JPMorgan Chase : 4Q20 Earnings Supplement

January 15, 2021 at 07:04 am EST

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2020

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Consolidated Results	Page(s)

Consolidated Financial Highlights	2-3
Consolidated Statements of Income	4
Consolidated Balance Sheets	5
Condensed Average Balance Sheets and Annualized Yields	6
Reconciliation from Reported to Managed Basis	7
Segment Results - Managed Basis	8
Capital and Other Selected Balance Sheet Items	9
Earnings Per Share and Related Information	10
Business Segment Results
Consumer & Community Banking ("CCB")	11-14
Corporate & Investment Bank ("CIB")	15-17
Commercial Banking ("CB")	18-19
Asset & Wealth Management ("AWM")	20-22
Corporate	23
Credit-Related Information	24-27
Non-GAAP Financial Measures	28
J.P. Morgan Wealth Management Reorganization	29
Glossary of Terms and Acronyms (a)

Refer to the Glossary of Terms and Acronyms on pages 293-299 of JPMorgan Chase & Co.'s (the "Firm's") Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Form 10-K") and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 192-197 and pages 198-200, respectively, of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020.

JPMORGAN CHASE & CO.

CONSOLIDATED FINANCIAL HIGHLIGHTS (in millions, except per share and ratio data)

									QUARTERLY TRENDS											FULL YEAR
																	4Q20 Change								2020 Change
SELECTED INCOME STATEMENT DATA		4Q20			3Q20			2Q20			1Q20		4Q19	3Q20		4Q19			2020			2019		2019
Reported Basis
Total net revenue (a)	$	29,224		$	29,147	$	32,980	$	28,192		$	28,285		- %	3 %	$	119,543		$	115,399		4 %
Total noninterest expense (a)		16,048			16,875			16,942			16,791			16,293		(5)	(2)			66,656			65,269		2
Pre-provision profit (b)		13,176			12,272			16,038			11,401			11,992		7	10			52,887			50,130		5
Provision for credit losses		(1,889)			611			10,473			8,285			1,427		NM		NM			17,480			5,585		213
NET INCOME			12,136			9,443			4,687			2,865			8,520		29	42			29,131			36,431		(20)
Managed Basis (c)
Total net revenue (a)		30,161			29,941			33,817			29,010			29,165		1	3			122,929			118,464		4
Total noninterest expense (a)		16,048			16,875			16,942			16,791			16,293		(5)	(2)			66,656			65,269		2
Pre-provision profit (b)		14,113			13,066			16,875			12,219			12,872		8	10			56,273			53,195		6
Provision for credit losses		(1,889)			611			10,473			8,285			1,427		NM		NM			17,480			5,585		213
NET INCOME			12,136			9,443			4,687			2,865			8,520		29	42			29,131			36,431		(20)
EARNINGS PER SHARE DATA
Net income:	Basic	$	3.80		$	2.93	$	1.39	$	0.79		$	2.58		30	47	$	8.89		$	10.75		(17)
	Diluted		3.79			2.92			1.38			0.78			2.57		30	47			8.88			10.72		(17)
Average shares:	Basic		3,079.7			3,077.8			3,076.3			3,095.8			3,140.7		-	(2)			3,082.4			3,221.5		(4)
	Diluted		3,085.1			3,082.8			3,081.0			3,100.7			3,148.5		-	(2)			3,087.4			3,230.4		(4)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	387,492		$	293,451	$	286,658	$	274,323		$	429,913		32	(10)	$	387,492		$	429,913		(10)
Common shares at period-end		3,049.4			3,048.2			3,047.6			3,047.0			3,084.0		-	(1)			3,049.4			3,084.0		(1)
Book value per share		81.75			79.08			76.91			75.88			75.98		3	8			81.75			75.98		8
Tangible book value per share ("TBVPS") (b)		66.11			63.93			61.76			60.71			60.98		3	8			66.11			60.98		8
Cash dividends declared per share		0.90			0.90			0.90			0.90			0.90		-		-			3.60			3.40		6
FINANCIAL RATIOS (d)
Return on common equity ("ROE")		19 %			15 %			7 %			4 %			14 %							12 %			15 %
Return on tangible common equity ("ROTCE") (b)		24			19			9			5			17							14			19
Return on assets			1.42			1.14			0.58			0.40			1.22							0.91			1.33
CAPITAL RATIOS (e)
Common equity Tier 1 ("CET1") capital ratio		13.1 % (f)		13.1 %			12.4 %			11.5 %			12.4 %							13.1 % (f)		12.4 %
Tier 1 capital ratio		15.0	(f)		15.0			14.3			13.3			14.1							15.0	(f)		14.1
Total capital ratio			17.3	(f)		17.3			16.7			15.5			16.0							17.3	(f)		16.0
Tier 1 leverage ratio		7.0	(f)		7.0			6.9			7.5			7.9							7.0	(f)		7.9
Supplementary leverage ratio ("SLR")		6.9	(f)		7.0			6.8			6.0			6.3							6.9	(f)		6.3

Effective January 1, 2020, the Firm adopted the Financial Instruments - Credit Losses ("CECL") accounting guidance, which resulted in a net increase to the allowance for credit losses of $4.3 billion and a decrease to retained earnings of $2.7 billion. Refer to Note 1 - Basis of Presentation on pages 85-86 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
Pre-provisionprofit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity ("TCE") is also a non-GAAP financial measure; refer to page 9 for a reconciliation of common stockholders' equity to TCE. Refer to page 28 for a further discussion of these measures.
Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
Quarterly ratios are based upon annualized amounts.
The capital metrics reflect the relief provided by the Federal Reserve Board (the "Federal Reserve") in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $5.7 billion, $6.4 billion, $6.5 billion and $4.3 billion, respectively. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks that became effective in the second quarter of 2020. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm's 2019 Form 10-K for additional information on the Firm's capital metrics.
Estimated.

Page 2

JPMORGAN CHASE & CO.

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio and headcount data)

								QUARTERLY TRENDS											FULL YEAR
																4Q20 Change								2020 Change
		4Q20			3Q20			2Q20			1Q20		4Q19	3Q20		4Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,386,071	$	3,246,076	$	3,213,616	(f) $	3,139,431		$	2,687,379		4 %	26 %	$	3,386,071	$	2,687,379		26 %
Loans:
Consumer, excluding credit card loans (a)(b)		318,579			322,098			323,198			311,508			317,817		(1)		-			318,579			317,817		-
Credit card loans		144,216			140,377			141,656			154,021			168,924		3	(15)			144,216			168,924		(15)
Wholesale loans (a)(b)		550,058			527,265			544,528			584,081			510,879		4	8			550,058			510,879		8
Total Loans	1,012,853			989,740		1,009,382		1,049,610			997,620		2	2		1,012,853			997,620		2
Deposits:
U.S. offices:
Noninterest-bearing		572,711			540,116			529,729			448,195			395,667		6	45			572,711			395,667		45
Interest-bearing	1,197,032	1,117,149	1,061,093	1,026,603			876,156		7	37	1,197,032			876,156		37
Non-U.S. offices:
Noninterest-bearing		23,435			21,406			22,752			22,192			20,087		9	17			23,435			20,087		17
Interest-bearing		351,079			322,745			317,455			339,019			270,521		9	30			351,079			270,521		30
Total deposits	2,144,257		2,001,416		1,931,029		1,836,009		1,562,431		7	37		2,144,257		1,562,431		37
Long-term debt		281,685			279,175			317,003			299,344			291,498		1	(3)			281,685			291,498		(3)
Common stockholders' equity		249,291			241,050			234,403			231,199			234,337		3	6			249,291			234,337		6
Total stockholders' equity		279,354			271,113			264,466			261,262			261,330		3	7			279,354			261,330		7
Loans-to-deposits ratio (b)		47 %			49 %			52 %			57 %			64 %							47 %			64 %
Headcount		255,351			256,358			256,710			256,720			256,981		-	(1)			255,351			256,981		(1)
95% CONFIDENCE LEVEL - TOTAL VaR (c)
Average VaR	$	96	$	90	$	130	$	59		$	37		7	159
LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking (e)	$	12,728	$	12,895	$	12,358	$	13,287		$	13,880		(1)	(8)	$	51,268	$	55,133		(7)
Corporate & Investment Bank		11,352			11,546			16,383			10,003			9,703		(2)	17			49,284			39,265		26
Commercial Banking		2,463			2,285			2,400			2,165			2,296		8	7			9,313			9,264		1
Asset & Wealth Management		3,867			3,554			3,430			3,389			3,514		9	10			14,240			13,591		5
Corporate		(249)			(339)			(754)			166			(228)		27	(9)			(1,176)			1,211		NM
TOTAL NET REVENUE	$	30,161		$	29,941		$	33,817		$	29,010		$	29,165		1	3		$	122,929		$	118,464		4
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	4,325	$	3,871	$	(176)	$	197		$	4,200		12	3	$	8,217	$	16,541		(50)
Corporate & Investment Bank		5,349			4,309			5,451			1,985			2,935		24	82			17,094			11,954		43
Commercial Banking		2,034			1,086			(681)			139			945		87	115			2,578			3,958		(35)
Asset & Wealth Management		786			876			661			669			801		(10)	(2)			2,992			2,867		4
Corporate		(358)			(699)			(568)			(125)			(361)		49	1			(1,750)			1,111		NM
NET INCOME	$	12,136		$	9,443		$	4,687		$	2,865		$	8,520		29	42		$	29,131		$	36,431		(20)

In the fourth quarter of 2020, payment processing-only clients along with the associated revenue and expenses were realigned to CIB's Wholesale Payments business from CCB and CB. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation. Refer to page 29 for further information.

In conjunction with the adoption of CECL on January 1, 2020, the Firm reclassified risk-rated business banking and auto dealer loans held in CCB from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment. Prior-period amounts have been revised to conform with the current presentation.
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.
Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm's own credit spread on fair value option elected liabilities, and included these positions in other sensitivity-based measures. Additionally, 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 these refinements, the average Total VaR for the three months ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020 would have been different by $27 million, $11 million, $(8) million and $6 million, respectively.
Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
Prior-periodamounts have been revised to conform with the current presentation.

Page 3

JPMORGAN CHASE & CO.

CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share and ratio data)

								QUARTERLY TRENDS									FULL YEAR
														4Q20 Change								2020 Change
REVENUE		4Q20			3Q20			2Q20		1Q20	4Q19	3Q20		4Q19			2020			2019		2019
Investment banking fees	$	2,583		$	2,187		$	2,850	$	1,866	$	1,843		18 %		40 %		$	9,486		$	7,501		26 %
Principal transactions		3,321			4,142			7,621		2,937		2,779		(20)	20			18,021			14,018		29
Lending- and deposit-related fees (a)		1,727			1,647			1,431		1,706		1,772		5	(3)			6,511			6,626		(2)
Asset management, administration and commissions (a)		4,901			4,470			4,266		4,540		4,301		10	14			18,177			16,908		8
Investment securities gains		70			473			26		233		123		(85)	(43)			802			258		211
Mortgage fees and related income		767			1,087			917		320		474		(29)	62			3,091			2,036		52
Card income (b)		1,297			1,169			974		995		1,335		11	(3)			4,435			5,076		(13)
Other income		1,300			959			1,042		1,156		1,492		36	(13)			4,457			5,731		(22)
Noninterest revenue		15,966			16,134			19,127		13,753		14,119		(1)	13			64,980			58,154		12
Interest income		14,550			14,700			16,112		19,161		19,927		(1)	(27)			64,523			84,040		(23)
Interest expense		1,292			1,687			2,259		4,722		5,761		(23)	(78)			9,960			26,795		(63)
Net interest income		13,258			13,013			13,853		14,439		14,166		2	(6)			54,563			57,245		(5)
TOTAL NET REVENUE		29,224			29,147			32,980		28,192		28,285		-	3			119,543			115,399		4
Provision for credit losses		(1,889)			611			10,473		8,285		1,427		NM		NM			17,480			5,585		213
NONINTEREST EXPENSE
Compensation expense		7,954			8,630			9,509		8,895		8,088		(8)	(2)			34,988			34,155		2
Occupancy expense		1,161			1,142			1,080		1,066		1,084		2	7			4,449			4,322		3
Technology, communications and equipment expense		2,606			2,564			2,590		2,578		2,585		2	1			10,338			9,821		5
Professional and outside services		2,259			2,178			1,999		2,028		2,226		4	1			8,464			8,533		(1)
Marketing (b)		725			470			481		800		847		54	(14)			2,476			3,351		(26)
Other expense (c)		1,343			1,891			1,283		1,424		1,463		(29)	(8)			5,941			5,087		17
TOTAL NONINTEREST EXPENSE		16,048			16,875			16,942		16,791		16,293		(5)	(2)			66,656			65,269		2
Income before income tax expense		15,065			11,661			5,565		3,116		10,565		29	43			35,407			44,545		(21)
Income tax expense		2,929			2,218			878		251		2,045		32	43			6,276			8,114	(f)	(23)
NET INCOME	$	12,136		$	9,443		$	4,687	$	2,865	$	8,520		29	42		$	29,131		$	36,431		(20)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	3.80	$	2.93	$	1.39	$	0.79	$	2.58	30	47	$	8.89	$	10.75		(17)
Diluted earnings per share		3.79			2.92			1.38		0.78		2.57		30	47			8.88			10.72		(17)
FINANCIAL RATIOS
Return on common equity (d)		19 %			15 %			7 %		4 %		14 %							12 %			15 %
Return on tangible common equity (d)(e)		24			19			9		5		17							14			19
Return on assets (d)		1.42			1.14			0.58		0.40		1.22							0.91			1.33
Effective income tax rate		19.4			19.0			15.8		8.1		19.4							17.7			18.2	(f)
Overhead ratio		55			58			51		60		58							56			57

In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
Included Firmwide legal expense/(benefit) of $276 million, $524 million, $118 million, $197 million and $241 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively, and $1.1 billion and $239 million for the full year 2020 and 2019 respectively.
Quarterly ratios are based upon annualized amounts.
Refer to page 28 for further discussion of ROTCE.
The full year 2019 included income tax benefits of $1.1 billion due to the resolution of certain tax audits.

Page 4

JPMORGAN CHASE & CO.

CONSOLIDATED BALANCE SHEETS

(in millions)

		Dec 31,			Sep 30,			Jun 30,
		2020			2020			2020
ASSETS
Cash and due from banks	$	24,874	$	20,816	$	20,544
Deposits with banks		502,735			466,706			473,185
Federal funds sold and securities purchased under
resale agreements		296,284			319,849			256,980
Securities borrowed		160,635			142,441			142,704
Trading assets:
Debt and equity instruments (a)		423,496			429,196			416,870
Derivative receivables		79,630			76,626			74,846
Available-for-sale ("AFS") securities		388,178			389,583			485,883
Held-to-maturity ("HTM") securities, net of allowance for credit losses (b)		201,821			141,553			72,908
Investment securities, net of allowance for credit losses (b)		589,999			531,136			558,791
Loans (a)		1,012,853			989,740			1,009,382
Less: Allowance for loan losses		28,328			30,814			31,591
Loans, net of allowance for loan losses		984,525			958,926			977,791
Accrued interest and accounts receivable		90,503			76,945			72,260
Premises and equipment		27,109			26,672			26,301
Goodwill, MSRs and other intangible assets		53,428			51,594			51,669
Other assets (a)		152,853			145,169			141,675
TOTAL ASSETS	$	3,386,071		$	3,246,076		$	3,213,616
LIABILITIES
Deposits	$	2,144,257	$	2,001,416	$	1,931,029
Federal funds purchased and securities loaned or sold
under repurchase agreements		215,209			236,440			235,647
Short-term borrowings		45,208			41,992			48,014
Trading liabilities:
Debt and equity instruments		99,558			104,835			107,735
Derivative payables		70,623			57,658			57,477
Accounts payable and other liabilities		232,599			234,256			231,417
Beneficial interests issued by consolidated VIEs		17,578			19,191			20,828
Long-term debt		281,685			279,175			317,003
TOTAL LIABILITIES		3,106,717			2,974,963			2,949,150
STOCKHOLDERS' EQUITY
Preferred stock		30,063			30,063			30,063
Common stock		4,105			4,105			4,105
Additional paid-in capital		88,394			88,289			88,125
Retained earnings		236,990			228,014			221,732
Accumulated other comprehensive income/(loss)		7,986			8,940			8,789
Shares held in RSU Trust, at cost		-			(11)			(11)
Treasury stock, at cost		(88,184)			(88,287)			(88,337)
TOTAL STOCKHOLDERS' EQUITY		279,354			271,113			264,466
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,386,071		$	3,246,076		$	3,213,616

							Dec 31, 2020
							Change
		Mar 31,			Dec 31,	Sep 30,	Dec 31,
		2020			2019		2020			2019
$	24,001	$	21,704		19 %			15 %
		343,533			241,927		8			108
		248,580			249,157		(7)			19
		139,839			139,758		13			15
		429,275			319,921		(1)			32
		81,648			49,766		4			60
		399,944			350,699		-	11
		71,200			47,540		43			325
		471,144			398,239		11			48
		1,049,610			997,620		2			2
(c)	23,244			13,123		(8)			116
		1,026,366			984,497		3			-
		122,064			72,861		18			24
		25,882			25,813		2			5
		51,867			53,341		4			-
		175,232			130,395		5			17
	$	3,139,431		$	2,687,379		4			26
$	1,836,009	$	1,562,431		7			37
		233,207			183,675		(9)			17
		51,909			40,920		8			10
		119,109			75,569		(5)			32
		65,087			43,708		22			62
(c)	253,874			210,407		(1)			11
		19,630			17,841		(8)			(1)
		299,344			291,498		1			(3)
		2,878,169			2,426,049		4			28
		30,063			26,993		-	11
		4,105			4,105		-	-
		87,857			88,522		-	-
		220,226			223,211		4			6
		7,418			1,569		(11)			409
		(21)			(21)		NM	NM
		(88,386)			(83,049)		-	(6)
		261,262			261,330		3			7
	$	3,139,431		$	2,687,379		4			26

In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the allowance for credit losses on HTM securities was $78 million, $120 million, $23 million and $19 million, respectively.
Prior-periodamounts have been revised to conform with the current presentation.

Page 5

JPMORGAN CHASE & CO.

CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS

(in millions, except rates)
								QUARTERLY TRENDS											FULL YEAR
																4Q20 Change								2020 Change
AVERAGE BALANCES		4Q20			3Q20			2Q20			1Q20			4Q19		3Q20		4Q19			2020			2019		2019
ASSETS
Deposits with banks	$	507,194		$	509,979		$	477,895		$	279,748		$	272,648	(1)%	86 %	$	444,058		$	280,004	59 %
Federal funds sold and securities purchased under resale agreements		327,504			277,899			244,306			253,403			248,170	18	32			275,926			275,429		-
Securities borrowed		149,146			147,184			141,328			136,127			135,374	1	10			143,472			131,291	9
Trading assets - debt instruments (a)		319,585			322,321			345,073			304,808			280,487	(1)	14			322,936			294,958	9
Investment securities		568,354			548,544			500,254			421,529			394,002	4	44			509,937			319,875	59
Loans (a)		996,367			991,241			1,029,513			1,001,504			987,606	1	1			1,004,597			989,943	1
All other interest-earning assets (a)(b)		87,496			77,806			81,320			68,430			59,257	12	48			78,784			53,779	46
Total interest-earning assets		2,955,646			2,874,974			2,819,689			2,465,549			2,377,544	3	24			2,779,710			2,345,279	19
Trading assets - equity and other instruments		138,477			119,905			99,115			114,479			114,112	15	21			118,055			114,323	3
Trading assets - derivative receivables		79,300			81,300			79,298			66,309			52,860	(2)	50			76,572			53,786	42
All other noninterest-earning assets (a)		226,395			213,978			231,166			243,895			232,754	6	(3)			228,811			228,453		-
TOTAL ASSETS	$	3,399,818		$	3,290,157		$	3,229,268		$	2,890,232		$	2,777,270	3	22		$	3,203,148		$	2,741,841	17
LIABILITIES
Interest-bearing deposits	$	1,529,066		$	1,434,034		$	1,375,213		$	1,216,555		$	1,154,716	7	32	$	1,389,224		$	1,115,848	24
Federal funds purchased and securities loaned or
sold under repurchase agreements		247,276			253,779			276,815			243,922			235,481	(3)	5			255,421			227,994	12
Short-term borrowings (c)		36,183			36,697			45,297			37,288			39,936	(1)	(9)			38,853			52,426	(26)
Trading liabilities - debt and other interest-bearing liabilities (d)		213,989			206,643			207,322			192,950			170,049	4	26			205,255			182,105	13
Beneficial interests issued by consolidated VIEs		18,647			19,838			20,331			18,048			19,390	(6)	(4)			19,216			22,501	(15)
Long-term debt		237,144			267,175			269,336			243,996			248,521	(11)	(5)			254,400			247,968	3
Total interest-bearing liabilities		2,282,305			2,218,166			2,194,314			1,952,759			1,868,093	3	22			2,162,369			1,848,842	17
Noninterest-bearing deposits		582,517			551,565			515,304			419,631			413,582	6	41			517,527			407,219	27
Trading liabilities - equity and other instruments		33,732			32,256			33,797			30,721			28,197	5	20			32,628			31,085	5
Trading liabilities - derivative payables		63,551			64,599			63,178			54,990			44,361	(2)	43			61,593			42,560	45
All other noninterest-bearing liabilities		165,978			156,711			158,204			168,195			162,490	6	2			162,267			151,717	7
TOTAL LIABILITIES		3,128,083			3,023,297			2,964,797			2,626,296			2,516,723	3	24			2,936,384			2,481,423	18
Preferred stock		30,063			30,063			30,063			29,406			27,669		-	9			29,899			27,511	9
Common stockholders' equity		241,672			236,797			234,408			234,530			232,878	2	4			236,865			232,907	2
TOTAL STOCKHOLDERS' EQUITY		271,735			266,860			264,471			263,936			260,547	2	4			266,764			260,418	2
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,399,818		$	3,290,157		$	3,229,268		$	2,890,232		$	2,777,270	3	22		$	3,203,148		$	2,741,841	17
AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks		0.03	%		0.05	%		0.06	%		0.82	%		1.00	%						0.17	%		1.39	%
Federal funds sold and securities purchased under resale agreements		0.41			0.57			0.99			1.74			2.05							0.88			2.23
Securities borrowed (f)		(0.40)			(0.35)			(0.50)			0.45			0.81							(0.21)			1.20
Trading assets - debt instruments (a)		2.32			2.29			2.42			2.74			2.87							2.44			3.12
Investment securities		1.39			1.58			2.03			2.48			2.65							1.82			3.01
Loans (a)		4.14			4.11			4.27			4.96			5.07							4.37			5.25
All other interest-earning assets (a)(b)		0.89			0.94			0.99			2.60			3.49							1.30			3.99
Total interest-earning assets		1.97			2.05			2.31			3.14			3.35							2.34			3.61
INTEREST-BEARING LIABILITIES
Interest-bearing deposits		0.05			0.07			0.10			0.52			0.67							0.17			0.80
Federal funds purchased and securities loaned or
sold under repurchase agreements		0.06			0.17			0.19			1.30			1.77							0.41			2.03
Short-term borrowings (c)		0.40			0.65			1.11			1.63			1.97							0.96			2.38
Trading liabilities - debt and other interest-bearing liabilities (d)(f)		(0.15)			(0.10)			(0.08)			0.77			1.04							0.10			1.42
Beneficial interests issued by consolidated VIEs		0.65			0.71			1.15			2.02			2.22							1.12			2.52
Long-term debt		1.82			1.93			2.45			2.88			3.21							2.27			3.55
Total interest-bearing liabilities		0.23			0.30			0.41			0.97			1.22							0.46			1.45
INTEREST RATE SPREAD		1.74	%		1.75	%		1.90	%		2.17	%		2.13	%						1.88	%		2.16	%
NET YIELD ON INTEREST-EARNING ASSETS		1.80	%		1.82	%		1.99	%		2.37	%		2.38	%						1.98	%		2.46	%
Memo: Net yield on interest-earning assets excluding CIB Markets (g)		2.01	%		2.05	%		2.27	%		3.01	%		3.06	%						2.30	%		3.27	%

In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
Includes brokerage-relatedheld-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.
Includes commercial paper.
All other interest-bearing liabilities include brokerage-related customer payables.
Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
Negative interest income and yields 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 liabilities.
Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. ("U.S. GAAP"). That presentation, which is referred to as "reported" basis, provides the reader with an understanding of the Firm's results that can be tracked consistently from year-to-year and enables a comparison of the Firm's performance with other companies' U.S. GAAP financial statements. In addition to analyzing the Firm's results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a "managed" basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page28 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.

								QUARTERLY TRENDS											FULL YEAR
																4Q20 Change								2020 Change
		4Q20			3Q20			2Q20			1Q20			4Q19		3Q20		4Q19			2020			2019		2019
OTHER INCOME
Other income - reported	$	1,300		$	959		$	1,042		$	1,156		$	1,492	36 %	(13)%	$	4,457		$	5,731	(22)%
Fully taxable-equivalent adjustments (a)		840			690			730			708			757	22	11			2,968			2,534	17
Other income - managed	$	2,140		$	1,649		$	1,772		$	1,864		$	2,249	30	(5)		$	7,425		$	8,265	(10)
TOTAL NONINTEREST REVENUE (b)
Total noninterest revenue - reported	$	15,966		$	16,134		$	19,127		$	13,753		$	14,119	(1)	13	$	64,980		$	58,154	12
Fully taxable-equivalent adjustments (a)		840			690			730			708			757	22	11			2,968			2,534	17
Total noninterest revenue - managed	$	16,806		$	16,824		$	19,857		$	14,461		$	14,876		-	13		$	67,948		$	60,688	12
NET INTEREST INCOME
Net interest income - reported	$	13,258		$	13,013		$	13,853		$	14,439		$	14,166	2	(6)	$	54,563		$	57,245	(5)
Fully taxable-equivalent adjustments (a)		97			104			107			110			123	(7)	(21)			418			531	(21)
Net interest income - managed	$	13,355		$	13,117		$	13,960		$	14,549		$	14,289	2	(7)		$	54,981		$	57,776	(5)
TOTAL NET REVENUE (b)
Total net revenue - reported	$	29,224		$	29,147		$	32,980		$	28,192		$	28,285		-	3	$	119,543		$	115,399	4
Fully taxable-equivalent adjustments (a)		937			794			837			818			880	18	6			3,386			3,065	10
Total net revenue - managed	$	30,161		$	29,941		$	33,817		$	29,010		$	29,165	1	3		$	122,929		$	118,464	4
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	13,176		$	12,272		$	16,038		$	11,401		$	11,992	7	10	$	52,887		$	50,130	5
Fully taxable-equivalent adjustments (a)		937			794			837			818			880	18	6			3,386			3,065	10
Pre-provision profit - managed	$	14,113		$	13,066		$	16,875		$	12,219		$	12,872	8	10		$	56,273		$	53,195	6
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	15,065		$	11,661		$	5,565		$	3,116		$	10,565	29	43	$	35,407		$	44,545	(21)
Fully taxable-equivalent adjustments (a)		937			794			837			818			880	18	6			3,386			3,065	10
Income before income tax expense - managed	$	16,002		$	12,455		$	6,402		$	3,934		$	11,445	28	40		$	38,793		$	47,610	(19)
INCOME TAX EXPENSE
Income tax expense - reported	$	2,929		$	2,218		$	878		$	251		$	2,045	32	43	$	6,276		$	8,114	(23)
Fully taxable-equivalent adjustments (a)		937			794			837			818			880	18	6			3,386			3,065	10
Income tax expense - managed	$	3,866		$	3,012		$	1,715		$	1,069		$	2,925	28	32		$	9,662		$	11,179	(14)
OVERHEAD RATIO
Overhead ratio - reported		55	%		58	%		51	%		60	%		58	%						56	%		57	%
Overhead ratio - managed		53			56			50			58			56							54			55

Predominantly recognized in CIB, CB and Corporate.
In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

Page 7

JPMORGAN CHASE & CO.

SEGMENT RESULTS - MANAGED BASIS (in millions)

								QUARTERLY TRENDS									FULL YEAR
														4Q20 Change								2020 Change
		4Q20			3Q20			2Q20		1Q20	4Q19	3Q20		4Q19			2020			2019		2019
TOTAL NET REVENUE (fully taxable-equivalent ("FTE"))
Consumer & Community Banking (a)	$	12,728	$	12,895	$	12,358	$	13,287	$	13,880	(1)%	(8)%	$	51,268	$	55,133		(7)%
Corporate & Investment Bank		11,352			11,546			16,383		10,003		9,703		(2)	17			49,284			39,265		26
Commercial Banking		2,463			2,285			2,400		2,165		2,296		8	7			9,313			9,264		1
Asset & Wealth Management		3,867			3,554			3,430		3,389		3,514		9	10			14,240			13,591		5
Corporate		(249)			(339)			(754)		166		(228)		27	(9)			(1,176)			1,211		NM
TOTAL NET REVENUE	$	30,161		$	29,941		$	33,817	$	29,010	$	29,165		1	3		$	122,929		$	118,464		4
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking (a)	$	7,042	$	6,912	$	6,767	$	7,269	$	7,116	2	(1)	$	27,990	$	28,276		(1)
Corporate & Investment Bank		4,939			5,832			6,812		5,955		5,451		(15)	(9)			23,538			22,444		5
Commercial Banking		950			969			893		986		941		(2)	1			3,798			3,735		2
Asset & Wealth Management		2,756			2,443			2,323		2,435		2,442		13	13			9,957			9,747		2
Corporate		361			719			147		146		343		(50)	5			1,373			1,067		29
TOTAL NONINTEREST EXPENSE	$	16,048		$	16,875		$	16,942	$	16,791	$	16,293		(5)	(2)		$	66,656		$	65,269		2
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	5,686	$	5,983	$	5,591	$	6,018	$	6,764	(5)	(16)	$	23,278	$	26,857		(13)
Corporate & Investment Bank		6,413			5,714			9,571		4,048		4,252		12	51			25,746			16,821		53
Commercial Banking		1,513			1,316			1,507		1,179		1,355		15	12			5,515			5,529		-
Asset & Wealth Management		1,111			1,111			1,107		954		1,072		-	4			4,283			3,844		11
Corporate		(610)			(1,058)			(901)		20		(571)		42	(7)			(2,549)			144		NM
PRE-PROVISION PROFIT	$	14,113		$	13,066		$	16,875	$	12,219	$	12,872		8	10		$	56,273		$	53,195		6
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	(83)	$	795	$	5,828	$	5,772	$	1,207	NM		NM	$	12,312	$	4,954		149
Corporate & Investment Bank		(581)			(81)			1,987		1,401		98		NM		NM			2,726			277		NM
Commercial Banking		(1,181)			(147)			2,431		1,010		110		NM		NM			2,113			296		NM
Asset & Wealth Management		(2)			(52)			223		94		13		96		NM			263			59		346
Corporate		(42)			96			4		8		(1)		NM		NM			66			(1)		NM
PROVISION FOR CREDIT LOSSES	$	(1,889)		$	611		$	10,473	$	8,285	$	1,427		NM		NM		$	17,480		$	5,585		213
NET INCOME/(LOSS)
Consumer & Community Banking	$	4,325	$	3,871	$	(176)	$	197	$	4,200	12	3	$	8,217	$	16,541		(50)
Corporate & Investment Bank		5,349			4,309			5,451		1,985		2,935		24	82			17,094			11,954		43
Commercial Banking		2,034			1,086			(681)		139		945		87	115			2,578			3,958		(35)
Asset & Wealth Management		786			876			661		669		801		(10)	(2)			2,992			2,867		4
Corporate		(358)			(699)			(568)		(125)		(361)		49	1			(1,750)			1,111		NM
TOTAL NET INCOME	$	12,136		$	9,443		$	4,687	$	2,865	$	8,520		29	42		$	29,131		$	36,431		(20)

(a) In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.

Page 8

JPMORGAN CHASE & CO.

CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS (in millions, except ratio data)

															Dec 31, 2020
															Change						FULL YEAR
		Dec 31,			Sep 30,			Jun 30,			Mar 31,		Dec 31,	Sep 30,	Dec 31,								2020 Change
		2020			2020			2020			2020		2019		2020			2019			2020			2019	2019
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	205,066	(e)	$	197,719	$	190,867	$	183,591	$	187,753	4 %			9 %
Tier 1 capital		234,835	(e)		227,486			220,674			213,406		214,432		3			10
Total capital		269,933	(e)		262,397			256,667			247,541		242,589		3			11
Risk-weighted assets	1,562,381	(e)	1,514,509	1,541,365	1,598,828	1,515,869		3			3
CET1 capital ratio		13.1 % (e)		13.1 %			12.4 %			11.5 %		12.4 %
Tier 1 capital ratio		15.0	(e)		15.0			14.3			13.3		14.1
Total capital ratio		17.3	(e)		17.3			16.7			15.5		16.0
Advanced
CET1 capital	$	205,066	(e)	$	197,719	$	190,867	$	183,591	$	187,753	4			9
Tier 1 capital		234,835	(e)		227,486			220,674			213,406		214,432		3			10
Total capital		257,222	(e)		249,947			244,112			234,434		232,112		3			11
Risk-weighted assets	1,485,654	(e)	1,429,334	1,450,587	1,489,134	1,397,878		4			6
CET1 capital ratio		13.8 % (e)		13.8 %			13.2 %			12.3 %		13.4 %
Tier 1 capital ratio		15.8	(e)		15.9			15.2			14.3		15.3
Total capital ratio		17.3	(e)		17.5			16.8			15.7		16.6
Leverage-based capital metrics
Adjusted average assets (b)	$	3,353,310	(e)	$	3,243,290	$	3,176,729	$	2,842,244	$	2,730,239	3			23
Tier 1 leverage ratio		7.0 %	(e)		7.0 %			6.9 %			7.5 %		7.9 %
Total leverage exposure	3,396,447	(e)	3,247,392	3,228,424	3,535,822	3,423,431		5			(1)
SLR		6.9 % (e)		7.0 %			6.8 %			6.0 %		6.3 %
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders' equity	$	249,291		$	241,050	$	234,403	$	231,199	$	234,337	3			6
Less: Goodwill		49,248			47,819			47,811			47,800		47,823		3			3
Less: Other intangible assets		904			759			778			800		819		19			10
Add: Certain deferred tax liabilities (d)		2,453			2,405			2,397			2,389		2,381		2			3
Total tangible common equity	$	201,592		$	194,877		$	188,211		$	184,988	$	188,076		3			7
TANGIBLE COMMON EQUITY (average) (c)
Common stockholders' equity	$	241,672		$	236,797	$	234,408	$	234,530	$	232,878	2			4	$	236,865	$	232,907		2 %
Less: Goodwill		47,842			47,820			47,805			47,812		47,819		-	-			47,820			47,620		-
Less: Other intangible assets		752			769			791			812		831		(2)			(10)			781			789	(1)
Add: Certain deferred tax liabilities (d)		2,416			2,401			2,393			2,385		2,375		1			2			2,399			2,328	3
Total tangible common equity	$	195,494		$	190,609		$	188,205		$	188,291	$	186,603		3			5		$	190,663		$	186,826	2
INTANGIBLE ASSETS (period-end)
Goodwill	$	49,248		$	47,819	$	47,811	$	47,800	$	47,823	3			3
Mortgage servicing rights		3,276			3,016			3,080			3,267		4,699		9			(30)
Other intangible assets		904			759			778			800		819		19			10
Total intangible assets	$	53,428		$	51,594		$	51,669		$	51,867	$	53,341		4			-

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. For the periods ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $5.7 billion, $6.4 billion, $6.5 billion and $4.3 billion, respectively. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks that became effective in the second quarter of 2020. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm's 2019 Form 10-K for additional information on the Firm's capital metrics.
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.
Refer to page 28 for further discussion of TCE.
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.
Estimated.

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JPMORGAN CHASE & CO.

EARNINGS PER SHARE AND RELATED INFORMATION (in millions, except per share and ratio data)

								QUARTERLY TRENDS									FULL YEAR
														4Q20 Change								2020 Change
		4Q20			3Q20			2Q20		1Q20	4Q19	3Q20		4Q19			2020			2019		2019
EARNINGS PER SHARE
Basic earnings per share
Net income	$	12,136	$	9,443	$	4,687	$	2,865	$	8,520	29 %	42 %	$	29,131	$	36,431		(20)%
Less: Preferred stock dividends		380			381			401		421		386		-	(2)			1,583			1,587		-
Net income applicable to common equity		11,756			9,062			4,286		2,444		8,134		30	45			27,548			34,844		(21)
Less: Dividends and undistributed earnings allocated to
participating securities		57			47			21		13		44		21	30			138			202		(32)
Net income applicable to common stockholders	$	11,699		$	9,015		$	4,265	$	2,431	$	8,090		30	45		$	27,410		$	34,642		(21)
Total weighted-average basic shares outstanding		3,079.7			3,077.8			3,076.3		3,095.8		3,140.7		-	(2)			3,082.4			3,221.5		(4)
Net income per share	$	3.80		$	2.93		$	1.39	$	0.79	$	2.58		30	47		$	8.89		$	10.75		(17)
Diluted earnings per share
Net income applicable to common stockholders	$	11,699	$	9,015	$	4,265	$	2,431	$	8,090	30	45	$	27,410	$	34,642		(21)
Total weighted-average basic shares outstanding		3,079.7			3,077.8			3,076.3		3,095.8		3,140.7		-	(2)			3,082.4			3,221.5		(4)
Add: Dilutive impact of stock appreciation rights ("SARs") and
employee stock options, unvested performance share units
("PSUs") and nondividend-earning restricted stock units		5.4			5.0			4.7		4.9		7.8		8	(31)			5.0			8.9		(44)
("RSUs")
Total weighted-average diluted shares outstanding		3,085.1			3,082.8			3,081.0		3,100.7		3,148.5		-	(2)			3,087.4			3,230.4		(4)
Net income per share	$	3.79	$	2.92	$	1.38	$	0.78	$	2.57	30	47	$	8.88	$	10.72		(17)
COMMON DIVIDENDS
Cash dividends declared per share	$	0.90	$	0.90	$	0.90	$	0.90	$	0.90	-		-	$	3.60	$	3.40		6
Dividend payout ratio		24 %			31 %			65 %		114 %		35 %							40 %			31 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased		-			-			-		50.0		54.0		-		NM			50.0			213.0		(77)
Average price paid per share of common stock	$	-	$	-	$	-	$	127.92	$	127.24	-		NM	$	127.92	$	113.26		13
Aggregate repurchases of common stock		-			-			-		6,397		6,871		-		NM			6,397			24,121		(73)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans		1.5			0.6			0.8		13.0		1.5		150		-			15.9			21.2		(25)
Net impact of employee issuances on stockholders' equity (b)	$	217	$	263	$	325	$	398	$	132	(17)	64	$	1,203	$	970		24

On March 15, 2020, in response to 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, subject to certain restrictions. As a result, the Firm announced that its Board of Directors authorized a new common share repurchase program of $30 billion.
The net impact of employee issuances on stockholders' equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

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JPMORGAN CHASE & CO.

CONSUMER & COMMUNITY BANKING

FINANCIAL HIGHLIGHTS

(in millions, except ratio data)

								QUARTERLY TRENDS									FULL YEAR
														4Q20 Change								2020 Change
		4Q20			3Q20			2Q20	1Q20		4Q19		3Q20		4Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	806		$	771		$	617	$	972	$	1,032	5 %	(22)%	$	3,166		$	3,938	(20)%
Asset management, administration and commissions (a)		735			703			634		708		711	5	3			2,780			2,808	(1)
Mortgage fees and related income		766			1,076			917		320		474	(29)	62			3,079			2,035	51
Card income (b)		923			826			667		652		905	12	2			3,068			3,412	(10)
All other income		1,328			1,487			1,387		1,445		1,469	(11)	(10)			5,647			5,603	1
Noninterest revenue		4,558			4,863			4,222		4,097		4,591	(6)	(1)			17,740			17,796		-
Net interest income		8,170			8,032			8,136		9,190		9,289	2	(12)			33,528			37,337	(10)
TOTAL NET REVENUE		12,728			12,895			12,358		13,287		13,880	(1)	(8)			51,268			55,133	(7)
Provision for credit losses		(83)			795			5,828		5,772		1,207		NM		NM			12,312			4,954	149
NONINTEREST EXPENSE
Compensation expense		2,734			2,804			2,694		2,782		2,668	(2)	2			11,014			10,815	2
Noncompensation expense (b)(c)		4,308			4,108			4,073		4,487		4,448	5	(3)			16,976			17,461	(3)
TOTAL NONINTEREST EXPENSE		7,042			6,912			6,767		7,269		7,116	2	(1)			27,990			28,276	(1)
Income/(loss) before income tax expense/(benefit)		5,769			5,188			(237)		246		5,557	11	4			10,966			21,903	(50)
Income tax expense/(benefit)		1,444			1,317			(61)		49		1,357	10	6			2,749			5,362	(49)
NET INCOME/(LOSS)	$	4,325		$	3,871		$	(176)	$	197	$	4,200	12	3		$	8,217		$	16,541	(50)
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	5,744		$	5,697		$	5,248	$	6,266	$	6,668	1	(14)	$	22,955		$	27,376	(16)
Home Lending		1,456			1,714			1,687		1,161		1,250	(15)	16			6,018			5,179	16
Card & Auto (b)		5,528			5,484			5,423		5,860		5,962	1	(7)			22,295			22,578	(1)
MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue		803			765			742		319		327	5	146			2,629			1,618	62
Net mortgage servicing revenue (d)		(37)			311			175		1		147		NM		NM			450			417	8
Mortgage fees and related income	$	766		$	1,076		$	917	$	320	$	474	(29)	62		$	3,079		$	2,035	51
FINANCIAL RATIOS
ROE		32	%		29	%		(2) %	1	%	31	%						15	%		31	%
Overhead ratio		55			54			55		55		51							55			51

In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
Included depreciation expense on leased assets of $975 million and $1.0 billion for the three months ended December 31, 2020 and September 30, 2020, and $1.1 billion for the three months ended June 30, 2020, March 31, 2020 and December 31, 2019, respectively, and $4.2 billion and $4.0 billion for the full year 2020 and 2019, respectively.
Included MSR risk management results of $(152) million, $145 million, $79 million, $(90) million and $35 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively, and $(18) million and $(165) million for the full year 2020 and 2019, respectively.

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JPMORGAN CHASE & CO.

CONSUMER & COMMUNITY BANKING FINANCIAL HIGHLIGHTS, CONTINUED

(in millions, except headcount data)

								QUARTERLY TRENDS									FULL YEAR
														4Q20 Change								2020 Change
		4Q20			3Q20			2Q20			1Q20	4Q19	3Q20	4Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	496,654		$	487,012		$	498,607		$	513,301	$	541,316	2 %	(8)%	$	496,654		$	541,316		(8)%
Loans:
Consumer & Business Banking		48,810	(d)		49,646	(d)		49,305	(d)		30,004		29,585	(2)	65			48,810	(d)		29,585		65
Home Lending (a)(b)		182,121			188,561			195,664			205,318		213,445	(3)	(15)			182,121			213,445		(15)
Card		144,216			140,377			141,656			154,021		168,924	3	(15)			144,216			168,924		(15)
Auto		66,432			62,304			59,287			61,468		61,522	7	8			66,432			61,522		8
Total loans		441,579			440,888			445,912			450,811		473,476	-	(7)			441,579			473,476		(7)
Deposits		958,706			909,198			885,535			783,398		723,418	5	33			958,706			723,418		33
Equity		52,000			52,000			52,000			52,000		52,000	-		-			52,000			52,000		-
SELECTED BALANCE SHEET DATA (average)
Total assets	$	486,221		$	490,043		$	504,520		$	525,644	$	534,596	(1)	(9)	$	501,533		$	543,076		(8)
Loans:
Consumer & Business Banking		49,506			49,596			43,442			29,570		29,192	-	70			43,064			28,859		49
Home Lending (a)(c)		185,733			192,172			199,532			211,333		216,921	(3)	(14)			197,148			230,662		(15)
Card		141,236			140,386			142,377			162,660		162,112	1	(13)			146,633			156,325		(6)
Auto		64,342			60,345			60,306			60,893		61,100	7	5			61,476			61,862		(1)
Total loans		440,817			442,499			445,657			464,456		469,325	-	(6)			448,321			477,708		(6)
Deposits		928,518			895,535			840,467			739,709		712,829	4	30			851,390			698,378		22
Equity		52,000			52,000			52,000			52,000		52,000	-		-			52,000			52,000		-
Headcount		122,894			122,905			123,765			124,609		125,756	-	(2)			122,894			125,756		(2)

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.
At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, Home Lending loans held-for-sale and loans at fair value were $9.7 billion, $10.0 billion, $8.6 billion, $10.8 billion, and $16.6 billion, respectively.
Average Home Lending loans held-for sale and loans at fair value were $10.7 billion, $9.2 billion, $8.7 billion, $15.8 billion, and $19.1 billion for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, respectively, and were $11.1 billion and $14.1 billion for the full year 2020 and 2019, respectively.
At December 31, 2020, September 30, 2020 and June 30, 2020, included $19.2 billion, $20.3 billion and $19.9 billion of loans, respectively, in Business Banking under the Paycheck Protection Program ("PPP"). Refer to page 61 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information on the PPP.

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JPMORGAN CHASE & CO.

CONSUMER & COMMUNITY BANKING

FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)								QUARTERLY TRENDS												FULL YEAR
																4Q20 Change									2020 Change
		4Q20			3Q20			2Q20			1Q20			4Q19		3Q20		4Q19			2020				2019		2019
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)	$	5,675	(f)	$	5,162	(f)(i)	$	4,429	(f)	$	4,022		$	3,027	10 %	87 %	$	5,675	(f)	$	3,027	87 %
Net charge-offs/(recoveries)
Consumer & Business Banking		75			54			60			74			93	39	(19)			263				298	(12)
Home Lending		(50)			8			(5)			(122)			(23)		NM	(117)			(169)				(98)	(72)
Card		767			1,028			1,178			1,313			1,231	(25)	(38)			4,286				4,848	(12)
Auto		25			5			45			48			57	400	(56)			123				206	(40)
Total net charge-offs/(recoveries)	$	817		$	1,095		$	1,278		$	1,313		$	1,358	(25)	(40)		$	4,503			$	5,254	(14)
Net charge-off/(recovery) rate
Consumer & Business Banking		0.60	% (g)		0.43	% (g)		0.56	% (g)		1.01	%		1.26	%						0.61	% (g)			1.03	%
Home Lending		(0.11)			0.02			(0.01)			(0.25)			(0.05)							(0.09)				(0.05)
Card		2.17			2.92			3.33			3.25			3.01							2.93				3.10
Auto		0.15			0.03			0.30			0.32			0.37							0.20				0.33
Total net charge-off/(recovery) rate		0.76			1.01			1.18			1.18			1.20							1.03				1.13
30+ day delinquency rate
Home Lending (d)(e)		1.15	% (h)		1.62	% (h)		1.30	% (h)		1.48	%		1.58	%						1.15	% (h)			1.58	%
Card		1.68	(h)		1.57	(h)		1.71	(h)		1.96			1.87							1.68	(h)			1.87
Auto		0.69	(h)		0.54	(h)		0.54	(h)		0.89			0.94							0.69	(h)			0.94
90+ day delinquency rate - Card		0.92	(h)		0.69	(h)		0.93	(h)		1.02			0.95							0.92	(h)			0.95
Allowance for loan losses
Consumer & Business Banking	$	1,372		$	1,372		$	1,372		$	884		$	750		-	83	$	1,372		$	750	83
Home Lending		1,813			2,685			2,957			2,137			1,890	(32)	(4)			1,813				1,890	(4)
Card		17,800			17,800			17,800			14,950			5,683		-	213			17,800				5,683	213
Auto		1,042			1,044			1,044			732			465		-	124			1,042				465	124
Total allowance for loan losses	$	22,027		$	22,901		$	23,173		$	18,703		$	8,788	(4)	151		$	22,027			$	8,788	151

At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, nonaccrual loans included $1.6 billion, $1.5 billion, $1.3 billion and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.
At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $558 million, $851 million, $561 million, $616 million and $963 million, respectively. These amounts have been excluded based upon the government guarantee. Prior-period amounts of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded from nonaccrual loans have been revised to conform with the current presentation, refer to footnote (c) for additional information.
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.
At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, the 30+ day delinquency rates included PCD loans. The rates prior to January 1, 2020 have been revised to include the impact of PCI loans.
At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $744 million, $1.1 billion, $826 million, $1.0 billion and $1.7 billion, respectively. These amounts have been excluded based upon the government guarantee. Prior-period amounts of mortgage loans 30 or more days past due and insured by U.S. government agencies excluded from 30+ day delinquency rate have been revised to conform with the current presentation, refer to footnote (c) for additional information.
Generally excludes loans that were 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 were considered collateral-dependent and charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell.
At December 31, 2020, September 30, 2020 and June 30, 2020, included $19.2 billion, $20.3 billion and $19.9 billion of loans, respectively, 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 page 61 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information on the PPP.
At December 31, 2020, September 30, 2020 and June 30, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $9.1 billion, $10.2 billion and $18.2 billion in Home Lending, respectively;
(2)$264 million, $368 million and $4.4 billion in Card, respectively; and (3) $376 million, $411 million and $12.3 billion in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.
Prior-periodamount has been revised to conform with the current presentation.

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JPMORGAN CHASE & CO.

CONSUMER & COMMUNITY BANKING FINANCIAL HIGHLIGHTS, CONTINUED

(in millions, except ratio data and where otherwise noted)

									QUARTERLY TRENDS											FULL YEAR
																	4Q20 Change								2020 Change
		4Q20			3Q20			2Q20				1Q20			4Q19		3Q20		4Q19			2020			2019	2019
BUSINESS METRICS
Number of:
Branches		4,908			4,960			4,923				4,967			4,976	(1)%	(1)%			4,908			4,976	(1)%
Active digital customers (in thousands) (a)		55,274			54,779			54,505				53,833			52,453	1	5			55,274			52,453	5
Active mobile customers (in thousands) (b)		40,899			40,164			39,044				38,256			37,315	2	10			40,899			37,315	10
Debit and credit card sales volume (in billions)	$	299.4		$	278.2		$	237.6			$	266.0		$	295.6	8	1	$	1,081.2		$	1,114.4	(3)
Consumer & Business Banking
Average deposits	$	907,884		$	874,325		$	821,624			$	724,970		$	696,572	4	30	$	832,523		$	683,707	22
Deposit margin		1.41	%		1.43	%		1.52	%		2.05	%		2.27	%						1.58	%		2.48	%
Business banking origination volume	$	722		$	1,352	(f)	$	23,042		(f)	$	1,491		$	1,827	(47)	(60)	$	26,607	(f)	$	6,598	303
Client investment assets		588,403			529,196			494,390				442,634			501,360	11	17			588,403			501,360	17
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	20.1		$	20.7		$	18.0			$	14.1		$	16.4	(3)	23	$	72.9		$	51.0	43
Correspondent		12.4			8.3			6.2				14.0			16.9	49	(27)			40.9			54.2	(25)
Total mortgage origination volume (c)	$	32.5		$	29.0		$	24.2			$	28.1		$	33.3	12	(2)		$	113.8		$	105.2	8
Total loans serviced (period-end)	$	626.3		$	654.0		$	683.7			$	737.8		$	761.4	(4)	(18)		$	626.3		$	761.4	(18)
Third-party mortgage loans serviced (period-end)		447.3			454.8			482.4				505.0			520.8	(2)	(14)			447.3			520.8	(14)
MSR carrying value (period-end)		3.3			3.0			3.1				3.3			4.7	10	(30)			3.3			4.7	(30)
Ratio of MSR carrying value (period-end) to third-party
mortgage loans serviced (period-end)		0.74	%		0.66	%		0.64	%		0.65	%		0.90	%						0.74	%		0.90	%
MSR revenue multiple (d)		2.64 x			2.28 x			2.29 x		2.10 x			2.73 x							2.55 x			2.65 x
Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	197.0		$	178.1		$	148.5			$	179.1		$	204.2	11	(4)			702.7			762.8	(8)
Net revenue rate (e)		11.22	%		10.96	%		11.02	%		10.54	%		10.65	%						10.92	%		10.48	%
Auto
Loan and lease origination volume (in billions)	$	11.0		$	11.4		$	7.7			$	8.3		$	8.5	(4)	29	$	38.4		$	34.0	13
Average auto operating lease assets		20,810			21,684			22,579				23,081			22,427	(4)	(7)			22,034			21,589	2

Users of all web and/or mobile platforms who have logged in within the past 90 days.
Users of all mobile platforms who have logged in within the past 90 days.
Firmwide mortgage origination volume was $37.0 billion, $36.2 billion, $28.3 billion, $31.9 billion and $37.4 billion for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, respectively, and $133.4 billion and $115.9 billion for the full year 2020 and 2019, respectively.
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).
In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
Included $396 million and $21.5 billion of origination volume under the PPP for the three months ended September 30, 2020 and June 30, 2020, respectively, and $21.9 billion for the full year 2020. Refer to page 61 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information on the PPP.

Page 14

JPMORGAN CHASE & CO.

CORPORATE & INVESTMENT BANK

FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
								QUARTERLY TRENDS									FULL YEAR
														4Q20 Change								2020 Change
		4Q20			3Q20			2Q20		1Q20	4Q19	3Q20		4Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Investment banking fees	$	2,558	$	2,165	$	2,847	$	1,907	$	1,904	18 %	34 %	$	9,477	$	7,575		25 %
Principal transactions		2,982			3,990			7,400		3,188		2,932		(25)	2			17,560			14,399		22
Lending- and deposit-related fees (a)		574			546			500		450		462		5	24			2,070			1,668		24
Asset management, administration and commissions (a)		1,226			1,086			1,148		1,261		1,059		13	16			4,721			4,400		7
All other income		462			331			409		90		678		40	(32)			1,292			2,018		(36)
Noninterest revenue		7,802			8,118			12,304		6,896		7,035		(4)	11			35,120			30,060		17
Net interest income		3,550			3,428			4,079		3,107		2,668		4	33			14,164			9,205		54
TOTAL NET REVENUE (b)		11,352			11,546			16,383		10,003		9,703		(2)	17			49,284			39,265		26
Provision for credit losses		(581)			(81)			1,987		1,401		98		NM		NM			2,726			277		NM
NONINTEREST EXPENSE
Compensation expense		1,958			2,651			3,997		3,006		2,377		(26)	(18)			11,612			11,180		4
Noncompensation expense		2,981			3,181			2,815		2,949		3,074		(6)	(3)			11,926			11,264		6
TOTAL NONINTEREST EXPENSE		4,939			5,832			6,812		5,955		5,451		(15)	(9)			23,538			22,444		5
Income before income tax expense		6,994			5,795			7,584		2,647		4,154		21	68			23,020			16,544		39
Income tax expense		1,645			1,486			2,133		662		1,219		11	35			5,926			4,590		29
NET INCOME	$	5,349	$	4,309	$	5,451	$	1,985	$	2,935	24	82	$	17,094	$	11,954		43
FINANCIAL RATIOS
ROE		26 %			21 %			27 %		9 %		14 %							20 %			14 %
Overhead ratio		44			51			42		60		56							48			57
Compensation expense as percentage of total net revenue		17			23			24		30		24							24			28
REVENUE BY BUSINESS
Investment Banking	$	2,497	$	2,087	$	3,401	$	886	$	1,823	20	37	$	8,871	$	7,215		23
Wholesale Payments		1,427			1,332			1,387		1,414		1,489		7	(4)			5,560			5,842		(5)
Lending		193			333			270		350		250		(42)	(23)			1,146			1,021		12
Total Banking		4,117			3,752			5,058		2,650		3,562		10	16			15,577			14,078		11
Fixed Income Markets		3,950			4,597			7,338		4,993		3,446		(14)	15			20,878			14,418		45
Equity Markets		1,989			1,999			2,380		2,237		1,508		(1)	32			8,605			6,494		33
Securities Services		1,053			1,029			1,097		1,074		1,061		2	(1)			4,253			4,154		2
Credit Adjustments & Other (c)		243			169			510		(951)		126		44	93			(29)			121		NM
Total Markets & Securities Services		7,235			7,794			11,325		7,353		6,141		(7)	18			33,707			25,187		34
TOTAL NET REVENUE	$	11,352		$	11,546		$	16,383	$	10,003	$	9,703		(2)	17		$	49,284		$	39,265		26

In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
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; as well as tax-exempt income from municipal bonds of $765 million, $641 million, $686 million, $667 million and $646 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively and $2.8 billion and $2.3 billion for the full year 2020 and 2019, respectively.
Consists primarily of credit valuation adjustments ("CVA") managed centrally within CIB and funding valuation adjustments ("FVA") on derivatives and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 15

JPMORGAN CHASE & CO.

CORPORATE & INVESTMENT BANK

FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
								QUARTERLY TRENDS											FULL YEAR
																4Q20 Change								2020 Change
		4Q20			3Q20		2Q20				1Q20		4Q19	3Q20		4Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	1,097,219	$	1,089,293	$	1,081,162	(g)	$	1,217,459		$	914,705		1 %	20 %	$	1,097,219	$	914,705		20 %
Loans:
Loans retained (a)		133,296			126,841		140,770				165,376			121,733		5	9			133,296			121,733		9
Loans held-for-sale and loans at fair value (b)		39,588			33,046		34,017				34,644			34,317		20	15			39,588			34,317		15
Total loans		172,884			159,887		174,787				200,020			156,050		8	11			172,884			156,050		11
Equity		80,000			80,000		80,000				80,000			80,000		-		-			80,000			80,000		-
SELECTED BALANCE SHEET DATA (average)
Assets	$	1,140,524	$	1,100,657	$	1,167,807		$	1,082,820		$	994,152		4	15	1,122,939	$	993,508		13
Trading assets - debt and equity instruments (b)		442,443			425,789		421,953				398,504			370,859		4	19			422,237			376,182		12
Trading assets - derivative receivables		77,946			78,339		76,710				55,133			45,153		(1)	73			72,065			48,196		50
Loans:
Loans retained (a)		128,765			131,187		154,038				128,838			119,412		(2)	8			135,676			122,371		11
Loans held-for-sale and loans at fair value (b)		36,228			30,205		33,538				35,211			33,694		20	8			33,792			32,884		3
Total loans		164,993			161,392		187,576				164,049			153,106		2	8			169,468			155,255		9
Equity		80,000			80,000		80,000				80,000			80,000		-		-			80,000			80,000		-
Headcount		61,733			61,830		60,950				60,245			60,013		-	3			61,733			60,013		3
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	88	$	23	$	204		$	55		$	43		283	105	$	370	$	183		102
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)		1,008			1,178		1,195				689			308		(14)	227			1,008			308		227
Nonaccrual loans held-for-sale and loans at fair value (b)(d)		1,662			2,111		1,510				766			644		(21)	158			1,662			644		158
Total nonaccrual loans		2,670			3,289		2,705				1,455			952		(19)	180			2,670			952		180
Derivative receivables		56			140		108				85			30		(60)	87			56			30		87
Assets acquired in loan satisfactions		85			88		35				43			70		(3)	21			85			70		21
Total nonperforming assets		2,811			3,517		2,848				1,583			1,052		(20)	167			2,811			1,052		167
Allowance for credit losses:
Allowance for loan losses		2,366			2,863		3,039		(g)		1,422			1,202		(17)	97			2,366			1,202		97
Allowance for lending-related commitments		1,534			1,706		1,634		(g)		1,468			848		(10)	81			1,534			848		81
Total allowance for credit losses		3,900			4,569		4,673				2,890			2,050		(15)	90			3,900			2,050		90
Net charge-off/(recovery) rate (a)(e)		0.27 %			0.07 %		0.53 %			0.17 %			0.14 %							0.27 %			0.15 %
Allowance for loan losses to period-end loans retained (a)		1.77			2.26		2.16		(g)		0.86			0.99							1.77			0.99
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)		2.54			3.15		2.87		(g)		1.11			1.31							2.54			1.31
Allowance for loan losses to nonaccrual loans retained (a)(c)		235			243		254		(g)		206			390							235			390
Nonaccrual loans to total period-end loans (b)		1.54			2.06		1.55				0.73			0.61							1.54			0.61

Loans retained includes credit portfolio loans, loans held by consolidated Firm-administeredmulti-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.
In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
Allowance for loan losses of $278 million, $320 million, $340 million, $317 million and $110 million were held against nonaccrual loans at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively.
At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $316 million, $297 million, $135 million, $124 million and $127 million, respectively. These amounts have been excluded based upon the government guarantee.
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
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.
Prior-periodamounts have been revised to conform with the current presentation.

Page 16

JPMORGAN CHASE & CO.

CORPORATE & INVESTMENT BANK

FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
								QUARTERLY TRENDS										FULL YEAR
													4Q20 Change									2020 Change
		4Q20			3Q20			2Q20		1Q20	4Q19	3Q20	4Q19			2020			2019		2019
BUSINESS METRICS
Advisory	$	835	$	428	$	602	$	503	$	702	95 %		19 %	$	2,368	$	2,377		- %
Equity underwriting		718			732			977		331		382	(2)			88			2,758			1,666	66
Debt underwriting		1,005			1,005			1,268		1,073		820	-			23			4,351			3,532	23
Total investment banking fees	$	2,558		$	2,165		$	2,847	$	1,907	$	1,904	18			34		$	9,477		$	7,575	25
Client deposits and other third-party liabilities (average) (a)		683,818			634,961			607,902		514,464		485,037	8			41			610,555			464,795	31
Merchant processing volume (in billions) (b)		444.5			406.1			371.9		374.8		402.9	9			10	$	1,597.3	$	1,511.5		6
Assets under custody ("AUC") (period-end) (in billions)	$	30,980	$	28,628	$	27,447	$	24,409	$	26,831	8		15	$	30,980	$	26,831		15
95% Confidence Level - Total CIB VaR (average) (c)
CIB trading VaR by risk type: (d)
Fixed income	$	106	$	93	$	129	$	60	$	39	14		172
Foreign exchange		12			13			9		7		5	(8)			140
Equities		23			26			27		20		18	(12)			28
Commodities and other		36			33			32		10		7	9			414
Diversification benefit to CIB trading VaR (e)		(85)			(76)			(69)		(40)		(32)	(12)			(166)
CIB trading VaR (d)		92			89			128		57		37	3			149
Credit portfolio VaR (f)		12			15			22		9		5	(20)			140
Diversification benefit to CIB VaR (e)		(13)			(14)			(23)		(8)		(5)	7			(160)
CIB VaR	$	91		$	90		$	127	$	58	$	37	1			146

Client deposits and other third-party liabilities pertain to the Wholesale Payments and Securities Services businesses.
Represents total merchant processing volume across CIB, CCB and CB.
Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm's own credit spread on fair value option elected liabilities, and included these positions in other sensitivity- based measures. Additionally, 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 these refinements, the average VaR for each of the following reported components would have been different by the following amounts: CIB fixed income of $33 million, $15 million, $(11) million and $4 million, CIB Trading VaR of $30 million, $11 million, $(11) million and $5 million and CIB VaR of $29 million, $11 million, $(8) million and $6 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.
CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 121-123 of the Firm's 2019 Form 10-K, and pages 80-82 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information.
Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.
Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

Page 17

JPMORGAN CHASE & CO. COMMERCIAL BANKING

FINANCIAL HIGHLIGHTS

(in millions, except ratio data)

								QUARTERLY TRENDS									FULL YEAR
														4Q20 Change								2020 Change
		4Q20			3Q20			2Q20	1Q20		4Q19		3Q20		4Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	325		$	304		$	297	$	261	$	256	7 %	27 %	$	1,187		$	941	26 %
All other income (a)		550			457			526		347		436	20	26			1,880			1,769	6
Noninterest revenue		875			761			823		608		692	15	26			3,067			2,710	13
Net interest income		1,588			1,524			1,577		1,557		1,604	4	(1)			6,246			6,554	(5)
TOTAL NET REVENUE (b)		2,463			2,285			2,400		2,165		2,296	8	7			9,313			9,264	1
Provision for credit losses		(1,181)			(147)			2,431		1,010		110		NM		NM			2,113			296		NM
NONINTEREST EXPENSE
Compensation expense		460			492			430		472		444	(7)	4			1,854			1,785	4
Noncompensation expense		490			477			463		514		497	3	(1)			1,944			1,950		-
TOTAL NONINTEREST EXPENSE		950			969			893		986		941	(2)	1			3,798			3,735	2
Income/(loss) before income tax expense/(benefit)		2,694			1,463			(924)		169		1,245	84	116			3,402			5,233	(35)
Income tax expense/(benefit)		660			377			(243)		30		300	75	120			824			1,275	(35)
NET INCOME/(LOSS)	$	2,034		$	1,086		$	(681)	$	139	$	945	87	115		$	2,578		$	3,958	(35)
Revenue by product
Lending	$	1,177		$	1,138		$	1,127	$	954	$	1,027	3	15	$	4,396		$	4,057	8
Wholesale payments		945			867			925		978		1,020	9	(7)			3,715			4,200	(12)
Investment banking (c)		318			260			256		235		211	22	51			1,069			919	16
Other		23			20			92		(2)		38	15	(39)			133			88	51
Total Commercial Banking net revenue (b)	$	2,463		$	2,285		$	2,400	$	2,165	$	2,296	8	7		$	9,313		$	9,264	1
Investment banking revenue, gross (d)	$	971		$	840		$	851	$	686	$	634	16	53	$	3,348		$	2,744	22
Revenue by client segment
Middle Market Banking	$	947		$	880		$	870	$	943	$	937	8	1	$	3,640		$	3,805	(4)
Corporate Client Banking		856			808			866		673		758	6	13			3,203			3,119	3
Commercial Real Estate Banking		630			576			566		541		537	9	17			2,313			2,169	7
Other		30			21			98		8		64	43	(53)			157			171	(8)
Total Commercial Banking net revenue (b)	$	2,463		$	2,285		$	2,400	$	2,165	$	2,296	8	7		$	9,313		$	9,264	1
FINANCIAL RATIOS
ROE		36	%		19	%		(13) %	2	%	16	%						11	%		17	%
Overhead ratio		39			42			37		46		41							41			40

In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions (which are included in all other income) to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
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 $108 million, $82 million, $80 million, $81 million and $152 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively, and $351 million and $460 million for the full year 2020 and 2019, respectively.
Includes CB's share of revenue from investment banking products sold to CB clients through the CIB.
Refer to page 60 of the Firm's 2019 Form 10-K for discussion of revenue sharing.

Page 18

JPMORGAN CHASE & CO.

COMMERCIAL BANKING

FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)								QUARTERLY TRENDS											FULL YEAR
																4Q20 Change								2020 Change
		4Q20			3Q20			2Q20			1Q20		4Q19		3Q20		4Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	228,932		$	228,587		$	235,034	(d)	$	247,786		$	220,514		- %	4 %	$	228,932		$	220,514	4 %
Loans:
Loans retained		207,880			214,352			223,192			232,254			207,287	(3)		-			207,880			207,287		-
Loans held-for-sale and loans at fair value		2,245			349			917			1,112			1,009		NM	122			2,245			1,009	122
Total loans	$	210,125		$	214,701		$	224,109		$	233,366		$	208,296	(2)	1		$	210,125		$	208,296	1
Equity		22,000			22,000			22,000			22,000			22,000		-		-			22,000			22,000		-
Period-end loans by client segment
Middle Market Banking	$	61,115	(c)	$	61,812	(c)	$	64,211	(c)	$	60,317		$	54,188	(1)	13	$	61,115	(c)	$	54,188	13
Corporate Client Banking		47,420			49,857			56,182			69,540			51,165	(5)	(7)			47,420			51,165	(7)
Commercial Real Estate Banking		101,146			102,484			103,117			102,799			101,951	(1)	(1)			101,146			101,951	(1)
Other		444			548			599			710			992	(19)	(55)			444			992	(55)
Total Commercial Banking loans	$	210,125	(c)	$	214,701	(c)	$	224,109	(c)	$	233,366		$	208,296	(2)	1		$	210,125	(c)	$	208,296	1
SELECTED BALANCE SHEET DATA (average)
Total assets	$	227,435		$	231,691		$	247,512		$	226,071		$	219,891	(2)	3	$	233,158		$	218,896	7
Loans:
Loans retained		210,621			217,498			233,044			209,988			208,776	(3)	1			217,767			206,837	5
Loans held-for-sale and loans at fair value		1,554			629			502			1,831			1,036	147	50			1,129			1,082	4
Total loans	$	212,175		$	218,127		$	233,546		$	211,819		$	209,812	(3)	1		$	218,896		$	207,919	5
Client deposits and other third-party liabilities		276,694			248,289			236,968			188,808			182,546	11	52			237,825			172,734	38
Equity		22,000			22,000			22,000			22,000			22,000		-		-			22,000			22,000		-
Average loans by client segment
Middle Market Banking	$	60,869		$	63,029		$	66,279		$	56,045		$	54,114	(3)	12	$	61,558		$	55,690	11
Corporate Client Banking		48,825			51,608			63,308			53,032			53,187	(5)	(8)			54,172			50,360	8
Commercial Real Estate Banking		101,969			102,905			103,516			101,526			101,542	(1)		-			102,479			100,884	2
Other		512			585			443			1,216			969	(12)	(47)			687			985	(30)
Total Commercial Banking loans	$	212,175		$	218,127		$	233,546		$	211,819		$	209,812	(3)	1		$	218,896		$	207,919	5
Headcount		11,675			11,704			11,802			11,779			11,629		-		-			11,675			11,629		-
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	162		$	60		$	79		$	100		$	89	170	82	$	401		$	160	151
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (a)		1,286			1,468			1,252	(d)		793			498	(12)	158			1,286			498	158
Nonaccrual loans held-for-sale and loans
at fair value		120			85			125	(d)		-		-	41		NM			120			-		NM
Total nonaccrual loans		1,406			1,553			1,377			793			498	(9)	182			1,406			498	182
Assets acquired in loan satisfactions		24			24			24			24			25		-	(4)			24			25	(4)
Total nonperforming assets		1,430			1,577			1,401			817			523	(9)	173			1,430			523	173
Allowance for credit losses:
Allowance for loan losses		3,335			4,466			4,730	(d)		2,680			2,780	(25)	20			3,335			2,780	20
Allowance for lending-related commitments		651			864			807	(d)		505			293	(25)	122			651			293	122
Total allowance for credit losses		3,986			5,330			5,537			3,185			3,073	(25)	30			3,986			3,073	30
Net charge-off/(recovery) rate (b)		0.31	%		0.11	%		0.14	%		0.19	%		0.17	%						0.18	%		0.08	%
Allowance for loan losses to period-end loans retained		1.60			2.08			2.12	(d)		1.15			1.34							1.60			1.34
Allowance for loan losses to nonaccrual loans retained (a)		259			304			378	(d)		338			558							259			558
Nonaccrual loans to period-end total loans		0.67			0.72			0.61			0.34			0.24							0.67			0.24

Allowance for loan losses of $273 million, $367 million, $287 million, $175 million and $114 million was held against nonaccrual loans retained at December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively.
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
At December 31, 2020, September 30, 2020 and June 30, 2020, total loans included $6.6 billion, $6.6 billion and $6.5 billion of loans, respectively, under the PPP, of which $6.4 billion, $6.4 billion and $6.3 billion was in Middle Market Banking. Refer to page 61 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 for further information on the PPP.
Prior-periodamounts have been revised to conform with the current presentation.

Page 19

JPMORGAN CHASE & CO.

ASSET & WEALTH MANAGEMENT

FINANCIAL HIGHLIGHTS

(in millions, except ratio and headcount data)

								QUARTERLY TRENDS											FULL YEAR
																4Q20 Change								2020 Change
		4Q20			3Q20			2Q20			1Q20			4Q19		3Q20		4Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,892		$	2,646		$	2,489		$	2,583		$	2,552	9 %	13 %	$	10,610		$	9,818	8 %
All other income		87			93			86			(54)			123	(6)	(29)			212			418	(49)
Noninterest revenue		2,979			2,739			2,575			2,529			2,675	9	11			10,822			10,236	6
Net interest income		888			815			855			860			839	9	6			3,418			3,355	2
TOTAL NET REVENUE		3,867			3,554			3,430			3,389			3,514	9	10			14,240			13,591	5
Provision for credit losses		(2)			(52)			223			94			13	96		NM			263			59	346
NONINTEREST EXPENSE
Compensation expense		1,323			1,232			1,178			1,226			1,275	7	4			4,959			5,028	(1)
Noncompensation expense		1,433			1,211			1,145			1,209			1,167	18	23			4,998			4,719	6
TOTAL NONINTEREST EXPENSE		2,756			2,443			2,323			2,435			2,442	13	13			9,957			9,747	2
Income before income tax expense		1,113			1,163			884			860			1,059	(4)	5			4,020			3,785	6
Income tax expense		327			287			223			191			258	14	27			1,028			918	12
NET INCOME	$	786		$	876		$	661		$	669		$	801	(10)	(2)		$	2,992		$	2,867	4
REVENUE BY LINE OF BUSINESS
Asset Management	$	2,210		$	1,924		$	1,780		$	1,740		$	1,892	15	17	$	7,654		$	7,254	6
Wealth Management		1,657			1,630			1,650			1,649			1,622	2	2			6,586			6,337	4
TOTAL NET REVENUE	$	3,867		$	3,554		$	3,430		$	3,389		$	3,514	9	10		$	14,240		$	13,591	5
FINANCIAL RATIOS
ROE		29	%		32	%		24	%		25	%		29	%						28	%		26	%
Overhead ratio		71			69			68			72			69							70			72
Pretax margin ratio:
Asset Management		31			30			30			24			30							29			26
Wealth Management		26			35			21			27			30							27			30
Asset & Wealth Management		29			33			26			25			30							28			28
Headcount		20,683			21,058			21,273			21,302			21,550	(2)	(4)			20,683			21,550	(4)
Number of Wealth Management client advisors		2,462			2,520			2,409			2,418			2,419	(2)	2			2,462			2,419	2

Page 20

JPMORGAN CHASE & CO.

ASSET & WEALTH MANAGEMENT FINANCIAL HIGHLIGHTS, CONTINUED

(in millions, except ratio data)

							QUARTERLY TRENDS											FULL YEAR
															4Q20 Change								2020 Change
		4Q20	3Q20		2Q20		1Q20		4Q19		3Q20		4Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	203,435	$	187,909		$	176,833	$	178,948			$	173,226	8 %	17 %	$	203,435		$	173,226	17%
Loans		186,608		172,695			162,904		163,763				158,149	8	18			186,608			158,149	18
Deposits		198,755		166,049			160,993		160,231				142,740	20	39			198,755			142,740	39
Equity		10,500		10,500			10,500		10,500				10,500		-		-			10,500			10,500		-
SELECTED BALANCE SHEET DATA (average)
Total assets	$	193,077	$	181,901		$	175,938	$	174,885			$	168,192	6	15	$	181,483		$	161,914	12
Loans		176,758		167,645			161,196		159,513				153,734	5	15			166,311			147,404	13
Deposits		180,348		162,589			160,102		144,570				138,182	11	31			161,955			135,265	20
Equity		10,500		10,500			10,500		10,500				10,500		-		-			10,500			10,500		-
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	(16)	$	2		$	(2)	$	2			$	3		NM		NM	$	(14)		$	29		NM
Nonaccrual loans		785		956			768		303				115	(18)		NM			785			115		NM
Allowance for credit losses:
Allowance for loan losses		598		580			646		436				350	3	71			598			350	71
Allowance for lending-related commitments		38		41			28		14				19	(7)	100			38			19	100
Total allowance for credit losses		636		621			674		450				369	2	72			636			369	72
Net charge-off/(recovery) rate		(0.04) %	- %		- %		0.01	%		0.01	%						(0.01) %		0.02	%
Allowance for loan losses to period-end loans		0.32		0.34			0.40		0.27				0.22							0.32			0.22
Allowance for loan losses to nonaccrual loans		76		61			84		144				304							76			304
Nonaccrual loans to period-end loans		0.42		0.55			0.47		0.19				0.07							0.42			0.07

Page 21

JPMORGAN CHASE & CO.

ASSET & WEALTH MANAGEMENT FINANCIAL HIGHLIGHTS, CONTINUED

(in billions)

																Dec 31, 2020
																Change					FULL YEAR
		Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,	Sep 30,	Dec 31,						2020 Change
CLIENT ASSETS		2020			2020			2020			2020			2019		2020			2019		2020		2019	2019
Assets by asset class
Liquidity	$	641	$	674	$	704	$	619	$	539		(5)%			19 %	$	641	$	539	19 %
Fixed income		671			650			618			574			591		3			14		671		591	14
Equity		595			499			448			361			463		19			29		595		463	29
Multi-asset		656			593			566			517			596		11			10		656		596	10
Alternatives		153			144			140			139			139		6			10		153		139	10
TOTAL ASSETS UNDER MANAGEMENT		2,716			2,560			2,476			2,210			2,328		6			17		2,716		2,328	17
Custody/brokerage/administration/deposits		936			810			765			681			761		16			23		936		761	23
TOTAL CLIENT ASSETS	$	3,652		$	3,370		$	3,241		$	2,891		$	3,089		8			18	$	3,652	$	3,089	18
Assets by client segment
Private Banking	$	689	$	650	$	631	$	577	$	628		6			10	$	689	$	628	10
Institutional		1,273			1,245			1,228			1,107			1,081		2			18		1,273		1,081	18
Retail		754			665			617			526			619		13			22		754		619	22
TOTAL ASSETS UNDER MANAGEMENT	$	2,716		$	2,560		$	2,476		$	2,210		$	2,328		6			17	$	2,716	$	2,328	17
Private Banking	$	1,581	$	1,422	$	1,360	$	1,233	$	1,359		11			16	$	1,581	$	1,359	16
Institutional		1,311			1,278			1,259			1,128			1,106		3			19		1,311		1,106	19
Retail		760			670			622			530			624		13			22		760		624	22
TOTAL CLIENT ASSETS	$	3,652		$	3,370		$	3,241		$	2,891		$	3,089		8			18	$	3,652	$	3,089	18
Assets under management rollforward
Beginning balance	$	2,560	$	2,476	$	2,210	$	2,328	$	2,210						$	2,328	$	1,958
Net asset flows:
Liquidity		(36)			(30)			93			77			38							104		61
Fixed income		8			22			18			-			9							48		104
Equity		14			9			11			(1)			(1)							33		(11)
Multi-asset		10			(1)			(2)			(2)			5							5		2
Alternatives		1			2			3			-			1							6		2
Market/performance/other impacts		159			82			143			(192)			66							192		212
Ending balance	$	2,716		$	2,560		$	2,476		$	2,210		$	2,328						$	2,716	$	2,328
Client assets rollforward
Beginning balance	$	3,370	$	3,241	$	2,891	$	3,089	$	2,930						$	3,089	$	2,619
Net asset flows		39			11			135			91			59							276		176
Market/performance/other impacts		243			118			215			(289)			100							287		294
Ending balance	$	3,652		$	3,370		$	3,241		$	2,891		$	3,089						$	3,652	$	3,089

Page 22

JPMORGAN CHASE & CO. CORPORATE

FINANCIAL HIGHLIGHTS

(in millions, except headcount data)

								QUARTERLY TRENDS									FULL YEAR
														4Q20 Change								2020 Change
		4Q20			3Q20			2Q20		1Q20	4Q19	3Q20		4Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Principal transactions	$	273	$	87	$	(2)	$	(113)	$	(234)	214 %		NM	$	245	$	(461)		NM
Investment securities gains		70			466			26		233		123		(85)	(43)%			795			258		208 %
All other income		249			(210)			(91)		211		(6)		NM		NM			159			89		79
Noninterest revenue		592			343			(67)		331		(117)		73		NM			1,199			(114)		NM
Net interest income		(841)			(682)			(687)		(165)		(111)		(23)		NM			(2,375)			1,325		NM
TOTAL NET REVENUE (a)		(249)			(339)			(754)		166		(228)		27	(9)			(1,176)			1,211		NM
Provision for credit losses		(42)			96			4		8		(1)		NM		NM			66			(1)		NM
NONINTEREST EXPENSE		361			719			147		146		343		(50)	5			1,373			1,067		29
Income/(loss) before income tax expense/(benefit)		(568)			(1,154)			(905)		12		(570)		51		-			(2,615)			145		NM
Income tax expense/(benefit)		(210)			(455)			(337)		137		(209)		54		-			(865)			(966) (d)	10
NET INCOME/(LOSS)	$	(358)		$	(699)		$	(568)	$	(125)	$	(361)		49	1		$	(1,750)		$	1,111		NM
MEMO:
TOTAL NET REVENUE
Treasury and CIO		(623)			(243)			(671)		169		102		(156)		NM			(1,368)			2,032		NM
Other Corporate		374			(96)			(83)		(3)		(330)		NM		NM			192			(821)		NM
TOTAL NET REVENUE	$	(249)		$	(339)		$	(754)	$	166	$	(228)		27	(9)		$	(1,176)		$	1,211		NM
NET INCOME/(LOSS)
Treasury and CIO		(587)			(349)			(550)		83		22		(68)		NM			(1,403)			1,394		NM
Other Corporate		229			(350)			(18)		(208)		(383)		NM		NM			(347)			(283)		(23)
TOTAL NET INCOME/(LOSS)	$	(358)		$	(699)		$	(568)	$	(125)	$	(361)		49	1		$	(1,750)		$	1,111		NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,359,831	$	1,253,275	$	1,221,980	$	981,937	$	837,618	9	62	$	1,359,831	$	837,618		62
Loans		1,657			1,569			1,670		1,650		1,649		6		-			1,657			1,649		-
Headcount		38,366			38,861			38,920		38,785		38,033		(1)	1			38,366			38,033		1
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains	$	70	$	466	$	26	$	233	$	123	(85)	(43)	$	795	$	258		208
Available-for-sale securities (average)		410,803			442,943			426,470		372,954		350,100		(7)	17			413,367			283,205		46
Held-to-maturity securities (average)		155,525			103,596			71,713		46,673		42,125		50	269			94,569			34,939		171
Investment securities portfolio (average)	$	566,328		$	546,539		$	498,183	$	419,627	$	392,225		4	44		$	507,936		$	318,144		60
Available-for-sale securities (period-end)		386,065			387,663			483,752		397,891		348,876		-	11			386,065			348,876		11
Held-to-maturity securities, net of allowance for credit losses		201,821			141,553			72,908		71,200		47,540		43	325			201,821			47,540		325
(period-end) (b)(c)
Investment securities portfolio, net of allowance for credit losses	$	587,886	$	529,216	$	556,660	$	469,091	$	396,416	11	48	$	587,886	$	396,416		48
(period-end) (b)

Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $55 million, $62 million, $63 million, $61 million and $73 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively, and $241 million and $314 million for the full year 2020 and 2019, respectively.
Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, the allowance for credit losses on HTM securities was $78 million, $120 million, $23 million and $19 million, respectively.
During 2020, the Firm transferred $164.2 billion of investment securities from AFS to HTM for capital management purposes, comprised of $63.7 billion, $74.4 billion and $26.1 billion in the fourth, third and first quarters of 2020, respectively.
The full year 2019 included income tax benefits of $1.1 billion due to the resolution of certain tax audits.

Page 23

JPMORGAN CHASE & CO.

CREDIT-RELATED INFORMATION

(in millions)
																Dec 31, 2020
																Change
		Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,	Sep 30,	Dec 31,
		2020			2020			2020			2020			2019		2020		2019
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	302,127	$	305,106	$	307,005	$	293,779	$	294,999		(1)%			2 %
Loans held-for-sale and loans at fair value (b)		16,452			16,992			16,193			17,729			22,818		(3)		(28)
Total consumer, excluding credit card loans		318,579			322,098			323,198			311,508			317,817		(1)		-
Credit card loans
Loans retained		143,432			139,590			141,656			154,021			168,924		3		(15)
Loans held-for-sale		784			787			-			-			-	-	NM
Total credit card loans		144,216			140,377			141,656			154,021			168,924		3		(15)
Total consumer loans		462,795			462,475			464,854			465,529			486,741		-	(5)
Wholesale loans (c)
Loans retained		514,947			500,841			516,787			555,289			481,678		3		7
Loans held-for-sale and loans at fair value (b)		35,111			26,424			27,741			28,792			29,201		33		20
Total wholesale loans		550,058			527,265			544,528			584,081			510,879		4		8
Total loans		1,012,853			989,740			1,009,382			1,049,610			997,620		2		2
Derivative receivables		79,630			76,626			74,846			81,648			49,766		4		60
Receivables from customers (d)		47,710			30,847			22,403			33,376			33,706		55		42
Total credit-related assets		1,140,193			1,097,213			1,106,631			1,164,634			1,081,092		4		5
Lending-related commitments
Consumer, excluding credit card		47,910			46,425			45,348			41,535			40,169		3		19
Credit card (e)		658,506			662,860			673,836			681,442			650,720		(1)		1
Wholesale (b)		449,863			441,235			413,357			363,245			417,510		2		8
Total lending-related commitments		1,156,279			1,150,520			1,132,541			1,086,222			1,108,399		1		4
Total credit exposure												2			5
$	2,296,472		$	2,247,733		$	2,239,172		$	2,250,856		$	2,189,491
Memo: Total by category
Consumer exposure (b)(f)	$	1,169,211	$	1,171,760	$	1,184,038	$	1,188,506	$	1,177,630		-	(1)
Wholesale exposures (b)(g)		1,127,261			1,075,973			1,055,134			1,062,350			1,011,861		5		11
Total credit exposure	$	2,296,472		$	2,247,733		$	2,239,172		$	2,250,856		$	2,189,491		2		5

Effective January 1, 2020, the Firm adopted the CECL accounting guidance. In conjunction with the adoption of CECL, the Firm reclassified risk-rated business banking and auto dealer loans and commitments held in CCB from the consumer, excluding credit card portfolio segment to the wholesale portfolio segment. Prior-period amounts have been revised to conform with the current presentation.

Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
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.
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.
Receivables from customers reflect brokerage-relatedheld-for-investment customer receivables; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.
Also includes commercial card lending-related commitments primarily in CB and CIB.
Represents total consumer loans and lending-related commitments.
Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.

Page 24

JPMORGAN CHASE & CO.

CREDIT-RELATEDINFORMATION, CONTINUED (in millions, except ratio data)

																Dec 31, 2020
																Change
		Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,		Sep 30,	Dec 31,
		2020			2020			2020			2020			2019		2020			2019
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained (b)	$	5,464		$	5,047	(f)	$	4,246		$	3,877	$	2,926		8 %			87 %
Loans held-for-sale and loans at fair value (c)		1,003			1,358			1,001			522			440		(26)			128
Total consumer nonaccrual loans		6,467			6,405			5,247			4,399			3,366		1			92
Wholesale nonaccrual loans
Loans retained		3,318			3,745			3,423			1,957			1,057		(11)			214
Loans held-for-sale and loans at fair value (c)		788			852			649			257			214		(8)			268
Total wholesale nonaccrual loans		4,106			4,597			4,072			2,214			1,271		(11)			223
Total nonaccrual loans			(e)			(e)			(e)							(4)			128
	10,573		11,002		9,319		6,613			4,637
Derivative receivables		56			140			108			85			30		(60)			87
Assets acquired in loan satisfactions		277			320			288			364			387		(13)			(28)
Total nonperforming assets		10,906			11,462			9,715			7,062			5,054		(5)			116
Wholesale lending-related commitments (c)(d)		577			607			765			619			474	(f)	(5)			22
Total nonperforming exposure	$	11,483		$	12,069		$	10,480		$	7,681		$	5,528		(5)			108
NONACCRUAL LOAN-RELATED RATIOS (e)
Total nonaccrual loans to total loans (b)(c)		1.04 %			1.11 %			0.92 %			0.63 %			0.46 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans (b)(c)		2.03			1.99	(f)		1.62			1.41			1.06
Total wholesale nonaccrual loans to total
wholesale loans (c)		0.75			0.87			0.75			0.38			0.25

At December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $874 million, $1.1 billion, $696 million, $740 million and $1.1 billion, respectively; and (2) real estate owned ("REO") insured by U.S. government agencies of $9 million, $10 million, $13 million, $29 million and $41 million, respectively. Prior-period amounts of mortgage loans 90 or more days past due and insured by U.S. government agencies excluded from nonperforming assets have been revised to conform with the current presentation, refer to footnote (c) below for additional information. 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. Refer to Note 12 of the Firm's 2019 Form 10-K for additional information on the Firm's credit card nonaccrual and charge-off policies.
At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020 nonaccrual loans included $1.6 billion, $1.5 billion, $1.3 billion and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.
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.
Represents commitments that are risk rated as nonaccrual.
Generally excludes loans that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.
Prior-periodamounts have been revised to conform with the current presentation.

Page 25

JPMORGAN CHASE & CO.

CREDIT-RELATEDINFORMATION, CONTINUED (in millions, except ratio data)

								QUARTERLY TRENDS											FULL YEAR
																4Q20 Change								2020 Change
		4Q20			3Q20			2Q20			1Q20			4Q19		3Q20		4Q19			2020			2019		2019
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	30,814	$	31,591	$	23,244		$	17,295	(c)	$	13,235		(2)%	133 %	$	17,295	$	13,445		29 %
Net charge-offs:
Gross charge-offs		1,471			1,586			1,877			1,902			1,788		(7)	(18)			6,836			6,810		-
Gross recoveries collected		(421)			(406)			(317)			(433)			(294)		(4)	(43)			(1,577)			(1,181)		(34)
Net charge-offs		1,050			1,180			1,560			1,469			1,494		(11)	(30)			5,259			5,629		(7)
Write-offs of PCI loans		NA			NA			NA			NA			19	(d)	NM		NM			NA			151	(d)	NM
Provision for loan losses		(1,433)			400			9,906	(b)		7,418			1,401		NM		NM			16,291			5,449		199
Other		(3)			3			1			-			-		NM		NM			1			9		(89)
Ending balance	$	28,328	$	30,814	$	31,591		$	23,244		$	13,123		(8)	116	$	28,328	$	13,123		116
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,823	$	2,710	$	2,147		$	1,289	(c)	$	1,165		4	142	$	1,289	$	1,055		22
Provision for lending-related commitments		(414)			114			563	(b)		858			26		NM		NM			1,121			136		NM
Other		-			(1)			-			-			-		NM		-			(1)			-		NM
Ending balance	$	2,409		$	2,823		$	2,710		$	2,147		$	1,191		(15)	102		$	2,409		$	1,191		102
Total allowance for credit losses (a)	$	30,737	$	33,637	$	34,301		$	25,391		$	14,314		(9)	115	$	30,737	$	14,314		115
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans		0.05 %			0.08 %			0.11 %			(0.01)%			0.15 %							0.06 %			0.12 %
Credit card retained loans		2.17			2.92			3.33			3.25			3.01							2.93			3.10
Total consumer retained loans		0.72			0.97			1.14			1.15			1.16							0.99			1.11
Wholesale retained loans		0.19			0.07			0.22			0.13			0.13							0.16			0.09
Total retained loans		0.44			0.49			0.64			0.62			0.63							0.55			0.60
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	303,421	$	306,201	$	304,179		$	294,156		$	295,258		(1)	3	$	302,005	$	312,972		(4)
Credit card retained loans		140,459			140,200			142,377			162,660			162,112		-	(13)			146,391			156,319		(6)
Total average retained consumer loans		443,880			446,401			446,556			456,816			457,370		(1)	(3)			448,396			469,291		(4)
Wholesale retained loans		503,249			504,449			540,248			491,819			476,402		-	6			509,907			472,628		8
Total average retained loans	$	947,129	$	950,850	$	986,804		$	948,635		$	933,772		-	1	$	958,303	$	941,919		2

At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020 excludes allowance for credit losses on HTM securities of $78 million, $120 million, $23 million and $19 million , respectively; and provision for credit losses on HTM securities of $(42) million, $97 million, $4 million and $9 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively, and $68 million for the full year 2020.
Prior-periodamounts have been revised to conform with the current presentation.
Upon the adoption of the CECL accounting guidance on January 1, 2020, the Firm recognized a net increase of $4.3 billion ("day 1 impact") to the allowance for credit losses, of which $4.2 billion related to the allowance for loan losses and $98 million related to the allowance for lending-related commitments.
Prior to the adoption of CECL, write-offs of PCI loans were recorded against the allowance for loan losses when actual losses for a pool exceeded estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan was recognized when the underlying loan was removed from a pool.

Page 26

JPMORGAN CHASE & CO.

CREDIT-RELATEDINFORMATION, CONTINUED (in millions, except ratio data)

																Dec 31, 2020
																Change
		Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,	Sep 30,	Dec 31,
		2020			2020			2020			2020			2019		2020		2019
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	(7)	$	228		$	263		$	223	$	75		NM	NM
Portfolio-based		3,643			4,274			4,609			3,231			1,476		(15)%		147 %
PCI		NA			NA			NA			NA			987		NM	NM
Total consumer, excluding credit card		3,636			4,502			4,872			3,454			2,538		(19)		43
Credit card
Asset-specific (b)		633			652			642			530			477		(3)		33
Portfolio-based		17,167			17,148			17,158			14,420			5,206		-	230
Total credit card		17,800			17,800			17,800			14,950			5,683		-	213
Total consumer		21,436			22,302			22,672			18,404			8,221		(4)		161
Wholesale
Asset-specific (c)		682			792			757			556			295		(14)		131
Portfolio-based		6,210			7,720			8,162	(g)		4,284			4,607		(20)		35
Total wholesale		6,892			8,512			8,919			4,840			4,902		(19)		41
Total allowance for loan losses		28,328			30,814			31,591			23,244			13,123		(8)		116
Allowance for lending-related commitments		2,409			2,823			2,710	(g)		2,147			1,191		(15)		102
Total allowance for credit losses (d)	$	30,737		$	33,637		$	34,301		$	25,391		$	14,314		(9)		115
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans		1.20 %			1.48 %			1.59 %			1.18 %			0.86 %
Credit card allowance to total credit card retained loans		12.41			12.75			12.57			9.71			3.36
Wholesale allowance to total wholesale retained loans		1.34			1.70			1.73	(g)		0.87			1.02
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (e)		1.45			1.83			1.84	(g)		0.93			1.08
Total allowance to total retained loans		2.95			3.26			3.27			2.32			1.39
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (f)		67			89	(g)		115			89			87
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (f)		120			148			180	(g)		142			187
Wholesale allowance to wholesale retained nonaccrual loans		208			227			261	(g)		247			464
Total allowance to total retained nonaccrual loans		323			350	(g)		412			398			329

Includes modified PCD loans and loans that have been modified or are reasonably expected to be modified in a troubled debt restructuring ("TDR").
The asset-specific credit card allowance for loan losses relates to loans that have been modified or are reasonably expected to be modified in a TDR; the Firm calculates this allowance based on the loans' original contractual interest rates and does not consider any incremental penalty rates.
Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.
At December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, excludes allowance for credit losses on HTM securities of $78 million, $120 million, $23 million and $19 million, respectively.
Management uses allowance for loan losses to period-end loans retained, excluding CIB's trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.
Refer to footnote (a) on page 25 for information on the Firm's nonaccrual policy for credit card loans.
Prior-periodamounts have been revised to conform with the current presentation.

Page 27

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

In addition to analyzing the Firm's results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a "managed" basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm's definition of managed basis starts, in each case, 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 a 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. These financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.
Pre-provisionprofit is a non-GAAP financial measure which 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.
TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm's common stockholders' equity (i.e., total stockholders' equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm's net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm's TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm's use of equity.
The ratio of the wholesale and CIB's allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB's trade finance loans and consolidated Firm-administeredmulti-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.
In addition to reviewing net interest income and the net yield on a managed basis, management also reviews these metrics excluding CIB Markets to assess the performance of the Firm's lending, investing (including asset-liability management) and deposit-raising activities. The resulting metrics are referred to as non-markets related net interest income and net yield. CIB Markets are Fixed Income Markets and Equity Markets. Management believes that disclosure of non-markets related net interest income and net yield provide investors and analysts with other measures by which to analyze the non-markets-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on lending, investing and deposit-raising activities.

								QUARTERLY TRENDS									FULL YEAR
														4Q20 Change								2020 Change
(in millions, except rates)		4Q20			3Q20			2Q20		1Q20		4Q19		3Q20		4Q19			2020			2019		2019
Net interest income - reported	$	13,258	$	13,013	$	13,853	$	14,439	$	14,166	2 %	(6)%	$	54,563	$	57,245		(5)%
Fully taxable-equivalent adjustments		97			104			107		110		123		(7)	(21)			418			531		(21)
Net interest income - managed basis (a)	$	13,355		$	13,117		$	13,960	$	14,549	$	14,289		2	(7)		$	54,981		$	57,776		(5)
Less: CIB Markets net interest income		2,166			2,076			2,536		1,596		1,149		4	89			8,374			3,120		168
Net interest income excluding CIB Markets (a)	$	11,189		$	11,041		$	11,424	$	12,953	$	13,140		1	(15)		$	46,607		$	54,656		(15)
Average interest-earning assets (b)	$	2,955,646	$	2,874,974	$	2,819,689	$	2,465,549	$	2,377,544	3	24	$	2,779,710	$	2,345,279		19
Less: Average CIB Markets interest-earning assets (b)		743,337			730,141			795,511		735,852		676,566		2	10			751,131			672,417		12
Average interest-earning assets excluding CIB Markets	$	2,212,309		$	2,144,833		$	2,024,178	$	1,729,697	$	1,700,978		3	30		$	2,028,579		$	1,672,862		21
Net yield on average interest-earning assets - managed basis		1.80 %			1.82 %			1.99 %		2.37 %		2.38 %							1.98 %			2.46 %
Net yield on average CIB Markets interest-earning assets		1.16			1.13			1.28		0.87		0.67							1.11			0.46
Net yield on average interest-earning assets excluding CIB Markets		2.01			2.05			2.27		3.01		3.06							2.30			3.27

Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

Page 28

JPMORGAN CHASE & CO.

J.P. MORGAN WEALTH MANAGEMENT REORGANIZATION

In the fourth quarter of 2020, the Firm transferred certain assets, liabilities, revenue, expense and headcount associated with certain wealth management clients from AWM to the J.P. Morgan Wealth Management business unit within CCB. Prior-period amounts have been revised to conform with current presentation, including technology and support staff of approximately 850 and 800 that were transferred during the second and third quarter of 2020, respectively.

The table below represents select data realigned to CCB from AWM.

(in millions, except headcount data)		3Q20			2Q20			1Q20	4Q19
SELECTED DATA
Net revenue	$	183	$	180	$	217	$	186
Client investment assets (period-end)		153,128			138,247			119,635	143,324
Headcount		946			1,676			2,528	2,641

The chart below provides a mapping of the Firm's prior reporting to the current presentation for the impacted business segments.

Effective in the first quarter of 2021, Asset & Wealth Management's Wealth Management business was renamed Global Private Bank.

Page 29

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JPMorgan Chase & Co. published this content on 15 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2021 12:03:01 UTC

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