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JPMorgan Chase
JPM
#15
Rank
$823.62 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$302.55
Share price
-0.03%
Change (1 day)
10.59%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ‡บ๐Ÿ‡ธ Dow jones
Categories
  1. JPMorgan Chase
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q1

JPMorgan Chase - 10-Q quarterly report FY2021 Q1


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period endedCommission file
March 31, 2021number1-5805
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware13-2624428
(State or other jurisdiction of
incorporation or organization)		(I.R.S. employer
identification no.)
383 Madison Avenue,
New York,New York10179
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 270-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockJPMThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.10% Non-Cumulative Preferred Stock, Series AA
JPM PR GThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB
JPM PR HThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
JPM PR DThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
JPM PR CThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
JPM PR JThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024AMJNYSE Arca, Inc.
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC
JPM/28The New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Number of shares of common stock outstanding as of March 31, 2021: 3,027,128,112


FORM 10-Q
TABLE OF CONTENTS
Part I – Financial information
Page
Item 1.
Financial Statements.
Consolidated Financial Statements – JPMorgan Chase & Co.:
Consolidated statements of income (unaudited) for the three months ended March 31, 2021 and 2020
79
Consolidated statements of comprehensive income (unaudited) for the three months ended March 31, 2021 and 2020
80
Consolidated balance sheets (unaudited) at March 31, 2021 and December 31, 2020
81
Consolidated statements of changes in stockholders’ equity (unaudited) for the three months ended March 31, 2021 and 2020
82
Consolidated statements of cash flows (unaudited) for the three months ended March 31, 2021 and 2020
83
Notes to Consolidated Financial Statements (unaudited)
84
Report of Independent Registered Public Accounting Firm
161
Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three months ended March 31, 2021 and 2020
162
Glossary of Terms and Acronyms and Line of Business Metrics
163
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Consolidated Financial Highlights
3
Introduction
4
Executive Overview
5
Consolidated Results of Operations
9
Consolidated Balance Sheets and Cash Flows Analysis
12
Off-Balance Sheet Arrangements
15
Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures
16
Business Segment Results
18
Firmwide Risk Management
35
Capital Risk Management
36
Liquidity Risk Management
42
Consumer Credit Portfolio
48
Wholesale Credit Portfolio
53
Investment Portfolio Risk Management
65
Market Risk Management
66
Country Risk Management
71
Operational Risk Management
72
Estimations and Model Risk Management
73
Critical Accounting Estimates Used by the Firm
74
Accounting and Reporting Developments
77
Forward-Looking Statements
78
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
172
Item 4.
Controls and Procedures.
172
Part II – Other information
Item 1.
Legal Proceedings.
172
Item 1A.
Risk Factors.
172
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
173
Item 3.
Defaults Upon Senior Securities.
174
Item 4.
Mine Safety Disclosures.
174
Item 5.
Other Information.
174
Item 6.
Exhibits.
174

2

JPMorgan Chase & Co.
Consolidated financial highlights (unaudited)
As of or for the period ended, (in millions, except per share, ratio, headcount data and where otherwise noted)

1Q214Q203Q202Q201Q20
Selected income statement data
Total net revenue(a)
$32,266 $29,335 $29,255 $33,075 $28,286 
Total noninterest expense18,725 16,048 16,875 16,942 16,791 
Pre-provision profit(b)
13,541 13,287 12,380 16,133 11,495 
Provision for credit losses(4,156)(1,889)611 10,473 8,285 
Income before income tax expense17,697 15,176 11,769 5,660 3,210 
Income tax expense(a)
3,397 3,040 2,326 973 345 
Net income
$14,300 $12,136 $9,443 $4,687 $2,865 
Earnings per share data
Net income:     Basic
$4.51 $3.80 $2.93 $1.39 $0.79 
         Diluted4.50 3.79 2.92 1.38 0.78 
Average shares: Basic3,073.5 3,079.7 3,077.8 3,076.3 3,095.8 
         Diluted3,078.9 3,085.1 3,082.8 3,081.0 3,100.7 
Market and per common share data
Market capitalization460,820 387,492 293,451 286,658 274,323 
Common shares at period-end3,027.1 3,049.4 3,048.2 3,047.6 3,047.0 
Book value per share82.31 81.75 79.08 76.91 75.88 
Tangible book value per share (“TBVPS”)(b)
66.56 66.11 63.93 61.76 60.71 
Cash dividends declared per share0.90 0.90 0.90 0.90 0.90 
Selected ratios and metrics
Return on common equity (“ROE”)(c)
23 %19 %15 %7 %4 %
Return on tangible common equity (“ROTCE”)(b)(c)
29 24 19 9 5 
Return on assets(c)
1.61 1.42 1.14 0.58 0.40 
Overhead ratio58 55 58 51 59 
(a)
Loans-to-deposits ratio44 47 49 52 57 
Firm Liquidity coverage ratio (“LCR”) (average)110 110 114 117 114 
JPMorgan Chase Bank, N.A. LCR (average)166 160 157 140 117 
Common equity Tier 1 (“CET1”) capital ratio(d)
13.1 13.1 13.1 12.4 11.5 
Tier 1 capital ratio(d)
15.0 15.0 15.0 14.3 13.3 
Total capital ratio(d)
17.2 17.3 17.3 16.7 15.5 
Tier 1 leverage ratio(d)
6.7 7.0 7.0 6.9 7.5 
Supplementary leverage ratio (“SLR”)(d)
6.7 6.9 7.0 6.8 6.0 
Selected balance sheet data (period-end)
Trading assets$544,052 $503,126 $505,822 $491,716 $510,923 
Investment securities, net of allowance for credit losses597,394 589,999 531,136 558,791 471,144 
Loans1,011,307 1,012,853 989,740 1,009,382 1,049,610 
Total assets(a)
3,689,336 3,384,757 3,245,061 3,212,643 3,138,530 
Deposits2,278,112 2,144,257 2,001,416 1,931,029 1,836,009 
Long-term debt279,427 281,685 279,175 317,003 299,344 
Common stockholders’ equity249,151 249,291 241,050 234,403 231,199 
Total stockholders’ equity280,714 279,354 271,113 264,466 261,262 
Headcount259,350 255,351 256,358 256,710 256,720 
Credit quality metrics
Allowances for loan losses and lending-related commitments$25,517 $30,737 $33,637 $34,301 $25,391 
Allowance for loan losses to total retained loans2.42 %2.95 %3.26 %3.27 %
(e)
2.32 %
Nonperforming assets$10,257 $10,906 $11,462 $9,715 $7,062 
Net charge-offs1,057 1,050 1,180 1,560 1,469 
Net charge-off rate0.45 %0.44 %0.49 %0.64 %0.62 %
(a)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.
(b)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 16-17 for a further discussion of these measures.
(c)Quarterly ratios are based upon annualized amounts.
(d)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions that became effective in the first quarter of 2020. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, which became effective April 1, 2020 and remained in effect through March 31, 2021. Refer to Capital Risk Management on pages 36-41 of this Form 10-Q and pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for additional information.
(e)Prior-period amounts have been revised to conform with the current presentation.
3

INTRODUCTION
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) for the first quarter of 2021.
This Quarterly Report on Form 10-Q for the first quarter of 2021 (“Form 10-Q”) should be read together with JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business (“LOB”) metrics on pages 163-171 for definitions of terms and acronyms used throughout this Form 10-Q.
The MD&A contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 78 of this Form 10-Q, Part II, Item 1A, Risk Factors on pages 172-173 of this Form 10-Q and Part I, Item 1A, Risk factors, on pages 8-32 of the 2020 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties.
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $280.7 billion in stockholders’ equity as of March 31, 2021. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S. and globally many of the world’s most prominent corporate, institutional and government clients.
JPMorgan Chase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 38 states and Washington, D.C. as of March 31, 2021. JPMorgan Chase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiary outside the U.S. is J.P. Morgan Securities plc, a U.K.-based subsidiary of JPMorgan Chase Bank, N.A.
For management reporting purposes, the Firm’s activities are organized into four major reportable business segments, as well as a Corporate segment. The Firm’s consumer business segment is Consumer & Community Banking (“CCB”). The Firm’s wholesale business segments are the Corporate & Investment Bank (“CIB”), Commercial Banking (“CB”), and Asset & Wealth Management (“AWM”). Refer to Note 25 of this Form 10-Q and Note 32 of JPMorgan Chase’s 2020 Form 10-K for a description of the Firm’s business segments and the products and services they provide to their respective client bases.
The Firm's website is www.jpmorganchase.com. JPMorgan Chase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorgan Chase makes important information about the Firm available on its website, including the Investor Relations section of its website at https://www.jpmorganchase.com/ir.

4

EXECUTIVE OVERVIEW
This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm and its various LOBs, this Form 10-Q and the 2020 Form 10-K should be read together and in their entirety.
Financial performance of JPMorgan Chase
(unaudited)
As of or for the period ended,
(in millions, except per share data and ratios)
Three months ended March 31,
20212020Change
Selected income statement data
Total net revenue(a)
$32,266$28,28614 %
Total noninterest expense18,72516,79112 
Pre-provision profit13,54111,49518 
Provision for credit losses(4,156)8,285NM
Net income14,3002,865399 
Diluted earnings per share$4.50$0.78477 
Selected ratios and metrics
Return on common equity23%4%
Return on tangible common equity
295
Book value per share$82.31$75.888 
Tangible book value per share66.5660.7110 
Capital ratios(b)
CET113.1%11.5%
Tier 1 capital15.013.3
Total capital17.215.5
(a)Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.
(b)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. Refer to Capital Risk Management on pages 36-41 of this Form 10-Q and pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for additional information.
Comparisons noted in the sections below are for the first quarter of 2021 versus the first quarter of 2020, unless otherwise specified.
Firmwide overview
JPMorgan Chase reported net income of $14.3 billion for the first quarter of 2021, or $4.50 per share, on net revenue of $32.3 billion. The Firm reported ROE of 23% and ROTCE of 29%. The Firm's results for the first quarter of 2021 included a reduction in the allowance for credit losses of $5.2 billion compared to an increase in the allowance for credit losses of $6.8 billion in the prior year, as well as a $550 million contribution to the Firm's Foundation.
•Net income was $14.3 billion, up $11.4 billion.
•Total net revenue was up 14%. Noninterest revenue was $19.4 billion, up 40%, predominantly driven by higher CIB Markets revenue, higher Investment Banking fees, and the absence of losses in Credit Adjustments and Other in CIB and markdowns on held-for-sale positions in the bridge financing portfolio in CIB and CB recorded in the prior year. Net interest income was $12.9 billion, down 11%, predominantly driven by the impact of lower rates partially offset by balance sheet growth.
•Noninterest expense was $18.7 billion, up 12%, predominantly driven by higher volume- and revenue-related expense and continued investments in the businesses. The increase in expense also included a $550 million contribution to the Firm's Foundation.
•The provision for credit losses was a net benefit of $4.2 billion driven by net reductions in the allowance for credit losses of $5.2 billion, compared to an expense of $8.3 billion in the prior year predominantly driven by net additions to the allowance for credit losses of $6.8 billion.
•The total allowance for credit losses was $25.6 billion at March 31, 2021. The Firm had an allowance for loan losses to retained loans coverage ratio of 2.42%, compared with 2.95% in the fourth quarter of 2020, and 2.32% in the prior year; the decrease from the fourth quarter of 2020 was driven by net reductions in the allowance for loan losses.
•The Firm’s nonperforming assets totaled $10.3 billion at March 31, 2021, an increase of $3.2 billion from the prior year, reflecting client credit deterioration across multiple industries, including Real Estate, in the wholesale portfolio; and in the consumer portfolio, loans placed on nonaccrual status related to the impact of the COVID-19 pandemic. In the first quarter of 2021, nonperforming assets decreased $649 million from December 31, 2020, driven by lower nonaccrual loans in the wholesale portfolio, reflecting the impact of net portfolio activity and select client upgrades in Oil & Gas and Individuals; and lower nonaccrual loans at fair value in the CIB consumer portfolio, due to sales.
•Firmwide average loans of $1.0 trillion were up 1%, driven by higher loans in AWM and CIB, predominantly offset by lower loans in CCB and CB. The increase in loans also reflects loans originated under the Paycheck Protection Program (“PPP”) in CCB and CB.
•Firmwide average deposits of $2.2 trillion were up 36%, reflecting significant inflows across the LOBs primarily driven by the effect of certain government actions in response to the COVID-19 pandemic.
•As of March 31, 2021, the Firm had average eligible High Quality Liquid Assets (“HQLA”) of approximately $697 billion and unencumbered marketable securities with a fair value of approximately $841 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 42-46 for additional information.
5

Selected capital-related metrics
•The Firm’s CET1 capital was $206 billion, and the Standardized and Advanced CET1 ratios were 13.1% and 13.7%, respectively.
•The Firm’s SLR was 6.7%, and without the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks, 5.5%.
•The Firm grew TBVPS, ending the first quarter of 2021 at $66.56, up 10% versus the prior year.
Pre-provision profit, ROTCE and TBVPS are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 16-17 for a further discussion of each of these measures.
Business segment highlights
Selected business metrics for each of the Firm’s four LOBs are presented below for the first quarter of 2021.
CCB
ROE
54%
•Average deposits up 32%; client investment assets up 44%
•Average loans down 7%; debit and credit card sales volume up 9%
•Active mobile customers up 9%
CIB
ROE
27%
•Global Investment Banking wallet share of 9.0% in 1Q21
•Total Markets revenue of $9.1 billion, up 25%, with Fixed Income Markets up 15% and Equity Markets up 47%
CB
ROE
19%
•Gross Investment Banking revenue of $1.1 billion, up 65%
•Average loans down 2%; average deposits up 54%
AWM
ROE
 35%
•Assets under management (AUM) of $2.8 trillion, up 28%
•Average loans up 18%; average deposits up 43%
Refer to the Business Segment Results on pages 18-34 for a detailed discussion of results by business segment.
Credit provided and capital raised
JPMorgan Chase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first three months of 2021, consisting of:
$804 billion
Total credit provided and capital raised (including loans and commitments)(a)
$69
billion
Credit for consumers
$4
billion
Credit for U.S. small businesses
$300 billion
Credit for corporations
$417 billion
Capital raised for corporate clients and non-U.S. government entities
$14
 billion
Credit and capital raised for nonprofit and U.S. government entities(b)
$10 billionLoans under the Small Business Administration’s Paycheck Protection
Program
(a)Excludes loans under the SBA’s PPP.
(b)Includes states, municipalities, hospitals and universities.

6

Recent events
•On April 15, 2021, JPMorgan Chase announced that it aims to finance and facilitate more than $2.5 trillion to advance long-term solutions that address climate change and contribute to sustainable development beginning in 2021 through the end of 2030. The target includes $1 trillion for green initiatives, such as renewable energy and clean technologies.
Outlook
These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 78 and Risk Factors on page 172 of this Form 10-Q and pages 8–32 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with the outlook set forth below, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase’s current outlook for 2021 should be viewed against the backdrop of the global and U.S. economies, the COVID-19 pandemic, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm and its LOBs. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates. The outlook information contained in this Form 10-Q supersedes all outlook information furnished by the Firm in its periodic reports filed with the SEC prior to the date of this Form 10-Q.
Full-year 2021
•Management expects net interest income, on a managed basis, to be approximately $55 billion, market dependent.
•Management expects adjusted expense to be approximately $70 billion, market dependent.
•Management expects the net charge-off rate in Card to be approximately 2.5%.
Net interest income, on a managed basis, and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 16-17.
7

Business Developments
COVID-19 Pandemic
Throughout the COVID-19 pandemic, the Firm has remained focused on serving its clients, customers and communities, as well as the well-being of its employees.
The Firm has raised capital and provided credit to support its customers and clients. The Firm continues to participate in the Small Business Association’s (“SBA”) PPP and since inception of the Program has funded approximately $40 billion as of April 30, 2021. While the Firm’s temporary assistance measures for those impacted by the pandemic have steadily declined since early 2020, the Firm continues to assist those impacted, primarily in the form of payment deferrals.
Refer to Credit Portfolio on page 47 for further information on PPP; Consumer Credit portfolio on pages 48-52 and Wholesale Credit Portfolio on pages 53-62 for further information on retained loans under payment deferral. Refer to Credit Portfolio on page 113 of JPMorgan Chase's 2020 Form 10-K for further information on PPP; Consumer Credit Portfolio on page 116 and Wholesale Credit Portfolio on page 122 of JPMorgan Chase's 2020 Form 10-K for further information on retained loans under payment deferral.
The Firm remains focused on the well-being of its employees. While the vast majority of its global workforce continue to work from home, the Firm is actively monitoring the health and safety situations at local and regional levels, and will adapt its plans as these situations evolve.
Regulatory Developments Relating to the COVID-19 Pandemic
To address the economic impact of the COVID-19 pandemic, the U.S. government as well as central banks and banking authorities around the world have taken and continue to take actions to help individuals, households and businesses that have been adversely affected by the economic disruption caused by the pandemic. In the U.S., several stimulus packages were enacted including the CARES Act in March of 2020, the Consolidated Appropriations Act in December of 2020 and the American Rescue Plan Act in March of 2021, which provided funding to support loan facilities to assist consumers and businesses and stimulus payments to individuals.
Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 52-53 of JPMorgan Chase’s 2020 Form 10-K for further discussion on U.S. government actions impacting the Firm and U.S. government facilities and programs in which the Firm has participated.
Post Brexit
Prior to December 31, 2020 the Firm substantially completed its Firmwide Brexit Implementation program which was intended to ensure the continuity of its business and operations with respect to EU clients. On March 26, 2021, the U.K. and the EU agreed on a Memorandum of Understanding that sets out a framework for regulatory cooperation in relation to cross-border financial services. The Firm will monitor developments and take any necessary actions to ensure business continuity with respect to the Firm's EU clients. Refer to Business Developments on page 50 of the 2020 Form 10-K for additional information.
Interbank Offered Rate (“IBOR”) transition
On March 5, 2021, the Financial Conduct Authority confirmed that the publication of the principal tenors of U.S. dollar LIBOR (i.e., overnight, one-month, three-month, six-month and 12-month LIBOR) will cease immediately following a final publication on June 30, 2023. The scheduled cessation date for U.K. sterling, Japanese yen, Swiss franc and Euro LIBOR, and the one-week and two-month tenors of U.S. dollar LIBOR, remains December 31, 2021, and the Firm is prioritizing those currencies and tenors of LIBOR for contract remediation in 2021.
The Firm continues to make progress on its initiatives to appropriately mitigate the risks associated with IBOR discontinuation, including contract remediation. The Firm also continues to monitor the transition relief being considered by the U.S. Treasury Department regarding the tax implications of reference rate reform. Refer to Business Developments on page 51 of the 2020 Form 10-K for a discussion of the Firm’s initiatives to address the expected discontinuation of the London Interbank Offered Rate (“LIBOR”) and other IBORs.

8

CONSOLIDATED RESULTS OF OPERATIONS
This section provides a comparative discussion of JPMorgan Chase’s Consolidated Results of Operations on a reported basis for the three months ended March 31, 2021 and 2020, unless otherwise specified. Factors that relate primarily to a single business segment are discussed in more detail within that business segment's results. Refer to pages 74-76 of this Form 10-Q and pages 152-155 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Revenue
Three months ended March 31,
(in millions)20212020Change
Investment banking fees$2,970 $1,866 59 %
Principal transactions6,500 2,937 121 
Lending- and deposit-related fees1,687 1,706 (1)
Asset management, administration and commissions5,029 4,540 11 
Investment securities gains14 233 (94)
Mortgage fees and related income704 320 120 
Card income1,350 995 36 
Other income(a)(b)
1,123 1,250 (10)
Noninterest revenue19,377 13,847 40 
Net interest income12,889 14,439 (11)
Total net revenue$32,266 $28,286 14 %
(a) Included operating lease income of $1.3 billion and $1.4 billion for the three months ended March 31, 2021 and 2020.
(b) Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.
Investment banking fees increased across products in CIB, reflecting:
•higher equity underwriting fees largely driven by the IPO market due to increased industry-wide fees
•higher advisory fees driven by a higher number of completed transactions, in part related to transactions announced in the second half of 2020, and
•higher debt underwriting fees driven by high-yield bonds and leveraged loans due to increased industry-wide fees and wallet share gains.
Refer to CIB segment results on pages 23-27 and Note 5 for additional information.
Principal transactions revenue increased, in part due to the absence of two significant items in the prior year: a $951 million loss in CIB’s Credit Adjustments & Other; and an $896 million markdown on held-for-sale positions, in the bridge financing portfolio in CIB and CB.
Excluding these two items, principal transactions revenue increased in CIB driven by strong performance in:
•Equity Markets across derivatives, Cash Equities, and prime brokerage, and
•Fixed Income Markets particularly in Securitized Products and Credit, largely offset by lower revenue in Rates and Currencies & Emerging Markets compared to a strong prior year.

The increase in principal transactions revenue also reflected net gains on certain legacy private equity investments in Corporate, compared with net losses in the prior year.
Principal transactions revenue in CIB may in certain cases have offsets across other revenue lines, including net interest income. The Firm assesses the performance of its CIB Markets business on a total revenue basis.
Refer to CIB and Corporate segment results on pages 23-27 and pages 33-34, and Note 5 for additional information.
Lending- and deposit-related fees decreased reflecting:
•lower deposit-related fees in CCB given the higher deposits held in existing and new accounts,
predominantly offset by
•higher cash management fees in CIB and CB, and higher lending-related fees, particularly loan commitment fees in CIB.
Refer to CCB segment results on pages 20-22, CIB on pages 23-27 and CB on pages 28-29, respectively, and Note 5 for additional information.
Asset management, administration and commissions revenue increased driven by higher asset management fees as a result of:
•strong cumulative net inflows into long-term and liquidity products and higher average market levels, net of liquidity fee waivers, in AWM, and to a lesser extent,
•higher levels of investment assets on higher average market levels and net inflows in CCB.
Refer to CCB and AWM segment results on pages 20-22 and pages 30-32, respectively, and Note 5 for information on asset management, administration and commissions revenue.
Investment securities gains in both periods reflected the impact of repositioning the investment securities portfolio. Refer to Corporate segment results on pages 33-34 and Note 9 for information on investment securities gains.
Mortgage fees and related income increased predominantly due to higher mortgage production revenue reflecting higher production margins and volumes.
Refer to CCB segment results on pages 20-22, Note 5 and 14 for further information.
Card income increased driven by lower acquisition costs, and higher net interchange income in CCB, with debit and credit card sales volume returning to pre-pandemic levels. Refer to CCB segment results on pages 20-22 and Note 5 for further information.

9

Other income decreased reflecting:
•Weather-related write-downs on certain renewable energy investments, as well as increased amortization on a higher level of alternative energy investments in the tax-oriented investment portfolio in CIB. The increased amortization was more than offset by lower income tax expense from the associated tax credits
•lower gains on certain Corporate investments, and
•lower operating lease income from a decline in auto operating lease volume in CCB,
partially offset by
•net valuation gains on certain investments, compared with losses in the prior year, in AWM, and
•the absence of losses on certain equity investments in CIB in the prior year.
Net interest income decreased predominantly driven by the impact of lower rates, partially offset by balance sheet growth.
The Firm’s average interest-earning assets were $3.1 trillion, up $661 billion, predominantly driven by higher deposits with banks and investment securities, and the yield was 1.87%, down 127 basis points (“bps”), primarily due to lower rates. The net yield on these assets, on an FTE basis, was 1.69%, a decrease of 68 bps. The net yield excluding CIB Markets was 1.93%, down 108 bps.
Net yield on an FTE basis, and net yield excluding CIB Markets are non-GAAP financial measures. Refer to the Consolidated average balance sheets, interest and rates schedule on page 162 for further details; and the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 16-17 for a further discussion of Net interest yield excluding CIB Markets.
















Provision for credit losses
Three months ended March 31,
(in millions)20212020Change
Consumer, excluding credit card$(984)$619 NM
Credit card(2,517)5,063 NM
Total consumer(3,501)5,682 NM
Wholesale(671)2,594 NM
Investment securities16 9 78 %
Total provision for credit losses$(4,156)$8,285 NM
The provision for credit losses decreased driven by net reductions in both the consumer and wholesale allowance for credit losses.
The decrease in consumer was driven by:
•a $4.5 billion reduction in the allowance for credit losses, including $3.5 billion in Card reflecting improvements in the Firm's macroeconomic scenarios, and $625 million in Home Lending primarily due to the continued improvement in home price index ("HPI") expectations and to a lesser extent portfolio run-off, and
•lower net charge-offs predominantly in Card, reflecting lower charge-offs and higher recoveries primarily benefiting from payment assistance and government stimulus;
•the prior year included a $4.4 billion addition to the allowance for credit losses.
The decrease in wholesale reflects a net reduction of $716 million in the allowance for credit losses across the LOBs reflecting improvements in the Firm's macroeconomic scenarios.
Refer to CCB segment results on pages 20-22, CIB on pages 23-27, CB on pages 28-29, AWM on pages 30-32, the Allowance for Credit Losses on pages 63–64, and Notes 9 and 12 for additional information on the credit portfolio and the allowance for credit losses.

10

Noninterest expense
(in millions)Three months ended March 31,
20212020Change
Compensation expense$10,601 $8,895 19 %
Noncompensation expense:
Occupancy1,115 1,066 5 
Technology, communications and equipment2,519 2,578 (2)
Professional and outside services2,203 2,028 9 
Marketing751 800 (6)
Other expense(a)(b)
1,536 1,424 8 
Total noncompensation expense8,124 7,896 3 
Total noninterest expense$18,725 $16,791 12 %
(a)Included Firmwide legal expense of $28 million and $197 million for the three months ended March 31, 2021 and 2020, respectively.
(b)Included FDIC-related expense of $201 million and $99 million for the three months ended March 31, 2021 and 2020, respectively.
Compensation expense increased predominantly driven by higher revenue-related expense in CIB, as well as the impact of investments in the businesses.
Noncompensation expense increased as a result of:
•higher contribution expense, which included a $550 million donation of equity investments to the Firm's Foundation
•higher investments in the businesses, including technology, and
•higher FDIC-related expense largely driven by balance sheet growth,
partially offset by
•lower legal expense, predominantly in CIB, and
•lower other structural expense, including lower travel and entertainment across the businesses and lower operating losses.
Other volume- and revenue-related expense was relatively flat as the increase in brokerage expense in CIB and distribution expense in AWM was offset by lower depreciation from the decline in auto lease assets in CCB.





Income tax expense
(in millions)Three months ended March 31,
20212020Change
Income before income tax expense$17,697 $3,210 451 %
Income tax expense(a)
3,397 345 NM
Effective tax rate(a)
19.2 %10.7 %
(a)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.

The effective tax rate increased driven by a higher level of pre-tax income that also reduced the relative impact of certain tax benefits, as well as the resolution of certain tax audits.

11

CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS
Consolidated balance sheets analysis
The following is a discussion of the significant changes between March 31, 2021, and December 31, 2020.
Selected Consolidated balance sheets data
(in millions)March 31,
2021		December 31,
2020		Change
Assets
Cash and due from banks$25,397 $24,874 2 %
Deposits with banks685,675 502,735 36 
Federal funds sold and securities purchased under resale agreements272,481 296,284 (8)
Securities borrowed179,516 160,635 12 
Trading assets544,052 503,126 8 
Available-for-sale securities379,942 388,178 (2)
Held-to-maturity securities, net of allowance for credit losses217,452 201,821 8 
Investment securities, net of allowance for credit losses597,394 589,999 1 
Loans1,011,307 1,012,853 — 
Allowance for loan losses(23,001)(28,328)(19)
Loans, net of allowance for loan losses988,306 984,525 — 
Accrued interest and accounts receivable114,754 90,503 27 
Premises and equipment26,926 27,109 (1)
Goodwill, MSRs and other intangible assets54,588 53,428 2 
Other assets(a)
200,247 151,539 32 
Total assets$3,689,336 $3,384,757 9 %
(a) Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.
Cash and due from banks and deposits with banks increased primarily as a result of the continued growth in deposits and lower opportunities in Treasury and CIO to deploy funds in securities purchased under resale agreements. Deposits with banks reflect the Firm’s placements of its excess cash with various central banks, including the Federal Reserve Banks.
Federal funds sold and securities purchased under resale agreements decreased driven by the lower deployment of funds in Treasury and CIO; and in CIB lower client-driven market-making activities, partially offset by higher demand for securities to cover short positions. Refer to Liquidity Risk Management on pages 42-46 and Note 10 for additional information.
Securities borrowed increased driven by client-driven activities in Fixed Income Financing and Equity Markets, and higher demand for securities to cover short positions in CIB. Refer to Liquidity Risk Management on pages 42-46 and Note 10 for additional information.
Trading assets increased due to strong client-driven market-making activities in equity instruments in CIB Markets, including prime brokerage. Refer to Notes 2 and 4 for additional information.
Investment securities increased, reflecting net purchases of U.S. Treasuries in the held-to-maturity (“HTM”) portfolio predominantly offset by a decrease in the available-for-sale ("AFS") portfolio. The decrease in AFS was due to paydowns and net valuation losses, partially offset by net purchases.

Refer to Corporate segment results on pages 33-34, Investment Portfolio Risk Management on page 65, and Notes 2 and 9 for additional information on Investment securities.
Loans were flat as:
•the reduction in Card due to the impact of seasonality, and higher payment rates; lower loans in CB; and net paydowns in Home Lending
were offset by
•the origination of PPP loans in CBB and CB; growth in CIB loans held-for-sale and loans at fair value, and in AWM securities-based and custom lending, as well as mortgages.
The allowance for loan losses decreased consisting of:
•a $4.5 billion reduction in consumer, predominantly in the credit card portfolio, reflecting improvements in the Firm's macroeconomic scenarios, and in the residential real estate portfolio primarily due to the continued improvement in the HPI expectations and to a lesser extent portfolio run-off, and
•an $875 million net reduction in wholesale, across the LOBs reflecting improvements in the Firm's macroeconomic scenarios.
There was a $107 million addition to the allowance for lending-related commitments, which is included in other liabilities on the consolidated balance sheets. The total net reduction to the allowance for credit losses was $5.2 billion, as of March 31, 2021.
12

Refer to Credit and Investment Risk Management on pages 47-65, and Notes 2, 3, 11 and 12 for a more detailed discussion of loans and the allowance for loan losses.
Accrued interest and accounts receivable increased largely due to higher client receivables related to client-driven activities in CIB prime brokerage.

Goodwill, MSRs and other intangibles increased driven by higher MSRs as a result of lower prepayment speeds on higher rates, as well as net additions to the MSRs. Refer to Note 14 for additional information.
Other assets increased predominantly due to the impact of securities financing transactions in CIB prime brokerage, as well as higher cash collateral placed with central counterparties ("CCPs"). Refer to Note 10 for additional information on securities lending transactions.
Selected Consolidated balance sheets data (continued)
(in millions)March 31,
2021		December 31,
2020		Change
Liabilities
Deposits$2,278,112 $2,144,257 6 %
Federal funds purchased and securities loaned or sold under repurchase agreements304,019 215,209 41 
Short-term borrowings54,978 45,208 22 
Trading liabilities191,349 170,181 12 
Accounts payable and other liabilities(a)
285,066 231,285 23 
Beneficial interests issued by consolidated variable interest entities (“VIEs”)15,671 17,578 (11)
Long-term debt279,427 281,685 (1)
Total liabilities3,408,622 3,105,403 10 
Stockholders’ equity280,714 279,354 — 
Total liabilities and stockholders’ equity$3,689,336 $3,384,757 9 %
(a) Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.
Deposits increased across the LOBs primarily driven by the effect of certain government actions in response to the COVID 19 pandemic. In CCB, the increase was also driven by lower spending, as well as growth from existing and new accounts across both consumer and small business customers. Refer to Liquidity Risk Management on pages 42-46 and Notes 2 and 15 for additional information.
Federal funds purchased and securities loaned or sold under repurchase agreements increased reflecting:
•higher secured financing of AFS investment securities in Treasury and CIO, as well as higher trading assets in CIB, and
•the impact of client activities in CIB.
Refer to Liquidity Risk Management on pages 42-46 and Note 10 for additional information.
Short-term borrowings increased as a result of higher financing of prime brokerage activities, and net issuance of structured notes in CIB, as well as the issuance of commercial paper in Treasury and CIO. Refer to pages 42-46 for information on changes in Liquidity Risk Management.
Trading liabilities increased due to client-driven market-making activities in CIB Fixed Income Markets, which resulted in higher levels of short positions in debt instruments, partially offset by lower derivative payables as a result of market movements. Refer to Notes 2 and 4 for additional information.
Accounts payable and other liabilities increased largely due to the impact of securities financing transactions in CIB prime brokerage. Refer to Note 10 for additional information on securities lending transactions.
Beneficial interests issued by consolidated VIEs decreased driven by lower issuances as a result of lower loan balances in the Firm-administered multi-seller conduits. Refer to Off-Balance Sheet Arrangements on page 15 and Notes 13 and 22 for further information on Firm-sponsored VIEs and loan securitization trusts.
Long-term debt was relatively flat as maturities and fair value hedge accounting adjustments related to higher rates were offset by net issuances. Refer to Liquidity Risk Management on pages 42-46 for additional information.
Stockholders’ equity was relatively flat as net income was offset by the impact of capital actions and a decrease in accumulated other comprehensive income (“AOCI”). The decrease in AOCI was driven by the impact of higher rates on the AFS securities portfolio and cash flow hedges. Refer to page 82 for information on changes in stockholders’ equity, Capital actions on pages 39-40, and Note 19 for additional information on AOCI.

13

Consolidated cash flows analysis
The following is a discussion of cash flow activities during the three months ended March 31, 2021 and 2020.
(in millions)Three months ended March 31,
20212020
Net cash provided by/(used in)
Operating activities$(43,872)$(120,089)
Investing activities15,391 (135,833)
Financing activities
218,911 362,305 
Effect of exchange rate changes on cash(6,967)(2,480)
Net increase in cash and due from banks and deposits with banks$183,463 $103,903 
Operating activities
•In 2021, cash used resulted from higher trading assets, accrued interest and accounts receivable, and securities borrowed, partially offset by higher accounts payable and other liabilities and lower other assets.
•In 2020, cash used resulted from higher trading assets, other assets, and accrued interest and accounts receivable, partially offset by higher trading liabilities and accounts payable and other liabilities.
Investing activities
•In 2021, cash provided reflected lower securities purchased under resale agreements and net proceeds from sales and securitizations of loans held-for-investment, partially offset by net purchases of investment securities.
•In 2020, cash used reflected net purchases of investment securities, net originations of loans, and purchases of assets from money market mutual fund clients pursuant to nonrecourse advances provided by the Federal Reserve Bank of Boston ("FRBB") under the Money Market Mutual Fund Liquidity Facility ("MMLF").

Financing activities
•In 2021, cash provided reflected higher deposits and securities loaned or sold under repurchase agreements, and net proceeds from long- and short-term borrowings.
•In 2020, cash provided reflected higher deposits and securities loaned or sold under repurchase agreements, and net proceeds from long- and short-term borrowings.
•For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.
* * *
Refer to Consolidated Balance Sheets Analysis on pages 12-13, Capital Risk Management on pages 36-41, and Liquidity Risk Management on pages 42-46 of this Form 10-Q, and pages 102–108 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.
14

OFF-BALANCE SHEET ARRANGEMENTS
In the normal course of business, the Firm enters into various off-balance sheet arrangements and contractual obligations that may require future cash payments. Certain obligations are recognized on-balance sheet, while others are disclosed as off-balance sheet under accounting principles generally accepted in the U.S. (“U.S. GAAP”).
Special-purpose entities
The Firm has several types of off–balance sheet arrangements, including through nonconsolidated special-purpose entities (“SPEs”), which are a type of VIE, and through lending-related financial instruments (e.g., commitments and guarantees).
The Firm holds capital, as appropriate, against all SPE-related transactions and related exposures, such as derivative contracts and lending-related commitments and guarantees.
The Firm has no commitments to issue its own stock to support any SPE transaction, and its policies require that transactions with SPEs be conducted at arm’s length and reflect market pricing.
The table below provides an index of where in this Form 10-Q discussions of the Firm’s various off-balance sheet arrangements can be found. Refer to Note 1 for additional information about the Firm’s consolidation policies.
Type of off-balance sheet arrangementLocation of disclosurePage references
Special-purpose entities: variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEsRefer to Note 13137-142
Off-balance sheet lending-related financial instruments, guarantees, and other commitmentsRefer to Note 22152-155


15

EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES
The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 79-83.
In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:
•Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis)
•Pre-provision profit, which represents total net revenue less total noninterest expense
•Net interest income and net yield excluding CIB Markets
•TCE, ROTCE, and TBVPS
•Allowance for loan losses to period-end loans retained, excluding trade finance and conduits.
Refer to Explanation and Reconciliation of the Firm’s Use Of Non-GAAP Financial Measures and Key Performance Measures on pages 62–64 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.
The following summary table provides a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
Three months ended March 31,
20212020
(in millions, except ratios)Reported
Fully taxable-equivalent adjustments(b)
Managed
basis		Reported
Fully taxable-equivalent adjustments(b)
Managed
basis
Other income(a)
$1,123 $744 $1,867 $1,250 $614 $1,864 
Total noninterest revenue19,377 744 20,121 13,847 614 14,461 
Net interest income12,889 109 12,998 14,439 110 14,549 
Total net revenue32,266 853 33,119 28,286 724 29,010 
Total noninterest expense18,725 NA18,725 16,791 NA16,791 
Pre-provision profit13,541 853 14,394 11,495 724 12,219 
Provision for credit losses(4,156)NA(4,156)8,285 NA8,285 
Income before income tax expense17,697 853 18,550 3,210 724 3,934 
Income tax expense(a)
3,397 853 4,250 345 724 1,069 
Net income$14,300 NA$14,300 $2,865 NA$2,865 
Overhead ratio(a)
58 %NM57 %59 %NM58 %
(a)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.
(b)Predominantly recognized in CIB, CB and Corporate.
The following table provides information on net interest income and net yield excluding CIB Markets.

(in millions, except rates)		Three months ended March 31,
20212020Change
Net interest income – reported
$12,889 $14,439 (11)%
Fully taxable-equivalent adjustments
109 110 (1)
Net interest income – managed basis(a)
$12,998 $14,549 (11)
Less: CIB Markets net interest income(b)
2,223 1,596 39 
Net interest income excluding CIB Markets(a)
$10,775 $12,953 (17)
Average interest-earning assets$3,126,569 $2,465,549 27 
Less: Average CIB Markets interest-earning assets(b)
866,591 735,852 18 
Average interest-earning assets excluding CIB Markets
$2,259,978 $1,729,697 31 %
Net yield on average interest-earning assets – managed basis
1.69 %2.37 %
Net yield on average CIB Markets interest-earning assets(b)
1.04 0.87 
Net yield on average interest-earning assets excluding CIB Markets
1.93 %3.01 %
(a)Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
(b)Refer to page 26 for further information on CIB Markets.


16

The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.
Period-endAverage
(in millions, except per share and ratio data)Mar 31,
2021		Dec 31,
2020		Three months ended March 31,
20212020
Common stockholders’ equity
$249,151 $249,291 $245,542 $234,530 
Less: Goodwill49,243 49,248 49,249 47,812 
Less: Other intangible assets
875 904 891 812 
Add: Certain deferred tax liabilities(a)
2,457 2,453 2,455 2,385 
Tangible common equity$201,490 $201,592 $197,857 $188,291 
Return on tangible common equityNANA29 %5 %
Tangible book value per share$66.56 $66.11 NANA
(a)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.
17

BUSINESS SEGMENT RESULTS
The Firm is managed on an LOB basis. There are four major reportable business segments – Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s use of Non-GAAP Financial Measures on pages 16-17 for a definition of managed basis.
Description of business segment reporting methodology
Results of the business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments join efforts to sell products and services to the Firm’s clients, the participating business segments may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segment(s) involved in the transaction. The segment results reflect these revenue-sharing agreements.
Capital allocation
The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are assessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 39, and page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation.
Refer to Business Segment Results – Description of business segment reporting methodology on pages 65–66 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of those methodologies.

18

Segment results – managed basis
The following tables summarize the Firm’s results by segment for the periods indicated.
Three months ended March 31,Consumer & Community BankingCorporate & Investment BankCommercial Banking
(in millions, except ratios)20212020Change20212020Change20212020Change
Total net revenue$12,517 $13,287(6)%$14,605 $10,00346%$2,393 $2,16511%
Total noninterest expense7,202 7,269(1)7,104 5,95519969 986(2)
Pre-provision profit/(loss)5,315 6,018(12)7,501 4,048851,424 1,17921
Provision for credit losses(3,602)5,772NM(331)1,401NM(118)1,010NM
Net income/(loss)6,728 197NM5,740 1,9851891,168 139NM
Return on equity (“ROE”)54 %1%27 %9%19 %2%
Three months ended March 31,Asset & Wealth ManagementCorporateTotal
(in millions, except ratios)20212020Change20212020Change20212020Change
Total net revenue$4,077 $3,38920%$(473)$166NM$33,119 $29,01014%
Total noninterest expense2,574 2,4356876 14650018,725 16,79112
Pre-provision profit/(loss)1,503 95458(1,349)20NM14,394 12,21918
Provision for credit losses(121)94NM16 8100(4,156)8,285NM
Net income/(loss)1,244 66986(580)(125)(364)14,300 2,865399
ROE35 %25%NMNM23 %4%
The following sections provide a comparative discussion of the Firm’s results by segment as of or for the three months ended March 31, 2021 versus the corresponding periods in the prior year, unless otherwise specified.
19

CONSUMER & COMMUNITY BANKING
Refer to pages 67–70 of JPMorgan Chase's 2020 Form 10-K and Line of Business Metrics on page 169 for a further discussion of the business profile of CCB.
Selected income statement data
Three months ended March 31,
(in millions, except ratios)
20212020Change
Revenue
Lending- and deposit-related fees$742 $972 (24)%
Asset management, administration and commissions805 708 14 
Mortgage fees and related income703 320 120 
Card income999 652 53 
All other income1,339 1,445 (7)
Noninterest revenue4,588 4,097 12 
Net interest income7,929 9,190 (14)
Total net revenue12,517 13,287 (6)
Provision for credit losses(3,602)5,772 NM
Noninterest expense
Compensation expense2,976 2,782 7 
Noncompensation expense(a)
4,226 4,487 (6)
Total noninterest expense7,202 7,269 (1)
Income before income tax expense8,917 246 NM
Income tax expense2,189 49 NM
Net income$6,728 $197 NM
Revenue by line of business
Consumer & Business Banking
$5,635 $6,266 (10)
Home Lending1,458 1,161 26 
Card & Auto5,424 5,860 (7)
Mortgage fees and related income details:
Production revenue757 319 137 
Net mortgage servicing revenue(b)
(54)1 NM
Mortgage fees and related income
$703 $320 120 %
Financial ratios
Return on equity54 %1 %
Overhead ratio5855
(a)Included depreciation expense on leased assets of $916 million and $1.1 billion for the three months ended March 31, 2021 and 2020, respectively.
(b)Included MSR risk management results of $(115) million and $(90) million for the three months ended March 31, 2021 and 2020, respectively.
Quarterly results
Net income was $6.7 billion, up $6.5 billion, driven by a decrease in the provision for credit losses.
Net revenue was $12.5 billion, a decrease of 6%.
Net interest income was $7.9 billion, down 14%, driven by:
•the impact of deposit margin compression in CBB, lower loans in Card due to the cumulative impact of lower spend throughout 2020 and higher payment rates, and lower loans in Home Lending due to net paydowns,
partially offset by
•growth in deposits in CBB.
Noninterest revenue was $4.6 billion, up 12%, driven by:
•higher mortgage production revenue reflecting higher production margins and volumes, and
•higher card income due to lower acquisition costs and higher net interchange income, with debit and credit card sales volume returning to pre-pandemic levels,
partially offset by
•lower deposit-related fees given the higher deposits held in existing and new accounts, and
•lower auto lease volume.
Refer to Note 14 for further information regarding changes in the value of the MSR asset and related hedges, and mortgage fees and related income.
Noninterest expense was $7.2 billion, relatively flat, reflecting:
•higher investments in the business
offset by
•lower structural expenses, and
•lower volume- and revenue-related expense, including lower depreciation on auto lease assets.
The provision for credit losses was a net benefit of $3.6 billion, compared with an expense of $5.8 billion in the prior year, driven by:
•a $4.6 billion reduction in the allowance for credit losses, primarily reflecting improvements in the Firm's macroeconomic scenarios, consisting of $3.5 billion in Card, $625 million in Home Lending, primarily due to the continued improvement in HPI expectations and to a lesser extent portfolio run-off, $350 million in CBB and $150 million in Auto, and
•lower net charge-offs in Card, reflecting lower charge-offs and higher recoveries primarily benefiting from payment assistance and government stimulus.
The prior year included a $4.5 billion net addition to the allowance for credit losses.
Refer to Credit and Investment Risk Management on pages 47-65 and Allowance for Credit Losses on pages 63–64 for further discussions of the credit portfolios and the allowance for credit losses.
20

Selected metrics
As of or for the three months
ended March 31,
(in millions, except headcount)20212020Change
Selected balance sheet data (period-end)
Total assets$487,978 $513,352 (5)%
Loans:
Consumer & Business Banking
52,654 
(c)
30,004 75 
Home Lending(a)
178,776 205,318 (13)
Card132,493 154,021 (14)
Auto 67,662 61,468 10 
Total loans431,585 450,811 (4)
Deposits1,037,903 783,398 32 
Equity50,000 52,000 (4)
Selected balance sheet data (average)
Total assets$484,524 $525,695 (8)
Loans:
Consumer & Business Banking
49,868 29,570 69 
Home Lending(b)
182,247 211,333 (14)
Card134,884 162,660 (17)
Auto 66,960 60,893 10 
Total loans433,959 464,456 (7)
Deposits979,686 739,709 32 
Equity50,000 52,000 (4)
Headcount126,084 124,609 1 %
(a)At March 31, 2021 and 2020, Home Lending loans held-for-sale and loans at fair value were $13.2 billion and $10.8 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $12.5 billion and $15.8 billion for the three months ended March 31, 2021 and 2020, respectively.
(c)At March 31, 2021, included $23.4 billion of loans in Business Banking under the PPP. Refer to Credit Portfolio on page 47 for a further discussion of the PPP.
Selected metrics
As of or for the three months
ended March 31,
(in millions, except ratio data)
20212020Change
Credit data and quality statistics
Nonaccrual loans(a)
$5,672 
(c)
$4,022 41 %
Net charge-offs/(recoveries)
Consumer & Business Banking
65 74 (12)
Home Lending(51)(122)58 
Card983 1,313 (25)
Auto26 48 (46)
Total net charge-offs/(recoveries)
$1,023 $1,313 (22)
Net charge-off/(recovery) rate
Consumer & Business Banking
0.53 %
(d)
1.01 %
Home Lending(0.12)(0.25)
Card2.97 3.25
Auto0.16 0.32
Total net charge-off/(recovery) rate
0.99 %1.18 %
30+ day delinquency rate
Home Lending(b)
1.07 %
(e)
1.48 %
Card1.40 
(e)
1.96 
Auto 0.42 
(e)
0.89 
90+ day delinquency rate - Card0.80 %
(e)
1.02 %
Allowance for loan losses
Consumer & Business Banking
$1,022 $884 16 
Home Lending
1,238 2,137 (42)
Card14,300 14,950 (4)
Auto 892 732 22 
Total allowance for loan losses
$17,452 $18,703 (7)%
(a)At March 31, 2021 and 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $458 million and $616 million, respectively. These amounts have been excluded based upon the government guarantee.
(b)At March 31, 2021 and 2020, excluded mortgage loans insured by U.S. government agencies of $557 million and $1.0 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
(c)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Refer to Consumer Credit Portfolio on pages 48-52 for further information on consumer payment assistance activity. The first quarter of 2021 includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which are considered collateral-dependent. Collateral-dependent loans are charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.
(d)At March 31, 2021, included $23.4 billion of loans in Business Banking under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to Credit Portfolio on page 47 for a further discussion of the PPP.
(e)At March 31, 2021, the principal balance of loans in Home Lending, Card and Auto under payment deferral programs offered in response to the COVID-19 pandemic were $8.1 billion, $105 million and $127 million, respectively. Loans that are performing according to their modified terms are generally not considered delinquent. Refer to Consumer Credit Portfolio on pages 48-52 for further information on consumer payment assistance activity.
21

Selected metrics
As of or for the three months
ended March 31,
(in billions, except ratios and where otherwise noted)
20212020Change
Business Metrics
Number of branches4,872 4,967 (2)%
Active digital customers (in thousands)(a)
56,671 53,833 5 
Active mobile customers (in thousands)(b)
41,872 38,256 9 
Debit and credit card sales volume
$290.3 $266.0 9 
Consumer & Business Banking
Average deposits
$960.7 $725.0 33 
Deposit margin
1.29 %2.05 %
Business banking origination volume
$10.0 
(f)
$1.5 NM
Client investment assets(c)
637.0 442.6 44 
Number of client advisors4,5004,2915 
Home Lending
Mortgage origination volume by channel
Retail
$23.0 $14.1 63 
Correspondent
16.3 14.0 16 
Total mortgage origination volume(d)
$39.3 $28.1 40 
Third-party mortgage loans serviced (period-end)
443.2 505.0 (12)
MSR carrying value (period-end)
4.5 3.3 36 
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)
1.02 %0.65 %
MSR revenue multiple(e)
3.78 x2.10 x
Credit Card
Credit card sales volume, excluding Commercial Card
$183.7 $179.1 3 
Net revenue rate11.53 %10.54 %
Auto
Loan and lease origination volume
$11.2 $8.3 35 
Average auto operating lease assets
20.3 23.1 (12)%
(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.
(b)Users of all mobile platforms who have logged in within the past 90 days.
(c)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 30-32 for additional information.
(d)Firmwide mortgage origination volume was $43.2 billion and $31.9 billion for the three months ended March 31, 2021 and 2020, respectively.
(e)Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).
(f)Included $9.3 billion of origination volume under the PPP for the three months ended March 31, 2021. Refer to Credit Portfolio on page 47 for a further discussion of the PPP.
22

CORPORATE & INVESTMENT BANK
Refer to pages 71–76 of JPMorgan Chase’s 2020 Form 10-K and Line of Business Metrics on page 169 for a further discussion of the business profile of CIB.
Selected income statement data
Three months ended March 31,
(in millions, except ratios)20212020Change
Revenue
Investment banking fees$2,988 $1,907 57 %
Principal transactions6,045 3,188 90 
Lending- and deposit-related fees593 450 32 
Asset management, administration and commissions1,286 1,261 2 
All other income176 90 96 
Noninterest revenue11,088 6,896 61 
Net interest income3,517 3,107 13 
Total net revenue(a)
14,605 10,003 46 
Provision for credit losses(331)1,401 NM
Noninterest expense
Compensation expense4,329 3,006 44 
Noncompensation expense2,775 2,949 (6)
Total noninterest expense7,104 5,955 19 
Income before income tax expense
7,832 2,647 196 
Income tax expense2,092 662 216 
Net income$5,740 $1,985 189 %
Financial ratios
Return on equity27 %9 %
Overhead ratio49 60 
Compensation expense as percentage of total net revenue
30 30 
(a)Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; and tax-exempt income from municipal bonds of $703 million and $573 million for the three months ended March 31, 2021 and 2020, respectively. Prior-period tax-equivalent adjustment amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.
Selected income statement data
Three months ended March 31,
(in millions)20212020Change
Revenue by business
Investment Banking
$2,851 $886 222 %
Wholesale Payments1,392 1,414 (2)
Lending265 350 (24)
Total Banking4,508 2,650 70 
Fixed Income Markets5,761 4,993 15 
Equity Markets3,289 2,237 47 
Securities Services1,050 1,074 (2)
Credit Adjustments & Other(a)
(3)(951)100 
Total Markets & Securities Services
10,097 7,353 37 
Total net revenue$14,605 $10,003 46 %
(a)Includes credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
Quarterly results
Net income was $5.7 billion, up 189%.
Net revenue was $14.6 billion, up 46%.
Banking revenue was $4.5 billion, up 70%.
•Investment Banking revenue was $2.9 billion, up 222%, driven by higher Investment Banking fees, up 57%, reflecting higher fees across products, and the absence of prior year markdowns on held-for-sale positions in the bridge financing portfolio. The Firm ranked #2 for Global Investment Banking fees, according to Dealogic.
–Equity underwriting fees were $1.1 billion, up 219%, largely driven by the IPO market due to increased industry-wide fees.
–Debt underwriting fees were $1.3 billion, up 17%, driven by high yield bonds and leveraged loans due to increased industry-wide fees and wallet share gains.
–Advisory fees were $680 million, up 35%, driven by a higher number of completed transactions, in part related to transactions announced in the second half of 2020.
•Wholesale Payments revenue was $1.4 billion, down 2%, driven by deposit margin compression, predominantly offset by the impact of higher deposit balances.
•Lending revenue was $265 million, down 24%, predominantly driven by fair value gains on hedges of accrual loans in the prior year.
Markets & Securities Services revenue was $10.1 billion, up 37%. Markets revenue was $9.1 billion, up 25%.
•Fixed Income Markets revenue was $5.8 billion, up 15%, predominantly driven by strong performance in Securitized Products and Credit, largely offset by lower
23

revenue in Rates and Currencies & Emerging Markets compared to a strong prior year.
•Equity Markets revenue was $3.3 billion, up 47%, driven by strong performance across derivatives, Cash Equities, and prime brokerage.
•Securities Services revenue was $1.1 billion, down 2%, with deposit margin compression largely offset by deposit balance growth.
•Credit Adjustments & Other was a loss of $3 million, compared with a loss of $951 million in the prior year which was predominantly driven by funding spread widening on derivatives.
Noninterest expense was $7.1 billion, up 19%, predominantly driven by higher revenue-related compensation expense, partially offset by lower legal expense.
The provision for credit losses was a net benefit of $331 million, driven by a net reduction in the allowance for credit losses, compared with an expense of $1.4 billion in the prior year.
Refer to Credit and Investment Risk Management on pages 47-65 and Allowance for Credit Losses on pages 63–64 for further discussions of the credit portfolios and the allowance for credit losses.


















Selected metrics
As of or for the three months
ended March 31,
(in millions, except headcount)
20212020Change
Selected balance sheet data (period-end)
Total assets(a)
$1,355,123 $1,216,558 11 %
Loans:
Loans retained(b)
134,134 165,376 (19)
Loans held-for-sale and loans at fair value(c)
45,846 34,644 32 
Total loans179,980 200,020 (10)
Equity83,000 80,000 4 
Selected balance sheet data (average)
Total assets(a)
$1,293,864 $1,081,912 20 
Trading assets-debt and equity instruments464,692 398,504 17 
Trading assets-derivative receivables
77,735 55,133 41 
Loans:
Loans retained(b)
$136,794 $128,838 6 
Loans held-for-sale and loans at fair value(c)
45,671 35,211 30 
Total loans$182,465 $164,049 11 
Equity83,000 80,000 4 
Headcount62,772 60,245 4 %
(a)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.
(b)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.
(c)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.

24

Selected metrics
As of or for the three months
ended March 31,
(in millions, except ratios)
20212020Change
Credit data and quality statistics
Net charge-offs/(recoveries)
$(7)$55 NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained(a)
$842 $689 22 %
Nonaccrual loans held-for-sale and loans at fair value(b)
1,266 766 65 
Total nonaccrual loans2,108 1,455 45 
Derivative receivables284 85 234 
Assets acquired in loan satisfactions
97 43 126 
Total nonperforming assets$2,489 $1,583 57 
Allowance for credit losses:
Allowance for loan losses
$1,982 $1,422 39 
Allowance for lending-related commitments
1,602 1,468 9 
Total allowance for credit losses
$3,584 $2,890 24 %
Net charge-off/(recovery) rate(c)
(0.02)%0.17 %
Allowance for loan losses to period-end loans retained
1.48 0.86 
Allowance for loan losses to period-end loans retained, excluding trade finance and conduits(d)
2.06 1.11 
Allowance for loan losses to nonaccrual loans retained(a)
235 206 
Nonaccrual loans to total period-end loans1.17 %0.73 %
(a)Allowance for loan losses of $174 million and $317 million were held against these nonaccrual loans at March 31, 2021 and 2020, respectively.
(b)At March 31, 2021 and 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $340 million and $124 million, respectively. These amounts have been excluded based upon the government guarantee.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(d)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.






Investment banking fees
Three months ended March 31,
(in millions)
20212020Change
Advisory
$680 $503 35 %
Equity underwriting
1,056 331 219 
Debt underwriting(a)
1,252 1,073 17 
Total investment banking fees
$2,988 $1,907 57 %
(a)Represents long-term debt and loan syndications.
25

League table results – wallet share
Three months ended March 31,Full-year 2020
20212020
RankShareRankShareRankShare
Based on fees(a)
M&A(b)
Global#2 9.0 %#2 8.3 %#2 9.1 %
U.S.2 9.6 2 9.0 2 9.4 
Equity and equity-related(c)
Global4 7.7 2 8.7 2 8.7 
U.S.4 8.4 2 12.1 2 11.2 
Long-term debt(d)
Global1 9.0 1 8.9 1 8.9 
U.S.1 11.9 2 12.4 1 12.8 
Loan syndications
Global1 13.9 1 10.5 1 11.1 
U.S.1 16.6 1 10.1 1 11.6 
Global investment banking fees(e)
#2 9.0 %#1 8.9 %#1 9.1 %
(a)Source: Dealogic as of April 1, 2021. Reflects the ranking of revenue wallet and market share.
(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.
(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.
(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, ABS and mortgage-backed securities (“MBS”); and exclude money market, short-term debt, and U.S. municipal securities.
(e)Global investment banking fees exclude money market, short-term debt and shelf securities.
Markets revenue
The following table summarizes select income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue comprises principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets may occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives that are
recorded in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 74 of JPMorgan Chase’s 2020 Form 10-K for further information.
For the periods presented below, the predominant source of principal transactions revenue was the amount recognized upon executing new transactions.
Three months ended March 31,Three months ended March 31,
20212020

(in millions)		Fixed Income MarketsEquity
Markets		Total
Markets		Fixed Income MarketsEquity
Markets		Total
Markets
Principal transactions
$3,564 $2,482 $6,046 $3,143 $1,723 $4,866 
Lending- and deposit-related fees
69 4 73 47 2 49 
Asset management, administration and commissions
129 544 673 111 608 719 
All other income66 (31)35 1 (1)— 
Noninterest revenue3,828 2,999 6,827 3,302 2,332 5,634 
Net interest income
1,933 290 2,223 1,691 (95)1,596 
Total net revenue$5,761 $3,289 $9,050 $4,993 $2,237 $7,230 
26

Selected metrics
As of or for the three months
ended March 31,
(in millions, except where otherwise noted)
20212020Change
Assets under custody (“AUC”) by asset class (period-end)
(in billions):
Fixed Income$15,552 $13,572 15 %
Equity12,006 7,819 54 
Other(a)
3,693 3,018 22 
Total AUC$31,251 $24,409 28 
Merchant processing volume (in billions)(b)
$425.7 $374.8 14 
Client deposits and other third-party liabilities (average)(c)
$705,764 $514,464 37 %
(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.
(b)Represents total merchant processing volume across CIB, CCB and CB.
(c)Client deposits and other third-party liabilities pertain to the Wholesale Payments and Securities Services businesses.








International metrics
As of or for the three months
ended March 31,
(in millions, except where
 otherwise noted)		20212020Change
Total net revenue(a)
Europe/Middle East/Africa$4,060 $2,591 57 %
Asia-Pacific2,261 1,776 27 
Latin America/Caribbean494 507 (3)
Total international net revenue
6,815 4,874 40 
North America7,790 5,129 52 
Total net revenue$14,605 $10,003 46 
Loans retained (period-end)(a)
Europe/Middle East/Africa$28,624 $31,607 (9)
Asia-Pacific13,944 16,667 (16)
Latin America/Caribbean5,518 8,129 (32)
Total international loans48,086 56,403 (15)
North America86,048 108,973 (21)
Total loans retained$134,134 $165,376 (19)
Client deposits and other third-party liabilities (average)(b)
Europe/Middle East/Africa$234,795 $190,976 23 
Asia-Pacific131,761 103,792 27 
Latin America/Caribbean43,927 30,849 42 
Total international$410,483 $325,617 26 
North America295,281 188,847 56 
Total client deposits and other third-party liabilities
$705,764 $514,464 37 
AUC (period-end)(b)
(in billions)
North America$20,244 $15,590 30 
All other regions11,007 8,819 25 
Total AUC$31,251 $24,409 28 %
(a)Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.
(b)Client deposits and other third-party liabilities pertaining to the Wholesale Payments and Securities Services businesses, and AUC, are based on the domicile of the client.
27

COMMERCIAL BANKING
Refer to pages 77–79 of JPMorgan Chase’s 2020 Form 10-K and Line of Business Metrics on page 170 for a discussion of the business profile of CB.
Selected income statement data
Three months ended March 31,
(in millions)20212020Change
Revenue
Lending- and deposit-related fees$331 $261 27 %
All other income586 347 69 
Noninterest revenue917 608 51 
Net interest income1,476 1,557 (5)
Total net revenue(a)
2,393 2,165 11 
Provision for credit losses
(118)1,010 NM
Noninterest expense
Compensation expense
482 472 2 
Noncompensation expense487 514 (5)
Total noninterest expense969 986 (2)
Income before income tax expense1,542 169 NM
Income tax expense374 30 NM
Net income$1,168 $139 NM
(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $73 million and $81 million for the three months ended March 31, 2021 and 2020, respectively.


Selected income statement data (continued)
Three months ended March 31,
(in millions, except ratios)20212020Change
Revenue by product
Lending$1,168 $954 22 %
Wholesale payments843 978 (14)
Investment banking(a)
350 235 49 
Other32 (2)NM
Total Commercial Banking net revenue
$2,393 $2,165 11 
Investment banking revenue, gross(b)
$1,129 $686 65 
Revenue by client segments
Middle Market Banking$916 $943 (3)
Corporate Client Banking851 673 26 
Commercial Real Estate Banking
604 541 12 
Other22 8 175 
Total Commercial Banking net revenue
$2,393 $2,165 11 %
Financial ratios
Return on equity19 %2 %
Overhead ratio40 46 
(a)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.
(b)Refer to Business Segment Results on page 18 for discussion of revenue sharing.
Quarterly results
Net income was $1.2 billion, up $1.0 billion, predominantly driven by a decrease in the provision for credit losses.
Net revenue was $2.4 billion, up 11%. Net interest income was $1.5 billion, down 5%, driven by deposit margin compression, predominantly offset by higher deposit balances and lending revenue due to increased portfolio spreads. Noninterest revenue was $917 million, up 51%, predominantly driven by higher investment banking revenue, the absence of prior year markdowns in the bridge financing portfolio, and higher deposit-related fees, particularly cash management fees.
Noninterest expense was $969 million, down 2%, driven by lower structural expense.
The provision for credit losses was a net benefit of $118 million, driven by a net reduction in the allowance for credit losses, compared with an expense of $1.0 billion in the prior year.

28

Selected metrics
As of or for the three months
ended March 31,
(in millions, except headcount)20212020Change
Selected balance sheet data (period-end)
Total assets$223,583 $247,786 (10)%
Loans:
Loans retained202,975 232,254 (13)
Loans held-for-sale and loans at fair value
2,884 1,112 159 
Total loans$205,859 $233,366 (12)
Equity24,000 22,000 9 
Period-end loans by client segment
Middle Market Banking$59,983 
(a)
$60,317 (1)
Corporate Client Banking45,540 69,540 (35)
Commercial Real Estate Banking
100,035 102,799 (3)
Other301 710 (58)
Total Commercial Banking loans
$205,859 
(a)
$233,366 (12)
Selected balance sheet data (average)
Total assets$225,574 $226,071 — 
Loans:
Loans retained204,164 209,988 (3)
Loans held-for-sale and loans at fair value
2,578 1,831 41 
Total loans$206,742 $211,819 (2)
Average loans by client segment
Middle Market Banking$60,011 $56,045 7 
Corporate Client Banking45,719 53,032 (14)
Commercial Real Estate Banking
100,661 101,526 (1)
Other351 1,216 (71)
Total Commercial Banking loans
$206,742 $211,819 (2)
Client deposits and other third-party liabilities
$290,992 $188,808 54 
Equity24,000 22,000 9 
Headcount11,748 11,779 — %
(a)At March 31, 2021, total loans included $7.4 billion of loans under the PPP, of which $7.2 billion were in Middle Market Banking. Refer to Credit Portfolio on page 47 for a further discussion of the PPP.
Selected metrics (continued)
As of or for the three months
ended March 31,
(in millions, except ratios)20212020Change
Credit data and quality statistics
Net charge-offs/(recoveries)$29 $100 (71)%
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained(a)
$1,134 $793 43 %
Nonaccrual loans held-for-sale and loans at fair value
— — — 
Total nonaccrual loans$1,134 $793 43 
Assets acquired in loan satisfactions
24 24 — 
Total nonperforming assets$1,158 $817 42 
Allowance for credit losses:
Allowance for loan losses$3,086 $2,680 15 
Allowance for lending-related commitments
753 505 49 
Total allowance for credit losses
$3,839 $3,185 21 %
Net charge-off/(recovery) rate(b)
0.06 %0.19 %
Allowance for loan losses to period-end loans retained
1.52 1.15 
Allowance for loan losses to nonaccrual loans retained(a)
272 338 
Nonaccrual loans to period-end total loans
0.55 0.34 
(a)Allowance for loan losses of $227 million and $175 million was held against nonaccrual loans retained at March 31, 2021 and 2020, respectively.
(b)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

29

ASSET & WEALTH MANAGEMENT
Refer to pages 80–82 of JPMorgan Chase’s 2020 Form 10-K and Line of Business Metrics on pages 170-171 for a discussion of the business profile of AWM.
Selected income statement data
(in millions, except ratios)
Three months ended March 31,
20212020Change
Revenue
Asset management, administration and commissions
$2,888 $2,583 12 %
All other income258 (54)NM
Noninterest revenue3,146 2,529 24 
Net interest income931 860 8 
Total net revenue4,077 3,389 20 
Provision for credit losses(121)94 NM
Noninterest expense
Compensation expense1,389 1,226 13 
Noncompensation expense1,185 1,209 (2)
Total noninterest expense2,574 2,435 6 
Income before income tax expense1,624 860 89 
Income tax expense380 191 99 
Net income$1,244 $669 86 
Revenue by line of business
Asset Management$2,185 $1,740 26 
Global Private Bank(a)
1,892 1,649 15 
Total net revenue$4,077 $3,389 20 %
Financial ratios
Return on equity35 %25 %
Overhead ratio6372
Pre-tax margin ratio:
Asset Management3524
Global Private Bank(a)
4527
Asset & Wealth Management4025
(a)In the first quarter of 2021, the Wealth Management business was renamed Global Private Bank. In the fourth quarter of 2020, certain wealth management clients were transferred from AWM Global Private Bank to the J.P. Morgan Wealth Management unit in CCB’s Consumer & Business Banking business. For further information see page 80 of the 2020 Form 10-K.
Quarterly results
Net income was $1.2 billion, up 86%.
Net revenue was $4.1 billion, up 20%. Net interest income was $931 million, up 8%. Noninterest revenue was $3.1 billion, up 24%.
Revenue from Asset Management was $2.2 billion, up 26%, predominantly driven by:
•higher asset management fees on strong cumulative net inflows into long-term and liquidity products and higher average market levels, net of liquidity fee waivers, and
•net investment valuation gains, compared with losses in the prior year.
Revenue from Global Private Bank was $1.9 billion, up 15%, largely driven by:
•higher deposit and loan balances, higher asset management fees, loan margin expansion and an investment valuation gain,
largely offset by
•deposit margin compression.
Noninterest expense was $2.6 billion, up 6% predominantly driven by higher volume- and revenue-related expense, partially offset by lower structural expense.
The provision for credit losses was a net benefit of $121 million, driven by a reduction in the allowance for credit losses.
Refer to Credit and Investment Risk Management on pages 47-65 and Allowance for Credit Losses on pages 63–64 for further discussions of the credit portfolios and the allowance for credit losses.
30

Selected metrics
As of or for the three months
ended March 31,
(in millions, except ranking data, headcount and ratios)
20212020Change
% of JPM mutual fund assets rated as 4- or 5-star(a)
60 %62 %
% of JPM mutual fund assets ranked in 1st or 2nd quartile:(b)
1 year60 69 
3 years73 74 
5 years74 78 
Selected balance sheet data (period-end)(c)
Total assets$213,088 $178,897 19 %
Loans192,256 163,763 17 
Deposits217,460 160,231 36 
Equity14,000 10,500 33 
Selected balance sheet data (average)(c)
Total assets$207,505 $174,834 19 
Loans188,726 159,513 18 
Deposits206,562 144,570 43 
Equity14,000 10,500 33 
Headcount20,578 21,302 (3)
Number of Global Private Bank client advisors2,462 2,418 2 
Credit data and quality statistics(c)
Net charge-offs/(recoveries)$11 $2 450 
Nonaccrual loans755 303 149 
Allowance for credit losses:
Allowance for loan losses$479 $436 10 
Allowance for lending-related commitments
25 14 79 
Total allowance for credit losses
$504 $450 12 %
Net charge-off/(recovery) rate0.02 %0.01 %
Allowance for loan losses to period-end loans
0.25 0.27 
Allowance for loan losses to nonaccrual loans
63 144 
Nonaccrual loans to period-end loans
0.39 0.19 
(a)Represents the Nomura “star rating” for Japan domiciled funds and Morningstar for all other domiciled funds. Includes only Asset Management retail open-ended mutual funds that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(b)Quartile ranking sourced from Lipper, Morningstar and Nomura based on country of domicile. Includes only Asset Management retail open-ended mutual funds that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.

Client assets
Client assets of $3.8 trillion and assets under management of $2.8 trillion were up 32% and 28%, respectively, driven by higher market levels and cumulative net inflows into long term and liquidity products.
Client assets
As of March 31,
(in billions)20212020Change
Assets by asset class
Liquidity$686 $619 11 %
Fixed income662 574 15 
Equity661 361 83 
Multi-asset669 517 29 
Alternatives155 139 12 
Total assets under management
2,833 2,210 28 
Custody/brokerage/administration/deposits
995 681 46 
Total client assets(a)
$3,828 $2,891 32 
Assets by client segment
Private Banking$718 $577 24 
Global Institutional(b)
1,320 1,107 19 
Global Funds(b)
795 526 51 
Total assets under management$2,833 $2,210 28 
Private Banking
$1,664 $1,233 35 
Global Institutional(b)
1,362 1,128 21 
Global Funds(b)
802 530 51 
Total client assets(a)
$3,828 $2,891 32 %
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)In the first quarter of 2021, Institutional and Retail client segments were renamed to Global Institutional and Global Funds, respectively. This did not result in a change to the clients within either client segment.
Client assets (continued)

Three months ended
March 31,
(in billions)20212020
Assets under management rollforward
Beginning balance$2,716 $2,328 
Net asset flows:
Liquidity44 77 
Fixed income8 — 
Equity
31 (1)
Multi-asset6 (2)
Alternatives3 — 
Market/performance/other impacts
25 (192)
Ending balance, March 31$2,833 $2,210 
Client assets rollforward
Beginning balance$3,652 $3,089 
Net asset flows130 91 
Market/performance/other impacts
46 (289)
Ending balance, March 31$3,828 $2,891 
31

International metrics
Three months ended March 31,
(in millions)
20212020Change
Total net revenue (a)
Europe/Middle East/Africa$834 $623 34 %
Asia-Pacific514 400 29 
Latin America/Caribbean214 188 14 
Total international net revenue
1,562 1,211 29 
North America2,515 2,178 15 
Total net revenue(a)
$4,077 $3,389 20 %
(a)Regional revenue is based on the domicile of the client.
As of March 31,
(in billions)
20212020Change
Assets under management
Europe/Middle East/Africa$521 $395 32 %
Asia-Pacific228 174 31 
Latin America/Caribbean71 56 27 
Total international assets under management
820 625 31 
North America2,013 1,585 27 
Total assets under management
$2,833 $2,210 28 
Client assets
Europe/Middle East/Africa$629 $479 31 
Asia-Pacific338 248 36 
Latin America/Caribbean168 134 25 
Total international client assets
1,135 861 32 
North America2,693 2,030 33 
Total client assets$3,828 $2,891 32 %

32

CORPORATE
Refer to pages 83–84 of JPMorgan Chase’s 2020 Form 10-K for a discussion of Corporate.
Selected income statement and balance sheet data
As of or for the three months
ended March 31,
(in millions, except headcount)20212020Change
Revenue
Principal transactions$272 $(113)NM
Investment securities gains14 233 (94)%
All other income96 211 (55)
Noninterest revenue382 331 15 %
Net interest income(855)(165)(418)%
Total net revenue(a)
(473)166 NM
Provision for credit losses16 8 100 
Noninterest expense876 146 500 %
Income/(loss) before income tax expense/(benefit)
(1,365)12 NM
Income tax expense/(benefit)(785)137 NM
Net income/(loss)$(580)$(125)(364)
Total net revenue
Treasury and CIO$(705)$169 NM
Other Corporate232 (3)NM
Total net revenue$(473)$166 NM
Net income/(loss)
Treasury and CIO$(675)$83 NM
Other Corporate95 (208)NM
Total net income/(loss)$(580)$(125)(364)
Total assets (period-end)$1,409,564 $981,937 44 
Loans (period-end)1,627 1,650 (1)
Headcount38,168 38,785 (2)%
(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $67 million and $61 million for the three months ended March 31, 2021 and 2020, respectively.
Quarterly results
Net loss was $580 million compared with a net loss of $125 million in the prior year.
Net revenue was a loss of $473 million, down $639 million. The decrease was driven by:
•lower net interest income on lower rates, as well as limited opportunities to deploy funds in response to continued deposit growth,
partially offset by
•higher noninterest revenue reflecting net gains on certain legacy private equity investments compared with net losses in the prior year, offset by lower investment securities gains reflecting the impact of repositioning the investment securities portfolio, as well as lower gains on certain Corporate investments.
Noninterest expense of $876 million was up $730 million primarily due to a higher contribution to the Firm's Foundation and higher structural expense.
The current period income tax benefit was driven by the change in the level and mix of income and expenses subject to U.S. federal, and state and local taxes as well as the impact of the Firm’s estimated full-year expected tax rate relative to the level of year-to-date pretax income, partially offset by the resolution of certain tax audits.
33

Treasury and CIO overview
At March 31, 2021, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.
Refer to Liquidity Risk Management on pages 42-46 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 66-70 for information on interest rate, foreign exchange and other risks.
Selected income statement and balance sheet data
As of or for the three months
ended March 31,
(in millions)20212020Change
Investment securities gains$14 $233 (94)%
Available-for-sale securities (average)
$372,443 $372,954 — %
Held-to-maturity securities (average)(a)
207,957 46,673 346 
Investment securities portfolio (average)$580,400 $419,627 38 
Available-for-sale securities (period-end)
$377,911 $397,891 (5)
Held-to-maturity securities, net of allowance for credit losses (period-end)(a)(b)
217,452 71,200 205 
Investment securities portfolio, net of allowance for credit losses (period-end)(b)
$595,363 $469,091 27 %
(a)During 2020, the Firm transferred $164.2 billion of investment securities from AFS to HTM for capital management purposes, including $26.1 billion in the first quarter of 2020.
(b)At March 31, 2021 and 2020, the allowance for credit losses on HTM securities was $94 million and $19 million, respectively.



34

FIRMWIDE RISK MANAGEMENT
Risk is an inherent part of JPMorgan Chase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its businesses, and the associated risks, in a manner that balances serving the interests of its clients, customers and investors and protects the safety and soundness of the Firm.
The Firm believes that effective risk management requires, among other things:
•Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;
•Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and
•Firmwide structures for risk governance.
The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors (the “Board”). The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.
Risk governance and oversight framework
The Firm’s risk management governance and oversight framework involves understanding drivers of risks, types of risks, and impacts of risks.
jpm-20210331_g1.jpg
Refer to pages 85-89 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of Firmwide risk management governance and oversight.
Risk governance and oversight functions
The following sections of this Form 10-Q and the 2020 Form 10-K discuss the risk governance and oversight functions in place to manage the risks inherent in the Firm’s business activities.
Risk governance and oversight functions Form 10-Q page referenceForm 10-K page reference
Strategic risk90
Capital risk36-4191-101
Liquidity risk42-46102-108
Reputation risk109
Consumer credit risk48-52114-120
Wholesale credit risk53-62121-131
Investment portfolio risk65134
Market risk66-70135-142
Country risk71143-144
Operational risk 72145-151
Compliance risk148
Conduct risk149
Legal risk150
Estimations and Model risk73151
35

CAPITAL RISK MANAGEMENT
Capital risk is the risk the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.
The Firm has been impacted by market events as a result of the COVID-19 pandemic, but has remained well-capitalized.
Refer to pages 91-101 of JPMorgan Chase’s 2020 Form
10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s Capital Risk Management, including capital planning and stress testing.
Basel III Overview
The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies ("BHCs") and banks, including the Firm and its insured depository institution (“IDI”) subsidiaries, including JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets (“RWA”), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III Standardized”), and an advanced approach (“Basel III Advanced”). For each of the risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective minimum capital ratios.
The Firm’s Basel III Standardized-risk-based ratios are currently more binding than the Basel III Advanced-risk-based ratios.
Basel III also includes a requirement for Advanced Approach banking organizations, including the Firm, to calculate the SLR. Refer to SLR on page 39 for additional information.
Key Regulatory Developments
CECL regulatory capital transition delay. As part of their response to the impact of the COVID-19 pandemic, the federal banking agencies issued a final rule that provided the option beginning January 1, 2020 to delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period beginning January 1, 2022 (“CECL capital transition provisions”).
The Firm has elected to apply the CECL capital transition provisions, and accordingly, for the period ended March 31, 2021, the capital metrics of the Firm exclude $4.5 billion, which is the $2.7 billion day 1 impact to retained earnings and 25% of the $7.0 billion increase in the allowance for credit losses from January 1, 2020 (excluding allowances on PCD loans).
The impacts of the CECL capital transition provisions have also been incorporated into Tier 2 capital, adjusted average assets, and total leverage exposure. Refer to Capital Risk Management on pages 91-101 and Note 1 of JPMorgan Chase’s 2020 Form 10-K for further information on CECL capital transition provisions and the CECL accounting guidance.
SLR temporary revision. The Federal Reserve issued an interim final rule that requires, on a temporary basis, the calculation of total leverage exposure for purposes of calculating the SLR for bank holding companies, to exclude the on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks. These exclusions became effective April 1, 2020, and remained in effect through March 31, 2021.
On June 1, 2020, the Federal Reserve, Office of the Comptroller of the Currency ("OCC") and FDIC issued an interim final rule which became effective April 1, 2020 and remained in effect through March 31, 2021 that provides IDI subsidiaries with an option to apply this temporary exclusion subject to certain restrictions. As of March 31, 2021, JPMorgan Chase Bank, N.A. did not elect to apply this exclusion.
PPP. On April 13, 2020, the federal banking agencies issued an interim final rule (issued as final on September 29, 2020) to neutralize the regulatory capital effects of participating in the PPP on risk-based capital ratios by applying a zero percent risk weight to loans originated under the program. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. As of March 31, 2021, the Firm had approximately $32 billion of loans under the program.
Total leverage exposure for purposes of calculating the SLR includes PPP loans as the Firm did not participate in the Federal Reserve’s Paycheck Protection Program Lending (“PPPL”) Facility, which would allow the Firm to exclude them under the final rule.
TLAC Holdings rule. On October 20, 2020, the federal banking agencies issued a final rule prescribing the regulatory capital treatment for holdings of Total Loss-Absorbing Capacity ("TLAC") debt instruments by certain large banking organizations, such as the Firm and JPMorgan Chase Bank, N.A. This rule expands the scope of the existing capital deductions rule around the holdings of capital instruments of financial institutions to also include TLAC debt instruments issued by systemically important banking organizations. The final rule became effective April 1, 2021 and is not expected to have a material impact on the Firm’s risk-based capital metrics.
36

The following table presents the Firm’s risk-based and leverage-based capital metrics under both the Basel III Standardized and Advanced approaches. Refer to Capital Risk Management on pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of these capital metrics.
StandardizedAdvanced
(in millions, except ratios)
March 31, 2021(c)
December 31, 2020(c)
Minimum capital ratios(d)
March 31, 2021(c)
December 31, 2020(c)
Minimum capital ratios(d)
Risk-based capital metrics:
CET1 capital$206,078 $205,078 $206,078 $205,078 
Tier 1 capital237,333 234,844 237,333 234,844 
Total capital271,407 269,923 258,635 257,228 
Risk-weighted assets1,577,007 1,560,609 1,503,828 1,484,431 
CET1 capital ratio13.1 %13.1 %11.3 %13.7 %13.8 %10.5 %
Tier 1 capital ratio15.0 15.0 12.8 15.8 15.8 12.0 
Total capital ratio17.2 17.3 14.8 17.2 17.3 14.0 
Leverage-based capital metrics:
Adjusted average assets(a)
$3,565,545 $3,353,319 $3,565,545 $3,353,319 
Tier 1 leverage ratio6.7 %7.0 %4.0 %6.7 %7.0 %4.0 %
Total leverage exposure(b)
NANA$3,522,629 $3,401,542 
SLR(b)
NANANA6.7 %6.9 %5.0 %
(a)Adjusted average assets, for purposes of calculating the leverage ratios, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.
(b)Total leverage exposure for purposes of calculating the SLR excludes U.S. Treasury securities and deposits at Federal Reserve Banks, as provided by the rule issued by the Federal Reserve which became effective April 1, 2020 and remained in effect through March 31, 2021. The SLR excluding the relief was 5.5% and 5.8% for the periods ended March 31, 2021 and December 31, 2020, respectively.
(c)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.
(d)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.


37

Capital components
The following table presents reconciliations of total stockholders’ equity to Basel III CET1 capital, Tier 1 capital and Total capital as of March 31, 2021 and December 31, 2020.
(in millions)March 31,
2021		December 31, 2020
Total stockholders’ equity$280,714 $279,354 
Less: Preferred stock31,563 30,063 
Common stockholders’ equity249,151 249,291 
Add:
Certain deferred tax liabilities(a)
2,457 2,453 
Other CET1 capital adjustments(b)
4,588 3,486 
Less:
Goodwill
49,243 49,248 
Other intangible assets
875 904 
Standardized/Advanced CET1 capital
206,078 205,078 
Preferred stock31,563 30,063 
Less: Other Tier 1 adjustments308 297 
Standardized/Advanced Tier 1 capital
$237,333 $234,844 
Long-term debt and other instruments qualifying as Tier 2 capital
$15,646 $16,645 
Qualifying allowance for credit losses(c)
18,486 18,372 
Other
(58)62 
Standardized Tier 2 capital
$34,074 $35,079 
Standardized Total capital
$271,407 $269,923 
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(d)
(12,772)(12,695)
Advanced Tier 2 capital
$21,302 $22,384 
Advanced Total capital
$258,635 $257,228 
(a)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating CET1 capital.
(b)As of March 31, 2021 and December 31, 2020, the impact of the CECL capital transition provision was an increase in CET1 capital of $4.5 billion and $5.7 billion, respectively.
(c)Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA.
(d)Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA, including the impact of the CECL capital transition provision with any excess deducted from RWA.

Capital rollforward
The following table presents the changes in Basel III CET1 capital, Tier 1 capital and Tier 2 capital for the three months ended March 31, 2021.
Three months ended March 31,
(in millions)		2021
Standardized/Advanced CET1 capital at December 31, 2020$205,078 
Net income applicable to common equity13,921 
Dividends declared on common stock(2,760)
Net purchase of treasury stock
(3,967)
Changes in additional paid-in capital
(389)
Changes related to AOCI
(6,945)
Adjustment related to AOCI(a)
2,396 
Changes related to other CET1 capital adjustments(b)
(1,256)
Change in Standardized/Advanced CET1 capital1,000 
Standardized/Advanced CET1 capital at March 31, 2021$206,078 
Standardized/Advanced Tier 1 capital at December 31, 2020$234,844 
Change in CET1 capital(b)
1,000 
Net issuance of noncumulative perpetual preferred stock1,500 
Other(11)
Change in Standardized/Advanced Tier 1 capital2,489 
Standardized/Advanced Tier 1 capital at March 31, 2021$237,333 
Standardized Tier 2 capital at December 31, 2020$35,079 
Change in long-term debt and other instruments qualifying as Tier 2
(999)
Change in qualifying allowance for credit losses(b)
114 
Other
(120)
Change in Standardized Tier 2 capital
(1,005)
Standardized Tier 2 capital at March 31, 2021$34,074 
Standardized Total capital at March 31, 2021$271,407 
Advanced Tier 2 capital at December 31, 2020$22,384 
Change in long-term debt and other instruments qualifying as Tier 2
(999)
Change in qualifying allowance for credit losses(b)
37 
Other
(120)
Change in Advanced Tier 2 capital
(1,082)
Advanced Tier 2 capital at March 31, 2021$21,302 
Advanced Total capital at March 31, 2021$258,635 
(a)Includes cash flow hedges and DVA related to structured notes recorded in AOCI.
(b)Includes the impact of the CECL capital transition provisions.
38

RWA rollforward
The following table presents changes in the components of RWA under Basel III Standardized and Advanced approaches for the three months ended March 31, 2021. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.
StandardizedAdvanced
Three months ended March 31, 2021
(in millions)		Credit risk RWAMarket risk RWATotal RWACredit risk RWAMarket risk RWAOperational risk
RWA		Total RWA
December 31, 2020$1,464,219 $96,390 $1,560,609 $1,002,330 $96,910 $385,191 $1,484,431 
Model & data changes(a)
— (1,100)(1,100)— (1,100)— (1,100)
Portfolio runoff(b)
(1,200)— (1,200)(700)— — (700)
Movement in portfolio levels(c)
13,896 4,802 18,698 11,431 4,635 5,131 21,197 
Changes in RWA12,696 3,702 16,398 10,731 3,535 5,131 19,397 
March 31, 2021$1,476,915 $100,092 $1,577,007 $1,013,061 $100,445 $390,322 $1,503,828 
(a)Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes).
(b)Portfolio runoff for credit risk RWA primarily reflects reduced risk from position rolloffs in legacy portfolios in Home Lending.
(c)Movement in portfolio levels (inclusive of rule changes) refers to: changes in book size, composition, credit quality, and market movements for credit risk RWA; changes in position and market movements for market risk RWA; updates to cumulative losses for operational risk RWA; and deductions to credit risk RWA for excess eligible credit reserves not eligible for inclusion in Tier 2 capital.
Supplementary leverage ratio
Refer to Supplementary Leverage Ratio on page 95 of JPMorgan Chase’s 2020 Form 10-K for additional information.
The following table presents the components of the Firm’s SLR.
Three months ended
(in millions, except ratio)		March 31,
2021		December 31,
2020
Tier 1 capital
$237,333 $234,844 
Total average assets3,612,841 3,399,818 
Less: Regulatory capital adjustments(a)
47,296 46,499 
Total adjusted average assets(b)
3,565,545 3,353,319 
Add: Off-balance sheet exposures(c)
757,651 729,978 
Less: Exclusion for U.S. Treasuries and Federal Reserve Bank deposits800,567 681,755 
Total leverage exposure$3,522,629 $3,401,542 
SLR(d)
6.7 %6.9 %
(a)For purposes of calculating the SLR, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, other intangible assets and adjustments for the CECL capital transition provisions.
(b)Adjusted average assets used for the calculation of Tier 1 leverage ratio.
(c)Off-balance sheet exposures are calculated as the average of the three month-end spot balances during the reporting quarter.
(d)The SLR excluding the relief was 5.5% and 5.8% for the periods ended March 31, 2021 and December 31, 2020, respectively.
Refer to Note 21 for JPMorgan Chase Bank, N.A.’s SLR.
Line of business equity
Each business segment is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Refer to line of business equity on page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation.
The following table presents the capital allocated to each business segment.
Line of business equity (Allocated capital)

(in billions)		March 31,
2021		December 31,
2020
Consumer & Community Banking$50.0 $52.0 
Corporate & Investment Bank83.0 80.0 
Commercial Banking24.0 22.0 
Asset & Wealth Management14.0 10.5 
Corporate78.2 84.8 
Total common stockholders’ equity$249.2 $249.3 
Capital actions
Common stock dividends
The Firm’s quarterly common stock dividend is currently $0.90 per share. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.
Common stock
On March 15, 2020, in response to the economic disruptions caused by the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common stock. Subsequently, the Federal Reserve directed all large banks, including the Firm, to discontinue net share repurchases through the end of 2020. On December 18, 2020, the Federal Reserve announced that all large banks, including the Firm, could resume share repurchases commencing in the first quarter of 2021. Subsequently, the Firm announced that its Board of Directors authorized a new common share repurchase program for up to $30 billion. As directed by the Federal Reserve, total net repurchases and common stock dividends in the first quarter of 2021 were restricted and could not exceed the average of the Firm’s net income for the four preceding calendar quarters. On March 25, 2021, the Federal Reserve extended these restrictions through at least the second quarter of 2021.
Refer to capital planning and stress testing on page 40 for additional information.
39

The following table sets forth the Firm’s repurchases of common stock for the three months ended March 31, 2021 and 2020.
Three months ended
March 31,
(in millions)20212020
Total number of shares of common stock repurchased
34.7 50.0 
Aggregate purchase price of common stock repurchases
$4,999 $6,397 
Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on page 173 of this Form 10-Q and page 34 of JPMorgan Chase’s 2020 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.
Preferred stock
Preferred stock dividends declared were $379 million for the three months ended March 31, 2021.
On March 17, 2021, the Firm issued $1.5 billion of 4.55% non-cumulative preferred stock, Series JJ. On April 30, 2021, the Firm announced that it will redeem on June 1, 2021 all $1.4 billion of its outstanding 6.10% non-cumulative preferred stock, Series AA and all $1.2 billion of its outstanding 6.15% non-cumulative preferred stock, Series BB. Refer to Note 17 of this Form 10-Q and Note 21 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s preferred stock, including the issuance and redemption of preferred stock.
Capital planning and stress testing
Comprehensive Capital Analysis and Review
On April 5, 2021, the Firm submitted its 2021 Capital Plan to the Federal Reserve under the Federal Reserve’s 2021 Comprehensive Capital Analysis and Review ("CCAR") process. The Firm anticipates that the Federal Reserve will disclose the Firm’s indicative Stress Capital Buffer ("SCB") requirement which will become effective October 1, 2021 and summary information regarding the Firm’s stress test results by July 1, 2021. The Firm's SCB is currently 3.3%.
Based on the Federal Reserve's March 25, 2021 announcement, if the Firm remains above all of its minimum risk-based capital requirements based on the 2021 CCAR stress test results, the temporary restrictions on capital distributions currently in effect will expire as planned on June 30, 2021. However, if the Firm falls below any of its minimum risk-based requirements in the 2021 CCAR stress test it will remain subject to the temporary restrictions through at least September 30, 2021.
Refer to Capital planning and stress testing on pages 91-92 of JPMorgan Chase’s 2020 Form 10-K for additional information on CCAR.
Other capital requirements
Total Loss-Absorbing Capacity
The Federal Reserve’s TLAC rule requires the U.S. global systemically important bank (“GSIB”) top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible long-term debt (“eligible LTD”).
Refer to other capital requirements on page 100 of JPMorgan Chase’s 2020 Form 10-K for additional information on TLAC.
The following table presents the TLAC and external long-term debt minimum requirements including applicable regulatory buffers, as of March 31, 2021 and December 31, 2020, except as noted below.
Minimum Requirements
TLAC to RWA(a)
22.5 %
TLAC to leverage exposure9.5 
External long-term debt to RWA9.5 
External long-term debt to leverage4.5 
(a)For the period ended December 31, 2020, the TLAC to RWA minimum requirement was 23.0%.
The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of the amounts as a percentage of the Firm’s total RWA and total leverage exposure applying the impact of the CECL capital transition provisions as of March 31, 2021 and December 31, 2020.
March 31, 2021December 31, 2020
(in billions, except ratio)External TLACLTDExternal TLACLTD
Total eligible amount$432.5 $188.3 $421.0 $181.4 
% of RWA27.4 %11.9 %27.0 %11.6 %
Surplus/(shortfall)$77.6 $38.5 $62.1 $33.1 
% of total leverage exposure(a)
12.3 %5.3 %12.4 %5.3 %
Surplus/(shortfall)$97.8 $29.7 $97.9 $28.3 
(a)Total leverage exposure excludes U.S. Treasury securities and deposits at Federal Reserve Banks, as provided by the rule issued by the Federal Reserve which became effective April 1, 2020 and remained in effect through March 31, 2021.
Refer to Liquidity Risk Management on pages 42-46 for further information on long-term debt issued by the Parent Company, including long-term debt issued subsequent to the period ended March 31, 2021.
Refer to Part I, Item 1A: Risk Factors on pages 8-32 of JPMorgan Chase’s 2020 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.
40

Broker-dealer regulatory capital
J.P. Morgan Securities
JPMorgan Chase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, Commodity Futures Trading Commission (“CFTC”), Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).
Refer to Capital risk management on pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for a discussion on J.P. Morgan Securities’ capital requirements.
The following table presents J.P. Morgan Securities’ net capital:
March 31, 2021
(in millions)ActualMinimum
Net Capital$25,908 $4,966 
J.P. Morgan Securities plc
J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated by the U.K. Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the European Union Capital Requirements Regulation, as adopted in the U.K., and the PRA capital rules, each of which implement Basel III and thereby subject J.P. Morgan Securities plc to its requirements.
Refer to Capital risk management on pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on J.P. Morgan Securities plc.
The Bank of England requires, on a transitional basis, that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain a minimum requirement for own funds and eligible liabilities (“MREL”). As of March 31, 2021, J.P. Morgan Securities plc was compliant with the requirements of the MREL rule.
The following table presents J.P. Morgan Securities plc’s capital metrics:
March 31, 2021
(in millions, except ratios)EstimatedMinimum ratios
Total capital$54,673 
CET1 ratio17.2 %4.5 %
Total capital ratio22.0 %8.0 %



41

LIQUIDITY RISK MANAGEMENT
Liquidity risk is the risk that the Firm will be unable to meet its contractual and contingent financial obligations as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. Refer to pages 102–108 of JPMorgan Chase’s 2020 Form 10-K and the Firm’s U.S. LCR Disclosure reports, which are available on the Firm’s website for a further discussion of the Firm’s Liquidity Risk Management.
LCR and HQLA
The LCR rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress. Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%. Refer to page 103 of JPMorgan Chase’s 2020 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.
The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020 based on the Firm’s interpretation of the LCR framework.
Three months ended
Average amount
(in millions)		March 31,
2021		December 31, 2020March 31,
2020
JPMorgan Chase & Co.
HQLA
Eligible cash(a)
$578,029 $455,612 $205,027 
Eligible securities(b)(c)
118,542 241,447 343,124 
Total HQLA(d)
$696,571 $697,059 $548,151 
Net cash outflows$634,221 $634,037 $482,372 
LCR110 %110 %114 %
Net excess eligible HQLA(d)
$62,350 $63,022 $65,779 
JPMorgan Chase Bank N.A.:
LCR166 %160 %117 %
Net excess eligible HQLA$442,617 $401,903 $87,126 
(a)Represents cash on deposit at central banks, primarily the Federal Reserve Banks.
(b)Predominantly U.S. Treasuries, U.S. GSE and government agency MBS, and sovereign bonds net of applicable haircuts under the LCR rule.
(c)Eligible HQLA eligible securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets.
(d)Excludes average excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.
The Firm’s average LCR was 110% for the three months ended March 31, 2021 and December 31, 2020.
The Firm's average LCR decreased during the three months ended March 31, 2021, compared with the prior year period primarily due to the relative impact on net cash outflows from a significant increase in deposits.
JPMorgan Chase Bank, N.A.’s average LCR increased during the three months ended March 31, 2021, compared with both the three month periods ended December 31, 2020 and March 31, 2020 primarily due to growth in deposits. Deposits continued to increase in the first quarter primarily driven by the effect of certain government actions in response to the COVID-19 pandemic. The increase in excess liquidity in JPMorgan Chase Bank, N.A. is excluded from the Firm’s reported LCR under the LCR rule.
The Firm’s average LCR fluctuates from period to period, due to changes in its eligible HQLA and estimated net cash outflows as a result of ongoing business activity.
Other liquidity sources
In addition to the assets reported in the Firm’s eligible HQLA above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes securities included as part of the excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $841 billion and $740 billion as of March 31, 2021 and December 31, 2020, respectively, although the amount of liquidity that could be raised would be dependent on prevailing market conditions. The fair value increased compared to December 31, 2020, primarily due to an increase in CIB trading assets and an increase in excess eligible HQLA at JPMorgan Chase Bank, N.A. which was primarily a result of increased deposits.
The Firm also had available borrowing capacity at the Federal Home Loan Banks ("FHLBs") and the discount window at the Federal Reserve Bank as a result of collateral pledged by the Firm to such banks of approximately $301 billion and $307 billion as of March 31, 2021 and December 31, 2020, respectively. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Bank discount window and other central banks. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Bank discount window and the other central banks as a primary source of liquidity.
NSFR
The net stable funding ratio (“NSFR”) is a liquidity requirement for large banking organizations that is intended to measure the adequacy of “available” and “required” amounts of stable funding over a one-year horizon. On October 20, 2020, the federal banking agencies issued a final NSFR rule under which large banking organizations such as the Firm will be required to maintain an NSFR of at least 100% on an ongoing basis. The final NSFR rule will become effective on July 1, 2021, and the Firm will be required to publicly disclose its quarterly average NSFR semi-annually beginning in 2023.
The Firm estimates that it is compliant with the 100% minimum NSFR which becomes effective July 1, 2021, based on its current understanding of the final rule.
42

Funding
Sources of funds
Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations.
The Firm funds its global balance sheet through diverse sources of funding including stable deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may also access funding through short- or long-term secured borrowings, through the issuance of
unsecured long-term debt, or from borrowings from the Parent Company or the Intermediate Holding Company (“IHC”). The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings, primarily securities loaned or sold under repurchase agreements. Excess funding is invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk characteristics.
Deposits
The table below summarizes, by LOB and Corporate, the period-end deposit balances as of March 31, 2021, and December 31, 2020, and the average deposit balances for the three months ended March 31, 2021 and 2020, respectively.
March 31, 2021December 31, 2020Three months ended March 31,
DepositsAverage
(in millions)20212020
Consumer & Community Banking
$1,037,903 $958,706 $979,686 $739,709 
Corporate & Investment Bank
726,708 702,215 747,087 562,226 
Commercial Banking
295,748 284,263 290,818 188,683 
Asset & Wealth Management
217,460 198,755 206,562 144,570 
Corporate
293 318 479 998 
Total Firm$2,278,112 $2,144,257 $2,224,632 $1,636,186 
Deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer deposits and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are considered to be stable sources of liquidity because they are generated from customers that maintain operating service relationships with the Firm.
The table below shows the loan and deposit balances, the loans-to-deposits ratios, and deposits as a percentage of total liabilities, as of March 31, 2021 and December 31, 2020.
(in billions except ratios)March 31, 2021December 31, 2020
Deposits
$2,278.1 $2,144.3 
Deposits as a % of total liabilities
67 %69 %
Loans
$1,011.3 $1,012.9 
Loans-to-deposits ratio
44 %47 %
The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances, over time. However, during periods of market disruption those trends could be affected.
Average deposits increased for the three months ended March 31, 2021 compared to the three months ended March 31, 2020, reflecting significant inflows across the LOBs primarily driven by the effect of certain government actions in response to the COVID-19 pandemic. In CCB, the increase was also driven by lower spending, as well as growth from existing and new accounts across both consumer and small business customers.
Refer to the discussion of the Firm’s Business Segment Results and the Consolidated Balance Sheets Analysis on pages 18-34 and pages 12-13, respectively, for further information on deposit and liability balance trends.
43

The following table summarizes short-term and long-term funding, excluding deposits, as of March 31, 2021, and December 31, 2020, and average balances for the three months ended March 31, 2021 and 2020, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 12-13 and Note 10 for additional information.
March 31, 2021December 31, 2020Three months ended March 31,
Sources of funds (excluding deposits)Average
(in millions)20212020
Commercial paper
$15,189 $12,031 $12,853 $13,974 
Other borrowed funds
12,416 8,510 11,246 9,093 
Total short-term unsecured funding$27,605 $20,541 $24,099 $23,067 
Securities sold under agreements to repurchase(a)
$293,080 $207,877 $291,405 $234,394 
Securities loaned(a)
8,396 4,886 7,562 7,349 
Other borrowed funds27,373 24,667 
(f)
25,959 
(f)
19,761 
(f)
Obligations of Firm-administered multi-seller conduits(b)
$9,030 $10,523 $10,211 $9,898 
Total short-term secured funding
$337,879 $247,953 $335,137 $271,402 
Senior notes$166,960 $166,089 $167,453 $165,741 
Subordinated debt20,522 21,608 21,251 18,155 
Structured notes(c)
74,389 75,325 75,039 72,848 
Total long-term unsecured funding$261,871 $263,022 $263,743 $256,744 
Credit card securitization(b)
$4,319 $4,943 $4,825 $6,171 
FHLB advances13,121 14,123 13,733 27,128 
Other long-term secured funding(d)
4,435 4,540 4,626 4,408 
Total long-term secured funding$21,875 $23,606 $23,184 $37,707 
Preferred stock(e)
$31,563 $30,063 $30,312 $29,406 
Common stockholders’ equity(e)
$249,151 $249,291 $245,542 $234,530 
(a)Primarily consists of short-term securities loaned or sold under agreements to repurchase.
(b)Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(c)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
(d)Includes long-term structured notes which are secured.
(e)Refer to Capital Risk Management on pages 36-41 and Consolidated statements of changes in stockholders’ equity on page 82 of this Form 10-Q, and Note 21 and Note 22 of JPMorgan Chase’s 2020 Form 10-K for additional information on preferred stock and common stockholders’ equity.
(f)Includes nonrecourse advances provided under the MMLF. Refer to page 106 of JPMorgan Chase’s 2020 Form 10-K for additional information on the MMLF.
Short-term funding
The Firm’s sources of short-term secured funding primarily consist of securities loaned or sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at March 31, 2021, compared with December 31, 2020, reflecting higher secured financing of AFS investment securities in Treasury and CIO, as well as higher trading assets in CIB, and the impact of client activities in CIB.

The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to investment and financing activities of clients, the Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including its secured and unsecured financing (for both the investment securities and market-making portfolios), and other market and portfolio factors.
The Firm’s sources of short-term unsecured funding consist of other borrowed funds and issuance of wholesale commercial paper. The increase in commercial paper at March 31, 2021, from December 31, 2020 was due to higher net issuance primarily for short-term liquidity management.
44

Long-term funding and issuance
Long-term funding provides an additional source of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations, and regulatory requirements, including TLAC. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs. The Firm evaluates various funding markets, tenors and currencies in creating its optimal long-term funding plan.
The significant majority of the Firm’s long-term unsecured funding is issued by the Parent Company to provide flexibility in support of both bank and non-bank subsidiary funding needs. The Parent Company advances substantially all net funding proceeds to its subsidiary, the IHC. The IHC does not issue debt to external counterparties. The following table summarizes long-term unsecured issuance and maturities or redemptions for the three months ended March 31, 2021 and 2020. Refer to Liquidity Risk Management on pages 102–108 and Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information on the IHC and long-term debt.
Long-term unsecured funding
Three months ended March 31,Three months ended March 31,
2021202020212020
(Notional in millions)
Parent Company
Subsidiaries
Issuance
Senior notes issued in the U.S. market$9,250 $5,250 $— $— 
Senior notes issued in non-U.S. markets
2,792 1,355 — — 
Total senior notes12,042 6,605 — — 
Subordinated debt— — — — 
Structured notes(a)
1,496 2,782 10,495 9,252 
Total long-term unsecured funding – issuance
$13,538 $9,387 $10,495 $9,252 
Maturities/redemptions
Senior notes$2,700 $5,466 $66 $4,065 
Subordinated debt— — — — 
Structured notes1,970 1,525 8,514 9,382 
Total long-term unsecured funding – maturities/redemptions
$4,670 $6,991 $8,580 $13,447 
(a)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
Subsequent to March 31, 2021, the Parent Company issued approximately $16 billion of senior notes.
The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the securitization issuance and FHLB advances and their respective maturities or redemptions for the three months ended March 31, 2021 and 2020, respectively.
Long-term secured funding
Three months ended March 31,
IssuanceMaturities/Redemptions
(in millions)2021202020212020
Credit card securitization
$— $1,000 $625 $900 
FHLB advances— 15,000 1,001 7,503 
Other long-term secured funding(a)
138 234 108 205 
Total long-term secured funding
$138 $16,234 $1,734 $8,608 
(a)Includes long-term structured notes which are secured.
The Firm’s wholesale businesses also securitize loans for client-driven transactions; those client-driven loan securitizations are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for further description of the client-driven loan securitizations.
45

Credit ratings
The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to SPEs on page 15, and liquidity risk and credit-related contingent features in Note 4 for additional information on the impact of a credit ratings downgrade on the funding requirements for VIEs, and on derivatives and collateral agreements.

The credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries as of March 31, 2021, except as noted below, were as follows:
JPMorgan Chase & Co.JPMorgan Chase Bank, N.A.J.P. Morgan Securities LLC
J.P. Morgan Securities plc
March 31, 2021Long-term issuerShort-term issuerOutlookLong-term issuerShort-term issuerOutlookLong-term issuerShort-term issuerOutlook
Moody’s Investors ServiceA2P-1StableAa2P-1StableAa3P-1Stable
Standard & Poor’sA-A-2StableA+A-1StableA+A-1Stable
Fitch Ratings (a)
AA-F1+StableAAF1+StableAAF1+Stable
(a) On April 23, 2021, Fitch affirmed the credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries, and revised the outlook from negative to stable.
Refer to page 108 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the factors that could affect credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries.

46

CREDIT AND INVESTMENT RISK MANAGEMENT
Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk,
wholesale credit risk, and investment portfolio risk. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and
Allowance for Credit Losses on pages 48-64 for a further discussion of Credit Risk.
Refer to page 65 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 110–134 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.
CREDIT PORTFOLIO
Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.
In the following tables, reported loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22, and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables, including the Firm’s accounting policies.
Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding the credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 48-52 and Note 11 for further discussions of the consumer credit environment and consumer loans. Refer to Wholesale Credit Portfolio on pages 53-62 and Note 11 for further discussions of the wholesale credit environment and wholesale loans.
Total credit portfolio
Credit exposure
Nonperforming(c)
(in millions)Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020
Loans retained$948,642 $960,506 $8,397 $8,782 
Loans held-for-sale11,898 7,873 165 284 
Loans at fair value50,767 44,474 1,144 1,507 
Total loans–reported1,011,307 1,012,853 9,706 10,573 
Derivative receivables73,119 79,630 284 56 
Receivables from customers(a)
58,180 47,710 — — 
Total credit-related assets1,142,606 1,140,193 9,990 10,629 
Assets acquired in loan satisfactions
Real estate ownedNANA250 256 
OtherNANA17 21 
Total assets acquired in loan satisfactions
NANA267 277 
Lending-related commitments1,211,856 1,165,688 800 577 
Total credit portfolio$2,354,462 $2,305,881 $11,057 $11,483 
Credit derivatives used
in credit portfolio management activities(b)
$(22,649)$(22,239)$— $— 
Liquid securities and other cash collateral held against derivatives(13,958)(14,806)NANA
(in millions,
except ratios)		Three months ended March 31,
20212020
Net charge-offs$1,057 $1,469 
Average retained loans
952,068 948,635 
Net charge-off rates
0.45 %0.62 %
(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 62 and Note 4 for additional information.
(c)At March 31, 2021, and December 31, 2020, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $798 million and $874 million, respectively, and real estate owned (“REO”) insured by U.S. government agencies of $8 million and $9 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
The Firm has provided various forms of assistance to customers and clients impacted by the COVID-19 pandemic, including payment deferrals and covenant modifications. The majority of the Firm’s COVID-19 related loan modifications have not been considered troubled debt restructurings (“TDRs”). Assistance provided in response to the COVID-19 pandemic could delay the recognition of delinquencies, nonaccrual status, and net charge-offs for those customers and clients who would have otherwise moved into past due or nonaccrual status. Refer to Consumer Credit Portfolio on pages 48-52 and Wholesale Credit Portfolio on pages 53-62 for information on loan modifications as of March 31, 2021. Refer to Notes 12 and 13 of JPMorgan Chase's 2020 Form 10-K for further information on the Firm’s accounting policies for loan modifications and the allowance for credit losses.
Paycheck Protection Program
The Firm continues to participate in the PPP, for which the application deadline was extended to May 31, 2021. At March 31, 2021 and December 31, 2020, the Firm had approximately $32 billion and $27 billion of loans under the PPP, respectively, including $23 billion and $19 billion in the consumer portfolio, and $9 billion and $8 billion in the wholesale portfolio. The impact on interest income related to PPP loans was not material for the three months ended March 31, 2021.
When certain criteria are met, PPP loans are subject to forgiveness and the Firm will receive payment of the forgiveness amount from the SBA. The Firm continues to process forgiveness applications and through March 31, 2021, approximately $7 billion of loans were forgiven.
Refer to Credit Portfolio on page 113 of JPMorgan Chase's 2020 Form 10-K for a further discussion on the PPP.
47

CONSUMER CREDIT PORTFOLIO
The Firm’s retained consumer portfolio consists primarily of residential real estate loans, credit card loans, scored auto and business banking loans, as well as associated lending-related commitments. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. In the first quarter of 2021, the macroeconomic environment continued to improve. The credit performance of the consumer portfolio, including net charge-offs, benefited from government stimulus programs, payment deferrals and increasing home prices. The Firm may obtain
credit protection against certain pools of loans in the retained consumer portfolio through the issuance of credit linked notes. Refer to Note 11 of this Form 10-Q; and Consumer Credit Portfolio on pages 114-120 and Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorgan Chase's 2020 Form 10-K for further information on lending-related commitments.
The following table presents consumer credit-related information with respect to the scored credit portfolios held in CCB, AWM, CIB and Corporate.
Consumer credit portfolio
Three months ended March 31,
(in millions, except ratios)Credit exposure
Nonaccrual loans(i)(j)
Net charge-offs/(recoveries)
Net charge-off/(recovery) rate(k)
Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020		2021202020212020
Consumer, excluding credit card
Residential real estate(a)
$219,173 $225,302 $5,247 $5,313 $(51)$(120)(0.09)%(0.20)%
Auto and other(b)(c)(d)
83,219 76,825 135 151 72 114 0.37 
(d)
0.89 
Total loans – retained302,392 302,127 5,382 5,464 21 (6)0.03 (0.01)
Loans held-for-sale1,232 1,305 — — NANANANA
Loans at fair value(e)
21,284 15,147 608 1,003 NANANANA
Total consumer, excluding credit card loans324,908 318,579 5,990 6,467 21 (6)0.03 (0.01)
Lending-related commitments(f)
56,245 57,319 
Total consumer exposure, excluding credit card381,153 375,898 
Credit card
Loans retained(g)
131,772 143,432 NANA983 1,313 2.97 3.25 
Loans held-for-sale721 784 NANANANANANA
Total credit card loans132,493 144,216 NANA983 1,313 2.97 3.25 
Lending-related commitments(f)(h)
674,367 658,506 
Total credit card exposure(h)
806,860 802,722 
Total consumer credit portfolio(h)
$1,188,013 $1,178,620 $5,990 $6,467 $1,004 $1,307 0.93 %1.15 %
(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in Corporate.
(b)At March 31, 2021 and December 31, 2020, excluded operating lease assets of $20.0 billion and $20.6 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.
(c)Includes scored auto and business banking loans and overdrafts.
(d)At March 31, 2021 and December 31, 2020, included $23.4 billion and $19.2 billion of loans, respectively, in Business Banking under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to Credit Portfolio on page 47 for a further discussion of the PPP.
(e)Includes scored mortgage loans held in CCB and CIB.
(f)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. For credit card commitments, and if certain conditions are met, home equity commitments and certain business banking commitments, the Firm can reduce or cancel these lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to Note 22 for further information.
(g)Includes billed interest and fees.
(h)Also includes commercial card lending-related commitments primarily in CB and CIB.
(i)At March 31, 2021 and December 31, 2020, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $798 million and $874 million, respectively. These amounts have been excluded from nonaccrual loans based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status, as permitted by regulatory guidance.
(j)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which are considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.
(k)Average consumer loans held-for-sale and loans at fair value were $21.3 billion and $22.4 billion for the three months ended March 31, 2021 and 2020, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.
48

Consumer assistance
In March 2020, the Firm began providing assistance to customers in response to the COVID-19 pandemic, predominantly in the form of payment deferrals.
As of March 31, 2021, the Firm had $9.3 billion of retained loans under payment deferral programs, which represented a decrease of approximately $1.5 billion from December 31, 2020, $3.0 billion from September 30, 2020 and $19.0 billion from June 30, 2020. During the first quarter of 2021, there were approximately $886 million of new enrollments
in payment deferral programs predominantly in residential real estate and credit card. Predominantly all borrowers that exited payment deferral programs are current. The Firm continues to monitor the credit risk associated with loans subject to payment deferrals throughout the deferral period and on an ongoing basis after the borrowers are required to resume making regularly scheduled payments and considers expected losses of principal and accrued interest on these loans in its allowance for credit losses.
March 31, 2021December 31, 2020September 30, 2020June 30, 2020
(in millions, except ratios)Loan balance
Percent of loan class balance(e)
Percent of accounts who exited payment deferral and are currentLoan balanceLoan balanceLoan balanceType of assistance
Residential real estate(a)(b)
$9,059 4.1 %96 %$10,106 $11,458 $20,548 
Rolling three month payment deferral up to eighteen months; in most cases, deferred payments will be due at the end of the loan term
Auto and other(c)
127 0.2 96 377 457 3,357 
•Auto: Currently offering one month payment deferral (initially offered three month payment deferral). Maturity date is extended by number of months deferred
•Business Banking: Three month deferral with automatic deferment to either maturity (loan) or one year forward (line)
Credit card105 0.1 94 
(f)
264 368 4,384 Currently offering deferral of one month minimum payment (initially offered three month minimum payment deferral). Interest continues to accrue during the deferral period and is added to the principal balance
Total consumer(d)
$9,291 2.1 %94 %$10,747 $12,283 $28,289 
(a)Excludes $11.0 billion, $13.4 billion, $17.1 billion and $34.0 billion of third-party mortgage loans serviced at March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.
(b)The weighted average LTV ratio of residential real estate loans under payment deferral at March 31, 2021 was 52%.
(c)Excludes risk-rated business banking and auto dealer loans held in CCB and auto operating lease assets that were still under payment deferral programs. Auto operating lease asset payment assistance is currently offering one month payment deferral (initially offered three month payment deferral). Deferrals do not extend the term of the lease and all deferred payments are due at the end of the lease term.
(d)Includes $3.6 billion, $3.8 billion, $3.8 billion and $5.7 billion of loans that were accounted for as TDRs prior to payment deferral as of March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.
(e)Represents the unpaid principal balance of retained loans which were still under payment deferral programs, divided by the total unpaid principal balance of the respective loan classes retained loans.
(f)89% of the balance that exited deferral were current at March 31, 2021.
Of the $9.3 billion of loans still under payment deferral programs as of March 31, 2021, approximately $3.9 billion were accounted for as TDRs, either because they were accounted for as TDRs prior to payment deferral, or because they did not qualify for or the Firm did not elect the option to suspend TDR accounting guidance provided by the CARES Act and extended by the Consolidated Appropriations Act.
Predominantly all borrowers, including those with loans accounted for as TDRs, were current upon enrollment in payment deferral programs and are expected to exit payment deferral programs in a current status, either because no payments are contractually due during the deferral period or because payments originally contractually due during the deferral period will be due at maturity upon exit. For those borrowers that are unable to resume making payments in accordance with the original or modified contractual terms of their agreements upon exit from deferral programs, they will be placed on nonaccrual status in line with the Firm’s nonaccrual policy, except for credit cards as permitted by regulatory guidance, and charged off
or down in accordance with the Firm’s charge-off policies. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for additional information on the Firm’s nonaccrual and charge-off policies.
49

Consumer, excluding credit card
Portfolio analysis
Loan balances increased from December 31, 2020 driven by higher loans in auto and other reflecting PPP loan originations, partially offset by lower residential real estate loans.
Residential real estate: The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.
The retained loan portfolio declined from December 31, 2020 due to paydowns predominantly in Home Lending which were largely offset by originations of prime mortgage loans in Home Lending and AWM. Retained nonaccrual loans were relatively flat from December 31, 2020. Net recoveries for the three months ended March 31, 2021 were lower when compared with the same period in the prior year as the prior year benefited from a recovery on a loan sale in Home Lending.
The loans held-for-sale and loans at fair value portfolio increased from December 31, 2020 largely driven by warehouse loans in Home Lending. Nonaccrual loans at fair value decreased from December 31, 2020 largely due to sales in CIB.
The carrying value of home equity lines of credit outstanding was $22.2 billion at March 31, 2021. This amount included $8.6 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified and $7.3 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are exhibiting a material deterioration in their credit risk profile.
At March 31, 2021 and December 31, 2020, the carrying value of interest-only residential mortgage loans were $25.9 billion and $25.6 billion, respectively. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers, predominantly in AWM. Charge-offs for the three months ended March 31, 2021 were consistent with the broader residential mortgage portfolio as the performance of this portfolio is generally in line with the performance of the broader residential mortgage portfolio.
The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, including loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.
(in millions)March 31,
2021		December 31,
2020
Current$775 $669 
30-89 days past due146 235 
90 or more days past due798 874 
Total government guaranteed loans$1,719 $1,778 
Geographic composition and current estimated loan-to-value ratio of residential real estate loans
Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.
Modified residential real estate loans
The following table presents information relating to modified retained residential real estate loans for which concessions have been granted to borrowers experiencing financial difficulty, which include both TDRs and modified PCD loans not accounted for as TDRs. The following table does not include loans with short-term or other insignificant modifications that are not considered concessions and, therefore, are not TDRs, or loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. Refer to Note 11 for further information on modifications for the three months ended and March 31, 2021 and 2020.
(in millions)March 31, 2021December 31, 2020
Retained loans(a)
$14,943 $15,406 
Nonaccrual retained loans(b)
$3,907 $3,899 
(a)At March 31, 2021 and December 31, 2020, $9 million and $7 million, respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i.e., Federal Housing Administration (“FHA”), U.S. Department of Veterans Affairs (“VA”), Rural Housing Service of the U.S. Department of Agriculture (“RHS”)) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure. Refer to Note 13 for additional information about sales of loans in securitization transactions with Ginnie Mae.
(b)At both March 31, 2021 and December 31, 2020, nonaccrual loans included $3.0 billion of TDRs for which the borrowers were less than 90 days past due. Refer to Note 11 for additional information about loans modified in a TDR that are on nonaccrual status.
50

Auto and other: The auto and other loan portfolio, including loans at fair value, predominantly consists of prime-quality scored auto and business banking loans, as well as overdrafts. The portfolio increased when compared with December 31, 2020 due to PPP loan originations net of forgiveness in Business Banking as well as from growth in the auto portfolio from loan originations, largely offset by paydowns and charge-offs or liquidation of delinquent loans. The scored auto portfolio net charge-off rates were 0.13% and 0.41% for the three months ended March 31, 2021 and 2020, respectively. Auto charge-offs for the three months ended March 31, 2021 benefited from government stimulus, payment assistance programs, and high vehicle collateral values.
Nonperforming assets
The following table presents information as of March 31, 2021 and December 31, 2020, about consumer, excluding credit card, nonperforming assets.
Nonperforming assets(a)
(in millions)March 31,
2021		December 31,
2020
Nonaccrual loans
Residential real estate(b)
$5,855 $6,316 
Auto and other135 151 
Total nonaccrual loans5,990 6,467 
Assets acquired in loan satisfactions
Real estate owned118 131 
Other17 21 
Total assets acquired in loan satisfactions
135 152 
Total nonperforming assets$6,125 $6,619 
(a)At March 31, 2021 and December 31, 2020, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $798 million and $874 million, respectively, and REO insured by U.S. government agencies of $8 million and $9 million, respectively. These amounts have been excluded based upon the government guarantee.
(b)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which are considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.
Nonaccrual loans
The following table presents changes in consumer, excluding credit card, nonaccrual loans for the three months ended March 31, 2021 and 2020.
Nonaccrual loan activity(a)
Three months ended March 31,
(in millions)		20212020
Beginning balance$6,467 $3,366 
Additions:
PCD loans, upon adoption of CECLNA708
Other additions673 1,016 
Total additions673 1,724 
Reductions:
Principal payments and other(a)
598 341 
Charge-offs73 97 
Returned to performing status459 150 
Foreclosures and other liquidations20 103 
Total reductions1,150 691 
Net changes(477)1,033 
Ending balance$5,990 $4,399 
(a)Other reductions includes loan sales.
Active and suspended foreclosure: Refer to Note 11 for information on loans that were in the process of active or suspended foreclosure.
Refer to Note 11 for further information about the consumer credit portfolio, including information about delinquencies, loan modifications and other credit quality indicators.
Purchased credit deteriorated (“PCD”) loans
The following tables provide credit-related information for PCD loans, which are reported in the consumer, excluding credit card portfolio’s residential real estate class.
(in millions, except ratios)March 31,
2021		December 31,
2020
Loan delinquency(a)
Current$15,298 $16,036 
30-149 days past due362 432 
150 or more days past due545 573 
Total PCD loans
$16,205 $17,041 
% of 30+ days past due to total retained PCD loans 5.60 %5.90 %
Nonaccrual loans(b)
$1,639 1,609 
Three months ended March 31,
(in millions, except ratios)		20212020
Net charge-offs$13 $6 
Net charge-off rate0.32 %0.12 %
(a)At March 31, 2021, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.
(b)Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which are considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.
51

Credit card
Total credit card loans decreased from December 31, 2020 reflecting the impact of seasonality as well as higher payment rates. The March 31, 2021 30+ and 90+ day delinquency rates of 1.40% and 0.80%, respectively, decreased compared to the December 31, 2020 30+ and 90+ day delinquency rates of 1.68% and 0.92%, respectively. The delinquency rates were positively impacted by borrowers who received payment assistance and government stimulus. Net charge-offs decreased for the three months ended March 31, 2021 compared with the same period in the prior year reflecting lower charge-offs and higher recoveries primarily benefiting from payment assistance and government stimulus.
Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.
Geographic and FICO composition of credit card loans
Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.
Modifications of credit card loans
At March 31, 2021, the Firm had $1.3 billion of credit card loans outstanding that have been modified in TDRs, which does not include loans with short-term or other insignificant modifications that are not considered TDRs, compared to $1.4 billion at December 31, 2020. Refer to Note 11 for additional information about loan modification programs to borrowers.
52

WHOLESALE CREDIT PORTFOLIO
In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure inclusive of collateral where applicable, and of industry, product and client concentrations. Refer to the industry discussion on pages 55-59 for further information.
The Firm’s wholesale credit portfolio includes exposure held in CIB, CB, AWM and Corporate, as well as risk-rated exposures held in CCB including business banking and auto dealer for which the wholesale methodology is applied when determining the allowance for credit losses.
In the first quarter of 2021, the macroeconomic environment continued to improve following the broad-based credit deterioration in 2020 that resulted from the impacts of the COVID-19 pandemic.
As of March 31, 2021, retained loans remained relatively flat while lending related commitments increased $31.4 billion from December 31, 2020 to $481.2 billion, driven by net portfolio activity in CIB and CB, including an increase in held for sale commitments intended to be syndicated.
In the three months ended March 31, 2021, the investment- grade percentage of the credit portfolio decreased from 71% to 69% driven by net portfolio activity, including new commitments. Criticized exposure increased $5.3 billion from $41.6 billion at December 31, 2020 to $46.9 billion at March 31, 2021, driven by select downgrades, partially offset by select upgrades. Nonperforming exposure was relatively flat at $4.9 billion and net charge off activity was $53 million.
Wholesale credit portfolio
Credit exposure
Nonperforming(c)
(in millions)Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020
Loans retained$514,478 $514,947 $3,015 $3,318 
Loans held-for-sale9,945 5,784 165 284 
Loans at fair value29,483 29,327 536 504 
Loans–reported553,906 550,058 3,716 4,106 
Derivative receivables73,119 79,630 284 56 
Receivables from customers(a)
58,180 47,710 — — 
Total wholesale credit-related assets685,205 677,398 4,000 4,162 
Assets acquired in loan satisfactions
Real estate ownedNANA132 125 
OtherNANA— — 
Total assets acquired in loan satisfactions
NANA132 125 
Lending-related commitments481,244 449,863 800 577 
Total wholesale credit portfolio$1,166,449 $1,127,261 $4,932 $4,864 
Credit derivatives used
in credit portfolio management activities(b)
$(22,649)$(22,239)$— $— 
Liquid securities and other cash collateral held against derivatives(13,958)(14,806)NANA
(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 62 and Note 4 for additional information.
(c)Loans that were modified in response to the COVID-19 pandemic continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of March 31, 2021, predominantly all of these loans were considered performing.


53

Wholesale assistance
In March 2020, the Firm began providing assistance to clients in response to the COVID-19 pandemic, predominantly in the form of payment deferrals and covenant modifications.
As of March 31, 2021, the Firm had approximately $1.3 billion of retained loans still under payment deferral, representing 0.25% of the loan portfolio which has decreased approximately $0.3 billion from December 31, 2020, $5.0 billion from September 30, 2020, and $15.5 billion from June 30, 2020. Predominantly all clients that
exited deferral are current or have paid down their loans, and the Firm has not experienced significant new payment deferral requests. The Firm continues to monitor the credit risk associated with loans subject to deferrals throughout the deferral period and on an ongoing basis after the borrowers are required to resume making regularly scheduled payments and considers expected losses of principal and accrued interest on these loans in its allowance for credit losses.

(in millions, except ratios)		March 31, 2021December 31, 2020September 30, 2020June 30, 2020
IndustryLoan balance
Percent of total industry loan balance(b)
IG percentage of loan balance in payment deferralLoan balanceLoan balanceLoan balance
Real Estate$407 0.35 %6 %$550 $4,385 $5,211 
Transportation369 5.94 98 394 346 294 
Industrials18 0.09 — 19 91 335 
Consumer and Retail15 0.04 — 82 413 690 
Individuals and Individual Entities6 0.01 100 402 691 809 
Automotive— — — 22 15 8,827 
Healthcare— — — 7 100 300 
All Other Industries(a)
479 0.26 77 147 233 309 
Total wholesale$1,294 0.25 %59 %$1,623 $6,274 $16,775 
(a)As of March 31, 2021, predominantly SPEs.
(b)Represents the balance of the retained loans which were still under payment deferral, divided by the respective industry total retained loans balance.
In addition, the Firm granted assistance in the form of covenant modifications. These types of assistance, both payment deferrals and covenant modifications, are generally not reported as TDRs, either because the modifications were insignificant or they qualified for the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. Loans under assistance continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of March 31, 2021, predominantly all of these loans were considered performing.
Wholesale credit exposure – maturity and ratings profile
The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of March 31, 2021, and December 31, 2020. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on internal risk ratings.
Maturity profile(d)
Ratings profile
1 year or less 1 year through 5 yearsAfter 5 yearsTotalInvestment-gradeNoninvestment-gradeTotalTotal % of IG
March 31, 2021
(in millions, except ratios)
Loans retained$190,787 $194,130 $129,561 $514,478 $379,827 $134,651 $514,478 74 %
Derivative receivables73,119 73,119 
Less: Liquid securities and other cash collateral held against derivatives(13,958)(13,958)
Total derivative receivables, net of collateral22,062 14,791 22,308 59,161 34,339 24,822 59,161 58 
Lending-related commitments132,273 326,744 22,227 481,244 315,860 165,384 481,244 66 
Subtotal345,122 535,665 174,096 1,054,883 730,026 324,857 1,054,883 69 
Loans held-for-sale and loans at fair value(a)
39,428 39,428 
Receivables from customers 58,180 58,180 
Total exposure – net of liquid securities and other cash collateral held against derivatives$1,152,491 $1,152,491 
Credit derivatives used in credit portfolio management activities(b)(c)
$(10,219)$(7,939)$(4,491)$(22,649)$(18,458)$(4,191)$(22,649)81 %
54

Maturity profile(d)
Ratings profile
1 year or less 1 year through 5 yearsAfter 5 yearsTotalInvestment-gradeNoninvestment-gradeTotalTotal % of IG
December 31, 2020
(in millions, except ratios)
Loans retained $183,969 $197,905 $133,073 $514,947 $379,273 $135,674 $514,947 74 %
Derivative receivables79,630 79,630 
Less: Liquid securities and other cash collateral held against derivatives(14,806)(14,806)
Total derivative receivables, net of collateral18,456 17,599 28,769 64,824 38,941 25,883 64,824 60 
Lending-related commitments116,950 315,179 17,734 449,863 312,694 137,169 449,863 70 
Subtotal319,375 530,683 179,576 1,029,634 730,908 298,726 1,029,634 71 
Loans held-for-sale and loans at fair value(a)
35,111 35,111 
Receivables from customers 47,710 47,710 
Total exposure – net of liquid securities and other cash collateral held against derivatives$1,112,455 $1,112,455 
Credit derivatives used in credit portfolio management activities(b)(c)
$(6,190)$(13,223)$(2,826)$(22,239)$(17,860)$(4,379)$(22,239)80 %
(a)Represents loans held-for-sale, primarily related to syndicated loans and loans transferred from the retained portfolio, and loans at fair value.
(b)These derivatives do not qualify for hedge accounting under U.S. GAAP.
(c)The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties.
(d)The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at March 31, 2021, may become payable prior to maturity based on their cash flow profile or changes in market conditions.
Wholesale credit exposure – industry exposures
The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns.
Exposures deemed criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful categories. Total criticized exposure excluding loans held-for-sale and loans at fair value, was $46.9 billion at March 31, 2021, compared with $41.6 billion at December 31, 2020, representing approximately 4.4% and 4.0% of total wholesale credit exposure, respectively. The increase in total criticized exposure was driven by select downgrades, partially offset by select upgrades . The total criticized exposure was largely undrawn and $42.8 billion was performing.
55

The table below summarizes by industry the Firm’s exposures as of March 31, 2021, and December 31, 2020. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorgan Chase's 2020 Form 10-K for additional information on industry concentrations.
Wholesale credit exposure – industries(a)
Selected metrics
30 days or more past due and accruing
loans(h)
Net
charge-offs/
(recoveries)
Credit derivative hedges(i)
Liquid securities
and other cash collateral held against derivative
receivables
Noninvestment-grade
As of or for the three months ended
Credit exposure(f)(g)
Investment- gradeNoncriticizedCriticized performingCriticized nonperforming
March 31, 2021
(in millions)
Real Estate$145,222 $110,810 $28,135 $5,826 $451 $368 $(6)$(107)$— 
Individuals and Individual Entities(b)
126,502 112,183 13,582 167 570 1,650 11 — (1)
Consumer & Retail110,003 56,974 42,901 9,385 743 197 3 (210)— 
Technology, Media &
  Telecommunications		74,985 36,101 32,526 5,962 396 35 3 (864)(12)
Asset Managers74,071 62,840 11,126 86 19 49 — — (6,057)
Industrials69,813 35,179 30,770 3,658 206 200 — (631)(1)
Healthcare64,001 44,784 17,365 1,740 112 120 (6)(305)(149)
Banks & Finance Cos56,688 37,498 18,242 940 8 140 9 (398)(1,295)
Automotive43,462 25,530 15,228 2,648 56 110 (2)(396)— 
Oil & Gas41,505 17,314 18,929 4,774 488 129 41 (332)(16)
State & Municipal Govt(c)
37,451 36,793 550 100 8 67 — — (25)
Utilities30,284 22,423 6,761 833 267 8 — (396)(8)
Transportation17,601 7,209 5,707 4,438 247 40 (3)(81)(24)
Chemicals & Plastics17,017 10,562 5,604 822 29 11 — (10)— 
Metals & Mining15,932 6,348 8,700 763 121 1 — (108)(18)
Insurance14,592 11,325 3,265 2 — 4 — — (2,415)
Central Govt13,570 13,168 402 — — — — (8,086)(261)
Securities Firms7,250 4,355 2,340 551 4 1 — (48)(1,739)
Financial Markets Infrastructure5,810 5,760 50 — — — — — — 
All other(d)
103,082 85,782 16,832 94 374 162 3 (10,677)(1,937)
Subtotal$1,068,841 $742,938 $279,015 $42,789 $4,099 $3,292 $53 $(22,649)$(13,958)
Loans held-for-sale and loans at fair value39,428 
Receivables from customers 58,180 
Total(e)
$1,166,449 




















56




(continued from previous page)
Selected metrics
30 days or more past due and accruing
loans(h)
Net
charge-offs/
(recoveries)
Credit derivative hedges(i)
Liquid securities
and other cash collateral held against derivative
receivables
Noninvestment-grade
As of or for the year ended
Credit exposure(f)(g)
Investment- gradeNoncriticizedCriticized performingCriticized nonperforming
December 31, 2020
(in millions)
Real Estate$148,498 $116,124 $27,576 $4,294 $504 $374 $94 $(110)$— 
Individuals and Individual Entities(b)
122,870 107,266 14,688 227 689 1,570 (17)— — 
Consumer & Retail108,437 57,580 41,624 8,852 381 203 55 (381)(5)
Technology, Media &
  Telecommunications		72,150 36,435 27,770 7,738 207 10 73 (934)(56)
Asset Managers66,573 57,582 8,885 85 21 19 1 — (4,685)
Industrials66,470 37,512 26,881 1,852 225 278 70 (658)(61)
Healthcare60,118 44,901 13,356 1,684 177 96 104 (378)(191)
Banks & Finance Cos54,032 35,115 17,820 1,045 52 20 13 (555)(1,648)
Automotive43,331 25,548 15,575 2,149 59 152 22 (434)— 
Oil & Gas39,159 18,456 14,969 4,952 782 11 249 (238)(4)
State & Municipal Govt(c)
38,286 37,705 574 2 5 41 — — (41)
Utilities30,124 22,451 7,048 571 54 14 (7)(402)(1)
Transportation16,232 7,549 6,340 2,137 206 30 117 (83)(26)
Chemicals & Plastics17,176 10,622 5,703 822 29 6 — (83)— 
Metals & Mining15,542 5,958 8,699 704 181 8 16 (141)(13)
Insurance13,141 10,177 2,960 3 1 7 — — (1,771)
Central Govt17,025 16,652 373 — — — — (8,364)(982)
Securities Firms8,048 6,116 1,927 1 4 — 18 (49)(3,423)
Financial Markets Infrastructure6,515 6,449 66 — — — — — (10)
All other(d)
100,713 84,650 15,185 504 374 83 (9)(9,429)(1,889)
Subtotal$1,044,440 $744,848 $258,019 $37,622 $3,951 $2,922 $799 $(22,239)$(14,806)
Loans held-for-sale and loans at fair value35,111 

Receivables from customers 47,710 
Total(e)
$1,127,261 
(a)The industry rankings presented in the table as of December 31, 2020, are based on the industry rankings of the corresponding exposures at March 31, 2021, not actual rankings of such exposures at December 31, 2020.
(b)Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts.
(c)In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at March 31, 2021, and December 31, 2020, noted above, the Firm held: $7.0 billion and $7.2 billion, respectively, of trading assets; $19.9 billion and $20.4 billion, respectively, of AFS securities; and $12.7 billion and $12.8 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 9 for further information.
(d)All other includes: SPEs, and Private education and civic organizations, representing approximately 92% and 8%, respectively, at both March 31, 2021, and December 31, 2020.
(e)Excludes cash placed with banks of $700.7 billion and $516.9 billion, at March 31, 2021, and December 31, 2020, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.
(f)Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.
(g)Credit exposure includes held-for-sale and fair value option elected lending-related commitments.
(h)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic.
(i)Represents the net notional amounts of protection purchased and sold through credit derivatives used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.

57

Presented below is additional detail on certain of the Firm’s largest industry exposures and/or certain industries which present potential heightened credit concerns.
Real Estate
Real Estate exposure was $145.2 billion as of March 31, 2021, of which $84.3 billion was multifamily lending as shown in the table below. Criticized exposure increased by $1.5 billion from $4.8 billion to $6.3 billion, driven by select downgrades.
March 31, 2021
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(d)
Multifamily(a)
$84,092 $159 $84,251 85 %92 %
Office16,223 240 16,463 74 71 
Other Income Producing Properties(b)
10,248 316 10,564 70 65 
Retail10,301 133 10,434 59 67 
Industrial9,356 59 9,415 82 67 
Services and Non Income Producing8,963 25 8,988 63 46 
Lodging5,033 74 5,107 11 30 
Total Real Estate Exposure(c)
144,216 1,006 145,222 76 79 
December 31, 2020
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative
Receivables		Credit exposure% Investment-
grade
% Drawn(d)
Multifamily(a)
$85,368 $183 $85,551 85 %92 %
Office16,372 475 16,847 76 70 
Other Income Producing Properties(b)
13,435 421 13,856 76 55 
Retail10,573 199 10,772 60 69 
Industrial9,039 69 9,108 76 73 
Services and Non Income Producing9,242 22 9,264 62 47 
Lodging3,084 16 3,100 24 57 
Total Real Estate Exposure
147,113 1,385 148,498 78 80 
(a)Multifamily exposure is largely in California.
(b)Other Income Producing Properties consists of clients with diversified property types or other property types outside of multifamily, office, retail, industrial and lodging with less material exposures.
(c)Real Estate exposure is approximately 81% secured; unsecured exposure is approximately 78% investment-grade.
(d)Represents drawn exposure as a percentage of credit exposure.

58

Consumer & Retail
Consumer & Retail exposure was $110.0 billion as of March 31, 2021, and predominantly included Retail, Food and Beverage, and Business and Consumer Services as shown in the table below. Criticized exposure increased by $895 million from $9.2 billion to $10.1 billion, driven by downgrades, partially offset by net portfolio activity.
March 31, 2021
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(d)
Retail(a)
$30,935 $998 $31,933 47 %33 %
Food and Beverage28,574 934 29,508 62 34 
Business and Consumer Services26,844 423 27,267 53 37 
Consumer Hard Goods13,587 105 13,692 58 34 
Leisure(b)
7,420 183 7,603 18 43 
Total Consumer & Retail(c)
107,360 2,643 110,003 52 35 
December 31, 2020
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative
Receivables		Credit exposure% Investment-
grade
% Drawn(d)
Retail(a)
$32,486 $887 $33,373 52 %33 %
Food and Beverage28,012 897 28,909 62 33 
Business and Consumer Services24,760 599 25,359 52 41 
Consumer Hard Goods12,937 178 13,115 59 36 
Leisure(b)
7,440 241 7,681 18 43 
Total Consumer & Retail
105,635 2,802 108,437 53 36 
(a)Retail consists of Home Improvement & Specialty Retailers, Restaurants, Supermarkets, Discount & Drug Stores, Specialty Apparel and Department Stores.
(b)Leisure consists of Gaming, Arts & Culture, Travel Services and Sports & Recreation. As of March 31, 2021 approximately 74% of the noninvestment-grade Leisure portfolio is secured.
(c)Approximately 77% of the noninvestment-grade portfolio is secured.
(d)Represents drawn exposure as a percent of credit exposure.
Oil & Gas
Oil & Gas exposure was $41.5 billion as of March 31, 2021, including $20.4 billion of Exploration & Production and Oil field Services as shown in the table below. During the three months ended March 31, 2021, the investment-grade percentage decreased from 47% to 42%, as a result of new non-investment grade commitments. However, criticized exposure decreased by $472 million from $5.7 billion to $5.3 billion, driven by select upgrades and net portfolio activity, largely offset by select downgrades.
March 31, 2021
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(c)
Exploration & Production ("E&P") and Oil field Services$17,692 $2,676 $20,368 30 %34 %
Other Oil & Gas(a)
20,564 573 21,137 53 21 
Total Oil & Gas(b)
38,256 3,249 41,505 42 27 
December 31, 2020
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative
Receivables		Credit exposure% Investment-
grade
% Drawn(c)
Exploration & Production ("E&P") and Oil field Services$18,228 $1,048 $19,276 32 %37 %
Other Oil & Gas(a)
19,288 595 19,883 62 21 
Total Oil & Gas(b)
37,516 1,643 39,159 47 29 
(a)Other Oil & Gas includes Integrated Oil & Gas companies, Midstream/Oil Pipeline companies and refineries.
(b)Secured lending was $16.4 billion and $13.2 billion at March 31, 2021 and December 31, 2020, respectively, approximately half of which is reserve-based lending to the Exploration & Production sub-sector; unsecured exposure is largely investment-grade.
(c)Represents drawn exposure as a percent of credit exposure.

59

Loans
In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information about delinquencies, loan modifications and other credit quality indicators.
The following table presents the change in the nonaccrual loan portfolio for the three months ended March 31, 2021 and 2020. Since March 31, 2020, nonaccrual loan exposure increased $1.5 billion, driven by downgrades across multiple industries on client credit deterioration, with the largest concentration in Real Estate, predominantly within Retail and Lodging. In the three months ended March 31, 2021, nonaccrual loan exposure decreased $390 million, when compared to December 31, 2020 driven by net portfolio activity and select client upgrades in Oil & Gas and Individuals.
Wholesale nonaccrual loan activity
Three months ended March 31,
(in millions)		20212020
Beginning balance(a)
$4,106 $1,271 
Additions
847 1,333 
Reductions:
Paydowns and other819 171 
Gross charge-offs88 181 
Returned to performing status209 24 
Sales121 14 
Total reductions1,237 390 
Net changes(390)943 
Ending balance$3,716 $2,214 
(a)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three months ended March 31, 2021 and 2020. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.
Wholesale net charge-offs/(recoveries)
(in millions, except ratios)Three months ended
March 31,
20212020
Loans – reported
Average loans retained
$515,858 $491,819 
Gross charge-offs
88 181 
Gross recoveries collected
(35)(19)
Net charge-offs/(recoveries)
53 162 
Net charge-off/(recovery) rate
0.04 %0.13 %
60

Lending-related commitments
The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or when the Firm fulfills its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.
Receivables from customers
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (e.g., cash on deposit, liquid and readily marketable debt or equity securities). Because of this collateralization, no allowance for credit losses is generally held against these receivables. To manage its credit risk the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.
Derivative contracts
Derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates, foreign exchange, equities, and commodities. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the Firm is exposed. For OTC derivatives the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant CCP. Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements.
The percentage of the Firm’s over-the-counter derivative transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 88% at both March 31, 2021, and December 31, 2020, respectively. Refer to Note 4 for additional information on the Firm’s use of collateral agreements. Refer to Note 4 for a further discussion of derivative contracts, counterparties and settlement types.
The fair value of derivative receivables reported on the Consolidated balance sheets were $73.1 billion and $79.6 billion at March 31, 2021, and December 31, 2020, respectively, with decreases in CIB resulting from market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm. In addition, the Firm held liquid securities and other cash collateral that the Firm believes is legally enforceable and may be used as security when the fair value of the client’s exposure is in the Firm’s favor. Liquid securities represents high quality liquid assets as defined in the LCR rule. In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule, but that the Firm believes is legally enforceable. The collateral amounts for each counterparty are limited to the net derivative receivables for the counterparty. The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented.
Derivative receivables
(in millions)March 31,
2021		December 31,
2020
Total, net of cash collateral$73,119 $79,630 
Liquid securities and other cash collateral held against derivative receivables(13,958)(14,806)
Total, net of liquid securities and other cash collateral$59,161 $64,824 
Other collateral held against derivative receivables(5,716)(6,022)
Total, net of collateral$53,445 $58,802 


61

Ratings profile of derivative receivables

March 31, 2021December 31, 2020

(in millions, except ratios)
Exposure net of collateral% of exposure net of collateralExposure net of collateral% of exposure net of collateral
Investment-grade$32,774 61 %$37,013 63 %
Noninvestment-grade20,671 39 21,789 37 
Total$53,445 100 %$58,802 100 %
The Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the balances and is not included in the table above, it is available as security against potential exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements.
Credit derivatives
The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with various exposures.
Credit portfolio management activities
Included in the Firm’s end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses (collectively, “credit portfolio management activities"). Information on credit portfolio management activities is provided in the table below.
Credit derivatives used in credit portfolio management activities
Notional amount of protection
purchased and sold(a)
(in millions)March 31,
2021		December 31,
2020
Credit derivatives used to manage:
Loans and lending-related commitments
$2,161 $3,877 
Derivative receivables20,488 18,362 
Credit derivatives used in credit portfolio management activities
$22,649 $22,239 
(a)Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.
Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorgan Chase’s 2020 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.
62

ALLOWANCE FOR CREDIT LOSSES
The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses comprises:
•the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,
•the allowance for lending-related commitments, which is presented on the Consolidated balance sheets in accounts payable and other liabilities, and
•the allowance for credit losses on investment securities, which covers the Firm’s HTM and AFS securities and is recognized within Investment Securities on the Consolidated balance sheets.
Discussion of changes in the allowance
The allowance for credit losses as of March 31, 2021 decreased when compared to December 31, 2020, consisting of:
•a $4.5 billion reduction in consumer, predominantly in the credit card portfolio, reflecting improvements in the Firm's macroeconomic scenarios, and in the residential real estate portfolio primarily due to the continued improvement in the HPI expectations and to a lesser extent portfolio run-off, and
•a $716 million net reduction in wholesale, across the LOBs reflecting improvements in the Firm's macroeconomic scenarios
While the economy is showing signs of improvement, the COVID-19 pandemic has stressed many MEVs used in the Firm's allowance estimate at a speed and to degrees not experienced in recent history, which has created additional challenges in the use of modeled credit loss estimates and increased the reliance on management judgment. These challenges in the use of modeled credit loss estimates remain, albeit to a lesser extent than experienced during 2020. In periods where certain MEVs are outside the range of historical experience on which the Firm’s models have been trained, the Firm makes adjustments to appropriately address these economic circumstances.
Further, despite the improvement in the economy, uncertainties remain, including the health of underlying labor markets, vaccine efficacy against new virus strains, and the potential for changes in consumer behavior that could have longer term impacts on certain sectors. As a result of these uncertainties, the Firm continued to place significant weighting on its adverse scenarios, which incorporate more punitive macroeconomic factors than the central case assumptions outlined below, resulting in weighted average U.S. unemployment rates rising above eight percent in 2021 and remaining at approximately six percent into the second quarter of 2022 with U.S. gross
domestic product ("GDP") returning to pre-pandemic levels in 1Q22.
The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:
Assumptions at March 31, 2021
2Q214Q212Q22
U.S. unemployment rate(a)
5.7 %4.8 %4.3 %
Cumulative change in U.S. real GDP from 12/31/20190.2 %2.7 %4.3 %
Assumptions at December 31, 2020
2Q214Q212Q22
U.S. unemployment rate(a)
6.8 %5.7 %5.1 %
Cumulative change in U.S. real GDP from 12/31/2019(1.9)%0.6 %2.0 %
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorgan Chase's 2020 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowances for credit losses on loans, lending-related commitments, and investment securities.
Refer to Critical Accounting Estimates Used by the Firm on pages 74-76 for further information on the allowance for credit losses and related management judgments.
Refer to Consumer Credit Portfolio on pages 48-52, Wholesale Credit Portfolio on pages 53-62 and Note 11 for additional information on the consumer and wholesale credit portfolios.


63

Allowance for credit losses and related information
2021(c)
2020(c)
Three months ended March 31,Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding
credit card		Credit cardWholesaleTotal
(in millions, except ratios)
Allowance for loan losses
Beginning balance at January 1,$3,636 $17,800 $6,892 $28,328 $2,538 $5,683 $4,902 $13,123 
Cumulative effect of a change in accounting principleNANANANA297 5,517 (1,642)4,172 
Gross charge-offs166 1,214 88 1,468 233 1,488 181 1,902 
Gross recoveries collected(145)(231)(35)(411)(239)(175)(19)(433)
Net charge-offs/(recoveries)21 983 53 1,057 (6)1,313 162 1,469 
Provision for loan losses(932)(2,517)(830)(4,279)613 5,063 1,742 7,418 
Other(1)— 10 9 — — — — 
Ending balance at March 31,$2,682 $14,300 $6,019 $23,001 $3,454 $14,950 $4,840 $23,244 
Allowance for lending-related commitments
Beginning balance at January 1,$187 $— $2,222 $2,409 $12 $— $1,179 $1,191 
Cumulative effect of a change in accounting principleNANANANA133 — (35)98 
Provision for lending-related commitments(52)— 159 107 6 — 852 858 
Other— — — — — — — — 
Ending balance at March 31,$135 $— $2,381 $2,516 $151 $— $1,996 $2,147 
Impairment methodology
Asset-specific(a)
$(348)$522 $529 $703 $223 $530 $556 $1,309 
Portfolio-based3,030 13,778 5,490 22,298 3,231 14,420 4,284 21,935 
Total allowance for loan losses$2,682 $14,300 $6,019 $23,001 $3,454 $14,950 $4,840 $23,244 
Impairment methodology
Asset-specific$— $— $144 $144 $— $— $187 $187 
Portfolio-based135 — 2,237 2,372 151 — 1,809 1,960 
Total allowance for lending-related commitments
$135 $— $2,381 $2,516 $151 $— $1,996 $2,147 
Total allowance for credit losses$2,817 $14,300 $8,400 $25,517 $3,605 $14,950 $6,836 $25,391 
Memo:
Retained loans, end of period
$302,392 $131,772 $514,478 $948,642 $293,779 $154,021 $555,289 $1,003,089 
Retained loans, average
302,055 134,155 515,858 952,068 294,156 162,660 491,819 948,635 
Credit ratios
Allowance for loan losses to retained loans
0.89 %10.85 %1.17 %2.42 %1.18 %9.71 %0.87 %2.32 %
Allowance for loan losses to retained nonaccrual loans(b)
50 NM200 274 89 NM247 398 
Allowance for loan losses to retained nonaccrual loans excluding credit card
50 NM200 104 89 NM247 142 
Net charge-off/(recovery) rates0.03 2.97 0.04 0.45 (0.01)3.25 0.13 0.62 
(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans, and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific credit card allowance for loan losses modified or reasonably expected to be modified in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.
(b)The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(c)Excludes the allowance for credit losses on HTM securities. The allowance for credit losses on HTM securities was $94 million and $19 million as of March 31, 2021 and 2020, respectively.

64

INVESTMENT PORTFOLIO RISK MANAGEMENT
Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet or asset-liability management objectives. Principal investments are predominantly privately-held non-traded financial instruments and are managed in the LOBs and Corporate. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.
Investment securities risk
Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that the investment securities portfolio held by Treasury and CIO is predominantly invested in high-quality securities. At March 31, 2021, the Treasury and CIO investment securities portfolio, net of allowance for credit losses, was $595.4 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available and where not available, based primarily upon internal risk ratings). Refer to Corporate segment results on pages 33-34 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Market Risk Management on pages 66-70 for further information on the market risk inherent in the portfolio. Refer to Liquidity Risk Management on pages 42-46 for further information on related liquidity risk.
Principal investment risk
Principal investments are typically privately held non-traded financial instruments representing ownership or other forms of junior capital and span multiple asset classes. These investments are made by dedicated investing businesses or as part of a broader business strategy. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies. The Firm’s investments will continue to evolve in line with its strategies, including the Firm’s commitment to support underserved communities and minority-owned businesses. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The aggregate carrying values of the principal investment portfolios have not been significantly affected as a result of the COVID-19 pandemic. However, uncertainties remain that could result in future negative impacts.
The table below presents the aggregate carrying values of the principal investment portfolios as March 31, 2021 and December 31, 2020.
(in billions)March 31, 2021December 31, 2020
Tax-oriented investments (e.g., affordable housing and alternative energy investments)(a)
$19.5 $20.0 
Private equity, various debt and equity instruments, and real assets5.8 6.2 
Total carrying value$25.3 $26.2 
(a)Prior-period amount has been revised to conform with the current presentation. Refer to Note 1 for further information.
Refer to page 134 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.
65

MARKET RISK MANAGEMENT
Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. Refer to Market Risk Management on pages 135–142 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.
Market Risk Management continues to actively monitor the impact of the COVID-19 pandemic on market risk exposures by leveraging existing risk measures and controls.
Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur, such as those observed at the onset of the COVID-19 pandemic. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 73.
Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.

Value-at-risk
JPMorgan Chase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.
The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the LOBs and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.
The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 151 of JPMorgan Chase’s 2020 Form 10-K for information regarding model reviews and approvals.
Refer to page 137 of JPMorgan Chase’s 2020 Form 10-K for further information regarding VaR, including the inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorgan Chase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 140-142 of JPMorgan Chase’s 2020 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.

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The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change.
Total VaR
Three months ended
March 31, 2021December 31, 2020March 31, 2020
(in millions) Avg.MinMax Avg.MinMax Avg.MinMax
CIB trading VaR by risk type
Fixed income$125 $34 $153 $106 $87 $138 $60 $30 $156 
Foreign exchange11 5 27 12 7 18 7 4 11 
Equities22 19 38 23 21 30 20 13 41 
Commodities and other
33 22 43 36 24 44 10 7 24 
Diversification benefit to CIB trading VaR
(90)
(a)
 NM
(c)
 NM
(c)
(85)
(a)
NM
(c)
NM
(c)
(40)
(a)
NM
(c)
NM
(c)
CIB trading VaR101 40 

134 

92 72 117 57 27 160 
Credit portfolio VaR8 5 12 12 6 21 9 3 25 
Diversification benefit to CIB VaR
(10)
(a)
 NM
(c)
 NM
(c)
(13)
(a)
NM
(c)
NM
(c)
(8)
(a)
NM
(c)
NM
(c)
CIB VaR
99 39 

133 

91 69 117 58 27 162 
CCB VaR
6 4 11 6 3 10 7 3 11 
Corporate and other LOB VaR
45 
(b)
20 

94 
(b)
35 
(b)
17 82 
(b)
11 9 14 
Diversification benefit to other VaR
(6)
(a)
 NM
(c)
 NM
(c)
(6)
(a)
NM
(c)
NM
(c)
(5)
(a)
NM
(c)
NM
(c)
Other VaR45 21 

94 

35 17 82 13 10 16 
Diversification benefit to CIB and other VaR
(38)
(a)
 NM
(c)
 NM
(c)
(30)
(a)
NM
(c)
NM
(c)
(12)
(a)
NM
(c)
NM
(c)
Total VaR$106 $40 

$153 

$96 $67 $129 $59 $27 $164 
(a)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across LOBs, Corporate, and risk types.
(b)Average and maximum Corporate and other LOB VaR were driven by a private equity position that became publicly traded at the end of the third quarter of 2020. As of March 31, 2021 the Firm no longer holds this position.
(c)The maximum and minimum VaR for each portfolio may have occurred on different trading days than the components and consequently diversification benefit is not meaningful.

Quarter over quarter results
Average total VaR increased by $10 million for the three months ended March 31, 2021 when compared with the prior quarter driven by increases in exposure in fixed income, partially offset by volatility which occurred in late March of 2020 at the onset of the COVID-19 pandemic rolling out of the one-year historical look-back period.
Year over year results
Average total VaR increased by $47 million for the three months ended March 31, 2021, compared with the same period in the prior year. This increase was driven by volatility which occurred at the onset of the COVID-19 pandemic and predominantly impacted exposure in fixed income, as well as increases from Corporate VaR due to the inclusion of a private equity position that became publicly traded at the end of the third quarter of 2020. These increases were partially offset by risk reductions in equities.

Effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of this refinement, the average Total VaR and each of the components would have been higher by the amounts reported in the following table:
(in millions)Amount by which reported average VaR would have been higher for the three months ended March 31, 2021
CIB fixed income VaR$21 
CIB trading VaR19 
CIB VaR20 
Total VaR18 
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The following graph presents daily Risk Management VaR for the five trailing quarters. As noted previously, average total VaR increased by $47 million for the three months ended March 31, 2021, compared with the same period in the prior year. However, as of March 31, 2021 daily Risk Management VaR has declined from March 31, 2020 as the volatility which occurred in late March of 2020 at the onset of the COVID-19 pandemic has begun to roll out of the one-year historical look-back period.
Daily Risk Management VaR
jpm-20210331_g2.jpg
First Quarter
2020		Second Quarter
2020		Third Quarter
2020		Fourth Quarter
2020		First Quarter
2021
VaR backtesting
The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude select components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, certain valuation adjustments and net interest income. These excluded components of total net revenue may more than offset backtesting gains and losses on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.
For the 12 months ended March 31, 2021, the Firm posted backtesting gains on 165 of the 259 days, and observed two VaR backtesting exceptions. For the three months ended March 31, 2021, the Firm posted backtesting gains on 47 of the 63 days, and did not observe any VaR backtesting exceptions.
The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended March 31, 2021. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.
Distribution of Daily Backtesting Gains and Losses
jpm-20210331_g3.jpg

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Earnings-at-risk
The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits and issuing debt as well as from the investment securities portfolio. Refer to the table on page 136 of JPMorgan Chase’s 2020 Form 10-K for a summary by LOB and Corporate, identifying positions included in earnings-at-risk.
One way the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained loans, deposits, deposits with banks, investment securities, long-term debt and any related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 136 of JPMorgan Chase’s 2020 Form 10-K.
Earnings-at-risk scenarios estimate the potential change to a net interest income baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant. These scenarios consider many different factors, including:
•The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.
•Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but do not include assumptions about actions that could be taken by the Firm or its clients and customers in response to any such instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience.
•The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates over the cycle. The deposit rates paid in these scenarios may differ from actual deposit rates paid, due to repricing lags and other factors.
The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors. While a relevant measure of the Firm’s interest rate exposure, the earnings at risk analysis does not represent a forecast of the Firm’s net interest income (Refer to Outlook on page 7 for additional information).
The Firm’s U.S. dollar sensitivities are presented in the table below.
(in billions)March 31, 2021December 31, 2020
Parallel shift:
+100 bps shift in rates$6.0 $6.9 
Steeper yield curve:
+100 bps shift in long-term rates1.6 2.4 
Flatter yield curve:
+100 bps shift in short-term rates4.4 4.5 
The change in the Firm’s U.S. dollar sensitivities as of March 31, 2021 compared to December 31, 2020 reflected updates to the Firm’s baseline for higher long-term rates as well as the impact of changes in the Firm’s balance sheet.
The Firm’s sensitivity to rates is primarily a result of assets repricing at a faster pace than deposits.
Based upon current and implied market rates as of March 31, 2021, scenarios reflecting lower rates could result in negative interest rates. The U.S. has never experienced an interest rate environment where the Federal Reserve has a negative interest rate policy. While the impact of negative interest rates on the Firm's earnings-at-risk would vary by scenario, a parallel shift downward of up to 100bps would negatively impact net interest income. In a negative interest rate environment, the modeling assumptions used for certain assets and liabilities require additional management judgment and therefore, the actual outcomes may differ from these assumptions.
The Firm’s non-U.S. dollar sensitivities are presented in the table below.
(in billions)March 31, 2021December 31, 2020
Parallel shift:
+100 bps shift in rates$0.9 $0.9 
Flatter yield curve:
+100 bps shift in short-term rates0.9 0.8 
The results of the non-U.S. dollar interest rate scenario involving a steeper yield curve with long-term rates rising by 100 basis points and short-term rates staying at current levels were not material to the Firm’s earnings-at-risk at March 31, 2021 and December 31, 2020.
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Other sensitivity-based measures
The Firm quantifies the market risk of certain debt and equity and funding activities by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 136 of JPMorgan Chase’s 2020 Form 10-K for additional information on the positions captured in other sensitivity-based measures.
The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at March 31, 2021 and December 31, 2020, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.
Gain/(loss) (in millions)
March 31, 2021December 31, 2020
ActivityDescriptionSensitivity measure
Debt and equity(a)
Asset Management activities
Consists of seed capital and related hedges; fund co-investments(b); and certain deferred compensation and related hedges(c)
10% decline in market value$(51)$(48)
Other debt and equity
Consists of certain asset-backed fair value option elected loans, privately held equity and other investments held at fair value(b)
10% decline in market value(885)(919)
Funding activities
Non-USD LTD cross-currency basis
Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(d)
1 basis point parallel tightening of cross currency basis(17)(16)
Non-USD LTD hedges foreign currency (“FX”) exposure
Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(d)
10% depreciation of currency17 13 
Derivatives – funding spread risk
Impact of changes in the spread related to derivatives FVA(b)
1 basis point parallel increase in spread(3)(4)
Fair value option elected liabilities – funding spread risk
Impact of changes in the spread related to fair value option elected liabilities DVA(d)
1 basis point parallel increase in spread39 33 
Fair value option elected liabilities – interest rate sensitivity
Interest rate sensitivity on fair value option liabilities resulting from a change in the Firm’s own credit spread(d)
1 basis point parallel increase in spread(1)(3)
Interest rate sensitivity related to risk management of changes in the Firm’s own credit spread on fair value option liabilities(b)

1 basis point parallel increase in spread1 3 
(a)Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.
(b)Impact recognized through net revenue.
(c)Impact recognized through noninterest expense.
(d)Impact recognized through OCI.
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COUNTRY RISK MANAGEMENT
The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.
Given the remaining uncertainty around the COVID-19 pandemic, Country Risk Management continues to monitor the impact to individual countries.
Refer to pages 143-144 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s country risk management.
Risk Reporting
The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of March 31, 2021 and their comparative exposures as of December 31, 2020. The selection of countries represents the Firm’s largest total exposures by individual country, based on the Firm’s internal country risk management approach, and does not represent the Firm’s view of any existing or potentially adverse credit conditions. Country exposures may fluctuate from period to period due to client activity and market flows.
The increase in exposure to Australia was predominantly due to increased cash placements with the central bank of Australia, driven by client activity following recent policy decisions in the country and growth in client deposits.


















Top 20 country exposures (excluding the U.S.)(a)

(in billions)		March 31, 2021
December 31, 2020(e)
Lending and deposits(b)
Trading and investing(c)
Other(d)
Total exposureTotal exposure
Germany$110.1 $5.0 $0.5 $115.6 $127.2 
United Kingdom52.8 13.1 2.3 68.2 68.4 
Japan38.4 14.0 0.3 52.7 45.6 
Australia24.5 6.7 — 31.2 15.9 
France13.4 3.8 2.7 19.9 18.8 
China10.0 6.5 1.6 18.1 21.2 
Switzerland10.2 0.5 4.5 15.2 18.7 
Brazil5.8 8.1 — 13.9 10.8 
Canada12.4 0.5 0.2 13.1 14.5 
Luxembourg11.0 1.1 — 12.1 12.4 
India4.8 4.0 0.9 9.7 10.5 
South Korea4.4 4.7 0.4 9.5 10.1 
Netherlands7.4 0.1 2.0 9.5 7.7 
Singapore4.9 2.7 0.8 8.4 8.7 
Italy4.1 3.2 0.2 7.5 9.7 
Hong Kong SAR4.6 1.8 0.2 6.6 6.2 
Saudi Arabia5.7 0.8 — 6.5 5.8 
Spain3.9 2.1 — 6.0 5.8 
Belgium2.8 1.6 0.1 4.5 4.0 
Mexico4.0 0.1 — 4.1 4.9 
(a)Country exposures presented in the table reflect 89% and 90% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country, at March 31, 2021, and December 31, 2020, respectively.
(b)Lending and deposits includes loans and accrued interest receivable, lending related commitments (net of eligible collateral and the allowance for credit losses), deposits with banks (including central banks), acceptances, other monetary assets, and issued letters of credit net of participations. Excludes intra-day and operating exposures, such as those from settlement and clearing activities.
(c)Includes market-making inventory, Investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral and hedging. Includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.
(d)Predominantly includes physical commodity inventory.
(e)The country rankings presented in the table as of December 31, 2020, are based on the country rankings of the corresponding exposures at March 31, 2021, not actual rankings of such exposures at December 31, 2020.
71

OPERATIONAL RISK MANAGEMENT
Operational risk is the risk of an adverse outcome resulting from inadequate or failed internal processes or systems; human factors; or external events impacting the Firm’s processes or systems; Operational Risk includes compliance, conduct, legal, and estimations and model risk. Operational risk is inherent in the Firm’s activities and can manifest itself in various ways, including fraudulent acts, business interruptions, cyber attacks, inappropriate employee behavior, failure to comply with applicable laws and regulations or failure of vendors to perform in accordance with their agreements. Operational Risk Management attempts to manage operational risk at appropriate levels in light of the Firm’s financial position, the characteristics of its businesses, and the markets and regulatory environments in which it operates. Refer to Operational Risk Management on pages 145-147 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s Operational Risk Management.
Subcategories and examples of operational risks
Operational risk can manifest itself in various ways. Operational risk subcategories such as Compliance risk, Conduct risk, Legal risk, and Estimations and Model risk as well as other operational risks, can lead to losses which are captured through the Firm’s operational risk measurement processes. Refer to Compliance Risk Management on page 148, Conduct Risk Management on page 149, Legal Risk Management on page 150 and Estimations and Model Risk Management on page 151 of JPMorgan Chase’s 2020 Form 10-K for more information. Details on other select examples of operational risks are provided below.
Business and technology resiliency risk
Business disruptions can occur due to forces beyond the Firm’s control such as the spread of infectious diseases or pandemics, severe weather, power or telecommunications loss, accidents, failure of a third party to provide expected services, cyberattack, flooding, transit strikes, terrorism, health emergencies. The safety of the Firm’s employees and customers is of the highest priority. The Firmwide resiliency program is intended to enable the Firm to recover its critical business functions and supporting assets (i.e., staff, technology and facilities) in the event of a business interruption. The program includes governance, awareness training, and testing of recovery strategies, as well as strategic and tactical initiatives to identify, assess, and manage business interruption and public safety risks. The strength and proficiency of the Firmwide resiliency program has played an integral role in maintaining the Firm’s business operations during and after various events.
Cybersecurity Risk
Due to the on-going impact of COVID-19, the Firm continues to leverage use of remote access and also video conferencing solutions provided by third parties to facilitate remote work. As a result, the Firm deployed additional precautionary measures to mitigate cybersecurity risks.
Payment Fraud Risk
The risk of payment fraud remains at a heightened level across the industry, particularly during the COVID-19 pandemic due to the use of contingent forms of payment authentication methods and the perpetuation of scams involving the pandemic, including an increase in the level of fraud attempts against consumers. The complexities of these incidents and the strategies used by perpetrators continue to evolve. The Firm employs various controls for managing payment fraud risk as well as providing employee and client education and awareness trainings.
72

ESTIMATIONS AND MODEL RISK MANAGEMENT
Estimations and Model risk, a subcategory of operational risk, is the potential for adverse consequences from decisions based on incorrect or misused estimation outputs.
The Firm uses models and other analytical and judgment- based estimations across various businesses and functions. The estimation methods are of varying levels of sophistication and are used for many purposes, such as the valuation of positions and measurement of risk, assessing regulatory capital requirements, conducting stress testing, and making business decisions.
While models are inherently imprecise, the degree of imprecision or uncertainty can be heightened by the market or economic environment. This is particularly true when the current and forecasted environment is significantly different from the historical macroeconomic environments upon which the models were trained, as the Firm has experienced during the COVID-19 pandemic. This uncertainty may necessitate a greater degree of judgment and analytics to inform adjustments to model outputs than in typical periods.
Refer to Critical Accounting Estimates Used by the Firm on pages 74-76 and Note 2 of this Form 10-Q, and Estimations and Model Risk Management section on page 151 of JPMorgan Chase’s 2020 Form 10-K for a summary of model-based valuations and other valuation techniques.

73

CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM
JPMorgan Chase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.
Allowance for credit losses
The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses comprises:
•The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),
•The allowance for lending-related commitments, and
•The allowance for credit losses on investment securities, which covers the Firm’s HTM and AFS securities.
The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Note 10 and Note 13 of JPMorgan Chase's 2020 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses; and refer to Allowance for credit losses on pages 63–64 and Note 12 of this Form 10-Q for further information.
One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-quarter forecast incorporates hundreds of macroeconomic variables (“MEVs”) that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest
effect on the modeled losses of each portfolio vary by portfolio and geography.
•Key MEVs for the consumer portfolio include U.S. unemployment, HPI and U.S. real GDP.
•Key MEVs for the wholesale portfolio include U.S. real GDP, U.S. unemployment, U.S. equity prices, corporate credit spreads, oil prices, commercial real estate prices and HPI.
Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.
The COVID-19 pandemic resulted in a weak labor market and weak overall economic conditions that affected borrowers across the Firm’s consumer and wholesale lending portfolios. While the economy is showing signs of improvement, uncertainties remain, including the health of underlying labor markets, vaccine efficacy against new virus strains, and the potential for changes in consumer behavior that could have longer term impacts on certain sectors. Further, significant judgment is still required to estimate the speed and trajectory of the economic recovery.
It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.
To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.
For example, compared to the Firm’s central scenario described on page 63 and in Note 12, the Firm’s relative adverse scenario assumes a significantly elevated U.S. unemployment rate through 2021, averaging 2.4% higher over the eight-quarter forecast, with a peak difference of approximately 4.4% in the third quarter of 2021; lower U.S. real GDP with a slower recovery, remaining 2.6% lower at the end of the eight-quarter forecast, with a peak difference of nearly 6.6% in the third quarter of 2021; and lower national HPI with a peak difference of 17.4% and a trough in the second quarter of 2022.
74

This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:
•the Firm has placed significant weight on its adverse scenarios in estimating its allowance for credit losses as of March 31, 2021, and accordingly, the existing allowance already reflects credit losses beyond those estimated under the central scenario
•the impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables
•the COVID-19 pandemic has stressed many MEVs used in the Firm's allowance estimate at a speed and to degrees not seen in recent history, which continues to add higher degrees of uncertainty around modeled credit loss estimations
•significant changes in the expected severity and duration of the economic downturn caused by the COVID-19 pandemic, effects of government support and customer assistance, and speed and trajectory of the subsequent recovery could significantly affect the Firm’s estimate of expected credit losses irrespective of the estimated sensitivities described below.
To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of March 31, 2021, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering the additional weight the Firm has placed on its adverse scenarios or any other offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses for these lending exposures, the comparison between these two scenarios reflects the following differences:
•An increase of approximately $700 million for residential real estate loans and lending-related commitments
•An increase of approximately $3.6 billion for credit card loans
•An increase of approximately $2.1 billion for wholesale loans and lending-related commitments
This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.
Recognizing that forecasts of macroeconomic conditions are inherently uncertain, particularly in light of the recent economic conditions, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its
estimates of expected credit losses were reasonable and appropriate for the period ended March 31, 2021.
Fair value
JPMorgan Chase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including, derivatives, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.
Assets measured at fair value
The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the valuation hierarchy. Refer to Note 2 for further information.
March 31, 2021
(in billions, except ratios)
Total assets at fair valueTotal level 3 assets
Federal funds sold and securities purchased under resale agreements$267.6 $— 
Securities borrowed66.3 — 
Trading assets:
Trading–debt and equity instruments$470.9 $2.7 
Derivative receivables(a)
73.1 7.9 
Total trading assets544.0 10.6 
AFS securities379.9 — 
Loans50.8 1.8 
MSRs4.5 4.5 
Other383.7 0.5 
Total assets measured at fair value on a recurring basis
1,362.9 17.4 
Total assets measured at fair value on a nonrecurring basis
2.5 0.7 
Total assets measured at fair value
$1,365.4 $18.1 
Total Firm assets$3,689.3 
Level 3 assets at fair value as a percentage of total Firm assets(a)
0.5 %
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a)
1.3 %
(a)For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $7.9 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

75

Valuation
Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the valuation hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.
In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess all relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speed, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.
For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.
Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.
The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.

Goodwill impairment
Management applies significant judgment when testing goodwill for impairment. The goodwill associated with each business combination is allocated to the related reporting units for goodwill impairment testing. Refer to Goodwill impairment on page 154 of JPMorgan Chase’s 2020 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.
Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of March 31, 2021.
Credit card rewards liability
The credit card rewards liability was $8.0 billion and $7.7 billion at March 31, 2021 and December 31, 2020, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to page 154 of JPMorgan Chase’s 2020 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.
Income taxes
Refer to Income taxes on page 154-155 of JPMorgan Chase’s 2020 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.
Litigation reserves
Refer to Note 24 of this Form 10-Q, and Note 30 of JPMorgan Chase’s 2020 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.
76

ACCOUNTING AND REPORTING DEVELOPMENTS
Financial Accounting Standards Board (“FASB”) Standards Adopted since January 1, 2021
Standard
Summary of guidance
Effects on financial statements
Reference Rate
Reform

Issued March
2020 and updated January 2021
•Provides optional expedients and exceptions to current accounting guidance when financial instruments, hedge accounting relationships, and other transactions are amended due to reference rate reform.
•Provides an election to account for certain contract amendments related to reference rate reform as modifications rather than extinguishments without the requirement to assess the significance of the amendments.
•Allows for changes in critical terms of a hedge accounting relationship without automatic termination of that relationship. Provides various practical expedients and elections designed to allow hedge accounting to continue uninterrupted during the transition period.
•Provides a one-time election to transfer securities out of the held-to-maturity classification if certain criteria are met.
•The January 2021 update provides an election to account for derivatives modified to change the rate used for discounting, margining, or contract price alignment (collectively “discounting transition”) as modifications.
•Issued and effective March 12, 2020. The January 7, 2021 update was effective when issued.
•The Firm elected to apply certain of the practical expedients related to contract modifications and hedge accounting relationships, and discounting transition beginning in the third quarter of 2020. The discounting transition election was applied retrospectively. The main purpose of the practical expedients is to ease the administrative burden of accounting for contracts impacted by reference rate reform. These elections did not have a material impact on the Consolidated Financial Statements.

77

FORWARD-LOOKING STATEMENTS
From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorgan Chase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorgan Chase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.
All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorgan Chase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:
•Economic, financial, reputational and other impacts of the COVID-19 pandemic;
•Local, regional and global business, economic and political conditions and geopolitical events;
•Changes in laws and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;
•Heightened regulatory and governmental oversight and scrutiny of JPMorgan Chase’s business practices, including dealings with retail customers;
•Changes in trade, monetary and fiscal policies and laws;
•Changes in income tax laws and regulations;
•Securities and capital markets behavior, including changes in market liquidity and volatility;
•Changes in investor sentiment or consumer spending or savings behavior;
•Ability of the Firm to manage effectively its capital and liquidity;
•Changes in credit ratings assigned to the Firm or its subsidiaries;
•Damage to the Firm’s reputation;
•Ability of the Firm to appropriately address social, environmental and sustainability concerns that may arise, including from its business activities;
•Ability of the Firm to deal effectively with an economic slowdown or other economic or market disruption, including, but not limited to, in the interest rate environment;
•Technology changes instituted by the Firm, its counterparties or competitors;
•The effectiveness of the Firm’s control agenda;
•Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;
•Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;
•Ability of the Firm to attract and retain qualified and diverse employees;
•Ability of the Firm to control expenses;
•Competitive pressures;
•Changes in the credit quality of the Firm’s clients, customers and counterparties;
•Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
•Adverse judicial or regulatory proceedings;
•Changes in applicable accounting policies, including the introduction of new accounting standards;
•Ability of the Firm to determine accurate values of certain assets and liabilities;
•Occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, pandemics or outbreaks of hostilities, or the effects of climate change, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;
•Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;
•Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;
•Ability of the Firm to effectively defend itself against cyber attacks and other attempts by unauthorized parties to access information of the Firm or its customers or to disrupt the Firm’s systems; and
•The other risks and uncertainties detailed in Part II,
Item 1A: Risk Factors in this form 10-Q and Part I, Item 1A: Risk Factors in JPMorgan Chase’s 2020 Form 10-K.
Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorgan Chase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
78


JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
Three months ended March 31,
(in millions, except per share data)20212020
Revenue
Investment banking fees$2,970 $1,866 
Principal transactions6,500 2,937 
Lending- and deposit-related fees1,687 1,706 
Asset management, administration and commissions5,029 4,540 
Investment securities gains14 233 
Mortgage fees and related income704 320 
Card income1,350 995 
Other income(a)
1,123 1,250 
Noninterest revenue19,377 13,847 
Interest income14,271 19,161 
Interest expense1,382 4,722 
Net interest income12,889 14,439 
Total net revenue32,266 28,286 
Provision for credit losses(4,156)8,285 
Noninterest expense
Compensation expense10,601 8,895 
Occupancy expense1,115 1,066 
Technology, communications and equipment expense2,519 2,578 
Professional and outside services2,203 2,028 
Marketing751 800 
Other expense1,536 1,424 
Total noninterest expense18,725 16,791 
Income before income tax expense17,697 3,210 
Income tax expense(a)
3,397 345 
Net income$14,300 $2,865 
Net income applicable to common stockholders$13,851 $2,431 
Net income per common share data
Basic earnings per share$4.51 $0.79 
Diluted earnings per share4.50 0.78 
Weighted-average basic shares3,073.5 3,095.8 
Weighted-average diluted shares3,078.9 3,100.7 
(a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.






79

JPMorgan Chase & Co.
Consolidated statements of comprehensive income (unaudited)
Three months ended
March 31,
(in millions)20212020
Net income$14,300 $2,865 
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities(4,339)1,119 
Translation adjustments, net of hedges(250)(330)
Fair value hedges(28)88 
Cash flow hedges(2,249)2,465 
Defined benefit pension and OPEB plans68 33 
DVA on fair value option elected liabilities(147)2,474 
Total other comprehensive income/(loss), after–tax(6,945)5,849 
Comprehensive income$7,355 $8,714 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

80

JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
(in millions, except share data)March 31, 2021December 31, 2020
Assets
Cash and due from banks$25,397 $24,874 
Deposits with banks685,675 502,735 
Federal funds sold and securities purchased under resale agreements (included $267,613 and $238,015 at fair value)
272,481 296,284 
Securities borrowed (included $66,277 and $52,983 at fair value)
179,516 160,635 
Trading assets (included assets pledged of $117,020 and $130,645)
544,052 503,126 
Available-for-sale securities (amortized cost of $378,756 and $381,729; included assets pledged of $64,540 and $32,227)
379,942 388,178 
Held-to-maturity securities (net of allowance for credit losses of $94 and $78)
217,452 201,821 
Investment securities, net of allowance for credit losses597,394 589,999 
Loans (included $50,767 and $44,474 at fair value)
1,011,307 1,012,853 
Allowance for loan losses(23,001)(28,328)
Loans, net of allowance for loan losses988,306 984,525 
Accrued interest and accounts receivable114,754 90,503 
Premises and equipment26,926 27,109 
Goodwill, MSRs and other intangible assets54,588 53,428 
Other assets(a) (included $50,492 and $13,827 at fair value and assets pledged of $37,581 and $3,739)
200,247 151,539 
Total assets(b)
$3,689,336 $3,384,757 
Liabilities
Deposits (included $14,107 and $14,484 at fair value)
$2,278,112 $2,144,257 
Federal funds purchased and securities loaned or sold under repurchase agreements (included $197,834 and $155,735 at fair value)
304,019 215,209 
Short-term borrowings (included $20,002 and $16,893 at fair value)
54,978 45,208 
Trading liabilities191,349 170,181 
Accounts payable and other liabilities(a) (included $42,824 and $3,476 at fair value)
285,066 231,285 
Beneficial interests issued by consolidated VIEs (included $193 and $41 at fair value)
15,671 17,578 
Long-term debt (included $75,693 and $76,817 at fair value)
279,427 281,685 
Total liabilities(b)
3,408,622 3,105,403 
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 3,156,250 and 3,006,250 shares)
31,563 30,063 
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)
4,105 4,105 
Additional paid-in capital88,005 88,394 
Retained earnings248,151 236,990 
Accumulated other comprehensive income1,041 7,986 
Treasury stock, at cost (1,077,805,783 and 1,055,499,435 shares)
(92,151)(88,184)
Total stockholders’ equity280,714 279,354 
Total liabilities and stockholders’ equity$3,689,336 $3,384,757 
(a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.
(b) The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2021, and December 31, 2020. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion
(in millions)March 31, 2021December 31, 2020
Assets
Trading assets$1,994 $1,934 
Loans33,509 37,619 
All other assets701 681 
Total assets$36,204 $40,234 
Liabilities
Beneficial interests issued by consolidated VIEs$15,671 $17,578 
All other liabilities239 233 
Total liabilities$15,910 $17,811 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

81

JPMorgan Chase & Co.
Consolidated statements of changes in stockholders’ equity (unaudited)
Three months ended March 31,
(in millions, except per share data)20212020
Preferred stock
Balance at the beginning of the period$30,063 $26,993 
Issuance1,500 4,500 
Redemption— (1,430)
Balance at March 3131,563 30,063 
Common stock
Balance at the beginning and end of the period4,105 4,105 
Additional paid-in capital
Balance at the beginning of the period88,394 88,522 
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects(363)(660)
Other
(26)(5)
Balance at March 3188,005 87,857 
Retained earnings
Balance at the beginning of the period236,990 223,211 
Cumulative effect of change in accounting principles— (2,650)
Net income14,300 2,865 
Dividends declared:
Preferred stock(379)(421)
Common stock ($0.90 and $0.90 per share)
(2,760)(2,779)
Balance at March 31248,151 220,226 
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period7,986 1,569 
Other comprehensive income/(loss), after-tax(6,945)5,849 
Balance at March 311,041 7,418 
Shares held in RSU Trust, at cost
Balance at the beginning and end of the period— (21)
Treasury stock, at cost
Balance at the beginning of the period(88,184)(83,049)
Repurchase(4,999)(6,397)
Reissuance1,032 1,060 
Balance at March 31(92,151)(88,386)
Total stockholders’ equity$280,714 $261,262 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
82

JPMorgan Chase & Co.
Consolidated statements of cash flows (unaudited)
Three months ended March 31,
(in millions)20212020
Operating activities
Net income$14,300 $2,865 
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses(4,156)8,285 
Depreciation and amortization2,070 2,197 
Deferred tax (benefit)/expense(a)
998 (1,235)
Other890 411 
Originations and purchases of loans held-for-sale(85,457)(47,352)
Proceeds from sales, securitizations and paydowns of loans held-for-sale75,547 52,345 
Net change in:
Trading assets(34,262)(167,827)
Securities borrowed(18,951)145 
Accrued interest and accounts receivable(24,323)(49,323)
Other assets(a)
7,131 (61,897)
Trading liabilities(7)97,078 
Accounts payable and other liabilities(a)
23,559 45,020 
Other operating adjustments(1,211)(801)
Net cash (used in) operating activities(43,872)(120,089)
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements23,791 1,120 
Held-to-maturity securities:
Proceeds from paydowns and maturities14,700 2,599 
Purchases(31,348)(205)
Available-for-sale securities:
Proceeds from paydowns and maturities14,096 12,420 
Proceeds from sales80,823 50,990 
Purchases(95,958)(131,605)
Proceeds from sales and securitizations of loans held-for-investment6,619 7,564 
Other changes in loans, net3,321 (65,608)
Net purchases of assets pursuant to nonrecourse advances provided by the FRBB under the MMLF— (11,985)
All other investing activities, net(653)(1,123)
Net cash provided by/(used in) investing activities15,391 (135,833)
Financing activities
Net change in:
Deposits120,501 297,976 
Federal funds purchased and securities loaned or sold under repurchase agreements88,844 49,273 
Short-term borrowings9,387 12,455 
Beneficial interests issued by consolidated VIEs(1,439)1,613 
Proceeds from long-term borrowings24,162 34,851 
Payments of long-term borrowings(14,983)(29,057)
Proceeds from issuance of preferred stock1,500 4,500 
Redemption of preferred stock— (1,430)
Treasury stock repurchased(4,806)(6,517)
Dividends paid(3,193)(3,188)
All other financing activities, net(1,062)1,829 
Net cash provided by financing activities218,911 362,305 
Effect of exchange rate changes on cash and due from banks and deposits with banks(6,967)(2,480)
Net increase in cash and due from banks and deposits with banks183,463 103,903 
Cash and due from banks and deposits with banks at the beginning of the period527,609 263,631 
Cash and due from banks and deposits with banks at the end of the period$711,072 $367,534 
Cash interest paid$1,127 $4,374 
Cash income taxes paid, net640 763 
(a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
83

Refer to the Glossary of Terms and Acronyms on pages 163-171 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Note 1 – Basis of presentation
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading global financial services firm in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for a further discussion of the Firm’s business segments.
The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.
The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2020 Form 10-K.
Certain amounts reported in prior periods have been reclassified to conform with the current presentation, including certain deferred investment tax credits. In the first quarter of 2021 the Firm reclassified certain deferred investment tax credits from accounts payable and other liabilities to other assets to be a reduction to the carrying value of certain tax-oriented investments. The reclassification also resulted in an increase in income tax expense and a corresponding increase in other income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation, including the Firm’s effective income tax rate. The reclassification did not change the Firm’s results of operations on a managed basis.
Consolidation
The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.
Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets.
The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.
Refer to Notes 1 and 14 of JPMorgan Chase’s 2020 Form     10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation.
Offsetting assets and liabilities
U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for further information on offsetting assets and liabilities.

84

Note 2 – Fair value measurement
Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

85

The following table presents the assets and liabilities reported at fair value as of March 31, 2021, and December 31, 2020, by major product category and fair value hierarchy.
Assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy
Derivative
netting
adjustments(f)
March 31, 2021 (in millions)Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $267,613 $— $— $267,613 
Securities borrowed— 66,277 — — 66,277 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 50,988 397 — 51,385 
Residential – nonagency— 2,258 32 — 2,290 
Commercial – nonagency— 1,183 2 — 1,185 
Total mortgage-backed securities— 54,429 431 — 54,860 
U.S. Treasury, GSEs and government agencies(a)
74,980 10,095 — — 85,075 
Obligations of U.S. states and municipalities— 7,009 8 — 7,017 
Certificates of deposit, bankers’ acceptances and commercial paper
— 1,584 — — 1,584 
Non-U.S. government debt securities40,535 51,757 177 — 92,469 
Corporate debt securities— 28,118 370 — 28,488 
Loans— 7,071 832 — 7,903 
Asset-backed securities— 2,538 54 — 2,592 
Total debt instruments115,515 162,601 1,872 — 279,988 
Equity securities152,474 1,992 688 — 155,154 
Physical commodities(b)
10,769 6,314 — — 17,083 
Other— 18,531 122 — 18,653 
Total debt and equity instruments(c)
278,758 189,438 2,682 — 470,878 
Derivative receivables:
Interest rate3,646 305,725 2,250 (283,073)28,548 
Credit— 13,575 637 (13,164)1,048 
Foreign exchange144 185,794 689 (171,515)15,112 
Equity— 69,570 4,008 (53,825)19,753 
Commodity— 23,387 292 (15,021)8,658 
Total derivative receivables3,790 598,051 7,876 (536,598)73,119 
Total trading assets(d)
282,548 787,489 10,558 (536,598)543,997 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
3 112,456 — — 112,459 
Residential – nonagency— 10,601 — — 10,601 
Commercial – nonagency— 3,029 — — 3,029 
Total mortgage-backed securities3 126,086 — — 126,089 
U.S. Treasury and government agencies194,784 — — — 194,784 
Obligations of U.S. states and municipalities— 19,922 — — 19,922 
Certificates of deposit— — — — — 
Non-U.S. government debt securities12,270 8,603 — — 20,873 
Corporate debt securities— 210 — — 210 
Asset-backed securities:
Collateralized loan obligations— 11,329 — — 11,329 
Other— 6,735 — — 6,735 
Total available-for-sale securities207,057 172,885 — — 379,942 
Loans (e)
— 48,944 1,823 — 50,767 
Mortgage servicing rights— — 4,470 — 4,470 
Other assets(d)
42,839 6,519 511 — 49,869 
Total assets measured at fair value on a recurring basis$532,444 $1,349,727 $17,362 $(536,598)$1,362,935 
Deposits$— $11,455 $2,652 $— $14,107 
Federal funds purchased and securities loaned or sold under repurchase agreements
— 197,834 — — 197,834 
Short-term borrowings— 16,338 3,664 — 20,002 
Trading liabilities:
Debt and equity instruments(c)
104,557 26,292 60 — 130,909 
Derivative payables:
Interest rate3,194 273,891 2,101 (268,442)10,744 
Credit— 13,961 641 (12,704)1,898 
Foreign exchange154 184,124 1,228 (168,468)17,038 
Equity— 71,701 7,842 (57,143)22,400 
Commodity— 22,657 1,203 (15,500)8,360 
Total derivative payables3,348 566,334 13,015 (522,257)60,440 
Total trading liabilities107,905 592,626 13,075 (522,257)191,349 
Accounts payable and other liabilities39,933 2,830 61 — 42,824 
Beneficial interests issued by consolidated VIEs— 193 — — 193 
Long-term debt— 53,118 22,575 — 75,693 
Total liabilities measured at fair value on a recurring basis$147,838 $874,394 $42,027 $(522,257)$542,002 
86

Fair value hierarchy
Derivative
netting
adjustments(f)
December 31, 2020 (in millions)Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $238,015 $— $— $238,015 
Securities borrowed— 52,983 — — 52,983 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 68,395 449 — 68,844 
Residential – nonagency— 2,138 28 — 2,166 
Commercial – nonagency— 1,327 3 — 1,330 
Total mortgage-backed securities— 71,860 480 — 72,340 
U.S. Treasury, GSEs and government agencies(a)
104,263 10,996 — — 115,259 
Obligations of U.S. states and municipalities— 7,184 8 — 7,192 
Certificates of deposit, bankers’ acceptances and commercial paper
— 1,230 — — 1,230 
Non-U.S. government debt securities26,772 40,671 182 — 67,625 
Corporate debt securities— 21,017 507 — 21,524 
Loans— 6,101 893 — 6,994 
Asset-backed securities— 2,304 28 — 2,332 
Total debt instruments131,035 161,363 2,098 — 294,496 
Equity securities97,035 2,652 476 
(g)
— 100,163 
Physical commodities(b)
6,382 5,189 — — 11,571 
Other— 17,165 49 
(g)
— 17,214 
Total debt and equity instruments(c)
234,452 186,369 2,623 — 423,444 
Derivative receivables:
Interest rate2,318 386,865 

2,307 (355,765)35,725 
Credit— 12,879 624 (12,823)680 
Foreign exchange146 205,127 

987 (190,479)15,781 
Equity— 71,279 

3,519 (54,125)20,673 
Commodity— 21,272 231 (14,732)6,771 
Total derivative receivables2,464 697,422 

7,668 (627,924)79,630 
Total trading assets(d)
236,916 883,791 

10,291 (627,924)503,074 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)(g)
7 113,294 — — 113,301 
Residential – nonagency— 10,233 — — 10,233 
Commercial – nonagency— 2,856 — — 2,856 
Total mortgage-backed securities7 126,383 — — 126,390 
U.S. Treasury and government agencies201,951 — — — 201,951 
Obligations of U.S. states and municipalities— 20,396 — — 20,396 
Certificates of deposit— — — — — 
Non-U.S. government debt securities13,135 9,793 — — 22,928 
Corporate debt securities— 216 — — 216 
Asset-backed securities:
Collateralized loan obligations— 10,048 — — 10,048 
Other— 6,249 — — 6,249 
Total available-for-sale securities215,093 173,085 — — 388,178 
Loans(e)
— 42,169 2,305 — 44,474 
Mortgage servicing rights— — 3,276 — 3,276 
Other assets(d)
8,110 4,561 538 — 13,209 
Total assets measured at fair value on a recurring basis$460,119 $1,394,604 

$16,410 

$(627,924)$1,243,209 
Deposits$— $11,571 $2,913 $— $14,484 
Federal funds purchased and securities loaned or sold under repurchase agreements
— 155,735 — — 155,735 
Short-term borrowings— 14,473 2,420 — 16,893 
Trading liabilities:
Debt and equity instruments(c)
82,669 16,838 51 — 99,558 
Derivative payables:
Interest rate2,496 349,082 

2,049 (340,615)13,012 
Credit— 14,344 

848 (13,197)1,995 
Foreign exchange132 214,373 

1,421 (194,493)21,433 
Equity— 74,032 

7,381 (55,515)25,898 
Commodity— 21,767 

962 (14,444)8,285 
Total derivative payables2,628 673,598 

12,661 (618,264)70,623 
Total trading liabilities85,297 690,436 

12,712 (618,264)170,181 
Accounts payable and other liabilities2,895 513 

68 — 3,476 
Beneficial interests issued by consolidated VIEs— 41 

— — 41 
Long-term debt— 53,420 

23,397 — 76,817 
Total liabilities measured at fair value on a recurring basis$88,192 $926,189 

$41,510 $(618,264)$437,627 
(a)At March 31, 2021, and December 31, 2020, included total U.S. GSE obligations of $96.3 billion and $117.6 billion, respectively, which were mortgage-related.
(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 4 for a further
87

discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.
(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At March 31, 2021, and December 31, 2020, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $678 million and $670 million, respectively. Included in these balances at March 31, 2021, and December 31, 2020, were trading assets of $55 million and $52 million, respectively, and other assets of $623 million and $618 million, respectively.
(e)At March 31, 2021, and December 31, 2020, included within loans were $20.1 billion and $15.1 billion, respectively, of residential first-lien mortgages, and $6.0 billion and $6.3 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $11.9 billion and $8.4 billion, respectively.
(f)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
(g)The prior-period amounts have been revised to conform with the current period presentation.
Level 3 valuations
Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.
In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.

88

Level 3 inputs(a)
March 31, 2021
Product/Instrument
Fair value
(in millions)
Principal valuation technique
Unobservable inputs(g)
Range of input values
Average(i)
Residential mortgage-backed securities and loans(b)
$991 Discounted cash flowsYield0%–15%6%
Prepayment speed0%–48%9%
Conditional default rate0%–30%10%
Loss severity0%–109%8%
Commercial mortgage-backed securities and loans(c)
516 Market comparablesPrice$0–$100$86
Corporate debt securities370 Market comparablesPrice$10–$120$96
Loans(d)
1,579 Market comparablesPrice$5–$111$82
Asset-backed securities54 Market comparablesPrice$2–$96$61
Net interest rate derivatives130 Option pricingInterest rate volatility7 bps–723 bps132 bps
Interest rate spread volatility11 bps–23 bps15 bps
Interest rate correlation(65)%–99%36%
IR-FX correlation(35)%–50%(1)%
19 Discounted cash flowsPrepayment speed0%–30%8%
Net credit derivatives(41)Discounted cash flowsCredit correlation37%–65%49%
Credit spread1 bps–1,501 bps396 bps
Recovery rate0%–70%47%
Conditional default rate2%–100%37%
Loss severity100%100%
37 Market comparablesPrice$0–$115$69
Net foreign exchange derivatives(424)Option pricingIR-FX correlation(40)%–65%17%
(115)Discounted cash flowsPrepayment speed9%9%
Net equity derivatives(3,834)Option pricing
Forward equity price(h)
61%–130%99%
Equity volatility4%–146%33%
Equity correlation12%–99%55%
Equity-FX correlation(79)%–60%(26)%
Equity-IR correlation15%–50%28%
Net commodity derivatives(911)Option pricingOIl Commodity Forward$478 / MT–$553 / MT$516 / MT
Forward power price$13 / MWH–$55 / MWH$34 / MWH
Commodity volatility2%–70%36%
Commodity correlation(50)%–95%23%
MSRs4,470 Discounted cash flowsRefer to Note 14
Long-term debt, short-term borrowings, and deposits(e)
27,985 Option pricingInterest rate volatility7 bps–723 bps132 bps
Interest rate correlation(65)%–99%36%
IR-FX correlation(35)%–50%(1)%
Equity correlation12%–99%55%
Equity-FX correlation(79)%–60%(26)%
Equity-IR correlation15%–50%28%
906 Discounted cash flowsCredit correlation37%–65%49%
Other level 3 assets and liabilities, net(f)
1,385 
(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.
(b)Comprises U.S. GSE and government agency securities of $397 million, nonagency securities of $32 million and non-trading loans of $562 million.
(c)Comprises nonagency securities of $2 million, trading loans of $41 million and non-trading loans of $473 million.
(d)Comprises trading loans of $791 million and non-trading loans of $788 million.
(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.
(f)Includes equity securities of $968 million, including $280 million in Other Assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.
(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.
(h)Forward equity price is expressed as a percentage of the current equity price.
(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.
89

Changes in and ranges of unobservable inputs
Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.
Changes in level 3 recurring fair value measurements
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three months ended March 31, 2021 and 2020. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair
value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.

90

Fair value measurements using significant unobservable inputs
Three months ended
March 31, 2021
(in millions)		Fair value at
  January 1,
2021		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
March 31, 2021		Change in unrealized gains/(losses) related
to financial instruments held at March 31, 2021
Purchases(f)
Sales
Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$449 $23 $6 $(48)$(33)$— $397 $22 
Residential – nonagency28 1 9 (3)(2)(1)32 — 
Commercial – nonagency
3 — — (1)— — 2 — 
Total mortgage-backed securities
480 24 15 (52)(35)— (1)431 22 
Obligations of U.S. states and municipalities
8 — — — — — — 8 — 
Non-U.S. government debt securities
182 (9)118 (107)(7)— — 177 (9)
Corporate debt securities507 (15)91 (146)— 85 (152)370 (14)
Loans893 7 272 (152)(1)90 (277)832 8 
Asset-backed securities28 (1)28 (3)— 2 — 54 (1)
Total debt instruments2,098 6 524 (460)(43)177 (430)1,872 6 
Equity securities476 (5)230 (43)— 54 (24)688 3 
Other49 41 65 — (29)— (4)122 36 
Total trading assets – debt and equity instruments
2,623 42 
(c)
819 (503)(72)231 (458)2,682 45 
(c)
Net derivative receivables:(b)
Interest rate258 445 53 (93)(534)57 (37)149 313 
Credit(224)183 1 (2)27 (3)14 (4)168 
Foreign exchange(434)(200)2 (6)111 10 (22)(539)(214)
Equity(3,862)23 194 (838)126 110 413 (3,834)(213)
Commodity(731)(246)4 (213)279 (1)(3)(911)(145)
Total net derivative receivables
(4,993)205 
(c)
254 (1,152)9 173 365 (5,139)(91)
(c)
Available-for-sale securities:
Mortgage-backed securities— — — — — — — — — 
Total available-for-sale securities
— — 

— — — — — — — 

Loans2,305 (73)
(c)
67 (190)(201)155 (240)1,823 (112)
(c)
Mortgage servicing rights3,276 797 
(d)
583 1 (187)— — 4,470 797 
(d)
Other assets538 13 
(c)
3 (18)(25)— — 511 12 
(c)
Fair value measurements using significant unobservable inputs
Three months ended
March 31, 2021
(in millions)		Fair value at
  January 1,
2021		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
March 31, 2021		Change in unrealized (gains)/losses related
to financial instruments held at March 31, 2021
PurchasesSalesIssuances
Settlements(g)
Liabilities:(a)
Deposits$2,913 $(103)
(c)(e)
$— $— $69 $(95)$1 $(133)$2,652 $(105)
(c)(e)
Short-term borrowings2,420 (113)
(c)(e)
— — 2,918 (1,506)— (55)3,664 (27)
(c)(e)
Trading liabilities – debt and equity instruments
51 (3)
(c)
(65)21 — — 59 (3)60 — 

Accounts payable and other liabilities
68 (1)
(c)
— 1 — — — (7)61 (1)
(c)
Beneficial interests issued by consolidated VIEs
— — 

— — — — — — — — 

Long-term debt23,397 (308)
(c)(e)
— — 3,465 (3,649)11 (341)22,575 (324)
(c)(e)
91

Fair value measurements using significant unobservable inputs
Three months ended
March 31, 2020
(in millions)		Fair value at
January 1,
2020		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
March 31, 2020		Change in unrealized gains/(losses) related
to financial instruments held at March 31, 2020
Purchases(f)
Sales
Settlements(g)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$797 $(139)$19 $(116)$(42)$— $— $519 $(131)
Residential – nonagency23 (1)2 — — — — 24 (1)
Commercial – nonagency4 — 1 — (1)1 (2)3 — 
Total mortgage-backed securities
824 (140)22 (116)(43)1 (2)546 (132)
Obligations of U.S. states and municipalities
10 — — (1)— — — 9 — 
Non-U.S. government debt securities
155 (12)90 (57)— — (1)175 (10)
Corporate debt securities558 (55)292 (42)— 227 (27)953 (50)
Loans673 (98)497 (130)(16)568 (108)1,386 (127)
Asset-backed securities37 (2)36 (15)(1)— (3)52 (1)
Total debt instruments2,257 (307)937 (361)(60)796 (141)3,121 (320)
Equity securities196 (38)10 (4)— 82 (33)213 (39)
Other232 (1)9 (5)(12)— (2)221 2 
Total trading assets – debt and equity instruments
2,685 (346)
(c)
956 (370)(72)878 (176)3,555 (357)
(c)
Net derivative receivables:(b)
Interest rate(332)642 66 (50)(241)

(172)(49)(136)282 
Credit(139)108 18 (128)(33)60 3 (111)65 
Foreign exchange(607)(339)38 (4)(14)— (1)(927)(508)
Equity(3,395)3,037 

59 (548)

583 

(656)94 

(826)3,707 
Commodity(16)(403)4 (15)9 (6)2 (425)(399)
Total net derivative receivables
(4,489)3,045 
(c)
185 (745)

304 

(774)49 

(2,425)3,147 
(c)
Available-for-sale securities:
Mortgage-backed securities1 — 

— — 

(1)

— — 

— — 
Total available-for-sale securities
1 — 

— — (1)— — — — 

Loans516 (64)
(c)
191 (32)(9)1,514 (31)2,085 (63)
(c)
Mortgage servicing rights4,699 (1,382)
(d)
273 (75)(248)— — 3,267 (1,382)
(d)
Other assets917 (92)
(c)
13 (28)(228)— — 582 (91)
(c)
Fair value measurements using significant unobservable inputs
Three months ended
March 31, 2020
(in millions)		Fair value at
January 1,
2020		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
March 31, 2020		Change in unrealized (gains)/losses related
to financial instruments held at March 31, 2020
PurchasesSalesIssuances
Settlements(g)
Liabilities:(a)
Deposits$3,360 $(149)
(c)(e)
$— $— $386 $(172)$4 $(250)$3,179 $(135)
(c)(e)
Short-term borrowings1,674 (345)
(c)(e)
— — 1,615 (929)40 (16)2,039 (409)
(c)(e)
Trading liabilities – debt and equity instruments
41 3 
(c)
(75)7 — — 86 (1)61 6 
(c)
Accounts payable and other liabilities
45 (8)
(c)
(23)1 — — — — 15 (7)
(c)
Beneficial interests issued by consolidated VIEs
— — 

— — — — — — — — 

Long-term debt23,339 (4,110)
(c)(e)
— — 4,607 (3,549)

370 (516)20,141 

(3,984)
(c)(e)
(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% at both March 31, 2021 and December 31, 2020, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 8% and 9%, at March 31, 2021 and December 31, 2020, respectively.
(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.
92

(c)Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.
(d)Changes in fair value for MSRs are reported in mortgage fees and related income.
(e)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three months ended March 31, 2021 and 2020. Unrealized (gains)/losses are reported in OCI, and were $(22) million and $(1.1) billion for the three months ended March 31, 2021 and 2020, respectively.
(f)Loan originations are included in purchases.
(g)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.
Level 3 analysis
Consolidated balance sheets changes
Level 3 assets at fair value, including assets measured at fair value on a nonrecurring basis, were 0.5% of total Firm assets at March 31, 2021. The following describes significant changes to level 3 assets since December 31, 2020, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 94 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three months ended March 31, 2021
Level 3 assets were $17.4 billion at March 31, 2021, reflecting an increase of $952 million from December 31, 2020.
The increase for the three months ended March 31, 2021 was predominantly driven by a $1.2 billion increase in MSRs. Refer to Note 14 for information on MSRs.
Refer to the sections below for additional information.
Transfers between levels for instruments carried at fair value on a recurring basis
For the three months ended March 31, 2021, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.
For the three months ended March 31, 2020, significant transfers from level 2 into level 3 included the following:
•$2.1 billion of total debt and equity instruments, predominantly trading loans, driven by a decrease in observability.
•$1.0 billion of gross equity derivative receivables and $1.7 billion of gross equity derivative payables as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the three months ended March 31, 2020, there were no significant transfers from level 3 into level 2.
All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.
Gains and losses
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 90–93 for further information on these instruments.
Three months ended March 31, 2021
•$984 million of net gains on assets, driven by MSRs reflecting lower prepayment speeds on higher rates. Refer to Note 14 for information on MSRs.
•$528 million of net gains on liabilities, largely driven by market movements in long-term debt.
Three months ended March 31, 2020
•$1.2 billion of net gains on assets, driven by gains in net equity derivative receivables due to market movements largely offset by losses in MSRs reflecting faster prepayment speeds on lower rates. Refer to Note 14 for information on MSRs.
•$4.6 billion of net gains on liabilities, predominantly driven by market movements in long-term debt.
Credit and funding adjustments — derivatives
The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.
Three months ended March 31,
(in millions)20212020
Credit and funding adjustments:
Derivatives CVA$240 $(924)
Derivatives FVA
105 (1,021)
Refer to Note 2 of JPMorgan Chase’s 2020 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.
93

Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets and liabilities held as of March 31, 2021 and 2020, for which nonrecurring fair value adjustments were recorded during the three months ended March 31, 2021 and 2020, by major product category and fair value hierarchy.
Fair value hierarchyTotal fair value
March 31, 2021 (in millions)
Level 1
Level 2
Level 3
Loans$— $1,857 

$303 
(b)
$2,160 
Other assets(a)
— 12 370 382 
Total assets measured at fair value on a nonrecurring basis$— $1,869 $673 $2,542 
Accounts payable and other liabilities— — 14 
 
14 
Total liabilities measured at fair value on a nonrecurring basis$— $— $14 $14 
Fair value hierarchyTotal fair value
March 31, 2020 (in millions)Level 1Level 2Level 3
Loans$— $2,336 

$559 $2,895 
Other assets— 11 334 

345 
Total assets measured at fair value on a nonrecurring basis$— $2,347 $893 $3,240 
Accounts payable and other liabilities— — 775 

775 
Total liabilities measured at fair value on a nonrecurring basis$— $— $775 $775 
(a)Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $370 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021, $316 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
(b)Of the $303 million in level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2021, $137 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 13% to 45% with a weighted average of 26%.
Nonrecurring fair value changes
The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three months ended March 31, 2021 and 2020, related to assets and liabilities held at those dates.
Three months ended March 31,
(in millions)20212020
Loans$(33)
 
$(267)

Other assets(a)
2 
 
(169)

Accounts payable and other liabilities
(3)
 
(775)

Total nonrecurring fair value gains/(losses)
$(34)$(1,211)
(a)Included $6 million and $(154) million for the three months ended March 31, 2021 and 2020, respectively, of net gains/(losses) as a result of the measurement alternative.
Refer to Note 11 for further information about the measurement of collateral-dependent loans.

94

Equity securities without readily determinable fair values
The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, with such changes recognized in other income.
In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.
The following table presents the carrying value of equity securities without readily determinable fair values held as of March 31, 2021 and 2020, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.
 Three months ended
 March 31
As of or for the period ended,
(in millions)20212020
Other assets
Carrying value(a)
$2,302 $2,560 
Upward carrying value changes(b)
7 9 
Downward carrying value changes/impairment(c)
(1)(162)
(a)The carrying value as of December 31, 2020 was $2.4 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.
(b)The cumulative upward carrying value changes between January 1, 2018 and March 31, 2021 were $618 million.
(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2021 were $(340) million.
Included in other assets above is the Firm’s interest in approximately 40 million Visa Class B common shares, recorded at a nominal carrying value. These shares are subject to certain transfer restrictions currently and will be convertible into Visa Class A common shares upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa Class B common shares into Visa Class A common shares is 1.6228 at March 31, 2021, and may be adjusted by Visa depending on developments related to the litigation matters.
95

Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value
The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at March 31, 2021, and December 31, 2020, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.
March 31, 2021December 31, 2020
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)Carrying
value		Level 1Level 2Level 3Total estimated
fair value		Carrying
value		Level 1Level 2Level 3Total estimated
fair value
Financial assets
Cash and due from banks$25.4 $25.4 $— $— $25.4 $24.9 $24.9 $— $— $24.9 
Deposits with banks685.7 685.7 — — 685.7 502.7 502.7 — — 502.7 
Accrued interest and accounts receivable
113.6 — 113.5 0.1 113.6 89.4 — 89.3 0.1 89.4 
Federal funds sold and securities purchased under resale agreements
4.9 — 4.9 — 4.9 58.3 — 58.3 — 58.3 
Securities borrowed
113.4 — 113.2 — 113.2 107.7 — 107.7 — 107.7 
Investment securities, held-to-maturity
217.5 74.5 143.2 — 217.7 201.8 53.2 152.3 — 205.5 
Loans, net of allowance for loan losses(a)
937.5 — 206.7 752.7 959.4 940.1 — 210.9 755.6 966.5 
Other95.0 — 93.2 1.9 95.1 81.8 — 80.0 1.9 81.9 
Financial liabilities
Deposits$2,264.0 $— $2,264.0 $— $2,264.0 $2,129.8 $— $2,128.9 $— $2,128.9 
Federal funds purchased and securities loaned or sold under repurchase agreements
106.2 — 106.2 — 106.2 59.5 — 59.5 — 59.5 
Short-term borrowings
35.0 — 35.0 — 35.0 28.3 — 28.3 — 28.3 
Accounts payable and other liabilities
205.9 — 201.6 3.9 205.5 186.6 — 181.9 4.3 186.2 
Beneficial interests issued by consolidated VIEs
15.5 — 15.5 — 15.5 17.5 — 17.6 — 17.6 
Long-term debt
203.7 — 207.8 3.3 211.1 204.8 — 209.2 3.2 212.4 
(a)Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.
March 31, 2021December 31, 2020
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)
Carrying value(a) (b)
Level 1Level 2Level 3Total estimated fair value
Carrying value(a) (b)
Level 1Level 2Level 3Total estimated fair value
Wholesale lending-related commitments
$2.4 $— $— $2.8 $2.8 $2.2 $— $— $2.1 $2.1 
(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.
(b)Includes the wholesale allowance for lending-related commitments.
The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. Refer to page 173 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the valuation of lending-related commitments.
96

Note 3 – Fair value option
The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.
The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.
The Firm’s election of fair value includes the following instruments:
•Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments
•Certain securities financing agreements
•Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument
•Structured notes, which are predominantly financial instruments that contain embedded derivatives that are issued as part of client-driven activities
•Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value
Changes in fair value under the fair value option election
The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended March 31, 2021 and 2020, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.
Three months ended March 31,
20212020
(in millions)Principal transactionsAll other income
Total changes in fair
value recorded (e)
Principal transactionsAll other income
Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements
$(12)$— $(12)$543 $— $543 
Securities borrowed(70)— (70)226 — 226 
Trading assets:
Debt and equity instruments, excluding loans
621 — 621 (2,438)(1)
(c)
(2,439)
Loans reported as trading assets:
Changes in instrument-specific credit risk204 — 
 
204 (656)— 
 
(656)
Other changes in fair value(1)— 
 
(1)1 — 
 
1 
Loans:
Changes in instrument-specific credit risk237 1 
(c)
238 64 (23)
(c)
41 
Other changes in fair value(a)
(250)340 
(c)
90 268 741 
(c)
1,009 
Other assets19 (19)
(d)
— 85 (17)
(d)
68 
Deposits(a)
167 — 167 (103)— (103)
Federal funds purchased and securities loaned or sold under repurchase agreements
34 — 34 (259)— (259)
Short-term borrowings(a)
(122)— (122)1,720 — 1,720 
Trading liabilities— — — — — — 
Other liabilities1 — 1 (35)— (35)
Long-term debt(a)(b)
1,247 (5)
(c)(d)
1,242 4,181 5 
(c)
4,186 
(a)Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were $(2) million for both the three months ended March 31, 2021 and 2020, respectively.
(b)Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.
(c)Reported in mortgage fees and related income.
(d)Reported in other income.
(e)Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments recorded in CIB. Refer to Note 6 for further information regarding interest income and interest expense.
97

Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of March 31, 2021, and December 31, 2020, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.
March 31, 2021December 31, 2020
(in millions)Contractual principal outstandingFair valueFair value over/(under) contractual principal outstandingContractual principal outstandingFair valueFair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets$3,102 $426 $(2,676)$3,386 $555 $(2,831)
Loans1,388 1,144 (244)1,867 1,507 (360)
Subtotal4,490 1,570 (2,920)5,253 2,062 (3,191)
90 or more days past due and government guaranteed
Loans(a)
355 340 (15)328 317 (11)
All other performing loans(b)
Loans reported as trading assets8,758 7,477 (1,281)7,917 6,439 (1,478)
Loans49,143 49,283 140 42,022 42,650 628 
Subtotal57,901 56,760 (1,141)49,939 49,089 (850)
Total loans$62,746 $58,670 $(4,076)$55,520 $51,468 $(4,052)
Long-term debt
Principal-protected debt$39,625 
(d)
$36,943 $(2,682)$40,560 
(d)
$40,526 $(34)
Nonprincipal-protected debt(c)
NA38,750 NANA36,291 NA
Total long-term debtNA$75,693 NANA$76,817 NA
Long-term beneficial interests
Nonprincipal-protected debt(c)
NA$193 NANA$41 NA
Total long-term beneficial interestsNA$193 NANA$41 NA
(a)These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.
(b)There were no performing loans that were ninety days or more past due as of March 31, 2021, and December 31, 2020, respectively.
(c)Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.
(d)Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.
At March 31, 2021, and December 31, 2020, the contractual amount of lending-related commitments for which the fair value option was elected was $20.9 billion and $18.1 billion, respectively, with a corresponding fair value of $75 million and $(39) million, respectively. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.
98

Structured note products by balance sheet classification and risk component
The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.
March 31, 2021December 31, 2020
(in millions)Long-term debtShort-term borrowingsDepositsTotalLong-term debtShort-term borrowingsDepositsTotal
Risk exposure
Interest rate$35,665 $115 $5,197 $40,977 $38,129 $65 $5,057 $43,251 
Credit6,492 1,630 — 8,122 6,409 1,022 — 7,431 
Foreign exchange3,357 526 231 4,114 3,613 92 — 3,705 
Equity28,719 7,414 6,382 42,515 26,943 5,021 6,893 38,857 
Commodity200 12 20 
(a)
232 250 13 232 
(a)
495 
Total structured notes$74,433 $9,697 $11,830 $95,960 $75,344 $6,213 $12,182 $93,739 
(a)Excludes deposits linked to precious metals for which the fair value option has not been elected of $717 million and $739 million for the periods ended March 31, 2021 and December 31, 2020, respectively.
99

Note 4 – Derivative instruments
JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.
The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge
accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.
Type of DerivativeUse of DerivativeDesignation and disclosureAffected
segment or unit		10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
•Interest rate
Hedge fixed rate assets and liabilitiesFair value hedge
Corporate
106-107
•Interest rate
Hedge floating-rate assets and liabilitiesCash flow hedge
Corporate
108
•Foreign exchange
Hedge foreign currency-denominated assets and liabilities
Fair value hedge
Corporate
106-107
•Foreign exchange
Hedge foreign currency-denominated forecasted revenue and expense
Cash flow hedge
Corporate
108
•Foreign exchange
Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities
Net investment hedge
Corporate
109
•Commodity
Hedge commodity inventory
Fair value hedge
CIB, AWM
106-107
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 managementCCB109
•Credit
Manage the credit risk associated with wholesale lending exposures
Specified risk management
CIB109
•Interest rate and foreign exchange
Manage the risk associated with certain other specified assets and liabilities
Specified risk management
Corporate
109
Market-making derivatives and other activities:
•Various
Market-making and related risk management
Market-making and other
CIB109
•Various
Other derivatives
Market-making and other
CIB, AWM, Corporate109
100

Notional amount of derivative contracts
The following table summarizes the notional amount of free-standing derivative contracts outstanding as of March 31, 2021, and December 31, 2020.
Notional amounts(b)
(in billions)March 31, 2021December 31, 2020
Interest rate contracts
Swaps
$23,774 $20,986 
Futures and forwards
5,186 3,057 
Written options
3,412 3,375 
Purchased options
3,707 3,675 
Total interest rate contracts
36,079 31,093 
Credit derivatives(a)
1,335 1,201 
Foreign exchange contracts
Cross-currency swaps
3,850 3,924 
Spot, futures and forwards
7,647 6,871 
Written options
837 830 
Purchased options
827 825 
Total foreign exchange contracts
13,161 12,450 
Equity contracts
Swaps
496 448 
Futures and forwards
138 140 
Written options
695 676 
Purchased options
638 621 
Total equity contracts1,967 1,885 
Commodity contracts
Swaps
178 138 
Spot, futures and forwards
199 198 
Written options
142 124 
Purchased options
126 105 
Total commodity contracts
645 565 
Total derivative notional amounts
$53,187 $47,194 
(a)Refer to the Credit derivatives discussion on page 110 for more information on volumes and types of credit derivative contracts.
(b)Represents the sum of gross long and gross short third-party notional derivative contracts.
While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.
101

Impact of derivatives on the Consolidated balance sheets
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of March 31, 2021, and December 31, 2020, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables(a)
Gross derivative receivablesGross derivative payables
March 31, 2021
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges		Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$310,838 $783 $311,621 $28,548 $279,186 $— $279,186 $10,744 
Credit14,212 — 14,212 1,048 14,602 — 14,602 1,898 
Foreign exchange185,672 955 186,627 15,112 184,033 1,473 185,506 17,038 
Equity73,578 — 73,578 19,753 79,543 — 79,543 22,400 
Commodity22,089 1,590 23,679 8,658 21,682 2,178 23,860 8,360 
Total fair value of trading assets and liabilities
$606,389 $3,328 $609,717 $73,119 $579,046 $3,651 $582,697 $60,440 
Gross derivative receivablesGross derivative payables
December 31, 2020
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges		Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$390,659 $831 $391,490 $35,725 $353,627 $— $353,627 $13,012 
Credit13,503 — 13,503 680 15,192 — 15,192 1,995 
Foreign exchange205,359 901 206,260 15,781 214,229 1,697 215,926 21,433 
Equity74,798 — 74,798 20,673 81,413 — 81,413 25,898 
Commodity20,579 924 21,503 6,771 20,834 1,895 22,729 8,285 
Total fair value of trading assets and liabilities
$704,898 $2,656 $707,554 $79,630 $685,295 $3,592 $688,887 $70,623 
(a)Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.
(b)As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.

102

Derivatives netting
The following tables present, as of March 31, 2021, and December 31, 2020, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:
•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount. Liquid securities represent high quality liquid assets as defined in the LCR rule;
•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and
•collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.
March 31, 2021December 31, 2020
(in millions)Gross derivative receivablesAmounts netted on the Consolidated balance sheetsNet derivative receivablesGross derivative receivablesAmounts netted on the Consolidated balance sheetsNet derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)$288,187 $(265,270)$22,917 $367,056 $(337,451)$29,605 
OTC–cleared17,627 (17,498)129 18,340 (17,919)421 
Exchange-traded(a)
334 (305)29 554 (395)159 
Total interest rate contracts306,148 (283,073)23,075 385,950 (355,765)30,185 
Credit contracts:
OTC9,229 (8,460)769 9,052 (8,514)538 
OTC–cleared4,758 (4,704)54 4,326 (4,309)17 
Total credit contracts13,987 (13,164)823 13,378 (12,823)555 
Foreign exchange contracts:
OTC181,701 (170,672)11,029 201,349 (189,655)11,694 
OTC–cleared891 (841)50 834 (819)15 
Exchange-traded(a)
18 (2)16 35 (5)30 
Total foreign exchange contracts182,610 (171,515)11,095 202,218 (190,479)11,739 
Equity contracts:
OTC30,396 (23,963)6,433 34,030 (27,374)6,656 
Exchange-traded(a)
30,633 (29,862)771 28,294 (26,751)1,543 
Total equity contracts61,029 (53,825)7,204 62,324 (54,125)8,199 
Commodity contracts:
OTC11,725 (6,789)4,936 10,924 (7,901)3,023 
OTC–cleared36 (36)— 20 (20)— 
Exchange-traded(a)
8,378 (8,196)182 6,833 (6,811)22 
Total commodity contracts20,139 (15,021)5,118 17,777 (14,732)3,045 
Derivative receivables with appropriate legal opinion
583,913 (536,598)47,315 
(d)
681,647 (627,924)53,723 
(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained
25,804 25,804 25,907 25,907 
Total derivative receivables recognized on the Consolidated balance sheets
$609,717 $73,119 $707,554 $79,630 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(13,958)(14,806)
Net amounts
$59,161 $64,824 
103

March 31, 2021December 31, 2020
(in millions)Gross derivative payablesAmounts netted on the Consolidated balance sheetsNet derivative payablesGross derivative payablesAmounts netted on the Consolidated balance sheetsNet derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC$257,384 $(249,248)$8,136 $331,854 $(320,780)$11,074 
OTC–cleared19,914 (18,884)1,030 19,710 (19,494)216 
Exchange-traded(a)
322 (310)12 358 (341)17 
Total interest rate contracts277,620 (268,442)9,178 351,922 (340,615)11,307 
Credit contracts:
OTC9,841 (8,412)1,429 10,671 (9,141)1,530 
OTC–cleared4,321 (4,292)29 4,075 (4,056)19 
Total credit contracts14,162 (12,704)1,458 14,746 (13,197)1,549 
Foreign exchange contracts:
OTC180,571 (167,627)12,944 210,803 (193,672)17,131 
OTC–cleared857 (841)16 836 (819)17 
Exchange-traded(a)
13 — 13 34 (2)32 
Total foreign exchange contracts181,441 (168,468)12,973 211,673 (194,493)17,180 
Equity contracts:
OTC33,285 (27,282)6,003 35,330 (28,763)6,567 
Exchange-traded(a)
37,132 (29,861)7,271 34,491 (26,752)7,739 
Total equity contracts70,417 (57,143)13,274 69,821 (55,515)14,306 
Commodity contracts:
OTC10,338 (7,253)3,085 10,365 (7,544)2,821 
OTC–cleared53 (53)— 32 (32)— 
Exchange-traded(a)
8,571 (8,194)377 7,391 (6,868)523 
Total commodity contracts18,962 (15,500)3,462 17,788 (14,444)3,344 
Derivative payables with appropriate legal opinion
562,602 (522,257)40,345 
(d)
665,950 (618,264)47,686 
(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained
20,095 20,095 22,937 22,937 
Total derivative payables recognized on the Consolidated balance sheets
$582,697 $60,440 $688,887 $70,623 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(9,193)(11,964)
Net amounts
$51,247 $58,659 
(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.
(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.
(d)Net derivatives receivable included cash collateral netted of $74.6 billion and $88.0 billion at March 31, 2021, and December 31, 2020, respectively. Net derivatives payable included cash collateral netted of $60.2 billion and $78.4 billion at March 31, 2021, and December 31, 2020, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.
104

Liquidity risk and credit-related contingent features
Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at March 31, 2021, and December 31, 2020.
OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)March 31, 2021December 31, 2020
Aggregate fair value of net derivative payables
$21,562 $26,945 
(a)
Collateral posted21,279 26,289 
(a)Prior-period amount has been revised to conform with the current presentation.
The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at March 31, 2021, and December 31, 2020, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
March 31, 2021December 31, 2020
(in millions)Single-notch downgradeTwo-notch downgradeSingle-notch downgradeTwo-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)
$178 $1,448 $119 $1,243 
Amount required to settle contracts with termination triggers upon downgrade(b)
127 833 153 1,682 
(c)
(a)Includes the additional collateral to be posted for initial margin.
(b)Amounts represent fair values of derivative payables, and do not reflect collateral posted.
(c)Prior-period amount has been revised to conform with the current presentation.
Derivatives executed in contemplation of a sale of the underlying financial asset
In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at March 31, 2021 and December 31, 2020.
105

Impact of derivatives on the Consolidated statements of income
The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.
Fair value hedge gains and losses
The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three months ended March 31, 2021 and 2020, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Three months ended March 31, 2021
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$(5,121)$5,446 $325 $— $436 $— 
Foreign exchange(c)
(729)747 18 (78)18 (37)
Commodity(d)
(1,261)1,288 27 — 12 — 
Total$(7,111)$7,481 $370 $(78)$466 $(37)
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Three months ended March 31, 2020
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$4,087 $(3,788)$299 $— $214 $— 
Foreign exchange(c)
576 (488)88 (179)88 115 
Commodity(d)
1,528 (1,482)46 — 49 — 
Total$6,191 $(5,758)$433 $(179)$351 $115 
(a)Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.
(b)Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items.
(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.
(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.
(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.
(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.
106

As of March 31, 2021 and December 31, 2020, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
March 31, 2021
(in millions)		Active hedging relationships
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$87,720 
(c)
$502 $633 $1,135 
Liabilities
Long-term debt$176,622 $(2,741)$9,190 $6,449 
Beneficial interests issued by consolidated VIEs747 — (2)(2)
Carrying amount of the hedged items(a)(b)
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2020
(in millions)		Active hedging relationships
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$139,684 
(c)
$3,572 $847 $4,419 
Liabilities
Long-term debt$177,611 $3,194 $11,473 $14,667 
Beneficial interests issued by consolidated VIEs746 — (3)(3)
(a)Excludes physical commodities with a carrying value of $16.1 billion and $11.5 billion at March 31, 2021 and December 31, 2020, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.
(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At March 31, 2021 and December 31, 2020, the carrying amount excluded for AFS securities is $15.5 billion and $14.5 billion, respectively, and for long-term debt is $6.4 billion and $6.6 billion, respectively.
(c)Carrying amount represents the amortized cost, net of allowance if applicable. Refer to Note 9 for additional information.
(d)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.
(e)Positive amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.
107

Cash flow hedge gains and losses
The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three months ended March 31, 2021 and 2020, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2021
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI		Total change
in OCI for period
Contract type
Interest rate(a)
$237 $(2,761)$(2,998)
Foreign exchange(b)
27 66 39 
Total$264 $(2,695)$(2,959)
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended March 31, 2020
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(9)$3,461 $3,470 
Foreign exchange(b)
17 (210)(227)
Total$8 $3,251 $3,243 
(a)Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income.
(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.
The Firm did not experience any forecasted transactions that failed to occur for the three months ended March 31, 2021 and 2020.
Over the next 12 months, the Firm expects that approximately $926 million (after-tax) of net gains recorded in AOCI at March 31, 2021, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately nine years, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.
108

Net investment hedge gains and losses
The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three months ended March 31, 2021 and 2020.
Gains/(losses) recorded in income and other comprehensive income/(loss)
20212020
Three months ended March 31,
(in millions)
Amounts recorded in
income(a)
Amounts recorded in OCI
Amounts recorded in
income(a)
Amounts recorded in OCI
Foreign exchange derivatives$(28)$1,200 $10 $1,589 
(a)Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income.

Gains and losses on derivatives used for specified risk management purposes
The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.
Derivatives gains/(losses)
recorded in income
Three months ended March 31,
(in millions)20212020
Contract type
Interest rate(a)
$(142)$1,292 
Credit(b)
(40)61 
Foreign exchange(c)
98 106 
Total$(84)$1,459 
(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.
(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.
(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.
Gains and losses on derivatives related to market-making activities and other derivatives
The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.
109

Credit derivatives
Refer to Note 5 of JPMorgan Chase’s 2020 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of March 31, 2021 and December 31, 2020. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.
Total credit derivatives and credit-related notes
Maximum payout/Notional amount
March 31, 2021 (in millions)Protection sold
Protection purchased with identical underlyings(b)
Net protection (sold)/purchased(c)
Other protection purchased(d)
Credit derivatives
Credit default swaps$(595,343)$609,926 $14,583 $2,562 
Other credit derivatives(a)
(45,961)68,528 22,567 12,478 
Total credit derivatives(641,304)678,454 37,150 15,040 
Credit-related notes— — — 10,847 
Total$(641,304)$678,454 $37,150 $25,887 
Maximum payout/Notional amount
December 31, 2020 (in millions)Protection sold
Protection purchased with identical underlyings(b)
Net protection (sold)/purchased(c)
Other protection purchased(d)
Credit derivatives
Credit default swaps$(535,094)$554,565 $19,471 $4,001 
Other credit derivatives(a)
(40,084)57,344 17,260 

9,415 
Total credit derivatives(575,178)611,909 36,731 13,416 
Credit-related notes— — — 10,248 
Total$(575,178)$611,909 $36,731 $23,664 
(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.
(b)Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.
(c)Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.
(d)Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument.
The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives and credit-related notes as of March 31, 2021, and December 31, 2020, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives and credit-related notes where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.
Protection sold — credit derivatives and credit-related notes ratings(a)/maturity profile
March 31, 2021
(in millions)		<1 year1–5 years>5 yearsTotal
notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(93,329)$(304,945)$(80,813)$(479,087)$5,746 $(651)$5,095 
Noninvestment-grade(35,229)(100,052)(26,936)(162,217)3,851 (2,418)1,433 
Total$(128,558)$(404,997)$(107,749)$(641,304)$9,597 $(3,069)$6,528 
December 31, 2020
(in millions)		<1 year1–5 years>5 yearsTotal
notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(93,905)$(307,648)$(35,326)$(436,879)$5,521 $(835)$4,686 
Noninvestment-grade(31,809)(97,337)(9,153)(138,299)3,953 (2,542)1,411 
Total$(125,714)$(404,985)$(44,479)$(575,178)$9,474 $(3,377)$6,097 
(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.
(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.
110

Note 5 – Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.
Investment banking fees
The following table presents the components of investment banking fees.
Three months ended March 31,
(in millions)20212020
Underwriting
Equity$1,062 $327 
Debt1,221 1,044 
Total underwriting2,283 1,371 
Advisory687 495 
Total investment banking fees
$2,970 $1,866 
Principal transactions
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.
Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB.
Three months ended March 31,
(in millions)20212020
Trading revenue by instrument type
Interest rate(a)
$923 $452 

Credit(b)
1,270 (702)
(c)
Foreign exchange998 1,467 
Equity2,657 1,348 
Commodity549 437 
Total trading revenue6,397 3,002 
Private equity gains/(losses)
103 (65)
Principal transactions
$6,500 $2,937 
(a)Includes the impact of changes in funding valuation adjustments on derivatives.
(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.
(c)Includes marks on held-for-sale positions, including unfunded commitments, in the bridge financing portfolio.




Lending- and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
Three months ended March 31,
(in millions)20212020
Lending-related fees$358 $291 
Deposit-related fees1,329 1,415 
Total lending- and deposit-related fees
$1,687 $1,706 
Asset management, administration and commissions
The following table presents the components of asset management, administration and commissions.
Three months ended March 31,
(in millions)20212020
Asset management fees
Investment management fees(a)
$3,257 $2,785 
All other asset management fees(b)
94 93 
Total asset management fees
3,351 2,878 
Total administration fees(c)
633 554 
Commissions and other fees
Brokerage commissions(d)
800 864 
All other commissions and fees245 244 
Total commissions and fees
1,045 1,108 
Total asset management, administration and commissions
$5,029 $4,540 
(a)Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts.
(b)Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.
(c)Predominantly includes fees for custody, securities lending, funds services and securities clearance.
(d)Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments.
Card income
The following table presents the components of card income:
Three months ended March 31,
(in millions)20212020
Interchange and merchant processing income
$4,868 $4,782 
Rewards costs and partner payments(3,534)(3,582)
Other card income(a)
16 (205)
Total card income
$1,350 $995 
(a)Predominantly represents the amortization of account origination costs and annual fees.
Refer to Note 14 for further information on mortgage servicing rights, including risk management activities.
Refer to Note 16 for information on operating lease income included within other income.

111

Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income included the following:
Three months ended March 31,
(in millions)20212020
Legal expense$28 $197 
FDIC-related expense
201 99 
Note 6 – Interest income and Interest expense
Refer to Note 7 of JPMorgan Chase’s 2020 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense.
The following table presents the components of interest income and interest expense.
Three months ended
March 31,
(in millions)20212020
Interest income
Loans(a)
$10,187 $12,305 
Taxable securities1,605 2,233 
Non-taxable securities(b)
277 300 
Total investment securities(a)
1,882 2,533 
Trading assets - debt instruments1,782 2,064 
Federal funds sold and securities purchased under resale agreements233 1,095 
Securities borrowed(c)
(77)

152 
Deposits with banks65 569 
All other interest-earning assets(d)
199 443 
Total interest income$14,271 $19,161 
Interest expense
Interest-bearing deposits$146 $1,575 
Federal funds purchased and securities loaned or sold under repurchase agreements15 787 
Short-term borrowings(e)
33 151 
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)
27 372 
Long-term debt1,134 1,747 
Beneficial interest issued by consolidated VIEs27 90 
Total interest expense$1,382 $4,722 
Net interest income$12,889 $14,439 
Provision for credit losses(4,156)8,285 
Net interest income after provision for credit losses$17,045 $6,154 
(a)Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs).
(b)Represents securities which are tax-exempt for U.S. federal income tax purposes.
(c)Negative interest income is related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities.
(d)Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.
(e)Includes commercial paper.
(f)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.
112

Note 7 – Pension and other postretirement employee benefit plans
Refer to Note 8 of JPMorgan Chase’s 2020 Form 10-K for a discussion of JPMorgan Chase’s pension and OPEB plans.
The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.
(in millions)Three months ended March 31,
20212020
Pension and OPEB plans
Components of net periodic benefit cost, U.S. defined benefit pension plans
Benefits earned during the period$— $— 
Interest cost on benefit obligations85 105 
Expected return on plan assets(129)(158)
Amortization:
Net (gain)/loss3 2 
Prior service (credit)/cost— — 
Net periodic defined benefit plan cost/(credit), U.S. defined benefit pension plans(41)(51)
Other defined benefit pension and OPEB plans(18)(21)
Total net periodic defined benefit plan cost/(credit)(59)(72)
Total defined contribution plans
321 299 
Total pension and OPEB cost included in noninterest expense
$262 $227 
The following table presents the fair values of plan assets for the Firm's defined benefit pension and OPEB plans.
(in billions)March 31,
2021		December 31, 2020
Fair value of plan assets
U.S. defined benefit pension plans$16.9 $17.6 
Other defined benefit pension and OPEB plans7.6 7.8 


113

Note 8 – Employee share-based incentives
Refer to Note 9 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.
The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.
Three months ended
March 31,
(in millions)20212020
Cost of prior grants of RSUs, performance share units (“PSUs”) and stock options that are amortized over their applicable vesting periods$356 $334 
Accrual of estimated costs of share-based awards to be granted in future periods predominantly those to full-career eligible employees548 310 
Total noncash compensation expense related to employee share-based incentive plans
$904 $644 
In the first quarter of 2021, in connection with its annual incentive grant for the 2020 performance year, the Firm granted 17 million RSUs and 678 thousand PSUs with weighted-average grant date fair values of $137.38 per RSU and $136.94 per PSU.
114

Note 9 – Investment securities
Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At March 31, 2021, the investment securities portfolio consisted of debt securities with an average credit
rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for additional information regarding the investment securities portfolio.
The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
March 31, 2021December 31, 2020
(in millions)
Amortized cost(e)
Gross unrealized gainsGross unrealized lossesFair value
Amortized cost(e)
Gross unrealized gainsGross unrealized lossesFair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
$112,356 $1,479 $1,376 $112,459 $110,979 $2,372 $50 $113,301 
Residential:
U.S.5,788 180 5 5,963 6,246 224 3 6,467 
Non-U.S.4,607 31 — 4,638 3,751 20 5 3,766 
Commercial3,004 52 27 3,029 2,819 71 34 2,856 
Total mortgage-backed securities125,755 1,742 1,408 126,089 123,795 2,687 92 126,390 
U.S. Treasury and government agencies195,423 1,586 2,225 194,784 199,910 2,141 100 201,951 
Obligations of U.S. states and municipalities18,651 1,276 5 19,922 18,993 1,404 1 20,396 
Non-U.S. government debt securities20,745 192 64 20,873 22,587 354 13 22,928 
Corporate debt securities210 4 4 210 215 4 3 216 
Asset-backed securities:
Collateralized loan obligations11,309 25 5 11,329 10,055 24 31 10,048 
Other6,663 79 7 6,735 6,174 91 16 6,249 
Total available-for-sale securities(b)
378,756 4,904 3,718 379,942 381,729 6,705 256 388,178 
Held-to-maturity securities(c)
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
97,626 2,020 630 99,016 107,889 2,968 29 110,828 
U.S. Residential4,640 3 43 4,600 4,345 8 30 4,323 
Commercial2,826 19 8 2,837 2,602 77 — 2,679 
Total mortgage-backed securities105,092 2,042 681 106,453 114,836 3,053 59 117,830 
U.S. Treasury and government agencies76,107 13 1,575 74,545 53,184 50 — 53,234 
Obligations of U.S. states and municipalities12,658 389 52 12,995 12,751 519 — 13,270 
Asset-backed securities:
Collateralized loan obligations23,595 125 3 23,717 21,050 90 2 21,138 
Total held-to-maturity securities, net of allowance for credit losses(d)
217,452 2,569 2,311 217,710 201,821 3,712 61 205,472 
Total investment securities, net of allowance for credit losses(d)
$596,208 $7,473 $6,029 $597,652 $583,550 $10,417 $317 $593,650 
(a)Includes AFS U.S. GSE obligations with fair values of $61.0 billion and $65.8 billion, and HTM U.S. GSE obligations with amortized cost of $78.8 billion and $86.3 billion, at March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, mortgage-backed securities issued by Fannie Mae and Freddie Mac each exceeded 10% of JPMorgan Chase’s total stockholders’ equity; the amortized cost and fair value of such securities were $108.2 billion and $108.7 billion, and $31.9 billion and $32.3 billion, respectively.
(b)There was no allowance for credit losses on AFS securities at both March 31, 2021 and December 31, 2020.
(c)The Firm purchased $31.3 billion and $205 million of HTM securities for the three months ended March 31, 2021 and 2020, respectively.
(d)HTM securities measured at amortized cost are reported net of allowance for credit losses of $94 million and $78 million at March 31, 2021 and December 31, 2020, respectively.
(e)Excludes $1.8 billion and $2.1 billion of accrued interest receivables at March 31, 2021 and December 31, 2020, respectively. The Firm did not reverse through interest income any accrued interest receivables for the three months ended March 31, 2021 and 2020.
115

AFS securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at March 31, 2021 and December 31, 2020. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $3.6 billion and $150 million, at March 31, 2021 and December 31, 2020, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
March 31, 2021 (in millions)Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.
$801 $5 $53 $— $854 $5 
Non-U.S.769 — 33 — 802 — 
Commercial501 12 344 15 845 27 
Total mortgage-backed securities2,071 17 430 15 2,501 32 
Obligations of U.S. states and municipalities218 5 — — 218 5 
Non-U.S. government debt securities6,620 61 580 3 7,200 64 
Corporate debt securities52 3 42 1 94 4 
Asset-backed securities:
Collateralized loan obligations1,808 4 2,254 1 4,062 5 
Other325 1 489 6 814 7 
Total available-for-sale securities with gross unrealized losses$11,094 $91 $3,795 $26 $14,889 $117 
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
December 31, 2020 (in millions)Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.$562 $3 $32 $— $594 $3 
Non-U.S.2,507 4 235 1 2,742 5 
Commercial699 18 124 16 823 34 
Total mortgage-backed securities3,768 25 391 17 4,159 42 
Obligations of U.S. states and municipalities49 1 — — 49 1 
Non-U.S. government debt securities2,709 9 968 4 3,677 13 
Corporate debt securities91 3 5 — 96 3 
Asset-backed securities:
Collateralized loan obligations5,248 18 2,645 13 7,893 31 
Other268 1 685 15 953 16 
Total available-for-sale securities with gross unrealized losses$12,133 $57 $4,694 $49 $16,827 $106 
116

Allowance for credit losses
Based on its assessment, the Firm did not recognize an allowance for credit losses on impaired AFS securities as of March 31, 2021 and 2020.
HTM securities – credit risk
Credit quality indicator
The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At March 31, 2021 and December 31, 2020, all HTM securities were rated investment grade and were current and accruing, with approximately 97% and 98% rated at least AA+, respectively.
Allowance for credit losses
The allowance for credit losses on HTM securities was $94 million and $19 million as of March 31, 2021 and 2020, respectively.
Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further discussion of accounting policies for AFS and HTM securities.
Selected impacts of investment securities on the Consolidated statements of income
Three months ended March 31,
(in millions)20212020
Realized gains$237 $1,095 
Realized losses(223)(862)
Net investment securities gains
$14 $233 
Provision for credit losses$16 $9 
117

Contractual maturities and yields
The following table presents the amortized cost and estimated fair value at March 31, 2021, of JPMorgan Chase’s investment securities portfolio by contractual maturity.
By remaining maturity March 31, 2021 (in millions)Due in one
year or less		Due after one year through five yearsDue after five years through 10 years
Due after
10 years(b)
Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost$— $2,226 $5,998 $117,531 $125,755 
Fair value— 2,251 6,283 117,555 126,089 
Average yield(a)
— %1.40 %1.79 %2.50 %2.44 %
U.S. Treasury and government agencies
Amortized cost$4,058 $129,668 $53,799 $7,898 $195,423 
Fair value4,088 129,830 52,724 8,142 194,784 
Average yield(a)
0.95 %0.52 %0.95 %0.54 %0.65 %
Obligations of U.S. states and municipalities
Amortized cost$33 $207 $1,152 $17,259 $18,651 
Fair value33 214 1,219 18,456 19,922 
Average yield(a)
4.16 %4.74 %4.96 %4.96 %4.96 %
Non-U.S. government debt securities
Amortized cost$7,029 $5,581 $4,511 $3,624 $20,745 
Fair value7,038 5,698 4,530 3,607 20,873 
Average yield(a)
1.19 %2.05 %0.78 %0.52 %1.21 %
Corporate debt securities
Amortized cost$— $139 $71 $— $210 
Fair value— 136 74 — 210 
Average yield(a)
— %1.18 %1.89 %— %1.42 %
Asset-backed securities
Amortized cost$1,544 $1,995 $6,812 $7,621 $17,972 
Fair value1,545 2,011 6,831 7,677 18,064 
Average yield(a)
1.28 %1.94 %1.30 %1.42 %1.42 %
Total available-for-sale securities
Amortized cost$12,664 $139,816 $72,343 $153,933 $378,756 
Fair value12,704 140,140 71,661 155,437 379,942 
Average yield(a)
1.13 %0.62 %1.11 %2.57 %1.52 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost$— $423 $11,858 $92,851 $105,132 
Fair value— 423 12,214 93,816 106,453 
Average yield(a)
— %1.12 %2.36 %2.93 %2.86 %
U.S. Treasury and government agencies
Amortized cost$1,318 $42,176 $32,613 $— $76,107 
Fair value1,319 42,161 31,065 — 74,545 
Average yield(a)
0.17 %0.66 %1.18 %— %0.88 %
Obligations of U.S. states and municipalities
Amortized cost$— $65 $688 $11,959 $12,712 
Fair value— 66 724 12,205 12,995 
Average yield(a)
— %3.23 %3.76 %3.77 %3.77 %
Asset-backed securities
Amortized cost$— $— $11,137 $12,458 $23,595 
Fair value— — 11,192 12,525 23,717 
Average yield(a)
— %— %1.34 %1.33 %1.33 %
Total held-to-maturity securities
Amortized cost$1,318 $42,664 $56,296 $117,268 $217,546 
Fair value1,319 42,650 55,195 118,546 217,710 
Average yield(a)
0.17 %0.67 %1.49 %2.84 %2.05 %
(a)Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.
(b)Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately 6 years for agency residential MBS, 4 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations.
118

Note 10 – Securities financing activities
Refer to Note 11 of JPMorgan Chase’s 2020 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.
The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of March 31, 2021 and December 31, 2020. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances
outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below.
March 31, 2021
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$555,370 $(282,889)$272,481 $(254,495)$17,986 
Securities borrowed
182,414 (2,898)179,516 (130,939)48,577 
Liabilities
Securities sold under repurchase agreements$575,969 $(282,889)$293,080 $(263,698)$29,382 
Securities loaned and other(a)
54,058 (2,898)51,160 (49,574)1,586 
December 31, 2020
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$666,467 $(370,183)$296,284 $(273,206)$23,078 
Securities borrowed
193,700 (33,065)160,635 (115,219)45,416 
Liabilities
Securities sold under repurchase agreements$578,060 $(370,183)$207,877 $(191,980)$15,897 
Securities loaned and other(a)
41,366 (33,065)8,301 (8,257)44 
(a)Includes securities-for-securities lending agreements of $42.8 billion and $3.4 billion at March 31, 2021 and December 31, 2020, respectively, accounted for at fair value, where the Firm is acting as lender. In the Consolidated balance sheets, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities.
(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.
(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At March 31, 2021 and December 31, 2020, included $12.8 billion and $17.0 billion, respectively, of securities purchased under resale agreements; $45.5 billion and $42.1 billion, respectively, of securities borrowed; $27.4 billion and $14.5 billion, respectively, of securities sold under repurchase agreements; and $136 million and $8 million, respectively, of securities loaned and other.
119

The tables below present as of March 31, 2021, and December 31, 2020 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
Gross liability balance
March 31, 2021December 31, 2020
 (in millions)Securities sold under repurchase agreementsSecurities loaned and otherSecurities sold under repurchase agreementsSecurities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies$76,335 $— $56,744 $— 
Residential - nonagency522 — 1,016 — 
Commercial - nonagency775 — 855 — 
U.S. Treasury, GSEs and government agencies274,254 184 315,834 143 
Obligations of U.S. states and municipalities1,626 — 1,525 2 
Non-U.S. government debt163,200 2,472 157,563 1,730 
Corporate debt securities28,522 2,563 22,849 1,864 
Asset-backed securities682 845 694 — 
Equity securities30,053 47,994 20,980 37,627 
Total
$575,969 $54,058 $578,060 $41,366 
Remaining contractual maturity of the agreements
Overnight and continuousGreater than
90 days
March 31, 2021 (in millions)Up to 30 days30 – 90 daysTotal
Total securities sold under repurchase agreements$228,510 $252,875 $46,361 $48,223 $575,969 
Total securities loaned and other52,440 395 799 424 54,058 
Remaining contractual maturity of the agreements
Overnight and continuousGreater than
90 days
December 31, 2020 (in millions)Up to 30 days30 – 90 daysTotal
Total securities sold under repurchase agreements$238,667 $230,980 $70,777 $37,636 $578,060 
Total securities loaned and other37,887 1,647 500 1,332 41,366 
Transfers not qualifying for sale accounting
At March 31, 2021, and December 31, 2020, the Firm held $603 million and $598 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets.
120

Note 11 – Loans
Loan accounting framework
The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:
•Originated or purchased loans held-for-investment (i.e., “retained”)
•Loans held-for-sale
•Loans at fair value
Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.
Loan portfolio
The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.
Consumer, excluding
credit card		Credit card
Wholesale(c)(d)
• Residential real estate(a)
• Auto and other(b)
• Credit card loans
• Secured by real estate
• Commercial and industrial
• Other(e)
(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB and Corporate.
(b)Includes scored auto and business banking loans and overdrafts.
(c)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated business banking and auto dealer loans held in CCB for which the wholesale methodology is applied when determining the allowance for loan losses.
(d)The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower.
(e)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs.
The following tables summarize the Firm’s loan balances by portfolio segment.
March 31, 2021Consumer, excluding credit cardCredit cardWholesale
Total(a)(b)
(in millions)
Retained$302,392 $131,772 $514,478 $948,642 
Held-for-sale1,232 721 9,945 11,898 
At fair value21,284 — 29,483 50,767 
Total$324,908 $132,493 $553,906 $1,011,307 
December 31, 2020Consumer, excluding credit cardCredit cardWholesale
Total(a)(b)
(in millions)
Retained$302,127 $143,432 $514,947 $960,506 
Held-for-sale1,305 784 5,784 7,873 
At fair value15,147 — 29,327 44,474 
Total$318,579 $144,216 $550,058 $1,012,853 
(a)Excludes $2.9 billion of accrued interest receivables at both March 31, 2021, and December 31, 2020. The Firm wrote off accrued interest receivables of $13 million and $14 million for the three months ended March 31, 2021 and 2020, respectively.
(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of March 31, 2021, and December 31, 2020.


121

The following table provides information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.
20212020
Three months ended March 31,
(in millions)		Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding
credit card		Credit cardWholesaleTotal
Purchases$191 
(b)(c)
$— $226 $417 $1,172 
(b)(c)
$— $386 $1,558 
Sales181 — 5,730 5,911 324 — 5,452 5,776 
Retained loans reclassified to held-for-sale(a)
162 — 772 934 148 

— 469 617 
(a)Reclassifications of loans to held-for-sale are non-cash transactions.
(b)Predominantly includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the three months ended March 31, 2021 and 2020. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.
(c)Excludes purchases of retained loans of $7.0 billion and $3.6 billion for the three months ended March 31, 2021 and 2020, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.
Gains and losses on sales of loans
Net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value) recognized in noninterest revenue for the three months ended March 31, 2021 was $132 million, of which $135 million related to loans. Net losses on sales of loans and lending-related commitments for the three months ended March 31, 2020 was $(913) million, of which $(142) million related to loans. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.
Loan modifications
The Firm has granted various forms of assistance to customers and clients impacted by the COVID-19 pandemic, including payment deferrals and covenant modifications. The majority of the Firm’s COVID-19 related loan modifications have not been considered TDRs because:
•they represent short-term or other insignificant modifications, whether under the Firm’s regular loan modification assessments or as permitted by regulatory guidance, or
•the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.
To the extent that certain modifications do not meet any of the above criteria, the Firm accounts for them as TDRs.
As permitted by regulatory guidance, the Firm does not place loans with deferrals granted due to COVID-19 on nonaccrual status where such loans are not otherwise reportable as nonaccrual. The Firm considers expected losses of principal and accrued interest associated with all COVID-19 related loan modifications in its allowance for credit losses.
Assistance provided in response to the COVID-19 pandemic could delay the recognition of delinquencies, nonaccrual status, and net charge-offs for those customers who would have otherwise moved into past due or nonaccrual status.
122

Consumer, excluding credit card loan portfolio
Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period and certain payment-option loans that may result in negative amortization.
The following table provides information about retained consumer loans, excluding credit card, by class.
(in millions)March 31,
2021		December 31,
2020
Residential real estate$219,173 $225,302 
Auto and other(a)
83,219 76,825 
Total retained loans$302,392 $302,127 
(a)At March 31, 2021 and December 31, 2020, included $23.4 billion and $19.2 billion of loans, respectively, in Business Banking under the PPP.
Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on consumer credit quality indicators.



123

Residential real estate
The following tables provide information on delinquency, which is the primary credit quality indicator for retained residential real estate loans.
(in millions, except ratios)March 31, 2021
Term loans by origination year(d)
Revolving loansTotal
20212020201920182017Prior to 2017Within the revolving periodConverted to term loans
Loan delinquency(a)(b)
Current$13,779$57,109$27,264$11,868$17,387$68,061$6,165$15,542$217,175
30–149 days past due
—511151259517193848
150 or more days past due
—24820838162621,150
Total retained loans
$13,779$57,116$27,279$11,891$17,419$69,494$6,198$15,997$219,173
% of 30+ days past due to total retained loans(c)
— %0.01 %0.05 %0.19 %0.18 %2.01 %0.53 %2.84 %0.90 %
(in millions, except ratios)December 31, 2020
Term loans by origination year(d)
Revolving loansTotal
20202019201820172016Prior to 2016Within the revolving periodConverted to term loans
Loan delinquency(a)(b)
Current$56,576
(e)
$31,820$13,900$20,410$27,978$49,218
(e)
$7,370$15,792$223,064
30–149 days past due
925202229674212451,045
150 or more days past due
314101818844222641,193
Total retained loans
$56,588$31,859$13,930$20,450$28,025$50,736$7,413$16,301$225,302
% of 30+ days past due to total retained loans(c)
0.02 %0.12 %0.22 %0.20 %0.17 %2.91 %
(e)
0.58 %3.12 %0.98 %
(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $40 million and $36 million; 30–149 days past due included $13 million and $16 million; and 150 or more days past due included $23 million and $24 million at March 31, 2021 and December 31, 2020, respectively.
(b)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.
(c)At March 31, 2021 and December 31, 2020, residential real estate loans excluded mortgage loans insured by U.S. government agencies of $36 million and $40 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
(d)Includes loans purchased based on the year in which they were originated.
(e)Prior-period amounts have been revised to conform with the current presentation.
Approximately 35% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.
124

Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.
(in millions, except weighted-average data)March 31, 2021December 31, 2020
Nonaccrual loans(a)(b)(c)(d)
$5,247 $5,313 
90 or more days past due and government guaranteed(e)
30 33 
Current estimated LTV ratios(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660$19 $10 
Less than 66014 18 
101% to 125% and refreshed FICO scores:
Equal to or greater than 660105 72 
Less than 66046 65 
80% to 100% and refreshed FICO scores:
Equal to or greater than 6601,482 2,365 
Less than 660286 435 
Less than 80% and refreshed FICO scores:
Equal to or greater than 660204,165 208,457 
Less than 66011,267 12,072 
No FICO/LTV available1,713 1,732 
U.S. government-guaranteed
76 76 
Total retained loans
$219,173 $225,302 
Weighted average LTV ratio(f)(h)
53 %54 %
Weighted average FICO(g)(h)
764 763 
Geographic region(i)
California$70,787 $73,444 
New York32,042 32,287 
Florida14,086 13,981 
Texas13,320 13,773 
Illinois12,350 13,130 
Colorado8,085 8,235 
Washington7,687 7,917 
New Jersey6,934 7,227 
Massachusetts5,715 5,784 
Connecticut5,012 5,024 
All other(j)
43,155 44,500 
Total retained loans
$219,173 $225,302 
(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At March 31, 2021, approximately 7% of Chapter 7 residential real estate loans were 30 days or more past due.
(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative.
(c)Interest income on nonaccrual loans recognized on a cash basis was $45 million and $43 million for the three months ended March 31, 2021 and 2020, respectively.
(d)Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which are considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.
(e)These balances are excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At March 31, 2021 and December 31, 2020, these balances were no longer accruing interest based on the agreed-upon servicing guidelines. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at March 31, 2021 and December 31, 2020.
(f)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(g)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(h)Excludes loans with no FICO and/or LTV data available.
(i)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.
(j)At both March 31, 2021 and December 31, 2020, included mortgage loans insured by U.S. government agencies of $76 million. These amounts have been excluded from the geographic regions presented based upon the government guarantee.
125

Loan modifications
Modifications of residential real estate loans where the Firm grants concessions to borrowers who are experiencing financial difficulty are generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs nor are loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. The carrying value of new TDRs was $251 million and $142 million for the three months ended March 31, 2021 and 2020, respectively. There were no additional commitments to lend to borrowers whose residential real estate loans have been modified in TDRs.
Nature and extent of modifications
The Firm’s proprietary modification programs as well as government programs, including U.S. GSE programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and delays of principal and/or interest payments that would otherwise have been required under the terms of the original agreement.
The following table provides information about how residential real estate loans were modified in TDRs under the Firm’s loss mitigation programs described above during the periods presented. This table excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.
Three months ended March 31,
20212020
Number of loans approved for a trial modification
1,401 1,996 
Number of loans permanently modified
1,714 1,481 
Concession granted:(a)
Interest rate reduction
72 %79 %
Term or payment extension
40 81 
Principal and/or interest deferred
31 11 
Principal forgiveness4 4 
Other(b)
51 55 
(a)Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications.
(b)Includes variable interest rate to fixed interest rate modifications and payment delays that meet the definition of a TDR.

Financial effects of modifications and redefaults
The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and do not include temporary concessions offered through trial modifications. This table also excludes Chapter 7 loans where the sole concession granted is the discharge of debt, loans with short-term or other insignificant modifications that are not considered concessions, and loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act.
(in millions, except weighted-average data)Three months ended March 31,
20212020
Weighted-average interest rate of loans with interest rate reductions – before TDR
4.57 %5.20 %
Weighted-average interest rate of loans with interest rate reductions – after TDR
2.91 3.48 
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR
2422
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR
3939
Charge-offs recognized upon permanent modification
$— $— 
Principal deferred
12 5 
Principal forgiven
1 2 
Balance of loans that redefaulted within one year of permanent modification(a)
$24 $70 
(a)Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it will generally be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last twelve months may not be representative of ultimate redefault levels.
At March 31, 2021, the weighted-average estimated remaining lives of residential real estate loans permanently modified in TDRs were six years. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations).


126

Active and suspended foreclosure
At March 31, 2021 and December 31, 2020, the Firm had residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $802 million and $846 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.
In response to the COVID-19 pandemic, the Firm has temporarily suspended certain foreclosure activities. This could delay recognition of foreclosed properties until the foreclosure moratoriums are lifted.
Auto and other
The following tables provide information on delinquency, which is the primary credit quality indicator for retained auto and other consumer loans.
March 31, 2021

(in millions, except ratios)		Term Loans by origination yearRevolving loans
20212020201920182017Prior to 2017Within the revolving periodConverted to term loansTotal
Loan delinquency(a)
Current
$17,719 
(b)
$39,161 
(b)
$11,405$6,349$3,706$2,045$2,369$149$82,903
30–119 days past due32 50 654731332112291
120 or more days past due— — —111121025
Total retained loans$17,751 $39,211 $11,470$6,397$3,738$2,079$2,402$171$83,219
% of 30+ days past due to total retained loans
0.18%0.13%0.57 %0.75 %0.86 %1.64 %1.37 %12.87 %0.38 %
December 31, 2020

(in millions, except ratios)		Term Loans by origination yearRevolving loans
20202019201820172016Prior to 2016Within the revolving periodConverted to term loansTotal
Loan delinquency(a)
Current
$46,169
(c)
$12,829$7,367$4,521$2,058$742$2,517$158$76,361
30–119 days past due97107775342233017446
120 or more days past due———1—18818
Total retained loans$46,266$12,936$7,444$4,575$2,100$766$2,555$183$76,825
% of 30+ days past due to total retained loans
0.21%0.83 %1.03 %1.18 %2.00 %3.13 %1.49 %13.66 %0.60 %
(a)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.
(b)At March 31, 2021, included $8.7 billion of loans originated in 2021 and $14.7 billion of loans originated in 2020 in Business Banking under the PPP. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.
(c)At December 31, 2020, included $19.2 billion of loans in Business Banking under the PPP.
127

Nonaccrual and other credit quality indicators
The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans.
(in millions, except ratios)Total Auto and other
March 31, 2021December 31, 2020
Nonaccrual loans(a)(b)(c)
135 151 
Geographic region(d)
California$13,514 $12,302 
New York10,551 8,824 
Texas8,746 8,235 
Florida5,117 4,668 
Illinois4,003 3,768 
New Jersey2,895 2,646 
Arizona2,619 2,465 
Ohio2,293 2,163 
Colorado2,021 1,910 
Pennsylvania2,004 1,924 
All other29,456 27,920 
Total retained loans$83,219 $76,825 
(a)There were no loans that were 90 or more days past due and still accruing interest at March 31, 2021 and December 31, 2020.
(b)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral has subsequently improved, the related allowance may be negative.
(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2021 and 2020.
(d)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.
Loan modifications
Certain other consumer loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.
The impact of these modifications, as well as new TDRs, were not material to the Firm for the three months ended March 31, 2021 and 2020. Additional commitments to lend to borrowers whose loans have been modified in TDRs as of March 31, 2021 and December 31, 2020 were not material.


128

Credit card loan portfolio
The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.
Refer to Note 12 of JPMorgan Chase's 2020 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.
The following tables provide information on delinquency, which is the primary credit quality indicator for retained credit card loans.

(in millions, except ratios)
March 31, 2021
Within the revolving period
Converted to term loans(b)
Total
Loan delinquency(a)
Current and less than 30 days past due
and still accruing
$128,749 $1,178 $129,927 
30–89 days past due and still accruing
714 73 787 
90 or more days past due and still accruing
1,018 40 1,058 
Total retained loans$130,481 $1,291 $131,772 
Loan delinquency ratios
% of 30+ days past due to total retained loans
1.33 %8.75 %1.40 %
% of 90+ days past due to total retained loans
0.78 3.10 0.80 

(in millions, except ratios)
December 31, 2020
Within the revolving period
Converted to term loans(b)
Total
Loan delinquency(a)
Current and less than 30 days past due
and still accruing
$139,783 $1,239 $141,022 
30–89 days past due and still accruing
997 94 1,091 
90 or more days past due and still accruing
1,277 42 1,319 
Total retained loans$142,057 $1,375 $143,432 
Loan delinquency ratios
% of 30+ days past due to total retained loans
1.60 %9.89 %1.68 %
% of 90+ days past due to total retained loans
0.90 3.05 0.92 
(a)At March 31, 2021 and December 31, 2020, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent.
(b)Represents TDRs.
Other credit quality indicators
The following table provides information on other credit quality indicators for retained credit card loans.
(in millions, except ratios)March 31, 2021December 31, 2020
Geographic region(a)
California$19,266 $20,921 
Texas13,628 14,544 
New York10,935 11,919 
Florida8,889 9,562 
Illinois7,329 8,006 
New Jersey5,420 5,927 
Ohio4,254 4,673 
Pennsylvania4,036 4,476 
Colorado3,798 4,092 
Michigan3,245 3,553 
All other50,972 55,759 
Total retained loans$131,772 $143,432 
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 66086.3 %85.9 %
Less than 66013.5 13.9 
No FICO available0.2 0.2 
(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at March 31, 2021.
129

Loan modifications
The Firm may offer one of a number of loan modification programs granting concessions to credit card borrowers who are experiencing financial difficulty. The Firm grants concessions for most of the credit card loans under long-term programs. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications under the Firm’s long-term programs are considered to be TDRs. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs.
If the cardholder does not comply with the modified payment terms, then the credit card loan continues to age and will ultimately be charged-off in accordance with the Firm’s standard charge-off policy. In most cases, the Firm does not reinstate the borrower’s line of credit.
Financial effects of modifications and redefaults
The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.
(in millions, except
weighted-average data)		Three months ended March 31,
20212020
Balance of new TDRs(a)
$143$277
Weighted-average interest rate of loans – before TDR
17.74 %18.82 %
Weighted-average interest rate of loans – after TDR
5.23 4.02 
Balance of loans that redefaulted within one year of modification(b)
$19$36
(a)Represents the outstanding balance prior to modification.
(b)Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted.
For credit card loans modified in TDRs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm’s standard charge-off policy.
130

Wholesale loan portfolio
Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients, to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the
internal risk rating assigned to each loan. Refer to Note 12 of JPMorgan Chase’s 2020 Form 10-K for further information on these risk ratings.
The following tables provide information on internal risk rating, which is the primary credit quality indicator for retained wholesale loans.
Secured by real estateCommercial and industrial
Other(c)
Total retained loans
(in millions, except ratios)Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020
Loans by risk ratings
Investment-grade
$88,351 $90,147 $72,453 
(a)
$71,917 
(b)
$219,023 $217,209 $379,827 
(a)
$379,273 
(b)
Noninvestment-grade:
Noncriticized
25,929 26,129 54,410 57,870 35,404 33,053 115,743 117,052 
Criticized performing
3,756 3,234 11,005 10,991 1,132 1,079 15,893 15,304 
Criticized nonaccrual
502 483 1,752 1,931 761 904 3,015 3,318 
Total noninvestment- grade
30,187 29,846 67,167 70,792 37,297 35,036 134,651 135,674 
Total retained loans
$118,538 $119,993 $139,620 $142,709 $256,320 $252,245 $514,478 $514,947 
% of investment-grade to total retained loans
74.53 %75.13 %51.89 %50.39 %85.45 %86.11 %73.83 %73.65 %
% of total criticized to total retained loans
3.59 3.10 9.14 9.05 0.74 0.79 3.68 3.62 
% of criticized nonaccrual to total retained loans
0.42 0.40 1.25 1.35 0.30 0.36 0.59 0.64 
Secured by real estate

(in millions)		March 31, 2021
Term loans by origination yearRevolving loans
20212020201920182017Prior to 2017Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$2,966 $16,303 $19,118 $11,307 $10,192 $27,314 $1,151 $— $88,351 
Noninvestment-grade623 3,403 4,436 4,093 2,810 14,391 430 1 30,187 
Total retained loans$3,589 $19,706 $23,554 $15,400 $13,002 $41,705 $1,581 $1 $118,538 
Secured by real estate

(in millions)		December 31, 2020
Term loans by origination yearRevolving loans
20202019201820172016Prior to 2016Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$16,560 $19,575 $12,192 $11,017 $13,439 $16,266 $1,098 $— $90,147 
Noninvestment-grade3,327 4,339 4,205 2,916 2,575 11,994 489 1 29,846 
Total retained loans$19,887 $23,914 $16,397 $13,933 $16,014 $28,260 $1,587 $1 $119,993 
Commercial and industrial

(in millions)		March 31, 2021
Term loans by origination yearRevolving loans
20212020201920182017Prior to 2017Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$8,403 
(a)
$14,857 
(a)
$6,587 $2,474 $1,664 $1,861 $36,537 $70 $72,453 
Noninvestment-grade3,976 11,857 7,082 4,641 1,698 2,745 35,095 73 67,167 
Total retained loans
$12,379 $26,714 $13,669 $7,115 $3,362 $4,606 $71,632 $143 $139,620 
131

Commercial and industrial

(in millions)		December 31, 2020
Term loans by origination yearRevolving loans
20202019201820172016Prior to 2016Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$21,211 
(b)
$7,304 $2,934 $1,748 $1,032 $1,263 $36,424 $1 $71,917 
Noninvestment-grade15,060 8,636 5,131 2,104 497 2,439 36,852 73 70,792 
Total retained loans
$36,271 $15,940 $8,065 $3,852 $1,529 $3,702 $73,276 $74 $142,709 
Other(c)

(in millions)		March 31, 2021
Term loans by origination yearRevolving loans
20212020201920182017Prior to 2017Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$8,483 $25,689 $8,177 $5,052 $5,874 $16,897 $148,248 $603 $219,023 
Noninvestment-grade3,500 4,179 2,191 1,621 485 1,065 24,132 124 37,297 
Total retained loans
$11,983 $29,868 $10,368 $6,673 $6,359 $17,962 $172,380 $727 $256,320 
Other(c)

(in millions)		December 31, 2020
Term loans by origination yearRevolving loans
20202019201820172016Prior to 2016Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$31,389 $10,169 $6,994 $6,206 $3,553 $12,595 $145,524 $779 $217,209 
Noninvestment-grade5,009 2,220 1,641 550 146 636 24,710 124 35,036 
Total retained loans
$36,398 $12,389 $8,635 $6,756 $3,699 $13,231 $170,234 $903 $252,245 
(a)At March 31, 2021, included $1.2 billion of loans originated in 2021 and $7.7 billion of loans originated in 2020 under the PPP, of which $1.2 billion and $7.1 billion are included in commercial and industrial, respectively. PPP loans are guaranteed by the SBA and considered investment-grade. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans.
(b)At December 31, 2020, included $8.0 billion of loans under the PPP, of which $7.4 billion is included in commercial and industrial.
(c)Includes loans to financial institutions, states and political subdivisions, SPEs, nonprofits, personal investment companies and trusts, as well as loans to individuals and individual entities (predominantly Global Private Bank clients within AWM). Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for more information on SPEs.

The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.

(in millions, except ratios)		MultifamilyOther commercialTotal retained loans secured by real estate
Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020
Retained loans secured by real estate$72,194 $73,078 $46,344 $46,915 $118,538 $119,993 
Criticized 1,560 1,144 2,698 2,573 4,258 3,717 
% of total criticized to total retained loans secured by real estate
2.16 %1.57 %5.82 %5.48 %3.59 %3.10 %
Criticized nonaccrual$70 $56 $432 $427 $502 $483 
% of criticized nonaccrual loans to total retained loans secured by real estate
0.10 %0.08 %0.93 %0.91 %0.42 %0.40 %


132

Geographic distribution and delinquency
The following table provides information on the geographic distribution and delinquency for retained wholesale loans.
Secured by real estateCommercial
 and industrial		OtherTotal
 retained loans
(in millions,
 except ratios)		Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020
Loans by geographic distribution(a)
Total U.S.$115,451 $116,990 $106,309 $109,273 $181,272 $180,583 $403,032 $406,846 
Total non-U.S.3,087 3,003 33,311 33,436 75,048 71,662 111,446 108,101 
Total retained loans$118,538 $119,993 $139,620 $142,709 $256,320 $252,245 

$514,478 $514,947 
Loan delinquency(b)
Current and less than 30 days past due and still accruing
$117,559 $118,894 $136,980 $140,100 $253,632 $249,713 

$508,171 $508,707 
30–89 days past due and still accruing
462 601 830 658 1,769 1,606 3,061 2,865 
90 or more days past due and still accruing(c)
15 15 58 20 158 22 231 57 
Criticized nonaccrual502 483 1,752 1,931 761 904 3,015 3,318 
Total retained loans$118,538 $119,993 $139,620 $142,709 $256,320 $252,245 

$514,478 $514,947 
(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.
(b)The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. 
(c)Represents loans that are considered well-collateralized and therefore still accruing interest.
The following table provides information about net charge-offs on retained wholesale loans.
Wholesale net charge-offs/(recoveries)Secured by real estateCommercial
 and industrial		OtherTotal
 retained loans
Three months ended March 31,
(in millions)		20212020202120202021202020212020
Net charge-offs/(recoveries)$— $— $50 $168 $3 $(6)$53 $162 
Nonaccrual loans
The following table provides information on retained wholesale nonaccrual loans.
 
(in millions)		Secured by real estateCommercial
and industrial		OtherTotal
retained loans
Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020
Nonaccrual loans(a)
With an allowance$398 $351 $1,329 $1,667 $544 $800 $2,271 $2,818 
Without an allowance(b)
104 132 423 264 217 104 744 500 
Total nonaccrual loans(c)
$502 $483 $1,752 $1,931 $761 $904 $3,015 $3,318 
(a)Loans that were modified in response to the COVID-19 pandemic continue to be risk-rated in accordance with the Firm’s overall credit risk management framework. As of March 31, 2021, predominantly all of these loans were considered performing.
(b)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.
(c)Interest income on nonaccrual loans recognized on a cash basis was not material for the three months ended March 31, 2021 and 2020.
Loan modifications
Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. Loans with short-term or other insignificant modifications that are not considered concessions are not TDRs nor are loans for which the Firm has elected to apply the option to suspend the application of accounting guidance for TDRs as provided by the CARES Act and extended by the Consolidated Appropriations Act. The carrying value of TDRs was $1.2 billion and $954 million as of March 31, 2021, and December 31, 2020, respectively. The carrying value of new TDRs was $428 million and $76 million for the three months ended March 31, 2021 and 2020, respectively. The new TDRs for the three months ended March 31, 2021 were primarily from Commercial and Industrial loan modifications that included extending maturity dates and the receipt of assets
in partial satisfaction of the loan. The impact of these modifications resulting in new TDRs was not material to the Firm for the three months ended March 31, 2021 and 2020.
133

Note 12 – Allowance for credit losses
The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.
Refer to Note 13 of JPMorgan Chase's 2020 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

134

Allowance for credit losses and related information
The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorgan Chase’s 2020 Form 10-K for further information on the allowance for credit losses on investment securities.
2021(d)
2020(d)
Three months ended March 31,
(in millions)		Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding credit cardCredit cardWholesaleTotal
Allowance for loan losses
Beginning balance at January 1,$3,636 $17,800 $6,892 $28,328 $2,538 $5,683 $4,902 $13,123 
Cumulative effect of a change in accounting principle
NANANANA297 5,517 (1,642)4,172 
Gross charge-offs166 1,214 88 1,468 233 1,488 181 1,902 
Gross recoveries collected(145)(231)(35)(411)(239)(175)(19)(433)
Net charge-offs/(recoveries)21 983 53 1,057 (6)1,313 162 1,469 
Provision for loan losses(932)(2,517)(830)(4,279)613 5,063 1,742 7,418 
Other
(1)— 10 9 — — — — 
Ending balance at March 31,$2,682 $14,300 $6,019 $23,001 $3,454 $14,950 $4,840 $23,244 
Allowance for lending-related commitments
Beginning balance at January 1,
$187 $— $2,222 $2,409 $12 $— $1,179 $1,191 
Cumulative effect of a change in accounting principle
NANANANA133 — (35)98 
Provision for lending-related commitments
(52)— 159 107 6 — 852 858 
Other
— — — — — — — — 
Ending balance at March 31,$135 $— $2,381 $2,516 $151 $— $1,996 $2,147 
Total allowance for credit losses
$2,817 $14,300 $8,400 $25,517 $3,605 $14,950 $6,836 $25,391 
Allowance for loan losses by impairment methodology
Asset-specific(a)
$(348)$522 $529 $703 $223 $530 $556 $1,309 
Portfolio-based3,030 13,778 5,490 22,298 3,231 14,420 4,284 21,935 
Total allowance for loan losses$2,682 $14,300 $6,019 $23,001 $3,454 $14,950 $4,840 $23,244 
Loans by impairment methodology
Asset-specific(a)
$16,008 $1,291 $3,394 $20,693 $17,036 $1,505 $2,021 $20,562 
Portfolio-based286,384 130,481 511,084 927,949 276,743 152,516 553,268 982,527 
Total retained loans$302,392 $131,772 $514,478 $948,642 $293,779 $154,021 $555,289 $1,003,089 
Collateral-dependent loans
Net charge-offs$20 $— $2 $22 $29 $— $17 $46 
Loans measured at fair value of collateral less cost to sell
4,790 — 354 5,144 2,941 — 94 3,035 
Allowance for lending-related commitments by impairment methodology
Asset-specific
$— $— $144 $144 $— $— $187 $187 
Portfolio-based
135 — 2,237 2,372 151 — 1,809 1,960 
Total allowance for lending-related commitments(b)
$135 $— $2,381 $2,516 $151 $— $1,996 $2,147 
Lending-related commitments by impairment methodology
Asset-specific
$— $— $800 $800 $— $— $619 $619 
Portfolio-based(c)
34,468 — 440,830 475,298 33,498 — 338,580 372,078 
Total lending-related commitments
$34,468 $— $441,630 $476,098 $33,498 $— $339,199 $372,697 
(a)Includes collateral dependent loans, including those considered TDRs and those for which foreclosure is deemed probable, modified PCD loans and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a TDR. Also includes risk-rated loans that have been placed on nonaccrual status for the wholesale portfolio segment. The asset-specific credit card allowance for loans modified, or reasonably expected to be modified, in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.
(b)The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.
(c)At March 31, 2021 and 2020, lending-related commitments excluded $21.8 billion and $8.0 billion, respectively, for the consumer, excluding credit card portfolio segment; $674.4 billion and $681.4 billion, respectively, for the credit card portfolio segment; and $39.6 billion and $24.0 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.
(d)Excludes the allowance for credit losses on HTM securities. The allowance for credit losses on HTM securities was $94 million and $19 million as of March 31, 2021 and 2020, respectively.


135

Discussion of changes in the allowance
The allowance for credit losses as of March 31, 2021 decreased when compared to December 31, 2020, consisting of:
•a $4.5 billion reduction in consumer, predominantly in the credit card portfolio, reflecting improvements in the Firm's macroeconomic scenarios, and in the residential real estate portfolio primarily due to the continued improvement in the HPI expectations and to a lesser extent portfolio run-off, and
•a $716 million net reduction in wholesale, across the LOBs reflecting improvements in the Firm's macroeconomic scenarios
While the economy is showing signs of improvement, the COVID-19 pandemic has stressed many MEVs used in the Firm's allowance estimate at a speed and to degrees not experienced in recent history, which has created additional challenges in the use of modeled credit loss estimates and increased the reliance on management judgment. These challenges in the use of modeled credit loss estimates remain, albeit to a lesser extent than experienced during 2020. In periods where certain MEVs are outside the range of historical experience on which the Firm’s models have been trained, the Firm makes adjustments to appropriately address these economic circumstances.
Further, despite the improvement in the economy, uncertainties remain, including the health of underlying labor markets, vaccine efficacy against new virus strains, and the potential for changes in consumer behavior that could have longer term impacts on certain sectors. As a result of these uncertainties, the Firm continued to place significant weighting on its adverse scenarios, which incorporate more punitive macroeconomic factors than the central case assumptions outlined below, resulting in weighted average U.S. unemployment rates rising above eight percent in 2021 and remaining at approximately six percent into the second quarter of 2022 with U.S. GDP returning to pre-pandemic levels in 1Q22.
The Firm’s central case assumptions reflected U.S. unemployment rates and U.S. real GDP as follows:
Assumptions at March 31, 2021
2Q214Q212Q22
U.S. unemployment rate(a)
5.7 %4.8 %4.3 %
Cumulative change in U.S. real GDP from 12/31/20190.2 %2.7 %4.3 %
Assumptions at December 31, 2020
2Q214Q212Q22
U.S. unemployment rate(a)
6.8 %5.7 %5.1 %
Cumulative change in U.S. real GDP from 12/31/2019(1.9)%0.6 %2.0 %
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.

136

Note 13 – Variable interest entities
Refer to Note 1 of JPMorgan Chase’s 2020 Form 10-K for a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs.
The following table summarizes the most significant types of Firm-sponsored VIEs by business segment.
Line of BusinessTransaction TypeActivityForm 10-Q page references
CCBCredit card securitization trustsSecuritization of originated credit card receivables137
Mortgage securitization trustsServicing and securitization of both originated and purchased residential mortgages137-139
CIBMortgage and other securitization trustsSecuritization of both originated and purchased residential and commercial mortgages, and other consumer loans137-139
Multi-seller conduitsAssist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs139
Municipal bond vehiclesFinancing of municipal bond investments139
The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 140-141 of this Note for more information on the VIEs sponsored by third parties.
Significant Firm-sponsored VIEs
Credit card securitizations
As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust. Refer to the table on page 140 of this Note for further information on consolidated VIE assets and liabilities.
Firm-sponsored mortgage and other securitization trusts
The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.
Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion of JPMorgan Chase's involvement with credit card securitizations and Firm-sponsored mortgage and other securitization trusts, as well as the accounting treatment relating to such trusts.
137

The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The
Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to Securitization activity on page 141 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 141-142 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.
Principal amount outstanding
JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
March 31, 2021 (in millions)Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$49,200 $1,502 $39,678 $484 $581 $— $1,065 
Subprime12,427 146 11,602 6 — — 6 
Commercial and other(b)
121,213 — 86,649 741 1,780 278 2,799 
Total$182,840 $1,648 $137,929 $1,231 $2,361 $278 $3,870 
Principal amount outstanding
JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2020 (in millions)Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by
JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$49,644 $1,693 $41,265 $574 $724 $— $1,298 
Subprime12,896 46 12,154 9 — — 9 
Commercial and other(b)
119,732 — 92,351 955 1,549 262 2,766 
Total$182,272 $1,739 $145,770 $1,538 $2,273 $262 $4,073 
(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. Refer to pages 141-142 of this Note for information on the Firm’s loan sales and securitization activity related to U.S. GSEs and government agencies.
(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables purchased from third parties.
(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior and subordinated securities of $74 million and $39 million, respectively, at March 31, 2021, and $105 million and $40 million, respectively, at December 31, 2020, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d)Includes interests held in re-securitization transactions.
(e)As of March 31, 2021, and December 31, 2020, 74% and 73%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $1.0 billion and $1.3 billion of investment-grade retained interests, and $33 million and $41 million of noninvestment-grade retained interests at March 31, 2021, and December 31, 2020, respectively. The retained interests in commercial and other securitization trusts consisted of $2.0 billion of investment-grade retained interests, and $753 million of noninvestment-grade retained interests at both March 31, 2021 and December 31, 2020.
138

Residential mortgage
The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB. Refer to the table on page 140 of this Note for more information on the consolidated residential mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated residential mortgage securitizations.
Commercial mortgages and other consumer securitizations
CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts. Refer to the table on page 140 of this Note for more information on the consolidated commercial mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated securitizations.
Re-securitizations
The following table presents the principal amount of securities transferred to re-securitization VIEs.
Three months ended March 31,
(in millions)20212020
Transfers of securities to VIEs
U.S. GSEs and government agencies$13,105 $2,717 
The Firm did not transfer any private label securities to re-securitization VIEs during the three months ended March 31, 2021 and 2020, respectively, and retained interests in any such Firm-sponsored VIEs as of March 31, 2021 and December 31, 2020 were immaterial.
The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.
Nonconsolidated
re-securitization VIEs
(in millions)March 31, 2021December 31, 2020
U.S. GSEs and government agencies
Interest in VIEs
$2,530 $2,631 
As of March 31, 2021, and December 31, 2020, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs.
Multi-seller conduits
In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $10.9 billion and $13.5 billion of the commercial paper issued by the Firm-administered multi-seller conduits at March 31, 2021, and December 31, 2020, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.
Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $14.2 billion and $12.2 billion at March 31, 2021, and December 31, 2020, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.
Municipal bond vehicles
Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party, refer to page 141 of this Note for further information.
The Firm serves as sponsor for all non-customer TOB transactions.
Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for a more detailed description of JPMorgan Chase’s participation in certain re-securitization transactions, principal involvement with Firm-administered multi-seller conduits, and Municipal bond vehicles.
139

Consolidated VIE assets and liabilities
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of March 31, 2021, and December 31, 2020.
AssetsLiabilities
March 31, 2021 (in millions)Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in
VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$—$10,716$133$10,849$4,319$2$4,321
Firm-administered multi-seller conduits319,64218719,8329,030349,064
Municipal bond vehicles1,989—41,9931,958—1,958
Mortgage securitization entities(a)
—1,5201021,622305102407
Other21,631
(b)
2751,90859101160
Total$1,994$33,509$701$36,204$15,671$239$15,910
AssetsLiabilities
December 31, 2020 (in millions)Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in
VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$—$11,962$148$12,110$4,943$3$4,946
Firm-administered multi-seller conduits223,78718823,97710,5233310,556
Municipal bond vehicles1,930—21,9321,902—1,902
Mortgage securitization entities(a)
—1,694941,788210108318
Other2176249427—8989
Total$1,934$37,619$681$40,234$17,578$233$17,811
(a)Includes residential and commercial mortgage securitizations.
(b)Includes $1.2 billion of purchased auto loan securitizations in CIB.
(c)Includes assets classified as cash and other assets on the Consolidated balance sheets.
(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $4.7 billion and $5.2 billion at March 31, 2021, and December 31, 2020, respectively.
(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.
VIEs sponsored by third parties
The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.
Tax credit vehicles
The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing
member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $23.1 billion and $23.6 billion, of which $8.5 billion and $8.7 billion was unfunded at March 31, 2021 and December 31, 2020, respectively. The prior-period maximum loss exposure amount has been revised to conform with the current presentation. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 25 of JPMorgan Chase’s 2020 Form 10-K for further information on affordable housing tax credits and Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments.
140

Customer municipal bond vehicles (TOB trusts)
The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.
In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.
The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at March 31, 2021 and December 31, 2020 was $6.5 billion and $6.7 billion, respectively. The fair value of assets held by such VIEs at March 31, 2021 and December 31, 2020, was $10.2 billion and $10.5 billion, respectively.
Loan securitizations
The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, and commercial mortgage. Refer to Note 14 of JPMorgan Chase’s 2020 Form 10-K for a further description of the Firm’s accounting policies regarding securitizations.
Securitization activity
The following table provides information related to the Firm’s securitization activities for the three months ended March 31, 2021 and 2020, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.
Three months ended March 31,
20212020
(in millions)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Principal securitized$4,077 $1,912 $3,064 $3,188 
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)
$4,234 $1,970 $3,136 $3,273 
Servicing fees collected41 — 62 — 
Cash flows received on interests
183 52 117 29 
(a)Excludes re-securitization transactions.
(b)Predominantly includes Level 2 assets.
(c)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
(d)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.
(e)Includes commercial mortgage and other consumer loans.
Loans and excess MSRs sold to U.S. government-sponsored
enterprises and loans in securitization transactions pursuant to
Ginnie Mae guidelines
In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share
a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.
141

The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.
Three months ended March 31,
(in millions)20212020
Carrying value of loans sold
$23,147 $24,935 
Proceeds received from loan sales as cash
16 9 
Proceeds from loan sales as securities(a)(b)
22,749 24,663 
Total proceeds received from loan sales(c)
$22,765 $24,672 
Gains/(losses) on loan sales(d)(e)
$4 $4 
(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.
(b)Included in level 2 assets.
(c)Excludes the value of MSRs retained upon the sale of loans.
(d)Gains/(losses) on loan sales include the value of MSRs.
(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
Options to repurchase delinquent loans
In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan
pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.
The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of March 31, 2021 and December 31, 2020. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.
(in millions)Mar 31,
2021		Dec 31,
2020
Loans repurchased or option to repurchase(a)
$1,332 $1,413 
Real estate owned
8 9 
Foreclosed government-guaranteed residential mortgage loans(b)
55 64 
(a)Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.
(b)Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.

Loan delinquencies and liquidation losses
The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of March 31, 2021, and December 31, 2020.
Net liquidation losses
Securitized assets90 days past dueThree months ended March 31,
(in millions)Mar 31,
2021		Dec 31,
2020		Mar 31,
2021		Dec 31,
2020		20212020
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs$39,678 $41,265 $4,414 $4,988 $12 $99 
Subprime11,602 12,154 2,231 2,406 18 86 
Commercial and other86,649 92,351 4,753 5,958 21 10 
Total loans securitized$137,929 $145,770 $11,398 $13,352 $51 $195 
142

Note 14 – Goodwill and Mortgage servicing rights
Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the accounting policies related to goodwill and mortgage servicing rights.
Goodwill
The following table presents goodwill attributed to the business segments.
(in millions)March 31,
2021		December 31,
2020
Consumer & Community Banking$31,326 $31,311 
Corporate & Investment Bank7,912 7,913 
Commercial Banking2,985 2,985 
Asset & Wealth Management7,020 7,039 
Total goodwill$49,243 $49,248 
The following table presents changes in the carrying amount of goodwill.
Three months ended March 31,
(in millions)20212020
Balance at beginning
of period
$49,248 $47,823 
Changes during the period from:
Other(5)
(a)
(23)
(b)
Balance at March 31,$49,243 $47,800 
(a)Includes adjustments to goodwill related to the prior period acquisitions of cxLoyalty in CCB and 55ip in AWM during the fourth quarter of 2020. Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for additional information on these acquisitions.
(b)Primarily foreign currency adjustments.

Goodwill impairment testing
Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment. Refer to Note 15 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of the Firm’s goodwill impairment testing, including the primary method used to estimate the fair value of the reporting units and the assumptions used in the goodwill impairment test.  
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.
As of March 31, 2021, the Firm reviewed current economic conditions, including the potential impacts of the COVID-19 pandemic on business performance, estimated market cost of equity, as well as actual business results and projections of business performance for all its reporting units. The Firm has concluded that the goodwill allocated to its reporting units was not impaired as of March 31, 2021, or December 31, 2020, nor was goodwill written off due to impairment during the three months ended March 31, 2021 or 2020.
143

Mortgage servicing rights
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorgan Chase’s 2020 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.
The following table summarizes MSR activity for the three months ended March 31, 2021 and 2020.
As of or for the three months
ended March 31,
(in millions, except where otherwise noted)20212020
Fair value at beginning of period$3,276 $4,699 
MSR activity:
Originations of MSRs404 271 
Purchase of MSRs179 2 
Disposition of MSRs(a)
1 (75)
Net additions/(dispositions)584 198 
Changes due to collection/realization of expected cash flows
(187)(248)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)
836 (1,370)
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)
(24)(1)
Discount rates
— — 
Prepayment model changes and other(c)
(15)(11)
Total changes in valuation due to other inputs and assumptions(39)(12)
Total changes in valuation due to inputs and assumptions797 (1,382)
Fair value at March 31,$4,470 $3,267 
Changes in unrealized gains/(losses) included in income related to MSRs held at March 31,$797 $(1,382)
Contractual service fees, late fees and other ancillary fees included in income
291 364 
Third-party mortgage loans serviced at March 31, (in billions)444 506 
Servicer advances, net of an allowance for uncollectible amounts, at March 31, (in billions)(d)
1.8 1.7 
(a)Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.
(b)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(c)Represents changes in prepayments other than those attributable to changes in market interest rates.
(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.
144

The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three months ended March 31, 2021 and 2020.
Three months ended March 31,
(in millions)20212020
CCB mortgage fees and related income
Production revenue$757 $319 
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue248 339 
Changes in MSR asset fair value due to collection/realization of expected cash flows(187)(248)
Total operating revenue61 91 
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)
836 (1,370)
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)
(39)(12)
Changes in derivative fair value and other(912)1,292 
Total risk management(115)(90)
Total net mortgage servicing revenue(54)1 
Total CCB mortgage fees and related income703 320 
All other1 — 
Mortgage fees and related income$704 $320 
(a)Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(b)Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at March 31, 2021, and December 31, 2020, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
(in millions, except rates)Mar 31,
2021		Dec 31,
2020
Weighted-average prepayment speed assumption (constant prepayment rate)
10.28 %14.90 %
Impact on fair value of 10% adverse change
$(195)$(206)
Impact on fair value of 20% adverse change
(375)(392)
Weighted-average option adjusted spread(a)
6.65 %7.19 %
Impact on fair value of a 100 basis point adverse change
$(197)$(134)
Impact on fair value of a 200 basis point adverse change
(379)(258)
(a)Includes the impact of operational risk and regulatory capital.
Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In this table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.

145

Note 15 – Deposits
Refer to Note 17 of JPMorgan Chase’s 2020 Form 10-K for further information on deposits.
At March 31, 2021, and December 31, 2020, noninterest-bearing and interest-bearing deposits were as follows.
(in millions)March 31,
2021		December 31, 2020
U.S. offices
Noninterest-bearing (included $9,436 and $9,873 at fair value)(a)
$629,139 $572,711 
Interest-bearing (included $2,579 and $2,567 at fair value)(a)
1,266,856 1,197,032 
Total deposits in U.S. offices1,895,995 1,769,743 
Non-U.S. offices
Noninterest-bearing (included $1,761 and $1,486 at fair value)(a)
22,661 23,435 
Interest-bearing (included $331 and $558 at fair value)(a)
359,456 351,079 
Total deposits in non-U.S. offices382,117 374,514 
Total deposits$2,278,112 $2,144,257 
(a)Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further information.


Note 16 – Leases
Refer to Note 18 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on leases.
Firm as lessee
At March 31, 2021, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.
Operating lease liabilities and right-of-use ("ROU") assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.
The following table provides information related to the Firm’s operating leases:
(in millions)March 31, 2021December 31, 2020
Right-of-use assets$7,938 $8,006 
Lease liabilities8,421 8,508 
The Firm’s net rental expense was $490 million and $475 million for the three months ended March 31, 2021 and 2020, respectively.
Firm as lessor
The Firm’s lease financings are generally operating leases and are included in other assets on the Firm’s Consolidated balance sheets.
The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income:
Three months ended March 31,

(in millions)		20212020
Operating lease income$1,325 $1,413 
Depreciation expense934 1,140 


146

Note 17 - Preferred stock
Refer to Note 21 of JPMorgan Chase’s 2020 Form 10-K for a further discussion on preferred stock.
The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of March 31, 2021 and December 31, 2020, and the quarterly dividend declarations for the three months ended March 31, 2021 and 2020.
Shares
Carrying value
 (in millions)
Contractual rate in effect at March 31, 2021Earliest redemption date
Floating annualized rate of three-month LIBOR/ Term SOFR plus:
Dividend declared
per share
March 31, 2021December 31, 2020March 31, 2021December 31, 2020Issue dateThree months ended
March 31,
20212020
Fixed-rate:
Series Y
— — $— $— 2/12/2015— %3/1/2020NA$—$153.13
Series AA
142,500 142,500 1,425 1,425 6/4/20156.100 9/1/2020NA152.50152.50
Series BB
115,000 115,000 1,150 1,150 7/29/20156.150 9/1/2020NA153.75153.75
Series DD
169,625 169,625 1,696 1,696 9/21/20185.750 12/1/2023NA143.75143.75
Series EE
185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA150.00150.00
Series GG
90,000 90,000 900 900 11/7/20194.750 12/1/2024NA118.75150.42
(a)
Series JJ150,000 — 1,500 — 3/17/20214.550 6/1/2026NANANA
(b)
Fixed-to-floating-rate:
Series I
293,375 293,375 $2,934 $2,934 4/23/2008
LIBOR + 3.47%
4/30/2018
LIBOR + 3.47%
$93.06$132.44
Series Q
150,000 150,000 1,500 1,500 4/23/20135.150 5/1/2023
LIBOR + 3.25
128.75128.75
Series R
150,000 150,000 1,500 1,500 7/29/20136.000 8/1/2023
LIBOR + 3.30
150.00150.00
Series S
200,000 200,000 2,000 2,000 1/22/20146.750 2/1/2024
LIBOR + 3.78
168.75168.75
Series U
100,000 100,000 1,000 1,000 3/10/20146.125 4/30/2024
LIBOR + 3.33
153.13153.13
Series V
250,000 250,000 2,500 2,500 6/9/2014
LIBOR + 3.32%
7/1/2019
LIBOR + 3.32
85.97130.73
Series X
160,000 160,000 1,600 1,600 9/23/20146.100 10/1/2024
LIBOR + 3.33
152.50152.50
Series Z
200,000 200,000 2,000 2,000 4/21/2015
LIBOR + 3.80%
5/1/2020
LIBOR + 3.80
101.24132.50
(c)
Series CC
125,750 125,750 1,258 1,258 10/20/20174.625 11/1/2022
LIBOR + 2.58
115.63115.63
Series FF
225,000 225,000 2,250 2,250 7/31/20195.000 8/1/2024
SOFR + 3.38
125.00125.00
Series HH
300,000 300,000 3,000 3,000 1/23/20204.600 2/1/2025
SOFR + 3.125
115.00125.22
(d)
Series II
150,000 150,000 1,500 1,500 2/24/20204.000 4/1/2025
SOFR + 2.745
100.00NA
(e)
Total preferred stock3,156,250 3,006,250 $31,563 $30,063 
(a)Dividends in the amount of $150.42 per share were declared on January 8, 2020 and include dividends from the original issue date of November 7, 2019 through February 29, 2020.
(b)No dividends were declared for Series JJ from the original issue date of March 17, 2021 through March 31, 2021.
(c)The dividend rate for Series Z preferred stock became floating and payable quarterly starting on May 1, 2020; prior to which the dividend rate was fixed at 5.3% or $265.00 per share payable semi annually.
(d)Dividends in the amount of $125.22 per share were declared on March 13, 2020 and include dividends from the original issue date of January 23, 2020 through April 30, 2020.
(e)No dividends were declared for Series II from the original issue date of February 24, 2020 through March 31, 2020.
Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $31.9 billion at March 31, 2021.
Redemptions
On April 30, 2021, the Firm announced that it will redeem on June 1, 2021 all $1.4 billion of its outstanding 6.10% non-cumulative preferred stock, Series AA and all $1.2 billion of its outstanding 6.15% non-cumulative preferred stock, Series BB.
On March 1, 2020, the Firm redeemed all $1.43 billion of its 6.125% non-cumulative preferred stock, Series Y.

147

Note 18 – Earnings per share
Refer to Note 23 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2021 and 2020.
(in millions, except per share amounts)Three months ended
March 31,
20212020
Basic earnings per share
Net income$14,300 $2,865 
Less: Preferred stock dividends
379 421 
Net income applicable to common equity
13,921 2,444 
Less: Dividends and undistributed earnings allocated to participating securities
70 13 
Net income applicable to common stockholders
$13,851 $2,431 
Total weighted-average basic shares
  outstanding
3,073.5 3,095.8 
Net income per share
$4.51 $0.79 
Diluted earnings per share
Net income applicable to common stockholders
$13,851 $2,431 
Total weighted-average basic shares
  outstanding
3,073.5 3,095.8 
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs
5.4 4.9 
Total weighted-average diluted shares outstanding
3,078.9 3,100.7 
Net income per share
$4.50 $0.78 

148

Note 19 – Accumulated other comprehensive income/(loss)
AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).
As of or for the three months ended
March 31, 2021
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit
pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at January 1, 2021$8,180 $(473)$(112)$2,383 $(1,132)$(860)$7,986 
Net change(4,339)(250)(28)(2,249)68 (147)(6,945)
Balance at March 31, 2021$3,841 
(a)
$(723)$(140)$134 $(1,064)$(1,007)$1,041 
As of or for the three months ended
March 31, 2020
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at January 1, 2020$4,057 $(707)$(131)$63 $(1,344)$(369)$1,569 
Net change1,119 (330)88 2,465 33 2,474 5,849 
Balance at March 31, 2020$5,176 
(a)
$(1,037)$(43)$2,528 $(1,311)$2,105 $7,418 
(a)As of March 31, 2021 and 2020, includes after-tax net unamortized unrealized gains of $2.9 billion and $737 million related to AFS securities that have been transferred to HTM, respectively. Refer to Note 10 of JPMorgan Chase's 2020 Form 10-K for further information.
The following table presents the pre-tax and after-tax changes in the components of OCI.
20212020
Three months ended March 31,
(in millions)		Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period
$(5,693)$1,365 $(4,328)$1,709 $(413)$1,296 
Reclassification adjustment for realized (gains)/losses included in net income(a)
(14)3 (11)(233)56 (177)
Net change(5,707)1,368 (4,339)1,476 (357)1,119 
Translation adjustments:
Translation(1,200)39 (1,161)(1,592)55 (1,537)
Hedges1,200 (289)911 1,589 (382)1,207 
Net change— (250)(250)(3)(327)(330)
Fair value hedges, net change(b):
(37)9 (28)115 (27)88 
Cash flow hedges:
Net unrealized gains/(losses) arising during the period
(2,695)647 (2,048)3,251 (780)2,471 
Reclassification adjustment for realized (gains)/losses included in net income(c)
(264)63 (201)(8)2 (6)
Net change(2,959)710 (2,249)3,243 (778)2,465 
Defined benefit pension and OPEB plans, net change:91 (23)68 45 (12)33 
DVA on fair value option elected liabilities, net change:
(189)42 (147)3,255 (781)2,474 
Total other comprehensive income/(loss)$(8,801)$1,856 $(6,945)$8,131 $(2,282)$5,849 
(a)The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.
(b)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swaps.
(c)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.

149

Note 20 – Restricted cash and other restricted
assets
Refer to Note 26 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.
Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.
The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.
The following table presents the components of the Firm’s restricted cash:
(in billions)March 31,
2021		December 31, 2020
Segregated for the benefit of securities and cleared derivative customers
15.7 19.3 
Cash reserves at non-U.S. central banks and held for other general purposes
5.4 5.1 
Total restricted cash(a)
$21.1 $24.4 
(a)Comprises $19.6 billion and $22.7 billion in deposits with banks, and $1.5 billion and $1.7 billion in cash and due from banks on the Consolidated balance sheet as of March 31, 2021 and December 31, 2020, respectively.
Also, as of March 31, 2021 and December 31, 2020, the Firm had the following other restricted assets:
•Cash and securities pledged with clearing organizations for the benefit of customers of $39.2 billion and $37.2 billion, respectively.
•Securities with a fair value of $8.6 billion and $1.3 billion, respectively, were also restricted in relation to customer activity.


Note 21 – Regulatory capital
Refer to Note 27 of JPMorgan Chase’s 2020 Form 10-K for a detailed discussion on regulatory capital.
The Federal Reserve establishes capital requirements, including well-capitalized requirements, for the consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A.
Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. IDI subsidiaries are also subject to these capital requirements established by their respective primary regulators.
The following table presents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of March 31, 2021 and December 31, 2020.
Standardized Minimum capital ratiosAdvanced Minimum capital ratiosWell-capitalized ratios
BHC(a)
IDI(c)
BHC(a)(b)
IDI(b)(c)
BHC(d)
IDI(e)
Capital ratios
CET1 capital11.3 %7.0 %10.5 %7.0 %NA6.5 %
Tier 1 capital12.8 8.5 12.0 8.5 6.0 %8.0 
Total capital14.8 10.5 14.0 10.5 10.0 10.0 
Tier 1 leverage4.0 4.0 4.0 4.0 NA5.0 
SLRNANA5.0 6.0 NA6.0 
Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.
(a)Represents the minimum capital ratios applicable to the Firm. The CET1, Tier 1 and Total capital minimum capital ratios each include a respective minimum requirement plus a GSIB surcharge of 3.5% as calculated under Method 2; plus a 3.3% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies.
(b)Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and IDI subsidiaries, respectively.
(c)Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1, Tier 1 and Total capital minimum capital ratios include a fixed capital conservation buffer requirement of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge.
(d)Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.
(e)Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act.



150

CECL regulatory capital transition delay
As part of their response to the impact of the COVID-19 pandemic, the federal banking agencies issued a final rule that provided the option beginning January 1, 2020 to delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period beginning January 1, 2022.
The Firm has elected to apply the CECL capital transition provisions, and accordingly, for the period ended March 31, 2021, the capital metrics of the Firm exclude $4.5 billion,
which is the $2.7 billion day 1 impact to retained earnings and 25% of the $7.0 billion increase in the allowance for credit losses from January 1, 2020 (excluding allowances on PCD loans).
The impacts of the CECL capital transition provisions have also been incorporated into Tier 2 capital, adjusted average assets, and total leverage exposure. Refer to Note 27 of JPMorgan Chase’s 2020 Form 10-K for further information on CECL capital transition provisions.
The following tables present the risk-based and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. under both the Basel III Standardized and Basel III Advanced Approaches. As of March 31, 2021 and December 31, 2020, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.
March 31, 2021
(in millions, except ratios)		Basel III StandardizedBasel III Advanced
JPMorgan
Chase & Co.(c)
JPMorgan
Chase Bank, N.A.(c)
JPMorgan
Chase & Co.(c)
JPMorgan
Chase Bank, N.A.(c)
Risk-based capital metrics:
CET1 capital
$206,078 $242,464 $206,078 $242,464 
Tier 1 capital
237,333 242,466 237,333 242,466 
Total capital
271,407 260,288 258,635 247,867 
Risk-weighted assets1,577,007 1,503,158 1,503,828 1,361,577 
CET1 capital ratio13.1 %16.1 %13.7 %17.8 %
Tier 1 capital ratio15.0 16.1 15.8 17.8 
Total capital ratio17.2 17.3 17.2 18.2 
Leverage-based capital metrics:
Adjusted average assets(a)
$3,565,545 $3,120,770 $3,565,545 $3,120,770 
Tier 1 leverage ratio
6.7 %7.8 %6.7 %7.8 %
Total leverage exposure(b)
NANA$3,522,629 $3,867,720 
SLR(b)
NANA6.7 %6.3 %
December 31, 2020
(in millions, except ratios)		Basel III StandardizedBasel III Advanced
JPMorgan
Chase & Co.(c)
JPMorgan
Chase Bank, N.A.(c)
JPMorgan
Chase & Co.(c)
JPMorgan
Chase Bank, N.A.(c)
Risk-based capital metrics:
CET1 capital$205,078 $234,235 $205,078 $234,235 
Tier 1 capital234,844 234,237 234,844 234,237 
Total capital269,923 252,045 257,228 239,673 
Risk-weighted assets1,560,609 1,492,138 1,484,431 1,343,185 
CET1 capital ratio13.1 %15.7 %13.8 %17.4 %
Tier 1 capital ratio15.0 15.7 15.8 17.4 
Total capital ratio17.3 16.9 17.3 17.8 
Leverage-based capital metrics:
Adjusted average assets(a)
$3,353,319 $2,970,285 $3,353,319 $2,970,285 
Tier 1 leverage ratio7.0 %7.9 %7.0 %7.9 %
Total leverage exposure(b)
NANA$3,401,542 $3,688,797 
SLR(b)
NANA6.9 %6.3 %
(a)Adjusted average assets, for purposes of calculating the leverage ratio, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.
(b)JPMorgan Chase’s total leverage exposure for purposes of calculating the SLR, excludes on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks, as provided by the interim final rule issued by the Federal Reserve which became effective April 1, 2020 and remained in effect through March 31, 2021. On June 1, 2020, the Federal Reserve, OCC and FDIC issued an interim final rule which became effective April 1, 2020 and remained in effect through March 31, 2021 that provides IDI subsidiaries with an option to apply this temporary exclusion subject to certain restrictions. As of March 31, 2021 and December 31, 2020, JPMorgan Chase Bank, N.A. did not elect to apply this exclusion.
(c)The capital metrics reflect the CECL capital transition provisions. Additionally, loans originated under the PPP receive a zero percent risk weight.
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Note 22 – Off–balance sheet lending-related
financial instruments, guarantees, and other
commitments
JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.
To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.
The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at March 31, 2021, and December 31, 2020. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card and certain scored business banking lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.
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Off–balance sheet lending-related financial instruments, guarantees and other commitments
Contractual amount
Carrying value(i)
March 31, 2021Dec 31,
2020		Mar 31,
2021		Dec 31,
2020
By remaining maturity
(in millions)		Expires in 1 year or lessExpires after
1 year through
3 years		Expires after
3 years through
5 years		Expires after 5 yearsTotalTotal
Lending-related
Consumer, excluding credit card:
Residential real estate(a)
$25,751 $1,741 $4,347 $12,813 $44,652 $46,047 $203 $148 
Auto and other10,779 — 2 812 11,593 11,272 — — 
Total consumer, excluding credit card36,530 1,741 4,349 13,625 56,245 57,319 203 148 
Credit card(b)
674,367 — — — 674,367 658,506 — — 
Total consumer(b)(c)
710,897 1,741 4,349 13,625 730,612 715,825 203 148 
Wholesale:
Other unfunded commitments to extend credit(d)
111,754 179,670 130,536 20,902 442,862 415,828 2,290 2,148 
Standby letters of credit and other financial guarantees(d)
17,294 7,658 8,497 1,324 34,773 30,982 692 443 
Other letters of credit(d)
3,225 156 227 1 3,609 3,053 29 14 
Total wholesale(c)
132,273 187,484 139,260 22,227 481,244 449,863 3,011 2,605 
Total lending-related$843,170 $189,225 $143,609 $35,852 $1,211,856 $1,165,688 $3,214 $2,753 
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)
$297,754 $— $— $— $297,754 $250,418 $— $— 
Derivatives qualifying as guarantees2,142 195 12,043 39,200 53,580 54,415 318 322 
Unsettled resale and securities borrowed agreements 151,549 2,618 — — 154,167 96,848 3 2 
Unsettled repurchase and securities loaned agreements 107,597 836 — — 108,433 104,901 (1)(1)
Loan sale and securitization-related indemnifications:
Mortgage repurchase liabilityNA— NANANANA72 84 
Loans sold with recourseNA— NANA823 889 23 23 
Exchange & clearing house guarantees and commitments(f)
84,852 — — — 84,852 142,003 — — 
Other guarantees and commitments(g)
8,545 627 363 2,417 11,952 9,639 
(h)
59 52 
(a)Includes certain commitments to purchase loans from correspondents.
(b)Also includes commercial card lending-related commitments primarily in CB and CIB.
(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.
(d)At March 31, 2021, and December 31, 2020, reflected the contractual amount net of risk participations totaling $61 million and $72 million, respectively, for other unfunded commitments to extend credit; $8.1 billion and $8.5 billion, respectively, for standby letters of credit and other financial guarantees; and $597 million and $357 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(e)At March 31, 2021, and December 31, 2020, collateral held by the Firm in support of securities lending indemnification agreements was $314.3 billion and $264.3 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.
(f)At March 31, 2021, and December 31, 2020, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.
(g)At March 31, 2021, and December 31, 2020, primarily includes unfunded commitments to purchase secondary market loans, unfunded commitments related to certain tax-oriented equity investments, and letters of credit hedged by derivative transactions and managed on a market risk basis.
(h)Prior-period amount has been revised to conform with the current presentation.
(i)For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.

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Other unfunded commitments to extend credit
Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.
Standby letters of credit and other financial guarantees
Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.
The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of March 31, 2021, and December 31, 2020.
Standby letters of credit, other financial guarantees and other letters of credit
March 31, 2021December 31, 2020
(in millions)Standby letters of
credit and other financial guarantees		Other letters
of credit		Standby letters of
credit and other financial guarantees		Other letters
of credit
Investment-grade(a)
$26,608 $2,747 $22,850 $2,263 
Noninvestment-grade(a)
8,165 862 8,132 790 
Total contractual amount$34,773 $3,609 $30,982 $3,053 
Allowance for lending-related commitments$82 $29 $80 $14 
Guarantee liability610 — 363 — 
Total carrying value$692 $29 $443 $14 
Commitments with collateral$21,434 $879 $17,238 $498 
(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.
Derivatives qualifying as guarantees
The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorgan Chase’s 2020 Form 10-K for further information on these derivatives.
The following table summarizes the derivatives qualifying as guarantees as of March 31, 2021, and December 31, 2020.
(in millions)March 31, 2021December 31, 2020
Notional amounts
Derivative guarantees$53,580 $54,415 
Stable value contracts with contractually limited exposure
27,782 27,752 
Maximum exposure of stable value contracts with contractually limited exposure
2,805 2,803 
Fair value
Derivative payables
318 322 
In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.
Merchant charge-backs
Under the rules of payment networks, the Firm, in its role as a merchant acquirer, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, Merchant Services will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If Merchant Services is unable to collect the amount from the merchant, Merchant Services will bear the loss for the amount credited or refunded to the cardholder. Merchant Services mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, Merchant Services recognizes a valuation allowance that covers the payment or performance risk to the Firm related to charge-backs.
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Loan sales- and securitization-related indemnifications
In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.
The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorgan Chase’s 2020 Form 10-K for additional information regarding litigation.
Sponsored member repo program
The Firm acts as a sponsoring member to clear eligible overnight resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these overnight guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house therefore the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 153. Refer to Note 11 of JPMorgan Chase’s 2020 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.
Guarantees of subsidiaries
The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank on a parity with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 153 of this Note. Refer to Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information.

Note 23 – Pledged assets and collateral
Refer to Note 29 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the Firm’s pledged assets and collateral.
Pledged assets
The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.
The following table presents the Firm’s pledged assets.
(in billions)March 31, 2021December 31, 2020
Assets that may be sold or repledged or otherwise used by secured parties
$219.1 $166.6 
Assets that may not be sold or repledged or otherwise used by secured parties
137.9 113.9 
Assets pledged at Federal Reserve banks and FHLBs446.8 455.3 
Total pledged assets
$803.8 $735.8 
Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s long-term debt.
Collateral
The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.
The following table presents the fair value of collateral accepted.
(in billions)March 31, 2021December 31, 2020
Collateral permitted to be sold or repledged, delivered, or otherwise used
$1,340.6 $1,451.7 
Collateral sold, repledged, delivered or otherwise used1,004.0 1,038.9 
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Note 24 – Litigation
Contingencies
As of March 31, 2021, the Firm and its subsidiaries and affiliates are defendants, putative defendants or respondents in numerous legal proceedings, including private, civil litigations and regulatory/government investigations. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.
The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.5 billion at March 31, 2021. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:
•the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,
•the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,
•the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and
•the attendant uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect.
In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly.
Set forth below are descriptions of the Firm’s material legal proceedings.
Amrapali. India’s Enforcement Directorate (“ED”) is investigating JPMorgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorgan Chase entities into residential housing projects developed by the Amrapali Group (“Amrapali”). In 2017, numerous creditors filed civil claims against Amrapali including petitions brought by home buyers relating to delays in delivering or failure to deliver residential units. The home buyers’ petitions have been overseen by the Supreme Court of India since 2017 pursuant to its jurisdiction over public interest litigation. In July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorgan Chase entities and the offshore funds that had invested in the projects, violated certain currency control and money laundering provisions, and ordering the ED to conduct a further inquiry under India’s Prevention of Money Laundering Act (“PMLA”) and Foreign Exchange Management Act (“FEMA”). In May 2020, the Enforcement Directorate issued a provisional attachment order as part of the criminal PMLA proceedings freezing approximately $25 million held by JPMorgan India Private Limited. In June 2020, the funds were transferred to an account held by the Supreme Court of India. A separate civil proceeding relating to alleged FEMA violations is ongoing. The Firm is responding to and cooperating with the investigation.    
Federal Republic of Nigeria Litigation. JPMorgan Chase Bank, N.A. operated an escrow and depository account for the Federal Government of Nigeria (“FGN”) and two major international oil companies. The account held approximately $1.1 billion in connection with a dispute among the clients over rights to an oil field. Following the settlement of the dispute, JPMorgan Chase Bank, N.A. paid out the monies in the account in 2011 and 2013 in accordance with directions received from its clients. In November 2017, the Federal Republic of Nigeria (“FRN”) commenced a claim in the English High Court for approximately $875 million in payments made out of the accounts. The FRN, claiming to be the same entity as the FGN, alleges that the payments were instructed as part of a complex fraud not involving JPMorgan Chase Bank, N.A., but that JPMorgan Chase Bank, N.A. was or should have been on notice that the payments may be fraudulent. JPMorgan Chase Bank, N.A. applied for summary judgment and was unsuccessful. The claim is ongoing and a trial has been scheduled to commence in February 2022.
Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded
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guilty to a single violation of federal antitrust law. In January 2017, the Firm was sentenced, with judgment entered thereafter and a term of probation ending in January 2020. The term of probation has concluded, with the Firm remaining in good standing throughout the probation period. The Department of Labor granted the Firm a five-year exemption of disqualification that allows the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) until January 2023. The Firm will need to reapply in due course for a further exemption to cover the remainder of the ten-year disqualification period. A South Africa Competition Commission matter is the remaining FX-related governmental inquiry, and is currently pending before the South Africa Competition Tribunal.
In August 2018, the United States District Court for the Southern District of New York granted final approval to the Firm’s settlement of a consolidated class action brought by U.S.-based plaintiffs, which principally alleged violations of federal antitrust laws based on an alleged conspiracy to manipulate foreign exchange rates and also sought damages on behalf of persons who transacted in FX futures and options on futures. Certain members of the settlement class filed requests to the Court to be excluded from the class, and certain of them filed a complaint against the Firm and other foreign exchange dealers in November 2018. A number of these actions remain pending. Further, a putative class action has been filed against the Firm and other foreign exchange dealers on behalf of certain consumers who purchased foreign currencies at allegedly inflated rates. Another putative class action was brought against the Firm and other foreign exchange dealers on behalf of purported indirect purchasers of FX instruments. In 2020, the Court approved a settlement by the Firm and 11 other defendants of that class action for a total of $10 million. In addition, some FX-related individual and putative class actions based on similar alleged underlying conduct have been filed outside the U.S., including in the U.K., Israel and Australia.
Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws. In 2012, the parties initially settled the cases for a cash payment, a temporary reduction of credit card interchange, and modifications to certain credit card network rules. In 2017, after the approval of that settlement was reversed on appeal, the case was remanded to the United States District Court for the Eastern District of New York for further proceedings consistent with the appellate decision.
The original class action was divided into two separate actions, one seeking primarily monetary relief and the other seeking primarily injunctive relief. In September 2018, the parties to the class action seeking monetary relief finalized
an agreement which amends and supersedes the prior settlement agreement. Pursuant to this settlement, the defendants collectively contributed an additional $900 million to the approximately $5.3 billion previously held in escrow from the original settlement. In December 2019, the amended agreement was approved by the District Court. Certain merchants appealed the District Court’s approval order, and those appeals are pending. Based on the percentage of merchants that opted out of the amended class settlement, $700 million has been returned to the defendants from the settlement escrow in accordance with the settlement agreement. The class action seeking primarily injunctive relief continues separately.
In addition, certain merchants have filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks, and some of those actions remain pending.
LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s ("BBA") London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and other banks are subject, continues. In December 2016, the European Commission issued a decision against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. The Firm has filed an appeal of that decision with the European General Court, and that appeal is pending.
In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the Firm has obtained dismissal of certain actions and resolved certain other actions, and others are in various stages of litigation. The United States District Court for the Southern District of New York has granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. In a consolidated putative class action related to the period that U.S. dollar LIBOR was administered by ICE Benchmark Administration, the District Court granted the motion by defendants, including the Firm, to dismiss plaintiffs’ complaint, and the plaintiffs have appealed. In addition, in August 2020, a group of individual plaintiffs filed a lawsuit asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards. In November 2020, plaintiffs filed a motion for a preliminary injunction seeking to enjoin defendants from setting U.S. dollar LIBOR and to prohibit defendants from enforcing any financial instruments that rely on U.S. dollar LIBOR. Defendants opposed that motion, which remains pending. The Firm’s settlements of putative
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class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate, and the Australian Bank Bill Swap Reference Rate remain subject to court approval.
Metals and U.S. Treasuries Investigations and Litigation and Related Inquiries. The Firm previously reported that it and/or certain of its subsidiaries had entered into resolutions with the U.S. Department of Justice (“DOJ”), the U.S. Commodity Futures Trading Commission (“CFTC”) and the U.S. Securities and Exchange Commission (“SEC”), which, collectively, resolved those agencies’ respective investigations relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct from 2008 to 2016.
The Firm entered into a Deferred Prosecution Agreement (“DPA”) with the DOJ in which it agreed to the filing of a criminal information charging JPMorgan Chase & Co. with two counts of wire fraud and agreed, along with JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC, to certain terms and obligations as set forth therein. Under the terms of the DPA, the criminal information will be dismissed after three years, provided that JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC fully comply with all of their obligations.
Across the three resolutions with the DOJ, CFTC and SEC, JPMorgan Chase & Co., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC agreed to pay a total monetary amount of approximately $920 million. A portion of the total monetary amount includes victim compensation payments.
Several putative class action complaints have been filed in the United States District Court for the Southern District of New York against the Firm and certain former employees, alleging a precious metals futures and options price manipulation scheme in violation of the Commodity Exchange Act. Some of the complaints also allege unjust enrichment and deceptive acts or practices under the General Business Law of the State of New York. The Court consolidated these putative class actions in February 2019, and the consolidated action is stayed through May 2021. In Canada, plaintiffs have moved to commence putative class action proceedings based on similar alleged underlying conduct for precious metals. In addition, several putative class actions have been filed in the United States District Courts for the Northern District of Illinois and Southern District of New York against the Firm, alleging manipulation of U.S. Treasury futures and options, and bringing claims under the Commodity Exchange Act. Some of the complaints also allege unjust enrichment. The actions in the Northern District of Illinois have been transferred to the Southern District of New York. The Court consolidated these putative class actions in October 2020 and plaintiffs filed their consolidated amended complaint in April 2021.
Two putative class action complaints have also been filed under the Securities Exchange Act of 1934 in the United
States District Court for the Eastern District of New York against the Firm and certain individual defendants on behalf of shareholders who acquired shares during the putative class period alleging that certain SEC filings of the Firm were materially false or misleading in that they did not disclose certain information relating to the above-referenced investigations. The Court consolidated these putative class actions in January 2021, and plaintiffs filed their consolidated amended complaint in March 2021.
Securities Lending Antitrust Litigation. JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Prime, Inc., and J.P. Morgan Strategic Securities Lending Corp. are named as defendants in a putative class action filed in the United States District Court for the Southern District of New York. The complaint asserts violations of federal antitrust law and New York State common law in connection with an alleged conspiracy to prevent the emergence of anonymous exchange trading for securities lending transactions. Defendants’ motion to dismiss the complaint was denied. Plaintiffs have moved to certify a class in this action, which defendants are opposing.
Wendel. Since 2012, the French criminal authorities have been investigating a series of transactions entered into by senior managers of Wendel Investissement (“Wendel”) during the period from 2004 through 2007 to restructure their shareholdings in Wendel. JPMorgan Chase Bank, N.A., Paris branch provided financing for the transactions to a number of managers of Wendel in 2007. JPMorgan Chase cooperated with the investigation. The investigating judges issued an ordonnance de renvoi in November 2016, referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel for alleged complicity in tax fraud. In January 2018, the Paris Court of Appeal issued a decision cancelling the mise en examen of JPMorgan Chase Bank, N.A. The Court of Cassation, France’s highest court, ruled in September 2018 that a mise en examen is a prerequisite for an ordonnance de renvoi and in January 2020 ordered the annulment of the ordonnance de renvoi referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel. The Court of Appeal found in January 2021 that it had no power to take further action against JPMorgan Chase following the Court of Cassation’s ruling. At the opening of a trial of the managers of Wendel in January 2021, the tribunal correctionnel directed the criminal authorities to clarify whether a further investigation should be opened against JPMorgan Chase, pending which the trial was postponed. In April 2021, the Court of Cassation declined to hear JPMorgan Chase’s appeal of the January 2021 decision of the tribunal correctionnel at this stage of the proceedings. In addition, a number of the managers have commenced civil proceedings against JPMorgan Chase Bank, N.A. The claims are separate, involve different allegations and are at various stages of proceedings.
* * *
In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has
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meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.
The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $28 million and $197 million for the three months ended March 31, 2021 and 2020, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.
In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period.
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Note 25 – Business segments
The Firm is managed on an LOB basis. There are four major reportable business segments - Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Segment results below, and Note 32 of JPMorgan Chase’s 2020 Form 10-K for a further discussion of JPMorgan Chase’s business segments.
Segment results
The following table provides a summary of the Firm’s segment results as of or for the three months ended March 31, 2021 and 2020, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to
present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorgan Chase’s 2020 Form 10-K for additional information on the Firm’s managed basis.
Capital allocation
The amount of capital assigned to each segment is referred to as equity. Periodically, the assumptions and methodologies used to allocate capital are assessed and as a result, the capital allocated to the LOBs may change. Refer to Line of business equity on page 98 of JPMorgan Chase’s 2020 Form 10-K for additional information on capital allocation.
Segment results and reconciliation(a)
As of or for the three months
ended March 31,
(in millions, except ratios)		Consumer &
Community Banking		Corporate &
Investment Bank		Commercial BankingAsset & Wealth Management
20212020202120202021202020212020
Noninterest revenue$4,588$4,097$11,088$6,896$917$608$3,146$2,529
Net interest income7,9299,1903,5173,1071,4761,557931860
Total net revenue12,51713,28714,60510,0032,3932,1654,0773,389
Provision for credit losses
(3,602)5,772(331)1,401(118)1,010(121)94
Noninterest expense7,2027,2697,1045,9559699862,5742,435
Income/(loss) before income tax expense/(benefit)
8,9172467,8322,6471,5421691,624860
Income tax expense/(benefit)2,189492,09266237430380191
Net income/(loss)$6,728$197$5,740$1,985$1,168$139$1,244$669
Average equity
$50,000$52,000$83,000$80,000$24,000$22,000$14,000$10,500
Total assets487,978513,3521,355,1231,216,558
(b)
223,583247,786213,088178,897
ROE
54 %1 %27 %9 %19 %2 %35 %25 %
Overhead ratio58 55 49 60 40 46 63 72 
As of or for the three months ended March 31,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202120202021202020212020
Noninterest revenue$382$331$(744)$(614)
(b)
$19,377$13,847
(b)
Net interest income(855)(165)(109)(110)12,88914,439
Total net revenue(473)166(853)(724)32,26628,286
Provision for credit losses
168——(4,156)8,285
Noninterest expense876146——18,72516,791
Income/(loss) before income tax expense/(benefit)
(1,365)12(853)(724)17,6973,210
Income tax expense/(benefit)(785)137(853)(724)
(b)
3,397345
(b)
Net income/(loss)$(580)$(125)$—$—$14,300$2,865
Average equity
$74,542$70,030$—$—$245,542$234,530
Total assets1,409,564981,937NANA3,689,3363,138,530
(b)
ROE
NMNMNMNM23 %4 %
Overhead ratioNMNMNMNM58 59 
(b)
(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.
(b) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.
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Report of Independent Registered Public Accounting Firm


To the Board of Directors and Shareholders of JPMorgan Chase & Co.:
Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of March 31, 2021, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the three-month periods ended March 31, 2021 and 2020, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2020, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 23, 2021, which included a paragraph describing a change in the manner of accounting for credit losses on certain financial instruments in the 2020 financial statements, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2020, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
These interim financial statements are the responsibility of the Firm’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

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May 4, 2021























PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017
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JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Three months ended March 31, 2021Three months ended March 31, 2020
Average
balance
Interest(g)
Rate
(annualized)		Average
balance
Interest(g)
Rate
(annualized)
Assets
Deposits with banks$631,606 $65 0.04 %$279,748 $569 0.82 %
Federal funds sold and securities purchased under resale agreements
289,763 233 0.33 253,403 1,095 1.74 
Securities borrowed175,019 (77)(0.18)
(h)
136,127 152 

0.45 
Trading assets – debt instruments322,648 1,790 2.25 304,808 2,075 2.74 
Taxable securities550,579 1,605 1.18 388,223 2,233 2.31 
Nontaxable securities(a)
31,881 348 4.43 33,306 365 4.41 
Total investment securities582,460 1,953 1.36 
(i)
421,529 2,598 2.48 
(i)
Loans1,013,524 10,217 4.09 1,001,504 12,339 4.96 
All other interest-earning assets(b)
111,549 199 0.72 68,430 443 2.60 
Total interest-earning assets3,126,569 14,380 1.87 2,465,549 19,271 3.14 
Allowance for loan losses(28,268)(17,357)
Cash and due from banks25,168 21,668 
Trading assets – equity and other instruments159,727 114,479 
Trading assets – derivative receivables79,013 66,309 
Goodwill, MSRs and other intangible Assets53,932 52,690 
All other noninterest-earning assets(c)
196,700 185,986 
Total assets$3,612,841 $2,889,324 
Liabilities
Interest-bearing deposits$1,610,467 $146 0.04 %$1,216,555 $1,575 0.52 %
Federal funds purchased and securities loaned or sold under repurchase agreements
301,386 15 0.02 243,922 787 1.30 
Short-term borrowings(d)
42,031 33 0.31 37,288 151 1.63 
Trading liabilities – debt and all other interest-bearing
liabilities(e)(f)
230,922 27 0.05 
(h)
192,950 372 0.77 
Beneficial interests issued by consolidated VIEs17,185 27 0.64 18,048 90 2.02 
Long-term debt239,398 1,134 1.92 243,996 1,747 2.88 
Total interest-bearing liabilities2,441,389 1,382 0.23 1,952,759 4,722 0.97 
Noninterest-bearing deposits614,165 419,631 
Trading liabilities – equity and other instruments(f)
35,029 30,721 
Trading liabilities – derivative payables67,960 54,990 
All other liabilities, including the allowance for lending-related commitments(c)
178,444 167,287 
Total liabilities3,336,987 2,625,388 
Stockholders’ equity
Preferred stock30,312 29,406 
Common stockholders’ equity245,542 234,530 
Total stockholders’ equity275,854 263,936 
Total liabilities and stockholders’ equity$3,612,841 $2,889,324 
Interest rate spread1.64 %2.17 %
Net interest income and net yield on interest-earning assets$12,998 1.69 $14,549 2.37 
(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.
(b)Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.
(c)Prior-period amounts have been revised to conform with the current presentation. Refer to Note 1 for further information.
(d)Includes commercial paper.
(e)All other interest-bearing liabilities include brokerage-related customer payables.
(f)The combined balance of trading liabilities – debt and equity instruments was $126.3 billion and $101.1 billion for the three months ended March 31, 2021 and 2020, respectively.
(g)Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(h)Negative interest income and yield are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities.
(i)The annualized rate for securities based on amortized cost was 1.38% and 2.52% for the three months ended March 31, 2021 and 2020, respectively, and does not give effect to changes in fair value that are reflected in AOCI.
162

GLOSSARY OF TERMS AND ACRONYMS
2020 Form 10-K: Annual report on Form 10-K for year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission.
ABS: Asset-backed securities
Active foreclosures: Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.
AFS: Available-for-sale
Allowance for loan losses to total retained loans: represents period-end allowance for loan losses divided by retained loans.
Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange, and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.
AOCI: Accumulated other comprehensive income/(loss)
ARM(s): Adjustable rate mortgage(s)
AUC: “Assets under custody”: Represents assets held directly or indirectly on behalf of clients under safekeeping, custody and servicing arrangements.
Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.
AWM: Asset & Wealth Management
Beneficial interests issued by consolidated VIEs: represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorgan Chase consolidates.
Benefit obligation: refers to the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for OPEB plans.
BHC: Bank holding company
Bridge Financing Portfolio: A portfolio of held-for-sale unfunded loan commitments and funded loans. The unfunded commitments include both short-term bridge loan commitments that will ultimately be replaced by longer term financing as well as term loan commitments. The funded loans include term loans and funded revolver facilities.
CB: Commercial Banking
CBB: Consumer & Business Banking
CCAR: Comprehensive Capital Analysis and Review
CCB: Consumer & Community Banking
CDS: Credit default swaps
CECL: Current Expected Credit Losses
CEO: Chief Executive Officer
CET1 capital: Common equity Tier 1 capital
CFTC: Commodity Futures Trading Commission
CFO: Chief Financial Officer
CIB: Corporate & Investment Bank
CIO: Chief Investment Office
Client assets: Represent assets under management as well as custody, brokerage, administration and deposit accounts.
Client deposits and other third-party liabilities: Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.
CLTV: Combined loan-to-value
Collateral-dependent: A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial Card: provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.
Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.
Criticized: Criticized loans, lending-related commitments and derivative receivables that are classified as special mention, substandard and doubtful categories for regulatory purposes and are generally consistent with a rating of CCC+/Caa1 and below, as defined by S&P and Moody’s.
CRO: Chief Risk Officer
CVA: Credit valuation adjustment
DVA: Debit valuation adjustment
163

EC: European Commission
Eligible HQLA: Eligible high-quality liquid assets, for purposes of calculating the LCR, is the amount of unencumbered HQLA that satisfy certain operational considerations as defined in the LCR rule.
Eligible LTD: Long-term debt satisfying certain eligibility criteria
Embedded derivatives: are implicit or explicit terms or features of a financial instrument that affect some or all of the cash flows or the value of the instrument in a manner similar to a derivative. An instrument containing such terms or features is referred to as a “hybrid.” The component of the hybrid that is the non-derivative instrument is referred to as the “host.” For example, callable debt is a hybrid instrument that contains a plain vanilla debt instrument (i.e., the host) and an embedded option that allows the issuer to redeem the debt issue at a specified date for a specified amount (i.e., the embedded derivative). However, a floating rate instrument is not a hybrid composed of a fixed-rate instrument and an interest rate swap.
ERISA: Employee Retirement Income Security Act of 1974
EPS: Earnings per share
Exchange-traded derivatives: Derivative contracts that are executed on an exchange and settled via a central clearing house.
Expense categories:
•Volume- and/or revenue-related expenses generally correlate with changes in the related business/transaction volume or revenue. Examples of volume- and revenue-related expenses include commissions and incentive compensation, depreciation expense related to operating lease assets, and brokerage expense related to equities trading transaction volume.
•Investments include expenses associated with supporting medium- to longer-term strategic plans of the Firm. Examples of investments include initiatives in technology (including related compensation), marketing, and compensation for new bankers and client advisors.
•Structural expenses are those associated with the day-to-day cost of running the bank and are expenses not covered by the above two categories. Examples of structural expenses include employee salaries and benefits, as well as noncompensation costs such as real estate and all other expenses.
EU: European Union
Fannie Mae: Federal National Mortgage Association
FASB: Financial Accounting Standards Board
FCA: Financial Conduct Authority
FDIC: Federal Deposit Insurance Corporation
Federal Reserve: The Board of the Governors of the Federal Reserve System
FFIEC: Federal Financial Institutions Examination Council
FHA: Federal Housing Administration
FHLB: Federal Home Loan Bank
FICO score: A measure of consumer credit risk based on information in consumer credit reports produced by Fair Isaac Corporation. Because certain aged data is excluded from credit reports based on rules in the Fair Credit Reporting Act, FICO scores may not reflect all historical information about a consumer.
FINRA: Financial Industry Regulatory Authority
Firm: JPMorgan Chase & Co.
Follow-on offering: An issuance of shares following a company's IPO.
Forward points: represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., “spot rate”) to determine the forward exchange rate.
FRBB: Federal Reserve Bank of Boston
FRBNY: Federal Reserve Bank of New York
Freddie Mac: Federal Home Loan Mortgage Corporation
Free-standing derivatives: is a derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other transaction and is legally detachable and separately exercisable.
FTE: Fully taxable-equivalent
FVA: Funding valuation adjustment
FX: Foreign exchange
G7: “Group of Seven nations”: Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.
G7 government securities: Securities issued by the government of one of the G7 nations.
Ginnie Mae: Government National Mortgage Association
GSIB: Global systemically important banks
HELOC: Home equity line of credit
Home equity – senior lien: represents loans and commitments where JPMorgan Chase holds the first security interest on the property.
Home equity – junior lien: represents loans and commitments where JPMorgan Chase holds a security interest that is subordinate in rank to other liens.
HQLA: High-quality liquid assets
HTM: Held-to-maturity
IBOR: Interbank Offered Rate
IDI: Insured depository institutions
IHC: JPMorgan Chase Holdings LLC, an intermediate holding company
IPO: Initial public offering
Investment-grade: An indication of credit quality based on JPMorgan Chase’s internal risk assessment system. “Investment grade” generally represents a risk profile similar to a rating of a “BBB-”/“Baa3” or better, as defined
164

by independent rating agencies.
IR: Interest rate
ISDA: International Swaps and Derivatives Association
JPMorgan Chase: JPMorgan Chase & Co.
JPMorgan Chase Bank, N.A.: JPMorgan Chase Bank, National Association
JPMorgan Chase Foundation or Foundation: a not-for-profit organization that makes contributions for charitable and educational purposes.
J.P. Morgan Securities: J.P. Morgan Securities LLC
LCR: Liquidity coverage ratio
LGD: Loss given default
LIBOR: London Interbank Offered Rate
LLC: Limited Liability Company
LOB: Line of business
LTV: “Loan-to-value ratio”: For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral (i.e., residential real estate) securing the loan.
Origination date LTV ratio
The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.
Current estimated LTV ratio
An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.
Combined LTV ratio
The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.
Managed basis: A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.

Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
Merchant Services: offers merchants payment processing capabilities, fraud and risk management, data and analytics, and other payments services. Through Merchant Services, merchants of all sizes can accept payments via credit and debit cards and payments in multiple currencies.
MEV: Macroeconomic variable
MBS: Mortgage-backed securities
MD&A: Management’s discussion and analysis
MMLF: Money Market Mutual Fund Liquidity Facility
MMMF: Money market mutual funds
Moody’s: Moody’s Investor Services
Mortgage product types:
Alt-A
Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) a high CLTV ratio; (iii) loans secured by non-owner occupied properties; or (iv) a debt-to-income ratio above normal limits. A substantial proportion of the Firm’s Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.
Option ARMs
The option ARM real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate is usually significantly below the fully indexed rate. The fully indexed rate is calculated using an index rate plus a margin. Once the introductory period ends, the contractual interest rate charged on the loan increases to the fully indexed rate and adjusts monthly to reflect movements in the index. The minimum payment is typically insufficient to cover interest accrued in the prior month, and any unpaid interest is deferred and added to the principal balance of the loan. Option ARM loans are subject to payment recast, which converts the loan to a variable-rate fully amortizing loan upon meeting specified loan balance and anniversary date triggers.

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Prime
Prime mortgage loans are made to borrowers with good credit records who meet specific underwriting requirements, including prescriptive requirements related to income and overall debt levels. New prime mortgage borrowers provide full documentation and generally have reliable payment histories.
Subprime
Subprime loans are loans that, prior to mid-2008, were offered to certain customers with one or more high risk characteristics, including but not limited to: (i) unreliable or poor payment histories; (ii) a high LTV ratio of greater than 80% (without borrower-paid mortgage insurance); (iii) a high debt-to-income ratio; (iv) an occupancy type for the loan is other than the borrower’s primary residence; or (v) a history of delinquencies or late payments on the loan.
MSA: Metropolitan statistical areas
MSR: Mortgage servicing rights
NA: Data is not applicable or available for the period presented.
NAV: Net Asset Value
Net Capital Rule: Rule 15c3-1 under the Securities Exchange Act of 1934.
Net charge-off/(recovery) rate: represents net charge-offs/(recoveries) (annualized) divided by average retained loans for the reporting period.
Net interchange income includes the following components:
•Interchange income: Fees earned by credit and debit card issuers on sales transactions.
•Rewards costs: The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs generally tied to sales transactions.
•Partner payments: Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.
Net yield on interest-earning assets: The average rate for interest-earning assets less the average rate paid for all sources of funds.
NFA: National Futures Association
NM: Not meaningful
Nonaccrual loans: Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically maintained on nonaccrual status.

Nonperforming assets: Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.
NSFR: Net Stable Funding Ratio
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income/(loss)
OPEB: Other postretirement employee benefit
OTC: “Over-the-counter derivatives”: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties is a derivatives dealer.
OTC cleared: “Over-the-counter cleared derivatives”: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Overhead ratio: Noninterest expense as a percentage of total net revenue.
Parent Company: JPMorgan Chase & Co.
Participating securities: represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorgan Chase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.
PCD: “Purchased credit deteriorated” assets represent acquired financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Firm.
PD: Probability of default
Phishing: a type of social engineering cyberattack received through email or online messages.
PPP: Paycheck Protection Program under the Small Business Association ("SBA")
PPPL Facility: Paycheck Protection Program Lending Facility
PRA: Prudential Regulation Authority
Pre-provision profit/(loss): represents total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

166

Principal transactions revenue: Principal transactions revenue is driven by many factors, including the bid-offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument. It also consists of realized (as a result of closing out or termination of transactions, or interim cash payments) and unrealized (as a result of changes in valuation) gains and losses on financial and other instruments (including those accounted for under the fair value option) primarily used in client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk, and (c) other derivatives.
PSU(s): Performance share units
Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.
REO: Real estate owned
Reported basis: Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.
Retained loans: Loans that are held-for-investment (i.e. excludes loans held-for-sale and loans at fair value).
Revenue wallet: Total fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications. Source: Dealogic, a third-party provider of investment banking competitive analysis and volume based league tables for the above noted industry products.
RHS: Rural Housing Service of the U.S. Department of Agriculture
ROE: Return on equity
ROTCE: Return on tangible common equity
ROU assets: Right-of-use assets
RSU(s): Restricted stock units
RWA: “Risk-weighted assets”: Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Basel III Advanced, also operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Basel III Advanced, credit risk RWA is based on risk-sensitive
approaches which largely rely on the use of internal credit models and parameters, whereas for Basel III Standardized, credit risk RWA is generally based on supervisory risk-weightings which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized and Basel III Advanced.
Scored portfolios: Consumer loan portfolios that predominantly include residential real estate loans, credit card loans, auto loans to individuals and certain small business loans.
S&P: Standard and Poors
SAR(s): Stock appreciation rights
SCB: Stress capital buffer
SEC: U.S. Securities and Exchange Commission
Seed capital: Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are achieved, the intent is to remove the Firm’s capital from the investment.
Shelf securities: Securities registered with the SEC under a
shelf registration statement that have not been issued,
offered or sold. These securities are not included in league
tables until they have actually been issued.
Single-name: Single reference-entities
SLR: Supplementary leverage ratio
SMBS: Stripped mortgage-backed securities
SOFR: Secured Overnight Financing Rate
SPEs: Special purpose entities
SPV: Special purpose vehicle
Structural interest rate risk: represents interest rate risk of the non-trading assets and liabilities of the Firm.
Structured notes: Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, underlying reference pool of loans or other market variables. The notes typically contain embedded (but not separable or detachable) derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.
Suspended foreclosures: Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.
Taxable-equivalent basis: In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from investments that receive tax
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credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.
TBVPS: Tangible book value per share
TCE: Tangible common equity
TDR: “Troubled debt restructuring” is deemed to occur when the Firm modifies the original terms of a loan agreement by granting a concession to a borrower that is experiencing financial difficulty. Loans with short-term and other insignificant modifications that are not considered concessions are not TDRs.
TLAC: Total Loss Absorbing Capacity
U.K.: United Kingdom
Unaudited: Financial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.
U.S.: United States of America
U.S. government agencies: U.S. government agencies include, but are not limited to, agencies such as Ginnie Mae and FHA, and do not include Fannie Mae and Freddie Mac which are U.S. government-sponsored enterprises (“U.S. GSEs”). In general, obligations of U.S. government agencies are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government in the event of a default.
U.S. GAAP: Accounting principles generally accepted in the United States of America.
U.S. GSE(s): “U.S. government-sponsored enterprises” are quasi-governmental, privately-held entities established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae or FHA. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
U.S. Treasury: U.S. Department of the Treasury
VA: U.S. Department of Veterans Affairs
VaR: “Value-at-risk” is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs: Variable interest entities
Warehouse loans: consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as loans.
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LINE OF BUSINESS METRICS
CONSUMER & COMMUNITY BANKING (“CCB”)
Debit and credit card sales volume: Dollar amount of card member purchases, net of returns.
Deposit margin/deposit spread: Represents net interest income expressed as a percentage of average deposits.
Home Lending Production and Home Lending Servicing revenue comprises the following:
Net mortgage servicing revenue: Includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.
Production revenue: Includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option.
Mortgage origination channels comprise the following:
Retail: Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.
Correspondent: Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.
Credit Card: is a business that primarily issues credit cards to consumers and small businesses.
Net revenue rate: represents Credit Card net revenue (annualized) expressed as a percentage of average loans for the period.
Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.
CORPORATE & INVESTMENT BANK (“CIB”)
Definition of selected CIB revenue:
Investment Banking: incorporates all revenue associated with investment banking activities, and is reported net of investment banking revenue shared with other LOBs.
Wholesale Payments includes the following:
•Treasury Services: offers a broad range of products and services that enable clients to manage payments and receipts, as well as invest and manage funds. Products include U.S. dollar and multi-currency clearing, automated clearing house, lockbox, disbursement and reconciliation services, check deposits, and currency-related services;
•Merchant Services: primarily processes transactions for merchants; and
•Trade Finance: which includes loans tied directly to goods crossing borders, export/import loans, commercial letters of credit, standby letters of credit, and supply chain finance.
Lending: includes net interest income, fees, gains or losses on loan sale activity, gains or losses on securities received as part of a loan restructuring, and the risk management results related to the credit portfolio.
Fixed Income Markets: primarily includes revenue related to market-making across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.
Equity Markets: primarily includes revenue related to market-making across global equity products, including cash instruments, derivatives, convertibles and prime brokerage.
Securities Services: primarily includes custody, fund accounting and administration, and securities lending products sold principally to asset managers, insurance companies and public and private investment funds. Also includes collateral management and depositary receipts businesses which provide collateral management products, and depositary bank services for American and global depositary receipt programs.
Description of certain business metrics:
Assets under custody (“AUC”): represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.
Investment banking fees: represents advisory, equity underwriting, bond underwriting and loan syndication fees.
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COMMERCIAL BANKING (“CB”)
Commercial Banking provides comprehensive financial solutions, including lending, wholesale payments, investment banking and asset management products across three primary client segments: Middle Market Banking, Corporate Client Banking and Commercial Real Estate Banking. Other includes amounts not aligned with a primary client segment.
Middle Market Banking: covers small and midsized companies, local governments and nonprofit clients.
Corporate Client Banking: covers large corporations.
Commercial Real Estate Banking: covers investors, developers, and owners of multifamily, office, retail, industrial and affordable housing properties.
CB product revenue comprises the following:
Lending: includes a variety of financing alternatives, which are primarily provided on a secured basis; collateral includes receivables, inventory, equipment, real estate or other assets. Products include term loans, revolving lines of credit, bridge financing, asset-based structures, leases, and standby letters of credit.
Wholesale payments: includes revenue from a broad range of products and services that enable CB clients to manage payments and receipts, as well as invest and manage funds.
Investment banking: includes revenue from a range of products providing CB clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through advisory, equity underwriting, and loan syndications. Revenue from fixed income and equity market products used by CB clients is also included.
Other: product revenue primarily includes tax-equivalent adjustments generated from Community Development Banking activity and certain income derived from principal transactions.
ASSET & WEALTH MANAGEMENT (“AWM”)
Assets under management (“AUM”): represent assets managed by AWM on behalf of its Private Banking, Global Institutional and Global Funds clients. Includes "Committed capital not Called."
Client assets: represent assets under management, as well as custody, brokerage, administration and deposit accounts.
Multi-asset: Any fund or account that allocates assets under management to more than one asset class.
Alternative assets: The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.
AWM’s lines of business consist of the following:
Asset Management: offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs.
Global Private Bank: provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients.
AWM’s client segments consist of the following:
Private Banking: clients include high- and ultra-high-net-worth individuals, families, money managers and business owners.
Global Institutional: clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.
Global Funds: clients include financial intermediaries and individual investors.
Asset Management has two high-level measures of its overall fund performance:
Percentage of mutual fund assets under management in funds rated 4- or 5-star: Mutual fund rating services rank funds based on their risk-adjusted performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds.
A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. The “overall Morningstar rating” is derived from a weighted average of the performance associated with a fund’s three-, five- and ten-year (if applicable) Morningstar Rating metrics. For U.S. domiciled funds, separate star ratings are given at the individual share class level. The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and
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hence excluded from this analysis. All ratings, the assigned peer categories and the asset values used to derive this analysis are sourced from these fund rating providers. The data providers re-denominate the asset values into U.S. dollars. This % of AUM is based on star ratings at the share class level for U.S. domiciled funds, and at a “primary share class” level to represent the star rating of all other funds except for Japan where Nomura provides ratings at the fund level. The “primary share class”, as defined by Morningstar, denotes the share class recommended as being the best proxy for the portfolio and in most cases will be the most retail version (based upon annual management charge, minimum investment, currency and other factors). The performance data could have been different if all funds/accounts would have been included. Past performance is not indicative of future results.
Percentage of mutual fund assets under management in funds ranked in the 1st or 2nd quartile (one, three, and five years): All quartile rankings, the assigned peer categories and the asset values used to derive this analysis are sourced from the fund ranking providers. Quartile rankings are done on the net-of-fee absolute return of each fund. The data providers re-denominate the asset values into U.S. dollars. This % of AUM is based on fund performance and associated peer rankings at the share class level for U.S. domiciled funds, at a “primary share class” level to represent the quartile ranking of the U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The “primary share class”, as defined by Morningstar, denotes the share class recommended as being the best proxy for the portfolio and in most cases will be the most retail version (based upon annual management charge, minimum investment, currency and other factors). Where peer group rankings given for a fund are in more than one “primary share class” territory both rankings are included to reflect local market competitiveness (applies to “Offshore Territories” and “HK SFC Authorized” funds only). The performance data could have been different if all funds/accounts would have been included. Past performance is not indicative of future results.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.
Refer to the Market Risk Management section of Management’s discussion and analysis and pages 135–142 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.
Item 4.    Controls and Procedures.
As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certifications furnished by the Chairman and Chief Executive Officer and Chief Financial Officer, respectively.
The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Deficiencies or lapses in internal controls may occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal control in the future and collateral consequences therefrom. Refer to “Management’s report on internal control over financial reporting” on page 158 of JPMorgan Chase’s 2020 Form 10-K for further information. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended March 31, 2021, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.


Part II – Other Information
Item 1. Legal Proceedings.
Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorgan Chase’s 2020 Form 10-K.
Item 1A. Risk Factors.
The following discussion supplements the discussion of risk
factors affecting the Firm as set forth in Part I, Item 1A:
Risk Factors on pages 8-32 of JPMorgan Chase’s 2020 Form 10-K. The discussion of risk factors, as so supplemented, sets forth the material risk factors that could affect JPMorgan Chase’s financial condition and operations. Readers should not consider any descriptions of such factors to be a complete set of all potential risks that could affect the Firm.
The COVID-19 pandemic has caused and is causing significant harm to the global economy and could further negatively affect certain of JPMorgan Chase’s businesses.
On March 11, 2020, the World Health Organization declared the outbreak of a strain of novel coronavirus disease, COVID-19, to be a global pandemic. The COVID-19 pandemic and governmental responses to the pandemic led to the institution of social distancing and shelter-in-place requirements in certain areas of the U.S. and other countries resulting in ongoing severe impacts on global economic conditions, including:
•significant disruption and volatility in the financial markets
•significant disruption of global supply chains, and
•closures of many businesses, leading to loss of revenues and increased unemployment.
A prolongation or worsening of the pandemic, or the emergence of other diseases that give rise to similar effects, could deepen the adverse impact on the global economy.
The adverse economic conditions caused by the pandemic have had a negative impact on certain of JPMorgan Chase’s businesses and results of operations, including:
•reduction in demand for certain products and services from JPMorgan Chase’s clients and customers, resulting in lower revenue, and
•increases in the allowance for credit losses.
Certain models used by JPMorgan Chase in connection with the determination of the allowance for credit losses have heightened performance risk in the economic environment precipitated by the effects of the COVID-19 pandemic and government stimulus. There can be no assurance that, even after adjustments have been made to model outputs, JPMorgan Chase will not recognize unexpected losses arising from the model uncertainty that has resulted from these developments.
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A prolongation or worsening of the COVID-19 pandemic and the negative economic impacts of the pandemic could have other significant adverse effects on JPMorgan Chase’s businesses, results of operations and financial condition, including:
•recognition of credit losses and further increases in the allowance for credit losses, especially to the extent that businesses remain closed, unemployment continues at elevated levels, clients and customers draw on their lines of credit or significant numbers of people relocate from metropolitan areas
•material impacts on the value of securities, derivatives and other financial instruments which JPMorgan Chase owns or in which it makes markets
•downgrades in JPMorgan Chase’s credit ratings
•constraints on liquidity or capital due to elevated levels of deposits, increases in risk-weighted assets (“RWA”) related to supporting client activities, downgrades in client credit ratings, regulatory actions or other factors, any or all of which could require JPMorgan Chase to take or refrain from taking actions that it otherwise would under its liquidity and capital management strategies, and
•the possibility that significant portions of JPMorgan Chase’s workforce are unable to work effectively, including because of illness, quarantines, shelter-in-place arrangements, government actions or other restrictions in connection with the pandemic.
The extent to which the COVID-19 pandemic negatively affects JPMorgan Chase’s businesses, results of operations and financial condition, as well as its regulatory capital and liquidity ratios, will depend on future developments that are highly uncertain and cannot be predicted, including the ultimate scope and duration of the pandemic, the effectiveness of vaccination programs and actions taken by governmental authorities and other third parties in response to the pandemic. Those negative effects, including the possible recognition of charge-offs, may be delayed
because of the impact of prior and potential future government stimulus actions or payment assistance provided to clients and customers.
In addition, JPMorgan Chase’s participation directly or indirectly, including on behalf of customers and clients or by affiliated entities, in U.S. government programs designed to support individuals, households and businesses impacted by the economic disruptions caused by the COVID-19 pandemic could be criticized and subject JPMorgan Chase to:
•increased governmental and regulatory scrutiny
•negative publicity, and
•increased exposure to litigation,
any or all of which could increase JPMorgan Chase’s operational, legal and compliance costs and damage its reputation. To the extent that the COVID-19 pandemic adversely affects JPMorgan Chase’s business, results of operations and financial condition, it may also have the effect of heightening many of the other risks described in Risk Factors in the 2020 Form 10-K.
Supervision and regulation
Refer to the Supervision and regulation section on pages 3–7 of JPMorgan Chase’s 2020 Form 10-K for information on Supervision and Regulation.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
The Firm did not have any unregistered sale of equity securities during the three months ended March 31, 2021.
Repurchases under the common share repurchase program
Refer to Capital Risk Management on pages 36-41 of this Form 10-Q and pages 91-101 of JPMorgan Chase’s 2020 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.

On December 18, 2020, the Federal Reserve announced that all large banks, including the Firm, could resume share repurchases commencing in the first quarter of 2021. Subsequently, the Firm announced that its Board of Directors authorized a new common share repurchase program for up to $30 billion. As directed by the Federal Reserve, total net repurchases and common stock dividends in the first quarter of 2021 were restricted and could not exceed the average of the Firm’s net income for the four preceding calendar quarters. On March 25, 2021, the Federal Reserve extended these restrictions through at least the second quarter of 2021.
Shares repurchased pursuant to the common share repurchase program during the three months ended March 31, 2021, were as follows.
Three months ended March 31, 2021Total 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)
January9,341,648 $133.18 $1,244 $28,756 
February10,992,332 142.06 1,562 27,194 
March14,318,614 153.15 2,193 25,001 
First quarter34,652,594 $144.25 $4,999 $25,001 
(a)Excludes commissions cost.
(b)Represents the amount remaining under the $30 billion repurchase program.
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Item 3.    Defaults Upon Senior Securities.
None.
Item 4.    Mine Safety Disclosures.
Not applicable.
Item 5.    Other Information.
None.

Item 6.    Exhibits.
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)
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
(a)Filed herewith.
(b)Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
(c)Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three and nine months ended March 31, 2021 and 2020, (ii) the Consolidated statements of comprehensive income (unaudited) for the three and nine months ended March 31, 2021 and 2020, (iii) the Consolidated balance sheets (unaudited) as of March 31, 2021, and December 31, 2020, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three and nine months ended March 31, 2021 and 2020, (v) the Consolidated statements of cash flows (unaudited) for the three and nine months ended March 31, 2021 and 2020, and (vi) the Notes to Consolidated Financial Statements (unaudited).
174

SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
JPMorgan Chase & Co.
(Registrant)

By:/s/ Elena Korablina
Elena Korablina
Managing Director and Firmwide Controller
(Principal Accounting Officer)

Date:May 4, 2021





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