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As Of Filer Filing For·On·As Docs:Size 8/03/23 JPMorgan Chase & Co. 10-Q 6/30/23 189:52M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 12.24M 3: EX-22 Published Report re: Matters Submitted to a Vote HTML 51K of Security Holders 2: EX-15 Letter re: Unaudited Interim Financial Info HTML 51K 4: EX-31.1 Certification -- §302 - SOA'02 HTML 53K 5: EX-31.2 Certification -- §302 - SOA'02 HTML 53K 6: EX-32 Certification -- §906 - SOA'02 HTML 54K 12: R1 Cover HTML 126K 13: R2 Consolidated Statements of Income (Unaudited) HTML 156K 14: R3 Consolidated Statements of Comprehensive Income HTML 88K (Unaudited) 15: R4 Consolidated Balance Sheets (Unaudited) HTML 175K 16: R5 Consolidated Balance Sheets (Unaudited) HTML 106K (Parenthetical) 17: R6 Consolidated Statements of Changes in HTML 116K Stockholders' Equity (Unaudited) 18: R7 Consolidated Statements of Changes in HTML 52K Stockholders' Equity (Unaudited) (Parenthetical) 19: R8 Consolidated Statements of Cash Flows (Unaudited) HTML 174K 20: R9 Basis of Presentation HTML 62K 21: R10 Fair Value Measurement HTML 1.13M 22: R11 Fair Value Option HTML 234K 23: R12 Credit Risk Concentrations HTML 163K 24: R13 Derivative Instruments HTML 563K 25: R14 Noninterest Revenue and Noninterest Expense HTML 170K 26: R15 Interest Income and Interest Expense HTML 99K 27: R16 Pension and Other Postretirement Employee Benefit HTML 68K Plans 28: R17 Employee Share-based Incentives HTML 65K 29: R18 Investment Securities HTML 327K 30: R19 Securities Financing Activities HTML 131K 31: R20 Loans HTML 774K 32: R21 Allowance for Credit Losses HTML 195K 33: R22 Variable Interest Entities HTML 248K 34: R23 Goodwill and Mortgage Servicing Rights HTML 159K 35: R24 Deposits HTML 85K 36: R25 Leases HTML 83K 37: R26 Long-term Debt HTML 158K 38: R27 Preferred Stock HTML 142K 39: R28 Earnings per Share HTML 83K 40: R29 Accumulated Other Comprehensive Income/(Loss) HTML 224K 41: R30 Restricted Cash and Other Restricted Assets HTML 60K 42: R31 Regulatory Capital HTML 142K 43: R32 Off-balance Sheet Lending-related Financial HTML 178K Instruments, Guarantees, and Other Commitments 44: R33 Pledged Assets and Collateral HTML 67K 45: R34 Litigation HTML 78K 46: R35 Business Segments HTML 204K 47: R36 Business Combinations HTML 106K 48: R37 Pay vs Performance Disclosure HTML 62K 49: R38 Insider Trading Arrangements HTML 77K 50: R39 Basis of Presentation (Policies) HTML 93K 51: R40 Fair Value Measurement (Tables) HTML 1.12M 52: R41 Fair Value Option (Tables) HTML 231K 53: R42 Credit Risk Concentrations (Tables) HTML 159K 54: R43 Derivative Instruments (Tables) HTML 585K 55: R44 Noninterest Revenue and Noninterest Expense HTML 179K (Tables) 56: R45 Interest Income and Interest Expense (Tables) HTML 99K 57: R46 Pension and Other Postretirement Employee Benefit HTML 64K Plans (Tables) 58: R47 Employee Share-based Incentives (Tables) HTML 63K 59: R48 Investment Securities (Tables) HTML 327K 60: R49 Securities Financing Activities (Tables) HTML 132K 61: R50 Loans (Tables) HTML 769K 62: R51 Allowance for Credit Losses (Tables) HTML 189K 63: R52 Variable Interest Entities (Tables) HTML 248K 64: R53 Goodwill and Mortgage Servicing Rights (Tables) HTML 164K 65: R54 Deposits (Tables) HTML 87K 66: R55 Leases (Tables) HTML 66K 67: R56 Long-term Debt (Tables) HTML 266K 68: R57 Preferred Stock (Tables) HTML 145K 69: R58 Earnings per Share (Tables) HTML 82K 70: R59 Accumulated Other Comprehensive Income/(Loss) HTML 226K (Tables) 71: R60 Restricted Cash and Other Restricted Assets HTML 58K (Tables) 72: R61 Regulatory Capital (Tables) HTML 138K 73: R62 Off-balance Sheet Lending-related Financial HTML 172K Instruments, Guarantees, and Other Commitments (Tables) 74: R63 Pledged Assets and Collateral (Tables) HTML 67K 75: R64 Business Segments (Tables) HTML 200K 76: R65 Business Combinations (Tables) HTML 97K 77: R66 Basis of Presentation (Details) HTML 93K 78: R67 Fair Value Measurement - 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By Portfolio Segment (Details) HTML 76K 124: R113 Loans - Purchased, Sold and Reclassified to HTML 73K Held-for-Sale (Details) 125: R114 Loans - Consumer, Excluding Credit Card Loan HTML 64K Portfolio (Details) 126: R115 Loans - Consumer, Excluding Credit Card Loan HTML 157K Portfolio, Residential Real Estate (Details) 127: R116 Loans - Consumer, Excluding Credit Card Loan HTML 133K Portfolio, Residential Real Estate, Nonaccrual Loans and Other Credit Quality Indicators (Details) 128: R117 Loans - Consumer, Excluding Credit Card Loan HTML 72K Portfolio, Loan Modifications, Narrative (Details) 129: R118 Loans - Consumer, Excluding Credit Card Loan HTML 74K Portfolio, Nature and Extent of Modifications (Details) 130: R119 Loans - Consumer, Excluding Credit Card Loan HTML 86K Portfolio, Financial Effects of Modifications and Redefaults (Details) 131: R120 Loans - Consumer, Excluding Credit Card Loan HTML 147K Portfolio, Auto and Other (Details) 132: R121 Loans - Consumer, Excluding Credit Card Loan HTML 100K Portfolio, Auto and Other, Nonaccrual and Other Credit Quality Indicators and Loan Modifications (Details) 133: R122 Loans - Credit Card Loan Portfolio, Delinquency HTML 90K Information (Details) 134: R123 Loans - Credit Card Loan Portfolio, Other Credit HTML 85K Quality Indicators (Details) 135: R124 Loans - Credit Card Loan Portfolio, Loan HTML 61K Modifications, Narrative (Details) 136: R125 Loans - Credit Card Loan Portfolio, Information on HTML 69K FDMs and Payment Status (Details) 137: R126 Loans - Credit Card Loan Portfolio, Financial HTML 66K Effects of Modifications and Redefaults (Details) 138: R127 Loans - Wholesale Loan Portfolio, Internal Risk HTML 227K Ratings (Details) 139: R128 Loans - Wholesale Loan Portfolio, Loans Secured by HTML 86K Real Estate (Details) 140: R129 Loans - Wholesale Loan Portfolio, Geographic HTML 99K Distribution and Delinquency (Details) 141: R130 Loans - Wholesale Loan Portfolio, Nonaccrual HTML 66K (Details) 142: R131 Loans - Wholesale Loan Portfolio, Information on HTML 100K FDMs and Payment Status (Details) 143: R132 Loans - Wholesale Loan Portfolio, FDMs that HTML 60K Re-defaulted (Details) 144: R133 Loans - Wholesale Loan Portfolio, Loan HTML 79K Modifications, Narrative (Details) 145: R134 Allowance for Credit Losses - Narrative (Details) HTML 86K 146: R135 Allowance for Credit Losses - Summary (Details) HTML 186K 147: R136 Variable Interest Entities - Firm Sponsored VIEs HTML 116K (Details) 148: R137 Variable Interest Entities - Re-securitizations HTML 61K (Details) 149: R138 Variable Interest Entities - Multi-seller conduits HTML 60K (Details) 150: R139 Variable Interest Entities - Consolidated VIE HTML 129K Assets and Liabilities (Details) 151: R140 Variable Interest Entities - VIEs Sponsored by HTML 83K Third Parties (Details) 152: R141 Variable Interest Entities - Securitization HTML 68K Activity (Details) 153: R142 Variable Interest Entities - Loans Sold to HTML 63K Third-Party Sponsored Securitization Entities (Details) 154: R143 Variable Interest Entities - Schedule of Options HTML 59K to Repurchase Delinquent Loans (Details) 155: R144 Variable Interest Entities - Loan Delinquencies HTML 77K and Liquidation Losses (Details) 156: R145 Goodwill and Mortgage Servicing Rights - by HTML 70K Business Segment and Corporate (Details) 157: R146 Goodwill and Mortgage Servicing Rights - Goodwill HTML 70K Changes During Period (Details) 158: R147 Goodwill and Mortgage Servicing Rights - Mortgage HTML 91K Servicing Rights (Details) 159: R148 Goodwill and Mortgage Servicing Rights - Mortgage HTML 78K Fees and Related Income (Details) 160: R149 Goodwill and Mortgage Servicing Rights - Key HTML 63K Economic Assumptions (Details) 161: R150 Deposits - Noninterest and Interest-bearing HTML 74K (Details) 162: R151 Deposits - Time Deposits (Details) HTML 57K 163: R152 Deposits - Maturities of Interest-Bearing Time HTML 70K Deposits (Details) 164: R153 Leases - Information Related to Operating Leases HTML 61K (Details) 165: R154 Leases - Narrative (Details) HTML 52K 166: R155 Leases - Operating Lease Income and Related HTML 57K Depreciation Expense (Details) 167: R156 Long-term Debt (Details) HTML 195K 168: R157 Preferred Stock (Details) HTML 253K 169: R158 Earnings per Share (Details) HTML 101K 170: R159 Accumulated Other Comprehensive Income/(Loss) - HTML 88K Rollforward (Details) 171: R160 Accumulated Other Comprehensive Income/(Loss) HTML 109K (Details) 172: R161 Restricted Cash and Other Restricted Assets HTML 66K (Details) 173: R162 Regulatory Capital (Details) HTML 155K 174: R163 Off-balance Sheet Lending-related Financial HTML 175K Instruments, Guarantees, and Other Commitments (Details) 175: R164 Off-balance Sheet Lending-related Financial HTML 75K Instruments, Guarantees, and Other Commitments - Standby Letters of Credit and Other Financial Guarantees (Details) 176: R165 Off-balance Sheet Lending-related Financial HTML 67K Instruments, Guarantees, and Other Commitments - Schedule of Derivatives Qualifying as Guarantees (Details) 177: R166 Pledged Assets and Collateral - Schedule of HTML 85K Pledged Assets (Details) 178: R167 Pledged Assets and Collateral - Schedule of HTML 54K Collateral Received (Details) 179: R168 Litigation (Details) HTML 111K 180: R169 Business Segments (Details) HTML 165K 181: R170 Business Combinations - Narrative (Details) HTML 137K 182: R171 Business Combinations - Computation of Purchase HTML 119K Price and the Assets Acquired Net of Liabilities Assumed (Details) 183: R172 Business Combinations - Loans Acquired (Details) HTML 73K 184: R173 Business Combinations - Unaudited Pro Forma HTML 60K Information (Details) 187: XML IDEA XML File -- Filing Summary XML 381K 185: XML XBRL Instance -- jpm-20230630_htm XML 18.42M 186: EXCEL IDEA Workbook of Financial Report Info XLSX 641K 8: EX-101.CAL XBRL Calculations -- jpm-20230630_cal XML 615K 9: EX-101.DEF XBRL Definitions -- jpm-20230630_def XML 3.24M 10: EX-101.LAB XBRL Labels -- jpm-20230630_lab XML 5.57M 11: EX-101.PRE XBRL Presentations -- jpm-20230630_pre XML 3.93M 7: EX-101.SCH XBRL Schema -- jpm-20230630 XSD 647K 188: JSON XBRL Instance as JSON Data -- MetaLinks 1,210± 2.00M 189: ZIP XBRL Zipped Folder -- 0000019617-23-000432-xbrl Zip 1.85M
jpm-20230630 |
For the quarterly period ended | Commission file | |||||||||||||
i June 30, 2023 | number | i 1-5805 |
i Delaware | i 13-2624428 | ||||||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) | ||||||||||
i 383 Madison Avenue, | |||||||||||
i New York, | i New York | i 10179 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common stock | i JPM | i The New York Stock Exchange | ||||||
i Depositary
Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD | i JPM PR D | i The New York Stock Exchange | ||||||
i Depositary
Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE | i JPM PR C | i The New York Stock Exchange | ||||||
i Depositary
Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG | i JPM PR J | i The New York Stock Exchange | ||||||
i Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ | i JPM PR K | i The New York Stock Exchange | ||||||
i Depositary
Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL | i JPM PR L | i The New York Stock Exchange | ||||||
i Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM | i JPM PR M | i The New York Stock Exchange | ||||||
i Alerian MLP Index ETNs due May 24, 2024 | i AMJ | i NYSE Arca, Inc. | ||||||
i Guarantee
of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC | i JPM/32 | i The New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | ||||||||
Emerging growth company | i ☐ | ||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Page | |||||||||||
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Item 6. |
As of or for the period ended, (in millions, except per share, ratio, headcount data and where otherwise noted) | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
2Q23 | 1Q23 | 4Q22 | 3Q22 | 2Q22 | 2023 | 2022 | |||||||||||||||||||||||||||||
Selected income statement data | |||||||||||||||||||||||||||||||||||
Total net revenue | $ | 41,307 | $ | 38,349 | $ | 34,547 | $ | 32,716 | $ | 30,715 | $ | 79,656 | $ | 61,432 | |||||||||||||||||||||
Total noninterest expense | 20,822 | 20,107 | 19,022 | 19,178 | 18,749 | 40,929 | 37,940 | ||||||||||||||||||||||||||||
Pre-provision profit(a) | 20,485 | 18,242 | 15,525 | 13,538 | 11,966 | 38,727 | 23,492 | ||||||||||||||||||||||||||||
Provision for credit losses | 2,899 | 2,275 | 2,288 | 1,537 | 1,101 | 5,174 | 2,564 | ||||||||||||||||||||||||||||
Income before income tax expense | 17,586 | 15,967 | 13,237 | 12,001 | 10,865 | 33,553 | 20,928 | ||||||||||||||||||||||||||||
Income tax expense | 3,114 | 3,345 | 2,229 | 2,264 | 2,216 | 6,459 | 3,997 | ||||||||||||||||||||||||||||
Net income | $ | 14,472 | $ | 12,622 | $ | 11,008 | $ | 9,737 | $ | 8,649 | $ | 27,094 | $ | 16,931 | |||||||||||||||||||||
Earnings per share data | |||||||||||||||||||||||||||||||||||
Net income: Basic | $ | 4.76 | $ | 4.11 | $ | 3.58 | $ | 3.13 | $ | 2.77 | $ | 8.86 | $ | 5.40 | |||||||||||||||||||||
Diluted | 4.75 | 4.10 | 3.57 | 3.12 | 2.76 | 8.85 | 5.39 | ||||||||||||||||||||||||||||
Average shares: Basic | 2,943.8 | 2,968.5 | 2,962.9 | 2,961.2 | 2,962.2 | 2,956.1 | 2,969.6 | ||||||||||||||||||||||||||||
Diluted | 2,948.3 | 2,972.7 | 2,967.1 | 2,965.4 | 2,966.3 | 2,960.5 | 2,973.7 | ||||||||||||||||||||||||||||
Market and per common share data | |||||||||||||||||||||||||||||||||||
Market capitalization | 422,661 | 380,803 | 393,484 | 306,520 | 330,237 | 422,661 | 330,237 | ||||||||||||||||||||||||||||
Common shares at period-end | 2,906.1 | 2,922.3 | 2,934.3 | 2,933.2 | 2,932.6 | 2,906.1 | 2,932.6 | ||||||||||||||||||||||||||||
Book value per share | 98.11 | 94.34 | 90.29 | 87.00 | 86.38 | 98.11 | 86.38 | ||||||||||||||||||||||||||||
Tangible
book value per share (“TBVPS”)(a) | 79.90 | 76.69 | 73.12 | 69.90 | 69.53 | 79.90 | 69.53 | ||||||||||||||||||||||||||||
Cash dividends declared per share | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 2.00 | 2.00 | ||||||||||||||||||||||||||||
Selected ratios and metrics | |||||||||||||||||||||||||||||||||||
Return on common equity (“ROE”)(b) | 20 | % | 18 | % | 16 | % | 15 | % | 13 | % | 19 | % | 13 | % | |||||||||||||||||||||
Return
on tangible common equity (“ROTCE”)(a)(b) | 25 | 23 | 20 | 18 | 17 | 24 | 16 | ||||||||||||||||||||||||||||
Return on assets(b) | 1.51 | 1.38 | 1.16 | 1.01 | 0.89 | 1.45 | 0.87 | ||||||||||||||||||||||||||||
Overhead ratio | 50 | 52 | 55 | 59 | 61 | 51 | 62 | ||||||||||||||||||||||||||||
Loans-to-deposits ratio | 54 | 47 | 49 | 46 | 45 | 54 | 45 | ||||||||||||||||||||||||||||
Firm
Liquidity coverage ratio (“LCR”) (average)(c) | 112 | 114 | 112 | 113 | 110 | 112 | 110 | ||||||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. LCR (average)(c) | 129 | 140 | 151 | 165 | 169 | 129 | 169 | ||||||||||||||||||||||||||||
Common
equity Tier 1 (“CET1”) capital ratio(d) | 13.8 | 13.8 | 13.2 | 12.5 | 12.2 | 13.8 | 12.2 | ||||||||||||||||||||||||||||
Tier 1 capital ratio(d) | 15.4 | 15.4 | 14.9 | 14.1 | 14.1 | 15.4 | 14.1 | ||||||||||||||||||||||||||||
Total
capital ratio(d) | 17.3 | 17.4 | 16.8 | 16.0 | 15.7 | 17.3 | 15.7 | ||||||||||||||||||||||||||||
Tier 1 leverage ratio(c)(d) | 6.9 | 6.9 | 6.6 | 6.2 | 6.2 | 6.9 | 6.2 | ||||||||||||||||||||||||||||
Supplementary
leverage ratio (“SLR”)(c)(d) | 5.8 | 5.9 | 5.6 | 5.3 | 5.3 | 5.8 | 5.3 | ||||||||||||||||||||||||||||
Selected
balance sheet data (period-end) | |||||||||||||||||||||||||||||||||||
Trading assets | $ | 636,996 | $ | 578,892 | $ | 453,799 | $ | 506,487 | $ | 465,577 | $ | 636,996 | $ | 465,577 | |||||||||||||||||||||
Investment securities, net of allowance for credit losses | 612,203 | 610,075 | 631,162 | 618,246 | 663,718 | 612,203 | 663,718 | ||||||||||||||||||||||||||||
Loans | 1,300,069 | 1,128,896 | 1,135,647 | 1,112,633 | 1,104,155 | 1,300,069 | 1,104,155 | ||||||||||||||||||||||||||||
Total assets | 3,868,240 | 3,744,305 | 3,665,743 | 3,773,884 | 3,841,314 | 3,868,240 | 3,841,314 | ||||||||||||||||||||||||||||
Deposits | 2,398,962 | 2,377,253 | 2,340,179 | 2,408,615 | 2,471,544 | 2,398,962 | 2,471,544 | ||||||||||||||||||||||||||||
Long-term debt | 364,078 | 295,489 | 295,865 | 287,473 | 288,212 | 364,078 | 288,212 | ||||||||||||||||||||||||||||
Common stockholders’ equity | 285,112 | 275,678 | 264,928 | 255,180 | 253,305 | 285,112 | 253,305 | ||||||||||||||||||||||||||||
Total stockholders’ equity | 312,516 | 303,082 | 292,332 | 288,018 | 286,143 | 312,516 | 286,143 | ||||||||||||||||||||||||||||
Headcount | 300,066 | (e) | 296,877 | 293,723 | 288,474 | 278,494 | 300,066 | (e) | 278,494 | ||||||||||||||||||||||||||
Credit quality metrics | |||||||||||||||||||||||||||||||||||
Allowances for credit losses | $ | 24,288 | $ | 22,774 | $ | 22,204 | $ | 20,797 | $ | 20,019 | $ | 24,288 | $ | 20,019 | |||||||||||||||||||||
Allowance for loan losses to total retained loans | 1.75 | % | 1.85 | % | 1.81 | % | 1.70 | % | 1.69 | % | 1.75 | % | 1.69 | % | |||||||||||||||||||||
Nonperforming assets | $ | 7,838 | $ | 7,418 | $ | 7,247 | $ | 7,243 | $ | 7,845 | $ | 7,838 | $ | 7,845 | |||||||||||||||||||||
Net charge-offs | 1,411 | 1,137 | 887 | 727 | 657 | 2,548 | 1,239 | ||||||||||||||||||||||||||||
Net charge-off rate | 0.47 | % | 0.43 | % | 0.33 | % | 0.27 | % | 0.25 | % | 0.45 | % | 0.24 | % |
INTRODUCTION |
EXECUTIVE OVERVIEW |
Financial performance of JPMorgan Chase | |||||||||||||||||||||||||||||||||||
(unaudited) As of or for the period ended, (in millions, except per share data and ratios) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Selected
income statement data | |||||||||||||||||||||||||||||||||||
Noninterest revenue | $ | 19,528 | $ | 15,587 | 25% | $ | 37,166 | $ | 32,432 | 15% | |||||||||||||||||||||||||
Net interest income | 21,779 | 15,128 | 44 | 42,490 | 29,000 | 47 | |||||||||||||||||||||||||||||
Total net revenue | 41,307 | 30,715 | 34 | 79,656 | 61,432 | 30 | |||||||||||||||||||||||||||||
Total noninterest expense | 20,822 | 18,749 | 11 | 40,929 | 37,940 | 8 | |||||||||||||||||||||||||||||
Pre-provision profit | 20,485 | 11,966 | 71 | 38,727 | 23,492 | 65 | |||||||||||||||||||||||||||||
Provision for credit losses | 2,899 | 1,101 | 163 | 5,174 | 2,564 | 102 | |||||||||||||||||||||||||||||
Net income | 14,472 | 8,649 | 67 | 27,094 | 16,931 | 60 | |||||||||||||||||||||||||||||
Diluted earnings per share | 4.75 | 2.76 | 72 | 8.85 | 5.39 | 64 | |||||||||||||||||||||||||||||
Selected ratios and metrics | |||||||||||||||||||||||||||||||||||
Return on common equity | 20 | % | 13 | % | 19 | % | 13 | % | |||||||||||||||||||||||||||
Return on tangible common equity | 25 | 17 | 24 | 16 | |||||||||||||||||||||||||||||||
Book value per share | $ | 98.11 | $ | 86.38 | 14 | $ | 98.11 | $ | 86.38 | 14 | |||||||||||||||||||||||||
Tangible book value per share | 79.90 | 69.53 | 15 | 79.90 | 69.53 | 15 | |||||||||||||||||||||||||||||
Capital
ratios(a) | |||||||||||||||||||||||||||||||||||
CET1 capital | 13.8 | % | 12.2 | % | 13.8 | % | 12.2 | % | |||||||||||||||||||||||||||
Tier 1 capital | 15.4 | 14.1 | 15.4 | 14.1 | |||||||||||||||||||||||||||||||
Total capital | 17.3 | 15.7 | 17.3 | 15.7 | |||||||||||||||||||||||||||||||
Memo: | |||||||||||||||||||||||||||||||||||
NII
excluding Markets(b) | $ | 22,370 | $ | 13,682 | 63 | $ | 43,306 | $ | 25,434 | 70 | |||||||||||||||||||||||||
NIR excluding Markets(b) | 13,013 | 10,158 | 28 | 23,031 | 21,243 | 8 | |||||||||||||||||||||||||||||
Markets(b) | 7,018 | 7,790 | (10) | 15,400 | 16,543 | (7) | |||||||||||||||||||||||||||||
Total net revenue - managed basis | $ | 42,401 | $ | 31,630 | 34 | $ | 81,737 | $ | 63,220 | 29 |
CCB ROE
38% | •Average deposits down 2%; client investment assets up 42% •Average loans up 19% year-over-year ("YoY") and 15% quarter-over-quarter ("QoQ"); Card Services net charge-off rate of 2.41% •Debit and credit card sales volume(a) up 7% •Active mobile customers(b) up 10% | |||||||
CIB ROE 15% | •#1
ranking for Global Investment Banking fees with 8.4% wallet share year-to-date •Total Markets revenue of $7.0 billion, down 10%, with Fixed Income Markets down 3% and Equity Markets down 20% | |||||||
CB ROE 16% | •Gross Investment Banking and Markets revenue of $767 million, down 3% •Average loans up 23% YoY and 14% QoQ; average deposits down 8% | |||||||
AWM ROE 29% | •Assets
under management ("AUM") of $3.2 trillion, up 16% •Average loans up 1% YoY and 4% QoQ; average deposits down 21% |
$ 1.2 trillion | Total credit provided and capital raised (including loans and commitments) | |||||||
$120 billion | Credit for consumers | |||||||
$17 billion | Credit
for U.S. small businesses | |||||||
$520 billion | Credit for corporations | |||||||
$535 billion | Capital raised for corporate clients and non-U.S. government entities | |||||||
$24 billion | Credit
and capital raised for nonprofit and U.S. government entities(a) |
CONSOLIDATED RESULTS OF OPERATIONS |
Revenue | |||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Investment banking fees | $ | 1,513 | $ | 1,586 | (5) | % | $ | 3,162 | $ | 3,594 | (12) | % | |||||||||||||||||||||||
Principal transactions | 6,910 | 4,990 | 38 | 14,525 | 10,095 | 44 | |||||||||||||||||||||||||||||
Lending- and deposit-related fees | 1,828 | 1,873 | (2) | 3,448 | 3,712 | (7) | |||||||||||||||||||||||||||||
Asset management fees | 3,774 | 3,517 | 7 | 7,239 | 7,169 | 1 | |||||||||||||||||||||||||||||
Commissions and other fees | 1,739 | 1,723 | 1 | 3,434 | 3,433 | — | |||||||||||||||||||||||||||||
Investment securities losses | (900) | (153) | (488) | (1,768) | (547) | (223) | |||||||||||||||||||||||||||||
Mortgage fees and related income | 278 | 378 | (26) | 499 | 838 | (40) | |||||||||||||||||||||||||||||
Card income | 1,094 | 1,133 | (3) | 2,328 | 2,108 | 10 | |||||||||||||||||||||||||||||
Other income(a)(b) | 3,292 | 540 | NM | 4,299 | 2,030 | 112 | |||||||||||||||||||||||||||||
Noninterest revenue | 19,528 | 15,587 | 25 | 37,166 | 32,432 | 15 | |||||||||||||||||||||||||||||
Net interest income | 21,779 | 15,128 | 44 | 42,490 | 29,000 | 47 | |||||||||||||||||||||||||||||
Total net revenue | $ | 41,307 | $ | 30,715 | 34 | % | $ | 79,656 | $ | 61,432 | 30 | % |
Provision for credit losses | |||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Consumer, excluding credit card | $ | 555 | $ | 62 | NM | $ | 803 | $ | 235 | 242 | % | ||||||||||||||||||||||||
Credit card | 1,324 | 730 | 81 | % | 2,546 | 1,236 | 106 | ||||||||||||||||||||||||||||
Total consumer | 1,879 | 792 | 137 | 3,349 | 1,471 | 128 | |||||||||||||||||||||||||||||
Wholesale | 1,007 | 303 | 232 | 1,811 | 1,088 | 66 | |||||||||||||||||||||||||||||
Investment securities | 13 | 6 | 117 | 14 | 5 | 180 | |||||||||||||||||||||||||||||
Total provision for credit losses | $ | 2,899 | $ | 1,101 | 163 | % | $ | 5,174 | $ | 2,564 | 102 | % |
Noninterest expense | |||||||||||||||||||||||||||||||||||
(in millions) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Compensation expense | $ | 11,216 | $ | 10,301 | 9 | % | $ | 22,892 | $ | 21,088 | 9 | % | |||||||||||||||||||||||
Noncompensation expense: | |||||||||||||||||||||||||||||||||||
Occupancy | 1,070 | 1,129 | (5) | 2,185 | 2,263 | (3) | |||||||||||||||||||||||||||||
Technology,
communications and equipment(a) | 2,267 | 2,376 | (5) | 4,451 | 4,736 | (6) | |||||||||||||||||||||||||||||
Professional and outside services | 2,561 | 2,469 | 4 | 5,009 | 5,041 | (1) | |||||||||||||||||||||||||||||
Marketing | 1,122 | 881 | 27 | 2,167 | 1,801 | 20 | |||||||||||||||||||||||||||||
Other
expense(b)(c) | 2,586 | 1,593 | 62 | 4,225 | 3,011 | 40 | |||||||||||||||||||||||||||||
Total noncompensation expense | 9,606 | 8,448 | 14 | 18,037 | 16,852 | 7 | |||||||||||||||||||||||||||||
Total noninterest expense | $ | 20,822 | $ | 18,749 | 11 | % | $ | 40,929 | $ | 37,940 | 8 | % |
Income tax expense | |||||||||||||||||||||||||||||||||||
(in millions) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Income before income tax expense | $ | 17,586 | $ | 10,865 | 62 | % | $ | 33,553 | $ | 20,928 | 60 | % | |||||||||||||||||||||||
Income tax expense | 3,114 | 2,216 | 41 | 6,459 | 3,997 | 62 | |||||||||||||||||||||||||||||
Effective tax rate | 17.7 | % | 20.4 | % | 19.3 | % | 19.1 | % |
CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS |
Selected Consolidated balance sheets data | ||||||||||||||
(in millions) | June 30, 2023 | December
31, 2022 | Change | |||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 26,064 | $ | 27,697 | (6) | % | ||||||||
Deposits with banks | 469,059 | 539,537 | (13) | |||||||||||
Federal funds sold and securities purchased under resale agreements | 325,628 | 315,592 | 3 | |||||||||||
Securities borrowed | 163,563 | 185,369 | (12) | |||||||||||
Trading assets | 636,996 | 453,799 | 40 | |||||||||||
Available-for-sale securities | 203,262 | 205,857 | (1) | |||||||||||
Held-to-maturity securities | 408,941 | 425,305 | (4) | |||||||||||
Investment securities, net of allowance for credit losses | 612,203 | 631,162 | (3) | |||||||||||
Loans | 1,300,069 | 1,135,647 | 14 | |||||||||||
Allowance for loan losses | (21,980) | (19,726) | (11) | |||||||||||
Loans, net of allowance for loan losses | 1,278,089 | 1,115,921 | 15 | |||||||||||
Accrued interest and accounts receivable | 111,561 | 125,189 | (11) | |||||||||||
Premises and equipment | 29,493 | 27,734 | 6 | |||||||||||
Goodwill, MSRs and other intangible assets | 64,238 | 60,859 | 6 | |||||||||||
Other assets | 151,346 | 182,884 | (17) | |||||||||||
Total assets | $ | 3,868,240 | $ | 3,665,743 | 6 | % | ||||||||
Selected Consolidated balance sheets data (continued) | ||||||||||||||
(in millions) | June 30, 2023 | December
31, 2022 | Change | |||||||||||
Liabilities | ||||||||||||||
Deposits | $ | 2,398,962 | $ | 2,340,179 | 3 | % | ||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | 266,272 | 202,613 | 31 | |||||||||||
Short-term borrowings | 41,022 | 44,027 | (7) | |||||||||||
Trading liabilities | 178,809 | 177,976 | — | |||||||||||
Accounts payable and other liabilities | 286,934 | 300,141 | (4) | |||||||||||
Beneficial interests issued by consolidated variable interest entities (“VIEs”) | 19,647 | 12,610 | 56 | |||||||||||
Long-term debt | 364,078 | 295,865 | 23 | |||||||||||
Total liabilities | 3,555,724 | 3,373,411 | 5 | |||||||||||
Stockholders’ equity | 312,516 | 292,332 | 7 | |||||||||||
Total liabilities and stockholders’ equity | $ | 3,868,240 | $ | 3,665,743 | 6 | % |
(in millions) | Six months ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Net cash provided by/(used in) | ||||||||||||||||||||||||||
Operating activities | $ | (92,376) | $ | 24,101 | ||||||||||||||||||||||
Investing activities | 5,551 | (125,811) | ||||||||||||||||||||||||
Financing activities | 14,642 | 48,970 | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | 72 | (18,834) | ||||||||||||||||||||||||
Net increase/(decrease) in cash and due from banks and deposits with banks | $ | (72,111) | $ | (71,574) |
EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES |
Three months ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Reported | Fully taxable-equivalent adjustments(a) | Managed basis | Reported | Fully taxable-equivalent adjustments(a) | Managed basis | |||||||||||||||||||||||||||||||||||
Other income | $ | 3,292 | $ | 990 | $ | 4,282 | $ | 540 | $ | 812 | $ | 1,352 | |||||||||||||||||||||||||||||
Total noninterest revenue | 19,528 | 990 | 20,518 | 15,587 | 812 | 16,399 | |||||||||||||||||||||||||||||||||||
Net interest income | 21,779 | 104 | 21,883 | 15,128 | 103 | 15,231 | |||||||||||||||||||||||||||||||||||
Total net revenue | 41,307 | 1,094 | 42,401 | 30,715 | 915 | 31,630 | |||||||||||||||||||||||||||||||||||
Total noninterest expense | 20,822 | NA | 20,822 | 18,749 | NA | 18,749 | |||||||||||||||||||||||||||||||||||
Pre-provision profit | 20,485 | 1,094 | 21,579 | 11,966 | 915 | 12,881 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | 2,899 | NA | 2,899 | 1,101 | NA | 1,101 | |||||||||||||||||||||||||||||||||||
Income before income tax expense | 17,586 | 1,094 | 18,680 | 10,865 | 915 | 11,780 | |||||||||||||||||||||||||||||||||||
Income tax expense | 3,114 | 1,094 | 4,208 | 2,216 | 915 | 3,131 | |||||||||||||||||||||||||||||||||||
Net income | $ | 14,472 | NA | $ | 14,472 | $ | 8,649 | NA | $ | 8,649 | |||||||||||||||||||||||||||||||
Overhead ratio | 50 | % | NM | 49 | % | 61 | % | NM | 59 | % | |||||||||||||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Reported | Fully taxable-equivalent adjustments(a) | Managed basis | Reported | Fully taxable-equivalent adjustments(a) | Managed basis | |||||||||||||||||||||||||||||||||||
Other income | $ | 4,299 | $ | 1,857 | $ | 6,156 | $ | 2,030 | $ | 1,587 | $ | 3,617 | |||||||||||||||||||||||||||||
Total noninterest revenue | 37,166 | 1,857 | 39,023 | 32,432 | 1,587 | 34,019 | |||||||||||||||||||||||||||||||||||
Net interest income | 42,490 | 224 | 42,714 | 29,000 | 201 | 29,201 | |||||||||||||||||||||||||||||||||||
Total net revenue | 79,656 | 2,081 | 81,737 | 61,432 | 1,788 | 63,220 | |||||||||||||||||||||||||||||||||||
Total noninterest expense | 40,929 | NA | 40,929 | 37,940 | NA | 37,940 | |||||||||||||||||||||||||||||||||||
Pre-provision profit | 38,727 | 2,081 | 40,808 | 23,492 | 1,788 | 25,280 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | 5,174 | NA | 5,174 | 2,564 | NA | 2,564 | |||||||||||||||||||||||||||||||||||
Income before income tax expense | 33,553 | 2,081 | 35,634 | 20,928 | 1,788 | 22,716 | |||||||||||||||||||||||||||||||||||
Income tax expense | 6,459 | 2,081 | 8,540 | 3,997 | 1,788 | 5,785 | |||||||||||||||||||||||||||||||||||
Net Income | $ | 27,094 | NA | $ | 27,094 | $ | 16,931 | NA | $ | 16,931 | |||||||||||||||||||||||||||||||
Overhead ratio | 51 | % | NM | 50 | % | 62 | % | NM | 60 | % |
(in millions, except rates) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||
Net interest income – reported | $ | 21,779 | $ | 15,128 | 44 | % | $ | 42,490 | $ | 29,000 | 47 | % | |||||||||||||||||
Fully
taxable-equivalent adjustments | 104 | 103 | 1 | 224 | 201 | 11 | |||||||||||||||||||||||
Net interest income – managed basis(a) | $ | 21,883 | $ | 15,231 | 44 | $ | 42,714 | $ | 29,201 | 46 | |||||||||||||||||||
Less:
Markets net interest income(b) | (487) | 1,549 | NM | (592) | 3,767 | NM | |||||||||||||||||||||||
Net interest income excluding Markets(a) | $ | 22,370 | $ | 13,682 | 63 | $ | 43,306 | $ | 25,434 | 70 | |||||||||||||||||||
Average interest-earning assets | $ | 3,343,780 | $ | 3,385,894 | (1) | $ | 3,280,619 | $ | 3,393,879 | (3) | |||||||||||||||||||
Less: Average Markets interest-earning assets(b) | 1,003,877 | 957,304 | 5 | 993,283 | 960,556 | 3 | |||||||||||||||||||||||
Average interest-earning assets excluding Markets | $ | 2,339,903 | $ | 2,428,590 | (4) | % | $ | 2,287,336 | $ | 2,433,323 | (6) | % | |||||||||||||||||
Net yield on average interest-earning assets –
managed basis | 2.62 | % | 1.80 | % | 2.63 | % | 1.74 | % | |||||||||||||||||||||
Net yield on average Markets interest-earning assets(b) | (0.19) | 0.65 | (0.12) | 0.79 | |||||||||||||||||||||||||
Net yield on average interest-earning assets excluding Markets | 3.83 | % | 2.26 | % | 3.82 | % | 2.11 | % |
Noninterest revenue – reported | $ | 19,528 | $ | 15,587 | 25 | % | $ | 37,166 | $ | 32,432 | 15 | % | |||||||||||||||||
Fully taxable-equivalent adjustments | 990 | 812 | 22 | 1,857 | 1,587 | 17 | |||||||||||||||||||||||
Noninterest revenue – managed basis | $ | 20,518 | $ | 16,399 | 25 | $ | 39,023 | $ | 34,019 | 15 | |||||||||||||||||||
Less: Markets noninterest revenue(b) | 7,505 | 6,241 | 20 | 15,992 | 12,776 | 25 | |||||||||||||||||||||||
Noninterest revenue excluding Markets | $ | 13,013 | $ | 10,158 | 28 | $ | 23,031 | $ | 21,243 | 8 | |||||||||||||||||||
Memo:
Total Markets net revenue(b) | $ | 7,018 | $ | 7,790 | (10) | $ | 15,400 | $ | 16,543 | (7) |
Period-end | Average | |||||||||||||||||||||||||
(in millions, except per share and ratio data) | Jun 30, 2023 | Dec 31, 2022 | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Common stockholders’ equity | $ | 285,112 | $ | 264,928 | $ | 277,885 | $ | 247,986 | $ | 274,560 | $ | 250,234 | ||||||||||||||
Less: Goodwill | 52,380 | 51,662 | 52,342 | 50,575 | 52,031 | 50,442 | ||||||||||||||||||||
Less: Other intangible assets | 3,629 | 1,224 | 2,191 | 1,119 | 1,746 | 1,007 | ||||||||||||||||||||
Add:
Certain deferred tax liabilities(a) | 3,097 | 2,510 | 2,902 | 2,503 | 2,727 | 2,500 | ||||||||||||||||||||
Tangible common equity | $ | 232,200 | $ | 214,552 | $ | 226,254 | $ | 198,795 | $ | 223,510 | $ | 201,285 | ||||||||||||||
Return on tangible common equity | NA | NA | 25 | % | 17 | % | 24 | % | 16 | % | ||||||||||||||||
Tangible book value per share | $ | 79.90 | $ | 73.12 | NA | NA | NA | NA |
BUSINESS SEGMENT RESULTS |
Three months ended June 30, | Consumer & Community Banking | Corporate & Investment Bank | Commercial Banking | |||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Total net revenue | $ | 17,233 | $ | 12,558 | (a) | 37 | % | $ | 12,519 | $ | 12,003 | (a) | 4% | $ | 3,988 | $ | 2,683 | 49 | % | |||||||||||||||||||||||||
Total noninterest expense | 8,313 | 7,658 | (a) | 9 | 6,894 | 6,810 | (a) | 1 | 1,300 | 1,156 | 12 | |||||||||||||||||||||||||||||||||
Pre-provision profit/(loss) | 8,920 | 4,900 | 82 | 5,625 | 5,193 | 8 | 2,688 | 1,527 | 76 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | 1,862 | 761 | 145 | 38 | 59 | (36) | 1,097 | 209 | 425 | |||||||||||||||||||||||||||||||||||
Net income/(loss) | 5,306 | 3,108 | (a) | 71 | 4,092 | 3,717 | (a) | 10 | 1,208 | 994 | 22 | |||||||||||||||||||||||||||||||||
Return on equity (“ROE”) | 38 | % | 24 | % | 15 | % | 14 | % | 16 | % | 15 | % |
Three months ended June 30, | Asset & Wealth Management | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Total net revenue | $ | 4,943 | $ | 4,306 | 15 | % | $ | 3,718 | $ | 80 | NM | $ | 42,401 | $ | 31,630 | 34 | % | |||||||||||||||||||||||||||
Total noninterest expense | 3,163 | 2,919 | 8 | 1,152 | 206 | 459 | 20,822 | 18,749 | 11 | |||||||||||||||||||||||||||||||||||
Pre-provision profit/(loss) | 1,780 | 1,387 | 28 | 2,566 | (126) | NM | 21,579 | 12,881 | 68 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | 145 | 44 | 230 | (243) | 28 | NM | 2,899 | 1,101 | 163 | |||||||||||||||||||||||||||||||||||
Net income/(loss) | 1,226 | 1,004 | 22 | 2,640 | (174) | NM | 14,472 | 8,649 | 67 | |||||||||||||||||||||||||||||||||||
ROE | 29 | % | 23 | % | NM | NM | 20 | % | 13 | % |
Six months ended June 30, | Consumer & Community Banking | Corporate & Investment Bank | Commercial Banking | |||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Total net revenue | $ | 33,689 | $ | 24,740 | (a) | 36 | % | $ | 26,119 | $ | 25,579 | (a) | 2% | $ | 7,499 | $ | 5,081 | 48 | % | |||||||||||||||||||||||||
Total noninterest expense | 16,378 | 15,313 | (a) | 7 | 14,377 | 14,173 | (a) | 1 | 2,608 | 2,285 | 14 | |||||||||||||||||||||||||||||||||
Pre-provision profit/(loss) | 17,311 | 9,427 | 84 | 11,742 | 11,406 | 3 | 4,891 | 2,796 | 75 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | 3,264 | 1,439 | 127 | 96 | 504 | (81) | 1,514 | 366 | 314 | |||||||||||||||||||||||||||||||||||
Net income/(loss) | 10,549 | 6,016 | (a) | 75 | 8,513 | 8,089 | (a) | 5 | 2,555 | 1,844 | 39 | |||||||||||||||||||||||||||||||||
ROE | 39 | % | 23 | % | 15 | % | 15 | % | 17 | % | 14 | % |
Six months ended June 30, | Asset & Wealth Management | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||||
Total net revenue | $ | 9,727 | $ | 8,621 | 13 | % | $ | 4,703 | $ | (801) | NM | $ | 81,737 | $ | 63,220 | 29 | % | |||||||||||||||||||||||||||
Total noninterest expense | 6,254 | 5,779 | 8 | 1,312 | 390 | 236 | 40,929 | 37,940 | 8 | |||||||||||||||||||||||||||||||||||
Pre-provision profit/(loss) | 3,473 | 2,842 | 22 | 3,391 | (1,191) | NM | 40,808 | 25,280 | 61 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | 173 | 198 | (13) | 127 | 57 | 123 | 5,174 | 2,564 | 102 | |||||||||||||||||||||||||||||||||||
Net income/(loss) | 2,593 | 2,012 | 29 | 2,884 | (1,030) | NM | 27,094 | 16,931 | 60 | |||||||||||||||||||||||||||||||||||
ROE | 31 | % | 23 | % | NM | NM | 19 | % | 13 | % |
June 30, 2023 | June 30, 2022 | ||||||||||||||||
Client assets (in billions)(a) | $ | 2,862 | (b) | $ | 2,177 | ||||||||||||
Number of client advisors | 8,367 | 7,756 |
(in millions, except where otherwise noted) | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Total net revenue(a) | $ | 4,729 | $ | 3,130 | $ | 9,187 | $ | 5,725 | ||||||
Merchant
processing volume (in billions) | 600.1 | 539.6 | 1,158.9 | 1,029.8 | ||||||||||
Average deposits (in billions) | 720 | 816 | 714 | 819 |
As of or for the three and six months ended | ||||||||||||||||||||||||||||||||
(in millions) | Consumer & Community Banking | Commercial Banking | Asset & Wealth Management | Corporate | Total | |||||||||||||||||||||||||||
Selected Income Statement Data | ||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Asset management fees | $ | 107 | $ | — | $ | — | $ | — | $ | 107 | ||||||||||||||||||||||
All other income | 105 | — | 174 | 2,762 | (a) | 3,041 | ||||||||||||||||||||||||||
Noninterest revenue | 212 | — | 174 | 2,762 | 3,148 | |||||||||||||||||||||||||||
Net interest income | 619 | 178 | 129 | (29) | 897 | |||||||||||||||||||||||||||
Total net revenue | 831 | 178 | 303 | 2,733 | 4,045 | |||||||||||||||||||||||||||
Provision for credit losses | 408 | 608 | 146 | — | 1,162 | |||||||||||||||||||||||||||
Noninterest expense | 37 | — | — | 562 | 599 | |||||||||||||||||||||||||||
Net income | 293 | (327) | 119 | 2,301 | 2,386 | |||||||||||||||||||||||||||
Selected Balance Sheet Data (period-end) | ||||||||||||||||||||||||||||||||
Loans | $ | 94,721 | $ | 39,500 | $ | 13,696 | $ | — | $ | 147,917 | (b) | |||||||||||||||||||||
Deposits | 68,351 | — | — | — | 68,351 |
CONSUMER & COMMUNITY BANKING |
Selected income statement data | |||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Lending- and deposit-related fees | $ | 841 | $ | 855 | (2) | % | $ | 1,664 | $ | 1,660 | — | % | |||||||||||||||||||||||
Asset management fees | 816 | (d) | 684 | 19 | 1,492 | (d) | 1,410 | 6 | |||||||||||||||||||||||||||
Mortgage fees and related income | 274 | 377 | (27) | 497 | 833 | (40) | |||||||||||||||||||||||||||||
Card income | 483 | 621 | (f) | (22) | 1,222 | 1,162 | (f) | 5 | |||||||||||||||||||||||||||
All
other income(a) | 1,129 | (d) | 1,313 | (f) | (14) | 2,291 | (d) | 2,640 | (f) | (13) | |||||||||||||||||||||||||
Noninterest revenue | 3,543 | 3,850 | (8) | 7,166 | 7,705 | (7) | |||||||||||||||||||||||||||||
Net interest income | 13,690 | (d) | 8,708 | 57 | 26,523 | (d) | 17,035 | 56 | |||||||||||||||||||||||||||
Total net revenue | 17,233 | 12,558 | 37 | 33,689 | 24,740 | 36 | |||||||||||||||||||||||||||||
Provision for credit losses | 1,862 | (d) | 761 | 145 | 3,264 | (d) | 1,439 | 127 | |||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Compensation expense | 3,628 | 3,237 | 12 | 7,173 | 6,408 | 12 | |||||||||||||||||||||||||||||
Noncompensation
expense(b) | 4,685 | (d) | 4,421 | (f) | 6 | 9,205 | (d) | 8,905 | (f) | 3 | |||||||||||||||||||||||||
Total noninterest expense | 8,313 | 7,658 | 9 | 16,378 | 15,313 | 7 | |||||||||||||||||||||||||||||
Income before income tax expense | 7,058 | 4,139 | 71 | 14,047 | 7,988 | 76 | |||||||||||||||||||||||||||||
Income tax expense | 1,752 | 1,031 | (f) | 70 | 3,498 | 1,972 | (f) | 77 | |||||||||||||||||||||||||||
Net income | $ | 5,306 | $ | 3,108 | 71 | $ | 10,549 | $ | 6,016 | 75 | |||||||||||||||||||||||||
Revenue by line of business | |||||||||||||||||||||||||||||||||||
Banking & Wealth Management | $ | 10,936 | (e) | $ | 6,502 | (f) | 68 | $ | 20,977 | (e) | $ | 12,517 | (f) | 68 | |||||||||||||||||||||
Home Lending | 1,007 | (e) | 1,001 | 1 | 1,727 | (e) | 2,170 | (20) | |||||||||||||||||||||||||||
Card Services & Auto | 5,290 | 5,055 | 5 | 10,985 | 10,053 | 9 | |||||||||||||||||||||||||||||
Mortgage
fees and related income details: | |||||||||||||||||||||||||||||||||||
Production revenue | 102 | 150 | (32) | 177 | 361 | (51) | |||||||||||||||||||||||||||||
Net
mortgage servicing revenue(c) | 172 | 227 | (24) | 320 | 472 | (32) | |||||||||||||||||||||||||||||
Mortgage fees and related income | $ | 274 | $ | 377 | (27) | % | $ | 497 | $ | 833 | (40) | % | |||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||
Return on equity | 38 | % | 24 | % | 39 | % | 23 | % | |||||||||||||||||||||||||||
Overhead ratio | 48 | 61 | 49 | 62 |
Selected metrics | ||||||||||||||||||||||||||||||||
As of or for the three months ended June 30, | As of or for the six months ended June 30, | |||||||||||||||||||||||||||||||
(in millions, except headcount) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||
Selected
balance sheet data (period-end) | ||||||||||||||||||||||||||||||||
Total assets | $ | 620,193 | $ | 500,219 | 24 | % | $ | 620,193 | $ | 500,219 | 24 | % | ||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Banking
& Wealth Management(a) | 30,959 | (d) | 31,494 | (2) | 30,959 | (d) | 31,494 | (2) | ||||||||||||||||||||||||
Home Lending(b) | 262,432 | (d) | 176,939 | 48 | 262,432 | (d) | 176,939 | 48 | ||||||||||||||||||||||||
Card Services | 191,353 | 165,494 | 16 | 191,353 | 165,494 | 16 | ||||||||||||||||||||||||||
Auto | 73,587 | 67,842 | 8 | 73,587 | 67,842 | 8 | ||||||||||||||||||||||||||
Total loans | 558,331 | 441,769 | 26 | 558,331 | 441,769 | 26 | ||||||||||||||||||||||||||
Deposits | 1,173,514 | (e) | 1,178,825 | — | 1,173,514 | (e) | 1,178,825 | — | ||||||||||||||||||||||||
Equity | 55,500 | 50,000 | 11 | 55,500 | 50,000 | 11 | ||||||||||||||||||||||||||
Selected
balance sheet data (average) | ||||||||||||||||||||||||||||||||
Total assets | $ | 576,417 | $ | 496,177 | 16 | $ | 541,788 | $ | 492,592 | 10 | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Banking & Wealth Management | 30,628 | (f) | 32,294 | (5) | 29,572 | (f) | 33,014 | (10) | ||||||||||||||||||||||||
Home Lending(c) | 229,569 | (f) | 177,330 | 29 | 201,005 | (f) | 176,911 | 14 | ||||||||||||||||||||||||
Card Services | 187,028 | 158,434 | 18 | 183,758 | 153,941 | 19 | ||||||||||||||||||||||||||
Auto | 71,083 | 68,569 | 4 | 69,920 | 68,908 | 1 | ||||||||||||||||||||||||||
Total loans | 518,308 | 436,627 | 19 | 484,255 | 432,774 | 12 | ||||||||||||||||||||||||||
Deposits | 1,157,309 | (g) | 1,180,453 | (2) | 1,135,261 | (g) | 1,167,057 | (3) | ||||||||||||||||||||||||
Equity | 54,346 | 50,000 | 9 | 53,180 | 50,000 | 6 | ||||||||||||||||||||||||||
Headcount | 137,087 | 130,907 | 5 | % | 137,087 | 130,907 | 5 | % |
Selected metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratio data) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Credit data and quality statistics | |||||||||||||||||||||||||||||||||||
Nonaccrual loans(a)(b) | $ | 3,823 | $ | 4,217 | (9) | % | $ | 3,823 | $ | 4,217 | (9) | % | |||||||||||||||||||||||
Net charge-offs/(recoveries) | |||||||||||||||||||||||||||||||||||
Banking & Wealth Management | 92 | 81 | 14 | 171 | 170 | 1 | |||||||||||||||||||||||||||||
Home Lending | (28) | (68) | 59 | (46) | (137) | 66 | |||||||||||||||||||||||||||||
Card Services | 1,124 | 580 | 94 | 2,046 | 1,086 | 88 | |||||||||||||||||||||||||||||
Auto | 63 | 18 | 250 | 132 | 45 | 193 | |||||||||||||||||||||||||||||
Total net charge-offs/(recoveries) | $ | 1,251 | $ | 611 | 105 | $ | 2,303 | $ | 1,164 | 98 | |||||||||||||||||||||||||
Net charge-off/(recovery) rate | |||||||||||||||||||||||||||||||||||
Banking & Wealth Management(c) | 1.20 | % | 1.01 | % | 1.17 | % | 1.04 | % | |||||||||||||||||||||||||||
Home Lending | (0.05) | (0.16) | (0.05) | (0.16) | |||||||||||||||||||||||||||||||
Card Services | 2.41 | 1.47 | 2.25 | 1.42 | |||||||||||||||||||||||||||||||
Auto | 0.36 | 0.11 | 0.38 | 0.13 | |||||||||||||||||||||||||||||||
Total net charge-off/(recovery) rate | 0.98 | % | 0.57 | % | 0.97 | % | 0.55 | % | |||||||||||||||||||||||||||
30+ day delinquency rate | |||||||||||||||||||||||||||||||||||
Home Lending(d)(e) | 0.58 | % | 0.85 | % | 0.58 | % | 0.85 | % | |||||||||||||||||||||||||||
Card Services | 1.70 | 1.05 | 1.70 | 1.05 | |||||||||||||||||||||||||||||||
Auto | 0.92 | 0.69 | 0.92 | 0.69 | |||||||||||||||||||||||||||||||
90+ day delinquency rate - Card Services | 0.84 | % | 0.51 | % | 0.84 | % | 0.51 | % | |||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Banking & Wealth Management | $ | 731 | $ | 697 | 5 | $ | 731 | $ | 697 | 5 | |||||||||||||||||||||||||
Home Lending | 777 | (f) | 785 | (1) | 777 | (f) | 785 | (1) | |||||||||||||||||||||||||||
Card Services | 11,600 | 10,400 | 12 | 11,600 | 10,400 | 12 | |||||||||||||||||||||||||||||
Auto | 717 | 740 | (3) | 717 | 740 | (3) | |||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 13,825 | (g) | $ | 12,622 | 10 | % | $ | 13,825 | (g) | $ | 12,622 | 10 | % |
Selected metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in billions, except ratios and where otherwise noted) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Business Metrics | |||||||||||||||||||||||||||||||||||
Number of branches | 4,874 | 4,822 | 1 | % | 4,874 | 4,822 | 1 | % | |||||||||||||||||||||||||||
Active
digital customers (in thousands)(a) | 65,559 | (f) | 60,735 | 8 | 65,559 | (f) | 60,735 | 8 | |||||||||||||||||||||||||||
Active mobile customers (in thousands)(b) | 51,963 | (f) | 47,436 | 10 | 51,963 | (f) | 47,436 | 10 | |||||||||||||||||||||||||||
Debit
and credit card sales volume | $ | 424.0 | $ | 397.0 | 7 | $ | 811.3 | $ | 748.5 | 8 | |||||||||||||||||||||||||
Total payments transaction volume (in trillions)(c) | 1.5 | (f) | 1.5 | — | 2.9 | (f) | 2.8 | 4 | |||||||||||||||||||||||||||
Banking & Wealth Management | |||||||||||||||||||||||||||||||||||
Average deposits | $ | 1,142.8 | (g) | $ | 1,163.4 | (2) | $ | 1,120.7 | (g) | $ | 1,149.8 | (3) | |||||||||||||||||||||||
Deposit
margin | 2.83 | % | 1.31 | % | 2.81 | % | 1.27 | % | |||||||||||||||||||||||||||
Business Banking average loans | $ | 19.6 | $ | 22.8 | (14) | $ | 19.8 | $ | 23.8 | (17) | |||||||||||||||||||||||||
Business banking origination volume | 1.3 | 1.2 | 7 | 2.3 | 2.2 | 4 | |||||||||||||||||||||||||||||
Client investment assets(d) | 892.9 | 628.5 | 42 | 892.9 | 628.5 | 42 | |||||||||||||||||||||||||||||
Number of client advisors | 5,153 | 4,890 | 5 | 5,153 | 4,890 | 5 | |||||||||||||||||||||||||||||
Home Lending | |||||||||||||||||||||||||||||||||||
Mortgage origination volume by channel | |||||||||||||||||||||||||||||||||||
Retail | $ | 7.3 | (h) | $ | 11.0 | (34) | $ | 10.9 | (h) | $ | 26.1 | (58) | |||||||||||||||||||||||
Correspondent
| 3.9 | 10.9 | (64) | 6.0 | 20.5 | (71) | |||||||||||||||||||||||||||||
Total mortgage origination volume(e) | $ | 11.2 | $ | 21.9 | (49) | $ | 16.9 | $ | 46.6 | (64) | |||||||||||||||||||||||||
Third-party
mortgage loans serviced (period-end) | $ | 604.5 | $ | 575.6 | 5 | 604.5 | $ | 575.6 | 5 | ||||||||||||||||||||||||||
MSR carrying value (period-end) | 8.2 | 7.4 | 11 | 8.2 | 7.4 | 11 | |||||||||||||||||||||||||||||
Card Services | |||||||||||||||||||||||||||||||||||
Sales volume, excluding commercial card | $ | 294.0 | $ | 271.2 | 8 | $ | 560.2 | $ | 507.6 | 10 | |||||||||||||||||||||||||
Net revenue rate | 9.11 | % | 9.59 | % | 9.73 | % | 9.72 | % | |||||||||||||||||||||||||||
Net yield on average loans | 9.31 | 9.50 | 9.60 | 9.73 | |||||||||||||||||||||||||||||||
Auto | |||||||||||||||||||||||||||||||||||
Loan
and lease origination volume | $ | 12.0 | $ | 7.0 | 71 | $ | 21.2 | $ | 15.4 | 38 | |||||||||||||||||||||||||
Average auto operating lease assets | 11.0 | 14.9 | (26) | % | 11.3 | 15.6 | (28) | % |
CORPORATE & INVESTMENT BANK |
Selected income statement data | |||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Investment
banking fees (a) | $ | 1,557 | $ | 1,650 | (6) | % | $ | 3,211 | $ | 3,700 | (13) | % | |||||||||||||||||||||||
Principal transactions | 6,697 | 5,048 | 33 | 14,105 | 10,271 | 37 | |||||||||||||||||||||||||||||
Lending- and deposit-related fees | 533 | 641 | (17) | 1,072 | 1,282 | (16) | |||||||||||||||||||||||||||||
Commissions and other fees | 1,219 | 1,328 | (8) | 2,453 | 2,660 | (8) | |||||||||||||||||||||||||||||
Card income | 400 | 337 | (c) | 19 | 715 | 603 | (c) | 19 | |||||||||||||||||||||||||||
All other income | 396 | (199) | (c) | NM | 769 | 293 | (c) | 162 | |||||||||||||||||||||||||||
Noninterest revenue | 10,802 | 8,805 | 23 | 22,325 | 18,809 | 19 | |||||||||||||||||||||||||||||
Net interest income | 1,717 | 3,198 | (46) | 3,794 | 6,770 | (44) | |||||||||||||||||||||||||||||
Total
net revenue(b) | 12,519 | 12,003 | 4 | 26,119 | 25,579 | 2 | |||||||||||||||||||||||||||||
Provision for credit losses | 38 | 59 | (36) | 96 | 504 | (81) | |||||||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||||||||
Compensation expense | 3,461 | 3,510 | (1) | 7,546 | 7,516 | — | |||||||||||||||||||||||||||||
Noncompensation expense | 3,433 | 3,300 | (c) | 4 | 6,831 | 6,657 | (c) | 3 | |||||||||||||||||||||||||||
Total noninterest expense | 6,894 | 6,810 | 1 | 14,377 | 14,173 | 1 | |||||||||||||||||||||||||||||
Income
before income tax expense | 5,587 | 5,134 | 9 | 11,646 | 10,902 | 7 | |||||||||||||||||||||||||||||
Income tax expense | 1,495 | 1,417 | (c) | 6 | 3,133 | 2,813 | (c) | 11 | |||||||||||||||||||||||||||
Net income | $ | 4,092 | $ | 3,717 | 10 | % | $ | 8,513 | $ | 8,089 | 5 | % | |||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||
Return on equity | 15 | % | 14 | % | 15 | % | 15 | % | |||||||||||||||||||||||||||
Overhead ratio | 55 | 57 | (c) | 55 | 55 | ||||||||||||||||||||||||||||||
Compensation
expense as percentage of total net revenue | 28 | 29 | 29 | 29 | (c) |
Selected income statement data | ||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||
Revenue by business | ||||||||||||||||||||||||||||||||
Investment
Banking | $ | 1,494 | $ | 1,351 | 11 | % | $ | 3,054 | $ | 3,408 | (10) | % | ||||||||||||||||||||
Payments | 2,451 | 1,519 | (b) | 61 | 4,847 | 3,420 | (b) | 42 | ||||||||||||||||||||||||
Lending | 299 | 410 | (27) | 566 | 731 | (23) | ||||||||||||||||||||||||||
Total Banking | 4,244 | 3,280 | 29 | 8,467 | 7,559 | 12 | ||||||||||||||||||||||||||
Fixed Income Markets | 4,567 | 4,711 | (3) | 10,266 | 10,409 | (1) | ||||||||||||||||||||||||||
Equity Markets | 2,451 | 3,079 | (20) | 5,134 | 6,134 | (16) | ||||||||||||||||||||||||||
Securities Services | 1,221 | 1,151 | 6 | 2,369 | 2,219 | 7 | ||||||||||||||||||||||||||
Credit
Adjustments & Other(a) | 36 | (218) | NM | (117) | (742) | 84 | ||||||||||||||||||||||||||
Total Markets & Securities Services | 8,275 | 8,723 | (5) | 17,652 | 18,020 | (2) | ||||||||||||||||||||||||||
Total net revenue | $ | 12,519 | $ | 12,003 | 4 | % | $ | 26,119 | $ | 25,579 | 2 | % |
Selected metrics | |||||||||||||||||||||||||||||||||||
As
of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions, except headcount) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Selected balance sheet data (period-end) | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,432,054 | $ | 1,403,558 | 2 | % | $ | 1,432,054 | $ | 1,403,558 | 2 | % | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Loans
retained(a) | 194,450 | 171,219 | 14 | 194,450 | 171,219 | 14 | |||||||||||||||||||||||||||||
Loans held-for-sale and loans at fair value(b) | 38,959 | 46,032 | (15) | 38,959 | 46,032 | (15) | |||||||||||||||||||||||||||||
Total loans | 233,409 | 217,251 | 7 | 233,409 | 217,251 | 7 | |||||||||||||||||||||||||||||
Equity | 108,000 | 103,000 | 5 | 108,000 | 103,000 | 5 | |||||||||||||||||||||||||||||
Selected
balance sheet data (average) | |||||||||||||||||||||||||||||||||||
Total assets | $ | 1,461,857 | $ | 1,429,953 | 2 | $ | 1,445,848 | $ | 1,418,955 | 2 | |||||||||||||||||||||||||
Trading assets-debt and equity instruments | 533,082 | 411,079 | 30 | 511,047 | 415,190 | 23 | |||||||||||||||||||||||||||||
Trading assets-derivative receivables | 63,094 | 83,582 | (25) | 63,553 | 75,184 | (15) | |||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Loans
retained(a) | $ | 189,153 | $ | 169,909 | 11 | $ | 187,372 | $ | 165,467 | 13 | |||||||||||||||||||||||||
Loans held-for-sale and loans at fair value(b) | 38,132 | 48,048 | (21) | 40,339 | 49,714 | (19) | |||||||||||||||||||||||||||||
Total loans | $ | 227,285 | $ | 217,957 | 4 | $ | 227,711 | $ | 215,181 | 6 | |||||||||||||||||||||||||
Deposits | 722,818 | 773,664 | (7) | 711,266 | 765,200 | (7) | |||||||||||||||||||||||||||||
Equity | 108,000 | 103,000 | 5 | 108,000 | 103,000 | 5 | |||||||||||||||||||||||||||||
Headcount | 74,822 | 69,447 | 8 | % | 74,822 | 69,447 | 8 | % |
Selected metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Credit
data and quality statistics | |||||||||||||||||||||||||||||||||||
Net charge-offs/(recoveries) | $ | 56 | $ | 38 | 47 | % | $ | 106 | $ | 58 | 83 | % | |||||||||||||||||||||||
Nonperforming assets: | |||||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||||
Nonaccrual loans retained(a) | $ | 924 | $ | 697 | 33 | $ | 924 | $ | 697 | 33 | |||||||||||||||||||||||||
Nonaccrual
loans held-for-sale and loans at fair value(b) | 818 | 840 | (3) | 818 | 840 | (3) | |||||||||||||||||||||||||||||
Total nonaccrual loans | 1,742 | 1,537 | 13 | 1,742 | 1,537 | 13 | |||||||||||||||||||||||||||||
Derivative receivables | 286 | 447 | (36) | 286 | 447 | (36) | |||||||||||||||||||||||||||||
Assets acquired in loan satisfactions | 133 | 84 | 58 | 133 | 84 | 58 | |||||||||||||||||||||||||||||
Total nonperforming assets | $ | 2,161 | $ | 2,068 | 4 | $ | 2,161 | $ | 2,068 | 4 | |||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 2,531 | $ | 1,809 | 40 | $ | 2,531 | $ | 1,809 | 40 | |||||||||||||||||||||||||
Allowance for lending-related commitments | 1,207 | 1,358 | (11) | 1,207 | 1,358 | (11) | |||||||||||||||||||||||||||||
Total
allowance for credit losses | $ | 3,738 | $ | 3,167 | 18 | % | $ | 3,738 | $ | 3,167 | 18 | % | |||||||||||||||||||||||
Net charge-off/(recovery)
rate(c) | 0.12 | % | 0.09 | % | 0.11 | % | 0.07 | % | |||||||||||||||||||||||||||
Allowance for loan losses to period-end loans retained | 1.30 | 1.06 | 1.30 | 1.06 | |||||||||||||||||||||||||||||||
Allowance
for loan losses to period-end loans retained, excluding trade finance and conduits(d) | 1.86 | 1.38 | 1.86 | 1.38 | |||||||||||||||||||||||||||||||
Allowance for loan losses to nonaccrual loans retained(a) | 274 | 260 | 274 | 260 | |||||||||||||||||||||||||||||||
Nonaccrual loans to total period-end loans | 0.75 | % | 0.71 | % | 0.75 | % | 0.71 | % |
Investment banking fees | |||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Advisory | $ | 540 | $ | 664 | (19) | % | $ | 1,296 | $ | 1,465 | (12) | % | |||||||||||||||||||||||
Equity
underwriting | 318 | 245 | 30 | 553 | 494 | 12 | |||||||||||||||||||||||||||||
Debt underwriting(a) | 699 | 741 | (6) | 1,362 | 1,741 | (22) | |||||||||||||||||||||||||||||
Total
investment banking fees | $ | 1,557 | $ | 1,650 | (6) | % | $ | 3,211 | $ | 3,700 | (13) | % |
League table results – wallet share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | Full-year 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rank | Share | Rank | Share | Rank | Share | Rank | Share | Rank | Share | ||||||||||||||||||||||||||||||||||||||||||||||||||
Based
on fees(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M&A(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global | # | 2 | 8.7 | % | # | 2 | 7.5 | % | # | 2 | 9.3 | % | # | 2 | 7.4 | % | # | 2 | 8.0 | % | |||||||||||||||||||||||||||||||||||||||
U.S. | 2 | 11.5 | 2 | 8.3 | 2 | 11.8 | 2 | 8.4 | 2 | 9.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity
and equity-related(c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global | 1 | 7.6 | 1 | 6.0 | 1 | 7.1 | 1 | 5.6 | 2 | 5.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 1 | 14.7 | 1 | 15.1 | 1 | 13.3 | 1 | 13.2 | 1 | 13.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-term
debt(d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global | 2 | 6.8 | 1 | 7.2 | 1 | 6.7 | 1 | 7.6 | 1 | 6.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 2 | 10.4 | 1 | 12.5 | 2 | 10.0 | 1 | 12.3 | 1 | 12.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loan
syndications | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Global | 1 | 12.4 | 1 | 12.2 | 1 | 12.6 | 1 | 11.3 | 1 | 11.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. | 1 | 15.7 | 1 | 13.9 | 1 | 16.1 | 1 | 11.9 | 1 | 12.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Global
investment banking fees(e) | # | 1 | 8.3 | % | # | 2 | 8.1 | % | # | 1 | 8.4 | % | # | 1 | 7.9 | % | # | 1 | 7.8 | % |
Three months ended June 30, | Three months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | Fixed Income Markets | Equity Markets | Total Markets | Fixed Income Markets | Equity Markets | Total Markets | |||||||||||||||||
Principal transactions | $ | 3,120 | $ | 3,350 | $ | 6,470 | $ | 2,934 | $ | 2,448 | $ | 5,382 | |||||||||||
Lending-
and deposit-related fees | 76 | 7 | 83 | 76 | 4 | 80 | |||||||||||||||||
Commissions and other fees | 151 | 472 | 623 | 128 | 516 | 644 | |||||||||||||||||
All other income | 369 | (40) | 329 | 166 | (31) | 135 | |||||||||||||||||
Noninterest revenue | 3,716 | 3,789 | 7,505 | 3,304 | 2,937 | 6,241 | |||||||||||||||||
Net
interest income(a) | 851 | (1,338) | (487) | 1,407 | 142 | 1,549 | |||||||||||||||||
Total net revenue | $ | 4,567 | $ | 2,451 | $ | 7,018 | $ | 4,711 | $ | 3,079 | $ | 7,790 | |||||||||||
Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions) | Fixed Income Markets | Equity Markets | Total Markets | Fixed Income Markets | Equity Markets | Total Markets | |||||||||||||||||
Principal
transactions | $ | 7,518 | $ | 6,379 | $ | 13,897 | $ | 6,323 | $ | 4,732 | $ | 11,055 | |||||||||||
Lending- and deposit-related fees | 146 | 14 | 160 | 154 | 8 | 162 | |||||||||||||||||
Commissions and other fees | 295 | 994 | 1,289 | 284 | 1,063 | 1,347 | |||||||||||||||||
All other income | 700 | (54) | 646 | 283 | (71) | 212 | |||||||||||||||||
Noninterest revenue | 8,659 | 7,333 | 15,992 | 7,044 | 5,732 | 12,776 | |||||||||||||||||
Net interest income(a) | 1,607 | (2,199) | (592) | 3,365 | 402 | 3,767 | |||||||||||||||||
Total net revenue | $ | 10,266 | $ | 5,134 | $ | 15,400 | $ | 10,409 | $ | 6,134 | $ | 16,543 |
Selected metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions, except where otherwise noted) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Assets
under custody (“AUC”) by asset class (period-end) (in billions): | |||||||||||||||||||||||||||||||||||
Fixed Income | $ | 14,708 | $ | 14,720 | — | % | $ | 14,708 | $ | 14,720 | — | % | |||||||||||||||||||||||
Equity | 11,892 | 10,359 | 15 | 11,892 | 10,359 | 15 | |||||||||||||||||||||||||||||
Other(a) | 3,824 | 3,500 | 9 | 3,824 | 3,500 | 9 | |||||||||||||||||||||||||||||
Total AUC | $ | 30,424 | $ | 28,579 | 6 | $ | 30,424 | $ | 28,579 | 6 | |||||||||||||||||||||||||
Merchant processing volume (in billions)(b) | $ | 600.1 | $ | 539.6 | 11 | $ | 1,158.9 | $ | 1,029.8 | 13 | |||||||||||||||||||||||||
Client
deposits and other third-party liabilities (average)(c) | $ | 647,479 | $ | 722,388 | (10) | % | $ | 640,642 | $ | 715,791 | (10) | % |
International metrics | |||||||||||||||||||||||||||||||||||
As of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions, except where otherwise noted) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Total
net revenue(a) | |||||||||||||||||||||||||||||||||||
Europe/Middle East/Africa | $ | 3,813 | $ | 4,280 | (11) | % | $ | 8,081 | $ | 8,972 | (10) | % | |||||||||||||||||||||||
Asia-Pacific | 1,889 | 2,023 | (7) | 4,022 | 4,008 | — | |||||||||||||||||||||||||||||
Latin America/Caribbean | 543 | 464 | 17 | 1,105 | 1,141 | (3) | |||||||||||||||||||||||||||||
Total international net revenue | 6,245 | 6,767 | (8) | 13,208 | 14,121 | (6) | |||||||||||||||||||||||||||||
North America | 6,274 | 5,236 | (c) | 20 | 12,911 | 11,458 | (c) | 13 | |||||||||||||||||||||||||||
Total net revenue | $ | 12,519 | $ | 12,003 | 4 | $ | 26,119 | $ | 25,579 | 2 | |||||||||||||||||||||||||
Loans
retained (period-end)(a) | |||||||||||||||||||||||||||||||||||
Europe/Middle East/Africa | $ | 39,752 | $ | 35,524 | 12 | $ | 39,752 | $ | 35,524 | 12 | |||||||||||||||||||||||||
Asia-Pacific | 14,789 | 16,427 | (10) | 14,789 | 16,427 | (10) | |||||||||||||||||||||||||||||
Latin America/Caribbean | 8,704 | 7,961 | 9 | 8,704 | 7,961 | 9 | |||||||||||||||||||||||||||||
Total international loans | 63,245 | 59,912 | 6 | 63,245 | 59,912 | 6 | |||||||||||||||||||||||||||||
North America | 131,205 | 111,307 | 18 | 131,205 | 111,307 | 18 | |||||||||||||||||||||||||||||
Total loans retained | $ | 194,450 | $ | 171,219 | 14 | $ | 194,450 | $ | 171,219 | 14 | |||||||||||||||||||||||||
Client
deposits and other third-party liabilities (average)(b) | |||||||||||||||||||||||||||||||||||
Europe/Middle East/Africa | $ | 228,490 | $ | 272,919 | (16) | $ | 229,655 | $ | 259,781 | (12) | |||||||||||||||||||||||||
Asia-Pacific | 128,253 | 129,514 | (1) | 127,146 | 132,126 | (4) | |||||||||||||||||||||||||||||
Latin America/Caribbean | 38,911 | 41,785 | (7) | 38,825 | 42,720 | (9) | |||||||||||||||||||||||||||||
Total international | $ | 395,654 | $ | 444,218 | (11) | $ | 395,626 | $ | 434,627 | (9) | |||||||||||||||||||||||||
North America | 251,825 | 278,170 | (9) | 245,016 | 281,164 | (13) | |||||||||||||||||||||||||||||
Total client deposits and other third-party liabilities | $ | 647,479 | $ | 722,388 | (10) | $ | 640,642 | $ | 715,791 | (10) | |||||||||||||||||||||||||
AUC
(period-end)(b) (in billions) | |||||||||||||||||||||||||||||||||||
North America | $ | 20,512 | $ | 18,816 | 9 | $ | 20,512 | $ | 18,816 | 9 | |||||||||||||||||||||||||
All other regions | 9,912 | 9,763 | 2 | 9,912 | 9,763 | 2 | |||||||||||||||||||||||||||||
Total AUC | $ | 30,424 | $ | 28,579 | 6 | % | $ | 30,424 | $ | 28,579 | 6 | % |
COMMERCIAL BANKING |
Selected income statement data | |||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||
Lending- and deposit-related fees | $ | 249 | $ | 348 | (28) | % | $ | 476 | $ | 712 | (33) | % | |||||||||||||||||
Card income | 201 | 170 | 18 | 374 | 337 | 11 | |||||||||||||||||||||||
All other income | 385 | 386 | — | 766 | 722 | 6 | |||||||||||||||||||||||
Noninterest revenue | 835 | 904 | (8) | 1,616 | 1,771 | (9) | |||||||||||||||||||||||
Net interest income | 3,153 | (b) | 1,779 | 77 | 5,883 | (b) | 3,310 | 78 | |||||||||||||||||||||
Total net revenue(a) | 3,988 | 2,683 | 49 | 7,499 | 5,081 | 48 | |||||||||||||||||||||||
Provision
for credit losses | 1,097 | (b) | 209 | 425 | 1,514 | (b) | 366 | 314 | |||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Compensation expense | 656 | 559 | 17 | 1,297 | 1,112 | 17 | |||||||||||||||||||||||
Noncompensation expense | 644 | 597 | 8 | 1,311 | 1,173 | 12 | |||||||||||||||||||||||
Total noninterest expense | 1,300 | 1,156 | 12 | 2,608 | 2,285 | 14 | |||||||||||||||||||||||
Income before income tax expense | 1,591 | 1,318 | 21 | 3,377 | 2,430 | 39 | |||||||||||||||||||||||
Income tax expense | 383 | 324 | 18 | 822 | 586 | 40 | |||||||||||||||||||||||
Net income | $ | 1,208 | $ | 994 | 22 | % | $ | 2,555 | $ | 1,844 | 39 | % |
Selected income statement data (continued) | ||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||
Revenue by product | ||||||||||||||||||||||||||||||||
Lending | $ | 1,480 | (c) | $ | 1,058 | 40 | % | $ | 2,702 | (c) | $ | 2,163 | 25 | % | ||||||||||||||||||
Payments | 2,248 | 1,253 | 79 | 4,276 | 2,275 | 88 | ||||||||||||||||||||||||||
Investment
banking(a) | 213 | 234 | (9) | 463 | 453 | 2 | ||||||||||||||||||||||||||
Other | 47 | 138 | (66) | 58 | 190 | (69) | ||||||||||||||||||||||||||
Total net revenue | $ | 3,988 | $ | 2,683 | 49 | $ | 7,499 | $ | 5,081 | 48 | ||||||||||||||||||||||
Investment
Banking and Markets revenue, gross(b) | $ | 767 | $ | 788 | (3) | $ | 1,648 | $ | 1,517 | 9 | ||||||||||||||||||||||
Revenue by client segments | ||||||||||||||||||||||||||||||||
Middle Market Banking | $ | 1,916 | (d) | $ | 1,169 | 64 | $ | 3,597 | (d) | $ | 2,149 | 67 | ||||||||||||||||||||
Corporate Client Banking | 1,229 | 927 | 33 | 2,405 | 1,757 | 37 | ||||||||||||||||||||||||||
Commercial Real Estate Banking | 806 | (d) | 590 | 37 | 1,448 | (d) | 1,171 | 24 | ||||||||||||||||||||||||
Other | 37 | (3) | NM | 49 | 4 | NM | ||||||||||||||||||||||||||
Total net revenue | $ | 3,988 | $ | 2,683 | 49 | % | $ | 7,499 | $ | 5,081 | 48 | % | ||||||||||||||||||||
Financial ratios | ||||||||||||||||||||||||||||||||
Return on equity | 16 | % | 15 | % | 17 | % | 14 | % | ||||||||||||||||||||||||
Overhead ratio | 33 | 43 | 35 | 45 |
Selected metrics | |||||||||||||||||||||||||||||
As
of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||||||||
(in millions, except headcount) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||
Selected balance sheet data (period-end) | |||||||||||||||||||||||||||||
Total assets | $ | 305,280 | $ | 242,456 | 26 | % | $ | 305,280 | $ | 242,456 | 26 | % | |||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans retained | 282,124 | (b) | 223,541 | 26 | 282,124 | (b) | 223,541 | 26 | |||||||||||||||||||||
Loans held-for-sale and loans at fair value | 1,540 | 566 | 172 | 1,540 | 566 | 172 | |||||||||||||||||||||||
Total loans | $ | 283,664 | $ | 224,107 | 27 | $ | 283,664 | $ | 224,107 | 27 | |||||||||||||||||||
Equity | 30,000 | 25,000 | 20 | 30,000 | 25,000 | 20 | |||||||||||||||||||||||
Period-end
loans by client segment | |||||||||||||||||||||||||||||
Middle Market Banking(a) | $ | 79,885 | (c) | $ | 68,535 | 17 | $ | 79,885 | (c) | $ | 68,535 | 17 | |||||||||||||||||
Corporate Client Banking | 60,511 | 49,503 | 22 | 60,511 | 49,503 | 22 | |||||||||||||||||||||||
Commercial Real Estate Banking | 142,897 | (c) | 105,982 | 35 | 142,897 | (c) | 105,982 | 35 | |||||||||||||||||||||
Other | 371 | 87 | 326 | 371 | 87 | 326 | |||||||||||||||||||||||
Total
loans(a) | $ | 283,664 | $ | 224,107 | 27 | $ | 283,664 | $ | 224,107 | 27 | |||||||||||||||||||
Selected
balance sheet data (average) | |||||||||||||||||||||||||||||
Total assets | $ | 290,875 | $ | 239,381 | 22 | $ | 273,269 | $ | 236,444 | 16 | |||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||
Loans retained | 270,091 | (d) | 218,478 | 24 | 253,542 | (d) | 213,536 | 19 | |||||||||||||||||||||
Loans held-for-sale and loans at fair value | 726 | 1,004 | (28) | 939 | 1,572 | (40) | |||||||||||||||||||||||
Total loans | $ | 270,817 | $ | 219,482 | 23 | $ | 254,481 | $ | 215,108 | 18 | |||||||||||||||||||
Average
loans by client segment | |||||||||||||||||||||||||||||
Middle Market Banking | $ | 78,037 | (e) | $ | 66,640 | 17 | $ | 75,547 | (e) | $ | 64,550 | 17 | |||||||||||||||||
Corporate Client Banking | 59,159 | 47,832 | 24 | 57,877 | 46,720 | 24 | |||||||||||||||||||||||
Commercial Real Estate Banking | 133,394 | (e) | 104,890 | 27 | 120,838 | (e) | 103,701 | 17 | |||||||||||||||||||||
Other | 227 | 120 | 89 | 219 | 137 | 60 | |||||||||||||||||||||||
Total loans | $ | 270,817 | $ | 219,482 | 23 | $ | 254,481 | $ | 215,108 | 18 | |||||||||||||||||||
Deposits | 275,196 | 300,339 | (8) | 270,595 | 308,518 | (12) | |||||||||||||||||||||||
Equity | 29,505 | 25,000 | 18 | 29,005 | 25,000 | 16 | |||||||||||||||||||||||
Headcount | 15,991 | 13,811 | 16 | % | 15,991 | 13,811 | 16 | % |
Selected metrics (continued) | |||||||||||||||||||||||||||||||||||
As of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Credit
data and quality statistics | |||||||||||||||||||||||||||||||||||
Net charge-offs/(recoveries) | $ | 100 | $ | 1 | NM | $ | 137 | $ | 7 | NM | |||||||||||||||||||||||||
Nonperforming assets | |||||||||||||||||||||||||||||||||||
Nonaccrual loans: | |||||||||||||||||||||||||||||||||||
Nonaccrual loans retained(a) | $ | 1,068 | $ | 761 | 40 | % | $ | 1,068 | $ | 761 | 40 | % | |||||||||||||||||||||||
Nonaccrual loans held-for-sale and loans at fair value | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 1,068 | $ | 761 | 40 | $ | 1,068 | $ | 761 | 40 | |||||||||||||||||||||||||
Assets
acquired in loan satisfactions | — | 8 | NM | — | 8 | NM | |||||||||||||||||||||||||||||
Total nonperforming assets | $ | 1,068 | $ | 769 | 39 | $ | 1,068 | $ | 769 | 39 | |||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | $ | 4,729 | $ | 2,602 | 82 | $ | 4,729 | $ | 2,602 | 82 | |||||||||||||||||||||||||
Allowance for lending-related commitments | 801 | 725 | 10 | 801 | 725 | 10 | |||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 5,530 | (c) | $ | 3,327 | 66 | % | $ | 5,530 | (c) | $ | 3,327 | 66 | % | |||||||||||||||||||||
Net
charge-off/(recovery) rate(b) | 0.15 | % | — | % | 0.11 | % | 0.01 | % | |||||||||||||||||||||||||||
Allowance for loan losses to period-end loans retained | 1.68 | 1.16 | 1.68 | 1.16 | |||||||||||||||||||||||||||||||
Allowance
for loan losses to nonaccrual loans retained(a) | 443 | 342 | 443 | 342 | |||||||||||||||||||||||||||||||
Nonaccrual loans to period-end total loans | 0.38 | 0.34 | 0.38 | 0.34 |
ASSET & WEALTH MANAGEMENT |
Selected income statement data | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Asset management fees | $ | 2,930 | $ | 2,797 | 5 | % | $ | 5,691 | $ | 5,696 | — | % | ||||||||||||||||||||
Commissions and other fees | 196 | 240 | (18) | 377 | 456 | (17) | ||||||||||||||||||||||||||
All other income | 232 | (a) | 47 | 394 | 623 | (a) | 171 | 264 | ||||||||||||||||||||||||
Noninterest revenue | 3,358 | 3,084 | 9 | 6,691 | 6,323 | 6 | ||||||||||||||||||||||||||
Net interest income | 1,585 | (a) | 1,222 | 30 | 3,036 | (a) | 2,298 | 32 | ||||||||||||||||||||||||
Total net revenue | 4,943 | 4,306 | 15 | 9,727 | 8,621 | 13 | ||||||||||||||||||||||||||
Provision for credit losses | 145 | (a) | 44 | 230 | 173 | (a) | 198 | (13) | ||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||||||
Compensation expense | 1,746 | 1,508 | 16 | 3,481 | 3,038 | 15 | ||||||||||||||||||||||||||
Noncompensation expense | 1,417 | 1,411 | — | 2,773 | 2,741 | 1 | ||||||||||||||||||||||||||
Total noninterest expense | 3,163 | 2,919 | 8 | 6,254 | 5,779 | 8 | ||||||||||||||||||||||||||
Income before income tax expense | 1,635 | 1,343 | 22 | 3,300 | 2,644 | 25 | ||||||||||||||||||||||||||
Income tax expense | 409 | 339 | 21 | 707 | 632 | 12 | ||||||||||||||||||||||||||
Net income | $ | 1,226 | $ | 1,004 | 22 | $ | 2,593 | $ | 2,012 | 29 | ||||||||||||||||||||||
Revenue by line of business | ||||||||||||||||||||||||||||||||
Asset Management | $ | 2,128 | $ | 2,137 | — | $ | 4,562 | $ | 4,451 | 2 | ||||||||||||||||||||||
Global Private Bank | 2,815 | (a) | 2,169 | 30 | 5,165 | (a) | 4,170 | 24 | ||||||||||||||||||||||||
Total net revenue | $ | 4,943 | $ | 4,306 | 15 | % | $ | 9,727 | $ | 8,621 | 13 | % | ||||||||||||||||||||
Financial ratios | ||||||||||||||||||||||||||||||||
Return on equity | 29 | % | 23 | % | 31 | % | 23 | % | ||||||||||||||||||||||||
Overhead ratio | 64 | 68 | 64 | 67 | ||||||||||||||||||||||||||||
Pre-tax margin ratio: | ||||||||||||||||||||||||||||||||
Asset Management | 27 | 29 | 32 | 31 | ||||||||||||||||||||||||||||
Global Private Bank | 37 | 33 | 35 | 30 | ||||||||||||||||||||||||||||
Asset & Wealth Management | 33 | 31 | 34 | 31 |
Selected metrics | |||||||||||||||||||||||||||||
As of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||||||||
(in millions, except ranking data, headcount and ratios) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||
%
of JPM mutual fund assets rated as 4- or 5-star(a) | 69 | % | 72 | % | 69 | % | 72 | % | |||||||||||||||||||||
% of JPM mutual fund assets ranked in 1st or 2nd quartile:(b) | |||||||||||||||||||||||||||||
1 year | 59 | 64 | 59 | 64 | |||||||||||||||||||||||||
3 years | 66 | 73 | 66 | 73 | |||||||||||||||||||||||||
5 years | 80 | 79 | 80 | 79 | |||||||||||||||||||||||||
Selected balance sheet data (period-end)(c) | |||||||||||||||||||||||||||||
Total assets | $ | 247,118 | $ | 235,553 | 5 | % | $ | 247,118 | $ | 235,553 | 5 | % | |||||||||||||||||
Loans | 222,493 | (d) | 218,841 | 2 | 222,493 | (d) | 218,841 | 2 | |||||||||||||||||||||
Deposits | 199,763 | 257,437 | (22) | 199,763 | 257,437 | (22) | |||||||||||||||||||||||
Equity | 17,000 | 17,000 | — | 17,000 | 17,000 | — | |||||||||||||||||||||||
Selected
balance sheet data (average)(c) | |||||||||||||||||||||||||||||
Total assets | $ | 238,987 | $ | 234,565 | 2 | $ | 233,933 | $ | 233,444 | — | |||||||||||||||||||
Loans | 219,469 | (e) | 216,846 | 1 | 215,491 | (e) | 215,735 | — | |||||||||||||||||||||
Deposits | 211,872 | 268,861 | (21) | 218,078 | 278,256 | (22) | |||||||||||||||||||||||
Equity | 16,670 | 17,000 | (2) | 16,337 | 17,000 | (4) | |||||||||||||||||||||||
Headcount | 26,931 | 23,981 | 12 | 26,931 | 23,981 | 12 | |||||||||||||||||||||||
Number of Global Private Bank client advisors | 3,214 | 2,866 | 12 | 3,214 | 2,866 | 12 | |||||||||||||||||||||||
Credit
data and quality statistics(c) | |||||||||||||||||||||||||||||
Net charge-offs/(recoveries) | $ | 2 | $ | 9 | (78) | $ | — | $ | 8 | NM | |||||||||||||||||||
Nonaccrual loans | 615 | 620 | (1) | 615 | 620 | (1) | |||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||
Allowance for loan losses | $ | 649 | $ | 547 | 19 | $ | 649 | $ | 547 | 19 | |||||||||||||||||||
Allowance for lending-related commitments | 39 | 22 | 77 | 39 | 22 | 77 | |||||||||||||||||||||||
Total
allowance for credit losses | $ | 688 | (f) | $ | 569 | 21 | % | $ | 688 | (f) | $ | 569 | 21 | % | |||||||||||||||
Net charge-off/(recovery) rate | — | % | 0.02 | % | — | % | 0.01 | % | |||||||||||||||||||||
Allowance for loan losses to period-end loans | 0.29 | 0.25 | 0.29 | 0.25 | |||||||||||||||||||||||||
Allowance
for loan losses to nonaccrual loans | 106 | 88 | 106 | 88 | |||||||||||||||||||||||||
Nonaccrual loans to period-end loans | 0.28 | 0.28 | 0.28 | 0.28 |
Client assets | ||||||||||||||
As of June 30, | ||||||||||||||
(in billions) | 2023 | 2022 | Change | |||||||||||
Assets by asset class | ||||||||||||||
Liquidity | $ | 826 | $ | 654 | 26 | % | ||||||||
Fixed income | 718 | 624 | 15 | |||||||||||
Equity | 792 | 641 | 24 | |||||||||||
Multi-asset | 647 | 615 | 5 | |||||||||||
Alternatives | 205 | 209 | (2) | |||||||||||
Total assets under management | 3,188 | 2,743 | 16 | |||||||||||
Custody/brokerage/administration/deposits | 1,370 | (b) | 1,055 | 30 | ||||||||||
Total client assets(a) | $ | 4,558 | $ | 3,798 | 20 | |||||||||
Assets by client segment | ||||||||||||||
Private Banking | $ | 881 | $ | 712 | 24 | |||||||||
Global Institutional | 1,423 | 1,294 | 10 | |||||||||||
Global Funds | 884 | 737 | 20 | |||||||||||
Total assets under management | $ | 3,188 | $ | 2,743 | 16 | |||||||||
Private
Banking | $ | 2,170 | (b) | $ | 1,715 | 27 | ||||||||
Global Institutional | 1,497 | 1,339 | 12 | |||||||||||
Global Funds | 891 | 744 | 20 | |||||||||||
Total
client assets(a) | $ | 4,558 | $ | 3,798 | 20 | % |
Client assets (continued) | |||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(in billions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Assets under management rollforward | |||||||||||||||||
Beginning balance | $ | 3,006 | $ | 2,960 | $ | 2,766 | $ | 3,113 | |||||||||
Net asset flows: | |||||||||||||||||
Liquidity | 60 | — | 153 | (52) | |||||||||||||
Fixed income | 37 | (1) | 63 | (4) | |||||||||||||
Equity | 20 | 9 | 42 | 20 | |||||||||||||
Multi-asset | 3 | (3) | 1 | 3 | |||||||||||||
Alternatives | 1 | 1 | 2 | 6 | |||||||||||||
Market/performance/other
impacts | 61 | (223) | 161 | (343) | |||||||||||||
Ending balance, June 30 | $ | 3,188 | $ | 2,743 | $ | 3,188 | $ | 2,743 | |||||||||
Client
assets rollforward | |||||||||||||||||
Beginning balance | $ | 4,347 | $ | 4,116 | $ | 4,048 | $ | 4,295 | |||||||||
Net asset flows | 112 | (1) | 264 | (6) | |||||||||||||
Market/performance/other
impacts | 99 | (317) | 246 | (491) | |||||||||||||
Ending balance, June 30 | $ | 4,558 | $ | 3,798 | $ | 4,558 | $ | 3,798 |
International | |||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||
Total net revenue(a) | |||||||||||||||||||||||
Europe/Middle East/Africa | $ | 853 | $ | 719 | 19 | % | $ | 1,700 | $ | 1,489 | 14 | % | |||||||||||
Asia-Pacific | 497 | 452 | 10 | 974 | 912 | 7 | |||||||||||||||||
Latin America/Caribbean | 247 | 248 | — | 487 | 499 | (2) | |||||||||||||||||
Total international net revenue | 1,597 | 1,419 | 13 | 3,161 | 2,900 | 9 | |||||||||||||||||
North America | 3,346 | 2,887 | 16 | 6,566 | 5,721 | 15 | |||||||||||||||||
Total net revenue(a) | $ | 4,943 | $ | 4,306 | 15 | % | $ | 9,727 | $ | 8,621 | 13 | % |
As of June 30, | As of June 30, | ||||||||||||||||||||||
(in billions) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||
Assets under management | |||||||||||||||||||||||
Europe/Middle East/Africa | $ | 527 | $ | 481 | 10 | % | $ | 527 | $ | 481 | 10 | % | |||||||||||
Asia-Pacific | 252 | 214 | 18 | 252 | 214 | 18 | |||||||||||||||||
Latin America/Caribbean | 79 | 68 | 16 | 79 | 68 | 16 | |||||||||||||||||
Total international assets under management | 858 | 763 | 12 | 858 | 763 | 12 | |||||||||||||||||
North America | 2,330 | 1,980 | 18 | 2,330 | 1,980 | 18 | |||||||||||||||||
Total assets under management | $ | 3,188 | $ | 2,743 | 16 | $ | 3,188 | $ | 2,743 | 16 | |||||||||||||
Client assets | |||||||||||||||||||||||
Europe/Middle East/Africa | $ | 663 | $ | 595 | 11 | $ | 663 | $ | 595 | 11 | |||||||||||||
Asia-Pacific | 378 | 324 | 17 | 378 | 324 | 17 | |||||||||||||||||
Latin America/Caribbean | 217 | 184 | 18 | 217 | 184 | 18 | |||||||||||||||||
Total international client assets | 1,258 | 1,103 | 14 | 1,258 | 1,103 | 14 | |||||||||||||||||
North America | 3,300 | 2,695 | 22 | 3,300 | 2,695 | 22 | |||||||||||||||||
Total client assets | $ | 4,558 | $ | 3,798 | 20 | % | $ | 4,558 | $ | 3,798 | 20 | % |
CORPORATE |
Selected income statement and balance sheet data | ||||||||||||||||||||||||||||||||||||||
As
of or for the three months ended June 30, | As of or for the six months ended June 30, | |||||||||||||||||||||||||||||||||||||
(in millions, except headcount) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Principal transactions | $ | 113 | $ | 17 | NM | $ | 195 | $ | (144) | NM | ||||||||||||||||||||||||||||
Investment securities losses | (900) | (153) | (488) | % | (1,768) | (547) | (223) | % | ||||||||||||||||||||||||||||||
All other income | 2,767 | (c) | (108) | NM | 2,798 | (c) | 102 | NM | ||||||||||||||||||||||||||||||
Noninterest revenue | 1,980 | (244) | NM | 1,225 | (589) | NM | ||||||||||||||||||||||||||||||||
Net interest income | 1,738 | (c) | 324 | 436 | 3,478 | (c) | (212) | NM | ||||||||||||||||||||||||||||||
Total net revenue(a) | 3,718 | 80 | NM | 4,703 | (801) | NM | ||||||||||||||||||||||||||||||||
Provision for credit losses | (243) | 28 | NM | 127 | 57 | 123 | ||||||||||||||||||||||||||||||||
Noninterest expense | 1,152 | (c) | 206 | 459 | 1,312 | (c) | 390 | 236 | ||||||||||||||||||||||||||||||
Income/(loss)
before income tax expense/(benefit) | 2,809 | (154) | NM | 3,264 | (1,248) | NM | ||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | 169 | (d) | 20 | NM | 380 | (d) | (218) | NM | ||||||||||||||||||||||||||||||
Net income/(loss) | $ | 2,640 | $ | (174) | NM | $ | 2,884 | $ | (1,030) | NM | ||||||||||||||||||||||||||||
Total net revenue | ||||||||||||||||||||||||||||||||||||||
Treasury and CIO | $ | 1,261 | $ | 82 | NM | $ | 2,367 | $ | (862) | NM | ||||||||||||||||||||||||||||
Other Corporate | 2,457 | (c) | (2) | NM | 2,336 | (c) | 61 | NM | ||||||||||||||||||||||||||||||
Total net revenue | $ | 3,718 | $ | 80 | NM | $ | 4,703 | $ | (801) | NM | ||||||||||||||||||||||||||||
Net income/(loss) | ||||||||||||||||||||||||||||||||||||||
Treasury and CIO | $ | 1,057 | $ | 88 | NM | $ | 1,681 | $ | (660) | NM | ||||||||||||||||||||||||||||
Other Corporate | 1,583 | (c) | (262) | NM | 1,203 | (c) | (370) | NM | ||||||||||||||||||||||||||||||
Total net income/(loss) | $ | 2,640 | $ | (174) | NM | $ | 2,884 | $ | (1,030) | NM | ||||||||||||||||||||||||||||
Total assets (period-end) | $ | 1,263,595 | $ | 1,459,528 | (13) | $ | 1,263,595 | $ | 1,459,528 | (13) | ||||||||||||||||||||||||||||
Loans (period-end) | 2,172 | 2,187 | (1) | 2,172 | 2,187 | (1) | ||||||||||||||||||||||||||||||||
Deposits (period-end)(b) | 21,083 | 13,191 | 60 | 21,083 | 13,191 | 60 | ||||||||||||||||||||||||||||||||
Headcount | 45,235 | 40,348 | 12 | % | 45,235 | 40,348 | 12 | % |
Selected income statement and balance sheet data | ||||||||||||||||||||||||||||||||
As of or for the three months ended June 30, | As of or for the six months ended June 30, | |||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||
Investment securities losses | $ | (900) | $ | (153) | (488) | % | $ | (1,768) | $ | (547) | (223) | % | ||||||||||||||||||||
Available-for-sale securities (average) | $ | 198,620 | $ | 252,121 | (21) | $ | 200,687 | $ | 278,073 | (28) | ||||||||||||||||||||||
Held-to-maturity
securities (average)(a) | 410,594 | 418,843 | (2) | 413,953 | 391,978 | 6 | ||||||||||||||||||||||||||
Investment securities portfolio (average) | $ | 609,214 | $ | 670,964 | (9) | $ | 614,640 | $ | 670,051 | (8) | ||||||||||||||||||||||
Available-for-sale securities (period-end) | $ | 201,211 | (c) | $ | 220,213 | (9) | $ | 201,211 | (c) | $ | 220,213 | (9) | ||||||||||||||||||||
Held-to-maturity
securities (period-end)(a) | 408,941 | 441,649 | (7) | 408,941 | 441,649 | (7) | ||||||||||||||||||||||||||
Investment securities portfolio, net of allowance for credit losses (period-end)(b) | $ | 610,152 | $ | 661,862 | (8) | % | $ | 610,152 | $ | 661,862 | (8) | % |
FIRMWIDE RISK MANAGEMENT |
Risk governance and oversight functions | Form 10-Q page reference | Form 10-K page reference | ||||||
Strategic Risk | 85 | |||||||
Capital Risk | 48–53 | 86-96 | ||||||
Liquidity Risk | 54–61 | 97-104 | ||||||
Reputation Risk | 105 | |||||||
Consumer Credit Risk | 65–69 | 110-115 | ||||||
Wholesale Credit Risk | 70–79 | 116-126 | ||||||
Investment Portfolio Risk | 130 | |||||||
Market Risk | 84–89 | 131-138 | ||||||
Country Risk | 139-140 | |||||||
Climate Risk | 141 | |||||||
Operational Risk | 142-148 | |||||||
Compliance Risk | 145 | |||||||
Conduct Risk | 146 | |||||||
Legal Risk | 147 | |||||||
Estimations and Model Risk | 148 |
CAPITAL RISK MANAGEMENT |
Standardized | Advanced | ||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Capital ratio requirements(b) | Capital ratio requirements(b) | |||||||||||||||||||||||||||||||||
Risk-based
capital metrics:(a) | |||||||||||||||||||||||||||||||||||
CET1 capital | $ | 235,827 | $ | 218,934 | $ | 235,827 | $ | 218,934 | |||||||||||||||||||||||||||
Tier 1 capital | 262,585 | 245,631 | 262,585 | 245,631 | |||||||||||||||||||||||||||||||
Total capital | 295,281 | 277,769 | 281,953 | (c) | 264,583 | ||||||||||||||||||||||||||||||
Risk-weighted assets | 1,706,927 | 1,653,538 | 1,694,714 | (c) | 1,609,773 | ||||||||||||||||||||||||||||||
CET1 capital ratio | 13.8 | % | 13.2 | % | 12.5 | % | 13.9 | % | 13.6 | % | 11.0 | % | |||||||||||||||||||||||
Tier 1 capital ratio | 15.4 | 14.9 | 14.0 | 15.5 | 15.3 | 12.5 | |||||||||||||||||||||||||||||
Total capital ratio | 17.3 | 16.8 | 16.0 | 16.6 | 16.4 | 14.5 |
Three months ended (in millions, except ratios) | Capital ratio requirements(c) | |||||||||||||
Leverage-based capital
metrics:(a) | ||||||||||||||
Adjusted average assets(b) | $ | 3,796,579 | $ | 3,703,873 | ||||||||||
Tier 1 leverage ratio | 6.9 | % | 6.6 | % | 4.0 | % | ||||||||
Total leverage exposure | $ | 4,492,761 | $ | 4,367,092 | ||||||||||
SLR | 5.8 | % | 5.6 | % | 5.0 | % |
(in millions) | December 31, 2022 | ||||||||||
Total stockholders’ equity | $ | 312,516 | $ | 292,332 | |||||||
Less: Preferred stock | 27,404 | 27,404 | |||||||||
Common stockholders’ equity | 285,112 | 264,928 | |||||||||
Add: | |||||||||||
Certain deferred tax liabilities(a) | 3,097 | 2,510 | |||||||||
Other
CET1 capital adjustments(b) | 5,586 | 6,221 | |||||||||
Less: | |||||||||||
Goodwill(c) | 54,339 | 53,501 | |||||||||
Other intangible assets | 3,629 | 1,224 | |||||||||
Standardized/Advanced
CET1 capital | $ | 235,827 | $ | 218,934 | |||||||
Add: Preferred stock | 27,404 | 27,404 | |||||||||
Less: Other Tier 1 adjustments | 646 | 707 | |||||||||
Standardized/Advanced Tier 1 capital | $ | 262,585 | $ | 245,631 | |||||||
Long-term
debt and other instruments qualifying as Tier 2 capital | $ | 13,424 | $ | 13,569 | |||||||
Qualifying allowance for credit losses(d) | 20,459 | 19,353 | |||||||||
Other | (1,187) | (784) | |||||||||
Standardized
Tier 2 capital | $ | 32,696 | $ | 32,138 | |||||||
Standardized Total capital | $ | 295,281 | $ | 277,769 | |||||||
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(e) | (13,328) | (f) | (13,186) | ||||||||
Advanced
Tier 2 capital | $ | 19,368 | $ | 18,952 | |||||||
Advanced Total capital | $ | 281,953 | $ | 264,583 |
Six months ended June 30, (in millions) | 2023 | |||||||
Standardized/Advanced CET1 capital at December 31, 2022 | $ | 218,934 | ||||||
Net income applicable to common equity | 26,365 | |||||||
Dividends declared on common stock | (5,911) | |||||||
Net purchase of treasury stock | (4,304) | |||||||
Changes in additional paid-in capital | 534 | |||||||
Changes related to AOCI applicable to capital: | ||||||||
Unrealized gains/(losses) on investment securities | 2,969 | |||||||
Translation
adjustments, net of hedges(a) | 267 | |||||||
Fair value hedges | (10) | |||||||
Defined benefit pension and other postretirement employee benefit (“OPEB”) plans | (61) | |||||||
Changes related to other CET1 capital adjustments(b) | (2,956) | |||||||
Change in Standardized/Advanced CET1 capital | 16,893 | |||||||
Standardized/Advanced CET1 capital at June 30, 2023 | $ | 235,827 | ||||||
Standardized/Advanced Tier 1 capital at December 31, 2022 | $ | 245,631 | ||||||
Change in CET1 capital(b) | 16,893 | |||||||
Redemptions of noncumulative perpetual preferred stock | — | |||||||
Other | 61 | |||||||
Change in Standardized/Advanced Tier 1 capital | 16,954 | |||||||
Standardized/Advanced Tier 1 capital at June 30, 2023 | $ | 262,585 | ||||||
Standardized Tier 2 capital at December 31, 2022 | $ | 32,138 | ||||||
Change in long-term debt and other instruments qualifying as Tier 2 | (145) | |||||||
Change
in qualifying allowance for credit losses(b) | 1,106 | |||||||
Other | (403) | |||||||
Change in Standardized Tier 2 capital | 558 | |||||||
Standardized Tier 2 capital at June 30, 2023 | $ | 32,696 | ||||||
Standardized Total capital at June 30, 2023 | $ | 295,281 | ||||||
Advanced Tier 2 capital at December 31, 2022 | $ | 18,952 | ||||||
Change in long-term debt and other instruments qualifying as Tier 2 | (145) | |||||||
Change in qualifying allowance for credit losses(b)(c) | 964 | |||||||
Other | (403) | |||||||
Change
in Advanced Tier 2 capital | 416 | |||||||
Advanced Tier 2 capital at June 30, 2023 | $ | 19,368 | ||||||
Advanced Total capital at June 30, 2023 | $ | 281,953 |
Standardized | Advanced | |||||||||||||||||||||||||
Six months ended June 30, 2023 (in millions) | Credit risk RWA(c) | Market risk RWA | Total RWA | Credit risk RWA(c)(d) | Market risk RWA | Operational risk RWA | Total RWA | |||||||||||||||||||
December 31, 2022 | $ | 1,568,536 | $ | 85,002 | $ | 1,653,538 | $ | 1,078,076 | $ | 85,432 | $ | 446,265 | $ | 1,609,773 | ||||||||||||
Model
& data changes(a) | (6,013) | (3,592) | (9,605) | (3,772) | (3,592) | — | (7,364) | |||||||||||||||||||
Movement in portfolio levels(b) | 70,207 | (7,213) | 62,994 | 102,745 | (7,487) | (2,953) | 92,305 | |||||||||||||||||||
Changes in RWA | 64,194 | (10,805) | 53,389 | 98,973 | (11,079) | (2,953) | 84,941 | |||||||||||||||||||
June 30, 2023 | $ | 1,632,730 | $ | 74,197 | $ | 1,706,927 | $ | 1,177,049 | $ | 74,353 | $ | 443,312 | $ | 1,694,714 |
Three months ended (in millions, except ratio) | June
30, 2023 | ||||||||||
Tier 1 capital | $ | 262,585 | $ | 245,631 | |||||||
Total average assets | 3,851,388 | 3,755,271 | |||||||||
Less: Regulatory capital adjustments(a) | 54,809 | 51,398 | |||||||||
Total
adjusted average assets(b) | 3,796,579 | 3,703,873 | |||||||||
Add: Off-balance sheet exposures(c) | 696,182 | 663,219 | |||||||||
Total leverage exposure | $ | 4,492,761 | $ | 4,367,092 | |||||||
SLR | 5.8 | % | 5.6 | % |
Line of business equity (Allocated capital) | |||||||||||
(in billions) | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||
Consumer & Community Banking | $ | 55.5 | $ | 52.0 | $ | 50.0 | |||||
Corporate & Investment Bank | 108.0 | 108.0 | 103.0 | ||||||||
Commercial Banking | 30.0 | 28.5 | 25.0 | ||||||||
Asset & Wealth Management | 17.0 | 16.0 | 17.0 | ||||||||
Corporate | 74.6 | 71.2 | 69.9 | ||||||||
Total common stockholders’ equity | $ | 285.1 | $ | 275.7 | $ | 264.9 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Total number of shares of common stock repurchased | 16.7 | 5.0 | 38.7 | 23.1 | ||||||||||
Aggregate
purchase price of common stock repurchases | $ | 2,293 | $ | 622 | $ | 5,233 | $ | 3,122 |
June 30, 2023 | ||||||||||||||
(in billions, except ratio) | External TLAC | LTD | External TLAC | LTD | ||||||||||
Total eligible amount | $ | 493.8 | $ | 218.2 | $ | 486.0 | $ | 228.5 | ||||||
% of RWA | 28.9 | % | 12.8 | % | 29.4 | % | 13.8 | % | ||||||
Regulatory requirements | 23.0 | 10.0 | 22.5 | 9.5 | ||||||||||
Surplus/(shortfall) | $ | 101.2 | $ | 47.6 | $ | 114.0 | $ | 71.4 | ||||||
% of total leverage exposure | 11.0 | % | 4.9 | % | 11.1 | % | 5.2 | % | ||||||
Regulatory requirements | 9.5 | 4.5 | 9.5 | 4.5 | ||||||||||
Surplus/(shortfall) | $ | 66.9 | $ | 16.1 | $ | 71.2 | $ | 32.0 |
June 30, 2023 | ||||||||
(in millions) | Actual | Minimum | ||||||
Net Capital | $ | 24,578 | $ | 5,593 |
June 30, 2023 | Regulatory
Minimum ratios(a) | ||||||||||
(in millions, except ratios) | Estimated | ||||||||||
Total capital | $ | 55,711 | |||||||||
CET1 capital ratio | 17.1 | % | 4.5 | % | |||||||
Tier 1 capital ratio | 22.1 | 6.0 | |||||||||
Total capital ratio | 28.2 | 8.0 | |||||||||
Tier 1 leverage ratio | 7.0 | 3.3 | (b) |
June 30, 2023 | Regulatory Minimum ratios(a) | |||||||
(in millions, except ratios) | Estimated | |||||||
Total capital | $ | 43,524 | ||||||
CET1 capital ratio | 19.9 | % | 4.5 | % | ||||
Tier 1 capital ratio | 19.9 | 6.0 | ||||||
Total capital ratio | 35.4 | 8.0 | ||||||
Tier 1 leverage ratio | 5.5 | 3.0 |
LIQUIDITY RISK MANAGEMENT |
Three months ended | |||||||||||
Average amount (in millions) | June 30, 2023 | March 31, 2023 | June 30, 2022 | ||||||||
JPMorgan Chase & Co.: | |||||||||||
HQLA | |||||||||||
Eligible cash(a) | $ | 440,294 | $ | 453,287 | $ | 634,480 | |||||
Eligible
securities(b)(c) | 327,837 | 278,223 | 107,473 | ||||||||
Total HQLA(d)(e) | $ | 768,131 | $ | 731,510 | $ | 741,953 | |||||
Net cash outflows | $ | 683,446 | $ | 642,650 | $ | 676,234 | |||||
LCR | 112 | % | 114 | % | 110 | % | |||||
Net
excess eligible HQLA(d) | $ | 84,685 | $ | 88,860 | $ | 65,719 | |||||
JPMorgan Chase Bank N.A.: | |||||||||||
LCR | 129 | % | 140 | % | 169 | % | |||||
Net excess eligible HQLA | $ | 211,233 | $ | 278,651 | $ | 487,867 |
June 30, 2023 | December 31, 2022 | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Consumer &
Community Banking | $ | 1,173,514 | $ | 1,131,611 | $ | 1,157,309 | $ | 1,180,453 | $ | 1,135,261 | $ | 1,167,057 | ||||||||||||||||||||
Corporate
& Investment Bank | 735,576 | 689,893 | 722,818 | 773,664 | 711,266 | 765,200 | ||||||||||||||||||||||||||
Commercial Banking | 269,026 | 271,342 | 275,196 | 300,339 | 270,595 | 308,518 | ||||||||||||||||||||||||||
Asset
& Wealth Management | 199,763 | 233,130 | 211,872 | 268,861 | 218,078 | 278,256 | ||||||||||||||||||||||||||
Corporate | 21,083 | 14,203 | 20,219 | 8,995 | 18,931 | 4,948 | ||||||||||||||||||||||||||
Total Firm | $ | 2,398,962 | $ | 2,340,179 | $ | 2,387,414 | $ | 2,532,312 | $ | 2,354,131 | $ | 2,523,979 |
(in
millions) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
Three months or less | $ | 33,242 | $ | 74,455 | $ | 25,910 | (a) | $ | 68,765 | ||||||||||||||
Over three months but within 6 months | 15,044 | 5,452 | 8,670 | 3,658 | |||||||||||||||||||
Over six months but within 12 months | 8,014 | 3,524 | 7,035 | 2,850 | |||||||||||||||||||
Over 12 months | 770 | 2,506 | 787 | 2,634 | |||||||||||||||||||
Total | $ | 57,070 | $ | 85,937 | $ | 42,402 | $ | 77,907 |
(in billions except ratios) | June 30, 2023 | December 31, 2022 | |||||||||
Deposits | $ | 2,399.0 | $ | 2,340.2 | |||||||
Deposits as a % of total liabilities | 67 | % | 69 | % | |||||||
Loans | $ | 1,300.1 | $ | 1,135.6 | |||||||
Loans-to-deposits
ratio | 54 | % | 49 | % |
(Unaudited) (in millions) | Average balances | |||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
U.S. offices | ||||||||||||||||||||||||||
Noninterest-bearing | $ | 646,767 | $ | 713,059 | $ | 635,748 | $ | 709,294 | ||||||||||||||||||
Interest-bearing | ||||||||||||||||||||||||||
Demand(a) | 286,453 | 352,081 | 283,524 | 346,005 | ||||||||||||||||||||||
Savings(b) | 883,737 | 987,067 | 887,257 | 996,138 | ||||||||||||||||||||||
Time | 138,985 | 54,670 | 118,960 | 52,904 | ||||||||||||||||||||||
Total interest-bearing deposits | 1,309,175 | 1,393,818 | 1,289,741 | 1,395,047 | ||||||||||||||||||||||
Total deposits in U.S. offices | 1,955,942 | 2,106,877 | 1,925,489 | 2,104,341 | ||||||||||||||||||||||
Non-U.S. offices | ||||||||||||||||||||||||||
Noninterest-bearing | 24,948 | 28,832 | 25,390 | 28,789 | ||||||||||||||||||||||
Interest-bearing | ||||||||||||||||||||||||||
Demand | 320,822 | 335,102 | 320,527 | 331,348 | ||||||||||||||||||||||
Time | 85,702 | 61,501 | 82,725 | 59,501 | ||||||||||||||||||||||
Total interest-bearing deposits | 406,524 | 396,603 | 403,252 | 390,849 | ||||||||||||||||||||||
Total deposits in non-U.S. offices | 431,472 | 425,435 | 428,642 | 419,638 | ||||||||||||||||||||||
Total deposits | $ | 2,387,414 | $ | 2,532,312 | $ | 2,354,131 | $ | 2,523,979 | ||||||||||||||||||
(Unaudited) | Average interest rates | |||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||
U.S. offices | ||||||||||||||||||||||||||
Noninterest-bearing | NA | NA | NA | NA | ||||||||||||||||||||||
Interest-bearing | ||||||||||||||||||||||||||
Demand(a) | 3.41 | % | 0.32 | % | 3.09 | % | 0.18 | % | ||||||||||||||||||
Savings(b) | 1.04 | 0.12 | 0.97 | 0.10 | ||||||||||||||||||||||
Time | 4.53 | 0.92 | 4.52 | 0.60 | ||||||||||||||||||||||
Total interest-bearing deposits | 1.93 | 0.20 | 1.75 | 0.14 | ||||||||||||||||||||||
Total deposits in U.S. offices | 1.28 | 0.12 | 1.19 | 0.08 | ||||||||||||||||||||||
Non-U.S. offices | ||||||||||||||||||||||||||
Noninterest-bearing | NA | NA | NA | NA | ||||||||||||||||||||||
Interest-bearing | ||||||||||||||||||||||||||
Demand | 2.53 | 0.08 | 2.38 | 0.02 | ||||||||||||||||||||||
Time | 5.66 | 0.72 | 5.32 | 0.38 | ||||||||||||||||||||||
Total interest-bearing deposits | 3.21 | 0.20 | 2.98 | 0.08 | ||||||||||||||||||||||
Total deposits in non-U.S. offices | 3.01 | 0.16 | 2.80 | 0.06 | ||||||||||||||||||||||
Total deposits | 1.60 | % | 0.16 | % | 1.47 | % | 0.08 | % |
June 30, 2023 | December 31, 2022 | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Commercial
paper | $ | 11,686 | $ | 12,557 | $ | 11,057 | $ | 19,589 | $ | 11,930 | $ | 17,097 | |||||||||||||||||||||||||||||||||||
Other
borrowed funds | 7,532 | 8,418 | 9,791 | 12,533 | 9,931 | 13,061 | |||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 1,783 | 1,684 | 1,564 | 1,241 | 1,729 | 1,467 | |||||||||||||||||||||||||||||||||||||||||
Total short-term unsecured funding | $ | 21,001 | $ | 22,659 | $ | 22,412 | $ | 33,363 | $ | 23,590 | $ | 31,625 | |||||||||||||||||||||||||||||||||||
Securities
sold under agreements to repurchase(a) | $ | 260,999 | $ | 198,382 | $ | 258,297 | $ | 227,075 | $ | 252,322 | $ | 235,300 | |||||||||||||||||||||||||||||||||||
Securities
loaned(a) | 3,490 | 2,547 | 3,857 | 5,060 | 3,994 | 4,982 | |||||||||||||||||||||||||||||||||||||||||
Other borrowed funds | 21,804 | (g) | 23,052 | 21,179 | 26,376 | 22,037 | 27,152 | ||||||||||||||||||||||||||||||||||||||||
Obligations
of Firm-administered multi-seller conduits(b) | 16,383 | 9,236 | 12,741 | 6,779 | 11,622 | 6,625 | |||||||||||||||||||||||||||||||||||||||||
Total short-term
secured funding | $ | 302,676 | $ | 233,217 | $ | 296,074 | $ | 265,290 | $ | 289,975 | $ | 274,059 | |||||||||||||||||||||||||||||||||||
Senior notes | $ | 177,966 | $ | 188,025 | $ | 180,712 | $ | 187,143 | $ | 182,830 | $ | 188,779 | |||||||||||||||||||||||||||||||||||
Subordinated debt | 19,763 | 21,803 | 20,543 | 19,139 | 21,182 | 19,688 | |||||||||||||||||||||||||||||||||||||||||
Structured notes(c) | 76,648 | 70,839 | 75,075 | 66,025 | 74,413 | 68,584 | |||||||||||||||||||||||||||||||||||||||||
Total long-term unsecured funding | $ | 274,377 | $ | 280,667 | $ | 276,330 | $ | 272,307 | $ | 278,425 | $ | 277,051 | |||||||||||||||||||||||||||||||||||
Credit
card securitization(b) | $ | 999 | $ | 1,999 | $ | 999 | $ | 1,748 | $ | 1,087 | $ | 2,010 | |||||||||||||||||||||||||||||||||||
FHLB advances | 36,094 | (d) | 11,093 | 28,420 | 11,106 | 19,804 | 11,107 | ||||||||||||||||||||||||||||||||||||||||
Purchase Money Note(d) | 48,883 | NA | 32,745 | NA | 16,463 | NA | |||||||||||||||||||||||||||||||||||||||||
Other
long-term secured funding(e) | 4,724 | 4,105 | 4,667 | 3,807 | 4,383 | 3,858 | |||||||||||||||||||||||||||||||||||||||||
Total long-term secured funding | $ | 90,700 | $ | 17,197 | $ | 66,831 | $ | 16,661 | $ | 41,737 | $ | 16,975 | |||||||||||||||||||||||||||||||||||
Preferred
stock(f) | $ | 27,404 | $ | 27,404 | $ | 27,404 | $ | 32,838 | $ | 27,404 | $ | 33,180 | |||||||||||||||||||||||||||||||||||
Common
stockholders’ equity(f) | $ | 285,112 | $ | 264,928 | $ | 277,885 | $ | 247,986 | $ | 274,560 | $ | 250,234 |
Long-term
unsecured funding | |||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
(Notional
in millions) | Parent Company | ||||||||||||||||||||||||||||||||||
Issuance | |||||||||||||||||||||||||||||||||||
Senior notes issued in the U.S. market | $ | 2,500 | $ | 13,000 | $ | 2,500 | $ | 21,100 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Senior
notes issued in non-U.S. markets | — | — | — | 2,752 | — | — | — | — | |||||||||||||||||||||||||||
Total senior notes | 2,500 | 13,000 | 2,500 | 23,852 | — | — | — | — | |||||||||||||||||||||||||||
Structured
notes(a) | 563 | 918 | 1,444 | 2,074 | 7,947 | 11,230 | 15,665 | 19,679 | |||||||||||||||||||||||||||
Total long-term unsecured funding – issuance | $ | 3,063 | $ | 13,918 | $ | 3,944 | $ | 25,926 | $ | 7,947 | $ | 11,230 | $ | 15,665 | $ | 19,679 | |||||||||||||||||||
Maturities/redemptions | |||||||||||||||||||||||||||||||||||
Senior notes | $ | 6,335 | $ | 5,000 | $ | 13,433 | $ | 8,693 | $ | 2 | $ | — | $ | 67 | $ | 64 | |||||||||||||||||||
Subordinated debt | 2,027 | — | 2,027 | — | — | — | — | — | |||||||||||||||||||||||||||
Structured notes | 324 | 415 | 771 | 1,392 | 6,479 | 7,428 | 13,981 | 15,075 | |||||||||||||||||||||||||||
Total
long-term unsecured funding – maturities/redemptions | $ | 8,686 | $ | 5,415 | $ | 16,231 | $ | 10,085 | $ | 6,481 | $ | 7,428 | $ | 14,048 | $ | 15,139 |
Long-term secured funding | |||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||||
Issuance | Maturities/Redemptions | Issuance | Maturities/Redemptions | ||||||||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Credit card securitization | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,000 | $ | 650 | |||||||||||||||||||||||||
FHLB
advances | 25,775 | (a) | — | 602 | 4 | 25,775 | (a) | — | 604 | 6 | |||||||||||||||||||||||||||||||
Purchase
Money Note(a) | 50,000 | NA | — | NA | 50,000 | NA | — | NA | |||||||||||||||||||||||||||||||||
Other long-term secured funding(b) | 591 | 82 | 58 | 31 | 742 | 284 | 112 | 92 | |||||||||||||||||||||||||||||||||
Total
long-term secured funding | $ | 76,366 | $ | 82 | $ | 660 | $ | 35 | $ | 76,517 | $ | 284 | $ | 1,716 | $ | 748 |
JPMorgan Chase & Co. | JPMorgan Chase Bank, N.A. | J.P. Morgan Securities LLC J.P. Morgan Securities plc J.P. Morgan SE | |||||||||||||||||||||||||||||||||
June 30, 2023 | 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 | A1 | P-1 | Stable | Aa2 | P-1 | Stable | Aa3 | P-1 | Stable | ||||||||||||||||||||||||||
Standard & Poor’s (a) | A- | A-2 | Stable | A+ | A-1 | Stable | A+ | A-1 | Stable | ||||||||||||||||||||||||||
Fitch Ratings | AA- | F1+ | Stable | AA | F1+ | Stable | AA | F1+ | Stable |
CREDIT AND INVESTMENT RISK MANAGEMENT |
CREDIT PORTFOLIO |
Total credit portfolio | ||||||||||||||||||||
Credit exposure | Nonperforming(d) | |||||||||||||||||||
(in millions) | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | ||||||||||||||||
Loans retained | $ | 1,255,688 | $ | 1,089,598 | $ | 6,377 | $ | 5,837 | ||||||||||||
Loans held-for-sale | 5,592 | 3,970 | 119 | 54 | ||||||||||||||||
Loans at fair value | 38,789 | 42,079 | 777 | 829 | ||||||||||||||||
Total loans | 1,300,069 | 1,135,647 | 7,273 | 6,720 | ||||||||||||||||
Derivative receivables | 64,217 | 70,880 | 286 | 296 | ||||||||||||||||
Receivables
from customers(a) | 42,741 | 49,257 | — | — | ||||||||||||||||
Total credit-related assets | 1,407,027 | 1,255,784 | 7,559 | 7,016 | ||||||||||||||||
Assets
acquired in loan satisfactions | ||||||||||||||||||||
Real estate owned | NA | NA | 243 | 203 | ||||||||||||||||
Other | NA | NA | 36 | 28 | ||||||||||||||||
Total
assets acquired in loan satisfactions | NA | NA | 279 | 231 | ||||||||||||||||
Lending-related commitments | 1,473,420 | 1,326,782 | 332 | 455 | ||||||||||||||||
Total credit portfolio | $ | 2,880,447 | (c) | $ | 2,582,566 | $ | 8,170 | $ | 7,702 | |||||||||||
Credit derivatives and credit-related notes used in credit portfolio management activities(b) | $ | (32,090) | $ | (19,330) | $ | — | $ | — | ||||||||||||
Liquid securities and other cash collateral held against derivatives | (23,282) | (23,014) | NA | NA |
(in millions, except ratios) | June 30, 2023 | Dec 31, 2022 | ||||||
Total nonaccrual loans | $ | 7,273 | $ | 6,720 | ||||
Total loans | 1,300,069 | 1,135,647 | ||||||
Firmwide nonaccrual loans to total loans outstanding | 0.56 | % | 0.59 | % |
(in
millions, except ratios) | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Net charge-offs | $ | 1,411 | $ | 657 | $ | 2,548 | $ | 1,239 | ||||||
Average retained loans | 1,194,044 | 1,035,933 | 1,138,550 | 1,020,180 | ||||||||||
Net charge-off rates | 0.47 | % | 0.25 | % | 0.45 | % | 0.24 | % |
CONSUMER CREDIT PORTFOLIO |
Consumer credit portfolio | ||||||||||||||||||||
(in millions) | Credit exposure | Nonaccrual
loans((j)(k)(l) | ||||||||||||||||||
Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | |||||||||||||||||
Consumer, excluding credit card | ||||||||||||||||||||
Residential real estate(a) | $ | 328,010 | $ | 237,561 | $ | 3,641 | $ | 3,745 | ||||||||||||
Auto
and other(b)(c) | 68,185 | 63,192 | 143 | 129 | ||||||||||||||||
Total loans – retained | 396,195 | 300,753 | 3,784 | 3,874 | ||||||||||||||||
Loans held-for-sale | 549 | 618 | 71 | 28 | ||||||||||||||||
Loans at fair value(d) | 11,460 | 10,004 | 410 | 423 | ||||||||||||||||
Total consumer, excluding credit card loans | 408,204 | 311,375 | 4,265 | 4,325 | ||||||||||||||||
Lending-related commitments(e) | 50,846 | 33,518 | ||||||||||||||||||
Total consumer exposure, excluding credit card | 459,050 | (i) | 344,893 | |||||||||||||||||
Credit card | ||||||||||||||||||||
Loans retained(f) | 191,348 | 185,175 | NA | NA | ||||||||||||||||
Total credit card loans | 191,348 | 185,175 | NA | NA | ||||||||||||||||
Lending-related commitments(e)(g) | 881,485 | 821,284 | ||||||||||||||||||
Total credit card exposure | 1,072,833 | 1,006,459 | ||||||||||||||||||
Total consumer credit portfolio | $ | 1,531,883 | $ | 1,351,352 | $ | 4,265 | $ | 4,325 | ||||||||||||
Credit-related notes used in credit portfolio management activities(h) | $ | (985) | $ | (1,187) |
Three months ended June 30, | ||||||||||||||||||||||||||
(in millions, except ratios) | Net charge-offs/(recoveries) | Average loans - retained | Net charge-off/(recovery) rate(m) | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
Consumer, excluding credit card | ||||||||||||||||||||||||||
Residential real estate | $ | (25) | $ | (67) | $ | 293,073 | $ | 232,770 | (0.03) | % | (0.12) | % | ||||||||||||||
Auto and other | 147 | 94 | 66,470 | 66,879 | 0.89 | 0.56 | ||||||||||||||||||||
Total consumer, excluding credit card - retained | 122 | 27 | 359,543 | 299,649 | 0.14 | 0.04 | ||||||||||||||||||||
Credit card - retained | 1,124 | 580 | 187,027 | 158,434 | 2.41 | 1.47 | ||||||||||||||||||||
Total consumer - retained | $ | 1,246 | $ | 607 | $ | 546,570 | $ | 458,083 | 0.91 | % | 0.53 | % |
Six months ended June 30, | ||||||||||||||||||||||||||
(in millions, except ratios) | Net charge-offs/(recoveries) | Average loans - retained | Net charge-off/(recovery) rate(m) | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
Consumer, excluding credit card | ||||||||||||||||||||||||||
Residential real estate | $ | (45) | $ | (134) | $ | 265,082 | $ | 229,369 | (0.03) | % | (0.12) | % | ||||||||||||||
Auto and other | 299 | 207 | 65,145 | 68,197 | 0.93 | 0.61 | ||||||||||||||||||||
Total consumer, excluding credit card - retained | 254 | 73 | 330,227 | 297,566 | 0.16 | 0.05 | ||||||||||||||||||||
Credit card - retained | 2,046 | 1,086 | 183,757 | 153,941 | 2.25 | 1.42 | ||||||||||||||||||||
Total consumer - retained | $ | 2,300 | $ | 1,159 | $ | 513,984 | $ | 451,507 | 0.90 | % | 0.52 | % |
June
30, 2023 (in millions) | Within 1 year(d) | 1-5 years | 5-15 years | After 15 years | Total | ||||||||||||||||||||||||
Consumer, excluding credit card | |||||||||||||||||||||||||||||
Residential real estate | $ | 16,797 | $ | 27,570 | $ | 109,586 | $ | 183,944 | $ | 337,897 | |||||||||||||||||||
Auto and other | 19,826 | (e) | 45,847 | 4,629 | 5 | 70,307 | |||||||||||||||||||||||
Total
consumer, excluding credit card loans(a) | $ | 36,623 | $ | 73,417 | $ | 114,215 | $ | 183,949 | $ | 408,204 | |||||||||||||||||||
Total credit card loans | $ | 190,780 | $ | 568 | $ | — | $ | — | $ | 191,348 | |||||||||||||||||||
Total consumer loans | $ | 227,403 | $ | 73,985 | $ | 114,215 | $ | 183,949 | $ | 599,552 | |||||||||||||||||||
Loans due after one year at fixed interest rates | |||||||||||||||||||||||||||||
Residential real estate(b) | $ | 20,332 | $ | 59,618 | $ | 91,537 | |||||||||||||||||||||||
Auto and other | 45,771 | 3,678 | 5 | ||||||||||||||||||||||||||
Credit card | 568 | — | — | ||||||||||||||||||||||||||
Loans due after one year at variable interest rates | |||||||||||||||||||||||||||||
Residential real estate(c) | $ | 7,238 | $ | 49,968 | $ | 92,407 | |||||||||||||||||||||||
Auto and other | 76 | 951 | — | ||||||||||||||||||||||||||
Total consumer loans | $ | 73,985 | $ | 114,215 | $ | 183,949 |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||
Current | $ | 614 | $ | 659 | ||||
30-89 days past due | 112 | 136 | ||||||
90 or more days past due | 215 | 302 | ||||||
Total government guaranteed loans | $ | 941 | $ | 1,097 |
Nonperforming assets(a) | |||||||||||
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||
Nonaccrual loans | |||||||||||
Residential real estate(b) | $ | 4,122 | $ | 4,196 | |||||||
Auto and other(c) | 143 | 129 | |||||||||
Total nonaccrual loans | 4,265 | 4,325 | |||||||||
Assets
acquired in loan satisfactions | |||||||||||
Real estate owned | 126 | 129 | |||||||||
Other | 36 | 28 | |||||||||
Total assets acquired in loan satisfactions | 162 | 157 | |||||||||
Total nonperforming assets | $ | 4,427 | $ | 4,482 |
Nonaccrual loan activity | ||||||||
Six
months ended June 30, (in millions) | 2023 | 2022 | ||||||
Beginning balance | $ | 4,325 | $ | 5,350 | ||||
Additions | 1,290 | 1,149 | ||||||
Reductions: | ||||||||
Principal payments and other(a) | 486 | 789 | ||||||
Charge-offs | 202 | 117 | ||||||
Returned to performing status | 573 | 824 | ||||||
Foreclosures and other liquidations | 89 | 97 | ||||||
Total reductions | 1,350 | 1,827 | ||||||
Net changes | (60) | (678) | ||||||
Ending balance | $ | 4,265 | $ | 4,672 |
WHOLESALE CREDIT PORTFOLIO |
Wholesale credit portfolio | ||||||||||||||||||||
Credit exposure | Nonperforming | |||||||||||||||||||
(in millions) | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | ||||||||||||||||
Loans retained | $ | 668,145 | $ | 603,670 | $ | 2,593 | $ | 1,963 | ||||||||||||
Loans held-for-sale | 5,043 | 3,352 | 48 | 26 | ||||||||||||||||
Loans at fair value | 27,329 | 32,075 | 367 | 406 | ||||||||||||||||
Loans | 700,517 | 639,097 | 3,008 | 2,395 | ||||||||||||||||
Derivative receivables | 64,217 | 70,880 | 286 | 296 | ||||||||||||||||
Receivables from customers(a) | 42,741 | 49,257 | — | — | ||||||||||||||||
Total wholesale credit-related assets | 807,475 | 759,234 | 3,294 | 2,691 | ||||||||||||||||
Assets acquired in loan satisfactions | ||||||||||||||||||||
Real estate owned | — | NA | 117 | 74 | ||||||||||||||||
Other | — | NA | — | — | ||||||||||||||||
Total
assets acquired in loan satisfactions | — | NA | 117 | 74 | ||||||||||||||||
Lending-related commitments | 541,089 | 471,980 | 332 | 455 | ||||||||||||||||
Total wholesale credit portfolio | $ | 1,348,564 | (c) | $ | 1,231,214 | $ | 3,743 | $ | 3,220 | |||||||||||
Credit derivatives and credit-related notes used in credit portfolio management activities(b) | $ | (31,105) | $ | (18,143) | $ | — | $ | — | ||||||||||||
Liquid securities and other cash collateral held against derivatives | (23,282) | (23,014) | — | NA |
Maturity
profile(d) | Ratings profile | |||||||||||||||||||||||||||||||
1 year or less | 1 year through 5 years | After 5 years | Total | Investment-grade | Noninvestment-grade | Total | Total % of IG | |||||||||||||||||||||||||
June
30, 2023, (in millions, except ratios) | ||||||||||||||||||||||||||||||||
Loans retained | $ | 225,626 | $ | 265,856 | $ | 176,663 | $ | 668,145 | $ | 451,978 | $ | 216,167 | $ | 668,145 | 68 | % | ||||||||||||||||
Derivative receivables | 64,217 | 64,217 | ||||||||||||||||||||||||||||||
Less: Liquid securities and other cash collateral held against derivatives | (23,282) | (23,282) | ||||||||||||||||||||||||||||||
Total derivative receivables, net of collateral | 12,198 | 11,089 | 17,648 | 40,935 | 32,682 | 8,253 | 40,935 | 80 | ||||||||||||||||||||||||
Lending-related commitments | 141,356 | 375,289 | 24,444 | 541,089 | 354,209 | 186,880 | 541,089 | 65 | ||||||||||||||||||||||||
Subtotal | 379,180 | 652,234 | 218,755 | 1,250,169 | 838,869 | 411,300 | 1,250,169 | 67 | ||||||||||||||||||||||||
Loans
held-for-sale and loans at fair value(a) | 32,372 | 32,372 | ||||||||||||||||||||||||||||||
Receivables from customers | 42,741 | 42,741 | ||||||||||||||||||||||||||||||
Total exposure – net of liquid securities and other cash collateral held against derivatives | $ | 1,325,282 | $ | 1,325,282 | ||||||||||||||||||||||||||||
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c) | $ | (6,612) | $ | (22,502) | $ | (1,991) | $ | (31,105) | $ | (26,836) | $ | (4,269) | $ | (31,105) | 86 | % |
Maturity
profile(d) | Ratings profile | ||||||||||||||||||||||||||||||||||
1 year or less | 1 year through 5 years | After 5 years | Total | Investment-grade | Noninvestment-grade | Total | Total % of IG | ||||||||||||||||||||||||||||
December
31, 2022 (in millions, except ratios) | |||||||||||||||||||||||||||||||||||
Loans retained | $ | 204,761 | $ | 253,896 | $ | 145,013 | $ | 603,670 | $ | 425,412 | $ | 178,258 | $ | 603,670 | 70 | % | |||||||||||||||||||
Derivative receivables | 70,880 | 70,880 | |||||||||||||||||||||||||||||||||
Less: Liquid securities and other cash collateral held against derivatives | (23,014) | (23,014) | |||||||||||||||||||||||||||||||||
Total derivative receivables, net of collateral | 13,508 | 14,880 | 19,478 | 47,866 | 36,231 | 11,635 | 47,866 | 76 | |||||||||||||||||||||||||||
Lending-related commitments | 101,083 | 347,456 | 23,441 | 471,980 | 327,168 | 144,812 | 471,980 | 69 | |||||||||||||||||||||||||||
Subtotal | 319,352 | 616,232 | 187,932 | 1,123,516 | 788,811 | 334,705 | 1,123,516 | 70 | |||||||||||||||||||||||||||
Loans
held-for-sale and loans at fair value(a) | 35,427 | 35,427 | |||||||||||||||||||||||||||||||||
Receivables from customers | 49,257 | 49,257 | |||||||||||||||||||||||||||||||||
Total exposure – net of liquid securities and other cash collateral held against derivatives | $ | 1,208,200 | $ | 1,208,200 | |||||||||||||||||||||||||||||||
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c) | $ | (2,817) | $ | (13,530) | $ | (1,796) | $ | (18,143) | $ | (15,115) | $ | (3,028) | $ | (18,143) | 83 | % |
Wholesale
credit exposure – industries(a) | |||||||||||||||||||||||||||||
Selected metrics | |||||||||||||||||||||||||||||
30 days or more past due and accruing loans | Net charge-offs/ (recoveries) | Credit derivative hedges
and credit-related notes(i) | Liquid securities and other cash collateral held against derivative receivables | ||||||||||||||||||||||||||
Noninvestment-grade | |||||||||||||||||||||||||||||
As of or for the six months ended | Credit exposure(f)(g)(h) | Investment- grade | Noncriticized | Criticized performing | Criticized nonperforming | ||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Real Estate | $ | 206,912 | $ | 151,293 | $ | 50,328 | $ | 4,715 | $ | 576 | $ | 286 | $ | 102 | $ | (671) | $ | — | |||||||||||
Individuals
and Individual Entities(b) | 141,178 | 115,505 | 24,954 | 210 | 509 | 1,158 | — | — | — | ||||||||||||||||||||
Asset Managers | 138,143 | 87,284 | 50,713 | 138 | 8 | 72 | — | — | (8,906) | ||||||||||||||||||||
Consumer & Retail | 125,935 | 62,890 | 54,980 | 7,511 | 554 | 416 | 59 | (3,618) | — | ||||||||||||||||||||
Industrials | 77,206 | 43,489 | 30,310 | 3,242 | 165 | 362 | 16 | (2,072) | (3) | ||||||||||||||||||||
Technology, Media & Telecommunications | 76,444 | 41,401 | 27,127 | 7,708 | 208 | 125 | 78 | (3,396) | — | ||||||||||||||||||||
Healthcare | 65,547 | 43,569 | 19,435 | 2,140 | 403 | 292 | 13 | (2,829) | (13) | ||||||||||||||||||||
Banks & Finance Cos | 61,659 | 31,037 | 29,540 | 1,061 | 21 | 71 | 4 | (470) | (1,123) | ||||||||||||||||||||
State & Municipal Govt(c) | 37,157 | 33,372 | 3,560 | 222 | 3 | 7 | — | (4) | — | ||||||||||||||||||||
Utilities | 35,757 | 25,124 | 9,746 | 768 | 119 | 60 | (2) | (1,989) | — | ||||||||||||||||||||
Oil & Gas | 33,233 | 18,969 | 13,768 | 446 | 50 | 42 | 4 | (1,384) | — | ||||||||||||||||||||
Automotive | 32,947 | 23,385 | 9,174 | 235 | 153 | 56 | — | (623) | — | ||||||||||||||||||||
Chemicals & Plastics | 22,195 | 12,020 | 9,243 | 811 | 121 | 26 | — | (835) | — | ||||||||||||||||||||
Insurance | 21,874 | 15,513 | 6,062 | 299 | — | 14 | — | (531) | (7,529) | ||||||||||||||||||||
Central Govt | 16,845 | 16,396 | 318 | 127 | 4 | — | — | (3,724) | (229) | ||||||||||||||||||||
Metals & Mining | 15,631 | 8,528 | 6,623 | 450 | 30 | — | (6) | (209) | — | ||||||||||||||||||||
Transportation | 15,447 | 6,879 | 7,002 | 1,516 | 50 | 64 | (18) | (598) | — | ||||||||||||||||||||
Securities Firms | 9,077 | 6,116 | 2,961 | — | — | 4 | — | (14) | (2,693) | ||||||||||||||||||||
Financial Markets Infrastructure | 4,993 | 4,599 | 394 | — | — | — | — | (1) | — | ||||||||||||||||||||
All
other(d) | 135,271 | 114,197 | 20,621 | 216 | 237 | 40 | (2) | (8,137) | (2,786) | ||||||||||||||||||||
Subtotal | $ | 1,273,451 | $ | 861,566 | $ | 376,859 | $ | 31,815 | $ | 3,211 | $ | 3,095 | $ | 248 | $ | (31,105) | $ | (23,282) | |||||||||||
Loans held-for-sale and loans at fair value | 32,372 | ||||||||||||||||||||||||||||
Receivables from customers | 42,741 | ||||||||||||||||||||||||||||
Total(e) | $ | 1,348,564 |
(continued from previous page) | ||||||||||||||||||||||||||||||||||||||
Selected metrics | ||||||||||||||||||||||||||||||||||||||
30
days or more past due and accruing loans | Net charge-offs/ (recoveries) | Credit derivative hedges and credit-related notes(i) | Liquid securities and other cash collateral held against derivative receivables | |||||||||||||||||||||||||||||||||||
Noninvestment-grade | ||||||||||||||||||||||||||||||||||||||
As of or for the year ended | Credit exposure(f)(g) | Investment- grade | Noncriticized | Criticized performing | Criticized nonperforming | |||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Real Estate | $ | 170,857 | $ | 129,866 | $ | 36,945 | $ | 3,609 | $ | 437 | $ | 543 | $ | 19 | $ | (113) | $ | — | ||||||||||||||||||||
Individuals
and Individual Entities(b) | 130,815 | 112,006 | 18,104 | 360 | 345 | 1,038 | 1 | — | — | |||||||||||||||||||||||||||||
Asset Managers | 95,656 | 78,925 | 16,665 | 61 | 5 | 15 | (1) | — | (8,278) | |||||||||||||||||||||||||||||
Consumer & Retail | 120,555 | 60,781 | 51,871 | 7,295 | 608 | 321 | 49 | (1,157) | — | |||||||||||||||||||||||||||||
Industrials | 72,483 | 39,052 | 30,500 | 2,809 | 122 | 282 | 44 | (1,258) | — | |||||||||||||||||||||||||||||
Technology, Media & Telecommunications | 72,286 | 39,199 | 25,689 | 7,096 | 302 | 62 | 39 | (1,766) | — | |||||||||||||||||||||||||||||
Healthcare | 62,613 | 43,839 | 17,117 | 1,479 | 178 | 43 | 27 | (1,055) | — | |||||||||||||||||||||||||||||
Banks & Finance Cos | 51,816 | 27,811 | 22,994 | 961 | 50 | 36 | — | (262) | (994) | |||||||||||||||||||||||||||||
State & Municipal Govt(c) | 33,847 | 33,191 | 529 | 126 | 1 | 36 | — | (9) | (5) | |||||||||||||||||||||||||||||
Utilities | 36,218 | 25,981 | 9,294 | 807 | 136 | 21 | 15 | (607) | (1) | |||||||||||||||||||||||||||||
Oil & Gas | 38,668 | 20,547 | 17,616 | 474 | 31 | 57 | (6) | (414) | — | |||||||||||||||||||||||||||||
Automotive | 33,287 | 23,908 | 8,839 | 416 | 124 | 198 | (2) | (513) | — | |||||||||||||||||||||||||||||
Chemicals & Plastics | 20,030 | 12,134 | 7,103 | 744 | 49 | 10 | 3 | (298) | — | |||||||||||||||||||||||||||||
Insurance | 21,045 | 15,468 | 5,396 | 181 | — | 1 | — | (273) | (7,296) | |||||||||||||||||||||||||||||
Central Govt | 19,095 | 18,698 | 362 | 35 | — | — | 10 | (4,591) | (677) | |||||||||||||||||||||||||||||
Metals & Mining | 15,915 | 8,825 | 6,863 | 222 | 5 | 7 | (1) | (27) | (4) | |||||||||||||||||||||||||||||
Transportation | 15,009 | 6,497 | 6,862 | 1,574 | 76 | 24 | 2 | (339) | — | |||||||||||||||||||||||||||||
Securities Firms | 8,066 | 4,235 | 3,716 | 115 | — | — | (13) | (26) | (2,811) | |||||||||||||||||||||||||||||
Financial Markets Infrastructure | 4,962 | 4,525 | 437 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
All
other(d) | 123,307 | 105,284 | 17,555 | 223 | 245 | 4 | (5) | (5,435) | (2,948) | |||||||||||||||||||||||||||||
Subtotal | $ | 1,146,530 | $ | 810,772 | $ | 304,457 | $ | 28,587 | $ | 2,714 | $ | 2,698 | $ | 181 | $ | (18,143) | $ | (23,014) | ||||||||||||||||||||
Loans held-for-sale and loans at fair value | 35,427 | |||||||||||||||||||||||||||||||||||||
Receivables from customers | 49,257 | |||||||||||||||||||||||||||||||||||||
Total(e) | $ | 1,231,214 |
June 30, 2023 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment-grade | % Drawn(e) | |||||||||||||||||||||||||||
Multifamily(a) | $ | 119,840 | $ | 11 | $ | 119,851 | 83 | % | 89 | % | ||||||||||||||||||||||
Other
Income Producing Properties(b) | 18,664 | 178 | 18,842 | 56 | 68 | |||||||||||||||||||||||||||
Industrial | 17,997 | — | 17,997 | 66 | 74 | |||||||||||||||||||||||||||
Office | 17,623 | 24 | 17,647 | 62 | 76 | |||||||||||||||||||||||||||
Services and Non Income Producing | 15,656 | 63 | 15,719 | 64 | 53 | |||||||||||||||||||||||||||
Retail | 12,899 | 35 | 12,934 | 61 | 71 | |||||||||||||||||||||||||||
Lodging | 3,902 | 20 | 3,922 | 16 | 47 | |||||||||||||||||||||||||||
Total
Real Estate Exposure(c) | $ | 206,581 | $ | 331 | $ | 206,912 | (d) | 73 | % | 80 | % | |||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment- grade | % Drawn(e) | |||||||||||||||||||||||||||
Multifamily(a) | $ | 99,555 | $ | 17 | $ | 99,572 | 82 | % | 87 | % | ||||||||||||||||||||||
Other
Income Producing Properties(b) | 12,701 | 150 | 12,851 | 70 | 62 | |||||||||||||||||||||||||||
Industrial | 15,928 | 1 | 15,929 | 72 | 71 | |||||||||||||||||||||||||||
Office | 14,917 | 25 | 14,942 | 74 | 73 | |||||||||||||||||||||||||||
Services and Non Income Producing | 13,968 | 10 | 13,978 | 65 | 48 | |||||||||||||||||||||||||||
Retail | 10,192 | 8 | 10,200 | 75 | 68 | |||||||||||||||||||||||||||
Lodging | 3,347 | 38 | 3,385 | 6 | 37 | |||||||||||||||||||||||||||
Total
Real Estate Exposure | $ | 170,608 | $ | 249 | $ | 170,857 | 76 | % | 77 | % |
June 30, 2023 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment-grade | % Drawn(d) | |||||||||||||||||||||||||||
Retail(a) | $ | 35,745 | $ | 329 | $ | 36,074 | 53 | % | 32 | % | ||||||||||||||||||||||
Business and Consumer Services | 33,127 | 348 | 33,475 | 49 | 41 | |||||||||||||||||||||||||||
Food and Beverage | 31,747 | 1,195 | 32,942 | 56 | 40 | |||||||||||||||||||||||||||
Consumer Hard Goods | 13,927 | 285 | 14,212 | 47 | 36 | |||||||||||||||||||||||||||
Leisure(b) | 9,111 | 121 | 9,232 | 25 | 44 | |||||||||||||||||||||||||||
Total
Consumer & Retail(c) | $ | 123,657 | $ | 2,278 | $ | 125,935 | 50 | % | 38 | % | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment- grade | % Drawn(d) | |||||||||||||||||||||||||||
Retail(a) | $ | 33,891 | $ | 309 | $ | 34,200 | 50 | % | 33 | % | ||||||||||||||||||||||
Business and Consumer Services | 31,256 | 384 | 31,640 | 50 | 40 | |||||||||||||||||||||||||||
Food and Beverage | 31,706 | 736 | 32,442 | 59 | 39 | |||||||||||||||||||||||||||
Consumer Hard Goods | 13,879 | 172 | 14,051 | 51 | 39 | |||||||||||||||||||||||||||
Leisure(b) | 8,173 | 49 | 8,222 | 21 | 45 | |||||||||||||||||||||||||||
Total
Consumer & Retail | $ | 118,905 | $ | 1,650 | $ | 120,555 | 50 | % | 38 | % |
June 30, 2023 | ||||||||||||||||||||||||||||||||
(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 | $ | 16,592 | $ | 1,186 | $ | 17,778 | 56 | % | 29 | % | ||||||||||||||||||||||
Other
Oil & Gas(a) | 15,289 | 166 | 15,455 | 58 | 28 | |||||||||||||||||||||||||||
Total Oil & Gas(b) | $ | 31,881 | $ | 1,352 | $ | 33,233 | 57 | % | 29 | % | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Loans and Lending-related Commitments | Derivative Receivables | Credit exposure | % Investment- grade | % Drawn(c) | |||||||||||||||||||||||||||
Exploration & Production (“E&P”) and Oil field Services | $ | 17,729 | $ | 4,666 | $ | 22,395 | 50 | % | 25 | % | ||||||||||||||||||||||
Other
Oil & Gas(a) | 15,818 | 455 | 16,273 | 57 | 25 | |||||||||||||||||||||||||||
Total Oil & Gas | $ | 33,547 | $ | 5,121 | $ | 38,668 | 53 | % | 25 | % |
Wholesale nonaccrual loan activity | |||||||||||
Six months ended June 30, (in millions) | 2023 | 2022 | |||||||||
Beginning balance | $ | 2,395 | $ | 2,445 | |||||||
Additions | 1,649 | 1,239 | |||||||||
Reductions: | |||||||||||
Paydowns and other | 618 | 776 | |||||||||
Gross charge-offs | 281 | 83 | |||||||||
Returned to performing status | 85 | 326 | |||||||||
Sales | 52 | 9 | |||||||||
Total reductions | 1,036 | 1,194 | |||||||||
Net changes | 613 | 45 | |||||||||
Ending balance | $ | 3,008 | $ | 2,490 |
Wholesale net charge-offs/(recoveries) | |||||||||||||||||
(in millions, except ratios) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Loans | |||||||||||||||||
Average loans retained | $ | 647,474 | $ | 577,850 | $ | 624,566 | $ | 568,673 | |||||||||
Gross
charge-offs | 189 | 71 | 294 | 123 | |||||||||||||
Gross recoveries collected | (24) | (21) | (46) | (43) | |||||||||||||
Net charge-offs/(recoveries) | 165 | 50 | 248 | 80 | |||||||||||||
Net
charge-off/(recovery) rate | 0.10 | % | 0.03 | % | 0.08 | % | 0.03 | % |
June 30, 2023 (in millions, except ratios) | 1 year or less(f) | After 1 year through 5 years | After 5 years through 15 years | After 15 years | Total | ||||||||||||||||||||||||
Wholesale loans: | |||||||||||||||||||||||||||||
Secured by real estate(a) | $ | 17,025 | $ | 61,188 | $ | 50,001 | $ | 41,680 | $ | 169,894 | |||||||||||||||||||
Commercial and industrial | 54,346 | 114,370 | 8,863 | 197 | 177,776 | ||||||||||||||||||||||||
Other(b) | 184,593 | 127,299 | 35,378 | 5,577 | 352,847 | ||||||||||||||||||||||||
Total wholesale loans | $ | 255,964 | $ | 302,857 | $ | 94,242 | $ | 47,454 | $ | 700,517 | |||||||||||||||||||
Loans due after one year at fixed interest rates | |||||||||||||||||||||||||||||
Secured
by real estate(c) | $ | 15,915 | $ | 11,563 | $ | 520 | |||||||||||||||||||||||
Commercial and industrial | 5,775 | 1,238 | 66 | ||||||||||||||||||||||||||
Other | 30,048 | 15,690 | 3,808 | ||||||||||||||||||||||||||
Loans due after one year at variable interest rates | |||||||||||||||||||||||||||||
Secured by real estate(d) | $ | 45,273 | $ | 38,438 | $ | 41,160 | |||||||||||||||||||||||
Commercial and industrial | 108,595 | 7,625 | 131 | ||||||||||||||||||||||||||
Other(e) | 97,251 | 19,688 | 1,769 | ||||||||||||||||||||||||||
Total wholesale loans | $ | 302,857 | $ | 94,242 | $ | 47,454 |
Three months ended June 30, | |||||||||||||||||||||||||||||||||||
Secured by real estate | Commercial and industrial | Other | Total | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Net charge-offs/(recoveries) | $ | 85 | $ | 2 | $ | 81 | $ | 47 | $ | (1) | $ | 1 | $ | 165 | $ | 50 | |||||||||||||||||||
Average retained loans | 153,590 | 120,441 | 171,684 | 162,702 | 322,200 | 294,707 | 647,474 | 577,850 | |||||||||||||||||||||||||||
Net charge-off/(recovery) rate | 0.22 | % | 0.01 | % | 0.19 | % | 0.12 | % | — | % | — | % | 0.10 | % | 0.03 | % |
Six months ended June 30, | |||||||||||||||||||||||||||||||||||
Secured by real estate | Commercial and industrial | Other | Total | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Net charge-offs/(recoveries) | $ | 90 | $ | 8 | $ | 151 | $ | 54 | $ | 7 | $ | 18 | $ | 248 | $ | 80 | |||||||||||||||||||
Average retained loans | 139,822 | 119,139 | 171,136 | 158,222 | 313,608 | 291,312 | 624,566 | 568,673 | |||||||||||||||||||||||||||
Net charge-off/(recovery) rate | 0.13 | % | 0.01 | % | 0.18 | % | 0.07 | % | — | % | 0.01 | % | 0.08 | % | 0.03 | % |
Derivative receivables | ||||||||
(in millions) | June 30, 2023 | December 31, 2022 | ||||||
Total, net of cash collateral | $ | 64,217 | $ | 70,880 | ||||
Liquid securities and other cash collateral held against derivative receivables | (23,282) | (23,014) | ||||||
Total, net of liquid securities and other cash collateral | $ | 40,935 | $ | 47,866 | ||||
Other collateral held against derivative receivables | (1,257) | (1,261) | ||||||
Total, net of collateral | $ | 39,678 | $ | 46,605 |
Ratings profile of derivative receivables | ||||||||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in millions, except ratios) | Exposure net of collateral | % of exposure net of collateral | Exposure net of collateral | % of exposure net of collateral | ||||||||||||||||
Investment-grade | $ | 31,560 | 80 | % | $ | 35,097 | 75 | % | ||||||||||||
Noninvestment-grade | 8,118 | 20 | 11,508 | (a) | 25 | |||||||||||||||
Total | $ | 39,678 | 100 | % | $ | 46,605 | 100 | % |
Credit derivatives and credit-related notes used in credit portfolio management activities | |||||||||||
Notional amount of protection purchased and sold(a) | |||||||||||
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||
Credit derivatives and credit-related notes used to manage: | |||||||||||
Loans and lending-related commitments | $ | 16,801 | $ | 6,422 | |||||||
Derivative receivables | 14,304 | 11,721 | |||||||||
Credit derivatives and credit-related notes used in credit portfolio management activities | $ | 31,105 | $ | 18,143 |
ALLOWANCE FOR CREDIT LOSSES |
Assumptions at June 30, 2023 | |||||||||||
4Q23 | 2Q24 | 4Q24 | |||||||||
U.S. unemployment rate(a) | 4.2 | % | 4.9 | % | 5.0 | % | |||||
YoY growth in U.S. real GDP(b) | 0.5 | % | — | % | 1.0 | % | |||||
Assumptions at December 31, 2022 | |||||||||||
2Q23 | 4Q23 | 2Q24 | |||||||||
U.S. unemployment rate(a) | 3.8 | % | 4.3 | % | 5.0 | % | |||||
YoY growth in U.S. real GDP(b) | 1.5 | % | 0.4 | % | — | % |
Allowance for credit losses and related information | |||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Six months ended June 30, | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | |||||||||||||||||||||
(in millions, except ratios) | |||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | 2,040 | $ | 11,200 | $ | 6,486 | $ | 19,726 | $ | 1,765 | $ | 10,250 | $ | 4,371 | $ | 16,386 | |||||||||||||
Cumulative
effect of a change in accounting principle(a) | (489) | (100) | 2 | (587) | NA | NA | NA | NA | |||||||||||||||||||||
Gross charge-offs | 501 | 2,432 | 294 | 3,227 | 384 | 1,505 | 123 | 2,012 | |||||||||||||||||||||
Gross recoveries collected | (247) | (386) | (46) | (679) | (311) | (419) | (43) | (773) | |||||||||||||||||||||
Net charge-offs/(recoveries) | 254 | 2,046 | 248 | 2,548 | 73 | 1,086 | 80 | 1,239 | |||||||||||||||||||||
Provision for loan losses | 751 | 2,546 | 2,067 | 5,364 | 237 | 1,236 | 1,125 | 2,598 | |||||||||||||||||||||
Other | — | — | 25 | 25 | — | 5 | 5 | ||||||||||||||||||||||
Ending balance at June 30, | $ | 2,048 | $ | 11,600 | $ | 8,332 | $ | 21,980 | $ | 1,929 | $ | 10,400 | $ | 5,421 | $ | 17,750 | |||||||||||||
Allowance for lending-related commitments | |||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | 76 | $ | — | $ | 2,306 | $ | 2,382 | $ | 113 | $ | — | $ | 2,148 | $ | 2,261 | |||||||||||||
Provision for lending-related commitments | 52 | — | (253) | (201) | (2) | — | (37) | (39) | |||||||||||||||||||||
Other | 1 | — | 4 | 5 | (1) | — | 1 | — | |||||||||||||||||||||
Ending balance at June 30, | $ | 129 | $ | — | $ | 2,057 | $ | 2,186 | $ | 110 | $ | — | $ | 2,112 | $ | 2,222 | |||||||||||||
Impairment methodology | |||||||||||||||||||||||||||||
Asset-specific(b) | $ | (971) | $ | — | $ | 478 | $ | (493) | $ | (676) | $ | 227 | $ | 332 | $ | (117) | |||||||||||||
Portfolio-based | 3,019 | 11,600 | 7,854 | 22,473 | 2,605 | 10,173 | 5,089 | 17,867 | |||||||||||||||||||||
Total allowance for loan losses | $ | 2,048 | $ | 11,600 | $ | 8,332 | $ | 21,980 | $ | 1,929 | $ | 10,400 | $ | 5,421 | $ | 17,750 | |||||||||||||
Impairment methodology | |||||||||||||||||||||||||||||
Asset-specific | $ | — | $ | — | $ | 65 | $ | 65 | $ | — | $ | — | $ | 78 | $ | 78 | |||||||||||||
Portfolio-based | 129 | — | 1,992 | 2,121 | 110 | — | 2,034 | 2,144 | |||||||||||||||||||||
Total
allowance for lending-related commitments | $ | 129 | $ | — | $ | 2,057 | $ | 2,186 | $ | 110 | $ | — | $ | 2,112 | $ | 2,222 | |||||||||||||
Total allowance for investment securities | NA | NA | NA | $ | 104 | NA | NA | NA | $ | 47 | |||||||||||||||||||
Total allowance for credit losses(c)(d) | $ | 2,177 | $ | 11,600 | $ | 10,389 | $ | 24,270 | $ | 2,039 | $ | 10,400 | $ | 7,533 | $ | 20,019 | |||||||||||||
Memo: | |||||||||||||||||||||||||||||
Retained loans, end-of-period | $ | 396,195 | $ | 191,348 | $ | 668,145 | $ | 1,255,688 | $ | 302,631 | $ | 165,494 | $ | 584,265 | $ | 1,052,390 | |||||||||||||
Retained loans, average | 330,227 | 183,757 | 624,566 | 1,138,550 | 297,566 | 153,941 | 568,673 | 1,020,180 | |||||||||||||||||||||
Credit ratios | |||||||||||||||||||||||||||||
Allowance
for loan losses to retained loans | 0.52 | % | 6.06 | % | 1.25 | % | 1.75 | % | 0.64 | % | 6.28 | % | 0.93 | % | 1.69 | % | |||||||||||||
Allowance
for loan losses to retained nonaccrual loans(e) | 54 | NM | 321 | 345 | 46 | NM | 260 | 283 | |||||||||||||||||||||
Allowance for loan losses to retained nonaccrual loans excluding credit card | 54 | NM | 321 | 163 | 46 | NM | 260 | 117 | |||||||||||||||||||||
Net charge-off/(recovery) rates | 0.16 | 2.25 | 0.08 | 0.45 | 0.05 | 1.42 | 0.03 | 0.24 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
(in millions, except ratios) | Allowance for loan losses | Percent of retained loans to total retained loans | Allowance for loan losses | Percent of retained loans to total retained loans | |||||||||||||
Residential real estate | $ | 1,022 | 26 | % | $ | 1,070 | 22 | % | |||||||||
Auto and other | 1,026 | 5 | 970 | 6 | |||||||||||||
Consumer, excluding credit card | 2,048 | 32 | 2,040 | 28 | |||||||||||||
Credit card | 11,600 | 15 | 11,200 | 17 | |||||||||||||
Total consumer | 13,648 | 47 | 13,240 | 45 | |||||||||||||
Secured by real estate | 2,548 | 13 | 1,782 | 12 | |||||||||||||
Commercial and industrial | 3,837 | 14 | 3,507 | 15 | |||||||||||||
Other | 1,947 | 27 | 1,197 | 28 | |||||||||||||
Total wholesale | 8,332 | 53 | 6,486 | 55 | |||||||||||||
Total(a) | $ | 21,980 | 100 | % | $ | 19,726 | 100 | % |
INVESTMENT PORTFOLIO
RISK MANAGEMENT |
(in billions) | June 30, 2023 | December 31, 2022 | |||||||||
Tax-oriented investments, primarily in alternative energy and affordable housing(a) | $ | 27.5 | $ | 26.2 | |||||||
Private
equity, various debt and equity instruments, and real assets(b) | 11.4 | 10.8 | |||||||||
Total carrying value | $ | 38.9 | $ | 37.0 |
MARKET RISK MANAGEMENT |
Total VaR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Avg. | Min | Max | Avg. | Min | Max | Avg. | Min | Max | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIB
trading VaR by risk type | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income | $ | 57 | $ | 50 | $ | 66 | $ | 56 | $ | 45 | $ | 71 | $ | 60 | $ | 48 | $ | 79 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | 12 | 7 | 24 | 10 | 6 | 17 | 8 | 4 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equities | 8 | 5 | 11 | 7 | 5 | 10 | 11 | 7 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodities
and other | 12 | 8 | 17 | 15 | 11 | 19 | 14 | 12 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversification
benefit to CIB trading VaR(a) | (48) | NM | NM | (44) | NM | NM | (43) | NM | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIB trading VaR | 41 | 31 | 50 | 44 | 34 | 55 | 50 | 38 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit
Portfolio VaR(b) | 14 | 11 | 18 | 11 | 8 | 17 | 17 | 6 | 31 | (e) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversification
benefit to CIB VaR(a) | (11) | NM | NM | (10) | NM | NM | (15) | NM | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIB
VaR | 44 | 34 | 55 | 45 | 35 | 58 | 52 | 38 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CCB
VaR | 9 | (d) | 6 | 14 | 11 | 6 | 15 | 5 | (d) | 4 | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate
and other LOB VaR(c) | 13 | 11 | 15 | 15 | 13 | 17 | 10 | 9 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversification
benefit to other VaR(a) | (7) | NM | NM | (8) | NM | NM | (3) | NM | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other VaR | 15 | 13 | 19 | 18 | 14 | 22 | 12 | 10 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversification
benefit to CIB and other VaR(a) | (12) | NM | NM | (16) | NM | NM | (10) | NM | NM | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total VaR | $ | 47 | $ | 36 | $ | 56 | $ | 47 | $ | 37 | $ | 57 | $ | 54 | $ | 41 | $ | 71 |
Second Quarter 2022 | Third Quarter 2022 | Fourth Quarter 2022 | First Quarter 2023 | Second Quarter 2023 |
(in billions) | June 30, 2023 | (a) | December 31, 2022 | ||||||||
Parallel shift: | |||||||||||
+100 bps shift in rates | $ | 2.5 | $ | (2.0) | |||||||
-100 bps shift in rates | (2.2) | 2.4 | |||||||||
Steeper yield curve: | |||||||||||
+100 bps shift in long-term rates | 0.6 | 0.8 | |||||||||
-100 bps shift in short-term rates | (1.6) | 3.2 | |||||||||
Flatter yield curve: | |||||||||||
+100 bps shift in short-term rates | 1.8 | (2.8) | |||||||||
-100 bps shift in long-term rates | (0.6) | (0.9) |
(in billions) | June 30, 2023 | December 31, 2022 | |||||||||
Parallel shift: | |||||||||||
+100 bps shift in rates | $ | 0.8 | $ | 0.7 | |||||||
-100 bps shift in rates | (0.8) | (0.6) | |||||||||
Steeper yield curve: | |||||||||||
-100 bps shift in short-term rates | (0.7) | (0.6) | |||||||||
Flatter yield curve: | |||||||||||
+100 bps shift in short-term rates | 0.8 | 0.6 |
Gain/(loss)
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Activity | Description | Sensitivity measure | ||||||||||||||||||||||||
Debt
and equity(a) | ||||||||||||||||||||||||||
Asset Management activities | Consists of seed capital and related hedges; fund co-investments(c); and certain deferred compensation and related hedges(d) | 10% decline in market value | $ | (58) | $ | (56) | ||||||||||||||||||||
Other debt and equity | Consists of certain real estate-related fair value option elected loans, privately held equity and other investments held at fair value(c) | 10% decline in market value | (1,016) | (1,046) | ||||||||||||||||||||||
Credit- and funding-related exposures | ||||||||||||||||||||||||||
Non-USD LTD cross-currency basis | Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(e) | 1 basis point parallel tightening of cross currency basis | (11) | (12) | ||||||||||||||||||||||
Non-USD LTD hedges foreign
currency (“FX”) exposure | Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(e) | 10% depreciation of currency | 4 | 3 | ||||||||||||||||||||||
Derivatives – funding spread risk | Impact of changes in the spread related to derivatives FVA(c) | 1 basis point parallel increase in spread | (4) | (4) | ||||||||||||||||||||||
CVA - counterparty credit risk(b) | Credit risk component of CVA and associated hedges | 10% credit spread widening | — | (1) | ||||||||||||||||||||||
Fair value option elected liabilities – funding spread risk | Impact of changes in the spread related to fair value option elected liabilities DVA(e) | 1 basis point parallel increase in spread | 45 | 43 | ||||||||||||||||||||||
Fair value option elected liabilities – interest rate sensitivity | Interest rate sensitivity on fair value option elected liabilities resulting from a change in the Firm’s own credit spread(e) | 1 basis point parallel increase in spread | — | — | ||||||||||||||||||||||
Interest rate sensitivity related to risk management of changes in the Firm’s own credit spread on the fair value option elected liabilities noted above(c) | 1 basis point parallel increase in spread | — | — |
COUNTRY RISK MANAGEMENT |
Top
20 country exposures (excluding the U.S.)(a) | |||||||||||||||||||||||
(in billions) | June 30, 2023 | ||||||||||||||||||||||
Deposits with banks(b) | Lending(c) | Trading and investing(d) | Other(e) | Total exposure | Total exposure | ||||||||||||||||||
Germany | $ | 94.0 | $ | 12.5 | $ | 5.5 | $ | 0.3 | $ | 112.3 | $ | 93.2 | |||||||||||
United Kingdom | 44.1 | 25.6 | 17.4 | 1.9 | 89.0 | 70.1 | |||||||||||||||||
Japan | 32.7 | 2.7 | 7.7 | 0.3 | 43.4 | 55.8 | |||||||||||||||||
Brazil | 1.9 | 4.6 | 11.2 | — | 17.7 | 17.8 | |||||||||||||||||
Canada | 2.4 | 10.7 | 3.0 | 0.2 | 16.3 | 14.4 | |||||||||||||||||
Australia | 5.0 | 6.3 | 3.0 | — | 14.3 | 25.7 | |||||||||||||||||
Switzerland | 7.6 | 3.3 | 1.4 | 1.7 | 14.0 | 15.3 | |||||||||||||||||
France | 0.4 | 10.7 | 0.1 | 1.4 | 12.6 | 18.1 | |||||||||||||||||
China | 3.3 | 5.0 | 4.1 | — | 12.4 | 13.7 | |||||||||||||||||
Belgium | 6.7 | 1.7 | 1.4 | — | 9.8 | 9.2 | |||||||||||||||||
Singapore | 1.8 | 3.9 | 3.6 | 0.2 | 9.5 | 9.9 | |||||||||||||||||
India | 1.2 | 3.6 | 3.9 | 0.6 | 9.3 | 9.0 | |||||||||||||||||
South Korea | 1.0 | 3.8 | 3.5 | 0.2 | 8.5 | 10.0 | |||||||||||||||||
Netherlands | 0.1 | 6.4 | 0.6 | 0.2 | 7.3 | 7.1 | |||||||||||||||||
Mexico | 1.0 | 4.3 | 2.0 | — | 7.3 | 5.4 | |||||||||||||||||
Saudi Arabia | 0.8 | 4.0 | 1.8 | — | 6.6 | 7.9 | |||||||||||||||||
Spain | 0.4 | 5.1 | 0.9 | — | 6.4 | 5.8 | |||||||||||||||||
Hong Kong SAR | 2.3 | 1.4 | 0.8 | 0.4 | 4.9 | 4.5 | |||||||||||||||||
Luxembourg | 0.8 | 2.6 | 1.3 | — | 4.7 | 5.3 | |||||||||||||||||
Sweden | 1.2 | 3.4 | (0.1) | — | 4.5 | 4.4 |
CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM |
June
30, 2023 (in millions, except ratios) | Total assets at fair value | Total level 3 assets | ||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | 322,579 | $ | — | ||||||||||
Securities borrowed | 55,905 | — | ||||||||||||
Trading assets: | ||||||||||||||
Trading–debt and equity instruments | 572,739 | 3,313 | ||||||||||||
Derivative receivables(a) | 64,217 | 10,749 | ||||||||||||
Total trading assets | 636,956 | 14,062 | ||||||||||||
AFS securities | 203,262 | 267 | ||||||||||||
Loans | 38,789 | 3,808 | ||||||||||||
MSRs | 8,229 | 8,229 | ||||||||||||
Other | 13,250 | 417 | ||||||||||||
Total
assets measured at fair value on a recurring basis | 1,278,970 | 26,783 | ||||||||||||
Total assets measured at fair value on a nonrecurring basis | 1,936 | 1,126 | ||||||||||||
Total assets measured at fair value | $ | 1,280,906 | $ | 27,909 | ||||||||||
Total Firm assets | $ | 3,868,240 | ||||||||||||
Level 3 assets at fair value as a percentage of total Firm assets(a) | 0.7 | % | ||||||||||||
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a) | 2.2 | % |
ACCOUNTING AND REPORTING DEVELOPMENTS |
Financial Accounting Standards Board (“FASB”) Standards Adopted since January 1, 2021 | |||||||||||
Standard | Summary of guidance | Effects on financial statements | |||||||||
Reference Rate Reform Issued
March 2020 and updated January 2021 and December 2022 | •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. | •Issued and effective March 12, 2020. The January 7, 2021 and December 21, 2022 updates were effective when issued. •Refer to Accounting
and Reporting Developments on page 153 of JPMorgan Chase's 2022 Form 10-K for further information. | |||||||||
FASB Standards Adopted since January 1, 2023 | |||||||||||
Standard | Summary of guidance | Effects on financial statements | |||||||||
Derivatives and Hedging: Fair Value Hedging – Portfolio Layer Method Issued March 2022 | •Expands the current ability to hedge a portfolio of prepayable
assets to allow more of the portfolio to be hedged. Non-prepayable assets can also be included in the same portfolio, thus increasing the size of the portfolio and the amount available to be hedged. •Clarifies the types of derivatives that can be used as hedges, and the balance sheet presentation and disclosure requirements for the hedge accounting adjustments. •Allows a one-time reclassification from HTM to AFS upon adoption. | •Adopted prospectively on January 1, 2023. •Refer to Note 1 for further information. | |||||||||
Financial
Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures Issued March 2022 | •Eliminates existing accounting and disclosure requirements for Troubled Debt Restructurings, including the requirement to measure the allowance using a discounted cash flow methodology. •Requires disclosure of loan modifications for borrowers experiencing financial difficulty involving principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or a combination of these modifications. •Requires disclosure of current period loan charge-off information by origination year. •May
be adopted prospectively, or by using a modified retrospective method wherein the effect of adoption is reflected as an adjustment to retained earnings at the effective date. | •Adopted under the modified retrospective method on January 1, 2023. •Refer to Note 1 for further information. | |||||||||
FASB Standards Issued but not yet Adopted | |||||||||||
Standard | Summary of guidance | Effects on financial statements | |||||||||
Investments
- Equity Method and Joint Ventures: Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Issued March 2023 | •Expands the ability to elect proportional amortization for more types of tax-oriented investments (beyond low income housing tax credit investments) on a program-by-program basis. •May be adopted using a full retrospective method, or a modified retrospective method wherein the effect of adoption is reflected as an adjustment to retained earnings at the effective date. | •The Firm is currently evaluating the potential impact on the Consolidated Financial Statements. |
FORWARD-LOOKING STATEMENTS |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue | |||||||||||||||||||||||
Investment banking fees | $ | i 1,513 | $ | i 1,586 | $ | i 3,162 | $ | i 3,594 | |||||||||||||||
Principal transactions | i 6,910 | i 4,990 | i 14,525 | i 10,095 | |||||||||||||||||||
Lending- and deposit-related fees | i 1,828 | i 1,873 | i 3,448 | i 3,712 | |||||||||||||||||||
Asset management fees | i 3,774 | i 3,517 | i 7,239 | i 7,169 | |||||||||||||||||||
Commissions and other fees | i 1,739 | i 1,723 | i 3,434 | i 3,433 | |||||||||||||||||||
Investment securities losses | ( i 900) | ( i 153) | ( i 1,768) | ( i 547) | |||||||||||||||||||
Mortgage fees and related income | i 278 | i 378 | i 499 | i 838 | |||||||||||||||||||
Card income | i 1,094 | i 1,133 | i 2,328 | i 2,108 | |||||||||||||||||||
Other income | i 3,292 | i 540 | i 4,299 | i 2,030 | |||||||||||||||||||
Noninterest revenue | i 19,528 | i 15,587 | i 37,166 | i 32,432 | |||||||||||||||||||
Interest income | i 41,644 | i 18,646 | i 78,648 | i 34,142 | |||||||||||||||||||
Interest expense | i 19,865 | i 3,518 | i 36,158 | i 5,142 | |||||||||||||||||||
Net interest income | i 21,779 | i 15,128 | i 42,490 | i 29,000 | |||||||||||||||||||
Total net revenue | i 41,307 | i 30,715 | i 79,656 | i 61,432 | |||||||||||||||||||
Provision for credit losses | i 2,899 | i 1,101 | i 5,174 | i 2,564 | |||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Compensation expense | i 11,216 | i 10,301 | i 22,892 | i 21,088 | |||||||||||||||||||
Occupancy expense | i 1,070 | i 1,129 | i 2,185 | i 2,263 | |||||||||||||||||||
Technology, communications and equipment expense | i 2,267 | i 2,376 | i 4,451 | i 4,736 | |||||||||||||||||||
Professional and outside services | i 2,561 | i 2,469 | i 5,009 | i 5,041 | |||||||||||||||||||
Marketing | i 1,122 | i 881 | i 2,167 | i 1,801 | |||||||||||||||||||
Other expense | i 2,586 | i 1,593 | i 4,225 | i 3,011 | |||||||||||||||||||
Total noninterest expense | i 20,822 | i 18,749 | i 40,929 | i 37,940 | |||||||||||||||||||
Income before income tax expense | i 17,586 | i 10,865 | i 33,553 | i 20,928 | |||||||||||||||||||
Income tax expense | i 3,114 | i 2,216 | i 6,459 | i 3,997 | |||||||||||||||||||
Net income | $ | i 14,472 | $ | i 8,649 | $ | i 27,094 | $ | i 16,931 | |||||||||||||||
Net income applicable to common stockholders | $ | i i 14,011 / | $ | i i 8,195 / | $ | i i 26,204 / | $ | i i 16,039 / | |||||||||||||||
Net income per common share data | |||||||||||||||||||||||
Basic earnings per share | $ | i 4.76 | $ | i 2.77 | $ | i 8.86 | $ | i 5.40 | |||||||||||||||
Diluted earnings per share | i 4.75 | i 2.76 | i 8.85 | i 5.39 | |||||||||||||||||||
Weighted-average basic shares | i 2,943.8 | i 2,962.2 | i 2,956.1 | i 2,969.6 | |||||||||||||||||||
Weighted-average diluted shares | i 2,948.3 | i 2,966.3 | i 2,960.5 | i 2,973.7 | |||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income | $ | i 14,472 | $ | i 8,649 | $ | i 27,094 | $ | i 16,931 | ||||||||||||||||||
Other comprehensive income/(loss), after–tax | ||||||||||||||||||||||||||
Unrealized gains/(losses) on investment securities | i 757 | ( i 4,031) | i 2,969 | ( i 11,484) | ||||||||||||||||||||||
Translation adjustments, net of hedges | i 70 | ( i 679) | i 267 | ( i 741) | ||||||||||||||||||||||
Fair value hedges | i 11 | i 51 | ( i 10) | i 161 | ||||||||||||||||||||||
Cash flow hedges | ( i 497) | ( i 1,348) | i 301 | ( i 4,139) | ||||||||||||||||||||||
Defined benefit pension and OPEB plans | ( i 6) | i 20 | ( i 61) | i 87 | ||||||||||||||||||||||
DVA on fair value option elected liabilities | ( i 207) | i 1,185 | ( i 415) | i 1,831 | ||||||||||||||||||||||
Total other comprehensive income/(loss), after–tax | i 128 | ( i 4,802) | i 3,051 | ( i 14,285) | ||||||||||||||||||||||
Comprehensive income | $ | i 14,600 | $ | i 3,847 | $ | i 30,145 | $ | i 2,646 |
(in millions, except share data) | June 30, 2023 | December 31, 2022 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | i 26,064 | $ | i 27,697 | |||||||
Deposits with banks | i 469,059 | i 539,537 | |||||||||
Federal
funds sold and securities purchased under resale agreements (included $ i 322,579 and $ i 311,883
at fair value) | i 325,628 | i 315,592 | |||||||||
Securities
borrowed (included $ i 55,905 and $ i 70,041 at fair value) | i 163,563 | i 185,369 | |||||||||
Trading
assets (included assets pledged of $ i 142,625 and $ i 93,687) | i 636,996 | i 453,799 | |||||||||
Available-for-sale
securities (amortized cost of $ i 209,876 and $ i 216,188;
included assets pledged of $ i 12,864 and $ i 9,158) | i 203,262 | i 205,857 | |||||||||
Held-to-maturity securities | i 408,941 | i 425,305 | |||||||||
Investment securities, net of allowance for credit losses | i 612,203 | i 631,162 | |||||||||
Loans
(included $ i 38,789 and $ i 42,079 at fair value) | i 1,300,069 | i 1,135,647 | |||||||||
Allowance for loan losses | ( i 21,980) | ( i 19,726) | |||||||||
Loans, net of allowance for loan losses | i 1,278,089 | i 1,115,921 | |||||||||
Accrued interest and accounts receivable | i 111,561 | i 125,189 | |||||||||
Premises and equipment | i 29,493 | i 27,734 | |||||||||
Goodwill, MSRs and other intangible assets | i 64,238 | i 60,859 | |||||||||
Other
assets (included $ i 14,166 and $ i 14,921 at fair value and assets pledged of $ i 5,844
and $ i 7,998) | i 151,346 | i 182,884 | |||||||||
Total
assets(a) | $ | i 3,868,240 | $ | i 3,665,743 | |||||||
Liabilities | |||||||||||
Deposits
(included $ i 51,568 and $ i 28,620 at fair value) | $ | i 2,398,962 | $ | i 2,340,179 | |||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements (included $ i 216,604 and $ i 151,999
at fair value) | i 266,272 | i 202,613 | |||||||||
Short-term
borrowings (included $ i 17,942 and $ i 15,792 at fair value) | i 41,022 | i 44,027 | |||||||||
Trading liabilities | i 178,809 | i 177,976 | |||||||||
Accounts
payable and other liabilities (included $ i 5,101 and $ i 7,038 at fair value) | i 286,934 | i 300,141 | |||||||||
Beneficial
interests issued by consolidated VIEs (included $ i 1 and $ i 5 at fair value) | i 19,647 | i 12,610 | |||||||||
Long-term
debt (included $ i 78,609 and $ i 72,281 at fair value) | i 364,078 | i 295,865 | |||||||||
Total
liabilities(a) | i 3,555,724 | i 3,373,411 | |||||||||
Commitments and contingencies (refer to Notes 22, 23 and 24) | i | i | |||||||||
Stockholders’ equity | |||||||||||
Preferred
stock ($ i i 1 / par value; authorized i i 200,000,000 /
shares; issued i i 2,740,375 / shares) | i 27,404 | i 27,404 | |||||||||
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 89,578 | i 89,044 | |||||||||
Retained earnings | i 317,359 | i 296,456 | |||||||||
Accumulated other comprehensive losses | ( i 14,290) | ( i 17,341) | |||||||||
Treasury
stock, at cost ( i 1,198,848,622 and i 1,170,676,094 shares) | ( i 111,640) | ( i 107,336) | |||||||||
Total stockholders’ equity | i 312,516 | i 292,332 | |||||||||
Total liabilities and stockholders’ equity | $ | i 3,868,240 | $ | i 3,665,743 |
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||
Assets | |||||||||||
Trading assets | $ | i 2,368 | $ | i 2,151 | |||||||
Loans | i 39,125 | i 34,411 | |||||||||
All other assets | i 532 | i 550 | |||||||||
Total assets | $ | i 42,025 | $ | i 37,112 | |||||||
Liabilities | |||||||||||
Beneficial interests issued by consolidated VIEs | $ | i 19,647 | $ | i 12,610 | |||||||
All other liabilities | i 247 | i 279 | |||||||||
Total liabilities | $ | i 19,894 | $ | i 12,889 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(in millions, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Preferred stock | ||||||||||||||||||||||||||
Balance at the beginning of the period | $ | i 27,404 | $ | i 32,838 | $ | i 27,404 | $ | i 34,838 | ||||||||||||||||||
Issuance | i — | i — | i — | i — | ||||||||||||||||||||||
Redemption | i — | i — | i — | ( i 2,000) | ||||||||||||||||||||||
Balance at June 30 | i 27,404 | i 32,838 | i 27,404 | i 32,838 | ||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||||
Balance at the beginning and end of the period | i i 4,105 / | i i 4,105 / | i i 4,105 / | i i 4,105 / | ||||||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||||||||
Balance at the beginning of the period | i 89,155 | i 88,260 | i 89,044 | i 88,415 | ||||||||||||||||||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | i 423 | i 354 | i 534 | i 199 | ||||||||||||||||||||||
Balance at June 30 | i 89,578 | i 88,614 | i 89,578 | i 88,614 | ||||||||||||||||||||||
Retained earnings | ||||||||||||||||||||||||||
Balance at the beginning of the period | i 306,208 | i 277,177 | i 296,456 | i 272,268 | ||||||||||||||||||||||
Cumulative effect of change in accounting principles | — | — | i 449 | — | ||||||||||||||||||||||
Net income | i 14,472 | i 8,649 | i 27,094 | i 16,931 | ||||||||||||||||||||||
Dividends declared: | ||||||||||||||||||||||||||
Preferred stock | ( i 373) | ( i 410) | ( i 729) | ( i 807) | ||||||||||||||||||||||
Common
stock ($ i 1.00 and $ i 1.00 per share and $ i 2.00
and $ i 2.00 per share, respectively) | ( i 2,948) | ( i 2,971) | ( i 5,911) | ( i 5,947) | ||||||||||||||||||||||
Balance at June 30 | i 317,359 | i 282,445 | i 317,359 | i 282,445 | ||||||||||||||||||||||
Accumulated other comprehensive income/(loss) | ||||||||||||||||||||||||||
Balance at the beginning of the period | ( i 14,418) | ( i 9,567) | ( i 17,341) | ( i 84) | ||||||||||||||||||||||
Other comprehensive income/(loss), after-tax | i 128 | ( i 4,802) | i 3,051 | ( i 14,285) | ||||||||||||||||||||||
Balance at June 30 | ( i 14,290) | ( i 14,369) | ( i 14,290) | ( i 14,369) | ||||||||||||||||||||||
Treasury stock, at cost | ||||||||||||||||||||||||||
Balance at the beginning of the period | ( i 109,372) | ( i 106,914) | ( i 107,336) | ( i 105,415) | ||||||||||||||||||||||
Repurchase | ( i 2,316) | ( i 622) | ( i 5,271) | ( i 3,122) | ||||||||||||||||||||||
Reissuance | i 48 | i 46 | i 967 | i 1,047 | ||||||||||||||||||||||
Balance at June 30 | ( i 111,640) | ( i 107,490) | ( i 111,640) | ( i 107,490) | ||||||||||||||||||||||
Total stockholders’ equity | $ | i 312,516 | $ | i 286,143 | $ | i 312,516 | $ | i 286,143 |
Six months ended June 30, | |||||||||||
(in millions) | 2023 | 2022 | |||||||||
Operating activities | |||||||||||
Net income | $ | i 27,094 | $ | i 16,931 | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Provision for credit losses | i 5,174 | i 2,564 | |||||||||
Depreciation and amortization | i 2,156 | i 3,609 | |||||||||
Deferred tax (benefit)/expense | ( i 2,238) | ( i 2,086) | |||||||||
Bargain purchase gain associated with the First Republic acquisition | ( i 2,712) | i — | |||||||||
Other | i 3,008 | i 2,172 | |||||||||
Originations and purchases of loans held-for-sale | ( i 48,270) | ( i 102,857) | |||||||||
Proceeds from sales, securitizations and paydowns of loans held-for-sale | i 47,746 | i 116,764 | |||||||||
Net change in: | |||||||||||
Trading assets | ( i 178,766) | ( i 53,816) | |||||||||
Securities borrowed | i 21,835 | i 3,379 | |||||||||
Accrued interest and accounts receivable | i 16,107 | ( i 43,051) | |||||||||
Other assets | i 44,599 | ( i 14,930) | |||||||||
Trading liabilities | ( i 4,846) | i 23,646 | |||||||||
Accounts payable and other liabilities | ( i 24,563) | i 70,976 | |||||||||
Other operating adjustments | i 1,300 | i 800 | |||||||||
Net cash provided by/(used in) operating activities | ( i 92,376) | i 24,101 | |||||||||
Investing activities | |||||||||||
Net change in: | |||||||||||
Federal funds sold and securities purchased under resale agreements | ( i 9,816) | ( i 60,833) | |||||||||
Held-to-maturity securities: | |||||||||||
Proceeds from paydowns and maturities | i 13,762 | i 20,952 | |||||||||
Purchases | ( i 4,141) | ( i 27,490) | |||||||||
Available-for-sale securities: | |||||||||||
Proceeds from paydowns and maturities | i 23,470 | i 21,913 | |||||||||
Proceeds from sales | i 69,875 | i 36,217 | |||||||||
Purchases | ( i 52,433) | ( i 66,200) | |||||||||
Proceeds from sales and securitizations of loans held-for-investment | i 19,526 | i 22,185 | |||||||||
Other changes in loans, net | ( i 33,353) | ( i 67,802) | |||||||||
Net cash used in the First Republic acquisition | ( i 9,920) | i — | |||||||||
All other investing activities, net | ( i 11,419) | ( i 4,753) | |||||||||
Net cash provided by/(used in) investing activities | i 5,551 | ( i 125,811) | |||||||||
Financing activities | |||||||||||
Net change in: | |||||||||||
Deposits | ( i 27,782) | i 5,841 | |||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | i 63,590 | i 28,586 | |||||||||
Short-term borrowings | ( i 3,135) | i 5,622 | |||||||||
Beneficial interests issued by consolidated VIEs | i 7,708 | i 552 | |||||||||
Proceeds from long-term borrowings | i 19,357 | i 45,873 | |||||||||
Payments of long-term borrowings | ( i 32,003) | ( i 25,991) | |||||||||
Redemption of preferred stock | i — | ( i 2,000) | |||||||||
Treasury stock repurchased | ( i 5,167) | ( i 3,162) | |||||||||
Dividends paid | ( i 6,651) | ( i 6,774) | |||||||||
All other financing activities, net | ( i 1,275) | i 423 | |||||||||
Net cash provided by financing activities | i 14,642 | i 48,970 | |||||||||
Effect of exchange rate changes on cash and due from banks and deposits with banks | i 72 | ( i 18,834) | |||||||||
Net decrease in cash and due from banks and deposits with banks | ( i 72,111) | ( i 71,574) | |||||||||
Cash and due from banks and deposits with banks at the beginning of the period | i 567,234 | i 740,834 | |||||||||
Cash and due from banks and deposits with banks at the end of the period | $ | i 495,123 | $ | i 669,260 | |||||||
Cash interest paid | $ | i 35,250 | $ | i 4,457 | |||||||
Cash income taxes paid, net | i 5,466 | i 3,100 |
Assets and liabilities measured at fair value on a recurring basis | |||||||||||||||||||||||
Fair value hierarchy | Derivative netting adjustments(f) | ||||||||||||||||||||||
June 30, 2023 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | |||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | i — | $ | i 322,579 | $ | i — | $ | — | $ | i 322,579 | |||||||||||||
Securities borrowed | i — | i 55,905 | i — | — | i 55,905 | ||||||||||||||||||
Trading assets: | |||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i — | i 88,769 | i 706 | — | i 89,475 | ||||||||||||||||||
Residential – nonagency | i — | i 2,684 | i 5 | — | i 2,689 | ||||||||||||||||||
Commercial – nonagency | i — | i 1,517 | i 6 | — | i 1,523 | ||||||||||||||||||
Total mortgage-backed securities | i — | i 92,970 | i 717 | — | i 93,687 | ||||||||||||||||||
U.S.
Treasury, GSEs and government agencies(a) | i 129,042 | i 9,204 | i — | — | i 138,246 | ||||||||||||||||||
Obligations of U.S. states and municipalities | i — | i 6,782 | i 6 | — | i 6,788 | ||||||||||||||||||
Certificates
of deposit, bankers’ acceptances and commercial paper | i — | i 2,834 | i — | — | i 2,834 | ||||||||||||||||||
Non-U.S. government debt securities | i 41,423 | i 63,986 | i 199 | — | i 105,608 | ||||||||||||||||||
Corporate debt securities | i — | i 33,106 | i 522 | — | i 33,628 | ||||||||||||||||||
Loans | i — | i 6,984 | i 1,105 | — | i 8,089 | ||||||||||||||||||
Asset-backed securities | i — | i 2,497 | i 14 | — | i 2,511 | ||||||||||||||||||
Total debt instruments | i 170,465 | i 218,363 | i 2,563 | — | i 391,391 | ||||||||||||||||||
Equity securities | i 148,222 | i 1,337 | i 631 | — | i 150,190 | ||||||||||||||||||
Physical
commodities(b) | i 2,442 | i 11,265 | i 6 | — | i 13,713 | ||||||||||||||||||
Other | i — | i 17,332 | i 113 | — | i 17,445 | ||||||||||||||||||
Total
debt and equity instruments(c) | i 321,129 | i 248,297 | i 3,313 | — | i 572,739 | ||||||||||||||||||
Derivative receivables: | |||||||||||||||||||||||
Interest rate | i 1,988 | i 282,125 | i 4,199 | ( i 260,603) | i 27,709 | ||||||||||||||||||
Credit | i — | i 12,535 | i 1,150 | ( i 12,440) | i 1,245 | ||||||||||||||||||
Foreign exchange | i 204 | i 226,130 | i 1,345 | ( i 205,485) | i 22,194 | ||||||||||||||||||
Equity | i — | i 57,619 | i 3,773 | ( i 54,068) | i 7,324 | ||||||||||||||||||
Commodity | i — | i 17,358 | i 282 | ( i 11,895) | i 5,745 | ||||||||||||||||||
Total derivative receivables | i 2,192 | i 595,767 | i 10,749 | ( i 544,491) | i 64,217 | ||||||||||||||||||
Total
trading assets(d) | i 323,321 | i 844,064 | i 14,062 | ( i 544,491) | i 636,956 | ||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i 1 | i 79,767 | i — | — | i 79,768 | ||||||||||||||||||
Residential – nonagency | i — | i 3,544 | i — | — | i 3,544 | ||||||||||||||||||
Commercial – nonagency | i — | i 2,056 | i — | — | i 2,056 | ||||||||||||||||||
Total mortgage-backed securities | i 1 | i 85,367 | i — | — | i 85,368 | ||||||||||||||||||
U.S. Treasury and government agencies | i 62,688 | i 49 | i — | — | i 62,737 | ||||||||||||||||||
Obligations of U.S. states and municipalities | i — | i 24,023 | i — | — | i 24,023 | ||||||||||||||||||
Non-U.S. government debt securities | i 13,397 | i 8,643 | i — | — | i 22,040 | ||||||||||||||||||
Corporate debt securities | i — | i 121 | i 267 | — | i 388 | ||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||
Collateralized loan obligations | i — | i 5,437 | i — | — | i 5,437 | ||||||||||||||||||
Other(a) | i — | i 3,269 | i — | — | i 3,269 | ||||||||||||||||||
Total available-for-sale securities | i 76,086 | i 126,909 | i 267 | — | i 203,262 | ||||||||||||||||||
Loans(e) | i — | i 34,981 | i 3,808 | — | i 38,789 | ||||||||||||||||||
Mortgage servicing rights | i — | i — | i 8,229 | — | i 8,229 | ||||||||||||||||||
Other
assets(d) | i 6,146 | i 6,687 | i 417 | — | i 13,250 | ||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | i 405,553 | $ | i 1,391,125 | $ | i 26,783 | $ | ( i 544,491) | $ | i 1,278,970 | |||||||||||||
Deposits | $ | i — | $ | i 49,515 | $ | i 2,053 | $ | — | $ | i 51,568 | |||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i — | i 216,604 | i — | — | i 216,604 | ||||||||||||||||||
Short-term borrowings | i — | i 16,238 | i 1,704 | — | i 17,942 | ||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||
Debt and equity instruments(c) | i 101,437 | i 30,764 | i 63 | — | i 132,264 | ||||||||||||||||||
Derivative payables: | |||||||||||||||||||||||
Interest rate | i 1,610 | i 270,411 | i 5,321 | ( i 262,185) | i 15,157 | ||||||||||||||||||
Credit | i — | i 13,306 | i 461 | ( i 13,201) | i 566 | ||||||||||||||||||
Foreign exchange | i 185 | i 222,444 | i 956 | ( i 209,408) | i 14,177 | ||||||||||||||||||
Equity | i — | i 62,016 | i 5,654 | ( i 57,865) | i 9,805 | ||||||||||||||||||
Commodity | i — | i 18,650 | i 635 | ( i 12,445) | i 6,840 | ||||||||||||||||||
Total derivative payables | i 1,795 | i 586,827 | i 13,027 | ( i 555,104) | i 46,545 | ||||||||||||||||||
Total trading liabilities | i 103,232 | i 617,591 | i 13,090 | ( i 555,104) | i 178,809 | ||||||||||||||||||
Accounts payable and other liabilities | i 3,486 | i 1,547 | i 68 | — | i 5,101 | ||||||||||||||||||
Beneficial interests issued by consolidated VIEs | i — | i 1 | i — | — | i 1 | ||||||||||||||||||
Long-term debt | i — | i 53,184 | i 25,425 | — | i 78,609 | ||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | i 106,718 | $ | i 954,680 | $ | i 42,340 | $ | ( i 555,104) | $ | i 548,634 |
Fair value hierarchy | Derivative netting adjustments(f) | |||||||||||||||||||||||||
December 31, 2022 (in millions) | Level 1 | Level 2 | Level 3 | Total fair value | ||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | i — | $ | i 311,883 | $ | i — | $ | — | $ | i 311,883 | ||||||||||||||||
Securities borrowed | i — | i 70,041 | i — | — | i 70,041 | |||||||||||||||||||||
Trading assets: | ||||||||||||||||||||||||||
Debt instruments: | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i — | i 68,162 | i 759 | — | i 68,921 | |||||||||||||||||||||
Residential – nonagency | i — | i 2,498 | i 5 | — | i 2,503 | |||||||||||||||||||||
Commercial – nonagency | i — | i 1,448 | i 7 | — | i 1,455 | |||||||||||||||||||||
Total mortgage-backed securities | i — | i 72,108 | i 771 | — | i 72,879 | |||||||||||||||||||||
U.S.
Treasury, GSEs and government agencies(a) | i 61,191 | i 8,546 | i — | — | i 69,737 | |||||||||||||||||||||
Obligations of U.S. states and municipalities | i — | i 6,608 | i 7 | — | i 6,615 | |||||||||||||||||||||
Certificates
of deposit, bankers’ acceptances and commercial paper | i — | i 2,009 | i — | — | i 2,009 | |||||||||||||||||||||
Non-U.S. government debt securities | i 18,213 | i 48,429 | i 155 | — | i 66,797 | |||||||||||||||||||||
Corporate debt securities | i — | i 25,626 | i 463 | — | i 26,089 | |||||||||||||||||||||
Loans | i — | i 5,744 | i 759 | — | i 6,503 | |||||||||||||||||||||
Asset-backed securities | i — | i 2,536 | i 23 | — | i 2,559 | |||||||||||||||||||||
Total debt instruments | i 79,404 | i 171,606 | i 2,178 | — | i 253,188 | |||||||||||||||||||||
Equity securities | i 82,483 | i 2,060 | i 665 | — | i 85,208 | |||||||||||||||||||||
Physical
commodities(b) | i 9,595 | i 16,673 | i 2 | — | i 26,270 | |||||||||||||||||||||
Other | i — | i 18,146 | i 64 | — | i 18,210 | |||||||||||||||||||||
Total
debt and equity instruments(c) | i 171,482 | i 208,485 | i 2,909 | — | i 382,876 | |||||||||||||||||||||
Derivative receivables: | ||||||||||||||||||||||||||
Interest rate | i 3,390 | i 292,956 | i 4,069 | ( i 271,996) | i 28,419 | |||||||||||||||||||||
Credit | i — | i 9,722 | i 607 | ( i 9,239) | i 1,090 | |||||||||||||||||||||
Foreign exchange | i 169 | i 240,207 | i 1,203 | ( i 218,214) | i 23,365 | |||||||||||||||||||||
Equity | i — | i 57,485 | i 4,428 | ( i 52,774) | i 9,139 | |||||||||||||||||||||
Commodity | i — | i 24,982 | i 375 | ( i 16,490) | i 8,867 | |||||||||||||||||||||
Total derivative receivables | i 3,559 | i 625,352 | i 10,682 | ( i 568,713) | i 70,880 | |||||||||||||||||||||
Total
trading assets(d) | i 175,041 | i 833,837 | i 13,591 | ( i 568,713) | i 453,756 | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
U.S. GSEs and government agencies(a) | i 3 | i 71,500 | i — | — | i 71,503 | |||||||||||||||||||||
Residential – nonagency | i — | i 4,620 | i — | — | i 4,620 | |||||||||||||||||||||
Commercial – nonagency | i — | i 1,958 | i — | — | i 1,958 | |||||||||||||||||||||
Total mortgage-backed securities | i 3 | i 78,078 | i — | — | i 78,081 | |||||||||||||||||||||
U.S. Treasury and government agencies | i 92,060 | i — | i — | — | i 92,060 | |||||||||||||||||||||
Obligations of U.S. states and municipalities | i — | i 6,786 | i — | — | i 6,786 | |||||||||||||||||||||
Non-U.S. government debt securities | i 10,591 | i 9,105 | i — | — | i 19,696 | |||||||||||||||||||||
Corporate debt securities | i — | i 118 | i 239 | — | i 357 | |||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||
Collateralized loan obligations | i — | i 5,792 | i — | — | i 5,792 | |||||||||||||||||||||
Other | i — | i 3,085 | i — | — | i 3,085 | |||||||||||||||||||||
Total available-for-sale securities | i 102,654 | i 102,964 | i 239 | — | i 205,857 | |||||||||||||||||||||
Loans(e) | i — | i 40,661 | i 1,418 | — | i 42,079 | |||||||||||||||||||||
Mortgage servicing rights | i — | i — | i 7,973 | — | i 7,973 | |||||||||||||||||||||
Other
assets(d) | i 7,544 | i 6,065 | i 405 | — | i 14,014 | |||||||||||||||||||||
Total assets measured at fair value on a recurring basis | $ | i 285,239 | $ | i 1,365,451 | $ | i 23,626 | $ | ( i 568,713) | $ | i 1,105,603 | ||||||||||||||||
Deposits | $ | i — | $ | i 26,458 | $ | i 2,162 | $ | — | $ | i 28,620 | ||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i — | i 151,999 | i — | — | i 151,999 | |||||||||||||||||||||
Short-term borrowings | i — | i 14,391 | i 1,401 | — | i 15,792 | |||||||||||||||||||||
Trading liabilities: | ||||||||||||||||||||||||||
Debt and equity instruments(c) | i 98,719 | i 28,032 | i 84 | — | i 126,835 | |||||||||||||||||||||
Derivative payables: | ||||||||||||||||||||||||||
Interest rate | i 2,643 | i 284,280 | i 3,368 | ( i 274,321) | i 15,970 | |||||||||||||||||||||
Credit | i — | i 9,377 | i 594 | ( i 9,217) | i 754 | |||||||||||||||||||||
Foreign exchange | i 160 | i 250,647 | i 714 | ( i 232,665) | i 18,856 | |||||||||||||||||||||
Equity | i — | i 57,649 | i 4,812 | ( i 53,657) | i 8,804 | |||||||||||||||||||||
Commodity | i — | i 22,748 | i 521 | ( i 16,512) | i 6,757 | |||||||||||||||||||||
Total derivative payables | i 2,803 | i 624,701 | i 10,009 | ( i 586,372) | i 51,141 | |||||||||||||||||||||
Total trading liabilities | i 101,522 | i 652,733 | i 10,093 | ( i 586,372) | i 177,976 | |||||||||||||||||||||
Accounts payable and other liabilities | i 5,702 | i 1,283 | i 53 | — | i 7,038 | |||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | i — | i 5 | i — | — | i 5 | |||||||||||||||||||||
Long-term debt | i — | i 48,189 | i 24,092 | — | i 72,281 | |||||||||||||||||||||
Total liabilities measured at fair value on a recurring basis | $ | i 107,224 | $ | i 895,058 | $ | i 37,801 | $ | ( i 586,372) | $ | i 453,711 |
Level
3 inputs(a) | |||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
Product/Instrument | Fair value (in millions) | Principal valuation technique | Unobservable inputs(g) | Range of input values | Average(i) | ||||||||||||||||||||||||
Residential mortgage-backed securities and loans(b) | $ | i 1,641 | Discounted cash flows | Yield | i 6% | i 40% | i 7% | ||||||||||||||||||||||
Prepayment speed | i 3% | i 11% | i 8% | ||||||||||||||||||||||||||
Conditional default rate | i 0% | i 5% | i 0% | ||||||||||||||||||||||||||
Loss severity | i 0% | i 110% | i 3% | ||||||||||||||||||||||||||
Commercial
mortgage-backed securities and loans(c) | i 2,318 | Market comparables | Price | $ i 0 | $ i 101 | $ i 84 | |||||||||||||||||||||||
Corporate debt securities | i 789 | Market comparables | Price | $ i 0 | $ i 242 | $ i 95 | |||||||||||||||||||||||
Loans(d) | i 1,671 | Market comparables | Price | $ i 0 | $ i 108 | $ i 78 | |||||||||||||||||||||||
Non-U.S. government debt securities | i 199 | Market comparables | Price | $ i 6 | $ i 106 | $ i 91 | |||||||||||||||||||||||
Net interest rate derivatives | ( i 1,105) | Option pricing | Interest rate volatility | i 26 bps | i 674 bps | i 131 bps | |||||||||||||||||||||||
Interest rate spread volatility | i 37 bps | i 77 bps | i 64 bps | ||||||||||||||||||||||||||
Bermudan switch value | i 0% | i 58% | i 20% | ||||||||||||||||||||||||||
Interest rate correlation | ( i 82)% | i 90% | i 15% | ||||||||||||||||||||||||||
IR-FX correlation | ( i 35)% | i 60% | i 5% | ||||||||||||||||||||||||||
( i 17) | Discounted cash flows | Prepayment speed | i 0% | i 15% | i 5% | ||||||||||||||||||||||||
Net credit derivatives | i 673 | Discounted cash flows | Credit correlation | i 35% | i 65% | i 48% | |||||||||||||||||||||||
Credit spread | i 0 bps | i 11,279 bps | i 342 bps | ||||||||||||||||||||||||||
Recovery rate | i 10% | i 90% | i 40% | ||||||||||||||||||||||||||
i 16 | Market comparables | Price | $ i 15 | $ i 115 | $ i 83 | ||||||||||||||||||||||||
Net foreign exchange derivatives | i 461 | Option pricing | IR-FX correlation | ( i 40)% | i 60% | i 19% | |||||||||||||||||||||||
( i 72) | Discounted cash flows | Prepayment speed | i i 11 / % | i 11% | |||||||||||||||||||||||||
Interest rate curve | i 0% | i 30% | i 6% | ||||||||||||||||||||||||||
Net equity derivatives | ( i 1,881) | Option pricing | Forward equity price(h) | i 84% | i 142% | i 101% | |||||||||||||||||||||||
Equity volatility | i 3% | i 167% | i 32% | ||||||||||||||||||||||||||
Equity correlation | i 15% | i 100% | i 58% | ||||||||||||||||||||||||||
Equity-FX correlation | ( i 86)% | i 60% | ( i 29)% | ||||||||||||||||||||||||||
Equity-IR correlation | i 10% | i 35% | i 21% | ||||||||||||||||||||||||||
Net commodity derivatives | ( i 353) | Option pricing | Oil commodity forward | $ i 95 / BBL | $ i 249 / BBL | $ i 172 / BBL | |||||||||||||||||||||||
Natural gas commodity forward | $ i 1 / MMBTU | $ i 7 / MMBTU | $ i 4 / MMBTU | ||||||||||||||||||||||||||
Commodity volatility | i 5% | i 175% | i 90% | ||||||||||||||||||||||||||
Commodity correlation | ( i 28)% | i 80% | i 26% | ||||||||||||||||||||||||||
MSRs | i 8,229 | Discounted cash flows | Refer to Note 15 | ||||||||||||||||||||||||||
Long-term debt, short-term borrowings, and deposits(e) | i 27,806 | Option pricing | Interest rate volatility | i 26 bps | i 674 bps | i 131 bps | |||||||||||||||||||||||
Bermudan switch value | i 0% | i 58% | i 20% | ||||||||||||||||||||||||||
Interest rate correlation | ( i 82)% | i 90% | i 15% | ||||||||||||||||||||||||||
IR-FX correlation | ( i 35)% | i 60% | i 5% | ||||||||||||||||||||||||||
Equity correlation | i 15% | i 100% | i 58% | ||||||||||||||||||||||||||
Equity-FX correlation | ( i 86)% | i 60% | ( i 29)% | ||||||||||||||||||||||||||
Equity-IR correlation | i 10% | i 35% | i 21% | ||||||||||||||||||||||||||
i 1,376 | Discounted cash flows | Credit correlation | i 35% | i 65% | i 48% | ||||||||||||||||||||||||
Other
level 3 assets and liabilities, net(f) | i 1,056 |
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 (in millions) | Fair value at April 1, 2023 | Total realized/unrealized gains/(losses) | Transfers into level 3 | Transfers (out of) level 3 | Fair value at June 30, 2023 | Change in unrealized gains/(losses) related to financial instruments held at June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Purchases(g) | Sales | Settlements(h) | |||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | i 757 | i — | i 106 | ( i 106) | ( i 40) | i — | ( i 11) | i 706 | ( i 6) | ||||||||||||||||||||||||||||||||||||||
Residential – nonagency | i 5 | i 6 | i — | ( i 6) | i — | i — | i — | i 5 | i — | ||||||||||||||||||||||||||||||||||||||
Commercial
– nonagency | i 10 | ( i 1) | i — | i — | i — | i 5 | ( i 8) | i 6 | ( i 1) | ||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 772 | i 5 | i 106 | ( i 112) | ( i 40) | i 5 | ( i 19) | i 717 | ( i 7) | ||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 6 | i — | i — | i — | i — | i — | i — | i 6 | i — | ||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 169 | i 29 | i 50 | ( i 49) | i — | i — | i — | i 199 | i 31 | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 538 | i — | i 61 | ( i 43) | ( i 2) | i 7 | ( i 39) | i 522 | ( i 2) | ||||||||||||||||||||||||||||||||||||||
Loans | i 926 | ( i 6) | i 246 | ( i 65) | ( i 18) | i 102 | ( i 80) | i 1,105 | ( i 6) | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities | i 7 | i — | i 4 | ( i 1) | i — | i 4 | i — | i 14 | i — | ||||||||||||||||||||||||||||||||||||||
Total debt instruments | i 2,418 | i 28 | i 467 | ( i 270) | ( i 60) | i 118 | ( i 138) | i 2,563 | i 16 | ||||||||||||||||||||||||||||||||||||||
Equity securities | i 581 | ( i 16) | i 50 | ( i 36) | i — | i 104 | ( i 52) | i 631 | ( i 16) | ||||||||||||||||||||||||||||||||||||||
Physical commodities | i — | i — | i 6 | i — | i — | i — | i — | i 6 | i — | ||||||||||||||||||||||||||||||||||||||
Other | i 140 | ( i 19) | i 2 | i — | ( i 6) | i — | ( i 4) | i 113 | ( i 18) | ||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 3,139 | ( i 7) | (c) | i 525 | ( i 306) | ( i 66) | i 222 | ( i 194) | i 3,313 | ( i 18) | (c) | ||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(b) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | i 754 | ( i 1,043) | i 60 | ( i 42) | i 49 | ( i 914) | i 14 | ( i 1,122) | ( i 960) | ||||||||||||||||||||||||||||||||||||||
Credit | i 452 | i 228 | i — | ( i 1) | i 31 | i 2 | ( i 23) | i 689 | i 240 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange | i 545 | ( i 37) | i 51 | ( i 67) | ( i 126) | i 55 | ( i 32) | i 389 | ( i 29) | ||||||||||||||||||||||||||||||||||||||
Equity | ( i 885) | ( i 148) | i 295 | ( i 675) | ( i 726) | i 349 | ( i 91) | ( i 1,881) | i 9 | ||||||||||||||||||||||||||||||||||||||
Commodity | ( i 287) | ( i 50) | i 35 | ( i 51) | i 16 | ( i 12) | ( i 4) | ( i 353) | ( i 71) | ||||||||||||||||||||||||||||||||||||||
Total
net derivative receivables | i 579 | ( i 1,050) | (c) | i 441 | ( i 836) | ( i 756) | ( i 520) | ( i 136) | ( i 2,278) | ( i 811) | (c) | ||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 250 | i 17 | i — | i — | i — | i — | i — | i 267 | i 17 | ||||||||||||||||||||||||||||||||||||||
Total
available-for-sale securities | i 250 | i 17 | (d) | i — | i — | i — | i — | i — | i 267 | i 17 | (d) | ||||||||||||||||||||||||||||||||||||
Loans | i 1,479 | ( i 3) | (c) | i 2,137 | ( i 7) | ( i 490) | i 760 | ( i 68) | i 3,808 | ( i 52) | (c) | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | i 7,755 | i 275 | (e) | i 546 | ( i 92) | ( i 255) | i — | i — | i 8,229 | i 275 | (e) | ||||||||||||||||||||||||||||||||||||
Other assets | i 406 | i 16 | (c) | i 5 | ( i 2) | ( i 14) | i 8 | ( i 2) | i 417 | i 16 | (c) | ||||||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 (in millions) | Fair value at April 1, 2023 | Total realized/unrealized (gains)/losses | Transfers into level 3 | Transfers (out of) level 3 | Fair value at June 30, 2023 | Change in unrealized (gains)/losses related to financial instruments held at June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Purchases | Sales | Issuances | Settlements(h) | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | i 2,208 | $ | ( i 51) | (c)(f) | $ | i — | $ | i — | $ | i 139 | $ | ( i 181) | $ | i — | $ | ( i 62) | $ | i 2,053 | $ | ( i 51) | (c)(f) | |||||||||||||||||||||||||
Short-term borrowings | i 1,410 | i 50 | (c)(f) | i — | i — | i 1,191 | ( i 927) | i 2 | ( i 22) | i 1,704 | i 29 | (c)(f) | |||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 63 | ( i 1) | (c) | i — | ( i 2) | i — | ( i 2) | i 6 | ( i 1) | i 63 | ( i 1) | (c) | |||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 56 | i 5 | (c) | ( i 2) | i 3 | i — | i — | i 8 | ( i 2) | i 68 | i 5 | (c) | |||||||||||||||||||||||||||||||||||
Long-term debt | i 25,227 | i 325 | (c)(f) | i — | i — | i 2,667 | ( i 2,550) | i 113 | ( i 357) | i 25,425 | i 354 | (c)(f) |
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 (in millions) | Fair value at April 1, 2022 | Total realized/unrealized gains/(losses) | Transfers into level 3 | Transfers (out of) level 3 | Fair
value at June 30, 2022 | Change in unrealized gains/(losses) related to financial instruments held at June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases(g) | Sales | Settlements(h) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 1 | $ | i — | $ | i 1 | $ | i — | |||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | i 286 | ( i 1) | i 643 | ( i 118) | ( i 7) | i — | i — | i 803 | ( i 2) | ||||||||||||||||||||||||||||||||||||||||||||
Residential – nonagency | i 10 | i — | i 5 | i — | ( i 1) | i — | i — | i 14 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Commercial – nonagency | i 10 | i — | i — | i — | i — | i — | i — | i 10 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 306 | ( i 1) | i 648 | ( i 118) | ( i 8) | i — | i — | i 827 | ( i 2) | ||||||||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 7 | i — | i — | i — | i — | i — | i — | i 7 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 133 | ( i 9) | i 177 | ( i 86) | i — | i 6 | ( i 16) | i 205 | ( i 8) | ||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 293 | ( i 16) | i 272 | ( i 12) | i — | i 57 | ( i 20) | i 574 | ( i 16) | ||||||||||||||||||||||||||||||||||||||||||||
Loans | i 1,049 | ( i 33) | i 122 | ( i 164) | ( i 152) | i 254 | ( i 178) | i 898 | ( i 32) | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | i 28 | i — | i 1 | ( i 10) | i — | i 1 | i — | i 20 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Total debt instruments | i 1,816 | ( i 59) | i 1,220 | ( i 390) | ( i 160) | i 318 | ( i 214) | i 2,531 | ( i 58) | ||||||||||||||||||||||||||||||||||||||||||||
Equity securities | i 663 | ( i 99) | i 98 | ( i 61) | i — | i 106 | ( i 46) | i 661 | ( i 90) | ||||||||||||||||||||||||||||||||||||||||||||
Physical commodities | i — | i — | i 2 | i — | i — | i — | i — | i 2 | i — | ||||||||||||||||||||||||||||||||||||||||||||
Other | i 175 | i 66 | i 6 | i — | ( i 158) | i — | ( i 2) | i 87 | i 60 | ||||||||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 2,654 | ( i 92) | (c) | i 1,326 | ( i 451) | ( i 318) | i 424 | ( i 262) | i 3,281 | ( i 88) | (c) | ||||||||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | i 367 | i 160 | i 99 | ( i 135) | i 105 | i 44 | ( i 220) | i 420 | i 204 | ||||||||||||||||||||||||||||||||||||||||||||
Credit | i 44 | i 264 | i 4 | ( i 3) | ( i 65) | i 1 | i 4 | i 249 | i 255 | ||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | i 76 | i 193 | i 15 | ( i 19) | ( i 38) | i 24 | ( i 6) | i 245 | i 174 | ||||||||||||||||||||||||||||||||||||||||||||
Equity | ( i 2,583) | i 1,838 | i 162 | ( i 466) | ( i 140) | ( i 227) | i 182 | ( i 1,234) | i 1,788 | ||||||||||||||||||||||||||||||||||||||||||||
Commodity | ( i 414) | i 382 | i 18 | ( i 69) | i 112 | ( i 1) | ( i 2) | i 26 | i 423 | ||||||||||||||||||||||||||||||||||||||||||||
Total
net derivative receivables | ( i 2,510) | i 2,837 | (c) | i 298 | ( i 692) | ( i 26) | ( i 159) | ( i 42) | ( i 294) | i 2,844 | (c) | ||||||||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 205 | ( i 19) | i — | i — | i — | i — | i — | i 186 | ( i 19) | ||||||||||||||||||||||||||||||||||||||||||||
Total
available-for-sale securities | i 205 | ( i 19) | (d) | i — | i — | i — | i — | i — | i 186 | ( i 19) | (d) | ||||||||||||||||||||||||||||||||||||||||||
Loans | i 2,072 | ( i 82) | (c) | i 273 | ( i 95) | ( i 250) | i 226 | ( i 124) | i 2,020 | ( i 80) | (c) | ||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | i 7,294 | i 654 | (e) | i 341 | ( i 614) | ( i 236) | i — | i — | i 7,439 | i 654 | (e) | ||||||||||||||||||||||||||||||||||||||||||
Other assets | i 341 | i 116 | (c) | i 5 | ( i 28) | ( i 20) | i — | ( i 6) | i 408 | i 116 | (c) | ||||||||||||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 (in millions) | Fair value at April 1, 2022 | Total realized/unrealized (gains)/losses | Transfers into level 3 | Transfers (out of) level 3 | Fair
value at June 30, 2022 | Change in unrealized (gains)/losses related to financial instruments held at June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Sales | Issuances | Settlements(h) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | i 2,121 | $ | ( i 160) | (c)(f) | $ | i — | $ | i — | $ | i 138 | $ | ( i 21) | $ | i — | $ | ( i 46) | $ | i 2,032 | $ | ( i 160) | (c)(f) | |||||||||||||||||||||||||||||||
Short-term borrowings | i 2,146 | i 14 | (c)(f) | i — | i — | i 963 | ( i 1,036) | i 14 | i — | i 2,101 | i 93 | (c)(f) | |||||||||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 41 | i 1 | (c) | ( i 20) | i 4 | i — | i — | i 30 | i — | i 56 | i 1 | (c) | |||||||||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 108 | ( i 2) | (c) | ( i 28) | i 1 | i — | i — | i — | ( i 6) | i 73 | ( i 2) | (c) | |||||||||||||||||||||||||||||||||||||||||
Long-term debt | i 24,394 | ( i 2,640) | (c)(f) | i — | i — | i 3,470 | ( i 2,045) | i 179 | ( i 281) | i 23,077 | ( i 2,613) | (c)(f) |
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 (in millions) | Fair value at Jan 1, 2023 | Total realized/unrealized gains/(losses) | Transfers
into level 3 | Transfers (out of) level 3 | Fair value at June 30, 2023 | Change in unrealized gains/(losses) related to financial instruments held at June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases(g) | Sales | Settlements(h) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | i 759 | i 7 | i 131 | ( i 113) | ( i 64) | i — | ( i 14) | i 706 | i 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential – nonagency | i 5 | i 7 | i — | ( i 6) | ( i 2) | i 1 | i — | i 5 | i 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial – nonagency | i 7 | i — | i — | i — | ( i 1) | i 8 | ( i 8) | i 6 | ( i 1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 771 | i 14 | i 131 | ( i 119) | ( i 67) | i 9 | ( i 22) | i 717 | i 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 7 | i — | i — | ( i 1) | i — | i — | i — | i 6 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 155 | i 40 | i 100 | ( i 96) | i — | i — | i — | i 199 | i 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 463 | i 24 | i 110 | ( i 60) | ( i 2) | i 30 | ( i 43) | i 522 | i 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | i 759 | i 2 | i 682 | ( i 127) | ( i 113) | i 125 | ( i 223) | i 1,105 | i 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | i 23 | i — | i 5 | ( i 3) | ( i 1) | i 5 | ( i 15) | i 14 | ( i 1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt instruments | i 2,178 | i 80 | i 1,028 | ( i 406) | ( i 183) | i 169 | ( i 303) | i 2,563 | i 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | i 665 | ( i 47) | i 108 | ( i 107) | i — | i 140 | ( i 128) | i 631 | ( i 27) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Physical Commodities | i 2 | i — | i 6 | i — | ( i 2) | i — | i — | i 6 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i 64 | ( i 40) | i 96 | i — | ( i 4) | i 1 | ( i 4) | i 113 | ( i 19) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 2,909 | ( i 7) | (c) | i 1,238 | ( i 513) | ( i 189) | i 310 | ( i 435) | i 3,313 | i 17 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | i 701 | ( i 697) | i 95 | ( i 92) | i 27 | ( i 1,079) | ( i 77) | ( i 1,122) | ( i 582) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | i 13 | i 474 | i 3 | ( i 4) | i 202 | i 26 | ( i 25) | i 689 | i 497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | i 489 | i 52 | i 79 | ( i 108) | ( i 201) | i 119 | ( i 41) | i 389 | i 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ( i 384) | i 23 | i 613 | ( i 1,362) | ( i 726) | i 460 | ( i 505) | ( i 1,881) | i 95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity | ( i 146) | ( i 42) | i 39 | ( i 118) | ( i 111) | ( i 11) | i 36 | ( i 353) | ( i 206) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
net derivative receivables | i 673 | ( i 190) | (c) | i 829 | ( i 1,684) | ( i 809) | ( i 485) | ( i 612) | ( i 2,278) | ( i 167) | (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 239 | i 28 | i — | i — | i — | i — | i — | i 267 | i 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
available-for-sale securities | i 239 | i 28 | (d) | i — | i — | i — | i — | i — | i 267 | i 28 | (d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | i 1,418 | i 23 | (c) | i 2,285 | ( i 73) | ( i 585) | i 917 | ( i 177) | i 3,808 | i 24 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | i 7,973 | i 264 | (e) | i 577 | ( i 90) | ( i 495) | i — | i — | i 8,229 | i 264 | (e) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | i 405 | i 21 | (c) | i 17 | ( i 2) | ( i 30) | i 8 | ( i 2) | i 417 | i 21 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 (in millions) | Fair value at Jan 1, 2023 | Total realized/unrealized (gains)/losses | Transfers
into level 3 | Transfers (out of) level 3 | Fair value at June 30, 2023 | Change in unrealized (gains)/losses related to financial instruments held at June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Sales | Issuances | Settlements(h) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | i 2,162 | $ | ( i 3) | (c)(f) | $ | i — | $ | i — | $ | i 267 | $ | ( i 248) | $ | i — | $ | ( i 125) | $ | i 2,053 | $ | ( i 31) | (c)(f) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | i 1,401 | i 140 | (c)(f) | i — | i — | i 2,242 | ( i 2,059) | i 2 | ( i 22) | i 1,704 | i 34 | (c)(f) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 84 | ( i 13) | (c) | ( i 27) | i 6 | i — | ( i 2) | i 18 | ( i 3) | i 63 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 53 | i 4 | (c) | ( i 2) | i 7 | i — | i — | i 8 | ( i 2) | i 68 | i 4 | (c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | i 24,092 | i 1,681 | (c)(f) | i — | i — | i 5,400 | ( i 5,525) | i 204 | ( i 427) | i 25,425 | i 1,674 | (c)(f) |
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 (in millions) | Fair value at Jan 1, 2022 | Total realized/unrealized gains/(losses) | Transfers
into level 3 | Transfers (out of) level 3 | Fair value at June 30, 2022 | Change in unrealized gains/(losses) related to financial instruments held at June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases(g) | Sales | Settlements(h) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 1 | $ | i — | $ | i 1 | $ | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instruments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | i 265 | i 26 | i 665 | ( i 125) | ( i 28) | i — | i — | i 803 | i 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential – nonagency | i 28 | i — | i 5 | i — | ( i 12) | i — | ( i 7) | i 14 | ( i 1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial – nonagency | i 10 | i — | i — | i — | i — | i — | i — | i 10 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
mortgage-backed securities | i 303 | i 26 | i 670 | ( i 125) | ( i 40) | i — | ( i 7) | i 827 | i 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations
of U.S. states and municipalities | i 7 | i — | i — | i — | i — | i — | i — | i 7 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S.
government debt securities | i 81 | ( i 42) | i 405 | ( i 266) | i — | i 43 | ( i 16) | i 205 | ( i 106) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 332 | ( i 35) | i 333 | ( i 71) | ( i 37) | i 98 | ( i 46) | i 574 | ( i 44) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | i 708 | ( i 37) | i 419 | ( i 262) | ( i 159) | i 525 | ( i 296) | i 898 | ( i 13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | i 26 | i — | i 2 | ( i 10) | i — | i 5 | ( i 3) | i 20 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt instruments | i 1,457 | ( i 88) | i 1,829 | ( i 734) | ( i 236) | i 671 | ( i 368) | i 2,531 | ( i 140) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | i 662 | ( i 912) | i 321 | ( i 301) | i — | i 959 | ( i 68) | i 661 | ( i 474) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Physical Commodities | i — | i — | i 2 | i — | i — | i — | i — | i 2 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i 160 | i 67 | i 26 | i — | ( i 163) | i — | ( i 3) | i 87 | i 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
trading assets – debt and equity instruments | i 2,279 | ( i 933) | (c) | i 2,178 | ( i 1,035) | ( i 399) | i 1,630 | ( i 439) | i 3,281 | ( i 544) | (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net
derivative receivables:(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | ( i 16) | i 393 | i 225 | ( i 229) | i 256 | i 17 | ( i 226) | i 420 | i 428 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | i 74 | i 331 | i 8 | ( i 7) | ( i 161) | ( i 2) | i 6 | i 249 | i 330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange | ( i 419) | i 538 | i 147 | ( i 43) | i 32 | i 18 | ( i 28) | i 245 | i 486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | ( i 3,626) | i 2,568 | i 660 | ( i 1,025) | i 303 | ( i 558) | i 444 | ( i 1,234) | i 2,975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity | ( i 907) | i 804 | i 68 | ( i 206) | i 268 | ( i 1) | i — | i 26 | i 469 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
net derivative receivables | ( i 4,894) | i 4,634 | (c) | i 1,108 | ( i 1,510) | i 698 | ( i 526) | i 196 | ( i 294) | i 4,688 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale
securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | i 161 | i 8 | i 17 | i — | i — | i — | i — | i 186 | i 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total
available-for-sale securities | i 161 | i 8 | (d) | i 17 | i — | i — | i — | i — | i 186 | i 8 | (d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | i 1,933 | i 16 | (c) | i 394 | ( i 100) | ( i 531) | i 616 | ( i 308) | i 2,020 | ( i 24) | (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | i 5,494 | i 1,613 | (e) | i 1,471 | ( i 671) | ( i 468) | i — | i — | i 7,439 | i 1,613 | (e) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | i 306 | i 125 | (c) | i 46 | ( i 28) | ( i 37) | i 2 | ( i 6) | i 408 | i 119 | (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 (in millions) | Fair value at Jan 1, 2022 | Total realized/unrealized (gains)/losses | Transfers
into level 3 | Transfers (out of) level 3 | Fair value at June 30, 2022 | Change in unrealized (gains)/losses related to financial instruments held at June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Sales | Issuances | Settlements(h) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities:(a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | $ | i 2,317 | $ | ( i 302) | (c)(f) | $ | i — | $ | i — | $ | i 246 | $ | ( i 69) | $ | i — | $ | ( i 160) | $ | i 2,032 | $ | ( i 298) | (c)(f) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | i 2,481 | ( i 387) | (c)(f) | i — | i — | i 2,386 | ( i 2,383) | i 15 | ( i 11) | i 2,101 | i 7 | (c)(f) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading
liabilities – debt and equity instruments | i 30 | ( i 16) | (c) | ( i 34) | i 34 | i — | i — | i 44 | ( i 2) | i 56 | i 15 | (c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 69 | ( i 6) | (c) | ( i 28) | i 43 | i — | i — | i 1 | ( i 6) | i 73 | ( i 6) | (c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | i 24,374 | ( i 4,308) | (c)(f) | i — | i — | i 7,520 | ( i 4,521) | i 442 | ( i 430) | i 23,077 | ( i 4,151) | (c)(f) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Credit and funding adjustments: | |||||||||||||||||||||||
Derivatives CVA | $ | i 66 | $ | i 147 | $ | i 121 | $ | ( i 165) | |||||||||||||||
Derivatives
FVA | i 63 | i 7 | i 55 | ( i 51) | |||||||||||||||||||
Fair value hierarchy | Total fair value | |||||||||||||||||||
June 30, 2023 (in millions) | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Loans | $ | i — | $ | i 803 | $ | i 840 | (b) | $ | i 1,643 | |||||||||||
Other
assets(a) | i — | i 7 | i 286 | i 293 | ||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | i — | $ | i 810 | $ | i 1,126 | $ | i 1,936 | ||||||||||||
Accounts payable and other liabilities | i — | i — | i — | i — | ||||||||||||||||
Total liabilities measured at fair value on a nonrecurring basis | $ | i — | $ | i — | $ | i — | $ | i — |
Fair value hierarchy | Total fair value | |||||||||||||||||||
June 30, 2022 (in millions) | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Loans | $ | i — | $ | i 1,516 | $ | i 665 | $ | i 2,181 | ||||||||||||
Other assets | i — | i 22 | i 1,083 | i 1,105 | ||||||||||||||||
Total assets measured at fair value on a nonrecurring basis | $ | i — | $ | i 1,538 | $ | i 1,748 | $ | i 3,286 | ||||||||||||
Accounts payable and other liabilities | i — | i — | i 293 | i 293 | ||||||||||||||||
Total liabilities measured at fair value on a nonrecurring basis | $ | i — | $ | i — | $ | i 293 | $ | i 293 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Loans | $ | ( i 96) | $ | ( i 80) | $ | ( i 128) | $ | ( i 91) | |||||||||||||||
Other
assets(a) | ( i 36) | ( i 389) | ( i 99) | ( i 45) | |||||||||||||||||||
Accounts payable and other liabilities | i — | ( i 269) | i — | ( i 288) | |||||||||||||||||||
Total
nonrecurring fair value gains/(losses) | $ | ( i 132) | $ | ( i 738) | $ | ( i 227) | $ | ( i 424) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
As of or for the period ended, (in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Other assets | |||||||||||||||||||||||
Carrying value(a) | $ | i 4,673 | $ | i 4,196 | $ | i 4,673 | $ | i 4,196 | |||||||||||||||
Upward
carrying value changes(b) | i 5 | i 76 | i 40 | i 445 | |||||||||||||||||||
Downward
carrying value changes/impairment(c) | ( i 37) | ( i 463) | ( i 133) | ( i 474) | |||||||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
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 26.1 | $ | i 26.1 | $ | i — | $ | i — | $ | i 26.1 | $ | i 27.7 | $ | i 27.7 | $ | i — | $ | i — | $ | i 27.7 | ||||||||||||||||||
Deposits with banks | i 469.1 | i 469.0 | i 0.1 | i — | i 469.1 | i 539.5 | i 539.3 | i 0.2 | i — | i 539.5 | ||||||||||||||||||||||||||||
Accrued
interest and accounts receivable | i 111.1 | i — | i 111.1 | i 0.1 | i 111.2 | i 124.7 | i — | i 124.6 | i 0.1 | i 124.7 | ||||||||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | i 3.0 | i — | i 3.0 | i — | i 3.0 | i 3.7 | i — | i 3.7 | i — | i 3.7 | ||||||||||||||||||||||||||||
Securities
borrowed | i 107.7 | i — | i 107.7 | i — | i 107.7 | i 115.3 | i — | i 115.3 | i — | i 115.3 | ||||||||||||||||||||||||||||
Investment
securities, held-to-maturity | i 408.9 | i 185.8 | i 189.5 | i — | i 375.3 | i 425.3 | i 189.1 | i 199.5 | i — | i 388.6 | ||||||||||||||||||||||||||||
Loans,
net of allowance for loan losses(a) | i 1,239.3 | i — | i 279.8 | i 936.1 | i 1,215.9 | i 1,073.9 | i — | i 194.0 | i 853.9 | i 1,047.9 | ||||||||||||||||||||||||||||
Other | i 69.2 | i — | i 66.9 | i 2.4 | i 69.3 | i 101.2 | i — | i 99.6 | i 1.7 | i 101.3 | ||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||
Deposits | $ | i 2,347.4 | $ | i — | $ | i 2,347.5 | $ | i — | $ | i 2,347.5 | $ | i 2,311.6 | $ | i — | $ | i 2,311.5 | $ | i — | $ | i 2,311.5 | ||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | i 49.7 | i — | i 49.7 | i — | i 49.7 | i 50.6 | i — | i 50.6 | i — | i 50.6 | ||||||||||||||||||||||||||||
Short-term
borrowings(b) | i 23.1 | i — | i 23.1 | i — | i 23.1 | i 28.2 | i — | i 28.2 | i — | i 28.2 | ||||||||||||||||||||||||||||
Accounts
payable and other liabilities | i 248.1 | i — | i 238.8 | i 8.8 | i 247.6 | i 257.5 | i — | i 251.2 | i 5.6 | i 256.8 | ||||||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs | i 19.6 | i — | i 19.6 | i — | i 19.6 | i 12.6 | i — | i 12.6 | i — | i 12.6 | ||||||||||||||||||||||||||||
Long-term
debt(b) | i 285.4 | i — | i 232.0 | i 51.7 | i 283.7 | i 223.6 | i — | i 216.5 | i 2.8 | i 219.3 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Estimated fair value hierarchy | Estimated fair value hierarchy | ||||||||||||||||||||||||||||||||||
(in billions) | Carrying value(a) (b)(c) | Level 1 | Level 2 | Level 3 | Total estimated fair value | Carrying
value(a) (b) | Level 1 | Level 2 | Level 3 | Total estimated fair value | |||||||||||||||||||||||||
Wholesale lending-related commitments | $ | i 3.7 | $ | i — | $ | i — | $ | i 4.9 | $ | i 4.9 | $ | i 2.3 | $ | i — | $ | i — | $ | i 3.2 | $ | i 3.2 |
Three months ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Principal transactions | All other income | Total changes in fair value recorded (e) | Principal transactions | All other income | Total
changes in fair value recorded (e) | |||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | i 18 | $ | i — | $ | i 18 | $ | ( i 145) | $ | i — | $ | ( i 145) | |||||||||||||||||||||||||||||
Securities borrowed | ( i 60) | i — | ( i 60) | ( i 101) | i — | ( i 101) | |||||||||||||||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||||||||||||||||||||
Debt and equity instruments, excluding loans | i 1,160 | i — | i 1,160 | ( i 1,255) | i — | ( i 1,255) | |||||||||||||||||||||||||||||||||||
Loans
reported as trading assets: | |||||||||||||||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | i 100 | i — | i 100 | ( i 136) | (f) | i — | ( i 136) | ||||||||||||||||||||||||||||||||||
Other changes in fair value | i 2 | i 2 | (c) | i 4 | ( i 11) | i — | ( i 11) | ||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | i 6 | ( i 5) | (c) | i 1 | ( i 83) | i 11 | (c) | ( i 72) | |||||||||||||||||||||||||||||||||
Other changes in fair value | ( i 76) | ( i 6) | (c) | ( i 82) | ( i 501) | ( i 260) | (c) | ( i 761) | |||||||||||||||||||||||||||||||||
Other assets | ( i 16) | ( i 1) | (d) | ( i 17) | ( i 2) | i 4 | (d) | i 2 | |||||||||||||||||||||||||||||||||
Deposits(a) | ( i 395) | i — | ( i 395) | i 382 | i — | i 382 | |||||||||||||||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | ( i 8) | i — | ( i 8) | i 124 | i — | i 124 | |||||||||||||||||||||||||||||||||||
Short-term
borrowings(a) | ( i 110) | i — | ( i 110) | i 471 | i — | i 471 | |||||||||||||||||||||||||||||||||||
Trading liabilities | ( i 15) | i — | ( i 15) | i 54 | i — | i 54 | |||||||||||||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||
Other liabilities | ( i 1) | i — | ( i 1) | ( i 7) | i — | ( i 7) | |||||||||||||||||||||||||||||||||||
Long-term
debt(a)(b) | ( i 663) | ( i 2) | (c)(d) | ( i 665) | i 5,405 | i 14 | (c)(d) | i 5,419 |
Six months ended June 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
(in millions) | Principal transactions | All other income | Total changes in fair value recorded (e) | Principal transactions | All other income | Total changes in fair value recorded (e) | ||||||||||||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | $ | i 220 | $ | i — | $ | i 220 | $ | ( i 375) | $ | i — | $ | ( i 375) | ||||||||||||||||||||||||||
Securities borrowed | i 28 | i — | i 28 | ( i 299) | i — | ( i 299) | ||||||||||||||||||||||||||||||||
Trading assets: | ||||||||||||||||||||||||||||||||||||||
Debt and equity instruments, excluding loans | i 2,755 | i — | i 2,755 | ( i 911) | i — | ( i 911) | ||||||||||||||||||||||||||||||||
Loans
reported as trading assets: | ||||||||||||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | i 231 | i — | i 231 | ( i 142) | (f) | i — | ( i 142) | |||||||||||||||||||||||||||||||
Other changes in fair value | i 5 | i 2 | (c) | i 7 | ( i 22) | i — | ( i 22) | |||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | i 71 | ( i 4) | (c) | i 67 | ( i 77) | i 23 | (c) | ( i 54) | ||||||||||||||||||||||||||||||
Other changes in fair value | i 119 | i 104 | (c) | i 223 | ( i 1,220) | ( i 774) | (c) | ( i 1,994) | ||||||||||||||||||||||||||||||
Other assets | i 14 | ( i 1) | (d) | i 13 | i 9 | i 1 | (d) | i 10 | ||||||||||||||||||||||||||||||
Deposits(a) | ( i 868) | i — | ( i 868) | i 784 | i — | i 784 | ||||||||||||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | ( i 69) | i — | ( i 69) | i 206 | i — | i 206 | ||||||||||||||||||||||||||||||||
Short-term
borrowings(a) | ( i 269) | i — | ( i 269) | i 773 | i — | i 773 | ||||||||||||||||||||||||||||||||
Trading liabilities | ( i 30) | i — | ( i 30) | ( i 12) | i — | ( i 12) | ||||||||||||||||||||||||||||||||
Beneficial
interests issued by consolidated VIEs | i — | i — | i — | ( i 1) | i — | ( i 1) | ||||||||||||||||||||||||||||||||
Other liabilities | ( i 1) | i — | ( i 1) | ( i 4) | i — | ( i 4) | ||||||||||||||||||||||||||||||||
Long-term
debt(a)(b) | ( i 3,461) | ( i 28) | (c)(d) | ( i 3,489) | i 9,365 | i 33 | (c)(d) | i 9,398 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
(in millions) | Contractual principal outstanding | Fair value | Fair value over/(under) contractual principal outstanding | Contractual principal outstanding | Fair value | Fair value over/(under) contractual principal outstanding | |||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Nonaccrual loans | |||||||||||||||||||||||||||||
Loans reported as trading assets | $ | i 2,737 | $ | i 529 | $ | ( i 2,208) | $ | i 2,517 | $ | i 368 | $ | ( i 2,149) | |||||||||||||||||
Loans | i 911 | i 760 | ( i 151) | i 967 | i 829 | ( i 138) | |||||||||||||||||||||||
Subtotal | i 3,648 | i 1,289 | ( i 2,359) | i 3,484 | i 1,197 | ( i 2,287) | |||||||||||||||||||||||
90 or more days past due and government guaranteed | |||||||||||||||||||||||||||||
Loans(a) | i 82 | i 76 | ( i 6) | i 124 | i 115 | ( i 9) | |||||||||||||||||||||||
All
other performing loans(b) | |||||||||||||||||||||||||||||
Loans reported as trading assets | i 9,217 | i 7,560 | ( i 1,657) | i 7,823 | i 6,135 | ( i 1,688) | |||||||||||||||||||||||
Loans | i 39,995 | i 37,953 | ( i 2,042) | i 42,588 | i 41,135 | ( i 1,453) | |||||||||||||||||||||||
Subtotal | i 49,212 | i 45,513 | ( i 3,699) | i 50,411 | i 47,270 | ( i 3,141) | |||||||||||||||||||||||
Total loans | $ | i 52,942 | $ | i 46,878 | $ | ( i 6,064) | $ | i 54,019 | $ | i 48,582 | $ | ( i 5,437) | |||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
Principal-protected debt | $ | i 42,889 | (d) | $ | i 34,524 | $ | ( i 8,365) | $ | i 41,341 | (d) | $ | i 31,105 | $ | ( i 10,236) | |||||||||||||||
Nonprincipal-protected
debt(c) | NA | i 44,085 | NA | NA | i 41,176 | NA | |||||||||||||||||||||||
Total long-term debt | NA | $ | i 78,609 | NA | NA | $ | i 72,281 | NA | |||||||||||||||||||||
Long-term beneficial interests | |||||||||||||||||||||||||||||
Nonprincipal-protected debt(c) | NA | $ | i 1 | NA | NA | $ | i 5 | NA | |||||||||||||||||||||
Total long-term beneficial interests | NA | $ | i 1 | NA | NA | $ | i 5 | NA |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
(in millions) | Long-term debt | Short-term borrowings | Deposits | Total | Long-term debt | Short-term borrowings | Deposits | Total | |||||||||||||||||||||||||||
Risk exposure | |||||||||||||||||||||||||||||||||||
Interest rate | $ | i 34,860 | $ | i 225 | $ | i 46,527 | $ | i 81,612 | $ | i 31,973 | $ | i 260 | $ | i 24,655 | $ | i 56,888 | |||||||||||||||||||
Credit | i 4,618 | i 247 | i — | i 4,865 | i 4,105 | i 170 | i — | i 4,275 | |||||||||||||||||||||||||||
Foreign exchange | i 2,675 | i 997 | i 3 | i 3,675 | i 2,674 | i 788 | i 50 | i 3,512 | |||||||||||||||||||||||||||
Equity | i 33,590 | i 4,830 | i 3,202 | i 41,622 | i 30,864 | i 4,272 | i 3,545 | i 38,681 | |||||||||||||||||||||||||||
Commodity | i 2,017 | i — | i 1 | (a) | i 2,018 | i 1,655 | i 16 | i 2 | (a) | i 1,673 | |||||||||||||||||||||||||
Total structured notes | $ | i 77,760 | $ | i 6,299 | $ | i 49,733 | $ | i 133,792 | $ | i 71,271 | $ | i 5,506 | $ | i 28,252 | $ | i 105,029 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Credit exposure(h)(i) | On-balance sheet | Off-balance sheet(j) | Credit exposure(h) | On-balance sheet | Off-balance sheet(j) | ||||||||||||||||||||||||||||||
(in millions) | Loans | Derivatives | Loans | Derivatives | |||||||||||||||||||||||||||||||
Consumer, excluding credit card | $ | i 459,050 | $ | i 408,204 | $ | — | $ | i 50,846 | $ | i 344,893 | $ | i 311,375 | $ | — | $ | i 33,518 | |||||||||||||||||||
Credit
card(a) | i 1,072,833 | i 191,348 | — | i 881,485 | i 1,006,459 | i 185,175 | — | i 821,284 | |||||||||||||||||||||||||||
Total
consumer(a) | i 1,531,883 | i 599,552 | — | i 932,331 | i 1,351,352 | i 496,550 | — | i 854,802 | |||||||||||||||||||||||||||
Wholesale(b) | |||||||||||||||||||||||||||||||||||
Real Estate | i 206,912 | i 165,069 | i 331 | i 41,512 | i 170,857 | i 131,681 | i 249 | i 38,927 | |||||||||||||||||||||||||||
Individuals
and Individual Entities(c) | i 141,178 | i 122,056 | i 730 | i 18,392 | i 130,815 | i 120,424 | i 434 | i 9,957 | |||||||||||||||||||||||||||
Asset Managers | i 138,143 | i 52,730 | i 14,751 | i 70,662 | i 95,656 | i 40,511 | i 16,397 | i 38,748 | |||||||||||||||||||||||||||
Consumer & Retail | i 125,935 | i 47,410 | i 2,278 | i 76,247 | i 120,555 | i 45,867 | i 1,650 | i 73,038 | |||||||||||||||||||||||||||
Industrials | i 77,206 | i 27,537 | i 1,424 | i 48,245 | i 72,483 | i 26,960 | i 1,770 | i 43,753 | |||||||||||||||||||||||||||
Technology,
Media & Telecommunications | i 76,444 | i 21,159 | i 2,601 | i 52,684 | i 72,286 | i 21,622 | i 2,950 | i 47,714 | |||||||||||||||||||||||||||
Healthcare | i 65,547 | i 22,727 | i 1,720 | i 41,100 | i 62,613 | i 22,970 | i 1,683 | i 37,960 | |||||||||||||||||||||||||||
Banks & Finance Cos | i 61,659 | i 34,934 | i 4,679 | i 22,046 | i 51,816 | i 32,172 | i 3,246 | i 16,398 | |||||||||||||||||||||||||||
State
& Municipal Govt(d) | i 37,157 | i 20,656 | i 457 | i 16,044 | i 33,847 | i 18,147 | i 585 | i 15,115 | |||||||||||||||||||||||||||
Utilities | i 35,757 | i 7,162 | i 3,089 | i 25,506 | i 36,218 | i 9,107 | i 3,269 | i 23,842 | |||||||||||||||||||||||||||
Oil & Gas | i 33,233 | i 9,607 | i 1,352 | i 22,274 | i 38,668 | i 9,632 | i 5,121 | i 23,915 | |||||||||||||||||||||||||||
Automotive | i 32,947 | i 15,169 | i 602 | i 17,176 | i 33,287 | i 14,735 | i 529 | i 18,023 | |||||||||||||||||||||||||||
Chemicals & Plastics | i 22,195 | i 6,343 | i 510 | i 15,342 | i 20,030 | i 5,771 | i 407 | i 13,852 | |||||||||||||||||||||||||||
Insurance | i 21,874 | i 2,772 | i 8,175 | i 10,927 | i 21,045 | i 2,387 | i 8,081 | i 10,577 | |||||||||||||||||||||||||||
Central Govt | i 16,845 | i 3,670 | i 10,827 | i 2,348 | i 19,095 | i 3,167 | i 12,955 | i 2,973 | |||||||||||||||||||||||||||
Metals & Mining | i 15,631 | i 4,786 | i 311 | i 10,534 | i 15,915 | i 5,398 | i 475 | i 10,042 | |||||||||||||||||||||||||||
Transportation | i 15,447 | i 5,779 | i 606 | i 9,062 | i 15,009 | i 5,005 | i 567 | i 9,437 | |||||||||||||||||||||||||||
Securities Firms | i 9,077 | i 957 | i 3,392 | i 4,728 | i 8,066 | i 556 | i 3,387 | i 4,123 | |||||||||||||||||||||||||||
Financial Markets Infrastructure | i 4,993 | i 184 | i 2,491 | i 2,318 | i 4,962 | i 13 | i 3,050 | i 1,899 | |||||||||||||||||||||||||||
All
other(e) | i 135,271 | i 97,438 | i 3,891 | i 33,942 | i 123,307 | i 87,545 | i 4,075 | i 31,687 | |||||||||||||||||||||||||||
Subtotal | i 1,273,451 | i 668,145 | i 64,217 | i 541,089 | i 1,146,530 | i 603,670 | i 70,880 | i 471,980 | |||||||||||||||||||||||||||
Loans
held-for-sale and loans at fair value | i 32,372 | i 32,372 | — | — | i 35,427 | i 35,427 | — | — | |||||||||||||||||||||||||||
Receivables
from customers(f) | i 42,741 | — | — | — | i 49,257 | — | — | — | |||||||||||||||||||||||||||
Total wholesale | i 1,348,564 | i 700,517 | i 64,217 | i 541,089 | i 1,231,214 | i 639,097 | i 70,880 | i 471,980 | |||||||||||||||||||||||||||
Total
exposure(g)(h) | $ | i 2,880,447 | $ | i 1,300,069 | $ | i 64,217 | $ | i 1,473,420 | $ | i 2,582,566 | $ | i 1,135,647 | $ | i 70,880 | $ | i 1,326,782 |
Type of Derivative | Use of Derivative | Designation and disclosure | Affected segment or unit | 10-Q page reference | ||||||||||
Manage specifically identified risk exposures in qualifying hedge accounting relationships: | ||||||||||||||
•Interest
rate | Hedge fixed rate assets and liabilities | Fair value hedge | Corporate | 130-131 | ||||||||||
•Interest rate | Hedge floating-rate assets and liabilities | Cash flow hedge | Corporate | 132 | ||||||||||
•Foreign exchange | Hedge foreign currency-denominated assets and
liabilities | Fair value hedge | Corporate | 130-131 | ||||||||||
•Foreign exchange | Hedge foreign currency-denominated forecasted revenue and expense | Cash flow hedge | Corporate | 132 | ||||||||||
•Foreign exchange | Hedge the value of the Firm’s investments in non-U.S. dollar
functional currency entities | Net investment hedge | Corporate | 133 | ||||||||||
•Commodity | Hedge commodity inventory | Fair value hedge | CIB, AWM | 130-131 | ||||||||||
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: | ||||||||||||||
•Interest
rate | Manage the risk associated with mortgage commitments, warehouse loans and MSRs | Specified risk management | CCB | 134 | ||||||||||
•Credit | Manage the credit risk associated with wholesale lending exposures | Specified risk management | CIB | 134 | ||||||||||
•Interest rate and foreign exchange | Manage the risk associated with certain other specified assets and liabilities | Specified risk management | Corporate | 134 | ||||||||||
Market-making derivatives and other activities: | ||||||||||||||
•Various | Market-making and related risk management | Market-making and other | CIB | 134 | ||||||||||
•Various | Other derivatives | Market-making and other | CIB, AWM, Corporate | 134 |
Notional amounts(b) | |||||||||||
(in billions) | June 30, 2023 | December 31, 2022 | |||||||||
Interest rate contracts | |||||||||||
Swaps | $ | i 29,292 | $ | i 24,491 | |||||||
Futures
and forwards | i 3,341 | i 2,636 | |||||||||
Written
options | i 3,329 | i 3,047 | |||||||||
Purchased
options | i 3,390 | i 2,992 | |||||||||
Total
interest rate contracts | i 39,352 | i 33,166 | |||||||||
Credit
derivatives(a) | i 1,477 | i 1,132 | |||||||||
Foreign
exchange contracts | |||||||||||
Cross-currency swaps | i 4,436 | i 4,196 | |||||||||
Spot,
futures and forwards | i 8,681 | i 7,017 | |||||||||
Written
options | i 867 | i 775 | |||||||||
Purchased options | i 826 | i 759 | |||||||||
Total
foreign exchange contracts | i 14,810 | i 12,747 | |||||||||
Equity contracts | |||||||||||
Swaps | i 598 | i 618 | |||||||||
Futures
and forwards | i 110 | i 110 | |||||||||
Written options | i 755 | i 636 | |||||||||
Purchased
options | i 707 | i 580 | |||||||||
Total equity contracts | i 2,170 | i 1,944 | |||||||||
Commodity contracts | |||||||||||
Swaps | i 137 | i 136 | |||||||||
Spot,
futures and forwards | i 142 | i 136 | |||||||||
Written options | i 133 | i 117 | |||||||||
Purchased
options | i 110 | i 98 | |||||||||
Total commodity contracts | i 522 | i 487 | |||||||||
Total
derivative notional amounts | $ | i 58,331 | $ | i 49,476 |
Free-standing
derivative receivables and payables(a) | |||||||||||||||||||||||||||||||||||||||||||||||
Gross derivative receivables | Gross derivative payables | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 (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 288,312 | $ | i — | $ | i 288,312 | $ | i 27,709 | $ | i 277,334 | $ | i 8 | $ | i 277,342 | $ | i 15,157 | |||||||||||||||||||||||||||||||
Credit | i 13,685 | i — | i 13,685 | i 1,245 | i 13,767 | i — | i 13,767 | i 566 | |||||||||||||||||||||||||||||||||||||||
Foreign exchange | i 226,793 | i 886 | i 227,679 | i 22,194 | i 222,739 | i 846 | i 223,585 | i 14,177 | |||||||||||||||||||||||||||||||||||||||
Equity | i 61,392 | i — | i 61,392 | i 7,324 | i 67,670 | i — | i 67,670 | i 9,805 | |||||||||||||||||||||||||||||||||||||||
Commodity | i 16,872 | i 768 | i 17,640 | i 5,745 | i 18,465 | i 820 | i 19,285 | i 6,840 | |||||||||||||||||||||||||||||||||||||||
Total
fair value of trading assets and liabilities | $ | i 607,054 | $ | i 1,654 | $ | i 608,708 | $ | i 64,217 | $ | i 599,975 | $ | i 1,674 | $ | i 601,649 | $ | i 46,545 | |||||||||||||||||||||||||||||||
Gross derivative receivables | Gross derivative payables | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 (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 300,411 | $ | i 4 | $ | i 300,415 | $ | i 28,419 | $ | i 290,291 | $ | i — | $ | i 290,291 | $ | i 15,970 | |||||||||||||||||||||||||||||||
Credit | i 10,329 | i — | i 10,329 | i 1,090 | i 9,971 | i — | i 9,971 | i 754 | |||||||||||||||||||||||||||||||||||||||
Foreign exchange | i 239,946 | i 1,633 | i 241,579 | i 23,365 | i 248,911 | i 2,610 | i 251,521 | i 18,856 | |||||||||||||||||||||||||||||||||||||||
Equity | i 61,913 | i — | i 61,913 | i 9,139 | i 62,461 | i — | i 62,461 | i 8,804 | |||||||||||||||||||||||||||||||||||||||
Commodity | i 23,652 | i 1,705 | i 25,357 | i 8,867 | i 20,758 | i 2,511 | i 23,269 | i 6,757 | |||||||||||||||||||||||||||||||||||||||
Total
fair value of trading assets and liabilities | $ | i 636,251 | $ | i 3,342 | $ | i 639,593 | $ | i 70,880 | $ | i 632,392 | $ | i 5,121 | $ | i 637,513 | $ | i 51,141 |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
(in millions) | Gross derivative receivables | Amounts netted on the Consolidated balance sheets | Net derivative receivables | Gross derivative receivables | Amounts netted on the Consolidated balance sheets | Net derivative receivables | ||||||||||||||||||||||||||||||||
U.S. GAAP nettable derivative receivables | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||
Over-the-counter (“OTC”) | $ | i 194,218 | $ | ( i 168,569) | $ | i 25,649 | $ | i 203,922 | $ | ( i 178,261) | $ | i 25,661 | ||||||||||||||||||||||||||
OTC–cleared | i 91,665 | ( i 91,508) | i 157 | i 93,800 | ( i 93,424) | i 376 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 573 | ( i 526) | i 47 | i 559 | ( i 311) | i 248 | ||||||||||||||||||||||||||||||||
Total interest rate contracts | i 286,456 | ( i 260,603) | i 25,853 | i 298,281 | ( i 271,996) | i 26,285 | ||||||||||||||||||||||||||||||||
Credit contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 8,850 | ( i 7,818) | i 1,032 | i 8,474 | ( i 7,535) | i 939 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 4,674 | ( i 4,622) | i 52 | i 1,746 | ( i 1,704) | i 42 | ||||||||||||||||||||||||||||||||
Total credit contracts | i 13,524 | ( i 12,440) | i 1,084 | i 10,220 | ( i 9,239) | i 981 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 223,998 | ( i 204,582) | i 19,416 | i 237,941 | ( i 216,796) | i 21,145 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 910 | ( i 901) | i 9 | i 1,461 | ( i 1,417) | i 44 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 11 | ( i 2) | i 9 | i 15 | ( i 1) | i 14 | ||||||||||||||||||||||||||||||||
Total foreign exchange contracts | i 224,919 | ( i 205,485) | i 19,434 | i 239,417 | ( i 218,214) | i 21,203 | ||||||||||||||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 24,672 | ( i 21,496) | i 3,176 | i 30,323 | ( i 25,665) | i 4,658 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 34,196 | ( i 32,572) | i 1,624 | i 28,467 | ( i 27,109) | i 1,358 | ||||||||||||||||||||||||||||||||
Total equity contracts | i 58,868 | ( i 54,068) | i 4,800 | i 58,790 | ( i 52,774) | i 6,016 | ||||||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 9,317 | ( i 5,539) | i 3,778 | i 14,430 | ( i 7,633) | i 6,797 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 111 | ( i 111) | i — | i 120 | ( i 112) | i 8 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 6,266 | ( i 6,245) | i 21 | i 9,103 | ( i 8,745) | i 358 | ||||||||||||||||||||||||||||||||
Total commodity contracts | i 15,694 | ( i 11,895) | i 3,799 | i 23,653 | ( i 16,490) | i 7,163 | ||||||||||||||||||||||||||||||||
Derivative
receivables with appropriate legal opinion | i 599,461 | ( i 544,491) | i 54,970 | (d) | i 630,361 | ( i 568,713) | i 61,648 | (d) | ||||||||||||||||||||||||||||||
Derivative
receivables where an appropriate legal opinion has not been either sought or obtained | i 9,247 | i 9,247 | i 9,232 | i 9,232 | ||||||||||||||||||||||||||||||||||
Total
derivative receivables recognized on the Consolidated balance sheets | $ | i 608,708 | $ | i 64,217 | $ | i 639,593 | $ | i 70,880 | ||||||||||||||||||||||||||||||
Collateral
not nettable on the Consolidated balance sheets(b)(c) | ( i 23,282) | ( i 23,014) | ||||||||||||||||||||||||||||||||||||
Net
amounts | $ | i 40,935 | $ | i 47,866 |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
(in millions) | Gross derivative payables | Amounts netted on the Consolidated balance sheets | Net derivative payables | Gross derivative payables | Amounts netted on the Consolidated balance sheets | Net derivative payables | ||||||||||||||||||||||||||||||||
U.S. GAAP nettable derivative payables | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | $ | i 180,016 | $ | ( i 167,127) | $ | i 12,889 | $ | i 190,108 | $ | ( i 176,890) | $ | i 13,218 | ||||||||||||||||||||||||||
OTC–cleared | i 94,771 | ( i 94,554) | i 217 | i 97,417 | ( i 97,126) | i 291 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 512 | ( i 504) | i 8 | i 327 | ( i 305) | i 22 | ||||||||||||||||||||||||||||||||
Total interest rate contracts | i 275,299 | ( i 262,185) | i 13,114 | i 287,852 | ( i 274,321) | i 13,531 | ||||||||||||||||||||||||||||||||
Credit contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 9,240 | ( i 8,768) | i 472 | i 8,054 | ( i 7,572) | i 482 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 4,438 | ( i 4,433) | i 5 | i 1,674 | ( i 1,645) | i 29 | ||||||||||||||||||||||||||||||||
Total credit contracts | i 13,678 | ( i 13,201) | i 477 | i 9,728 | ( i 9,217) | i 511 | ||||||||||||||||||||||||||||||||
Foreign exchange contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 220,326 | ( i 208,507) | i 11,819 | i 246,457 | ( i 231,248) | i 15,209 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 993 | ( i 901) | i 92 | i 1,488 | ( i 1,417) | i 71 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 15 | i — | i 15 | i 20 | i — | i 20 | ||||||||||||||||||||||||||||||||
Total foreign exchange contracts | i 221,334 | ( i 209,408) | i 11,926 | i 247,965 | ( i 232,665) | i 15,300 | ||||||||||||||||||||||||||||||||
Equity contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 28,206 | ( i 25,293) | i 2,913 | i 29,833 | ( i 26,554) | i 3,279 | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 35,657 | ( i 32,572) | i 3,085 | i 28,291 | ( i 27,103) | i 1,188 | ||||||||||||||||||||||||||||||||
Total equity contracts | i 63,863 | ( i 57,865) | i 5,998 | i 58,124 | ( i 53,657) | i 4,467 | ||||||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
OTC | i 9,591 | ( i 6,061) | i 3,530 | i 11,954 | ( i 7,642) | i 4,312 | ||||||||||||||||||||||||||||||||
OTC–cleared | i 116 | ( i 116) | i — | i 112 | ( i 112) | i — | ||||||||||||||||||||||||||||||||
Exchange-traded(a) | i 7,050 | ( i 6,268) | i 782 | i 9,021 | ( i 8,758) | i 263 | ||||||||||||||||||||||||||||||||
Total commodity contracts | i 16,757 | ( i 12,445) | i 4,312 | i 21,087 | ( i 16,512) | i 4,575 | ||||||||||||||||||||||||||||||||
Derivative
payables with appropriate legal opinion | i 590,931 | ( i 555,104) | i 35,827 | (d) | i 624,756 | ( i 586,372) | i 38,384 | (d) | ||||||||||||||||||||||||||||||
Derivative
payables where an appropriate legal opinion has not been either sought or obtained | i 10,718 | i 10,718 | i 12,757 | i 12,757 | ||||||||||||||||||||||||||||||||||
Total
derivative payables recognized on the Consolidated balance sheets | $ | i 601,649 | $ | i 46,545 | $ | i 637,513 | $ | i 51,141 | ||||||||||||||||||||||||||||||
Collateral
not nettable on the Consolidated balance sheets(b)(c) | ( i 4,248) | ( i 3,318) | ||||||||||||||||||||||||||||||||||||
Net
amounts | $ | i 42,297 | $ | i 47,823 |
OTC and OTC-cleared derivative payables containing downgrade triggers | ||||||||||||||||||||
(in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||
Aggregate fair value of net derivative payables | $ | i 15,243 | $ | i 16,023 | ||||||||||||||||
Collateral posted | i 14,144 | i 15,505 |
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives | ||||||||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(in millions) | Single-notch downgrade | Two-notch downgrade | Single-notch downgrade | Two-notch downgrade | ||||||||||||||||
Amount
of additional collateral to be posted upon downgrade(a) | $ | i 81 | $ | i 1,241 | $ | i 128 | $ | i 1,293 | ||||||||||||
Amount
required to settle contracts with termination triggers upon downgrade(b) | i 80 | i 811 | i 88 | i 925 |
Gains/(losses) recorded in income | Income
statement impact of excluded components(e) | OCI impact | ||||||||||||||||||||||||||||||
Three months ended June 30, 2023 (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 151) | $ | i 164 | $ | i 13 | $ | i — | $ | i 5 | $ | i — | ||||||||||||||||||||
Foreign
exchange(c) | i 254 | ( i 188) | i 66 | ( i 156) | i 66 | i 15 | ||||||||||||||||||||||||||
Commodity(d) | i 422 | ( i 290) | i 132 | i — | i 133 | i — | ||||||||||||||||||||||||||
Total | $ | i 525 | $ | ( i 314) | $ | i 211 | $ | ( i 156) | $ | i 204 | $ | i 15 |
Gains/(losses) recorded in income | Income statement impact of excluded components(e) | OCI impact | |||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 (in millions) | Derivatives | Hedged items | Income statement impact | Amortization approach | Changes in fair value | Derivatives
- Gains/(losses) recorded in OCI(f) | |||||||||||||||||||||||||||||
Contract type | |||||||||||||||||||||||||||||||||||
Interest rate(a)(b) | $ | ( i 4,467) | $ | i 4,367 | $ | ( i 100) | $ | i — | $ | ( i 79) | $ | i — | |||||||||||||||||||||||
Foreign
exchange(c) | ( i 818) | i 830 | i 12 | ( i 115) | i 12 | i 67 | |||||||||||||||||||||||||||||
Commodity(d) | ( i 1,536) | i 1,464 | ( i 72) | i — | ( i 73) | i — | |||||||||||||||||||||||||||||
Total | $ | ( i 6,821) | $ | i 6,661 | $ | ( i 160) | $ | ( i 115) | $ | ( i 140) | $ | i 67 |
Gains/(losses) recorded in income | Income statement impact of excluded components(e) | OCI impact | ||||||||||||||||||||||||||||||
Six months ended June 30, 2023 (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 1,021 | $ | ( i 940) | $ | i 81 | $ | i — | $ | i 15 | $ | i — | ||||||||||||||||||||
Foreign
exchange(c) | i 412 | ( i 282) | i 130 | ( i 329) | i 130 | ( i 13) | ||||||||||||||||||||||||||
Commodity(d) | ( i 1,118) | i 1,335 | i 217 | i — | i 217 | i — | ||||||||||||||||||||||||||
Total | $ | i 315 | $ | i 113 | $ | i 428 | $ | ( i 329) | $ | i 362 | $ | ( i 13) |
Gains/(losses) recorded in income | Income statement impact of excluded components(e) | OCI impact | |||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 (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 11,537) | $ | i 11,348 | $ | ( i 189) | $ | i — | $ | ( i 145) | $ | i — | |||||||||||||||||||||||
Foreign
exchange(c) | ( i 1,508) | i 1,518 | i 10 | ( i 180) | i 10 | i 212 | |||||||||||||||||||||||||||||
Commodity(d) | ( i 1,712) | i 1,611 | ( i 101) | i — | ( i 110) | i — | |||||||||||||||||||||||||||||
Total | $ | ( i 14,757) | $ | i 14,477 | $ | ( i 280) | $ | ( i 180) | $ | ( i 245) | $ | i 212 |
Carrying
amount of the hedged items(a)(b) | Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | |||||||||||||||||||
June 30, 2023 (in millions) | Active hedging relationships(d) | Discontinued hedging relationships(d)(e) | Total | |||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities - AFS | $ | i 136,444 | (c) | $ | ( i 2,752) | $ | ( i 3,462) | $ | ( i 6,214) | |||||||||||
Liabilities | ||||||||||||||||||||
Long-term debt | i 176,509 | ( i 5,857) | ( i 9,105) | ( i 14,962) | ||||||||||||||||
Carrying
amount of the hedged items(b)(c) | Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | |||||||||||||||||||
December 31, 2022 (in millions) | Active hedging relationships(d) | Discontinued hedging relationships(d)(e) | Total | |||||||||||||||||
Assets | ||||||||||||||||||||
Investment securities - AFS | $ | i 84,073 | (c) | $ | ( i 4,149) | $ | ( i 1,542) | $ | ( i 5,691) | |||||||||||
Liabilities | ||||||||||||||||||||
Long-term debt | i 175,257 | ( i 11,879) | ( i 3,313) | ( i 15,192) |
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||
Three months ended June 30, 2023 (in millions) | Amounts reclassified from AOCI to income | Amounts
recorded in OCI | Total change in OCI for period | |||||||||||
Contract type | ||||||||||||||
Interest rate(a) | $ | ( i 474) | $ | ( i 1,199) | $ | ( i 725) | ||||||||
Foreign
exchange(b) | i 9 | i 80 | i 71 | |||||||||||
Total | $ | ( i 465) | $ | ( i 1,119) | $ | ( i 654) | ||||||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||
Three months ended June 30, 2022 (in millions) | Amounts reclassified from AOCI to income | Amounts recorded in OCI | Total change in OCI for period | |||||||||||
Contract type | ||||||||||||||
Interest rate(a) | $ | i 86 | $ | ( i 1,509) | $ | ( i 1,595) | ||||||||
Foreign
exchange(b) | ( i 62) | ( i 241) | ( i 179) | |||||||||||
Total | $ | i 24 | $ | ( i 1,750) | $ | ( i 1,774) | ||||||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||
Six months ended June 30, 2023 (in millions) | Amounts reclassified from AOCI to income | Amounts recorded in OCI | Total change in OCI for period | |||||||||||
Contract type | ||||||||||||||
Interest rate(a) | $ | ( i 902) | $ | ( i 738) | $ | i 164 | ||||||||
Foreign
exchange(b) | ( i 46) | i 186 | i 232 | |||||||||||
Total | $ | ( i 948) | $ | ( i 552) | $ | i 396 | ||||||||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | ||||||||||||||
Six months ended June 30, 2022 (in millions) | Amounts reclassified from AOCI to income | Amounts recorded in OCI | Total change in OCI for period | |||||||||||
Contract type | ||||||||||||||
Interest rate(a) | $ | i 329 | $ | ( i 4,870) | $ | ( i 5,199) | ||||||||
Foreign
exchange(b) | ( i 68) | ( i 316) | ( i 248) | |||||||||||
Total | $ | i 261 | $ | ( i 5,186) | $ | ( i 5,447) |
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Three months ended June 30, (in millions) | Amounts recorded in income(a)(b) | Amounts recorded in OCI | Amounts recorded in income(a)(b) | Amounts recorded in OCI | |||||||||||||||||||||||||
Foreign exchange derivatives | $ | i 121 | $ | ( i 88) | $ | ( i 116) | $ | i 3,520 | |||||||||||||||||||||
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Six months ended June 30, (in millions) | Amounts recorded in income(a)(b) | Amounts recorded in OCI | Amounts recorded in income(a)(b) | Amounts recorded in OCI | |||||||||||||||||||||||||
Foreign exchange derivatives | $ | i 205 | $ | ( i 1,092) | $ | ( i 247) | $ | i 3,858 |
Derivatives gains/(losses) recorded in income | |||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Contract type | |||||||||||||||||||||||
Interest
rate(a) | $ | ( i 112) | $ | ( i 309) | $ | ( i 126) | $ | ( i 538) | |||||||||||||||
Credit(b) | ( i 67) | i 89 | ( i 163) | i 122 | |||||||||||||||||||
Foreign
exchange(c) | i 41 | i 6 | i 43 | ( i 76) | |||||||||||||||||||
Total | $ | ( i 138) | $ | ( i 214) | $ | ( i 246) | $ | ( i 492) |
Maximum payout/Notional amount | ||||||||||||||||||||||||||
June 30, 2023 (in millions) | Protection sold | Protection purchased with identical underlyings(c) | Net protection (sold)/purchased(d) | Other protection purchased(e) | ||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||
Credit default swaps | $ | ( i 649,720) | $ | i 677,813 | $ | i 28,093 | $ | i 5,774 | ||||||||||||||||||
Other
credit derivatives(a) | ( i 55,887) | i 73,831 | i 17,944 | i 13,765 | ||||||||||||||||||||||
Total credit derivatives | ( i 705,607) | i 751,644 | i 46,037 | i 19,539 | ||||||||||||||||||||||
Credit-related
notes(b) | i — | i — | i — | i 8,064 | ||||||||||||||||||||||
Total | $ | ( i 705,607) | $ | i 751,644 | $ | i 46,037 | $ | i 27,603 | ||||||||||||||||||
Maximum payout/Notional amount | ||||||||||||||||||||||||||
December 31, 2022 (in millions) | Protection sold | Protection purchased with identical underlyings(c) | Net protection (sold)/purchased(d) | Other protection purchased(e) | ||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||
Credit default swaps | $ | ( i 495,557) | $ | i 509,846 | $ | i 14,289 | $ | i 2,917 | ||||||||||||||||||
Other
credit derivatives(a) | ( i 47,165) | i 65,029 | i 17,864 | i 11,746 | ||||||||||||||||||||||
Total credit derivatives | ( i 542,722) | i 574,875 | i 32,153 | i 14,663 | ||||||||||||||||||||||
Credit-related
notes(b) | i — | i — | i — | i 7,863 | ||||||||||||||||||||||
Total | $ | ( i 542,722) | $ | i 574,875 | $ | i 32,153 | $ | i 22,526 |
Protection
sold — credit derivatives ratings(a)/maturity profile | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 (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 103,323) | $ | ( i 412,661) | $ | ( i 37,836) | $ | ( i 553,820) | $ | i 4,357 | $ | ( i 1,281) | $ | i 3,076 | |||||||||||||||||||||||||||
Noninvestment-grade | ( i 38,784) | ( i 106,800) | ( i 6,203) | ( i 151,787) | i 2,575 | ( i 3,606) | ( i 1,031) | ||||||||||||||||||||||||||||||||||
Total | $ | ( i 142,107) | $ | ( i 519,461) | $ | ( i 44,039) | $ | ( i 705,607) | $ | i 6,932 | $ | ( i 4,887) | $ | i 2,045 |
December
31, 2022 (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 90,484) | $ | ( i 294,791) | $ | ( i 30,822) | $ | ( i 416,097) | $ | i 2,324 | $ | ( i 1,495) | $ | i 829 | |||||||||||||||||||||||||||
Noninvestment-grade | ( i 33,244) | ( i 87,011) | ( i 6,370) | ( i 126,625) | i 1,267 | ( i 3,209) | ( i 1,942) | ||||||||||||||||||||||||||||||||||
Total | $ | ( i 123,728) | $ | ( i 381,802) | $ | ( i 37,192) | $ | ( i 542,722) | $ | i 3,591 | $ | ( i 4,704) | $ | ( i 1,113) |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Underwriting | ||||||||||||||||||||
Equity | $ | i 317 | $ | i 230 | $ | i 550 | $ | i 472 | ||||||||||||
Debt | i 704 | i 711 | i 1,376 | i 1,685 | ||||||||||||||||
Total underwriting | i 1,021 | i 941 | i 1,926 | i 2,157 | ||||||||||||||||
Advisory | i 492 | i 645 | i 1,236 | i 1,437 | ||||||||||||||||
Total
investment banking fees | $ | i 1,513 | $ | i 1,586 | $ | i 3,162 | $ | i 3,594 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Trading revenue by instrument type | ||||||||||||||||||||||||||
Interest rate(a) | $ | i 1,781 | $ | i 376 | $ | i 3,567 | $ | i 845 | ||||||||||||||||||
Credit(b) | i 419 | i 279 | (c) | i 1,053 | i 736 | (c) | ||||||||||||||||||||
Foreign exchange | i 1,435 | i 1,425 | i 2,986 | i 2,749 | ||||||||||||||||||||||
Equity | i 2,941 | i 2,303 | i 5,634 | i 4,558 | ||||||||||||||||||||||
Commodity | i 368 | i 499 | i 1,294 | i 1,246 | ||||||||||||||||||||||
Total trading revenue | i 6,944 | i 4,882 | i 14,534 | i 10,134 | ||||||||||||||||||||||
Private equity gains/(losses) | ( i 34) | i 108 | ( i 9) | ( i 39) | ||||||||||||||||||||||
Principal
transactions | $ | i 6,910 | $ | i 4,990 | $ | i 14,525 | $ | i 10,095 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Lending-related
fees(a) | $ | i 590 | $ | i 362 | $ | i 959 | $ | i 724 | ||||||||||||
Deposit-related fees | i 1,238 | i 1,511 | i 2,489 | i 2,988 | ||||||||||||||||
Total
lending- and deposit-related fees | $ | i 1,828 | $ | i 1,873 | $ | i 3,448 | $ | i 3,712 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Asset management fees | ||||||||||||||||||||
Investment management fees(a)(b) | $ | i 3,695 | $ | i 3,425 | $ | i 7,085 | $ | i 6,987 | ||||||||||||
All
other asset management fees(c) | i 79 | i 92 | i 154 | i 182 | ||||||||||||||||
Total asset management fees | $ | i 3,774 | $ | i 3,517 | $ | i 7,239 | $ | i 7,169 | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Commissions and other fees | ||||||||||||||||||||
Brokerage commissions(a) | $ | i 722 | $ | i 738 | $ | i 1,469 | $ | i 1,548 | ||||||||||||
Administration
fees(b) | i 575 | i 590 | i 1,132 | i 1,223 | ||||||||||||||||
All
other commissions and fees (c) | i 442 | i 395 | i 833 | i 662 | ||||||||||||||||
Total commissions and other fees | $ | i 1,739 | $ | i 1,723 | $ | i 3,434 | $ | i 3,433 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Interchange
and merchant processing income | $ | i 7,885 | $ | i 7,214 | $ | i 15,024 | $ | i 13,449 | |||||||||||||||
Rewards costs and partner payments | ( i 6,392) | ( i 5,641) | ( i 11,901) | ( i 10,511) | |||||||||||||||||||
Other
card income(a) | ( i 399) | ( i 440) | ( i 795) | ( i 830) | |||||||||||||||||||
Total
card income | $ | i 1,094 | $ | i 1,133 | $ | i 2,328 | $ | i 2,108 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Operating
lease income | $ | i 716 | $ | i 945 | $ | i 1,471 | $ | i 1,993 | |||||||||
Losses
on tax-oriented investments(a) | ( i 462) | ( i 427) | ( i 874) | ( i 835) | |||||||||||||
Estimated
bargain purchase gain associated with the First Republic acquisition(b) | i 2,712 | i — | i 2,712 | i — | |||||||||||||
Gain
related to the acquisition of CIFM(c) | i — | i — | i 339 | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Legal expense | $ | i 420 | $ | i 73 | $ | i 596 | $ | i 192 | |||||||||||||||
FDIC-related expense | i 338 | i 216 | i 655 | i 414 | |||||||||||||||||||
First
Republic-related expense(a) | i 599 | i — | i 599 | i — | |||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Interest income | ||||||||||||||||||||
Loans(a) | $ | i 20,306 | $ | i 11,626 | $ | i 38,014 | $ | i 22,259 | ||||||||||||
Taxable securities | i 4,194 | i 2,289 | i 8,161 | i 4,268 | ||||||||||||||||
Non-taxable
securities(b) | i 343 | i 245 | i 591 | i 490 | ||||||||||||||||
Total
investment securities(a) | i 4,537 | i 2,534 | i 8,752 | i 4,758 | ||||||||||||||||
Trading assets - debt instruments | i 4,013 | i 2,049 | i 7,659 | i 3,816 | ||||||||||||||||
Federal funds sold and securities purchased under resale agreements | i 3,767 | i 543 | i 6,898 | i 940 | ||||||||||||||||
Securities borrowed | i 1,866 | i 173 | i 3,582 | i 86 | ||||||||||||||||
Deposits with banks | i 5,189 | i 1,079 | i 10,008 | i 1,317 | ||||||||||||||||
All
other interest-earning assets(c) | i 1,966 | i 642 | i 3,735 | i 966 | ||||||||||||||||
Total interest income | $ | i 41,644 | $ | i 18,646 | $ | i 78,648 | $ | i 34,142 | ||||||||||||
Interest expense | ||||||||||||||||||||
Interest-bearing deposits | $ | i 9,591 | $ | i 898 | $ | i 17,228 | $ | i 1,080 | ||||||||||||
Federal funds purchased and securities loaned or sold under repurchase agreements | i 3,400 | i 445 | i 6,204 | i 558 | ||||||||||||||||
Short-term
borrowings(d) | i 428 | i 113 | i 849 | i 157 | ||||||||||||||||
Trading
liabilities – debt and all other interest-bearing liabilities(e) | i 2,373 | i 471 | i 4,344 | i 662 | ||||||||||||||||
Long-term debt | i 3,876 | i 1,561 | i 7,189 | i 2,637 | ||||||||||||||||
Beneficial interest issued by consolidated VIEs | i 197 | i 30 | i 344 | i 48 | ||||||||||||||||
Total interest expense | $ | i 19,865 | $ | i 3,518 | $ | i 36,158 | $ | i 5,142 | ||||||||||||
Net interest income | $ | i 21,779 | $ | i 15,128 | $ | i 42,490 | $ | i 29,000 | ||||||||||||
Provision for credit losses | i 2,899 | i 1,101 | i 5,174 | i 2,564 | ||||||||||||||||
Net interest income after provision for credit losses | $ | i 18,880 | $ | i 14,027 | $ | i 37,316 | $ | i 26,436 |
(in millions) | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
Pension and OPEB plans | Pension and OPEB plans | |||||||||||||||||||||||||||||||||||||
Total net periodic defined benefit plan cost/(credit) | $ | ( i 94) | $ | ( i 75) | $ | ( i 188) | $ | ( i 139) | ||||||||||||||||||||||||||||||
Total
defined contribution plans | i 397 | i 357 | i 762 | i 701 | ||||||||||||||||||||||||||||||||||
Total
pension and OPEB cost included in noninterest expense | $ | i 303 | $ | i 282 | $ | i 574 | $ | i 562 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cost of prior grants of restricted stock units (“RSUs”), performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods | $ | i 449 | $ | i 378 | $ | i 806 | $ | i 649 | |||||||||||||||
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees | i 385 | i 441 | i 898 | i 976 | |||||||||||||||||||
Total noncash compensation expense related to employee share-based incentive plans | $ | i 834 | $ | i 819 | $ | i 1,704 | $ | i 1,625 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
(in millions) | Amortized cost(c)(d) | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost(c)(d) | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | $ | i 84,749 | $ | i 326 | $ | i 5,307 | $ | i 79,768 | $ | i 77,194 | $ | i 479 | $ | i 6,170 | $ | i 71,503 | |||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||||||
U.S. | i 1,803 | i 1 | i 119 | i 1,685 | i 1,576 | i 1 | i 111 | i 1,466 | |||||||||||||||||||||||||||
Non-U.S. | i 1,861 | i 4 | i 6 | i 1,859 | i 3,176 | i 5 | i 27 | i 3,154 | |||||||||||||||||||||||||||
Commercial | i 2,223 | i 1 | i 168 | i 2,056 | i 2,113 | i — | i 155 | i 1,958 | |||||||||||||||||||||||||||
Total mortgage-backed securities | i 90,636 | i 332 | i 5,600 | i 85,368 | i 84,059 | i 485 | i 6,463 | i 78,081 | |||||||||||||||||||||||||||
U.S. Treasury and government agencies | i 63,998 | i 297 | i 1,558 | i 62,737 | i 95,217 | i 302 | i 3,459 | i 92,060 | |||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | i 24,279 | i 172 | i 428 | i 24,023 | i 7,103 | i 86 | i 403 | i 6,786 | |||||||||||||||||||||||||||
Non-U.S. government debt securities | i 22,588 | i 20 | i 568 | i 22,040 | i 20,360 | i 14 | i 678 | i 19,696 | |||||||||||||||||||||||||||
Corporate debt securities | i 410 | i — | i 22 | i 388 | i 381 | i — | i 24 | i 357 | |||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations | i 5,506 | i 3 | i 72 | i 5,437 | i 5,916 | i 1 | i 125 | i 5,792 | |||||||||||||||||||||||||||
Other | i 3,324 | i 2 | i 57 | i 3,269 | i 3,152 | i 2 | i 69 | i 3,085 | |||||||||||||||||||||||||||
Unallocated
portfolio layer fair value basis adjustments(a) | ( i 865) | — | ( i 865) | NA | NA | NA | NA | NA | |||||||||||||||||||||||||||
Total available-for-sale securities | i 209,876 | i 826 | i 7,440 | i 203,262 | (e) | i 216,188 | i 890 | i 11,221 | i 205,857 | ||||||||||||||||||||||||||
Held-to-maturity
securities(b) | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
U.S. GSEs and government agencies | i 110,517 | i 29 | i 13,201 | i 97,345 | i 113,492 | i 35 | i 13,709 | i 99,818 | |||||||||||||||||||||||||||
U.S. Residential | i 10,293 | i 3 | i 1,206 | i 9,090 | i 10,503 | i 3 | i 1,244 | i 9,262 | |||||||||||||||||||||||||||
Commercial | i 10,712 | i 7 | i 741 | i 9,978 | i 10,361 | i 10 | i 734 | i 9,637 | |||||||||||||||||||||||||||
Total mortgage-backed securities | i 131,522 | i 39 | i 15,148 | i 116,413 | i 134,356 | i 48 | i 15,687 | i 118,717 | |||||||||||||||||||||||||||
U.S. Treasury and government agencies | i 202,655 | i — | i 16,825 | i 185,830 | i 207,463 | i — | i 18,363 | i 189,100 | |||||||||||||||||||||||||||
Obligations of U.S. states and municipalities | i 11,617 | i 44 | i 758 | i 10,903 | i 19,747 | i 53 | i 1,080 | i 18,720 | |||||||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations | i 61,095 | i 42 | i 951 | i 60,186 | i 61,414 | i 4 | i 1,522 | i 59,896 | |||||||||||||||||||||||||||
Other | i 2,052 | i — | i 84 | i 1,968 | i 2,325 | i — | i 110 | i 2,215 | |||||||||||||||||||||||||||
Total held-to-maturity securities | i 408,941 | i 125 | i 33,766 | i 375,300 | i 425,305 | i 105 | i 36,762 | i 388,648 | |||||||||||||||||||||||||||
Total investment securities, net of allowance for credit losses | $ | i 618,817 | $ | i 951 | $ | i 41,206 | $ | i 578,562 | $ | i 641,493 | $ | i 995 | $ | i 47,983 | $ | i 594,505 |
Available-for-sale securities with gross unrealized losses | ||||||||||||||||||||||||||
Less than 12 months | 12 months or more | |||||||||||||||||||||||||
June 30, 2023 (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 371 | $ | i 7 | $ | i 1,253 | $ | i 112 | $ | i 1,624 | $ | i 119 | ||||||||||||||
Non-U.S. | i 4 | i — | i 1,635 | i 6 | i 1,639 | i 6 | ||||||||||||||||||||
Commercial | i 154 | i 3 | i 1,761 | i 165 | i 1,915 | i 168 | ||||||||||||||||||||
Total mortgage-backed securities | i 529 | i 10 | i 4,649 | i 283 | i 5,178 | i 293 | ||||||||||||||||||||
Obligations of U.S. states and municipalities | i 10,757 | i 123 | i 1,961 | i 305 | i 12,718 | i 428 | ||||||||||||||||||||
Non-U.S. government debt securities | i 8,745 | i 64 | i 5,316 | i 504 | i 14,061 | i 568 | ||||||||||||||||||||
Corporate debt securities | i 123 | i 2 | i 77 | i 20 | i 200 | i 22 | ||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||||
Collateralized loan obligations | i 20 | i — | i 5,066 | i 72 | i 5,086 | i 72 | ||||||||||||||||||||
Other | i 1,157 | i 16 | i 1,888 | i 41 | i 3,045 | i 57 | ||||||||||||||||||||
Total
available-for-sale securities with gross unrealized losses | $ | i 21,331 | (a) | $ | i 215 | $ | i 18,957 | $ | i 1,225 | $ | i 40,288 | $ | i 1,440 |
Available-for-sale securities with gross unrealized losses | |||||||||||||||||||||||
Less than 12 months | 12 months or more | ||||||||||||||||||||||
December 31, 2022 (in millions) | Fair value | Gross 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 1,187 | $ | i 71 | $ | i 260 | $ | i 40 | $ | i 1,447 | $ | i 111 | |||||||||||
Non-U.S. | i 2,848 | i 25 | i 70 | i 2 | i 2,918 | i 27 | |||||||||||||||||
Commercial | i 1,131 | i 74 | i 813 | i 81 | i 1,944 | i 155 | |||||||||||||||||
Total mortgage-backed securities | i 5,166 | i 170 | i 1,143 | i 123 | i 6,309 | i 293 | |||||||||||||||||
Obligations of U.S. states and municipalities | i 3,051 | i 241 | i 364 | i 162 | i 3,415 | i 403 | |||||||||||||||||
Non-U.S. government debt securities | i 6,941 | i 321 | i 3,848 | i 357 | i 10,789 | i 678 | |||||||||||||||||
Corporate debt securities | i 150 | i 2 | i 207 | i 22 | i 357 | i 24 | |||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||
Collateralized loan obligations | i 3,010 | i 61 | i 2,701 | i 64 | i 5,711 | i 125 | |||||||||||||||||
Other | i 2,586 | i 51 | i 256 | i 18 | i 2,842 | i 69 | |||||||||||||||||
Total available-for-sale securities with gross unrealized losses | $ | i 20,904 | $ | i 846 | $ | i 8,519 | $ | i 746 | $ | i 29,423 | $ | i 1,592 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Realized gains | $ | i 198 | $ | i 69 | $ | i 329 | $ | i 82 | ||||||||||||
Realized losses | ( i 1,098) | ( i 222) | ( i 2,097) | ( i 629) | ||||||||||||||||
Investment securities losses | $ | ( i 900) | $ | ( i 153) | $ | ( i 1,768) | $ | ( i 547) | ||||||||||||
Provision for credit losses | $ | i 13 | $ | i 6 | $ | i 14 | $ | i 5 |
By
remaining maturity June 30, 2023 (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(c) | Total | ||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 15 | $ | i 3,622 | $ | i 5,077 | $ | i 81,922 | $ | i 90,636 | |||||||||||||||||||
Fair value | i 14 | i 3,488 | i 5,057 | i 76,809 | i 85,368 | (d) | |||||||||||||||||||||||
Average
yield(a) | i 2.18 | % | i 4.55 | % | i 5.98 | % | i 4.40 | % | i 4.49 | % | |||||||||||||||||||
U.S. Treasury and government agencies | |||||||||||||||||||||||||||||
Amortized cost | $ | i 7,471 | $ | i 36,773 | $ | i 13,276 | $ | i 6,478 | $ | i 63,998 | |||||||||||||||||||
Fair value | i 7,384 | i 35,699 | i 13,300 | i 6,354 | i 62,737 | ||||||||||||||||||||||||
Average
yield(a) | i 0.35 | % | i 4.56 | % | i 5.97 | % | i 6.52 | % | i 4.56 | % | |||||||||||||||||||
Obligations of U.S. states and municipalities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 11 | $ | i 72 | $ | i 1,244 | $ | i 22,952 | $ | i 24,279 | |||||||||||||||||||
Fair value | i 11 | i 70 | i 1,243 | i 22,699 | i 24,023 | (d) | |||||||||||||||||||||||
Average
yield(a) | i 5.58 | % | i 3.82 | % | i 4.27 | % | i 5.60 | % | i 5.53 | % | |||||||||||||||||||
Non-U.S. government debt securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 13,373 | $ | i 3,423 | $ | i 3,352 | $ | i 2,440 | $ | i 22,588 | |||||||||||||||||||
Fair value | i 13,360 | i 3,321 | i 2,929 | i 2,430 | i 22,040 | ||||||||||||||||||||||||
Average
yield(a) | i 4.78 | % | i 2.97 | % | i 1.23 | % | i 3.61 | % | i 3.86 | % | |||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 199 | $ | i 227 | $ | i 14 | $ | i — | $ | i 440 | |||||||||||||||||||
Fair value | i 151 | i 224 | i 13 | i — | i 388 | ||||||||||||||||||||||||
Average
yield(a) | i 15.97 | % | i 11.75 | % | i 4.10 | % | i — | % | i 13.42 | % | |||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i — | $ | i 1,313 | $ | i 3,875 | $ | i 3,642 | $ | i 8,830 | |||||||||||||||||||
Fair value | i — | i 1,291 | i 3,836 | i 3,579 | i 8,706 | (d) | |||||||||||||||||||||||
Average
yield(a) | i — | % | i 3.46 | % | i 5.98 | % | i 6.06 | % | i 5.64 | % | |||||||||||||||||||
Total available-for-sale securities | |||||||||||||||||||||||||||||
Amortized cost(b) | $ | i 21,069 | $ | i 45,430 | $ | i 26,838 | $ | i 117,434 | $ | i 210,771 | |||||||||||||||||||
Fair value | i 20,920 | i 44,093 | i 26,378 | i 111,871 | i 203,262 | (d) | |||||||||||||||||||||||
Average
yield(a) | i 3.32 | % | i 4.44 | % | i 5.30 | % | i 4.78 | % | i 4.63 | % | |||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i 99 | $ | i 3,835 | $ | i 10,482 | $ | i 117,142 | $ | i 131,558 | |||||||||||||||||||
Fair value | i 97 | i 3,555 | i 9,212 | i 103,549 | i 116,413 | ||||||||||||||||||||||||
Average
yield(a) | i 6.21 | % | i 2.75 | % | i 2.53 | % | i 2.99 | % | i 2.95 | % | |||||||||||||||||||
U.S. Treasury and government agencies | |||||||||||||||||||||||||||||
Amortized cost | $ | i 60,878 | $ | i 92,403 | $ | i 49,374 | $ | i — | $ | i 202,655 | |||||||||||||||||||
Fair value | i 59,517 | i 85,053 | i 41,260 | i — | i 185,830 | ||||||||||||||||||||||||
Average
yield(a) | i 0.46 | % | i 0.93 | % | i 1.27 | % | i — | % | i 0.87 | % | |||||||||||||||||||
Obligations of U.S. states and municipalities | |||||||||||||||||||||||||||||
Amortized cost | $ | i — | $ | i — | $ | i 640 | $ | i 11,015 | $ | i 11,655 | |||||||||||||||||||
Fair value | i — | i — | i 608 | i 10,295 | i 10,903 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i — | % | i 4.39 | % | i 4.04 | % | i 4.06 | % | |||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||||||||
Amortized cost | $ | i — | $ | i 74 | $ | i 21,388 | $ | i 41,685 | $ | i 63,147 | |||||||||||||||||||
Fair value | i — | i 74 | i 21,139 | i 40,941 | i 62,154 | ||||||||||||||||||||||||
Average
yield(a) | i — | % | i 6.15 | % | i 5.87 | % | i 6.00 | % | i 5.96 | % | |||||||||||||||||||
Total held-to-maturity securities | |||||||||||||||||||||||||||||
Amortized cost(b) | $ | i 60,977 | $ | i 96,312 | $ | i 81,884 | $ | i 169,842 | $ | i 409,015 | |||||||||||||||||||
Fair value | i 59,614 | i 88,682 | i 72,219 | i 154,785 | i 375,300 | ||||||||||||||||||||||||
Average
yield(a) | i 0.47 | % | i 1.00 | % | i 2.66 | % | i 3.80 | % | i 2.42 | % |
June 30, 2023 | ||||||||||||||||||||
(in millions) | Gross amounts | Amounts netted on the Consolidated balance sheets | Amounts presented on the Consolidated balance sheets | Amounts not nettable on the Consolidated balance sheets(b) | Net amounts(c) | |||||||||||||||
Assets | ||||||||||||||||||||
Securities
purchased under resale agreements | $ | i 561,426 | $ | ( i 235,867) | $ | i 325,559 | $ | ( i 319,986) | $ | i 5,573 | ||||||||||
Securities
borrowed | i 205,579 | ( i 42,016) | i 163,563 | ( i 119,543) | i 44,020 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Securities sold under repurchase agreements | $ | i 496,866 | $ | ( i 235,867) | $ | i 260,999 | $ | ( i 226,664) | $ | i 34,335 | ||||||||||
Securities
loaned and other(a) | i 50,551 | ( i 42,016) | i 8,535 | ( i 8,457) | i 78 |
December 31, 2022 | ||||||||||||||||||||
(in millions) | Gross amounts | Amounts netted on the Consolidated balance sheets | Amounts presented on the Consolidated balance sheets | Amounts not nettable on the Consolidated balance sheets(b) | Net amounts(c) | |||||||||||||||
Assets | ||||||||||||||||||||
Securities
purchased under resale agreements | $ | i 597,912 | $ | ( i 282,411) | $ | i 315,501 | $ | ( i 304,120) | $ | i 11,381 | ||||||||||
Securities
borrowed | i 228,279 | ( i 42,910) | i 185,369 | ( i 131,578) | i 53,791 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Securities sold under repurchase agreements | $ | i 480,793 | $ | ( i 282,411) | $ | i 198,382 | $ | ( i 167,427) | $ | i 30,955 | ||||||||||
Securities
loaned and other(a) | i 52,443 | ( i 42,910) | i 9,533 | ( i 9,527) | i 6 |
Gross liability balance | |||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
(in millions) | Securities sold under repurchase agreements | Securities loaned and other | Securities sold under repurchase agreements | Securities loaned and other | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
U.S. GSEs and government agencies | $ | i 72,006 | $ | i — | $ | i 58,050 | $ | i — | |||||||||||||||
Residential - nonagency | i 2,333 | i — | i 2,414 | i — | |||||||||||||||||||
Commercial - nonagency | i 2,178 | i — | i 2,007 | i — | |||||||||||||||||||
U.S. Treasury, GSEs and government agencies | i 223,411 | i 987 | i 191,254 | i 1,464 | |||||||||||||||||||
Obligations of U.S. states and municipalities | i 2,038 | i — | i 1,735 | i 5 | |||||||||||||||||||
Non-U.S. government debt | i 127,427 | i 1,509 | i 155,156 | i 1,259 | |||||||||||||||||||
Corporate debt securities | i 36,575 | i 1,882 | i 37,121 | i 461 | |||||||||||||||||||
Asset-backed securities | i 3,816 | i — | i 2,981 | i — | |||||||||||||||||||
Equity securities | i 27,082 | i 46,173 | i 30,075 | i 49,254 | |||||||||||||||||||
Total | $ | i 496,866 | $ | i 50,551 | $ | i 480,793 | $ | i 52,443 |
Remaining contractual maturity of the agreements | |||||||||||||||||||||||||||||
Overnight and continuous | Greater than 90 days | ||||||||||||||||||||||||||||
June 30, 2023 (in millions) | Up to 30 days | 30 – 90 days | Total | ||||||||||||||||||||||||||
Total securities sold under repurchase agreements | $ | i 268,240 | $ | i 120,621 | $ | i 30,120 | $ | i 77,885 | $ | i 496,866 | |||||||||||||||||||
Total securities loaned and other | i 49,166 | i 243 | i 2 | i 1,140 | i 50,551 |
Remaining contractual maturity of the agreements | |||||||||||||||||||||||||||||
Overnight and continuous | Greater than 90 days | ||||||||||||||||||||||||||||
December 31, 2022 (in millions) | Up to 30 days | 30 – 90 days | Total | ||||||||||||||||||||||||||
Total securities sold under repurchase agreements | $ | i 205,235 | $ | i 170,696 | $ | i 37,120 | $ | i 67,742 | $ | i 480,793 | |||||||||||||||||||
Total securities loaned and other | i 50,138 | i 1,285 | i 3 | i 1,017 | i 52,443 |
Consumer,
excluding credit card | Credit card | Wholesale(c)(d) | ||||||||||||
• Residential real estate(a) • Auto and other(b) | • Credit card loans | • Secured by real estate • Commercial and industrial • Other(e) |
June 30, 2023 | Consumer, excluding credit card | Credit card | Wholesale | Total(b)(c) | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Retained | $ | i 396,195 | (a) | $ | i 191,348 | $ | i 668,145 | (a) | $ | i 1,255,688 | ||||||||||||||||
Held-for-sale | i 549 | i — | i 5,043 | i 5,592 | ||||||||||||||||||||||
At fair value | i 11,460 | (a) | i — | i 27,329 | i 38,789 | |||||||||||||||||||||
Total | $ | i 408,204 | $ | i 191,348 | $ | i 700,517 | $ | i 1,300,069 | ||||||||||||||||||
December 31, 2022 | Consumer, excluding credit card | Credit card | Wholesale | Total(b)(c) | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Retained | $ | i 300,753 | $ | i 185,175 | $ | i 603,670 | $ | i 1,089,598 | ||||||||||||||||||
Held-for-sale | i 618 | i — | i 3,352 | i 3,970 | ||||||||||||||||||||||
At fair value | i 10,004 | i — | i 32,075 | i 42,079 | ||||||||||||||||||||||
Total | $ | i 311,375 | $ | i 185,175 | $ | i 639,097 | $ | i 1,135,647 |
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Three
months ended June 30, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | ||||||||||||||||||||||||||||||
Purchases | $ | i 92,002 | (b)(c)(d) | $ | i — | $ | i 58,398 | (b) | $ | i 150,400 | $ | i 973 | (c)(d) | $ | i — | $ | i 228 | $ | i 1,201 | |||||||||||||||||||
Sales | i 438 | i — | i 9,709 | i 10,147 | i 82 | i — | i 12,005 | i 12,087 | ||||||||||||||||||||||||||||||
Retained
loans reclassified to held-for-sale(a) | i 81 | i — | i 771 | i 852 | i 66 | i — | i 415 | i 481 | ||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Six
months ended June 30, 2022 (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | ||||||||||||||||||||||||||||||
Purchases | $ | i 92,081 | (b)(c)(d) | $ | i — | $ | i 58,561 | (b) | $ | i 150,642 | $ | i 1,092 | (c)(d) | $ | i — | $ | i 394 | $ | i 1,486 | |||||||||||||||||||
Sales | i 438 | i — | i 18,880 | i 19,318 | i 129 | i — | i 21,712 | i 21,841 | ||||||||||||||||||||||||||||||
Retained
loans reclassified to held-for-sale(a) | i 124 | i — | i 1,085 | i 1,209 | i 142 | i — | i 688 | i 830 |
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||
Residential real estate | $ | i 328,010 | (a) | $ | i 237,561 | ||||||
Auto and other | i 68,185 | i 63,192 | |||||||||
Total retained loans | $ | i 396,195 | $ | i 300,753 |
(in millions, except ratios) | June 30, 2023 | ||||||||||||||||||||||||||||||||||
Term loans by origination year(f) | Revolving loans | Total | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Within the revolving period | Converted to term loans | ||||||||||||||||||||||||||||
Loan delinquency(a)(b) | |||||||||||||||||||||||||||||||||||
Current(c) | $ | i 13,596 | $ | i 65,317 | $ | i 86,325 | $ | i 57,052 | $ | i 22,211 | $ | i 65,271 | $ | i 7,584 | $ | i 8,877 | $ | i 326,233 | |||||||||||||||||
30–149
days past due | i 3 | i 19 | i 44 | i 29 | i 41 | i 710 | i 39 | i 216 | i 1,101 | ||||||||||||||||||||||||||
150
or more days past due | i — | i 6 | i 2 | i 6 | i 10 | i 473 | i 3 | i 176 | i 676 | ||||||||||||||||||||||||||
Total
retained loans | $ | i 13,599 | $ | i 65,342 | $ | i 86,371 | $ | i 57,087 | $ | i 22,262 | $ | i 66,454 | $ | i 7,626 | $ | i 9,269 | $ | i 328,010 | |||||||||||||||||
%
of 30+ days past due to total retained loans(d)(e) | i 0.02 | % | i 0.04 | % | i 0.05 | % | i 0.06 | % | i 0.23 | % | i 1.75 | % | i 0.55 | % | i 4.23 | % | i 0.54 | % | |||||||||||||||||
Gross charge-offs | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 52 | $ | i 14 | $ | i 4 | $ | i 70 |
(in millions, except ratios) | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Term loans by origination year(f) | Revolving loans | Total | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior to 2018 | Within the revolving period | Converted to term loans | ||||||||||||||||||||||||||||
Loan delinquency(a)(b) | |||||||||||||||||||||||||||||||||||
Current | $ | i 39,934 | $ | i 66,072 | $ | i 43,315 | $ | i 15,397 | $ | i 6,339 | $ | i 49,632 | $ | i 5,589 | $ | i 9,685 | $ | i 235,963 | |||||||||||||||||
30–149
days past due | i 29 | i 11 | i 14 | i 20 | i 20 | i 597 | i 15 | i 208 | i 914 | ||||||||||||||||||||||||||
150
or more days past due | i 1 | i 1 | i 6 | i 10 | i 7 | i 480 | i 4 | i 175 | i 684 | ||||||||||||||||||||||||||
Total
retained loans | $ | i 39,964 | $ | i 66,084 | $ | i 43,335 | $ | i 15,427 | $ | i 6,366 | $ | i 50,709 | $ | i 5,608 | $ | i 10,068 | $ | i 237,561 | |||||||||||||||||
%
of 30+ days past due to total retained loans(d) | i 0.08 | % | i 0.02 | % | i 0.05 | % | i 0.19 | % | i 0.42 | % | i 2.07 | % | i 0.34 | % | i 3.80 | % | i 0.66 | % |
(in millions, except weighted-average data) | June 30, 2023 | December 31, 2022 | |||||||||||||||
Nonaccrual loans(a)(b)(c)(d)(e) | $ | i 3,641 | $ | i 3,745 | |||||||||||||
Current
estimated LTV ratios(f)(g)(h) | |||||||||||||||||
Greater than 125% and refreshed FICO scores: | |||||||||||||||||
Equal to or greater than 660 | $ | i 68 | $ | i 2 | |||||||||||||
Less than 660 | i 5 | i — | |||||||||||||||
101%
to 125% and refreshed FICO scores: | |||||||||||||||||
Equal to or greater than 660 | i 569 | i 174 | |||||||||||||||
Less than 660 | i 11 | i 6 | |||||||||||||||
80%
to 100% and refreshed FICO scores: | |||||||||||||||||
Equal to or greater than 660 | i 17,260 | (l) | i 12,034 | ||||||||||||||
Less than 660 | i 254 | i 184 | |||||||||||||||
Less
than 80% and refreshed FICO scores: | |||||||||||||||||
Equal to or greater than 660 | i 298,791 | (l) | i 215,096 | ||||||||||||||
Less than 660 | i 9,526 | (l) | i 8,659 | ||||||||||||||
No FICO/LTV available | i 1,526 | i 1,406 | (k) | ||||||||||||||
Total
retained loans | $ | i 328,010 | (m) | $ | i 237,561 | ||||||||||||
Weighted
average LTV ratio(f)(i) | i 51 | % | i 51 | % | |||||||||||||
Weighted
average FICO(g)(i) | i 771 | i 769 | |||||||||||||||
Geographic
region(j)(k) | |||||||||||||||||
California | $ | i 128,038 | (n) | $ | i 73,112 | ||||||||||||
New York | i 49,413 | (n) | i 34,471 | ||||||||||||||
Florida | i 22,518 | (n) | i 18,870 | ||||||||||||||
Texas | i 15,448 | i 14,968 | |||||||||||||||
Massachusetts | i 14,351 | (n) | i 6,380 | ||||||||||||||
Illinois | i 11,052 | i 11,296 | |||||||||||||||
Colorado | i 10,765 | i 9,968 | |||||||||||||||
Washington | i 9,778 | i 9,060 | |||||||||||||||
New Jersey | i 8,106 | i 7,108 | |||||||||||||||
Connecticut | i 7,142 | i 5,432 | |||||||||||||||
All other | i 51,399 | i 46,896 | |||||||||||||||
Total
retained loans | $ | i 328,010 | (m) | $ | i 237,561 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2022 | 2022 | |||||||||||||
Number of loans
approved for a trial modification | i 1,165 | i 2,691 | ||||||||||||
Number
of loans permanently modified | i 1,289 | i 2,831 | ||||||||||||
Concession
granted:(a) | ||||||||||||||
Interest rate reduction | i 45 | % | i 56 | % | ||||||||||
Term
or payment extension | i 54 | i 67 | ||||||||||||
Principal
and/or interest deferred | i 10 | i 12 | ||||||||||||
Principal forgiveness | i 1 | i 1 | ||||||||||||
Other(b) | i 46 | i 36 |
(in millions, except weighted-average data) | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2022 | 2022 | |||||||||||||
Weighted-average interest rate of loans with interest rate reductions – before TDR | i 4.76 | % | i 4.55 | % | ||||||||||
Weighted-average
interest rate of loans with interest rate reductions – after TDR | i 3.36 | i 3.31 | ||||||||||||
Weighted-average
remaining contractual term (in years) of loans with term or payment extensions – before TDR | i 22 | i 23 | ||||||||||||
Weighted-average
remaining contractual term (in years) of loans with term or payment extensions – after TDR | i 38 | i 39 | ||||||||||||
Charge-offs
recognized upon permanent modification | $ | i 1 | $ | i 1 | ||||||||||
Principal
deferred | i 4 | i 11 | ||||||||||||
Principal
forgiven | i — | i 1 | ||||||||||||
Balance
of loans that redefaulted within one year of permanent modification(a) | $ | i 27 | $ | i 70 |
June 30, 2023 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Within the revolving period | Converted to term loans | Total | ||||||||||||||||||||||||
Loan delinquency | ||||||||||||||||||||||||||||||||
Current | $ | i 17,763 | $ | i 18,062 | $ | i 16,287 | $ | i 8,801 | $ | i 2,765 | $ | i 1,041 | $ | i 2,544 | $ | i 113 | $ | i 67,376 | ||||||||||||||
30–119 days past due | i 121 | i 234 | i 216 | i 79 | i 48 | i 28 | i 14 | i 15 | i 755 | |||||||||||||||||||||||
120 or more days past due | i — | i 1 | i 25 | i 13 | i — | i 1 | i 2 | i 12 | i 54 | |||||||||||||||||||||||
Total retained loans | $ | i 17,884 | $ | i 18,297 | $ | i 16,528 | $ | i 8,893 | $ | i 2,813 | $ | i 1,070 | $ | i 2,560 | $ | i 140 | $ | i 68,185 | ||||||||||||||
%
of 30+ days past due to total retained loans(a) | i 0.68 | % | i 1.28 | % | i 1.26 | % | i 0.83 | % | i 1.71 | % | i 2.71 | % | i 0.63 | % | i 19.29 | % | i 1.11 | % | ||||||||||||||
Gross charge-offs | $ | i 106 | $ | i 168 | $ | i 82 | $ | i 28 | $ | i 16 | $ | i 30 | $ | i — | $ | i 1 | $ | i 431 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
(in millions, except ratios) | Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior to 2018 | Within the revolving period | Converted to term loans | Total | ||||||||||||||||||||||||
Loan delinquency | ||||||||||||||||||||||||||||||||
Current | $ | i 22,187 | $ | i 20,212 | $ | i 11,401 | $ | i 3,991 | $ | i 1,467 | $ | i 578 | $ | i 2,342 | $ | i 118 | $ | i 62,296 | ||||||||||||||
30–119 days past due | i 263 | i 308 | i 100 | i 68 | i 33 | i 17 | i 12 | i 10 | i 811 | |||||||||||||||||||||||
120 or more days past due | i — | i 53 | i 24 | i — | i — | i 1 | i 2 | i 5 | i 85 | |||||||||||||||||||||||
Total retained loans | $ | i 22,450 | $ | i 20,573 | $ | i 11,525 | $ | i 4,059 | $ | i 1,500 | $ | i 596 | $ | i 2,356 | $ | i 133 | $ | i 63,192 | ||||||||||||||
%
of 30+ days past due to total retained loans(a) | i 1.17 | % | i 1.15 | % | i 0.83 | % | i 1.68 | % | i 2.20 | % | i 3.02 | % | i 0.59 | % | i 11.28 | % | i 1.18 | % |
(in millions) | Total Auto and other | |||||||
June 30, 2023 | December 31, 2022 | |||||||
Nonaccrual loans(a)(b)(c) | $ | i 143 | $ | i 129 | ||||
Geographic
region(d) | ||||||||
California | $ | i 10,353 | $ | i 9,689 | ||||
Texas | i 8,070 | i 7,216 | ||||||
Florida | i 5,344 | i 4,847 | ||||||
New York | i 4,634 | i 4,345 | ||||||
Illinois | i 3,062 | i 2,839 | ||||||
New Jersey | i 2,462 | i 2,219 | ||||||
Pennsylvania | i 1,873 | i 1,822 | ||||||
Georgia | i 1,858 | i 1,708 | ||||||
Arizona | i 1,700 | i 1,551 | ||||||
Ohio | i 1,672 | i 1,603 | ||||||
All other | i 27,157 | i 25,353 | ||||||
Total retained loans | $ | i 68,185 | $ | i 63,192 |
(in millions, except ratios) | June 30, 2023 | ||||||||||
Within the revolving period | Converted to term loans | Total | |||||||||
Loan delinquency | |||||||||||
Current and less than 30 days past due and still accruing | $ | i 187,340 | $ | i 755 | $ | i 188,095 | |||||
30–89
days past due and still accruing | i 1,580 | i 68 | i 1,648 | ||||||||
90
or more days past due and still accruing | i 1,570 | i 35 | i 1,605 | ||||||||
Total retained loans | $ | i 190,490 | $ | i 858 | $ | i 191,348 | |||||
Loan delinquency ratios | |||||||||||
% of 30+ days past due to total retained loans | i 1.65 | % | i 12.00 | % | i 1.70 | % | |||||
%
of 90+ days past due to total retained loans | i 0.82 | i 4.08 | i 0.84 | ||||||||
Gross charge-offs | $ | i 2,357 | $ | i 75 | $ | i 2,432 |
(in
millions, except ratios) | December 31, 2022 | ||||||||||
Within the revolving period | Converted to term loans | Total | |||||||||
Loan delinquency | |||||||||||
Current and less than 30 days past due and still accruing | $ | i 181,793 | $ | i 696 | $ | i 182,489 | |||||
30–89
days past due and still accruing | i 1,356 | i 64 | i 1,420 | ||||||||
90
or more days past due and still accruing | i 1,230 | i 36 | i 1,266 | ||||||||
Total retained loans | $ | i 184,379 | $ | i 796 | $ | i 185,175 | |||||
Loan delinquency ratios | |||||||||||
% of 30+ days past due to total retained loans | i 1.40 | % | i 12.56 | % | i 1.45 | % | |||||
%
of 90+ days past due to total retained loans | i 0.67 | i 4.52 | i 0.68 |
(in millions, except ratios) | June 30, 2023 | December 31, 2022 | ||||||
Geographic region(a) | ||||||||
California | $ | i 29,258 | $ | i 28,154 | ||||
Texas | i 19,992 | i 19,171 | ||||||
New York | i 15,511 | i 15,046 | ||||||
Florida | i 13,439 | i 12,905 | ||||||
Illinois | i 10,457 | i 10,089 | ||||||
New Jersey | i 7,902 | i 7,643 | ||||||
Ohio | i 5,898 | i 5,792 | ||||||
Colorado | i 5,840 | i 5,493 | ||||||
Pennsylvania | i 5,549 | i 5,517 | ||||||
Arizona | i 4,647 | i 4,487 | ||||||
All other | i 72,855 | i 70,878 | ||||||
Total retained loans | $ | i 191,348 | $ | i 185,175 | ||||
Percentage
of portfolio based on carrying value with estimated refreshed FICO scores | ||||||||
Equal to or greater than 660 | i 86.4 | % | i 86.8 | % | ||||
Less than 660 | i 13.4 | i 13.0 | ||||||
No FICO available | i 0.2 | i 0.2 |
Three
months ended June 30, 2023 (in millions) | Amortized cost basis | % of loan modifications to total retained credit card loans | Financial effect of loan modification | ||||||||||||||
Loan modification | |||||||||||||||||
Term extension and interest rate reduction(a)(b) | $ | i 181 | i 0.09 | % | Term
extension with a reduction in the weighted average contractual interest rate from i 23.27% to i 3.57% | ||||||||||||
Total | $ | i 181 |
Six
months ended June 30, 2023 (in millions) | Amortized cost basis | % of loan modifications to total retained credit card loans | Financial effect of loan modification | ||||||||||||||
Loan modification | |||||||||||||||||
Term extension and interest rate reduction(a)(b) | $ | i 326 | i 0.17 | % | Term
extension with a reduction in the weighted average contractual interest rate from i 22.96% to i 3.54% | ||||||||||||
Total | $ | i 326 |
(in millions) | Amortized cost basis | |||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2023 | 2023 | |||||||||||||
Current and less than 30 days past due and still accruing | $ | i 128 | $ | i 264 | ||||||||||
30-89 days past due and still accruing | i 32 | i 38 | ||||||||||||
90 or more days past due and still accruing | i 21 | i 24 | ||||||||||||
Total | $ | i 181 | $ | i 326 |
(in millions, except weighted-average data) | Three months ended June 30, | Six months ended June 30, | ||||||
2022 | 2022 | |||||||
Balance of new TDRs(a) | $ | i 81 | $ | i 163 | ||||
Weighted-average
interest rate of loans – before TDR | i 18.94 | % | i 18.47 | % | ||||
Weighted-average
interest rate of loans – after TDR | i 4.62 | i 4.75 | ||||||
Balance
of loans that redefaulted within one year of modification(b) | $ | i 8 | $ | i 17 |
Secured by real estate | Commercial and industrial | Other(b) | Total retained loans | ||||||||||||||||||||||||||||||||||||||
(in millions, except ratios) | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | Jun
30, 2023 | Dec 31, 2022 | |||||||||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 120,652 | $ | i 99,552 | $ | i 74,505 | $ | i 76,275 | $ | i 256,821 | $ | i 249,585 | $ | i 451,978 | $ | i 425,412 | |||||||||||||||||||||||||
Noninvestment-grade: | |||||||||||||||||||||||||||||||||||||||||
Noncriticized | i 36,387 | i 23,272 | i 84,133 | i 81,393 | i 77,360 | i 57,888 | i 197,880 | i 162,553 | |||||||||||||||||||||||||||||||||
Criticized
performing | i 4,314 | i 3,662 | i 9,980 | i 8,974 | i 1,400 | i 1,106 | i 15,694 | i 13,742 | |||||||||||||||||||||||||||||||||
Criticized nonaccrual | i 518 | i 246 | i 1,437 | i 1,018 | i 638 | i 699 | i 2,593 | i 1,963 | |||||||||||||||||||||||||||||||||
Total noninvestment-grade | i 41,219 | i 27,180 | i 95,550 | i 91,385 | i 79,398 | i 59,693 | i 216,167 | i 178,258 | |||||||||||||||||||||||||||||||||
Total
retained loans(a) | $ | i 161,871 | $ | i 126,732 | $ | i 170,055 | $ | i 167,660 | $ | i 336,219 | $ | i 309,278 | $ | i 668,145 | $ | i 603,670 | |||||||||||||||||||||||||
%
of investment-grade to total retained loans | i 74.54 | % | i 78.55 | % | i 43.81 | % | i 45.49 | % | i 76.39 | % | i 80.70 | % | i 67.65 | % | i 70.47 | % | |||||||||||||||||||||||||
%
of total criticized to total retained loans | i 2.99 | i 3.08 | i 6.71 | i 5.96 | i 0.61 | i 0.58 | i 2.74 | i 2.60 | |||||||||||||||||||||||||||||||||
%
of criticized nonaccrual to total retained loans | i 0.32 | i 0.19 | i 0.85 | i 0.61 | i 0.19 | i 0.23 | i 0.39 | i 0.33 |
Secured by real estate | |||||||||||||||||||||||||||||||||||
(in millions) | June 30, 2023 | ||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Within the revolving period | Converted to term loans | Total | |||||||||||||||||||||||||||
Loans
by risk ratings | |||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 6,381 | $ | i 29,986 | $ | i 26,336 | $ | i 17,251 | $ | i 16,256 | $ | i 23,159 | $ | i 1,283 | $ | i — | $ | i 120,652 | |||||||||||||||||
Noninvestment-grade | i 2,606 | i 11,527 | i 8,058 | i 4,225 | i 4,270 | i 9,251 | i 1,280 | i 2 | i 41,219 | ||||||||||||||||||||||||||
Total
retained loans(a) | $ | i 8,987 | $ | i 41,513 | $ | i 34,394 | $ | i 21,476 | $ | i 20,526 | $ | i 32,410 | $ | i 2,563 | $ | i 2 | $ | i 161,871 | |||||||||||||||||
Gross charge-offs | $ | i — | $ | i 25 | $ | i 21 | $ | i — | $ | i — | $ | i 47 | $ | i — | $ | i — | $ | i 93 |
Secured by real estate | |||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior to 2018 | Within the revolving period | Converted to term loans | Total | |||||||||||||||||||||||||||
Loans by risk ratings | |||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 24,134 | $ | i 22,407 | $ | i 14,773 | $ | i 14,666 | $ | i 5,277 | $ | i 17,289 | $ | i 1,006 | $ | i — | $ | i 99,552 | |||||||||||||||||
Noninvestment-grade | i 6,072 | i 5,602 | i 3,032 | i 3,498 | i 2,395 | i 5,659 | i 920 | i 2 | i 27,180 | ||||||||||||||||||||||||||
Total retained loans | $ | i 30,206 | $ | i 28,009 | $ | i 17,805 | $ | i 18,164 | $ | i 7,672 | $ | i 22,948 | $ | i 1,926 | $ | i 2 | $ | i 126,732 |
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
(in millions) | June 30, 2023 | |||||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Within the revolving period | Converted to term loans | Total | ||||||||||||||||||||||||||||||
Loans by risk ratings | ||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 10,777 | $ | i 12,726 | $ | i 6,324 | $ | i 2,510 | $ | i 1,314 | $ | i 1,268 | $ | i 39,585 | $ | i 1 | $ | i 74,505 | ||||||||||||||||||||
Noninvestment-grade | i 10,510 | i 19,667 | i 11,130 | i 2,827 | i 1,828 | i 1,445 | i 48,051 | i 92 | i 95,550 | |||||||||||||||||||||||||||||
Total
retained loans(a) | $ | i 21,287 | $ | i 32,393 | $ | i 17,454 | $ | i 5,337 | $ | i 3,142 | $ | i 2,713 | $ | i 87,636 | $ | i 93 | $ | i 170,055 | ||||||||||||||||||||
Gross charge-offs | $ | i — | $ | i 6 | $ | i 20 | $ | i 1 | $ | i 2 | $ | i 6 | $ | i 149 | $ | i 4 | $ | i 188 |
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior to 2018 | Within the revolving period | Converted to term loans | Total | ||||||||||||||||||||||||||||||
Loans by risk ratings | ||||||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 21,072 | $ | i 8,338 | $ | i 3,045 | $ | i 1,995 | $ | i 748 | $ | i 989 | $ | i 40,087 | $ | i 1 | $ | i 76,275 | ||||||||||||||||||||
Noninvestment-grade | i 24,088 | i 12,444 | i 3,459 | i 2,506 | i 525 | i 1,014 | i 47,267 | i 82 | i 91,385 | |||||||||||||||||||||||||||||
Total
retained loans | $ | i 45,160 | $ | i 20,782 | $ | i 6,504 | $ | i 4,501 | $ | i 1,273 | $ | i 2,003 | $ | i 87,354 | $ | i 83 | $ | i 167,660 |
Other(a) | |||||||||||||||||||||||||||||||||||
(in millions) | June 30, 2023 | ||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Within the revolving period | Converted to term loans | Total | |||||||||||||||||||||||||||
Loans
by risk ratings | |||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 24,067 | $ | i 21,496 | $ | i 11,927 | $ | i 10,970 | $ | i 4,139 | $ | i 7,700 | $ | i 173,951 | $ | i 2,571 | $ | i 256,821 | |||||||||||||||||
Noninvestment-grade | i 6,821 | i 12,769 | i 6,803 | i 2,368 | i 760 | i 2,083 | i 47,735 | i 59 | i 79,398 | ||||||||||||||||||||||||||
Total
retained loans(b) | $ | i 30,888 | $ | i 34,265 | $ | i 18,730 | $ | i 13,338 | $ | i 4,899 | $ | i 9,783 | $ | i 221,686 | $ | i 2,630 | $ | i 336,219 | |||||||||||||||||
Gross charge-offs | $ | i — | $ | i — | $ | i 5 | $ | i 5 | $ | i — | $ | i — | $ | i 3 | $ | i — | $ | i 13 |
Other(a) | |||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Term loans by origination year | Revolving loans | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior to 2018 | Within the revolving period | Converted to term loans | Total | |||||||||||||||||||||||||||
Loans
by risk ratings | |||||||||||||||||||||||||||||||||||
Investment-grade | $ | i 32,121 | $ | i 15,864 | $ | i 13,015 | $ | i 4,529 | $ | i 2,159 | $ | i 7,251 | $ | i 171,049 | $ | i 3,597 | $ | i 249,585 | |||||||||||||||||
Noninvestment-grade | i 16,829 | i 7,096 | i 1,821 | i 699 | i 451 | i 475 | i 32,240 | i 82 | i 59,693 | ||||||||||||||||||||||||||
Total
retained loans | $ | i 48,950 | $ | i 22,960 | $ | i 14,836 | $ | i 5,228 | $ | i 2,610 | $ | i 7,726 | $ | i 203,289 | $ | i 3,679 | $ | i 309,278 |
(in millions, except ratios) | Multifamily | Other commercial | Total retained loans secured by real estate | ||||||||||||||||||||||||||
Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | ||||||||||||||||||||||||
Retained loans secured by real estate | $ | i 100,732 | $ | i 79,139 | $ | i 61,139 | $ | i 47,593 | $ | i 161,871 | (a) | $ | i 126,732 | ||||||||||||||||
Criticized | i 2,141 | i 1,916 | i 2,691 | i 1,992 | i 4,832 | i 3,908 | |||||||||||||||||||||||
% of criticized to total retained loans secured by real estate | i 2.13 | % | i 2.42 | % | i 4.40 | % | i 4.19 | % | i 2.99 | % | i 3.08 | % | |||||||||||||||||
Criticized nonaccrual | $ | i 56 | $ | i 51 | $ | i 462 | $ | i 195 | $ | i 518 | $ | i 246 | |||||||||||||||||
%
of criticized nonaccrual loans to total retained loans secured by real estate | i 0.06 | % | i 0.06 | % | i 0.76 | % | i 0.41 | % | i 0.32 | % | i 0.19 | % |
Secured by real estate | Commercial and industrial | Other | Total retained loans | ||||||||||||||||||||||||||||||||
(in millions) | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec
31, 2022 | |||||||||||||||||||||||||||
Loans by geographic distribution(a)(b) | |||||||||||||||||||||||||||||||||||
Total U.S. | $ | i 158,936 | $ | i 123,740 | $ | i 129,316 | $ | i 125,324 | $ | i 257,319 | $ | i 230,525 | $ | i 545,571 | $ | i 479,589 | |||||||||||||||||||
Total non-U.S. | i 2,935 | i 2,992 | i 40,739 | i 42,336 | i 78,900 | i 78,753 | i 122,574 | i 124,081 | |||||||||||||||||||||||||||
Total retained loans | $ | i 161,871 | $ | i 126,732 | $ | i 170,055 | $ | i 167,660 | $ | i 336,219 | $ | i 309,278 | $ | i 668,145 | $ | i 603,670 | |||||||||||||||||||
Loan delinquency | |||||||||||||||||||||||||||||||||||
Current and less than 30 days past due and still accruing | $ | i 161,138 | $ | i 126,083 | $ | i 167,082 | $ | i 165,415 | $ | i 334,237 | $ | i 307,511 | $ | i 662,457 | $ | i 599,009 | |||||||||||||||||||
30–89
days past due and still accruing | i 215 | i 402 | i 1,317 | i 1,127 | i 1,232 | i 1,015 | i 2,764 | i 2,544 | |||||||||||||||||||||||||||
90
or more days past due and still accruing(c) | i — | i 1 | i 219 | i 100 | i 112 | i 53 | i 331 | i 154 | |||||||||||||||||||||||||||
Criticized nonaccrual | i 518 | i 246 | i 1,437 | i 1,018 | i 638 | i 699 | i 2,593 | i 1,963 | |||||||||||||||||||||||||||
Total retained loans | $ | i 161,871 | $ | i 126,732 | $ | i 170,055 | $ | i 167,660 | $ | i 336,219 | $ | i 309,278 | $ | i 668,145 | $ | i 603,670 |
(in millions) | Secured by real estate | Commercial and industrial | Other | Total retained loans | |||||||||||||||||||||||||||||||
Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec
31, 2022 | ||||||||||||||||||||||||||||
Nonaccrual loans | |||||||||||||||||||||||||||||||||||
With an allowance | $ | i 281 | $ | i 172 | $ | i 1,035 | $ | i 686 | $ | i 340 | $ | i 487 | $ | i 1,656 | $ | i 1,345 | |||||||||||||||||||
Without
an allowance(a) | i 237 | i 74 | i 402 | i 332 | i 298 | i 212 | i 937 | i 618 | |||||||||||||||||||||||||||
Total
nonaccrual loans(b) | $ | i 518 | $ | i 246 | $ | i 1,437 | $ | i 1,018 | $ | i 638 | $ | i 699 | $ | i 2,593 | $ | i 1,963 |
(in millions) | Commercial and industrial | ||||||||||||||||||||||
Three months ended June 30, 2023 | Six months ended June 30, 2023 | ||||||||||||||||||||||
Amortized cost basis | % of loan modifications to total retained Commercial and industrial loans | Financial effect of loan modification | Amortized cost basis | % of loan modifications to total retained Commercial and industrial loans | Financial effect of loan modification | ||||||||||||||||||
Loan modification | |||||||||||||||||||||||
Single modifications | |||||||||||||||||||||||
Term extension | $ | i 306 | i 0.18 | % | Extended
loans by a weighted-average of i 8 months | $ | i 423 | i 0.25 | % | Extended
loans by a weighted-average of i 10 months | |||||||||||||
Other-than-insignificant payment delay | i 5 | i — | % | Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor | i 5 | i — | % | Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor | |||||||||||||||
Multiple modifications | |||||||||||||||||||||||
Interest Rate Reduction and Term Extension | $ | i 1 | i — | % | Reduced
weighted-average contractual interest by - i 191 bps and extended loans by a weighted-average of i 17 months | $ | i 1 | i — | % | Reduced
weighted-average contractual interest by - i 191 bps and extended loans by a weighted-average of i 17 months | |||||||||||||
Term extension and principal forgiveness | i — | i — | % | i 40 | i 0.02 | % | Extended
loans by a weighted-average of i 64 months and reduced amortized cost basis of the loans by $ i 23mm | ||||||||||||||||
Total | $ | i 312 | $ | i 469 |
(in millions) | Other | ||||||||||||||||||||||
Three months ended June 30, 2023 | Six months ended June 30, 2023 | ||||||||||||||||||||||
Amortized cost basis | % of loan modifications to total retained Other loans | Financial effect of loan modification | Amortized cost basis | % of loan modifications to total retained Other loans | Financial effect of loan modification | ||||||||||||||||||
Loan modification | |||||||||||||||||||||||
Single modifications | |||||||||||||||||||||||
Interest rate reduction | $ | i 11 | i — | % | Reduced
weighted-average contractual interest by i 654 bps | $ | i 11 | i — | % | Reduced
weighted-average contractual interest by i 654 bps | |||||||||||||
Term extension | i 38 | i 0.01 | % | Extended
loans by a weighted-average of i 3 months | i 54 | i 0.02 | % | Extended
loans by a weighted-average of i 6 months | |||||||||||||||
Multiple modifications | |||||||||||||||||||||||
Payment Delay and Term Extension | $ | i 235 | i 0.07 | % | Provided
payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted-average of i 144 months | $ | i 235 | i 0.07 | % | Provided
payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted-average of i 144 months | |||||||||||||
Total | $ | i 284 | $ | i 300 |
Amortized cost basis | ||||||||||||||||||||
Commercial and industrial | Other | |||||||||||||||||||
(in millions) | Three months ended June 30, 2023 | Six months ended June 30, 2023 | Three months ended June 30, 2023 | Six months ended June 30, 2023 | ||||||||||||||||
Current and less than 30 days past due and still accruing | $ | i 242 | $ | i 331 | $ | i — | $ | i — | ||||||||||||
30-89 days past due and still accruing | i — | i — | i — | i — | ||||||||||||||||
90 or more days past due and still accruing | i 3 | i 3 | i — | i — | ||||||||||||||||
Criticized nonaccrual | i 67 | i 135 | i 284 | i 300 | ||||||||||||||||
Total | $ | i 312 | $ | i 469 | $ | i 284 | $ | i 300 |
(in millions) | Amortized cost basis | ||||||||||
Three months ended June
30, 2023 | Six months ended June 30, 2023 | ||||||||||
Loan modification | |||||||||||
Term extension | i 3 | i 7 | |||||||||
Total(a) | i 3 | i 7 |
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Six
months ended June 30, (in millions) | Consumer, excluding credit card | Credit card | Wholesale | Total | Consumer, excluding credit card | Credit card | Wholesale | Total | |||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | i 2,040 | $ | i 11,200 | $ | i 6,486 | $ | i 19,726 | $ | i 1,765 | $ | i 10,250 | $ | i 4,371 | $ | i 16,386 | |||||||||||||||||||
Cumulative
effect of a change in accounting principle(a) | ( i 489) | ( i 100) | i 2 | ( i 587) | NA | NA | NA | NA | |||||||||||||||||||||||||||
Gross charge-offs | i 501 | i 2,432 | i 294 | i 3,227 | i 384 | i 1,505 | i 123 | i 2,012 | |||||||||||||||||||||||||||
Gross recoveries collected | ( i 247) | ( i 386) | ( i 46) | ( i 679) | ( i 311) | ( i 419) | ( i 43) | ( i 773) | |||||||||||||||||||||||||||
Net charge-offs/(recoveries) | i 254 | i 2,046 | i 248 | i 2,548 | i 73 | i 1,086 | i 80 | i 1,239 | |||||||||||||||||||||||||||
Provision for loan losses | i 751 | i 2,546 | i 2,067 | i 5,364 | i 237 | i 1,236 | i 1,125 | i 2,598 | |||||||||||||||||||||||||||
Other | i — | i — | i 25 | i 25 | i — | i — | i 5 | i 5 | |||||||||||||||||||||||||||
Ending balance at June 30, | $ | i 2,048 | $ | i 11,600 | $ | i 8,332 | $ | i 21,980 | $ | i 1,929 | $ | i 10,400 | $ | i 5,421 | $ | i 17,750 | |||||||||||||||||||
Allowance
for lending-related commitments | |||||||||||||||||||||||||||||||||||
Beginning balance at January 1, | $ | i 76 | $ | i — | $ | i 2,306 | $ | i 2,382 | $ | i 113 | $ | i — | $ | i 2,148 | $ | i 2,261 | |||||||||||||||||||
Provision
for lending-related commitments | i 52 | i — | ( i 253) | ( i 201) | ( i 2) | i — | ( i 37) | ( i 39) | |||||||||||||||||||||||||||
Other | i 1 | i — | i 4 | i 5 | ( i 1) | i — | i 1 | i — | |||||||||||||||||||||||||||
Ending balance at June 30, | $ | i 129 | $ | i — | $ | i 2,057 | $ | i 2,186 | $ | i 110 | $ | i — | $ | i 2,112 | $ | i 2,222 | |||||||||||||||||||
Total allowance for investment securities | i 104 | NA | NA | NA | i 47 | ||||||||||||||||||||||||||||||
Total
allowance for credit losses(b)(c) | $ | i 2,177 | $ | i 11,600 | $ | i 10,389 | $ | i 24,270 | $ | i 2,039 | $ | i 10,400 | $ | i 7,533 | $ | i 20,019 | |||||||||||||||||||
Allowance
for loan losses by impairment methodology | |||||||||||||||||||||||||||||||||||
Asset-specific(d) | $ | ( i 971) | $ | i — | $ | i 478 | $ | ( i 493) | $ | ( i 676) | $ | i 227 | $ | i 332 | $ | ( i 117) | |||||||||||||||||||
Portfolio-based | i 3,019 | i 11,600 | i 7,854 | i 22,473 | i 2,605 | i 10,173 | i 5,089 | i 17,867 | |||||||||||||||||||||||||||
Total allowance for loan losses | $ | i 2,048 | $ | i 11,600 | $ | i 8,332 | $ | i 21,980 | $ | i 1,929 | $ | i 10,400 | $ | i 5,421 | $ | i 17,750 | |||||||||||||||||||
Loans by impairment methodology | |||||||||||||||||||||||||||||||||||
Asset-specific(d) | $ | i 3,439 | $ | i — | $ | i 2,587 | $ | i 6,026 | $ | i 12,683 | $ | i 827 | $ | i 2,408 | $ | i 15,918 | |||||||||||||||||||
Portfolio-based | i 392,756 | i 191,348 | i 665,558 | i 1,249,662 | i 289,948 | i 164,667 | i 581,857 | i 1,036,472 | |||||||||||||||||||||||||||
Total retained loans | $ | i 396,195 | $ | i 191,348 | $ | i 668,145 | $ | i 1,255,688 | $ | i 302,631 | $ | i 165,494 | $ | i 584,265 | $ | i 1,052,390 | |||||||||||||||||||
Collateral-dependent
loans | |||||||||||||||||||||||||||||||||||
Net charge-offs | $ | i 5 | $ | i — | $ | i 77 | $ | i 82 | $ | ( i 15) | $ | i — | $ | i 8 | $ | ( i 7) | |||||||||||||||||||
Loans
measured at fair value of collateral less cost to sell | i 3,388 | i — | i 762 | i 4,150 | i 3,935 | i — | i 607 | i 4,542 | |||||||||||||||||||||||||||
Allowance
for lending-related commitments by impairment methodology | |||||||||||||||||||||||||||||||||||
Asset-specific | $ | i — | $ | i — | $ | i 65 | $ | i 65 | $ | i — | $ | i — | $ | i 78 | $ | i 78 | |||||||||||||||||||
Portfolio-based | i 129 | i — | i 1,992 | i 2,121 | i 110 | i — | i 2,034 | i 2,144 | |||||||||||||||||||||||||||
Total
allowance for lending-related commitments(e) | $ | i 129 | $ | i — | $ | i 2,057 | $ | i 2,186 | $ | i 110 | $ | i — | $ | i 2,112 | $ | i 2,222 | |||||||||||||||||||
Lending-related
commitments by impairment methodology | |||||||||||||||||||||||||||||||||||
Asset-specific | $ | i — | $ | i — | $ | i 332 | $ | i 332 | $ | i — | $ | i — | $ | i 397 | $ | i 397 | |||||||||||||||||||
Portfolio-based(f) | i 32,428 | i — | i 521,408 | i 553,836 | i 26,809 | i — | i 458,038 | i 484,847 | |||||||||||||||||||||||||||
Total
lending-related commitments | $ | i 32,428 | $ | i — | $ | i 521,740 | $ | i 554,168 | $ | i 26,809 | $ | i — | $ | i 458,435 | $ | i 485,244 |
Assumptions at June 30, 2023 | |||||||||||
4Q23 | 2Q24 | 4Q24 | |||||||||
U.S. unemployment rate(a) | 4.2 | % | 4.9 | % | 5.0 | % | |||||
YoY
growth in U.S. real GDP(b) | 0.5 | % | — | % | 1.0 | % | |||||
Assumptions at December 31, 2022 | |||||||||||
2Q23 | 4Q23 | 2Q24 | |||||||||
U.S. unemployment rate(a) | 3.8 | % | 4.3 | % | 5.0 | % | |||||
YoY
growth in U.S. real GDP(b) | 1.5 | % | 0.4 | % | — | % |
Line of Business | Transaction Type | Activity | Form 10-Q page references | ||||||||
CCB | Credit card securitization trusts | Securitization of originated credit card receivables | 165 | ||||||||
Mortgage securitization trusts | Servicing and securitization of both originated and purchased residential mortgages | 165-167 | |||||||||
CIB | Mortgage and other securitization trusts | Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans | 165-167 | ||||||||
Multi-seller conduits | Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs | 167 | |||||||||
Municipal bond vehicles | Financing of municipal bond investments | 167 |
Principal amount outstanding | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | |||||||||||||||||||||||||
June 30, 2023 (in millions) | Total assets held by securitization VIEs | Assets 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 56,604 | $ | i 715 | $ | i 38,439 | $ | i 681 | $ | i 2,060 | $ | i 23 | $ | i 2,764 | ||||||||||||
Subprime | i 9,300 | i — | i 1,353 | i 4 | i | i — | i 4 | |||||||||||||||||||
Commercial
and other(b) | i 162,779 | i — | i 127,826 | i 893 | i 5,443 | i 668 | i 7,004 | |||||||||||||||||||
Total | $ | i 228,683 | $ | i 715 | $ | i 167,618 | $ | i 1,578 | $ | i 7,503 | $ | i 691 | $ | i 9,772 |
Principal amount outstanding | JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e) | |||||||||||||||||||||||||
December 31, 2022 (in millions) | Total assets held by securitization VIEs | Assets 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 55,362 | $ | i 754 | $ | i 37,058 | $ | i 744 | $ | i 1,918 | $ | i — | $ | i 2,662 | ||||||||||||
Subprime | i 9,709 | i — | i 1,743 | i 10 | i — | i — | i 10 | |||||||||||||||||||
Commercial
and other(b) | i 164,915 | i — | i 127,037 | i 888 | i 5,373 | i 670 | i 6,931 | |||||||||||||||||||
Total | $ | i 229,986 | $ | i 754 | $ | i 165,838 | $ | i 1,642 | $ | i 7,291 | $ | i 670 | $ | i 9,603 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Transfers of securities to VIEs | |||||||||||||||||||||||
U.S. GSEs and government agencies | $ | i 6,261 | $ | i 7,373 | $ | i 9,667 | $ | i 13,449 |
Nonconsolidated
re-securitization VIEs | |||||||||||
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||
U.S. GSEs and government agencies | |||||||||||
Interest in VIEs | $ | i 3,412 | $ | i 2,580 |
Assets | Liabilities | ||||||||||||||||||||||||||||
June 30, 2023 (in millions) | Trading assets | Loans | Other(c) | Total assets(d) | Beneficial interests in VIE assets(e) | Other(f) | Total liabilities | ||||||||||||||||||||||
VIE program type | |||||||||||||||||||||||||||||
Firm-sponsored credit card trusts | $ | i — | $ | i 9,168 | $ | i 82 | $ | i 9,250 | $ | i 999 | $ | i 2 | $ | i 1,001 | |||||||||||||||
Firm-administered multi-seller conduits | i 1 | i 28,598 | i 169 | i 28,768 | i 16,383 | i 31 | i 16,414 | ||||||||||||||||||||||
Municipal bond vehicles | i 2,313 | i — | i 21 | i 2,334 | i 2,133 | i 10 | i 2,143 | ||||||||||||||||||||||
Mortgage
securitization entities(a) | i — | i 733 | i 10 | i 743 | i 132 | i 60 | i 192 | ||||||||||||||||||||||
Other | i 54 | i 626 | (b) | i 250 | i 930 | i — | i 144 | i 144 | |||||||||||||||||||||
Total | $ | i 2,368 | $ | i 39,125 | $ | i 532 | $ | i 42,025 | $ | i 19,647 | $ | i 247 | $ | i 19,894 | |||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||
December 31, 2022 (in millions) | Trading assets | Loans | Other(c) | Total assets(d) | Beneficial interests in VIE assets(e) | Other(f) | Total liabilities | ||||||||||||||||||||||
VIE program type | |||||||||||||||||||||||||||||
Firm-sponsored credit card trusts | $ | i — | $ | i 9,699 | $ | i 100 | $ | i 9,799 | $ | i 1,999 | $ | i 2 | $ | i 2,001 | |||||||||||||||
Firm-administered multi-seller conduits | i — | i 22,819 | i 170 | i 22,989 | i 9,236 | i 39 | i 9,275 | ||||||||||||||||||||||
Municipal bond vehicles | i 2,089 | i — | i 7 | i 2,096 | i 1,232 | i 10 | i 1,242 | ||||||||||||||||||||||
Mortgage
securitization entities(a) | i — | i 781 | i 10 | i 791 | i 143 | i 67 | i 210 | ||||||||||||||||||||||
Other | i 62 | i 1,112 | (b) | i 263 | i 1,437 | i — | i 161 | i 161 | |||||||||||||||||||||
Total | $ | i 2,151 | $ | i 34,411 | $ | i 550 | $ | i 37,112 | $ | i 12,610 | $ | i 279 | $ | i 12,889 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
(in millions) | Residential mortgage(d) | Commercial and other(e) | Residential mortgage(d) | Commercial
and other(e) | Residential mortgage(d) | Commercial and other(e) | Residential mortgage(d) | Commercial and other(e) | |||||||||||||||||||||||||||
Principal securitized | $ | i 2,216 | $ | i 376 | $ | i 3,028 | $ | i 3,950 | $ | i 3,289 | $ | i 376 | $ | i 9,523 | $ | i 7,058 | |||||||||||||||||||
All
cash flows during the period:(a) | |||||||||||||||||||||||||||||||||||
Proceeds received from loan sales as financial instruments(b)(c) | $ | i 2,123 | $ | i 380 | $ | i 2,754 | $ | i 3,869 | $ | i 3,153 | $ | i 380 | $ | i 9,129 | $ | i 6,975 | |||||||||||||||||||
Servicing fees collected | i 6 | i 1 | i 20 | i — | i 12 | i 1 | i 44 | i — | |||||||||||||||||||||||||||
Cash
flows received on interests | i 86 | i 91 | i 127 | i 54 | i 160 | i 178 | i 282 | i 125 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Carrying
value of loans sold | $ | i 6,323 | $ | i 10,721 | $ | i 9,021 | $ | i 34,389 | |||||||||
Proceeds
received from loan sales as cash | i 33 | i 4 | i 40 | i 13 | |||||||||||||
Proceeds
from loan sales as securities(a)(b) | i 6,220 | i 10,551 | i 8,882 | i 33,809 | |||||||||||||
Total
proceeds received from loan sales(c) | $ | i 6,253 | $ | i 10,555 | $ | i 8,922 | $ | i 33,822 | |||||||||
Gains/(losses)
on loan sales(d)(e) | $ | i — | $ | i — | $ | i — | $ | i — |
(in millions) | June 30, 2023 | December
31, 2022 | ||||||
Loans repurchased or option to repurchase(a) | $ | i 752 | $ | i 839 | ||||
Real
estate owned | i 9 | i 10 | ||||||
Foreclosed
government-guaranteed residential mortgage loans(b) | i 23 | i 27 |
Net liquidation losses/(recoveries) | |||||||||||||||||||||||||||||||||||
Securitized assets | 90 days past due | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||
(in millions) | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Securitized loans | |||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||
Prime / Alt-A & option ARMs | $ | i 38,439 | $ | i 37,058 | $ | i 482 | $ | i 511 | $ | i 3 | $ | ( i 21) | $ | i 10 | $ | ( i 27) | |||||||||||||||||||
Subprime | i 1,353 | i 1,743 | i 141 | i 212 | i 2 | ( i 3) | i 4 | ( i 3) | |||||||||||||||||||||||||||
Commercial and other | i 127,826 | i 127,037 | i 1,231 | i 948 | i — | i 5 | i 19 | i 11 | |||||||||||||||||||||||||||
Total loans securitized | $ | i 167,618 | $ | i 165,838 | $ | i 1,854 | $ | i 1,671 | $ | i 5 | $ | ( i 19) | $ | i 33 | $ | ( i 19) |
(in millions) | June 30, 2023 | December 31, 2022 | ||||||
Consumer & Community Banking | $ | i 32,116 | $ | i 32,121 | ||||
Corporate & Investment Bank | i 8,253 | i 8,008 | ||||||
Commercial Banking | i 2,985 | i 2,985 | ||||||
Asset & Wealth Management | i 8,344 | i 7,902 | ||||||
Corporate | i 682 | i 646 | ||||||
Total goodwill | $ | i 52,380 | $ | i 51,662 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Balance at beginning of period | $ | i 52,144 | $ | i 50,298 | $ | i 51,662 | $ | i 50,315 | ||||||||||||
Changes
during the period from: | ||||||||||||||||||||
Business combinations(a) | i 236 | i 470 | i 687 | i 470 | ||||||||||||||||
Other(b) | i — | ( i 71) | i 31 | ( i 88) | ||||||||||||||||
Balance at June 30, | $ | i 52,380 | $ | i 50,697 | $ | i 52,380 | $ | i 50,697 |
As
of or for the three months ended June 30, | As of or for the six months ended June 30, | ||||||||||||||||||||||
(in millions, except where otherwise noted) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Fair value at beginning of period | $ | i 7,755 | $ | i 7,294 | $ | i 7,973 | $ | i 5,494 | |||||||||||||||
MSR activity: | |||||||||||||||||||||||
Originations of MSRs | i 78 | i 181 | i 110 | i 596 | |||||||||||||||||||
Purchase
of MSRs(a) | i 468 | i 160 | i 467 | i 875 | |||||||||||||||||||
Disposition
of MSRs(b) | ( i 92) | ( i 614) | ( i 90) | ( i 671) | |||||||||||||||||||
Net additions/(dispositions) | i 454 | ( i 273) | i 487 | i 800 | |||||||||||||||||||
Changes
due to collection/realization of expected cash flows | ( i 255) | ( i 236) | ( i 495) | ( i 468) | |||||||||||||||||||
Changes
in valuation due to inputs and assumptions: | |||||||||||||||||||||||
Changes due to market interest rates and other(c) | i 283 | i 653 | i 261 | i 1,547 | |||||||||||||||||||
Changes
in valuation due to other inputs and assumptions: | |||||||||||||||||||||||
Projected cash flows (e.g., cost to service) | i 2 | i — | i 2 | i — | |||||||||||||||||||
Discount
rates | i — | i — | i — | i — | |||||||||||||||||||
Prepayment
model changes and other(d) | ( i 10) | i 1 | i 1 | i 66 | |||||||||||||||||||
Total changes in valuation due to other inputs and assumptions | ( i 8) | i 1 | i 3 | i 66 | |||||||||||||||||||
Total changes in valuation due to inputs and assumptions | i 275 | i 654 | i 264 | i 1,613 | |||||||||||||||||||
Fair value at June 30, | $ | i 8,229 | $ | i 7,439 | $ | i 8,229 | $ | i 7,439 | |||||||||||||||
Changes in unrealized gains/(losses) included in income related to MSRs held at June 30, | $ | i 275 | $ | i 654 | $ | i 264 | $ | i 1,613 | |||||||||||||||
Contractual
service fees, late fees and other ancillary fees included in income | i 388 | i 395 | i 776 | i 765 | |||||||||||||||||||
Third-party mortgage loans serviced at June 30, (in billions) | i 605 | i 576 | i 605 | i 576 | |||||||||||||||||||
Servicer
advances, net of an allowance for uncollectible amounts, at June 30(e) | i 595 | i 1,166 | i 595 | i 1,166 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||
CCB mortgage fees and related income | |||||||||||||||||
Production revenue | $ | i 102 | $ | i 150 | $ | i 177 | $ | i 361 | |||||||||
Net mortgage servicing revenue: | |||||||||||||||||
Operating revenue: | |||||||||||||||||
Loan servicing revenue | i 402 | i 435 | i 802 | i 803 | |||||||||||||
Changes in MSR asset fair value due to collection/realization of expected cash flows | ( i 255) | ( i 236) | ( i 495) | ( i 468) | |||||||||||||
Total operating revenue | i 147 | i 199 | i 307 | i 335 | |||||||||||||
Risk management: | |||||||||||||||||
Changes in MSR asset fair value due to market interest rates and other(a) | i 283 | i 653 | i 261 | i 1,547 | |||||||||||||
Other
changes in MSR asset fair value due to other inputs and assumptions in model(b) | ( i 8) | i 1 | i 3 | i 66 | |||||||||||||
Changes in derivative fair value and other | ( i 250) | ( i 626) | ( i 251) | ( i 1,476) | |||||||||||||
Total risk management | i 25 | i 28 | i 13 | i 137 | |||||||||||||
Total net mortgage servicing revenue | i 172 | i 227 | i 320 | i 472 | |||||||||||||
Total CCB mortgage fees and related income | i 274 | i 377 | i 497 | i 833 | |||||||||||||
All other | i 4 | i 1 | i 2 | i 5 | |||||||||||||
Mortgage fees and related income | $ | i 278 | $ | i 378 | $ | i 499 | $ | i 838 |
(in millions, except rates) | Jun 30, 2023 | Dec 31, 2022 | ||||||||||||
Weighted-average prepayment speed assumption (constant prepayment rate) | i 6.27 | % | i 6.12 | % | ||||||||||
Impact
on fair value of 10% adverse change | $ | ( i 186) | $ | ( i 183) | ||||||||||
Impact
on fair value of 20% adverse change | ( i 361) | ( i 356) | ||||||||||||
Weighted-average
option adjusted spread(a) | i 5.77 | % | i 5.77 | % | ||||||||||
Impact
on fair value of a 100 basis point adverse change | $ | ( i 348) | $ | ( i 341) | ||||||||||
Impact
on fair value of a 200 basis point adverse change | ( i 668) | ( i 655) |
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||
U.S. offices | |||||||||||
Noninterest-bearing (included $ i 47,870 and
$ i 26,363 at fair value)(a) | $ | i 656,778 | $ | i 644,902 | |||||||
Interest-bearing
(included $ i 572 and $ i 586 at fair value)(a) | i 1,311,893 | i 1,276,346 | |||||||||
Total deposits in U.S. offices | i 1,968,671 | i 1,921,248 | |||||||||
Non-U.S. offices | |||||||||||
Noninterest-bearing (included $ i 1,331 and $ i 1,398
at fair value)(a) | i 24,268 | i 27,005 | |||||||||
Interest-bearing
(included $ i 1,795 and $ i 273 at fair value)(a) | i 406,023 | i 391,926 | |||||||||
Total deposits in non-U.S. offices | i 430,291 | i 418,931 | |||||||||
Total deposits | $ | i 2,398,962 | $ | i 2,340,179 |
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||||||||
U.S. offices | $ | i 98,725 | $ | i 64,622 | |||||||||||||
Non-U.S.
offices(a) | i 85,937 | i 77,907 | |||||||||||||||
Total | $ | i 184,662 | $ | i 142,529 |
June
30, (in millions) | ||||||||||||||||||||
U.S. | Non-U.S. | Total | ||||||||||||||||||
2024 | i 145,737 | i 83,015 | i 228,752 | |||||||||||||||||
2025 | i 1,213 | i 194 | i 1,407 | |||||||||||||||||
2026 | i 309 | i 71 | i 380 | |||||||||||||||||
2027 | i 160 | i 25 | i 185 | |||||||||||||||||
2028 | i 95 | i 1,087 | i 1,182 | |||||||||||||||||
After 5 years | i 533 | i 214 | i 747 | |||||||||||||||||
Total | $ | i 148,047 | $ | i 84,606 | $ | i 232,653 |
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||
Right-of-use assets | $ | i 8,399 | (a) | $ | i 7,782 | ||||||||||||||||||
Lease liabilities | i 8,756 | (a) | i 8,183 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Operating lease income | $ | i 716 | $ | i 945 | $ | i 1,471 | $ | i 1,993 | ||||||
Depreciation expense | i 457 | i 668 | i 876 | i 1,379 |
By
remaining maturity (in millions, except rates) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Under 1 year | 1-5 years | After 5 years | Total | Total | ||||||||||||||||||||||||||||||||||||||||
Parent company | ||||||||||||||||||||||||||||||||||||||||||||
Senior debt: | Fixed rate | $ | i 6,709 | $ | i 84,418 | $ | i 96,845 | $ | i 187,972 | $ | i 194,515 | |||||||||||||||||||||||||||||||||
Variable rate | i 367 | i 7,226 | i 2,200 | i 9,793 | i 11,565 | |||||||||||||||||||||||||||||||||||||||
Interest
rates(f) | i 2.29 | % | i 2.82 | % | i 3.53 | % | i 3.15 | % | i 3.06 | % | ||||||||||||||||||||||||||||||||||
Subordinated debt: | Fixed rate | $ | i — | $ | i 8,815 | $ | i 8,877 | $ | i 17,692 | $ | i 19,693 | |||||||||||||||||||||||||||||||||
Variable rate | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Interest
rates(f) | i — | % | i 4.54 | % | i 4.69 | % | i 4.62 | % | i 4.50 | % | ||||||||||||||||||||||||||||||||||
Subtotal | $ | i 7,076 | $ | i 100,459 | $ | i 107,922 | $ | i 215,457 | $ | i 225,773 | ||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Banks advances: | Fixed rate | $ | i 7,443 | $ | i 17,609 | $ | i 42 | $ | i 25,094 | (g) | $ | i 93 | ||||||||||||||||||||||||||||||||
Variable rate | i 7,000 | i 4,000 | i — | i 11,000 | i 11,000 | |||||||||||||||||||||||||||||||||||||||
Interest
rates(f) | i 4.64 | % | i 4.29 | % | i 6.07 | % | i 4.43 | % | i 4.32 | % | ||||||||||||||||||||||||||||||||||
Purchase
Money Note(a): | Fixed rate | $ | i — | $ | i 48,883 | $ | i — | $ | i 48,883 | NA | ||||||||||||||||||||||||||||||||||
Interest
rates(f) | i — | % | i 3.40 | % | i — | % | i 3.40 | % | NA | |||||||||||||||||||||||||||||||||||
Senior debt: | Fixed rate | $ | i 3,000 | $ | i 7,333 | $ | i 6,395 | $ | i 16,728 | $ | i 15,383 | |||||||||||||||||||||||||||||||||
Variable rate | i 17,426 | i 21,968 | i 5,451 | i 44,845 | i 41,506 | |||||||||||||||||||||||||||||||||||||||
Interest
rates(f) | i 3.95 | % | i 4.98% | i 1.52 | % | i 1.88 | % | i 2.02 | % | |||||||||||||||||||||||||||||||||||
Subordinated debt: | Fixed rate | $ | i — | $ | i 258 | $ | i — | $ | i 258 | $ | i 262 | |||||||||||||||||||||||||||||||||
Variable rate | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||||||||||||
Interest
rates(f) | i — | % | i 8.25 | % | i — | % | i 8.25 | % | i 8.25 | % | ||||||||||||||||||||||||||||||||||
Subtotal | $ | i 34,869 | $ | i 100,051 | $ | i 11,888 | $ | i 146,808 | $ | i 68,244 | ||||||||||||||||||||||||||||||||||
Junior subordinated debt: | Fixed rate | $ | i — | $ | i — | $ | i 540 | $ | i 540 | $ | i 550 | |||||||||||||||||||||||||||||||||
Variable rate | i — | i 357 | i 916 | i 1,273 | i 1,298 | |||||||||||||||||||||||||||||||||||||||
Interest
rates(f) | i — | % | i 5.86 | % | i 7.17 | % | i 6.91 | % | i 6.33 | % | ||||||||||||||||||||||||||||||||||
Subtotal | $ | i — | $ | i 357 | $ | i 1,456 | $ | i 1,813 | $ | i 1,848 | ||||||||||||||||||||||||||||||||||
Total
long-term debt(b)(c)(d) | $ | i 41,945 | $ | i 200,867 | $ | i 121,266 | $ | i 364,078 | (h)(i) | $ | i 295,865 | |||||||||||||||||||||||||||||||||
Long-term beneficial interests: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | i — | $ | i 999 | $ | i — | $ | i 999 | $ | i 1,999 | ||||||||||||||||||||||||||||||||||
Variable rate | i — | i — | i 132 | i 132 | i 143 | |||||||||||||||||||||||||||||||||||||||
Interest
rates(f) | i — | % | i 3.97 | % | i 3.59 | % | i 3.93 | % | i 2.81 | % | ||||||||||||||||||||||||||||||||||
Total
long-term beneficial interests(e) | $ | i — | $ | i 999 | $ | i 132 | $ | i 1,131 | $ | i 2,142 |
Shares(a) | Carrying
value (in millions) | Contractual rate in effect at June 30, 2023 | Earliest redemption date(b) | Floating annualized rate(c) | Dividend declared per share | ||||||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | Issue date | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Fixed-rate: | |||||||||||||||||||||||||||||||||||||||||
Series
DD | i 169,625 | i 169,625 | $ | i 1,696 | $ | i 1,696 | i 9/21/2018 | i 5.750 | % | i 12/1/2023 | NA | $ | i 143.75 | $ | i 143.75 | $ i 287.50 | $ i 287.50 | ||||||||||||||||||||||||
Series
EE | i 185,000 | i 185,000 | i 1,850 | i 1,850 | i 1/24/2019 | i 6.000 | i 3/1/2024 | NA | i 150.00 | i 150.00 | i 300.00 | i 300.00 | |||||||||||||||||||||||||||||
Series
GG | i 90,000 | i 90,000 | i 900 | i 900 | i 11/7/2019 | i 4.750 | i 12/1/2024 | NA | i 118.75 | i 118.75 | i 237.50 | i 237.50 | |||||||||||||||||||||||||||||
Series JJ | i 150,000 | i 150,000 | i 1,500 | i 1,500 | i 3/17/2021 | i 4.550 | i 6/1/2026 | NA | i 113.75 | i 113.75 | i 227.50 | i 227.50 | |||||||||||||||||||||||||||||
Series LL | i 185,000 | i 185,000 | i 1,850 | i 1,850 | i 5/20/2021 | i 4.625 | i 6/1/2026 | NA | i 115.63 | i 115.63 | i 231.26 | i 231.26 | |||||||||||||||||||||||||||||
Series
MM | i 200,000 | i 200,000 | i 2,000 | i 2,000 | i 7/29/2021 | i 4.200 | i 9/1/2026 | NA | i 105.00 | i 105.00 | i 210.00 | i 210.00 | |||||||||||||||||||||||||||||
Fixed-to-floating-rate: | |||||||||||||||||||||||||||||||||||||||||
Series
I | i — | i — | $ | i — | $ | i — | i 4/23/2008 | — | % | i 4/30/2018 | SOFR
+ i 3.47% | $ | i — | $ | i 119.03 | $ i — | $ i 211.16 | ||||||||||||||||||||||||
Series
Q | i 150,000 | i 150,000 | i 1,500 | i 1,500 | i 4/23/2013 | LIBOR
+ i 3.25 | i 5/1/2023 | SOFR + i 3.25 | i 218.48 | i 128.75 | i 347.23 | i 257.50 | (d) | ||||||||||||||||||||||||||||
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 | SOFR
+ i 3.30 | i 150.00 | i 150.00 | i 300.00 | i 300.00 | |||||||||||||||||||||||||||||
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 | SOFR
+ i 3.78 | i 168.75 | i 168.75 | i 337.50 | i 337.50 | |||||||||||||||||||||||||||||
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 | SOFR
+ i 3.33 | i 153.13 | i 153.13 | i 306.25 | i 306.25 | |||||||||||||||||||||||||||||
Series
V | i — | i — | i — | i — | i 6/9/2014 | — | i 7/1/2019 | SOFR
+ i 3.32 | i — | i 108.36 | i — | i 194.76 | |||||||||||||||||||||||||||||
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 | SOFR
+ i 3.33 | i 152.50 | i 152.50 | i 305.00 | i 305.00 | |||||||||||||||||||||||||||||
Series
Z | i — | i — | i — | i — | i 4/21/2015 | — | i 5/1/2020 | SOFR
+ i 3.80 | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Series
CC | i 125,750 | i 125,750 | i 1,258 | i 1,258 | i 10/20/2017 | LIBOR
+ i 2.58 | i 11/1/2022 | SOFR + i 2.58 | i 201.36 | i 115.63 | i 384.15 | i 231.25 | (e) | ||||||||||||||||||||||||||||
Series
FF | i 225,000 | i 225,000 | i 2,250 | i 2,250 | i 7/31/2019 | i 5.000 | i 8/1/2024 | SOFR
+ i 3.38 | i 125.00 | i 125.00 | i 250.00 | i 250.00 | |||||||||||||||||||||||||||||
Series
HH | i 300,000 | i 300,000 | i 3,000 | i 3,000 | i 1/23/2020 | i 4.600 | i 2/1/2025 | SOFR
+ i 3.125 | i 115.00 | i 115.00 | i 230.00 | i 230.00 | |||||||||||||||||||||||||||||
Series
II | i 150,000 | i 150,000 | i 1,500 | i 1,500 | i 2/24/2020 | i 4.000 | i 4/1/2025 | SOFR
+ i 2.745 | i 100.00 | i 100.00 | i 200.00 | i 200.00 | |||||||||||||||||||||||||||||
Series KK | i 200,000 | i 200,000 | i 2,000 | i 2,000 | i 5/12/2021 | i 3.650 | i 6/1/2026 | CMT
+ i 2.85 | i 91.25 | i 91.25 | i 182.50 | i 182.50 | |||||||||||||||||||||||||||||
Total preferred stock | i 2,740,375 | i 2,740,375 | $ | i 27,404 | $ | i 27,404 |
(in millions, except per share amounts) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Basic
earnings per share | |||||||||||||||||
Net income | $ | i 14,472 | $ | i 8,649 | $ | i 27,094 | $ | i 16,931 | |||||||||
Less:
Preferred stock dividends | i 373 | i 410 | i 729 | i 807 | |||||||||||||
Net
income applicable to common equity | i 14,099 | i 8,239 | i 26,365 | i 16,124 | |||||||||||||
Less:
Dividends and undistributed earnings allocated to participating securities | i 88 | i 44 | i 161 | i 85 | |||||||||||||
Net
income applicable to common stockholders | $ | i 14,011 | $ | i 8,195 | $ | i 26,204 | $ | i 16,039 | |||||||||
Total
weighted-average basic shares outstanding | i 2,943.8 | i 2,962.2 | i 2,956.1 | i 2,969.6 | |||||||||||||
Net
income per share | $ | i 4.76 | $ | i 2.77 | $ | i 8.86 | $ | i 5.40 | |||||||||
Diluted
earnings per share | |||||||||||||||||
Net income applicable to common stockholders | $ | i 14,011 | $ | i 8,195 | $ | i 26,204 | $ | i 16,039 | |||||||||
Total
weighted-average basic shares outstanding | i 2,943.8 | i 2,962.2 | i 2,956.1 | i 2,969.6 | |||||||||||||
Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs | i 4.5 | i 4.1 | i 4.4 | i 4.1 | |||||||||||||
Total
weighted-average diluted shares outstanding | i 2,948.3 | i 2,966.3 | i 2,960.5 | i 2,973.7 | |||||||||||||
Net
income per share | $ | i 4.75 | $ | i 2.76 | $ | i 8.85 | $ | i 5.39 |
As
of or for the three months ended June 30, 2023 (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 April 1, 2023 | $ | ( i 6,912) | $ | ( i 1,348) | $ | ( i 54) | $ | ( i 4,858) | $ | ( i 1,506) | $ | i 260 | $ | ( i 14,418) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | i 757 | i 70 | i 11 | ( i 497) | ( i 6) | ( i 207) | i 128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | ( i 6,155) | (a) | $ | ( i 1,278) | $ | ( i 43) | $ | ( i 5,355) | $ | ( i 1,512) | $ | i 53 | $ | ( i 14,290) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As
of or for the three months ended June 30, 2022 (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 April 1, 2022 | $ | ( i 4,813) | $ | ( i 996) | $ | ( i 21) | $ | ( i 3,087) | $ | ( i 143) | $ | ( i 507) | $ | ( i 9,567) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | ( i 4,031) | ( i 679) | i 51 | ( i 1,348) | i 20 | i 1,185 | ( i 4,802) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | ( i 8,844) | (a) | $ | ( i 1,675) | $ | i 30 | $ | ( i 4,435) | $ | ( i 123) | $ | i 678 | $ | ( i 14,369) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As
of or for the six months ended June 30, 2023 (in millions) | Unrealized gains/(losses) on investment securities | Translation adjustments, net of hedges | Fair value hedges | Cash flow hedges | Defined benefit pension and OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | ( i 9,124) | $ | ( i 1,545) | $ | ( i 33) | $ | ( i 5,656) | $ | ( i 1,451) | $ | i 468 | $ | ( i 17,341) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | i 2,969 | i 267 | ( i 10) | i 301 | ( i 61) | ( i 415) | i 3,051 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | ( i 6,155) | (a) | $ | ( i 1,278) | $ | ( i 43) | $ | ( i 5,355) | $ | ( i 1,512) | $ | i 53 | $ | ( i 14,290) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As
of or for the six months ended June 30, 2022 (in millions) | Unrealized gains/(losses) on investment securities | Translation adjustments, net of hedges | Fair value hedges | Cash flow hedges | Defined benefit pension and OPEB plans | DVA on fair value option elected liabilities | Accumulated other comprehensive income/(loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | i 2,640 | $ | ( i 934) | $ | ( i 131) | $ | ( i 296) | $ | ( i 210) | $ | ( i 1,153) | $ | ( i 84) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change | ( i 11,484) | ( i 741) | i 161 | ( i 4,139) | i 87 | i 1,831 | ( i 14,285) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | ( i 8,844) | (a) | $ | ( i 1,675) | $ | i 30 | $ | ( i 4,435) | $ | ( i 123) | $ | i 678 | $ | ( i 14,369) |
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Three
months ended June 30, (in millions) | Pre-tax | Tax effect | After-tax | Pre-tax | Tax effect | After-tax | |||||||||||||||||||||||||||||
Unrealized gains/(losses) on investment securities: | |||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | $ | i 95 | $ | ( i 21) | $ | i 74 | $ | ( i 5,456) | $ | i 1,308 | $ | ( i 4,148) | |||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(a) | i 900 | ( i 217) | i 683 | i 153 | ( i 36) | i 117 | |||||||||||||||||||||||||||||
Net change | i 995 | ( i 238) | i 757 | ( i 5,303) | i 1,272 | ( i 4,031) | |||||||||||||||||||||||||||||
Translation
adjustments(b): | |||||||||||||||||||||||||||||||||||
Translation | i 126 | i 10 | i 136 | ( i 3,550) | i 193 | ( i 3,357) | |||||||||||||||||||||||||||||
Hedges | ( i 88) | i 22 | ( i 66) | i 3,524 | ( i 846) | i 2,678 | |||||||||||||||||||||||||||||
Net change | i 38 | i 32 | i 70 | ( i 26) | ( i 653) | ( i 679) | |||||||||||||||||||||||||||||
Fair
value hedges, net change(c): | i 15 | ( i 4) | i 11 | i 67 | ( i 16) | i 51 | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | ( i 1,119) | i 268 | ( i 851) | ( i 1,750) | i 420 | ( i 1,330) | |||||||||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(d) | i 465 | ( i 111) | i 354 | ( i 24) | i 6 | ( i 18) | |||||||||||||||||||||||||||||
Net change | ( i 654) | i 157 | ( i 497) | ( i 1,774) | i 426 | ( i 1,348) | |||||||||||||||||||||||||||||
Defined benefit pension and OPEB plans, net change: | ( i 8) | i 2 | ( i 6) | i 33 | ( i 13) | i 20 | |||||||||||||||||||||||||||||
DVA
on fair value option elected liabilities, net change: | ( i 273) | i 66 | ( i 207) | i 1,558 | ( i 373) | i 1,185 | |||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | $ | i 113 | $ | i 15 | $ | i 128 | $ | ( i 5,445) | $ | i 643 | $ | ( i 4,802) | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Six
months ended June 30, (in millions) | Pre-tax | Tax effect | After-tax | Pre-tax | Tax effect | After-tax | |||||||||||||||||||||||||||||
Unrealized gains/(losses) on investment securities: | |||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | $ | i 2,137 | $ | ( i 511) | $ | i 1,626 | $ | ( i 15,658) | $ | i 3,758 | $ | ( i 11,900) | |||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(a) | i 1,768 | ( i 425) | i 1,343 | i 547 | ( i 131) | i 416 | |||||||||||||||||||||||||||||
Net change | i 3,905 | ( i 936) | i 2,969 | ( i 15,111) | i 3,627 | ( i 11,484) | |||||||||||||||||||||||||||||
Translation
adjustments(b): | |||||||||||||||||||||||||||||||||||
Translation | i 1,099 | ( i 31) | i 1,068 | ( i 3,891) | i 217 | ( i 3,674) | |||||||||||||||||||||||||||||
Hedges | ( i 1,051) | i 250 | ( i 801) | i 3,862 | ( i 929) | i 2,933 | |||||||||||||||||||||||||||||
Net change | i 48 | i 219 | i 267 | ( i 29) | ( i 712) | ( i 741) | |||||||||||||||||||||||||||||
Fair
value hedges, net change(c): | ( i 13) | i 3 | ( i 10) | i 212 | ( i 51) | i 161 | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | ( i 552) | i 132 | ( i 420) | ( i 5,186) | i 1,245 | ( i 3,941) | |||||||||||||||||||||||||||||
Reclassification
adjustment for realized (gains)/losses included in net income(d) | i 948 | ( i 227) | i 721 | ( i 261) | i 63 | ( i 198) | |||||||||||||||||||||||||||||
Net change | i 396 | ( i 95) | i 301 | ( i 5,447) | i 1,308 | ( i 4,139) | |||||||||||||||||||||||||||||
Defined benefit pension and OPEB plans, net change: | ( i 79) | i 18 | ( i 61) | i 123 | ( i 36) | i 87 | |||||||||||||||||||||||||||||
DVA
on fair value option elected liabilities, net change: | ( i 547) | i 132 | ( i 415) | i 2,417 | ( i 586) | i 1,831 | |||||||||||||||||||||||||||||
Total other comprehensive loss | $ | i 3,710 | $ | ( i 659) | $ | i 3,051 | $ | ( i 17,835) | $ | i 3,550 | $ | ( i 14,285) |
(in billions) | June 30, 2023 | December 31, 2022 | ||||||
Segregated for the benefit of securities and cleared derivative customers | $ | i 17.0 | $ | i 18.7 | ||||
Cash
reserves at non-U.S. central banks and held for other general purposes | i 8.6 | i 8.1 | ||||||
Total
restricted cash(a) | $ | i 25.6 | $ | i 26.8 |
Standardized capital ratio requirements | Advanced capital ratio requirements | Well-capitalized ratios | ||||||||||||||||||||||||
BHC(a)(b) | IDI(c) | BHC(a)(b) | IDI(c) | BHC(d) | IDI(e) | |||||||||||||||||||||
Risk-based capital ratios | ||||||||||||||||||||||||||
CET1 capital | i 12.5 | % | i i 7.0 / | % | i 11.0 | % | i i 7.0 / | % | NA | i i 6.5 / | % | |||||||||||||||
Tier 1 capital | i 14.0 | i i 8.5 / | i 12.5 | i i 8.5 / | i i 6.0 / | % | i i 8.0 / | |||||||||||||||||||
Total capital | i 16.0 | i i 10.5 / | i 14.5 | i i 10.5 / | i i 10.0 / | i i 10.0 / |
Capital
ratio requirements(a) | Well-capitalized ratios | |||||||||||||||||||
BHC | IDI | BHC(b) | IDI | |||||||||||||||||
Leverage-based capital ratios | ||||||||||||||||||||
Tier 1 leverage | i i 4.0 / | % | i i 4.0 / | % | NA | i i 5.0 / | % | |||||||||||||
SLR | i i 5.0 / | i i 6.0 / | NA | i i 6.0 / |
June 30, 2023 (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:(a) | |||||||||||||||||||||||||||||
CET1
capital | $ | i 235,827 | $ | i 279,233 | $ | i 235,827 | $ | i 279,233 | |||||||||||||||||||||
Tier
1 capital | i 262,585 | i 279,236 | i 262,585 | i 279,236 | |||||||||||||||||||||||||
Total
capital | i 295,281 | i 298,582 | i 281,953 | (b) | i 285,500 | ||||||||||||||||||||||||
Risk-weighted assets | i 1,706,927 | i 1,642,804 | i 1,694,714 | (b) | i 1,541,700 | ||||||||||||||||||||||||
CET1 capital ratio | i 13.8 | % | i 17.0 | % | i 13.9 | % | i 18.1 | % | |||||||||||||||||||||
Tier 1 capital ratio | i 15.4 | i 17.0 | i 15.5 | i 18.1 | |||||||||||||||||||||||||
Total capital ratio | i 17.3 | i 18.2 | i 16.6 | i 18.5 | |||||||||||||||||||||||||
December
31, 2022 (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:(a) | |||||||||||||||||||||||||||||
CET1 capital | $ | i 218,934 | $ | i 269,668 | $ | i 218,934 | $ | i 269,668 | |||||||||||||||||||||
Tier 1 capital | i 245,631 | i 269,672 | i 245,631 | i 269,672 | |||||||||||||||||||||||||
Total capital | i 277,769 | i 288,433 | i 264,583 | i 275,255 | |||||||||||||||||||||||||
Risk-weighted assets | i 1,653,538 | i 1,597,072 | i 1,609,773 | i 1,475,602 | |||||||||||||||||||||||||
CET1 capital ratio | i 13.2 | % | i 16.9 | % | i 13.6 | % | i 18.3 | % | |||||||||||||||||||||
Tier 1 capital ratio | i 14.9 | i 16.9 | i 15.3 | i 18.3 | |||||||||||||||||||||||||
Total capital ratio | i 16.8 | i 18.1 | i 16.4 | i 18.7 | |||||||||||||||||||||||||
Three months ended (in millions, except ratios) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||
JPMorgan Chase & Co. | JPMorgan Chase Bank, N.A. | JPMorgan Chase & Co. | JPMorgan Chase Bank, N.A. | ||||||||||||||||||||
Leverage-based capital metrics:(a) | |||||||||||||||||||||||
Adjusted
average assets(b) | $ | i 3,796,579 | $ | i 3,308,478 | $ | i 3,703,873 | $ | i 3,249,912 | |||||||||||||||
Tier
1 leverage ratio | i 6.9 | % | i 8.4 | % | i 6.6 | % | i 8.3 | % | |||||||||||||||
Total leverage exposure | $ | i 4,492,761 | $ | i 3,993,500 | $ | i 4,367,092 | $ | i 3,925,502 | |||||||||||||||
SLR | i 5.8 | % | i 7.0 | % | i 5.6 | % | i 6.9 | % |
Off–balance sheet lending-related financial instruments, guarantees and other commitments | |||||||||||||||||||||||||||||||||||||||||
Contractual amount | Carrying value(i) | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | Dec 31, 2022 | Jun 30, 2023 | Dec 31, 2022 | ||||||||||||||||||||||||||||||||||||||
By
remaining maturity (in millions) | Expires in 1 year or less | Expires after 1 year through 3 years | Expires after 3 years through 5 years | Expires after 5 years | Total | Total | |||||||||||||||||||||||||||||||||||
Lending-related | |||||||||||||||||||||||||||||||||||||||||
Consumer, excluding credit card: | |||||||||||||||||||||||||||||||||||||||||
Residential real estate(a) | $ | i 9,164 | $ | i 5,873 | $ | i 6,304 | $ | i 12,692 | $ | i 34,033 | $ | i 21,287 | $ | i 714 | (j) | $ | i 75 | ||||||||||||||||||||||||
Auto and other | i 14,203 | i 324 | i — | i 2,286 | i 16,813 | i 12,231 | i 236 | (j) | i — | ||||||||||||||||||||||||||||||||
Total consumer, excluding credit card | i 23,367 | i 6,197 | i 6,304 | i 14,978 | i 50,846 | i 33,518 | i 950 | i 75 | |||||||||||||||||||||||||||||||||
Credit
card(b) | i 881,485 | i — | i — | i — | i 881,485 | i 821,284 | i — | i — | |||||||||||||||||||||||||||||||||
Total
consumer(c) | i 904,852 | i 6,197 | i 6,304 | i 14,978 | i 932,331 | i 854,802 | i 950 | i 75 | |||||||||||||||||||||||||||||||||
Wholesale: | |||||||||||||||||||||||||||||||||||||||||
Other
unfunded commitments to extend credit(d) | i 123,374 | i 160,273 | i 202,330 | i 23,345 | i 509,322 | i 440,407 | i 3,564 | (h)(j) | i 2,328 | (h) | |||||||||||||||||||||||||||||||
Standby
letters of credit and other financial guarantees(d) | i 14,960 | i 8,073 | i 4,274 | i 1,099 | i 28,406 | i 27,439 | i 517 | i 408 | |||||||||||||||||||||||||||||||||
Other
letters of credit(d) | i 3,022 | i 233 | i 106 | i — | i 3,361 | i 4,134 | i 23 | i 6 | |||||||||||||||||||||||||||||||||
Total
wholesale(c) | i 141,356 | i 168,579 | i 206,710 | i 24,444 | i 541,089 | i 471,980 | i 4,104 | i 2,742 | |||||||||||||||||||||||||||||||||
Total lending-related | $ | i 1,046,208 | $ | i 174,776 | $ | i 213,014 | $ | i 39,422 | $ | i 1,473,420 | $ | i 1,326,782 | $ | i 5,054 | $ | i 2,817 | |||||||||||||||||||||||||
Other guarantees and commitments | |||||||||||||||||||||||||||||||||||||||||
Securities lending indemnification agreements and guarantees(e) | $ | i 296,547 | $ | i — | $ | i — | $ | i — | $ | i 296,547 | $ | i 283,386 | $ | i — | $ | i — | |||||||||||||||||||||||||
Derivatives qualifying as guarantees | i 3,861 | i 228 | i 11,959 | i 40,852 | i 56,900 | i 59,180 | i 181 | i 649 | |||||||||||||||||||||||||||||||||
Unsettled resale and securities borrowed agreements | i 108,556 | i 585 | i — | i — | i 109,141 | i 116,975 | i — | ( i 2) | |||||||||||||||||||||||||||||||||
Unsettled repurchase and securities loaned agreements | i 92,811 | i 547 | i — | i — | i 93,358 | i 66,407 | i — | ( i 7) | |||||||||||||||||||||||||||||||||
Loan
sale and securitization-related indemnifications: | |||||||||||||||||||||||||||||||||||||||||
Mortgage repurchase liability | NA | NA | NA | NA | NA | NA | i 76 | i 76 | |||||||||||||||||||||||||||||||||
Loans sold with recourse | NA | NA | NA | NA | i 768 | i 820 | i 27 | i 28 | |||||||||||||||||||||||||||||||||
Exchange
& clearing house guarantees and commitments(f) | i 140,102 | i — | i — | i — | i 140,102 | i 191,068 | i — | i — | |||||||||||||||||||||||||||||||||
Other
guarantees and commitments(g) | i 6,569 | i 848 | i 166 | i 3,574 | i 11,157 | i 8,634 | i 43 | i 53 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
(in millions) | Standby letters of credit and other financial guarantees | Other letters of credit | Standby letters of credit and other financial guarantees | Other letters of credit | |||||||||||||||||||
Investment-grade(a) | $ | i 19,574 | $ | i 2,385 | $ | i 19,205 | $ | i 3,040 | |||||||||||||||
Noninvestment-grade(a) | i 8,832 | i 976 | i 8,234 | i 1,094 | |||||||||||||||||||
Total contractual amount | $ | i 28,406 | $ | i 3,361 | $ | i 27,439 | $ | i 4,134 | |||||||||||||||
Allowance for lending-related commitments | $ | i 146 | $ | i 23 | $ | i 82 | $ | i 6 | |||||||||||||||
Guarantee liability | i 371 | i — | i 326 | i — | |||||||||||||||||||
Total carrying value | $ | i 517 | $ | i 23 | $ | i 408 | $ | i 6 | |||||||||||||||
Commitments with collateral | $ | i 16,414 | $ | i 549 | $ | i 15,296 | $ | i 795 |
(in millions) | June 30, 2023 | December 31, 2022 | |||||||||
Notional amounts | |||||||||||
Derivative guarantees | $ | i 56,900 | $ | i 59,180 | |||||||
Stable
value contracts with contractually limited exposure | i 31,715 | i 31,820 | |||||||||
Maximum
exposure of stable value contracts with contractually limited exposure | i 1,442 | i 2,063 | |||||||||
Fair value | |||||||||||
Derivative payables | i 181 | i 649 | |||||||||
(in billions) | June 30, 2023 | December 31, 2022 | |||||||||
Assets that may be sold or repledged or otherwise used by secured parties | $ | i 161.3 | $ | i 110.8 | |||||||
Assets
that may not be sold or repledged or otherwise used by secured parties(a) | i 288.4 | i 114.8 | |||||||||
Assets pledged at Federal Reserve banks
and FHLBs(b) | i 621.8 | i 567.6 | |||||||||
Total pledged assets | $ | i 1,071.5 | $ | i 793.2 |
(in billions) | June 30, 2023 | December 31, 2022 | ||||||||||||
Collateral permitted to be sold or repledged, delivered, or otherwise used | $ | i 1,303.7 | $ | i 1,346.9 | ||||||||||
Collateral sold, repledged, delivered or otherwise used | i 986.3 | i 1,019.4 |
Segment
results and reconciliation(a) | ||||||||||||||||||||||||||||||||||||||
As of or for the three months ended June 30, (in millions, except ratios) | Consumer & Community Banking | Corporate & Investment Bank | Commercial Banking | Asset & Wealth Management | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Noninterest revenue | $ | i 3,543 | $ | i 3,850 | (b) | $ | i 10,802 | $ | i 8,805 | (b) | $ | i 835 | $ | i 904 | $ | i 3,358 | $ | i 3,084 | ||||||||||||||||||||
Net interest income | i 13,690 | i 8,708 | i 1,717 | i 3,198 | i 3,153 | i 1,779 | i 1,585 | i 1,222 | ||||||||||||||||||||||||||||||
Total net revenue | i 17,233 | i 12,558 | i 12,519 | i 12,003 | i 3,988 | i 2,683 | i 4,943 | i 4,306 | ||||||||||||||||||||||||||||||
Provision
for credit losses | i 1,862 | i 761 | i 38 | i 59 | i 1,097 | i 209 | i 145 | i 44 | ||||||||||||||||||||||||||||||
Noninterest expense | i 8,313 | i 7,658 | (b) | i 6,894 | i 6,810 | (b) | i 1,300 | i 1,156 | i 3,163 | i 2,919 | ||||||||||||||||||||||||||||
Income/(loss)
before income tax expense/(benefit) | i 7,058 | i 4,139 | i 5,587 | i 5,134 | i 1,591 | i 1,318 | i 1,635 | i 1,343 | ||||||||||||||||||||||||||||||
Income tax expense/(benefit) | i 1,752 | i 1,031 | (b) | i 1,495 | i 1,417 | (b) | i 383 | i 324 | i 409 | i 339 | ||||||||||||||||||||||||||||
Net income/(loss) | $ | i 5,306 | $ | i 3,108 | $ | i 4,092 | $ | i 3,717 | $ | i 1,208 | $ | i 994 | $ | i 1,226 | $ | i 1,004 | ||||||||||||||||||||||
Average
equity | $ | i 54,346 | $ | i 50,000 | $ | i 108,000 | $ | i 103,000 | $ | i 29,505 | $ | i 25,000 | $ | i 16,670 | $ | i 17,000 | ||||||||||||||||||||||
Total assets | i 620,193 | i 500,219 | i 1,432,054 | i 1,403,558 | i 305,280 | i 242,456 | i 247,118 | i 235,553 | ||||||||||||||||||||||||||||||
ROE | i 38 | % | i 24 | % | i 15 | % | i 14 | % | i 16 | % | i 15 | % | i 29 | % | i 23 | % | ||||||||||||||||||||||
Overhead ratio | i 48 | i 61 | i 55 | i 57 | i 33 | i 43 | i 64 | i 68 |
As
of or for the three months ended June 30, (in millions, except ratios) | Corporate | Reconciling Items(a) | Total | ||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Noninterest revenue | $ | i 1,980 | $ | ( i 244) | $ | ( i 990) | $ | ( i 812) | $ | i 19,528 | $ | i 15,587 | |||||||||||||||||
Net interest income | i 1,738 | i 324 | ( i 104) | ( i 103) | i 21,779 | i 15,128 | |||||||||||||||||||||||
Total net revenue | i 3,718 | i 80 | ( i 1,094) | ( i 915) | i 41,307 | i 30,715 | |||||||||||||||||||||||
Provision
for credit losses | ( i 243) | i 28 | i — | i — | i 2,899 | i 1,101 | |||||||||||||||||||||||
Noninterest expense | i 1,152 | i 206 | i — | i — | i 20,822 | i 18,749 | |||||||||||||||||||||||
Income/(loss) before income tax expense/(benefit) | i 2,809 | ( i 154) | ( i 1,094) | ( i 915) | i 17,586 | i 10,865 | |||||||||||||||||||||||
Income tax expense/(benefit) | i 169 | i 20 | ( i 1,094) | ( i 915) | i 3,114 | i 2,216 | |||||||||||||||||||||||
Net income/(loss) | $ | i 2,640 | $ | ( i 174) | $ | i — | $ | i — | $ | i 14,472 | $ | i 8,649 | |||||||||||||||||
Average
equity | $ | i 69,364 | $ | i 52,986 | $ | i — | $ | i — | $ | i 277,885 | $ | i 247,986 | |||||||||||||||||
Total assets | i 1,263,595 | i 1,459,528 | NA | NA | i 3,868,240 | i 3,841,314 | |||||||||||||||||||||||
ROE | NM | NM | NM | NM | i 20 | % | i 13 | % | |||||||||||||||||||||
Overhead ratio | NM | NM | NM | NM | i 50 | i 61 |
Segment
results and reconciliation(a) | ||||||||||||||||||||||||||||||||||||||
As of or for the six months ended June 30, (in millions, except ratios) | Consumer & Community Banking | Corporate & Investment Bank | Commercial Banking | Asset & Wealth Management | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Noninterest revenue | $ | i 7,166 | $ | i 7,705 | (b) | $ | i 22,325 | $ | i 18,809 | (b) | $ | i 1,616 | $ | i 1,771 | $ | i 6,691 | $ | i 6,323 | ||||||||||||||||||||
Net interest income | i 26,523 | i 17,035 | i 3,794 | i 6,770 | i 5,883 | i 3,310 | i 3,036 | i 2,298 | ||||||||||||||||||||||||||||||
Total net revenue | i 33,689 | i 24,740 | i 26,119 | i 25,579 | i 7,499 | i 5,081 | i 9,727 | i 8,621 | ||||||||||||||||||||||||||||||
Provision
for credit losses | i 3,264 | i 1,439 | i 96 | i 504 | i 1,514 | i 366 | i 173 | i 198 | ||||||||||||||||||||||||||||||
Noninterest expense | i 16,378 | i 15,313 | (b) | i 14,377 | i 14,173 | (b) | i 2,608 | i 2,285 | i 6,254 | i 5,779 | ||||||||||||||||||||||||||||
Income/(loss)
before income tax expense/(benefit) | i 14,047 | i 7,988 | i 11,646 | i 10,902 | i 3,377 | i 2,430 | i 3,300 | i 2,644 | ||||||||||||||||||||||||||||||
Income tax expense/(benefit) | i 3,498 | i 1,972 | (b) | i 3,133 | i 2,813 | (b) | i 822 | i 586 | i 707 | i 632 | ||||||||||||||||||||||||||||
Net income/(loss) | $ | i 10,549 | $ | i 6,016 | $ | i 8,513 | $ | i 8,089 | $ | i 2,555 | $ | i 1,844 | $ | i 2,593 | $ | i 2,012 | ||||||||||||||||||||||
Average
equity | $ | i 53,180 | $ | i 50,000 | $ | i 108,000 | $ | i 103,000 | $ | i 29,005 | $ | i 25,000 | $ | i 16,337 | $ | i 17,000 | ||||||||||||||||||||||
Total assets | i 620,193 | i 500,219 | i 1,432,054 | i 1,403,558 | i 305,280 | i 242,456 | i 247,118 | i 235,553 | ||||||||||||||||||||||||||||||
ROE | i 39 | % | i 23 | % | i 15 | % | i 15 | % | i 17 | % | i 14 | % | i 31 | % | i 23 | % | ||||||||||||||||||||||
Overhead ratio | i 49 | i 62 | i 55 | i 55 | i 35 | i 45 | i 64 | i 67 |
As
of or for the six months ended June 30, (in millions, except ratios) | Corporate | Reconciling Items(a) | Total | ||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Noninterest revenue | $ | i 1,225 | $ | ( i 589) | $ | ( i 1,857) | $ | ( i 1,587) | $ | i 37,166 | $ | i 32,432 | |||||||||||||||||
Net interest income | i 3,478 | ( i 212) | ( i 224) | ( i 201) | i 42,490 | i 29,000 | |||||||||||||||||||||||
Total net revenue | i 4,703 | ( i 801) | ( i 2,081) | ( i 1,788) | i 79,656 | i 61,432 | |||||||||||||||||||||||
Provision
for credit losses | i 127 | i 57 | i — | i — | i 5,174 | i 2,564 | |||||||||||||||||||||||
Noninterest expense | i 1,312 | i 390 | i — | i — | i 40,929 | i 37,940 | |||||||||||||||||||||||
Income/(loss) before income tax expense/(benefit) | i 3,264 | ( i 1,248) | ( i 2,081) | ( i 1,788) | i 33,553 | i 20,928 | |||||||||||||||||||||||
Income tax expense/(benefit) | i 380 | ( i 218) | ( i 2,081) | ( i 1,788) | i 6,459 | i 3,997 | |||||||||||||||||||||||
Net income/(loss) | $ | i 2,884 | $ | ( i 1,030) | $ | i — | $ | i — | $ | i 27,094 | $ | i 16,931 | |||||||||||||||||
Average
equity | $ | i 68,038 | $ | i 55,234 | $ | i — | $ | i — | $ | i 274,560 | $ | i 250,234 | |||||||||||||||||
Total assets | i 1,263,595 | i 1,459,528 | NA | NA | i 3,868,240 | i 3,841,314 | |||||||||||||||||||||||
ROE | NM | NM | NM | NM | i 19 | % | i 13 | % | |||||||||||||||||||||
Overhead ratio | NM | NM | NM | NM | i 51 | i 62 |
Fair value purchase price allocation as of May 1, 2023 | |||||
(in millions) | |||||
Purchase price consideration | |||||
Amounts paid/due to the FDIC, net of cash acquired(a) | $ | i 13,589 | |||
Purchase Money Note (at fair value) | i 48,848 | ||||
Settlement of First Republic deposit and other related party transactions(b) | i 5,447 | ||||
Contingent consideration - Shared-loss agreements | i 15 | ||||
Purchase price consideration | $ | i 67,899 | |||
Assets | |||||
Securities | $ | i 30,285 | |||
Loans | i 152,335 | ||||
Core deposit and customer relationship intangibles | i 1,462 | ||||
Indemnification assets - Shared-loss agreements | i 675 | ||||
Accounts
receivable and other assets(c) | i 7,551 | ||||
Total assets acquired | $ | i 192,308 | |||
Liabilities | |||||
Deposits | $ | i 87,507 | |||
FHLB advances | i 27,919 | ||||
Lending-related commitments | i 2,409 | ||||
Accounts
payable and other liabilities(c) | i 3,006 | ||||
Deferred tax liabilities | i 856 | ||||
Total liabilities assumed | $ | i 121,697 | |||
Fair value of net assets acquired | $ | i 70,611 | |||
Estimated gain on acquisition, after income taxes | $ | i 2,712 |
May 1, 2023 | |||||||||||
(in millions) | UPB | Fair value | |||||||||
Residential real estate | $ | i 106,240 | $ | i 91,906 | |||||||
Auto and other | i 3,092 | i 2,031 | |||||||||
Total consumer | i 109,332 | i 93,937 | |||||||||
Secured by real estate | i 37,119 | i 33,605 | |||||||||
Commercial & industrial | i 4,333 | i 3,933 | |||||||||
Other | i 22,597 | i 20,860 | |||||||||
Total wholesale | i 64,049 | i 58,398 | |||||||||
Total loans | $ | i 173,381 | $ | i 152,335 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Noninterest revenue | $ | i 16,924 | $ | i 15,853 | $ | i 34,832 | $ | i 35,675 | |||||||||||||||
Net interest income | i 22,184 | i 16,180 | i 44,084 | i 30,997 | |||||||||||||||||||
Net income | i 13,565 | i 9,086 | i 26,726 | i 18,887 |
JPMorgan
Chase & Co. | |||||||||||||||||||||||||||||||||||
Consolidated average balance sheets, interest and rates (unaudited) | |||||||||||||||||||||||||||||||||||
(Taxable-equivalent interest and rates; in millions, except rates) | |||||||||||||||||||||||||||||||||||
Three months ended June 30, 2023 | Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Average balance | Interest(f) | Rate (annualized) | Average balance | Interest(f) | Rate (annualized) | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Deposits with banks | $ | 495,018 | $ | 5,189 | 4.20 | % | $ | 694,644 | $ | 1,079 | 0.62 | % | |||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | 326,563 | 3,767 | 4.63 | 305,132 | 543 | 0.71 | |||||||||||||||||||||||||||||
Securities borrowed | 191,393 | 1,866 | 3.91 | 207,437 | 173 | 0.33 | |||||||||||||||||||||||||||||
Trading assets – debt instruments | 391,945 | 4,025 | 4.12 | 273,736 | 2,058 | 3.02 | |||||||||||||||||||||||||||||
Taxable securities | 578,876 | 4,194 | 2.91 | 644,037 | 2,289 | 1.43 | |||||||||||||||||||||||||||||
Nontaxable
securities(a) | 32,676 | 390 | 4.79 | 28,762 | 309 | 4.31 | |||||||||||||||||||||||||||||
Total investment securities | 611,552 | 4,584 | 3.01 | (g) | 672,799 | 2,598 | 1.55 | (g) | |||||||||||||||||||||||||||
Loans | 1,238,237 | 20,351 | 6.59 | 1,093,106 | 11,656 | 4.28 | |||||||||||||||||||||||||||||
All
other interest-earning assets(b) | 89,072 | 1,966 | 8.85 | 139,040 | 642 | 1.85 | |||||||||||||||||||||||||||||
Total interest-earning assets | 3,343,780 | 41,748 | 5.01 | 3,385,894 | 18,749 | 2.22 | |||||||||||||||||||||||||||||
Allowance for loan losses | (20,055) | (17,194) | |||||||||||||||||||||||||||||||||
Cash and due from banks | 25,228 | 28,712 | |||||||||||||||||||||||||||||||||
Trading assets – equity and other instruments | 169,558 | 151,309 | |||||||||||||||||||||||||||||||||
Trading assets – derivative receivables | 63,339 | 84,483 | |||||||||||||||||||||||||||||||||
Goodwill, MSRs and other intangible Assets | 62,530 | 59,355 | |||||||||||||||||||||||||||||||||
All other noninterest-earning assets | 207,008 | 219,084 | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,851,388 | $ | 3,911,643 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,715,699 | $ | 9,591 | 2.24 | % | $ | 1,790,421 | $ | 898 | 0.20 | % | |||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | 263,718 | 3,400 | 5.17 | 233,376 | 445 | 0.76 | |||||||||||||||||||||||||||||
Short-term borrowings(c) | 35,335 | 428 | 4.87 | 50,833 | 113 | 0.91 | |||||||||||||||||||||||||||||
Trading
liabilities – debt and all other interest-bearing liabilities(d)(e) | 293,269 | 2,373 | 3.25 | 274,435 | 471 | 0.69 | |||||||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 15,947 | 197 | 4.95 | 10,577 | 30 | 1.11 | |||||||||||||||||||||||||||||
Long-term debt | 294,239 | 3,876 | 5.28 | 246,195 | 1,561 | 2.54 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 2,618,207 | 19,865 | 3.04 | 2,605,837 | 3,518 | 0.54 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 671,715 | 741,891 | |||||||||||||||||||||||||||||||||
Trading liabilities – equity and other instruments(e) | 28,513 | 40,937 | |||||||||||||||||||||||||||||||||
Trading liabilities – derivative payables | 46,934 | 61,026 | |||||||||||||||||||||||||||||||||
All other liabilities, including the allowance for lending-related commitments | 180,730 | 181,128 | |||||||||||||||||||||||||||||||||
Total liabilities | 3,546,099 | 3,630,819 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | |||||||||||||||||||||||||||||||||||
Preferred stock | 27,404 | 32,838 | |||||||||||||||||||||||||||||||||
Common stockholders’ equity | 277,885 | 247,986 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 305,289 | 280,824 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,851,388 | $ | 3,911,643 | |||||||||||||||||||||||||||||||
Interest rate spread | 1.97 | % | 1.68 | % | |||||||||||||||||||||||||||||||
Net interest income and net yield on interest-earning assets | $ | 21,883 | 2.62 | $ | 15,231 | 1.80 |
JPMorgan
Chase & Co. | |||||||||||||||||||||||||||||||||||
Consolidated average balance sheets, interest and rates (unaudited) | |||||||||||||||||||||||||||||||||||
(Taxable-equivalent interest and rates; in millions, except rates) | |||||||||||||||||||||||||||||||||||
Six months ended June 30, 2023 | Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Average balance | Interest(f) | Rate (annualized) | Average balance | Interest(f) | Rate (annualized) | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Deposits with banks | $ | 500,311 | $ | 10,008 | 4.03 | % | $ | 718,346 | $ | 1,317 | 0.37 | % | |||||||||||||||||||||||
Federal
funds sold and securities purchased under resale agreements | 319,911 | 6,898 | 4.35 | 300,070 | 940 | 0.63 | |||||||||||||||||||||||||||||
Securities borrowed | 192,114 | 3,582 | 3.76 | 212,704 | 86 | 0.08 | |||||||||||||||||||||||||||||
Trading assets – debt instruments | 374,908 | 7,685 | 4.13 | 272,931 | 3,833 | 2.83 | |||||||||||||||||||||||||||||
Taxable securities | 587,750 | 8,161 | 2.80 | 643,340 | 4,268 | 1.34 | |||||||||||||||||||||||||||||
Nontaxable
securities(a) | 29,022 | 698 | 4.85 | 28,647 | 616 | 4.34 | |||||||||||||||||||||||||||||
Total investment securities | 616,772 | 8,859 | 2.90 | (g) | 671,987 | 4,884 | 1.47 | (g) | |||||||||||||||||||||||||||
Loans | 1,184,231 | 38,105 | 6.49 | 1,080,939 | 22,317 | 4.16 | |||||||||||||||||||||||||||||
All
other interest-earning assets(b) | 92,372 | 3,735 | 8.15 | 136,902 | 966 | 1.42 | |||||||||||||||||||||||||||||
Total interest-earning assets | 3,280,619 | 78,872 | 4.85 | 3,393,879 | 34,343 | 2.04 | |||||||||||||||||||||||||||||
Allowance for loan losses | (19,593) | (16,807) | |||||||||||||||||||||||||||||||||
Cash and due from banks | 25,640 | 28,340 | |||||||||||||||||||||||||||||||||
Trading assets – equity and other instruments | 160,868 | 154,093 | |||||||||||||||||||||||||||||||||
Trading assets – derivative receivables | 63,929 | 75,956 | |||||||||||||||||||||||||||||||||
Goodwill, MSRs and other intangible Assets | 61,697 | 58,455 | |||||||||||||||||||||||||||||||||
All other noninterest-earning assets | 207,913 | 215,313 | |||||||||||||||||||||||||||||||||
Total assets | $ | 3,781,073 | $ | 3,909,229 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 1,692,993 | $ | 17,228 | 2.05 | % | $ | 1,785,896 | $ | 1,080 | 0.12 | % | |||||||||||||||||||||||
Federal
funds purchased and securities loaned or sold under repurchase agreements | 258,045 | 6,204 | 4.85 | 241,749 | 558 | 0.47 | |||||||||||||||||||||||||||||
Short-term borrowings(c) | 37,039 | 849 | 4.63 | 49,360 | 157 | 0.64 | |||||||||||||||||||||||||||||
Trading
liabilities – debt and all other interest-bearing liabilities(d)(e) | 285,467 | 4,344 | 3.07 | 268,762 | 662 | 0.50 | |||||||||||||||||||||||||||||
Beneficial interests issued by consolidated VIEs | 14,722 | 344 | 4.71 | 10,733 | 48 | 0.90 | |||||||||||||||||||||||||||||
Long-term debt | 271,912 | 7,189 | 5.33 | 250,165 | 2,637 | 2.13 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 2,560,178 | 36,158 | 2.85 | 2,606,665 | 5,142 | 0.40 | |||||||||||||||||||||||||||||
Noninterest-bearing deposits | 661,138 | 738,083 | |||||||||||||||||||||||||||||||||
Trading liabilities – equity and other instruments(e) | 29,137 | 42,159 | |||||||||||||||||||||||||||||||||
Trading liabilities – derivative payables | 48,139 | 57,792 | |||||||||||||||||||||||||||||||||
All other liabilities, including the allowance for lending-related commitments | 180,517 | 181,116 | |||||||||||||||||||||||||||||||||
Total liabilities | 3,479,109 | 3,625,815 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | |||||||||||||||||||||||||||||||||||
Preferred stock | 27,404 | 33,180 | |||||||||||||||||||||||||||||||||
Common stockholders’ equity | 274,560 | 250,234 | |||||||||||||||||||||||||||||||||
Total stockholders’ equity | 301,964 | 283,414 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,781,073 | $ | 3,909,229 | |||||||||||||||||||||||||||||||
Interest rate spread | 2.00 | % | 1.64 | % | |||||||||||||||||||||||||||||||
Net interest income and net yield on interest-earning assets | $ | 42,714 | 2.63 | $ | 29,201 | 1.74 |
GLOSSARY OF TERMS AND ACRONYMS |
LINE OF BUSINESS METRICS |
Six months ended June 30, 2023 | Total number of shares of common stock repurchased | Average price paid per share of common stock(a) | Aggregate purchase price of common stock repurchases (in millions)(a) | Dollar value of remaining authorized repurchase (in millions)(a)(b) | |||||||||||||||||||||||||||||||
First quarter | 21,995,253 | $ | 133.67 | $ | 2,940 | $ | 26,693 | ||||||||||||||||||||||||||||
April | 5,327,553 | $ | 134.39 | $ | 716 | $ | 25,977 | ||||||||||||||||||||||||||||
May | 6,251,030 | 136.77 | 855 | 25,122 | |||||||||||||||||||||||||||||||
June | 5,132,716 | 140.66 | 722 | 24,400 | |||||||||||||||||||||||||||||||
Second quarter | 16,711,299 | $ | 137.20 | $ | 2,293 | $ | 24,400 | ||||||||||||||||||||||||||||
Year-to-date | 38,706,552 | $ | 135.19 | $ | 5,233 | $ | 24,400 |
Name | Title | Adoption date | Duration(a) | Aggregate number of shares to be sold | ||||||||||
i Stacey Friedman | i General Counsel | i i May 6, 2023 / | May 6, 2023 - December 29, 2023 | i 8,620 | ||||||||||
i Marianne Lake | i Co-CEO, CCB | i i May 12, 2023 / | May 12, 2023 - December 29, 2023 | i 32,243 |
Exhibit No. | Description of Exhibit | |||||||
15 | ||||||||
22 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.(c) | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document.(a) | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.(a) | |||||||
101.DEF | XBRL
Taxonomy Extension Definition Linkbase Document.(a) | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document.(a) | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.(a) | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |
JPMorgan Chase & Co. | ||
(Registrant) |
By: | /s/ Elena Korablina | ||||
Elena Korablina | |||||
Managing Director and Firmwide Controller | |||||
(Principal Accounting Officer) |
Date: | August 3, 2023 |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/10/32 | ||||
6/30/28 | ||||
6/30/27 | ||||
6/30/26 | ||||
7/1/25 | ||||
6/30/25 | ||||
9/30/24 | ||||
6/30/24 | ||||
5/24/24 | ||||
1/1/24 | ||||
12/29/23 | ||||
10/1/23 | ||||
Filed on: | 8/3/23 | 424B2, 424B3, 424B8, FWP, IRANNOTICE | ||
8/1/23 | 424B2, 424B3, FWP | |||
7/27/23 | 424B2 | |||
7/3/23 | 4, 424B2, 424B3, 8-K/A, FWP | |||
7/2/23 | ||||
For Period end: | 6/30/23 | 4, 424B2, 424B3, 8-K, 8-K/A, FWP | ||
6/29/23 | 11-K, 424B2, 424B3, FWP | |||
6/28/23 | 424B2, 424B3, 424B8, FWP | |||
5/12/23 | 4, 424B2, FWP, PX14A6G | |||
5/9/23 | 424B2, FWP | |||
5/6/23 | ||||
5/1/23 | 424B2, 424B3, 8-K, FWP | |||
4/5/23 | 424B2, 424B3, FWP | |||
4/1/23 | ||||
3/31/23 | 10-Q, 13F-HR, 13F-HR/A, 4, 424B2, 424B3, FWP | |||
3/16/23 | 424B2, FWP | |||
3/12/23 | ||||
3/1/23 | 424B2, 424B3, 8-K, FWP | |||
2/21/23 | 10-K, 424B2, FWP | |||
1/1/23 | ||||
12/31/22 | 10-K, 11-K, 13F-HR, 4, ARS | |||
12/21/22 | 424B2, 424B3 | |||
11/1/22 | 424B2, 424B3, FWP | |||
10/31/22 | 424B2, 424B3, FWP | |||
10/3/22 | 4, 424B2, 424B3, 424B8, FWP | |||
6/30/22 | 10-Q, 13F-HR, 4, 424B2, 424B3, 424B8, FWP | |||
4/1/22 | 4, 424B2, 424B3, FWP | |||
2/1/22 | 424B2, 424B3, FWP, SC 13G/A | |||
1/1/22 | ||||
1/7/21 | 424B2, 424B3, SC 13D, SC 13G | |||
1/1/21 | ||||
3/12/20 | 424B2 | |||
1/1/18 | 3 | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/07/24 JPMorgan Chase & Co. 424B3 1:948K Davis Polk & … LLP 01/FA 2/01/24 JPMorgan Chase & Co. S-4/A 1:1M Davis Polk & … LLP 01/FA 1/18/24 JPMorgan Chase & Co. 424B2 2:886K Workiva Inc Wde… FA01/FA 1/17/24 JPMorgan Chase & Co. S-4 9:1.3M Davis Polk & … LLP 01/FA 1/16/24 JPMorgan Chase & Co. 424B2 1:763K Workiva Inc Wde… FA01/FA 10/18/23 JPMorgan Chase & Co. 424B2 2:609K Donnelley … Solutions/FA 10/18/23 JPMorgan Chase & Co. 424B2 2:618K Donnelley … Solutions/FA 10/16/23 JPMorgan Chase & Co. 424B2 1:573K Donnelley … Solutions/FA 10/16/23 JPMorgan Chase & Co. 424B2 1:605K Donnelley … Solutions/FA |