Companies: 10,652     total market cap: $140.563 T
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JPMorgan Chase
JPM
#15
Rank
$823.62 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$302.55
Share price
-0.03%
Change (1 day)
10.70%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services๐Ÿ‡บ๐Ÿ‡ธ Dow jones
Categories
  1. JPMorgan Chase
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2019 Q2

JPMorgan Chase - 10-Q quarterly report FY2019 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended
 
Commission file
 
June 30, 2019 number 1-5805
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware
 
13-2624428
 
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. employer
identification no.)
 
 
 
 
 
 
 
383 Madison Avenue, New York, New York 10179
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock
JPM
The New York Stock Exchange
Depositary Shares representing interests in shares of 5.45% Non-Cumulative Preferred Stock Series P
JPM PR A
The New York Stock Exchange
Depositary Shares representing interests in shares of 6.30% Non-Cumulative Preferred Stock Series W
JPM PR E
The New York Stock Exchange
Depositary Shares representing interests in shares of 6.125% Non-Cumulative Preferred Stock Series Y
JPM PR F
The New York Stock Exchange
Depositary Shares representing interests in shares of 6.10% Non-Cumulative Preferred Stock Series AA
JPM PR G
The New York Stock Exchange
Depositary Shares representing interests in shares of 6.15% Non-Cumulative Preferred Stock Series BB
JPM PR H
The New York Stock Exchange
Depositary Shares representing interests in shares of 5.75% Non-Cumulative Preferred Stock Series DD
JPM PR D
The New York Stock Exchange
Depositary Shares representing interests in shares of 6.00% Non-Cumulative Preferred Stock Series EE
JPM PR C
The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024
AMJ
NYSE Arca, Inc.
Guarantee of Callable Step-Up FRNs due April 26, 2028 of JPMorgan Chase Financial Company LLC
JPM/28
The New York Stock Exchange
Guarantee of Cushing 30 MLP Index ETNs due June 15, 2037 of JPMorgan Chase Financial Company LLC
PPLN
NYSE Arca, Inc.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒

Accelerated filer
☐
 
 
 
 
Non-accelerated filer
☐
Smaller reporting company
☐
 
 
 
 
 
 
Emerging growth company
☐
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

 
Number of shares of common stock outstanding as of June 30, 2019: 3,197,484,989
 


FORM 10-Q
TABLE OF CONTENTS
Part I – Financial information
Page
Item 1.
Financial Statements.
 
 
Consolidated Financial Statements – JPMorgan Chase & Co.:
 
 
Consolidated statements of income (unaudited) for the three and six months ended June 30, 2019 and 2018
80
 
Consolidated statements of comprehensive income (unaudited) for the three and six months ended June 30, 2019 and 2018
81
 
Consolidated balance sheets (unaudited) at June 30, 2019 and December 31, 2018
82
 
Consolidated statements of changes in stockholders’ equity (unaudited) for the three and six months ended June 30, 2019 and 2018
83
 
Consolidated statements of cash flows (unaudited) for the six months ended June 30, 2019 and 2018
84
 
Notes to Consolidated Financial Statements (unaudited)
85
 
Report of Independent Registered Public Accounting Firm
165
 
Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three months ended June 30, 2019 and 2018
166
 
Glossary of Terms and Acronyms and Line of Business Metrics
168
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
 
 
Consolidated Financial Highlights
3
 
Introduction
4
 
Executive Overview
5
 
Consolidated Results of Operations
10
 
Consolidated Balance Sheets and Cash Flows Analysis
15
 
Off-Balance Sheet Arrangements
18
 
Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures
19
 
Business Segment Results
21
 
Enterprise-Wide Risk Management
43
 
Capital Risk Management
44
 
Liquidity Risk Management
49
 
Consumer Credit Portfolio
55
 
Wholesale Credit Portfolio
60
 
Investment Portfolio Risk Management
69
 
Market Risk Management
70
 
Country Risk Management
75
 
Critical Accounting Estimates Used by the Firm
76
 
Accounting and Reporting Developments
78
 
Forward-Looking Statements
79
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
176
Item 4.
Controls and Procedures.
176
Part II – Other information
 
Item 1.
Legal Proceedings.
176
Item 1A.
Risk Factors.
176
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
176
Item 3.
Defaults Upon Senior Securities.
177
Item 4.
Mine Safety Disclosures.
177
Item 5.
Other Information.
177
Item 6.
Exhibits.
177


2

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

 
 
 
 
 
 
Six months ended June 30,
 
2Q19

1Q19

4Q18

3Q18

2Q18

 
2019

2018

 
Selected income statement data
 
 
 
 
 
 
 
 
 
Total net revenue
$
28,832

$
29,123

$
26,109

$
27,260

$
27,753

 
$
57,955

$
55,660

 
Total noninterest expense
16,341

16,395

15,720

15,623

15,971

 
32,736

32,051

 
Pre-provision profit
12,491

12,728

10,389

11,637

11,782

 
25,219

23,609

 
Provision for credit losses
1,149

1,495

1,548

948

1,210

 
2,644

2,375

 
Income before income tax expense
11,342

11,233

8,841

10,689

10,572

 
22,575

21,234

 
Income tax expense
1,690

2,054

1,775

2,309

2,256

 
3,744

4,206

 
Net income
$
9,652

$
9,179

$
7,066

$
8,380

$
8,316

 
$
18,831

$
17,028

 
Earnings per share data
 
 
 
 
 
 
 
 
 
Net income:    Basic
$
2.83

$
2.65

$
1.99

$
2.35

$
2.31

 
$
5.48

$
4.69

 
 Diluted
2.82

2.65

1.98

2.34

2.29

 
5.46

4.66

 
Average shares: Basic
3,250.6

3,298.0

3,335.8

3,376.1

3,415.2

 
3,274.3

3,436.7

 
 Diluted
3,259.7

3,308.2

3,347.3

3,394.3

3,434.7

 
3,283.9

3,457.1

 
Market and per common share data
 
 
 
 
 
 
 
 
 
Market capitalization
357,479

328,387

319,780

375,239

350,204

 
357,479

350,204

 
Common shares at period-end
3,197.5

3,244.0

3,275.8

3,325.4

3,360.9

 
3,197.5

3,360.9

 
Book value per share
73.88

71.78

70.35

69.52

68.85

 
73.88

68.85

 
Tangible book value per share (“TBVPS”)(a)
59.52

57.62

56.33

55.68

55.14

 
59.52

55.14

 
Cash dividends declared per share
0.80

0.80

0.80

0.80

0.56

 
1.60

1.12

 
Selected ratios and metrics
 
 
 
 
 
 
 
 
 
Return on common equity (“ROE”)(b)
16
%
16
%
12
%
14
%
14
%
 
16
%
14
%
 
Return on tangible common equity (“ROTCE”)(a)(b)
20

19

14

17

17

 
20

18

 
Return on assets(b)
1.41

1.39

1.06

1.28

1.28

 
1.40

1.32

 
Overhead ratio
57

56

60

57

58

 
56

58

 
Loans-to-deposits ratio
63

64

67

65

65

 
63

65

 
Liquidity coverage ratio (“LCR”) (average)
113

111

113

115

115

 
113

115

 
Common equity Tier 1 (“CET1”) capital ratio(c)
12.2

12.1

12.0

12.0

12.0

 
12.2

12.0

 
Tier 1 capital ratio(c)
14.0

13.8

13.7

13.6

13.6

 
14.0

13.6

 
Total capital ratio(c)
15.8

15.7

15.5

15.4

15.5

 
15.8

15.5

 
Tier 1 leverage ratio(c)
8.0

8.1

8.1

8.2

8.2

 
8.0

8.2

 
Supplementary leverage ratio (“SLR”)
6.4

6.4

6.4

6.5

6.5

 
6.4

6.5

 
Selected balance sheet data (period-end)
 
 
 
 
 
 
 
 
 
Trading assets
$
523,373

$
533,402

$
413,714

$
419,827

$
418,799

 
$
523,373

$
418,799

 
Investment securities
307,264

267,365

261,828

231,398

233,015

 
307,264

233,015

 
Loans
956,889

956,245

984,554

954,318

948,414

 
956,889

948,414

 
Core loans
908,971

905,943

931,856

899,006

889,433

 
908,971

889,433

 
Average core loans
905,786

916,567

907,271

894,279

877,640

 
911,146

869,410

 
Total assets
2,727,379

2,737,188

2,622,532

2,615,183

2,590,050

 
2,727,379

2,590,050

 
Deposits
1,524,361

1,493,441

1,470,666

1,458,762

1,452,122

 
1,524,361

1,452,122

 
Long-term debt
288,869

290,893

282,031

270,124

273,114

 
288,869

273,114

 
Common stockholders’ equity
236,222

232,844

230,447

231,192

231,390

 
236,222

231,390

 
Total stockholders’ equity
263,215

259,837

256,515

258,956

257,458

 
263,215

257,458

 
Headcount
254,983

255,998

256,105

255,313

252,942

 
254,983

252,942

 
Credit quality metrics
 
 
 
 
 
 
 
 
 
Allowance for credit losses
$
14,295

$
14,591

$
14,500

$
14,225

$
14,367

 
$
14,295

$
14,367

 
Allowance for loan losses to total retained loans
1.39
%
1.43
%
1.39
%
1.39
%
1.41
%
 
1.39
%
1.41
%
 
Allowance for loan losses to retained loans excluding purchased credit-impaired loans(d)
1.28

1.28

1.23

1.23

1.22

 
1.28

1.22

 
Nonperforming assets
$
5,260

$
5,616

$
5,190

$
5,034

$
5,767

 
$
5,260

$
5,767

 
Net charge-offs
1,403

1,361

1,236

1,033

1,252

 
2,764

2,587

 
Net charge-off rate
0.60
%
0.58
%
0.52
%
0.43
%
0.54
%
 
0.59
%
0.56
%
 
(a)
TBVPS and ROTCE are non-GAAP financial measures. For a further discussion of these measures, refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20.
(b)
Quarterly ratios are based upon annualized amounts.
(c)
The Basel III capital rules became fully phased-in effective January 1, 2019. During 2018, the required capital measures were subject to the transitional rules and as of December 31, 2018 and September 30, 2018, were the same on a fully phased-in and on a transitional basis. For additional information on these measures, refer to Capital Risk Management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K and pages 44–48 of this Form 10-Q.
(d)
Excludes the impact of residential real estate purchased credit-impaired (“PCI”) loans, a non-GAAP financial measure. For a further discussion of these measures, refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20, and the Allowance for credit losses on pages 67–68.

3

INTRODUCTION
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) for the second quarter of 2019.
This Quarterly Report on Form 10-Q for the second quarter of 2019 (“Form 10-Q”) should be read together with JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”), to which reference is hereby made, and which is referred to throughout this Form 10-Q. Refer to the Glossary of terms and acronyms and line of business metrics on pages 168–175 for definitions of terms and acronyms used throughout this Form 10-Q.
This document contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. For a further discussion of certain of those risks and uncertainties and the factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties, refer to Forward-looking Statements on page 79 of this Form 10-Q and Part I, Item 1A, Risk factors, on pages 7–28 of the 2018 Form 10-K.
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading global financial services firm and one of the largest banking institutions in the United States of America (“U.S.”), with operations worldwide; JPMorgan Chase had $2.7 trillion in assets and $263.2 billion in stockholders’ equity as of June 30, 2019. The Firm is a leader in investment banking, financial services for consumers and
 
small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S. and many of the world’s most prominent corporate, institutional and government clients.
JPMorgan Chase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 28 states and Washington, D.C. as of June 30, 2019. JPMorgan Chase’s principal nonbank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiary in the United Kingdom (“U.K.”) is J.P. Morgan Securities plc, a subsidiary of JPMorgan Chase Bank, N.A.

For management reporting purposes, the Firm’s activities are organized into four major reportable business segments, as well as a Corporate segment. The Firm’s consumer business segment is Consumer & Community Banking (“CCB”). The Firm’s wholesale business segments are Corporate & Investment Bank (“CIB”), Commercial Banking (“CB”), and Asset & Wealth Management (“AWM”). For a description of the Firm’s business segments and the products and services they provide to their respective
client bases, refer to Note 31 of JPMorgan Chase’s 2018 Form 10-K.




4

EXECUTIVE OVERVIEW
This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm and its various lines of business, this Form 10-Q and the 2018 Form 10-K should be read together and in their entirety.
Financial performance of JPMorgan Chase
 
 
 
 
 
 
 
 
(unaudited)
As of or for the period ended,
(in millions, except per share data and ratios)
Three months ended June 30,
 
Six months ended June 30,
2019

 
2018

 
Change

 
2019

 
2018

 
Change

Selected income statement data
 
 
 
 
 
 
 
 
 
 
 
Total net revenue
$
28,832

 
$
27,753

 
4
 %
 
$
57,955

 
$
55,660

 
4
%
Total noninterest expense
16,341

 
15,971

 
2

 
32,736

 
32,051

 
2

Pre-provision profit
12,491

 
11,782

 
6

 
25,219

 
23,609

 
7

Provision for credit losses
1,149

 
1,210

 
(5
)
 
2,644

 
2,375

 
11

Net income
9,652

 
8,316

 
16

 
18,831

 
17,028

 
11

Diluted earnings per share
$
2.82

 
$
2.29

 
23

 
$
5.46

 
$
4.66

 
17

Selected ratios and metrics
 
 
 
 
 
 
 
 
 
 
 
Return on common equity
16
%
 
14
%
 
 
 
16
%
 
14
%
 
 
Return on tangible common equity
20

 
17

 
 
 
20

 
18

 
 
Book value per share
$
73.88

 
$
68.85

 
7

 
$
73.88

 
$
68.85

 
7

Tangible book value per share
59.52

 
55.14

 
8

 
59.52

 
55.14

 
8

Capital ratios(a)
 
 
 
 
 
 
 
 
 
 
 
CET1
12.2
%
 
12.0
%
 
 
 
12.2
%
 
12.0
%
 
 
Tier 1 capital
14.0

 
13.6

 
 
 
14.0

 
13.6

 
 
Total capital
15.8

 
15.5

 
 
 
15.8

 
15.5

 
 
(a)
The Basel III capital rules became fully phased-in effective January 1, 2019. During 2018, the required capital measures were subject to the transitional rules. For additional information on these measures, refer to Capital Risk Management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K and pages 44–48 of this Form 10-Q.







5

Comparisons noted in the sections below are for the second quarter of 2019 versus the second quarter of 2018, unless otherwise specified.
Firmwide overview
JPMorgan Chase reported strong results in the second quarter of 2019, with record net income of $9.7 billion, or $2.82 per share, on net revenue of $28.8 billion. The Firm reported ROE of 16% and ROTCE of 20%.
•
The Firm had record net income of $9.7 billion, up 16%, which reflects income tax benefits of $768 million related to the resolution of certain tax audits, higher net revenue and lower credit costs, partially offset by an increase in noninterest expense.
•
Total net revenue increased 4%. Net interest income was $14.4 billion, up 7%, driven by balance sheet growth and mix, as well as the impact of higher rates. Noninterest revenue was $14.4 billion, up 1%, driven by several notable items, including:
–
a gain from the IPO of a strategic investment in Tradeweb, and
–
the impact of the prior-year adjustment of approximately $330 million to the credit card rewards liability
predominantly offset by
–
MSR adjustments reflecting updates to model inputs, and
–
net valuation losses on certain legacy private equity investments compared with net gains in the prior year.
Excluding these items, noninterest revenue was relatively flat, with strength in CCB, offset by lower investment banking fees in the CIB and CB, as well as lower Markets noninterest revenue.
•
Noninterest expense was $16.3 billion, up 2%, driven by continued investments in the business and higher auto lease depreciation, partially offset by lower FDIC charges.
•
The provision for credit losses was $1.1 billion, down 5%.
•
The total allowance for credit losses was $14.3 billion at June 30, 2019, and the Firm had a loan loss coverage ratio of 1.39%, compared with 1.41% in the prior year; excluding the PCI portfolio, the equivalent ratio was 1.28%, compared with 1.22% in the prior year. The Firm’s nonperforming assets totaled $5.3 billion at June 30, 2019, a decrease from $5.8 billion in the prior year, reflecting improved credit performance in the consumer portfolio.
•
Firmwide average total loans were $954.9 billion, up 2%.
 
Selected capital-related metrics
•
The Firm’s CET1 capital was $189 billion, and the Standardized and Advanced CET1 ratios were 12.2% and 13.1%, respectively.
•
The Firm’s supplementary leverage ratio (“SLR”) was 6.4% at June 30, 2019.
•
The Firm continued to grow tangible book value per share (“TBVPS”), ending the second quarter of 2019 at $59.52, up 8%.
ROTCE and TBVPS are non-GAAP financial measures. For a further discussion of each of these measures, refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20.

6

Business segment highlights
Selected business metrics for each of the Firm’s four lines of business are presented below for the second quarter of 2019.
CCB
ROE 31%
 
•
Average loans down 2%; Home Lending loans down 7% impacted by loan sales; credit card loans up 8%
•
Client investment assets up 16%; average deposits up 3%
•
Credit card sales volume up 11% and merchant processing volume up 12%
CIB
ROE 14%
 
•
Maintained #1 ranking for Global Investment Banking fees with 9.2% wallet share YTD
•
Total Markets revenue of $5.4 billion was flat, or down 6% adjusted(a)
CB
ROE 17%
 
•
Gross Investment Banking revenue of $592 million
•
Strong credit performance with net charge-offs of 3 bps
AWM
ROE 27%
 
•
Average loan balances up 7%
•
Assets under management (AUM) of $2.2 trillion, up 7%
(a) Adjusted Markets revenue excludes a gain from the IPO of a strategic investment in Tradeweb.
For a detailed discussion of results by business segment, refer to the Business Segment Results on pages 21–42.
 
Credit provided and capital raised
JPMorgan Chase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first six months of 2019, consisting of:
$1.1 trillion
 
Total credit provided and capital raised
 
 
 
$119
billion
 
Credit for consumers
 
 
 
$14
billion
 
Credit for U.S. small businesses
 
 
 
$435 billion
 
Credit for corporations
 
 
 
$547 billion
 
Capital raised for corporate clients and non-U.S. government entities
 
 
 
$34 billion
 
Credit and capital raised for nonprofit and U.S. government entities(a)
(a)
Includes states, municipalities, hospitals and universities.

7

Recent events
On July 24, 2019, JPMorgan Chase acquired InstaMed, a leading U.S. healthcare technology company that specializes in healthcare payments.
On July 10, 2019, JPMorgan Chase announced the launch of You Invest Portfolios, a new digital investing solution.
On June 27, 2019, the Federal Reserve informed the Firm that it did not object to the Firm’s 2019 capital plan, submitted under the Comprehensive Capital Analysis and Review (“CCAR”). As a result, the Firm announced that the Board of Directors intends to increase the quarterly common stock dividend to $0.90 per share (up from the current $0.80 per share), effective the third quarter of 2019 and has authorized gross common equity repurchases of up to $29.4 billion between July 1, 2019 and June 30, 2020 under a new common equity repurchase program.
On June 26, 2019, JPMorgan Chase announced that it will expand the Firm’s investment in Detroit’s economic recovery, committing to reach $200 million by the end of 2022. The announcement comes as the Firm exceeded its initial five year $150 million commitment.
On May 18, 2019, Chase Bank USA, National Association (“Chase Bank USA, N.A.”), a national bank which was the Firm’s principal credit card-issuing bank, merged with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A. as the surviving bank.

 
2019 outlook
These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and uncertainties. For a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorgan Chase’s actual results to differ materially because of those risks and uncertainties, refer to Forward-Looking Statements on page 79 of this Form 10-Q and Risk Factors on pages 7–28 of JPMorgan Chase’s 2018 Annual Report. There is no assurance that actual results in the full year of 2019 will be in line with the outlook set forth below, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase’s current outlook for the remainder of 2019 should be viewed against the backdrop of the global and U.S. economies, financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm and its lines of business. The Firm expects that it will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the legal, regulatory, business and economic environments in which it operates.
Firmwide
•
Management expects full-year 2019 net interest income, on a managed basis, to be $57.5 billion +/-, market dependent. This range reflects lower long-end rates and up to three federal funds rate cuts of 25bps each in July, September, and December 2019 by the Federal Reserve.
•
The Firm takes a disciplined approach to managing its expenses, while investing for growth and innovation. As a result, management expects Firmwide adjusted expense for the full-year 2019 to be less than $66 billion.
•
The Firm continues to experience charge-off rates at very low levels as credit trends across the consumer and wholesale portfolios remain favorable. Management expects full-year 2019 net charge-offs to be approximately $5.5 billion.


8

Business Developments
Expected departure of the U.K. from the EU
The U.K.’s expected departure from the EU, which is commonly referred to as “Brexit,” is scheduled to occur not later than October 31, 2019.
The Firm continues to execute the relevant elements of its Firmwide Brexit Implementation program with the objective of delivering the Firm’s capabilities to its EU clients on “day one” of any departure by the U.K. from the EU, whether or not an agreement has been reached to allow an orderly withdrawal.
The principal operational risks associated with Brexit continue to be the potential for disruption caused by insufficient preparations by individual market participants or in the overall market ecosystem, and risks related to potential disruptions of connectivity among market participants. Although legislative and regulatory actions taken by the EU and the U.K. have mitigated some of the significant market-wide risks, there continues to be regulatory and legal uncertainty with respect to various matters including contract continuity and access by market participants to liquidity in certain products, such as products subject to potentially conflicting U.K. and EU regulatory requirements in relation to eligible trading venues, including certain cross-border derivative contracts and equities that are listed on both U.K. and EU exchanges.
As discussed in Business Developments on page 46 of the 2018 Form 10-K, the Firm is focused on the following key areas to ensure continuation of service to its EU clients: regulatory and legal entity readiness; client readiness; and business and operational readiness. Following are the significant updates from the matters discussed in the 2018 Form 10-K.
Regulatory and legal entity readiness
The Firm’s legal entities in Germany, Luxembourg and Ireland are now prepared and licensed to provide services to the Firm’s EU clients, including after any departure by the U.K. from the EU.
Client readiness
The agreements covering a significant proportion of the Firm’s EU client activity have been re-documented to other EU legal entities to help facilitate continuation of service. The Firm continues to actively engage with clients that have not completed re-documentation to ensure preparedness both in terms of documentation and any operational changes that may be required. The Firm may be negatively impacted by any operational disruption stemming from delays of or lapses in the readiness of other market participants or market infrastructures.
 
Business and operational readiness
The Firm relocated certain employees during the first quarter of 2019. During the second quarter of 2019, the Firm has added specific employees to certain EU legal entities, where appropriate, to support the level of client activity that has been migrated. However, the Firm’s final staffing plan will depend upon the timing and terms of any withdrawal by the U.K. from the EU.
If Brexit is further delayed due to a transition deal or another mechanism, the Firm will continue to review the timing and extent of any further expansion of activities in its EU legal entities, as appropriate. The Firm continues to closely monitor legislative developments, and its implementation plan allows for flexibility given the continued uncertainties.
LIBOR transition
The Firm continues to develop and implement plans to appropriately mitigate the risks associated with the expected discontinuation of certain unsecured benchmark interest rates, including the London Interbank Offered Rate (“LIBOR”) and other Interbank Offered Rates (“IBORs”). In particular, the Firm:
•
has implemented or is in the process of implementing fallback language for LIBOR-linked syndicated loans, securitizations, floating rate notes and bi-lateral business loans based on the recommendations of the Alternative Reference Rates Committee, and has started to introduce the Secured Overnight Financing Rate as a replacement benchmark rate for certain of these products;
•
continues to monitor the transition relief being considered by the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) concerning the accounting for contract modifications and hedge accounting; and
•
continues to engage with regulators and clients as the transition from IBORs progresses.
Refer to Business Developments on page 47 of the 2018 Form 10-K for a discussion of the Firm’s initiatives to address the expected discontinuation of LIBOR and other IBORs.

9

CONSOLIDATED RESULTS OF OPERATIONS
This section provides a comparative discussion of JPMorgan Chase’s Consolidated Results of Operations on a reported basis for the three and six months ended June 30, 2019 and 2018, unless otherwise specified. Factors that relate primarily to a single business segment are discussed in more detail within that business segment. For a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations, refer to pages 76–77 of this Form 10-Q and pages 141-143 of JPMorgan Chase’s 2018 Form 10-K.
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
Change

 
2019

 
2018

 
Change

Investment banking fees
$
1,851

 
$
2,168

 
(15
)%
 
$
3,691

 
$
3,904

 
(5
)%
Principal transactions
3,714

 
3,782

 
(2
)
 
7,790

 
7,734

 
1

Lending- and deposit-related fees
1,535

 
1,495

 
3

 
3,017

 
2,972

 
2

Asset management, administration and commissions
4,353

 
4,304

 
1

 
8,467

 
8,613

 
(2
)
Investment securities gains/(losses)
44

 
(80
)
 
NM

 
57

 
(325
)
 
NM

Mortgage fees and related income
279

 
324

 
(14
)
 
675

 
789

 
(14
)
Card income
1,366

 
1,020

 
34

 
2,640

 
2,295

 
15

Other income(a)
1,292

 
1,255

 
3

 
2,767

 
2,881

 
(4
)
Noninterest revenue
14,434

 
14,268

 
1

 
29,104

 
28,863

 
1

Net interest income
14,398

 
13,485

 
7

 
28,851

 
26,797

 
8

Total net revenue
$
28,832

 
$
27,753

 
4
 %
 
$
57,955

 
$
55,660

 
4
 %
(a)
Included operating lease income of $1.3 billion and $1.1 billion for the three months ended June 30, 2019 and 2018, respectively and $2.6 billion and $2.2 billion for the six months ended June 30, 2019 and 2018, respectively.
Quarterly results
Investment banking fees decreased reflecting lower fees across products driven by declines in industry-wide fee levels, and when compared with a strong prior year. For additional information, refer to CIB segment results on pages 27–32 and Note 5.
Principal transactions revenue includes a gain in CIB from the IPO of a strategic investment in Tradeweb. Excluding this gain, principal transactions revenue decreased, reflecting:
•
lower revenue in CIB primarily driven by derivatives in Equity Markets, largely offset by higher client activity in agency mortgage trading in Fixed Income Markets
•
net valuation losses on certain legacy private equity investments in Corporate compared with net gains in the prior year
•
losses on cash deployment transactions in Treasury and Chief Investment Office (“CIO”), which were more than offset by the related net interest income earned on those transactions
•
lower revenue related to hedges on certain investments in AWM, which was more than offset by higher valuation gains on the related investments reflected in other income.
For additional information, refer to CIB, AWM and Corporate segment results on pages 27–32, pages 37–40 and pages 41–42, and Note 5.
 
Asset management, administration and commissions revenue increased primarily reflecting higher asset management fees in CBB from growth in client investment assets. For additional information, refer to CCB, AWM and CIB segment results on pages 22–26 , pages 37–40 and pages 27–32, respectively, and Note 5.
Lending- and deposit-related fees increased primarily reflecting higher deposit-related fees in CCB. For additional information, refer to CCB segment results on pages 22–26, CIB on pages 27–32 and CB on pages 33–36, respectively, and Note 5.
Investment securities gains/(losses) primarily reflect the impact of repositioning the investment securities portfolio. For additional information, refer to Corporate segment results on pages 41–42 and Note 9.

10

Mortgage fees and related income decreased driven by:
•
lower net mortgage servicing revenue on lower MSR risk management results reflecting updates to model inputs, and lower operating revenue reflecting faster prepayment speeds on lower rates
predominantly offset by
•
higher net mortgage production revenue reflecting higher mortgage production margins and volumes, as well as the impact of loan sales in Home Lending.
For further information, refer to CCB segment results on pages 22–26, Note 5 and 14.
Card income increased reflecting the impact of the prior-year adjustment of approximately $330 million to the credit card rewards liability. For further information, refer to CCB segment results on pages 22–26 and Note 5.
Other income increased reflecting:
•
higher operating lease income from growth in auto operating lease volume in CCB, and
•
higher investment valuation gains in AWM, which were largely offset by the impact of the related hedges reflected in principal transactions revenue
partially offset by
•
lower other income in CIB associated with the increased amortization on a higher level of alternative energy investments. The lower income tax expense from the associated tax credits more than offset the impact of the higher amortization.
For further information, refer to Note 5.
Net interest income increased driven by the impact of balance sheet growth and change in mix, as well as higher rates, partially offset by lower CIB Markets net interest income. The Firm’s average interest-earning assets were $2.3 trillion, up $133 billion, and the net interest yield on these assets, on a fully taxable-equivalent (“FTE”) basis, was 2.49%, an increase of 1 basis point. The net interest yield excluding CIB Markets was 3.35%, an increase of 14 basis points. Net interest yield excluding CIB markets is a non-GAAP financial measure. For a further discussion of this measure, refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20.
 
Year-to-date results
Investment banking fees decreased reflecting lower equity underwriting and advisory fees driven by declines in industry-wide fee levels.
Principal transactions revenue includes a gain in CIB from the IPO of a strategic investment in Tradeweb. Excluding this gain, CIB’s revenue was relatively flat, reflecting:
•
favorable changes in funding spreads on derivatives in Credit Adjustments & Other, and higher revenue in agency mortgage trading in Fixed Income Markets
offset by
–
lower client activity in derivatives in Equity Markets, and lower revenue in Currencies & Emerging Markets within Fixed Income Markets
the net increase in CIB was offset by
•
losses on cash deployment transactions in Treasury and CIO, which were more than offset by the related net interest income earned on those transactions
•
lower revenue related to hedges on certain investments in AWM, which was more than offset by higher valuation gains on the related investments reflected in other income.
Asset management, administration and commissions revenue decreased reflecting:
•
lower asset management fees in AWM driven by a shift in the mix toward lower fee products and lower average market levels, and
•
lower brokerage commissions in CIB on lower activity
partially offset by
•
higher asset management fees in CBB from growth in client investment assets.
For information on lending- and deposit-related fees, refer to CCB on pages 22–26, CIB on pages 27–32 and CB on pages 33–36, respectively, and Note 5.
Investment securities gains/(losses) primarily reflect the impact of repositioning the investment securities portfolio.

11

Mortgage fees and related income decreased driven by:
•
lower net mortgage servicing revenue on lower MSR risk management results reflecting updates to model inputs, and lower operating revenue reflecting lower servicing revenue on a lower level of third-party loans serviced and faster prepayment speeds on lower rates
predominantly offset by
•
higher net mortgage production revenue reflecting higher mortgage production margins and volumes, as well as the impact of loan sales in Home Lending.
Card income increased reflecting the impact of the prior-year adjustment of approximately $330 million to the credit card rewards liability.
Other income decreased reflecting:
•
lower other income in CIB associated with the increased amortization on a higher level of alternative energy investments. The lower income tax expense from the associated tax credits more than offset the impact of the higher amortization
partially offset by
 
•
higher operating lease income from growth in auto operating lease volume in CCB, and
•
higher investment valuation gains in AWM, which were largely offset by the impact of the related hedges reflected in principal transactions revenue.
The prior year included $505 million of fair value gains related to the adoption of the recognition and measurement accounting guidance for certain equity investments previously held at cost in the first quarter of 2018.
Net interest income increased driven by the impact of balance sheet growth and change in mix, as well as higher rates, partially offset by lower CIB Markets net interest income. The Firm’s average interest-earning assets were $2.3 trillion, up $122 billion, and the net interest yield on these assets, on an FTE basis, was 2.53%, an increase of 4 basis points. The net interest yield excluding CIB Markets was 3.39%, an increase of 22 basis points. Net interest yield excluding CIB markets is a non-GAAP financial measure.

Provision for credit losses
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)

2019

 
2018

 
Change

 
2019

 
2018

 
Change

Consumer, excluding credit card
$
(318
)
 
$
(56
)
 
(468
)%
 
$
(204
)
 
$
90

 
NM

Credit card
1,440

 
1,164

 
24

 
2,642

 
2,334

 
13

Total consumer
1,122

 
1,108

 
1

 
2,438

 
2,424

 
1

Wholesale
27

 
102

 
(74
)
 
206

 
(49
)
 
NM

Total provision for credit losses
$
1,149

 
$
1,210

 
(5
)%
 
$
2,644

 
$
2,375

 
11
%
Quarterly results
The provision for credit losses decreased driven by wholesale, with the prior year reflecting a higher provision from net portfolio activity, including new exposures and loan sales.
The total consumer provision was relatively flat reflecting:
•
an increase in credit card due to
–
a $200 million addition to the allowance for loan losses reflecting loan growth and higher loss rates, as anticipated, and
–
higher net charge-offs on loan growth
offset by

 
•
a decrease in consumer, excluding credit card due to
–
a $400 million reduction in the allowance for loan losses in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies
partially offset by
–
higher net charge-offs in the residential real estate portfolio as the prior year benefited from a recovery on a loan sale.
For additional information on the credit portfolio and the allowance for credit losses, refer to the segments discussions of CCB on pages 22–26, CIB on pages 27–32, CB on pages 33–36, the Allowance for Credit Losses on pages 67–68, and Note 12.

12

Year-to-date results
The provision for credit losses increased predominantly driven by wholesale, reflecting a net addition to the allowance for credit losses on select Commercial and Industrial (“C&I”) client downgrades. The prior period was a benefit, reflecting a reduction in the allowance for credit losses primarily driven by a single name in the Oil & Gas portfolio, partially offset by other net portfolio activity.
The total consumer provision was relatively flat reflecting:
•
an increase in credit card due to
–
a $200 million addition to the allowance for loan losses reflecting loan growth and higher loss rates, as anticipated, and
–
higher net charge-offs on loan growth
 
offset by
•
a decrease in consumer, excluding credit card due to
–
a $400 million reduction in the allowance for loan losses in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies
partially offset by
–
higher net charge-offs in the residential real estate portfolio as the prior year benefited from a recovery from a loan sale.



Noninterest expense
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)

2019

 
2018

 
Change

 
2019

 
2018

 
Change
Compensation expense
$
8,547

 
$
8,338

 
3
 %
 
$
17,484

 
$
17,200

 
2
 %
Noncompensation expense:
 
 
 
 
 
 
 
 
 
 
 
Occupancy
1,060

 
981

 
8

 
2,128

 
1,869

 
14

Technology, communications and equipment
2,378

 
2,168

 
10

 
4,742

 
4,222

 
12

Professional and outside services
2,212

 
2,126

 
4

 
4,251

 
4,247

 
—

Marketing
862

 
798

 
8

 
1,741

 
1,598

 
9

Other expense(a)(b)
1,282

 
1,560

 
(18
)
 
2,390

 
2,915

 
(18
)
Total noncompensation expense
7,794

 
7,633

 
2

 
15,252

 
14,851

 
3

Total noninterest expense
$
16,341

 
$
15,971

 
2
 %
 
$
32,736

 
$
32,051

 
2
 %
(a)
Included Firmwide legal expense/(benefit) of $69 million and $0 million for the three months ended June 30, 2019 and 2018, respectively and $(12) million and $70 million for the six months ended June 30, 2019 and 2018, respectively.
(b)
Included FDIC-related expense of $121 million and $368 million for the three months ended June 30, 2019 and 2018, respectively and $264 million and $751 million for the six months ended June 30, 2019 and 2018, respectively.
Quarterly results
Compensation expense increased driven by investments in the businesses, including front office hires, as well as technology staff, largely offset by lower performance-related compensation in CIB.
Noncompensation expense increased as a result of:
•
higher investments in the businesses, including, technology, real estate and marketing
•
higher depreciation expense from growth in auto operating lease volume in CCB
•
higher outside services expense primarily due to higher volume-related brokerage expense in certain businesses in CIB
•
higher legal expense, and
•
a contribution to the Firm’s Foundation, whereas all prior-year contributions were made in the fourth quarter
largely offset by
•
lower FDIC charges as a result of the elimination of the surcharge at the end of the third quarter of 2018, and
•
the absence of a loss in the prior year on the liquidation of a legal entity of $174 million
 
For additional information on the liquidation of a legal entity, refer to Note 19.
Year-to-date results
Compensation expense increased driven by investments in the businesses, including front office hires, as well as technology staff, largely offset by lower performance-related compensation in CIB.
Noncompensation expense increased as a result of:
•
higher investments in the businesses, including, technology, real estate and marketing
•
higher depreciation expense from growth in auto operating lease volume in CCB, and
•
contributions to the Firm’s Foundation, whereas all prior-year contributions were made in the fourth quarter
largely offset by
•
lower FDIC charges as a result of the elimination of the surcharge at the end of the third quarter of 2018, and
•
the absence of a loss of $174 million in the prior year in other expense on the liquidation of a legal entity in Corporate.

13

Income tax expense
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)

2019

 
2018

 
Change

 
2019

 
2018

 
Change
Income before income tax expense
$
11,342

 
$
10,572

 
7
 %
 
$
22,575

 
$
21,234

 
6
 %
Income tax expense
1,690

 
2,256

 
(25
)
 
3,744

 
4,206

 
(11
)
Effective tax rate
14.9
%
 
21.3
%
 
 
 
16.6
%
 
19.8
%
 
 
Quarterly results
The effective tax rate decreased due to the recognition of $768 million of tax benefits related to the resolution of certain tax audits and the change in the mix of income and expenses subject to U.S. federal, state and local taxes. The decrease was partially offset by a $189 million tax benefit recorded in the second quarter of 2018 resulting from a change in the estimate for the deemed repatriation tax on non-U.S. earnings. For additional information on the 2019 tax benefits, refer to Note 1.

 
Year-to-date results
The effective tax rate decreased due to the recognition of $874 million of tax benefits related to the resolution of certain tax audits and the change in the mix of income and expenses subject to U.S. federal, state and local taxes. The decrease was partially offset by a decrease in tax benefits related to the vesting of employee stock-based awards, as well as a $189 million tax benefit recorded in the second quarter of 2018 resulting from a change in the estimate for the deemed repatriation tax on non-U.S. earnings.



14

CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS
Consolidated balance sheets analysis
The following is a discussion of the significant changes between June 30, 2019, and December 31, 2018.
Selected Consolidated balance sheets data
(in millions)
June 30,
2019

 
December 31,
2018

Change

Assets
 
 
 
 
Cash and due from banks
$
23,164

 
$
22,324

4
 %
Deposits with banks
244,874

 
256,469

(5
)
Federal funds sold and securities purchased under resale agreements
267,864

 
321,588

(17
)
Securities borrowed
130,661

 
111,995

17

Trading assets
523,373

 
413,714

27

Investment securities
307,264

 
261,828

17

Loans
956,889

 
984,554

(3
)
Allowance for loan losses
(13,166
)
 
(13,445
)
(2
)
Loans, net of allowance for loan losses
943,723

 
971,109

(3
)
Accrued interest and accounts receivable
88,399

 
73,200

21

Premises and equipment
24,665

 
14,934

65

Goodwill, MSRs and other intangible assets
53,302

 
54,349

(2
)
Other assets
120,090

 
121,022

(1
)
Total assets
$
2,727,379

 
$
2,622,532

4
 %
Cash and due from banks and deposits with banks decreased primarily as a result of a shift in the deployment of cash in Treasury and CIO into short-term instruments in trading assets. Deposits with banks reflect the Firm’s placements of its excess cash with various central banks, including the Federal Reserve Banks.
Federal funds sold and securities purchased under resale agreements reflected higher client activity in CIB, which was more than offset by the impact of netting, and the reduction in the deployment of cash in Treasury and CIO. For additional information, refer to Liquidity Risk Management on pages 49–53 and Note 10.
Securities borrowed increased driven by higher demand for securities largely related to client-driven market-making activities in CIB. For additional information, refer to Liquidity Risk Management on pages 49–53 and Note 10.
Trading assets increased compared with lower levels at year-end predominantly due to client-driven market-making activities in debt and equity instruments in CIB Markets, including prime brokerage. In addition, but to a lesser extent, trading assets increased in Treasury and CIO associated with the deployment of cash into short-term instruments. For additional information, refer to Notes 2 and 4.
Investment securities increased primarily reflecting net purchases of U.S. government agency mortgage-backed securities (“MBS”) and U.S. Treasuries in Treasury and CIO. For additional information on Investment securities, refer to Corporate segment results on pages 41–42, Investment Portfolio Risk Management on page 69, and Notes 2 and 9.
 
Loans decreased reflecting:
•
lower consumer loans in the residential real estate portfolio, predominantly driven by loan sales in Home Lending, and
•
lower loans in CIB, primarily driven by a loan syndication and net paydowns, partially offset by increases in CB and AWM.
The allowance for loan losses decreased largely driven by Consumer due to a $400 million reduction in the allowance for loan losses in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies, partially offset by a $200 million addition to the allowance in the credit card portfolio, due to loan growth and higher loss rates, as anticipated.
For a more detailed discussion of loans and the allowance for loan losses, refer to Credit and Investment Risk Management on pages 54–69, and Notes 2, 3, 11 and 12.
Accrued interest and accounts receivable increased reflecting higher client receivables related to client-driven market-making activities in CIB Fixed Income Markets, as well as higher receivables in CCB related to the timing of payment activities in Card Services, due to the end of the quarter falling on a weekend.
Premises and equipment increased due to the adoption of the new lease accounting guidance effective January 1, 2019. For additional information, refer to Note 16.
For information on Goodwill and MSRs, refer to Note 14.

15

Selected Consolidated balance sheets data (continued)
 
(in millions)
June 30,
2019

 
December 31,
2018

Change

Liabilities
 
 
 
 
Deposits
$
1,524,361

 
$
1,470,666

4
 %
Federal funds purchased and securities loaned or sold under repurchase agreements
201,683

 
182,320

11

Short-term borrowings
59,890

 
69,276

(14
)
Trading liabilities
147,639

 
144,773

2

Accounts payable and other liabilities
216,137

 
196,710

10

Beneficial interests issued by consolidated variable interest entities (“VIEs”)
25,585

 
20,241

26

Long-term debt
288,869

 
282,031

2

Total liabilities
2,464,164

 
2,366,017

4

Stockholders’ equity
263,215

 
256,515

3

Total liabilities and stockholders’ equity
$
2,727,379

 
$
2,622,532

4
 %
Deposits increased due to growth in CIB from client activity in Securities Services and Treasury Services, and net issuances of structured notes in Markets, as well as continued growth in new accounts in CCB. Deposits in CB and AWM were relatively stable. For additional information, refer to Liquidity Risk Management on pages 49–53 and Notes 2 and 15.
Federal funds purchased and securities loaned or sold under repurchase agreements increased primarily due to higher secured financing of trading assets-debt and equity instruments and client-driven market-making activities in CIB. For additional information, refer to Liquidity Risk Management on pages 49–53 and Note 10.
Short-term borrowings decreased reflecting lower short-term advances from Federal Home Loan Banks (“FHLB”) and commercial paper in Treasury and CIO primarily due to short-term liquidity management. For additional information, refer to Liquidity Risk Management on pages 49–53.
Trading liabilities increased modestly as a result of client-driven market-making activities in CIB, which resulted in higher levels of short positions in debt instruments in Fixed Income Markets, largely offset by a decline in short positions in equity instruments, primarily in prime brokerage. For additional information, refer to Notes 2 and 4.
 
Accounts payable and other liabilities increased reflecting:
•
the impact of the adoption of the new lease accounting guidance effective January 1, 2019
•
higher payables in CCB related to the timing of payment activities in Card Services, due to the end of the quarter falling on a weekend.
For additional information on Leases, refer to Note 16.
Beneficial interests issued by consolidated VIEs increased due to:
•
higher levels of Firm-administered multi-seller conduit commercial paper issued to third parties
partially offset by
•
maturities of credit card securitizations.
For further information on Firm-sponsored VIEs and loan securitization trusts, refer to Off-Balance Sheet Arrangements on page 18 and Notes 13 and 22.
Long-term debt increased primarily due to client-driven net issuances of structured notes in CIB Markets, and in Treasury and CIO, from the net issuances of senior debt, partially offset by lower FHLB advances. For additional information on the Firm’s long-term debt activities, refer to Liquidity Risk Management on pages 49–53.
For information on changes in stockholders’ equity, refer to page 83, and on the Firm’s capital actions, refer to Capital actions on pages 46–47.


16

Consolidated cash flows analysis
The following is a discussion of cash flow activities during the six months ended June 30, 2019 and 2018.
(in millions)
 
Six months ended June 30,
 
2019

 
2018

Net cash provided by/(used in)
 
 
 
 
Operating activities
 
$
(94,734
)
 
$
576

Investing activities
 
27,424

 
(38,974
)
Financing activities
 
56,469

 
13,766

Effect of exchange rate changes on cash
 
86

 
(1,492
)
Net decrease in cash and due from banks and deposits with banks
 
$
(10,755
)
 
$
(26,124
)
Operating activities
•
In 2019, cash used primarily resulted from higher trading assets-debt and equity instruments, securities borrowed, accrued interest and accounts receivable and other assets, partially offset by higher trading liabilities, and net proceeds from loans originated for sale.
•
In 2018, cash provided primarily resulted from higher trading liabilities-debt and equity instruments and accounts payable and other liabilities, offset by higher trading assets-debt and equity instruments.
 
Investing activities
•
In 2019, cash provided resulted from lower securities purchased under resale agreements, and net proceeds from the sale of loans held-for-investment, partially offset by net purchases of investment securities.
•
In 2018, cash used resulted from higher securities purchased under resale agreements and net loans originated, partially offset by net proceeds from investment securities.
Financing activities
•
In 2019, cash provided resulted from higher deposits and securities loaned or sold under repurchase agreements, partially offset by net payments on long-term borrowings.
•
In 2018, cash provided resulted from higher securities loaned or sold under repurchase agreements, short-term borrowings and deposits, partially offset by net payments on long-term borrowings.
•
For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.
* * *
For a further discussion of the activities affecting the Firm’s cash flows, refer to Consolidated Balance Sheets Analysis on pages 15–17, Capital Risk Management on pages 44–48, and Liquidity Risk Management on pages 49–53 of this Form 10-Q, and pages 95–100 of JPMorgan Chase’s 2018 Form 10-K.


17

OFF-BALANCE SHEET ARRANGEMENTS
In the normal course of business, the Firm enters into various off-balance sheet arrangements and contractual obligations that may require future cash payments. Certain obligations are recognized on-balance sheet, while others are disclosed off-balance sheet under accounting principles generally accepted in the U.S. (“U.S. GAAP”).
Special-purpose entities
The Firm has several types of off–balance sheet arrangements, including through nonconsolidated special-purpose entities (“SPEs”), which are a type of VIE, and through lending-related financial instruments (e.g., commitments and guarantees).
The Firm holds capital, as appropriate, against all SPE-related transactions and related exposures, such as derivative contracts and lending-related commitments and guarantees.
The Firm has no commitments to issue its own stock to support any SPE transaction, and its policies require that transactions with SPEs be conducted at arm’s length and reflect market pricing. Consistent with this policy, no JPMorgan Chase employee is permitted to invest in SPEs with which the Firm is involved where such investment would violate the Firm’s Code of Conduct.
The table below provides an index of where in this Form 10-Q a discussion of the Firm’s various off-balance sheet arrangements can be found. In addition, refer to Note 1 for information about the Firm’s consolidation policies.
Type of off-balance sheet arrangement
Location of disclosure
Page references
Special-purpose entities: variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated VIEs
Refer to Note 13
138-143
Off-balance sheet lending-related financial instruments, guarantees, and other commitments
Refer to Note 22
155-158



18

EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 80–84.
In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:
•
Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis)
 
•
Net interest income and net yield excluding CIB’s Markets businesses
•
Certain credit metrics and ratios, which exclude PCI loans
•
Tangible common equity (“TCE”), ROTCE, and TBVPS.
In addition, core loans is a key performance measure utilized by the Firm and its investors and analysts in assessing actual growth in the loan portfolio.
For a further discussion of management’s use of non-GAAP financial measures and key performance measures, refer to Explanation and Reconciliation Of the Firm’s Use Of Non-GAAP Financial Measures and Key Performance Measures on pages 57-59 of JPMorgan Chase’s 2018 Form 10-K.
The following summary table provides a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
 
Three months ended June 30,
 
2019
 
2018
(in millions, except ratios)
Reported
results
 
Fully taxable-equivalent adjustments(a)
 
Managed
basis
 
Reported
results
 
Fully taxable-equivalent adjustments(a)
 
Managed
basis
Other income
$
1,292

 
$
596

 
 
$
1,888

 
$
1,255

 
$
474

 
 
$
1,729

Total noninterest revenue
14,434

 
596

 
 
15,030

 
14,268

 
474

 
 
14,742

Net interest income
14,398

 
138

 
 
14,536

 
13,485

 
161

 
 
13,646

Total net revenue
28,832

 
734

 
 
29,566

 
27,753

 
635

 
 
28,388

Pre-provision profit
12,491

 
734

 
 
13,225

 
11,782

 
635

 
 
12,417

Income before income tax expense
11,342

 
734

 
 
12,076

 
10,572

 
635

 
 
11,207

Income tax expense
$
1,690

 
$
734

 
 
$
2,424

 
$
2,256

 
$
635

 
 
$
2,891

Overhead ratio
57
%
 
NM

 
 
55
%
 
58
%
 
NM

 
 
56
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
2019
 
2018
(in millions, except ratios)
Reported
results
 
Fully taxable-equivalent adjustments(a)
 
Managed
basis
 
Reported
results
 
Fully taxable-equivalent adjustments(a)
 
Managed
basis
Other income
$
2,767

 
$
1,181

 
 
$
3,948

 
$
2,881

 
$
929

 
 
$
3,810

Total noninterest revenue
29,104

 
1,181

 
 
30,285

 
28,863

 
929

 
 
29,792

Net interest income
28,851

 
281

 
 
29,132

 
26,797

 
319

 
 
27,116

Total net revenue
57,955

 
1,462

 
 
59,417

 
55,660

 
1,248

 
 
56,908

Pre-provision profit
25,219

 
1,462

 
 
26,681

 
23,609

 
1,248

 
 
24,857

Income before income tax expense
22,575

 
1,462

 
 
24,037

 
21,234

 
1,248

 
 
22,482

Income tax expense
$
3,744

 
$
1,462

 
 
$
5,206

 
$
4,206

 
$
1,248

 
 
$
5,454

Overhead ratio
56
%
 
NM

 
 
55
%
 
58
%
 
NM

 
 
56
%
(a)
Predominantly recognized in CIB, CB and Corporate.












19

The following table provides information on net interest income and net yield excluding CIB’s Markets businesses.

(in millions, except rates)
Three months ended June 30,
 
Six months ended June 30,
2019

2018

 
Change

 
2019
2018
 
Change
Net interest income – managed basis(a)(b)
$
14,536

$
13,646

 
7
 %
 
$
29,132

$
27,116

 
7
 %
Less: CIB Markets net interest income(c)
624

754

 
(17
)
 
1,248

1,784

 
(30
)
Net interest income excluding CIB Markets(a)
$
13,912

$
12,892

 
8

 
$
27,884

$
25,332

 
10

 
 
 
 
 
 
 
 
 
 
Average interest-earning assets(d)
$
2,339,094

$
2,206,005

 
6

 
$
2,319,105

$
2,196,675

 
6

Less: Average CIB Markets interest-earning assets(c)(d)
673,480

595,160

 
13

 
661,397

585,322

 
13

Average interest-earning assets excluding CIB Markets
$
1,665,614

$
1,610,845

 
3
 %
 
$
1,657,708

$
1,611,353

 
3
 %
Net interest yield on average interest-earning assets – managed basis(d)
2.49
%
2.48
%
 
 
 
2.53
%
2.49
%
 
 
Net interest yield on average CIB Markets interest-earning assets(c)(d)
0.37

0.51

 
 
 
0.38

0.61

 
 
Net interest yield on average interest-earning assets excluding CIB Markets
3.35
%
3.21
%
 
 
 
3.39
%
3.17
%
 
 
(a)
Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
(b)
For a reconciliation of net interest income on a reported and managed basis, refer to the table above relating to the reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
(c)
For further information on CIB’s Markets businesses, refer to page 31.
(d)
In the second quarter of 2019, the Firm reclassified balances related to certain instruments from interest-earning to noninterest-earning assets, as the associated returns are recorded in principal transactions revenue and not in net interest income. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.
The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.
 
Period-end
 
Average
(in millions, except per share and ratio data)
Jun 30,
2019

Dec 31,
2018

 
Three months ended June 30,
 
Six months ended June 30,
 
2019

2018

 
2019

2018

Common stockholders’ equity
$
236,222

$
230,447

 
$
233,026

$
228,901

 
$
231,547

$
228,261

Less: Goodwill
47,477

47,471

 
47,472

47,494

 
47,474

47,499

Less: Other intangible assets
732

748

 
741

822

 
741

833

Add: Certain Deferred tax liabilities(a)
2,316

2,280

 
2,304

2,221

 
2,296

2,216

Tangible common equity
$
190,329

$
184,508

 
$
187,117

$
182,806

 
$
185,628

$
182,145

 
 
 
 
 
 
 
 
 
Return on tangible common equity
NA

NA

 
20
%
17
%
 
20
%
18
%
Tangible book value per share
$
59.52

$
56.33

 
NA

NA

 
NA

NA

(a)
Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.


20

BUSINESS SEGMENT RESULTS
The Firm is managed on a line of business basis. There are four major reportable business segments – Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. For a definition of managed basis, refer to Explanation and Reconciliation of the Firm’s use of Non-GAAP Financial Measures and Key Performance Measures on pages 19–20.
Description of business segment reporting methodology
Results of the business segments are intended to present each segment as if it were essentially a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain
 
income and expense items. For further information about line of business capital, refer to Line of business equity on page 46. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and further refinements may be implemented in future periods.
Business segment capital allocation
The amount of capital assigned to each business is referred to as equity. On at least an annual basis, the assumptions and methodologies used in capital allocation are assessed and as a result, the capital allocated to lines of business may change. For additional information on business segment capital allocation, refer to Line of business equity on page 91 of JPMorgan Chase’s 2018 Form 10-K.
For a further discussion of those methodologies, refer to Business Segment Results – Description of business segment reporting methodology on pages 60–61 of JPMorgan Chase’s 2018 Form 10-K.
Segment results – managed basis
The following tables summarize the Firm’s results by segment for the periods indicated.
Three months ended June 30,
Consumer & Community Banking
 
Corporate & Investment Bank
 
Commercial Banking
(in millions, except ratios)
2019

2018

Change
 
2019

2018

Change

 
2019

2018

Change

Total net revenue
$
13,833

$
12,497

11
 
$
9,641

$
9,923

(3
)%
 
$
2,211

$
2,316

(5
)%
Total noninterest expense
7,162

6,879

4
 
5,487

5,403

2

 
864

844

2

Pre-provision profit/(loss)
6,671

5,618

19
 
4,154

4,520

(8
)
 
1,347

1,472

(8
)
Provision for credit losses
1,120

1,108

1
 
—

58

NM

 
29

43

(33
)
Net income/(loss)
4,174

3,412

22
 
2,935

3,198

(8
)
 
996

1,087

(8
)
Return on equity (“ROE”)
31
%
26
%
 
 
14
%
17
%
 
 
17
%
21
%
 
Three months ended June 30,
Asset & Wealth Management
 
Corporate
 
Total
(in millions, except ratios)
2019

2018

Change

 
2019

2018

Change

 
2019

2018

Change

Total net revenue
$
3,559

$
3,572

—

 
$
322

$
80

303
 %
 
$
29,566

$
28,388

4
 %
Total noninterest expense
2,596

2,566

1

 
232

279

(17
)
 
16,341

15,971

2

Pre-provision profit/(loss)
963

1,006

(4
)
 
90

(199
)
NM

 
13,225

12,417

7

Provision for credit losses
2

2

—

 
(2
)
(1
)
(100
)
 
1,149

1,210

(5
)
Net income/(loss)
719

755

(5
)
 
828

(136
)
NM

 
9,652

8,316

16

ROE
27
%
33
%
 
 
NM

NM

 
 
16
%
14
%
 
Six months ended June 30,
Consumer & Community Banking
 
Corporate & Investment Bank
 
Commercial Banking
(in millions, except ratios)
2019

2018

Change
 
2019

2018

Change

 
2019

2018

Change

Total net revenue
$
27,584

$
25,094

10
 
$
19,489

$
20,406

(4
)%
 
$
4,549

$
4,482

1
 %
Total noninterest expense
14,373

13,788

4
 
10,940

11,062

(1
)
 
1,737

1,688

3

Pre-provision profit/(loss)
13,211

11,306

17
 
8,549

9,344

(9
)
 
2,812

2,794

1

Provision for credit losses
2,434

2,425

—
 
87

(100
)
NM

 
119

38

213

Net income/(loss)
8,137

6,738

21
 
6,186

7,172

(14
)
 
2,049

2,112

(3
)
ROE
31
%
26
%
 
 
15
%
20
%
 
 
18
%
20
%
 
Six months ended June 30,
Asset & Wealth Management
 
Corporate
 
Total
(in millions, except ratios)
2019

2018

Change

 
2019

2018

Change
 
2019

2018

Change

Total net revenue
$
7,048

$
7,078

—

 
$
747

$
(152
)
NM
 
$
59,417

$
56,908

4
%
Total noninterest expense
5,243

5,147

2

 
443

366

21
 
32,736

32,051

2

Pre-provision profit/(loss)
1,805

1,931

(7
)
 
304

(518
)
NM
 
26,681

24,857

7

Provision for credit losses
4

17

(76
)
 
—

(5
)
NM
 
2,644

2,375

11

Net income/(loss)
1,380

1,525

(10
)
 
1,079

(519
)
NM
 
18,831

17,028

11

ROE
26
%
33
%
 
 
NM

NM

 
 
16
%
14
%
 
The following sections provide a comparative discussion of the Firm’s results by segment as of or for the three and six months ended June 30, 2019 versus the corresponding periods in the prior year, unless otherwise specified.

21


CONSUMER & COMMUNITY BANKING
For a discussion of the business profile of CCB, refer to pages 62–65 of JPMorgan Chase’s 2018 Form 10-K and Line of Business Metrics on page 173.
Selected income statement data
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions, except ratios)
2019

 
2018

 
Change

 
2019

 
2018

 
Change

Revenue
 
 
 
 
 
 
 
 
 
 
 
Lending- and deposit-related fees
$
928

 
$
875

 
6
 %
 
$
1,801

 
$
1,732

 
4
 %
Asset management, administration and commissions
664

 
591

 
12

 
1,282

 
1,166

 
10

Mortgage fees and related income
279

 
324

 
(14
)
 
675

 
789

 
(14
)
Card income
1,257

 
910

 
38

 
2,425

 
2,080

 
17

All other income
1,312

 
1,048

 
25

 
2,590

 
2,120

 
22

Noninterest revenue
4,440

 
3,748

 
18

 
8,773

 
7,887

 
11

Net interest income
9,393

 
8,749

 
7

 
18,811

 
17,207

 
9

Total net revenue
13,833

 
12,497

 
11

 
27,584

 
25,094

 
10

 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
1,120

 
1,108

 
1

 
2,434

 
2,425

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Noninterest expense
 
 
 
 
 
 
 
 
 
 
 
Compensation expense
2,672

 
2,621

 
2

 
5,380

 
5,281

 
2

Noncompensation expense(a)
4,490

 
4,258

 
5

 
8,993

 
8,507

 
6

Total noninterest expense
7,162

 
6,879

 
4

 
14,373

 
13,788

 
4

Income before income tax expense
5,551

 
4,510

 
23

 
10,777

 
8,881

 
21

Income tax expense
1,377

 
1,098

 
25

 
2,640

 
2,143

 
23

Net income
$
4,174

 
$
3,412

 
22

 
$
8,137

 
$
6,738

 
21

 
 
 
 
 
 
 
 
 
 
 
 
Revenue by line of business
 
 
 
 
 
 
 
 
 
 
 
Consumer & Business Banking
$
6,797

 
$
6,131

 
11

 
$
13,365

 
$
11,853

 
13

Home Lending
1,118

 
1,347

 
(17
)
 
2,464

 
2,856

 
(14
)
Card, Merchant Services & Auto
5,918

 
5,019

 
18

 
11,755

 
10,385

 
13

 
 
 
 
 
 
 
 
 
 
 
 
Mortgage fees and related income details:
 
 
 
 
 
 
 
 
 
 
 
Net production revenue
353

 
93

 
280

 
553

 
188

 
194

Net mortgage servicing revenue(b)
(74
)
 
231

 
NM

 
122

 
601

 
(80
)
Mortgage fees and related income
$
279

 
$
324

 
(14
)%
 
$
675

 
$
789

 
(14
)%
 
 
 
 
 
 
 
 
 
 
 
 
Financial ratios
 
 
 
 
 
 
 
 
 
 
 
Return on equity
31
%
 
26
%
 
 
 
31
%
 
26
%
 
 
Overhead ratio
52

 
55

 
 
 
52

 
55

 
 
Note: In the discussion and the tables which follow, CCB presents certain financial measures which exclude the impact of PCI loans; these are non-GAAP financial measures.
(a)
Included operating lease depreciation expense of $959 million and $827 million for the three months ended June 30, 2019 and 2018, respectively, and $1.9 billion and $1.6 billion for six months ended June 30, 2019 and 2018, respectively.
(b)
Included MSR risk management results of $(244) million and $(23) million for the three months ended June 30, 2019 and 2018, respectively and $(253) million and $(6) million for six months ended June 30, 2019 and 2018, respectively.

22


Quarterly results
Net income was $4.2 billion, an increase of 22%.
Net revenue was $13.8 billion, an increase of 11%.
Net interest income was $9.4 billion, up 7%, driven by:
•
higher deposit margins and balance growth in CBB, as well as higher loan balances and margin expansion in Card,
partially offset by
•
loan spread compression and lower loan balances in Home Lending.
Noninterest revenue was $4.4 billion, up 18%, including the impact of the prior-year adjustment of approximately $330 million to the credit card rewards liability, predominantly offset by lower MSR risk management results reflecting updates to model inputs. Excluding these notable items, noninterest revenue was up 16%, largely driven by:
•
higher net mortgage production revenue reflecting higher mortgage production margins and volumes, as well as the impact of loan sales in Home Lending, and
•
higher auto lease volume,
partially offset by
•
lower operating revenue reflecting faster prepayment speeds on lower rates.
Refer to Note 14 for further information regarding changes in value of the MSR asset and related hedges, and mortgage fees and related income.
Noninterest expense was $7.2 billion, up 4%, largely driven by:
•
technology, marketing and other investments in the business, as well as higher auto lease depreciation,
partially offset by
•
expense efficiencies and lower FDIC charges.
The provision for credit losses was $1.1 billion, relatively flat compared with the prior year, reflecting:
•
an increase in credit card due to
–
a $200 million addition to the allowance for loan losses reflecting loan growth and higher loss rates, as anticipated, and
–
higher net charge-offs, on loan growth
offset by
•
a decrease in consumer, excluding credit card due to
–
a $400 million reduction in the allowance for loan losses in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies
partially offset by
–
higher net charge-offs in the residential real estate portfolio as the prior year benefited from a recovery on a loan sale.
 
Year-to-date results
Net income was $8.1 billion, an increase of 21%.
Net revenue was $27.6 billion, an increase of 10%.
Net interest income was $18.8 billion, up 9%, driven by:
•
higher deposit margins and balance growth in CBB, as well as higher loan balances and margin expansion in Card,
partially offset by
•
loan spread compression and lower loan balances in Home Lending.
Noninterest revenue was $8.8 billion, up 11%, including the impact of the prior-year adjustment of approximately $330 million to the credit card rewards liability, predominantly offset by lower MSR risk management results reflecting updates to model inputs. Excluding these notable items, noninterest revenue was up 10%, largely driven by:
•
higher auto lease volume, and
•
higher net mortgage production revenue reflecting higher mortgage production margins and volumes, as well as the impact of loan sales in Home Lending,
partially offset by
•
lower operating revenue reflecting lower servicing revenue on a lower level of third-party loans serviced and faster prepayment speeds on lower rates.
Noninterest expense was $14.4 billion, up 4%, driven by:
•
technology, marketing and other investments in the business, as well as higher auto lease depreciation,
partially offset by
•
expense efficiencies and lower FDIC charges.
The provision for credit losses was $2.4 billion, flat compared with the prior year, reflecting:
•
an increase in credit card due to
–
a $200 million addition to the allowance for loan losses reflecting loan growth and higher loss rates, as anticipated, and
–
higher net charge-offs, on loan growth
offset by
•
a decrease in consumer, excluding credit card due to
–
a $400 million reduction in the allowance for loan losses in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies
partially offset by
–
higher net charge-offs in the residential real estate portfolio as the prior year benefited from a recovery on a loan sale.


23


Selected metrics
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except headcount)
2019

 
2018

 
Change

 
2019
 
2018
 
Change

Selected balance sheet data (period-end)
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
550,690

 
$
552,674

 
—
 %
 
$
550,690

 
$
552,674

 
—
 %
Loans:
 
 
 
 
 
 
 
 
 
 
 
Consumer & Business Banking
26,616

 
26,272

 
1

 
26,616

 
26,272

 
1

Home equity
32,958

 
39,033

 
(16
)
 
32,958

 
39,033

 
(16
)
Residential mortgage
186,575

 
202,205

 
(8
)
 
186,575

 
202,205

 
(8
)
Home Lending
219,533

 
241,238

 
(9
)
 
219,533

 
241,238

 
(9
)
Card
157,576

 
145,255

 
8

 
157,576

 
145,255

 
8

Auto
62,073

 
65,014

 
(5
)
 
62,073

 
65,014

 
(5
)
Total loans
465,798

 
477,779

 
(3
)
 
465,798

 
477,779

 
(3
)
Core loans
418,177

 
419,295

 
—

 
418,177

 
419,295

 
—

Deposits
695,100

 
679,154

 
2

 
695,100

 
679,154

 
2

Equity
52,000

 
51,000

 
2

 
52,000

 
51,000

 
2

Selected balance sheet data (average)
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
542,337

 
$
544,642

 
—

 
$
548,053

 
$
541,806

 
1

Loans:
 
 
 
 
 
 
 
 
 
 
 
Consumer & Business Banking
26,570

 
26,110

 
2

 
26,529

 
25,978

 
2

Home equity
33,676

 
39,898

 
(16
)
 
34,446

 
40,836

 
(16
)
Residential mortgage
191,009

 
201,587

 
(5
)
 
197,332

 
200,129

 
(1
)
Home Lending
224,685

 
241,485

 
(7
)
 
231,778

 
240,965

 
(4
)
Card
153,746

 
142,724

 
8

 
152,447

 
142,825

 
7

Auto
62,236

 
65,383

 
(5
)
 
62,498

 
65,622

 
(5
)
Total loans
467,237

 
475,702

 
(2
)
 
473,252

 
475,390

 
—

Core loans
418,470

 
414,120

 
1

 
423,315

 
412,145

 
3

Deposits
690,892

 
673,761

 
3

 
685,980

 
666,719

 
3

Equity
52,000

 
51,000

 
2

 
52,000

 
51,000

 
2

 
 
 
 
 
 
 
 
 
 
 
 
Headcount(a)
127,732

 
131,945

 
(3
)%
 
127,732

 
131,945

 
(3
)%
(a)
During the third quarter of 2018, approximately 1,200 employees transferred from CCB to CIB as part of the reorganization of the Commercial Card business.

24


Selected metrics
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except ratio data)
2019


2018

 
Change

 
2019
 
2018
 
Change

Credit data and quality statistics
 
 
 
 
 
 
 
 
 
 
 
Nonaccrual loans(a)(b)
$
3,142


$
3,854


(18
)%

$
3,142


$
3,854


(18
)%
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs/(recoveries)(c)
 
 
 
 
 
 
 
 
 
 
 
Consumer & Business Banking
66

 
50

 
32

 
125

 
103

 
21

Home equity
(16
)
 
(7
)
 
(129
)
 
(16
)
 
9

 
NM

Residential mortgage
(12
)
 
(149
)
 
92

 
(17
)
 
(147
)
 
88

Home Lending
(28
)
 
(156
)
 
82

 
(33
)
 
(138
)
 
76

Card
1,240

 
1,164

 
7

 
2,442

 
2,334

 
5

Auto
42

 
50

 
(16
)
 
100

 
126

 
(21
)
Total net charge-offs/(recoveries)
$
1,320

 
$
1,108

 
19

 
$
2,634

 
$
2,425

 
9

 
 
 
 
 
 
 
 
 
 
 
 
Net charge-off/(recovery) rate(c)
 
 
 
 
 
 
 
 
 
 
 
Consumer & Business Banking
1.00
 %
 
0.77
%
 
 
 
0.95
 %
 
0.80
%
 
 
Home equity(d)
(0.25
)
 
(0.09
)
 
 
 
(0.12
)
 
0.06

 
 
Residential mortgage(d)
(0.03
)
 
(0.33
)
 
 
 
(0.02
)
 
(0.16
)
 
 
Home Lending(d)
(0.06
)
 
(0.29
)
 
 
 
(0.03
)
 
(0.13
)
 
 
Card
3.24

 
3.27

 
 
 
3.23

 
3.30

 
 
Auto
0.27

 
0.31

 
 
 
0.32

 
0.39

 
 
Total net charge-off/(recovery) rate(d)
1.19

 
1.00

 
 
 
1.18

 
1.10

 
 
 
 
 
 
 
 
 
 
 
 
 
 
30+ day delinquency rate
 
 
 
 
 
 
 
 
 
 
 
Home Lending(e)(f)
0.71
 %
 
0.86
%
 
 
 
0.71
 %
 
0.86
%
 
 
Card
1.71

 
1.65

 
 
 
1.71

 
1.65

 
 
Auto
0.82

 
0.77

 
 
 
0.82

 
0.77

 
 
 
 
 
 
 
 
 
 
 
 
 
 
90+ day delinquency rate — Card
0.87

 
0.85

 
 
 
0.87

 
0.85

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses
 
 
 
 
 
 
 
 
 
 
 
Consumer & Business Banking
$
796

 
$
796

 
—

 
$
796

 
$
796

 
—

Home Lending, excluding PCI loans
1,003

 
1,003

 
—

 
1,003

 
1,003

 
—

Home Lending — PCI loans(c)
1,299

 
2,132

 
(39
)
 
1,299

 
2,132

 
(39
)
Card
5,383

 
4,884

 
10

 
5,383

 
4,884

 
10

Auto
465

 
464

 
—

 
465

 
464

 
—

Total allowance for loan losses(c)
$
8,946

 
$
9,279

 
(4
)%
 
$
8,946

 
$
9,279

 
(4
)%
(a)
Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as each of the pools is performing.
(b)
At June 30, 2019 and 2018, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $1.8 billion and $3.3 billion, respectively. These amounts have been excluded based upon the government guarantee.
(c)
Net charge-offs/(recoveries) and the net charge-off/(recovery) rates for the three months ended June 30, 2019 and 2018, excluded $39 million and $73 million, respectively, and for six months ended June 30, 2019 and 2018, excluded $89 million and $93 million, respectively, of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, refer to Summary of changes in the allowance for credit losses on page 68.
(d)
Excludes the impact of PCI loans. For the three months ended June 30, 2019 and 2018, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of (0.19)% and (0.07)%, respectively; (2) residential mortgage of (0.03)% and (0.30)%, respectively; (3) Home Lending of (0.05)% and (0.26)%, respectively; and (4) total CCB of 1.14% and 0.93%, respectively. For six months ended June 30, 2019 and 2018, the net charge-off/(recovery) rates included impact of PCI loans were as follows: (1) home equity of (0.09)% and 0.04%, respectively; (2) residential mortgage of (0.02)% and (0.15)%, respectively; (3) Home Lending of (0.03)% and (0.12)%, respectively; and (4) total CCB of 1.13% and 1.03%, respectively.
(e)
At June 30, 2019 and 2018, excluded mortgage loans insured by U.S. government agencies of $2.9 billion and $5.0 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
(f)
Excludes PCI loans. The 30+ day delinquency rate for PCI loans was 8.71% and 9.40% at June 30, 2019 and 2018, respectively.

25


Selected metrics
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in billions, except ratios and where otherwise noted)
2019

 
2018

 
Change

 
2019

 
2018

 
Change

Business Metrics
 
 
 
 
 
 
 
 
 
 
 
Number of branches
4,970

 
5,091

 
(2
)%
 
4,970

 
5,091

 
(2
)%
Active digital customers
(in thousands)(a)
51,032

 
47,952

 
6

 
51,032

 
47,952

 
6

Active mobile customers
(in thousands)(b)
35,392

 
31,651

 
12

 
35,392

 
31,651

 
12

Debit and credit card sales volume
$
281.5


$
255.0


10

 
$
536.6


$
487.4

 
10

 
 
 
 
 
 
 
 
 
 
 
 
Consumer & Business Banking
 
 
 
 
 
 
 
 
 
 
 
Average deposits
$
676.7

 
$
659.8

 
3

 
$
672.6

 
$
653.1

 
3

Deposit margin
2.60
%
 
2.36
%
 
 
 
2.61
%
 
2.28
%
 
 
Business banking origination volume
$
1.7

 
$
1.9

 
(9
)
 
$
3.2

 
$
3.6

 
(10
)
Client investment assets
328.1

 
283.7

 
16

 
328.1

 
283.7

 
16

 
 
 
 
 
 
 
 
 
 
 
 
Home Lending
 
 
 
 
 
 
 
 
 
 
 
Mortgage origination volume by channel
 
 
 
 
 
 
 
 
 
 
 
Retail
$
12.5

 
$
10.4

 
20

 
$
20.4

 
$
18.7

 
9

Correspondent
12.0

 
11.1

 
8

 
19.1

 
21.0

 
(9
)
Total mortgage origination volume(c)
$
24.5

 
$
21.5

 
14

 
$
39.5

 
$
39.7

 
(1
)
 
 
 
 
 
 
 
 
 
 
 
 
Total loans serviced (period-end)
$
780.1

 
$
802.6

 
(3
)
 
$
780.1

 
$
802.6

 
(3
)
Third-party mortgage loans serviced (period-end)
526.6

 
533.0

 
(1
)
 
526.6

 
533.0

 
(1
)
MSR carrying value (period-end)
5.1

 
6.2

 
(18
)
 
5.1

 
6.2

 
(18
)
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)
0.97
%
 
1.16
%
 
 
 
0.97
%
 
1.16
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MSR revenue multiple(d)
2.69
x
 
3.31
x
 
 
 
2.77
x
 
3.22
x
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Card, excluding Commercial Card
 
 
 
 
 
 
 
 
 
 
 
Credit card sales volume
$
192.5

 
$
174.0

 
11

 
$
365.0

 
$
331.1

 
10

 
 
 
 
 
 
 
 
 
 
 
 
Card Services
 
 
 
 
 
 
 
 
 
 
 
Net revenue rate
11.48
%
 
10.38
%
 
 
 
11.55
%
 
11.00
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Merchant Services
 
 
 
 
 
 
 
 
 
 
 
Merchant processing volume
$
371.6

 
$
330.8

 
12

 
$
728.1

 
$
647.1

 
13

 
 
 
 
 
 
 
 
 
 
 
 
Auto
 
 
 
 
 
 
 
 
 
 
 
Loan and lease origination volume
$
8.5

 
$
8.3

 
2

 
$
16.4

 
$
16.7

 
(2
)
Average auto operating lease assets
21.3

 
18.4

 
16
 %
 
21.1

 
18.0

 
17
 %
(a)
Users of all web and/or mobile platforms who have logged in within the past 90 days.
(b)
Users of all mobile platforms who have logged in within the past 90 days.
(c)
Firmwide mortgage origination volume was $26.3 billion and $23.7 billion for the three months ended June 30, 2019 and 2018, respectively, and $42.7 billion and $43.7 billion for six months ended June 30, 2019 and 2018, respectively.
(d)
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).


26

CORPORATE & INVESTMENT BANK
For a discussion of the business profile of CIB, refer to pages 66–70 of JPMorgan Chase’s 2018 Form 10-K and Line of Business Metrics on page 173.
Selected income statement data
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions, except ratios)
2019
 
2018
 
Change
 
2019
 
2018
 
Change
Revenue
 
 
 
 
 
 
 
 
 
 
 
Investment banking fees
$
1,846

 
$
2,139

 
(14
)%
 
$
3,690

 
$
3,835

 
(4
)%
Principal transactions
3,885

 
3,666

 
6

 
8,048

 
7,695

 
5

Lending- and deposit-related fees
374

 
382

 
(2
)
 
735

 
763

 
(4
)
Asset management, administration and commissions
1,149

 
1,155

 
(1
)
 
2,250

 
2,286

 
(2
)
All other income
229

 
190

 
21

 
423

 
870

 
(51
)
Noninterest revenue
7,483

 
7,532

 
(1
)
 
15,146

 
15,449

 
(2
)
Net interest income
2,158

 
2,391

 
(10
)
 
4,343

 
4,957

 
(12
)
Total net revenue(a)
9,641

 
9,923

 
(3
)
 
19,489

 
20,406

 
(4
)
 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
—

 
58

 
NM

 
87

 
(100
)
 
NM

 
 
 
 
 
 
 
 
 
 
 
 
Noninterest expense
 
 
 
 
 
 
 
 
 
 
 
Compensation expense
2,698

 
2,720

 
(1
)
 
5,647

 
5,756

 
(2
)
Noncompensation expense
2,789

 
2,683

 
4

 
5,293

 
5,306

 
—

Total noninterest expense
5,487

 
5,403

 
2

 
10,940

 
11,062

 
(1
)
Income before income tax expense
4,154

 
4,462

 
(7
)
 
8,462

 
9,444

 
(10
)
Income tax expense
1,219

 
1,264

 
(4
)
 
2,276

 
2,272

 
—

Net income
$
2,935

 
$
3,198

 
(8
)%
 
$
6,186

 
$
7,172

 
(14
)%
Financial ratios
 
 
 
 
 
 
 
 
 
 
 
Return on equity
14
%
 
17
%
 
 
 
15
%
 
20
%
 
 
Overhead ratio
57

 
54

 
 
 
56

 
54

 
 
Compensation expense as percentage of total net revenue
28

 
27

 
 
 
29

 
28

 
 
(a)
Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; and tax-exempt income from municipal bonds of $547 million and $428 million for the three months ended June 30, 2019 and 2018, respectively, and $1.1 billion and $833 million for the six months ended June 30, 2019 and 2018, respectively.
Selected income statement data
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019
 
2018
 
Change
 
2019
 
2018
 
Change
Revenue by business
 
 
 
 
 
 
 
 
 
 
 
Investment Banking
$
1,776

 
$
1,949

 
(9
)%
 
$
3,521

 
$
3,536

 
—
 %
Treasury Services
1,135

 
1,181

 
(4
)
 
2,282

 
2,297

 
(1
)
Lending
337

 
321

 
5

 
677

 
623

 
9

Total Banking
3,248

 
3,451

 
(6
)
 
6,480

 
6,456

 
—

Fixed Income Markets
3,690

 
3,453

 
7

 
7,415

 
8,006

 
(7
)
Equity Markets
1,728

 
1,959

 
(12
)
 
3,469

 
3,976

 
(13
)
Securities Services
1,045

 
1,103

 
(5
)
 
2,059

 
2,162

 
(5
)
Credit Adjustments & Other(a)
(70
)
 
(43
)
 
(63
)
 
66

 
(194
)
 
NM

Total Markets & Securities Services(b)
6,393

 
6,472

 
(1
)
 
13,009

 
13,950

 
(7
)
Total net revenue
$
9,641

 
$
9,923

 
(3
)%
 
$
19,489

 
$
20,406

 
(4
)%
(a)
Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives. Results are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(b)
Formerly Markets & Investor Services.



 




27

Quarterly results
Net income was $2.9 billion, down 8%.
Net revenue was $9.6 billion, down 3%.
Banking revenue was $3.2 billion, down 6%.
•
Investment Banking revenue was $1.8 billion, down 9%, reflecting lower fees across products. The Firm maintained its #1 ranking for Global Investment Banking fees, according to Dealogic.
–
Debt underwriting fees were $816 million, down 13%, driven by declines in industry-wide fee levels.
–
Advisory fees were $525 million, down 16% and Equity underwriting fees were $505 million, down 11%, driven by declines in industry-wide fee levels and when compared to a strong prior year.
•
Treasury Services revenue was $1.1 billion, down 4%, predominantly driven by deposit margin compression, largely offset by growth in operating deposits and higher fees on increased payments volume.
•
Lending revenue was $337 million, up 5%, predominantly driven by higher net interest income reflecting growth in loan balances.
Markets & Securities Services revenue was $6.4 billion, down 1%. Markets revenue was $5.4 billion, flat compared to the prior year, and included a gain from the IPO of a strategic investment in Tradeweb. Excluding this gain, total Markets revenue and Fixed Income Markets revenue were down 6% and 3% respectively.
•
Fixed Income Markets revenue was $3.7 billion reflecting relative weakness in EMEA across products, largely offset by increased client activity in North America Rates and agency mortgage trading due to the changing rate environment.
•
Equity Markets revenue was $1.7 billion, down 12% compared to a strong prior year, predominantly driven by lower client activity in derivatives.
•
Securities Services revenue was $1.0 billion, down 5%, driven by deposit margin compression and the impact of a business exit, partially offset by increased client activity.
The provision for credit losses was zero, compared with $58 million in the prior year.
Noninterest expense was $5.5 billion, up 2%, reflecting higher legal expense, largely offset by lower performance-related compensation expense.
 
Year-to-date results
Net income was $6.2 billion, down 14%.
Net revenue was $19.5 billion, down 4%.
Banking revenue was $6.5 billion, flat compared to the prior year.
•
Investment Banking revenue was $3.5 billion, flat compared to the prior year, driven by lower equity underwriting and advisory fees, partially offset by higher debt underwriting fees. The Firm maintained its #1 ranking for Global Investment Banking fees with overall share gains, according to Dealogic.
–
Equity underwriting fees were $770 million, down 16% and Advisory fees were $1.2 billion, down 3%, driven by declines in industry-wide fee levels.
–
Although industry-wide fee levels declined, Debt underwriting fees of $1.8 billion were up 2%, driven by large acquisition financing deals.
•
Treasury Services revenue was $2.3 billion, down 1%, reflecting deposit margin compression offset by growth in operating deposits and higher fees on increased payments volume.
•
Lending revenue was $677 million, up 9%, predominantly driven by higher net interest income reflecting growth in loan balances.
Markets & Securities Services revenue was $13.0 billion, down 7%. Markets revenue was $10.9 billion, which included a gain from the IPO of a strategic investment in Tradeweb. In addition, prior year results included approximately $500 million of fair value gains related to the adoption of the recognition and measurement accounting guidance for certain equity investments previously held at cost. Excluding these gains, total Markets revenue and Fixed Income Markets revenue were down 8% and 6% respectively.
•
Fixed Income Markets revenue was $7.4 billion reflecting lower revenue in Currencies & Emerging Markets and Rates. This decline was partially offset by higher revenue in agency mortgage trading due to the changing rate environment.
•
Equity Markets revenue was $3.5 billion, down 13% compared to a strong prior year, predominantly driven by lower client activity in derivatives.
•
Securities Services revenue was $2.1 billion, down 5%, driven by deposit margin compression and the impact of a business exit, partially offset by increased client activity.
•
Credit Adjustments & Other was a gain of $66 million, compared with a loss of $194 million in the prior year.
The provision for credit losses was $87 million reflecting select C&I client downgrades. The prior year was a benefit of $100 million, reflecting a reduction in the allowance for credit losses primarily driven by a single name in the Oil & Gas portfolio, partially offset by net portfolio activity.
Noninterest expense was $10.9 billion, down 1%, reflecting lower performance-related compensation expense and lower FDIC charges partially offset by higher investments in technology and higher legal expense.

28

Selected metrics
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except headcount)
2019
 
2018
 
Change
 
2019
 
2018
 
Change
Selected balance sheet data (period-end)
 
 
 
 
 
 
 
 
 
 
 
Assets
$
962,498

 
$
908,954

 
6
 %
 
$
962,498

 
$
908,954

 
6
 %
Loans:
 
 
 
 
 
 
 
 
 
 
 
Loans retained(a)
123,074

 
116,645

 
6

 
123,074

 
116,645

 
6

Loans held-for-sale and loans at fair value
6,838

 
6,254

 
9

 
6,838

 
6,254

 
9

Total loans
129,912

 
122,899

 
6

 
129,912

 
122,899

 
6

Core loans
129,747

 
122,574

 
6

 
129,747

 
122,574

 
6

Equity
80,000

 
70,000

 
14

 
80,000

 
70,000

 
14

Selected balance sheet data (average)
 
 
 
 
 
 
 
 
 
 
 
Assets
$
992,792

 
$
937,217

 
6

 
$
976,408

 
$
923,756

 
6

Trading assets-debt and equity instruments
421,775

 
358,611

 
18

 
401,656

 
356,750

 
13

Trading assets-derivative receivables
48,815

 
60,623

 
(19
)
 
49,707

 
60,393

 
(18
)
Loans:
 
 
 
 
 
 
 
 
 
 
 
Loans retained(a)
$
124,194

 
$
113,950

 
9

 
$
125,585

 
$
111,665

 
12

Loans held-for-sale and loans at fair value
7,763

 
5,961

 
30

 
8,186

 
5,722

 
43

Total loans
$
131,957

 
$
119,911

 
10

 
$
133,771

 
$
117,387

 
14

Core loans
131,792

 
119,637

 
10

 
133,596

 
117,090

 
14

Equity
80,000

 
70,000

 
14

 
80,000

 
70,000

 
14

Headcount(b)
54,959

 
51,400

 
7
 %
 
54,959

 
51,400

 
7
 %
(a)
Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.
(b)
During the third quarter of 2018 approximately 1,200 employees transferred from CCB to CIB as part of the reorganization of the Commercial Card business.
Selected metrics
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except ratios)
2019
 
2018
 
Change
 
2019
 
2018
 
Change
Credit data and quality statistics
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs/(recoveries)
$
72

 
$
114

 
(37
)%
 
$
102

 
$
134

 
(24
)%
Nonperforming assets:
 
 
 
 
 
 
 
 
 
 
 
Nonaccrual loans:
 
 
 
 
 
 
 
 
 
 
 
Nonaccrual loans retained(a)
$
569

 
$
352

 
62
 %
 
$
569

 
$
352

 
62

Nonaccrual loans held-for-sale and loans at fair value
370

 
175

 
111

 
370

 
175

 
111

Total nonaccrual loans
939

 
527

 
78

 
939

 
527

 
78

Derivative receivables
39

 
112

 
(65
)
 
39

 
112

 
(65
)
Assets acquired in loan satisfactions
58

 
104

 
(44
)
 
58

 
104

 
(44
)
Total nonperforming assets
$
1,036

 
$
743

 
39

 
$
1,036

 
$
743

 
39

Allowance for credit losses:
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses
$
1,131

 
$
1,043

 
8

 
$
1,131

 
$
1,043

 
8

Allowance for lending-related commitments
807

 
828

 
(3
)
 
807

 
828

 
(3
)
Total allowance for credit losses
$
1,938

 
$
1,871

 
4
 %
 
$
1,938

 
$
1,871

 
4
 %
Net charge-off/(recovery) rate(b)
0.23
%
 
0.40
%
 
 
 
0.16
%
 
0.24
%
 
 
Allowance for loan losses to period-end loans retained
0.92

 
0.89

 
 
 
0.92

 
0.89

 
 
Allowance for loan losses to period-end loans retained, excluding trade finance and conduits(c)
1.27

 
1.27

 
 
 
1.27

 
1.27

 
 
Allowance for loan losses to nonaccrual loans retained(a)
199

 
296

 
 
 
199

 
296

 
 
Nonaccrual loans to total period-end loans
0.72
%
 
0.43
%
 
 
 
0.72
%
 
0.43
%
 
 
(a)
Allowance for loan losses of $147 million and $141 million were held against these nonaccrual loans at June 30, 2019 and 2018, respectively.
(b)
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
(c)
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.

29

Investment banking fees
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019
 
2018
 
Change
 
2019
 
2018
 
Change
Advisory
$
525

 
$
626

 
(16
)%
 
$
1,169

 
$
1,201

 
(3
)%
Equity underwriting
505

 
570

 
(11
)
 
770

 
916

 
(16
)
Debt underwriting(a)
816

 
943

 
(13
)
 
1,751

 
1,718

 
2

Total investment banking fees
$
1,846

 
$
2,139

 
(14
)%
 
$
3,690

 
$
3,835

 
(4
)%
(a)
Includes loan syndications.
League table results – wallet share
 
 
 
 
 
Three months ended June 30, 2019
 
Full-year 2018
 
Rank
Share
 
Rank
Share
Based on fees(a)
 
 
 
 
 
 
 
Long-term debt(b)
 
 
 
 
 
 
 
Global
#
1

 
7.3
 
#
1

 
7.2
%
U.S.
1

 
10.7
 
1

 
11.2

Equity and equity-related(c)
 
 
 
 
 
 
 
Global
1

 
9.7
 
1

 
9.0

U.S.
2

 
11.6
 
1

 
12.3

M&A(d)
 
 
 
 
 
 
 
Global
2

 
9.3
 
2

 
8.7

U.S.
2

 
9.7
 
2

 
8.9

Loan syndications
 
 
 
 
 
 
 
Global
2

 
8.9
 
1

 
9.5

U.S.
2

 
10.3
 
1

 
12.0

Global investment banking fees(e)
#
1

 
8.7
 
#
1

 
8.6
%
(a)
Source: Dealogic as of July 1, 2019. Reflects the ranking of revenue wallet and market share.
(b)
Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”); and exclude money market, short-term debt, and U.S. municipal securities.
(c)
Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.
(d)
Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.
(e)
Global investment banking fees exclude money market, short-term debt and shelf deals.

30

Markets revenue
The following table summarizes select income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue comprises principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets may occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives that are
 
recorded in principal transactions revenue. For a description of the composition of these income statement line items, refer to Notes 5 and 6. For further information, refer to Markets revenue on page 69 of JPMorgan Chase’s 2018 Form 10-K.
For the periods presented below, the predominant source of principal transactions revenue was the amount recognized upon executing new transactions.
 
Three months ended June 30,
 
Three months ended June 30,
 
2019
 
2018

(in millions)
Fixed Income Markets
Equity Markets
Total Markets
 
Fixed Income Markets
Equity Markets
Total Markets
Principal transactions
$
2,431

$
1,608

$
4,039

 
$
2,214

$
1,664

$
3,878

Lending- and deposit-related fees
49

2

51

 
49

2

51

Asset management, administration and commissions
97

453

550

 
104

460

564

All other income
173

(19
)
154

 
171

(6
)
165

Noninterest revenue
2,750

2,044

4,794

 
2,538

2,120

4,658

Net interest income(a)
940

(316
)
624

 
915

(161
)
754

Total net revenue
$
3,690

$
1,728

$
5,418

 
$
3,453

$
1,959

$
5,412

 
Six months ended June 30,
 
Six months ended June 30,
 
2019
 
2018

(in millions)
Fixed Income Markets
Equity Markets
Total Markets
 
Fixed Income Markets
Equity Markets
Total Markets
Principal transactions
$
4,913

$
3,165

$
8,078

 
$
4,946

$
3,276

$
8,222

Lending- and deposit-related fees
98

4

102

 
96

3

99

Asset management, administration and commissions
200

887

1,087

 
217

918

1,135

All other income
392

(23
)
369

 
731

11

742

Noninterest revenue
5,603

4,033

9,636

 
5,990

4,208

10,198

Net interest income(a)
1,812

(564
)
1,248

 
2,016

(232
)
1,784

Total net revenue
$
7,415

$
3,469

$
10,884

 
$
8,006

$
3,976

$
11,982

(a)
Declines in Markets net interest income were driven by higher funding costs.

31

Selected metrics
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except where otherwise noted)
2019
 
2018
 
Change
 
2019
 
2018
 
Change
Assets under custody (“AUC”) by asset class (period-end)
(in billions):
 
 
 
 
 
 
 
 
 
 
 
Fixed Income
$
13,056

 
$
12,611

 
4
%
 
$
13,056

 
$
12,611

 
4
%
Equity
9,352

 
8,791

 
6

 
9,352

 
8,791

 
6

Other(a)
3,042

 
2,782

 
9

 
3,042

 
2,782

 
9

Total AUC
$
25,450


$
24,184

 
5

 
$
25,450

 
$
24,184

 
5

Client deposits and other third-party liabilities (average)(b)
$
458,237


$
433,646

 
6
%
 
$
451,185

 
$
428,502

 
5
%
(a)
Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.
(b)
Client deposits and other third-party liabilities pertain to the Treasury Services and Securities Services businesses.
International metrics
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except where
 otherwise noted)
2019
 
2018(c)
 
Change
 
2019
 
2018(c)
 
Change
Total net revenue(a)
 
 
 
 
 
 
 
 
 
 
 
Europe/Middle East/Africa
$
2,910

 
$
3,470

 
(16
)%
 
$
6,063

 
$
7,163

 
(15
)%
Asia/Pacific
1,296

 
1,341

 
(3
)
 
2,715

 
2,763

 
(2
)
Latin America/Caribbean
398

 
369

 
8

 
801

 
805

 
—

Total international net revenue
4,604

 
5,180

 
(11
)
 
9,579

 
10,731

 
(11
)
North America
5,037

 
4,743

 
6

 
9,910

 
9,675

 
2

Total net revenue
$
9,641

 
$
9,923

 
(3
)
 
$
19,489

 
$
20,406

 
(4
)
 
 
 
 
 
 
 
 
 
 
 
 
Loans retained (period-end)(a)
 
 
 
 
 
 
 
 
 
 
Europe/Middle East/Africa
$
24,665

 
$
26,342

 
(6
)
 
$
24,665

 
$
26,342

 
(6
)
Asia/Pacific
15,302

 
16,983

 
(10
)
 
15,302

 
16,983

 
(10
)
Latin America/Caribbean
7,090

 
5,621

 
26

 
7,090

 
5,621

 
26

Total international loans
47,057

 
48,946

 
(4
)
 
47,057

 
48,946

 
(4
)
North America
76,017

 
67,699

 
12

 
76,017

 
67,699

 
12

Total loans retained
$
123,074

 
$
116,645

 
6

 
$
123,074

 
$
116,645

 
6

 
 
 
 
 
 
 
 
 
 
 
 
Client deposits and other third-party liabilities (average)(b)
 
 
 
 
 
 
 
 
 
 
 
Europe/Middle East/Africa
$
175,189

 
$
164,735

 
6

 
$
169,694

 
$
162,124

 
5

Asia/Pacific
86,889

 
81,465

 
7

 
85,990

 
82,526

 
4

Latin America/Caribbean
28,869

 
27,747

 
4

 
28,180

 
26,620

 
6

Total international
$
290,947

 
$
273,947

 
6

 
$
283,864

 
$
271,270

 
5

North America
167,290

 
159,699

 
5

 
167,321

 
157,232

 
6

Total client deposits and other third-party liabilities
$
458,237

 
$
433,646

 
6

 
$
451,185

 
$
428,502

 
5

 
 
 
 
 
 
 
 
 
 
 
 
AUC (period-end)(b)
(in billions)
 
 
 
 
 
 
 
 
 
 
 
North America
$
15,875

 
$
14,942

 
6

 
$
15,875

 
$
14,942

 
6

All other regions
9,575

 
9,242

 
4

 
9,575

 
9,242

 
4

Total AUC
$
25,450

 
$
24,184

 
5
 %
 
$
25,450

 
$
24,184

 
5
 %
(a)
Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.
(b)
Client deposits and other third-party liabilities pertaining to the Treasury Services and Securities Services businesses, and AUC, are based on the domicile of the client.
(c)
The prior period amounts have been revised to conform with the current period presentation.

32

COMMERCIAL BANKING
For a discussion of the business profile of CB, refer to pages 71-73 of JPMorgan Chase’s 2018 Form 10-K and Line of Business Metrics on page 174.
Selected income statement data
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
Change

 
2019

 
2018

 
Change
Revenue
 
 
 
 
 
 
 
 
 
 
 
Lending- and deposit-related fees
$
216

 
$
224

 
(4
)%
 
$
443

 
$
450

 
(2
)%
All other income(a)
333

 
409

 
(19
)
 
764

 
732

 
4

Noninterest revenue
549

 
633

 
(13
)
 
1,207

 
1,182

 
2

Net interest income
1,662

 
1,683

 
(1
)
 
3,342

 
3,300

 
1

Total net revenue(b)
2,211

 
2,316

 
(5
)
 
4,549

 
4,482

 
1

 
 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
29

 
43

 
(33
)
 
119

 
38

 
213

 
 
 
 
 
 
 
 
 
 
 
 
Noninterest expense
 
 
 
 
 
 
 
 
 
 
 
Compensation expense
438

 
415

 
6

 
887

 
836

 
6

Noncompensation expense
426

 
429

 
(1
)
 
850

 
852

 
—

Total noninterest expense
864

 
844

 
2

 
1,737

 
1,688

 
3

 
 
 
 
 
 
 
 
 
 
 
 
Income before income tax expense
1,318

 
1,429

 
(8
)
 
2,693

 
2,756

 
(2
)
Income tax expense
322

 
342

 
(6
)
 
644

 
644

 
—

Net income
$
996

 
$
1,087

 
(8
)%
 
$
2,049

 
$
2,112

 
(3
)%
(a)
Effective in the first quarter of 2019, includes revenue from investment banking products, commercial card transactions and asset management fees. The prior period amounts have been revised to conform with the current period presentation.
(b)
Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community
development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income related to municipal financing activities of $100 million and $106 million for the three months ended June 30, 2019 and 2018, respectively and $194 million and $209 million for the six months ended June 30, 2019 and 2018, respectively.
Quarterly results
Net income was $1.0 billion, a decrease of 8%.
Net revenue was $2.2 billion, down 5%. Net interest income was $1.7 billion, down 1%, predominantly driven by lower deposit balances. Noninterest revenue was $549 million, a decrease of 13%, largely driven by lower investment banking revenue due to the timing of large fee transactions.
Noninterest expense was $864 million, up 2%, driven by continued investments in banker coverage and technology.
The provision for credit losses was $29 million, compared with $43 million in the prior year.
 
Year-to-date results
Net income was $2.0 billion, a decrease of 3%.
Net revenue was $4.5 billion, an increase of 1%. Net interest income was $3.3 billion, an increase of 1%, driven by higher deposit margins partially offset by lower deposit balances. Noninterest revenue was $1.2 billion, up 2% driven by higher investment banking revenue, partially offset by lower deposit fees.
Noninterest expense was $1.7 billion, an increase of 3%, driven by continued investments in banker coverage and technology.
The provision for credit losses was $119 million, predominantly driven by a net addition to the allowance for credit losses on select C&I client downgrades. The prior year was an expense of $38 million.

33

Selected income statement data (continued)
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions, except ratios)
2019

 
2018

 
Change

 
2019

 
2018

 
Change
Revenue by product
 
 
 
 
 
 
 
 
 
 
 
Lending
$
1,012

 
$
1,026

 
(1
)%
 
$
2,024

 
$
2,025

 
—
 %
Treasury services
989

 
1,026

 
(4
)
 
2,018

 
1,998

 
1

Investment banking(a)
193

 
254

 
(24
)
 
482

 
438

 
10

Other
17

 
10

 
70

 
25

 
21

 
19

Total Commercial Banking net revenue
$
2,211

 
$
2,316

 
(5
)
 
$
4,549

 
$
4,482

 
1

 
 
 
 
 
 
 
 
 
 
 
 
Investment banking revenue, gross(b)
$
592

 
$
739

 
(20
)
 
$
1,410

 
$
1,308

 
8

 
 
 
 
 
 
 
 
 
 
 
 
Revenue by client segments
 
 
 
 
 
 
 
 
 
 
 
Middle Market Banking
$
939

 
$
919

 
2

 
$
1,890

 
$
1,814

 
4

Corporate Client Banking
709

 
807

 
(12
)
 
1,525

 
1,494

 
2

Commercial Real Estate Banking(c)
538

 
559

 
(4
)
 
1,085

 
1,119

 
(3
)
Other(c)
25

 
31

 
(19
)
 
49

 
55

 
(11
)
Total Commercial Banking net revenue
$
2,211

 
$
2,316

 
(5
)%
 
$
4,549

 
$
4,482

 
1
 %
 
 
 
 
 
 
 
 
 
 
 
 
Financial ratios
 
 
 
 
 
 
 
 
 
 
 
Return on equity
17
%
 
21
%
 
 
 
18
%
 
20
%
 
 
Overhead ratio
39

 
36

 
 
 
38

 
38

 
 
(a)
Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.
(b)
For discussion of revenue sharing, refer to page 60 of the 2018 Form 10-K.
(c)
Effective in the first quarter of 2019, client segment data includes Commercial Real Estate Banking which comprises the former Commercial Term Lending and Real Estate Banking client segments, and Community Development Banking (previously part of Other). The prior period amounts have been revised to conform with the current period presentation.


34

Selected metrics
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except headcount)
2019

2018

Change

 
2019
2018
Change
Selected balance sheet data (period-end)
 
 
 
 
 
 
 
Total assets
$
220,712

$
220,232

—
 %
 
$
220,712

$
220,232

—
 %
Loans:
 
 
 
 
 
 
 
Loans retained
208,323

205,834

1

 
208,323

205,834

1

Loans held-for-sale and loans at fair value
1,284

1,576

(19
)
 
1,284

1,576

(19
)
Total loans
$
209,607

$
207,410

1

 
$
209,607

$
207,410

1

Core loans
209,475

207,238

1

 
209,475

207,238

1

Equity
22,000

20,000

10

 
22,000

20,000

10

 
 
 
 
 
 
 
 
Period-end loans by client segment
 
 
 
 
 
 
 
Middle Market Banking
$
56,346

$
58,301

(3
)
 
$
56,346

$
58,301

(3
)
Corporate Client Banking
51,500

48,885

5

 
51,500

48,885

5

Commercial Real Estate Banking(a)
100,751

98,808

2

 
100,751

98,808

2

Other(a)
1,010

1,416

(29
)
 
1,010

1,416

(29
)
Total Commercial Banking loans
$
209,607

$
207,410

1

 
$
209,607

$
207,410

1

 
 
 
 
 
 
 
 
Selected balance sheet data (average)
 
 
 
 
 
 
 
Total assets
$
218,760

$
218,396

—

 
$
218,530

$
217,781

—

Loans:
 
 
 
 
 
 
 
Loans retained
206,771

204,239

1

 
205,623

203,109

1

Loans held-for-sale and loans at fair value
701

1,381

(49
)
 
1,165

896

30

Total loans
$
207,472

$
205,620

1

 
$
206,788

$
204,005

1

Core loans
207,336

205,440

1

 
206,646

203,809

1

 
 
 
 
 
 
 
 
Average loans by client segment
 
 
 
 
 
 
 
Middle Market Banking
$
57,155

$
57,346

—

 
$
56,940

$
57,052

—

Corporate Client Banking
48,656

48,150

1

 
48,400

46,962

3

Commercial Real Estate Banking(a)
100,671

98,601

2

 
100,469

98,500

2

Other(a)
990

1,523

(35
)
 
979

1,491

(34
)
Total Commercial Banking loans
$
207,472

$
205,620

1

 
$
206,788

$
204,005

1

 
 
 
 
 
 
 
 
Client deposits and other third-party liabilities
$
168,247

$
170,745

(1
)
 
$
167,756

$
173,168

(3
)
Equity
22,000

20,000

10

 
22,000

20,000

10

 
 
 
 
 
 
 
 
Headcount
11,248

10,579

6
 %
 
11,248

10,579

6
 %
(a)
Effective in the first quarter of 2019, client segment data includes Commercial Real Estate Banking which comprises the former Commercial Term Lending and Real Estate Banking client segments, and Community Development Banking (previously part of Other). The prior period amounts have been revised to conform with the current period presentation.

35

Selected metrics (continued)
 
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except ratios)
2019

2018

Change

 
2019

 
2018

 
Change
Credit data and quality statistics
 
 
 
 
 
 
 
 
 
Net charge-offs/(recoveries)
$
15

$
34

(56
)%
 
$
26

 
$
34

 
(24
)%
Nonperforming assets
 
 
 
 
 
 
 
 
 
Nonaccrual loans:
 
 
 
 
 
 
 
 
 
Nonaccrual loans retained(a)
$
614

$
546

12
 %
 
$
614

 
$
546

 
12
 %
Nonaccrual loans held-for-sale and loans at fair value
—

—

—

 
—

 
—

 
—

Total nonaccrual loans
$
614

$
546

12

 
$
614

 
$
546

 
12

Assets acquired in loan satisfactions
20

2

NM

 
20

 
2

 
NM

Total nonperforming assets
$
634

$
548

16

 
$
634

 
$
548

 
16

Allowance for credit losses:
 
 
 
 
 
 
 
 
 
Allowance for loan losses
$
2,756

$
2,622

5

 
$
2,756

 
$
2,622

 
5

Allowance for lending-related commitments
274

243

13

 
274

 
243

 
13

Total allowance for credit losses
$
3,030

$
2,865

6
 %
 
$
3,030

 
$
2,865

 
6
 %
Net charge-off/(recovery) rate(b)
0.03
%
0.07
%
 
 
0.03
%
 
0.03
%
 
 
Allowance for loan losses to period-end loans retained
1.32

1.27

 
 
1.32

 
1.27

 
 
Allowance for loan losses to nonaccrual loans retained(a)
449

480

 
 
449

 
480

 
 
Nonaccrual loans to period-end total loans
0.29

0.26

 
 
0.29

 
0.26

 
 
(a)
Allowance for loan losses of $125 million and $126 million was held against nonaccrual loans retained at June 30, 2019 and 2018, respectively.
(b)
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.


36

ASSET & WEALTH MANAGEMENT
For a discussion of the business profile of AWM, refer to pages 74–76 of JPMorgan Chase’s 2018 Form 10-K and Line of Business Metrics on pages 174–175.
Selected income statement data
 
 
 
 
(in millions, except ratios)
Three months ended June 30,
 
Six months ended June 30,
2019

2018

Change

 
2019

2018

Change

Revenue
 
 
 
 
 
 
 
Asset management, administration and commissions
$
2,568

$
2,532

1
 %
 
$
4,984

$
5,060

(2
)%
All other income
115

155

(26
)
 
292

257

14

Noninterest revenue
2,683

2,687

—

 
5,276

5,317

(1
)
Net interest income
876

885

(1
)
 
1,772

1,761

1

Total net revenue
3,559

3,572

—

 
7,048

7,078

—

 
 
 
 
 
 
 
 
Provision for credit losses
2

2

—

 
4

17

(76
)
 
 
 
 
 
 
 
 
Noninterest expense
 
 
 
 
 
 
 
Compensation expense
1,406

1,329

6

 
2,868

2,721

5

Noncompensation expense
1,190

1,237

(4
)
 
2,375

2,426

(2
)
Total noninterest expense
2,596

2,566

1

 
5,243

5,147

2

 
 
 
 
 
 
 
 
Income before income tax expense
961

1,004

(4
)
 
1,801

1,914

(6
)
Income tax expense
242

249

(3
)
 
421

389

8

Net income
$
719

$
755

(5
)
 
$
1,380

$
1,525

(10
)
 
 
 
 
 
 
 
 
Revenue by line of business
 
 
 
 
 
 
 
Asset Management
$
1,785

$
1,826

(2
)
 
$
3,546

$
3,613

(2
)
Wealth Management
1,774

1,746

2

 
3,502

3,465

1

Total net revenue
$
3,559

$
3,572

—
 %
 
$
7,048

$
7,078

—
 %
 
 
 
 
 
 
 
 
Financial ratios
 
 
 
 
 
 
 
Return on equity
27
%
33
%
 
 
26
%
33
%
 
Overhead ratio
73

72

 
 
74

73

 
Pre-tax margin ratio:
 
 
 
 
 
 
 
Asset Management
25

28

 
 
24

27

 
Wealth Management
29

28

 
 
27

27

 
Asset & Wealth Management
27

28

 
 
26

27

 
Quarterly results
Net income was $719 million, a decrease of 5%.
Net revenue of $3.6 billion was flat. Net interest income was $876 million, down 1%, driven by lower deposit revenue, largely offset by loan growth. Noninterest revenue of $2.7 billion was flat, as the impact of higher average market levels was predominantly offset by lower net investment valuation gains.
Noninterest expense was $2.6 billion, an increase of 1%, driven by continued investments in advisors and technology, partially offset by lower distribution fees.
 
Year-to-date results
Net income was $1.4 billion, a decrease of 10%.
Net revenue of $7 billion was flat. Net interest income was $1.8 billion, up 1%, predominantly driven by loan growth, offset by lower deposit revenue. Noninterest revenue was $5.3 billion, down 1%, driven by a shift in the mix toward lower fee products and lower average market levels, predominantly offset by higher net investment valuation gains.
Noninterest expense was $5.2 billion, an increase of 2%, largely driven by continued investments in technology and advisors, partially offset by lower distribution fees.


37

Selected metrics
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except ranking data, headcount and ratios)
2019

2018

Change

 
2019

2018

Change

% of JPM mutual fund assets rated as 4- or 5-star(a)
63
%
59
%
 
 
63
%
59
%
 
% of JPM mutual fund assets ranked in 1st or 2nd quartile:(b)
 
 
 
 
 
 
 
1 year
78

65

 
 
78

65

 
3 years
75

71

 
 
75

71

 
5 years
82

85

 
 
82

85

 
 
 
 
 
 
 
 
 
Selected balance sheet data (period-end)
 
 
 
 
 
 
 
Total assets
$
172,149

$
161,474

7
 %
 
$
172,149

$
161,474

7
 %
Loans
149,877

138,606

8

 
149,877

138,606

8

Core loans
149,877

138,606

8

 
149,877

138,606

8

Deposits
136,225

131,511

4

 
136,225

131,511

4

Equity
10,500

9,000

17

 
10,500

9,000

17

 
 
 
 
 
 
 
 
Selected balance sheet data (average)
 
 
 
 
 
 
 
Total assets
$
167,544

$
158,244

6

 
$
167,452

$
156,305

7

Loans
146,494

136,710

7

 
145,953

134,683

8

Core loans
146,494

136,710

7

 
145,953

134,683

8

Deposits
140,317

139,557

1

 
139,282

141,865

(2
)
Equity
10,500

9,000

17

 
10,500

9,000

17

 
 
 
 
 
 
 
 
Headcount
23,683

23,141

2

 
23,683

23,141

2

 
 
 
 
 
 
 
 
Number of Wealth Management client advisors
2,735

2,644

3

 
2,735

2,644

3

 
 
 
 
 
 
 
 
Credit data and quality statistics
 
 
 
 
 
 
 
Net charge-offs
$
(3
)
$
(5
)
40

 
$
1

$
(4
)
NM

Nonaccrual loans
127

323

(61
)
 
127

323

(61
)
Allowance for credit losses:
 
 
 
 
 
 
 
Allowance for loan losses
$
331

$
304

9

 
$
331

$
304

9

Allowance for lending-related commitments
17

15

13

 
17

15

13

Total allowance for credit losses
$
348

$
319

9
 %
 
$
348

$
319

9
 %
Net charge-off rate
(0.01
)%
(0.01
)%
 
 
—

(0.01
)%
 
Allowance for loan losses to period-end loans
0.22

0.22

 
 
0.22

0.22

 
Allowance for loan losses to nonaccrual loans
261

94

 
 
261

94

 
Nonaccrual loans to period-end loans
0.08

0.23

 
 
0.08

0.23

 
(a)
Represents the “overall star rating” derived from Morningstar for the U.S., the U.K., Luxembourg, Hong Kong and Taiwan domiciled funds; and Nomura “star rating” for Japan domiciled funds. Includes only Asset Management retail open-ended mutual funds that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil and India domiciled funds.
(b)
Quartile ranking sourced from: Lipper for the U.S. and Taiwan domiciled funds; Morningstar for the U.K., Luxembourg and Hong Kong domiciled funds; Nomura for Japan domiciled funds and Fund Doctor for South Korea domiciled funds. Includes only Asset Management retail open-ended mutual funds that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil and India domiciled funds.

38

Client assets
Client assets of $3.0 trillion and assets under management of $2.2 trillion were both up 7%, predominantly driven by net inflows into long-term and liquidity products as well as higher market levels globally.
Client assets
 
 
 
 
June 30,
(in billions)
2019

2018

Change

Assets by asset class
 
 
 
Liquidity
$
481

$
448

7
%
Fixed income
543

452

20

Equity
441

435

1

Multi-asset and alternatives
713

693

3

Total assets under management
2,178

2,028

7

Custody/brokerage/administration/deposits
820

771

6

Total client assets
$
2,998

$
2,799

7

 
 
 
 
Memo:
 
 
 
Alternatives client assets (a)
$
177

$
172

3

 
 
 
 
Assets by client segment
 
 
 
Private Banking
$
617

$
551

12

Institutional
991

934

6

Retail
570

543

5

Total assets under management
$
2,178

$
2,028

7

 
 
 
 
Private Banking
$
1,410

$
1,298

9

Institutional
1,013

956

6

Retail
575

545

6

Total client assets
$
2,998

$
2,799

7
%
(a)
Represents assets under management, as well as client balances in brokerage accounts
Client assets (continued)
 
 
 
 
 


Three months ended
June 30,
Six months ended
June 30,
(in billions)
2019

2018

 
2019

2018

Assets under management rollforward
 
 
 
 
 
Beginning balance
$
2,096

$
2,016

 
$
1,987

$
2,034

Net asset flows:
 
 
 
 
 
Liquidity
4

17

 
(1
)
(4
)
Fixed income
37

(7
)
 
56

(12
)
Equity
(1
)
2

 
(7
)
7

Multi-asset and alternatives
—

9

 
(3
)
25

Market/performance/other impacts
42

(9
)
 
146

(22
)
Ending balance, June 30
$
2,178

$
2,028

 
$
2,178

$
2,028

 
 
 
 
 
 
Client assets rollforward
 
 
 
 
 
Beginning balance
$
2,897

$
2,788

 
$
2,733

$
2,789

Net asset flows
52

11

 
61

25

Market/performance/other impacts
49

—

 
204

(15
)
Ending balance, June 30
$
2,998

$
2,799

 
$
2,998

$
2,799







39

International metrics
 
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions)
2019

2018

Change

 
2019

2018

Change

Total net revenue (a)
 
 
 
 
 
 
 
Europe/Middle East/Africa
$
680

$
692

(2
)%
 
$
1,342

$
1,418

(5
)%
Asia/Pacific
370

391

(5
)
 
728

784

(7
)
Latin America/Caribbean
219

234

(6
)
 
440

461

(5
)
Total international net revenue
1,269

1,317

(4
)
 
2,510

2,663

(6
)
North America
2,290

2,255

2

 
4,538

4,415

3

Total net revenue(a)
$
3,559

$
3,572

—

 
$
7,048

$
7,078

—
 %
(a)
Regional revenue is based on the domicile of the client.
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in billions)
2019

2018

Change

 
2019

2018

Change

Assets under management
 
 
 
 
 
 
 
Europe/Middle East/Africa
$
381

$
371

3
%
 
$
381

$
371

3
%
Asia/Pacific
182

164

11

 
182

164

11

Latin America/Caribbean
68

65

5

 
68

65

5

Total international assets under management
631

600

5

 
631

600

5

North America
1,547

1,428

8

 
1,547

1,428

8

Total assets under management
$
2,178

$
2,028

7

 
$
2,178

$
2,028

7

 
 
 
 
 
 
 
 
Client assets
 
 
 
 
 
 
 
Europe/Middle East/Africa
$
448

$
431

4

 
$
448

$
431

4

Asia/Pacific
252

229

10

 
252

229

10

Latin America/Caribbean
171

160

7

 
171

160

7

Total international client assets
871

820

6

 
871

820

6

North America
2,127

1,979

7

 
2,127

1,979

7

Total client assets
$
2,998

$
2,799

7
%
 
$
2,998

$
2,799

7
%

40

CORPORATE
For a discussion of Corporate, refer to pages 77–78 of JPMorgan Chase’s 2018 Form 10-K.
Selected income statement and balance sheet data
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except headcount)
2019

2018

 
Change

 
2019

 
2018

 
Change

Revenue
 
 
 
 
 
 
 
 
 
 
Principal transactions
$
(175
)
$
83

 
NM

 
$
(237
)
 
$
(61
)
 
(289
)%
Investment securities gains/(losses)
44

(80
)
 
NM

 
57

 
(325
)
 
NM

All other income
6

139

 
(96
)%
 
63

 
343

 
(82
)%
Noninterest revenue
(125
)
142

 
NM

 
(117
)
 
(43
)
 
(172
)
Net interest income
447

(62
)
 
NM

 
864

 
(109
)
 
NM

Total net revenue(a)
322

80

 
303
 %
 
747

 
(152
)
 
NM

 
 
 
 
 
 
 
 
 
 
 
Provision for credit losses
(2
)
(1
)
 
(100
)%
 
—

 
(5
)
 
NM

 
 
 
 
 
 
 
 
 
 
 
Noninterest expense(b)
232

279

 
(17
)%
 
443

 
366

 
21
 %
Income/(loss) before income tax expense/(benefit)
92

(198
)
 
NM

 
304

 
(513
)
 
NM

Income tax expense/(benefit)
(736
)
(62
)
 
NM

 
(775
)
 
6

 
NM

Net income/(loss)
$
828

$
(136
)
 
NM

 
$
1,079

 
$
(519
)
 
NM

Total net revenue
 
 
 
 
 
 
 
 
 
 
Treasury and CIO
$
618

$
87

 
NM

 
$
1,129

 
$
49

 
NM

Other Corporate
(296
)
(7
)
 
NM

 
(382
)
 
(201
)
 
(90
)%
Total net revenue
$
322

$
80

 
303
 %
 
$
747

 
$
(152
)
 
NM

Net income/(loss)
 
 
 
 
 
 
 
 
 
 
Treasury and CIO
$
462

$
(153
)
 
NM

 
$
796

 
$
(340
)
 
NM

Other Corporate
366

17

 
NM

 
283

 
(179
)
 
NM

Total net income/(loss)
$
828

$
(136
)
 
NM

 
$
1,079

 
$
(519
)
 
NM

Total assets (period-end)
$
821,330

$
746,716

 
10
 %
 
$
821,330

 
$
746,716

 
10
 %
Loans (period-end)
1,695

1,720

 
(1
)%
 
1,695

 
1,720

 
(1
)%
Core loans(c)
1,695

1,720

 
(1
)%
 
1,695

 
1,720

 
(1
)%
Headcount
37,361

35,877

 
4
 %
 
37,361

 
35,877

 
4
 %
(a)
Included tax-equivalent adjustments, driven by tax-exempt income from municipal bond investments, of $81 million and $95 million for the three months ended June 30, 2019 and 2018, respectively, and $167 million and $193 million for the six months ended June 30, 2019 and 2018, respectively.
(b)
Included a net legal benefit of $(67) million and $(8) million for the three months ended June 30, 2019 and 2018, respectively, and $(157) million and $(50) million for the six months ended June 30, 2019 and 2018, respectively.
(c)
Average core loans were $1.7 billion for both the three months ended June 30, 2019 and 2018, and $1.6 billion and $1.7 billion for the six months ended June 30, 2019 and 2018, respectively.
Quarterly results
Net income was $828 million, compared with a net loss of $136 million in the prior year.
Net revenue was $322 million, compared with $80 million in the prior year. This increase was driven by higher net interest income on higher rates and change in balance sheet mix, as well as an increase in investment securities gains due to the repositioning of the investment securities portfolio, partially offset by approximately $100 million of net valuation losses on certain legacy private equity investments compared to net gains in the prior year.
Noninterest expense was $232 million, compared with $279 million in the prior year. The current period included investments in technology as well as a contribution to the Firm’s Foundation, whereas all prior-year contributions were made in the fourth quarter. The prior year included a $174 million pretax loss on the liquidation of a legal entity.
The current period included tax benefits of $742 million related to the resolution of certain tax audits. The prior period reflected a benefit of $189 million resulting from a change in the estimate for the deemed repatriation tax on non-U.S. earnings, as well as other net tax adjustments that were predominantly offset by changes to certain tax reserves.
 
Year-to-date results
Net income was $1,079 million, compared with a net loss of $519 million in the prior year.
Net revenue was $747 million, compared with a net loss of $152 million in the prior year. This increase was driven by higher net interest income on higher rates and change in balance sheet mix, as well as an increase in investment securities gains due to the repositioning of the investment securities portfolio.
Noninterest expense was $443 million, compared with $366 million in the prior year. The current period included investments in technology and real estate as well as contributions to the Firm’s Foundation, whereas all prior-year contributions were made in the fourth quarter. The prior year included a $174 million pretax loss on the liquidation of a legal entity.
The current period included tax benefits of $825 million related to the resolution of certain tax audits. The prior period reflected changes to certain tax reserves, largely offset by changes in the estimate for the deemed repatriation tax on non-U.S. earnings and other tax adjustments.

41

Treasury and CIO overview
At June 30, 2019, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal ratings that correspond to ratings as defined by S&P and Moody’s). Refer to Note 9 for further information on the Firm’s investment securities portfolio.
 
For further information on liquidity and funding risk, refer to Liquidity Risk Management on pages 49–53. For information on interest rate, foreign exchange and other risks, refer to Market Risk Management on pages 70–74.
Selected income statement and balance sheet data
 
 
 
 
 
 
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions)
2019

 
2018

 
Change

 
2019

 
2018

 
Change

Investment securities gains/(losses)
$
44

 
$
(80
)
 
NM

 
$
57

 
$
(325
)
 
NM

Available-for-sale (“AFS”) investment securities (average)
$
248,612

 
$
200,232

 
24
 %
 
$
237,669

 
$
202,266

 
18
 %
Held-to-maturity (“HTM”) investment securities (average)
30,929

 
30,304

 
2

 
31,005

 
32,152

 
(4
)
Investment securities portfolio (average)
$
279,541

 
$
230,536

 
21

 
$
268,674

 
$
234,418

 
15

AFS investment securities (period-end)
$
274,533

 
$
200,434

 
37

 
$
274,533

 
$
200,434

 
37

HTM investment securities (period-end)
30,907

 
31,006

 
—

 
30,907

 
31,006

 
—

Investment securities portfolio (period-end)
$
305,440

 
$
231,440

 
32
 %
 
$
305,440

 
$
231,440

 
32
 %


42

ENTERPRISE-WIDE RISK MANAGEMENT
Risk is an inherent part of JPMorgan Chase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its businesses and the associated risks in a manner that balances serving the interests of its clients, customers and investors and protects the safety and soundness of the Firm.
The Firm believes that effective risk management requires:
•
Acceptance of responsibility, including identification and escalation of risk issues, by all individuals within the Firm;
•
Ownership of risk identification, assessment, data and management within each of the lines of business and Corporate; and
•
Firmwide structures for risk governance.
The Firm strives for continual improvement through efforts to enhance controls, ongoing employee training and development, talent retention, and other measures. The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent Board oversight. The impact of risk and control issues are carefully considered in the Firm’s performance evaluation and incentive compensation processes.
Firmwide Risk Management is overseen and managed on an enterprise-wide basis. The Firm’s risk management governance and oversight framework involves understanding drivers of risks, types of risks, and impacts of risks. jpmcgovernancea01.jpg
For a further discussion of Enterprise-wide risk management governance and oversight, refer to pages 79-83 of JPMorgan Chase’s 2018 Form 10-K.












 
Effective July 2019, the Board of Directors’ Risk Policy Committee (“DRPC”) was renamed the Risk Committee. The committee’s responsibilities were not changed. For a further discussion of the committee, refer to page 81 of JPMorgan Chase’s 2018 Form 10-K.

Governance and Oversight Functions
The following sections of this Form 10-Q and the 2018 Form 10-K discuss the risk governance and oversight functions in place to manage the risks inherent in the Firm’s business activities.
Risk governance and oversight functions
Form 10-Q page reference
Form 10-K page reference
Strategic risk
 
84
Capital risk
44–48
85–94
Liquidity risk
49–53
95–100
Reputation risk
 
101
Consumer credit risk
55–59
106-111
Wholesale credit risk
60–66
112-119
Investment portfolio risk
69
123
Market risk
70–74
124-131
Country risk
75
132–133
Operational risk
 
134-136
Compliance risk
 
137
Conduct risk
 
138
Legal risk
 
139
Estimations and Model risk
 
140

43

CAPITAL RISK MANAGEMENT
Capital risk is the risk the Firm has an insufficient level and composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.
For a further discussion of the Firm’s Capital Risk Management, including capital planning and stress testing, refer to pages 85-94 of JPMorgan Chase’s
2018 Form 10-K, Note 21 of this Form 10-Q, and the Firm’s Pillar 3 Regulatory Capital Disclosures reports,
which are available on the Firm’s website (https://jpmorganchaseco.gcs-web.com/financial-information/basel-pillar-3-us-lcr-disclosures).
The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. bank holding companies (“BHC”) and banks, including the Firm and its insured depository institution (“IDI”) subsidiaries, including JPMorgan Chase Bank, N.A. Two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III Standardized”), and an advanced approach (“Basel III Advanced”). Effective January 1, 2019, the capital
 
adequacy of the Firm is evaluated against the fully phased-in measures under Basel III and represents the lower of the Standardized or Advanced approaches. During 2018, the required capital measures were subject to the transitional rules and as of December 31, 2018 were the same on a fully phased-in and on a transitional basis. The Firm’s Basel III Standardized risk-based ratios are currently more binding than the Basel III Advanced risk-based ratios, and the Firm expects that this will remain the case for the foreseeable future.
Basel III also includes a requirement for Advanced Approach banking organizations, including the Firm, to calculate the SLR. For additional information on SLR, refer to page 91 of JPMorgan Chase’s 2018 Form 10-K.
In addition to meeting the capital ratio requirements of Basel III, the Firm and its IDI subsidiaries also must maintain minimum capital and leverage ratios in order to be “well-capitalized” under the regulations issued by the Federal Reserve and the Prompt Corrective Action requirements of the FDIC Improvement Act respectively.
The following tables present the Firm’s risk-based and leverage-based capital metrics under both the Basel III Standardized and Advanced Approaches. The Firm’s Basel III ratios exceeded regulatory minimums as of June 30, 2019 and December 31, 2018. For a further discussion of these capital metrics, refer to Capital Risk Management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K.
 
June 30, 2019
 
December 31, 2018
(in millions)
Standardized
 
Advanced
 
Minimum capital ratios
 
Standardized(b)
 
Advanced(b)
 
Minimum capital ratios
Risk-based capital metrics:
 
 
 
 
 
 
 
 
 
 
 
CET1 capital
$
189,169

 
$
189,169

 
 
 
$
183,474

 
$
183,474

 
 
Tier 1 capital
215,808

 
215,808

 
 
 
209,093

 
209,093

 
 
Total capital
244,490

 
234,507

 
 
 
237,511

 
227,435

 
 
Risk-weighted assets
1,545,101

 
1,449,211

 
 
 
1,528,916

 
1,421,205

 
 
CET1 capital ratio
12.2
%
 
13.1
%
 
10.5
%
 
12.0
%
 
12.9
%
 
9.0
%
Tier 1 capital ratio
14.0

 
14.9

 
12.0

 
13.7

 
14.7

 
10.5

Total capital ratio
15.8

 
16.2

 
14.0

 
15.5

 
16.0

 
12.5

Leverage-based capital metrics:
 
 
 
 
 
 
 
 
 
 
 
Adjusted average assets(a)
$
2,692,225

 
$
2,692,225

 
 
 
$
2,589,887

 
$
2,589,887

 
 
Tier 1 leverage ratio
8.0
%
 
8.0
%
 
4.0
%
 
8.1
%
 
8.1
%
 
4.0
%
Total leverage exposure
NA

 
$
3,367,154

 
 
 
NA

 
$
3,269,988

 
 
SLR
NA

 
6.4
%
 
5.0
%
 
NA

 
6.4
%
 
5.0
%
(a)
Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.
(b)
The Firm’s capital ratios as of December 31, 2018 were equivalent whether calculated on a transitional or fully phased-in basis.

44

Capital components
The following table presents reconciliations of total stockholders’ equity to Basel III CET1 capital, Tier 1 capital and Total capital as of June 30, 2019 and December 31, 2018.
(in millions)
June 30, 2019

December 31, 2018

Total stockholders’ equity
$
263,215

$
256,515

Less: Preferred stock
26,993

26,068

Common stockholders’ equity
236,222

230,447

Less:
 
 
Goodwill
47,477

47,471

Other intangible assets
732

748

Other CET1 capital adjustments
1,160

1,034

Add:
 
 
Deferred tax liabilities(a)
2,316

2,280

Standardized/Advanced CET1 capital
189,169

183,474

Preferred stock
26,993

26,068

Less: Other Tier 1 adjustments
354

449

Standardized/Advanced Tier 1 capital
$
215,808

$
209,093

Long-term debt and other instruments qualifying as Tier 2 capital
$
14,263

$
13,772

Qualifying allowance for credit losses
14,295

14,500

Other
124

146

Standardized Tier 2 capital
$
28,682

$
28,418

Standardized Total capital
$
244,490

$
237,511

Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital
(9,983
)
(10,076
)
Advanced Tier 2 capital
$
18,699

$
18,342

Advanced Total capital
$
234,507

$
227,435

(a)
Represents certain deferred tax liabilities related to tax-deductible goodwill and identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating CET1 capital.
 
Capital rollforward
The following table presents the changes in Basel III CET1 capital, Tier 1 capital and Tier 2 capital for the six months ended June 30, 2019.
Six months ended June 30,
(in millions)
2019

Standardized/Advanced CET1 capital at December 31, 2018
$
183,474

Net income applicable to common equity
18,053

Dividends declared on common stock
(5,224
)
Net purchase of treasury stock
(8,934
)
Changes in additional paid-in capital
(803
)
Changes related to AOCI
2,386

Adjustment related to DVA(a)
458

Changes related to other CET1 capital adjustments
(241
)
Change in Standardized/Advanced CET1 capital
5,695

Standardized/Advanced CET1 capital at June 30, 2019
$
189,169

 
 
Standardized/Advanced Tier 1 capital at December 31, 2018
$
209,093

Change in CET1 capital
5,695

Net issuance of noncumulative perpetual preferred stock
925

Other
95

Change in Standardized/Advanced Tier 1 capital
6,715

Standardized/Advanced Tier 1 capital at June 30, 2019
$
215,808

 
 
Standardized Tier 2 capital at December 31, 2018
$
28,418

Change in long-term debt and other instruments qualifying as Tier 2
491

Change in qualifying allowance for credit losses
(204
)
Other
(23
)
Change in Standardized Tier 2 capital
264

Standardized Tier 2 capital at June 30, 2019
$
28,682

Standardized Total capital at June 30, 2019
$
244,490

 
 
Advanced Tier 2 capital at December 31, 2018
$
18,342

Change in long-term debt and other instruments qualifying as Tier 2
491

Change in qualifying allowance for credit losses
(111
)
Other
(23
)
Change in Advanced Tier 2 capital
357

Advanced Tier 2 capital at June 30, 2019
$
18,699

Advanced Total capital at June 30, 2019
$
234,507

(a)
Includes DVA related to structured notes recorded in AOCI.


45

RWA rollforward
The following table presents changes in the components of RWA under Basel III Standardized and Advanced for the six months ended June 30, 2019. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.
 
Standardized
 
Advanced
 
Six months ended June 30, 2019
(in millions)
Credit risk RWA
Market risk RWA
Total RWA
 
Credit risk RWA
Market risk RWA
Operational risk
RWA
Total RWA
December 31, 2018
$
1,423,053

$
105,863

$
1,528,916

 
$
926,647

$
105,976

$
388,582

$
1,421,205

Model & data changes(a)
(2,906
)
(8,941
)
(11,847
)
 
4,858

(8,941
)
—

(4,083
)
Portfolio runoff(b)
(2,900
)
—

(2,900
)
 
(3,000
)
—

—

(3,000
)
Movement in portfolio levels(c)
27,668

3,264

30,932

 
35,857

2,992

(3,760
)
35,089

Changes in RWA
21,862

(5,677
)
16,185

 
37,715

(5,949
)
(3,760
)
28,006

June 30, 2019
$
1,444,915

$
100,186

$
1,545,101

 
$
964,362

$
100,027

$
384,822

$
1,449,211

(a)
Model & data changes refer to movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes).
(b)
Portfolio runoff for credit risk RWA primarily reflects reduced risk from position rolloffs in legacy portfolios in Home Lending.
(c)
Movement in portfolio levels (inclusive of rule changes) refers to: changes in book size, composition, credit quality, and market movements for credit risk RWA; changes in position and market movements for market risk RWA; and updates to cumulative losses for operational risk RWA.

Supplementary leverage ratio
For additional information, refer to Capital Risk Management on page 88 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents the components of the Firm’s SLR as of June 30, 2019 and December 31, 2018.
(in millions, except ratio)
June 30,
2019

December 31,
2018

Tier 1 capital
$
215,808

$
209,093

Total average assets
2,739,055

2,636,505

Less: Adjustments for deductions from Tier 1 capital
46,830

46,618

Total adjusted average assets(a)
2,692,225

2,589,887

Off-balance sheet exposures(b)
674,929

680,101

Total leverage exposure
$
3,367,154

$
3,269,988

SLR
6.4
%
6.4
%
(a)
Adjusted average assets, for purposes of calculating the SLR, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.
(b)
Off-balance sheet exposures are calculated as the average of the three month-end spot balances during the quarter.
For JPMorgan Chase Bank, N.A.’s SLR ratios, refer to Note 21.
Line of business equity
Each business segment is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Effective January 1, 2019, line of business capital allocations have increased due to a combination of changes in the relative weights, with greater emphasis on Standardized RWA and stress, a higher capitalization rate, updated stress simulations, and general business growth. For additional information, refer to page 91 of JPMorgan Chase’s 2018 Form 10-K.
 
The following table represents the capital allocated to each business segment:

(in billions)
June 30,
2019

 
December 31,
2018

Consumer & Community Banking
$
52.0

 
$
51.0

Corporate & Investment Bank
80.0

 
70.0

Commercial Banking
22.0

 
20.0

Asset & Wealth Management
10.5

 
9.0

Corporate
71.7

 
80.4

Total common stockholders’ equity
$
236.2

 
$
230.4

Planning and stress testing
Comprehensive Capital Analysis and Review (“CCAR”)
The Federal Reserve requires large bank holding companies, including the Firm, to submit on an annual basis a capital plan that has been reviewed and approved by the Board of Directors. Through CCAR, the Federal Reserve evaluates each bank holding company’s (“BHC”) capital adequacy and internal capital adequacy assessment processes (“ICAAP”), as well as its plans to make capital distributions, such as dividend payments or stock repurchases.
On June 27, 2019, the Federal Reserve informed the Firm that it did not object to the Firm’s 2019 capital plan.
Capital actions
Preferred stock
Preferred stock dividends declared were $404 million and $778 million for the three and six months ended June 30, 2019.
On July 31, 2019, the Firm issued $2.25 billion of fixed-to-floating rate non-cumulative preferred stock, Series FF, and on August 2, 2019, the Firm announced that it will redeem all $880 million of its 6.30% non-cumulative preferred stock, Series W on September 1, 2019.
For additional information on the Firm’s preferred stock, refer to Note 17 of this Form 10-Q and Note 20 of JPMorgan Chase’s 2018 Form 10-K.

46

Common stock dividends
The Firm’s second quarter common stock dividend was $0.80 per share. On June 27, 2019, the Firm announced that its Board of Directors intends to increase the quarterly common stock dividend to $0.90 per share, effective the third quarter of 2019. The Firm’s dividends are subject to the Board of Directors’ approval on a quarterly basis.
Common equity
Effective June 27, 2019, the Firm’s Board of Directors authorized the repurchase of up to $29.4 billion of gross common equity between July 1, 2019 and June 30, 2020, as part of the Firm’s annual capital plan.
The following table sets forth the Firm’s repurchases of common equity, on a settlement-date basis, for the three and six months ended June 30, 2019 and 2018.

Three months ended
June 30,

Six months ended
June 30,
(in millions)
2019

2018


2019

2018

Total shares of common stock repurchased
47.5

45.3


97.0

86.7

Aggregate common stock repurchases
$
5,210

$
4,968


$
10,301

$
9,639

For additional information regarding repurchases of the Firm’s equity securities, refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on page 176 of this Form 10-Q and page 30 of JPMorgan Chase’s 2018 Form 10-K, respectively.

 
Other capital requirements
TLAC
The Federal Reserve’s TLAC rule requires the top-tier U.S. GSIB holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible LTD effective January 1, 2019.
For additional information, refer to page 93 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents the eligible external TLAC and LTD amounts, as well as a representation of the amounts as a percentage of the Firm’s total RWA and total leverage exposure.
June 30, 2019
 
(in billions, except ratio)
Eligible External TLAC
Eligible LTD
Total eligible TLAC & LTD
$
388.6

$
160.8

% of RWA
25.1
%
10.4
%
Minimum requirement
23.0

9.5

Surplus/(shortfall)
$
33.2

$
14.1

 
 
 
% of total leverage exposure
11.5
%
4.8
%
Minimum requirement
9.5

4.5

Surplus/(shortfall)
$
68.7

$
9.3

For information on the financial consequences to holders of
the Firm’s debt and equity securities in a resolution
scenario, refer to Part I, Item 1A: Risk Factors on pages
7-28 of JPMorgan Chase’s 2018 Form 10-K.


47

Broker-dealer regulatory capital
J.P. Morgan Securities
JPMorgan Chase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and subject to Rule 1.17 of the Commodity Futures Trading Commission (“CFTC”).
For a discussion on J.P. Morgan Securities’ capital requirements, refer to Capital risk management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents J.P. Morgan Securities’ net capital:
June 30, 2019
 
(in millions)
Actual

Minimum

Net Capital
$
20,858

$
3,446


 

J.P. Morgan Securities plc
J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated by the U.K. Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”).
For a further discussion on J.P. Morgan Securities plc, refer to Capital risk management on pages 85-94 of JPMorgan Chase’s 2018 Form 10-K.
Effective January 1, 2019, the Bank of England requires, on a transitional basis, that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain a minimum requirement for own funds and eligible liabilities (“MREL”). As of June 30, 2019, J.P. Morgan Securities plc was compliant with the requirements of the MREL rule. For additional information on MREL, refer to Supervision and Regulation on pages 1-6 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents J.P. Morgan Securities plc’s capital metrics:
June 30, 2019
 
 
(in millions, except ratios)
Estimated

Minimum ratios

Total capital
$
55,598

 
CET1 ratio
17.9
%
4.5
%
Total capital ratio
22.9
%
8.0
%




48

LIQUIDITY RISK MANAGEMENT
Liquidity risk is the risk that the Firm will be unable to meet its contractual and contingent financial obligations as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. For a further discussion of the Firm’s Liquidity Risk Management, refer to pages 95–100 of JPMorgan Chase’s 2018 Form 10-K and the Firm’s US LCR Disclosure reports, which are available on the Firm’s website at: (https://jpmorganchaseco.gcs-web.com/financial-information/basel-pillar-3-us-lcr-disclosures).
LCR and HQLA
The LCR rule requires the Firm to maintain an amount of unencumbered HQLA that is sufficient to meet its estimated total net cash outflows over a prospective 30 calendar-day period of significant stress. HQLA is the amount of liquid assets that qualify for inclusion in the LCR. HQLA primarily consist of unencumbered cash and certain high-quality liquid securities as defined in the LCR rule. The LCR is required to be a minimum of 100%.
Under the LCR rule, the amount of HQLA held by JPMorgan Chase Bank N.A. that is in excess of its standalone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported HQLA.
The following table summarizes the Firm’s average LCR for the three months ended June 30, 2019, March 31, 2019 and June 30, 2018 based on the Firm’s interpretation of the finalized LCR framework.
 
Three months ended
Average amount
(in millions)
June 30,
2019
March 31, 2019
June 30,
2018
HQLA
 
 
 
Eligible cash(a)
$
219,838

$
216,787

$
362,608

Eligible securities(b)(c)
317,439

303,249

166,427

Total HQLA(d)
$
537,277

$
520,036

$
529,035

Net cash outflows
$
477,442

$
467,329

$
458,432

LCR
113
%
111
%
115
%
Net excess HQLA(d)
$
59,835

$
52,707

$
70,603

(a)
Represents cash on deposit at central banks, primarily the Federal Reserve Banks.
(b)
Predominantly U.S. Treasuries, U.S. Agency MBS, and sovereign bonds net of applicable haircuts under the LCR rules.
(c)
HQLA eligible securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets.
(d)
Excludes average excess HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.
 
The Firm’s average LCR increased during the three months ended June 30, 2019, compared with the three-month period ended March 31, 2019, primarily from an increase in cash from unsecured long-term debt issuances.  Additionally, liquidity in JPMorgan Chase Bank, N.A. increased during the quarter due to growth in stable deposits and a reduction in loans, however this increase in excess liquidity is excluded from the Firm’s reported LCR under the LCR rule.
The Firm’s average LCR decreased during the three months ended June 30, 2019, compared with the prior year period.  The decrease in the LCR was driven by a decrease in the amount of HQLA in JPMorgan Chase Bank, N.A. that was determined to be transferable to non-bank affiliates based on a change in the Firm’s interpretation of amounts available for transfer during the three months ended December 31, 2018. This change in interpretation had no impact on the HQLA in JPMorgan Chase Bank, N.A. which had increased over the period.
The Firm’s average LCR may fluctuate from period to period, due to changes in its HQLA and estimated net cash outflows under the LCR as a result of ongoing business activity.
Other liquidity sources
As of June 30, 2019, in addition to assets reported in the Firm’s HQLA under the LCR rule, the Firm had approximately $277 billion of unencumbered marketable securities, such as equity securities and fixed income debt securities, available to raise liquidity, if required. This includes HQLA-eligible securities included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.
As of June 30, 2019, the Firm also had approximately $314 billion of available borrowing capacity at FHLBs, the discount window at the Federal Reserve Bank, and various other central banks as a result of collateral pledged by the Firm to such banks. This borrowing capacity excludes the benefit of securities reported in the Firm’s HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Bank discount window. Although available, the Firm does not view the borrowing capacity at the Federal Reserve Bank discount window and the various other central banks as a primary source of liquidity.

49

Funding
Sources of funds
Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations.
The Firm funds its global balance sheet through diverse sources of funding including stable deposits as well as secured and unsecured funding in the capital markets. The Firm’s loan portfolio is funded with a portion of the Firm’s deposits, through securitizations and, with respect to a portion of the Firm’s real estate-related loans, with secured borrowings from the FHLBs. Deposits in excess of the amount utilized to fund loans are primarily invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk
 
characteristics. Securities borrowed or purchased under resale agreements and trading assets-debt and equity instruments are primarily funded by the Firm’s securities loaned or sold under agreements to repurchase, trading liabilities-debt and equity instruments, and a portion of the Firm’s long-term debt and stockholders’ equity. In addition to funding securities borrowed or purchased under resale agreements and trading assets-debt and equity instruments, proceeds from the Firm’s debt and equity issuances are used to fund certain loans and other financial and non-financial assets, or may be invested in the Firm’s investment securities portfolio. Refer to the discussion below for additional information relating to Deposits, Short-term funding, and Long-term funding and issuance.
Deposits
The table below summarizes, by line of business, the deposit balances as of June 30, 2019, and December 31, 2018, and the average deposit balances for the three and six months ended June 30, 2019 and 2018, respectively.
 
June 30, 2019

December 31, 2018

 
Three months ended June 30,
 
Six months ended June 30,
Deposits
 
Average
 
Average
(in millions)
 
2019

2018

 
2019

2018

Consumer & Community Banking
$
695,100

$
678,854

 
$
690,892

$
673,761

 
$
685,980

$
666,719

Corporate & Investment Bank
523,364

482,084

 
512,098

475,697

 
502,280

470,788

Commercial Banking
169,100

170,859

 
168,194

170,665

 
167,688

173,081

Asset & Wealth Management
136,225

138,546

 
140,317

139,557

 
139,282

141,865

Corporate
572

323

 
793

815

 
878

839

Total Firm
$
1,524,361

$
1,470,666

 
$
1,512,294

$
1,460,495

 
$
1,496,108

$
1,453,292

Deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are considered to be stable sources of liquidity because they are generated from customers that maintain operating service relationships with the Firm.
The table below shows the loan and deposit balances, the loans-to-deposits ratios, and deposits as a percentage of total liabilities, as of June 30, 2019 and December 31, 2018.
(in billions except ratios)
June 30, 2019

 
December 31, 2018

Deposits
$
1,524.4

 
$
1,470.7

Deposits as a % of total liabilities
62
%
 
62
%
Loans
$
956.9

 
$
984.6

Loans-to-deposits ratio
63
%
 
67
%
The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances.
Average deposits increased for the three months ended June 30, 2019 in CIB, CCB and AWM, partially offset by a decline in CB.
 
•
The increase in CIB reflects an increase in deposits in Treasury Services and Securities Services driven by growth in client activity, and an increase in the net issuances of structured notes in Markets. The increase in CCB was driven by growth in new accounts. The increase in AWM was driven by growth in time deposits, partially offset by migration predominantly into the Firm’s investment-related products.
•
The decrease in CB was primarily driven by lower non-operating deposits.
Average deposits increased for the six months ended June 30, 2019 in CIB and CCB, partially offset by declines in CB and AWM.
•
The increase in CIB reflects an increase in deposits in Treasury Services driven by growth in client activity, and an increase in the net issuances of structured notes in Markets. The increase in CCB was driven by growth in new accounts.
•
The decrease in CB was primarily driven by lower non-operating deposits. The decrease in AWM was largely driven by migration predominantly into the Firm’s investment-related products.
For further information on deposit and liability balance trends, refer to the discussion of the Firm’s Business Segment Results and the Consolidated Balance Sheets Analysis on pages 21–42 and pages 15–17, respectively.

50

The following table summarizes short-term and long-term funding, excluding deposits, as of June 30, 2019, and December 31, 2018, and average balances for the three and six months ended June 30, 2019 and 2018, respectively. For additional information, refer to the Consolidated Balance Sheets Analysis on pages 15–17 and Note 10.
 
June 30, 2019
December 31, 2018
 
Three months ended June 30,
 
Six months ended June 30,
Sources of funds (excluding deposits)
Average
 
Average
(in millions)
2019

2018

 
2019

2018

Commercial paper
$
25,268

$
30,059

 
$
26,030

$
27,143

 
$
27,373

$
26,571

Other borrowed funds(a)
9,762

8,789

 
11,818

11,840

 
11,037

11,993

Total short-term unsecured funding(a)
$
35,030

$
38,848

 
$
37,848

$
38,983

 
$
38,410

$
38,564

Securities sold under agreements to repurchase(b)
$
192,837

$
171,975

 
$
218,057

$
178,064

 
$
207,812

$
181,212

Securities loaned(b)
7,799

9,481

 
8,090

13,058

 
9,428

11,799

Other borrowed funds(a)(c)
24,860

30,428

 
27,840

23,356

 
31,690

21,420

Obligations of Firm-administered multi-seller conduits(d)
$
14,734

$
4,843

 
$
13,356

$
2,993

 
$
10,387

$
3,054

Total short-term secured funding(a)
$
240,230

$
216,727

 
$
267,343

$
217,471

 
$
259,317

$
217,485

 
 
 
 
 
 
 
 
 
Senior notes
$
170,626

$
162,733

 
$
167,376

$
151,047

 
$
165,176

$
150,635

Trust preferred securities
—

—

 
—

684

 
—

686

Subordinated debt
17,540

16,743

 
17,056

16,010

 
16,890

16,120

Structured notes(e)
66,377

53,090

 
62,284

48,674

 
59,853

47,842

Total long-term unsecured funding
$
254,543

$
232,566

 
$
246,716

$
216,415

 
$
241,919

$
215,283

 
 
 
 
 
 
 
 
 
Credit card securitization(d)
$
9,302

$
13,404

 
$
11,671

$
16,181

 
$
12,535

$
17,416

Federal Home Loan Bank (“FHLB”) advances
29,649

44,455

 
34,541

54,232

 
39,227

57,291

Other long-term secured funding(f)
4,677

5,010

 
4,680

4,998

 
4,785

4,741

Total long-term secured funding
$
43,628

$
62,869

 
$
50,892

$
75,411

 
$
56,547

$
79,448

 
 
 
 
 
 
 
 
 
Preferred stock(g)
$
26,993

$
26,068

 
$
26,993

$
26,068

 
$
27,059

$
26,068

Common stockholders’ equity(g)
$
236,222

$
230,447

 
$
233,026

$
228,901

 
$
231,547

$
228,261

(a)
The prior period amounts have been revised to conform with the current period presentation.
(b)
Primarily consists of short-term securities loaned or sold under agreements to repurchase.
(c)
Includes FHLB advances with original maturities of less than one year of $5.6 billion and $11.4 billion as of June 30, 2019 and December 31, 2018, respectively.
(d)
Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(e)
Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
(f)
Includes long-term structured notes which are secured.
(g)
For additional information on preferred stock and common stockholders’ equity refer to Capital Risk Management on pages 44–48, Consolidated statements of changes in stockholders’ equity, and Note 20 and Note 21 of JPMorgan Chase’s 2018 Form 10-K.
Short-term funding
The Firm’s sources of short-term secured funding primarily consist of securities loaned or sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and agency MBS, and constitute a significant portion of the federal funds purchased and securities loaned or sold under repurchase agreements on the Consolidated balance sheets. The increase at June 30, 2019, from December 31, 2018, reflected higher secured financing of trading assets-debt and equity instruments and client-driven market-making activities in CIB.
 
The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to customers’ investment and financing activities, the Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including its secured and unsecured financing (for both the investment securities and market-making portfolios), and other market and portfolio factors.
The Firm’s sources of short-term unsecured funding primarily consist of issuance of wholesale commercial paper. The decrease in commercial paper at June 30, 2019, from December 31, 2018, was due to lower net issuance primarily for short-term liquidity management.

51

Long-term funding and issuance
Long-term funding provides additional sources of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations, and regulatory requirements, including TLAC. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs. The Firm evaluates various funding markets, tenors and currencies in creating its optimal long-term funding plan.
The significant majority of the Firm’s long-term unsecured funding is issued by the Parent Company to provide maximum flexibility in support of both bank and nonbank subsidiary funding needs. The Parent Company advances substantially all net funding proceeds to its subsidiary, the Intermediate Holding Company (“IHC”). The IHC does not issue debt to external counterparties. The following table summarizes long-term unsecured issuance and maturities or redemptions for the three and six months ended June 30, 2019 and 2018. For additional information on the IHC and long-term debt, refer to Liquidity Risk Management and Note 19 of JPMorgan Chase’s 2018 Form 10-K.
Long-term unsecured funding
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
Three months ended June 30,
 
Six months ended June 30,
 
2019

2018

 
2019

2018

 
2019

2018

 
2019

2018

(Notional in millions)
Parent Company(b)
 
Subsidiaries(b)
Issuance
 
 
 
 
 
 
 
 
 
 
 
Senior notes issued in the U.S. market
$
4,000

$
7,000

 
$
8,250

$
11,000

 
$
—

$
3,500

 
$
1,750

$
7,511

Senior notes issued in non-U.S. markets
—

1,175

 
2,248

1,175

 
—

—

 
—

—

Total senior notes
4,000

8,175

 
10,498

12,175

 
—

3,500

 
1,750

7,511

Structured notes(a)
631

829

 
1,816

1,660

 
9,016

7,267

 
15,132

14,225

Total long-term unsecured funding – issuance
$
4,631

$
9,004

 
$
12,314

$
13,835

 
$
9,016

$
10,767

 
$
16,882

$
21,736

 
 
 
 
 
 
 
 
 
 
 
 
Maturities/redemptions
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
4,157

$
3,928

 
$
7,907

$
17,987

 
$
1

$
2,899

 
$
1,816

$
2,964

Subordinated debt
—

—

 
146

—

 
—

—

 
—

—

Structured notes
331

1,068

 
959

1,883

 
4,327

3,918

 
8,160

8,630

Total long-term unsecured funding – maturities/redemptions
$
4,488

$
4,996

 
$
9,012

$
19,870

 
$
4,328

$
6,817

 
$
9,976

$
11,594

(a)
Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
(b)
The prior period amounts have been revised to conform with the current period presentation.
The Firm raises secured long-term funding through securitization of consumer credit card loans and advances from the FHLBs. The following table summarizes the securitization issuance and FHLB advances and their respective maturities or redemptions for the three and six months ended June 30, 2019 and 2018, respectively.
Long-term secured funding
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
Issuance
 
Maturities/Redemptions
 
Issuance
 
Maturities/Redemptions
(in millions)
2019
2018
 
2019
2018
 
2019

2018

 
2019

2018

Credit card securitization
$
—

$
1,396

 
$
4,125

$
1,725

 
$
—

$
1,396

 
$
4,125

$
6,125

FHLB advances
—

—

 
12,804

4,702

 
—

4,000

 
14,805

12,453

Other long-term secured funding(a)
18

74

 
207

6

 
53

195

 
453

22

Total long-term secured funding
$
18

$
1,470

 
$
17,136

$
6,433

 
$
53

$
5,591

 
$
19,383

$
18,600

(a)
Includes long-term structured notes which are secured.
The Firm’s wholesale businesses also securitize loans for client-driven transactions; those client-driven loan securitizations are not considered to be a source of funding for the Firm and are not included in the table above. For further description of the client-driven loan securitizations, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.

52

Credit ratings
The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
 
Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. For additional information on the impact of a credit ratings downgrade on the funding requirements for VIEs, and on derivatives and collateral agreements, refer to SPEs on page 18, and liquidity risk and credit-related contingent features in Note 4.

The credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries as of June 30, 2019, were as follows.
 
JPMorgan Chase & Co.
 
JPMorgan Chase Bank, N.A.(a)
 
J.P. Morgan Securities LLC
J.P. Morgan Securities plc
June 30, 2019
Long-term issuer
Short-term issuer
Outlook
 
Long-term issuer
Short-term issuer
Outlook
 
Long-term issuer
Short-term issuer
Outlook
Moody’s Investors Service
A2
P-1
Stable
 
Aa2
P-1
Stable
 
Aa3
P-1
Stable
Standard & Poor’s
A-
A-2
Stable
 
A+
A-1
Stable
 
A+
A-1
Stable
Fitch Ratings
AA-
F1+
Stable
 
AA
F1+
Stable
 
AA
F1+
Stable
(a)
On May 18, 2019, the Firm merged Chase Bank USA, N.A. with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A. as the surviving bank. The credit rating for JPMorgan Chase Bank, N.A. reflects the credit rating of the merged entity.
For a discussion of the factors that could affect credit ratings of the Parent Company and the Firm’s principal bank and non-bank subsidiaries, refer to page 100 of JPMorgan Chase’s 2018 Form 10-K.


53

CREDIT AND INVESTMENT RISK MANAGEMENT
Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk,
wholesale credit risk, and investment portfolio risk. For a further discussion of Credit Risk refer to pages 54–69.
For a further discussion of Investment Portfolio Risk, refer to page 69. For a further discussion of the Firm’s Credit and Investment Risk Management framework and organization, and the identification, monitoring and management, refer to Credit and Investment Risk Management on pages 102-123 of JPMorgan Chase’s 2018 Form 10-K.

CREDIT PORTFOLIO
Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.
In the following tables, reported loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets. For further information regarding these loans, refer to Notes 2 and 3. For additional information on the Firm’s loans, lending-related commitments and derivative receivables, including the Firm’s accounting policies, refer to Notes 11, 22, and 4, respectively.
For further information regarding the credit risk inherent in the Firm’s cash placed with banks, refer to Wholesale credit exposure – industry exposures on pages 62–64; for information regarding the credit risk inherent in the Firm’s investment securities portfolio, refer to Note 9 of this Form 10-Q, and Note 10 of JPMorgan Chase’s 2018 Form 10-K; and for information regarding the credit risk inherent in the securities financing portfolio, refer to Note 10 of this Form 10-Q, and Note 11 of JPMorgan Chase’s 2018 Form 10-K.
For a further discussion of the consumer credit environment and consumer loans, refer to Consumer Credit Portfolio on pages 106–111 of JPMorgan Chase’s 2018 Form 10-K and Note 11 of this Form 10-Q. For a further discussion of the wholesale credit environment and wholesale loans, refer to Wholesale Credit Portfolio on pages 112–119 of JPMorgan Chase’s 2018 Form 10-K and Note 11 of this Form 10-Q.
Total credit portfolio
 
 
 
 
 
Credit exposure
 
Nonperforming(d)(e)
(in millions)
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

Loans retained
$
947,728

$
969,415

 
$
4,469

$
4,611

Loans held-for-sale
4,852

11,988

 
221

—

Loans at fair value
4,309

3,151

 
180

220

Total loans–reported
956,889

984,554

 
4,870

4,831

Derivative receivables
52,878

54,213

 
39

60

Receivables from customers and other(a)
27,414

30,217

 
—

—

Total credit-related assets
1,037,181

1,068,984

 
4,909

4,891

Assets acquired in loan satisfactions
 
 
 
 
 
Real estate owned
NA

NA

 
325

269

Other
NA

NA

 
26

30

Total assets acquired in loan satisfactions
NA

NA

 
351

299

Lending-related commitments
1,079,762

1,039,258

 
465

469

Total credit portfolio
$
2,116,943

$
2,108,242

 
$
5,725

$
5,659

Credit derivatives used
in credit portfolio management activities(b)
$
(15,292
)
$
(12,682
)
 
$
—

$
—

Liquid securities and other cash collateral held against derivatives(c)
(14,676
)
(15,322
)
 
NA

NA

 
(in millions,
except ratios)
Three months ended
June 30,
 
Six months ended
June 30,
2019

2018

 
2019

2018

Net charge-offs
$
1,403

$
1,252

 
$
2,764

$
2,587

Average retained loans
 
 
 
 
 
Loans
945,209

932,042

 
950,852

926,268

Loans – reported, excluding
residential real estate PCI loans
922,495

903,263

 
927,681

896,856

Net charge-off rates
 
 
 
 
 
Loans
0.60
%
0.54
%
 
0.59
%
0.56
%
Loans – excluding PCI
0.61

0.56

 
0.60

0.58

(a)
Receivables from customers and other primarily represents prime brokerage-related held-for-investment customer receivables.
(b)
Represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. For additional information, refer to Credit derivatives on page 66 and Note 4.
(c)
Includes collateral related to derivative instruments where an appropriate legal opinion has not been either sought or obtained.
(d)
Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as each of the pools is performing.
(e)
At June 30, 2019, and December 31, 2018, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $1.8 billion and $2.6 billion, respectively, and real estate owned (“REO”) insured by U.S. government agencies of $56 million and $75 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”).


54

CONSUMER CREDIT PORTFOLIO
The Firm’s retained consumer portfolio consists primarily of residential real estate loans, credit card loans, auto loans, and business banking loans, as well as associated lending-related commitments. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. For further information on consumer loans, refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 106–111 and Note 12 of JPMorgan Chase’s 2018 Form 10-K. For further information on lending-related commitments, refer to Note 22 of this Form 10-Q and Note 27 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents consumer credit-related information with respect to the credit portfolio held by CCB, prime mortgage and home equity loans held by AWM, and prime mortgage loans held by Corporate. For further information about the Firm’s nonaccrual and charge-off accounting policies, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.
Consumer credit portfolio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,

(in millions, except ratios)
Credit exposure
 
Nonaccrual loans(f)(g)
 
Net charge-offs/(recoveries)(h)
 
Net charge-off/(recoveries) rate(h)(i)
 
Net charge-offs/(recoveries)(h)
 
Net charge-off/(recoveries) rate(h)(i)
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

 
2019

2018

 
2019

2018

 
2019

2018

 
2019

2018

Consumer, excluding credit card
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans, excluding PCI loans and loans held-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage
$
214,744

$
231,078

 
$
1,691

$
1,765

 
$
(13
)
$
(151
)
 
(0.02
)%
(0.27
)%
 
$
(16
)
$
(151
)
 
(0.01
)%
(0.14
)%
Home equity
26,017

28,340

 
1,209

1,323

 
(16
)
(7
)
 
(0.24
)
(0.09
)
 
(15
)
10

 
(0.11
)
0.06

Auto(a)(b)
62,073

63,573

 
108

128

 
42

50

 
0.27

0.31

 
100

126

 
0.32

0.39

Consumer & Business Banking(b)(c)
26,616

26,612

 
223

245

 
66

50

 
1.00

0.77

 
125

103

 
0.95

0.80

Total loans, excluding PCI loans and loans held-for-sale
329,450

349,603

 
3,231

3,461

 
79

(58
)
 
0.09

(0.07
)
 
194

88

 
0.11

0.05

Loans – PCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Home equity
8,149

8,963

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

Prime mortgage
4,343

4,690

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

Subprime mortgage
1,857

1,945

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

Option ARMs
7,893

8,436

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

Total loans – PCI
22,242

24,034

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

Total loans – retained
351,692

373,637

 
3,231

3,461

 
79

(58
)
 
0.09

(0.06
)
 
194

88

 
0.11

0.05

Loans held-for-sale
1,030

95

 
31

—

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

Total consumer, excluding credit card loans
352,722

373,732

 
3,262

3,461

 
79

(58
)
 
0.09

(0.06
)
 
194

88

 
0.11

0.05

Lending-related commitments(d)
51,491

46,066

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Receivables from customers
21

154

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total consumer exposure, excluding credit card
404,234

419,952

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit card
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans retained(e)
157,568

156,616

 
—

—

 
1,240

1,164

 
3.24

3.27

 
2,442

2,334

 
3.23

3.30

Loans held-for-sale
8

16

 
—

—

 
NA

NA

 
NA

NA

 
NA

NA

 
NA

NA

Total credit card loans
157,576

156,632

 
—

—

 
1,240

1,164

 
3.24

3.27

 
2,442

2,334

 
3.23

3.30

Lending-related commitments(d)
633,970

605,379

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total credit card exposure
791,546

762,011

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total consumer credit portfolio
$
1,195,780

$
1,181,963

 
$
3,262

$
3,461

 
$
1,319

$
1,106

 
1.04
 %
0.86
 %
 
$
2,636

$
2,422

 
1.03
 %
0.95
 %
Memo: Total consumer credit portfolio, excluding PCI
$
1,173,538

$
1,157,929

 
$
3,262

$
3,461

 
$
1,319

$
1,106

 
1.09
 %
0.91
 %
 
$
2,636

$
2,422

 
1.08
 %
1.00
 %
(a)
At June 30, 2019, and December 31, 2018, excluded operating lease assets of $21.5 billion and $20.5 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. For further information, refer to Note 16.
(b)
Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included within the consumer portfolio.
(c)
Predominantly includes Business Banking loans.
(d)
Credit card and home equity lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. For credit card commitments, and if certain conditions are met, home equity commitments, the Firm can reduce or cancel these lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. For further information, refer to Note 22.
(e)
Includes billed interest and fees net of an allowance for uncollectible interest and fees.
(f)
At June 30, 2019 and December 31, 2018, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $1.8 billion and $2.6 billion, respectively. These amounts have been excluded from nonaccrual loans based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status, as permitted by regulatory guidance issued by the FFIEC.
(g)
Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as each of the pools is performing.
(h)
Net charge-offs/(recoveries) and the net charge-off/(recovery) rates excluded write-offs in the PCI portfolio of $39 million and $73 million for the three months ended June 30, 2019 and 2018, respectively, and $89 million and $93 million for the six months ended June 30, 2019 and 2018, respectively. These write-offs decreased the allowance for loan losses for PCI loans. Refer to Allowance for Credit Losses on pages 67–68 for further information.
(i)
Average consumer loans held-for-sale were $1.2 billion and $291 million for the three months ended June 30, 2019 and 2018, respectively, and $1.2 billion and $263 million for the six months ended June 30, 2019 and 2018, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.

55

Consumer, excluding credit card
Portfolio analysis
Loan balances decreased from December 31, 2018 due to lower consumer loans in the residential real estate portfolio, predominantly driven by loan sales in Home Lending. The credit performance of the portfolio continues to benefit from a strong labor market and continued improvement in home prices.
The following discussions provide information concerning individual loan products, excluding PCI loans which are addressed separately. For further information about this portfolio, including information about delinquencies, loan modifications and other credit quality indicators, refer to Note 11 of this Form 10-Q.
Residential mortgage: The residential mortgage portfolio, including loans held-for-sale, predominantly consists of prime mortgage loans. The portfolio decreased from December 31, 2018 driven by loan sales in Home Lending as well as paydowns, partially offset by originations of prime mortgage loans that have been retained on the balance sheet. Net recoveries for the three and six months ended June 30, 2019 were lower when compared with the same periods in the prior year as the prior year benefited from a recovery on a loan sale.
At June 30, 2019, and December 31, 2018, the Firm’s residential mortgage portfolio included $21.8 billion and $21.6 billion, respectively, of interest-only loans. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers, predominantly in AWM. Performance of this portfolio for the three and six months ended June 30, 2019 was in line with the performance of the broader residential mortgage portfolio for the same period.
The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, including loans held-for-sale. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.
(in millions)
June 30,
2019

December 31,
2018

Current
$
2,319

$
2,884

30-89 days past due
1,080

1,528

90 or more days past due
1,809

2,600

Total government guaranteed loans
$
5,208

$
7,012

Home equity: The home equity portfolio declined from December 31, 2018 primarily reflecting loan paydowns.
At June 30, 2019, approximately 90% of the Firm’s home equity portfolio consisted of home equity lines of credit (“HELOCs”) and the remainder consisted of home equity loans (“HELOANs”). The carrying value of HELOCs outstanding was $24 billion at June 30, 2019. This amount
 
included $10 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified and $4 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are exhibiting a material deterioration in their credit risk profile.
For further information on the Firm’s home equity portfolio, refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 106–111 of JPMorgan Chase’s 2018 Form 10-K.
Auto: The auto loan portfolio predominantly consists of prime-quality loans. The portfolio declined when compared with December 31, 2018, as paydowns and charge-offs or liquidation of delinquent loans were predominantly offset by new originations.
Consumer & Business Banking: Consumer & Business Banking loans were flat when compared with December 31, 2018 as loan originations were offset by paydowns and charge-offs of delinquent loans. Net charge-offs for the three and six months ended June 30, 2019 increased when compared with the same period in the prior year due primarily to higher deposit overdraft losses.
Purchased credit-impaired loans: PCI loans represent certain loans that were acquired and deemed to be credit-impaired on the acquisition date. PCI loans decreased from December 31, 2018 due to portfolio run off. As of June 30, 2019, approximately 10% of the option ARM PCI loans were delinquent and approximately 70% of the portfolio had been modified into fixed-rate, fully amortizing loans. The borrowers for substantially all of the remaining option ARM loans are making amortizing payments, although such payments are not necessarily fully amortizing. This latter group of loans is subject to the risk of payment shock due to future payment recast. Default rates generally increase on option ARM loans when payment recast results in a payment increase. The expected increase in default rates is considered in the Firm’s quarterly impairment assessment.

56

The following table provides a summary of lifetime principal loss estimates included in either the nonaccretable difference or the allowance for loan losses.
Summary of PCI loans lifetime principal loss estimates
 
Lifetime loss
 estimates(a)
 
Life-to-date
liquidation losses(b)
(in billions)
Jun 30,
2019

 
Dec 31,
2018

 
Jun 30,
2019

 
Dec 31,
2018

Home equity
$
13.9

 
$
14.1

 
$
13.0

 
$
13.0

Prime mortgage
4.1

 
4.1

 
3.9

 
3.9

Subprime mortgage
3.3

 
3.3

 
3.2

 
3.2

Option ARMs
10.2

 
10.3

 
9.9

 
9.9

Total
$
31.5

 
$
31.8

 
$
30.0

 
$
30.0

(a)
Includes the original nonaccretable difference established in purchase accounting of $30.5 billion for principal losses plus additional principal losses recognized subsequent to acquisition through the provision and allowance for loan losses. The remaining nonaccretable difference for principal losses was $487 million and $512 million at June 30, 2019, and December 31, 2018, respectively.
(b)
Represents both realization of loss upon loan resolution and any principal forgiven upon modification.
Geographic composition of residential real estate loans
For information on the geographic composition of the Firm’s residential real estate loans, refer to Note 11.
Current estimated loan-to-value ratio of residential real estate loans
Average current estimated loan-to-value (“LTV”) ratios have declined consistent with recent improvements in home prices, customer paydowns, and charge-offs or liquidations of higher LTV loans. For information on current estimated LTVs of the Firm’s residential real estate loans, refer to Note 11.
Loan modification activities for residential real estate loans
The performance of modified loans generally differs by product type due to differences in both the credit quality and the types of modifications provided. Performance metrics for modifications to the residential real estate portfolios as measured through redefault rates, were not materially different from December 31, 2018. For further information on the Firm’s redefault rates, refer to Consumer Credit Portfolio on pages 106–111 of JPMorgan Chase’s 2018 Form 10-K.
Certain modified loans have interest rate reset provisions (“step-rate modifications”) where the interest rates on these loans generally began to increase commencing in 2014 by 1% per year, and will continue to do so, until the rate reaches a specified cap. The cap on these loans is typically at a prevailing market interest rate for a fixed-rate mortgage loan as of the modification date. At June 30, 2019, the carrying value of non-PCI loans and the unpaid principal balance of PCI loans modified in step-rate modifications, which have not yet met their specified caps, were $1.4 billion and $2.6 billion, respectively. The Firm continues to monitor this risk exposure and the impact of these potential interest rate increases is considered in the Firm’s allowance for loan losses.
 
The following table presents information as of June 30, 2019, and December 31, 2018, relating to modified retained residential real estate loans for which concessions have been granted to borrowers experiencing financial difficulty. For further information on modifications for the three and six months ended June 30, 2019 and 2018, refer to Note 11.
Modified residential real estate loans
 
June 30, 2019
 
December 31, 2018
(in millions)
Retained loans
Non-accrual
retained loans(d)
 
Retained loans
Non-accrual
retained loans(d)
Modified residential real estate loans, excluding
PCI loans(a)(b)
 
 
 
 
 
Residential mortgage
$
4,381

$
1,436

 
$
4,565

$
1,459

Home equity
1,954

946

 
2,012

955

Total modified residential real estate loans, excluding PCI loans
$
6,335

$
2,382

 
$
6,577

$
2,414

Modified PCI loans(c)
 
 
 
 
 
Home equity
$
2,012

NA

 
$
2,086

NA

Prime mortgage
3,024

NA

 
3,179

NA

Subprime mortgage
1,971

NA

 
2,041

NA

Option ARMs
6,080

NA

 
6,410

NA

Total modified PCI loans
$
13,087

NA

 
$
13,716

NA

(a)
Amounts represent the carrying value of modified residential real estate loans.
(b)
At June 30, 2019, and December 31, 2018, $2.6 billion and $4.1 billion, respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i.e., Federal Housing Administration (“FHA”), U.S. Department of Veterans Affairs (“VA”), Rural Housing Service of the U.S. Department of Agriculture (“RHS”)) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure. For additional information about sales of loans in securitization transactions with Ginnie Mae, refer to Note 13.
(c)
Amounts represent the unpaid principal balance of modified PCI loans.
(d)
At both June 30, 2019, and December 31, 2018, nonaccrual loans included $2.0 billion of troubled debt restructurings (“TDRs”) for which the borrowers were less than 90 days past due. For additional information about loans modified in a TDR that are on nonaccrual status, refer to Note 11.

57

Nonperforming assets
The following table presents information as of June 30, 2019, and December 31, 2018, about consumer, excluding credit card, nonperforming assets.
Nonperforming assets(a)
 
 
 
(in millions)
June 30,
2019

 
December 31,
2018

Nonaccrual loans(b)
 
 
 
Residential real estate
$
2,931

 
$
3,088

Other consumer
331

 
373

Total nonaccrual loans
3,262

 
3,461

Assets acquired in loan satisfactions
 
 
 
Real estate owned
247

 
210

Other
26

 
30

Total assets acquired in loan satisfactions
273

 
240

Total nonperforming assets
$
3,535

 
$
3,701

(a)
At June 30, 2019, and December 31, 2018, nonperforming assets excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $1.8 billion and $2.6 billion, respectively, and REO insured by U.S. government agencies of $56 million and $75 million, respectively. These amounts have been excluded based upon the government guarantee.
(b)
Excludes PCI loans, which are accounted for on a pool basis. Since each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, the past-due status of the pools, or that of individual loans within the pools, is not meaningful. The Firm is recognizing interest income on each pool of loans as each of the pools is performing.
Nonaccrual loans in the residential real estate portfolio at June 30, 2019 decreased to $2.9 billion from $3.1 billion at December 31, 2018, of which 23% and 24% were greater than 150 days past due, respectively. In the aggregate, the unpaid principal balance of residential real estate loans greater than 150 days past due was charged down by approximately 31% and 32% to the estimated net realizable value of the collateral at June 30, 2019, and December 31, 2018, respectively.
Nonaccrual loans: The following table presents changes in consumer, excluding credit card, nonaccrual loans for the six months ended June 30, 2019 and 2018.
Nonaccrual loan activity
 
 
Six months ended June 30, (in millions)
 
2019

2018

Beginning balance
 
$
3,461

$
4,209

Additions
 
1,082

1,575

Reductions:
 
 
 
Principal payments and other(a)
 
508

738

Charge-offs
 
209

246

Returned to performing status
 
435

666

Foreclosures and other liquidations
 
129

155

Total reductions
 
1,281

1,805

Net changes
 
(199
)
(230
)
Ending balance
 
$
3,262

$
3,979

(a)
Other reductions includes loan sales.
Active and suspended foreclosure: For information on loans that were in the process of active or suspended foreclosure, refer to Note 11.

58

Credit card
Total credit card loans were relatively flat from December 31, 2018 reflecting increased sales volumes from existing customers and new account growth, offset by the impact of seasonality. The June 30, 2019 30+ day delinquency rate decreased to 1.71% from 1.83% at December 31, 2018, and the June 30, 2019 90+ day delinquency rate decreased to 0.87% from 0.92% at December 31, 2018, in line with expectations. Net charge-offs increased for the three and six months ended June 30, 2019 when compared with the same period in the prior year primarily due to loan growth.
Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm establishes an allowance, which is offset against loans and reduces interest income, for the estimated uncollectible portion of accrued and billed interest and fee income.
Geographic and FICO composition of credit card loans
For information on the geographic and FICO composition of the Firm’s credit card loans, refer to Note 11.
Modifications of credit card loans
At June 30, 2019 and December 31, 2018, the Firm had $1.4 billion and $1.3 billion, respectively, of credit card loans outstanding that have been modified in TDRs. For additional information about loan modification programs to borrowers, refer to Note 11.

59

WHOLESALE CREDIT PORTFOLIO
In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk.
The credit performance of the wholesale portfolio remained favorable for the six months ended June 30, 2019, characterized by continued low levels of criticized exposure, nonaccrual loans and charge-offs. Refer to the industry discussion on pages 62–64 for further information. Loans held-for-sale decreased, driven by a loan syndication in CIB. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure inclusive of collateral where applicable, and of industry, product and client concentrations.
 
In the following tables, the Firm’s wholesale credit portfolio includes exposure held in CIB, CB, AWM and Corporate, and excludes all exposure managed by CCB.
Wholesale credit portfolio
 
Credit exposure
 
Nonperforming(c)
(in millions)
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

Loans retained
$
438,468

$
439,162

 
$
1,238

$
1,150

Loans held-for-sale
3,814

11,877

 
190

—

Loans at fair value
4,309

3,151

 
180

220

Loans – reported
446,591

454,190

 
1,608

1,370

Derivative receivables
52,878

54,213

 
39

60

Receivables from customers and other(a)
27,393

30,063

 
—

—

Total wholesale credit-related assets
526,862

538,466

 
1,647

1,430

Lending-related commitments
394,301

387,813

 
465

469

Total wholesale credit exposure
$
921,163

$
926,279

 
$
2,112

$
1,899

Credit derivatives used in credit portfolio management activities(b)
$
(15,292
)
$
(12,682
)
 
$
—

$
—

Liquid securities and other cash collateral held against derivatives
(14,676
)
(15,322
)
 
NA

NA

(a)
Receivables from customers and other include $27.3 billion and $30.1 billion of prime brokerage-related held-for-investment customer receivables at June 30, 2019, and December 31, 2018, respectively, to customers in CIB and AWM; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.
(b)
Represents the net notional amount of protection purchased and sold through credit derivatives used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. For additional information, refer to Credit derivatives on page 66, and Note 4.
(c)
Excludes assets acquired in loan satisfactions.

60

The following tables present the maturity and ratings profiles of the wholesale credit portfolio as of June 30, 2019, and December 31, 2018. The ratings scale is based on the Firm’s internal risk ratings, which generally correspond to the ratings assigned by S&P and Moody’s. For additional information on wholesale loan portfolio risk ratings, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.
Wholesale credit exposure – maturity and ratings profile
 
 
 
 
 
 
 
Maturity profile(d)
 
Ratings profile
 
Due in 1 year or less
Due after 1 year through 5 years
Due after 5 years
Total
 
Investment-grade
 
Noninvestment-grade
Total
Total % of IG
June 30, 2019
(in millions, except ratios)
 
AAA/Aaa to BBB-/Baa3
 
BB+/Ba1 & below
Loans retained
$
131,542

$
203,512

$
103,414

$
438,468

 
$
337,188

 
$
101,280

$
438,468

77
%
Derivative receivables
 
 
 
52,878

 
 
 
 
52,878

 
Less: Liquid securities and other cash collateral held against derivatives
 
 
 
(14,676
)
 
 
 
 
(14,676
)
 
Total derivative receivables, net of all collateral
8,089

8,444

21,669

38,202

 
30,956

 
7,246

38,202

81

Lending-related commitments
79,456

304,412

10,433

394,301

 
286,247

 
108,054

394,301

73

Subtotal
219,087

516,368

135,516

870,971

 
654,391

 
216,580

870,971

75

Loans held-for-sale and loans at fair value(a)
 
 
 
8,123

 
 
 
 
8,123

 
Receivables from customers and other
 
 
 
27,393

 
 
 
 
27,393

 
Total exposure – net of liquid securities and other cash collateral held against derivatives
 
 
 
$
906,487

 
 
 
 
$
906,487

 
Credit derivatives used in credit portfolio management activities(b)(c)
$
(1,741
)
$
(10,747
)
$
(2,804
)
$
(15,292
)
 
$
(14,271
)
 
$
(1,021
)
$
(15,292
)
93
%
 
Maturity profile(d)
 
Ratings profile
 
Due in 1 year or less
Due after 1 year through 5 years
Due after 5 years
Total
 
Investment-grade
 
Noninvestment-grade
Total
Total % of IG
December 31, 2018
(in millions, except ratios)
 
AAA/Aaa to BBB-/Baa3
 
BB+/Ba1 & below
Loans retained
$
138,458

$
196,974

$
103,730

$
439,162

 
$
339,729

 
$
99,433

$
439,162

77
%
Derivative receivables
 
 
 
54,213

 
 
 
 
54,213

 
Less: Liquid securities and other cash collateral held against derivatives
 
 
 
(15,322
)
 
 
 
 
(15,322
)
 
Total derivative receivables, net of all collateral
11,038

9,169

18,684

38,891

 
31,794

 
7,097

38,891

82

Lending-related commitments
79,400

294,855

13,558

387,813

 
288,724

 
99,089

387,813

74

Subtotal
228,896

500,998

135,972

865,866

 
660,247

 
205,619

865,866

76

Loans held-for-sale and loans at fair value(a)
 
 
 
15,028

 
 
 
 
15,028

 
Receivables from customers and other
 
 
 
30,063

 
 
 
 
30,063

 
Total exposure – net of liquid securities and other cash collateral held against derivatives
 
 
 
$
910,957

 
 
 
 
$
910,957

 
Credit derivatives used in credit portfolio management activities(b)(c)
$
(447
)
$
(9,318
)
$
(2,917
)
$
(12,682
)
 
$
(11,213
)
 
$
(1,469
)
$
(12,682
)
88
%
(a)
Represents loans held-for-sale, primarily related to syndicated loans and loans transferred from the retained portfolio, and loans at fair value.
(b)
These derivatives do not qualify for hedge accounting under U.S. GAAP.
(c)
The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties.
(d)
The maturity profile of retained loans, lending-related commitments and derivative receivables is based on the remaining contractual maturity. Derivative contracts that are in a receivable position at June 30, 2019, may become payable prior to maturity based on their cash flow profile or changes in market conditions.

61

Wholesale credit exposure – industry exposures
The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns. Exposures deemed criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist
 
of the special mention, substandard and doubtful categories. The total criticized component of the portfolio, excluding loans held-for-sale and loans at fair value, was approximately $12 billion at both June 30, 2019, and December 31, 2018.
Below are summaries of the Firm’s exposures as of June 30, 2019, and December 31, 2018. The industry of risk category is generally based on the client or counterparty’s primary business activity. For additional information on industry concentrations, refer to Note 4 of JPMorgan Chase’s 2018 Form 10-K.

Wholesale credit exposure – industries(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected metrics
 
 
 
 
 
 
 
 
30 days or more past due and accruing
loans
Net
charge-offs/
(recoveries)
Credit derivative hedges(g)
Liquid securities
and other cash collateral held against derivative
receivables
 
 
 
 
Noninvestment-grade
As of or for the six months ended
Credit exposure(f)
Investment- grade
 
Noncriticized
 
Criticized performing
Criticized nonperforming
June 30, 2019
(in millions)
Real Estate
$
144,699

$
119,826

 
$
23,637

 
$
1,143

$
93

$
103

$
—

$
(44
)
$
—

Individuals and Individual Entities(b)
97,637

86,094

 
11,041

 
300

202

764

3

—

(586
)
Consumer & Retail
97,121

54,267

 
40,876

 
1,874

104

151

49

(231
)
(8
)
Technology, Media &
Telecommunications
65,859

38,262

 
25,062

 
2,415

120

10

20

(746
)
(32
)
Industrials
58,230

38,179

 
18,654

 
1,213

184

148

—

(507
)
(45
)
Banks & Finance Cos
50,598

35,203

 
15,012

 
378

5

26

—

(636
)
(2,175
)
Healthcare
46,669

34,880

 
11,097

 
605

87

74

12

(190
)
(156
)
Oil & Gas
46,209

27,476

 
17,149

 
869

715

7

17

(499
)
(11
)
Asset Managers
45,514

39,966

 
5,523

 
4

21

5

—

—

(4,985
)
Utilities
29,101

23,355

 
5,486

 
159

101

—

37

(361
)
(70
)
State & Municipal Govt(c)
27,286

26,754

 
529

 
3

—

3

—

—

(24
)
Metals & Mining
17,706

8,480

 
8,918

 
282

26

5

(1
)
(207
)
(3
)
Central Govt
16,947

16,534

 
413

 
—

—

1

—

(8,993
)
(2,486
)
Automotive
16,856

10,820

 
5,672

 
364

—

8

—

(157
)
—

Chemicals & Plastics
16,386

11,329

 
5,021

 
36

—

28

—

(10
)
—

Transportation
14,870

9,644

 
4,827

 
329

70

172

—

(37
)
(37
)
Insurance
12,913

10,079

 
2,800

 
20

14

1

—

(36
)
(2,453
)
Financial Markets Infrastructure
6,009

5,917

 
92

 
—

—

—

—

—

(36
)
Securities Firms
4,662

2,965

 
1,672

 
25

—

—

—

(49
)
(662
)
All other(d)
70,375

67,444

 
2,643

 
288

—

2

(9
)
(2,589
)
(907
)
Subtotal
$
885,647

$
667,474

 
$
206,124

 
$
10,307

$
1,742

$
1,508

$
128

$
(15,292
)
$
(14,676
)
Loans held-for-sale and loans at fair value
8,123

 
 
 
 
 
 
 
 
 
 
Receivables from customers and other
27,393

 
 
 
 
 
 
 
 
 
 
Total(e)
$
921,163

 
 
 
 
 
 
 
 
 
 

62












(continued from previous page)
 
 
 
 
 
 
 
 
 
 








Selected metrics








30 days or more past due and accruing
loans
Net
charge-offs/
(recoveries)
Credit derivative hedges(g)
Liquid securities
and other cash collateral held against derivative
receivables




Noninvestment-grade
As of or for the year ended
Credit exposure(f)
Investment- grade

Noncriticized

Criticized performing
Criticized nonperforming
December 31, 2018
(in millions)
Real Estate
$
143,316

$
117,988


$
24,174


$
1,019

$
135

$
70

$
(20
)
$
(2
)
$
(1
)
Individuals and Individual Entities(b)
97,077

86,581

 
10,164

 
174

158

703

12

—

(915
)
Consumer & Retail
94,815

60,678


31,901


2,033

203

43

55

(248
)
(14
)
Technology, Media & Telecommunications
72,646

46,334

 
24,081

 
2,170

61

8

12

(1,011
)
(12
)
Industrials
58,528

38,487


18,594


1,311

136

171

20

(207
)
(29
)
Banks & Finance Cos
49,920

34,120

 
15,496

 
299

5

11

—

(575
)
(2,290
)
Healthcare
48,142

36,687


10,625


761

69

23

(5
)
(150
)
(133
)
Oil & Gas
42,600

23,356


17,451


1,158

635

6

36

(248
)
—

Asset Managers
42,807

36,722


6,067


4

14

10

—

—

(5,829
)
Utilities
28,172

23,558


4,326


138

150

—

38

(142
)
(60
)
State & Municipal Govt(c)
27,351

26,746


603


2

—

18

(1
)
—

(42
)
Metals & Mining
15,359

8,188


6,767


385

19

1

—

(174
)
(22
)
Central Govt
18,456

18,251

 
124

 
81

—

4

—

(7,994
)
(2,130
)
Automotive
17,339

9,637


7,310


392

—

1

—

(125
)
—

Chemicals & Plastics
16,035

11,490


4,427


118

—

4

—

—

—

Transportation
15,660

10,508


4,699


393

60

21

6

(31
)
(112
)
Insurance
12,639

9,777


2,830


—

32

—

—

(36
)
(2,080
)
Financial Markets Infrastructure
7,484

6,746


738


—

—

—

—

—

(26
)
Securities Firms
4,558

3,099


1,459


—

—

—

—

(158
)
(823
)
All other(d)
68,284

64,664


3,606


12

2

2

2

(1,581
)
(804
)
Subtotal
$
881,188

$
673,617


$
195,442


$
10,450

$
1,679

$
1,096

$
155

$
(12,682
)
$
(15,322
)
Loans held-for-sale and loans at fair value
15,028


















Receivables from customers and other
30,063



















Total(e)
$
926,279

 
 
 
 
 
 
 
 
 
 
(a)
The industry rankings presented in the table as of December 31, 2018, are based on the industry rankings of the corresponding exposures at June 30, 2019, not actual rankings of such exposures at December 31, 2018.
(b)
Individuals and Individual Entities predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts.
(c)
In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at June 30, 2019, and December 31, 2018, noted above, the Firm held: $7.3 billion and $7.8 billion, respectively, of trading securities; $31.9 billion and $37.7 billion, respectively, of AFS securities; and $4.8 billion at both periods of held-to-maturity (“HTM”) securities, issued by U.S. state and municipal governments. For further information, refer to Note 2 and Note 9.
(d)
All other includes: SPEs and Private education and civic organizations, representing approximately 91% and 9%, respectively, at June 30, 2019, and 92% and 8%, respectively, at December 31, 2018.
(e)
Excludes cash placed with banks of $259.7 billion and $268.1 billion, at June 30, 2019, and December 31, 2018, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.
(f)
Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.
(g)
Represents the net notional amounts of protection purchased and sold through credit derivatives used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.

63

Real Estate
Presented below is additional information on the Real Estate industry, to which the Firm has significant exposure.
Real Estate exposure, and the investment grade percentage of the portfolio remained relatively flat for the six months ended June 30, 2019 at $144.7 billion and 83% respectively. For further information on Real Estate loans, refer to Note 11.
 
June 30, 2019
 
(in millions, except ratios)
Loans and Lending-related Commitments
 
Derivative Receivables
 
Credit exposure
 
% Investment-grade
% Drawn(c)
Multifamily(a)
$
85,195

 
$
66

 
$
85,261

 
89
%
 
92
%
 
Other
58,940

 
498

 
59,438

 
73

 
62

 
Total Real Estate Exposure(b)
144,135

 
564

 
144,699

 
83

 
80

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
(in millions, except ratios)
Loans and Lending-related Commitments
 
Derivative
Receivables
 
Credit exposure
 
% Investment-
grade
% Drawn(c)
Multifamily(a)
$
85,683

 
$
33

 
$
85,716

 
89
%
 
92
%
 
Other
57,469

 
131

 
57,600

 
72

 
63

 
Total Real Estate Exposure(b)
143,152

 
164

 
143,316

 
82

 
81

 
(a)
Multifamily exposure is largely in California.
(b)
Real Estate exposure is predominantly secured; unsecured exposure is predominantly investment-grade.
(c)
Represents drawn exposure as a percentage of credit exposure.
Loans
In the normal course of its wholesale business, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. For a further discussion on loans, including information on credit quality indicators and sales of loans, refer to Note 11.
The following table presents the change in the nonaccrual loan portfolio for the six months ended June 30, 2019 and 2018.
Wholesale nonaccrual loan activity
Six months ended June 30,
(in millions)
 
2019

2018

Beginning balance
 
$
1,370

$
1,734

Additions
 
1,201

505

Reductions:
 
 
 
Paydowns and other
 
738

394

Gross charge-offs
 
143

231

Returned to performing status
 
25

176

Sales
 
57

107

Total reductions
 
963

908

Net changes
 
238

(403
)
Ending balance
 
$
1,608

$
1,331

 
The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three and six months ended June 30, 2019 and 2018. The amounts in the table below do not include gains or losses from sales of nonaccrual loans.
Wholesale net charge-offs/(recoveries)
 
 
 
(in millions, except ratios)
Three months ended
June 30,
 
Six months ended
June 30,
2019

2018

 
2019

2018

Loans – reported
 
 
 
 
 
Average loans retained
$
434,905

$
414,980

 
$
434,783

$
409,949

Gross charge-offs
98

176

 
150

241

Gross recoveries
(14
)
(30
)
 
(22
)
(76
)
Net charge-offs/(recoveries)
84

146

 
128

165

Net charge-off/(recovery) rate
0.08
%
0.14
%
 
0.06
%
0.08
%

64

Lending-related commitments
The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the Firm fulfill its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees are refinanced, extended, cancelled, or expire without being drawn upon or a default occurring. In the Firm’s view, the total contractual amount of these wholesale lending-related commitments is not representative of the Firm’s expected future credit exposure or funding requirements. For further information on wholesale lending-related commitments, refer to Note 22 .
Derivative contracts
Derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates, foreign exchange, equities, and commodities. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit and other market risk exposure. For a further discussion of derivative contracts, refer to Note 4.
The following table summarizes the net derivative receivables for the periods presented.
Derivative receivables
 
 
(in millions)
June 30,
2019

December 31,
2018

Total, net of cash collateral
52,878

54,213

Liquid securities and other cash collateral held against derivative receivables(a)
(14,676
)
(15,322
)
Total, net of collateral
$
38,202

$
38,891

(a)
Includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements.
 
The fair value of derivative receivables reported on the Consolidated balance sheets were $52.9 billion and $54.2 billion at June 30, 2019, and December 31, 2018, respectively. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the Firm. However, in management’s view, the appropriate measure of current credit risk should also take into consideration additional liquid securities (primarily U.S. government and agency securities and other group of seven nations (“G7”) government securities) and other cash collateral held by the Firm aggregating $14.7 billion and $15.3 billion at June 30, 2019, and December 31, 2018, respectively, that may be used as security when the fair value of the client’s exposure is in the Firm’s favor.
In addition to the collateral described in the preceding paragraph, the Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government-agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the balances and is not included in the table above, it is available as security against potential exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. The derivative receivables fair value, net of all collateral, also does not include other credit enhancements, such as letters of credit. For additional information on the Firm’s use of collateral agreements, refer to Note 4.


















65

The following table summarizes the ratings profile of the Firm’s derivative receivables, including credit derivatives, net of all collateral, at the dates indicated. The ratings scale is based on the Firm’s internal ratings, which generally correspond to the ratings as assigned by S&P and Moody’s.
Ratings profile of derivative receivables
 
 
 
 
 
Rating equivalent
June 30, 2019
 
December 31, 2018

(in millions, except ratios)
Exposure net of all collateral
% of exposure net of all collateral
 
Exposure net of all collateral
% of exposure net of all collateral
AAA/Aaa to AA-/Aa3
$
10,435

27
%
 
$
11,831

31
%
A+/A1 to A-/A3
5,154

13

 
7,428

19

BBB+/Baa1 to BBB-/Baa3
15,367

41

 
12,536

32

BB+/Ba1 to B-/B3
6,674

17

 
6,373

16

CCC+/Caa1 and below
572

2

 
723

2

Total
$
38,202

100
%
 
$
38,891

100
%

As previously noted, the Firm uses collateral agreements to mitigate counterparty credit risk. The percentage of the Firm’s over-the-counter derivative contracts subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 90% at both June 30, 2019, and December 31, 2018.
Credit derivatives
The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with various exposures.
 
Credit portfolio management activities
Included in the Firm’s end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities (loans and unfunded commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses (collectively, “credit portfolio management” activities). Information on credit portfolio management activities is provided in the table below.
Credit derivatives used in credit portfolio management activities
 
Notional amount of protection
purchased and sold(a)
(in millions)
June 30,
2019

 
December 31,
2018

Credit derivatives used to manage:
 
 
 
Loans and lending-related commitments
$
1,819

 
$
1,272

Derivative receivables
13,473

 
11,410

Credit derivatives used in credit portfolio management activities
$
15,292

 
$
12,682

(a)
Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.
For further information on credit derivatives and derivatives used in credit portfolio management activities, refer to Credit derivatives in Note 4 of this Form 10-Q, and Note 5 of JPMorgan Chase’s 2018 Form 10-K.

66

ALLOWANCE FOR CREDIT LOSSES
The Firm’s allowance for credit losses covers the retained consumer and wholesale loan portfolios, as well as the Firm’s wholesale and certain consumer lending-related commitments.
For further information on the components of the allowance for credit losses and related management judgments, refer to Critical Accounting Estimates Used by the Firm on pages 76–77 and Note 12 of this Form 10-Q, and Critical Accounting Estimates Used by the Firm on pages 141-143 and Note 13 of JPMorgan Chase’s 2018 Form 10-K.
At least quarterly, the allowance for credit losses is reviewed by the CRO, the CFO and the Controller of the Firm. As of June 30, 2019, JPMorgan Chase deemed the allowance for credit losses to be appropriate and sufficient to absorb probable credit losses inherent in the portfolio.
 
The allowance for credit losses decreased compared with December 31, 2018, largely driven by Consumer due to a $400 million reduction in the allowance for loan losses in the PCI residential real estate portfolio, reflecting continued improvement in home prices and delinquencies, partially offset by a $200 million addition to the allowance in the credit card portfolio, due to loan growth and higher loss rates, as anticipated.
For additional information on the consumer and wholesale credit portfolios, refer to Consumer Credit Portfolio on pages 55–59, Wholesale Credit Portfolio on pages 60–66 and Note 11.


67

Summary of changes in the allowance for credit losses
 
 
 
 
 
 
2019
 
2018
Six months ended June 30,
Consumer, excluding
credit card
Credit card
Wholesale
Total
 
Consumer, excluding
credit card
Credit card
Wholesale
Total
(in millions, except ratios)
 
Allowance for loan losses
 
 
 
 
 
 
 
 
 
Beginning balance at January 1,
$
4,146

$
5,184

$
4,115

$
13,445

 
$
4,579

$
4,884

$
4,141

$
13,604

Gross charge-offs
471

2,725

150

3,346

 
539

2,578

241

3,358

Gross recoveries
(277
)
(283
)
(22
)
(582
)
 
(451
)
(244
)
(76
)
(771
)
Net charge-offs
194

2,442

128

2,764

 
88

2,334

165

2,587

Write-offs of PCI loans(a)
89

—

—

89

 
93

—

—

93

Provision for loan losses
(204
)
2,642

131

2,569

 
90

2,334

(98
)
2,326

Other
—

(1
)
6

5

 
—

—

—

—

Ending balance at June 30,
$
3,659

$
5,383

$
4,124

$
13,166

 
$
4,488

$
4,884

$
3,878

$
13,250

Impairment methodology
 
 
 
 
 
 
 
 
 
Asset-specific(b)
$
145

$
472

$
288

$
905

 
$
226

$
402

$
318

$
946

Formula-based
2,215

4,911

3,836

10,962

 
2,130

4,482

3,560

10,172

PCI
1,299

—

—

1,299

 
2,132

—

—

2,132

Total allowance for loan losses
$
3,659

$
5,383

$
4,124

$
13,166

 
$
4,488

$
4,884

$
3,878

$
13,250

Allowance for lending-related commitments
 
 
 
 
 
 
 
 
 
Beginning balance at January 1,
$
33

$
—

$
1,022

$
1,055

 
$
33

$
—

$
1,035

$
1,068

Provision for lending-related commitments
—

—

75

75

 
—

—

49

49

Other
—

—

(1
)
(1
)
 
—

—

—

—

Ending balance at June 30,
$
33

$
—

$
1,096

$
1,129

 
$
33

$
—

$
1,084

$
1,117

Impairment methodology
 
 
 
 
 
 
 
 
 
Asset-specific
$
—

$
—

$
136

$
136

 
$
—

$
—

$
139

$
139

Formula-based
33

—

960

993

 
33

—

945

978

Total allowance for lending-related commitments(c)
$
33

$
—

$
1,096

$
1,129

 
$
33

$
—

$
1,084

$
1,117

Total allowance for credit losses
$
3,692

$
5,383

$
5,220

$
14,295

 
$
4,521

$
4,884

$
4,962

$
14,367

Memo:
 
 
 
 
 
 
 
 
 
Retained loans, end of period
$
351,692

$
157,568

$
438,468

$
947,728

 
$
374,587

$
145,221

$
420,632

$
940,440

Retained loans, average
363,634

152,435

434,783

950,852

 
373,562

142,757

409,949

926,268

PCI loans, end of period
22,242

—

—

22,242

 
26,977

—

3

26,980

Credit ratios
 
 
 
 
 
 
 
 
 
Allowance for loan losses to retained loans
1.04
%
3.42
%
0.94
%
1.39
%
 
1.20
%
3.36
%
0.92
%
1.41
%
Allowance for loan losses to retained nonaccrual loans(d)
113

NM

333

295

 
113

NM

335

258

Allowance for loan losses to retained nonaccrual loans excluding credit card
113

NM

333

174

 
113

NM

335

163

Net charge-off rates
0.11

3.23

0.06

0.59

 
0.05

3.30

0.08

0.56

Credit ratios, excluding residential real estate PCI loans
 
 
 
 
 
 
 
 
 
Allowance for loan losses to retained loans
0.72

3.42

0.94

1.28

 
0.68

3.36

0.92

1.22

Allowance for loan losses to retained nonaccrual loans(d)
73

NM

333

266

 
59

NM

335

217

Allowance for loan losses to retained nonaccrual loans excluding credit card
73

NM

333

145

 
59

NM

335

121

Net charge-off rates
0.11
%
3.23
%
0.06
%
0.60
%
 
0.05
%
3.30
%
0.08
%
0.58
%
Note: In the table above, the financial measures which exclude the impact of PCI loans are non-GAAP financial measures.
(a)
Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool.
(b)
Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a TDR. The asset-specific credit card allowance for loan losses modified in a TDR is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.
(c)
The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.
(d)
The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.



 


68

INVESTMENT PORTFOLIO RISK MANAGEMENT
Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio held predominantly by Treasury and CIO in connection with the Firm’s balance sheet or asset-liability management objectives or from principal investments managed in the LOBs and Corporate in predominantly privately-held financial instruments. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.
Investment securities risk
Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that Treasury and CIO substantially invest in high-quality securities. At June 30, 2019, the investment securities portfolio was $305.4 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available and where not available, based primarily upon internal ratings that correspond to ratings as defined by S&P and Moody’s). For further information on the investment securities portfolio, refer to Corporate segment results on pages 41–42 and Note 9. For further information on the market risk inherent in the portfolio, refer to Market Risk Management on pages 70–74. For further information on related liquidity risk, refer to Liquidity Risk on pages 49–53.

 
Principal investment risk
Principal investments are typically private non-traded financial instruments representing ownership or other forms of junior capital. Principal investments cover multiple asset classes and are made either in stand-alone investing businesses or as part of a broader business platform. In general, new principal investments include tax-oriented investments, as well as investments made to enhance or accelerate LOB and Corporate strategic business initiatives. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results.
As of June 30, 2019 and December 31, 2018, the aggregate carrying values of the principal investment portfolios were $22.0 billion and $22.2 billion, respectively, which included tax-oriented investments (e.g., affordable housing and alternative energy investments) of $16.0 billion and $16.6 billion, respectively, and private equity, various debt and equity instruments, and real assets of $6.0 billion and $5.6 billion, respectively.
For a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight, refer to page 123 of JPMorgan Chase’s 2018 Form 10-K.


69

MARKET RISK MANAGEMENT
Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. For a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk, refer to Market Risk Management on pages 124–131 of JPMorgan Chase’s 2018 Form 10-K.
Value-at-risk
JPMorgan Chase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.
The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the lines of business and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.
 
The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. For information regarding model reviews and approvals, refer to Estimations and Model Risk Management on page 140 of JPMorgan Chase’s 2018 Form 10-K.
For further information regarding VaR, including the inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR, refer to page 126 of JPMorgan Chase’s 2018 Form 10-K. For additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting), refer to JPMorgan Chase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website at:
(http://investor.shareholder.com/jpmorganchase/basel.cfm). For further information regarding nonstatistical market risk measures used by the Firm, refer to Other risk measures on pages 129-131 of JPMorgan Chase’s 2018 Form 10-K.


70

The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change.
Total VaR





















Three months ended


June 30, 2019

March 31, 2019

June 30, 2018

(in millions)
 Avg.
Min
Max

 Avg.
Min
Max

 Avg.
Min
Max


CIB trading VaR by risk type




















Fixed income
$
39


$
33


$
45



$
44


$
38


$
50



$
31


$
26


$
36


Foreign exchange
7


5


12



9


4


15



6


4


10


Equities
25


14


31



16


13


22



15


13


18


Commodities and other
9


7


10



10


9


12



7


5


9


Diversification benefit to CIB trading VaR
(36
)
(a) 
 NM

(b) 
 NM

(b) 

(32
)
(a) 
 NM

(b) 
 NM

(b) 

(27
)
(a) 
NM

(b) 
NM

(b) 
CIB trading VaR
44


34

(b) 
55

(b) 

47


36

(b) 
61

(b) 

32


26

(b) 
42

(b) 
Credit portfolio VaR
5


4


7



5


4


6



4


3


4


Diversification benefit to CIB VaR
(5
)
(a) 
 NM

(b) 
 NM

(b) 

(4
)
(a) 
NM

(b) 
NM

(b) 

(3
)
(a) 
NM

(b) 
NM

(b) 
CIB VaR
44


35

(b) 
55

(b) 

48


37

(b) 
63

(b) 

33


26

(b) 
42

(b) 






























CCB VaR
4


2


7



2


1


3



1


1


3


Corporate VaR
10


9


10



10


9


12



12


10


13


Diversification benefit to other VaR
(5
)
(a) 
 NM

(b) 
 NM

(b) 

(2
)
(a) 
NM

(b) 
NM

(b) 

(1
)
(a) 
NM

(b) 
NM

(b) 
Other VaR
9


8

(b) 
11

(b) 

10


9

(b) 
11

(b) 

12


10

(b) 
14

(b) 
Diversification benefit to CIB and other VaR
(7
)
(a) 
 NM

(b) 
 NM

(b) 

(6
)
(a) 
NM

(b) 
NM

(b) 

(10
)
(a) 
NM

(b) 
NM

(b) 
Total VaR
$
46


$
36

(b) 
$
57

(b) 

$
52


$
40

(b) 
$
65

(b) 

$
35


$
28

(b) 
$
44

(b) 
(a)
Average portfolio VaR is less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects that the risks are not perfectly correlated.
(b)
Diversification benefit represents the difference between the total VaR and each reported level and the sum of its individual components. Diversification benefit reflects the non-additive nature of VaR due to imperfect correlation across lines of business, Corporate, and risk types. The maximum and minimum VaR for each portfolio may have occurred on different trading days than the components and consequently diversification benefit is not meaningful.
Quarter over quarter results
Average total VaR decreased by $6 million for the three months ended June 30, 2019 as compared with the prior quarter. This reflects a reduction in risk across Fixed Income and Foreign Exchange risk types, partially offset by Equities risk type, driven by the inclusion of a CIB strategic investment in Tradeweb following the IPO in the second quarter of 2019.


 
Year over year results
Average total VaR increased by $11 million for the three months ended June 30, 2019, compared with the same period in the prior year. The increase in average total VaR is primarily due to the Equities risk type, driven by the inclusion of a CIB strategic investment in Tradeweb following the IPO in the second quarter of 2019, changes in the risk profile for Fixed Income risk type and increased volatility.


71

VaR back-testing
The Firm performs daily VaR model back-testing, which compares the daily Risk Management VaR results with the daily gains and losses actually recognized on market-risk related revenue.
The Firm’s definition of market risk-related gains and losses is consistent with the definition used by the banking regulators under Basel III. Under this definition market risk-related gains and losses are defined as: gains and losses on the positions included in the Firm’s Risk Management VaR excluding fees, commissions, certain valuation adjustments, net interest income, and gains and losses arising from intraday trading.
The following chart compares actual daily market risk-related gains and losses with the Firm’s Risk Management VaR for the six months ended June 30, 2019. As the chart presents market risk-related gains and losses related to those positions included in the Firm’s Risk Management VaR, the results in the table below differ from the results of back-testing disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to CIB’s covered positions. The chart shows that for the six months ended June 30, 2019, the Firm observed two VaR back-testing exceptions and posted market risk-related gains on 82 of the 128 days. The Firm observed one VaR back-testing exception and posted market risk-related gains on 37 of the 65 days for the three months ended June 30, 2019.
Daily Market Risk-Related Gains and Losses
vs. Risk Management VaR (1-day, 95% Confidence level)
Six months ended June 30, 2019
 
Market Risk-Related Gains and Losses
 
Risk Management VaR
chart-03ae90a1830e5a3d86f.jpg
January
February
March
April
May
June


72

Earnings-at-risk
The VaR and sensitivity measures illustrate the economic sensitivity of the Firm’s Consolidated balance sheets to changes in market variables.
The effect of interest rate exposure on the Firm’s reported net income is also important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits and issuing debt as well as from the investment securities portfolio. One way the Firm evaluates its structural interest rate risk exposure is through earnings-at-risk, which estimates the sensitivity of the Firm’s net interest income and interest rate-sensitive fees to changes in rates. For a summary by line of business and Corporate, identifying positions included in earnings-at-risk, refer to the table on page 125 of JPMorgan Chase’s 2018 Form 10-K.
The Firm generates a baseline for net interest income and certain interest rate-sensitive fees, and then conducts simulations of changes for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). This simulation primarily includes retained loans, deposits, deposits with banks, investment securities, long term debt and any related interest rate hedges, and excludes other positions in risk management VaR and other sensitivity-based measures as described on page 125 of JPMorgan Chase’s 2018 Form 10-K.
Earnings-at-risk scenarios estimate the potential change in this baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates or decreasing short-term rates and holding long-term rates constant; and a flatter yield curve involving holding short-term rates constant and decreasing long-term rates or increasing short-term rates and holding long-term rates constant. These scenarios consider the impact on exposures as a result of changes in interest rates from baseline rates, as well as pricing sensitivities of deposits, optionality and changes in product mix. The scenarios include forecasted balance sheet changes, as well as modeled prepayment and reinvestment behavior, but do not include assumptions about actions that could be taken by the Firm in response to any such instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience. The pricing sensitivity of deposits in the baseline and scenarios use assumed rates paid which may differ from actual rates paid due to timing lags and other factors. The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors.
 
The Firm’s U.S. dollar sensitivities are presented in the table below.
(in billions)
June 30, 2019

 
December 31, 2018

Parallel shift:
 
 
 
+100 bps shift in rates
$
1.1

 
$
0.9

-100 bps shift in rates
(2.7
)
 
(2.1
)
Steeper yield curve:
 
 
 
+100 bps shift in long-term rates
0.8

 
0.5

-100 bps shift in short-term rates
(1.2
)
 
(1.2
)
Flatter yield curve:
 
 
 
+100 bps shift in short-term rates
0.3

 
0.4

-100 bps shift in long-term rates
(1.5
)
 
(0.9
)
The Firm’s sensitivity to rates is largely a result of assets repricing at a faster pace than deposits.
The Firm’s net U.S. dollar parallel sensitivities as of June 30, 2019 increased when compared to December 31, 2018 primarily as a result of updating the Firm’s baseline to reflect lower interest rates largely offset by impacts from a net change in the Firm’s spot and forecasted balance sheet.
The Firm’s non-U.S. dollar sensitivities are presented in the table below.
(in billions)
June 30, 2019

 
December 31, 2018

Parallel shift:
 
 
 
+100 bps shift in rates
$
0.6

 
$
0.5

Flatter yield curve:
 
 
 
+100 bps shift in short-term rates
0.6

 
0.5

The results of the non-U.S. dollar interest rate scenario involving a steeper yield curve with long-term rates rising by 100 basis points and short-term rates staying at current levels were not material to the Firm’s earnings-at-risk at June 30, 2019 and December 31, 2018.



73

Other sensitivity-based measures
The Firm quantifies the market risk of certain investment and funding activities by assessing the potential impact on net revenue and OCI due to changes in relevant market variables. For additional information on the positions
 
captured in other sensitivity-based measures, refer to the table Predominant business activities that give rise to market risk on page 125 of JPMorgan Chase’s 2018 Form 10-K.
The table below represents the potential impact to net revenue or OCI for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported along with the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at June 30, 2019 and December 31, 2018, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future deterioration in these sensitivities.
Gain/(loss) (in millions)
 
 
 
 
 
June 30, 2019

 
December 31, 2018

Activity
 
Description
 
Sensitivity measure
 
 
 
 
 
 
 
 
 
 
 
Investment activities(a)
 
 
 
 
 
 
 
 
Investment management activities
 
Consists of seed capital and related hedges; and fund co-investments
 
10% decline in market value
 
$
(89
)
 
$
(102
)
Other investments
 
Consists of privately held equity and other investments held at fair value
 
10% decline in market value
 
(208
)
 
(218
)
 
 
 
 
 
 
 
 
 
Funding activities
 
 
 
 
 
 
 
 
Non-USD LTD cross-currency basis
 
Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(b)
 
1 basis point parallel tightening of cross currency basis
 
(14
)
 
(13
)
Non-USD LTD hedges foreign currency (“FX”) exposure
 
Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(b)
 
10% depreciation of currency
 
7

 
17

Derivatives – funding spread risk
 
Impact of changes in the spread related to derivatives FVA
 
1 basis point parallel increase in spread
 
(5
)
 
(4
)
Fair value option elected liabilities – funding spread risk
 
Impact of changes in the spread related to fair value option elected liabilities DVA(b)
 
1 basis point parallel increase in spread
 
30

 
30

Fair value option elected liabilities – interest rate sensitivity
 
Interest rate sensitivity on fair value option liabilities resulting from a change in the Firm’s own credit spread(b)
 
1 basis point parallel increase in spread
 
1

 
1

(a)
Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.
(b)
Impact recognized through OCI.


74

COUNTRY RISK MANAGEMENT
The Firm, through its lines of business and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.
For a further discussion of the Firm’s country risk management, refer to pages 132–133 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of June 30, 2019 and their comparative exposures as of December 31, 2018. The selection of countries represents the Firm’s largest total exposures by country, based on the Firm’s internal country risk management approach, and does not represent the Firm’s view of any actual or potentially adverse credit conditions. Country exposures may fluctuate from period to period due to client activity and market flows.
The increase in exposure to Japan is predominantly due to increased cash balances placed with the central bank of Japan, driven by client activity.
Top 20 country exposures (excluding the U.S.)(a)

(in billions)
June 30, 2019
 
December 31, 2018(e)
 
Lending and deposits(b)
Trading and investing(c)
Other(d)
Total exposure
 
Total exposure
Germany
$
52.3

$
7.3

$
0.4

$
60.0

 
$
62.1

Japan
40.8

5.5

0.4

46.7

 
29.1

United Kingdom
31.8

10.5

1.1

43.4

 
40.7

Switzerland
11.9

0.8

5.0

17.7

 
12.8

China
9.5

5.9

1.9

17.3

 
19.3

France
11.2

4.1

1.1

16.4

 
17.9

Canada
11.9

1.2

0.1

13.2

 
14.3

India
5.4

4.5

2.5

12.4

 
11.8

Luxembourg
11.6

0.5

—

12.1

 
11.0

Australia
6.2

4.9

0.6

11.7

 
13.0

Netherlands
5.3

1.2

3.0

9.5

 
5.8

Italy
3.2

4.1

0.2

7.5

 
6.4

Singapore
4.1

1.6

1.8

7.5

 
6.8

Brazil
4.4

2.7

—

7.1

 
7.3

Mexico
4.6

1.7

—

6.3

 
5.5

South Korea
3.9

1.9

0.3

6.1

 
7.6

Spain
3.6

2.0

—

5.6

 
5.1

Saudi Arabia
4.8

0.7

—

5.5

 
5.3

Hong Kong
2.5

1.3

0.9

4.7

 
5.4

Belgium
4.4

(0.1
)
—

4.3

 
2.3

 
(a)
Top 20 country exposures reflect approximately 88% and 86% of total firmwide non-U.S. exposure, where exposure is attributed to a specific country, at June 30, 2019, and December 31, 2018 respectively.
(b)
Lending and deposits includes loans and accrued interest receivable (net of eligible collateral and the allowance for loan losses), deposits with banks (including central banks), acceptances, other monetary assets, issued letters of credit net of participations, and unused commitments to extend credit. Excludes intra-day and operating exposures, such as those from settlement and clearing activities.
(c)
Includes market-making inventory, AFS securities, and counterparty exposure on derivative and securities financings net of eligible collateral and hedging. Includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.
(d)
Predominantly includes physical commodity inventory.
(e)
The country rankings presented in the table as of December 31, 2018, are based on the country rankings of the corresponding exposures at June 30, 2019, not actual rankings of such exposures at December 31, 2018.

75

CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM
JPMorgan Chase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.
Allowance for credit losses
The Firm’s allowance for credit losses covers the retained consumer and wholesale loan portfolios, as well as the Firm’s wholesale and certain consumer lending-related commitments. The allowance for loan losses is intended to adjust the carrying value of the Firm’s loan assets to reflect probable credit losses inherent in the loan portfolio as of the balance sheet date. Similarly, the allowance for lending-related commitments is established to cover probable credit losses inherent in the lending-related commitments portfolio as of the balance sheet date.
The allowance for credit losses includes a formula-based component, an asset-specific component, and a component related to PCI loans. The determination of each of these components involves significant judgment on a number of matters. For further information on these components, areas of judgment and methodologies used in establishing the Firm’s allowance for credit losses, refer to pages 120–122, page 141 and Note 13 of JPMorgan Chase’s 2018 Form 10-K; and refer to Allowance for credit losses on pages 67–68 and Note 12 of this Form 10-Q.
As noted in the discussion on page 141 of JPMorgan Chase’s 2018 Form 10-K, the Firm’s allowance for credit losses is sensitive to numerous factors, which may differ depending on the portfolio. Changes in economic conditions or in the Firm’s assumptions and estimates could affect its estimate of probable credit losses inherent in the portfolio at the balance sheet date. The Firm uses its best judgment to assess these economic conditions and loss data in estimating the allowance for credit losses and these estimates are subject to periodic refinement based on changes to underlying external or Firm-specific historical data. For further information, refer to Note 12.
To illustrate the potential magnitude of certain alternate judgments, the Firm estimates that changes in the following inputs would have the following effects on the Firm’s modeled credit loss estimates as of June 30, 2019, without
 
consideration of any offsetting or correlated effects of other inputs in the Firm’s allowance for loan losses:
•
A combined 5% decline in housing prices and a 100 basis point increase in unemployment rates from expectations could imply:
◦
an increase to modeled credit loss estimates of approximately $250 million for PCI loans.
◦
an increase to modeled annual credit loss estimates of approximately $50 million for residential real estate loans, excluding PCI loans.
•
For credit card loans, a 100 basis point increase in unemployment rates from expectations could imply an increase to modeled annual credit loss estimates of approximately $800 million.
•
An increase in probability of default (“PD”) factors consistent with a one-notch downgrade in the Firm’s internal risk ratings for its entire wholesale loan portfolio could imply an increase in the Firm’s modeled credit loss estimates of approximately $1.7 billion.
•
A 100 basis point increase in estimated loss given default (“LGD”) for the Firm’s entire wholesale loan portfolio could imply an increase in the Firm’s modeled credit loss estimates of approximately $175 million.
The purpose of these sensitivity analyses is to provide an indication of the isolated impacts of hypothetical alternative assumptions on modeled loss estimates. The changes in the inputs presented above are not intended to imply management’s expectation of future deterioration of those risk factors. In addition, these analyses are not intended to estimate changes in the overall allowance for loan losses, which would also be influenced by the judgment management applies to the modeled loss estimates to reflect the uncertainty and imprecision of these modeled loss estimates based on then-current circumstances and conditions.
It is difficult to estimate how potential changes in specific factors might affect the overall allowance for credit losses because management considers a variety of factors and inputs in estimating the allowance for credit losses. Changes in these factors and inputs may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors may be directionally inconsistent, such that improvement in one factor may offset deterioration in other factors. In addition, it is difficult to predict how changes in specific economic conditions or assumptions could affect borrower behavior or other factors considered by management in estimating the allowance for credit losses. Given the process the Firm follows and the judgments made in evaluating the risk factors related to its loss estimates, management believes that its current estimate of the allowance for credit losses is appropriate.

76

Fair value
Assets measured at fair value
The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the valuation hierarchy. For further information, refer to Note 2.
June 30, 2019
(in billions, except ratios)
Total assets at fair value
 
Total level 3 assets
Trading–debt and equity instruments
$
470.4

 
 
$
4.4

Derivative receivables(a)
52.9

 
 
6.2

Trading assets
523.3

 
 
10.6

AFS securities
276.4

 
 
—

Loans
4.3

 
 
—

MSRs
5.1

 
 
5.1

Other
28.5

 
 
0.8

Total assets measured at fair value on a recurring basis
$
837.6

 
 
$
16.5

Total assets measured at fair value on a nonrecurring basis
1.6

 
 
0.9

Total assets measured at fair value
$
839.2

 
 
$
17.4

Total Firm assets
$
2,727.4

 
 
 
Level 3 assets as a percentage of total Firm assets(a)
 
 
 
0.6
%
Level 3 assets as a percentage of total Firm assets at fair value(a)
 
 
 
2.1
%
(a)
For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $6.2 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
Valuation
Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the valuation hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.
In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess all relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment rates, default rates, volatilities, correlations, equity or debt prices, valuations of comparable instruments, foreign exchange rates and credit curves. For a further discussion of the valuation of level 3 instruments, including unobservable inputs used, refer to Note 2.
 
For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. For a further discussion of valuation adjustments applied by the Firm refer to Note 2.
Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.
The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of fair value at the reporting date. For a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments, refer to Note 2.
Goodwill impairment
Management applies significant judgment when testing goodwill for impairment. The goodwill associated with each business combination is allocated to the related reporting units for goodwill impairment testing. For a description of the significant valuation judgments associated with goodwill impairment, refer to Goodwill impairment on page 142 of JPMorgan Chase’s 2018 Form 10-K.
For additional information on goodwill, including the goodwill impairment assessment as of June 30, 2019, refer to Note 14.
Credit card rewards liability
The credit card rewards liability was $6.0 billion and $5.8 billion at June 30, 2019 and December 31, 2018, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. For a description of the significant assumptions and judgments associated with the Firm’s credit card rewards liability, refer to page 143 of JPMorgan Chase’s 2018 Form 10-K.
Income taxes
For a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes, refer to Income taxes on page 143 of JPMorgan Chase’s 2018 Form 10-K.
Litigation reserves
For a description of the significant estimates and judgments associated with establishing litigation reserves, refer to Note 24 of this Form 10-Q, and Note 29 of JPMorgan Chase’s 2018 Form 10-K.

77

ACCOUNTING AND REPORTING DEVELOPMENTS
Financial Accounting Standards Board (“FASB”) Standards Adopted January 1, 2019
 
 
 
 
 
Standard
 
Summary of guidance
 
Effects on financial statements
 
 
 
 
 
Leases
Issued February 2016
 
 • Requires lessees to recognize all leases longer than twelve months on the Consolidated balance sheets as a lease liability with a corresponding right-of-use asset.
 • Requires lessees and lessors to classify most leases using principles similar to existing lease accounting, but eliminates the “bright line” classification tests.
 • Expands qualitative and quantitative leasing disclosures.

 
• Adopted January 1, 2019.
•
The Firm elected the available practical expedient to not reassess whether existing contracts contain a lease or whether classification or unamortized initial lease costs would be different under the new lease guidance. The Firm elected the modified retrospective transition method, through a cumulative-effect adjustment to retained earnings without revising prior periods.
 • For further information, refer to Note 16.
 




FASB Standards Issued but not yet Adopted
 
 
 
 
 
Standard
 
Summary of guidance
 
Effects on financial statements
 
 
 
 
 
Financial instruments – credit losses

Issued June 2016
 
 • Replaces existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost, which will reflect management’s estimate of credit losses over the full remaining expected life of the financial assets and will consider expected future changes in macroeconomic conditions.
 • Eliminates existing guidance for PCI loans, and requires recognition of the nonaccretable difference as an increase to the allowance for expected credit losses on financial assets purchased with more than insignificant credit deterioration since origination, which will be offset by an increase in the recorded investment of the related loans.
 • Requires inclusion of expected recoveries, limited to the cumulative amount of prior write-offs, when estimating the allowance for credit losses for in scope financial assets (including collateral dependent assets).
 • Amends existing impairment guidance for AFS securities to incorporate an allowance, which will allow for reversals of credit impairments in the event that the credit of an issuer improves.
 • Requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption.

 
 • Required effective date: January 1, 2020.(a)
 • The Firm has established a Firmwide, cross-discipline governance structure, which provides implementation oversight. The Firm continues to test and refine its current expected credit loss models that satisfy the requirements of the new standard. Oversight and testing, as well as efforts to meet expanded disclosure requirements, will extend through the remainder of 2019.  
•
The Firm expects that the allowance related to the Firm’s loans and commitments will increase as it will cover credit losses over the full remaining expected life of the portfolios. The Firm currently intends to estimate losses over a two-year forecast period using the weighted-average of a range of macroeconomic scenarios (established on a Firmwide basis), and then revert to longer term historical loss experience to estimate losses over more extended periods.
•
The Firm currently expects the increase in the allowance to be in the range of $4-6 billion, primarily driven by Card. This estimate is subject to further refinement based on continuing reviews and approvals of models, methodologies and judgments. The ultimate impact will depend upon the nature and characteristics of the Firm’s portfolio at the adoption date, the macroeconomic conditions and forecasts at that date, and other management judgments.
•
The Firm plans to adopt the new guidance on January 1, 2020.
Goodwill
Issued January 2017
 
 • Requires an impairment loss to be recognized when the estimated fair value of a reporting unit falls below its carrying value.
 • Eliminates the second condition in the current guidance that requires an impairment loss to be recognized only if the estimated implied fair value of the goodwill is below its carrying value.
 
 • Required effective date: January 1, 2020.(a)
 • Based on current impairment test results, the Firm does not expect a material effect on the Consolidated Financial Statements. However, the impact of the new accounting guidance will depend on the performance of the reporting units and the market conditions at the time of adoption.
 • After adoption, the guidance may result in more frequent goodwill impairment losses due to the removal of the second condition.
 • The Firm plans to adopt the new guidance on January 1, 2020.
(a)
Early adoption is permitted.

78

FORWARD-LOOKING STATEMENTS
From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorgan Chase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorgan Chase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.
All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorgan Chase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:
•
Local, regional and global business, economic and political conditions and geopolitical events;
•
Changes in laws and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;
•
Heightened regulatory and governmental oversight and scrutiny of JPMorgan Chase’s business practices, including dealings with retail customers;
•
Changes in trade, monetary and fiscal policies and laws;
•
Changes in income tax laws and regulations;
•
Securities and capital markets behavior, including changes in market liquidity and volatility;
•
Changes in investor sentiment or consumer spending or savings behavior;
•
Ability of the Firm to manage effectively its capital and liquidity, including approval of its capital plans by banking regulators;
•
Changes in credit ratings assigned to the Firm or its subsidiaries;
•
Damage to the Firm’s reputation;
•
Ability of the Firm to appropriately address social and environmental concerns that may arise from its business activities;
•
Ability of the Firm to deal effectively with an economic slowdown or other economic or market disruption;
 
•
Technology changes instituted by the Firm, its counterparties or competitors;
•
The effectiveness of the Firm’s control agenda;
•
Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm (including but not limited to mortgages and asset-backed securities) require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;
•
Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;
•
Ability of the Firm to attract and retain qualified employees;
•
Ability of the Firm to control expenses;
•
Competitive pressures;
•
Changes in the credit quality of the Firm’s customers and counterparties;
•
Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
•
Adverse judicial or regulatory proceedings;
•
Changes in applicable accounting policies, including the introduction of new accounting standards;
•
Ability of the Firm to determine accurate values of certain assets and liabilities;
•
Occurrence of natural or man-made disasters or calamities or conflicts and the Firm’s ability to deal effectively with disruptions caused by the foregoing;
•
Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;
•
Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;
•
Ability of the Firm to effectively defend itself against cyberattacks and other attempts by unauthorized parties to access information of the Firm or its customers or to disrupt the Firm’s systems; and
•
The other risks and uncertainties detailed in Part I,
Item 1A: Risk Factors in JPMorgan Chase’s 2018 Form 10-K.
Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorgan Chase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Form 10-Ks, Form 10-Qs, or Current Reports on Form 8-K.

79


JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
 
 
Three months ended
June 30,
 
Six months ended
June 30,
(in millions, except per share data)
 
2019

 
2018

 
2019

 
2018

Revenue
 
 
 
 
 
 
 
 
Investment banking fees
 
$
1,851

 
$
2,168

 
$
3,691

 
$
3,904

Principal transactions
 
3,714

 
3,782

 
7,790

 
7,734

Lending- and deposit-related fees
 
1,535

 
1,495

 
3,017

 
2,972

Asset management, administration and commissions
 
4,353

 
4,304

 
8,467

 
8,613

Investment securities gains/(losses)
 
44

 
(80
)
 
57

 
(325
)
Mortgage fees and related income
 
279

 
324

 
675

 
789

Card income
 
1,366

 
1,020

 
2,640

 
2,295

Other income
 
1,292

 
1,255

 
2,767

 
2,881

Noninterest revenue
 
14,434

 
14,268

 
29,104

 
28,863

Interest income (a)
 
21,603

 
18,566

 
42,992

 
36,060

Interest expense (a)
 
7,205

 
5,081

 
14,141

 
9,263

Net interest income
 
14,398

 
13,485

 
28,851

 
26,797

Total net revenue
 
28,832

 
27,753

 
57,955

 
55,660

 
 
 
 
 
 
 
 
 
Provision for credit losses
 
1,149

 
1,210

 
2,644

 
2,375

 
 
 
 
 
 
 
 
 
Noninterest expense
 
 
 
 
 
 
 
 
Compensation expense
 
8,547

 
8,338

 
17,484

 
17,200

Occupancy expense
 
1,060

 
981

 
2,128

 
1,869

Technology, communications and equipment expense
 
2,378

 
2,168

 
4,742

 
4,222

Professional and outside services
 
2,212

 
2,126

 
4,251

 
4,247

Marketing
 
862

 
798

 
1,741

 
1,598

Other expense
 
1,282

 
1,560

 
2,390

 
2,915

Total noninterest expense
 
16,341

 
15,971

 
32,736

 
32,051

Income before income tax expense
 
11,342

 
10,572

 
22,575

 
21,234

Income tax expense
 
1,690

 
2,256

 
3,744

 
4,206

Net income
 
$
9,652

 
$
8,316

 
$
18,831

 
$
17,028

Net income applicable to common stockholders
 
$
9,192

 
$
7,880

 
$
17,945

 
$
16,119

Net income per common share data
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
2.83

 
$
2.31

 
$
5.48

 
$
4.69

Diluted earnings per share
 
2.82

 
2.29

 
5.46

 
4.66

 
 
 
 
 
 
 
 
 
Weighted-average basic shares
 
3,250.6

 
3,415.2

 
3,274.3

 
3,436.7

Weighted-average diluted shares
 
3,259.7

 
3,434.7

 
3,283.9

 
3,457.1



(a)
In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation. For additional information, refer to Note 6.

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.




80

JPMorgan Chase & Co.
Consolidated statements of comprehensive income (unaudited)
 
 
Three months ended
June 30,
 
Six months ended
June 30,
(in millions)
 
2019

 
2018

 
2019

 
2018

Net income
 
$
9,652

 
$
8,316

 
$
18,831

 
$
17,028

Other comprehensive income/(loss), after–tax
 
 
 
 
 
 
 
 
Unrealized gains/(losses) on investment securities
 
1,093

 
(227
)
 
2,507

 
(1,461
)
Translation adjustments, net of hedges
 
99

 
88

 
75

 
115

Fair value hedges
 
86

 
(68
)
 
88

 
(108
)
Cash flow hedges
 
97

 
(166
)
 
235

 
(239
)
Defined benefit pension and OPEB plans
 
41

 
38

 
77

 
59

DVA on fair value option elected liabilities
 
256

 
260

 
(361
)
 
527

Total other comprehensive income/(loss), after–tax
 
1,672

 
(75
)
 
2,621

 
(1,107
)
Comprehensive income
 
$
11,324

 
$
8,241

 
$
21,452

 
$
15,921


The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.


81

JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
(in millions, except share data)
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Cash and due from banks
$
23,164

 
$
22,324

Deposits with banks
244,874

 
256,469

Federal funds sold and securities purchased under resale agreements (included $13,982 and $13,235 at fair value)
267,864

 
321,588

Securities borrowed (included $5,685 and $5,105 at fair value)
130,661

 
111,995

Trading assets (included assets pledged of $141,563 and $89,073)
523,373

 
413,714

Investment securities (included $276,357 and $230,394 at fair value and assets pledged of $10,654 and $11,432)
307,264

 
261,828

Loans (included $4,309 and $3,151 at fair value)
956,889

 
984,554

Allowance for loan losses
(13,166
)
 
(13,445
)
Loans, net of allowance for loan losses
943,723

 
971,109

Accrued interest and accounts receivable
88,399

 
73,200

Premises and equipment
24,665

 
14,934

Goodwill, MSRs and other intangible assets
53,302

 
54,349

Other assets (included $9,544 and $9,630 at fair value and assets pledged of $2,753 and $3,457)
120,090

 
121,022

Total assets(a)
$
2,727,379

 
$
2,622,532

Liabilities
 
 
 
Deposits (included $32,924 and $23,217 at fair value)
$
1,524,361

 
$
1,470,666

Federal funds purchased and securities loaned or sold under repurchase agreements (included $981 and $935 at fair value)
201,683

 
182,320

Short-term borrowings (included $7,736 and $7,130 at fair value)
59,890

 
69,276

Trading liabilities
147,639

 
144,773

Accounts payable and other liabilities (included $2,873 and $3,269 at fair value)
216,137

 
196,710

Beneficial interests issued by consolidated VIEs (included $0 and $28 at fair value)
25,585

 
20,241

Long-term debt (included $67,828 and $54,886 at fair value)
288,869

 
282,031

Total liabilities(a)
2,464,164

 
2,366,017

Commitments and contingencies (refer to Notes 22, 23 and 24)


 


Stockholders’ equity
 
 
 
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,699,250 and 2,606,750 shares)
26,993

 
26,068

Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)
4,105

 
4,105

Additional paid-in capital
88,359

 
89,162

Retained earnings
212,093

 
199,202

Accumulated other comprehensive income/(loss)
1,114

 
(1,507
)
Shares held in restricted stock units (“RSU”) Trust, at cost (472,953 shares)
(21
)
 
(21
)
Treasury stock, at cost (907,448,906 and 829,167,674 shares)
(69,428
)
 
(60,494
)
Total stockholders’ equity
263,215

 
256,515

Total liabilities and stockholders’ equity
$
2,727,379

 
$
2,622,532


(a)
The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2019, and December 31, 2018. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. For a further discussion, refer to Note 13.
(in millions)
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Trading assets
$
1,422

 
$
1,966

Loans
53,883

 
59,456

All other assets
987

 
1,013

Total assets
$
56,292

 
$
62,435

Liabilities
 
 
 
Beneficial interests issued by consolidated VIEs
$
25,585

 
$
20,241

All other liabilities
291

 
312

Total liabilities
$
25,876

 
$
20,553
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

82

JPMorgan Chase & Co.
Consolidated statements of changes in stockholders’ equity (unaudited)
 
 
Three months ended June 30,
 
 
Six months ended June 30,
 
(in millions, except per share data)
 
2019

 
2018

 
2019

 
2018

Preferred stock
 
 
 
 
 
 
 
 
Balance at the beginning of the period
 
$
26,993

 
$
26,068

 
$
26,068

 
$
26,068

Issuance
 
—

 
—

 
1,850

 
—

Redemption
 
—

 
—

 
(925
)
 
—

Balance at June 30
 
26,993

 
26,068

 
26,993

 
26,068

 
 
 
 
 
 
 
 
 
Common stock
 
 
 
 
 
 
 
 
Balance at the beginning and end of the period
 
4,105

 
4,105

 
4,105

 
4,105

 
 
 
 
 
 
 
 
 
Additional paid-in capital
 
 
 
 
 
 
 
 
Balance at the beginning of the period
 
88,170

 
89,211

 
89,162

 
90,579

Shares issued and commitments to issue common stock for employee shared-based compensation awards, and related tax effects
 
189

 
231

 
(760
)
 
(1,076
)
Other
 
—

 
(50
)
 
(43
)
 
(111
)
Balance at June 30
 
88,359

 
89,392

 
88,359

 
89,392

 
 
 
 
 
 
 
 
 
Retained earnings
 
 
 
 
 
 
 
 
Balance at the beginning of the period
 
205,437

 
183,855

 
199,202

 
177,676

Cumulative effect of changes in accounting principles
 
—

 
—

 
62

 
(183
)
Net income
 
9,652

 
8,316

 
18,831

 
17,028

Dividends declared:
 
 
 
 
 
 
 
 
Preferred stock
 
(404
)
 
(379
)
 
(778
)
 
(788
)
Common stock ($0.80 and $0.56 per share and $1.60 and $1.12 per share, respectively)
 
(2,592
)
 
(1,911
)
 
(5,224
)
 
(3,852
)
Balance at June 30
 
212,093

 
189,881

 
212,093

 
189,881

 
 
 
 
 
 
 
 
 
Accumulated other comprehensive income/(loss)
 
 
 
 
 
 
 
 
Balance at the beginning of the period
 
(558
)
 
(1,063
)
 
(1,507
)
 
(119
)
Cumulative effect of changes in accounting principles
 
—

 
—

 
—

 
88

Other comprehensive income/(loss), after-tax
 
1,672

 
(75
)
 
2,621

 
(1,107
)
Balance at June 30
 
1,114

 
(1,138
)
 
1,114

 
(1,138
)
 
 
 
 
 
 
 
 
 
Shares held in RSU Trust, at cost
 
 
 
 
 
 
 
 
Balance at the beginning and end of the period
 
(21
)
 
(21
)
 
(21
)
 
(21
)
 
 
 
 
 
 
 
 
 
Treasury stock, at cost
 
 
 
 
 
 
 
 
Balance at the beginning of the period
 
(64,289
)
 
(45,954
)
 
(60,494
)
 
(42,595
)
Repurchase
 
(5,210
)
 
(4,968
)
 
(10,301
)
 
(9,639
)
Reissuance
 
71

 
93

 
1,367

 
1,405

Balance at June 30
 
(69,428
)
 
(50,829
)
 
(69,428
)
 
(50,829
)
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
 
$
263,215

 
$
257,458

 
$
263,215

 
$
257,458



The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.


83

JPMorgan Chase & Co.
Consolidated statements of cash flows (unaudited)
 
Six months ended June 30,
(in millions)
2019

 
2018

Operating activities
 
 
 
Net income
$
18,831

 
$
17,028

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
Provision for credit losses
2,644

 
2,375

Depreciation and amortization
4,084

 
3,724

Deferred tax (benefit)/expense
(42
)
 
(216
)
Other
1,164

 
1,611

Originations and purchases of loans held-for-sale
(35,908
)
 
(43,141
)
Proceeds from sales, securitizations and paydowns of loans held-for-sale
44,995

 
41,657

Net change in:
 
 
 
Trading assets
(111,562
)
 
(42,859
)
Securities borrowed
(18,586
)
 
(3,132
)
Accrued interest and accounts receivable
(15,416
)
 
(8,083
)
Other assets
(10,146
)
 
(716
)
Trading liabilities
12,765

 
21,997

Accounts payable and other liabilities
8,790

 
12,574

Other operating adjustments
3,653

 
(2,243
)
Net cash provided by/(used in) operating activities
(94,734
)
 
576

Investing activities
 
 
 
Net change in:
 
 
 
Federal funds sold and securities purchased under resale agreements
53,757

 
(28,109
)
Held-to-maturity securities:
 
 
 
Proceeds from paydowns and maturities
1,315

 
1,458

Purchases
(818
)
 
(7,426
)
Available-for-sale securities:
 
 
 
Proceeds from paydowns and maturities
30,547

 
19,718

Proceeds from sales
35,983

 
25,228

Purchases
(106,085
)
 
(27,453
)
Proceeds from sales and securitizations of loans held-for-investment
31,291

 
12,963

Other changes in loans, net
(16,903
)
 
(33,441
)
All other investing activities, net
(1,663
)
 
(1,912
)
Net cash provided by/(used in) investing activities
27,424

 
(38,974
)
Financing activities
 
 
 
Net change in:
 
 
 
Deposits
62,795

 
10,100

Federal funds purchased and securities loaned or sold under repurchase agreements
19,343

 
16,396

Short-term borrowings
(9,907
)
 
12,151

Beneficial interests issued by consolidated VIEs
9,346

 
(165
)
Proceeds from long-term borrowings
29,159

 
41,166

Payments of long-term borrowings
(38,384
)
 
(50,171
)
Proceeds from issuance of preferred stock
1,850

 
—

Redemption of preferred stock
(925
)
 
—

Treasury stock repurchased
(10,301
)
 
(9,639
)
Dividends paid
(6,081
)
 
(4,716
)
All other financing activities, net
(426
)
 
(1,356
)
Net cash provided by financing activities
56,469

 
13,766

Effect of exchange rate changes on cash and due from banks and deposits with banks
86

 
(1,492
)
Net decrease in cash and due from banks and deposits with banks
(10,755
)
 
(26,124
)
Cash and due from banks and deposits with banks at the beginning of the period
278,793

 
431,304

Cash and due from banks and deposits with banks at the end of the period
$
268,038

 
$
405,180

Cash interest paid
$
13,794

 
$
9,151

Cash income taxes paid, net
2,892

 
3,906



The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

84

Refer to the Glossary of Terms and Acronyms on pages 168–172 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Note 1 – Basis of presentation
JPMorgan Chase & Co. (“JPMorgan Chase” or “the Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading global financial services firm and one of the largest banking institutions in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. For a further discussion of the Firm’s business segments, refer to Note 25.
The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.
The unaudited Consolidated Financial Statements prepared in conformity with U.S. GAAP require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and the disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly presented.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, and related notes thereto, included in JPMorgan Chase’s 2018 Form 10-K.
Certain amounts reported in prior periods have been reclassified to conform with the current presentation.
Consolidation
The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.
Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets.
The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.
For a further description of JPMorgan Chase’s accounting policies regarding consolidation, refer to Notes 1 and 14 of JPMorgan Chase’s 2018 Form 10-K.
Offsetting assets and liabilities
U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net
 
basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities financing activities to be presented on a net basis when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances when the specified conditions are met. For further information on offsetting assets and liabilities, refer to Note 1 of JPMorgan Chase’s 2018 Form 10-K.
Income tax expense
The Firm’s effective tax rate was 14.9% and 16.6% in the three and six months ended June 30, 2019, respectively, and 21.3% and 19.8% in the respective 2018 periods. The effective tax rate reflects the recognition of tax benefits related to the resolution of certain tax audits of $768 million and $874 million, in the three and six months ended June 30, 2019, respectively, which reduced the Firm’s effective tax rate by 6.8% and 3.9% respectively. For further information, refer to Note 24 of JPMorgan Chase’s 2018 Form 10-K.
Note 2 – Fair value measurement
For a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy, refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K.


85

The following table presents the assets and liabilities reported at fair value as of June 30, 2019, and December 31, 2018, by major product category and fair value hierarchy.
Assets and liabilities measured at fair value on a recurring basis







Fair value hierarchy

Derivative
netting
adjustments(f)

 
 
 
 
 
 
 
June 30, 2019 (in millions)
Level 1
Level 2

Level 3

Total fair value

Federal funds sold and securities purchased under resale agreements
$
—

$
13,982


$
—


$
—

$
13,982

Securities borrowed
—

5,685


—


—

5,685

Trading assets:












Debt instruments:












Mortgage-backed securities:












U.S. government agencies(a)
—

104,186


617


—

104,803

Residential – nonagency
—

2,102


42


—

2,144

Commercial – nonagency
—

1,708


9


—

1,717

Total mortgage-backed securities
—

107,996


668


—

108,664

U.S. Treasury and government agencies(a)
88,502

9,712


—


—

98,214

Obligations of U.S. states and municipalities
—

6,628


680


—

7,308

Certificates of deposit, bankers’ acceptances and commercial paper
—

1,492

 
—

 
—

1,492

Non-U.S. government debt securities
34,840

31,353

 
190

 
—

66,383

Corporate debt securities
—

22,140

 
562

 
—

22,702

Loans(b)
—

42,180

 
1,778

 
—

43,958

Asset-backed securities
—

2,643

 
33

 
—

2,676

Total debt instruments
123,342

224,144

 
3,911

 
—

351,397

Equity securities
98,234

456

 
147

 
—

98,837

Physical commodities(c)
3,692

3,339

 
—

 
—

7,031

Other
—

12,874

 
311

 
—

13,185

Total debt and equity instruments(d)
225,268

240,813

 
4,369

 
—

470,450

Derivative receivables:
 
 
 
 
 
 
 
Interest rate
1,529

331,329

 
1,698

 
(308,068
)
26,488

Credit
—

14,971

 
694

 
(15,032
)
633

Foreign exchange
2,170

141,248

 
682

 
(133,437
)
10,663

Equity
—

41,997

 
2,933

 
(35,725
)
9,205

Commodity
—

16,663

 
208

 
(10,982
)
5,889

Total derivative receivables
3,699

546,208

 
6,215

 
(503,244
)
52,878

Total trading assets(e)
228,967

787,021

 
10,584

 
(503,244
)
523,328

Available-for-sale securities:
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies(a)
—

96,616

 
—

 
—

96,616

Residential – nonagency
—

12,740

 
—

 
—

12,740

Commercial – nonagency
—

5,989

 
—

 
—

5,989

Total mortgage-backed securities
—

115,345

 
—

 
—

115,345

U.S. Treasury and government agencies
73,990

—

 
—

 
—

73,990

Obligations of U.S. states and municipalities
—

31,901

 
—

 
—

31,901

Certificates of deposit
—

74

 
—

 
—

74

Non-U.S. government debt securities
14,869

7,623

 
—

 
—

22,492

Corporate debt securities
—

1,778

 
—

 
—

1,778

Asset-backed securities:
 
 
 
 
 
 
 
Collateralized loan obligations
—

24,781

 
—

 
—

24,781

Other
—

5,996

 
—

 
—

5,996

Total available-for-sale securities
88,859

187,498

 
—

 
—

276,357

Loans
—

4,304

 
5

 
—

4,309

Mortgage servicing rights
—

—

 
5,093

 
—

5,093

Other assets(e)
7,784

198

 
861

 
—

8,843

Total assets measured at fair value on a recurring basis
$
325,610

$
998,688

 
$
16,543

 
$
(503,244
)
$
837,597

Deposits
$
—

$
28,858

 
$
4,066

 
$
—

$
32,924

Federal funds purchased and securities loaned or sold under repurchase agreements
—

981

 
—

 
—

981

Short-term borrowings
—

5,684

 
2,052

 
—

7,736

Trading liabilities:
 
 
 
 
 
 


Debt and equity instruments(d)
84,236

21,879

 
45

 
—

106,160

Derivative payables:
 
 
 
 
 
 


Interest rate
2,090

296,717

 
2,242

 
(292,166
)
8,883

Credit
—

16,305

 
926

 
(14,975
)
2,256

Foreign exchange
2,438

144,304

 
875

 
(136,491
)
11,126

Equity
—

42,205

 
5,493

 
(36,521
)
11,177

Commodity
—

18,238

 
1,116

 
(11,317
)
8,037

Total derivative payables
4,528

517,769

 
10,652

 
(491,470
)
41,479

Total trading liabilities
88,764

539,648

 
10,697

 
(491,470
)
147,639

Accounts payable and other liabilities
2,583

198

 
92

 
—

2,873

Beneficial interests issued by consolidated VIEs
—

—

 
—

 
—

—

Long-term debt
—

45,965

 
21,863

 
—

67,828

Total liabilities measured at fair value on a recurring basis
$
91,347

$
621,334

 
$
38,770

 
$
(491,470
)
$
259,981



86


Fair value hierarchy

Derivative
netting
adjustments(f)
 

 
 
 
 
 
 
 
 
December 31, 2018 (in millions)
Level 1
Level 2

Level 3

 
Total fair value

Federal funds sold and securities purchased under resale agreements
$
—

$
13,235


$
—


$
—

 
$
13,235

Securities borrowed
—

5,105


—


—

 
5,105

Trading assets:
 
 

 

 
 
 
Debt instruments:
 
 

 

 
 
 
Mortgage-backed securities:
 
 

 

 
 
 
U.S. government agencies(a)
—

76,249


549


—

 
76,798

Residential – nonagency
—

1,798


64


—

 
1,862

Commercial – nonagency
—

1,501


11


—

 
1,512

Total mortgage-backed securities
—

79,548


624


—

 
80,172

U.S. Treasury and government agencies(a)
51,477

7,702


—


—

 
59,179

Obligations of U.S. states and municipalities
—

7,121


689


—

 
7,810

Certificates of deposit, bankers’ acceptances and commercial paper
—

1,214


—


—

 
1,214

Non-U.S. government debt securities
27,878

27,056


155


—

 
55,089

Corporate debt securities
—

18,655


334


—

 
18,989

Loans(b)
—

40,047


1,706


—

 
41,753

Asset-backed securities
—

2,756


127


—

 
2,883

Total debt instruments
79,355

184,099


3,635


—

 
267,089

Equity securities
71,119

482


232


—

 
71,833

Physical commodities(c)
5,182

1,855


—


—

 
7,037

Other
—

13,192


301


—

 
13,493

Total debt and equity instruments(d)
155,656

199,628


4,168


—

 
359,452

Derivative receivables:
 








 


Interest rate
682

266,380


1,642


(245,490
)
 
23,214

Credit
—

19,235


860


(19,483
)
 
612

Foreign exchange
771

166,238


676


(154,235
)
 
13,450

Equity
—

46,777


2,508


(39,339
)
 
9,946

Commodity
—

20,339


131


(13,479
)
 
6,991

Total derivative receivables
1,453

518,969


5,817


(472,026
)
 
54,213

Total trading assets(e)
157,109

718,597


9,985


(472,026
)
 
413,665

Available-for-sale securities:
 








 


Mortgage-backed securities:
 








 


U.S. government agencies(a)
—

68,646


—


—

 
68,646

Residential – nonagency
—

8,519


1


—

 
8,520

Commercial – nonagency
—

6,654


—


—

 
6,654

Total mortgage-backed securities
—

83,819


1


—

 
83,820

U.S. Treasury and government agencies
56,059

—


—


—

 
56,059

Obligations of U.S. states and municipalities
—

37,723


—


—

 
37,723

Certificates of deposit
—

75


—


—

 
75

Non-U.S. government debt securities
15,313

8,789


—


—

 
24,102

Corporate debt securities
—

1,918


—


—

 
1,918

Asset-backed securities:
 








 


Collateralized loan obligations
—

19,437


—


—

 
19,437

Other
—

7,260


—


—

 
7,260

Total available-for-sale securities
71,372

159,021


1


—

 
230,394

Loans
—

3,029


122


—

 
3,151

Mortgage servicing rights
—

—


6,130


—

 
6,130

Other assets(e)
7,810

195


927


—

 
8,932

Total assets measured at fair value on a recurring basis
$
236,291

$
899,182


$
17,165


$
(472,026
)
 
$
680,612

Deposits
$
—

$
19,048


$
4,169


$
—

 
$
23,217

Federal funds purchased and securities loaned or sold under repurchase agreements
—

935


—


—

 
935

Short-term borrowings
—

5,607


1,523


—

 
7,130

Trading liabilities:
 
 

 



 


Debt and equity instruments(d)
80,199

22,755


50


—

 
103,004

Derivative payables:
 
 




 
 
 
Interest rate
1,526

239,576


1,680


(234,998
)
 
7,784

Credit
—

19,309


967


(18,609
)
 
1,667

Foreign exchange
695

163,549


973


(152,432
)
 
12,785

Equity
—

46,462


4,733


(41,034
)
 
10,161

Commodity
—

21,158


1,260


(13,046
)
 
9,372

Total derivative payables
2,221

490,054


9,613


(460,119
)
 
41,769

Total trading liabilities
82,420

512,809


9,663


(460,119
)
 
144,773

Accounts payable and other liabilities
3,063

196


10


—

 
3,269

Beneficial interests issued by consolidated VIEs
—

27


1


—

 
28

Long-term debt
—

35,468


19,418


—

 
54,886

Total liabilities measured at fair value on a recurring basis
$
85,483

$
574,090


$
34,784


$
(460,119
)
 
$
234,238

(a)
At June 30, 2019, and December 31, 2018, included total U.S. government-sponsored enterprise obligations of $153.6 billion and $92.3 billion, respectively, which were predominantly mortgage-related.
(b)
At June 30, 2019, and December 31, 2018, included within trading loans were $16.6 billion and $13.2 billion, respectively, of residential first-lien mortgages, and $2.8 billion and $2.3 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. government agencies of $9.9 billion and $7.6 billion, respectively.
(c)
Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities

87

inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. For a further discussion of the Firm’s hedge accounting relationships, refer to Note 4. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.
(d)
Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
(e)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At June 30, 2019, and December 31, 2018, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $746 million and $747 million, respectively. Included in these balances at June 30, 2019, and December 31, 2018, were trading assets of $45 million and $49 million, respectively, and other assets of $701 million and $698 million, respectively.
(f)
As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.

Level 3 valuations
For further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments, refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and, for certain instruments, the weighted averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.
In the Firm’s view, the input range and the weighted average value do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have
 
similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.
For the Firm’s derivatives and structured notes positions classified within level 3 at June 30, 2019, interest rate correlation inputs used in estimating fair value were concentrated towards the upper end of the range; equity correlation, equity-FX, and equity-IR correlation inputs were concentrated in the middle of the range; commodity correlation inputs were concentrated in the middle of the range; credit correlation inputs were concentrated towards the lower end of the range; and the interest rate-foreign exchange (“IR-FX”) correlation inputs were distributed across the range. In addition, the interest rate spread volatility inputs used in estimating fair value were distributed across the range; equity volatilities and commodity volatilities were concentrated towards the lower end of the range; and forward commodity prices used in estimating the fair value of commodity derivatives were concentrated in the middle of the range. Prepayment speed inputs used in estimating the fair value of interest rate derivatives were concentrated towards the lower end of the range. Recovery rate inputs used in estimating the fair value of credit derivatives were distributed across the range; credit spreads and conditional default rates were concentrated towards the lower end of the range; loss severity inputs were concentrated towards the upper end of the range and price inputs were concentrated towards the lower end of the range.


88

Level 3 inputs(a)
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
Product/Instrument
Fair value
(in millions)
 
Principal valuation technique
Unobservable inputs(g)
Range of input values
Weighted average
 
Residential mortgage-backed securities and loans(b)
$
942

 
Discounted cash flows
Yield
0
 %
–
15
%
 
6
%
 
 
 
Prepayment speed
0
 %
–
26
%
 
13
%
 
 
 
 
Conditional default rate
0
 %
–
5
%
 
1
%
 
 
 
 
Loss severity
0
 %
–
70
%
 
1
%
Commercial mortgage-backed securities and loans(c)
218

 
Market comparables
Price
$
0

–
$
110

 
$
85

Obligations of U.S. states and municipalities
680

 
Market comparables
Price
$
66

–
$
100

 
$
97

Corporate debt securities
562

 
Market comparables
Price
$
0

–
$
109

 
$
83

Loans(d)
212

 
Discounted cash flows
Yield
5
 %
–
18
%
 
7
%
 
1,079

 
Market comparables
Price
$
2

–
$
102

 
$
80

Asset-backed securities
33

 
Market comparables
Price
$
1

–
$
100

 
$
38

Net interest rate derivatives
(616
)
 
Option pricing
Interest rate spread volatility
20
 bps
–
30
 bps
 
 
 
 
 
Interest rate correlation
(28
)%
–
96
%
 
 
 
 
 
 
IR-FX correlation
45
 %
–
60
%
 
 
 
72

 
Discounted cash flows
Prepayment speed
4
 %
–
30
%
 
 
Net credit derivatives
(265
)
 
Discounted cash flows
Credit correlation
35
 %
–
60
%
 
 
 
 
 
 
Credit spread
6
 bps
–
1,402
 bps
 
 
 
 
 
 
Recovery rate
20
 %
–
70
%
 
 
 
 
 
 
Conditional default rate
2
 %
–
91
%
 
 
 
 
 
 
Loss severity
100%
 
 
 
33

 
Market comparables
Price
$
1

–
$
115

 
 
Net foreign exchange derivatives
(23
)
 
Option pricing
IR-FX correlation
(45
)%
–
60
%
 
 
 
(170
)
 
Discounted cash flows
Prepayment speed
9%
 
 
Net equity derivatives
(2,560
)
 
Option pricing
Equity volatility
14
 %
–
60
%
 
 
 
 
 
 
Equity correlation
25
 %
–
98
%
 
 
 
 
 
 
Equity-FX correlation
(75
)%
–
59
%
 
 
 
 
 
 
Equity-IR correlation
20
 %
–
60
%
 
 
Net commodity derivatives
(908
)
 
Option pricing
Forward commodity price
$
49

–
$ 70 per barrel
 
 
 
 
Commodity volatility
5
 %
–
65
%
 
 
 
 
 
 
Commodity correlation
(48
)%
–
95
%
 
 
MSRs
5,093

 
Discounted cash flows
Refer to Note 14
 
 
Other assets
358

 
Discounted cash flows
Credit spread
45 bps
 
 
45 bps

 
 
 
 
Yield
8
 %
–
12
%
 
12
%
 
814

 
Market comparables
Price
$
19

–
$
113

 
$
34

Long-term debt, short-term borrowings, and deposits(e)
27,981

 
Option pricing
Interest rate spread volatility
20
 bps
–
30
 bps
 
 
 
 
Interest rate correlation
(28
)%
–
96
%
 
 
 
 
 
IR-FX correlation
(45
)%
–
60
%
 
 
 
 
 
Equity correlation
25
 %
–
98
%
 
 
 
 
 
Equity-FX correlation
(75
)%
–
59
%
 
 
 
 
 
Equity-IR correlation
20
 %
–
60
%
 
 
Other level 3 assets and liabilities, net(f)
200

 
 
 
 
 
 
 
 
(a)
The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.
(b)
Comprises U.S. government agency securities of $617 million, nonagency securities of $42 million and trading loans of $283 million.
(c)
Comprises nonagency securities of $9 million, trading loans of $204 million and non-trading loans of $5 million.
(d)
Comprises trading loans.
(e)
Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.
(f)
Includes level 3 assets and liabilities that are insignificant both individually and in aggregate.
(g)
Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.

89

Changes in and ranges of unobservable inputs
For a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K.
Changes in level 3 recurring fair value measurements
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months ended June 30, 2019 and 2018. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair
 
value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Also, the Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.



90

 
Fair value measurements using significant unobservable inputs
 
 
Three months ended
June 30, 2019
(in millions)
Fair value at
April 1,
2019
Total realized/unrealized gains/(losses)
 
 
 
 
Transfers into
level 3(h)
Transfers (out of) level 3(h)
Fair value at
June 30, 2019
Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2019
Purchases(f)
Sales
 
Settlements(g)
Assets:(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
$
412

 
$
(25
)
 
$
318

$
(68
)
 
$
(20
)
$
—

$
—

 
$
617

 
$
(24
)
 
Residential – nonagency
85

 
1

 
11

(14
)
 
(19
)
—

(22
)
 
42

 
—

 
Commercial – nonagency
17

 
—

 
4

—

 
(12
)
—

—

 
9

 
(1
)
 
Total mortgage-backed securities
514

 
(24
)
 
333

(82
)
 
(51
)
—

(22
)
 
668

 
(25
)
 
U.S. Treasury and government agencies
—

 
—

 
—

—

 
—

—

—

 
—

 
—

 
Obligations of U.S. states and municipalities
623

 
1

 
57

(1
)
 
—

—

—

 
680

 
—

 
Non-U.S. government debt securities
170

 
—

 
117

(103
)
 
—

9

(3
)
 
190

 
—

 
Corporate debt securities
568

 
7

 
61

(62
)
 
(53
)
51

(10
)
 
562

 
22

 
Loans
1,741

 
56

 
385

(216
)
 
(156
)
139

(171
)
 
1,778

 
68

 
Asset-backed securities
119

 
2

 
2

(58
)
 
(30
)
—

(2
)
 
33

 
2

 
Total debt instruments
3,735

 
42

 
955

(522
)
 
(290
)
199

(208
)
 
3,911

 
67

 
Equity securities
202

 
(12
)
 
8

(3
)
 
—

21

(69
)
 
147

 
(12
)
 
Other
304

 
20

 
3

—

 
(15
)
—

(1
)
 
311

 
35

 
Total trading assets – debt and equity instruments
4,241

 
50

(c) 
966

(525
)
 
(305
)
220

(278
)
 
4,369

 
90

(c) 
Net derivative receivables:(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate
(147
)
 
(341
)
 
28

(60
)
 
(57
)
(6
)
39

 
(544
)
 
(459
)
 
Credit
(115
)
 
(127
)
 
13

(1
)
 
4

1

(7
)
 
(232
)
 
(139
)
 
Foreign exchange
(356
)
 
58

 
10

(8
)
 
114

(17
)
6

 
(193
)
 
82

 
Equity
(2,066
)
 
(21
)
 
34

(158
)
 
(284
)
(148
)
83

 
(2,560
)
 
(91
)
 
Commodity
(665
)
 
(171
)
 
7

(83
)
 
21

(17
)
—

 
(908
)
 
(151
)
 
Total net derivative receivables
(3,349
)
 
(602
)
(c) 
92

(310
)
 
(202
)
(187
)
121

 
(4,437
)
 
(758
)
(c) 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
—

 
—

 
—

—

 
—

—

—

 
—

 
—

 
Asset-backed securities
—

 
—

 
—

—

 
—

—

—

 
—

 
—

 
Total available-for-sale securities
—

 
—


—

—

 
—

—

—

 
—

 
—


Loans
123

 
1

(c) 
—

—

 
(119
)
—

—

 
5

 
—

(c) 
Mortgage servicing rights
5,957

 
(826
)
(d) 
426

(217
)
 
(247
)
—

—

 
5,093

 
(826
)
(d) 
Other assets
841

 
(89
)
(c) 
142

(8
)
 
(26
)
1

—

 
861

 
(92
)
(c) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value measurements using significant unobservable inputs
 
 
Three months ended
June 30, 2019
(in millions)
Fair value at
April 1, 2019
Total realized/unrealized (gains)/losses
 
 
 
 
Transfers into
level 3(h)
Transfers (out of) level 3(h)
Fair value at
June 30, 2019
Change in unrealized (gains)/
losses related
to financial instruments held at June 30, 2019
Purchases
Sales
Issuances
Settlements(g)
Liabilities:(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
$
4,528

 
$
89

(c)(e) 
$
—

$
—

$
92

$
(292
)
$
—

$
(351
)
 
$
4,066

 
$
104

(c)(e) 
Short-term borrowings
1,502

 
72

(c)(e) 
—

—

1,037

(624
)
67

(2
)
 
2,052

 
28

(c)(e) 
Trading liabilities – debt and equity instruments
52

 
—


(5
)
5

—

—

4

(11
)
 
45

 
—


Accounts payable and other liabilities
15

 
(1
)
(c) 
(3
)
80

—

—

1

—

 
92

 
(1
)
(c) 
Beneficial interests issued by consolidated VIEs
—

 
—


—

—

—

—

—

—

 
—

 
—


Long-term debt
21,655

 
455

(c)(e) 
—

—

2,648

(2,729
)
200

(366
)
 
21,863

 
621

(c)(e) 

91


Fair value measurements using significant unobservable inputs

 
Three months ended
June 30, 2018
(in millions)
Fair value at
April 1,
2018
Total realized/unrealized gains/(losses)



 


Transfers into
level 3(h)
Transfers (out of) level 3(h)
Fair value at
June 30, 2018
Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2018
Purchases(f)
Sales

 
Settlements(g)
 
Assets:(a)






 



 









Trading assets:






 



 









Debt instruments:






 



 









Mortgage-backed securities:






 



 









U.S. government agencies
$
508

$
—


$
5

$
(11
)

 
$
(19
)

$
5

$
(10
)

$
478


$
—


Residential – nonagency
55

2


45

(11
)

 
(1
)

11

(14
)

87


1


Commercial – nonagency
14

2


1

(1
)

 
(12
)

17

(3
)

18


1


Total mortgage-backed securities
577

4


51

(23
)

 
(32
)

33

(27
)

583


2


U.S. Treasury and
government agencies
—

—

 
—

—

 
 
—

 
—

—

 
—

 
—

 
Obligations of U.S. states and municipalities
704

(9
)

42

—


 
(1
)

—

—


736


(9
)

Non-U.S. government debt securities
197

(12
)

126

(92
)

 
—


—

(36
)

183


(12
)

Corporate debt securities
306

(3
)

60

(40
)

 
(10
)

36

(75
)

274


4


Loans
2,368

(21
)

565

(806
)

 
(192
)

251

(179
)

1,986


(30
)

Asset-backed securities
63

4


45

(9
)

 
(6
)

2

(12
)

87


4


Total debt instruments
4,215

(37
)

889

(970
)

 
(241
)

322

(329
)

3,849


(41
)

Equity securities
300

(13
)

65

(50
)

 
(1
)

—

(13
)

288


(8
)

Other
698

(254
)

16

(34
)

 
(18
)

—

(2
)

406


(259
)

Total trading assets – debt and equity instruments
5,213

(304
)
(c) 
970

(1,054
)

 
(260
)

322

(344
)

4,543


(308
)
(c) 
Net derivative receivables:(b)










 



 









Interest rate
472

287


38

(51
)

 
(179
)

(54
)
(24
)

489


254


Credit
5

21


1

(5
)

 
(29
)

(4
)
(13
)

(24
)

9


Foreign exchange
(288
)
94


13

(3
)

 
(8
)

(74
)
21


(245
)

95


Equity
(2,512
)
143


606

(1,042
)

 
(13
)

38

202


(2,578
)

(24
)

Commodity
(519
)
(35
)

—

—


 
(186
)

(9
)
(3
)

(752
)

(65
)

Total net derivative receivables
(2,842
)
510

(c) 
658

(1,101
)

 
(415
)

(103
)
183


(3,110
)

269

(c) 
Available-for-sale securities:
 
 

 
 

 
 

 
 

 

 

Mortgage-backed securities
1

—


—

—


 
—


—

—


1


—


Asset-backed securities
204

—


—

—


 
(57
)

—

—


147


—


Total available-for-sale securities
205

—


—

—


 
(57
)

—

—


148


—


Loans
396

(9
)
(c) 
—

—


 
(154
)

—

(74
)

159


(9
)
(c) 
Mortgage servicing rights
6,202

94

(d) 
236

(104
)

 
(187
)

—

—


6,241


94

(d) 
Other assets
1,220

(13
)
(c) 
24

(2
)
 
 
(5
)
 
1

—

 
1,225

 
(17
)
(c) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Fair value measurements using significant unobservable inputs


Three months ended
June 30, 2018
(in millions)
Fair value at
April 1,
2018
Total realized/unrealized (gains)/losses



 

 
Transfers into
level 3(h)
Transfers (out of) level 3(h)
Fair value at
June 30, 2018
Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2018
Purchases
Sales
Issuances
Settlements(g)

Liabilities:(a)






 


 
 








Deposits
$
4,017

$
49

(c)(e) 
$
—

$
—

$
434

 
$
(57
)

$
1

$
(139
)

$
4,305


$
50

(c)(e) 
Short-term borrowings
2,125

(197
)
(c)(e) 
—

—

862

 
(614
)

43

(10
)

2,209


(27
)
(c)(e) 
Trading liabilities – debt and equity instruments
50

(11
)
(c) 
(25
)
33

—

 
—


—

(4
)

43


(4
)
(c) 
Accounts payable and other liabilities
7

(1
)
(c) 
—

1

—

 
—


1

—


8


(1
)
(c) 
Beneficial interests issued by consolidated VIEs
1

—


—

—

—

 
—


—

—


1


—


Long-term debt
16,950

(344
)
(c)(e) 
—

—

3,150

(i) 
(2,123
)
(i) 
219

(220
)

17,632

(i) 
(427
)
(c)(e) 




92

 
Fair value measurements using significant unobservable inputs
 
 
Six months ended
June 30, 2019
(in millions)
Fair value at
January 1,
2019
Total realized/unrealized gains/(losses)
 
 
 
 
Transfers into
level 3(h)
Transfers (out of) level 3(h)
Fair value at
June 30, 2019
Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2019
Purchases(f)
Sales
 
Settlements(g)
Assets:(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
$
549

 
$
(40
)
 
$
323

$
(168
)
 
$
(38
)
$
1

$
(10
)
 
$
617

 
$
(37
)
 
Residential – nonagency
64

 
25

 
81

(83
)
 
(20
)
15

(40
)
 
42

 
—

 
Commercial – nonagency
11

 
2

 
16

(19
)
 
(14
)
15

(2
)
 
9

 
—

 
Total mortgage-backed securities
624

 
(13
)
 
420

(270
)
 
(72
)
31

(52
)
 
668

 
(37
)
 
U.S. Treasury and government agencies
—

 
—

 
—

—

 
—

—

—

 
—

 
—

 
Obligations of U.S. states and municipalities
689

 
14

 
58

(75
)
 
(6
)
—

—

 
680

 
15

 
Non-U.S. government debt securities
155

 
(1
)
 
188

(157
)
 
—

11

(6
)
 
190

 
2

 
Corporate debt securities
334

 
29

 
284

(69
)
 
(53
)
79

(42
)
 
562

 
35

 
Loans
1,706

 
139

 
457

(334
)
 
(276
)
298

(212
)
 
1,778

 
128

 
Asset-backed securities
127

 
—

 
19

(79
)
 
(37
)
20

(17
)
 
33

 
—

 
Total debt instruments
3,635

 
168

 
1,426

(984
)
 
(444
)
439

(329
)
 
3,911

 
143

 
Equity securities
232

 
(14
)
 
23

(82
)
 
(22
)
96

(86
)
 
147

 
(11
)
 
Other
301

 
24

 
15

(1
)
 
(26
)
1

(3
)
 
311

 
45

 
Total trading assets – debt and equity instruments
4,168

 
178

(c) 
1,464

(1,067
)
 
(492
)
536

(418
)
 
4,369

 
177

(c) 
Net derivative receivables:(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate
(38
)
 
(663
)
 
47

(207
)
 
241

12

64

 
(544
)
 
(725
)
 
Credit
(107
)
 
(144
)
 
13

(2
)
 
10

4

(6
)
 
(232
)
 
(155
)
 
Foreign exchange
(297
)
 
(187
)
 
11

(17
)
 
295

(25
)
27

 
(193
)
 
(144
)
 
Equity
(2,225
)
 
710

 
161

(455
)
 
(685
)
(215
)
149

 
(2,560
)
 
(134
)
 
Commodity
(1,129
)
 
362

 
10

(171
)
 
45

(16
)
(9
)
 
(908
)
 
485

 
Total net derivative receivables
(3,796
)
 
78

(c) 
242

(852
)
 
(94
)
(240
)
225

 
(4,437
)
 
(673
)
(c) 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
1

 
—

 
—

—

 
(1
)
—

—

 
—

 
—

 
Asset-backed securities
—

 
—

 
—

—

 
—

—

—

 
—

 
—

 
Total available-for-sale securities
1

 
—

 
—

—

 
(1
)
—

—

 
—

 
—

 
Loans
122

 
4

(c) 
—

—

 
(121
)
—

—

 
5

 
5

(c) 
Mortgage servicing rights
6,130

 
(1,125
)
(d) 
862

(328
)
 
(446
)
—

—

 
5,093

 
(1,125
)
(d) 
Other assets
927

 
(96
)
(c) 
151

(88
)
 
(27
)
1

(7
)
 
861

 
(98
)
(c) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value measurements using significant unobservable inputs
 
 
Six months ended
June 30, 2019
(in millions)
Fair value at
January 1, 2019
Total realized/unrealized (gains)/losses
 
 
 
 
Transfers into
level 3(h)
Transfers (out of) level 3(h)
Fair value at
June 30, 2019
Change in unrealized (gains)/
losses related
to financial instruments held at June 30, 2019
Purchases
Sales
Issuances
Settlements(g)
Liabilities:(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
$
4,169

 
$
241

(c)(e) 
$
—

$
—

$
427

$
(316
)
$
—

$
(455
)
 
$
4,066

 
$
246

(c)(e) 
Short-term borrowings
1,523

 
118

(c)(e) 
—

—

1,688

(1,225
)
68

(120
)
 
2,052

 
115

(c)(e) 
Trading liabilities – debt and equity instruments
50

 
—

 
(7
)
16

—

—

7

(21
)
 
45

 
1

(c) 
Accounts payable and other liabilities
10

 
(1
)
(c) 
(8
)
90

—

—

1

—

 
92

 
(1
)
(c) 
Beneficial interests issued by consolidated VIEs
1

 
(1
)
(c) 
—

—

—

—

—

—

 
—

 
—

 
Long-term debt
19,418

 
1,728

(c)(e) 
—

—

4,699

(3,917
)
473

(538
)
 
21,863

 
2,039

(c)(e) 


93

 
Fair value measurements using significant unobservable inputs
 
 
Six months ended
June 30, 2018
(in millions)
Fair value at
January 1,
2018
Total realized/unrealized gains/(losses)
 
 
 
 
 
 
Transfers into
level 3(h)
Transfers (out of) level 3(h)
Fair value at
June 30, 2018
Change in unrealized gains/(losses) related
to financial instruments held at June 30, 2018
Purchases(f)
Sales
 
 
Settlements(g)
 
Assets:(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
$
307

$
3

 
$
334

$
(98
)
 
 
$
(39
)
 
$
9

$
(38
)
 
$
478

 
$
1

 
Residential – nonagency
60

—

 
45

(13
)
 
 
(3
)
 
40

(42
)
 
87

 
1

 
Commercial – nonagency
11

3

 
7

(8
)
 
 
(13
)
 
21

(3
)
 
18

 
(2
)
 
Total mortgage-backed securities
378

6

 
386

(119
)
 
 
(55
)
 
70

(83
)
 
583

 
—

 
U.S. Treasury and
government agencies
1

—

 
—

—

 
 
—

 
—

(1
)
 
—

 
—

 
Obligations of U.S. states and municipalities
744

(11
)
 
81

—

 
 
(78
)
 
—

—

 
736

 
(11
)
 
Non-U.S. government debt securities
78

(10
)
 
351

(184
)
 
 
—

 
17

(69
)
 
183

 
(9
)
 
Corporate debt securities
312

(4
)
 
141

(140
)
 
 
(11
)
 
167

(191
)
 
274

 
3

 
Loans
2,719

41

 
1,035

(1,534
)
 
 
(329
)
 
374

(320
)
 
1,986

 
(24
)
 
Asset-backed securities
153

9

 
59

(22
)
 
 
(40
)
 
13

(85
)
 
87

 
5

 
Total debt instruments
4,385

31

 
2,053

(1,999
)
 
 
(513
)
 
641

(749
)
 
3,849

 
(36
)
 
Equity securities
295

(21
)
 
93

(60
)
 
 
(1
)
 
4

(22
)
 
288

 
(8
)
 
Other
690

(239
)
 
34

(40
)
 
 
(38
)
 
1

(2
)
 
406

 
(251
)
 
Total trading assets – debt and equity instruments
5,370

(229
)
(c) 
2,180

(2,099
)
 
 
(552
)
 
646

(773
)
 
4,543

 
(295
)
(c) 
Net derivative receivables:(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate
264

340

 
55

(55
)
 
 
(133
)
 
(28
)
46

 
489

 
314

 
Credit
(35
)
38

 
2

(7
)
 
 
(25
)
 
(1
)
4

 
(24
)
 
11

 
Foreign exchange
(396
)
240

 
13

(8
)
 
 
3

 
(112
)
15

 
(245
)
 
190

 
Equity
(3,409
)
782

 
824

(1,284
)
 
 
421

 
(73
)
161

 
(2,578
)
 
514

 
Commodity
(674
)
150

 
—

—

 
 
(174
)
 
(8
)
(46
)
 
(752
)
 
154

 
Total net derivative receivables
(4,250
)
1,550

(c) 
894

(1,354
)
 
 
92

 
(222
)
180

 
(3,110
)
 
1,183

(c) 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
1

—

 
—

—

 
 
—

 
—

—

 
1

 
—

 
Asset-backed securities
276

1

 
—

—

 
 
(130
)
 
—

—

 
147

 
1

 
Total available-for-sale securities
277

1

(j) 
—

—

 
 
(130
)
 
—

—

 
148

 
1

(d) 
Loans
276

(4
)
(c) 
122

—

 
 
(161
)
 
—

(74
)
 
159

 
(5
)
(c) 
Mortgage servicing rights
6,030

478

(d) 
479

(399
)
 
 
(347
)
 
—

—

 
6,241

 
478

(d) 
Other assets
1,265

(50
)
(c) 
47

(16
)
 
 
(21
)
 
1

(1
)
 
1,225

 
(52
)
(c) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value measurements using significant unobservable inputs
 
 
Six months ended
June 30, 2018
(in millions)
Fair value at
January 1,
2018
Total realized/unrealized (gains)/losses
 
 
 
 
 
 
Transfers into
level 3(h)
Transfers (out of) level 3(h)
Fair value at
June 30, 2018
Change in unrealized (gains)/losses related
to financial instruments held at June 30, 2018
Purchases
Sales
Issuances
Settlements(g)
 
Liabilities:(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits
$
4,142

$
(41
)
(c)(e) 
$
—

$
—

$
755

 
$
(255
)
 
$
1

$
(297
)
 
$
4,305

 
$
(86
)
(c)(e) 
Short-term borrowings
1,665

(182
)
(c)(e) 
—

—

2,070

 
(1,360
)
 
55

(39
)
 
2,209

 
(31
)
(c)(e) 
Trading liabilities – debt and equity instruments
39

(8
)
(c) 
(62
)
76

—

 
1

 
2

(5
)
 
43

 
(1
)
(c) 
Accounts payable and other liabilities
13

(1
)
(c) 
(6
)
1

—

 
—

 
1

—

 
8

 
(1
)
(c) 
Beneficial interests issued by consolidated VIEs
39

—

 
—

—

—

 
(38
)
 
—

—

 
1

 
—

 
Long-term debt
16,125

(590
)
(c)(e) 
—

—

6,241

(i) 
(4,386
)
(i) 
594

(352
)
 
17,632

(i) 
(706
)
(c)(e) 
(a)
Level 3 assets as a percentage of total Firm assets accounted for at fair value (including assets measured at fair value on a nonrecurring basis) were 2% and 3% at June 30, 2019 and December 31, 2018, respectively. Level 3 liabilities as a percentage of total Firm liabilities accounted for at fair value (including liabilities measured at fair value on a nonrecurring basis) was 15% at June 30, 2019 and December 31, 2018.

94

(b)
All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.
(c)
Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.
(d)
Changes in fair value for MSRs are reported in mortgage fees and related income.
(e)
Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and they were not material for the three and six months ended June 30, 2019 and 2018, respectively. Unrealized (gains)/losses are reported in OCI, and they were $(5) million and $(71) million for the three months ended June 30, 2019 and 2018, respectively and $170 million and $(123) million for the six months ended June 30, 2019 and 2018, respectively.
(f)
Loan originations are included in purchases.
(g)
Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.
(h)
All transfers into and/or out of level 3 are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.
(i)
The prior period amounts have been revised to conform with the current period presentation.
(j)
Realized gains/(losses) on AFS securities, as well as other-than-temporary impairment (“OTTI”) losses that are recorded in earnings, are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. There were no realized gains/(losses) recorded in income on AFS securities for the three and six months ended June 30, 2019 and 2018, respectively. Unrealized gains/(losses) recorded on AFS securities in OCI were zero for both the three months ended June 30, 2019 and 2018, respectively and zero and $1 million for the six months ended June 30, 2019 and 2018, respectively.
Level 3 analysis
Consolidated balance sheets changes
Level 3 assets, including assets measured at fair value on a nonrecurring basis, were 0.6% of total Firm assets at June 30, 2019. The following describes significant changes to level 3 assets since December 31, 2018, for those items measured at fair value on a recurring basis. For further information on changes impacting items measured at fair value on a nonrecurring basis, refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 96.
Three and six months ended June 30, 2019
Level 3 assets were $16.5 billion at June 30, 2019, reflecting a decrease of $553 million and $622 million from March 31, 2019 and December 31, 2018, respectively.
The decrease for both the three and six months ended June 30, 2019 was driven by a reduction of approximately $1.0 billion in MSRs. For additional information, refer to the Gains and losses section below.
Transfers between levels for instruments carried at fair value on a recurring basis
For both the three and six months ended June 30, 2019 and 2018 there were no individually significant transfers.
All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.
Gains and losses
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. For further information on these instruments, refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 90–95.
 
Three months ended June 30, 2019
•
$1.5 billion of net losses on assets, driven by derivative receivables due to market movements and MSRs reflecting updates to model inputs and faster prepayment speeds on lower rates.
•
$615 million of net losses on liabilities, largely due to market movements in long-term debt.
Three months ended June 30, 2018
•
$278 million of net gains on assets and $504 million of net gains on liabilities, none of which were individually significant.
Six months ended June 30, 2019
•
$1.0 billion of net losses on assets, predominantly driven by MSRs reflecting updates to model inputs and faster prepayment speeds on lower rates.
•
$2.1 billion of net losses on liabilities, predominantly driven by market movements in long-term debt.
Six months ended June 30, 2018
•
$1.7 billion of net gains on assets predominantly driven by market movements in derivative receivables, in particular equity derivative receivables.
•
$822 million of net gains on liabilities, none of which were individually significant.
Credit and funding adjustments — derivatives
The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Credit and funding adjustments:
 
 
 
 
 
 
 
Derivatives CVA
$
(44
)
 
$
73

 
$
16

 
$
157

Derivatives FVA
(89
)
 
97

 
63

 
14


For further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities, refer to Note 2 of JPMorgan Chase’s 2018 Form 10-K.

95

Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets held as of June 30, 2019 and 2018, respectively, for which a nonrecurring fair value adjustment was recorded during the six months ended June 30, 2019 and 2018, respectively, by major product category and fair value hierarchy.
 
Fair value hierarchy
 
Total fair value
June 30, 2019 (in millions)
Level 1

Level 2

 
Level 3

 
Loans
$
—

$
733

 
$
141

(b) 
$
874

Other assets(a)
—

13

 
713

 
726

Total assets measured at fair value on a nonrecurring basis
$
—

$
746

 
$
854

 
$
1,600

 
Fair value hierarchy
 
Total fair value
June 30, 2018 (in millions)
Level 1

Level 2

 
Level 3

 
Loans
$
—

$
325

 
$
210

 
$
535

Other assets
—

217

 
823

 
1,040

Total assets measured at fair value on a nonrecurring basis
$
—

$
542

 
$
1,033

 
$
1,575

(a)
Primarily includes equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $713 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2019, $564 million related to such equity securities. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
(b)
Of the $141 million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2019, $110 million related to residential real estate loans carried at the net realizable value of the underlying collateral (e.g., collateral-dependent loans and other loans charged off in accordance with regulatory guidance). These amounts are classified as level 3 as they are valued using information from broker’s price opinions, appraisals and automated valuation models and discounted based upon the Firm’s experience with actual liquidation values. These discounts ranged from 14% to 49% with a weighted average of 29%.
There were no material liabilities measured at fair value on a nonrecurring basis at June 30, 2019 and 2018.
Nonrecurring fair value changes
The following table presents the total change in value of assets and liabilities for which a fair value adjustment has been recognized for the three and six months ended June 30, 2019 and 2018, related to assets and liabilities held at those dates.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Loans
$
(33
)
 
$
(18
)
 
$
(54
)
 
$
(22
)
Other assets(a)
13

  
37

 
90

 
528

Total nonrecurring fair value gains/(losses)
$
(20
)
 
$
19

 
$
36

 
$
506

(a)
Included $16 million and $41 million for the three months ended June 30, 2019 and 2018, respectively and $95 million and $534 million for the six months ended June 30, 2019 and 2018, respectively, of net gains as a result of the measurement alternative.
 
For further information about the measurement of impaired collateral-dependent loans, and other loans where the carrying value is based on the fair value of the underlying collateral (e.g., residential mortgage loans charged off in accordance with regulatory guidance), refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.


96

Equity securities without readily determinable fair values
The Firm measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, with such changes recognized in earnings.
In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.
The following table presents the carrying value of equity securities without readily determinable fair values still held as of June 30, 2019 and 2018, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
As of or for the period ended,
 
 
 
 
 
 
 
(in millions)
2019
 
2018
 
2019
 
2018
Other assets
 
 
 
 
 
 
 
Carrying value(a)
$
1,704

 
$
1,471

 
$
1,704

 
$
1,471

Upward carrying value changes(b)
52

 
67

 
136

 
562

Downward carrying value changes/impairment(c)
(36
)
 
(26
)
 
(42
)
 
(28
)
(a)
The carrying value as of December 31, 2018 was $1.5 billion.
(b)
The cumulative upward carrying value changes between January 1, 2018 and June 30, 2019 were $446 million.
(c)
The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2019 were $(202) million.
Included in other assets above is the Firm’s interest in approximately 40 million Visa Class B shares, recorded at a nominal carrying value. These shares are subject to certain transfer restrictions currently and will be convertible into Visa Class A shares upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa Class B shares into Visa Class A shares is 1.6298 at June 30, 2019, and may be adjusted by Visa depending on developments related to the litigation matters.

97

Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value
The following table presents by fair value hierarchy classification the carrying values and estimated fair values at June 30, 2019, and December 31, 2018, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.
 
June 30, 2019
 
December 31, 2018
 
 
Estimated fair value hierarchy
 
 
 
Estimated fair value hierarchy
 
(in billions)
Carrying
value
Level 1
Level 2
Level 3
Total estimated
fair value
 
Carrying
value
Level 1
Level 2
Level 3
Total estimated
fair value
Financial assets
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
23.2

$
23.2

$
—

$
—

$
23.2

 
$
22.3

$
22.3

$
—

$
—

$
22.3

Deposits with banks
244.9

244.9

—

—

244.9

 
256.5

256.5

—

—

256.5

Accrued interest and accounts receivable
87.2

0.8

86.3

0.1

87.2

 
72.0

—

71.9

0.1

72.0

Federal funds sold and securities purchased under resale agreements
253.9

—

253.9

—

253.9

 
308.4

—

308.4

—

308.4

Securities borrowed
125.0

—

125.0

—

125.0

 
106.9

—

106.9

—

106.9

Investment securities, held-to-maturity
30.9

—

32.1

—

32.1

 
31.4

—

31.5

—

31.5

Loans, net of allowance for loan losses(a)
939.4

—

224.1

727.8

951.9

 
968.0

—

241.5

728.5

970.0

Other
59.2

—

58.4

0.9

59.3

 
60.5

—

59.6

1.0

60.6

Financial liabilities
 
 
 
 
 
 
 
 
 
 
 
Deposits
$
1,491.4

$
—

$
1,491.8

$
—

$
1,491.8

 
$
1,447.4

$
—

$
1,447.5

$
—

$
1,447.5

Federal funds purchased and securities loaned or sold under repurchase agreements
200.7

—

200.7

—

200.7

 
181.4

—

181.4

—

181.4

Short-term borrowings
52.2

—

52.2

—

52.2

 
62.1

—

62.1

—

62.1

Accounts payable and other liabilities
175.8

0.1

172.2

3.1

175.4

 
160.6

0.2

157.0

3.0

160.2

Beneficial interests issued by consolidated VIEs
25.6

—

25.6

—

25.6

 
20.2

—

20.2

—

20.2

Long-term debt and junior subordinated deferrable interest debentures
220.8

—

221.6

3.3

224.9

 
227.1

—

224.6

3.3

227.9

(a)
Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. The difference between the estimated fair value and carrying value of a financial asset or liability is the result of the different methodologies used to determine fair value as compared with carrying value. For example, credit losses are estimated for a financial asset’s remaining life in a fair value calculation but are estimated for a loss emergence period in the allowance for loan loss calculation; future loan income (interest and fees) is incorporated in a fair value calculation but is generally not considered in the allowance for loan losses.
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value of the wholesale allowance for lending-related commitments and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.
 
June 30, 2019
 
December 31, 2018
 
 
Estimated fair value hierarchy
 
 
 
Estimated fair value hierarchy
 
(in billions)
Carrying value(a)
Level 1
Level 2
Level 3
Total estimated fair value
 
Carrying value(a)
Level 1
Level 2
Level 3
Total estimated fair value(b)
Wholesale lending-related commitments
$
1.1

$
—

$
—

$
1.8

$
1.8

 
$
1.0

$
—

$
—

$
1.9

$
1.9

(a)
Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.
(b)
The prior period amounts have been revised to conform with the current period presentation.
The Firm does not estimate the fair value of consumer lending-related commitments. In many cases, the Firm can reduce or cancel these commitments by providing the borrower notice or, in some cases as permitted by law, without notice. For a further discussion of the valuation of lending-related commitments, refer to page 161 of JPMorgan Chase’s 2018 Form 10-K.

98

Note 3 – Fair value option
For a discussion of the primary financial instruments for which the fair value option was elected, including the basis for those elections and the determination of instrument-specific credit risk, where relevant, refer to Note 3 of JPMorgan Chase’s 2018 Form 10-K.
Changes in fair value under the fair value option election
The following table presents the changes in fair value included in the Consolidated statements of income for the three months ended June 30, 2019 and 2018, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.
 
Three months ended June 30,

2019
 
2018
(in millions)
Principal transactions

All other income
Total changes in fair
value recorded (e)
 
Principal transactions
 
All other income
Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements
$
22


$
—


$
22


 
$
(33
)
 
$
—

 
$
(33
)
Securities borrowed
43


—


43


 
29

 
—

 
29

Trading assets:
 

 

 

 
 
 
 
 
 
Debt and equity instruments, excluding loans
204


—


204


 
(259
)
 
1

(c) 
(258
)
Loans reported as trading assets:
 

 

 

 
 
 
 
 
 
Changes in instrument-specific credit risk
199


2

(c) 
201


 
214

 
(1
)
(c) 
213

Other changes in fair value
120


328

(c) 
448


 
29

 
65

(c) 
94

Loans:
 

 

 

 
 
 
 
 
 
Changes in instrument-specific credit risk
(13
)

—


(13
)

 
(1
)
 
—

 
(1
)
Other changes in fair value
1


—


1


 
(1
)
 
—

 
(1
)
Other assets
2


3

(d) 
5


 
—

 
(3
)
(d) 
(3
)
Deposits(a)
(696
)

—


(696
)

 
129

 
—

 
129

Federal funds purchased and securities loaned or sold under repurchase agreements
(15
)

—


(15
)

 
9

 
—

 
9

Short-term borrowings(a)
(70
)

—


(70
)

 
(162
)
 
—

 
(162
)
Trading liabilities
2


—


2


 
6

 
—

 
6

Other liabilities
(4
)

—


(4
)

 
—

 
—

 
—

Long-term debt(a)(b)
(1,770
)

—


(1,770
)

 
196

 
—

 
196



























99

 
Six months ended June 30,
 
2019
 
2018
(in millions)
Principal transactions
 
All other income
Total changes in fair
value recorded (e)
 
Principal transactions
 
All other income
Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements
$
33

 
$
—

 
$
33

 
 
$
(26
)
 
$
—

 
$
(26
)
Securities borrowed
80

 
—

 
80

 
 
2

 
—

 
2

Trading assets:
 
 
 
 
 
 
 
 
 
 
 
 
Debt and equity instruments, excluding loans
1,558

 
—

 
1,558

 
 
(445
)
 
1

(c) 
(444
)
Loans reported as trading assets:
 
 
 
 
 
 
 
 
 
 
 
 
Changes in instrument-specific credit risk
447

 
5

(c) 
452

 
 
336

 
4

(c) 
340

Other changes in fair value
200

 
565

(c) 
765

 
 
70

 
(25
)
(c) 
45

Loans:
 
 
 
 
 
 
 
 
 
 
 
 
Changes in instrument-specific credit risk
(8
)
 
—

 
(8
)
 
 
(1
)
 
—

 
(1
)
Other changes in fair value
1

 
—

 
1

 
 
(2
)
 
—

 
(2
)
Other assets
3

 
3

(d) 
6

 
 
2

 
(10
)
(d) 
(8
)
Deposits(a)
(1,192
)
 
—

 
(1,192
)
 
 
339

 
—

 
339

Federal funds purchased and securities loaned or sold under repurchase agreements
(20
)
 
—

 
(20
)
 
 
19

 
—

 
19

Short-term borrowings(a)
(774
)
 
—

 
(774
)
 
 
111

 
—

 
111

Trading liabilities
5

 
—

 
5

 
 
(1
)
 
—

 
(1
)
Other liabilities
(8
)
 
—

 
(8
)
 
 
—

 
—

 
—

Long-term debt(a)(b)
(4,606
)
 
—

 
(4,606
)
 
 
1,227

 
—

 
1,227

(a)
Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected is recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the three and six months ended June 30, 2019 and 2018, respectively.
(b)
Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.
(c)
Reported in mortgage fees and related income.
(d)
Reported in other income.
(e)
Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than hybrid financial instruments. For further information regarding interest income and interest expense, refer to Note 6.



100

Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of June 30, 2019, and December 31, 2018, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.
 
June 30, 2019
 
December 31, 2018
(in millions)
Contractual principal outstanding

Fair value
Fair value over/(under) contractual principal outstanding
 
Contractual principal outstanding
 
Fair value
Fair value over/(under) contractual principal outstanding
Loans(a)







 
 
 
 
 
Nonaccrual loans







 
 
 
 
 
Loans reported as trading assets
$
4,038


$
1,231

$
(2,807
)
 
$
4,240

 
$
1,350

$
(2,890
)
Loans
124


72

(52
)
 
39

 
—

(39
)
Subtotal
4,162


1,303

(2,859
)
 
4,279

 
1,350

(2,929
)
All other performing loans







 
 
 
 
 
Loans reported as trading assets
43,722


42,727

(995
)
 
42,215

 
40,403

(1,812
)
Loans
4,284


4,237

(47
)
 
3,186

 
3,151

(35
)
Total loans
$
52,168


$
48,267

$
(3,901
)
 
$
49,680

 
$
44,904

$
(4,776
)
Long-term debt







 
 
 
 
 
Principal-protected debt
$
39,559

(c) 
$
36,681

$
(2,878
)
 
$
32,674

(c) 
$
28,718

$
(3,956
)
Nonprincipal-protected debt(b)
NA


31,147

NA

 
NA

 
26,168

NA

Total long-term debt
NA


$
67,828

NA

 
NA

 
$
54,886

NA

Long-term beneficial interests
 
 
 
 
 
 
 
 
 
Nonprincipal-protected debt(b)
NA


$
—

NA

 
NA

 
$
28

NA

Total long-term beneficial interests
NA


$
—

NA

 
NA

 
$
28

NA

(a)
There were no performing loans that were ninety days or more past due as of June 30, 2019, and December 31, 2018, respectively.
(b)
Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.
(c)
Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.
At June 30, 2019, and December 31, 2018, the contractual amount of lending-related commitments for which the fair value option was elected was $9.7 billion and $6.9 billion, respectively, with a corresponding fair value of $(95) million and $(82) million, respectively. For further information regarding off-balance sheet lending-related financial instruments, refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K, and Note 22 of this Form 10-Q.
Structured note products by balance sheet classification and risk component
The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.

June 30, 2019

December 31, 2018
(in millions)
Long-term debt
Short-term borrowings
Deposits
Total

Long-term debt
Short-term borrowings
Deposits
Total
Risk exposure

















Interest rate
$
31,670

$
66

$
21,048

$
52,784


$
24,137

$
62

$
12,372

$
36,571

Credit
4,848

639

—

5,487


4,009

995

—

5,004

Foreign exchange
3,580

85

37

3,702


3,169

157

38

3,364

Equity
25,338

6,536

8,278

40,152


21,382

5,422

7,368

34,172

Commodity
467

6

1,320

1,793


372

34

1,207

1,613

Total structured notes
$
65,903

$
7,332

$
30,683

$
103,918


$
53,069

$
6,670

$
20,985

$
80,724





101

Note 4 – Derivative instruments
JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. For a further discussion of the Firm’s use of and accounting policies regarding derivative instruments, refer to Note 5 of JPMorgan Chase’s 2018 Form 10-K.
The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in hedge
 
accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage certain risks associated with specified assets or liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.

The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.
Type of Derivative
Use of Derivative
Designation and disclosure
Affected
segment or unit
10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
 
 
 
•
Interest rate
Hedge fixed rate assets and liabilities
Fair value hedge
Corporate
108-109
•
Interest rate
Hedge floating-rate assets and liabilities
Cash flow hedge
Corporate
110
•
Foreign exchange
Hedge foreign currency-denominated assets and liabilities
Fair value hedge
Corporate
108-109
•
Foreign exchange
Hedge foreign currency-denominated forecasted revenue and expense
Cash flow hedge
Corporate
110
•
Foreign exchange
Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities
Net investment hedge
Corporate
111
•
Commodity
Hedge commodity inventory
Fair value hedge
CIB
108-109
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
 
 
 
•
Interest rate
Manage the risk of the mortgage pipeline, warehouse loans and MSRs
Specified risk management
CCB
111
•
Credit
Manage the credit risk of wholesale lending exposures
Specified risk management
CIB
111
•
Interest rate and foreign exchange
Manage the risk of certain other specified assets and liabilities
Specified risk management
Corporate
111
Market-making derivatives and other activities:
 
 
 
•
Various
Market-making and related risk management
Market-making and other
CIB
111
•
Various
Other derivatives
Market-making and other
CIB, AWM, Corporate
111


102

Notional amount of derivative contracts
The following table summarizes the notional amount of derivative contracts outstanding as of June 30, 2019, and December 31, 2018.
 
Notional amounts(b)
(in billions)
June 30, 2019

December 31, 2018

Interest rate contracts
 
 
Swaps
$
25,583

$
21,763

Futures and forwards
4,600

3,562

Written options
4,572

3,997

Purchased options
5,054

4,322

Total interest rate contracts
39,809

33,644

Credit derivatives(a)
1,294

1,501

Foreign exchange contracts
 
 
Cross-currency swaps
3,824

3,548

Spot, futures and forwards
6,951

5,871

Written options
922

835

Purchased options
939

830

Total foreign exchange contracts
12,636

11,084

Equity contracts
 
 
Swaps
365

346

Futures and forwards
122

101

Written options
640

528

Purchased options
573

490

Total equity contracts
1,700

1,465

Commodity contracts
 
 
Swaps
148

134

Spot, futures and forwards
161

156

Written options
143

135

Purchased options
126

120

Total commodity contracts
578

545

Total derivative notional amounts
$
56,017

$
48,239

(a)
For more information on volumes and types of credit derivative contracts, refer to the Credit derivatives discussion on page 112.
(b)
Represents the sum of gross long and gross short third-party notional derivative contracts.
While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is used simply as a reference to calculate payments.

103

Impact of derivatives on the Consolidated balance sheets
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of June 30, 2019, and December 31, 2018, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables(a)
 
 
 
 
 
 
 
 
 
 
 
Gross derivative receivables
 
 
 
Gross derivative payables
 
 
June 30, 2019
(in millions)
Not designated as hedges
 
Designated as hedges
 
Total derivative receivables
 
Net derivative receivables(b)
 
Not designated as hedges
 
Designated
as hedges
 
Total derivative payables
 
Net derivative payables(b)
Trading assets and liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate
$
333,694

 
$
862

 
$
334,556

 
$
26,488

 
$
301,047

 
$
2

 
$
301,049

 
$
8,883

Credit
15,665

 
—

 
15,665

 
633

 
17,231

 
—

 
17,231

 
2,256

Foreign exchange
143,659

 
441

 
144,100

 
10,663

 
146,920

 
697

 
147,617

 
11,126

Equity
44,930

 
—

 
44,930

 
9,205

 
47,698

 
—

 
47,698

 
11,177

Commodity
16,739

 
132

 
16,871

 
5,889

 
19,280

 
74

 
19,354

 
8,037

Total fair value of trading assets and liabilities
$
554,687

 
$
1,435

 
$
556,122

 
$
52,878

 
$
532,176

 
$
773

 
$
532,949

 
$
41,479

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross derivative receivables
 
 
 
Gross derivative payables
 
 
December 31, 2018
(in millions)
Not designated as hedges
 
Designated as hedges
 
Total derivative receivables
 
Net derivative receivables(b)
 
Not designated as hedges
 
Designated
as hedges
 
Total derivative payables
 
Net derivative payables(b)
Trading assets and liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate
$
267,871

 
$
833

 
$
268,704

 
$
23,214

 
$
242,782

 
$
—

 
$
242,782

 
$
7,784

Credit
20,095

 
—

 
20,095

 
612

 
20,276

 
—

 
20,276

 
1,667

Foreign exchange
167,057

 
628

 
167,685

 
13,450

 
164,392

 
825

 
165,217

 
12,785

Equity
49,285

 
—

 
49,285

 
9,946

 
51,195

 
—

 
51,195

 
10,161

Commodity
20,223

 
247

 
20,470

 
6,991

 
22,297

 
121

 
22,418

 
9,372

Total fair value of trading assets and liabilities
$
524,531

 
$
1,708

 
$
526,239

 
$
54,213

 
$
500,942

 
$
946

 
$
501,888

 
$
41,769


(a)
Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.
(b)
As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.


104

Derivatives netting
The following tables present, as of June 30, 2019, and December 31, 2018, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:
•
collateral that consists of non-cash financial instruments (generally U.S. government and agency securities and other G7 government securities) and cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables below, up to the fair value exposure amount.
•
the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and
•
collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below.
 
June 30, 2019
 
December 31, 2018
(in millions)
Gross derivative receivables
Amounts netted on the Consolidated balance sheets
Net derivative receivables
 
Gross derivative receivables
 
Amounts netted on the Consolidated balance sheets
Net derivative receivables
U.S. GAAP nettable derivative receivables
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts:
 
 
 
 
 
 
 
 
 
 
 
Over-the-counter (“OTC”)
$
317,682

$
(295,900
)
 
$
21,782

 
$
258,227

 
$
(239,498
)
 
$
18,729

 
OTC–cleared
11,535

(11,488
)
 
47

 
6,404

 
(5,856
)
 
548

 
Exchange-traded(a)
747

(680
)
 
67

 
322

 
(136
)
 
186

 
Total interest rate contracts
329,964

(308,068
)
 
21,896

 
264,953

 
(245,490
)
 
19,463

 
Credit contracts:
 
 
 
 
 
 
 
 
 
 
 
OTC
11,358

(10,938
)
 
420

 
12,648

 
(12,261
)
 
387

 
OTC–cleared
4,142

(4,094
)
 
48

 
7,267

 
(7,222
)
 
45

 
Total credit contracts
15,500

(15,032
)
 
468

 
19,915

 
(19,483
)
 
432

 
Foreign exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
OTC
141,257

(133,171
)
 
8,086

 
163,862

 
(153,988
)
 
9,874

 
OTC–cleared
276

(260
)
 
16

 
235

 
(226
)
 
9

 
Exchange-traded(a)
18

(6
)
 
12

 
32

 
(21
)
 
11

 
Total foreign exchange contracts
141,551

(133,437
)
 
8,114

 
164,129

 
(154,235
)
 
9,894

 
Equity contracts:
 
 
 
 
 
 
 
 
 
 
 
OTC
22,627

(20,219
)
 
2,408

 
26,178

 
(23,879
)
 
2,299

 
Exchange-traded(a)
18,885

(15,506
)
 
3,379

 
18,876

 
(15,460
)
 
3,416

 
Total equity contracts
41,512

(35,725
)
 
5,787

 
45,054

 
(39,339
)
 
5,715

 
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
OTC
6,917

(5,082
)
 
1,835

 
7,448

 
(5,261
)
 
2,187

 
OTC–cleared
13

(13
)
 
—

 
—

 
—

 
—

 
Exchange-traded(a)
6,007

(5,887
)
 
120

 
8,815

 
(8,218
)
 
597

 
Total commodity contracts
12,937

(10,982
)
 
1,955

 
16,263

 
(13,479
)
 
2,784

 
Derivative receivables with appropriate legal opinion
541,464

(503,244
)
 
38,220

(d) 
510,314

 
(472,026
)
 
38,288

(d) 
Derivative receivables where an appropriate legal opinion has not been either sought or obtained
14,658

 
 
14,658

 
15,925

 
 
 
15,925

 
Total derivative receivables recognized on the Consolidated balance sheets
$
556,122

 
 
$
52,878

 
$
526,239

 
 
 
$
54,213

 
Collateral not nettable on the Consolidated balance sheets(b)(c)
 
 
 
(12,168
)
 
 
 
 
 
(13,046
)
 
Net amounts
 
 
 
$
40,710

 
 
 
 
 
$
41,167

 


105

 
June 30, 2019
 
December 31, 2018
(in millions)
Gross derivative payables
Amounts netted on the Consolidated balance sheets
Net derivative payables
 
Gross derivative payables
 
Amounts netted on the Consolidated balance sheets
Net derivative payables
U.S. GAAP nettable derivative payables
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts:
 
 
 
 
 
 
 
 
 
 
 
OTC
$
286,199

$
(279,425
)
 
$
6,774

 
$
233,404

 
$
(228,369
)
 
$
5,035

 
OTC–cleared
12,460

(12,044
)
 
416

 
7,163

 
(6,494
)
 
669

 
Exchange-traded(a)
783

(697
)
 
86

 
210

 
(135
)
 
75

 
Total interest rate contracts
299,442

(292,166
)
 
7,276

 
240,777

 
(234,998
)
 
5,779

 
Credit contracts:
 
 
 
 
 
 
 
 
 
 
 
OTC
13,371

(11,347
)
 
2,024

 
13,412

 
(11,895
)
 
1,517

 
OTC–cleared
3,678

(3,628
)
 
50

 
6,716

 
(6,714
)
 
2

 
Total credit contracts
17,049

(14,975
)
 
2,074

 
20,128

 
(18,609
)
 
1,519

 
Foreign exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
OTC
144,667

(136,225
)
 
8,442

 
160,930

 
(152,161
)
 
8,769

 
OTC–cleared
260

(260
)
 
—

 
274

 
(268
)
 
6

 
Exchange-traded(a)
15

(6
)
 
9

 
16

 
(3
)
 
13

 
Total foreign exchange contracts
144,942

(136,491
)
 
8,451

 
161,220

 
(152,432
)
 
8,788

 
Equity contracts:
 
 
 
 
 
 
 
 
 
 
 
OTC
26,349

(21,015
)
 
5,334

 
29,437

 
(25,544
)
 
3,893

 
Exchange-traded(a)
16,818

(15,506
)
 
1,312

 
16,285

 
(15,490
)
 
795

 
Total equity contracts
43,167

(36,521
)
 
6,646

 
45,722

 
(41,034
)
 
4,688

 
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
OTC
8,153

(5,434
)
 
2,719

 
8,930

 
(4,838
)
 
4,092

 
OTC–cleared
13

(13
)
 
—

 
—

 
—

 
—

 
Exchange-traded(a)
6,193

(5,870
)
 
323

 
8,259

 
(8,208
)
 
51

 
Total commodity contracts
14,359

(11,317
)
 
3,042

 
17,189

 
(13,046
)
 
4,143

 
Derivative payables with appropriate legal opinion
518,959

(491,470
)
 
27,489

(d) 
485,036

 
(460,119
)
 
24,917

(d) 
Derivative payables where an appropriate legal opinion has not been either sought or obtained
13,990

 
 
13,990

 
16,852

 
 
 
16,852

 
Total derivative payables recognized on the Consolidated balance sheets
$
532,949

 
 
$
41,479

 
$
501,888

 
 
 
$
41,769

 
Collateral not nettable on the Consolidated balance sheets(b)(c)
 
 
 
(6,959
)
 
 
 
 
 
(4,449
)
 
Net amounts
 
 
 
$
34,520

 
 
 
 
 
$
37,320

 
(a)
Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b)
Represents liquid security collateral as well as cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.
(c)
Derivative collateral relates only to OTC and OTC-cleared derivative instruments.
(d)
Net derivatives receivable included cash collateral netted of $65.0 billion and $55.2 billion at June 30, 2019, and December 31, 2018, respectively. Net derivatives payable included cash collateral netted of $53.3 billion and $43.3 billion at June 30, 2019, and December 31, 2018, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.


106

Liquidity risk and credit-related contingent features
For a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts, refer to Note 5 of JPMorgan Chase’s 2018 Form 10-K.
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at June 30, 2019, and December 31, 2018.
OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)
June 30, 2019
 
 
December 31, 2018
 
Aggregate fair value of net derivative payables
 
$
15,294

 
 
$
9,396

Collateral posted
 
14,023

 
 
8,907


The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at June 30, 2019, and December 31, 2018, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined threshold rating is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral, (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payments requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
 
 
 
 
 
June 30, 2019
 
December 31, 2018
(in millions)
Single-notch downgrade
Two-notch downgrade
 
Single-notch downgrade
Two-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)
$
180

$
1,228

 
$
76

$
947

Amount required to settle contracts with termination triggers upon downgrade(b)
302

1,613

 
172

764

(a)
Includes the additional collateral to be posted for initial margin.
(b)
Amounts represent fair values of derivative payables, and do not reflect collateral posted.
Derivatives executed in contemplation of a sale of the underlying financial asset
In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 10, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at both June 30, 2019 and December 31, 2018.

107

Impact of derivatives on the Consolidated statements of income
The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.
Fair value hedge gains and losses
The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and six months ended June 30, 2019 and 2018, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.
 
Gains/(losses) recorded in income
 
Income statement impact of
excluded components(e)
 
OCI impact
Three months ended June 30, 2019
(in millions)
Derivatives
Hedged items
Income statement impact
 
Amortization approach
Changes in fair value
 
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
 
 
 
 
 
 
 
 
Interest rate(a)(b)
$
1,762

$
(1,556
)
$
206

 
$
—

$
196

 
$
—

Foreign exchange(c)
426

(301
)
125

 
(229
)
125

 
112

Commodity(d)
(154
)
175

21

 
—

17

 
—

Total
$
2,034

$
(1,682
)
$
352

 
$
(229
)
$
338

 
$
112

 
Gains/(losses) recorded in income
 
Income statement impact of
excluded components(e)

 
OCI impact
Three months ended June 30, 2018
(in millions)
Derivatives
Hedged items
Income statement impact
 
Amortization approach
Changes in fair value
 
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
 
 
 
 
 
 
 
 
Interest rate(a)(b)
$
(400
)
$
553

$
153

 
$
—

$
152

 
$
—

Foreign exchange(c)
376

(254
)
122

 
(145
)
122

 
(89
)
Commodity(d)
11

(18
)
(7
)
 
—

16

 
—

Total
$
(13
)
$
281

$
268

 
$
(145
)
$
290

 
$
(89
)
 
Gains/(losses) recorded in income
 
Income statement impact of
excluded components(e)
 
OCI impact
Six months ended June 30, 2019
(in millions)
Derivatives
Hedged items
Income statement impact
 
Amortization approach
Changes in fair value
 
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
 
 
 
 
 
 
 
 
Interest rate(a)(b)
$
3,226

$
(2,849
)
$
377

 
$
—

$
368

 
$
—

Foreign exchange(c)
136

108

244

 
(451
)
244

 
115

Commodity(d)
(442
)
469

27

 
—

18

 
—

Total
$
2,920

$
(2,272
)
$
648

 
$
(451
)
$
630

 
$
115

 
Gains/(losses) recorded in income
 
Income statement impact of
excluded components(e)
 
OCI impact
Six months ended June 30, 2018
(in millions)
Derivatives
Hedged items
Income statement impact
 
Amortization approach
Changes in fair value
 
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
 
 
 
 
 
 
 
 
Interest rate(a)(b)
$
(1,877
)
$
2,182

$
305

 
$
—

$
299

 
$
—

Foreign exchange(c)
520

(287
)
233

 
(267
)
233

 
(141
)
Commodity(d)
195

(165
)
30

 
—

34

 
—

Total
$
(1,162
)
$
1,730

$
568

 
$
(267
)
$
566

 
$
(141
)
(a)
Primarily consists of hedges of the benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.
(b)
Excludes the amortization expense associated with the inception hedge accounting adjustment applied to the hedged item. This expense is recorded in net interest income and substantially offsets the income statement impact of the excluded components. Also excludes the accrual of interest on interest rate swaps and the related hedged items.
(c)
Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.
(d)
Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.
(e)
The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. The initial amount of the excluded components may be amortized into income over the life of the derivative, or changes in fair value may be recognized in current period earnings.
(f)
Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.

108

As of June 30, 2019 and December 31, 2018, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.
 
 
Carrying amount of the hedged items(a)(b)
 
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:

June 30, 2019
(in millions)
 
 
Active hedging relationships
Discontinued hedging relationships(d)
Total
Assets
 
 
 
 
 
 
Investment securities - AFS

 
$
91,668

(c) 
$
2,084

$
292

$
2,376

Liabilities
 
 
 
 
 
 
Long-term debt
 
$
151,184

 
$
6,534

$
55

$
6,589

Beneficial interests issued by consolidated VIEs
 
5,208

 
—

(15
)
(15
)
 
 
 
 
 
 
 
 
 
Carrying amount of the hedged items(a)(b)
 
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2018
(in millions)
 
 
Active hedging relationships
Discontinued hedging relationships(d)
Total
Assets
 
 
 
 
 
 
Investment securities - AFS
 
$
55,313

(c) 
$
(1,105
)
$
381

$
(724
)
Liabilities
 
 
 
 
 
 
Long-term debt
 
$
139,915

 
$
141

$
8

$
149

Beneficial interests issued by consolidated VIEs
 
6,987

 
—

(33
)
(33
)
(a)
Excludes physical commodities with a carrying value of $6.6 billion and $6.8 billion at June 30, 2019 and December 31, 2018, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Given the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.
(b)
Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At June 30, 2019 and December 31, 2018, the carrying amount excluded for available-for-sale securities is $14.4 billion and $14.6 billion, respectively, and for long-term debt is $6.0 billion and $7.3 billion, respectively.
(c)
Carrying amount represents the amortized cost.
(d)
Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.

109

Cash flow hedge gains and losses
The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and six months ended June 30, 2019 and 2018, respectively. The Firm includes the gain/(loss) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.
 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended June 30, 2019
(in millions)
Amounts reclassified from AOCI to income
Amounts recorded in OCI
Total change
in OCI
for period
Contract type
 
 
 
Interest rate(a)
$
2

$
155

$
153

Foreign exchange(b)
(28
)
(54
)
(26
)
Total
$
(26
)
$
101

$
127

 
 
 
 
 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended June 30, 2018
(in millions)
Amounts reclassified from AOCI to income
Amounts recorded in OCI
Total change
in OCI
for period
Contract type
 
 
 
Interest rate(a)
$
13

$
(33
)
$
(46
)
Foreign exchange(b)
6

(166
)
(172
)
Total
$
19

$
(199
)
$
(218
)
 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Six months ended June 30, 2019
(in millions)
Amounts reclassified from AOCI to income
Amounts recorded in OCI
Total change
in OCI
for period
Contract type
 
 
 
Interest rate(a)
$
4

$
211

$
207

Foreign exchange(b)
(69
)
31

100

Total
$
(65
)
$
242

$
307

 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Six months ended June 30, 2018
(in millions)
Amounts reclassified from AOCI to income
Amounts recorded in OCI
Total change
in OCI
for period
Contract type
 
 
 
Interest rate(a)
$
26

$
(111
)
$
(137
)
Foreign exchange(b)
45

(132
)
(177
)
Total
$
71

$
(243
)
$
(314
)
(a)
Primarily consists of hedges of LIBOR-indexed floating-rate assets and floating-rate liabilities. Gains and losses were recorded in net interest income.
(b)
Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.
The Firm did not experience any forecasted transactions that failed to occur for the three and six months ended June 30, 2019 and 2018.
Over the next 12 months, the Firm expects that approximately $(53) million (after-tax) of net losses recorded in AOCI at June 30, 2019, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately six years, corresponding to the timing of the originally hedged forecasted cash flows.
 
For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately seven years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.

110

Net investment hedge gains and losses
The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and six months ended June 30, 2019 and 2018.
 
Gains/(losses) recorded in income and other comprehensive income/(loss)
 
2019
 
2018
Three months ended June 30,
(in millions)
Amounts recorded in
income(a)(b)
Amounts recorded in OCI
 
Amounts recorded in
income(a)(b)(c)
Amounts recorded in OCI
Foreign exchange derivatives
 
$
27

 
$
(123
)
 
 
$
—

 
$
1,204

 
 
 
 
 
 
 
 
 
 
 
Gains/(losses) recorded in income and other comprehensive income/(loss)
 
2019
 
2018
Six months ended June 30,
(in millions)
Amounts recorded in
income(a)(b)
Amounts recorded in OCI
 
Amounts recorded in
income(a)(b)(c)
Amounts recorded in OCI
Foreign exchange derivatives
 
$
48

 
$
(161
)
 
 
$
(10
)
 
$
815

(a)
Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income.
(b)
Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. For additional information, refer to Note 19.
(c)
The prior period amount has been revised to conform with the current period presentation.

Gains and losses on derivatives used for specified risk management purposes
The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from the mortgage pipeline, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.
 
Derivatives gains/(losses)
recorded in income
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019
2018
 
2019
2018
Contract type
 
 
 
 
 
Interest rate(a)
$
657

$
(25
)
 
$
949

$
(235
)
Credit(b)
(2
)
(3
)
 
(12
)
(10
)
Foreign exchange(c)(d)
(75
)
133

 
(25
)
103

Total (d)
$
580

$
105

 
$
912

$
(142
)

(a)
Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in the mortgage pipeline, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.
(b)
Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.
(c)
Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.
(d)
The prior period amounts have been revised to conform with the current period presentation.
 
Gains and losses on derivatives related to market-making activities and other derivatives
The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.

111

Credit derivatives
For a more detailed discussion of credit derivatives, refer to Note 5 of JPMorgan Chase’s 2018 Form 10-K. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.
Total credit derivatives and credit-related notes
 
Maximum payout/Notional amount
June 30, 2019 (in millions)
Protection sold
Protection
purchased with
identical underlyings(b)
Net protection (sold)/purchased(c)
 
Other protection purchased(d)
Credit derivatives
 
 
 
 
 
 
Credit default swaps
$
(579,081
)
 
$
590,894

$
11,813

 
$
4,323

Other credit derivatives(a)
(50,031
)
 
60,725

10,694

 
9,111

Total credit derivatives
(629,112
)
 
651,619

22,507

 
13,434

Credit-related notes
—

 
—

—

 
8,812

Total
$
(629,112
)
 
$
651,619

$
22,507

 
$
22,246

 
 
 
 
 
 
 
 
Maximum payout/Notional amount
December 31, 2018 (in millions)
Protection sold
Protection
purchased with
identical underlyings(b)
Net protection (sold)/purchased(c)
 
Other protection purchased(d)
Credit derivatives
 
 
 
 
 
 
Credit default swaps
$
(697,220
)
 
$
707,282

$
10,062

 
$
4,053

Other credit derivatives(a)
(41,244
)
 
42,484

1,240

 
8,488

Total credit derivatives
(738,464
)
 
749,766

11,302

 
12,541

Credit-related notes
—

 
—

—

 
8,425

Total
$
(738,464
)
 
$
749,766

$
11,302

 
$
20,966

(a)
Other credit derivatives predominantly consist of credit swap options and total return swaps.
(b)
Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.
(c)
Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.
(d)
Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument.
The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives and credit-related notes as of June 30, 2019, and December 31, 2018, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives and credit-related notes where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below.
Protection sold — credit derivatives and credit-related notes ratings(a)/maturity profile
 
 
 
June 30, 2019
(in millions)
<1 year
 
1–5 years
 
>5 years
 
Total
notional amount
 
Fair value of receivables(b)
 
Fair value of payables(b)
 
Net fair value
Risk rating of reference entity
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment-grade
$
(103,901
)
 
$
(332,277
)
 
$
(39,334
)
 
$
(475,512
)
 
$
5,678

 
$
(1,699
)
 
$
3,979

Noninvestment-grade
(41,328
)
 
(99,938
)
 
(12,334
)
 
(153,600
)
 
4,007

 
(3,612
)
 
395

Total
$
(145,229
)
 
$
(432,215
)
 
$
(51,668
)
 
$
(629,112
)
 
$
9,685

 
$
(5,311
)
 
$
4,374

December 31, 2018
(in millions)
<1 year
 
1–5 years
 
>5 years
 
Total
notional amount
 
Fair value of receivables(b)
 
Fair value of payables(b)
 
Net fair value
Risk rating of reference entity
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment-grade
$
(115,443
)
 
$
(402,325
)
 
$
(43,611
)
 
$
(561,379
)
 
$
5,720

 
$
(2,791
)
 
$
2,929

Noninvestment-grade
(45,897
)
 
(119,348
)
 
(11,840
)
 
(177,085
)
 
4,719

 
(5,660
)
 
(941
)
Total
$
(161,340
)
 
$
(521,673
)
 
$
(55,451
)
 
$
(738,464
)
 
$
10,439

 
$
(8,451
)
 
$
1,988


(a)
The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.
(b)
Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements and cash collateral received by the Firm.

112

Note 5 – Noninterest revenue and noninterest expense
Noninterest revenue
For a discussion of the components of and accounting policies for the Firm’s noninterest revenue, refer to Note 6 of JPMorgan Chase’s 2018 Form 10-K.
Investment banking fees
The following table presents the components of investment banking fees.

Three months ended June 30,

Six months ended June 30,
(in millions)
2019

 
2018


2019

2018
Underwriting







Equity
$
515


$
573


$
776


$
925

Debt
820


964


1,765


1,760

Total underwriting
1,335


1,537


2,541


2,685

Advisory
516


631


1,150


1,219

Total investment banking fees
$
1,851


$
2,168


$
3,691


$
3,904


Principal transactions
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and cash deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual line of business.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019
 
2018
Trading revenue by instrument type
 
 
 
 
 
 
 
Interest rate
$
461

 
$
672

 
$
1,066

 
$
1,446

Credit
488

 
648

 
1,047

 
1,028

Foreign exchange
729

 
745

 
1,617

 
1,769

Equity
1,912

 
1,386

 
3,527

 
3,013

Commodity
227

 
246

 
610

 
523

Total trading revenue
3,817

 
3,697

 
7,867

 
7,779

Private equity gains/(losses)
(103
)
 
85

 
(77
)
 
(45
)
Principal transactions
$
3,714

 
$
3,782

 
$
7,790

 
$
7,734


 
Lending- and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018
Lending-related fees
$
285

 
$
280

 
$
575

 
$
554

Deposit-related fees
1,250

 
1,215

 
2,442

 
2,418

Total lending- and deposit-related fees
$
1,535

 
$
1,495

 
$
3,017

 
$
2,972


Asset management, administration and commissions
The following table presents the components of Firmwide asset management, administration and commissions.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019
 
2018
Asset management fees
 
 
 
 
 
 
 
Investment management fees(a)
$
2,698

 
$
2,671

 
$
5,275

 
$
5,365

All other asset management fees(b)
78

 
66

 
147

 
132

Total asset management fees
2,776

 
2,737

 
5,422

 
5,497

 
 
 
 
 
 
 
 
Total administration fees(c)
544

 
557

 
1,079

 
1,118

 
 
 
 
 
 
 
 
Commissions and other fees
 
 
 
 
 
 
 
Brokerage commissions
641

 
631

 
1,227

 
1,283

All other commissions and fees
392

 
379

 
739

 
715

Total commissions and fees
1,033

 
1,010

 
1,966

 
1,998

Total asset management, administration and commissions
$
4,353

 
$
4,304

 
$
8,467

 
$
8,613

(a)
Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts.
(b)
Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.
(c)
Predominantly includes fees for custody, securities lending, funds services and securities clearance.
Card income
The following table presents the components of card income:
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Interchange and merchant processing income
$
5,184

 
$
4,723

 
$
9,905

 
$
9,082

Rewards costs and partner payments(a)
(3,610
)
 
(3,527
)
 
(6,846
)
 
(6,411
)
Other card income(b)
(208
)
 
(176
)
 
(419
)
 
(376
)
Total card income
$
1,366

 
$
1,020

 
$
2,640

 
$
2,295

(a)
The three and six months ended June 30, 2018, included an adjustment to the credit card rewards liability of approximately $330 million.
(b)
Predominantly represents annual fees and new account origination costs, which are deferred and recognized on a straight-line basis over a 12-month period.

113

For information on operating lease income included within other income, refer to Note 16.
Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income included the following:
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Legal expense/(benefit)
$
69

 
$
—

 
$
(12
)
 
$
70

FDIC-related expense
121

 
368

 
264

 
751



 
Note 6 – Interest income and Interest expense
For a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense, refer to Note 7 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents the components of interest income and interest expense.

Three months ended
June 30,
 
Six months ended
June 30,
(in millions)
2019


2018

 
2019

 
2018

Interest income
 
 
 
 
 
 
 
Loans(a)
$
12,726


$
11,634

 
$
25,606

 
$
22,708

Taxable securities
1,875


1,383

 
3,580

 
2,696

Non-taxable securities(b)
340


395

 
703

 
805

Total investment securities(a)
2,215


1,778

 
4,283

 
3,501

Trading assets - debt instruments
2,915


2,111

 
5,684

 
4,214

Federal funds sold and securities purchased under resale agreements
1,676


807

 
3,323

 
1,538

Securities borrowed(c)
467


190

 
864

 
301

Deposits with banks
1,132


1,543

 
2,302

 
2,864

All other interest-earning assets(c)(d)
472


503

 
930

 
934

Total interest income(c)
21,603


18,566

 
42,992

 
36,060

Interest expense
 
 
 
 
 
 
 
Interest-bearing deposits
2,413

 
1,340

 
4,601

 
2,400

Federal funds purchased and securities loaned or sold under repurchase agreements
1,226

 
759

 
2,336

 
1,337

Short-term borrowings(e)
363

 
260

 
790

 
469

Trading liabilities – debt and all other interest-bearing liabilities(c)(f)
762

 
598

 
1,481

 
1,057

Long-term debt
2,266

 
2,003

 
4,608

 
3,756

Beneficial interest issued by consolidated VIEs
175

 
121

 
325

 
244

Total interest expense(c)
7,205

 
5,081

 
14,141

 
9,263

Net interest income
14,398

 
13,485

 
28,851

 
26,797

Provision for credit losses
1,149

 
1,210

 
2,644

 
2,375

Net interest income after provision for credit losses
$
13,249

 
$
12,275

 
$
26,207

 
$
24,422

(a)
Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts, net deferred fees/costs, etc.).
(b)
Represents securities which are tax-exempt for U.S. federal income tax purposes.
(c)
In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related held-for-investment customer receivables and payables that are currently presented as a single margin account on the balance sheet. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.
(d)
Includes prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.
(e)
Includes commercial paper.
(f)
Other interest-bearing liabilities include prime brokerage-related customer payables.

114

Note 7 – Pension and other postretirement employee benefit plans
For a discussion of JPMorgan Chase’s pension and OPEB plans, refer to Note 8 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents the components of net periodic benefit costs reported in the Consolidated statements of income for the Firm’s U.S. and non-U.S. defined benefit pension, defined contribution and OPEB plans.
(in millions)
Three months ended June 30,
 
Six months ended June 30,
2019
2018
 
2019
2018
 
2019
2018
 
2019
2018
Pension plans
 
OPEB plans
 
Pension plans
 
OPEB plans
Components of net periodic benefit cost
 
 
 
 
 
 
 
 
 
 
 
Benefits earned during the period
$
89

$
89

 
$
—

$
—

 
$
178

$
179

 
$
—

$
—

Interest cost on benefit obligations
149

139

 
6

6

 
299

278

 
12

12

Expected return on plan assets
(229
)
(247
)
 
(28
)
(26
)
 
(459
)
(495
)
 
(56
)
(52
)
Amortization:
 
 
 
 
 
 
 
 
 
 
 

Net (gain)/loss
41

26

 
—

—

 
83

52

 
—

—

Prior service (credit)/cost
1

(6
)
 
—

—

 
2

(12
)
 
—

—

Net periodic defined benefit cost
51

1

 
(22
)
(20
)
 
103

2

 
(44
)
(40
)
Other defined benefit pension plans(a)
7

9

 
NA

NA

 
13

15

 
NA

NA

Total defined benefit plans
58

10

 
(22
)
(20
)
 
116

17

 
(44
)
(40
)
Total defined contribution plans
243

222

 
NA

NA

 
463

432

 
NA

NA

Total pension and OPEB cost included in noninterest expense
$
301

$
232

 
$
(22
)
$
(20
)
 
$
579

$
449

 
$
(44
)
$
(40
)
(a)
Includes various defined benefit pension plans which are individually immaterial.
The following table presents the fair values of plan assets for the U.S. defined benefit pension and OPEB plans and for the material non-U.S. defined benefit pension plans.
(in billions)
June 30,
2019

 
December 31, 2018

Fair value of plan assets
 
 
 
Defined benefit pension plans
$
19.7

 
$
18.1

OPEB plans
2.9

 
2.6


There are no expected contributions to the U.S. defined benefit pension plan for 2019.

115

Note 8 – Employee share-based incentives
For a discussion of the accounting policies and other information relating to employee share-based incentives, refer to Note 9 of JPMorgan Chase’s 2018 Form 10-K.
The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.
 
Three months ended
June 30,
 
Six months ended
June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Cost of prior grants of RSUs, performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods
$
278

 
$
276

 
$
617

 
$
674

Accrual of estimated costs of share-based awards to be granted in future periods including those to full-career eligible employees
292

 
304

 
606

 
612

Total noncash compensation expense related to employee share-based incentive plans
$
570

 
$
580

 
$
1,223

 
$
1,286


In the first quarter of 2019, in connection with its annual incentive grant for the 2018 performance year, the Firm granted 21 million RSUs and 630 thousand PSUs with weighted-average grant date fair values of $98.98 per RSU and $98.96 per PSU.

116

Note 9 – Investment securities
Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At June 30, 2019, the investment securities portfolio consisted of debt securities with an average credit rating of AA+ (based upon external ratings where available,
 
and where not available, based primarily upon internal ratings which correspond to ratings as defined by S&P and Moody’s). For additional information regarding the investment securities portfolio, refer to Note 10 of JPMorgan Chase’s 2018 Form 10-K.

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
 
June 30, 2019
 
December 31, 2018
(in millions)
Amortized cost
Gross unrealized gains
Gross unrealized losses
Fair value
 
Amortized cost
Gross unrealized gains
Gross unrealized losses
Fair value
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies(a)
$
94,723

$
1,979

$
86

 
$
96,616

 
$
69,026

$
594

$
974

 
$
68,646

Residential:
 
 
 
 
 
 
 
 
 
 
 
U.S.
9,872

272

5

 
10,139

 
5,877

79

31

 
5,925

Non-U.S.
2,534

69

2

 
2,601

 
2,529

72

6

 
2,595

Commercial
5,910

90

11

 
5,989

 
6,758

43

147

 
6,654

Total mortgage-backed securities
113,039

2,410

104

 
115,345

 
84,190

788

1,158

 
83,820

U.S. Treasury and government agencies
73,919

240

169

 
73,990

 
55,771

366

78

 
56,059

Obligations of U.S. states and municipalities
29,869

2,033

1

 
31,901

 
36,221

1,582

80

 
37,723

Certificates of deposit
74

—

—

 
74

 
75

—

—

 
75

Non-U.S. government debt securities
22,017

483

8

 
22,492

 
23,771

351

20

 
24,102

Corporate debt securities
1,736

44

2

 
1,778

 
1,904

23

9

 
1,918

Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Collateralized loan obligations
24,827

16

62

 
24,781

 
19,612

1

176

 
19,437

Other
5,945

61

10

 
5,996

 
7,225

57

22

 
7,260

Total available-for-sale securities
271,426

5,287

356

 
276,357

 
228,769

3,168

1,543

 
230,394

Held-to-maturity securities
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies(a)
26,097

915

12

 
27,000

 
26,610

134

200

 
26,544

Total mortgage-backed securities
26,097

915

12

 
27,000

 
26,610

134

200

 
26,544

Obligations of U.S. states and municipalities
4,810

262

—

 
5,072

 
4,824

105

15

 
4,914

Total held-to-maturity securities
30,907

1,177

12

 
32,072

 
31,434

239

215

 
31,458

Total investment securities
$
302,333

$
6,464

$
368

 
$
308,429

 
$
260,203

$
3,407

$
1,758

 
$
261,852


(a)
Includes AFS U.S. government-sponsored enterprise obligations with fair values of $69.8 billion and $50.7 billion, and HTM U.S. government-sponsored enterprise obligations with amortized cost of $20.7 billion and $20.9 billion, at June 30, 2019, and December 31, 2018, respectively. As of June 30, 2019, mortgage-backed securities issued by Fannie Mae and Freddie Mac each exceeded 10% of JPMorgan Chase’s total stockholders’ equity; the amortized cost and fair value of such securities was $59.7 billion and $61.4 billion, and $29.2 billion and $30.0 billion, respectively.


117

Investment securities impairment
The following tables present the fair value and gross unrealized losses for investment securities by aging category at June 30, 2019, and December 31, 2018.
 
Investment securities with gross unrealized losses
 
Less than 12 months
 
12 months or more
 
 
June 30, 2019 (in millions)
Fair value
Gross
unrealized losses
 
Fair value
Gross
unrealized losses
Total fair value
Total gross unrealized losses
Available-for-sale securities
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
$
5,701

$
48

 
$
5,704

$
38

$
11,405

$
86

Residential:
 
 
 
 
 
 
 
U.S. 
3

—

 
681

5

684

5

Non-U.S.
122

—

 
559

2

681

2

Commercial
420

1

 
843

10

1,263

11

Total mortgage-backed securities
6,246

49

 
7,787

55

14,033

104

U.S. Treasury and government agencies
38,553

169

 
—

—

38,553

169

Obligations of U.S. states and municipalities
—

—

 
205

1

205

1

Certificates of deposit
74

—

 
—

—

74

—

Non-U.S. government debt securities
3,923

5

 
897

3

4,820

8

Corporate debt securities
47

—

 
115

2

162

2

Asset-backed securities:
 
 
 
 
 
 
 
Collateralized loan obligations
7,766

16

 
6,034

46

13,800

62

Other
604

3

 
2,055

7

2,659

10

Total available-for-sale securities
57,213

242

 
17,093

114

74,306

356

Held-to-maturity securities
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
U.S. government agencies
1

—

 
2,747

12

2,748

12

Total mortgage-backed securities
1

—

 
2,747

12

2,748

12

Obligations of U.S. states and municipalities
—

—

 
—

—

—

—

Total held-to-maturity securities
1

—

 
2,747

12

2,748

12

Total investment securities
 with gross unrealized losses
$
57,214

$
242

 
$
19,840

$
126

$
77,054

$
368



118

 
Investment securities with gross unrealized losses
 
Less than 12 months
 
12 months or more
 
 
December 31, 2018 (in millions)
Fair value
Gross
unrealized losses
 
Fair value
Gross
unrealized losses
Total fair value
Total gross unrealized losses
Available-for-sale securities
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
U.S. government agencies
$
17,656

$
318

 
$
22,728

$
656

$
40,384

$
974

Residential:
 
 
 
 
 
 
 
U.S.
623

4

 
1,445

27

2,068

31

Non-U.S.
907

5

 
165

1

1,072

6

Commercial
974

6

 
3,172

141

4,146

147

Total mortgage-backed securities
20,160

333

 
27,510

825

47,670

1,158

U.S. Treasury and government agencies
4,792

7

 
2,391

71

7,183

78

Obligations of U.S. states and municipalities
1,808

15

 
2,477

65

4,285

80

Certificates of deposit
75

—

 
—

—

75

—

Non-U.S. government debt securities
3,123

5

 
1,937

15

5,060

20

Corporate debt securities
478

8

 
37

1

515

9

Asset-backed securities:
 
 
 
 
 
 
 
Collateralized loan obligations
18,681

176

 
—

—

18,681

176

Other
1,208

6

 
2,354

16

3,562

22

Total available-for-sale securities
50,325

550

 
36,706

993

87,031

1,543

Held-to-maturity securities
 
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
 
U.S. government agencies
4,385

23

 
7,082

177

11,467

200

Total mortgage-backed securities
4,385

23

 
7,082

177

11,467

200

Obligations of U.S. states and municipalities
12

—

 
1,114

15

1,126

15

Total held-to-maturity securities
4,397

23

 
8,196

192

12,593

215

Total investment securities with gross unrealized losses
$
54,722

$
573

 
$
44,902

$
1,185

$
99,624

$
1,758


Other-than-temporary impairment
The Firm does not intend to sell any investment securities with an unrealized loss in AOCI as of June 30, 2019, and it is not likely that the Firm will be required to sell these securities before recovery of their amortized cost basis. Further, the Firm did not recognize any credit-related OTTI losses during the six months ended June 30, 2019 and 2018. Accordingly, the Firm believes that the investment securities with an unrealized loss in AOCI as of June 30, 2019, are not other-than-temporarily impaired. For additional information on other-than-temporary impairment, refer to Note 10 of JPMorgan Chase’s 2018 Form 10-K.
 
Investment securities gains and losses
The following table presents realized gains and losses and OTTI from AFS securities that were recognized in income.
 
Three months ended June 30,
 
 
Six months ended June 30,
(in millions)
2019

2018

 
 
2019

2018

Realized gains
$
115

$
9

 
 
$
376

$
79

Realized losses
(71
)
(88
)
 
 
(319
)
(403
)
OTTI losses(a)
—

(1
)
 
 
—

(1
)
Net investment securities gains/(losses)
$
44

$
(80
)
 
 
$
57

$
(325
)

(a) Represents OTTI losses recognized in income on investment securities the Firm intends to sell. Excludes realized losses on securities sold of $20 million for the six months ended June 30, 2018 that had been previously reported as an OTTI loss due to the intention to sell the securities.

Changes in the credit loss component of credit-impaired debt securities
The cumulative credit loss component, including any changes therein, of OTTI losses that have been recognized in income related to AFS securities was not material as of and during the six month periods ended June 30, 2019 and 2018.

119

Contractual maturities and yields
The following table presents the amortized cost and estimated fair value at June 30, 2019, of JPMorgan Chase’s investment securities portfolio by contractual maturity.
By remaining maturity
June 30, 2019 (in millions)
Due in one
year or less
Due after one year through five years
Due after five years through 10 years
Due after
10 years(b)
 
Total
Available-for-sale securities
 
 
 
 
 
 
Mortgage-backed securities
 
 
 
 
 
 
Amortized cost
$
287

$
89

$
9,642

$
103,021

 
$
113,039

Fair value
287

90

9,827

105,141

 
115,345

Average yield(a)
2.27
%
2.55
%
3.18
%
3.50
%
 
3.47
%
U.S. Treasury and government agencies








 
 
Amortized cost
$
4,550

$
42,673

$
18,309

$
8,387

 
$
73,919

Fair value
4,551

42,760

18,385

8,294

 
73,990

Average yield(a)
2.55
%
2.53
%
2.34
%
2.55
%
 
2.49
%
Obligations of U.S. states and municipalities








 
 
Amortized cost
$
158

$
410

$
1,317

$
27,984

 
$
29,869

Fair value
159

417

1,365

29,960

 
31,901

Average yield(a)
2.83
%
4.27
%
5.69
%
4.99
%
 
5.00
%
Certificates of deposit








 
 
Amortized cost
$
74

$
—

$
—

$
—

 
$
74

Fair value
74

—

—

—

 
74

Average yield(a)
0.49
%
—
%
—
%
—
%
 
0.49
%
Non-U.S. government debt securities








 
 
Amortized cost
$
6,497

$
11,961

$
3,559

$
—

 
$
22,017

Fair value
6,504

12,246

3,742

—

 
22,492

Average yield(a)
2.38
%
1.94
%
1.20
%
—
%
 
1.95
%
Corporate debt securities








 
 
Amortized cost
$
120

$
910

$
561

$
145

 
$
1,736

Fair value
121

932

572

153

 
1,778

Average yield(a)
4.89
%
4.34
%
4.12
%
4.58
%
 
4.33
%
Asset-backed securities








 
 
Amortized cost
$
—

$
2,345

$
8,197

$
20,230

 
$
30,772

Fair value
—

2,348

8,195

20,234

 
30,777

Average yield(a)
—
%
2.91
%
3.32
%
3.27
%
 
3.25
%
Total available-for-sale securities








 
 
Amortized cost
$
11,686

$
58,388

$
41,585

$
159,767

 
$
271,426

Fair value
11,696

58,793

42,086

163,782

 
276,357

Average yield(a)
2.46
%
2.46
%
2.76
%
3.68
%
 
3.23
%
Held-to-maturity securities








 
 
Mortgage-backed securities








 
 
Amortized cost
$
—

$
—

$
4,293

$
21,804

 
$
26,097

Fair value
—

—

4,576

22,424

 
27,000

Average yield(a)
—
%
—
%
3.37
%
3.33
%
 
3.34
%
Obligations of U.S. states and municipalities








 
 
Amortized cost
$
—

$
—

$
32

$
4,778

 
$
4,810

Fair value
—

—

34

5,038

 
5,072

Average yield(a)
—
%
—
%
3.82
%
4.02
%
 
4.01
%
Total held-to-maturity securities








 
 
Amortized cost
$
—

$
—

$
4,325

$
26,582

 
$
30,907

Fair value
—

—

4,610

27,462

 
32,072

Average yield(a)
—
%
—
%
3.38
%
3.45
%
 
3.44
%
(a)
Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid.
(b)
Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately 6 years for agency residential MBS, 3 years for agency residential collateralized mortgage obligations and 3 years for nonagency residential collateralized mortgage obligations.

120

Note 10 – Securities financing activities
For a discussion of accounting policies relating to securities financing activities, refer to Note 11 of JPMorgan Chase’s 2018 Form 10-K. For further information regarding securities borrowed and securities lending agreements for which the fair value option has been elected, refer to Note 3. For further information regarding assets pledged and collateral received in securities financing agreements, refer to Note 23.
The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of June 30, 2019 and December 31, 2018. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances
 
outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below.
 
June 30, 2019
(in millions)
Gross amounts
Amounts netted on the Consolidated balance sheets
Amounts presented on the Consolidated balance sheets(b)
Amounts not nettable on the Consolidated balance sheets(c)
Net
amounts(d)
Assets
 
 
 
 
 
 
Securities purchased under resale agreements
$
710,885

$
(443,021
)
$
267,864

$
(256,036
)
 
$
11,828

Securities borrowed
153,413

(22,752
)
130,661

(96,512
)
 
34,149

Liabilities
 
 
 
 
 
 
Securities sold under repurchase agreements
$
635,858

$
(443,021
)
$
192,837

$
(171,175
)
 
$
21,662

Securities loaned and other(a)
33,408

(22,752
)
10,656

(10,410
)
 
246

 
December 31, 2018
(in millions)
Gross amounts
Amounts netted on the Consolidated balance sheets
Amounts presented on the Consolidated balance sheets(b)
Amounts not nettable on the Consolidated balance sheets(c)
Net
amounts(d)
Assets
 
 
 
 
 
 
Securities purchased under resale agreements
$
691,116

$
(369,612
)
$
321,504

$
(308,854
)

$
12,650

Securities borrowed
132,955

(20,960
)
111,995

(79,747
)
 
32,248

Liabilities
 
 
 
 
 
 
Securities sold under repurchase agreements
$
541,587

$
(369,612
)
$
171,975

$
(149,125
)

$
22,850

Securities loaned and other(a)
33,700

(20,960
)
12,740

(12,358
)
 
382

(a)
Includes securities-for-securities lending agreements of $2.9 billion and $3.3 billion at June 30, 2019 and December 31, 2018, respectively, accounted for at fair value, where the Firm is acting as lender. These amounts are presented within accounts payable and other liabilities in the Consolidated balance sheets.
(b)
Includes securities financing agreements accounted for at fair value. At June 30, 2019 and December 31, 2018, included securities purchased under resale agreements of $14.0 billion and $13.2 billion, respectively; securities sold under repurchase agreements of $981 million and $935 million, respectively; and securities borrowed of $5.7 billion and $5.1 billion, respectively. There were no securities loaned accounted for at fair value in either period.
(c)
In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.
(d)
Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At June 30, 2019 and December 31, 2018, included $9.6 billion and $7.9 billion, respectively, of securities purchased under resale agreements; $31.9 billion and $30.3 billion, respectively, of securities borrowed; $20.2 billion and $21.5 billion, respectively, of securities sold under repurchase agreements; and $18 million and $25 million, respectively, of securities loaned and other.

121

The tables below present as of June 30, 2019, and December 31, 2018 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
 
Gross liability balance
 
June 30, 2019
 
December 31, 2018
 (in millions)
Securities sold under repurchase agreements
Securities loaned and other
 
Securities sold under repurchase agreements
Securities loaned and other
Mortgage-backed securities
 
 
 
 
 
U.S. government agencies
$
25,607

$
—

 
$
28,811

$
—

Residential - nonagency
1,675

—

 
2,165

—

Commercial - nonagency
1,654

—

 
1,390

—

U.S. Treasury and government agencies
382,199

10

 
323,078

69

Obligations of U.S. states and municipalities
1,509

—

 
1,150

—

Non-U.S. government debt
190,950

1,912

 
154,900

4,313

Corporate debt securities
13,151

1,301

 
13,898

428

Asset-backed securities
2,476

—

 
3,867

—

Equity securities
16,637

30,185

 
12,328

28,890

Total
$
635,858

$
33,408

 
$
541,587

$
33,700

 
Remaining contractual maturity of the agreements
 
Overnight and continuous
 
 
 
 
Greater than
90 days
 
June 30, 2019 (in millions)
 
Up to 30 days
 
30 – 90 days
Total
Total securities sold under repurchase agreements
$
342,097

 
$
163,805

 
$
64,822

$
65,134

$
635,858

Total securities loaned and other
29,654

 
1,228

 
514

2,012

33,408

 
Remaining contractual maturity of the agreements
 
Overnight and continuous
 
 
 
 
Greater than
90 days
 
December 31, 2018 (in millions)
 
Up to 30 days
 
30 – 90 days
Total
Total securities sold under repurchase agreements
$
247,579

 
$
174,971

 
$
71,637

$
47,400

$
541,587

Total securities loaned and other
28,402

 
997

 
2,132

2,169

33,700

Transfers not qualifying for sale accounting
At June 30, 2019, and December 31, 2018, the Firm held $753 million and $2.1 billion, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded predominantly in short-term borrowings on the Consolidated balance sheets. The prior period amount has been revised to conform with the current period presentation.

122

Note 11 – Loans
Loan accounting framework
The accounting for a loan depends on management’s strategy for the loan, and on whether the loan was credit-impaired at the date of acquisition. The Firm accounts for loans based on the following categories:
•
Originated or purchased loans held-for-investment (i.e., “retained”), other than PCI loans
•
Loans held-for-sale
•
Loans at fair value
•
PCI loans held-for-investment
 
For a detailed discussion of loans, including accounting policies, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K. Refer to Note 3 of this Form 10-Q for further information on the Firm’s elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.

Loan portfolio
The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.
Consumer, excluding
credit card(a)
 
Credit card
 
Wholesale(f)
Residential real estate – excluding PCI
• Residential mortgage(b)
• Home equity(c)
Other consumer loans(d)
• Auto
• Consumer & Business Banking(e)
Residential real estate – PCI
• Home equity
• Prime mortgage
• Subprime mortgage
• Option ARMs
 
• Credit card loans
 
• Commercial and industrial
• Real estate
• Financial institutions
• Governments & Agencies
• Other(g)
(a)
Includes loans held in CCB, prime mortgage and home equity loans held in AWM and prime mortgage loans held in Corporate.
(b)
Predominantly includes prime loans (including option ARMs).
(c)
Includes senior and junior lien home equity loans.
(d)
Includes certain business banking and auto dealer risk-rated loans that apply the wholesale methodology for determining the allowance for loan losses; these loans are managed by CCB, and therefore, for consistency in presentation, are included with the other consumer loan classes.
(e)
Predominantly includes Business Banking loans.
(f)
Includes loans held in CIB, CB, AWM and Corporate. Excludes prime mortgage and home equity loans held in AWM and prime mortgage loans held in Corporate. Classes are internally defined and may not align with regulatory definitions.
(g)
Includes loans to: individuals and individual entities (predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. For more information on SPEs, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.
The following tables summarize the Firm’s loan balances by portfolio segment.
June 30, 2019
Consumer, excluding credit card
 
Credit card(a)
 
Wholesale
 
Total
 
(in millions)
 
Retained
$
351,692

 
$
157,568

 
$
438,468

 
$
947,728

(b) 
Held-for-sale
1,030

 
8

 
3,814

 
4,852

 
At fair value
—

 
—

 
4,309

 
4,309

 
Total
$
352,722

 
$
157,576

 
$
446,591

 
$
956,889

 
 
 
 
 
 
 
 
 
 
December 31, 2018
Consumer, excluding credit card
 
Credit card(a)
 
Wholesale
 
Total
 
(in millions)
 
Retained
$
373,637

 
$
156,616

 
$
439,162

 
$
969,415

(b) 
Held-for-sale
95

 
16

 
11,877

 
11,988

 
At fair value
—

 
—

 
3,151

 
3,151

 
Total
$
373,732

 
$
156,632

 
$
454,190

 
$
984,554

 
(a)
Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income.
(b)
Loans (other than PCI loans and loans for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of June 30, 2019, and December 31, 2018.


123

The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Reclassifications of loans to held-for sale are non-cash transactions. The Firm manages its exposure to credit risk on an ongoing basis. Selling loans is one way that the Firm reduces its credit exposures. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.

 

2019
 
2018
Three months ended June 30,
(in millions)
 

Consumer, excluding
credit card
Credit card
Wholesale
Total
 
Consumer, excluding
credit card
Credit card
Wholesale
Total
Purchases
 

$
234

(a)(b) 
$
—

$
359

$
593

 
$
532

(a)(b) 
$
—

$
532

$
1,064

Sales
 

6,856


—

5,400

12,256

 
2,391

 
—

4,943

7,334

Retained loans reclassified to held-for-sale
 

948

 
—

924

1,872

 
—


—

392

392

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
2018
Six months ended June 30,
(in millions)
 
 
Consumer, excluding
credit card
Credit card
Wholesale
Total
 
Consumer, excluding
credit card
Credit card
Wholesale
Total
Purchases
 
 
$
785

(a)(b) 
$
—

$
588

$
1,373

 
$
1,603

(a)(b) 
$
—

$
1,630

$
3,233

Sales
 
 
15,514

 
—

10,845

26,359

 
2,872

 
—

8,632

11,504

Retained loans reclassified to held-for-sale
 
 
5,061

 
—

1,425

6,486

 
36

 
—

1,260

1,296


(a)
Purchases predominantly represent the Firm’s voluntary repurchase of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.
(b)
Excludes purchases of retained loans sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. Such purchases were $4.3 billion and $5.3 billion for the three months ended June 30, 2019 and 2018, respectively, and $7.5 billion and $8.9 billion for the six months ended June 30, 2019 and 2018, respectively.

Gains and losses on sales of loans
Gains and losses on sales of loans (including adjustments to record loans held-for-sale at the lower of cost or fair value) recognized in other income were not material to the Firm for the three and six months ended June 30, 2019 and 2018. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.
Consumer, excluding credit card loan portfolio
Consumer loans, excluding credit card loans, consist primarily of residential mortgages, home equity loans and lines of credit, auto loans and consumer and business banking loans, with a focus on serving the prime consumer credit market. The portfolio also includes home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period, and certain payment-option loans that may result in negative amortization.
 
The following table provides information about retained consumer loans, excluding credit card, by class.
(in millions)
June 30,
2019

December 31,
2018

Residential real estate – excluding PCI
 
 
Residential mortgage
$
214,744

$
231,078

Home equity
26,017

28,340

Other consumer loans
 
 
Auto
62,073

63,573

Consumer & Business Banking
26,616

26,612

Residential real estate – PCI
 
 
Home equity
8,149

8,963

Prime mortgage
4,343

4,690

Subprime mortgage
1,857

1,945

Option ARMs
7,893

8,436

Total retained loans
$
351,692

$
373,637

For further information on consumer credit quality indicators, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.

124

Residential real estate – excluding PCI loans
The following table provides information by class for retained residential real estate – excluding PCI loans.
Residential real estate – excluding PCI loans
 
 
 
 
 
 
(in millions, except ratios)
Residential mortgage
 
 
Home equity
 
 
Total residential real estate – excluding PCI
Jun 30,
2019

Dec 31,
2018

 
 
Jun 30,
2019

Dec 31,
2018

 
 
Jun 30,
2019

Dec 31,
2018

Loan delinquency(a)
 
 
 
 
 
 
 
 
 
 
Current
$
211,426

$
225,899

 
 
$
25,423

$
27,611

 
 
$
236,849

$
253,510

30–149 days past due
1,788

2,763

 
 
365

453

 
 
2,153

3,216

150 or more days past due
1,530

2,416

 
 
229

276

 
 
1,759

2,692

Total retained loans
$
214,744

$
231,078

 
 
$
26,017

$
28,340

 
 
$
240,761

$
259,418

% of 30+ days past due to total retained loans(b)
0.46
%
0.48
%
 
 
2.28
%
2.57
%
 
 
0.66
%
0.71
%
90 or more days past due and government guaranteed(c)
$
1,422

$
2,541

 
 
$
—

$
—

 
 
$
1,422

$
2,541

Nonaccrual loans
1,691

1,765

 
 
1,209

1,323

 
 
2,900

3,088

Current estimated LTV ratios(d)(e)
 
 
 
 
 
 
 
 
 


Greater than 125% and refreshed FICO scores:
 
 
 
 
 
 
 
 
 


Equal to or greater than 660
$
19

$
25

 
 
$
5

$
6

 
 
$
24

$
31

Less than 660
10

13

 
 
2

1

 
 
12

14

101% to 125% and refreshed FICO scores:
 
 
 
 
 
 
 
 
 


Equal to or greater than 660
35

37

 
 
73

111

 
 
108

148

Less than 660
36

53

 
 
23

38

 
 
59

91

80% to 100% and refreshed FICO scores:
 
 
 
 
 
 
 
 
 
 
Equal to or greater than 660
4,528

3,977

 
 
764

986

 
 
5,292

4,963

Less than 660
227

281

 
 
236

326

 
 
463

607

Less than 80% and refreshed FICO scores:
 
 
 
 
 
 
 
 
 


Equal to or greater than 660
198,687

212,505

 
 
21,178

22,632

 
 
219,865

235,137

Less than 660
6,110

6,457

 
 
2,969

3,355

 
 
9,079

9,812

No FICO/LTV available
866

813

 
 
767

885

 
 
1,633

1,698

U.S. government-guaranteed
4,226

6,917

 
 
—

—

 
 
4,226

6,917

Total retained loans
$
214,744

$
231,078

 
 
$
26,017

$
28,340

 
 
$
240,761

$
259,418

Geographic region(f)
 
 
 
 
 
 
 
 
 
 
California
$
71,176

$
74,759

 
 
$
5,327

$
5,695

 
 
$
76,503

$
80,454

New York
26,684

28,847

 
 
5,276

5,769

 
 
31,960

34,616

Illinois
14,236

15,249

 
 
1,937

2,131

 
 
16,173

17,380

Texas
12,678

13,769

 
 
1,694

1,819

 
 
14,372

15,588

Florida
10,450

10,704

 
 
1,429

1,575

 
 
11,879

12,279

Washington
7,937

8,304

 
 
802

869

 
 
8,739

9,173

Colorado
7,801

8,140

 
 
467

521

 
 
8,268

8,661

New Jersey
6,608

7,302

 
 
1,504

1,642

 
 
8,112

8,944

Massachusetts
6,195

6,574

 
 
219

236

 
 
6,414

6,810

Arizona
4,074

4,434

 
 
1,042

1,158

 
 
5,116

5,592

All other(g)
46,905

52,996

 
 
6,320

6,925

 
 
53,225

59,921

Total retained loans
$
214,744

$
231,078

 
 
$
26,017

$
28,340

 
 
$
240,761

$
259,418

(a)
Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $1.9 billion and $2.8 billion; 30–149 days past due included $1.2 billion and $2.1 billion; and 150 or more days past due included $1.1 billion and $2.0 billion at June 30, 2019, and December 31, 2018, respectively.
(b)
At June 30, 2019, and December 31, 2018, residential mortgage loans excluded mortgage loans insured by U.S. government agencies of $2.3 billion and $4.1 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
(c)
These balances, which are 90 days or more past due, were excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At June 30, 2019, and December 31, 2018, these balances included $623 million and $999 million, respectively, of loans that are no longer accruing interest based on the agreed-upon servicing guidelines. For the remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans that were not guaranteed by U.S. government agencies that are 90 or more days past due and still accruing interest at June 30, 2019, and December 31, 2018.
(d)
Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(e)
Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(f)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2019.
(g)
At June 30, 2019, and December 31, 2018, included mortgage loans insured by U.S. government agencies of $4.2 billion and $6.9 billion, respectively. These amounts have been excluded from the geographic regions presented based upon the government guarantee.

125

Approximately 37% of the home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following table provides the Firm’s delinquency statistics for junior lien home equity loans and lines of credit as of June 30, 2019, and December 31, 2018.
 
Total loans
 
Total 30+ day delinquency rate
(in millions, except ratios)
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

 
HELOCs:(a)
 
 
 
 
 
Within the revolving period(b)
$
5,611

$
5,608

 
0.32
%
0.25
%
Beyond the revolving period
9,949

11,286

 
2.48

2.80

HELOANs
896

1,030

 
2.68

2.82

Total
$
16,456

$
17,924

 
1.76
%
2.00
%
(a)
These HELOCs are predominantly revolving loans for a 10-year period, after which time the HELOC converts to a loan with a 20-year amortization period, but also include HELOCs that allow interest-only payments beyond the revolving period.
(b)
The Firm manages the risk of HELOCs during their revolving period by closing or reducing the undrawn line to the extent permitted by law when borrowers are experiencing financial difficulty.
 
HELOCs beyond the revolving period and HELOANs have higher delinquency rates than HELOCs within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for HELOCs within the revolving period. The higher delinquency rates associated with amortizing HELOCs and HELOANs are factored into the Firm’s allowance for loan losses.






Impaired loans
The table below sets forth information about the Firm’s residential real estate impaired loans, excluding PCI loans. These loans are considered to be impaired as they have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 13 of JPMorgan Chase’s 2018 Form 10-K.

(in millions)
Residential mortgage
 
Home equity
 
Total residential real estate – excluding PCI
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

Impaired loans
 
 
 
 
 
 
 
 
With an allowance
$
3,173

$
3,381

 
$
1,089

$
1,142

 
$
4,262

$
4,523

Without an allowance(a)
1,208

1,184

 
865

870

 
2,073

2,054

Total impaired loans(b)(c)
$
4,381

$
4,565

 
$
1,954

$
2,012

 
$
6,335

$
6,577

Allowance for loan losses related to impaired loans
$
60

$
88

 
$
17

$
45

 
$
77

$
133

Unpaid principal balance of impaired loans(d)
5,965

6,207

 
3,362

3,466

 
9,327

9,673

Impaired loans on nonaccrual status(e)
1,436

1,459

 
946

955

 
2,382

2,414

(a)
Represents collateral-dependent residential real estate loans that are charged off to the fair value of the underlying collateral less cost to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual TDRs, regardless of their delinquency status. At June 30, 2019, Chapter 7 residential real estate loans included approximately 12% of residential mortgages and 8% of home equity that were 30 days or more past due.
(b)
At June 30, 2019, and December 31, 2018, $2.6 billion and $4.1 billion, respectively, of loans modified subsequent to repurchase from Ginnie Mae in accordance with the standards of the appropriate government agency (i.e., FHA, VA, RHS) are not included in the table above. When such loans perform subsequent to modification in accordance with Ginnie Mae guidelines, they are generally sold back into Ginnie Mae loan pools. Modified loans that do not re-perform become subject to foreclosure.
(c)
Predominantly all impaired loans in the table above are in the U.S.
(d)
Represents the contractual amount of principal owed at June 30, 2019, and December 31, 2018. The unpaid principal balance differs from the impaired loan balances due to various factors including charge-offs, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans.
(e)
At both June 30, 2019 and December 31, 2018, nonaccrual loans included $2.0 billion of TDRs for which the borrowers were less than 90 days past due. For additional information about loans modified in a TDR that are on nonaccrual status refer to the Loan accounting framework in Note 12 of JPMorgan Chase’s 2018 Form 10-K.

126

The following tables present average impaired loans and the related interest income reported by the Firm.
Three months ended June 30,
(in millions)
Average impaired loans
 
Interest income on
impaired loans(a)
 
Interest income on impaired
loans on a cash basis(a)
2019

2018

 
2019

2018

 
2019

2018

Residential mortgage
$
4,437

$
5,254

 
$
57

$
66

 
$
18

$
20

Home equity
1,980

2,087

 
33

33

 
20

21

Total residential real estate – excluding PCI
$
6,417

$
7,341

 
$
90

$
99

 
$
38

$
41

 
 
 
 
 
 
 
 
 
Six months ended June 30,
(in millions)
Average impaired loans
 
Interest income on
impaired loans(a)
 
Interest income on impaired
loans on a cash basis(a)
2019

2018

 
2019

2018

 
2019

2018

Residential mortgage
$
4,486

$
5,431

 
$
116

$
136

 
$
35

$
39

Home equity
1,991

2,105

 
66

65

 
41

42

Total residential real estate – excluding PCI
$
6,477

$
7,536

 
$
182

$
201

 
$
76

$
81

(a)
Generally, interest income on loans modified in TDRs is recognized on a cash basis until the borrower has made a minimum of six payments under the new terms, unless the loan is deemed to be collateral-dependent.

Loan modifications
Modifications of residential real estate loans, excluding PCI loans, are generally accounted for and reported as TDRs. There were no additional commitments to lend to borrowers whose residential real estate loans, excluding PCI loans, have been modified in TDRs.
 
The following table presents new TDRs reported by the Firm.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

2018

 
2019

2018

Residential mortgage
$
62

$
100

 
$
131

$
247

Home equity
48

83

 
114

186

Total residential real estate – excluding PCI
$
110

$
183

 
$
245

$
433




127

Nature and extent of modifications
The U.S. Treasury’s Making Home Affordable programs, as well as the Firm’s proprietary modification programs, generally provide various concessions to financially troubled borrowers including, but not limited to, interest rate reductions, term or payment extensions and deferral of principal and/or interest payments that would otherwise have been required under the terms of the original agreement.
The following tables provide information about how residential real estate loans, excluding PCI loans, were modified under the Firm’s loss mitigation programs described above during the periods presented. These tables exclude Chapter 7 loans where the sole concession granted is the discharge of debt.
Three months ended June 30,
 
 
Total residential
real estate –
excluding PCI
Residential mortgage
 
Home equity
 
2019

2018

 
2019

2018

 
2019

2018

Number of loans approved for a trial modification
501

977

 
411

849

 
912

1,826

Number of loans permanently modified
428

686

 
816

1,268

 
1,244

1,954

Concession granted:(a)
 
 
 
 
 
 
 
 
Interest rate reduction
60
%
37
%
 
73
%
53
%
 
68
%
48
%
Term or payment extension
92

46

 
74

59

 
80

55

Principal and/or interest deferred
29

50

 
9

27

 
16

35

Principal forgiveness
6

8

 
4

10

 
4

9

Other(b)
45

32

 
58

57

 
54

48

 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
 
Total residential
real estate –
excluding PCI
Residential mortgage
 
Home equity
 
2019

2018

 
2019

2018

 
2019

2018

Number of loans approved for a trial modification
1,238

1,276

 
932

1,309

 
2,170

2,585

Number of loans permanently modified
871

1,655

 
1,923

3,066

 
2,794

4,721

Concession granted:(a)
 
 
 
 
 
 
 
 
Interest rate reduction
60
%
27
%
 
79
%
51
%
 
73
%
42
%
Term or payment extension
90

35

 
66

54

 
74

48

Principal and/or interest deferred
28

54

 
8

26

 
14

36

Principal forgiveness
6

7

 
5

7

 
5

7

Other(b)
40

42

 
65

58

 
57

53

(a)
Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications.
(b)
Includes variable interest rate to fixed interest rate modifications and forbearances that meet the definition of a TDR for the three and six months ended June 30, 2019 and 2018. Forbearances suspend or reduce monthly payments for a specific period of time to address a temporary hardship.

128

Financial effects of modifications and redefaults
The following tables provide information about the financial effects of the various concessions granted in modifications of residential real estate loans, excluding PCI loans, under the loss mitigation programs described above and about redefaults of certain loans modified in TDRs for the periods presented. The following tables present only the financial effects of permanent modifications and does not include temporary concessions offered through trial modifications. These tables also exclude Chapter 7 loans where the sole concession granted is the discharge of debt.
Three months ended June 30,
(in millions, except weighted-average data)
Residential mortgage
 
Home equity
 
Total residential real estate – excluding PCI
2019

2018

 
2019

2018

 
2019

2018

Weighted-average interest rate of loans with interest rate reductions – before TDR
6.03
%
4.97
%
 
5.51
%
5.21
%
 
5.76
%
5.10
%
Weighted-average interest rate of loans with interest rate reductions – after TDR
4.47

3.15

 
3.83

3.31

 
4.14

3.24

Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR
19

25

 
20

18

 
19

23

Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR
39

37

 
40

37

 
39

38

Charge-offs recognized upon permanent modification
$
1

$
—

 
$
—

$
—

 
$
1

$
—

Principal deferred
5

4

 
2

3

 
7

7

Principal forgiven
1

3

 
1

2

 
2

5

Balance of loans that redefaulted within one year of permanent modification(a)
$
23

$
25

 
$
16

$
19

 
$
39

$
44

 
 
 
 
 
 
 
 
 
Six months ended June 30,
(in millions, except weighted-average data)
Residential mortgage
 
Home equity
 
Total residential real estate – excluding PCI
2019

2018

 
2019

2018

 
2019

2018

Weighted-average interest rate of loans with interest rate reductions – before TDR
6.28
%
5.03
%
 
5.59
%
5.16
%
 
5.86
%
5.11
%
Weighted-average interest rate of loans with interest rate reductions – after TDR
4.56

3.28

 
3.75

3.16

 
4.06

3.21

Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR
20

25

 
20

19

 
20

22

Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR
39

37

 
40

39

 
39

38

Charge-offs recognized upon permanent modification
$
1

$
—

 
$
—

$
1

 
$
1

$
1

Principal deferred
8

10

 
3

5

 
11

15

Principal forgiven
2

6

 
2

4

 
4

10

Balance of loans that redefaulted within one year of permanent modification(a)
$
56

$
45

 
$
31

$
33

 
$
87

$
78

(a)
Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. For residential real estate loans modified in TDRs, payment default is deemed to occur when the loan becomes two contractual payments past due. In the event that a modified loan redefaults, it is probable that the loan will ultimately be liquidated through foreclosure or another similar type of liquidation transaction. Redefaults of loans modified within the last 12 months may not be representative of ultimate redefault levels.

At June 30, 2019, the weighted-average estimated remaining lives of residential real estate loans, excluding PCI loans, permanently modified in TDRs were 9 years for both residential mortgage and home equity. The estimated remaining lives of these loans reflect estimated prepayments, both voluntary and involuntary (i.e., foreclosures and other forced liquidations).
 

Active and suspended foreclosure
At June 30, 2019, and December 31, 2018, the Firm had non-PCI residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $609 million and $653 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

129

Other consumer loans
The table below provides information for other consumer retained loan classes, including auto and business banking loans.
(in millions, except ratios)
Auto
 
Consumer &
Business Banking
 
Total other consumer
Jun 30, 2019

Dec 31, 2018

 
Jun 30, 2019

Dec 31, 2018

 
Jun 30, 2019

Dec 31, 2018

Loan delinquency
 
 
 
 
 
 
 
 
Current
$
61,562

$
62,984

 
$
26,289

$
26,249

 
$
87,851

$
89,233

30–119 days past due
511

589

 
215

252

 
726

841

120 or more days past due
—

—

 
112

111

 
112

111

Total retained loans
$
62,073

$
63,573

 
$
26,616

$
26,612

 
$
88,689

$
90,185

% of 30+ days past due to total retained loans
0.82
%
0.93
%
 
1.23
%
1.36
%
 
0.94
%
1.06
%
Nonaccrual loans(a)
108

128

 
223

245

 
331

373

Geographic region(b)
 
 
 
 
 
 
 
 
California
$
8,142

$
8,330

 
$
5,689

$
5,520

 
$
13,831

$
13,850

Texas
6,524

6,531

 
3,060

2,993

 
9,584

9,524

New York
3,690

3,863

 
4,349

4,381

 
8,039

8,244

Illinois
3,625

3,716

 
1,731

2,046

 
5,356

5,762

Florida
3,256

3,256

 
1,519

1,502

 
4,775

4,758

Arizona
2,011

2,084

 
1,275

1,491

 
3,286

3,575

Ohio
1,927

1,973

 
1,210

1,305

 
3,137

3,278

New Jersey
1,936

1,981

 
811

723

 
2,747

2,704

Michigan
1,305

1,357

 
1,264

1,329

 
2,569

2,686

Louisiana
1,539

1,587

 
789

860

 
2,328

2,447

All other
28,118

28,895

 
4,919

4,462

 
33,037

33,357

Total retained loans
$
62,073

$
63,573

 
$
26,616

$
26,612

 
$
88,689

$
90,185

Loans by risk ratings(c)
 
 
 
 
 
 
 
 
Noncriticized
$
14,754

$
15,749

 
$
18,707

$
18,743

 
$
33,461

$
34,492

Criticized performing
407

273

 
730

751

 
1,137

1,024

Criticized nonaccrual
—

—

 
171

191

 
171

191

(a)
There were no loans that were 90 or more days past due and still accruing interest at June 30, 2019, and December 31, 2018.
(b)
The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at June 30, 2019.
(c)
For risk-rated business banking and auto loans, the primary credit quality indicator is the risk rating of the loan, including whether the loans are considered to be criticized and/or nonaccrual.


130

Other consumer impaired loans and loan
modifications
The table below sets forth information about the Firm’s other consumer impaired loans, including risk-rated business banking and auto loans that have been placed on nonaccrual status, and loans that have been modified in TDRs.
(in millions)
June 30,
2019

 
December 31,
2018

Impaired loans
 
 
 
With an allowance
$
207

 
$
222

Without an allowance(a)
20

 
29

Total impaired loans(b)(c)
$
227

 
$
251

Allowance for loan losses related to impaired loans
$
68

 
$
63

Unpaid principal balance of impaired loans(d)
327

 
355

Impaired loans on nonaccrual status
205

 
229

(a)
When discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.
(b)
Predominantly all other consumer impaired loans are in the U.S.
(c)
Other consumer average impaired loans were $244 million and $277 million for the three months ended June 30, 2019 and 2018, respectively, and $245 million and $287 million for the six months ended June 30, 2019 and 2018, respectively. The related interest income on impaired loans, including those on a cash basis, was not material for the three and six months ended June 30, 2019 and 2018.
(d)
Represents the contractual amount of principal owed at June 30, 2019, and December 31, 2018. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs, interest payments received and applied to the principal balance, net deferred loan fees or costs, and unamortized discounts or premiums on purchased loans.
 
Loan modifications
Certain other consumer loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. All of these TDRs are reported as impaired loans. Refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K for further information on other consumer loans modified in TDRs.
At June 30, 2019 and December 31, 2018, other consumer loans modified in TDRs were $72 million and $79 million, respectively. The impact of these modifications, as well as new TDRs, were not material to the Firm for the three and six months ended June 30, 2019 and 2018. Additional commitments to lend to borrowers whose loans have been modified in TDRs as of June 30, 2019 and December 31, 2018 were not material. TDRs on nonaccrual status were $50 million and $57 million at June 30, 2019 and December 31, 2018, respectively.

131

Purchased credit-impaired loans
For a detailed discussion of PCI loans, including the related accounting policies, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.
Residential real estate – PCI loans
The table below sets forth information about the Firm’s consumer, excluding credit card, PCI loans.

(in millions, except ratios)
Home equity

Prime mortgage

Subprime mortgage

Option ARMs

Total PCI
Jun 30,
2019

Dec 31,
2018


Jun 30,
2019

Dec 31,
2018


Jun 30,
2019

Dec 31,
2018


Jun 30,
2019

Dec 31,
2018


Jun 30,
2019

Dec 31,
2018

Carrying value(a)
$
8,149

$
8,963


$
4,343

$
4,690


$
1,857

$
1,945


$
7,893

$
8,436


$
22,242

$
24,034

Loan delinquency (based on unpaid principal balance)




















Current
$
7,904

$
8,624


$
3,922

$
4,226


$
1,974

$
2,033


$
7,139

$
7,592


$
20,939

$
22,475

30–149 days past due
239

278


256

259


254

286


372

398


1,121

1,221

150 or more days past due
193

242


185

223


105

123


395

457


878

1,045

Total loans
$
8,336

$
9,144


$
4,363

$
4,708


$
2,333

$
2,442


$
7,906

$
8,447


$
22,938

$
24,741

% of 30+ days past due to total loans
5.18
%
5.69
%

10.11
%
10.24
%

15.39
%
16.75
%

9.70
%
10.12
%

8.71
%
9.16
%
Current estimated LTV ratios (based on unpaid principal balance)(b)(c)

















Greater than 125% and refreshed FICO scores:
























Equal to or greater than 660
$
15

$
17


$
2

$
1


$
2

$
—


$
3

$
3


$
22

$
21

Less than 660
10

13


4

7


6

9


6

7


26

36

101% to 125% and refreshed FICO scores:
























Equal to or greater than 660
105

135


5

6


5

4


20

17


135

162

Less than 660
45

65


19

22


28

35


21

33


113

155

80% to 100% and refreshed FICO scores:
























Equal to or greater than 660
708

805


67

75


56

54


108

119


939

1,053

Less than 660
304

388


80

112


120

161


137

190


641

851

Lower than 80% and refreshed FICO scores:
























Equal to or greater than 660
5,241

5,548


2,692

2,689


820

739


5,143

5,111


13,896

14,087

Less than 660
1,678

1,908


1,306

1,568


1,196

1,327


2,165

2,622


6,345

7,425

No FICO/LTV available
230

265


188

228


100

113


303

345


821

951

Total unpaid principal balance
$
8,336

$
9,144


$
4,363

$
4,708


$
2,333

$
2,442


$
7,906

$
8,447


$
22,938

$
24,741

Geographic region (based on unpaid principal balance)(d)




















California
$
4,942

$
5,420


$
2,381

$
2,578


$
568

$
593


$
4,517

$
4,798


$
12,408

$
13,389

Florida
901

976


306

332


224

234


660

713


2,091

2,255

New York
485

525


350

365


259

268


470

502


1,564

1,660

Illinois
217

233

 
145

154

 
119

123

 
190

199

 
671

709

Washington
373

419


90

98


40

44


165

177


668

738

New Jersey
191

210


119

134


83

88


230

258


623

690

Massachusetts
59

65


108

113


71

73


226

240


464

491

Maryland
44

48


91

95


93

96


169

178


397

417

Virginia
49

54


84

91


35

37


197

211


365

393

Arizona
149

165


63

69


39

43


103

112


354

389

All other
926

1,029


626

679


802

843


979

1,059


3,333

3,610

Total unpaid principal balance
$
8,336

$
9,144


$
4,363

$
4,708


$
2,333

$
2,442


$
7,906

$
8,447


$
22,938

$
24,741

(a)
Carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition.
(b)
Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and should be viewed as estimates. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(c)
Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(d)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2019.

132

Approximately 26% of the PCI home equity portfolio are senior lien loans; the remaining balance are junior lien HELOANs or HELOCs. The following table represents the Firm’s delinquency statistics for PCI junior lien home equity loans and lines of credit based on the unpaid principal balance as of June 30, 2019, and December 31, 2018.
 
Total loans
 
Total 30+ day delinquency rate
(in millions, except ratios)
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

 
HELOCs(a)(b)
5,942

6,531

 
3.69
%
4.00
%
HELOANs
250

280

 
3.60

3.57

Total
$
6,192

$
6,811

 
3.68
%
3.98
%
(a)
In general, these HELOCs are revolving loans for a 10-year period, after which time the HELOC converts to an interest-only loan with a balloon payment at the end of the loan’s term. Substantially all HELOCs are beyond the revolving period.
(b)
Includes loans modified into fixed rate amortizing loans.
The table below presents the accretable yield activity for the Firm’s PCI consumer loans for the three and six months ended June 30, 2019 and 2018, and represents the Firm’s estimate of gross interest income expected to be earned over the remaining life of the PCI loan portfolios. The table excludes the cost to fund the PCI portfolios, and therefore the accretable yield does not represent net interest income expected to be earned on these portfolios.
 
Total PCI
(in millions, except ratios)
Three months ended June 30,
 
Six months ended June 30,
2019
2018
 
2019
2018
Beginning balance
$
8,043

$
10,250

 
$
8,422

$
11,159

Accretion into interest income
(283
)
(327
)
 
(569
)
(655
)
Changes in interest rates on variable-rate loans
(78
)
(548
)
 
(94
)
(268
)
Other changes in expected cash flows(a)
17

(653
)
 
(60
)
(1,514
)
Balance at June 30
$
7,699

$
8,722

 
$
7,699

$
8,722

Accretable yield percentage
5.41
%
4.93
%
 
5.35
%
4.86
%
(a)
Other changes in expected cash flows may vary from period to period as the Firm continues to refine its cash flow model, for example cash flows expected to be collected due to the impact of modifications and changes in prepayment assumptions.
Active and suspended foreclosure
At June 30, 2019, and December 31, 2018, the Firm had PCI residential real estate loans with an unpaid principal balance of $826 million and $964 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.

 
Credit card loan portfolio
For further information on the credit card loan portfolio, including credit quality indicators, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.
The table below sets forth information about the Firm’s credit card loans.
(in millions, except ratios)
June 30,
2019

December 31,
2018

Loan delinquency
 
 
Current and less than 30 days
past due and still accruing
$
154,876

$
153,746

30–89 days past due and still accruing
1,323

1,426

90 or more days past due and still accruing
1,369

1,444

Total retained loans
$
157,568

$
156,616

Loan delinquency ratios
 
 
% of 30+ days past due
 to total retained loans
1.71
%
1.83
%
% of 90+ days past due
 to total retained loans
0.87

0.92

Geographic region(a)
 
 
California
$
24,047

$
23,757

Texas
15,495

15,085

New York
13,676

13,601

Florida
9,867

9,770

Illinois
9,038

8,938

New Jersey
6,721

6,739

Ohio
5,060

5,094

Pennsylvania
4,900

4,996

Colorado
4,477

4,309

Michigan
3,885

3,912

All other
60,402

60,415

Total retained loans
$
157,568

$
156,616

Percentage of portfolio based on carrying value with estimated refreshed FICO scores
 
 
Equal to or greater than 660
84.0
%
84.2
%
Less than 660
14.7

15.0

No FICO available
1.3

0.8


(a)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2019.

133

Credit card impaired loans and loan modifications
For a detailed discussion of impaired credit card loans, including credit card loan modifications, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.
The table below sets forth information about the Firm’s impaired credit card loans. All of these loans are considered to be impaired as they have been modified in TDRs.
(in millions)
June 30,
2019

December 31,
2018

Impaired credit card loans with an allowance(a)(b)(c)
$
1,388

$
1,319

Allowance for loan losses related to impaired credit card loans
472

440

(a)
The carrying value and the unpaid principal balance are the same for credit card impaired loans.
(b)
There were no impaired loans without an allowance.
(c)
Predominantly all impaired credit card loans are in the U.S.
The following table presents average balances of impaired credit card loans and interest income recognized on those loans.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

2018

 
2019

2018

Average impaired credit card loans
$
1,367

$
1,244

 
$
1,353

$
1,234

Interest income on impaired credit card loans
18

16

 
35

31


Loan modifications
The Firm may offer one of a number of loan modification programs to credit card borrowers who are experiencing financial difficulty. Most of the credit card loans have been modified under long-term programs for borrowers who are experiencing financial difficulties. These modifications involve placing the customer on a fixed payment plan, generally for 60 months, and typically include reducing the interest rate on the credit card. Substantially all modifications are considered to be TDRs. New enrollments in these loan modification programs were $226 million and $202 million for the three months ended June 30, 2019 and 2018, respectively, and $475 million and $425 million for the six months ended June 30, 2019 and 2018, respectively. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans.
For additional information about credit card loan modifications, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.
 
Financial effects of modifications and redefaults
The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented.
(in millions, except
weighted-average data)
Three months ended June 30,
 
Six months ended June 30,
2019

2018

 
2019

2018

Weighted-average interest rate of loans –
before TDR
19.38
%
18.00
%
 
19.25
%
17.61
%
Weighted-average interest rate of loans –
after TDR
4.71

5.06

 
4.88

5.13

Loans that redefaulted within one year of modification(a)
$
32

$
25

 
$
66

$
51

(a)
Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted.
For credit card loans modified in TDRs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. A substantial portion of these loans are expected to be charged-off in accordance with the Firm’s standard charge-off policy. Based on historical experience, the estimated weighted-average default rate for modified credit card loans was expected to be 34.04% and 33.38% as of June 30, 2019, and December 31, 2018, respectively.

134

Wholesale loan portfolio
Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. The primary credit quality indicator for wholesale loans is the risk rating assigned to
 
each loan. For further information on these risk ratings, refer to Note 12 and Note 13 of JPMorgan Chase’s 2018 Form 10-K.

The table below provides information by class of receivable for the retained loans in the Wholesale portfolio segment.
 
Commercial
 and industrial
 
Real estate
 
Financial
institutions
Governments & Agencies
 
Other(d)
Total
retained loans
(in millions,
 except ratios)
Jun 30,
2019
Dec 31,
2018
 
Jun 30,
2019
Dec 31,
2018
 
Jun 30,
2019
Dec 31,
2018
Jun 30,
2019
Dec 31,
2018
 
Jun 30,
2019
Dec 31,
2018
Jun 30,
2019
Dec 31,
2018
Loans by risk ratings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment-grade
$
67,490

$
73,497

 
$
100,115

$
100,107

 
$
36,432

$
32,178

$
13,431

$
13,984

 
$
119,720

$
119,963

$
337,188

$
339,729

Noninvestment-grade:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncriticized
54,639

51,720

 
14,582

14,876

 
14,779

15,316

258

201

 
10,756

11,478

95,014

93,591

Criticized performing
3,478

3,738

 
815

620

 
198

150

3

2

 
534

182

5,028

4,692

Criticized nonaccrual
933

851

 
91

134

 
10

4

—

—

 
204

161

1,238

1,150

Total noninvestment-
grade
59,050

56,309

 
15,488

15,630

 
14,987

15,470

261

203

 
11,494

11,821

101,280

99,433

Total retained loans
$
126,540

$
129,806

 
$
115,603

$
115,737

 
$
51,419

$
47,648

$
13,692

$
14,187

 
$
131,214

$
131,784

$
438,468

$
439,162

% of total criticized exposure to
total retained loans
3.49
%
3.54
%
 
0.78
%
0.65
%
 
0.40
%
0.32
%
0.02
%
0.01
%
 
0.56
%
0.26
%
1.43
%
1.33
%
% of criticized nonaccrual
to total retained loans
0.74

0.66

 
0.08

0.12

 
0.02

0.01

—

—

 
0.16

0.12

0.28

0.26

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans by geographic
distribution(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total non-U.S.
$
31,054

$
29,572

 
$
3,248

$
2,967

 
$
16,632

$
18,524

$
2,753

$
3,150

 
$
47,473

$
48,433

$
101,160

$
102,646

Total U.S.
95,486

100,234

 
112,355

112,770

 
34,787

29,124

10,939

11,037

 
83,741

83,351

337,308

336,516

Total retained loans
$
126,540

$
129,806

 
$
115,603

$
115,737

 
$
51,419

$
47,648

$
13,692

$
14,187

 
$
131,214

$
131,784

$
438,468

$
439,162

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan
 delinquency(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current and less than 30 days past due and still accruing
$
125,003

$
128,678

 
$
115,409

$
115,533

 
$
51,377

$
47,622

$
13,687

$
14,165

 
$
130,246

$
130,918

$
435,722

$
436,916

30–89 days past due
and still accruing
493

109

 
99

67

 
31

12

3

18

 
764

702

1,390

908

90 or more days
past due and
still accruing(c)
111

168

 
4

3

 
1

10

2

4

 
—

3

118

188

Criticized nonaccrual
933

851

 
91

134

 
10

4

—

—

 
204

161

1,238

1,150

Total
 retained loans
$
126,540

$
129,806

 
$
115,603

$
115,737

 
$
51,419

$
47,648

$
13,692

$
14,187

 
$
131,214

$
131,784

$
438,468

$
439,162

(a)
The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.
(b)
The credit quality of wholesale loans is assessed primarily through ongoing review and monitoring of an obligor’s ability to meet contractual obligations rather than relying on the past due status, which is generally a lagging indicator of credit quality. For a further discussion, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.
(c)
Represents loans that are considered well-collateralized and therefore still accruing interest.
(d)
Other includes individuals and individual entities (predominantly consists of Wealth Management clients within AWM and includes exposure to personal investment companies and personal and testamentary trusts), SPEs and Private education and civic organizations. For more information on SPEs, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.

135

The following table presents additional information on the real estate class of loans within the Wholesale portfolio for the periods indicated. For further information on real estate loans, refer to Note 12 of JPMorgan Chase’s 2018 Form 10-K.

(in millions, except ratios)
Multifamily
 
Other commercial
 
Total real estate loans
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

Real estate retained loans
$
78,643

$
79,184

 
$
36,960

$
36,553

 
$
115,603

$
115,737

Criticized exposure
548

388

 
358

366

 
906

754

% of total criticized exposure to total real estate retained loans
0.70
%
0.49
%
 
0.97
%
1.00
%
 
0.78
%
0.65
%
Criticized nonaccrual
$
38

$
57

 
$
53

$
77

 
$
91

$
134

% of criticized nonaccrual loans to total real estate retained loans
0.05
%
0.07
%
 
0.14
%
0.21
%
 
0.08
%
0.12
%

Wholesale impaired retained loans and loan modifications
Wholesale impaired retained loans consist of loans that have been placed on nonaccrual status and/or that have been modified in a TDR. All impaired loans are evaluated for an asset-specific allowance as described in Note 13 of JPMorgan Chase’s 2018 Form 10-K.
The table below sets forth information about the Firm’s wholesale impaired retained loans.

(in millions)
Commercial
and industrial
 
Real estate
 
Financial
institutions
 
Governments &
 Agencies
 
Other
 
Total
retained loans
 
Jun 30,
2019
Dec 31,
2018
 
Jun 30,
2019
Dec 31,
2018
 
Jun 30,
2019
Dec 31,
2018
 
Jun 30,
2019
Dec 31,
2018
 
Jun 30,
2019
Dec 31,
2018
 
Jun 30,
2019
 
Dec 31,
2018
 
Impaired loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
With an allowance
$
734

$
807

 
$
78

$
107

 
$
10

$
4

 
$
—

$
—

 
$
213

$
152

 
$
1,035

 
$
1,070

 
Without an allowance(a)
244

140

 
14

27

 
—

—

 
—

—

 
2

13

 
260

 
180

 
Total impaired loans
$
978

$
947

 
$
92

$
134

 
$
10

$
4

 
$
—

$
—

 
$
215

$
165

 
$
1,295

(c) 
$
1,250

(c) 
Allowance for loan losses related to impaired loans
$
209

$
252

 
$
22

$
25

 
$
2

$
1

 
$
—

$
—

 
$
55

$
19

 
$
288

 
$
297

 
Unpaid principal balance of impaired loans(b)
1,131

1,043

 
118

203

 
11

4

 
—

—

 
228

473

 
1,488

 
1,723

 
(a)
When the discounted cash flows, collateral value or market price equals or exceeds the recorded investment in the loan, the loan does not require an allowance. This typically occurs when the impaired loans have been partially charged-off and/or there have been interest payments received and applied to the loan balance.
(b)
Represents the contractual amount of principal owed at June 30, 2019, and December 31, 2018. The unpaid principal balance differs from the impaired loan balances due to various factors, including charge-offs; interest payments received and applied to the carrying value; net deferred loan fees or costs; and unamortized discount or premiums on purchased loans.
(c)
Based upon the domicile of the borrower, largely consists of loans in the U.S.
The following table presents the Firm’s average impaired retained loans for the periods indicated.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

2018

 
2019

2018

Commercial and industrial
$
953

$
1,106

 
$
1,087

$
1,224

Real estate
106

142

 
118

142

Financial institutions
13

90

 
13

91

Governments & Agencies
—

—

 
—

—

Other
293

208

 
248

219

Total(a)
$
1,365

$
1,546

 
$
1,466

$
1,676

(a)
The related interest income on accruing impaired loans and interest income recognized on a cash basis were not material for the three and six months ended June 30, 2019 and 2018.
 
Certain loan modifications are considered to be TDRs as they provide various concessions to borrowers who are experiencing financial difficulty. All TDRs are reported as impaired loans in the tables above. TDRs were $462 million and $576 million as of June 30, 2019, and December 31, 2018, respectively. The impact of these modifications, as well as new TDRs, were not material to the Firm for the three and six months ended June 30, 2019 and 2018.


136

Note 12 – Allowance for credit losses
For a detailed discussion of the allowance for credit losses and the related accounting policies, refer to Note 13 of JPMorgan Chase’s 2018 Form 10-K.
Allowance for credit losses and related information
The table below summarizes information about the allowances for loan losses and lending-related commitments, and includes a breakdown of loans and lending-related commitments by impairment methodology.
 
2019
 
2018
 
Six months ended June 30,
(in millions)
Consumer, excluding
credit card
Credit card
 
Wholesale
Total
 
Consumer, excluding credit card
 
Credit card
 
Wholesale
Total
 
Allowance for loan losses
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance at January 1,
$
4,146

$
5,184

 
$
4,115

$
13,445

 
$
4,579

 
$
4,884

 
$
4,141

$
13,604

 
Gross charge-offs
471

2,725

 
150

3,346

 
539

 
2,578

 
241

3,358

 
Gross recoveries
(277
)
(283
)
 
(22
)
(582
)
 
(451
)
 
(244
)
 
(76
)
(771
)
 
Net charge-offs
194

2,442

 
128

2,764

 
88

 
2,334

 
165

2,587

 
Write-offs of PCI loans(a)
89

—

 
—

89

 
93

 
—

 
—

93

 
Provision for loan losses
(204
)
2,642

 
131

2,569

 
90

 
2,334

 
(98
)
2,326

 
Other
—

(1
)
 
6

5

 
—

 
—

 
—

—

 
Ending balance at June 30,
$
3,659

$
5,383

 
$
4,124

$
13,166

 
$
4,488

 
$
4,884

 
$
3,878

$
13,250

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses by impairment methodology
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-specific(b)
$
145

$
472

(c) 
$
288

$
905

 
$
226

 
$
402

(c) 
$
318

$
946

 
Formula-based
2,215

4,911

 
3,836

10,962

 
2,130

 
4,482

 
3,560

10,172

 
PCI
1,299

—

 
—

1,299

 
2,132

 
—

 
—

2,132

 
Total allowance for loan losses
$
3,659

$
5,383

 
$
4,124

$
13,166

 
$
4,488

 
$
4,884

 
$
3,878

$
13,250

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans by impairment methodology
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-specific
$
6,562

$
1,388

 
$
1,295

$
9,245

 
$
7,387

 
$
1,252

 
$
1,327

$
9,966

 
Formula-based
322,888

156,180

 
437,173

916,241

 
340,223

 
143,969

 
419,302

903,494

 
PCI
22,242

—

 
—

22,242

 
26,977

 
—

 
3

26,980

 
Total retained loans
$
351,692

$
157,568

 
$
438,468

$
947,728

 
$
374,587

 
$
145,221

 
$
420,632

$
940,440

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impaired collateral-dependent loans
 
 
 
 
 
 
 
 
 
 
 
 
 
Net charge-offs
$
19

$
—

 
$
8

$
27

 
$
14

 
$
—

 
$
—

$
14

 
Loans measured at fair value of collateral less cost to sell
2,098

—

 
83

2,181

 
2,124

 
—

 
300

2,424

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for lending-related commitments
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance at January 1,
$
33

$
—

 
$
1,022

$
1,055

 
$
33

 
$
—

 
$
1,035

$
1,068

 
Provision for lending-related commitments
—

—

 
75

75

 
—

 
—

 
49

49

 
Other
—

—

 
(1
)
(1
)
 
—

 
—

 
—

—

 
Ending balance at June 30,
$
33

$
—

 
$
1,096

$
1,129

 
$
33

 
$
—

 
$
1,084

$
1,117

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for lending-related commitments by impairment methodology
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-specific
$
—

$
—

 
$
136

$
136

 
$
—

 
$
—

 
$
139

$
139

 
Formula-based
33

—

 
960

993

 
33

 
—

 
945

978

 
Total allowance for lending-related commitments
$
33

$
—

 
$
1,096

$
1,129

 
$
33

 
$
—

 
$
1,084

$
1,117

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lending-related commitments by impairment methodology
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-specific
$
—

$
—

 
$
465

$
465

 
$
—

 
$
—

 
$
712

$
712

 
Formula-based
51,491

633,970

 
393,836

1,079,297

 
51,784

 
592,452

 
401,045

1,045,281

 
Total lending-related commitments
$
51,491

$
633,970

 
$
394,301

$
1,079,762

 
$
51,784

 
$
592,452

 
$
401,757

$
1,045,993

 

(a)
Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool.
(b)
Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a TDR.
(c)
The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.


137

Note 13 – Variable interest entities
For a further description of JPMorgan Chase’s accounting policies regarding consolidation of VIEs, refer to Note 1 of JPMorgan Chase’s 2018 Form 10-K.
The following table summarizes the most significant types of Firm-sponsored VIEs by business segment.
Line of Business
Transaction Type
Activity
Form 10-Q page reference
CCB
Credit card securitization trusts
Securitization of originated credit card receivables
138
 
Mortgage securitization trusts
Servicing and securitization of both originated and purchased residential mortgages
138-140
CIB
Mortgage and other securitization trusts
Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans
138-140
 
Multi-seller conduits
Assist clients in accessing the financial markets in a cost-efficient manner and structures transactions to meet investor needs
140
 
Municipal bond vehicles
Financing of municipal bond investments
140

The Firm also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to pages 141–142 of this Note for more information on the VIEs sponsored by third parties.
Significant Firm-sponsored VIEs
Credit card securitizations
For a more detailed discussion of JPMorgan Chase’s involvement with credit card securitizations, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.
As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trusts, including its primary vehicle, the Chase Issuance Trust. Refer to the table on page 141 of this Note for further information on consolidated VIE assets and liabilities.
 
Firm-sponsored mortgage and other securitization trusts
The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.
For a detailed discussion of the Firm’s involvement with Firm-sponsored mortgage and other securitization trusts, as well as the accounting treatment relating to such trusts, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.

138

The following table presents the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. Refer to Securitization activity on page 142 of this Note for further information regarding the Firm’s cash flows associated with and interests retained in nonconsolidated VIEs, and pages 142–143 of this Note for information on the Firm’s loan sales to U.S. government agencies.
 
Principal amount outstanding
 
JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
June 30, 2019 (in millions)
Total assets held by securitization VIEs
Assets
held in consolidated securitization VIEs
Assets held in nonconsolidated securitization VIEs with continuing involvement
 
Trading assets
 Investment securities
Other financial assets
Total interests held by JPMorgan
Chase
Securitization-related(a)
 
 
 
 
 
 
 
 
Residential mortgage:
 
 
 
 
 
 
 
 
Prime/Alt-A and option ARMs
$
61,838

$
3,053

$
49,625

 
$
424

$
512

$
—

$
936

Subprime
15,664

—

14,441

 
19

—

—

19

Commercial and other(b)
101,785

—

80,511

 
785

792

215

1,792

Total
$
179,287

$
3,053

$
144,577

 
$
1,228

$
1,304

$
215

$
2,747

 
Principal amount outstanding
 
JPMorgan Chase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2018 (in millions)
Total assets held by securitization VIEs
Assets
held in consolidated securitization VIEs
Assets held in nonconsolidated securitization VIEs with continuing involvement
 
Trading assets
 Investment securities
Other financial assets
Total interests held by
JPMorgan
Chase
Securitization-related(a)
 
 
 
 
 
 
 
 
Residential mortgage:
 
 
 
 
 
 
 
 
Prime/Alt-A and option ARMs
$
63,350

$
3,237

$
50,679

 
$
623

$
647

$
—

$
1,270

Subprime
16,729

32

15,434

 
53

—

—

53

Commercial and other(b)
102,961

—

79,387

 
783

801

210

1,794

Total
$
183,040

$
3,269

$
145,500

 
$
1,459

$
1,448

$
210

$
3,117

(a)
Excludes U.S. government agency securitizations and re-securitizations, which are not Firm-sponsored. Refer to pages 142–143 of this Note for information on the Firm’s loan sales to U.S. government agencies.
(b)
Consists of securities backed by commercial loans (predominantly real estate) and non-mortgage-related consumer receivables purchased from third parties.
(c)
Excludes the following: retained servicing (refer to Note 14 for a discussion of MSRs); securities retained from loan sales to U.S. government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities (Refer to Note 4 for further information on derivatives); senior and subordinated securities of $215 million and $77 million, respectively, at June 30, 2019, and $87 million and $28 million, respectively, at December 31, 2018, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d)
Includes interests held in re-securitization transactions.
(e)
As of June 30, 2019, and December 31, 2018, 56% and 60%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $895 million and $1.3 billion of investment-grade, and $41 million and $16 million of noninvestment-grade at June 30, 2019, and December 31, 2018, respectively. The retained interests in commercial and other securitizations trusts consisted of $1.2 billion of investment-grade retained interests at both June 30, 2019 and December 31, 2018, and $593 million and $623 million of noninvestment-grade retained interests at June 30, 2019, and December 31, 2018, respectively.

139

Residential mortgage
The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB. For a more detailed description of the Firm’s involvement with residential mortgage securitizations, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K. Refer to the table on page 141 of this Note for more information on the consolidated residential mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated residential mortgage securitizations.
Commercial mortgages and other consumer securitizations
CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts. For a more detailed description of the Firm’s involvement with commercial mortgage and other consumer securitizations, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K. Refer to the table on page 141 of this Note for more information on the consolidated commercial mortgage securitizations, and the table on the previous page of this Note for further information on interests held in nonconsolidated securitizations.
Re-securitizations
For a more detailed description of JPMorgan Chase’s participation in certain re-securitization transactions, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.
The following table presents the principal amount of securities transferred to re-securitization VIEs.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Transfers of securities to VIEs
 
 
 
 
 
 
 
Agency
$
2,564

 
$
3,995

 
$
7,067

 
$
8,781

The following table presents information on nonconsolidated re-securitization VIEs.
 
Nonconsolidated
re-securitization VIEs
(in millions)
June 30, 2019

 
December 31, 2018

Firm-sponsored private-label
 
 
 
Assets held in VIEs with continuing involvement(a)
$
22

 
$
118

Interest in VIEs
—

 
10

Agency
 
 
 
Interest in VIEs
2,192

 
3,058

(a)
Represents the principal amount and includes the notional amount of interest-only securities.
As of June 30, 2019, and December 31, 2018, the Firm did not consolidate any agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs.
 
Multi-seller conduits
For a more detailed description of JPMorgan Chase’s principal involvement with Firm-administered multi-seller conduits, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.
In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $8.2 billion and $20.1 billion of the commercial paper issued by the Firm-administered multi-seller conduits at June 30, 2019, and December 31, 2018, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.
Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $8.4 billion and $8.0 billion at June 30, 2019, and December 31, 2018, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. For more information on off-balance sheet lending-related commitments, refer to Note 22.
Municipal bond vehicles
Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party, refer to pages 141–142 of this Note for further information.
The Firm serves as sponsor for all non-customer TOB transactions. For a more detailed description of JPMorgan Chase’s Municipal bond vehicles, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.



140

Consolidated VIE assets and liabilities
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of June 30, 2019, and December 31, 2018.
 
Assets
 
Liabilities
June 30, 2019 (in millions)
Trading assets
Loans
Other(b) 
 Total
assets(c)
 
Beneficial interests in
VIE assets(d)
Other(e)
Total
liabilities
VIE program type
 
 
 
 
 
 
 
 
Firm-sponsored credit card trusts
$
—

$
28,230

$
412

$
28,642

 
$
9,302

$
8

$
9,310

Firm-administered multi-seller conduits
3

22,575

335

22,913

 
14,734

36

14,770

Municipal bond vehicles
1,304

—

3

1,307

 
1,281

2

1,283

Mortgage securitization entities(a)
2

3,078

55

3,135

 
267

146

413

Other
113

—

182

295

 
1

99

100

Total
$
1,422

$
53,883

$
987

$
56,292

 
$
25,585

$
291

$
25,876

 
 
 
 
 
 
 
 
 
 
Assets
 
Liabilities
December 31, 2018 (in millions)
Trading assets
Loans
Other(b) 
 Total
assets(c)
 
Beneficial interests in
VIE assets(d)
Other(e)
Total
liabilities
VIE program type
 
 
 
 
 
 
 
 
Firm-sponsored credit card trusts
$
—

$
31,760

$
491

$
32,251

 
$
13,404

$
12

$
13,416

Firm-administered multi-seller conduits
—

24,411

300

24,711

 
4,842

33

4,875

Municipal bond vehicles
1,779

—

4

1,783

 
1,685

3

1,688

Mortgage securitization entities(a)
53

3,285

40

3,378

 
308

161

469

Other
134

—

178

312

 
2

103

105

Total
$
1,966

$
59,456

$
1,013

$
62,435

 
$
20,241

$
312

$
20,553

(a)
Includes residential and commercial mortgage securitizations.
(b)
Includes assets classified as cash and other assets on the Consolidated balance sheets.
(c)
The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
(d)
The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated variable interest entities.” The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. For conduits program-wide credit enhancements, refer to note 14 of JPMorgan Chase’s 2018 Form 10-K. Included in beneficial interests in VIE assets are long-term beneficial interests of $9.6 billion and $13.7 billion at June 30, 2019, and December 31, 2018.
(e)
Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.
VIEs sponsored by third parties
The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.
Tax credit vehicles
The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that construct, own and operate affordable housing, wind, solar and other alternative energy projects. These entities are primarily considered VIEs. A third party is typically the
 
general partner or managing member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $16.0 billion and $16.5 billion, of which $4.1 billion and $4.0 billion was unfunded at June 30, 2019 and December 31, 2018, respectively. In order to reduce the risk of loss, the Firm assesses each project and withholds varying amounts of its capital investment until the project qualifies for tax credits. For further information on affordable housing tax credits, refer to Note 24 of JPMorgan Chase’s 2018 Form 10-K. For more information on off-balance sheet lending-related commitments, refer to Note 22 of this Form 10-Q.
Customer municipal bond vehicles (TOB trusts)
The Firm may provide various services to Customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain Customer TOB transactions, the

141

Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.
In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate Customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.
The Firm’s maximum exposure as a liquidity provider to Customer TOB trusts at June 30, 2019 and December 31,
 
2018 was $5.3 billion and $4.8 billion, respectively. The fair value of assets held by such VIEs at June 30, 2019 and December 31, 2018, was $8.6 billion and $7.7 billion, respectively. For more information on off-balance sheet lending-related commitments, refer to Note 22.
Loan securitizations
The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, and commercial mortgage. For a further description of the Firm’s accounting policies regarding securitizations, refer to Note 14 of JPMorgan Chase’s 2018 Form 10-K.
Securitization activity
The following table provides information related to the Firm’s securitization activities for the three and six months ended June 30, 2019 and 2018, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
(in millions)
Residential mortgage(e)
Commercial and other(f)
 
Residential mortgage(e)
Commercial and other(f)
 
Residential mortgage(e)
Commercial and other(f)
 
Residential mortgage(e)
Commercial and other(f)
Principal securitized
$
2,125

$
1,974

 
$
3,129

$
2,181

 
$
3,907

$
2,738

 
$
4,459

$
5,172

All cash flows during the period(a):
 
 
 
 
 
 
 
 
 
 
 
Proceeds received from loan sales as financial instruments(b)(c)
$
2,188

$
2,041

 
$
3,122

$
2,196

 
$
4,010

$
2,823

 
$
4,460

$
5,187

Servicing fees collected(d)
73

1

 
80

—

 
150

1

 
161

—

Cash flows received on interests
114

98

 
137

84

 
199

149

 
229

131

(a)
Excludes re-securitization transactions.
(b)
Predominantly includes Level 2 assets.
(c)
The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
(d)
The prior period amounts have been revised to conform with the current period presentation.
(e)
Includes prime mortgages only. Excludes loan securitization transactions entered into with Ginnie Mae, Fannie Mae and Freddie Mac.
(f)
Includes commercial mortgage and other consumer loans.
Loans and excess MSRs sold to U.S. government-sponsored
enterprises, and loans in securitization transactions pursuant to
Ginnie Mae guidelines
In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. government-sponsored enterprises (“U.S. GSEs”). These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share
 
a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q, and Note 27 of JPMorgan Chase’s 2018 Form 10-K for additional information about the Firm’s loan sales- and securitization-related indemnifications. Refer to Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.

142

The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

2018

 
2019
2018
Carrying value of loans sold
$
23,138

$
8,076

 
$
38,317

$
16,836

Proceeds received from loan sales as cash
2

—

 
70

—

Proceeds from loan sales as securities(a)(b)
22,823

7,959

 
37,660

16,578

Total proceeds received from loan sales(c)
$
22,825

$
7,959

 
$
37,730

$
16,578

Gains on loan sales(d)(e)
$
104

$
9

 
$
153

$
23

(a)
Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s Investment securities portfolio.
(b)
Included in level 2 assets.
(c)
Excludes the value of MSRs retained upon the sale of loans.
(d)
Gains on loan sales include the value of MSRs.
(e)
The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
Options to repurchase delinquent loans
In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government
 
agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. For additional information, refer to Note 11.
The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of June 30, 2019 and December 31, 2018. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.
(in millions)
Jun 30,
2019

Dec 31,
2018

Loans repurchased or option to repurchase(a)
$
5,214

$
7,021

Real estate owned
56

75

Foreclosed government-guaranteed residential mortgage loans(b)
277

361

(a)
Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.
(b)
Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.

Loan delinquencies and liquidation losses
The table below includes information about components of nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement, and delinquencies as of June 30, 2019, and December 31, 2018.
 
 
 
 
 
Net liquidation losses(a)
 
Securitized assets
 
90 days past due
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
Jun 30,
2019

Dec 31,
2018

 
Jun 30,
2019

Dec 31,
2018

 
2019

2018

 
2019

2018

Securitized loans
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage:
 
 
 
 
 
 
 
 
 
 
 
Prime / Alt-A & option ARMs
$
49,625

$
50,679

 
$
2,900

$
3,354

 
$
171

$
168

 
$
328

$
271

Subprime
14,441

15,434

 
2,076

2,478

 
167

140

 
311

(462
)
Commercial and other
80,511

79,387

 
131

225

 
24

21

 
165

48

Total loans securitized
$
144,577

$
145,500

 
$
5,107

$
6,057

 
$
362

$
329

 
$
804

$
(143
)

(a)
Includes liquidation gains as a result of private label mortgage settlement payments during the first quarter of 2018, which were reflected as asset recoveries by trustees.



143

Note 14 – Goodwill and Mortgage servicing rights
For a discussion of the accounting policies related to goodwill and mortgage servicing rights, refer to Note 15 of JPMorgan Chase’s 2018 Form 10-K.
Goodwill
The following table presents goodwill attributed to the business segments.
(in millions)
June 30,
2019

December 31,
2018

Consumer & Community Banking
$
30,991

$
30,984

Corporate & Investment Bank
6,769

6,770

Commercial Banking
2,860

2,860

Asset & Wealth Management
6,857

6,857

Total goodwill
$
47,477

$
47,471


The following table presents changes in the carrying amount of goodwill.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Balance at beginning
of period
$
47,474

 
$
47,499

 
$
47,471

 
$
47,507

Changes during the period from:
 
 
 
 
 
 
 
Other(a)
3

 
(11
)
 
6

 
(19
)
Balance at June 30,
$
47,477

 
$
47,488

 
$
47,477

 
$
47,488

(a)
Primarily relates to foreign currency remeasurement.
 
Goodwill impairment testing
For a further description of the Firm’s goodwill impairment testing, including the primary method used to estimate the fair value of the reporting units, and the assumptions used in the goodwill impairment test, refer to Impairment testing on pages 252–253 of JPMorgan Chase’s 2018 Form 10-K.
The Firm reviewed current economic conditions, estimated market cost of equity, as well as actual and projections of business performance for all its businesses. Based upon such reviews, the Firm concluded that the goodwill allocated to its reporting units was not impaired as of June 30, 2019 or December 31, 2018, nor was goodwill written off due to impairment during the six months ended June 30, 2019 or 2018.
Declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units or their associated goodwill to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.

144

Mortgage servicing rights
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. For a further description of the MSR asset, interest rate risk management, and the valuation of MSRs, refer to Notes 2 and 15 of JPMorgan Chase’s 2018 Form 10-K.
The following table summarizes MSR activity for the three and six months ended June 30, 2019 and 2018.
 
As of or for the three months
ended June 30,
 
As of or for the six months
ended June 30,
(in millions, except where otherwise noted)
2019

 
2018

 
2019

 
2018

Fair value at beginning of period
$
5,957

 
$
6,202

 
$
6,130

 
$
6,030

MSR activity:
 
 
 
 
 
 
 
Originations of MSRs
424

 
157

 
756

 
333

Purchase of MSRs
2

 
79

 
106

 
146

Disposition of MSRs(a)
(217
)
 
(104
)
 
(328
)
 
(399
)
Net additions/(dispositions)
209

 
132

 
534

 
80

 
 
 
 
 
 
 
 
Changes due to collection/realization of expected cash flows
(247
)
 
(187
)
 
(446
)
 
(347
)
 
 
 
 
 
 
 
 
Changes in valuation due to inputs and assumptions:
 
 
 
 
 
 
 
Changes due to market interest rates and other(b)
(540
)
 
103

 
(841
)
 
485

Changes in valuation due to other inputs and assumptions:
 
 
 
 
 
 
 
Projected cash flows (e.g., cost to service)
(350
)
(e) 
—

 
(350
)
(e) 
—

Discount rates
153

 
—

 
153

 
24

Prepayment model changes and other(c)
(89
)
 
(9
)
 
(87
)
 
(31
)
Total changes in valuation due to other inputs and assumptions
(286
)
 
(9
)
 
(284
)
 
(7
)
Total changes in valuation due to inputs and assumptions
(826
)
 
94

 
(1,125
)
 
478

Fair value at June 30,
$
5,093

 
$
6,241

 
$
5,093

 
$
6,241

 
 
 
 
 
 
 
 
Change in unrealized gains/(losses) included in income related to MSRs held at June 30,
$
(826
)
 
$
94

 
$
(1,125
)
 
$
478

Contractual service fees, late fees and other ancillary fees included in income
437

 
446

 
857

 
911

Third-party mortgage loans serviced at June 30, (in billions)
527

 
534

 
527

 
534

Servicer advances, net of an allowance for uncollectible amounts, at June 30, (in billions)(d)
2.2

 
3.3

 
2.2

 
3.3

(a)
Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.
(b)
Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(c)
Represents changes in prepayments other than those attributable to changes in market interest rates.
(d)
Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.
(e)
The decrease in projected cash flows was largely related to default servicing assumption updates.

145

The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and six months ended June 30, 2019 and 2018.
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
 
2019

 
2018

 
2019

 
2018

CCB mortgage fees and related income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net production revenue
 
$
353

 
$
93

 
$
553

 
$
188

 
 
 
 
 
 
 
 
 
Net mortgage servicing revenue:
 
 
 
 
 
 
 
 
Operating revenue:
 
 
 
 
 
 
 
 
Loan servicing revenue
 
417

 
441

 
821

 
954

Changes in MSR asset fair value due to collection/realization of expected cash flows
 
(247
)
 
(187
)
 
(446
)
 
(347
)
Total operating revenue
 
170

 
254

 
375

 
607

Risk management:
 
 
 
 
 
 
 
 
Changes in MSR asset fair value due to market interest rates and other(a)
 
(540
)
 
104

 
(841
)
 
486

Other changes in MSR asset fair value due to other inputs and assumptions
in model(b)
 
(286
)
 
(9
)
 
(284
)
 
(7
)
Change in derivative fair value and other
 
582

 
(118
)
 
872

 
(485
)
Total risk management
 
(244
)
 
(23
)
 
(253
)
 
(6
)
Total net mortgage servicing revenue
 
(74
)
 
231

 
122

 
601

 
 
 
 
 
 
 
 
 
Total CCB mortgage fees and related income
 
279

 
324

 
675

 
789

 
 
 
 
 
 
 
 
 
All other
 
—

 
—

 
—

 
—

Mortgage fees and related income
 
$
279

 
$
324

 
$
675

 
$
789

(a)
Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(b)
Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at June 30, 2019, and December 31, 2018, and outlines hypothetical sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
(in millions, except rates)
Jun 30,
2019

 
Dec 31,
2018

Weighted-average prepayment speed assumption (constant prepayment rate)
11.58
%
 
8.78
%
Impact on fair value of 10% adverse change
$
(216
)
 
$
(205
)
Impact on fair value of 20% adverse change
(414
)
 
(397
)
Weighted-average option adjusted spread(a)(b)
7.84
%
 
7.87
%
Impact on fair value of a 100 basis point adverse change
$
(183
)
 
$
(235
)
Impact on fair value of a 200 basis point adverse change
(353
)
 
(452
)

(a)
Includes the impact of operational risk and regulatory capital.
(b)
The prior period amount has been revised to conform with the current period presentation.
 
Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In this table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.


146

Note 15 – Deposits
For further information on deposits, refer to Note 17 of JPMorgan Chase’s 2018 Form 10-K.
At June 30, 2019, and December 31, 2018, noninterest-bearing and interest-bearing deposits were as follows.
(in millions)
June 30,
2019

 
December 31, 2018

U.S. offices
 
 
 
Noninterest-bearing (included $26,673 and $17,204 at fair value)(a)(b)
$
394,237

 
$
386,709

Interest-bearing (included $2,530 and $2,487 at fair value)(a)(b)
841,397

 
813,881

Total deposits in U.S. offices
1,235,634

 
1,200,590

Non-U.S. offices
 
 
 
Noninterest-bearing (included $2,445 and $2,367 at fair value)(a)(b)
20,419

 
21,459

Interest-bearing (included $1,276 and $1,159 at fair value)(a)(b)
268,308

 
248,617

Total deposits in non-U.S. offices
288,727

 
270,076

Total deposits
$
1,524,361

 
$
1,470,666

(a)
Includes structured notes classified as deposits for which the fair value option has been elected. For a further discussion, refer to Note 3 of JPMorgan Chase’s 2018 Form 10-K.
(b)
In the second quarter of 2019, the Firm reclassified balances related to certain structured notes from interest-bearing to noninterest-bearing deposits as the associated returns are recorded in principal transactions revenue and not in net interest income. This change was applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.

 
Note 16 – Leases
Lease commitments
Effective January 1, 2019, the Firm adopted new guidance that requires lessees to recognize on the Consolidated balance sheets all leases with lease terms greater than twelve months as a lease liability with a corresponding right-of-use (“ROU”) asset. Accordingly, the Firm recognized operating lease liabilities and ROU assets of $8.2 billion and $8.1 billion, respectively. The adoption of the new lease guidance did not have a material impact on the Firm’s Consolidated statements of income. The change in accounting due to the adoption of the new lease guidance did not result in a material change to the future net minimum rental payments/receivables or to the net rental expense when compared to December 31, 2018.
Firm as lessee
At June 30, 2019, JPMorgan Chase and its subsidiaries were obligated under a number of noncancelable leases, predominantly operating leases for premises and equipment used primarily for business purposes. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Firm is reasonably certain that it will exercise those options. None of these lease agreements impose restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. Certain of these leases contain escalation clauses that will increase rental payments based on maintenance, utility and tax increases, which are non-lease components. The Firm elected not to separate lease and non-lease components of a contract for its real estate leases. As such, real estate lease payments represent payments on both lease and non-lease components.
Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that represents the Firm’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU asset, included in premises and equipment, also includes any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a straight-line basis over the lease term, and generally included in occupancy expense in the Consolidated statements of income.

147

The following tables provide information related to the Firm’s operating leases:
As of June 30,
(in millions, except where otherwise noted)
 
2019
Right-of-use assets
$
8,118

Lease liabilities
8,404

 
 
Weighted average remaining lease term (in years)
8.7

Weighted average discount rate
3.75
%
 
 
Supplemental cash flow information
 
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows
$
778

Supplemental non-cash information
 
Right-of-use assets obtained in exchange for operating lease obligations
$
587

 
 


(in millions)
Three months ended June 30, 2019
Six months ended June 30, 2019
Rental expense
 
 
Gross rental expense
$
506

$
1,020

Sublease rental income
(42
)
(88
)
Net rental expense
$
464

$
932


The following table presents future payments under operating leases as of June 30, 2019:
Year ended December 31, (in millions)
 
2019 (excluding six months ended June 30, 2019)
$
787

2020
1,535

2021
1,356

2022
1,161

2023
988

After 2023
4,180

Total future minimum lease payments
10,007

Less: Imputed interest
(1,603
)
Total
$
8,404


In addition to the table above, as of June 30, 2019, the Firm had additional future operating lease commitments of $1.5 billion that were signed but had not yet commenced. These operating leases will commence between 2019 and 2022 with lease terms up to 25 years.
Firm as lessor
The Firm provides auto and equipment lease financing to its customers through lease arrangements with lease terms that may contain renewal, termination and/or purchase options. Generally, the Firm’s lease financings are operating leases. These assets are recognized in other assets on the Firm’s Consolidated balance sheets and are depreciated on a straight-line basis over the lease term to reduce the asset to its estimated residual value. Depreciation expense is included in technology, communications and equipment expense in the Consolidated statements of income. The
 
Firm’s lease income is generally recognized on a straight-line basis over the lease term and is included in other income in the Consolidated statements of income.
On a periodic basis, the Firm assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment loss is recognized.
The risk of loss on auto and equipment leased assets relating to the residual value of the leased assets is monitored through projections of the asset residual values at lease origination and periodic review of residual values, and is mitigated through arrangements with certain manufacturers or lessees. 
The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets:
(in millions)
 
June 30, 2019
December 31, 2018
Carrying value of assets subject to operating leases, net of accumulated depreciation
 
$
22,406

$
21,428

Accumulated depreciation
 
5,643

5,303


The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income:
 
 
Three months ended June 30,
Six months ended June 30,

(in millions)
 
2019

2018

2019

2018

Operating lease income
 
$
1,327

$
1,112

$
2,643

$
2,159

Depreciation expense
 
988

852

1,985

1,663


The following table presents future receipts under operating leases as of June 30, 2019:
Year ended December 31, (in millions)
 
2019 (excluding six months ended June 30, 2019)
$
2,107

2020
3,381

2021
1,866

2022
386

2023
69

After 2023
136

Total future minimum lease payments
$
7,945




148

Note 17 - Preferred stock
For a further discussion on preferred stock, refer to Note 20 of JPMorgan Chase’s 2018 Form 10-K.
The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of June 30, 2019 and December 31, 2018, and the quarterly dividend declarations for the three and six months ended June 30, 2019 and 2018.
 
Shares
Carrying value
 (in millions)
 
Contractual rate in effect at June 30, 2019
Earliest redemption date(b)
Floating annual rate of three-month LIBOR plus:
Dividend declared per share(c)
 
 
June 30, 2019(a)
December 31, 2018(a)
June 30, 2019
December 31, 2018
Issue date
Three months ended June 30,
Six months ended June 30,
 
 
2019
2018
2019
2018
 
Fixed-rate:
 
 
 
 
 
 
 
 
 
 
 
 
 
Series P
90,000

90,000

$
900

$
900

2/5/2013
5.450
%
3/1/2018
NA
$
136.25

$136.25
$272.50
$272.50
 
Series T
—

92,500

—

925

1/30/2014
—

3/1/2019
NA
NA
167.50
167.50
335.00
 
Series W
88,000

88,000

880

880

6/23/2014
6.300

9/1/2019
NA
157.50

157.50
315.00
315.00
 
Series Y
143,000

143,000

1,430

1,430

2/12/2015
6.125

3/1/2020
NA
153.13

153.13
306.26
306.26
 
Series AA
142,500

142,500

1,425

1,425

6/4/2015
6.100

9/1/2020
NA
152.50

152.50
305.00
305.00
 
Series BB
115,000

115,000

1,150

1,150

7/29/2015
6.150

9/1/2020
NA
153.75

153.75
307.50
307.50
 
Series DD
169,625

169,625

1,696

1,696

9/21/2018
5.750

12/1/2023
NA
143.75

NA
287.50
NA
 
Series EE
185,000

—

1,850

—

1/24/2019
6.000

3/1/2024
NA
211.67

NA
211.67
NA
(d) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed-to-floating-rate:
 
 
 
 
 
 
 
 
 
 
 
 
 
Series I
430,375

430,375

$
4,304

$
4,304

4/23/2008
LIBOR + 3.47%

4/30/2018
LIBOR + 3.47%
$
153.00

$147.34
$308.51
$344.84
(e) 
Series Q
150,000

150,000

1,500

1,500

4/23/2013
5.150

5/1/2023
LIBOR + 3.25
128.75

128.75
257.50
257.50
 
Series R
150,000

150,000

1,500

1,500

7/29/2013
6.000

8/1/2023
LIBOR + 3.30
150.00

150.00
300.00
300.00
 
Series S
200,000

200,000

2,000

2,000

1/22/2014
6.750

2/1/2024
LIBOR + 3.78
168.75

168.75
337.50
337.50
 
Series U
100,000

100,000

1,000

1,000

3/10/2014
6.125

4/30/2024
LIBOR + 3.33
153.13

153.13
306.25
306.25
 
Series V
250,000

250,000

2,500

2,500

6/9/2014
5.000

7/1/2019
LIBOR + 3.32
125.00

125.00
250.00
250.00
 
Series X
160,000

160,000

1,600

1,600

9/23/2014
6.100

10/1/2024
LIBOR + 3.33
152.50

152.50
305.00
305.00
 
Series Z
200,000

200,000

2,000

2,000

4/21/2015
5.300

5/1/2020
LIBOR + 3.80
132.50

132.50
265.00
265.00
 
Series CC
125,750

125,750

1,258

1,258

10/20/2017
4.625

11/1/2022
LIBOR + 2.58
115.63

115.63
231.25
231.25
 
Total preferred stock
2,699,250

2,606,750

$
26,993

$
26,068

 
 
 
 
 
 
 
 
 
(a)
Represented by depositary shares.
(b)
Fixed-to-floating rate notes convert to a floating rate at the earliest redemption date.
(c)
Dividends are declared quarterly. Dividends are payable quarterly on fixed-rate preferred stock. Dividends are payable semiannually on fixed-to-floating-rate preferred stock while at a fixed rate, and payable quarterly after converting to a floating rate.
(d)
Dividends in the amount of $211.67 per share were declared on April 12, 2019 and include dividends from the original issue date of January 24, 2019 through May 31, 2019.
(e)
Prior to April 30, 2018, the dividend rate was fixed at 7.90%.
On July 31, 2019, the Firm issued $2.25 billion of fixed-to-floating rate non-cumulative preferred stock, Series FF, and on August 2, 2019, the Firm announced that it will redeem all $880 million of its 6.30% non-cumulative preferred stock, Series W on September 1, 2019.
On January 24, 2019, the Firm issued $1.85 billion of 6.00% non-cumulative preferred stock, Series EE, and on March 1, 2019, the Firm redeemed all $925 million of its 6.70% non-cumulative preferred stock, Series T.



149

Note 18 – Earnings per share
For a discussion of the computation of basic and diluted earnings per share (“EPS”), refer to Note 22 of JPMorgan Chase’s 2018 Form 10-K. The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2019 and 2018.
(in millions, except per share amounts)
Three months ended
June 30,
 
Six months ended
June 30,
2019

2018

 
2019

2018

Basic earnings per share
 
 
 
 
 
Net income
$
9,652

$
8,316

 
$
18,831

$
17,028

Less: Preferred stock dividends
404

379

 
778

788

Net income applicable to common equity
9,248

7,937

 
18,053

16,240

Less: Dividends and undistributed earnings allocated to participating securities
56

57

 
108

121

Net income applicable to common stockholders
$
9,192

$
7,880

 
$
17,945

$
16,119

 
 
 
 
 
 
Total weighted-average basic shares
  outstanding
3,250.6

3,415.2

 
3,274.3

3,436.7

Net income per share
$
2.83

$
2.31

 
$
5.48

$
4.69

 
 
 
 
 
 
Diluted earnings per share
 
 
 
 
 
Net income applicable to common stockholders
$
9,192

$
7,880

 
$
17,945

$
16,119

Total weighted-average basic shares
  outstanding
3,250.6

3,415.2

 
3,274.3

3,436.7

Add: Employee stock options, SARs, warrants and unvested PSUs
9.1

19.5

 
9.6

20.4

Total weighted-average diluted shares outstanding
3,259.7

3,434.7

 
3,283.9

3,457.1

Net income per share
$
2.82

$
2.29

 
$
5.46

$
4.66




150

Note 19 – Accumulated other comprehensive income/(loss)
AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans, and on fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).
 
As of or for the three months ended
June 30, 2019
(in millions)
Unrealized
gains/(losses)
on investment securities
 
Translation adjustments, net of hedges
 
Fair value hedges
Cash flow hedges
 
Defined benefit
pension and
OPEB plans
DVA on fair value option elected liabilities
Accumulated other comprehensive income/(loss)
 
 
Balance at April 1, 2019
 
$
2,616

 
 
 
$
(751
)
 
 
$
(159
)
 
$
29

 
 
 
$
(2,272
)
 
 
$
(21
)
 
 
$
(558
)
 
 
Net change
 
1,093

 
 
 
99

 
 
86

 
97

 
 
 
41

 
 
256

 
 
1,672

 
 
Balance at June 30, 2019
 
$
3,709

 
 
 
$
(652
)
 
 
$
(73
)
 
$
126

 
 
 
$
(2,231
)
 
 
$
235

 
 
$
1,114

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months ended
June 30, 2018
(in millions)
Unrealized
gains/(losses)
on investment securities
 
Translation adjustments, net of hedges
 
Fair value hedges
Cash flow hedges
 
Defined benefit pension and
OPEB plans
DVA on fair value option elected liabilities
Accumulated other comprehensive income/(loss)
 
 
Balance at April 1, 2018
 
$
1,826

 
 
 
$
(720
)
 
 
(94
)
 
$
19

 
 
 
$
(1,914
)
 
 
$
(180
)
 
 
$
(1,063
)
 
 
Net change
 
(227
)
 
 
 
88

 
 
(68
)
 
(166
)
 
 
 
38

 
 
260

 
 
(75
)
 
 
Balance at June 30, 2018
 
$
1,599

 
 
 
$
(632
)
 
 
$
(162
)
 
$
(147
)
 
 
 
$
(1,876
)
 
 
$
80

 
 
$
(1,138
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the six months ended
June 30, 2019
(in millions)
Unrealized
gains/(losses)
on investment securities
 
Translation adjustments, net of hedges
 
Fair value hedges
Cash flow hedges
 
Defined benefit
pension and
OPEB plans
DVA on fair value option elected liabilities
Accumulated other comprehensive income/(loss)
 
 
Balance at January 1, 2019
 
$
1,202

 
 
 
$
(727
)
 
 
$
(161
)
 
$
(109
)
 
 
 
$
(2,308
)
 
 
$
596

 
 
$
(1,507
)
 
 
Net change
 
2,507

 
 
 
75

 
 
88

 
235

 
 
 
77

 
 
(361
)
 
 
2,621

 
 
Balance at June 30, 2019
 
$
3,709

 
 
 
$
(652
)
 
 
$
(73
)
 
$
126

 
 
 
$
(2,231
)
 
 
$
235

 
 
$
1,114

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the six months ended
June 30, 2018
(in millions)
Unrealized
gains/(losses)
on investment securities
 
Translation adjustments, net of hedges
 
Fair value hedges
Cash flow hedges
 
Defined benefit pension and
OPEB plans
DVA on fair value option elected liabilities
Accumulated other comprehensive income/(loss)
 
 
Balance at January 1, 2018
 
$
2,164

 
 
 
$
(470
)
 
 
$
—

 
$
76

 
 
 
$
(1,521
)
 
 
$
(368
)
 
 
$
(119
)
 
 
Cumulative effect of changes in accounting principles(a)
 
896

 
 
 
(277
)
 
 
$
(54
)
 
16

 
 
 
(414
)
 
 
(79
)
 
 
88

 
 
Net change
 
(1,461
)
 
 
 
115

 
 
(108
)
 
(239
)
 
 
 
59

 
 
527

 
 
(1,107
)
 
 
Balance at June 30, 2018
 
$
1,599

 
 
 
$
(632
)
 
 
$
(162
)
 
$
(147
)
 
 
 
$
(1,876
)
 
 
$
80

 
 
$
(1,138
)
 

(a)
Represents the adjustment to AOCI as a result of the accounting standards adopted in the first quarter of 2018, refer to Note 1 of JPMorgan Chase’s 2018 Form 10-K.



151

The following table presents the pre-tax and after-tax changes in the components of OCI.
 
2019
 
2018
Three months ended June 30, (in millions)
Pre-tax
 
Tax effect
 
After-tax
 
Pre-tax
 
Tax effect
 
After-tax
Unrealized gains/(losses) on investment securities:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
$
1,491

 
$
(365
)
 
$
1,126

 
$
(376
)
 
$
88

 
$
(288
)
Reclassification adjustment for realized (gains)/losses included in net income(a)
(44
)
 
11

 
(33
)
 
80

 
(19
)
 
61

Net change
1,447

 
(354
)
 
1,093

 
(296
)
 
69

 
(227
)
Translation adjustments(b):
 
 
 
 
 
 
 
 
 
 
 
Translation
123

 
72

 
195

 
(1,056
)
 
208

 
(848
)
Hedges
(128
)
 
32

 
(96
)
 
1,227

 
(291
)
 
936

Net change
(5
)
 
104

 
99

 
171

 
(83
)
 
88

Fair value hedges, net change(c):
112

 
(26
)
 
86

 
(89
)
 
21

 
(68
)
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
101

 
(24
)
 
77

 
(199
)
 
47

 
(152
)
Reclassification adjustment for realized (gains)/losses included in net income(d)
26

 
(6
)
 
20

 
(19
)
 
5

 
(14
)
Net change
127

 
(30
)
 
97

 
(218
)
 
52

 
(166
)
Defined benefit pension and OPEB plans:
 
 
 
 
 
 
 
 
 
 
 
Net gain/(loss) arising during the period
(1
)
 
—

 
(1
)
 
2

 
—

 
2

Reclassification adjustments included in net income(e):
 
 
 
 
 
 
 
 
 
 
 
Amortization of net loss
41

 
(7
)
 
34

 
26

 
(6
)
 
20

Amortization of prior service cost/(credit)
1

 
(1
)
 
—

 
(6
)
 
2

 
(4
)
Foreign exchange and other
9

 
(1
)
 
8

 
31

 
(11
)
 
20

Net change
50

 
(9
)
 
41

 
53

 
(15
)
 
38

DVA on fair value option elected liabilities, net change:
338

 
(82
)
 
256

 
340

 
(80
)
 
260

Total other comprehensive income/(loss)
$
2,069

 
$
(397
)
 
$
1,672

 
$
(39
)
 
$
(36
)
 
$
(75
)
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
2018
Six months ended June 30, (in millions)
Pre-tax
 
Tax effect
 
After-tax
 
Pre-tax
 
Tax effect
 
After-tax
Unrealized gains/(losses) on investment securities:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
$
3,366

 
$
(816
)
 
$
2,550

 
$
(2,234
)
 
$
525

 
$
(1,709
)
Reclassification adjustment for realized (gains)/losses included in net income(a)
(57
)
 
14

 
(43
)
 
325

 
(77
)
 
248

Net change
3,309

 
(802
)
 
2,507

 
(1,909
)
 
448

 
(1,461
)
Translation adjustments(b):
 
 
 
 
 
 
 
 
 
 
 
Translation
164

 
36

 
200

 
(667
)
 
143

 
(524
)
Hedges
(166
)
 
41

 
(125
)
 
838

 
(199
)
 
639

Net change
(2
)
 
77

 
75

 
171

 
(56
)
 
115

Fair value hedges, net change(c):
115

 
(27
)
 
88

 
(141
)
 
33

 
(108
)
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
242

 
(57
)
 
185

 
(243
)
 
58

 
(185
)
Reclassification adjustment for realized (gains)/losses included in net income(d)
65

 
(15
)
 
50

 
(71
)
 
17

 
(54
)
Net change
307

 
(72
)
 
235

 
(314
)
 
75

 
(239
)
Defined benefit pension and OPEB plans:
 
 
 
 
 
 
 
 
 
 
 
Net gain/(loss) arising during the period
2

 
(2
)
 
—

 
25

 
(6
)
 
19

Reclassification adjustments included in net income(e):
 
 
 
 
 
 
 
 
 
 
 
Amortization of net loss
83

 
(16
)
 
67

 
52

 
(12
)
 
40

Amortization of prior service cost/(credit)
2

 
(1
)
 
1

 
(12
)
 
3

 
(9
)
Foreign exchange and other
1

 
8

 
9

 
12

 
(3
)
 
9

Net change
88

 
(11
)
 
77

 
77

 
(18
)
 
59

DVA on fair value option elected liabilities, net change:
$
(469
)
 
$
108

 
$
(361
)
 
$
690

 
$
(163
)
 
$
527

Total other comprehensive income/(loss)
$
3,348

 
$
(727
)
 
$
2,621

 
$
(1,426
)
 
$
319

 
$
(1,107
)
(a)
The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.
(b)
Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the three and six months ended June 30, 2019, the Firm reclassified net pre-tax gains of $6 million to other income and $1 million to other expense, respectively. These amounts, which related to the liquidation of certain legal entities, are comprised of $5 million related to net investment hedge gains and $2 million related to cumulative translation adjustments. During the three and six months ended June 30, 2018, the Firm reclassified a net pre-tax loss of $174 million to other expense related to the liquidation of a legal entity, comprised of $23 million related to net investment hedge losses and $151 million related to cumulative translation adjustments.
(c)
Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross currency swap.
(d)
The pre-tax amounts are predominantly recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.
(e)
The pre-tax amount is reported in other expense in the Consolidated statements of income.


152

Note 20 – Restricted cash and other restricted
assets
For a detailed discussion of the Firm’s restricted cash and other restricted assets, refer to Note 25 of JPMorgan Chase’s 2018 Form 10-K.
Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.
The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.
The following table presents the components of the Firm’s restricted cash:
(in billions)
June 30,
2019

December 31, 2018

Cash reserves – Federal Reserve Banks
$
24.9

$
22.1

Segregated for the benefit of securities and futures brokerage customers
16.7

14.6

Cash reserves at non-U.S. central banks and held for other general purposes
3.9

4.1

Total restricted cash(a)
$
45.5

$
40.8

(a)
Comprises $44.2 billion and $39.6 billion in deposits with banks, and $1.3 billion and $1.2 billion in cash and due from banks on the Consolidated balance sheets as of June 30, 2019 and December 31, 2018, respectively.
Also, as of June 30, 2019 and December 31, 2018, the Firm had the following other restricted assets:
•
Cash and securities pledged with clearing organizations for the benefit of customers of $21.0 billion and $20.6 billion, respectively.
•
Securities with a fair value of $3.9 billion and $9.7 billion, respectively, were also restricted in relation to customer activity.


 
Note 21 – Regulatory capital
For a detailed discussion on regulatory capital, refer to Note 26 of JPMorgan Chase’s 2018 Form 10-K.
The Federal Reserve establishes capital requirements, including well-capitalized standards, for the consolidated financial holding company. The Office of the Comptroller of the Currency (“OCC”) establishes similar minimum capital requirements and standards for the Firm’s insured depository institutions (“IDI”), including JPMorgan Chase Bank, N.A.
Effective January 1, 2019, the capital adequacy of the Firm and its IDI subsidiaries is evaluated against the fully phased-in measures under Basel III and represents the lower of the Standardized or Advanced approaches. During 2018, the required capital measures were subject to the transitional rules and as of December 31, 2018 were the same on a fully phased-in and on a transitional basis.
Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1, Tier 1, Total, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. IDI subsidiaries are also subject to these capital requirements by their respective primary regulators.
The following table represents the minimum and well-capitalized ratios to which the Firm and its IDI subsidiaries were subject as of June 30, 2019.
 
Minimum capital ratios
 
Well-capitalized ratios
 
BHC(a)(e)(f)

IDI(b)(e)(f)

 
BHC(c) 
IDI(d)

Capital ratios
 
 
 
 
 
CET1
10.5
%
7.0
%
 
N/A
6.5
%
Tier 1
12.0

8.5

 
6.0
8.0

Total
14.0

10.5

 
10.0
10.0

Tier 1 leverage
4.0

4.0

 
N/A
5.0

SLR
5.0

6.0

 
N/A
6.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and its IDI subsidiaries are subject.
(a)
Represents the minimum capital ratios applicable to the Firm under Basel III. The CET1 minimum capital ratio includes a capital conservation buffer of 2.5% and GSIB surcharge of 3.5%.
(b)
Represents requirements for JPMorgan Chase’s IDI subsidiaries. The CET1 minimum capital ratio includes a capital conservation buffer of 2.5% that is applicable to the IDI subsidiaries. The IDI subsidiaries are not subject to the GSIB surcharge.
(c)
Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.
(d)
Represents requirements for IDI subsidiaries pursuant to regulations issued under the FDIC Improvement Act.
(e)
For the period ended December 31, 2018, the CET1, Tier 1, Total and Tier 1 leverage minimum capital ratios applicable to the Firm were 9.0%, 10.5%, 12.5%, and 4.0% and the CET1, Tier 1, Total and Tier 1 leverage minimum capital ratios applicable to the Firm’s IDI subsidiaries were 6.375%, 7.875%, 9.875%, and 4.0%, respectively.
(f)
Represents minimum SLR requirement of 3.0%, as well as, supplementary leverage buffers of 2.0% and 3.0% for BHC and IDI, respectively.

153

The following tables present the risk-based and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. under both the Basel III Standardized and Basel III Advanced Approaches. As of June 30, 2019 and December 31, 2018, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.

June 30, 2019
(in millions, except ratios)
Basel III Standardized Fully Phased-In
 
Basel III Advanced Fully Phased-In
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
 
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
Regulatory capital
 
 
 
 
 
CET1 capital
$
189,169

$
217,622

 
$
189,169

$
217,622

Tier 1 capital
215,808

217,622

 
215,808

217,622

Total capital
244,490

235,208

 
234,507

225,403

 
 
 
 
 
 
Assets
 
 
 
 
 
Risk-weighted
1,545,101

1,452,055

 
1,449,211

1,302,719

Adjusted average(a)
2,692,225

2,325,199

 
2,692,225

2,325,199

 
 
 
 
 
 
Capital ratios(b)
 
 
 
 
 
CET1
12.2
%
15.0
%
 
13.1
%
16.7
%
Tier 1
14.0

15.0

 
14.9

16.7

Total
15.8

16.2

 
16.2

17.3

Tier 1 leverage(c)
8.0

9.4

 
8.0

9.4

December 31, 2018
(in millions, except ratios)
Basel III Standardized Transitional
 
Basel III Advanced Transitional
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.(d)
 
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.(d)
Regulatory capital
 
 
 
 
 
CET1 capital
$
183,474

$
211,671

 
$
183,474

$
211,671

Tier 1 capital
209,093

211,671

 
209,093

211,671

Total capital
237,511

229,952

 
227,435

220,025

 
 
 
 
 
 
Assets
 
 
 
 
 
Risk-weighted
1,528,916

1,446,529

 
1,421,205

1,283,146

Adjusted average(a)
2,589,887

2,250,480

 
2,589,887

2,250,480

 
 
 
 
 
 
Capital ratios(b)
 
 
 
 
 
CET1
12.0
%
14.6
%
 
12.9
%
16.5
%
Tier 1
13.7

14.6

 
14.7

16.5

Total
15.5

15.9

 
16.0

17.1

Tier 1 leverage(c)
8.1

9.4

 
8.1

9.4

(a)
Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.
(b)
For each of the risk-based capital ratios, the capital adequacy of the Firm and its IDI subsidiaries is evaluated against the lower of the two ratios as calculated under Basel III approaches (Standardized or Advanced).
(c)
The Tier 1 leverage ratio is not a risk-based measure of capital.
(d)
On May 18, 2019, Chase Bank USA, N.A. merged with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A as the surviving entity. The December 31, 2018 amounts reported for JPMorgan Chase Bank, N.A. retrospectively reflect the impact of the merger.

 
June 30, 2019
 
December 31, 2018
 
Basel III Advanced Fully Phased-In
 
Basel III Advanced Fully Phased-In
(in millions, except ratios)
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
 
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.(a)
Total leverage exposure
$
3,367,154

$
2,984,420

 
$
3,269,988

$
2,915,541

SLR
6.4
%
7.3
%
 
6.4
%
7.3
%

(a)
On May 18, 2019, Chase Bank USA, N.A. merged with and into JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A as the surviving entity. The December 31, 2018 amounts reported for JPMorgan Chase Bank, N.A. retrospectively reflect the impact of the merger.

154

Note 22 – Off–balance sheet lending-related
financial instruments, guarantees, and other
commitments
JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees are refinanced, extended, cancelled, or expire without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. For a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies, refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K.
 
To provide for probable credit losses inherent in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments. The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at June 30, 2019, and December 31, 2018. The amounts in the table below for credit card and home equity lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower.

155

Off–balance sheet lending-related financial instruments, guarantees and other commitments


Contractual amount

Carrying value(g)

June 30, 2019

Dec 31,
2018


Jun 30,
2019

Dec 31,
2018

By remaining maturity
(in millions)
Expires in 1 year or less
Expires after
1 year through
3 years
Expires after
3 years through
5 years
Expires after 5 years
Total

Total



Lending-related
 
 
 
 
 
 
 
 
 
 
Consumer, excluding credit card:
 
 
 
 
 
 
 
 
 
 
Home equity
$
549

$
1,202

$
2,185

$
17,263

$
21,199

 
$
20,901

 
$
12

$
12

Residential mortgage(a)
9,477

—

—

12

9,489

 
5,481

 
—

—

Auto
7,694

962

95

45

8,796

 
8,011

 
2

2

Consumer & Business Banking
10,503

679

104

721

12,007

 
11,673

 
19

19

Total consumer, excluding credit card
28,223

2,843

2,384

18,041

51,491

 
46,066

 
33

33

Credit card
633,970

—

—

—

633,970

 
605,379

 
—

—

Total consumer(b)
662,193

2,843

2,384

18,041

685,461

 
651,445

 
33

33

Wholesale:
 
 
 
 
 
 
 
 
 
 
Other unfunded commitments to extend credit(c)
61,732

129,593

159,234

8,223

358,782

 
351,490

 
883

852

Standby letters of credit and other financial guarantees(c)
14,658

10,552

4,776

2,210

32,196

 
33,498

 
554

521

Other letters of credit(c)
3,066

220

37

—

3,323

 
2,825

 
3

3

Total wholesale(b)
79,456

140,365

164,047

10,433

394,301

 
387,813

 
1,440

1,376

Total lending-related
$
741,649

$
143,208

$
166,431

$
28,474

$
1,079,762

 
$
1,039,258

 
$
1,473

$
1,409

Other guarantees and commitments
 
 
 
 
 
 
 
 
 
 
Securities lending indemnification agreements and guarantees(d)
$
203,868

$
—

$
—

$
—

$
203,868

 
$
186,077

 
$
—

$
—

Derivatives qualifying as guarantees
1,594

135

12,394

40,509

54,632

 
55,271

 
228

367

Unsettled resale and securities borrowed agreements
113,218

875

71

—

114,164

 
102,008

 
—

—

Unsettled repurchase and securities loaned agreements
122,806

—

—

—

122,806

 
57,732

 
—

—

Loan sale and securitization-related indemnifications:
 
 
 
 
 
 
 
 
 
 
Mortgage repurchase liability
NA

NA

NA

NA

NA

 
NA

 
89

89

Loans sold with recourse
NA

NA

NA

NA

1,031

 
1,019

 
27

30

Exchange & clearing house guarantees and commitments(e)
164,784

—

—

—

164,784

 
58,960

 
—

—

Other guarantees and commitments(f)
4,505

2,931

1,537

2,749

11,722

 
8,183

 
(79
)
(73
)
(a)
Includes certain commitments to purchase loans from correspondents.
(b)
Predominantly all consumer and wholesale lending-related commitments are in the U.S.
(c)
At June 30, 2019, and December 31, 2018, reflected the contractual amount net of risk participations totaling $193 million and $282 million respectively, for other unfunded commitments to extend credit; $9.5 billion and $10.4 billion, respectively, for standby letters of credit and other financial guarantees; and $682 million and $385 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(d)
At June 30, 2019, and December 31, 2018, collateral held by the Firm in support of securities lending indemnification agreements was $214.6 billion and $195.6 billion, respectively. Securities lending collateral primarily consists of cash and securities issued by governments that are members of the G7 and U.S. government agencies.
(e)
At June 30, 2019, and December 31, 2018, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.
(f)
At June 30, 2019, and December 31, 2018, primarily includes letters of credit hedged by derivative transactions and managed on a market risk basis, and unfunded commitments related to institutional lending. Additionally, includes unfunded commitments predominantly related to certain tax-oriented equity investments.
(g)
For lending-related products, the carrying value represents the allowance for lending-related commitments and the guarantee liability; for derivative-related products, the carrying value represents the fair value.


156

Other unfunded commitments to extend credit
Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.
 
Standby letters of credit and other financial guarantees
Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade and similar transactions.
The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of June 30, 2019, and December 31, 2018.
Standby letters of credit, other financial guarantees and other letters of credit
 
June 30, 2019
 
December 31, 2018
(in millions)
Standby letters of
credit and other financial guarantees
 
Other letters
of credit
 
Standby letters of
credit and other financial guarantees
 
Other letters
of credit
Investment-grade(a)
$
25,041

 
$
2,181

 
$
26,420

 
$
2,079

Noninvestment-grade(a)
7,155

 
1,142

 
7,078

 
746

Total contractual amount
$
32,196

 
$
3,323

 
$
33,498

 
$
2,825

 
 
 
 
 
 
 
 
Allowance for lending-related commitments
$
210

 
$
3

 
$
167

 
$
3

Guarantee liability
344

 
—

 
354

 
—

Total carrying value
$
554

 
$
3

 
$
521

 
$
3

 
 
 
 
 
 
 
 
Commitments with collateral
$
17,373

 
$
768

 
$
17,400

 
$
583

(a)
The ratings scale is based on the Firm’s internal ratings which generally correspond to ratings as defined by S&P and Moody’s.
Derivatives qualifying as guarantees
The Firm transacts certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. For further information on these derivatives, refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K.
The following table summarizes the derivatives qualifying as guarantees as of June 30, 2019, and December 31, 2018.
(in millions)
June 30, 2019

 
December 31, 2018

Notional amounts
 
 
 
Derivative guarantees
$
54,632

 
$
55,271

Stable value contracts with contractually limited exposure
28,843

 
28,637

Maximum exposure of stable value contracts with contractually limited exposure
2,958

 
2,963

 
 
 
 
Fair value
 
 
 
Derivative payables
228

 
367

Derivative receivables
—

 
—



 
In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. For a further discussion of credit derivatives, refer to Note 4.
Loan sales- and securitization-related indemnifications
In connection with the Firm’s mortgage loan sale and securitization activities with GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm. Further, although the Firm’s securitizations are predominantly nonrecourse, the Firm does provide recourse servicing in certain limited cases where it agrees to share credit risk with the owner of the mortgage loans. For additional information, refer to Note 27 of JPMorgan Chase’s 2018 Form 10-K.
The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. For additional information regarding litigation, refer to Note 24 of this Form 10-Q and Note 29 of JPMorgan Chase’s 2018 Form 10-K.

157

Sponsored member repo program
In 2018 the Firm commenced the sponsored member repo program, wherein the Firm acts as a sponsoring member to clear eligible overnight resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these overnight guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house therefore the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 156. For additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements, refer to Note 11 of JPMorgan Chase’s 2018 Form 10-K.
Guarantees of subsidiaries
The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company. These guarantees, which rank on a parity with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 156 of this Note. For additional information, refer to Note 19 of JPMorgan Chase’s 2018 Form 10-K.

 
Note 23 – Pledged assets and collateral
For a discussion of the Firm’s pledged assets and collateral, refer to Note 28 of JPMorgan Chase’s 2018 Form 10-K.
Pledged assets
The Firm may pledge financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, pledged assets are used for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.
The following table presents the Firm’s pledged assets.
(in billions)
June 30, 2019

 
December 31, 2018

Assets that may be sold or repledged or otherwise used by secured parties
$
155.0

 
$
104.0

Assets that may not be sold or repledged or otherwise used by secured parties
93.6

 
83.7

Assets pledged at Federal Reserve banks and FHLBs
490.2

 
475.3

Total assets pledged
$
738.8

 
$
663.0


Total assets pledged do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. For additional information on the Firm’s securities financing activities, refer to Note 10. For additional information on the Firm’s long-term debt, refer to Note 19 of JPMorgan Chase’s 2018 Form 10-K.
Collateral
The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.
The following table presents the fair value of collateral accepted.
(in billions)
June 30, 2019

 
December 31, 2018

Collateral permitted to be sold or repledged, delivered, or otherwise used
$
1,319.2

 
$
1,245.3

Collateral sold, repledged, delivered or otherwise used
1,033.9

 
998.3

158

Note 24 – Litigation
Contingencies
As of June 30, 2019, the Firm and its subsidiaries and affiliates are defendants, putative defendants or respondents in numerous legal proceedings, including private, civil litigations and regulatory/government investigations. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.
The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.3 billion at June 30, 2019. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:
•
the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,
•
the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,
•
the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and
•
the attendant uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect.
In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly.
 
Set forth below are descriptions of the Firm’s material legal proceedings.
Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. FX-related investigations and inquiries by government authorities, including competition authorities, are ongoing, and the Firm is cooperating with and working to resolve those matters. In May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. In January 2017, the Firm was sentenced, with judgment entered thereafter and a term of probation ending in January 2020. The Department of Labor has granted the Firm a five-year exemption of disqualification that allows the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) until January 2023. The Firm will need to reapply in due course for a further exemption to cover the remainder of the ten-year disqualification period. In addition, the Firm has agreed to pay fines totaling $265 million in connection with the settlement of FX-related investigations conducted by the European Commission and the Swiss Competition Commission which were announced in May 2019 and June 2019, respectively. Separately, in February 2017 the South Africa Competition Commission referred its FX investigation of the Firm and other banks to the South Africa Competition Tribunal, which is conducting civil proceedings concerning that matter.
In August 2018, the United States District Court for the Southern District of New York granted final approval to the Firm’s settlement of a consolidated class action brought by U.S.-based plaintiffs, which principally alleged violations of federal antitrust laws based on an alleged conspiracy to manipulate foreign exchange rates and also sought damages on behalf of persons who transacted in FX futures and options on futures. Certain members of the settlement class filed requests to the Court to be excluded from the class, and certain of them filed a complaint against the Firm and a number of other foreign exchange dealers in November 2018 (the “opt-out action”). The two FX-related actions brought by participants or beneficiaries of qualified ERISA plans have been dismissed. Putative class actions on behalf of consumers who purchased foreign currencies at allegedly inflated rates (the “consumer action”) and purported indirect purchasers of FX instruments (the “indirect purchaser action”) remain pending in the District Court. In addition, some FX related individual and putative class actions have been filed outside the U.S.
General Motors Litigation. JPMorgan Chase Bank, N.A. participated in, and was the Administrative Agent on behalf of a syndicate of lenders on, a $1.5 billion syndicated Term Loan facility (“Term Loan”) for General Motors Corporation (“GM”). In July 2009, in connection with the GM bankruptcy

159

proceedings, the Official Committee of Unsecured Creditors of Motors Liquidation Company (“Creditors Committee”) filed a lawsuit against JPMorgan Chase Bank, N.A., in its individual capacity and as Administrative Agent for other lenders on the Term Loan, seeking to hold the underlying lien invalid based on the filing of a UCC-3 termination statement relating to the Term Loan. In January 2015, following several court proceedings, the United States Court of Appeals for the Second Circuit reversed the Bankruptcy Court’s dismissal of the Creditors Committee’s claim and remanded the case to the Bankruptcy Court with instructions to enter partial summary judgment for the Creditors Committee as to the termination statement. The proceedings in the Bankruptcy Court thereafter continued with respect to, among other things, additional defenses asserted by JPMorgan Chase Bank, N.A. and the value of additional collateral on the Term Loan that was unaffected by the filing of the termination statement at issue. In addition, certain Term Loan lenders filed cross-claims in the Bankruptcy Court against JPMorgan Chase Bank, N.A. seeking indemnification and asserting various claims. In April 2019, the parties finalized a settlement agreement to fully resolve the litigation, and the Bankruptcy Court approved that settlement in June 2019. In July 2019, the Bankruptcy Court issued orders dismissing with prejudice all claims filed against the Firm, including the cross-claims that were brought by certain Term Loan lenders.
Interchange Litigation. A group of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted respective rules in violation of antitrust laws. The parties settled the cases for a cash payment, a temporary reduction of credit card interchange, and modifications to certain credit card network rules. In December 2013, the District Court granted final approval of the settlement.
A number of merchants appealed the settlement to the United States Court of Appeals for the Second Circuit, which, in June 2016, vacated the District Court’s certification of the class action and reversed the approval of the class settlement. In March 2017, the U.S. Supreme Court declined petitions seeking review of the decision of the Court of Appeals. The case was remanded to the District Court for further proceedings consistent with the appellate decision. The original class action was divided into two separate actions, one seeking primarily monetary relief and the other seeking primarily injunctive relief. In September 2018, the parties to the class action seeking monetary relief finalized an agreement which amends and supersedes the prior settlement agreement, and the plaintiffs filed a motion seeking preliminary approval of the modified settlement. Pursuant to this settlement, the defendants have collectively contributed an additional $900 million to the approximately $5.3 billion previously held in escrow from the original settlement. In January 2019, the amended agreement was preliminarily approved by the
 
District Court, and formal notice of the class settlement is proceeding in accordance with the District Court’s order. The class action seeking primarily injunctive relief continues separately.
In addition, certain merchants have filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks, and those actions are proceeding.
LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has received subpoenas and requests for documents and, in some cases, interviews, from federal and state agencies and entities, including the U.S. Commodity Futures Trading Commission and various state attorneys general, as well as the European Commission (“EC”), the Swiss Competition Commission (“ComCo”) and other regulatory authorities and banking associations around the world relating primarily to the process by which interest rates were submitted to the British Bankers Association (“BBA”) in connection with the setting of the BBA’s London Interbank Offered Rate (“LIBOR”) for various currencies, principally in 2007 and 2008. Some of the inquiries also relate to similar processes by which information on rates was submitted to the European Banking Federation (“EBF”) in connection with the setting of the EBF’s Euro Interbank Offered Rate (“EURIBOR”). The Firm continues to cooperate with these investigations to the extent that they are ongoing. ComCo’s investigation relating to EURIBOR, to which the Firm and other banks are subject, continues. In December 2016, the EC issued a decision against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. The Firm has filed an appeal of that decision with the European General Court, and that appeal is pending.
In addition, the Firm has been named as a defendant along with other banks in a series of individual and putative class actions related to benchmarks, including U.S. dollar LIBOR during the period that it was administered by the BBA and, in a separate consolidated putative class action, during the period that it was administered by ICE Benchmark Administration. These actions have been filed, or consolidated for pre-trial purposes, in the United States District Court for the Southern District of New York. In these actions, plaintiffs make varying allegations that in various periods, starting in 2000 or later, defendants either individually or collectively manipulated various benchmark rates by submitting rates that were artificially low or high. Plaintiffs allege that they transacted in loans, derivatives or other financial instruments whose values are affected by changes in these rates and assert a variety of claims including antitrust claims seeking treble damages. These actions are in various stages of litigation.
In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the District Court dismissed certain claims, including antitrust claims brought by some plaintiffs whom the District Court found did not have

160

standing to assert such claims, and permitted certain claims to proceed, including antitrust, Commodity Exchange Act, Section 10(b) of the Securities Exchange Act and common law claims. The plaintiffs whose antitrust claims were dismissed for lack of standing have filed an appeal. The District Court granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants and denied class certification motions filed by other plaintiffs. The Firm has agreed to settle putative class actions related to Swiss franc LIBOR, the Singapore Interbank Offered Rate, the Singapore Swap Offer Rate and the Australian Bank Bill Swap Reference Rate, as well as certain of the putative class actions related to U.S. dollar LIBOR. The District Court declined to grant preliminary approval to the settlement involving the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate after concluding that plaintiffs lacked standing and dismissing the litigation. The remaining settlements are all subject to further documentation and court approval. The Firm has also settled the putative class action related to EURIBOR, and the Court has granted final approval of that settlement.
Metals Investigations and Litigation. Various authorities, including the Department of Justice’s Criminal Division, are conducting investigations relating to trading practices in the metals markets and related conduct. The Firm is responding to and cooperating with these investigations. Several putative class action complaints have been filed in the United States District Court for the Southern District of New York against the Firm and certain current and former employees, alleging a precious metals futures and options price manipulation scheme in violation of the Commodity Exchange Act. Some of the complaints also allege unjust enrichment and deceptive acts or practices under the General Business Law of the State of New York. The Court consolidated these putative class actions in February 2019. The Firm is also a defendant in a consolidated action filed in the United States District Court for the Southern District of New York alleging monopolization of silver futures in violation of the Sherman Act.
Wendel. Since 2012, the French criminal authorities have been investigating a series of transactions entered into by senior managers of Wendel Investissement (“Wendel”) during the period from 2004 through 2007 to restructure their shareholdings in Wendel. JPMorgan Chase Bank, N.A., Paris branch provided financing for the transactions to a number of managers of Wendel in 2007. JPMorgan Chase has cooperated with the investigation. The investigating judges issued an ordonnance de renvoi in November 2016, referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel for alleged complicity in tax fraud. No date for trial has been set by the court. In January 2018, the Paris Court of Appeal issued a decision cancelling the mise en examen of JPMorgan Chase Bank, N.A. In September 2018, the Court of Cassation, France’s highest court, ruled that a mise en examen is a prerequisite for an ordonnance de renvoi and remanded the case to the Court of Appeal. In
 
June 2019, the Court of Appeal declined to annul the ordonnance de renvoi referring JPMorgan Chase Bank, N.A. to the French tribunal correctionnel, and the Firm has reapplied to the Court of Cassation for a determination as to whether the Court of Appeal’s decision is consistent with the Court of Cassation’s September 2018 ruling. Any further actions in the criminal proceedings are stayed pending the outcome of that application. In addition, a number of the managers have commenced civil proceedings against JPMorgan Chase Bank, N.A. The claims are separate, involve different allegations and are at various stages of proceedings.
* * *
In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.
The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upwards or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense/(benefit) was $69 million and $0 million for the three months ended June 30, 2019 and 2018, respectively, and $(12) million and $70 million for the six months ended June 30, 2019 and 2018, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.
In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will

161

not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period.


162

Note 25 – Business segments
The Firm is managed on a line of business basis. There are four major reportable business segments - Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. For a further discussion concerning JPMorgan Chase’s business segments, refer to Segment results below, and Note 31 of JPMorgan Chase’s 2018 Form 10-K.
Segment results
The following tables provide a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2019 and 2018, on a managed basis. The Firm’s
 
definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. For additional information on the Firm’s managed basis, refer to Note 31 of JPMorgan Chase’s 2018 Form 10-K.
Business segment capital allocation
The amount of capital assigned to each business is referred to as equity. On at least an annual basis, the assumptions and methodologies used in capital allocation are assessed and as a result, the capital allocated to lines of business may change. For additional information on business segment capital allocation, refer to Line of business equity on page 91 of JPMorgan Chase’s 2018 Form 10-K.

Segment results and reconciliation(a)
As of or for the three months ended June 30,
(in millions, except ratios)
Consumer &
Community Banking
 
Corporate &
Investment Bank
 
Commercial Banking
 
Asset & Wealth Management
2019

2018

 
2019

2018

 
2019

2018

 
2019

2018

Noninterest revenue
$
4,440

$
3,748

 
$
7,483

$
7,532

 
$
549

$
633

 
$
2,683

$
2,687

Net interest income
9,393

8,749

 
2,158

2,391

 
1,662

1,683

 
876

885

Total net revenue
13,833

12,497

 
9,641

9,923

 
2,211

2,316

 
3,559

3,572

Provision for credit losses
1,120

1,108

 
—

58

 
29

43

 
2

2

Noninterest expense
7,162

6,879

 
5,487

5,403

 
864

844

 
2,596

2,566

Income before income tax expense
5,551

4,510

 
4,154

4,462

 
1,318

1,429

 
961

1,004

Income tax expense
1,377

1,098

 
1,219

1,264

 
322

342

 
242

249

Net income
$
4,174

$
3,412

 
$
2,935

$
3,198

 
$
996

$
1,087

 
$
719

$
755

Average equity
$
52,000

$
51,000

 
$
80,000

$
70,000

 
$
22,000

$
20,000

 
$
10,500

$
9,000

Total assets
550,690

552,674

 
962,498

908,954

 
220,712

220,232

 
172,149

161,474

ROE
31
%
26
%
 
14
%
17
%
 
17
%
21
%
 
27
%
33
%
Overhead ratio
52

55

 
57

54

 
39

36

 
73

72

As of or for the three months ended June 30,
(in millions, except ratios)
Corporate
 
Reconciling Items(a)
 
Total
2019

2018

 
2019

2018

 
2019

2018

Noninterest revenue
$
(125
)
$
142

 
$
(596
)
$
(474
)
 
$
14,434

$
14,268

Net interest income
447

(62
)
 
(138
)
(161
)
 
14,398

13,485

Total net revenue
322

80

 
(734
)
(635
)
 
28,832

27,753

Provision for credit losses
(2
)
(1
)
 
—

—

 
1,149

1,210

Noninterest expense
232

279

 
—

—

 
16,341

15,971

Income/(loss) before income tax expense/(benefit)
92

(198
)
 
(734
)
(635
)
 
11,342

10,572

Income tax expense/(benefit)
(736
)
(62
)
 
(734
)
(635
)
 
1,690

2,256

Net income/(loss)
$
828

$
(136
)
 
$
—

$
—

 
$
9,652

$
8,316

Average equity
$
68,526

$
78,901

 
$
—

$
—

 
$
233,026

$
228,901

Total assets
821,330

746,716

 
NA

NA

 
2,727,379

2,590,050

ROE
NM

NM

 
NM

NM

 
16
%
14
%
Overhead ratio
NM

NM

 
NM

NM

 
57

58


(a)
Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.








163

Segment results and reconciliation(a)
As of or for the six months ended June 30,
(in millions, except ratios)
Consumer &
Community Banking
 
Corporate &
Investment Bank
 
Commercial Banking
 
Asset & Wealth Management
2019

2018

 
2019

2018

 
2019

2018

 
2019

2018

Noninterest revenue
$
8,773

$
7,887

 
$
15,146

$
15,449

 
$
1,207

$
1,182

 
$
5,276

$
5,317

Net interest income
18,811

17,207

 
4,343

4,957

 
3,342

3,300

 
1,772

1,761

Total net revenue
27,584

25,094

 
19,489

20,406

 
4,549

4,482

 
7,048

7,078

Provision for credit losses
2,434

2,425

 
87

(100
)
 
119

38

 
4

17

Noninterest expense
14,373

13,788

 
10,940

11,062

 
1,737

1,688

 
5,243

5,147

Income before income tax expense
10,777

8,881

 
8,462

9,444

 
2,693

2,756

 
1,801

1,914

Income tax expense
2,640

2,143

 
2,276

2,272

 
644

644

 
421

389

Net income
$
8,137

$
6,738

 
$
6,186

$
7,172

 
$
2,049

$
2,112

 
$
1,380

$
1,525

Average equity
$
52,000

$
51,000

 
$
80,000

$
70,000

 
$
22,000

$
20,000

 
$
10,500

$
9,000

Total assets
550,690

552,674

 
962,498

908,954

 
220,712

220,232

 
172,149

161,474

Return on equity
31
%
26
%
 
15
%
20
%
 
18
%
20
%
 
26
%
33
%
Overhead ratio
52

55

 
56

54

 
38

38

 
74

73

As of or for the six months ended June 30,
(in millions, except ratios)
Corporate
 
Reconciling Items(a)
 
Total
2019

2018

 
2019

2018

 
2019

2018

Noninterest revenue
$
(117
)
$
(43
)
 
$
(1,181
)
$
(929
)
 
$
29,104

$
28,863

Net interest income
864

(109
)
 
(281
)
(319
)
 
28,851

26,797

Total net revenue
747

(152
)
 
(1,462
)
(1,248
)
 
57,955

55,660

Provision for credit losses
—

(5
)
 
—

—

 
2,644

2,375

Noninterest expense
443

366

 
—

—

 
32,736

32,051

Income/(loss) before income tax expense/(benefit)
304

(513
)
 
(1,462
)
(1,248
)
 
22,575

21,234

Income tax expense/(benefit)
(775
)
6

 
(1,462
)
(1,248
)
 
3,744

4,206

Net income/(loss)
$
1,079

$
(519
)
 
$
—

$
—

 
$
18,831

$
17,028

Average equity
$
67,047

$
78,261

 
$
—

$
—

 
$
231,547

$
228,261

Total assets
821,330

746,716

 
NA

NA

 
2,727,379

2,590,050

Return on equity
NM

NM

 
NM

NM

 
16
%
14
%
Overhead ratio
NM

NM

 
NM

NM

 
56

58

(a)
Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.


164

pwclogobwaa04.jpg
Report of Independent Registered Public Accounting Firm


To the Board of Directors and Shareholders of JPMorgan Chase & Co.:
Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of June 30, 2019, and the related consolidated statements of income, comprehensive income, and changes in stockholders’ equity for the three-month and six-month periods ended June 30, 2019 and 2018 and the consolidated statements of cash flows for the six-month periods ended June 30, 2019 and 2018, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2018, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and of cash flows for the year then ended (not presented herein), and in our report dated February 26, 2019, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2018, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

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

pwcsig2q2019.jpg
August 5, 2019
























PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

165

JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
 
 
 
 
 
Three months ended June 30, 2019
 
Three months ended June 30, 2018
 
Average
balance
Interest(g)
 
Rate
(annualized)
 
Average
balance
Interest(g)
 
Rate
(annualized)
Assets
 
 
 
 
 
 
 
 
 
 
 
Deposits with banks
$
289,838

$
1,132

 
1.57
%
 
 
$
425,942

$
1,543

 
1.45
 
Federal funds sold and securities purchased under resale agreements
288,781

1,676

 
2.33

 
 
205,001

807

 
1.58
 
Securities borrowed(a)
126,157

467

 
1.48

 
 
112,464

190


0.68
 
Trading assets – debt instruments(a)
351,716

2,927

 
3.34

 
 
240,254

2,127

 
3.55
 
Taxable securities
244,814

1,875

 
3.07

 
 
189,419

1,383

 
2.93
 
Nontaxable securities(b)
36,418

422

 
4.65

 
 
42,588

494

 
4.65
 
Total investment securities
281,232

2,297

 
3.28

(h) 
 
232,007

1,877

 
3.24
(h) 
Loans
954,854

12,770

 
5.36

 
 
939,675

11,680

 
4.99
 
All other interest-earning assets(a)(c)
46,516

472

 
4.07

 
 
50,662

503

 
3.99
 
Total interest-earning assets(a)
2,339,094

21,741

 
3.73

 
 
2,206,005

18,727

 
3.40
 
Allowance for loan losses
(13,428
)
 
 
 
 
 
(13,223
)
 
 
 
 
Cash and due from banks
20,651

 
 
 
 
 
22,050

 
 
 
 
Trading assets – equity and other instruments(a)
120,545

 
 
 
 
 
128,414

 
 
 
 
Trading assets – derivative receivables
52,659

 
 
 
 
 
60,978

 
 
 
 
Goodwill, MSRs and other intangible assets
54,144

 
 
 
 
 
54,616

 
 
 
 
Other assets
165,390

 
 
 
 
 
154,129

 
 
 
 
Total assets
$
2,739,055

 
 
 
 
 
$
2,612,969

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits(a)
$
1,104,051

$
2,413

 
0.88
%
 
 
$
1,044,738

$
1,340

 
0.51
 
Federal funds purchased and securities loaned or sold under repurchase agreements
227,313

1,226

 
2.16

 
 
192,136

759

 
1.58
 
Short-term borrowings(a)(d)
58,262

363

 
2.49

 
 
53,016

260

 
1.97
 
Trading liabilities – debt and all other interest-bearing
liabilities(a)(e)(f)
191,655

762

 
1.60

 
 
180,541

598

 
1.33
 
Beneficial interests issued by consolidated VIEs
26,713

175

 
2.63

 
 
20,906

121

 
2.33
 
Long-term debt(a)
246,053

2,266

 
3.69

 
 
242,913

2,003

 
3.31
 
Total interest-bearing liabilities(a)
1,854,047

7,205

 
1.56

 
 
1,734,250

5,081

 
1.17
 
Noninterest-bearing deposits(a)
408,243

 
 
 
 
 
415,757

 
 
 
 
Trading liabilities – equity and other instruments(a)(f)
30,170

 
 
 
 
 
34,931

 
 
 
 
Trading liabilities – derivative payables
40,233

 
 
 
 
 
42,168

 
 
 
 
All other liabilities, including the allowance for lending-related commitments(a)
146,343

 
 
 
 
 
130,894

 
 
 
 
Total liabilities
2,479,036

 
 
 
 
 
2,358,000

 
 
 
 
Stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
26,993

 
 
 
 
 
26,068

 
 
 
 
Common stockholders’ equity
233,026

 
 
 
 
 
228,901

 
 
 
 
Total stockholders’ equity
260,019

 
 
 
 
 
254,969

 
 
 
 
Total liabilities and stockholders’ equity
$
2,739,055

 
 
 
 
 
$
2,612,969

 
 
 
 
Interest rate spread(a)
 
 
 
2.17
%
 
 
 
 
 
2.23
 
Net interest income and net yield on interest-earning assets(a)
 
$
14,536

 
2.49

 
 
 
$
13,646

 
2.48
 
(a)
In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related held-for-investment customer receivables and payables that are currently presented as a single margin account on the balance sheet. In addition, the Firm reclassified balances related to certain instruments and structured notes from interest-earning/bearing to noninterest-earning/bearing assets and liabilities as the associated returns are recorded in principal transactions revenue and not in net interest income. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.
(b)
Represents securities which are tax-exempt for U.S. federal income tax purposes.
(c)
Includes prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.
(d)
Includes commercial paper
(e)
Other interest-bearing liabilities include prime brokerage-related customer payables.
(f)
The combined balance of trading liabilities – debt and equity instruments was $111.0 billion each for the three months ended June 30, 2019 and 2018, respectively.
(g)
Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(h)
The annualized rate for securities based on amortized cost was 3.32% and 3.27% for the three months ended June 30, 2019 and 2018, respectively, and does not give effect to changes in fair value that are reflected in AOCI.


166

JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
 
 
 
 
 
Six months ended June 30, 2019
 
Six months ended June 30, 2018
 
Average
balance
Interest(g)
 
Rate
(annualized)
 
Average
balance
Interest(g)
 
Rate
(annualized)
Assets
 
 
 
 
 
 
 
 
 
 
 
Deposits with banks
$
290,058

$
2,302

 
1.60
%
 
 
$
424,880

$
2,864

 
1.36
 
Federal funds sold and securities purchased under resale agreements
288,631

3,323

 
2.32

 
 
201,700

1,538

 
1.54
 
Securities borrowed(a)
124,820

864

 
1.40

 
 
111,106

301

 
0.55
 
Trading assets – debt instruments(a)
337,209

5,709

 
3.41

 
 
240,062

4,245

 
3.57
 
Taxable securities
232,880

3,580

 
3.10

 
 
192,511

2,696

 
2.82
 
Nontaxable securities(b)
37,496

875

 
4.71

 
 
43,348

1,004

 
4.67
 
Total investment securities
270,376

4,455

 
3.32

(h) 
 
235,859

3,700

 
3.16
(h) 
Loans
961,400

25,690

 
5.39

 
 
933,148

22,797

 
4.93
 
All other interest-earning assets(a)(c)
46,611

930

 
4.03

 
 
49,920

934

 
3.77
 
Total interest-earning assets(a)
2,319,105

43,273

 
3.76

 
 
2,196,675

36,379

 
3.34
 
Allowance for loan losses
(13,480
)
 
 
 
 
 
(13,352
)
 
 
 
 
Cash and due from banks
21,052

 
 
 
 
 
22,111

 
 
 
 
Trading assets – equity and other instruments(a)
114,605

 
 
 
 
 
126,149

 
 
 
 
Trading assets – derivative receivables
52,591

 
 
 
 
 
60,737

 
 
 
 
Goodwill, MSRs and other intangible assets
54,222

 
 
 
 
 
54,659

 
 
 
 
Other assets
163,940

 
 
 
 
 
152,602

 
 
 
 
Total assets
$
2,712,035

 
 
 
 
 
$
2,599,581

 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing deposits(a)
$
1,092,228

$
4,601

 
0.85
%
 
 
$
1,038,502

$
2,400

 
0.47
 
Federal funds purchased and securities loaned or sold under repurchase agreements
218,240

2,336

 
2.16

 
 
194,113

1,337

 
1.39
 
Short-term borrowings(a)(d)
62,643

790

 
2.54

 
 
50,622

469

 
1.87
 
Trading liabilities – debt and all other interest-bearing liabilities(a)(e)(f)
187,590

1,481

 
1.59

 
 
175,754

1,057

 
1.21
 
Beneficial interests issued by consolidated VIEs
24,782

325

 
2.64

 
 
22,226

244

 
2.22
 
Long-term debt(a)
247,171

4,608

 
3.76

 
 
245,541

3,756

 
3.08
 
Total interest-bearing liabilities(a)
1,832,654

14,141

 
1.56

 
 
1,726,758

9,263

 
1.08
 
Noninterest-bearing deposits(a)
403,880

 
 
 
 
 
414,790

 
 
 
 
Trading liabilities – equity and other instruments(a)(f)
32,440

 
 
 
 
 
32,084

 
 
 
 
Trading liabilities – derivative payables
39,902

 
 
 
 
 
41,958

 
 
 
 
All other liabilities, including the allowance for lending-related commitments(a)
144,553

 
 
 
 
 
129,662

 
 
 
 
Total liabilities
2,453,429

 
 
 
 
 
2,345,252

 
 
 
 
Stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
27,059

 
 
 
 
 
26,068

 
 
 
 
Common stockholders’ equity
231,547

 
 
 
 
 
228,261

 
 
 
 
Total stockholders’ equity
258,606

 
 
 
 
 
254,329

 
 
 
 
Total liabilities and stockholders’ equity
$
2,712,035

 
 
 
 
 
$
2,599,581

 
 
 
 
Interest rate spread(a)
 
 
 
2.20
%
 
 
 
 
 
2.26
 
Net interest income and net yield on interest-earning assets(a)
 
$
29,132

 
2.53

 
 
 
$
27,116

 
2.49
 
(a)
In the second quarter of 2019, the Firm implemented certain presentation changes that impacted interest income and interest expense, but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related held-for-investment customer receivables and payables that are currently presented as a single margin account on the balance sheet. In addition, the Firm reclassified balances related to certain instruments and structured notes from interest-earning/bearing to noninterest-earning/bearing assets and liabilities as the associated returns are recorded in principal transactions revenue and not in net interest income. These changes were applied retrospectively and, accordingly, prior period amounts were revised to conform with the current presentation.
(b)
Represents securities which are tax-exempt for U.S. federal income tax purposes.
(c)
Includes prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.
(d)
Includes commercial paper
(e)
Other interest-bearing liabilities include prime brokerage-related customer payables.
(f)
The combined balance of trading liabilities – debt and equity instruments were $109.0 billion and $104.5 billion for the six months ended June 30, 2019 and 2018, respectively.
(g)
Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(h)
The annualized rate for securities based on amortized cost was 3.36% and 3.19% for the six months ended June 30, 2019 and 2018, respectively, and does not give effect to changes in fair value that are reflected in AOCI.


167

GLOSSARY OF TERMS AND ACRONYMS
2018 Form 10-K: Annual report on Form 10-K for year ended December 31, 2018, filed with the U.S. Securities and Exchange Commission.
ABS: Asset-backed securities
Active foreclosures: Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.
AFS: Available-for-sale
Allowance for loan losses to total retained loans: represents period-end allowance for loan losses divided by retained loans.
AOCI: Accumulated other comprehensive income/(loss)
ARM(s): Adjustable rate mortgage(s)
AWM: Asset & Wealth Management
Beneficial interests issued by consolidated VIEs: represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorgan Chase consolidates.
Benefit obligation: refers to the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for OPEB plans.
BHC: Bank holding company
CB: Commercial Banking
CBB: Consumer & Business Banking
CCAR: Comprehensive Capital Analysis and Review
CCB: Consumer & Community Banking
CDS: Credit default swaps
CEO: Chief Executive Officer
CET1 Capital: Common equity Tier 1 Capital
CFTC: Commodity Futures Trading Commission
CFO: Chief Financial Officer
Chase Bank USA, N.A.: Chase Bank USA, National Association
CIB: Corporate & Investment Bank
CIO: Chief Investment Office
Client deposits and other third-party liabilities: Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.
CLTV: Combined loan-to-value
Collateral-dependent: A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided solely by the underlying collateral, rather than by cash flows from the borrower’s operations, income or other resources.
Commercial Card: provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense
 
management services, and business-to-business payment solutions.
Core loans: represents loans central to the Firm’s ongoing businesses; core loans excludes loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.
Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.
Criticized: Criticized loans, lending-related commitments and derivative receivables that are classified as special mention, substandard and doubtful categories for regulatory purposes and are generally consistent with a rating of CCC+/Caa1 and below, as defined by S&P and Moody’s.
CRO: Chief Risk Officer
CVA: Credit valuation adjustment
DVA: Debit valuation adjustment
EC: European Commission
Eligible LTD: Long-term debt satisfying certain eligibility criteria
Embedded derivatives: are implicit or explicit terms or features of a financial instrument that affect some or all of the cash flows or the value of the instrument in a manner similar to a derivative. An instrument containing such terms or features is referred to as a “hybrid.” The component of the hybrid that is the non-derivative instrument is referred to as the “host.” For example, callable debt is a hybrid instrument that contains a plain vanilla debt instrument (i.e., the host) and an embedded option that allows the issuer to redeem the debt issue at a specified date for a specified amount (i.e., the embedded derivative). However, a floating rate instrument is not a hybrid composed of a fixed-rate instrument and an interest rate swap.
ERISA: Employee Retirement Income Security Act of 1974
EPS: Earnings per share
Exchange-traded derivatives: Derivative contracts that are executed on an exchange and settled via a central clearing house.
Fannie Mae: Federal National Mortgage Association
FASB: Financial Accounting Standards Board

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FCA: Financial Conduct Authority
FDIC: Federal Deposit Insurance Corporation
Federal Reserve: The Board of the Governors of the Federal Reserve System
FFIEC: Federal Financial Institutions Examination Council
FHA: Federal Housing Administration
FHLB: Federal Home Loan Bank
FICO score: A measure of consumer credit risk based on information in consumer credit reports produced by Fair Isaac Corporation. Because certain aged data is excluded from credit reports based on rules in the Fair Credit Reporting Act, FICO scores may not reflect all historical information about a consumer.
Firm: JPMorgan Chase & Co.
Forward points: represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., “spot rate”) to determine the forward exchange rate.
Freddie Mac: Federal Home Loan Mortgage Corporation
Free-standing derivatives: is a derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other transaction and is legally detachable and separately exercisable.
FTE: Fully taxable-equivalent
FVA: Funding valuation adjustment
FX: Foreign exchange
G7: “Group of Seven nations”: Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.
G7 government securities: Securities issued by the government of one of the G7 nations.
Ginnie Mae: Government National Mortgage Association
GSE: Fannie Mae and Freddie Mac
GSIB: Global systemically important banks
HELOAN: Home equity loan
HELOC: Home equity line of credit
Home equity – senior lien: represents loans and commitments where JPMorgan Chase holds the first security interest on the property.
Home equity – junior lien: represents loans and commitments where JPMorgan Chase holds a security interest that is subordinate in rank to other liens.
HQLA: High-quality liquid assets
HTM: Held-to-maturity
IDI: Insured depository institutions
IHC: JPMorgan Chase Holdings LLC, an intermediate holding company
Impaired loan: Impaired loans are loans measured at amortized cost, for which it is probable that the Firm will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the agreement. Impaired loans include the following:
 
•
All wholesale nonaccrual loans
•
All TDRs (both wholesale and consumer), including ones that have returned to accrual status
IPO: Initial public offering
Investment-grade: An indication of credit quality based on JPMorgan Chase’s internal risk assessment system. “Investment grade” generally represents a risk profile similar to a rating of a “BBB-”/“Baa3” or better, as defined by independent rating agencies.
IR: Interest rate
ISDA: International Swaps and Derivatives Association
JPMorgan Chase: JPMorgan Chase & Co.
JPMorgan Chase Bank, N.A.: JPMorgan Chase Bank, National Association
J.P. Morgan Securities: J.P. Morgan Securities LLC
LCR: Liquidity coverage ratio
LGD: Loss given default
LIBOR: London Interbank Offered Rate
LLC: Limited Liability Company
LOB: Line of business
Loss emergence period: represents the time period between the date at which the loss is estimated to have been incurred and the ultimate realization of that loss.
LTV: “Loan-to-value ratio”: For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral (i.e., residential real estate) securing the loan.
Origination date LTV ratio
The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.
Current estimated LTV ratio
An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.
Combined LTV ratio
The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.
Managed basis: A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational

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performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.
Master netting agreement: A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
MBS: Mortgage-backed securities
MD&A: Management’s discussion and analysis
Moody’s: Moody’s Investor Services
Mortgage product types:
Alt-A
Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) a high CLTV ratio; (iii) loans secured by non-owner occupied properties; or (iv) a debt-to-income ratio above normal limits. A substantial proportion of the Firm’s Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.
Option ARMs
The option ARM real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate is usually significantly below the fully indexed rate. The fully indexed rate is calculated using an index rate plus a margin. Once the introductory period ends, the contractual interest rate charged on the loan increases to the fully indexed rate and adjusts monthly to reflect movements in the index. The minimum payment is typically insufficient to cover interest accrued in the prior month, and any unpaid interest is deferred and added to the principal balance of the loan. Option ARM loans are subject to payment recast, which converts the loan to a variable-rate fully amortizing loan upon meeting specified loan balance and anniversary date triggers.
Prime
Prime mortgage loans are made to borrowers with good credit records who meet specific underwriting requirements, including prescriptive requirements related to income and overall debt levels. New prime mortgage borrowers provide full documentation and generally have reliable payment histories.
Subprime
 
Subprime loans are loans that, prior to mid-2008, were offered to certain customers with one or more high risk characteristics, including but not limited to: (i) unreliable or poor payment histories; (ii) a high LTV ratio of greater than 80% (without borrower-paid mortgage insurance); (iii) a high debt-to-income ratio; (iv) an occupancy type for the loan is other than the borrower’s primary residence; or (v) a history of delinquencies or late payments on the loan.
MSA: Metropolitan statistical areas
MSR: Mortgage servicing rights
NA: Data is not applicable or available for the period presented.
Net Capital Rule: Rule 15c3-1 under the Securities Exchange Act of 1934.
Net charge-off/(recovery) rate: represents net charge-offs/(recoveries) (annualized) divided by average retained loans for the reporting period.
Net interchange income includes the following components:
•
Interchange income: Fees earned by credit and debit card issuers on sales transactions.
•
Rewards costs: The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs.
•
Partner payments: Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.
Net yield on interest-earning assets: The average rate for interest-earning assets less the average rate paid for all sources of funds.
NM: Not meaningful
Nonaccrual loans: Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically maintained on nonaccrual status.
Nonperforming assets: Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income/(loss)
OPEB: Other postretirement employee benefit
OTC: “Over-the-counter derivatives”: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties is a derivatives dealer.
OTC cleared: “Over-the-counter cleared derivatives”: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing

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house, such that each derivative counterparty is only exposed to the default of that clearing house.
OTTI: Other-than-temporary impairment
Overhead ratio: Noninterest expense as a percentage of total net revenue.
Parent Company: JPMorgan Chase & Co.
Participating securities: represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorgan Chase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.
PCI: “Purchased credit-impaired” loans represents certain loans that were acquired and deemed to be credit-impaired on the acquisition date in accordance with the guidance of the FASB. The guidance allows purchasers to aggregate credit-impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics (e.g., product type, LTV ratios, FICO scores, past due status, geographic location). A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows.
PD: Probability of default
PRA: Prudential Regulation Authority
Pre-provision profit/(loss): represents total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
Principal transactions revenue: Principal transactions revenue is driven by many factors, including the bid-offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument. It also consists of realized (as a result of closing out or termination of transactions, or interim cash payments) and unrealized (as a result of changes in valuation) gains and losses on financial and other instruments (including those accounted for under the fair value option) primarily used in client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign
 
exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk, and (c) other derivatives.
PSU(s): Performance share units
Receivables from customers: primarily represents prime brokerage-related held-for-investment customer receivables from brokerage customers that are collateralized through assets maintained in the clients’ brokerage accounts, as such no allowance is held against these receivables. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.
Regulatory VaR: Daily aggregated VaR calculated in accordance with regulatory rules.
REO: Real estate owned
Reported basis: Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.
Retained loans: Loans that are held-for-investment (i.e. excludes loans held-for-sale and loans at fair value).
Revenue wallet: Total fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan syndications. Source: Dealogic, a third-party provider of investment banking competitive analysis and volume based league tables for the above noted industry products.
RHS: Rural Housing Service of the U.S. Department of Agriculture
ROE: Return on equity
ROTCE: Return on tangible common equity
ROU assets: Right-of-use assets
RSU(s): Restricted stock units
RWA: “Risk-weighted assets”: Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Basel III Advanced, also operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Basel III Advanced, credit risk RWA is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters, whereas for Basel III Standardized, credit risk RWA is generally based on supervisory risk-weightings which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized and Basel III Advanced.
S&P: Standard and Poors
SAR(s): Stock appreciation rights
SEC: U.S. Securities and Exchange Commission
Seed capital: Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are

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achieved, the intent is to remove the Firm’s capital from the investment.
Single-name: Single reference-entities
SLR: Supplementary leverage ratio
SMBS: Stripped mortgage-backed securities
SPEs: Special purpose entities
Structural interest rate risk: represents interest rate risk of the non-trading assets and liabilities of the Firm.
Structured notes: Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, or other market variables. The notes typically contain embedded (but not separable or detachable) derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.
Suspended foreclosures: Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.
Taxable-equivalent basis: In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.
TBVPS: Tangible book value per share
TCE: Tangible common equity
TDR: “Troubled debt restructuring” is deemed to occur when the Firm modifies the original terms of a loan agreement by granting a concession to a borrower that is experiencing financial difficulty.
TLAC: Total Loss Absorbing Capacity
U.K.: United Kingdom
Unaudited: Financial statements and information that have not been subjected to auditing procedures sufficient to permit an independent certified public accountant to express an opinion.
U.S.: United States of America
U.S. GAAP: Accounting principles generally accepted in the United States of America.
U.S. GSE(s): “U.S. government-sponsored enterprises”: In the U.S., GSEs are quasi-governmental, privately-held entities established by Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae, which is directly owned by the U.S. Department of Housing and Urban Development. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal
 
and interest by the full faith and credit of the U.S. government.
U.S. Treasury: U.S. Department of the Treasury
VA: U.S. Department of Veterans Affairs
VaR: “Value-at-risk” is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs: Variable interest entities
Warehouse loans: consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as trading assets.

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LINE OF BUSINESS METRICS
CONSUMER & COMMUNITY BANKING (“CCB”)
Debit and credit card sales volume: Dollar amount of cardmember purchases, net of returns.
Deposit margin/deposit spread: represents net interest income expressed as a percentage of average deposits.
Home Lending Production and Home Lending Servicing revenue comprises the following:
Net mortgage servicing revenue: Includes
operating revenue earned from servicing third-party
mortgage loans which is recognized over the period in
which the service is provided, changes in the fair value of
MSRs and the impact of risk management activities
associated with MSRs.
Net production revenue: Includes fees and income
recognized as earned on mortgage loans originated with the
intent to sell; the impact of risk management activities
associated with the mortgage pipeline and warehouse
loans; and changes in the fair value of any residual interests
held from mortgage securitizations. Net production revenue
also includes gains and losses on sales of mortgage loans,
lower of cost or fair value adjustments on mortgage loans
held-for-sale, changes in fair value on mortgage loans
originated with the intent to sell and measured at fair value
under the fair value option, as well as losses recognized as
incurred related to repurchases of previously sold loans.
Mortgage origination channels comprise the following:
Retail: Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.
Correspondent: Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.
Card Services: includes the Credit Card and Merchant Services businesses.
Credit Card: is a business that primarily issues credit cards to consumers and small businesses.
Merchant Services: is a business that primarily processes transactions for merchants.
Net revenue rate: represents Card Services net revenue (annualized) expressed as a percentage of average loans for the period.
Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.
 
CORPORATE & INVESTMENT BANK (“CIB”)
Definition of selected CIB revenue:
Investment Banking: incorporates all revenue associated with investment banking activities, and is reported net of investment banking revenue shared with other lines of business.
Treasury Services: offers a broad range of products and services that enable clients to manage payments and receipts, as well as invest and manage funds. Products include U.S. dollar and multi-currency clearing, ACH, lockbox, disbursement and reconciliation services, check deposits, and currency-related services.
Lending: includes net interest income, fees, gains or losses on loan sale activity, gains or losses on securities received as part of a loan restructuring, and the risk management results related to the credit portfolio. Lending also includes Trade Finance, which includes loans tied directly to goods crossing borders, export/import loans, commercial letters of credit, standby letters of credit, and supply chain finance.
Fixed Income Markets: primarily includes revenue related to market-making across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.
Equity Markets: primarily includes revenue related to market-making across global equity products, including cash instruments, derivatives, convertibles and prime brokerage.
Securities Services: primarily includes custody, fund accounting and administration, and securities lending products sold principally to asset managers, insurance companies and public and private investment funds. Also includes collateral management and depositary receipts businesses which provide collateral management products, and depositary bank services for American and global depositary receipt programs.
Description of certain business metrics:
Assets under custody (“AUC”): represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.
Investment banking fees: represents advisory, equity underwriting, bond underwriting and loan syndication fees.

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COMMERCIAL BANKING (“CB”)
Commercial Banking provides comprehensive financial solutions, including lending, treasury services, investment banking and asset management products across three primary client segments: Middle Market Banking, Corporate Client Banking and Commercial Real Estate Banking. Other includes amounts not aligned with a primary client segment.
Middle Market Banking: covers midsized corporations, local governments and nonprofit clients.
Corporate Client Banking: covers large corporations.
Commercial Real Estate Banking: covers investors, developers, and owners of multifamily, office, retail, industrial and affordable housing properties.
CB product revenue comprises the following:
Lending: includes a variety of financing alternatives, which are primarily provided on a secured basis; collateral includes receivables, inventory, equipment, real estate or other assets. Products include term loans, revolving lines of credit, bridge financing, asset-based structures, leases, and standby letters of credit.
Treasury services: includes revenue from a broad range of products and services that enable CB clients to manage payments and receipts, as well as invest and manage funds.
Investment banking: includes revenue from a range of products providing CB clients with sophisticated capital-raising alternatives, as well as balance sheet and risk management tools through advisory, equity underwriting, and loan syndications. Revenue from fixed income and equity market products used by CB clients is also included.
Other: product revenue primarily includes tax-equivalent adjustments generated from Community Development Banking activity and certain income derived from principal transactions.
 
ASSET & WEALTH MANAGEMENT (“AWM”)
Assets under management (“AUM”): represent assets managed by AWM on behalf of its Private Banking, Institutional and Retail clients.
Client assets: represent assets under management, as well as custody, brokerage, administration and deposit accounts.
Multi-asset: Any fund or account that allocates assets under management to more than one asset class.
Alternative assets: The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.
AWM’s lines of business consist of the following:
Asset Management: provides comprehensive global investment services - including asset management, pension analytics, asset-liability management and active risk-budgeting strategies.
Wealth Management: offers investment advice and wealth management, including investment management, capital markets and risk management, tax and estate planning, banking, lending and specialty-wealth advisory services.
AWM’s client segments consist of the following:
Private Banking: clients include high- and ultra-high-net-worth individuals, families, money managers, business owners and small corporations worldwide.
Institutional: clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.
Retail: clients include financial intermediaries and individual investors.
Asset Management has two high-level measures of its overall fund performance:
Percentage of mutual fund assets under management in funds rated 4- or 5-star: Mutual fund rating services rank funds based on their risk-adjusted performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds.
A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. The “overall Morningstar rating” is derived from a weighted average of the performance associated with a fund’s three-, five- and ten-year (if applicable) Morningstar Rating metrics. For U.S. domiciled funds, separate star ratings are given at the individual share class level. The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and

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hence excluded from this analysis. All ratings, the assigned peer categories and the asset values used to derive this analysis are sourced from these fund rating providers. The data providers re-denominate the asset values into U.S. dollars. This % of AUM is based on star ratings at the share class level for U.S. domiciled funds, and at a “primary share class” level to represent the star rating of all other funds except for Japan where Nomura provides ratings at the fund level. The “primary share class”, as defined by Morningstar, denotes the share class recommended as being the best proxy for the portfolio and in most cases will be the most retail version (based upon annual management charge, minimum investment, currency and other factors). The performance data could have been different if all funds/accounts would have been included. Past performance is not indicative of future results.
 
Percentage of mutual fund assets under management in funds ranked in the 1st or 2nd quartile (one, three, and five years): All quartile rankings, the assigned peer categories and the asset values used to derive this analysis are sourced from the fund ranking providers. Quartile rankings are done on the net-of-fee absolute return of each fund. The data providers re-denominate the asset values into U.S. dollars. This % of AUM is based on fund performance and associated peer rankings at the share class level for U.S. domiciled funds, at a “primary share class” level to represent the quartile ranking of the U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The “primary share class”, as defined by Morningstar, denotes the share class recommended as being the best proxy for the portfolio and in most cases will be the most retail version (based upon annual management charge, minimum investment, currency and other factors). Where peer group rankings given for a fund are in more than one “primary share class” territory both rankings are included to reflect local market competitiveness (applies to “Offshore Territories” and “HK SFC Authorized” funds only). The performance data could have been different if all funds/accounts would have been included. Past performance is not indicative of future results.


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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.
For a discussion of the quantitative and qualitative disclosures about market risk, refer to the Market Risk Management section of Management’s discussion and analysis and pages 124–131 of JPMorgan Chase’s 2018 Form 10-K.
Item 4.    Controls and Procedures.
As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certification statements issued by the Chairman and Chief Executive Officer and Chief Financial Officer.
The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, in a firm as large and complex as JPMorgan Chase, lapses or deficiencies in internal controls do occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal controls in the future. For further information, refer to “Management’s report on internal control over financial reporting” on page 148 of JPMorgan Chase’s 2018 Form 10-K. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended June 30, 2019, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.


 
Part II – Other Information
Item 1. Legal Proceedings.
For information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorgan Chase’s 2018 Form 10-K, refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q.
Item 1A. Risk Factors.
For a discussion of certain risk factors affecting the Firm, refer to Part I, Item 1A: Risk Factors on pages 7–28 of JPMorgan Chase’s 2018 Form 10-K and Forward-Looking Statements on page 79 of this Form 10-Q.
Supervision and regulation
For information on Supervision and Regulation, refer to the Supervision and regulation section on pages 1–6 of JPMorgan Chase’s 2018 Form 10-K.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
The Firm did not have any unregistered sale of equity securities during the three months ended June 30, 2019.
Repurchases under the common equity repurchase program
For information regarding repurchases under the Firm’s common equity repurchase program, refer to Capital Risk Management on pages 44–48 of this Form 10-Q and pages 85-94 of JPMorgan Chase’s 2018 Form 10-K.

176

Shares repurchased, on a settlement-date basis, pursuant to the common equity repurchase program during the six months ended June 30, 2019, were as follows.
Six months ended June 30, 2019
Total shares of common stock repurchased
 
Average price paid per share of common stock(a)
 
Aggregate repurchases
of common equity
 (in millions)(a)
 
Dollar value of remaining authorized repurchase
(in millions)(a)(b)
 
First quarter
49,534,646

 
$
102.78

 
$
5,091

 
$
5,290

 
April
15,167,534

 
108.04

 
1,639

 
3,651

 
May
17,612,730

 
111.88

 
1,971

 
1,680

 
June
14,653,991

 
109.21

 
1,600

 
80

(c) 
Second quarter
47,434,255

 
109.83

 
5,210

 
80

(c) 
Year-to-date
96,968,901

 
$
106.23

 
$
10,301

 
$
80

(c) 
(a)
Excludes commissions cost.
(b)
Represents the amount remaining under the $20.7 billion repurchase program that was authorized by the Board of Directors on June 28, 2018.
(c)
The $80 million unused portion under the prior Board authorization was canceled when the $29.4 billion program was authorized.

Item 3.    Defaults Upon Senior Securities.
None.
Item 4.    Mine Safety Disclosures.
Not applicable.
Item 5.    Other Information.
None.
 

Item 6.    Exhibits.
Exhibit No.
 
Description of Exhibit
 
 
 
15
 
Letter re: Unaudited Interim Financial Information. (a)
 
 
 
31.1
 
Certification. (a)
 
 
 
31.2
 
Certification. (a)
 
 
 
32
 
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (b)
 
 
 
101.INS
 
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.(c)
101.SCH
 
XBRL Taxonomy Extension Schema Document.(a)
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document.(a)
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document.(a)
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document.(a)
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document.(a)
104
 
The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL.

(a)
Filed herewith.
(b)
Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
(c)
Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three and six months ended June 30, 2019 and 2018, (ii) the Consolidated statements of comprehensive income (unaudited) for the three and six months ended June 30, 2019 and 2018, (iii) the Consolidated balance sheets (unaudited) as of June 30, 2019, and December 31, 2018, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three and six months ended June 30, 2019 and 2018, (v) the Consolidated statements of cash flows (unaudited) for the six months ended June 30, 2019 and 2018, and (vi) the Notes to Consolidated Financial Statements (unaudited).

177

SIGNATURE



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


By:
/s/ Nicole Giles
 
Nicole Giles
 
Managing Director and Firmwide Controller
 
(Principal Accounting Officer)


Date:
August 5, 2019






178

INDEX TO EXHIBITS



Exhibit No.
 
Description of Exhibit
 
 
 
15
 
Letter re: Unaudited Interim Financial Information.
 
 
 
31.1
 
Certification.
 
 
 
31.2
 
Certification.
 
 
 
32
 
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.†
 
 
 
101.INS
 
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH
 
XBRL Taxonomy Extension Schema Document.
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document.
104
 
The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL.

 
 
 
†
 
This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.



179

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