | 9,080 | $ | 9,652 | $ | 9,179 | |||||||||||||||||||
| Earnings per share data | |||||||||||||||||||||||||||||||||||
| Net income: Basic | $ | 3.80 | $ | 2.93 | $ | 1.39 | $ | 0.79 | $ | 2.58 | $ | 2.69 | $ | 2.83 | $ | 2.65 | |||||||||||||||||||
| Diluted | 3.79 | 2.92 | 1.38 | 0.78 | 2.57 | 2.68 | 2.82 | 2.65 | |||||||||||||||||||||||||||
| Average shares: Basic | 3,079.7 | 3,077.8 | 3,076.3 | 3,095.8 | 3,140.7 | 3,198.5 | 3,250.6 | 3,298.0 | |||||||||||||||||||||||||||
Diluted | 3,085.1 | 3,082.8 | 3,081.0 | 3,100.7 | 3,148.5 | 3,207.2 | 3,259.7 | 3,308.2 | |||||||||||||||||||||||||||
| Market and per common share data | |||||||||||||||||||||||||||||||||||
| Market capitalization | $ | 387,492 | $ | 293,451 | $ | 286,658 | $ | 274,323 | $ | 429,913 | $ | 369,133 | $ | 357,479 | $ | 328,387 | |||||||||||||||||||
| Common shares at period-end | 3,049.4 | 3,048.2 | 3,047.6 | 3,047.0 | 3,084.0 | 3,136.5 | 3,197.5 | 3,244.0 | |||||||||||||||||||||||||||
| Book value per share | 81.75 | 79.08 | 76.91 | 75.88 | 75.98 | 75.24 | 73.88 | 71.78 | |||||||||||||||||||||||||||
TBVPS(b) | 66.11 | 63.93 | 61.76 | 60.71 | 60.98 | 60.48 | 59.52 | 57.62 | |||||||||||||||||||||||||||
| Cash dividends declared per share | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.80 | 0.80 | |||||||||||||||||||||||||||
| Selected ratios and metrics | |||||||||||||||||||||||||||||||||||
ROE(c) | 19 | % | 15 | % | 7 | % | 4 | % | 14 | % | 15 | % | 16 | % | 16 | % | |||||||||||||||||||
ROTCE(b)(c) | 24 | 19 | 9 | 5 | 17 | 18 | 20 | 19 | |||||||||||||||||||||||||||
ROA(b) | 1.42 | 1.14 | 0.58 | 0.40 | 1.22 | 1.30 | 1.41 | 1.39 | |||||||||||||||||||||||||||
| Overhead ratio | 55 | 58 | 51 | 60 | 58 | 56 | 57 | 56 | |||||||||||||||||||||||||||
Loans-to-deposits ratio(d) | 47 | 49 | 52 | 57 | 64 | 64 | 65 | 66 | |||||||||||||||||||||||||||
Firm
LCR (average) | 110 | 114 | 117 | 114 | 116 | 115 | 113 | 111 | |||||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. LCR (average) | 160 | 157 | 140 | 117 | 116 | 112 | 112 | 109 | |||||||||||||||||||||||||||
CET1
capital ratio(e) | 13.1 | 13.1 | 12.4 | 11.5 | 12.4 | 12.3 | 12.2 | 12.1 | |||||||||||||||||||||||||||
Tier 1 capital ratio(e) | 15.0 | 15.0 | 14.3 | 13.3 | 14.1 | 14.1 | 14.0 | 13.8 | |||||||||||||||||||||||||||
Total
capital ratio(e) | 17.3 | 17.3 | 16.7 | 15.5 | 16.0 | 15.9 | 15.8 | 15.7 | |||||||||||||||||||||||||||
Tier 1 leverage ratio(e) | 7.0 | 7.0 | 6.9 | 7.5 | 7.9 | 7.9 | 8.0 | 8.1 | |||||||||||||||||||||||||||
SLR(e) | 6.9 | 7.0 | 6.8 | 6.0 | 6.3 | 6.3 | 6.4 | 6.4 | |||||||||||||||||||||||||||
Selected
balance sheet data (period-end) | |||||||||||||||||||||||||||||||||||
Trading assets(d) | $ | 503,126 | $ | 505,822 | $ | 491,716 | $ | 510,923 | $ | 369,687 | $ | 457,274 | $ | 485,567 | $ | 495,021 | |||||||||||||||||||
| Investment Securities | 589,999 | 531,136 | 558,791 | 471,144 | 398,239 | 394,251 | 307,264 | 267,365 | |||||||||||||||||||||||||||
Loans(d) | 1,012,853 | 989,740 | 1,009,382 | 1,049,610 | 997,620 | 980,019 | 990,775 | 990,515 | |||||||||||||||||||||||||||
| Total assets | 3,386,071 | 3,246,076 | 3,213,616 | 3,139,431 | 2,687,379 | 2,764,661 | 2,727,379 | 2,737,188 | |||||||||||||||||||||||||||
| Deposits | 2,144,257 | 2,001,416 | 1,931,029 | 1,836,009 | 1,562,431 | 1,525,261 | 1,524,361 | 1,493,441 | |||||||||||||||||||||||||||
| Long-term debt | 281,685 | 279,175 | 317,003 | 299,344 | 291,498 | 296,472 | 288,869 | 290,893 | |||||||||||||||||||||||||||
| Common stockholders’ equity | 249,291 | 241,050 | 234,403 | 231,199 | 234,337 | 235,985 | 236,222 | 232,844 | |||||||||||||||||||||||||||
| Total stockholders’ equity | 279,354 | 271,113 | 264,466 | 261,262 | 261,330 | 264,348 | 263,215 | 259,837 | |||||||||||||||||||||||||||
| Headcount | 255,351 | 256,358 | 256,710 | 256,720 | 256,981 | 257,444 | 254,983 | 255,998 | |||||||||||||||||||||||||||
| Credit quality metrics | |||||||||||||||||||||||||||||||||||
| Allowance for loan losses and lending- related commitments | $ | 30,737 | $ | 33,637 | $ | 34,301 | $ | 25,391 | $ | 14,314 | $ | 14,400 | $ | 14,295 | $ | 14,591 | |||||||||||||||||||
Allowance
for loan losses to total retained loans | 2.95 | % | 3.26 | % | 3.27 | % | 2.32 | % | 1.39 | % | 1.42 | % | 1.39 | % | 1.43 | % | |||||||||||||||||||
Nonperforming
assets(d) | $ | 10,906 | $ | 11,462 | $ | 9,715 | $ | 7,062 | $ | 5,054 | $ | 5,993 | $ | 5,260 | $ | 5,616 | |||||||||||||||||||
| Net charge-offs | 1,050 | 1,180 | 1,560 | 1,469 | 1,494 | 1,371 | 1,403 | 1,361 | |||||||||||||||||||||||||||
| Net charge-off rate | 0.44 | % | 0.49 | % | 0.64 | % | 0.62 | % | 0.63 | % | 0.58 | % | 0.60 | % | 0.58 | % | |||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 299 | |||||||
| (Table continued on next page) | ||||||||||||||||||||
| (Unaudited) | 2020 | |||||||||||||||||||
| Year
ended December 31, (Taxable-equivalent interest and rates; in millions, except rates) | Average balance | Interest(h) | Rate | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Deposits with banks | $ | 444,058 | $ | 749 | 0.17 | % | ||||||||||||||
| Federal funds sold and securities purchased under resale agreements | 275,926 | 2,436 | 0.88 | |||||||||||||||||
| Securities borrowed | 143,472 | (302) | (0.21) | (j) | ||||||||||||||||
Trading
assets – debt instruments(a) | 322,936 | 7,869 | 2.44 | |||||||||||||||||
| Taxable securities | 476,650 | 7,843 | 1.65 | |||||||||||||||||
Non-taxable
securities(b) | 33,287 | 1,437 | 4.32 | |||||||||||||||||
| Total investment securities | 509,937 | 9,280 | 1.82 | (k) | ||||||||||||||||
Loans(a) | 1,004,597 | 43,886 | (i) | 4.37 | ||||||||||||||||
All
other interest-earning assets(a)(c) | 78,784 | 1,023 | 1.30 | |||||||||||||||||
| Total interest-earning assets | 2,779,710 | 64,941 | 2.34 | |||||||||||||||||
| Allowance for loan losses | (25,775) | |||||||||||||||||||
| Cash and due from banks | 22,241 | |||||||||||||||||||
Trading assets – equity and other instruments(a) | 118,055 | |||||||||||||||||||
| Trading assets – derivative receivables | 76,572 | |||||||||||||||||||
| Goodwill, MSRs and other intangible assets | 51,934 | |||||||||||||||||||
All other noninterest-earning assets(a) | 180,411 | |||||||||||||||||||
| Total assets | $ | 3,203,148 | ||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Interest-bearing deposits | $ | 1,389,224 | $ | 2,357 | 0.17 | % | ||||||||||||||
| Federal funds purchased and securities loaned or sold under repurchase agreements | 255,421 | 1,058 | 0.41 | |||||||||||||||||
Short-term borrowings(d) | 38,853 | 372 | 0.96 | |||||||||||||||||
Trading
liabilities – debt and all other interest-bearing liabilities(e)(f) | 205,255 | 195 | 0.10 | (j) | ||||||||||||||||
| Beneficial interests issued by consolidated VIEs | 19,216 | 214 | 1.12 | |||||||||||||||||
| Long-term debt | 254,400 | 5,764 | 2.27 | |||||||||||||||||
| Total interest-bearing liabilities | 2,162,369 | 9,960 | 0.46 | |||||||||||||||||
| Noninterest-bearing deposits | 517,527 | |||||||||||||||||||
Trading liabilities – equity and other instruments(f) | 32,628 | |||||||||||||||||||
| Trading liabilities – derivative payables | 61,593 | |||||||||||||||||||
| All other liabilities, including the allowance for lending-related commitments | 162,267 | |||||||||||||||||||
| Total liabilities | 2,936,384 | |||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||
| Preferred stock | 29,899 | |||||||||||||||||||
| Common stockholders’ equity | 236,865 | |||||||||||||||||||
| Total stockholders’ equity | 266,764 | (g) | ||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 3,203,148 | ||||||||||||||||||
| Interest rate spread | 1.88 | % | ||||||||||||||||||
| Net interest income and net yield on interest-earning assets | $ | 54,981 | 1.98 | |||||||||||||||||
300 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| (Table continued from previous page) | ||||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
| Average balance | Interest(h) | Rate | Average balance | Interest(h) | Rate | |||||||||||||||||||||||||||||||||
| $ | 280,004 | $ | 3,887 | 1.39 | % | $ | 405,514 | $ | 5,907 | 1.46 | % | |||||||||||||||||||||||||||
| 275,429 | 6,146 | 2.23 | 217,150 | 3,819 | 1.76 | |||||||||||||||||||||||||||||||||
| 131,291 | 1,574 | 1.20 | 115,082 | 913 | 0.79 | |||||||||||||||||||||||||||||||||
| 294,958 | 9,189 | 3.12 | 208,266 | 7,206 | 3.46 | |||||||||||||||||||||||||||||||||
| 284,127 | 7,962 | 2.80 | 194,232 | 5,653 | 2.91 | |||||||||||||||||||||||||||||||||
| 35,748 | 1,655 | 4.63 | 42,456 | 1,987 | 4.68 | |||||||||||||||||||||||||||||||||
| 319,875 | 9,617 | 3.01 | (k) | 236,688 | 7,640 | 3.23 | (k) | |||||||||||||||||||||||||||||||
| 989,943 | 52,012 | (i) | 5.25 | 977,406 | 49,208 | (i) | 5.03 | |||||||||||||||||||||||||||||||
| 53,779 | 2,146 | 3.99 | 52,551 | 2,035 | 3.87 | |||||||||||||||||||||||||||||||||
| 2,345,279 | 84,571 | 3.61 | 2,212,657 | 76,728 | 3.47 | |||||||||||||||||||||||||||||||||
| (13,331) | (13,269) | |||||||||||||||||||||||||||||||||||||
| 20,645 | 21,694 | |||||||||||||||||||||||||||||||||||||
| 114,323 | 118,152 | |||||||||||||||||||||||||||||||||||||
| 53,786 | 60,734 | |||||||||||||||||||||||||||||||||||||
| 53,683 | 54,669 | |||||||||||||||||||||||||||||||||||||
| 167,456 | 154,261 | |||||||||||||||||||||||||||||||||||||
| $ | 2,741,841 | $ | 2,608,898 | |||||||||||||||||||||||||||||||||||
| $ | 1,115,848 | $ | 8,957 | 0.80 | % | $ | 1,045,037 | $ | 5,973 | 0.57 | % | |||||||||||||||||||||||||||
| 227,994 | 4,630 | 2.03 | 189,282 | 3,066 | 1.62 | |||||||||||||||||||||||||||||||||
| 52,426 | 1,248 | 2.38 | 54,993 | 1,144 | 2.08 | |||||||||||||||||||||||||||||||||
| 182,105 | 2,585 | 1.42 | 177,788 | 2,387 | 1.34 | |||||||||||||||||||||||||||||||||
| 22,501 | 568 | 2.52 | 21,079 | 493 | 2.34 | |||||||||||||||||||||||||||||||||
| 247,968 | 8,807 | 3.55 | 243,246 | 7,978 | 3.28 | |||||||||||||||||||||||||||||||||
| 1,848,842 | 26,795 | 1.45 | 1,731,425 | 21,041 | 1.22 | |||||||||||||||||||||||||||||||||
| 407,219 | 411,424 | |||||||||||||||||||||||||||||||||||||
| 31,085 | 34,667 | |||||||||||||||||||||||||||||||||||||
| 42,560 | 43,075 | |||||||||||||||||||||||||||||||||||||
| 151,717 | 132,836 | |||||||||||||||||||||||||||||||||||||
| 2,481,423 | 2,353,427 | |||||||||||||||||||||||||||||||||||||
| 27,511 | 26,249 | |||||||||||||||||||||||||||||||||||||
| 232,907 | 229,222 | |||||||||||||||||||||||||||||||||||||
| 260,418 | (g) | 255,471 | (g) | |||||||||||||||||||||||||||||||||||
| $ | 2,741,841 | $ | 2,608,898 | |||||||||||||||||||||||||||||||||||
| 2.16 | % | 2.25 | % | |||||||||||||||||||||||||||||||||||
| $ | 57,776 | 2.46 | $ | 55,687 | 2.52 | |||||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 301 | |||||||
| (Table continued on next page) | ||||||||||||||
| 2020 | ||||||||||||||
| (Unaudited) Year ended December 31, (Taxable-equivalent interest and rates; in millions, except rates) | Average balance | Interest | Rate | |||||||||||
| Interest-earning assets | ||||||||||||||
| Deposits with banks: | ||||||||||||||
| U.S. | $ | 294,669 | $ | 768 | 0.26 | % | ||||||||
| Non-U.S. | 149,389 | (19) | (0.01) | |||||||||||
| Federal funds sold and securities purchased under resale agreements: | ||||||||||||||
| U.S. | 141,409 | 1,341 | 0.95 | |||||||||||
| Non-U.S. | 134,517 | 1,095 | 0.81 | |||||||||||
Securities
borrowed:(a) | ||||||||||||||
| U.S. | 100,026 | (305) | (0.30) | |||||||||||
| Non-U.S. | 43,446 | 3 | 0.01 | |||||||||||
Trading
assets – debt instruments: (b) | ||||||||||||||
| U.S. | 216,025 | 5,056 | 2.34 | |||||||||||
| Non-U.S. | 106,911 | 2,813 | 2.63 | |||||||||||
| Investment securities: | ||||||||||||||
| U.S. | 475,832 | 8,703 | 1.83 | |||||||||||
| Non-U.S. | 34,105 | 577 | 1.69 | |||||||||||
Loans:(b) | ||||||||||||||
| U.S. | 909,850 | 41,708 | 4.58 | |||||||||||
| Non-U.S. | 94,747 | 2,178 | 2.30 | |||||||||||
All
other interest-earning assets, predominantly U.S.(b) | 78,784 | 1,023 | 1.30 | |||||||||||
| Total interest-earning assets | 2,779,710 | 64,941 | 2.34 | |||||||||||
| Interest-bearing liabilities | ||||||||||||||
| Interest-bearing deposits: | ||||||||||||||
| U.S. | 1,068,857 | 2,288 | 0.21 | |||||||||||
| Non-U.S. | 320,367 | 69 | 0.02 | |||||||||||
| Federal funds purchased and securities loaned or sold under repurchase agreements: | ||||||||||||||
| U.S. | 204,958 | 863 | 0.42 | |||||||||||
| Non-U.S. | 50,463 | 195 | 0.39 | |||||||||||
Trading
liabilities – debt, short-term and all other interest-bearing liabilities:(a)(c) | ||||||||||||||
| U.S. | 151,120 | (30) | (0.02) | |||||||||||
| Non-U.S. | 92,988 | 597 | 0.64 | |||||||||||
| Beneficial interests issued by consolidated VIEs, predominantly U.S. | 19,216 | 214 | 1.12 | |||||||||||
| Long-term debt: | ||||||||||||||
| U.S. | 247,623 | 5,704 | 2.30 | |||||||||||
| Non-U.S. | 6,777 | 60 | 0.89 | |||||||||||
| Intercompany funding: | ||||||||||||||
| U.S. | (46,327) | (1,254) | — | |||||||||||
| Non-U.S. | 46,327 | 1,254 | — | |||||||||||
| Total interest-bearing liabilities | 2,162,369 | 9,960 | 0.46 | |||||||||||
Noninterest-bearing
liabilities(d) | 617,341 | |||||||||||||
| Total investable funds | $ | 2,779,710 | $ | 9,960 | 0.36 | % | ||||||||
| Net interest income and net yield: | $ | 54,981 | 1.98 | % | ||||||||||
| U.S. | 49,242 | 2.25 | ||||||||||||
| Non-U.S. | 5,739 | 0.97 | ||||||||||||
| Percentage of total assets and liabilities attributable to non-U.S. operations: | ||||||||||||||
| Assets | 23.5 | |||||||||||||
| Liabilities | 20.9 | |||||||||||||
302 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| (Table continued from previous page) | ||||||||||||||||||||||||||||||||
| 2019 | 2018 | |||||||||||||||||||||||||||||||
| Average balance | Interest | Rate | Average balance | Interest | Rate | |||||||||||||||||||||||||||
| $ | 165,066 | $ | 3,588 | 2.17 | % | $ | 305,117 | $ | 5,703 | 1.87 | % | |||||||||||||||||||||
| 114,938 | 299 | 0.26 | 100,397 | 204 | 0.20 | |||||||||||||||||||||||||||
| 150,205 | 4,068 | 2.71 | 102,144 | 2,427 | 2.38 | |||||||||||||||||||||||||||
| 125,224 | 2,078 | 1.66 | 115,006 | 1,392 | 1.21 | |||||||||||||||||||||||||||
| 92,625 | 1,423 | 1.54 | 77,027 | 825 | 1.07 | |||||||||||||||||||||||||||
| 38,666 | 151 | 0.39 | 38,055 | 88 | 0.23 | |||||||||||||||||||||||||||
| 200,811 | 6,157 | 3.07 | 121,967 | 4,229 | 3.47 | |||||||||||||||||||||||||||
| 94,147 | 3,032 | 3.22 | 86,299 | 2,977 | 3.45 | |||||||||||||||||||||||||||
| 287,961 | 8,963 | 3.11 | 200,883 | 6,943 | 3.46 | |||||||||||||||||||||||||||
| 31,914 | 654 | 2.05 | 35,805 | 697 | 1.95 | |||||||||||||||||||||||||||
| 898,570 | 49,058 | 5.46 | 882,314 | 46,227 | 5.24 | |||||||||||||||||||||||||||
| 91,373 | 2,954 | 3.23 | 95,092 | 2,981 | 3.13 | |||||||||||||||||||||||||||
| 53,779 | 2,146 | 3.99 | 52,551 | 2,035 | 3.87 | |||||||||||||||||||||||||||
| 2,345,279 | 84,571 | 3.61 | 2,212,657 | 76,728 | 3.47 | |||||||||||||||||||||||||||
| 850,493 | 6,896 | 0.81 | 802,786 | 4,562 | 0.57 | |||||||||||||||||||||||||||
| 265,355 | 2,061 | 0.78 | 242,251 | 1,411 | 0.58 | |||||||||||||||||||||||||||
| 164,284 | 3,989 | 2.43 | 117,754 | 2,562 | 2.18 | |||||||||||||||||||||||||||
| 63,710 | 641 | 1.01 | 71,528 | 504 | 0.70 | |||||||||||||||||||||||||||
| 147,247 | 2,574 | 1.75 | 147,512 | 2,225 | 1.51 | |||||||||||||||||||||||||||
| 87,284 | 1,259 | 1.44 | 85,269 | 1,306 | 1.53 | |||||||||||||||||||||||||||
| 22,501 | 568 | 2.52 | 21,079 | 493 | 2.34 | |||||||||||||||||||||||||||
| 241,914 | 8,766 | 3.62 | 239,718 | 7,954 | 3.32 | |||||||||||||||||||||||||||
| 6,054 | 41 | 0.68 | 3,528 | 24 | 0.68 | |||||||||||||||||||||||||||
| (42,947) | (1,414) | — | (51,933) | (746) | — | |||||||||||||||||||||||||||
| 42,947 | 1,414 | — | 51,933 | 746 | — | |||||||||||||||||||||||||||
| 1,848,842 | 26,795 | 1.45 | 1,731,425 | 21,041 | 1.22 | |||||||||||||||||||||||||||
| 496,437 | 481,232 | |||||||||||||||||||||||||||||||
| $ | 2,345,279 | $ | 26,795 | 1.14 | % | $ | 2,212,657 | $ | 21,041 | 0.95 | % | |||||||||||||||||||||
| $ | 57,776 | 2.46 | % | $ | 55,687 | 2.52 | % | |||||||||||||||||||||||||
| 52,217 | 2.86 | 50,236 | 2.95 | |||||||||||||||||||||||||||||
| 5,559 | 1.07 | 5,451 | 1.05 | |||||||||||||||||||||||||||||
| 24.5 | 24.7 | |||||||||||||||||||||||||||||||
| 22.1 | 22.3 | |||||||||||||||||||||||||||||||
| JPMorgan Chase & Co./2020 Form 10-K | 303 | |||||||
| 2020 versus 2019 | 2019 versus 2018 | ||||||||||||||||||||||||||||||||||
| (Unaudited) | Increase/(decrease) due to change in: | Increase/(decrease) due to change in: | |||||||||||||||||||||||||||||||||
| Year ended December 31, (On a taxable-equivalent basis; in millions) | Volume | Rate | Net change | Volume | Rate | Net change | |||||||||||||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||||||||||||||||||
| Deposits with banks: | |||||||||||||||||||||||||||||||||||
| U.S. | $ | 333 | $ | (3,153) | $ | (2,820) | $ | (3,030) | $ | 915 | $ | (2,115) | |||||||||||||||||||||||
| Non-U.S. | (8) | (310) | (318) | 35 | 60 | 95 | |||||||||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements: | |||||||||||||||||||||||||||||||||||
| U.S. | (83) | (2,644) | (2,727) | 1,304 | 337 | 1,641 | |||||||||||||||||||||||||||||
| Non-U.S. | 81 | (1,064) | (983) | 168 | 518 | 686 | |||||||||||||||||||||||||||||
Securities
borrowed:(a) | |||||||||||||||||||||||||||||||||||
| U.S. | (24) | (1,704) | (1,728) | 236 | 362 | 598 | |||||||||||||||||||||||||||||
| Non-U.S. | (1) | (147) | (148) | 2 | 61 | 63 | |||||||||||||||||||||||||||||
Trading
assets – debt instruments:(b) | |||||||||||||||||||||||||||||||||||
| U.S. | 365 | (1,466) | (1,101) | 2,416 | (488) | 1,928 | |||||||||||||||||||||||||||||
| Non-U.S. | 336 | (555) | (219) | 253 | (198) | 55 | |||||||||||||||||||||||||||||
| Investment securities: | |||||||||||||||||||||||||||||||||||
| U.S. | 3,426 | (3,686) | (260) | 2,723 | (703) | 2,020 | |||||||||||||||||||||||||||||
| Non-U.S. | 38 | (115) | (77) | (79) | 36 | (43) | |||||||||||||||||||||||||||||
Loans:(b) | |||||||||||||||||||||||||||||||||||
| U.S. | 557 | (7,907) | (7,350) | 890 | 1,941 | 2,831 | |||||||||||||||||||||||||||||
| Non-U.S. | 74 | (850) | (776) | (122) | 95 | (27) | |||||||||||||||||||||||||||||
All
other interest-earning assets, predominantly U.S.(b) | 324 | (1,447) | (1,123) | 48 | 63 | 111 | |||||||||||||||||||||||||||||
| Change in interest income | 5,418 | (25,048) | (19,630) | 4,844 | 2,999 | 7,843 | |||||||||||||||||||||||||||||
| Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
| U.S. | 495 | (5,103) | (4,608) | 407 | 1,927 | 2,334 | |||||||||||||||||||||||||||||
| Non-U.S. | 25 | (2,017) | (1,992) | 165 | 485 | 650 | |||||||||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements: | |||||||||||||||||||||||||||||||||||
| U.S. | 176 | (3,302) | (3,126) | 1,133 | 294 | 1,427 | |||||||||||||||||||||||||||||
| Non-U.S. | (51) | (395) | (446) | (85) | 222 | 137 | |||||||||||||||||||||||||||||
Trading
liabilities – debt, short-term and all other interest-bearing liabilities: (a)(c) | |||||||||||||||||||||||||||||||||||
| U.S. | 2 | (2,606) | (2,604) | (5) | 354 | 349 | |||||||||||||||||||||||||||||
| Non-U.S. | 36 | (698) | (662) | 30 | (77) | (47) | |||||||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs, predominantly U.S. | (37) | (317) | (354) | 37 | 38 | 75 | |||||||||||||||||||||||||||||
| Long-term debt: | |||||||||||||||||||||||||||||||||||
| U.S. | 131 | (3,193) | (3,062) | 93 | 719 | 812 | |||||||||||||||||||||||||||||
| Non-U.S. | 6 | 13 | 19 | 17 | — | 17 | |||||||||||||||||||||||||||||
| Intercompany funding: | |||||||||||||||||||||||||||||||||||
| U.S. | (89) | 249 | 160 | 293 | (961) | (668) | |||||||||||||||||||||||||||||
| Non-U.S. | 89 | (249) | (160) | (293) | 961 | 668 | |||||||||||||||||||||||||||||
| Change in interest expense | 783 | (17,618) | (16,835) | 1,792 | 3,962 | 5,754 | |||||||||||||||||||||||||||||
| Change in net interest income | $ | 4,635 | $ | (7,430) | $ | (2,795) | $ | 3,052 | $ | (963) | $ | 2,089 | |||||||||||||||||||||||
304 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 305 | |||||||
306 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 307 | |||||||
308 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 309 | |||||||
310 | JPMorgan Chase & Co./2020 Form 10-K | |||||||
| JPMorgan Chase & Co./2020 Form 10-K | 311 | |||||||
| 2018 | |||||||||||
(Unaudited) December 31, (in millions) | Amortized cost | Fair
value | |||||||||
| Available-for-sale securities | |||||||||||
| Mortgage-backed securities: U.S. GSEs and government agencies | $ | 69,026 | $ | 68,646 | |||||||
| U.S. Treasury and government agencies | 55,771 | 56,059 | |||||||||
| All other AFS securities | 103,972 | 105,689 | |||||||||
| Total available-for-sale securities | $ | 228,769 | $ | 230,394 | |||||||
| Held-to-maturity securities | |||||||||||
| Mortgage-backed securities: U.S. GSEs and government agencies | 26,610 | 26,544 | |||||||||
| All other HTM securities | 4,824 | 4,914 | |||||||||
| Total held-to-maturity securities | $ | 31,434 | $ | 31,458 | |||||||
| Total investment securities | $ | 260,203 | $ | 261,852 | |||||||
312 | ||||||||
| (Unaudited) December 31, (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
| U.S. consumer, excluding credit card loans | |||||||||||||||||
| Residential real estate | $ | 241,578 | $ | 266,135 | $ | 296,677 | $ | 291,054 | $ | 281,774 | |||||||
| Auto and other | 76,825 | 51,682 | 52,324 | 55,296 | 63,380 | ||||||||||||
| Total U.S. consumer, excluding credit card loans | 318,403 | 317,817 | 349,001 | 346,350 | 345,154 | ||||||||||||
| Non-U.S. consumer, excluding credit card loans | |||||||||||||||||
| Residential real estate | 176 | — | — | 836 | 1,976 | ||||||||||||
| Auto and other | — | — | — | — | — | ||||||||||||
| Total Non-U.S. consumer, excluding credit card loans | 176 | — | — | 836 | 1,976 | ||||||||||||
| Total consumer, excluding credit card loans | |||||||||||||||||
| Residential real estate | 241,754 | 266,135 | 296,677 | 291,890 | 283,750 | ||||||||||||
| Auto and other | 76,825 | 51,682 | 52,324 | 55,296 | 63,380 | ||||||||||||
| Total consumer, excluding credit card loans | 318,579 | 317,817 | 349,001 | 347,186 | 347,130 | ||||||||||||
| Credit card Loans | |||||||||||||||||
| U.S. credit card loans | 144,103 | 168,787 | 156,312 | 149,107 | 141,447 | ||||||||||||
| Non-U.S. credit card loans | 113 | 137 | 320 | 404 | 369 | ||||||||||||
| Total credit card loans | 144,216 | 168,924 | 156,632 | 149,511 | 141,816 | ||||||||||||
| Total consumer loans | 462,795 | 486,741 | 505,633 | 496,697 | 488,946 | ||||||||||||
| U.S. wholesale loans | |||||||||||||||||
| Secured by real estate | 124,887 | 126,735 | 121,169 | 120,078 | 112,134 | ||||||||||||
| Commercial and industrial | 112,911 | 115,389 | 138,374 | 115,537 | 110,555 | ||||||||||||
| Other | 185,945 | 154,633 | 136,609 | 120,608 | 111,509 | ||||||||||||
| Total U.S. wholesale loans | 423,743 | 396,757 | 396,152 | 356,223 | 334,198 | ||||||||||||
| Non-U.S. wholesale loans | |||||||||||||||||
| Secured by real estate | 3,090 | 2,837 | 2,709 | 2,625 | 2,905 | ||||||||||||
| Commercial and industrial | 44,076 | 38,214 | 37,035 | 36,438 | 35,673 | ||||||||||||
| Other | 79,149 | 73,071 | 74,231 | 67,446 | 61,109 | ||||||||||||
| Total non-U.S. wholesale loans | 126,315 | 114,122 | 113,975 | 106,509 | 99,687 | ||||||||||||
| Total wholesale loans | |||||||||||||||||
| Secured by real estate | 127,977 | 129,572 | 123,878 | 122,703 | 115,039 | ||||||||||||
| Commercial and industrial | 156,987 | 153,603 | 175,409 | 151,975 | 146,228 | ||||||||||||
| Other | 265,094 | 227,704 | 210,840 | 188,054 | 172,618 | ||||||||||||
| Total wholesale loans | 550,058 | 510,879 | 510,127 | 462,732 | 433,885 | ||||||||||||
Total loans(a) | $ | 1,012,853 | $ | 997,620 | $ | 1,015,760 | $ | 959,429 | $ | 922,831 | |||||||
| Memo: | |||||||||||||||||
| Loans held-for-sale | $ | 7,873 | $ | 7,064 | $ | 11,988 | $ | 3,351 | $ | 2,628 | |||||||
| Loans at fair value | 44,474 | 44,955 | 34,357 | 31,240 | 30,296 | ||||||||||||
| Total loans held-for-sale and loans at fair value | $ | 52,347 | $ | 52,019 | $ | 46,345 | $ | 34,591 | $ | 32,924 | |||||||
313 | ||||||||
| (Unaudited) December 31, 2020 (in millions) | Within 1
year (a) | 1-5 years | After 5 years | Total | ||||||||||||||||||||||
| U.S. | ||||||||||||||||||||||||||
| Secured by real estate | $ | 4,847 | $ | 25,575 | $ | 94,465 | $ | 124,887 | ||||||||||||||||||
| Commercial and industrial | 35,318 | 72,084 | 5,509 | 112,911 | ||||||||||||||||||||||
| Other | 81,462 | 73,964 | 30,519 | 185,945 | ||||||||||||||||||||||
| Total U.S. | 121,627 | 171,623 | 130,493 | 423,743 | ||||||||||||||||||||||
| Non-U.S. | ||||||||||||||||||||||||||
| Secured by real estate | 907 | 1,797 | 386 | 3,090 | ||||||||||||||||||||||
| Commercial and industrial | 13,307 | 26,460 | 4,309 | 44,076 | ||||||||||||||||||||||
| Other | 55,249 | 20,142 | 3,758 | 79,149 | ||||||||||||||||||||||
| Total non-U.S. | 69,463 | 48,399 | 8,453 | 126,315 | ||||||||||||||||||||||
| Total wholesale loans | $ | 191,090 | $ | 220,022 | $ | 138,946 | $ | 550,058 | ||||||||||||||||||
| Loans at fixed interest rates | $ | 36,693 | $ | 31,548 | ||||||||||||||||||||||
| Loans at variable interest rates | 183,329 | 107,398 | ||||||||||||||||||||||||
| Total wholesale loans | $ | 220,022 | $ | 138,946 | ||||||||||||||||||||||
| (Unaudited) December 31, (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| Nonperforming assets | ||||||||||||||||||||||||||||||||
| U.S. nonaccrual loans: | ||||||||||||||||||||||||||||||||
| Consumer, excluding credit card loans | $ | 6,467 | $ | 3,366 | $ | 3,853 | $ | 4,463 | $ | 4,662 | ||||||||||||||||||||||
| Credit card loans | NA | NA | NA | NA | NA | |||||||||||||||||||||||||||
| Total U.S. nonaccrual consumer loans | 6,467 | 3,366 | 3,853 | 4,463 | 4,662 | |||||||||||||||||||||||||||
| Wholesale: | ||||||||||||||||||||||||||||||||
| Secured by real estate | 966 | 267 | 483 | 251 | 253 | |||||||||||||||||||||||||||
| Commercial and industrial | 1,249 | 759 | 700 | 887 | 1,487 | |||||||||||||||||||||||||||
| Other | 897 | 33 | 35 | 126 | 127 | |||||||||||||||||||||||||||
| Total U.S. wholesale nonaccrual loans | 3,112 | 1,059 | 1,218 | 1,264 | 1,867 | |||||||||||||||||||||||||||
| Total U.S. nonaccrual loans | 9,579 | 4,425 | 5,071 | 5,727 | 6,529 | |||||||||||||||||||||||||||
| Non-U.S. nonaccrual loans: | ||||||||||||||||||||||||||||||||
| Consumer, excluding credit card loans | — | — | — | — | — | |||||||||||||||||||||||||||
| Credit card loans | NA | NA | NA | NA | NA | |||||||||||||||||||||||||||
| Total non-U.S. nonaccrual consumer loans | — | — | — | — | — | |||||||||||||||||||||||||||
| Wholesale: | ||||||||||||||||||||||||||||||||
| Secured by real estate | 18 | — | 67 | 81 | 35 | |||||||||||||||||||||||||||
| Commercial and industrial | 856 | 209 | 395 | 807 | 459 | |||||||||||||||||||||||||||
| Other | 120 | 3 | 9 | 21 | 79 | |||||||||||||||||||||||||||
| Total non-U.S. wholesale nonaccrual loans | 994 | 212 | 471 | 909 | 573 | |||||||||||||||||||||||||||
| Total non-U.S. nonaccrual loans | 994 | 212 | 471 | 909 | 573 | |||||||||||||||||||||||||||
| Total nonaccrual loans | 10,573 | 4,637 | 5,542 | 6,636 | 7,102 | |||||||||||||||||||||||||||
| Derivative receivables | 56 | 30 | 60 | 130 | 223 | |||||||||||||||||||||||||||
| Assets acquired in loan satisfactions | 277 | 387 | 299 | 353 | 429 | |||||||||||||||||||||||||||
| Nonperforming assets | $ | 10,906 | $ | 5,054 | $ | 5,901 | $ | 7,119 | $ | 7,754 | ||||||||||||||||||||||
| Memo: | ||||||||||||||||||||||||||||||||
| Loans held-for-sale | $ | 284 | $ | 7 | $ | — | $ | — | $ | 162 | ||||||||||||||||||||||
| Loans at fair value | 1,507 | 647 | 931 | 693 | 219 | |||||||||||||||||||||||||||
| Total loans held-for-sale and loans at fair value | $ | 1,791 | $ | 654 | $ | 931 | $ | 693 | $ | 381 | ||||||||||||||||||||||
314 | ||||||||
| (Unaudited) December 31, (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Contractually past-due loans(a) | ||||||||||||||||||||||||||||||||
| U.S. loans: | ||||||||||||||||||||||||||||||||
Consumer,
excluding credit card loans(b) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
| Credit card loans | 1,317 | 1,605 | 1,442 | 1,378 | 1,143 | |||||||||||||||||||||||||||
| Total U.S. consumer loans | 1,317 | 1,605 | 1,442 | 1,378 | 1,143 | |||||||||||||||||||||||||||
| Wholesale: | ||||||||||||||||||||||||||||||||
| Secured by real estate | 15 | 1 | 11 | 10 | 9 | |||||||||||||||||||||||||||
| Commercial and industrial | 20 | 36 | 166 | 67 | 90 | |||||||||||||||||||||||||||
| Other | 19 | 5 | 7 | 62 | 24 | |||||||||||||||||||||||||||
| Total U.S. wholesale loans | 54 | 42 | 184 | 139 | 123 | |||||||||||||||||||||||||||
| Total U.S. loans | 1,371 | 1,647 | 1,626 | 1,517 | 1,266 | |||||||||||||||||||||||||||
| Non-U.S. loans: | ||||||||||||||||||||||||||||||||
| Consumer, excluding credit card loans | — | — | — | — | — | |||||||||||||||||||||||||||
| Credit card loans | 2 | 2 | 3 | 1 | 2 | |||||||||||||||||||||||||||
| Total non-U.S. consumer loans | 2 | 2 | 3 | 1 | 2 | |||||||||||||||||||||||||||
| Wholesale: | ||||||||||||||||||||||||||||||||
| Secured by real estate | — | — | — | — | — | |||||||||||||||||||||||||||
| Commercial and industrial | — | 1 | 2 | 1 | 9 | |||||||||||||||||||||||||||
| Other | 3 | — | 2 | 1 | — | |||||||||||||||||||||||||||
| Total non-U.S. wholesale loans | 3 | 1 | 4 | 2 | 9 | |||||||||||||||||||||||||||
| Total non-U.S. loans | 5 | 3 | 7 | 3 | 11 | |||||||||||||||||||||||||||
| Total contractually past due loans | $ | 1,376 | $ | 1,650 | $ | 1,633 | $ | 1,520 | $ | 1,277 | ||||||||||||||||||||||
| (Unaudited) December 31, (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||
Accruing restructured loans(a) | |||||||||||||||||||||||||||||||||||
| U.S.: | |||||||||||||||||||||||||||||||||||
| Consumer, excluding credit card loans | $ | 3,007 | $ | 3,600 | $ | 4,171 | $ | 4,972 | $ | 5,528 | |||||||||||||||||||||||||
Credit card loans(b) | 1,375 | 1,452 | 1,319 | 1,215 | 1,240 | ||||||||||||||||||||||||||||||
| Total U.S. consumer loans | 4,382 | 5,052 | 5,490 | 6,187 | 6,768 | ||||||||||||||||||||||||||||||
| Wholesale: | |||||||||||||||||||||||||||||||||||
| Secured by real estate | 16 | 14 | 9 | 6 | 18 | ||||||||||||||||||||||||||||||
| Commercial and industrial | 202 | 34 | 59 | 129 | 64 | ||||||||||||||||||||||||||||||
| Other | 61 | 2 | 4 | 2 | — | ||||||||||||||||||||||||||||||
| Total U.S. wholesale loans | 279 | 50 | 72 | 137 | 82 | ||||||||||||||||||||||||||||||
| Total U.S. | 4,661 | 5,102 | 5,562 | 6,324 | 6,850 | ||||||||||||||||||||||||||||||
| Non-U.S.: | |||||||||||||||||||||||||||||||||||
| Consumer, excluding credit card loans | — | — | — | — | — | ||||||||||||||||||||||||||||||
Credit card loans(b) | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Total non-U.S. consumer loans | — | — | — | — | — | ||||||||||||||||||||||||||||||
| Wholesale: | |||||||||||||||||||||||||||||||||||
| Secured by real estate | — | 30 | — | — | — | ||||||||||||||||||||||||||||||
| Commercial and industrial | 75 | 2 | 45 | 21 | 17 | ||||||||||||||||||||||||||||||
| Other | 4 | 3 | — | — | — | ||||||||||||||||||||||||||||||
| Total non-U.S. wholesale loans | 79 | 35 | 45 | 21 | 17 | ||||||||||||||||||||||||||||||
| Total non-U.S. | 79 | 35 | 45 | 21 | 17 | ||||||||||||||||||||||||||||||
| Total accruing restructured notes | $ | 4,740 | $ | 5,137 | $ | 5,607 | $ | 6,345 | $ | 6,867 | |||||||||||||||||||||||||
315 | ||||||||
| (Unaudited) Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||
| Nonaccrual loans | |||||||||||
| U.S.: | |||||||||||
| Consumer, excluding credit card: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | $ | 330 | $ | 242 | $ | 296 | |||||
| Interest that was recognized in income | (174) | (160) | (171) | ||||||||
| Total U.S. consumer, excluding credit card | 156 | 82 | 125 | ||||||||
| Credit card: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | NA | NA | NA | ||||||||
| Interest that was recognized in income | NA | NA | NA | ||||||||
| Total U.S. credit card | NA | NA | NA | ||||||||
| Total U.S. consumer | 156 | 82 | 125 | ||||||||
| Wholesale: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | 104 | 77 | 73 | ||||||||
| Interest that was recognized in income | (60) | (40) | (32) | ||||||||
| Total U.S. wholesale | 44 | 37 | 41 | ||||||||
Negative
impact — U.S. | 200 | 119 | 166 | ||||||||
| Non-U.S.: | |||||||||||
| Consumer, excluding credit card: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | — | — | — | ||||||||
| Interest that was recognized in income | — | — | — | ||||||||
| Total non-U.S. consumer, excluding credit card | — | — | — | ||||||||
| Credit card: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | NA | NA | NA | ||||||||
| Interest that was recognized in income | NA | NA | NA | ||||||||
| Total non-U.S. credit card | NA | NA | NA | ||||||||
| Total non-U.S. consumer | — | — | — | ||||||||
Wholesale: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | 59 | 12 | 13 | ||||||||
| Interest that was recognized in income | (23) | (5) | (3) | ||||||||
| Total non-U.S. wholesale | 36 | 7 | 10 | ||||||||
Negative
impact — non-U.S. | 36 | 7 | 10 | ||||||||
| Total negative impact on interest income | $ | 236 | $ | 126 | $ | 176 | |||||
316 | ||||||||
| (Unaudited) Year ended December 31, (in millions) | 2020 | 2019 | 2018 | ||||||||
| Accruing restructured loans | |||||||||||
| U.S.: | |||||||||||
| Consumer, excluding credit card: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | $ | 241 | $ | 279 | $ | 326 | |||||
| Interest that was recognized in income | (151) | (192) | (215) | ||||||||
| Total U.S. consumer, excluding credit card | 90 | 87 | 111 | ||||||||
| Credit card: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | 255 | 265 | 227 | ||||||||
| Interest that was recognized in income | (69) | (72) | (65) | ||||||||
| Total U.S. credit card | 186 | 193 | 162 | ||||||||
| Total U.S. consumer | 276 | 280 | 273 | ||||||||
| Wholesale: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | 3 | 5 | 7 | ||||||||
| Interest that was recognized in income | (2) | (3) | (6) | ||||||||
| Total U.S. wholesale | 1 | 2 | 1 | ||||||||
| Negative impact — U.S. | 277 | 282 | 274 | ||||||||
| Non-U.S.: | |||||||||||
| Consumer, excluding credit card: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | — | — | — | ||||||||
| Interest that was recognized in income | — | — | — | ||||||||
| Total non-U.S. consumer, excluding credit card | — | — | — | ||||||||
| Credit card: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | — | — | — | ||||||||
| Interest that was recognized in income | — | — | — | ||||||||
| Total non-U.S. credit card | — | — | — | ||||||||
| Total non-U.S. consumer | — | — | — | ||||||||
| Wholesale: | |||||||||||
| Gross amount of interest that would have been recorded at the original terms | — | — | — | ||||||||
| Interest that was recognized in income | — | — | — | ||||||||
| Total non-U.S. wholesale | — | — | — | ||||||||
| Negative impact — non-U.S. | — | — | — | ||||||||
| Total negative impact on interest income | $ | 277 | $ | 282 | $ | 274 | |||||
317 | ||||||||
| Cross-border outstandings exceeding 0.75% of total assets | ||||||||||||||||||||||||||
(Unaudited) (in millions) | December 31, | Governments | Banks | Other(a) | Net local country assets | Total cross-border outstandings(b) | Commitments(c) | Total exposure | ||||||||||||||||||
| Germany | 2020 | $ | 6,165 | $ | 842 | $ | 23,614 | $ | 55,882 | $ | 86,503 | $ | 73,712 | $ | 160,215 | |||||||||||
| 2019 | 9,757 | 4,175 | 8,709 | 12,143 | 34,784 | 54,817 | 89,601 | |||||||||||||||||||
| 2018 | 12,793 | 7,769 | 15,393 | 30,054 | 66,009 | 67,973 | 133,982 | |||||||||||||||||||
| Cayman Islands | 2020 | $ | 22 | $ | 329 | $ | 123,644 | $ | 32 | $ | 124,027 | $ | 85,830 | $ | 209,857 | |||||||||||
| 2019 | 15 | 367 | 89,124 | — | 89,506 | 114,398 | 203,904 | |||||||||||||||||||
| 2018 | 1 | 308 | 105,857 | 20 | 106,186 | 45,073 | 151,259 | |||||||||||||||||||
| Japan | 2020 | $ | 61 | $ | 11,263 | $ | 3,739 | $ | 55,200 | $ | 70,263 | $ | 31,360 | $ | 101,623 | |||||||||||
| 2019 | 191 | 4,863 | 3,495 | 45,654 | 54,203 | 42,049 | 96,252 | |||||||||||||||||||
| 2018 | 282 | 9,803 | 4,167 | 41,948 | 56,200 | 51,901 | 108,101 | |||||||||||||||||||
| France | 2020 | $ | 10,580 | $ | 7,019 | $ | 19,686 | $ | 2,476 | $ | 39,761 | $ | 114,307 | $ | 154,068 | |||||||||||
| 2019 | 9,445 | 5,294 | 12,746 | 2,697 | 30,182 | 107,178 | 137,360 | |||||||||||||||||||
| 2018 | 12,556 | 3,499 | 21,571 | 2,771 | 40,397 | 105,845 | 146,242 | |||||||||||||||||||
| Italy | 2020 | $ | 10,645 | $ | 4,169 | $ | 5,174 | $ | 1,052 | $ | 21,040 | $ | 49,832 | $ | 70,872 | |||||||||||
| 2019 | 10,567 | 2,192 | 6,095 | 881 | 19,735 | 49,456 | 69,191 | |||||||||||||||||||
| 2018 | 9,401 | 4,098 | 5,145 | 1,375 | 20,019 | 61,326 | 81,345 | |||||||||||||||||||
| Ireland | 2020 | $ | 125 | $ | 301 | $ | 15,679 | $ | — | $ | 16,105 | $ | 6,460 | $ | 22,565 | |||||||||||
| 2019 | 381 | 319 | 18,061 | — | 18,761 | 9,520 | 28,281 | |||||||||||||||||||
| 2018 | 185 | 45 | 19,439 | — | 19,669 | 5,585 | 25,254 | |||||||||||||||||||
| China: Mainland | 2020 | $ | 2,295 | $ | 8,439 | $ | 14,924 | $ | 2,633 | $ | 28,291 | $ | 8,827 | $ | 37,118 | |||||||||||
| 2019 | 179 | 5,168 | 7,207 | 1,382 | 13,936 | 11,111 | 25,047 | |||||||||||||||||||
| 2018 | 980 | 6,728 | 5,318 | 1,617 | 14,643 | 14,435 | 29,078 | |||||||||||||||||||
318 | ||||||||
| Allowance for loan losses | |||||||||||||||||
| (Unaudited) Year ended December 31, (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
| Balance at beginning of year | $ | 13,123 | $ | 13,445 | $ | 13,604 | $ | 13,776 | $ | 13,555 | |||||||
| Cumulative effect of a change in accounting principle | 4,172 | NA | NA | NA | NA | ||||||||||||
| U.S. charge-offs | |||||||||||||||||
| U.S. consumer, excluding credit card | 805 | 902 | 977 | 1,727 | 1,434 | ||||||||||||
| U.S. credit card | 5,077 | 5,436 | 5,011 | 4,521 | 3,799 | ||||||||||||
| Total U.S. consumer charge-offs | 5,882 | 6,338 | 5,988 | 6,248 | 5,233 | ||||||||||||
| U.S. wholesale: | |||||||||||||||||
| Secured by real estate | 16 | 53 | 28 | 36 | 43 | ||||||||||||
| Commercial and Industrial | 530 | 282 | 160 | 102 | 267 | ||||||||||||
| Other | 72 | 27 | 121 | 28 | 16 | ||||||||||||
| Total U.S. wholesale charge-offs | 618 | 362 | 309 | 166 | 326 | ||||||||||||
| Total U.S. charge-offs | 6,500 | 6,700 | 6,297 | 6,414 | 5,559 | ||||||||||||
| Non-U.S. charge-offs | |||||||||||||||||
| Non-U.S. consumer, excluding credit card | — | — | — | — | — | ||||||||||||
| Non-U.S. credit card | — | — | — | — | — | ||||||||||||
| Total non-U.S. consumer charge-offs | — | — | — | — | — | ||||||||||||
| Non-U.S. wholesale: | |||||||||||||||||
| Secured by real estate | — | 1 | 1 | 2 | — | ||||||||||||
| Commercial and Industrial | 315 | 78 | 51 | 90 | 135 | ||||||||||||
| Other | 21 | 31 | — | 6 | 3 | ||||||||||||
| Total non-U.S. wholesale charge-offs | 336 | 110 | 52 | 98 | 138 | ||||||||||||
| Total non-U.S. charge-offs | 336 | 110 | 52 | 98 | 138 | ||||||||||||
| Total charge-offs | 6,836 | 6,810 | 6,349 | 6,512 | 5,697 | ||||||||||||
| U.S. recoveries | |||||||||||||||||
| U.S. consumer, excluding credit card | (631) | (536) | (827) | (612) | (570) | ||||||||||||
| U.S. credit card | (791) | (588) | (493) | (398) | (357) | ||||||||||||
| Total U.S. consumer recoveries | (1,422) | (1,124) | (1,320) | (1,010) | (927) | ||||||||||||
| U.S. wholesale: | |||||||||||||||||
| Secured by real estate | (5) | (10) | (11) | (16) | (29) | ||||||||||||
| Commercial and Industrial | (97) | (21) | (78) | (65) | (15) | ||||||||||||
| Other | (22) | (18) | (38) | (17) | (9) | ||||||||||||
| Total U.S. wholesale recoveries | (124) | (49) | (127) | (98) | (53) | ||||||||||||
| Total U.S. recoveries | (1,546) | (1,173) | (1,447) | (1,108) | (980) | ||||||||||||
| Non-U.S. recoveries | |||||||||||||||||
| Non-U.S. consumer, excluding credit card | — | — | — | — | — | ||||||||||||
| Non-U.S. credit card | — | — | — | — | — | ||||||||||||
| Total non-U.S. consumer recoveries | — | — | — | — | — | ||||||||||||
| Non-U.S. wholesale: | |||||||||||||||||
| Secured by real estate | — | — | — | (1) | — | ||||||||||||
| Commercial and Industrial | (12) | (4) | (45) | (2) | (9) | ||||||||||||
| Other | (19) | (4) | (1) | (14) | (16) | ||||||||||||
| Total non-U.S. wholesale recoveries | (31) | (8) | (46) | (17) | (25) | ||||||||||||
| Total non-U.S. recoveries | (31) | (8) | (46) | (17) | (25) | ||||||||||||
| Total recoveries | (1,577) | (1,181) | (1,493) | (1,125) | (1,005) | ||||||||||||
| Net charge-offs | 5,259 | 5,629 | 4,856 | 5,387 | 4,692 | ||||||||||||
Write-offs
of PCI loans(a) | NA | 151 | 187 | 86 | 156 | ||||||||||||
| Provision for loan losses | 16,291 | 5,449 | 4,885 | 5,300 | 5,080 | ||||||||||||
| Other | 1 | 9 | (1) | 1 | (11) | ||||||||||||
| Balance at year-end | $ | 28,328 | $ | 13,123 | $ | 13,445 | $ | 13,604 | $ | 13,776 | |||||||
319 | ||||||||
| (Unaudited) Year ended December 31, (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
| Balance at beginning of year | $ | 1,191 | $ | 1,055 | $ | 1,068 | $ | 1,078 | $ | 786 | |||||||
| Cumulative effect of a change in accounting principles | 98 | NA | NA | NA | NA | ||||||||||||
| Provision for lending-related commitments | 1,121 | 136 | (14) | (10) | 281 | ||||||||||||
| Other | (1) | — | 1 | — | 11 | ||||||||||||
| Balance at year-end | $ | 2,409 | $ | 1,191 | $ | 1,055 | $ | 1,068 | $ | 1,078 | |||||||
| Loan loss analysis | |||||||||||||||||
| (Unaudited) As of or for the year ended December 31, (in millions, except ratios) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||
| Balances | |||||||||||||||||
Loans – average(a) | $ | 1,004,597 | $ | 989,943 | $ | 977,406 | $ | 936,618 | $ | 892,954 | |||||||
Loans
– year-end(a) | 1,012,853 | 997,620 | 1,015,760 | 959,429 | 922,831 | ||||||||||||
| Net charge-offs | 5,259 | 5,629 | 4,856 | 5,387 | 4,692 | ||||||||||||
| Allowance for loan losses: | |||||||||||||||||
| U.S. | $ | 27,343 | $ | 12,303 | $ | 12,692 | $ | 12,552 | $ | 12,738 | |||||||
| Non-U.S. | 985 | 820 | 753 | 1,052 | 1,038 | ||||||||||||
| Total allowance for loan losses | $ | 28,328 | $ | 13,123 | $ | 13,445 | $ | 13,604 | $ | 13,776 | |||||||
Nonaccrual loans(a) | $ | 10,573 | $ | 4,637 | $ | 5,542 | $ | 6,636 | $ | 7,102 | |||||||
| Ratios | |||||||||||||||||
| Net charge-offs to: | |||||||||||||||||
| Loans retained – average | 0.55 | % | 0.60 | % | 0.52 | % | 0.60 | % | 0.54 | % | |||||||
| Allowance for loan losses | 18.56 | 42.89 | 36.12 | 39.60 | 34.06 | ||||||||||||
| Allowance for loan losses to: | |||||||||||||||||
Loans retained – year-end(b) | 2.95 | 1.39 | 1.39 | 1.47 | 1.55 | ||||||||||||
| Nonaccrual loans retained | 323 | 329 | 292 | 229 | 205 | ||||||||||||
320 | ||||||||
| (Unaudited) Year ended December 31, | Average balances | Average interest rates | |||||||||||||||||||||||||||||||||
| (in millions, except interest rates) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
| U.S. offices | |||||||||||||||||||||||||||||||||||
| Noninterest-bearing | $ | 495,722 | $ | 386,116 | $ | 391,325 | NA | NA | NA | ||||||||||||||||||||||||||
| Interest-bearing | |||||||||||||||||||||||||||||||||||
Demand(a) | 269,888 | 195,350 | 177,403 | 0.25 | % | 1.42 | % | 1.09 | % | ||||||||||||||||||||||||||
Savings(b) | 739,916 | 602,728 | 585,885 | 0.13 | 0.46 | 0.32 | |||||||||||||||||||||||||||||
| Time | 59,053 | 52,415 | 39,498 | 1.10 | 2.56 | 1.94 | |||||||||||||||||||||||||||||
| Total interest-bearing deposits | 1,068,857 | 850,493 | 802,786 | 0.21 | 0.81 | 0.57 | |||||||||||||||||||||||||||||
| Total deposits in U.S. offices | 1,564,579 | 1,236,609 | 1,194,111 | 0.15 | 0.56 | 0.38 | |||||||||||||||||||||||||||||
| Non-U.S. offices | |||||||||||||||||||||||||||||||||||
| Noninterest-bearing | 21,805 | 21,103 | 20,099 | NA | NA | NA | |||||||||||||||||||||||||||||
| Interest-bearing | |||||||||||||||||||||||||||||||||||
| Demand | 267,545 | 217,979 | 210,978 | — | 0.59 | 0.45 | |||||||||||||||||||||||||||||
| Savings | — | — | — | NM | NM | NM | |||||||||||||||||||||||||||||
| Time | 52,822 | 47,376 | 31,273 | 0.13 | 1.64 | 1.48 | |||||||||||||||||||||||||||||
| Total interest-bearing deposits | 320,367 | 265,355 | 242,251 | 0.02 | 0.78 | 0.58 | |||||||||||||||||||||||||||||
| Total deposits in non-U.S. offices | 342,172 | 286,458 | 262,350 | 0.02 | 0.72 | 0.54 | |||||||||||||||||||||||||||||
| Total deposits | $ | 1,906,751 | $ | 1,523,067 | $ | 1,456,461 | 0.12 | % | 0.59 | % | 0.41 | % | |||||||||||||||||||||||
| (Unaudited) By remaining maturity at December 31, 2020 (in millions) | Three months or less | Over three months but within six months | Over six months but within 12 months | Over 12 months | Total | |||||||||||||||||||||||||||
U.S. time certificates of deposit ($100,000 or more) | $ | 9,551 | $ | 5,080 | $ | 2,108 | $ | 800 | $ | 17,539 | ||||||||||||||||||||||
321 | ||||||||
| (Unaudited) As of or for the year ended December 31, (in millions, except rates) | 2020 | 2019 | 2018 | ||||||||||||||
| Federal funds purchased and securities loaned or sold under repurchase agreements: | |||||||||||||||||
| Balance at year-end | $ | 215,209 | $ | 183,675 | $ | 182,320 | |||||||||||
| Average daily balance during the year | 255,421 | 227,994 | 189,282 | ||||||||||||||
| Maximum month-end balance | 298,464 | 251,829 | 201,340 | ||||||||||||||
| Weighted-average rate at December 31 | 0.04 | % | 1.77 | % | 2.18 | % | |||||||||||
| Weighted-average rate during the year | 0.41 | 2.03 | 1.62 | ||||||||||||||
| Commercial paper: | |||||||||||||||||
| Balance at year-end | $ | 12,031 | $ | 14,754 | $ | 30,059 | |||||||||||
| Average daily balance during the year | 12,129 | 22,977 | 27,834 | ||||||||||||||
| Maximum month-end balance | 14,582 | 30,007 | 30,470 | ||||||||||||||
| Weighted-average rate at December 31 | 0.26 | % | 2.16 | % | 2.71 | % | |||||||||||
| Weighted-average rate during the year | 1.12 | 2.66 | 2.27 | ||||||||||||||
Other
borrowed funds:(a) | |||||||||||||||||
| Balance at year-end | $ | 97,393 | $ | 73,312 | $ | 101,513 | |||||||||||
| Average daily balance during the year | 106,887 | 106,348 | 108,436 | ||||||||||||||
| Maximum month-end balance | 122,860 | 128,488 | 125,544 | ||||||||||||||
| Weighted-average rate at December 31 | 1.00 | % | 1.85 | % | 2.23 | % | |||||||||||
| Weighted-average rate during the year | 1.29 | 2.05 | 2.06 | ||||||||||||||
Short-term
beneficial interests:(b) | |||||||||||||||||
| Commercial paper and other borrowed funds: | |||||||||||||||||
| Balance at year-end | $ | 12,425 | $ | 11,103 | $ | 6,527 | |||||||||||
| Average daily balance during the year | 13,441 | 12,511 | 4,756 | ||||||||||||||
| Maximum month-end balance | 14,793 | 16,016 | 6,527 | ||||||||||||||
| Weighted-average rate at December 31 | 0.21 | % | 1.92 | % | 2.53 | % | |||||||||||
| Weighted-average rate during the year | 0.71 | 2.39 | 2.10 | ||||||||||||||
322 | ||||||||
| JPMorgan Chase & Co. (Registrant) | |||||
By: /s/ JAMES DIMON | |||||
| (James
Dimon Chairman and Chief Executive Officer) | |||||
| February 23, 2021 | |||||
| Capacity | Date | ||||||||||||||||
| /s/ JAMES DIMON | Director, Chairman and Chief Executive Officer (Principal Executive Officer) | ||||||||||||||||
| (James Dimon) | |||||||||||||||||
| /s/ LINDA B. BAMMANN | Director | ||||||||||||||||
| (Linda B. Bammann) | |||||||||||||||||
| /s/ STEPHEN B. BURKE | Director | ||||||||||||||||
| (Stephen B. Burke) | |||||||||||||||||
| /s/ TODD A. COMBS | Director | ||||||||||||||||
| (Todd A. Combs) | |||||||||||||||||
| /s/ JAMES S. CROWN | Director | February 23, 2021 | |||||||||||||||
| (James S. Crown) | |||||||||||||||||
| /s/ TIMOTHY P. FLYNN | Director | ||||||||||||||||
| (Timothy P. Flynn) | |||||||||||||||||
| /s/ MELLODY HOBSON | Director | ||||||||||||||||
| (Mellody Hobson) | |||||||||||||||||
| /s/ MICHAEL A. NEAL | Director | ||||||||||||||||
| (Michael A. Neal) | |||||||||||||||||
| /s/ PHEBE N. NOVAKOVIC | Director | ||||||||||||||||
| (Phebe N. Novakovic) | |||||||||||||||||
| /s/ VIRGINIA M. ROMETTY | Director | ||||||||||||||||
| (Virginia M. Rometty) | |||||||||||||||||
| /s/ JENNIFER PIEPSZAK | Executive Vice President and Chief Financial Officer | ||||||||||||||||
| (Jennifer Piepszak) | (Principal Financial Officer) | ||||||||||||||||
| /s/ NICOLE GILES | Managing Director and Firmwide Controller | ||||||||||||||||
| (Nicole Giles) | (Principal Accounting Officer) | ||||||||||||||||
323 | ||||||||
