Companies: 10,652     total market cap: $140.270 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
JPMorgan Chase
JPM
#14
Rank
$857.10 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$314.85
Share price
2.18%
Change (1 day)
19.30%
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 FY2025 Q3

JPMorgan Chase - 10-Q quarterly report FY2025 Q3


Text size:
0000019617FALSE2025Q312/31truefalsehttp://fasb.org/us-gaap/2025#NoninterestIncomeOtherhttp://fasb.org/us-gaap/2025#NoninterestIncomeOtherhttp://fasb.org/us-gaap/2025#NoninterestIncomeOtherhttp://fasb.org/us-gaap/2025#NoninterestIncomeOtherMarch 31, 2026235March 31, 2026237March 31, 2026235March 31, 2026242March 31, 2026229March 31, 2026230March 31, 2026235March 31, 2026232March 31, 2026249xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:USDutr:bbliso4217:USDutr:MMBTUjpm:loan_segmentjpm:loan_paymentjpm:fundjpm:segment00000196172025-01-012025-09-300000019617us-gaap:CommonStockMember2025-01-012025-09-300000019617jpm:DepositarySharesOneFourHundredthInterestinaShareof5.75NonCumulativePreferredStockSeriesDDMember2025-01-012025-09-300000019617jpm:DepositarySharesOneFourHundredthInterestinaShareof6.00NonCumulativePreferredStockSeriesEEMember2025-01-012025-09-300000019617jpm:DepositarySharesOneFourHundredthInterestinaShareof4.75NonCumulativePreferredStockSeriesGGMember2025-01-012025-09-300000019617jpm:DepositarySharesOneFourHundredthInterestInAShareOf455NonCumulativePreferredStockSeriesJJMember2025-01-012025-09-300000019617jpm:DepositarySharesOneFourHundredthInterestInAShareOf4625NonCumulativePreferredStockSeriesLLMember2025-01-012025-09-300000019617jpm:DepositarySharesOneFourHundredthInterestInAShareOf420NonCumulativePreferredStockSeriesMMMember2025-01-012025-09-300000019617jpm:GuaranteeOfCallableFixedRateNotesDueJune102032OfJPMorganChaseFinancialCompanyLLCMember2025-01-012025-09-300000019617jpm:GuaranteeOfAlerianMLPIndexETNsDueJanuary282044OfJPMorganChaseFinancialCompanyLLCMember2025-01-012025-09-300000019617jpm:GuaranteeOfInverseVIXShortTermFuturesETNsDueMarch222045OfJPMorganChaseFinancialCompanyLLCMember2025-01-012025-09-3000000196172025-09-3000000196172025-07-012025-09-3000000196172024-07-012024-09-3000000196172024-01-012024-09-3000000196172024-12-310000019617us-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:AssetPledgedAsCollateralWithRightMember2025-09-300000019617us-gaap:AssetPledgedAsCollateralWithRightMember2024-12-310000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300000019617us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2025-06-300000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-06-300000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-12-310000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2023-12-310000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2025-07-012025-09-300000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-07-012024-09-300000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2025-01-012025-09-300000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-01-012024-09-300000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2025-09-300000019617us-gaap:PreferredStockIncludingAdditionalPaidInCapitalMember2024-09-300000019617us-gaap:CommonStockMember2025-09-300000019617us-gaap:CommonStockMember2025-06-300000019617us-gaap:CommonStockMember2024-06-300000019617us-gaap:CommonStockMember2024-09-300000019617us-gaap:CommonStockMember2024-12-310000019617us-gaap:CommonStockMember2023-12-310000019617us-gaap:AdditionalPaidInCapitalMember2025-06-300000019617us-gaap:AdditionalPaidInCapitalMember2024-06-300000019617us-gaap:AdditionalPaidInCapitalMember2024-12-310000019617us-gaap:AdditionalPaidInCapitalMember2023-12-310000019617us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300000019617us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000019617us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300000019617us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300000019617us-gaap:AdditionalPaidInCapitalMember2025-09-300000019617us-gaap:AdditionalPaidInCapitalMember2024-09-300000019617us-gaap:RetainedEarningsMember2025-06-300000019617us-gaap:RetainedEarningsMember2024-06-300000019617us-gaap:RetainedEarningsMember2024-12-310000019617us-gaap:RetainedEarningsMember2023-12-310000019617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2023-12-310000019617us-gaap:RetainedEarningsMember2025-07-012025-09-300000019617us-gaap:RetainedEarningsMember2024-07-012024-09-300000019617us-gaap:RetainedEarningsMember2025-01-012025-09-300000019617us-gaap:RetainedEarningsMember2024-01-012024-09-300000019617us-gaap:RetainedEarningsMember2025-09-300000019617us-gaap:RetainedEarningsMember2024-09-300000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000019617us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000019617us-gaap:TreasuryStockCommonMember2025-06-300000019617us-gaap:TreasuryStockCommonMember2024-06-300000019617us-gaap:TreasuryStockCommonMember2024-12-310000019617us-gaap:TreasuryStockCommonMember2023-12-310000019617us-gaap:TreasuryStockCommonMember2025-07-012025-09-300000019617us-gaap:TreasuryStockCommonMember2024-07-012024-09-300000019617us-gaap:TreasuryStockCommonMember2025-01-012025-09-300000019617us-gaap:TreasuryStockCommonMember2024-01-012024-09-300000019617us-gaap:TreasuryStockCommonMember2025-09-300000019617us-gaap:TreasuryStockCommonMember2024-09-3000000196172024-09-3000000196172023-12-310000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617jpm:CertificatesOfDepositBankersAcceptancesCommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617jpm:CertificatesOfDepositBankersAcceptancesCommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617jpm:CertificatesOfDepositBankersAcceptancesCommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617jpm:CertificatesOfDepositBankersAcceptancesCommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:CommoditiesInvestmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:CommoditiesInvestmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:CommoditiesInvestmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:CommoditiesInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617jpm:OtherDebtAndEquityInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617jpm:OtherDebtAndEquityInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617jpm:OtherDebtAndEquityInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617jpm:OtherDebtAndEquityInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617jpm:OtherAssetbackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617jpm:OtherAssetbackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617jpm:OtherAssetbackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617jpm:OtherAssetbackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617jpm:CertificatesOfDepositBankersAcceptancesCommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617jpm:CertificatesOfDepositBankersAcceptancesCommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617jpm:CertificatesOfDepositBankersAcceptancesCommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617jpm:CertificatesOfDepositBankersAcceptancesCommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:CommoditiesInvestmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:CommoditiesInvestmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:CommoditiesInvestmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:CommoditiesInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617jpm:OtherDebtAndEquityInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617jpm:OtherDebtAndEquityInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617jpm:OtherDebtAndEquityInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617jpm:OtherDebtAndEquityInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617jpm:OtherAssetbackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617jpm:OtherAssetbackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617jpm:OtherAssetbackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617jpm:OtherAssetbackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000019617us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000019617us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300000019617us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputDefaultRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputDefaultRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputDefaultRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617jpm:ResidentialMortgageBackedSecuritiesAndLoansMemberus-gaap:MeasurementInputLossSeverityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617jpm:CommercialMortgageBackedSecuritesAndLoansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617jpm:CommercialMortgageBackedSecuritesAndLoansMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-09-300000019617jpm:CommercialMortgageBackedSecuritesAndLoansMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-09-300000019617jpm:CommercialMortgageBackedSecuritesAndLoansMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617us-gaap:CorporateDebtSecuritiesMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-09-300000019617us-gaap:CorporateDebtSecuritiesMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-09-300000019617us-gaap:CorporateDebtSecuritiesMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617us-gaap:LoansReceivableMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-09-300000019617us-gaap:LoansReceivableMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-09-300000019617us-gaap:LoansReceivableMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputInterestRateVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputInterestRateVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputInterestRateVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputInterestRateSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputInterestRateSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputInterestRateSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputBermudanSwitchValueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputBermudanSwitchValueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputBermudanSwitchValueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputInterestRateCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputCorrelationofInterestRatestoForeignExchangeRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputCorrelationofInterestRatestoForeignExchangeRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:InterestRateContractMemberjpm:MeasurementInputCorrelationofInterestRatestoForeignExchangeRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300000019617us-gaap:CreditRiskContractMemberjpm:MeasurementInputCreditCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617us-gaap:CreditRiskContractMemberjpm:MeasurementInputCreditCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617us-gaap:CreditRiskContractMemberjpm:MeasurementInputCreditCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:CreditRiskContractMemberjpm:MeasurementInputRecoveryRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617us-gaap:CreditRiskContractMemberjpm:MeasurementInputRecoveryRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617us-gaap:CreditRiskContractMemberjpm:MeasurementInputRecoveryRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617us-gaap:CreditRiskContractMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2025-09-300000019617us-gaap:CreditRiskContractMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2025-09-300000019617us-gaap:CreditRiskContractMemberjpm:MeasurementInputPricePerUnitMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberjpm:MeasurementInputCorrelationofInterestRatestoForeignExchangeRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberjpm:MeasurementInputCorrelationofInterestRatestoForeignExchangeRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberjpm:MeasurementInputCorrelationofInterestRatestoForeignExchangeRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:MeasurementInputPrepaymentRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberjpm:MeasurementInputInterestRateCurveMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberjpm:MeasurementInputInterestRateCurveMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberjpm:MeasurementInputInterestRateCurveMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputForwardEquityPriceMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputForwardEquityPriceMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputForwardEquityPriceMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputEquityVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputEquityVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputEquityVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputEquityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputEquityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputEquityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputCorrelationofEquitytoForeignExchangeRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputCorrelationofEquitytoForeignExchangeRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputCorrelationofEquitytoForeignExchangeRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputCorrelationofEquitytoInterestRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputCorrelationofEquitytoInterestRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:EquityContractMemberjpm:MeasurementInputCorrelationofEquitytoInterestRatesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2025-09-300000019617us-gaap:CommodityContractMemberjpm:MeasurementInputCommodityForwardPriceOilMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:CommodityContractMemberjpm:MeasurementInputCommodityForwardPriceOilMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:CommodityContractMemberjpm:MeasurementInputCommodityForwardPriceOilMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:CommodityContractMemberjpm:MeasurementInputCommodityForwardPriceNaturalGasMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:CommodityContractMemberjpm:MeasurementInputCommodityForwardPriceNaturalGasMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:CommodityContractMemberjpm:MeasurementInputCommodityForwardPriceNaturalGasMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:CommodityContractMemberjpm:MeasurementInputCommodityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMember2025-09-300000019617us-gaap:CommodityContractMemberjpm:MeasurementInputCommodityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMember2025-09-300000019617us-gaap:CommodityContractMemberjpm:MeasurementInputCommodityCorrelationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMember2025-09-300000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMemberjpm:MeasurementInputInterestRateVolatilityMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberjpm:MeasurementInputInterestRateVolatilityMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberjpm:MeasurementInputInterestRateVolatilityMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMemberjpm:MeasurementInputBermudanSwitchValueMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberjpm:MeasurementInputBermudanSwitchValueMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberjpm:MeasurementInputBermudanSwitchValueMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMemberjpm:MeasurementInputInterestRateCorrelationMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberjpm:MeasurementInputInterestRateCorrelationMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberjpm:MeasurementInputInterestRateCorrelationMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMemberjpm:MeasurementInputCorrelationofInterestRatestoForeignExchangeRatesMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberjpm:MeasurementInputCorrelationofInterestRatestoForeignExchangeRatesMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberjpm:MeasurementInputCorrelationofInterestRatestoForeignExchangeRatesMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMemberjpm:MeasurementInputEquityVolatilityMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberjpm:MeasurementInputEquityVolatilityMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberjpm:MeasurementInputEquityVolatilityMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMemberjpm:MeasurementInputEquityCorrelationMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberjpm:MeasurementInputEquityCorrelationMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberjpm:MeasurementInputEquityCorrelationMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMemberjpm:MeasurementInputCorrelationofEquitytoForeignExchangeRatesMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberjpm:MeasurementInputCorrelationofEquitytoForeignExchangeRatesMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberjpm:MeasurementInputCorrelationofEquitytoForeignExchangeRatesMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MinimumMemberjpm:MeasurementInputCorrelationofEquitytoInterestRatesMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberjpm:MeasurementInputCorrelationofEquitytoInterestRatesMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:WeightedAverageMemberjpm:MeasurementInputCorrelationofEquitytoInterestRatesMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberjpm:MeasurementInputCreditCorrelationMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberjpm:MeasurementInputCreditCorrelationMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberjpm:MeasurementInputCreditCorrelationMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:MeasurementInputCreditSpreadMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputCreditSpreadMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberjpm:MeasurementInputRecoveryRateMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberjpm:MeasurementInputRecoveryRateMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberjpm:MeasurementInputRecoveryRateMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputLossSeverityMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMemberus-gaap:MeasurementInputLossSeverityMember2025-09-300000019617us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputLossSeverityMember2025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300000019617jpm:LoansReceivableNotForTradingMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617jpm:TradingLoansMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617jpm:LoansReceivableNotForTradingMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617jpm:TradingLoansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617jpm:LoansReceivableNotForTradingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2025-06-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2025-07-012025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2025-07-012025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2025-06-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2025-07-012025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000019617us-gaap:MortgageBackedSecuritiesMember2025-06-300000019617us-gaap:MortgageBackedSecuritiesMember2025-07-012025-09-300000019617us-gaap:MortgageBackedSecuritiesMember2025-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2025-06-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2025-07-012025-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2025-06-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2025-07-012025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000019617us-gaap:CorporateDebtSecuritiesMember2025-06-300000019617us-gaap:CorporateDebtSecuritiesMember2025-07-012025-09-300000019617us-gaap:CorporateDebtSecuritiesMember2025-09-300000019617jpm:TradingLoansMember2025-06-300000019617jpm:TradingLoansMember2025-07-012025-09-300000019617jpm:TradingLoansMember2025-09-300000019617jpm:AssetBackedSecuritiesTradingAccountMember2025-06-300000019617jpm:AssetBackedSecuritiesTradingAccountMember2025-07-012025-09-300000019617jpm:AssetBackedSecuritiesTradingAccountMember2025-09-300000019617jpm:DebtSecuritiesTradingMember2025-06-300000019617jpm:DebtSecuritiesTradingMember2025-07-012025-09-300000019617jpm:DebtSecuritiesTradingMember2025-09-300000019617us-gaap:EquitySecuritiesMember2025-06-300000019617us-gaap:EquitySecuritiesMember2025-07-012025-09-300000019617us-gaap:EquitySecuritiesMember2025-09-300000019617us-gaap:CommoditiesInvestmentMember2025-06-300000019617us-gaap:CommoditiesInvestmentMember2025-07-012025-09-300000019617us-gaap:CommoditiesInvestmentMember2025-09-300000019617jpm:OtherDebtAndEquityInstrumentsMember2025-06-300000019617jpm:OtherDebtAndEquityInstrumentsMember2025-07-012025-09-300000019617jpm:OtherDebtAndEquityInstrumentsMember2025-09-300000019617jpm:DebtAndEquityInstrumentsMember2025-06-300000019617jpm:DebtAndEquityInstrumentsMember2025-07-012025-09-300000019617jpm:DebtAndEquityInstrumentsMember2025-09-300000019617us-gaap:InterestRateContractMember2025-06-300000019617us-gaap:InterestRateContractMember2025-07-012025-09-300000019617us-gaap:InterestRateContractMember2025-09-300000019617us-gaap:CreditRiskContractMember2025-06-300000019617us-gaap:CreditRiskContractMember2025-07-012025-09-300000019617us-gaap:CreditRiskContractMember2025-09-300000019617us-gaap:ForeignExchangeContractMember2025-06-300000019617us-gaap:ForeignExchangeContractMember2025-07-012025-09-300000019617us-gaap:ForeignExchangeContractMember2025-09-300000019617us-gaap:EquityContractMember2025-06-300000019617us-gaap:EquityContractMember2025-07-012025-09-300000019617us-gaap:EquityContractMember2025-09-300000019617us-gaap:CommodityContractMember2025-06-300000019617us-gaap:CommodityContractMember2025-07-012025-09-300000019617us-gaap:CommodityContractMember2025-09-3000000196172025-06-300000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2025-06-300000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2025-07-012025-09-300000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2025-09-300000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2025-06-300000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2025-07-012025-09-300000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2025-09-300000019617jpm:DebtSecuritiesAvailableForSaleMember2025-06-300000019617jpm:DebtSecuritiesAvailableForSaleMember2025-07-012025-09-300000019617jpm:DebtSecuritiesAvailableForSaleMember2025-09-300000019617jpm:LoansReceivableNotForTradingMember2025-06-300000019617jpm:LoansReceivableNotForTradingMember2025-07-012025-09-300000019617jpm:LoansReceivableNotForTradingMember2025-09-300000019617us-gaap:ServicingContractsMember2025-06-300000019617us-gaap:ServicingContractsMember2025-07-012025-09-300000019617us-gaap:ServicingContractsMember2025-09-300000019617us-gaap:OtherAssetsMember2025-06-300000019617us-gaap:OtherAssetsMember2025-07-012025-09-300000019617us-gaap:OtherAssetsMember2025-09-300000019617us-gaap:DepositsMember2025-06-300000019617us-gaap:DepositsMember2025-07-012025-09-300000019617us-gaap:DepositsMember2025-09-300000019617us-gaap:BorrowingsMember2025-06-300000019617us-gaap:BorrowingsMember2025-07-012025-09-300000019617us-gaap:BorrowingsMember2025-09-300000019617jpm:DebtAndEquityInstrumentsMember2025-06-300000019617jpm:DebtAndEquityInstrumentsMember2025-07-012025-09-300000019617jpm:DebtAndEquityInstrumentsMember2025-09-300000019617jpm:AccountsPayableAndOtherLiabilitiesMember2025-06-300000019617jpm:AccountsPayableAndOtherLiabilitiesMember2025-07-012025-09-300000019617jpm:AccountsPayableAndOtherLiabilitiesMember2025-09-300000019617us-gaap:LongTermDebtMember2025-06-300000019617us-gaap:LongTermDebtMember2025-07-012025-09-300000019617us-gaap:LongTermDebtMember2025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-06-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-07-012024-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2024-06-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2024-07-012024-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2024-06-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2024-07-012024-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300000019617us-gaap:MortgageBackedSecuritiesMember2024-06-300000019617us-gaap:MortgageBackedSecuritiesMember2024-07-012024-09-300000019617us-gaap:MortgageBackedSecuritiesMember2024-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2024-06-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2024-07-012024-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2024-06-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2024-07-012024-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300000019617us-gaap:CorporateDebtSecuritiesMember2024-06-300000019617us-gaap:CorporateDebtSecuritiesMember2024-07-012024-09-300000019617us-gaap:CorporateDebtSecuritiesMember2024-09-300000019617jpm:TradingLoansMember2024-06-300000019617jpm:TradingLoansMember2024-07-012024-09-300000019617jpm:TradingLoansMember2024-09-300000019617jpm:AssetBackedSecuritiesTradingAccountMember2024-06-300000019617jpm:AssetBackedSecuritiesTradingAccountMember2024-07-012024-09-300000019617jpm:AssetBackedSecuritiesTradingAccountMember2024-09-300000019617jpm:DebtSecuritiesTradingMember2024-06-300000019617jpm:DebtSecuritiesTradingMember2024-07-012024-09-300000019617jpm:DebtSecuritiesTradingMember2024-09-300000019617us-gaap:EquitySecuritiesMember2024-06-300000019617us-gaap:EquitySecuritiesMember2024-07-012024-09-300000019617us-gaap:EquitySecuritiesMember2024-09-300000019617us-gaap:CommoditiesInvestmentMember2024-06-300000019617us-gaap:CommoditiesInvestmentMember2024-07-012024-09-300000019617us-gaap:CommoditiesInvestmentMember2024-09-300000019617jpm:OtherDebtAndEquityInstrumentsMember2024-06-300000019617jpm:OtherDebtAndEquityInstrumentsMember2024-07-012024-09-300000019617jpm:OtherDebtAndEquityInstrumentsMember2024-09-300000019617jpm:DebtAndEquityInstrumentsMember2024-06-300000019617jpm:DebtAndEquityInstrumentsMember2024-07-012024-09-300000019617jpm:DebtAndEquityInstrumentsMember2024-09-300000019617us-gaap:InterestRateContractMember2024-06-300000019617us-gaap:InterestRateContractMember2024-07-012024-09-300000019617us-gaap:InterestRateContractMember2024-09-300000019617us-gaap:CreditRiskContractMember2024-06-300000019617us-gaap:CreditRiskContractMember2024-07-012024-09-300000019617us-gaap:CreditRiskContractMember2024-09-300000019617us-gaap:ForeignExchangeContractMember2024-06-300000019617us-gaap:ForeignExchangeContractMember2024-07-012024-09-300000019617us-gaap:ForeignExchangeContractMember2024-09-300000019617us-gaap:EquityContractMember2024-06-300000019617us-gaap:EquityContractMember2024-07-012024-09-300000019617us-gaap:EquityContractMember2024-09-300000019617us-gaap:CommodityContractMember2024-06-300000019617us-gaap:CommodityContractMember2024-07-012024-09-300000019617us-gaap:CommodityContractMember2024-09-3000000196172024-06-300000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2024-06-300000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2024-07-012024-09-300000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2024-09-300000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2024-06-300000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2024-07-012024-09-300000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2024-09-300000019617jpm:DebtSecuritiesAvailableForSaleMember2024-06-300000019617jpm:DebtSecuritiesAvailableForSaleMember2024-07-012024-09-300000019617jpm:DebtSecuritiesAvailableForSaleMember2024-09-300000019617jpm:LoansReceivableNotForTradingMember2024-06-300000019617jpm:LoansReceivableNotForTradingMember2024-07-012024-09-300000019617jpm:LoansReceivableNotForTradingMember2024-09-300000019617us-gaap:ServicingContractsMember2024-06-300000019617us-gaap:ServicingContractsMember2024-07-012024-09-300000019617us-gaap:ServicingContractsMember2024-09-300000019617us-gaap:OtherAssetsMember2024-06-300000019617us-gaap:OtherAssetsMember2024-07-012024-09-300000019617us-gaap:OtherAssetsMember2024-09-300000019617us-gaap:DepositsMember2024-06-300000019617us-gaap:DepositsMember2024-07-012024-09-300000019617us-gaap:DepositsMember2024-09-300000019617us-gaap:BorrowingsMember2024-06-300000019617us-gaap:BorrowingsMember2024-07-012024-09-300000019617us-gaap:BorrowingsMember2024-09-300000019617jpm:DebtAndEquityInstrumentsMember2024-06-300000019617jpm:DebtAndEquityInstrumentsMember2024-07-012024-09-300000019617jpm:DebtAndEquityInstrumentsMember2024-09-300000019617jpm:AccountsPayableAndOtherLiabilitiesMember2024-06-300000019617jpm:AccountsPayableAndOtherLiabilitiesMember2024-07-012024-09-300000019617jpm:AccountsPayableAndOtherLiabilitiesMember2024-09-300000019617us-gaap:LongTermDebtMember2024-06-300000019617us-gaap:LongTermDebtMember2024-07-012024-09-300000019617us-gaap:LongTermDebtMember2024-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-12-310000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2025-01-012025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2025-01-012025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMember2025-01-012025-09-300000019617us-gaap:MortgageBackedSecuritiesMember2024-12-310000019617us-gaap:MortgageBackedSecuritiesMember2025-01-012025-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2025-01-012025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2025-01-012025-09-300000019617us-gaap:CorporateDebtSecuritiesMember2024-12-310000019617us-gaap:CorporateDebtSecuritiesMember2025-01-012025-09-300000019617jpm:TradingLoansMember2024-12-310000019617jpm:TradingLoansMember2025-01-012025-09-300000019617jpm:AssetBackedSecuritiesTradingAccountMember2024-12-310000019617jpm:AssetBackedSecuritiesTradingAccountMember2025-01-012025-09-300000019617jpm:DebtSecuritiesTradingMember2024-12-310000019617jpm:DebtSecuritiesTradingMember2025-01-012025-09-300000019617us-gaap:EquitySecuritiesMember2024-12-310000019617us-gaap:EquitySecuritiesMember2025-01-012025-09-300000019617us-gaap:CommoditiesInvestmentMember2024-12-310000019617us-gaap:CommoditiesInvestmentMember2025-01-012025-09-300000019617jpm:OtherDebtAndEquityInstrumentsMember2024-12-310000019617jpm:OtherDebtAndEquityInstrumentsMember2025-01-012025-09-300000019617jpm:DebtAndEquityInstrumentsMember2024-12-310000019617jpm:DebtAndEquityInstrumentsMember2025-01-012025-09-300000019617us-gaap:InterestRateContractMember2024-12-310000019617us-gaap:InterestRateContractMember2025-01-012025-09-300000019617us-gaap:CreditRiskContractMember2024-12-310000019617us-gaap:CreditRiskContractMember2025-01-012025-09-300000019617us-gaap:ForeignExchangeContractMember2024-12-310000019617us-gaap:ForeignExchangeContractMember2025-01-012025-09-300000019617us-gaap:EquityContractMember2024-12-310000019617us-gaap:EquityContractMember2025-01-012025-09-300000019617us-gaap:CommodityContractMember2024-12-310000019617us-gaap:CommodityContractMember2025-01-012025-09-300000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2024-12-310000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2025-01-012025-09-300000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2024-12-310000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2025-01-012025-09-300000019617jpm:DebtSecuritiesAvailableForSaleMember2024-12-310000019617jpm:DebtSecuritiesAvailableForSaleMember2025-01-012025-09-300000019617jpm:LoansReceivableNotForTradingMember2024-12-310000019617jpm:LoansReceivableNotForTradingMember2025-01-012025-09-300000019617us-gaap:ServicingContractsMember2024-12-310000019617us-gaap:ServicingContractsMember2025-01-012025-09-300000019617us-gaap:OtherAssetsMember2024-12-310000019617us-gaap:OtherAssetsMember2025-01-012025-09-300000019617us-gaap:DepositsMember2024-12-310000019617us-gaap:DepositsMember2025-01-012025-09-300000019617us-gaap:BorrowingsMember2024-12-310000019617us-gaap:BorrowingsMember2025-01-012025-09-300000019617jpm:DebtAndEquityInstrumentsMember2024-12-310000019617jpm:DebtAndEquityInstrumentsMember2025-01-012025-09-300000019617jpm:AccountsPayableAndOtherLiabilitiesMember2024-12-310000019617jpm:AccountsPayableAndOtherLiabilitiesMember2025-01-012025-09-300000019617us-gaap:LongTermDebtMember2024-12-310000019617us-gaap:LongTermDebtMember2025-01-012025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-12-310000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-01-012024-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2024-01-012024-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMember2024-01-012024-09-300000019617us-gaap:MortgageBackedSecuritiesMember2023-12-310000019617us-gaap:MortgageBackedSecuritiesMember2024-01-012024-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2024-01-012024-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2024-01-012024-09-300000019617us-gaap:CorporateDebtSecuritiesMember2023-12-310000019617us-gaap:CorporateDebtSecuritiesMember2024-01-012024-09-300000019617jpm:TradingLoansMember2023-12-310000019617jpm:TradingLoansMember2024-01-012024-09-300000019617jpm:AssetBackedSecuritiesTradingAccountMember2023-12-310000019617jpm:AssetBackedSecuritiesTradingAccountMember2024-01-012024-09-300000019617jpm:DebtSecuritiesTradingMember2023-12-310000019617jpm:DebtSecuritiesTradingMember2024-01-012024-09-300000019617us-gaap:EquitySecuritiesMember2023-12-310000019617us-gaap:EquitySecuritiesMember2024-01-012024-09-300000019617us-gaap:CommoditiesInvestmentMember2023-12-310000019617us-gaap:CommoditiesInvestmentMember2024-01-012024-09-300000019617jpm:OtherDebtAndEquityInstrumentsMember2023-12-310000019617jpm:OtherDebtAndEquityInstrumentsMember2024-01-012024-09-300000019617jpm:DebtAndEquityInstrumentsMember2023-12-310000019617jpm:DebtAndEquityInstrumentsMember2024-01-012024-09-300000019617us-gaap:InterestRateContractMember2023-12-310000019617us-gaap:InterestRateContractMember2024-01-012024-09-300000019617us-gaap:CreditRiskContractMember2023-12-310000019617us-gaap:CreditRiskContractMember2024-01-012024-09-300000019617us-gaap:ForeignExchangeContractMember2023-12-310000019617us-gaap:ForeignExchangeContractMember2024-01-012024-09-300000019617us-gaap:EquityContractMember2023-12-310000019617us-gaap:EquityContractMember2024-01-012024-09-300000019617us-gaap:CommodityContractMember2023-12-310000019617us-gaap:CommodityContractMember2024-01-012024-09-300000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2023-12-310000019617jpm:CommercialMortgageBackedSecuritiesAvailableForSaleMember2024-01-012024-09-300000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2023-12-310000019617jpm:CorporateDebtSecuritiesAvailableForSaleMember2024-01-012024-09-300000019617jpm:DebtSecuritiesAvailableForSaleMember2023-12-310000019617jpm:DebtSecuritiesAvailableForSaleMember2024-01-012024-09-300000019617jpm:LoansReceivableNotForTradingMember2023-12-310000019617jpm:LoansReceivableNotForTradingMember2024-01-012024-09-300000019617us-gaap:ServicingContractsMember2023-12-310000019617us-gaap:ServicingContractsMember2024-01-012024-09-300000019617us-gaap:OtherAssetsMember2023-12-310000019617us-gaap:OtherAssetsMember2024-01-012024-09-300000019617us-gaap:DepositsMember2023-12-310000019617us-gaap:DepositsMember2024-01-012024-09-300000019617us-gaap:BorrowingsMember2023-12-310000019617us-gaap:BorrowingsMember2024-01-012024-09-300000019617jpm:DebtAndEquityInstrumentsMember2023-12-310000019617jpm:DebtAndEquityInstrumentsMember2024-01-012024-09-300000019617jpm:AccountsPayableAndOtherLiabilitiesMember2023-12-310000019617jpm:AccountsPayableAndOtherLiabilitiesMember2024-01-012024-09-300000019617us-gaap:LongTermDebtMember2023-12-310000019617us-gaap:LongTermDebtMember2024-01-012024-09-300000019617jpm:DebitValuationAdjustmentForFairValueOptionFinancialLiabilitiesMember2025-07-012025-09-300000019617jpm:DebitValuationAdjustmentForFairValueOptionFinancialLiabilitiesMember2024-07-012024-09-300000019617jpm:DebitValuationAdjustmentForFairValueOptionFinancialLiabilitiesMember2025-01-012025-09-300000019617jpm:DebitValuationAdjustmentForFairValueOptionFinancialLiabilitiesMember2024-01-012024-09-300000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-07-012025-09-300000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-09-300000019617jpm:OtherDebtAndEquityInstrumentsMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300000019617us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300000019617us-gaap:EquityContractMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-07-012025-09-300000019617us-gaap:EquityContractMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-07-012025-09-300000019617us-gaap:EquityContractMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300000019617us-gaap:EquityContractMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300000019617jpm:LoansReceivableNotForTradingMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300000019617jpm:TradingLoansMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300000019617us-gaap:LongTermDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-01-012025-09-300000019617us-gaap:EquityContractMemberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-09-300000019617us-gaap:EquityContractMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-09-300000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-07-012024-09-300000019617us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMember2025-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-07-012025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-07-012024-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-01-012025-09-300000019617us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-07-012025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-07-012024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-01-012025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-07-012025-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-07-012024-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-01-012025-09-300000019617us-gaap:AccountsPayableMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMember2025-07-012025-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMember2024-07-012024-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMember2025-01-012025-09-300000019617us-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-09-300000019617jpm:OtherAssetsEquitySecuritiesWithoutReadilyDeterminableFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-07-012025-09-300000019617jpm:OtherAssetsEquitySecuritiesWithoutReadilyDeterminableFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-07-012024-09-300000019617jpm:OtherAssetsEquitySecuritiesWithoutReadilyDeterminableFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-01-012025-09-300000019617jpm:OtherAssetsEquitySecuritiesWithoutReadilyDeterminableFairValueMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-09-300000019617jpm:VISAMemberjpm:CommonClassB2Member2024-09-300000019617jpm:VISAMemberjpm:CommonClassB2Member2025-09-300000019617us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000019617us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-09-300000019617us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2025-09-300000019617us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2025-09-300000019617us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000019617us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000019617us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-12-310000019617us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-12-310000019617us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-12-310000019617us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMember2025-07-012025-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMember2024-07-012024-09-300000019617jpm:SecuritiesBorrowedMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617jpm:SecuritiesBorrowedMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617jpm:SecuritiesBorrowedMember2025-07-012025-09-300000019617jpm:SecuritiesBorrowedMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617jpm:SecuritiesBorrowedMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617jpm:SecuritiesBorrowedMember2024-07-012024-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMember2025-07-012025-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMember2024-07-012024-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMember2025-07-012025-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMember2024-07-012024-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMember2025-07-012025-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMember2024-07-012024-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMember2025-07-012025-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMember2024-07-012024-09-300000019617jpm:LoansOtherChangesinFairValueMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617jpm:LoansOtherChangesinFairValueMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617jpm:LoansOtherChangesinFairValueMember2025-07-012025-09-300000019617jpm:LoansOtherChangesinFairValueMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617jpm:LoansOtherChangesinFairValueMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617jpm:LoansOtherChangesinFairValueMember2024-07-012024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617us-gaap:OtherAssetsMember2025-07-012025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617us-gaap:OtherAssetsMember2024-07-012024-09-300000019617us-gaap:DepositsMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617us-gaap:DepositsMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617us-gaap:DepositsMember2025-07-012025-09-300000019617us-gaap:DepositsMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617us-gaap:DepositsMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617us-gaap:DepositsMember2024-07-012024-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember2025-07-012025-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember2024-07-012024-09-300000019617us-gaap:ShortTermDebtMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617us-gaap:ShortTermDebtMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617us-gaap:ShortTermDebtMember2025-07-012025-09-300000019617us-gaap:ShortTermDebtMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617us-gaap:ShortTermDebtMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617us-gaap:ShortTermDebtMember2024-07-012024-09-300000019617us-gaap:TradingLiabilitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617us-gaap:TradingLiabilitiesMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617us-gaap:TradingLiabilitiesMember2025-07-012025-09-300000019617us-gaap:TradingLiabilitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617us-gaap:TradingLiabilitiesMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617us-gaap:TradingLiabilitiesMember2024-07-012024-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMember2025-07-012025-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMember2024-07-012024-09-300000019617us-gaap:OtherLiabilitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617us-gaap:OtherLiabilitiesMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617us-gaap:OtherLiabilitiesMember2025-07-012025-09-300000019617us-gaap:OtherLiabilitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617us-gaap:OtherLiabilitiesMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617us-gaap:OtherLiabilitiesMember2024-07-012024-09-300000019617us-gaap:LongTermDebtMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-07-012025-09-300000019617us-gaap:LongTermDebtMemberus-gaap:OtherIncomeMember2025-07-012025-09-300000019617us-gaap:LongTermDebtMember2025-07-012025-09-300000019617us-gaap:LongTermDebtMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-07-012024-09-300000019617us-gaap:LongTermDebtMemberus-gaap:OtherIncomeMember2024-07-012024-09-300000019617us-gaap:LongTermDebtMember2024-07-012024-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMember2025-01-012025-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617jpm:FederalFundsSoldandPurchasedunderAgreementstoResellMember2024-01-012024-09-300000019617jpm:SecuritiesBorrowedMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617jpm:SecuritiesBorrowedMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617jpm:SecuritiesBorrowedMember2025-01-012025-09-300000019617jpm:SecuritiesBorrowedMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617jpm:SecuritiesBorrowedMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617jpm:SecuritiesBorrowedMember2024-01-012024-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMember2025-01-012025-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617jpm:DebtandEquityInstrumentsExcludingLoansMember2024-01-012024-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMember2025-01-012025-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617jpm:LoansReportedasTradingAssetsChangesinInstrumentSpecificCreditRiskMember2024-01-012024-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMember2025-01-012025-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617jpm:LoansReportedasTradingAssetsOtherChangesinFairValueMember2024-01-012024-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMember2025-01-012025-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617jpm:LoansChangesinInstrumentsSpecificCreditRiskMember2024-01-012024-09-300000019617jpm:LoansOtherChangesinFairValueMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617jpm:LoansOtherChangesinFairValueMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617jpm:LoansOtherChangesinFairValueMember2025-01-012025-09-300000019617jpm:LoansOtherChangesinFairValueMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617jpm:LoansOtherChangesinFairValueMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617jpm:LoansOtherChangesinFairValueMember2024-01-012024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617us-gaap:OtherAssetsMember2025-01-012025-09-300000019617us-gaap:OtherAssetsMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617us-gaap:OtherAssetsMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617us-gaap:OtherAssetsMember2024-01-012024-09-300000019617us-gaap:DepositsMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617us-gaap:DepositsMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617us-gaap:DepositsMember2025-01-012025-09-300000019617us-gaap:DepositsMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617us-gaap:DepositsMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617us-gaap:DepositsMember2024-01-012024-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember2025-01-012025-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617us-gaap:FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchaseMember2024-01-012024-09-300000019617us-gaap:ShortTermDebtMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617us-gaap:ShortTermDebtMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617us-gaap:ShortTermDebtMember2025-01-012025-09-300000019617us-gaap:ShortTermDebtMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617us-gaap:ShortTermDebtMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617us-gaap:ShortTermDebtMember2024-01-012024-09-300000019617us-gaap:TradingLiabilitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617us-gaap:TradingLiabilitiesMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617us-gaap:TradingLiabilitiesMember2025-01-012025-09-300000019617us-gaap:TradingLiabilitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617us-gaap:TradingLiabilitiesMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617us-gaap:TradingLiabilitiesMember2024-01-012024-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMember2025-01-012025-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMember2024-01-012024-09-300000019617us-gaap:OtherLiabilitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617us-gaap:OtherLiabilitiesMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617us-gaap:OtherLiabilitiesMember2025-01-012025-09-300000019617us-gaap:OtherLiabilitiesMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617us-gaap:OtherLiabilitiesMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617us-gaap:OtherLiabilitiesMember2024-01-012024-09-300000019617us-gaap:LongTermDebtMemberus-gaap:PrincipalOrProprietaryTransactionsMember2025-01-012025-09-300000019617us-gaap:LongTermDebtMemberus-gaap:OtherIncomeMember2025-01-012025-09-300000019617us-gaap:LongTermDebtMember2025-01-012025-09-300000019617us-gaap:LongTermDebtMemberus-gaap:PrincipalOrProprietaryTransactionsMember2024-01-012024-09-300000019617us-gaap:LongTermDebtMemberus-gaap:OtherIncomeMember2024-01-012024-09-300000019617us-gaap:LongTermDebtMember2024-01-012024-09-300000019617jpm:TradingLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000019617jpm:TradingLoansMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000019617jpm:TradingLoansMemberus-gaap:ChangeDuringPeriodFairValueDisclosureMember2025-09-300000019617jpm:TradingLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000019617jpm:TradingLoansMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000019617jpm:TradingLoansMemberus-gaap:ChangeDuringPeriodFairValueDisclosureMember2024-12-310000019617us-gaap:LoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000019617us-gaap:LoansMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000019617us-gaap:LoansMemberus-gaap:ChangeDuringPeriodFairValueDisclosureMember2025-09-300000019617us-gaap:LoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000019617us-gaap:LoansMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000019617us-gaap:LoansMemberus-gaap:ChangeDuringPeriodFairValueDisclosureMember2024-12-310000019617us-gaap:ChangeDuringPeriodFairValueDisclosureMember2025-09-300000019617us-gaap:ChangeDuringPeriodFairValueDisclosureMember2024-12-310000019617jpm:PrincipalProtectedDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000019617jpm:PrincipalProtectedDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000019617jpm:PrincipalProtectedDebtMemberus-gaap:ChangeDuringPeriodFairValueDisclosureMember2025-09-300000019617jpm:PrincipalProtectedDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000019617jpm:PrincipalProtectedDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000019617jpm:PrincipalProtectedDebtMemberus-gaap:ChangeDuringPeriodFairValueDisclosureMember2024-12-310000019617jpm:NonPrincipalProtectedDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000019617jpm:NonPrincipalProtectedDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000019617jpm:LettersofCreditHedgedbyDerivativeTransactionsAmountElectedatFairValueMember2025-09-300000019617jpm:LettersofCreditHedgedbyDerivativeTransactionsAmountElectedatFairValueMember2024-12-310000019617us-gaap:InterestRateRiskMemberus-gaap:LongTermDebtMember2025-09-300000019617us-gaap:InterestRateRiskMemberus-gaap:BorrowingsMember2025-09-300000019617us-gaap:InterestRateRiskMemberus-gaap:DepositsMember2025-09-300000019617us-gaap:InterestRateRiskMember2025-09-300000019617us-gaap:InterestRateRiskMemberus-gaap:LongTermDebtMember2024-12-310000019617us-gaap:InterestRateRiskMemberus-gaap:BorrowingsMember2024-12-310000019617us-gaap:InterestRateRiskMemberus-gaap:DepositsMember2024-12-310000019617us-gaap:InterestRateRiskMember2024-12-310000019617us-gaap:CreditRiskMemberus-gaap:LongTermDebtMember2025-09-300000019617us-gaap:CreditRiskMemberus-gaap:BorrowingsMember2025-09-300000019617us-gaap:CreditRiskMemberus-gaap:DepositsMember2025-09-300000019617us-gaap:CreditRiskMember2025-09-300000019617us-gaap:CreditRiskMemberus-gaap:LongTermDebtMember2024-12-310000019617us-gaap:CreditRiskMemberus-gaap:BorrowingsMember2024-12-310000019617us-gaap:CreditRiskMemberus-gaap:DepositsMember2024-12-310000019617us-gaap:CreditRiskMember2024-12-310000019617us-gaap:ForeignExchangeMemberus-gaap:LongTermDebtMember2025-09-300000019617us-gaap:ForeignExchangeMemberus-gaap:BorrowingsMember2025-09-300000019617us-gaap:ForeignExchangeMemberus-gaap:DepositsMember2025-09-300000019617us-gaap:ForeignExchangeMember2025-09-300000019617us-gaap:ForeignExchangeMemberus-gaap:LongTermDebtMember2024-12-310000019617us-gaap:ForeignExchangeMemberus-gaap:BorrowingsMember2024-12-310000019617us-gaap:ForeignExchangeMemberus-gaap:DepositsMember2024-12-310000019617us-gaap:ForeignExchangeMember2024-12-310000019617us-gaap:EquityMemberus-gaap:LongTermDebtMember2025-09-300000019617us-gaap:EquityMemberus-gaap:BorrowingsMember2025-09-300000019617us-gaap:EquityMemberus-gaap:DepositsMember2025-09-300000019617us-gaap:EquityMember2025-09-300000019617us-gaap:EquityMemberus-gaap:LongTermDebtMember2024-12-310000019617us-gaap:EquityMemberus-gaap:BorrowingsMember2024-12-310000019617us-gaap:EquityMemberus-gaap:DepositsMember2024-12-310000019617us-gaap:EquityMember2024-12-310000019617us-gaap:CommodityMemberus-gaap:LongTermDebtMember2025-09-300000019617us-gaap:CommodityMemberus-gaap:BorrowingsMember2025-09-300000019617us-gaap:CommodityMemberus-gaap:DepositsMember2025-09-300000019617us-gaap:CommodityMember2025-09-300000019617us-gaap:CommodityMemberus-gaap:LongTermDebtMember2024-12-310000019617us-gaap:CommodityMemberus-gaap:BorrowingsMember2024-12-310000019617us-gaap:CommodityMemberus-gaap:DepositsMember2024-12-310000019617us-gaap:CommodityMember2024-12-310000019617us-gaap:InterestRateSwapMember2025-09-300000019617us-gaap:InterestRateSwapMember2024-12-310000019617jpm:InterestRateFutureandForwardMember2025-09-300000019617jpm:InterestRateFutureandForwardMember2024-12-310000019617jpm:InterestRateOptionMemberus-gaap:ShortMember2025-09-300000019617jpm:InterestRateOptionMemberus-gaap:ShortMember2024-12-310000019617jpm:InterestRateOptionMemberus-gaap:LongMember2025-09-300000019617jpm:InterestRateOptionMemberus-gaap:LongMember2024-12-310000019617us-gaap:CurrencySwapMember2025-09-300000019617us-gaap:CurrencySwapMember2024-12-310000019617jpm:ForeignExchangeSpotFutureandForwardMember2025-09-300000019617jpm:ForeignExchangeSpotFutureandForwardMember2024-12-310000019617us-gaap:ForeignExchangeOptionMemberus-gaap:ShortMember2025-09-300000019617us-gaap:ForeignExchangeOptionMemberus-gaap:ShortMember2024-12-310000019617us-gaap:ForeignExchangeOptionMemberus-gaap:LongMember2025-09-300000019617us-gaap:ForeignExchangeOptionMemberus-gaap:LongMember2024-12-310000019617us-gaap:EquitySwapMember2025-09-300000019617us-gaap:EquitySwapMember2024-12-310000019617jpm:EquityFutureandForwardMember2025-09-300000019617jpm:EquityFutureandForwardMember2024-12-310000019617us-gaap:StockOptionMemberus-gaap:ShortMember2025-09-300000019617us-gaap:StockOptionMemberus-gaap:ShortMember2024-12-310000019617us-gaap:StockOptionMemberus-gaap:LongMember2025-09-300000019617us-gaap:StockOptionMemberus-gaap:LongMember2024-12-310000019617jpm:CommoditySwapMember2025-09-300000019617jpm:CommoditySwapMember2024-12-310000019617jpm:CommoditySpotFutureandForwardMember2025-09-300000019617jpm:CommoditySpotFutureandForwardMember2024-12-310000019617us-gaap:CommodityOptionMemberus-gaap:ShortMember2025-09-300000019617us-gaap:CommodityOptionMemberus-gaap:ShortMember2024-12-310000019617us-gaap:CommodityOptionMemberus-gaap:LongMember2025-09-300000019617us-gaap:CommodityOptionMemberus-gaap:LongMember2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000019617us-gaap:EquityContractMemberus-gaap:NondesignatedMember2025-09-300000019617us-gaap:EquityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000019617us-gaap:NondesignatedMember2025-09-300000019617us-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000019617us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2024-12-310000019617us-gaap:CreditRiskContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000019617us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-12-310000019617us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000019617us-gaap:EquityContractMemberus-gaap:NondesignatedMember2024-12-310000019617us-gaap:EquityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000019617us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2024-12-310000019617us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000019617us-gaap:NondesignatedMember2024-12-310000019617us-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:OverTheCounterMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:OverTheCounterMember2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:ExchangeClearedMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:ExchangeClearedMember2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:ExchangeTradedMember2025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:ExchangeTradedMember2024-12-310000019617us-gaap:CreditRiskContractMemberus-gaap:OverTheCounterMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:OverTheCounterMember2024-12-310000019617us-gaap:CreditRiskContractMemberus-gaap:ExchangeClearedMember2025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:ExchangeClearedMember2024-12-310000019617us-gaap:ForeignExchangeContractMemberus-gaap:OverTheCounterMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:OverTheCounterMember2024-12-310000019617us-gaap:ForeignExchangeContractMemberus-gaap:ExchangeClearedMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:ExchangeClearedMember2024-12-310000019617us-gaap:ForeignExchangeContractMemberus-gaap:ExchangeTradedMember2025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:ExchangeTradedMember2024-12-310000019617us-gaap:EquityContractMemberus-gaap:OverTheCounterMember2025-09-300000019617us-gaap:EquityContractMemberus-gaap:OverTheCounterMember2024-12-310000019617us-gaap:EquityContractMemberus-gaap:ExchangeTradedMember2025-09-300000019617us-gaap:EquityContractMemberus-gaap:ExchangeTradedMember2024-12-310000019617us-gaap:CommodityContractMemberus-gaap:OverTheCounterMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:OverTheCounterMember2024-12-310000019617us-gaap:CommodityContractMemberus-gaap:ExchangeClearedMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:ExchangeClearedMember2024-12-310000019617us-gaap:CommodityContractMemberus-gaap:ExchangeTradedMember2025-09-300000019617us-gaap:CommodityContractMemberus-gaap:ExchangeTradedMember2024-12-310000019617jpm:SingleNotchDowngradeMember2025-09-300000019617jpm:TwoNotchDowngradeMember2025-09-300000019617jpm:SingleNotchDowngradeMember2024-12-310000019617jpm:TwoNotchDowngradeMember2024-12-310000019617us-gaap:DebtSecuritiesMember2025-09-300000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMember2025-09-300000019617us-gaap:DebtSecuritiesMember2024-12-310000019617jpm:BeneficialInterestsIssuedByConsolidatedVariableInterestEntitiesMember2024-12-310000019617us-gaap:DebtSecuritiesMemberus-gaap:NondesignatedMember2025-09-300000019617us-gaap:DebtSecuritiesMemberus-gaap:NondesignatedMember2024-12-310000019617us-gaap:LongTermDebtMemberus-gaap:NondesignatedMember2025-09-300000019617us-gaap:LongTermDebtMemberus-gaap:NondesignatedMember2024-12-310000019617us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2025-07-012025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-07-012025-09-300000019617us-gaap:CashFlowHedgingMember2025-07-012025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-07-012024-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-07-012024-09-300000019617us-gaap:CashFlowHedgingMember2024-07-012024-09-300000019617us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-09-300000019617us-gaap:CashFlowHedgingMember2025-01-012025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300000019617us-gaap:CashFlowHedgingMember2024-01-012024-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2025-07-012025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2024-07-012024-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2025-01-012025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2024-01-012024-09-300000019617us-gaap:AccumulatedTranslationAdjustmentMember2025-07-012025-09-300000019617us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-09-300000019617us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300000019617us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300000019617us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2025-07-012025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2024-07-012024-09-300000019617us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2025-01-012025-09-300000019617us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2024-01-012024-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2025-07-012025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2024-07-012024-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2025-01-012025-09-300000019617us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2024-01-012024-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2025-07-012025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2024-07-012024-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2025-01-012025-09-300000019617us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2024-01-012024-09-300000019617us-gaap:EquityContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2025-07-012025-09-300000019617us-gaap:EquityContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2024-07-012024-09-300000019617us-gaap:EquityContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2025-01-012025-09-300000019617us-gaap:EquityContractMemberus-gaap:NondesignatedMemberjpm:RiskManagementActivitiesMember2024-01-012024-09-300000019617jpm:RiskManagementActivitiesMemberus-gaap:NondesignatedMember2025-07-012025-09-300000019617jpm:RiskManagementActivitiesMemberus-gaap:NondesignatedMember2024-07-012024-09-300000019617jpm:RiskManagementActivitiesMemberus-gaap:NondesignatedMember2025-01-012025-09-300000019617jpm:RiskManagementActivitiesMemberus-gaap:NondesignatedMember2024-01-012024-09-300000019617us-gaap:CreditDefaultSwapMember2025-09-300000019617us-gaap:OtherCreditDerivativesMember2025-09-300000019617jpm:TotalCreditDerivativesMember2025-09-300000019617us-gaap:HybridInstrumentMember2025-09-300000019617us-gaap:CreditDefaultSwapMember2024-12-310000019617us-gaap:OtherCreditDerivativesMember2024-12-310000019617jpm:TotalCreditDerivativesMember2024-12-310000019617us-gaap:HybridInstrumentMember2024-12-310000019617us-gaap:ExternalCreditRatingInvestmentGradeMember2025-09-300000019617us-gaap:ExternalCreditRatingInvestmentGradeMemberjpm:CreditDerivativesProtectionSoldMember2025-09-300000019617us-gaap:ExternalCreditRatingNonInvestmentGradeMember2025-09-300000019617us-gaap:ExternalCreditRatingNonInvestmentGradeMemberjpm:CreditDerivativesProtectionSoldMember2025-09-300000019617jpm:CreditDerivativesProtectionSoldMember2025-09-300000019617us-gaap:ExternalCreditRatingInvestmentGradeMember2024-12-310000019617us-gaap:ExternalCreditRatingInvestmentGradeMemberjpm:CreditDerivativesProtectionSoldMember2024-12-310000019617us-gaap:ExternalCreditRatingNonInvestmentGradeMember2024-12-310000019617us-gaap:ExternalCreditRatingNonInvestmentGradeMemberjpm:CreditDerivativesProtectionSoldMember2024-12-310000019617jpm:CreditDerivativesProtectionSoldMember2024-12-310000019617us-gaap:EquitySecuritiesMember2025-07-012025-09-300000019617us-gaap:EquitySecuritiesMember2024-07-012024-09-300000019617us-gaap:EquitySecuritiesMember2025-01-012025-09-300000019617us-gaap:EquitySecuritiesMember2024-01-012024-09-300000019617us-gaap:DebtSecuritiesMember2025-07-012025-09-300000019617us-gaap:DebtSecuritiesMember2024-07-012024-09-300000019617us-gaap:DebtSecuritiesMember2025-01-012025-09-300000019617us-gaap:DebtSecuritiesMember2024-01-012024-09-300000019617us-gaap:InterestRateRiskMember2025-07-012025-09-300000019617us-gaap:InterestRateRiskMember2024-07-012024-09-300000019617us-gaap:InterestRateRiskMember2025-01-012025-09-300000019617us-gaap:InterestRateRiskMember2024-01-012024-09-300000019617us-gaap:CreditRiskMember2025-07-012025-09-300000019617us-gaap:CreditRiskMember2024-07-012024-09-300000019617us-gaap:CreditRiskMember2025-01-012025-09-300000019617us-gaap:CreditRiskMember2024-01-012024-09-300000019617us-gaap:ForeignExchangeMember2025-07-012025-09-300000019617us-gaap:ForeignExchangeMember2024-07-012024-09-300000019617us-gaap:ForeignExchangeMember2025-01-012025-09-300000019617us-gaap:ForeignExchangeMember2024-01-012024-09-300000019617us-gaap:EquityMember2025-07-012025-09-300000019617us-gaap:EquityMember2024-07-012024-09-300000019617us-gaap:EquityMember2025-01-012025-09-300000019617us-gaap:EquityMember2024-01-012024-09-300000019617us-gaap:CommodityMember2025-07-012025-09-300000019617us-gaap:CommodityMember2024-07-012024-09-300000019617us-gaap:CommodityMember2025-01-012025-09-300000019617us-gaap:CommodityMember2024-01-012024-09-300000019617jpm:InterchangeandMerchantProcessingMember2025-07-012025-09-300000019617jpm:InterchangeandMerchantProcessingMember2024-07-012024-09-300000019617jpm:InterchangeandMerchantProcessingMember2025-01-012025-09-300000019617jpm:InterchangeandMerchantProcessingMember2024-01-012024-09-300000019617jpm:RewardsandPartnerPaymentsMember2025-07-012025-09-300000019617jpm:RewardsandPartnerPaymentsMember2024-07-012024-09-300000019617jpm:RewardsandPartnerPaymentsMember2025-01-012025-09-300000019617jpm:RewardsandPartnerPaymentsMember2024-01-012024-09-300000019617jpm:OtherProductsandServicesMember2025-07-012025-09-300000019617jpm:OtherProductsandServicesMember2024-07-012024-09-300000019617jpm:OtherProductsandServicesMember2025-01-012025-09-300000019617jpm:OtherProductsandServicesMember2024-01-012024-09-300000019617jpm:OtherProductsandServicesMember2025-09-3000000196172025-01-312025-01-310000019617us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310000019617us-gaap:PerformanceSharesMember2025-01-012025-03-310000019617us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-09-300000019617us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-12-310000019617jpm:DomesticMortgagebackedSecuritiesMember2025-09-300000019617jpm:DomesticMortgagebackedSecuritiesMember2024-12-310000019617jpm:ForeignMortgageBackedSecuritiesMember2025-09-300000019617jpm:ForeignMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:MortgageBackedSecuritiesMember2025-09-300000019617us-gaap:MortgageBackedSecuritiesMember2024-12-310000019617us-gaap:USTreasuryAndGovernmentMember2025-09-300000019617us-gaap:USTreasuryAndGovernmentMember2024-12-310000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000019617us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000019617us-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000019617us-gaap:CorporateDebtSecuritiesMember2025-09-300000019617us-gaap:CorporateDebtSecuritiesMember2024-12-310000019617us-gaap:CollateralizedLoanObligationsMember2025-09-300000019617us-gaap:CollateralizedLoanObligationsMember2024-12-310000019617us-gaap:OtherDebtSecuritiesMember2025-09-300000019617us-gaap:OtherDebtSecuritiesMember2024-12-310000019617us-gaap:CorporateDebtSecuritiesMember2025-01-012025-03-310000019617us-gaap:AssetBackedSecuritiesMember2025-09-300000019617srt:MinimumMember2025-01-012025-09-300000019617jpm:SecuritiesForSecuritiesBorrowVersusPledgeTransactionsMember2025-09-300000019617jpm:SecuritiesForSecuritiesBorrowVersusPledgeTransactionsMember2024-12-310000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2025-09-300000019617us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:AssetBackedSecuritiesMember2024-12-310000019617us-gaap:EquitySecuritiesMember2025-09-300000019617us-gaap:EquitySecuritiesMember2024-12-310000019617jpm:MaturityOvernightandContinuousMember2025-09-300000019617us-gaap:MaturityUpTo30DaysMember2025-09-300000019617us-gaap:Maturity30To90DaysMember2025-09-300000019617us-gaap:MaturityOver90DaysMember2025-09-300000019617jpm:MaturityOvernightandContinuousMember2024-12-310000019617us-gaap:MaturityUpTo30DaysMember2024-12-310000019617us-gaap:Maturity30To90DaysMember2024-12-310000019617us-gaap:MaturityOver90DaysMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMember2025-09-300000019617us-gaap:CreditCardReceivablesMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMember2024-12-310000019617us-gaap:CreditCardReceivablesMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMember2025-07-012025-09-300000019617us-gaap:CreditCardReceivablesMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMember2024-07-012024-09-300000019617us-gaap:CreditCardReceivablesMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMember2025-01-012025-09-300000019617us-gaap:CreditCardReceivablesMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMember2024-01-012024-09-300000019617us-gaap:CreditCardReceivablesMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAsset30to149DaysPastDueMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAssetEqualtoGreaterthan150DaysPastDueMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-01-012025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAsset30to149DaysPastDueMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAssetEqualtoGreaterthan150DaysPastDueMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-01-012024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:SeniorLienMember2025-09-300000019617jpm:RefreshedFicoScoresEqualToOrGreaterThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:LTVGreaterthan125PercentMember2025-09-300000019617jpm:RefreshedFicoScoresEqualToOrGreaterThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:LTVGreaterthan125PercentMember2024-12-310000019617jpm:RefreshedFicoScoresLessThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:LTVGreaterthan125PercentMember2025-09-300000019617jpm:RefreshedFicoScoresLessThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:LTVGreaterthan125PercentMember2024-12-310000019617jpm:RefreshedFicoScoresEqualToOrGreaterThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:LTV101to125PercentMember2025-09-300000019617jpm:RefreshedFicoScoresEqualToOrGreaterThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:LTV101to125PercentMember2024-12-310000019617jpm:RefreshedFicoScoresLessThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:LTV101to125PercentMember2025-09-300000019617jpm:RefreshedFicoScoresLessThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:LTV101to125PercentMember2024-12-310000019617jpm:RefreshedFicoScoresEqualToOrGreaterThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:Ltv80To100PercentMember2025-09-300000019617jpm:RefreshedFicoScoresEqualToOrGreaterThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:Ltv80To100PercentMember2024-12-310000019617jpm:RefreshedFicoScoresLessThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:Ltv80To100PercentMember2025-09-300000019617jpm:RefreshedFicoScoresLessThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:Ltv80To100PercentMember2024-12-310000019617jpm:RefreshedFicoScoresEqualToOrGreaterThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:LtvLessThan80PercentMember2025-09-300000019617jpm:RefreshedFicoScoresEqualToOrGreaterThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:LtvLessThan80PercentMember2024-12-310000019617jpm:RefreshedFicoScoresLessThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:LtvLessThan80PercentMember2025-09-300000019617jpm:RefreshedFicoScoresLessThan660Memberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:LtvLessThan80PercentMember2024-12-310000019617jpm:NoFICOorLTVScoreAvailableMemberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617jpm:NoFICOorLTVScoreAvailableMemberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:CAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:CAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:NYjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:NYjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:FLjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:FLjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:TXjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:TXjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:MAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:MAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:COjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:COjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:WAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:WAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:ILjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:ILjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:NJjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:NJjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617stpr:CTjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617stpr:CTjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617jpm:OtherGeographicalAreasMemberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-09-300000019617jpm:OtherGeographicalAreasMemberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2025-07-012025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-07-012024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-01-012024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:PaymentDeferralMember2025-07-012025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberus-gaap:PaymentDeferralMember2025-01-012025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAsset30to149DaysPastDueMember2024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAssetEqualtoGreaterthan150DaysPastDueMember2024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMember2024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAssetInProcessofActiveorSuspendedForeclosureMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:ResidentialRealEstateMemberjpm:FinancialAssetInProcessofActiveorSuspendedForeclosureMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMemberjpm:FinancialAsset30to119DaysPastDueMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMemberjpm:FinancialAssetEqualToOrGreaterThan120DaysPastDueMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-01-012025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMemberjpm:FinancialAsset30to119DaysPastDueMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMemberjpm:FinancialAssetEqualToOrGreaterThan120DaysPastDueMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-01-012024-12-310000019617stpr:CAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:CAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617stpr:TXjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:TXjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617stpr:FLjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:FLjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617stpr:NYjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:NYjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617stpr:ILjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:ILjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617stpr:NJjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:NJjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617stpr:PAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:PAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617stpr:GAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:GAjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617stpr:AZjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:AZjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617stpr:NCjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617stpr:NCjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617jpm:OtherGeographicalAreasMemberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2025-09-300000019617jpm:OtherGeographicalAreasMemberjpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberus-gaap:AutomobileLoanMember2024-12-310000019617us-gaap:CreditCardReceivablesMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CreditCardReceivablesMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2025-09-300000019617us-gaap:CreditCardReceivablesMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CreditCardReceivablesMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CreditCardReceivablesMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2024-12-310000019617us-gaap:CreditCardReceivablesMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CreditCardReceivablesMember2024-01-012024-12-310000019617stpr:CAus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:CAus-gaap:CreditCardReceivablesMember2024-12-310000019617stpr:TXus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:TXus-gaap:CreditCardReceivablesMember2024-12-310000019617stpr:NYus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:NYus-gaap:CreditCardReceivablesMember2024-12-310000019617stpr:FLus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:FLus-gaap:CreditCardReceivablesMember2024-12-310000019617stpr:ILus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:ILus-gaap:CreditCardReceivablesMember2024-12-310000019617stpr:NJus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:NJus-gaap:CreditCardReceivablesMember2024-12-310000019617stpr:COus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:COus-gaap:CreditCardReceivablesMember2024-12-310000019617stpr:OHus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:OHus-gaap:CreditCardReceivablesMember2024-12-310000019617stpr:PAus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:PAus-gaap:CreditCardReceivablesMember2024-12-310000019617stpr:AZus-gaap:CreditCardReceivablesMember2025-09-300000019617stpr:AZus-gaap:CreditCardReceivablesMember2024-12-310000019617jpm:OtherGeographicalAreasMemberus-gaap:CreditCardReceivablesMember2025-09-300000019617jpm:OtherGeographicalAreasMemberus-gaap:CreditCardReceivablesMember2024-12-310000019617us-gaap:CreditCardReceivablesMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2025-07-012025-09-300000019617us-gaap:CreditCardReceivablesMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2025-01-012025-09-300000019617us-gaap:CreditCardReceivablesMemberjpm:ModificationOtherMember2025-07-012025-09-300000019617us-gaap:CreditCardReceivablesMemberjpm:ModificationOtherMember2025-01-012025-09-300000019617us-gaap:CreditCardReceivablesMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-07-012024-09-300000019617us-gaap:CreditCardReceivablesMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-09-300000019617us-gaap:CreditCardReceivablesMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-09-300000019617us-gaap:CreditCardReceivablesMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2024-09-300000019617us-gaap:CreditCardReceivablesMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2024-09-300000019617us-gaap:CreditCardReceivablesMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:InternalInvestmentGradeMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:InternalInvestmentGradeMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:InternalInvestmentGradeMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:InternalInvestmentGradeMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:InternalInvestmentGradeMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:InternalInvestmentGradeMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:InternalInvestmentGradeMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:InternalInvestmentGradeMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:PassMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:PassMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:PassMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:PassMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:PassMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:PassMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:CriticizedPerformingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:CriticizedPerformingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:CriticizedPerformingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:CriticizedPerformingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:CriticizedPerformingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:CriticizedPerformingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:CriticizedPerformingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:CriticizedPerformingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:CriticizedNonaccrualMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:CriticizedNonaccrualMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:CriticizedNonaccrualMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:CriticizedNonaccrualMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:CriticizedNonaccrualMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:CriticizedNonaccrualMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:CriticizedNonaccrualMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:CriticizedNonaccrualMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:InternalNoninvestmentGradeMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:InternalNoninvestmentGradeMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:InternalNoninvestmentGradeMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:InternalNoninvestmentGradeMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:InternalNoninvestmentGradeMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:InternalNoninvestmentGradeMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:InternalNoninvestmentGradeMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:InternalNoninvestmentGradeMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConsumerBorrowerMemberjpm:WholesaleOtherMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:ConsumerBorrowerMemberjpm:WholesaleOtherMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:SpecialPurposeEntityBorrowerMemberjpm:WholesaleOtherMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:SpecialPurposeEntityBorrowerMemberjpm:WholesaleOtherMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialInstitutionsBorrowerMemberjpm:WholesaleOtherMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialInstitutionsBorrowerMemberjpm:WholesaleOtherMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMember2024-01-012024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2024-01-012024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMember2024-01-012024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMembersrt:MultifamilyMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMembersrt:MultifamilyMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:WholesaleRealEstateCommercialLessorsMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:WholesaleRealEstateCommercialLessorsMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMembersrt:MultifamilyMemberus-gaap:CriticizedMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMembersrt:MultifamilyMemberus-gaap:CriticizedMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:WholesaleRealEstateCommercialLessorsMemberus-gaap:CriticizedMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:WholesaleRealEstateCommercialLessorsMemberus-gaap:CriticizedMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:CriticizedMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:CriticizedMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMembersrt:MultifamilyMemberjpm:CriticizedNonaccrualMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMembersrt:MultifamilyMemberjpm:CriticizedNonaccrualMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:WholesaleRealEstateCommercialLessorsMemberjpm:CriticizedNonaccrualMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:WholesaleRealEstateCommercialLessorsMemberjpm:CriticizedNonaccrualMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMemberus-gaap:RealEstateSectorMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMemberus-gaap:RealEstateSectorMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMemberus-gaap:CommercialAndIndustrialSectorMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMemberus-gaap:CommercialAndIndustrialSectorMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMemberjpm:WholesaleOtherMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMemberjpm:WholesaleOtherMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionDomesticMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMemberus-gaap:RealEstateSectorMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMemberus-gaap:RealEstateSectorMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMemberus-gaap:CommercialAndIndustrialSectorMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMemberus-gaap:CommercialAndIndustrialSectorMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMemberjpm:WholesaleOtherMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMemberjpm:WholesaleOtherMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:GeographicDistributionForeignMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2024-12-310000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:ExtendedMaturityMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:ExtendedMaturityMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:PaymentDeferralMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:PaymentDeferralMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:ExtendedMaturityAndPaymentDeferralMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:ExtendedMaturityAndPaymentDeferralMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:ModificationOtherMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:ModificationOtherMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:ExtendedMaturityMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:ExtendedMaturityMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:InterestRateReductionAndPaymentDeferralMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:InterestRateReductionAndPaymentDeferralMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:ModificationOtherMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:ModificationOtherMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ExtendedMaturityMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ExtendedMaturityMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:PaymentDeferralMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:PaymentDeferralMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ContractualInterestRateReductionMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ContractualInterestRateReductionMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ExtendedMaturityAndPaymentDeferralMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ExtendedMaturityAndPaymentDeferralMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ExtendedMaturityInterestRateReductionAndPaymentDeferralMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ExtendedMaturityInterestRateReductionAndPaymentDeferralMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ModificationOtherMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ModificationOtherMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ExtendedMaturityMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ExtendedMaturityMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:PaymentDeferralMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:PaymentDeferralMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ExtendedMaturityAndPaymentDeferralMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ExtendedMaturityAndPaymentDeferralMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ModificationOtherMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:ModificationOtherMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:ExtendedMaturityMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:ExtendedMaturityMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:ModificationOtherMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:ModificationOtherMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:ExtendedMaturityMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:ExtendedMaturityMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:ModificationOtherMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:ModificationOtherMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:FinancialAssetCurrentandLessThan30DaysPastDueandStillAccruingMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:FinancialAsset30To89DaysPastDueAndStillAccruingMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:FinancialAsset90orMoreDaysPastDueandStillAccruingMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberjpm:CriticizedNonaccrualMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberjpm:CriticizedNonaccrualMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberjpm:CriticizedNonaccrualMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:PaymentDeferralMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:PaymentDeferralMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2025-07-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:PaymentDeferralMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:PaymentDeferralMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:PaymentDeferralMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:PaymentDeferralMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-07-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateSectorMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialAndIndustrialSectorMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:WholesaleOtherMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-09-300000019617jpm:CreditCardLoanPortfolioSegmentMember2024-12-310000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMember2023-12-310000019617jpm:CreditCardLoanPortfolioSegmentMember2023-12-310000019617us-gaap:CommercialPortfolioSegmentMember2023-12-310000019617jpm:CreditCardLoanPortfolioSegmentMember2025-01-012025-09-300000019617jpm:CreditCardLoanPortfolioSegmentMember2024-01-012024-09-300000019617jpm:CreditCardLoanPortfolioSegmentMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMember2024-09-300000019617jpm:CreditCardLoanPortfolioSegmentMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMember2024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberjpm:CollateralDependentLoansMember2025-01-012025-09-300000019617jpm:CreditCardLoanPortfolioSegmentMemberjpm:CollateralDependentLoansMember2025-01-012025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:CollateralDependentLoansMember2025-01-012025-09-300000019617jpm:CollateralDependentLoansMember2025-01-012025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberjpm:CollateralDependentLoansMember2024-01-012024-09-300000019617jpm:CreditCardLoanPortfolioSegmentMemberjpm:CollateralDependentLoansMember2024-01-012024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:CollateralDependentLoansMember2024-01-012024-09-300000019617jpm:CollateralDependentLoansMember2024-01-012024-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberjpm:CollateralDependentLoansMember2025-09-300000019617jpm:CreditCardLoanPortfolioSegmentMemberjpm:CollateralDependentLoansMember2025-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:CollateralDependentLoansMember2025-09-300000019617jpm:CollateralDependentLoansMember2025-09-300000019617jpm:ConsumerExcludingCreditCardLoanPortfolioSegmentMemberjpm:CollateralDependentLoansMember2024-09-300000019617jpm:CreditCardLoanPortfolioSegmentMemberjpm:CollateralDependentLoansMember2024-09-300000019617us-gaap:CommercialPortfolioSegmentMemberjpm:CollateralDependentLoansMember2024-09-300000019617jpm:CollateralDependentLoansMember2024-09-300000019617jpm:CommercialAndInvestmentBankMember2025-09-300000019617jpm:CommercialAndInvestmentBankMember2024-09-300000019617us-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:PrimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:PrimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:DebtSecuritiesTradingMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:OtherFinancialAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:SubprimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SubprimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SubprimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:DebtSecuritiesTradingMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SubprimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SubprimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:OtherFinancialAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SubprimeMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:DebtSecuritiesTradingMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:OtherFinancialAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300000019617us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617jpm:DebtSecuritiesTradingMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617jpm:OtherFinancialAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:PrimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:PrimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:DebtSecuritiesTradingMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:OtherFinancialAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:PrimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:SubprimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SubprimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SubprimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:DebtSecuritiesTradingMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SubprimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SubprimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:OtherFinancialAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:SubprimeMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:DebtSecuritiesTradingMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:OtherFinancialAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000019617us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617jpm:DebtSecuritiesTradingMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617us-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617jpm:OtherFinancialAssetsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617jpm:CommercialAndInvestmentBankMember2024-12-310000019617us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-09-300000019617us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-09-300000019617us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000019617us-gaap:ExternalCreditRatingInvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000019617us-gaap:ExternalCreditRatingNonInvestmentGradeMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000019617us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617jpm:FirmAdministeredMultiSellerConduitsMember2025-09-300000019617jpm:FirmAdministeredMultiSellerConduitsMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:FirmAdministeredMultiSellerConduitsMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:FirmAdministeredMultiSellerConduitsMember2024-12-310000019617jpm:FirmSponsoredCreditCardSecuritizationTrustsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300000019617jpm:FirmAdministeredMultiSellerConduitsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300000019617us-gaap:MunicipalBondsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300000019617us-gaap:MortgagesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300000019617jpm:VieProgramTypeOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-09-300000019617jpm:FirmSponsoredCreditCardSecuritizationTrustsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000019617jpm:FirmAdministeredMultiSellerConduitsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000019617us-gaap:MunicipalBondsMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000019617us-gaap:MortgagesMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000019617jpm:VieProgramTypeOtherMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310000019617jpm:TaxCreditVehiclesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617jpm:TaxCreditVehiclesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617us-gaap:MunicipalBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:MunicipalBondsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-07-012025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-07-012025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-07-012024-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-07-012024-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-01-012025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-01-012025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-01-012024-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-01-012024-09-300000019617us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-07-012025-09-300000019617us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-07-012024-09-300000019617us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-01-012025-09-300000019617us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-01-012024-09-300000019617us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617us-gaap:ResidentialMortgageMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000019617us-gaap:ResidentialMortgageMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:PrimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:PrimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:PrimeMember2025-07-012025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:PrimeMember2024-07-012024-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:PrimeMember2025-01-012025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:PrimeMember2024-01-012024-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:SubprimeMember2025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:SubprimeMember2024-12-310000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:SubprimeMember2025-07-012025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:SubprimeMember2024-07-012024-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:SubprimeMember2025-01-012025-09-300000019617us-gaap:ResidentialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMemberus-gaap:SubprimeMember2024-01-012024-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMember2025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMember2024-12-310000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMember2025-07-012025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMember2024-07-012024-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMember2025-01-012025-09-300000019617us-gaap:CommercialMortgageBackedSecuritiesMemberjpm:SecuritizedLoansMember2024-01-012024-09-300000019617jpm:SecuritizedLoansMember2025-09-300000019617jpm:SecuritizedLoansMember2024-12-310000019617jpm:SecuritizedLoansMember2025-07-012025-09-300000019617jpm:SecuritizedLoansMember2024-07-012024-09-300000019617jpm:SecuritizedLoansMember2025-01-012025-09-300000019617jpm:SecuritizedLoansMember2024-01-012024-09-300000019617us-gaap:OperatingSegmentsMemberjpm:ConsumerCommunityBankingMember2025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:ConsumerCommunityBankingMember2024-12-310000019617us-gaap:OperatingSegmentsMemberjpm:CommercialAndInvestmentBankMember2025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:CommercialAndInvestmentBankMember2024-12-310000019617us-gaap:OperatingSegmentsMemberjpm:AssetandWealthManagementSegmentMember2025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:AssetandWealthManagementSegmentMember2024-12-310000019617us-gaap:CorporateNonSegmentMember2025-09-300000019617us-gaap:CorporateNonSegmentMember2024-12-310000019617jpm:ConsumerCommunityBankingMember2025-07-012025-09-300000019617jpm:ConsumerCommunityBankingMember2024-07-012024-09-300000019617jpm:ConsumerCommunityBankingMember2025-01-012025-09-300000019617jpm:ConsumerCommunityBankingMember2024-01-012024-09-3000000196172024-01-012024-12-310000019617us-gaap:GeographicDistributionDomesticMember2025-09-300000019617us-gaap:GeographicDistributionDomesticMember2024-12-310000019617us-gaap:GeographicDistributionForeignMember2025-09-300000019617us-gaap:GeographicDistributionForeignMember2024-12-310000019617country:US2025-09-300000019617us-gaap:NonUsMember2025-09-300000019617jpm:SeriesDDPreferredStockMember2025-09-300000019617jpm:SeriesDDPreferredStockMember2024-12-310000019617jpm:SeriesDDPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesDDPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesDDPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesDDPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesDDPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesEEPreferredStockMember2025-09-300000019617jpm:SeriesEEPreferredStockMember2024-12-310000019617jpm:SeriesEEPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesEEPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesEEPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesEEPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesEEPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesGGPreferredStockMember2025-09-300000019617jpm:SeriesGGPreferredStockMember2024-12-310000019617jpm:SeriesGGPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesGGPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesGGPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesGGPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesGGPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesJJPreferredStockMember2025-09-300000019617jpm:SeriesJJPreferredStockMember2024-12-310000019617jpm:SeriesJJPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesJJPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesJJPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesJJPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesJJPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesLLPreferredStockMember2025-09-300000019617jpm:SeriesLLPreferredStockMember2024-12-310000019617jpm:SeriesLLPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesLLPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesLLPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesLLPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesLLPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesMMPreferredStockMember2025-09-300000019617jpm:SeriesMMPreferredStockMember2024-12-310000019617jpm:SeriesMMPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesMMPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesMMPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesMMPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesMMPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesQPreferredStockMember2025-09-300000019617jpm:SeriesQPreferredStockMember2024-12-310000019617jpm:SeriesQPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesQPreferredStockMember2025-01-012025-09-300000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesQPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesQPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesQPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesQPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesRPreferredStockMember2025-09-300000019617jpm:SeriesRPreferredStockMember2024-12-310000019617jpm:SeriesRPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesRPreferredStockMember2025-01-012025-09-300000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesRPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesRPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesRPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesRPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesSPreferredStockMember2025-09-300000019617jpm:SeriesSPreferredStockMember2024-12-310000019617jpm:SeriesSPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesSPreferredStockMember2025-01-012025-09-300000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesSPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesSPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesSPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesSPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesUPreferredStockMember2025-09-300000019617jpm:SeriesUPreferredStockMember2024-12-310000019617jpm:SeriesUPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesUPreferredStockMember2025-01-012025-09-300000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesUPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesUPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesUPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesUPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesXPreferredStockMember2025-09-300000019617jpm:SeriesXPreferredStockMember2024-12-310000019617jpm:SeriesXPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesXPreferredStockMember2025-01-012025-09-300000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesXPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesXPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesXPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesXPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesCCPreferredStockMember2025-09-300000019617jpm:SeriesCCPreferredStockMember2024-12-310000019617jpm:SeriesCCPreferredStockMember2025-01-012025-09-300000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesCCPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesCCPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesCCPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesCCPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesCCPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesFFPreferredStockMember2025-09-300000019617jpm:SeriesFFPreferredStockMember2024-12-310000019617jpm:SeriesFFPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesFFPreferredStockMember2025-01-012025-09-300000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesFFPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesFFPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesFFPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesFFPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesHHPreferredStockMember2025-09-300000019617jpm:SeriesHHPreferredStockMember2024-12-310000019617jpm:SeriesHHPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesHHPreferredStockMember2025-01-012025-09-300000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesHHPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesHHPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesHHPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesHHPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesIIPreferredStockMember2025-09-300000019617jpm:SeriesIIPreferredStockMember2024-12-310000019617jpm:SeriesIIPreferredStockMember2025-01-012025-09-300000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesIIPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesIIPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesIIPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesIIPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesIIPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesKKPreferredStockMember2025-09-300000019617jpm:SeriesKKPreferredStockMember2024-12-310000019617jpm:SeriesKKPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesKKPreferredStockMember2025-01-012025-09-300000019617us-gaap:UsTreasuryUstInterestRateMemberjpm:SeriesKKPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesKKPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesKKPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesKKPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesNNPreferredStockMember2025-09-300000019617jpm:SeriesNNPreferredStockMember2024-12-310000019617jpm:SeriesNNPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesNNPreferredStockMember2025-01-012025-09-300000019617us-gaap:UsTreasuryUstInterestRateMemberjpm:SeriesNNPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesNNPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesNNPreferredStockMember2024-07-012024-09-300000019617jpm:SeriesNNPreferredStockMember2024-01-012024-09-300000019617jpm:SeriesOOPreferredStockMember2025-09-300000019617jpm:SeriesOOPreferredStockMember2025-01-012025-09-300000019617srt:MinimumMemberjpm:SeriesOOPreferredStockMember2025-01-012025-09-300000019617us-gaap:UsTreasuryUstInterestRateMemberjpm:SeriesOOPreferredStockMember2025-01-012025-09-300000019617jpm:SeriesOOPreferredStockMember2025-07-012025-09-300000019617jpm:SeriesIIPreferredStockMember2025-03-312025-03-310000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesIIPreferredStockMember2025-04-012025-04-010000019617jpm:SeriesSPreferredStockMember2024-01-312024-01-310000019617us-gaap:SecuredOvernightFinancingRateSofrMemberjpm:SeriesSPreferredStockMember2024-02-012024-02-010000019617jpm:SeriesOOPreferredStockMember2025-02-042025-02-040000019617jpm:SeriesNNPreferredStockMember2024-03-122024-03-120000019617jpm:SeriesHHPreferredStockMember2025-02-012025-02-010000019617jpm:SeriesXPreferredStockMember2024-10-012024-10-010000019617jpm:SeriesFFPreferredStockMember2024-08-012024-08-010000019617jpm:SeriesQPreferredStockSeriesRPreferredStockAndSeriesSPreferredStockMember2024-05-012024-05-010000019617jpm:SeriesUPreferredStockMember2024-04-302024-04-300000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-06-300000019617us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2025-06-300000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2025-06-300000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-07-012025-09-300000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2025-07-012025-09-300000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-07-012025-09-300000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-07-012025-09-300000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2025-07-012025-09-300000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-09-300000019617us-gaap:AccumulatedTranslationAdjustmentMember2025-09-300000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2025-09-300000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-09-300000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-09-300000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2025-09-300000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-300000019617us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2024-06-300000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-300000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2024-06-300000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-07-012024-09-300000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2024-07-012024-09-300000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2024-07-012024-09-300000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-300000019617us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2024-09-300000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2024-09-300000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000019617us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2024-12-310000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2024-12-310000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-09-300000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2025-01-012025-09-300000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-300000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-09-300000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2025-01-012025-09-300000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000019617us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2023-12-310000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2023-12-310000019617us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-300000019617us-gaap:AociDerivativeQualifyingAsHedgeExcludedComponentParentMember2024-01-012024-09-300000019617us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000019617us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000019617jpm:AccumulatedGainLossFairValueOptionFinancialLiabilitiesAttributabletoParentMember2024-01-012024-09-300000019617jpm:SegregatedforBenefitofSecuritiesandClearedDerivativeCustomersMember2025-09-300000019617jpm:SegregatedforBenefitofSecuritiesandClearedDerivativeCustomersMember2024-12-310000019617jpm:CashReservesForeignCentralBanksandOtherMember2025-09-300000019617jpm:CashReservesForeignCentralBanksandOtherMember2024-12-310000019617us-gaap:InterestBearingDepositsMember2025-09-300000019617us-gaap:InterestBearingDepositsMember2024-12-310000019617jpm:CashAndDueFromBanksMember2025-09-300000019617jpm:CashAndDueFromBanksMember2024-12-310000019617jpm:BaselIIIStandardizedMemberjpm:BankHoldingCompaniesMember2025-09-300000019617jpm:BaselIIIStandardizedMemberjpm:BankHoldingCompaniesMember2024-12-310000019617jpm:BaselIIIStandardizedMemberjpm:SubsidiariesInsuredDepositoryInstitutionsMember2024-12-310000019617jpm:BaselIIIStandardizedMemberjpm:SubsidiariesInsuredDepositoryInstitutionsMember2025-09-300000019617jpm:BaselIIIAdvancedMemberjpm:BankHoldingCompaniesMember2025-09-300000019617jpm:BaselIIIAdvancedMemberjpm:BankHoldingCompaniesMember2024-12-310000019617jpm:BaselIIIAdvancedMemberjpm:SubsidiariesInsuredDepositoryInstitutionsMember2024-12-310000019617jpm:BaselIIIAdvancedMemberjpm:SubsidiariesInsuredDepositoryInstitutionsMember2025-09-300000019617jpm:BaselIIIMemberjpm:SubsidiariesInsuredDepositoryInstitutionsMember2025-09-300000019617jpm:BaselIIIMemberjpm:SubsidiariesInsuredDepositoryInstitutionsMember2024-12-310000019617jpm:BaselIIIMemberjpm:BankHoldingCompaniesMember2024-12-310000019617jpm:BaselIIIMemberjpm:BankHoldingCompaniesMember2025-09-300000019617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310000019617srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2024-12-310000019617jpm:BaselIIIStandardizedMembersrt:ParentCompanyMember2025-09-300000019617jpm:BaselIIIStandardizedMemberjpm:JpmorganChaseBankNAMember2025-09-300000019617jpm:BaselIIIAdvancedMembersrt:ParentCompanyMember2025-09-300000019617jpm:BaselIIIAdvancedMemberjpm:JpmorganChaseBankNAMember2025-09-300000019617jpm:BaselIIIStandardizedMembersrt:ParentCompanyMember2024-12-310000019617jpm:BaselIIIStandardizedMemberjpm:JpmorganChaseBankNAMember2024-12-310000019617jpm:BaselIIIAdvancedMembersrt:ParentCompanyMember2024-12-310000019617jpm:BaselIIIAdvancedMemberjpm:JpmorganChaseBankNAMember2024-12-310000019617srt:ParentCompanyMember2025-09-300000019617jpm:JpmorganChaseBankNAMember2025-09-300000019617srt:ParentCompanyMember2024-12-310000019617jpm:JpmorganChaseBankNAMember2024-12-310000019617us-gaap:ResidentialRealEstateMember2025-09-300000019617us-gaap:ResidentialRealEstateMember2024-12-310000019617us-gaap:AutomobileLoanMember2025-09-300000019617us-gaap:AutomobileLoanMember2024-12-310000019617jpm:ConsumerLoanExcludingCreditCardMember2025-09-300000019617jpm:ConsumerLoanExcludingCreditCardMember2024-12-310000019617us-gaap:CreditCardReceivablesMember2025-09-300000019617us-gaap:CreditCardReceivablesMember2024-12-310000019617us-gaap:ConsumerLoanMember2025-09-300000019617us-gaap:ConsumerLoanMember2024-12-310000019617jpm:OtherUnfundedCommitmentsToExtendCreditMember2025-09-300000019617jpm:OtherUnfundedCommitmentsToExtendCreditMember2024-12-310000019617jpm:StandbyLettersOfCreditAndOtherFinancialGuaranteesMember2025-09-300000019617jpm:StandbyLettersOfCreditAndOtherFinancialGuaranteesMember2024-12-310000019617jpm:OtherLettersOfCreditMember2025-09-300000019617jpm:OtherLettersOfCreditMember2024-12-310000019617us-gaap:CommercialLoanMember2025-09-300000019617us-gaap:CommercialLoanMember2024-12-310000019617jpm:SecuritiesLendingIndemnificationsMember2025-09-300000019617jpm:SecuritiesLendingIndemnificationsMember2024-12-310000019617jpm:DerivativesQualifyingAsGuaranteesMember2025-09-300000019617jpm:DerivativesQualifyingAsGuaranteesMember2024-12-310000019617jpm:UnsettledReverseRepurchaseAndSecuritiesBorrowingAgreementsNettingMember2025-09-300000019617jpm:UnsettledReverseRepurchaseAndSecuritiesBorrowingAgreementsNettingMember2024-12-310000019617jpm:UnsettledRepurchaseAndSecuritiesLendingAgreementsNettingMember2025-09-300000019617jpm:UnsettledRepurchaseAndSecuritiesLendingAgreementsNettingMember2024-12-310000019617jpm:MortgageRepurchaseLiabilityMember2025-09-300000019617jpm:MortgageRepurchaseLiabilityMember2024-12-310000019617jpm:LoansSoldWithRecourseMember2025-09-300000019617jpm:LoansSoldWithRecourseMember2024-12-310000019617jpm:ExchangeandClearingHouseGuaranteesandCommitmentsMember2025-09-300000019617jpm:ExchangeandClearingHouseGuaranteesandCommitmentsMember2024-12-310000019617jpm:OtherGuaranteesAndCommitmentsMember2025-09-300000019617jpm:OtherGuaranteesAndCommitmentsMember2024-12-310000019617jpm:JPMorganChaseFinancialCompanyLLCMember2025-01-012025-09-300000019617us-gaap:AssetPledgedAsCollateralWithoutRightMember2025-09-300000019617us-gaap:AssetPledgedAsCollateralWithoutRightMember2024-12-310000019617jpm:AssetspledgedtoFederalReserveBanksandFederalHomeLoanBanksMemberus-gaap:AssetPledgedAsCollateralMember2025-09-300000019617jpm:AssetspledgedtoFederalReserveBanksandFederalHomeLoanBanksMemberus-gaap:AssetPledgedAsCollateralMember2024-12-310000019617us-gaap:AssetPledgedAsCollateralMember2025-09-300000019617us-gaap:AssetPledgedAsCollateralMember2024-12-310000019617srt:MinimumMemberjpm:ThreatenedOrPendingLitigationMember2025-09-300000019617srt:MaximumMemberjpm:ThreatenedOrPendingLitigationMember2025-09-300000019617jpm:JPMorganSuisseSAMemberjpm:A1MDBLitigation2009Member2021-05-012021-05-310000019617jpm:JPMorganSuisseSAMemberjpm:A1MDBLitigation2010Member2021-05-012021-05-310000019617jpm:A1MDBLitigationMember2025-08-012025-08-310000019617jpm:JPMorganSuisseSAMemberjpm:A1MDBLitigationPetroSaudiJointVentureMember2025-08-012025-08-310000019617jpm:JPMorganIndiaPrivateLimitedMemberjpm:AmrapaliLitigationMember2010-01-012012-12-310000019617jpm:JPMorganIndiaPrivateLimitedMemberjpm:AmrapaliLitigationMember2021-08-012021-08-310000019617jpm:ForeignExchangeInvestigationsandLitigationMember2025-01-012025-09-300000019617jpm:VisaDefendantsandMastercardandCertainBanksMemberjpm:InterchangeLitigationMember2018-09-012018-09-300000019617jpm:VisaDefendantsandMastercardandCertainBanksMemberjpm:InterchangeLitigationMember2018-09-012025-09-300000019617jpm:VisaDefendantsandMastercardandCertainBanksMemberjpm:InterchangeLitigationMember2025-09-300000019617jpm:RussianLitigationMember2025-01-012025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:ConsumerCommunityBankingMember2025-07-012025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:ConsumerCommunityBankingMember2024-07-012024-09-300000019617us-gaap:OperatingSegmentsMemberjpm:CommercialAndInvestmentBankMember2025-07-012025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:CommercialAndInvestmentBankMember2024-07-012024-09-300000019617us-gaap:OperatingSegmentsMemberjpm:AssetandWealthManagementSegmentMember2025-07-012025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:AssetandWealthManagementSegmentMember2024-07-012024-09-300000019617us-gaap:OperatingSegmentsMemberjpm:ConsumerCommunityBankingMember2024-09-300000019617us-gaap:OperatingSegmentsMemberjpm:CommercialAndInvestmentBankMember2024-09-300000019617us-gaap:OperatingSegmentsMemberjpm:AssetandWealthManagementSegmentMember2024-09-300000019617us-gaap:CorporateNonSegmentMember2025-07-012025-09-300000019617us-gaap:CorporateNonSegmentMember2024-07-012024-09-300000019617us-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300000019617us-gaap:MaterialReconcilingItemsMember2024-07-012024-09-300000019617us-gaap:CorporateNonSegmentMember2024-09-300000019617us-gaap:OperatingSegmentsMemberjpm:ConsumerCommunityBankingMember2025-01-012025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:ConsumerCommunityBankingMember2024-01-012024-09-300000019617us-gaap:OperatingSegmentsMemberjpm:CommercialAndInvestmentBankMember2025-01-012025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:CommercialAndInvestmentBankMember2024-01-012024-09-300000019617us-gaap:OperatingSegmentsMemberjpm:AssetandWealthManagementSegmentMember2025-01-012025-09-300000019617us-gaap:OperatingSegmentsMemberjpm:AssetandWealthManagementSegmentMember2024-01-012024-09-300000019617us-gaap:CorporateNonSegmentMember2025-01-012025-09-300000019617us-gaap:CorporateNonSegmentMember2024-01-012024-09-300000019617us-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300000019617us-gaap:MaterialReconcilingItemsMember2024-01-012024-09-3000000196172025-04-012025-06-300000019617jpm:VISAMemberus-gaap:CommonClassCMember2024-04-012024-06-3000000196172024-04-012024-06-300000019617jpm:AshleyBaconMember2025-07-012025-09-300000019617jpm:JeremyBarnumMember2025-07-012025-09-300000019617jpm:LoriBeerMember2025-07-012025-09-300000019617jpm:MaryErdoesMember2025-07-012025-09-300000019617jpm:StaceyFriedmanMember2025-07-012025-09-300000019617jpm:MarianneLakeMember2025-07-012025-09-300000019617jpm:RobinLeopoldMember2025-07-012025-09-300000019617jpm:RobinLeopoldMember2025-09-300000019617jpm:DouglasPetnoMember2025-07-012025-09-300000019617jpm:JenniferPiepszakMember2025-07-012025-09-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period endedCommission file
September 30, 2025number1-5805
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware13-2624428
(State or other jurisdiction of
incorporation or organization)		(I.R.S. employer
identification no.)
383 Madison Avenue,
New York,New York10179
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 270-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockJPMThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD
JPM PR DThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE
JPM PR CThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG
JPM PR JThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL
JPM PR L
The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MMJPM PR MThe New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
JPM/32The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLCAMJBNYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLCVYLDNYSE 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 September 30, 2025: 2,722,262,295


FORM 10-Q
TABLE OF CONTENTS
Page
Item 1.
Consolidated Financial Statements – JPMorgan Chase & Co.:
Consolidated statements of income (unaudited) for the three and nine months ended September 30, 2025 and 2024
92
Consolidated statements of comprehensive income (unaudited) for the three and nine months ended September 30, 2025 and 2024
93
Consolidated balance sheets (unaudited) at September 30, 2025 and December 31, 2024
94
Consolidated statements of changes in stockholders' equity (unaudited) for the three and nine months ended September 30, 2025 and 2024
95
Consolidated statements of cash flows (unaudited) for the nine months ended September 30, 2025 and 2024
96
Notes to Consolidated Financial Statements (unaudited)
Note 1 - Basis of presentation
97
Note 2 - Fair value measurement
98
Note 3 - Fair value option
113
Note 4 - Derivative instruments
117
Note 5 - Noninterest revenue and noninterest expense
130
Note 6 - Interest income and interest expense
132
Note 7 - Pension and other postretirement employee benefit plans
133
Note 8 - Employee share-based incentives
134
Note 9 - Investment securities
135
Note 10 - Securities financing activities
140
Note 11 - Loans
142
Note 12 - Allowance for credit losses
159
Note 13 - Variable interest entities
162
Note 14 - Goodwill and mortgage servicing rights
169
Note 15 - Deposits
173
Note 16 - Leases
173
Note 17 - Preferred stock
174
Note 18 - Earnings per share
175
Note 19 - Accumulated other comprehensive income/(loss)
176
Note 20 - Restricted cash and other restricted assets
178
Note 21 - Regulatory capital
179
Note 22 - Off-balance sheet lending-related financial instruments, guarantees, and other commitments
181
Note 23 - Pledged assets and collateral
184
Note 24 - Litigation
185
Note 25 - Business segments & Corporate
188
Page
Report of Independent Registered Public Accounting Firm
191
Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three and nine months ended September 30, 2025 and 2024
192
Glossary of Terms and Acronyms and Line of Business Metrics
194
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Consolidated Financial Highlights
3
Introduction
4
Executive Overview
5
Consolidated Results of Operations
9
Consolidated Balance Sheets and Cash Flows Analysis
15
Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures
18
Business Segment & Corporate Results
20
Firmwide Risk Management
43
Capital Risk Management
44
Liquidity Risk Management
51
Consumer Credit Portfolio
61
Wholesale Credit Portfolio
66
Allowance for Credit Losses
75
Investment Portfolio Risk Management
78
Market Risk Management
79
Country Risk Management
86
Critical Accounting Estimates Used by the Firm
87
Accounting and Reporting Developments
90
Forward-Looking Statements
91
Item 3.
Quantitative and Qualitative Disclosures About Market Risk.
203
Item 4.
203
Item 1.
203
Item 1A.
203
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
203
Item 3.
204
Item 4.
204
Item 5.
205
Item 6.
206

2

JPMorgan Chase & Co.
Consolidated financial highlights (unaudited)
As of or for the period ended, (in millions, except per share, ratio, employee data and where otherwise noted)Nine months ended Sep 30,
3Q252Q251Q254Q243Q2420252024
Selected income statement data
Total net revenue$46,427 $44,912 $45,310 $42,768 $42,654 $136,649 $134,788 
(f)
Total noninterest expense24,281 23,779 23,597 22,762 22,565 71,657 69,035 
(f)
Pre-provision profit(a)
22,146 21,133 21,713 20,006 20,089 64,992 65,753 
Provision for credit losses3,403 2,849 3,305 2,631 3,111 9,557 8,047 
Income before income tax expense18,743 18,284 18,408 17,375 16,978 55,435 57,706 
Income tax expense4,350 3,297 3,765 3,370 4,080 11,412 13,240 
Net income
$14,393 $14,987 $14,643 $14,005 $12,898 $44,023 $44,466 
Earnings per share data
Net income:     Basic
$5.08 $5.25 $5.08 $4.82 $4.38 $15.41 $14.97 
             Diluted5.07 5.24 5.07 4.81 4.37 15.38 14.94 
Average shares: Basic2,762.4 2,788.7 2,819.4 2,836.9 2,860.6 2,790.2 2,886.2 
             Diluted2,767.6 2,793.7 2,824.3 2,842.4 2,865.9 2,795.2 2,891.2 
Market and per common share data
Market capitalization858,683 797,181 681,712 670,618 593,643 858,683 593,643 
Common shares at period-end2,722.2 2,749.7 2,779.1 2,797.6 2,815.3 2,722.2 2,815.3 
Book value per share124.96 122.51 119.24 116.07 115.15 124.96 115.15 
Tangible book value per share (“TBVPS”)(a)
105.70 103.40 100.36 97.30 96.42 105.70 96.42 
Cash dividends declared per share1.50 1.40 1.40 1.25 1.25 4.30 3.55 
Selected ratios and metrics
Return on common equity (“ROE”)(b)
17 %18 %18 %17 %16 %17 %19 %
Return on tangible common equity (“ROTCE”)(a)(b)
20 21 21 21 19 21 23 
Return on assets(b)
1.26 1.35 1.40 1.35 1.23 1.34 1.46 
Overhead ratio52 53 52 53 53 52 51 
Loans-to-deposits ratio56 55 54 56 55 56 55 
Firm Liquidity coverage ratio (“LCR”) (average)(c)
110 113 113 113 114 110 114 
JPMorgan Chase Bank, N.A. LCR (average)(c)
117 120 124 124 121 117 121 
Common equity Tier 1 (“CET1”) capital ratio(d)(e)
14.8 15.1 15.4 15.7 15.3 14.8 15.3 
Tier 1 capital ratio(d)(e)
15.8 16.1 16.5 16.8 16.4 15.8 16.4 
Total capital ratio(d)(e)
17.7 17.8 18.2 18.5 18.2 17.7 18.2 
Tier 1 leverage ratio(c)(d)
6.9 6.9 7.2 7.2 7.1 6.9 7.1 
Supplementary leverage ratio (“SLR”)(c)(d)
5.8 5.9 6.0 6.1 6.0 5.8 6.0 
Selected balance sheet data (period-end)
Trading assets$952,777 $889,856 $875,203 $637,784 $787,489 $952,777 $787,489 
Investment securities, net of allowance for credit losses783,945 745,939 664,447 681,320 634,502 783,945 634,502 
Loans1,435,246 1,411,992 1,355,695 1,347,988 1,340,011 1,435,246 1,340,011 
Total assets4,560,205 4,552,482 4,357,856 4,002,814 4,210,048 4,560,205 4,210,048 
Deposits2,548,476 2,562,380 2,495,877 2,406,032 2,430,772 2,548,476 2,430,772 
Long-term debt427,203 419,802 407,224 401,418 410,157 427,203 410,157 
Common stockholders’ equity340,167 336,879 331,375 324,708 324,186 340,167 324,186 
Total stockholders’ equity360,212 356,924 351,420 344,758 345,836 360,212 345,836 
Employees
318,153 317,160 318,477 317,233 316,043 318,153 316,043 
Credit quality metrics
Allowances for credit losses$29,089 $28,281 $27,835 $26,866 $26,543 $29,089 $26,543 
Allowance for loan losses to total retained loans1.88 %1.85 %1.94 %1.87 %1.86 %1.88 %1.86 %
Nonperforming assets$10,635 $10,480 $9,105 $9,300 $8,628 $10,635 $8,628 
Net charge-offs2,593 2,410 2,332 2,364 2,087 7,335 6,274 
Net charge-off rate0.76 %0.73 %0.74 %0.73 %0.65 %0.74 %0.66 %
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of these measures.
(b)Ratios are based upon annualized amounts.
(c)For the nine months ended September 30, 2025 and 2024, the percentage represents average ratios for the three months ended September 30, 2025 and 2024.
(d)As of January 1, 2025, the benefit from the Current Expected Credit Losses (“CECL”) capital transition provision had been fully phased out. For the periods ended December 31, 2024 and September 30, 2024, the ratios reflected the CECL capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorganChase’s 2024 Form 10-K for additional information.
(e)Reflects the Firm’s ratios under the Standardized approach. Refer to Capital Risk Management on pages 44-50 for additional information.
(f)Total net revenue included a $7.9 billion net gain related to Visa shares, and total noninterest expense included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Executive Overview on pages 54–58, and Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information on the exchange offer for Visa Class B-1 common stock.
3

INTRODUCTION
The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) for the third quarter of 2025.
This Quarterly Report on Form 10-Q for the third quarter of 2025 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 194-202 for definitions of terms and acronyms used throughout this Form 10-Q.
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 91 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 10–37 of the 2024 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.6 trillion in assets and $360.2 billion in stockholders’ equity as of September 30, 2025. 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, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
JPMorganChase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities
plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 20-42 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2024 Form 10-K, for a description of the Firm’s reportable business segments and the products and services they provide to their respective client bases, as well as a description of Corporate activities.
The Firm's website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorganChase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-Q, is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.
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, this Form 10-Q and the 2024 Form 10-K should be read together and in their entirety.
Financial performance of JPMorganChase
(unaudited)
As of or for the period ended,
(in millions, except per share data and ratios)
Three months ended September 30,Nine months ended September 30,
20252024Change20252024Change
Selected income statement data
Noninterest revenue$22,461 $19,249 17 %$66,201 $65,555 1 %
Net interest income23,966 23,405 2 70,448 69,233 2 
Total net revenue46,427 42,654 9 136,649 134,788 1 
Total noninterest expense24,281 22,565 8 71,657 69,035 4 
Pre-provision profit22,146 20,089 10 64,992 65,753 (1)
Provision for credit losses3,403 3,111 9 9,557 8,047 19 
Net income14,393 12,898 12 44,023 44,466 (1)
Diluted earnings per share5.07 4.37 16 15.38 14.94 3 
Selected ratios and metrics
Return on common equity17 %16 %17 %19 %
Return on tangible common equity
20 19 21 23 
Book value per share$124.96 $115.15 9 $124.96 $115.15 9 
Tangible book value per share105.70 96.42 10 105.70 96.42 10 
Capital ratios(a)(b)
CET1 capital14.8 %15.3 %14.8 %15.3 %
Tier 1 capital15.8 16.4 15.8 16.4 
Total capital17.7 18.2 17.7 18.2 
Memo:
NII excluding Markets(c)
$23,391 $23,447 — $68,734 $69,405 (1)
NIR excluding Markets(c)
14,785 12,716 16 42,537 44,492 (4)
Markets(d)
8,944 7,152 25 27,543 22,958 20 
Total net revenue - managed basis$47,120 $43,315 9 $138,814 $136,855 1 
(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. For the period ended September 30, 2024, the ratios reflected the CECL capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorganChase’s 2024 Form 10-K for additional information.
(b)Reflects the Firm’s ratios under the Standardized approach. Refer to Capital Risk Management on pages 44-50 for additional information.
(c)NII and NIR refer to net interest income and noninterest revenue, respectively.
(d)Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.
Comparisons noted in the sections below are for the third quarter of 2025 versus the third quarter of 2024, unless otherwise specified.
Firmwide overview
For the third quarter of 2025, JPMorganChase reported net income of $14.4 billion, up 12%, with earnings per share of $5.07, ROE of 17% and ROTCE of 20%.
•Total net revenue was $46.4 billion, up 9%, reflecting:
–Net interest income ("NII") was $24.0 billion, up 2%, driven by higher revolving balances in Card Services, higher Markets net interest income, and higher wholesale deposit balances, predominantly offset by the impact of lower rates and deposit margin compression. NII excluding Markets was
$23.4 billion, flat when compared with the prior year.
–Noninterest revenue ("NIR") was $22.5 billion, up 17%, predominantly driven by higher Markets noninterest revenue, and increases in asset management fees in AWM and CCB, investment banking fees, auto operating lease income and Payments fees.
•Noninterest expense was $24.3 billion, up 8%, predominantly driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees, as well as higher brokerage expense and distribution fees, higher auto lease depreciation, and continued investments in marketing, partially offset by lower legal expense.
5

•The provision for credit losses was $3.4 billion. Net charge-offs of $2.6 billion were up $506 million, predominantly driven by Wholesale and Card Services. The net addition to the allowance for credit losses was $810 million and included $608 million in consumer and $205 million in wholesale.
In the prior year, the provision was $3.1 billion, net charge-offs were $2.1 billion and the net addition to the allowance for credit losses was $1.0 billion.
•The total allowance for credit losses was $29.1 billion at September 30, 2025. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.88%, compared with 1.86% in the prior year.
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-14 and pages 15-16, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a further discussion of each of these measures.
•The Firm’s nonperforming assets totaled $10.6 billion at September 30, 2025, up 23%, driven by:
–higher wholesale nonaccrual loans, reflecting downgrades in certain industries, and
–higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, as well as higher loans at fair value in CIB.
Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 66-74 and pages 61-65, respectively, for additional information.
•Firmwide average loans of $1.4 trillion were up 7%, predominantly driven by higher loans in CIB and AWM.
•Firmwide average deposits of $2.5 trillion were up 6%, reflecting:
–net inflows related to client-driven activities in Payments and Securities Services,
–growth in both new accounts and balances in existing accounts in AWM, and
–new accounts in CCB.
Refer to Liquidity Risk Management on pages 51-58 for additional information.

Selected capital and other metrics
•CET1 capital was $287 billion, and the Standardized and Advanced CET1 ratios were 14.8% and 14.9%, respectively.
•SLR was 5.8%.
•TBVPS grew 10%, ending the third quarter of 2025 at $105.70.
•As of September 30, 2025, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $956 billion and unencumbered marketable securities with a fair value of approximately $554 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 51-58 for additional information.
6

Business segment highlights
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the third quarter of 2025.
CCB
ROE 35%
•Average deposits flat year-over-year ("YoY") and quarter-over-quarter ("QoQ"); client investment assets up 15%
•Average loans up 1% YoY and QoQ; Card Services net charge-off rate of 3.15%
•Debit and credit card sales volume(a) up 9%
•Active mobile customers(b) up 7%
CIB
ROE 18%
•Investment Banking fees up 16% YoY, up 5% QoQ; #1 ranking for Global Investment Banking fees with 8.7% wallet share YTD
•Markets revenue up 25%, with Fixed Income Markets up 21% and Equity Markets up 33%
•Average Banking & Payments loans(c) up 1% YoY, up 2% QoQ; average client deposits(d) up 15% YoY, up 2% QoQ
AWM
ROE 40%
•Assets under management ("AUM") of $4.6 trillion, up 18%
•Average loans up 9% YoY, up 4% QoQ; average deposits up 2% YoY, down 3% QoQ
(a)Excludes Commercial Card.
(b)Users of all mobile platforms who have logged in within the past 90 days.
(c)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
(d)Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Refer to the Business Segment & Corporate Results on pages 20-42 for a detailed discussion of results by business segment.

Credit provided and capital raised
JPMorganChase 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 nine months of 2025, consisting of approximately:
$2.5
trillion
Total credit provided and capital raised (including loans and commitments)
$205
billion
Credit for consumers
$25
billion
Credit for U.S. small businesses
$2.2
trillion
Credit and capital for corporations and non-U.S. government entities(a)
$56
 billion
Credit and capital for nonprofit and U.S. government entities(b)
(a)Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.
(b)Includes states, municipalities, hospitals and universities.

7

Recent events
•On October 13, 2025, JPMorganChase announced the Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance and invest in industries critical to national economic security and resiliency, with the Firm’s first investment under this initiative announced on October 27, 2025. This target reflects an increase of up to $500 billion over the amount that the Firm may have otherwise facilitated or financed over the next decade in support of clients in these industries. As part of this new initiative, the Firm intends to make equity investments of up to $10 billion to help a selection of companies primarily in the United States enhance their growth, spur innovation, and accelerate strategic manufacturing among other areas.
•On August 25, 2025, the Firm opened its new global headquarters building at 270 Park Avenue, New York, New York. The Firm’s principal executive offices will continue to be located at 383 Madison Avenue, New York, New York until senior management moves into the new building, which is expected to occur in the fourth quarter of 2025.

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 JPMorganChase’s management, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 91 of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 10–37 of the 2024 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2025 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
JPMorganChase’s current outlook for the fourth quarter and full year 2025 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. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.
Fourth quarter 2025
•Management expects net interest income to be approximately $25 billion and net interest income excluding Markets to be approximately $23.5 billion, market dependent.
•Management expects adjusted expense to be approximately $24.5 billion, market dependent.
Full year 2025
•Management expects the net charge-off rate in Card Services to be approximately 3.3%.
Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19.


8

CONSOLIDATED RESULTS OF OPERATIONS
This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and nine months ended September 30, 2025 and 2024, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 87-89 of this Form 10-Q and pages 161–164 of JPMorganChase’s 2024 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Revenue
Three months ended September 30,Nine months ended September 30,
(in millions)20252024Change20252024Change
Investment banking fees$2,612 $2,231 17 %$7,289 $6,489 12 %
Principal transactions7,109 5,988 19 21,872 19,592 12 
Lending- and deposit-related fees2,349 1,924 22 6,729 5,654 19 
Asset management fees5,120 4,479 14 14,626 12,927 13 
Commissions and other fees2,204 1,936 14 6,431 5,665 14 
Investment securities gains/(losses)
105 (16)NM14 (929)NM
Mortgage fees and related income383 402 (5)1,024 1,025 — 
Card income1,140 1,345 (15)3,700 3,895 (5)
Other income(a)
1,439 960 50 4,516 11,237 
(b)
(60)
Noninterest revenue22,461 19,249 17 66,201 65,555 1 
Net interest income23,966 23,405 2 70,448 69,233 2 
Total net revenue$46,427 $42,654 9 %$136,649 $134,788 1 %
(a)Included operating lease income of $990 million and $706 million for the three months ended September 30, 2025 and 2024, respectively, and $2.7 billion and $2.1 billion for the nine months ended September 30, 2025 and 2024, respectively. Refer to Note 5 for additional information.
(b)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
Quarterly results
Investment banking fees increased, reflecting in CIB:
•higher equity underwriting fees predominantly due to higher revenue from IPOs and private placements,
•higher debt underwriting fees predominantly driven by higher deal flow activity, including refinancings, and
•higher advisory fees benefiting from the closing of a higher number of large transactions.
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Principal transactions revenue increased, reflecting in CIB:
•higher Fixed Income Markets revenue primarily driven by higher revenue in Rates, partially offset by lower revenue in Securitized Products, and
•higher Equity Markets revenue, particularly in Prime Finance.
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Refer to CIB segment results on pages 27-34 and Note 5 for additional information.
Lending- and deposit-related fees increased, reflecting:
•in CIB, a reduction in client credits applied to deposit-related fees, as well as higher cash management fees in Payments as a result of higher volume, and
•in CCB, higher deposit-related fees as a result of new accounts and higher transaction volume.
Refer to CCB and CIB segment results on pages 22-26 and pages 27-34, respectively, and Note 5 for additional information.
Asset management fees increased driven by net inflows in AWM and, to a lesser extent, in CCB, and higher average market levels in AWM and CCB. Refer to CCB and AWM segment results on pages 22-26 and pages 35-39, respectively, and Note 5 for additional information.
Commissions and other fees increased predominantly in CIB and AWM, largely due to higher brokerage commissions and fees on higher volume and, to a lesser extent, higher custody fees as a result of higher client activity and market levels. Refer to CIB and AWM segment results on pages 27-34 and pages 35-39, respectively, and Note 5 for additional information.
9

Investment securities increased, reflecting a net gain as compared with a net loss in the prior year that was associated with repositioning the investment securities portfolio in Treasury and CIO. The net gain was predominantly related to sales of U.S. GSE and government agency MBS and U.S. Treasuries. Refer to Corporate results on pages 40-42 and Note 9 for additional information.
Mortgage fees and related income: refer to Note 14 for additional information.
Card income decreased, reflecting in CCB, an increase in amortization related to new account origination costs, as well as lower net interchange income, partially offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments. Refer to CCB segment results on pages 22-26 and Note 5 for additional information.
Other income increased, reflecting:
•higher auto operating lease income in CCB due to growth in volume, and
•lower losses related to certain equity investments in CIB.
Refer to CCB and CIB results on pages 22-26 and pages 27-34, respectively, for additional information.
Net interest income increased driven by higher revolving balances in Card Services, higher Markets net interest income, and higher wholesale deposit balances. These factors were predominantly offset by the impact of lower rates and deposit margin compression.
The Firm’s average interest-earning assets were $3.9 trillion, up $274 billion, and the yield was 5.05%, down 50 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.45%, a decrease of 13 bps. The net yield excluding Markets was 3.73%, down 13 bps.
Refer to the Consolidated average balance sheets, interest and rates schedule on pages 192-193 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for an additional discussion of net yield excluding Markets.
Year-to-date results
Investment banking fees increased, reflecting in CIB:
•higher debt underwriting fees predominantly driven by several large deals,
•higher advisory fees predominantly benefiting from the closing of a higher number of large transactions, and
•higher equity underwriting fees predominantly due to higher revenue from follow-on offerings and IPOs.

Principal transactions revenue increased, reflecting in CIB:
•higher Fixed Income Markets revenue primarily driven by higher revenue in Rates and Commodities, largely offset by lower revenue in Securitized Products, Fixed Income Financing and Currencies & Emerging Markets, and
•higher Equity Markets revenue, particularly in Equity Derivatives.
The increase in CIB was partially offset by lower revenue in Treasury and CIO.
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Refer to Corporate results on pages 40-42 for additional information.
Lending- and deposit-related fees increased, reflecting:
•in CIB, a reduction in client credits applied to deposit-related fees, as well as higher cash management fees in Payments as a result of higher volume, and
•in CCB, higher deposit-related fees as a result of new accounts and higher transaction volume.
Asset management fees increased driven by net inflows in AWM and, to a lesser extent, in CCB, and higher average market levels in AWM and CCB.
Commissions and other fees increased predominantly in CIB and AWM, largely due to higher brokerage commissions and fees on higher volume and, to a lesser extent, higher custody fees as a result of higher client activity and market levels.
Investment securities increased, reflecting a net gain as compared with a net loss in the prior year that was associated with repositioning the investment securities portfolio in Treasury and CIO. The prior year net loss was primarily related to sales of U.S. GSE and government agency MBS and U.S. Treasuries.
Mortgage fees and related income: refer to Note 14 for additional information.
Card income decreased driven by the net impact of:
•lower income in CCB, reflecting an increase in amortization related to new account origination costs, as well as lower net interchange income, partially offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments, and
•higher card revenue in CIB Payments as a result of higher volume.
Refer to CIB segment results on pages 27-34 for additional information.
10

Other income decreased, reflecting:
•the absence in Corporate of several items recorded in the prior year, particularly the $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024,
partially offset by
•higher auto operating lease income in CCB due to growth in volume,
•the $588 million First Republic-related gain recorded in the first quarter of 2025, and
•lower losses related to certain equity investments in CIB.
Refer to Corporate results on pages 40-42 for additional information; and Note 5, and Note 34 on pages 319–321 of the Firm’s 2024 Form 10-K, for additional information on the First Republic-related gain.
Net interest income increased driven by higher Markets net interest income, higher revolving balances in Card Services, higher wholesale deposit balances, and the impact of investment securities activity including from prior quarters. These factors were largely offset by the impact of lower rates and deposit margin compression.
The Firm’s average interest-earning assets were $3.8 trillion, up $278 billion, and the yield was 5.09%, down 47 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.49%, a decrease of 15 bps. The net yield excluding Markets was 3.74%, down 11 bps.
11

Provision for credit losses
Three months ended September 30,Nine months ended September 30,
(in millions)20252024Change20252024Change
Consumer, excluding credit card$167 $145 15 %$502 $366 37 %
Credit card2,412 2,666 (10)6,731 6,932 (3)
Total consumer2,579 2,811 (8)7,233 7,298 (1)
Wholesale827 302 174 2,354 702 235 
Investment securities(3)(2)(50)(30)47 NM
Total provision for credit losses$3,403 $3,111 9 %$9,557 $8,047 19 %
Quarterly results
The provision for credit losses was $3.4 billion. Net charge-offs were $2.6 billion and the net addition to the allowance for credit losses was $810 million.
The provision for credit losses included:
•$2.6 billion in consumer, consisting of net charge-offs of $2.0 billion, predominantly driven by Card Services, reflecting loan growth, and a net addition to the allowance for credit losses of $608 million. The net addition was driven by loan growth in Card Services and updates to certain macroeconomic variables in Card Services and Home Lending, partially offset by reduced borrower uncertainty, and
•$827 million in wholesale, driven by net increases in the loan and lending-related commitment portfolios, estimated losses related to apparent borrower fraud in certain secured lending facilities, and changes in credit quality of client-specific exposures, partially offset by changes in certain macroeconomic variables. Net charge-offs were $622 million and the net addition to the allowance for credit losses was $205 million.
In the prior year, the provision was $3.1 billion, net charge-offs were $2.1 billion and the net addition to the allowance for credit losses was $1.0 billion.
Refer to CCB, CIB and AWM segment and Corporate results on pages 22-26, pages 27-34, pages 35-39, and pages 40-42, respectively; Allowance for Credit Losses on pages 75-77; Critical Accounting Estimates Used by the Firm on pages 87-89; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.
Year-to-date results
The provision for credit losses was $9.6 billion. Net charge-offs were $7.3 billion and the net addition to the allowance for credit losses was $2.2 billion.
The provision for credit losses included:
•$7.2 billion in consumer, consisting of net charge-offs of $6.2 billion, predominantly driven by Card Services, reflecting loan growth, and a net addition to the allowance for credit losses of $1.1 billion. The net addition was driven by loan growth in Card Services and the impact of changes in the Firm's weighted-average macroeconomic outlook, partially offset by reduced borrower uncertainty, and
•$2.4 billion in wholesale, driven by net increases in the loan and lending-related commitment portfolios, changes in credit quality of client-specific exposures, and estimated losses related to apparent borrower fraud in certain secured lending facilities, partially offset by the impact of changes in the Firm's weighted-average macroeconomic outlook, including improvements in certain macroeconomic variables. The net addition to the allowance for credit losses and the net charge-offs were each $1.2 billion.
In the prior year, the provision was $8.0 billion, net charge-offs were $6.3 billion and the net addition to the allowance for credit losses was $1.8 billion.
12

Noninterest expense
(in millions)Three months ended September 30,Nine months ended September 30,
20252024Change20252024Change
Compensation expense
$13,566 $12,817 6 %$41,369 $38,888 6 %
Noncompensation expense:
Occupancy1,420 1,258 13 3,986 3,717 7 
Technology, communications and equipment(a)
2,839 2,447 16 8,121 7,315 11 
Professional and outside services3,173 2,780 14 9,018 8,050 12 
Marketing1,480 1,258 18 4,063 3,639 12 
Other expense
1,803 2,005 (10)5,100 7,426 
(c)
(31)
Total noncompensation expense10,715 9,748 10 30,288 30,147 — 
Total noninterest expense
$24,281 $22,565 8 %$71,657 $69,035 4 %
Certain components of other expense(b)
FDIC-related expense$258 $312 $549 $1,576 
Operating losses301 397 1,001 1,019 
(a)Includes depreciation expense associated with auto operating lease assets. Refer to Note 16 for additional information.
(b)Refer to Note 5 for additional information.
(c)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
Quarterly results
Compensation expense increased driven by:
•growth in the number of employees, primarily front office, and
•higher revenue-related compensation, predominantly in CIB and AWM.
Noncompensation expense increased, reflecting:
•higher brokerage expense in CIB and higher distribution fees in AWM,
•higher depreciation expense on higher auto operating lease assets in CCB,
•higher investments in marketing in CCB and in technology across the segments, as well as
•higher occupancy expense, reflecting the impact of net additions to the Firm’s properties,
partially offset by
•lower legal expense, largely in AWM.
Refer to Note 5 for additional information on other expense.
Year-to-date results
Compensation expense increased driven by:
•growth in the number of employees, primarily front office and technology, and
•higher revenue-related compensation, predominantly in CIB and AWM.
Noncompensation expense was flat, reflecting the following offsetting items:
•higher brokerage expense in CIB and higher distribution fees in AWM,
•higher depreciation expense on higher auto operating lease assets in CCB,
•higher investments in marketing in CCB and in technology across the segments, as well as
•higher occupancy expense, reflecting the impact of net additions to the Firm’s properties,
offset by
•the absence in Corporate of the following items recorded in the prior year
–a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and
–restructuring and integration costs associated with First Republic,
•lower FDIC-related expense driven by releases of FDIC special assessment accruals of $437 million in Corporate, compared with an accrual increase of $725 million in the first quarter of the prior year, and
•lower legal expense, largely in AWM.
13

Income tax expense
(in millions)Three months ended September 30,Nine months ended September 30,
20252024Change20252024Change
Income before income tax expense$18,743 $16,978 10 %$55,435 $57,706 (4)%
Income tax expense4,350 4,080 7 11,412 13,240 (14)
Effective tax rate23.2 %24.0 %20.6 %22.9 %
Quarterly results
The effective tax rate decreased predominantly driven by tax benefits related to the Firm's 2024 U.S. federal tax return and changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.
Year-to-date results
The effective tax rate decreased driven by:
•a $774 million income tax benefit in Corporate recorded in the second quarter of 2025, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025,
•other changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes,
•higher tax benefits related to the vesting of employee share-based awards, and
•tax benefits related to the Firm's 2024 U.S. federal tax return.

14

CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS
Consolidated balance sheets analysis
The following is a discussion of the significant changes between September 30, 2025 and December 31, 2024. Refer to pages 161–164 for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.
Selected Consolidated balance sheets data
(in millions)September 30,
2025		December 31,
2024		Change
Assets
Cash and due from banks$21,821 $23,372 (7)%
Deposits with banks281,615 445,945 (37)
Federal funds sold and securities purchased under resale agreements425,815 295,001 44 
Securities borrowed248,368 219,546 13 
Trading assets952,777 637,784 49 
Available-for-sale securities490,499 406,852 21 
Held-to-maturity securities293,446 274,468 7 
Investment securities, net of allowance for credit losses783,945 681,320 15 
Loans1,435,246 1,347,988 6 
Allowance for loan losses(25,735)(24,345)6 
Loans, net of allowance for loan losses1,409,511 1,323,643 6 
Accrued interest and accounts receivable141,876 101,223 40 
Premises and equipment35,063 32,223 9 
Goodwill, MSRs and other intangible assets64,442 64,560 — 
Other assets194,972 178,197 9 
Total assets$4,560,205 $4,002,814 14 %
Cash and due from banks and deposits with banks decreased driven by Markets activities in CIB, and higher investment securities and cash deployment in Treasury and CIO, partially offset by the impact of higher deposits.
Federal funds sold and securities purchased under resale agreements increased driven by Markets, reflecting higher client-driven market-making activities and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
Securities borrowed increased driven by Markets, reflecting higher demand for securities to cover short positions and higher client-driven activities.
Refer to Note 10 for additional information on securities purchased under resale agreements and securities borrowed.
Trading assets increased due to higher levels of debt and equity instruments in Markets related to client-driven market-making activities, as well as when compared with seasonally lower levels at year-end. Refer to Notes 2 and 4 for additional information.
Investment securities increased. Excluding a non-cash transfer in the third quarter of 2025 of $44.1 billion of securities from available-for-sale ("AFS") to held-to-maturity (“HTM”) for asset-liability management purposes,
•AFS securities increased driven by net purchases, predominantly U.S. Treasuries and non-U.S. government debt securities, partially offset by maturities and paydowns; and
•HTM securities decreased driven by maturities and paydowns, partially offset by purchases.
Refer to Corporate results on pages 40-42, Investment Portfolio Risk Management on page 78, and Notes 2 and 9 for additional information.
Loans increased, reflecting:
•higher wholesale loans, primarily in Markets, associated with higher client demand, and
•higher securities-based lending in AWM due to higher client demand,
partially offset by
•a decline in Home Lending as loan paydowns and sales outpaced originations.
The allowance for loan losses increased, reflecting a net addition to the allowance for loan losses of $1.4 billion, and consisted of:
•$1.1 billion in consumer, driven by loan growth in Card Services and the impact of changes in the Firm's weighted-average macroeconomic outlook, partially offset by reduced borrower uncertainty, and
•$340 million in wholesale, driven by a net increase in the loan portfolio and changes in credit quality of
15

client-specific exposures, partially offset by a reduction due to the impact of charge-offs and changes in the Firm's weighted-average macroeconomic outlook, including improvements in certain macroeconomic variables.
There was also an $863 million net addition to the allowance for lending-related commitments recognized in other liabilities on the Consolidated balance sheets. The net addition was predominantly driven by the impact of new lending-related commitments primarily in the second quarter of 2025.
Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-14 and
pages 59-78, respectively, Critical Accounting Estimates Used by the Firm on pages 87-89, and Notes 2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.
Accrued interest and accounts receivable increased predominantly due to higher client-driven activities in Markets.
Goodwill, MSRs and other intangible assets: refer to Note 14 for additional information.
Other assets increased primarily due to higher cash collateral placed with central counterparties ("CCP") in Markets, and higher auto operating lease assets in CCB.
Selected Consolidated balance sheets data (continued)
(in millions)September 30,
2025		December 31,
2024		Change
Liabilities
Deposits$2,548,476 $2,406,032 6 %
Federal funds purchased and securities loaned or sold under repurchase agreements567,574 296,835 91 
Short-term borrowings69,355 52,893 31 
Trading liabilities242,262 192,883 26 
Accounts payable and other liabilities316,896 280,672 13 
Beneficial interests issued by consolidated variable interest entities (“VIEs”)28,227 27,323 3 
Long-term debt427,203 401,418 6 
Total liabilities4,199,993 3,658,056 15 
Stockholders’ equity360,212 344,758 4 
Total liabilities and stockholders’ equity$4,560,205 $4,002,814 14 %
Deposits increased, reflecting the net impact of:
•an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services, and
•a decrease in AWM primarily driven by migration into other investment products as a result of the maturity of higher-yielding product offerings, partially offset by growth in both new accounts and balances in existing accounts.
Deposits in CCB were relatively flat, reflecting new accounts, offset by increased customer spending.
Federal funds purchased and securities loaned or sold under repurchase agreements increased driven by Markets, reflecting higher secured financing of trading assets, higher client-driven market-making activities, and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
Short-term borrowings increased driven by higher financing requirements in Markets.
Refer to Liquidity Risk Management on pages 51-58 for additional information on deposits, federal funds purchased and securities loaned or sold under repurchase agreements, and short-term borrowings; and Notes 2 and 15 for deposits; and Note 10 for federal funds purchased and securities loaned or sold under repurchase agreements.

Trading liabilities increased due to client-driven market-making activities, which resulted in higher levels of short positions. Refer to Notes 2 and 4 for additional information.
Accounts payable and other liabilities increased due to higher client-driven activities in Markets.
Beneficial interests issued by consolidated VIEs: Refer to Liquidity Risk Management on pages 51-58 and Notes 13 and 22 for additional information related to Firm-sponsored VIEs and loan securitization trusts.
Long-term debt increased driven by net issuances of structured notes in Markets due to client demand, as well as an increase in the fair value of such instruments, and net issuances of long-term debt in Treasury and CIO, partially offset by a net reduction in Federal Home Loan Bank ("FHLB") advances. Refer to Liquidity Risk Management on pages 51-58 for additional information.
Stockholders’ equity increased, reflecting net income and lower unrealized losses in AOCI, predominantly driven by the net impact of lower interest rates and widening spreads on cash flow hedges and AFS securities in Treasury and CIO, largely offset by the impact of capital actions, including net repurchases of common shares and dividend payments on common and preferred stock. Refer to Consolidated statements of changes in stockholders’ equity on page 95, Capital Actions on page 48, and Note 19 for additional information.
16

Consolidated cash flows analysis
The following is a discussion of cash flow activities during the nine months ended September 30, 2025 and 2024.
(in millions)Nine months ended September 30,
20252024
Net cash provided by/(used in)
Operating activities$(267,506)$(189,770)
Investing activities(312,447)(181,023)
Financing activities
393,090 179,152 
Effect of exchange rate changes on cash20,982 1,750 
Net decrease in cash and due from banks and deposits with banks
$(165,881)$(189,891)
Operating activities
•In 2025, cash used resulted from higher trading assets, higher accrued interest and accounts receivable, higher securities borrowed and net originations and purchases of loans held-for-sale, partially offset by higher trading liabilities.
•In 2024, cash used resulted from higher trading assets, higher securities borrowed, higher accrued interest and accounts receivable, and net originations and purchases of loans held-for-sale, partially offset by higher trading liabilities and higher accounts payable and other liabilities.
Investing activities
•In 2025, cash used resulted from higher securities purchased under resale agreements, net purchases of investment securities and net originations of loans.
•In 2024, cash used resulted from higher securities purchased under resale agreements, net purchases of investment securities and net originations of loans.
Financing activities
•In 2025, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long- and short-term borrowings.
•In 2024, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long-and short-term borrowings, partially offset by net redemption of preferred stock.
•For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.
* * *
Refer to Consolidated Balance Sheets Analysis on pages 15-16, Capital Risk Management on pages 44-50, and Liquidity Risk Management on pages 51-58, and the Consolidated Statements of Cash Flows on page 96 of this Form 10-Q, and pages 108–115 of JPMorganChase’s 2024 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.
17

EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES
The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 92-96.
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). The corresponding income tax impact related to tax-exempt items is recorded within income tax
expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs;
•Pre-provision profit, which represents total net revenue less total noninterest expense;
•Net interest income, net yield, and noninterest revenue excluding Markets;
•TCE, ROTCE, and TBVPS; and
•Adjusted expense, which represents noninterest expense excluding Firmwide legal expense.
Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 67–69 of JPMorganChase’s 2024 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.
The following summary table provides a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
Three months ended September 30,
20252024
(in millions, except ratios)Reported
Fully taxable-equivalent adjustments(a)
Managed
basis		Reported
Fully taxable-equivalent adjustments(a)
Managed
basis
Other income$1,439 $588 $2,027 $960 $541 $1,501 
Total noninterest revenue22,461 588 23,049 19,249 541 19,790 
Net interest income23,966 105 24,071 23,405 120 23,525 
Total net revenue46,427 693 47,120 42,654 661 43,315 
Total noninterest expense24,281 NA24,281 22,565 NA22,565 
Pre-provision profit22,146 693 22,839 20,089 661 20,750 
Provision for credit losses3,403 NA3,403 3,111 NA3,111 
Income before income tax expense18,743 693 19,436 16,978 661 17,639 
Income tax expense4,350 693 5,043 4,080 661 4,741 
Net income$14,393 NA$14,393 $12,898 NA$12,898 
Overhead ratio52 %NM52 %53 %NM52 %
Nine months ended September 30,
20252024
(in millions, except ratios)Reported
Fully taxable-equivalent adjustments(a)
Managed
basis		Reported
Fully taxable-equivalent adjustments(a)
Managed
basis
Other income$4,516 
(a)
$1,853 
(a)
$6,369 $11,237 $1,711 $12,948 
Total noninterest revenue66,201 1,853 68,054 65,555 1,711 67,266 
Net interest income70,448 312 70,760 69,233 356 69,589 
Total net revenue136,649 2,165 138,814 134,788 2,067 136,855 
Total noninterest expense71,657 NA71,657 69,035 NA69,035 
Pre-provision profit64,992 2,165 67,157 65,753 2,067 67,820 
Provision for credit losses9,557 NA9,557 8,047 NA8,047 
Income before income tax expense55,435 2,165 57,600 57,706 2,067 59,773 
Income tax expense11,412 
(a)
2,165 
(a)
13,577 13,240 2,067 15,307 
Net Income$44,023 NA$44,023 $44,466 NA$44,466 
Overhead ratio52 %NM52 %51 %NM50 %
(a)For other income, recognized in CIB, and for net interest income, predominantly recognized in CIB and Corporate.
18

The following table provides information on net interest income, net yield, and noninterest revenue excluding Markets.

(in millions, except rates)		Three months ended September 30,Nine months ended September 30,
20252024Change20252024Change
Net interest income – reported(a)
$23,966 $23,405 2 %$70,448 $69,233 2 %
Fully taxable-equivalent adjustments
105 120 (13)312 356 (12)
Net interest income – managed basis$24,071 $23,525 2 $70,760 $69,589 2 
Less: Markets net interest income(b)
680 78 NM2,026 184 NM
Net interest income excluding Markets$23,391 $23,447 — $68,734 $69,405 (1)
Average interest-earning assets(a)
$3,895,764 $3,621,766 8 $3,804,210 $3,526,019 8 
Less: Average Markets interest-earning assets(b)
1,404,633 1,206,085 16 1,349,670 1,118,326 21 
Average interest-earning assets excluding Markets$2,491,131 $2,415,681 3 $2,454,540 $2,407,693 2 
Net yield on average interest-earning assets – managed basis2.45 %2.58 %2.49 %2.64 %
Net yield on average Markets interest-earning assets(b)
0.19 0.03 0.20 0.02 
Net yield on average interest-earning assets excluding Markets3.73 %3.86 %3.74 %3.85 %
Noninterest revenue – reported$22,461 $19,249 17 $66,201 $65,555 1 
Fully taxable-equivalent adjustments588 541 9 1,853 1,711 8 
Noninterest revenue – managed basis$23,049 $19,790 16 $68,054 $67,266 1 
Less: Markets noninterest revenue(b)
8,264 7,074 17 25,517 22,774 12 
Noninterest revenue excluding Markets$14,785 $12,716 16 $42,537 $44,492 (4)
Memo: Total Markets net revenue(b)
$8,944 $7,152 25 $27,543 $22,958 20 
(a)Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2024 Form 10-K for additional information on hedge accounting.
(b)Refer to page 33 for further information on Markets.
The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.
Period-endAverage
(in millions, except per share and ratio data)Sep 30,
2025		Dec 31,
2024		Three months ended September 30,Nine months ended September 30,
2025202420252024
Common stockholders’ equity
$340,167 $324,708 $336,335 $321,894 $330,203 $310,353 
Less: Goodwill52,717 52,565 52,731 52,658 52,669 52,630 
Less: Other intangible assets
2,615 2,874 2,678 3,007 2,749 3,083 
Add: Certain deferred tax liabilities(a)
2,906 2,943 2,917 2,963 2,927 2,976 
Tangible common equity$287,741 $272,212 $283,843 $269,192 $277,712 $257,616 
Return on tangible common equityNANA20 %19 %21 %23 %
Tangible book value per share$105.70 $97.30 NANANANA
(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.
19

BUSINESS SEGMENT & CORPORATE RESULTS
The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
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 evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 18-19 for a definition of managed basis.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.

Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments. Effective in the fourth quarter of 2024, the Firm updated its FTP with respect to consumer deposits, which resulted in an increase in the funding benefit reflected within CCB’s net interest income that is fully offset in Corporate, with no effect on the Firm’s net interest income.
As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 79-85 for additional information.
Capital allocation
The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Line of business and Corporate equity on page 47, and page 104 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.
Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 70–90 and Note 32 of JPMorganChase’s 2024 Form 10-K for a further discussion of those methodologies.
20

Segment & Corporate Results – Managed basis
The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated.
Three months ended September 30,Consumer & Community Banking
Commercial & Investment Bank
Asset & Wealth Management
(in millions, except ratios)20252024Change20252024Change20252024Change
Total net revenue$19,473 $17,791 9 %$19,878 $17,015 17 %$6,066 $5,439 12 %
Total noninterest expense10,296 9,586 7 9,722 8,751 11 3,818 3,639 5 
Pre-provision profit
9,177 8,205 12 10,156 8,264 23 2,248 1,800 25 
Provision for credit losses2,538 2,795 (9)809 316 156 59 4 NM
Net income
5,009 4,046 24 6,901 5,691 21 1,658 1,351 23 
Return on equity (“ROE”)35 %29 %18 %17 %40 %34 %
Three months ended September 30,CorporateTotal
(in millions, except ratios)20252024Change20252024Change
Total net revenue$1,703$3,070(45)%$47,120 $43,315 9 %
Total noninterest expense445589(24)24,281 22,565 8 
Pre-provision profit
1,2582,481(49)22,839 20,750 10 
Provision for credit losses(3)(4)25 3,403 3,111 9 
Net income
8251,810(54)14,393 12,898 12 
ROENMNM17 %16 %
Nine months ended September 30,Consumer & Community BankingCommercial & Investment BankAsset & Wealth Management
(in millions, except ratios)20252024Change20252024Change20252024Change
Total net revenue$56,633 $53,145 7 %$59,079 $52,516 12 %$17,557 $15,800 11 %
Total noninterest expense30,011 28,308 6 29,205 26,641 10 11,264 10,642 6 
Pre-provision profit
26,622 24,837 7 29,874 25,875 15 6,293 5,158 22 
Provision for credit losses7,249 7,351 (1)2,210 701 215 95 (33)NM
Net income
14,603 13,087 12 20,493 18,210 13 4,714 3,904 21 
ROE34 %31 %18 %18 %39 %33 %
Nine months ended September 30,CorporateTotal
(in millions, except ratios)20252024Change20252024Change
Total net revenue$5,545$15,394
(a)
(64)%$138,814 $136,855 
(a)
1 %
Total noninterest expense1,1773,444
(b)
(66)71,657 69,035 
(b)
4 
Pre-provision profit
4,36811,950(63)67,157 67,820 (1)
Provision for credit losses328(89)9,557 8,047 19 
Net income
4,2139,265(55)44,023 44,466 (1)
ROENMNM17 %19 %
(a)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
(b)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
Refer to Note 25 for further details on total net revenue and total noninterest expense.
The following sections provide a comparative discussion of the Firm’s results by business segments and Corporate as of or for the three and nine months ended September 30, 2025 and 2024, unless otherwise specified.
21

CONSUMER & COMMUNITY BANKING
Refer to pages 73–76 of JPMorganChase's 2024 Form 10-K and Line of Business Metrics on page 201 for a discussion of the business profile of CCB.
Selected income statement data
Three months ended September 30,Nine months ended September 30,
(in millions, except ratios)
20252024Change20252024Change
Revenue
Lending- and deposit-related fees$969 $863 12 %$2,696 $2,515 7 %
Asset management fees1,189 1,022 

16 3,392 2,947 15 
Mortgage fees and related income372 390 (5)982 1,010 (3)
Card income514 743 (31)1,854 2,166 (14)
All other income(a)
1,573 1,196 32 4,316 3,517 23 
Noninterest revenue4,617 4,214 10 13,240 12,155 9 
Net interest income14,856 13,577 9 43,393 40,990 6 
Total net revenue19,473 17,791 9 56,633 53,145 7 
Provision for credit losses2,538 2,795 (9)7,249 7,351 (1)
Noninterest expense
Compensation expense4,424 4,275 3 13,208 12,744 4 
Noncompensation expense(b)
5,872 5,311 11 16,803 15,564 8 
Total noninterest expense10,296 9,586 7 30,011 28,308 6 
Income before income tax expense6,639 5,410 23 19,373 17,486 11 
Income tax expense1,630 1,364 20 4,770 4,399 8 
Net income$5,009 $4,046 24 $14,603 $13,087 12 
Revenue by business
Banking & Wealth Management$11,040 $10,090 9 $31,992 $30,789 4 
Home Lending1,260 1,295 (3)3,717 3,800 (2)
Card Services & Auto7,173 6,406 12 20,924 18,556 13 
Mortgage fees and related income details:
Production revenue173 154 12 434 441 (2)
Net mortgage servicing revenue(c)
199 236 (16)548 569 (4)
Mortgage fees and related income
$372 $390 (5)%$982 $1,010 (3)%
Financial ratios
Return on equity35 %29 %34 %31 %
Overhead ratio53 54 53 53 
(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $987 million and $699 million for the three months ended September 30, 2025 and 2024, respectively, and $2.7 billion and $2.0 billion for the nine months ended September 30, 2025 and 2024, respectively.
(b)Included depreciation expense on leased assets of $649 million and $387 million for the three months ended September 30, 2025 and 2024, respectively, and $1.7 billion and $1.2 billion for the nine months ended September 30, 2025 and 2024, respectively.
(c)Included MSR risk management results of $55 million and $100 million for the three months ended September 30, 2025 and 2024, respectively, and $111 million and $138 million for the nine months ended September 30, 2025 and 2024, respectively.











22

Quarterly results
Net income was $5.0 billion, up 24%.
Net revenue was $19.5 billion, up 9%.
Net interest income was $14.9 billion, up 9%, reflecting:
•higher Card Services NII, predominantly driven by higher revolving balances, and
•higher NII in Banking & Wealth Management ("BWM"), predominantly driven by higher deposit margin, reflecting the impact of changes in the FTP.
Refer to Business Segment & Corporate Results on page 20 for additional information on FTP.
Noninterest revenue was $4.6 billion, up 10%, driven by:
•higher auto operating lease income as a result of growth in volume, and
•in BWM, higher asset management fees, reflecting higher average market levels and net inflows, as well as higher deposit-related fees as a result of new accounts and higher transaction volume,
partially offset by
•lower card income, reflecting an increase in amortization related to new account origination costs and lower net interchange, partially offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.
Refer to Note 5 for additional information on card income and asset management fees; and Critical Accounting Estimates on pages 87-89 for additional information on the credit card rewards liability.
Noninterest expense was $10.3 billion, up 7%, reflecting:
•higher noncompensation expense, predominantly driven by higher auto lease depreciation on higher auto operating lease assets, and continued investments in marketing, as well as
•higher compensation expense, primarily for bankers and advisors.
The provision for credit losses was $2.5 billion. Net charge-offs were $2.0 billion, up $44 million, primarily driven by Card Services, reflecting loan growth. The net addition to the allowance for credit losses was $575 million, driven by loan growth in Card Services and updates to certain macroeconomic variables in Card Services and Home Lending, partially offset by reduced borrower uncertainty.
In the prior year, the provision was $2.8 billion, net charge-offs were $1.9 billion and the net addition to the allowance for credit losses was $876 million.
Refer to Credit and Investment Risk Management on pages 59-78 and Allowance for Credit Losses on pages 75-77 for a further discussion of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income was $14.6 billion, up 12%.
Net revenue was $56.6 billion, up 7%.
Net interest income was $43.4 billion, up 6%, reflecting:
•higher Card Services NII, predominantly driven by higher revolving balances, and
•higher NII in BWM, driven by higher deposit margin, reflecting the impact of changes in the FTP, partially offset by lower average deposit balances.
Noninterest revenue was $13.2 billion, up 9%, driven by:
•higher auto operating lease income as a result of growth in volume, and
•in BWM, higher asset management fees, reflecting higher average market levels and net inflows, as well as higher deposit-related fees as a result of new accounts and higher transaction volume,
partially offset by
•lower card income, reflecting an increase in amortization related to new account origination costs and lower net interchange, partially offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.
Noninterest expense was $30.0 billion, up 6%, reflecting:
•higher noncompensation expense, predominantly driven by higher auto lease depreciation on higher auto operating lease assets, and continued investments in marketing and technology, as well as
•higher compensation expense, predominantly for bankers and advisors, and employees in technology.
The provision for credit losses was $7.2 billion. Net charge-offs were $6.2 billion, up $341 million, primarily driven by Card Services, reflecting loan growth. The net addition to the allowance for credit losses was $1.0 billion, driven by loan growth in Card Services and the impact of changes in the Firm's weighted-average macroeconomic outlook, partially offset by reduced borrower uncertainty.
In the prior year, the provision was $7.4 billion, net charge-offs were $5.9 billion and the net addition to the allowance for credit losses was $1.5 billion.
23

Selected metrics
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
(in millions, except employees)20252024Change20252024Change
Selected balance sheet data (period-end)
Total assets$652,275 $633,038 3 %$652,275 $633,038 3 %
Loans:
Banking & Wealth Management33,259 31,614 5 33,259 31,614 5 
Home Lending(a)
240,633 247,663 (3)240,633 247,663 (3)
Card Services235,491 219,671 7 235,491 219,671 7 
Auto 71,095 73,215 (3)71,095 73,215 (3)
Total loans580,478 572,163 1 580,478 572,163 1 
Deposits
1,058,388 1,054,027 — 1,058,388 1,054,027 — 
Equity56,000 54,500 3 56,000 54,500 3 
Selected balance sheet data (average)
Total assets$650,277 $631,117 3 $644,114 $629,252 2 
Loans:
Banking & Wealth Management33,351 30,910 8 33,350 31,189 7 
Home Lending(b)
241,772 250,581 (4)242,897 254,264 (4)
Card Services234,412 217,327 8 229,153 210,740 9 
Auto 70,895 73,675 (4)71,583 75,575 (5)
Total loans580,430 572,493 1 576,983 571,768 1 
Deposits1,058,025 1,053,701 — 1,057,371 1,068,774 (1)
Equity56,000 54,500 3 56,000 54,500 3 
Employees144,235 143,964 — %144,235 
(c)
143,964 — %
(a)At September 30, 2025 and 2024, Home Lending loans held-for-sale and loans at fair value were $9.4 billion and $6.9 billion, respectively.
(b)Average Home Lending loans held-for sale and loans at fair value were $10.1 billion and $8.4 billion for the three months ended September 30, 2025 and 2024, respectively, and $8.9 billion and $6.9 billion for the nine months ended September 30, 2025 and 2024, respectively.
(c)In the first quarter of 2025, 419 employees were transferred to Corporate as a result of the centralization of certain functions.



24

Selected metrics
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
(in millions, except ratio data)20252024Change20252024Change
Credit data and quality statistics
Nonaccrual loans(a)
$3,596 $3,252 11 %$3,596 $3,252 11 %
Net charge-offs/(recoveries)
Banking & Wealth Management85 82 4 284 337 (16)
Home Lending(63)(44)(43)(110)(91)(21)
Card Services1,860 1,768 5 5,781 5,286 9 
Auto81 113 (28)248 330 (25)
Total net charge-offs/(recoveries)$1,963 $1,919 2 $6,203 $5,862 6 
Net charge-off/(recovery) rate
Banking & Wealth Management1.01 %1.06 %1.14 %1.44 %
Home Lending(0.11)(0.07)(0.06)(0.05)
Card Services3.15 3.24 3.37 3.35 
Auto0.46 0.62 0.46 0.59 
Total net charge-off/(recovery) rate1.37 %1.35 %1.46 %1.39 %
30+ day delinquency rate
Home Lending(b)
0.89 %0.77 %0.89 %0.77 %
Card Services2.14 2.20 2.14 2.20 
Auto 1.17 1.23 1.17 1.23 
90+ day delinquency rate - Card Services1.07 %1.10 %1.07 %1.10 %
Allowance for loan losses
Banking & Wealth Management$765 $709 8 $765 $709 8 
Home Lending647 447 45 647 447 45 
Card Services15,558 14,106 10 15,558 14,106 10 
Auto 587 692 (15)587 692 (15)
Total allowance for loan losses$17,557 $15,954 10 %$17,557 $15,954 10 %
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $65 million and $88 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)At September 30, 2025 and 2024, excluded mortgage loans insured by U.S. government agencies of $95 million and $126 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.



25

Selected metrics
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
(in billions, except ratios and where otherwise noted)
20252024Change20252024Change
Business Metrics
Number of branches5,018 4,906 2 %5,018 4,906 2 %
Active digital customers (in thousands)(a)
74,041 70,063 6 74,041 70,063 6 
Active mobile customers (in thousands)(b)
60,924 56,985 7 60,924 56,985 7 
Debit and credit card sales volume
$492.3 $453.4 9 $1,428.2 $1,327.8 8 
Total payments transaction volume (in trillions)(c)
1.8 1.7 6 5.2 4.8 8 
Banking & Wealth Management
Average deposits
$1,040.4 $1,038.0 — $1,041.2 $1,054.1 (1)
Deposit margin
2.79 %2.60 %2.75 %2.68 %
Business Banking average loans$18.9 $19.5 (3)$19.2 $19.5 (1)
Business banking origination volume0.8 1.1 (24)2.5 3.5 (28)
Client investment assets(d)
1,232.4 1,067.9 15 1,232.4 1,067.9 15 
Number of client advisors6,025 5,775 4 6,025 5,775 4 
Home Lending
Mortgage origination volume by channel
Retail
$8.4 $6.5 29 $22.6 $17.8 27 
Correspondent
5.5 4.9 12 14.2 10.9 30 
Total mortgage origination volume(e)
$13.9 $11.4 22 $36.8 $28.7 28 
Third-party mortgage loans serviced (period-end)
$663.6 $656.1 1 $663.6 $656.1 1 
MSR carrying value (period-end)
9.1 8.7 5 9.1 8.7 5 
Card Services
Sales volume, excluding commercial card$344.4 $316.6 9 $995.0 $924.2 8 
Net revenue rate10.03 %9.91 %10.15 %9.87 %
Net yield on average loans10.28 9.71 10.21 9.69 
Auto
Loan and lease origination volume
$12.0 $10.0 20 $34.0 $29.7 14 
Average auto operating lease assets
17.0 11.2 52 %15.3 10.8 42 %
(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)Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.
(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 35-39 for additional information.
(e)Firmwide mortgage origination volume was $16.9 billion and $13.3 billion for the three months ended September 30, 2025 and 2024, respectively, and $44.4 billion and $33.2 billion for the nine months ended September 30, 2025 and 2024, respectively.
26

COMMERCIAL & INVESTMENT BANK
Refer to pages 77–83 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 201 for a discussion of the business profile of CIB.
Selected income statement data
Three months ended September 30,Nine months ended September 30,
(in millions, except ratios)20252024Change20252024Change
Revenue
Investment banking fees$2,627 $2,267 16 %$7,388 $6,637 11 %
Principal transactions7,090 5,899 20 21,807 19,224 13 
Lending- and deposit-related fees1,315 997 32 3,841 2,894 33 
Commissions and other fees1,493 1,349 11 4,423 3,958 12 
Card income613 589 4 1,809 1,693 7 
All other income660 521 27 2,144 2,121 1 
Noninterest revenue13,798 11,622 19 41,412 36,527 13 
Net interest income6,080 5,393 13 17,667 15,989 10 
Total net revenue(a)
19,878 17,015 17 59,079 52,516 12 
Provision for credit losses809 316 156 2,210 701 215 
Noninterest expense
Compensation expense4,862 4,510 8 15,206 14,158 7 
Noncompensation expense4,860 4,241 15 13,999 12,483 12 
Total noninterest expense9,722 8,751 11 29,205 26,641 10 
Income before income tax expense
9,347 7,948 18 27,664 25,174 10 
Income tax expense2,446 2,257 8 7,171 6,964 3 
Net income$6,901 $5,691 21 %$20,493 $18,210 13 %
Financial ratios
Return on equity18 %17 %18 %18 %
Overhead ratio49 51 49 51 
Compensation expense as percentage of total net revenue
24 27 26 27 
(a)Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $644 million and $607 million for the three months ended September 30, 2025 and 2024, respectively, and $2.0 billion and $1.9 billion for the nine months ended September 30, 2025 and 2024, respectively.

27

Selected income statement data
Three months ended September 30,Nine months ended September 30,
(in millions)20252024Change20252024Change
Revenue by business
Investment Banking
$2,694 $2,354 14 %$7,646 $7,034 9 %
Payments4,917 4,370 13 14,217 13,382 6 
Lending1,872 1,894 (1)5,616 5,554 1 
Other
— 28 NM6 29 (79)
Total Banking & Payments9,483 8,646 10 27,485 25,999 6 
Fixed Income Markets5,613 4,651 21 17,152 15,060 14 
Equity Markets3,331 2,501 33 10,391 7,898 32 
Securities Services1,423 1,326 7 4,110 3,770 9 
Credit Adjustments & Other(a)
28 (109)NM(59)(211)72 
Total Markets & Securities Services
10,395 8,369 24 31,594 26,517 19 
Total net revenue$19,878 $17,015 17 %$59,079 $52,516 12 %
(a)Consists primarily of centrally-managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Refer to Notes 2, 3 and 19 for additional information.
Selected income statement data
Three months ended September 30,Nine months ended September 30,
(in millions)20252024Change20252024Change
Banking & Payments revenue by client coverage segment(a)
Global Corporate Banking & Global Investment Banking(b)
$6,544 $5,755 14 %$18,792 $17,411 8 %
Commercial Banking
2,939 2,891 2 8,693 8,588 1 
Commercial & Specialized Industries(c)
2,038 1,931 6 6,061 5,794 5 
Commercial Real Estate Banking901 960 (6)2,632 2,794 (6)
Total Banking & Payments revenue$9,483 $8,646 10 %$27,485 $25,999 6 %
(a)Refer to Line of Business Metrics on page 201 for a description of each of the client coverage segments.
(b)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.
(c)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.
Quarterly results
Net income was $6.9 billion, up 21%.
Net revenue was $19.9 billion, up 17%.
Banking & Payments revenue was $9.5 billion, up 10%.
•Investment Banking revenue was $2.7 billion, up 14%. Investment Banking fees were up 16%, driven by higher fees across products. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.
–Equity underwriting fees were $527 million, up 53%, predominantly driven by higher revenue from IPOs and private placements.
–Debt underwriting fees were $1.2 billion, up 9%, predominantly driven by higher deal flow activity, including refinancings.
–Advisory fees were $926 million, up 9%, driven by the closing of a higher number of large transactions.
•Payments revenue was $4.9 billion, up 13%. Excluding the net impact of equity investments, which included higher markdowns in the prior year, revenue was up 6%, driven by higher average deposits and fee growth, partially offset by deposit margin compression.
•Lending revenue was $1.9 billion, down 1%.
Markets & Securities Services revenue was $10.4 billion, up 24%. Markets revenue was $8.9 billion, up 25%.
•Equity Markets revenue was $3.3 billion, up 33%, predominantly driven by higher revenue across products, particularly in Prime Finance.
28

•Fixed Income Markets revenue was $5.6 billion, up 21%, predominantly driven by higher revenue in Rates, Credit, the Securitized Products Group and Commodities.
•Securities Services revenue was $1.4 billion, up 7%, driven by higher average deposits as well as fee growth related to higher client activity and market levels, partially offset by deposit margin compression.
Noninterest expense was $9.7 billion, up 11%, largely driven by higher compensation, brokerage, regulatory and legal expense.
The provision for credit losses was $809 million, driven by net increases in the loan and lending-related commitment portfolios, estimated losses related to apparent borrower fraud in certain secured lending facilities, and changes in credit quality of client-specific exposures, partially offset by changes in certain macroeconomic variables. The net charge-offs were $567 million and the net addition to the allowance for credit losses was $242 million.
In the prior year, the provision was $316 million, the net addition to the allowance for credit losses was $160 million and net charge-offs were $156 million.
Refer to Credit and Investment Risk Management on pages 59-78, Allowance for Credit Losses on pages 75-77, and Critical Accounting Estimates on pages 87-89 for a further discussion of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income of $20.5 billion, up 13%.
Net revenue was $59.1 billion, up 12%.
Banking & Payments revenue was $27.5 billion, up 6%.
•Investment Banking revenue was $7.6 billion, up 9%. Investment Banking fees were up 11%, driven by higher fees across products. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.
–Debt underwriting fees were $3.6 billion, up 12%, predominantly driven by several large deals.
–Advisory fees were $2.5 billion, up 10%, predominantly driven by the closing of a higher number of large transactions.
–Equity underwriting fees were $1.3 billion, up 10%, predominantly driven by higher revenue from follow-on offerings and IPOs.
•Payments revenue was $14.2 billion, up 6%. Excluding the net impact of equity investments, revenue was up 4%, driven by higher average deposits and fee growth, largely offset by deposit margin compression.
•Lending revenue was $5.6 billion, up 1%, predominantly driven by lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments.
Markets & Securities Services revenue was $31.6 billion, up 19%. Markets revenue was $27.5 billion, up 20%.
•Equity Markets revenue was $10.4 billion, up 32%, predominantly driven by higher revenue across products, particularly in Equity Derivatives.
•Fixed Income Markets revenue was $17.2 billion, up 14%, predominantly driven by higher revenue in Rates, Commodities and Currencies & Emerging Markets.
•Securities Services revenue was $4.1 billion, up 9%, driven by higher average deposits as well as fee growth related to higher client activity and market levels, partially offset by deposit margin compression.
•Credit Adjustments & Other was a loss of $59 million, compared with a loss of $211 million in the prior year.
Noninterest expense was $29.2 billion, up 10%, predominantly driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage, technology and regulatory expense.
The provision for credit losses was $2.2 billion, driven by net increases in the loan and lending-related commitment portfolios, including in the Commercial and industrial portfolio, changes in credit quality of client-specific exposures, and estimated losses related to apparent borrower fraud in certain secured lending facilities, partially offset by the impact of changes in the Firm's weighted-average macroeconomic outlook. The net addition to the allowance for credit losses was $1.1 billion and net charge-offs were $1.1 billion.
In the prior year, the provision was $701 million, net charge-offs were $389 million and the net addition to the allowance for credit losses was $312 million.
29

Selected metrics
(in millions, except employees)As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
20252024Change20252024Change
Selected balance sheet data (period-end)
Total assets
$2,328,000 $2,047,022 14 %$2,328,000 $2,047,022 14 %
Loans:
Loans retained538,016 483,915 11 538,016 483,915 11 
Loans held-for-sale and loans at fair value(a)
56,057 47,728 17 56,057 47,728 17 
Total loans594,073 531,643 12 594,073 531,643 12 
Equity149,500 132,000 13 149,500 132,000 13 
Banking & Payments loans by client coverage segment (period-end)(b)
Global Corporate Banking & Global Investment Banking(c)
$132,560 $134,750 (2)%$132,560 
(e)
$134,750 (2)%
Commercial Banking222,464 218,733 2 222,464 218,733 2 
Commercial & Specialized Industries(d)
76,010 73,782 3 76,010 73,782 3 
Commercial Real Estate Banking146,454 144,951 1 146,454 144,951 1 
Total Banking & Payments loans355,024 353,483 — 355,024 353,483 — 
Selected balance sheet data (average)
Total assets
$2,266,445 $2,008,127 13 $2,173,201 $1,906,414 14 
Trading assets-debt and equity instruments796,017 663,302 20 746,796 627,689 19 
Trading assets-derivative receivables61,132 54,133 13 58,986 56,741 4 
Loans:
Loans retained$528,135 $476,256 11 $507,502 $473,113 7 
Loans held-for-sale and loans at fair value(a)
55,545 44,868 24 50,784 43,762 16 
Total loans$583,680 $521,124 12 $558,286 $516,875 8 
Deposits1,194,410 1,064,402 12 1,157,201 1,052,438 10 
Equity149,500 132,000 13 149,500 132,000 13 
Banking & Payments loans by client coverage segment (average)(b)
Global Corporate Banking & Global Investment Banking(c)
$132,101 $129,024 2 %$126,386 
(e)
$129,232 (2)%
Commercial Banking221,534 219,406 1 220,005 220,826 — 
Commercial & Specialized Industries(d)
75,270 74,660 1 74,434 76,411 (3)
Commercial Real Estate Banking146,264 144,746 1 145,571 144,415 1 
Total Banking & Payments loans$353,635 $348,430 1 $346,391 $350,058 (1)
Employees94,191 93,754 — %94,191 
(f)
93,754 — %
(a)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)Refer to Line of Business Metrics on page 201 for a description of each of the client coverage segments.
(c)In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.
(d)In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.
(e)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
(f)In the first quarter of 2025, 219 employees were transferred to Corporate as a result of the centralization of certain functions.

30

Selected metrics
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
(in millions, except ratios)
20252024Change20252024Change
Credit data and quality statistics
Net charge-offs/(recoveries)
$567 $156 263 %$1,069 $389 175 %
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained(a)
$4,033 $2,857 41 $4,033 $2,857 41 
Nonaccrual loans held-for-sale and loans at fair value(b)
1,338 1,187 13 1,338 1,187 13 
Total nonaccrual loans5,371 4,044 33 5,371 4,044 33 
Derivative receivables224 210 7 224 210 7 
Assets acquired in loan satisfactions
197 216 (9)197 216 (9)
Total nonperforming assets$5,792 $4,470 30 $5,792 $4,470 30 
Allowance for credit losses:
Allowance for loan losses$7,609 $7,427 2 $7,609 $7,427 2 
Allowance for lending-related commitments2,798 2,013 39 2,798 2,013 39 
Total allowance for credit losses
$10,407 $9,440 10 %$10,407 $9,440 10 %
Net charge-off/(recovery) rate(c)
0.43 %0.13 %0.28 %0.11 %
Allowance for loan losses to period-end loans retained1.41 1.53 1.41 1.53 
Allowance for loan losses to nonaccrual loans retained(a)
189 260 189 260 
Nonaccrual loans to total period-end loans0.90 %0.76 %0.90 %0.76 %
(a)Allowance for loan losses of $724 million and $366 million were held against these nonaccrual loans at September 30, 2025 and 2024, respectively.
(b)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $93 million and $38 million, respectively.
(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
Investment banking fees
Three months ended September 30,Nine months ended September 30,
(in millions)
20252024Change20252024Change
Advisory
$926 $847 9 %$2,464 $2,230 10 %
Equity underwriting
527 344 53 1,316 1,194 10 
Debt underwriting(a)
1,174 1,076 9 3,608 3,213 12 
Total investment banking fees
$2,627 $2,267 16 %$7,388 $6,637 11 %
(a)Represents long-term debt and loan syndications.


31

League table results – wallet share
Three months ended September 30,Nine months ended September 30,Full-year 2024
2025202420252024
RankShareRankShareRankShareRankShareRankShare
Based on fees(a)
M&A(b)
Global#2 8.7 %#2 8.6 %#2 8.3 %#2 9.0 %#1 9.3 %
U.S.2 8.8 2 9.3 2 8.9 2 10.7 2 11.1 
Equity and equity-related(c)
Global1 10.0 2 10.0 1 10.5 1 10.9 1 10.9 
U.S.1 12.9 1 14.2 1 14.1 1 14.4 1 14.6 
Long-term debt(d)
Global1 7.1 1 7.3 1 7.3 1 7.6 1 7.5 
U.S.2 9.4 1 11.3 1 10.1 1 11.2 1 11.3 
Loan syndications
Global2 9.1 1 9.1 1 10.7 1 10.6 1 10.2 
U.S.2 9.6 2 10.2 2 11.9 1 12.3 1 11.8 
Global investment banking fees(e)
#1 8.5 %#1 8.4 %#1 8.7 %#1 9.0 %#1 9.1 %
(a)Source: Dealogic as of October 1, 2025. Reflects the ranking of revenue wallet and market share.
(b)Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.
(c)Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.
(d)Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”); and exclude money market, short-term debt and U.S. municipal securities.
(e)Global investment banking fees exclude money market, short-term debt and shelf securities.
32

Markets revenue
The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of 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 generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives
that are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 81 of JPMorganChase’s 2024 Form 10-K for further information.
For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.
Three months ended September 30,Three months ended September 30,
20252024

(in millions)		Fixed Income MarketsEquity
Markets		Total
Markets
Fixed Income Markets
Equity
Markets
Total
Markets
Principal transactions
$3,115 $3,907 $7,022 $2,379 $3,486 $5,865 
Lending- and deposit-related fees
101 51 152 79 31 110 
Commissions and other fees143 623 766 166 518 684 
All other income361 (37)324 408 7 415 
Noninterest revenue3,720 4,544 8,264 3,032 4,042 7,074 
Net interest income
1,893 (1,213)680 1,619 (1,541)78 
Total net revenue$5,613 $3,331 $8,944 $4,651 $2,501 $7,152 
Nine months ended September 30,Nine months ended September 30,
20252024

(in millions)		Fixed Income MarketsEquity
Markets		Total
Markets		Fixed Income MarketsEquity
Markets		Total
Markets
Principal transactions
$9,742 $11,946 $21,688 $8,235 $10,839 $19,074 
Lending- and deposit-related fees
344 125 469 282 71 353 
Commissions and other fees474 1,819 2,293 475 1,554 2,029 
All other income1,143 (76)1,067 1,363 (45)1,318 
Noninterest revenue11,703 13,814 25,517 10,355 12,419 22,774 
Net interest income5,449 (3,423)2,026 4,705 (4,521)184 
Total net revenue$17,152 $10,391 $27,543 $15,060 $7,898 $22,958 
Selected metrics
(in millions, except where otherwise noted)
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
20252024Change20252024Change
Assets under custody (“AUC”) by asset class (period-end)
(in billions):
Fixed Income$18,026 $16,696 8 %$18,026 $16,696 8 %
Equity17,404 15,000 16 17,404 15,000 16 
Other(a)
4,698 4,136 14 4,698 4,136 14 
Total AUC$40,128 $35,832 12 $40,128 $35,832 12 
Client deposits and other third-party liabilities (average)(b)
$1,111,143 $966,025 15 %$1,078,717 $944,862 14 %
(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 Payments and Securities Services businesses.

33

International metrics
(in millions, except where otherwise noted)As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
20252024Change20252024Change
Total net revenue(a)
Europe/Middle East/Africa$4,106 $3,260 26 %$13,164 $11,701 13 %
Asia-Pacific2,819 2,439 16 8,105 6,742 20 
Latin America/Caribbean676 615 10 1,937 1,889 3 
Total international net revenue
7,601 6,314 20 23,206 20,332 14 
North America12,277 10,701 15 35,873 32,184 11 
Total net revenue$19,878 $17,015 17 $59,079 $52,516 12 
Loans retained (period-end)(a)
Europe/Middle East/Africa$57,786 $47,900 21 $57,786 $47,900 21 
Asia-Pacific18,898 16,066 18 18,898 16,066 18 
Latin America/Caribbean10,818 8,932 21 10,818 8,932 21 
Total international loans87,502 72,898 20 87,502 72,898 20 
North America450,514 411,017 10 450,514 411,017 10 
Total loans retained$538,016 $483,915 11 $538,016 $483,915 11 
Client deposits and other third-party liabilities (average)(b)
Europe/Middle East/Africa$299,490 $266,066 13 $295,183 $262,328 13 
Asia-Pacific154,457 139,563 11 154,776 137,707 12 
Latin America/Caribbean48,288 43,517 11 46,292 42,418 9 
Total international$502,235 $449,146 12 $496,251 $442,453 12 
North America608,908 516,879 18 582,466 502,409 16 
Total client deposits and other third-party liabilities
$1,111,143 $966,025 15 $1,078,717 $944,862 14 
AUC (period-end)(b)
(in billions)
North America$26,992 $23,960 13 $26,992 $23,960 13 
All other regions13,136 11,872 11 13,136 11,872 11 
Total AUC$40,128 $35,832 12 %$40,128 $35,832 12 %
(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 Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.
34

ASSET & WEALTH MANAGEMENT
Refer to pages 84–87 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 202 for a discussion of the business profile of AWM.
Selected income statement data
(in millions, except ratios)
Three months ended September 30,Nine months ended September 30,
20252024Change20252024Change
Revenue
Asset management fees$3,885 $3,427 13 %$11,122 $9,901 12 %
Commissions and other fees296 224 32 883 649 36 
All other income(a)
156 148 5 398 396 1 
Noninterest revenue4,337 3,799 14 12,403 10,946 13 
Net interest income1,729 1,640 5 5,154 4,854 6 
Total net revenue6,066 5,439 12 17,557 15,800 11 
Provision for credit losses59 4 NM95 (33)NM
Noninterest expense
Compensation expense2,155 1,994 8 6,363 5,926 7 
Noncompensation expense1,663 1,645 1 4,901 4,716 4 
Total noninterest expense3,818 3,639 5 11,264 10,642 6 
Income before income tax expense2,189 1,796 22 6,198 5,191 19 
Income tax expense531 445 19 1,484 1,287 15 
Net income$1,658 $1,351 23 $4,714 $3,904 21 
Revenue by line of business
Asset Management$2,916 $2,525 15 $8,292 $7,288 14 
Global Private Bank3,150 2,914 8 9,265 8,512 9 
Total net revenue$6,066 $5,439 12 %$17,557 $15,800 11 %
Financial ratios
Return on equity40 %34 %39 %33 %
Overhead ratio63 67 64 67 
Pre-tax margin ratio:
Asset Management35 32 33 30 
Global Private Bank37 34 37 35 
Asset & Wealth Management36 33 35 33 
(a)Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic. The discount, which is deferred in other liabilities and recognized on a straight-line basis over the commitment period, continues to decline as commitments expire.

35

Quarterly results
Net income was $1.7 billion, up 23%.
Net revenue was $6.1 billion, up 12%. Net interest income was $1.7 billion, up 5%. Noninterest revenue was $4.3 billion, up 14%.
Revenue from Asset Management was $2.9 billion, up 15%, predominantly driven by higher asset management fees, reflecting strong net inflows and higher average market levels.
Revenue from Global Private Bank was $3.2 billion, up 8%, driven by:
•higher noninterest revenue as a result of higher management fees predominantly due to strong net inflows and higher brokerage fees, and
•higher net interest income, driven by higher average loans and deposits, largely offset by narrower spreads on loans.
Noninterest expense was $3.8 billion, up 5%, driven by:
•higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,
largely offset by
•lower legal expense.
The provision for credit losses was $59 million, driven by the impact of a charge-off related to a client-specific exposure. Net charge-offs were $62 million, and the net reduction in the allowance for credit losses was $3 million. In the prior year, the provision was $4 million.
Refer to Note 5 for additional information on lending related fees.
Refer to Credit and Investment Risk Management on pages 59-78 and Allowance for Credit Losses on pages 75-77 for further discussions of the credit portfolios and the allowance for credit losses.

Year-to-date results
Net income was $4.7 billion, up 21%.
Net revenue was $17.6 billion, up 11%. Net interest income was $5.2 billion, up 6%. Noninterest revenue was $12.4 billion, up 13%.
Revenue from Asset Management was $8.3 billion, up 14%, predominantly driven by higher asset management fees, reflecting strong net inflows and higher average market levels.
Revenue from Global Private Bank was $9.3 billion, up 9%, driven by:
•higher noninterest revenue, reflecting:
–higher management fees predominantly due to strong net inflows, as well as higher brokerage fees,
partially offset by
–a decline in the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic that have expired, and
•higher net interest income, driven by higher average loans and deposits, partially offset by narrower spreads on loans.
Noninterest expense was $11.3 billion, up 6%, driven by:
•higher compensation, primarily higher revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,
partially offset by
• lower legal expense.
The provision for credit losses was $95 million, largely driven by the impact of a charge-off related to a client-specific exposure. Net charge-offs were $62 million, and the net addition to the allowance for credit losses was $33 million. In the prior year, the provision was a net benefit of $33 million.

36

Selected metrics
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
(in millions, except ranking data, ratios and employees)
20252024Change20252024Change
% of JPM mutual fund assets and ETFs rated as 4- or 5-star(a)
65 %70 %65 %70 %
% of JPM mutual fund assets and ETFs ranked in 1st or 2nd quartile:(b)
1 year62 70 62 70 
3 years66 75 66 75 
5 years78 73 78 73 
Selected balance sheet data (period-end)(c)
Total assets$282,322 $253,750 11 %$282,322 $253,750 11 %
Loans257,988 233,903 10 257,988 233,903 10 
Deposits
239,999 248,984 (4)239,999 248,984 (4)
Equity16,000 15,500 3 16,000 15,500 3 
Selected balance sheet data (average)(c)
Total assets$272,954 $247,768 10 $262,556 $243,784 8 
Loans250,730 229,299 9 241,812 225,630 7 
Deposits
241,454 236,470 2 244,635 230,560 6 
Equity16,000 15,500 3 16,000 15,500 3 
Employees29,714 29,112 2 29,714 
(d)
29,112 2 
Number of Global Private Bank client advisors4,050 3,753 8 4,050 3,753 8 
Credit data and quality statistics(c)
Net charge-offs/(recoveries)$62 $12 417$62 $23 170
Nonaccrual loans1,129 764 48 1,129 764 48 
Allowance for credit losses:
Allowance for loan losses$555 $566 (2)$555 $566 (2)
Allowance for lending-related commitments
52 38 37 52 38 37 
Total allowance for credit losses
$607 $604 — $607 $604 — 
Net charge-off/(recovery) rate0.10 %0.02 %0.03 %0.01 %
Allowance for loan losses to period-end loans
0.22 0.24 0.22 0.24 
Allowance for loan losses to nonaccrual loans
49 74 49 74 
Nonaccrual loans to period-end loans
0.44 0.33 0.44 0.33 
(a)Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(b)Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.
(d)In the first quarter of 2025, 130 employees were transferred to Corporate as a result of the centralization of certain functions.










37

Client assets
Assets under management were $4.6 trillion, up 18%, and client assets were $6.8 trillion, up 20%. These increases were each driven by continued net inflows and higher market levels.
As of September 30,
(in billions)20252024Change
Assets by asset class
Liquidity$1,174 $983 19 %
Fixed income971 854 14 
Equity1,371 1,094 25 
Multi-asset855 763 12 
Alternatives228 210 9 
Total assets under management4,599 3,904 18 
Custody/brokerage/administration/deposits
2,239 1,817 23 
Total client assets(a)
$6,838 $5,721 20 
Assets by client segment
Private Banking(b)
$1,364 $1,115 22 
Global Institutional1,837 1,622 13 
Global Funds(b)
1,398 1,167 20 
Total assets under management$4,599 $3,904 18 
Private Banking(b)
$3,423 $2,806 22 
Global Institutional1,994 1,739 15 
Global Funds(b)
1,421 1,176 21 
Total client assets(a)
$6,838 $5,721 20 %
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)In the first quarter of 2025, the Firm realigned certain client assets from Private Banking to Global Funds to reflect them in the client segment where the assets are invested. Prior period amounts have been revised to conform with the current presentation.
Client assets (continued)

Three months ended September 30,Nine months ended September 30,
(in billions)2025202420252024
Assets under management rollforward
Beginning balance$4,343 $3,682 $4,045 $3,422 
Net asset flows:
Liquidity37 34 78 46 
Fixed income31 37 69 73 
Equity
31 21 84 73 
Multi-asset4 10 5 5 
Alternatives6 4 (1)7 
Market/performance/other impacts
147 116 319 278 
Ending balance, September 30$4,599 $3,904 $4,599 $3,904 
Client assets rollforward
Beginning balance$6,421 $5,387 $5,932 $5,012 
Net asset flows147 140 347 262 
Market/performance/other impacts
270 194 559 447 
Ending balance, September 30$6,838 $5,721 $6,838 $5,721 
38

Selected Firmwide Metrics - Wealth Management
As of September 30,
20252024Change
Firmwide Wealth Management
Client assets (in billions)(a)
$4,373 $3,648 20 %
Number of client advisors10,075 9,528 6 
Stock Plan Administration(b)
Number of stock plan participants (in thousands)1,796 1,118 61 
Client assets (in billions)$357 $254 41 %
(a)Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
(b)Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares. The increase in 2025 includes the impact of onboarding participants in the Firm’s employee stock plans during the fourth quarter of 2024.

International
Three months ended September 30,Nine months ended September 30,
(in millions)
20252024Change20252024Change
Total net revenue(a)
Europe/Middle East/Africa$1,008 $882 14 %$2,912 $2,587 13 %
Asia-Pacific625 505 24 1,775 1,488 19 
Latin America/Caribbean313 267 17 897 798 12 
Total international net revenue
1,946 1,654 18 5,584 4,873 15 
North America4,120 3,785 9 11,973 10,927 10 
Total net revenue(a)
$6,066 $5,439 12 %$17,557 $15,800 11 %
(a)Regional revenue is based on the domicile of the client.
As of September 30,As of September 30,
(in billions)
20252024Change20252024Change
Assets under management
Europe/Middle East/Africa$690 $597 16 %$690 $597 16 %
Asia-Pacific357 293 22 357 293 22 
Latin America/Caribbean122 106 15 122 106 15 
Total international assets under management
1,169 996 17 1,169 996 17 
North America3,430 2,908 18 3,430 2,908 18 
Total assets under management
$4,599 $3,904 18 $4,599 $3,904 18 
Client assets
Europe/Middle East/Africa$994 $838 19 $994 $838 19 
Asia-Pacific606 462 31 606 462 31 
Latin America/Caribbean293 257 14 293 257 14 
Total international client assets
1,893 1,557 22 1,893 1,557 22 
North America4,945 4,164 19 4,945 4,164 19 
Total client assets$6,838 $5,721 20 %$6,838 $5,721 20 %
39

CORPORATE
Refer to pages 88–90 of JPMorganChase’s 2024 Form 10-K for a discussion of Corporate.
Selected income statement and balance sheet data
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
(in millions, except employees)20252024Change20252024Change
Revenue
Principal transactions$(54)$(1)NM$(195)$124 NM
Investment securities gains/(losses)
105 (16)NM14 (928)NM
All other income246 172 43 %1,180 8,442 
(f)
(86)%
Noninterest revenue297 155 92999 7,638 (87)
Net interest income1,406 2,915 (52)4,546 7,756 (41)
Total net revenue(a)
1,703 3,070 (45)5,545 15,394 (64)
Provision for credit losses(3)(4)253 28 (89)
Noninterest expense445 589 (24)1,177 
(c)
3,444 
(c)(g)
(66)
Income before income tax expense
1,261 2,485 (49)4,365 11,922 (63)
Income tax expense
436 675 (35)152 
(d)
2,657 (94)
Net income
$825 $1,810 

(54)$4,213 $9,265 (55)
Total net revenue
Treasury and CIO$1,687 $3,154 (47)$4,900 $7,555 (35)
Other Corporate16 (84)NM645 7,839 (92)
Total net revenue$1,703 $3,070 (45)$5,545 $15,394 (64)
Net income
Treasury and CIO$1,166 $2,291 (49)$3,445 $5,445 (37)
Other Corporate(341)(481)29768 
(c)
3,820 
(c)
(80)
Total net income
$825 $1,810 

(54)$4,213 $9,265 (55)
Total assets (period-end)$1,297,608 $1,276,238 2 $1,297,608 $1,276,238 2 
Loans (period-end)2,707 2,302 18 2,707 2,302 18 
Deposits (period-end)(b)
34,145 

30,170 13 34,145 30,170 13 
Employees
50,013 49,213 2 %50,013 
(e)
49,213 2 %
(a)Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $39 million and $44 million for the three months ended September 30, 2025 and 2024, respectively, and $113 million and $138 million for the nine months ended September 30, 2025 and 2024, respectively.
(b)Predominantly relates to the Firm's international consumer initiatives.
(c)Included an FDIC special assessment accrual release of $437 million and an accrual increase of $725 million for the nine months ended September 30, 2025 and 2024, respectively.
(d)Included a $774 million income tax benefit recorded in the second quarter of 2025, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
(e)In the first quarter of 2025, 768 employees were transferred from the LOBs to Corporate as a result of the centralization of certain functions.
(f)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
(g)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.



40

Quarterly results
Net income was $825 million, compared with $1.8 billion in the prior year.
Net revenue was $1.7 billion, compared with $3.1 billion in the prior year.
Net interest income was $1.4 billion, down $1.5 billion, predominantly driven by the impact of lower rates and changes in the FTP for consumer deposits.
Refer to Business Segment & Corporate Results on page 20 for additional information on FTP.
Noninterest revenue was $297 million, compared with $155 million in the prior year, primarily driven by:
•an increase associated with an equity investment, and
•a net gain in investment securities as compared with a net loss in the prior year that was associated with repositioning the investment securities portfolio in Treasury and CIO. The net gain was predominantly related to sales of U.S. GSE and government agency MBS and U.S. Treasuries.
Refer to Note 9 and Note 12 for additional information on the investment securities portfolio and the allowance for credit losses.
Noninterest expense was $445 million, compared with $589 million in the prior year.
The current period income tax expense was driven by changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, partially offset by tax benefits related to the Firm's 2024 U.S. federal tax return.
Other Corporate includes the Firm's international consumer initiatives, which primarily consists of Chase U.K., Nutmeg (which was rebranded as J.P. Morgan Personal Investing as of November 3, 2025), and an ownership stake in C6 Bank.
The deposits within Corporate relate to the Firm’s international consumer initiatives and have increased as a result of growth in client accounts.
Year-to-date results
Net income was $4.2 billion, compared with $9.3 billion in the prior year.
Net revenue was $5.5 billion, compared with $15.4 billion in the prior year.
Net interest income was $4.5 billion, down $3.2 billion, driven by the impact of changes in the FTP for consumer deposits and of lower rates, partially offset by the impact of investment securities activity including from prior quarters.
Noninterest revenue was $999 million, compared with $7.6 billion in the prior year, driven by:
•the absence of the $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024,
partially offset by
•a net gain in investment securities as compared with a net loss in the prior year that was associated with repositioning the investment securities portfolio in Treasury and CIO. The prior year net loss was primarily related to sales of U.S. GSE and government agency MBS and U.S. Treasuries, and
•the $588 million First Republic-related gain recorded in the first quarter of 2025.
Refer to Note 5 for additional information on the First Republic-related gain.
Noninterest expense was $1.2 billion, down 66%, predominantly driven by:
•lower FDIC-related expense driven by releases of FDIC special assessment accruals of $437 million, compared with an accrual increase of $725 million in the first quarter of the prior year, and
•the absence of the following items recorded in the prior year:
–a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and
–restructuring and integration costs associated with First Republic.
The current period income tax expense was driven by:
•changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes,
predominantly offset by
•a $774 million income tax benefit recorded in the second quarter of 2025, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025,
•tax benefits related to the Firm's 2024 U.S. federal tax return, and
•higher tax benefits related to the vesting of employee share-based awards.
41

Treasury and CIO overview
At September 30, 2025, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.
Refer to Liquidity Risk Management on pages 51-58 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 79-85 for information on interest rate and foreign exchange risks.
Selected income statement and balance sheet data
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
(in millions)20252024Change20252024Change
Investment securities gains/(losses)
$105 $(16)NM$14 $(928)NM
Available-for-sale securities (average)
$495,777 
(b)
$306,244 62 %$450,365 
(b)
$259,003 74 %
Held-to-maturity securities (average)269,717 
(b)
313,898 (14)267,366 
(b)
332,932 (20)
Investment securities portfolio (average)$765,494 $620,142 23 $717,731 $591,935 21 
Available-for-sale securities (period-end)$487,277 
(b)
$331,715 47 $487,277 
(b)
$331,715 47 
Held-to-maturity securities (period-end)293,446 
(b)
299,954 (2)293,446 
(b)
299,954 (2)
Investment securities portfolio, net of allowance for credit losses (period-end)(a)
$780,723 $631,669 24 %$780,723 $631,669 24 %
(a)As of September 30, 2025 and 2024, the allowance for credit losses on investment securities was $72 million and $123 million, respectively.
(b)During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes.

42

FIRMWIDE RISK MANAGEMENT
Risk is an inherent part of JPMorganChase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its business, and the associated risks, in a manner that balances serving the interests of its clients, customers and investors, and protecting the safety and soundness of the Firm.
The Firm believes that effective risk management requires, among other things:
•Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;
•Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and
•A Firmwide risk governance and oversight structure.
The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors (the “Board”). The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.
Risk governance framework
The Firm’s risk governance framework involves understanding drivers of risks, types of risks, and impacts of risks.
25_Risk Drivers_02B.jpg
Refer to pages 91–95 of JPMorganChase’s 2024 Form 10-K for a further discussion of Firmwide risk management governance and oversight.
Risk governance and oversight functions
The following sections of this Form 10-Q and the 2024 Form 10-K discuss the risk governance and oversight functions in place to oversee the risks inherent in the Firm’s business activities.
Risk governance and oversight functions Form 10-Q page referenceForm 10-K page reference
Strategic Risk96
Capital Risk44–5097-107
Liquidity Risk51–58108-115
Reputation Risk116
Consumer Credit Risk61–65120-125
Wholesale Credit Risk66–74126-136
Investment Portfolio Risk78140
Market Risk79–85141-149
Country Risk86150-151
Climate Risk152
Operational Risk 153-156
Compliance Risk157
Conduct Risk158
Legal Risk159
Estimations and Model Risk160

43

CAPITAL RISK MANAGEMENT
Capital risk is the risk that the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.
Refer to pages 97–107 of JPMorganChase’s 2024 Form 10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s capital risk management.
Basel III Overview
The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies (“BHCs”) and banks, including the Firm and JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets ("RWA"), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Under the rules currently in effect, two comprehensive approaches are prescribed for calculating Basel III RWA: a standardized approach (“Standardized”), and an advanced approach (“Advanced”).
For each of these risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements.
As of September 30, 2025, the Firm’s Standardized risk-based ratios continue to be more binding than the Advanced risk-based ratios.
Additionally, Basel III requires that Advanced Approaches banking organizations, including the Firm, calculate their SLRs.
Refer to page 47 of this Form 10-Q and page 104 of JPMorganChase's 2024 Form 10-K for additional information on SLR.
Key Regulatory Developments
Enhanced Supervisory Stress Test Transparency and Public Accountability Proposals
In October 2025, the Federal Reserve issued proposals to enhance the transparency and public accountability of its annual supervisory stress test used to set the Stress Capital Buffer ("SCB") for large bank holding companies, including the Firm. The proposals would require the Federal Reserve to publish comprehensive documentation of the supervisory stress test models and annual stress test scenarios for public comment, including the scenarios for the upcoming 2026 stress test. The proposals also introduce an enhanced disclosure process, under which material changes to stress test models and scenarios would be subject to
public comment prior to implementation. Based on the Federal Reserve’s analysis, the proposed changes to the stress test models and scenarios are not expected to materially change the SCB for firms, such as JPMorganChase, that are subject to the supervisory stress test.
SCB Volatility Reduction Proposal
In April 2025, the Federal Reserve proposed changes to the calculation of the SCB for large bank holding companies, including the Firm. The proposal aims to reduce SCB volatility by using the average of supervisory stress results from the previous two annual stress tests to calculate the SCB. The proposal would also modify the annual effective date of the SCB from October 1 to January 1 and make targeted changes to reporting requirements to streamline data collection.
Enhanced SLR Proposal
In June 2025, the Federal Reserve, the Office of the Comptroller of the Currency ("OCC"), and the FDIC released a proposal to amend the enhanced Supplementary Leverage Ratio (“eSLR”) requirements for Global Systemically Important Banks (“GSIB”) BHCs and their insured depository institution (“IDI”) subsidiaries by revising the current static leverage buffers at the BHC and IDI levels to 50 percent of the parent GSIB’s U.S. Method 1 GSIB Surcharge, which is referred to as the “eSLR buffer.” In addition, the proposal would make corresponding adjustments to the leverage-based total loss-absorbing capacity (“TLAC”) and eligible long-term debt (“eligible LTD”) requirements by replacing the current TLAC leverage buffer with the eSLR buffer and replacing the current static leverage-based eligible LTD requirement with a requirement of 2.5% plus the eSLR buffer. Further, the proposal would remove the eSLR threshold for an IDI subsidiary of a U.S. GSIB to be considered “well capitalized” under the prompt corrective action framework and instead apply the eSLR as a capital buffer requirement.
Refer to page 100 of JPMorganChase's 2024 Form 10-K for information on the U.S. Method 1 GSIB Surcharge.
Refer to page 99 of JPMorganChase's 2024 Form 10-K for information on other Key Regulatory Developments.
44

Selected capital and RWA data
The following tables present the Firm’s risk-based capital metrics under both the Standardized and Advanced approaches and leverage-based capital metrics. Refer to Capital Risk Management on pages 97–107 of JPMorganChase’s 2024 Form 10-K for a further discussion of these capital metrics. Refer to Note 21 for JPMorgan Chase Bank, N.A.’s risk-based and leverage-based capital metrics.
StandardizedAdvanced
(in millions, except ratios)
September 30, 2025
December 31, 2024
Capital ratio requirements(b)
September 30, 2025
December 31, 2024
Capital ratio requirements(b)
Risk-based capital metrics:(a)
CET1 capital$287,297 $275,513 $287,297 $275,513 
Tier 1 capital306,599 294,881 306,599 294,881 
Total capital343,215 325,589 328,356 
(c)
311,898 
(c)
Risk-weighted assets1,935,868 1,757,460 1,932,404 
(c)
1,740,429 
(c)
CET1 capital ratio14.8 %15.7 %12.3 %14.9 %15.8 %11.5 %
Tier 1 capital ratio15.8 16.8 13.8 15.9 16.9 13.0 
Total capital ratio17.7 18.5 15.8 17.0 17.9 15.0 
(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. For the period ended December 31, 2024, CET1 capital reflected a $720 million benefit. Refer to Note 21 for additional information.
(b)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
(c)Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Refer to page 102 and Note 34 of JPMorganChase’s 2024 Form 10-K for additional information on First Republic.
Three months ended
(in millions, except ratios)
September 30, 2025
December 31, 2024
Capital ratio requirements(c)
Leverage-based capital metrics:(a)
Adjusted average assets(b)
$4,464,441 $4,070,499 
Tier 1 leverage ratio6.9 %7.2 %4.0 %
Total leverage exposure$5,272,950 $4,837,568 
SLR5.8 %6.1 %5.0 %
(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The capital metrics for the period ended December 31, 2024 reflected the CECL capital transition provisions. Refer to Note 21 for additional information.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
(c)Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
45

Capital components
The following table presents reconciliations of total stockholders’ equity to CET1 capital, Tier 1 capital and Total capital as of September 30, 2025 and December 31, 2024.
(in millions)September 30,
2025		December 31,
2024
Total stockholders’ equity$360,212 $344,758 
Less: Preferred stock20,045 20,050 
Common stockholders’ equity340,167 324,708 
Add:
Certain deferred tax liabilities(a)
2,906 2,943 
Other CET1 capital adjustments(b)
947 4,499 
Less:
Goodwill(c)
54,108 53,763 
Other intangible assets2,615 2,874 
Standardized/Advanced CET1 capital
$287,297 $275,513 
Add: Preferred stock20,045 20,050 
Less: Other Tier 1 adjustments743 

682 
Standardized/Advanced Tier 1 capital
$306,599 $294,881 
Long-term debt and other instruments qualifying as Tier 2 capital
$14,605 $10,312 
Qualifying allowance for credit losses(d)
22,978 20,992 
Other
(967)(596)
Standardized Tier 2 capital
$36,616 $30,708 
Standardized Total capital
$343,215 $325,589 
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital(e)(f)
(14,859)

(13,691)
Advanced Tier 2 capital
$21,757 $17,017 
Advanced Total capital
$328,356 $311,898 
(a)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating CET1 capital.
(b)As of September 30, 2025 and December 31, 2024, included a net benefit associated with cash flow hedges and debit valuation adjustments ("DVA") related to structured notes recorded in AOCI of $2.2 billion and $5.2 billion. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included benefit from the CECL capital transition provisions of $720 million.
(c)Goodwill deducted from capital includes goodwill associated with equity method investments in nonconsolidated financial institutions based on regulatory requirements. Refer to page 78 for additional information on principal investment risk.
(d)Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included the impact of the CECL capital transition provision with any excess deducted from RWA. Refer to Note 21 for additional information on the CECL capital transition.
(e)Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included the impact of the CECL capital transition provision with any excess deducted from RWA.
(f)As of September 30, 2025 and December 31, 2024, included an incremental $481 million and $541 million allowance for credit losses, respectively, on certain assets associated with First Republic to which the Standardized approach has been applied, as permitted by the transition provisions in the U.S. capital rules.
Capital rollforward
The following table presents the changes in CET1 capital, Tier 1 capital and Tier 2 capital for the nine months ended September 30, 2025.
Nine months ended September 30,
(in millions)		2025
Standardized/Advanced CET1 capital at December 31, 2024
$275,513 
Net income applicable to common equity43,204 
Dividends declared on common stock(11,969)
Net purchase of treasury stock
(22,308)
Changes in additional paid-in capital
(46)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities2,274 
Translation adjustments, net of hedges(a)
1,345 
Fair value hedges57 
Defined benefit pension and other postretirement employee benefit (“OPEB”) plans(40)
Changes related to other CET1 capital adjustments(b)
(733)
Change in Standardized/Advanced CET1 capital11,784 
Standardized/Advanced CET1 capital at September 30, 2025
$287,297 
Standardized/Advanced Tier 1 capital at December 31, 2024
$294,881 
Change in CET1 capital(b)
11,784 
Net redemptions of noncumulative perpetual preferred stock(5)
Other(61)
Change in Standardized/Advanced Tier 1 capital11,718 
Standardized/Advanced Tier 1 capital at September 30, 2025
$306,599 
Standardized Tier 2 capital at December 31, 2024
$30,708 
Change in long-term debt and other instruments qualifying as Tier 2(c)
4,293 
Change in qualifying allowance for credit losses(b)
1,986 
Other
(371)
Change in Standardized Tier 2 capital
5,908 
Standardized Tier 2 capital at September 30, 2025
$36,616 
Standardized Total capital at September 30, 2025
$343,215 
Advanced Tier 2 capital at December 31, 2024
$17,017 
Change in long-term debt and other instruments qualifying as Tier 2(c)
4,293 
Change in qualifying allowance for credit losses(b)(d)
818 
Other
(371)
Change in Advanced Tier 2 capital
4,740 
Advanced Tier 2 capital at September 30, 2025
$21,757 
Advanced Total capital at September 30, 2025
$328,356 
(a)Includes foreign currency translation adjustments and the impact of related derivatives.
(b)Reflects the final phase out of the CECL benefit. Refer to Note 21 for additional information on the CECL capital transition.
(c)Includes issuance of $4.0 billion of subordinated notes due 2036. Refer to Long-term funding on page 57 of this Form 10-Q and Note 20 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s subordinated debt.
(d)As of September 30, 2025 and December 31, 2024, included an incremental $481 million and $541 million allowance for credit losses, respectively, on certain assets associated with First Republic to which the Standardized approach has been applied, as permitted by the transition provisions in the U.S. capital rules.
46

RWA rollforward
The following table presents changes in the components of RWA under Standardized and Advanced approaches for the nine months ended September 30, 2025. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.
StandardizedAdvanced
Nine months ended September 30, 2025
(in millions)
Credit risk RWA(c)
Market risk RWATotal RWA
Credit risk RWA(c)(d)
Market risk RWAOperational risk
RWA		Total RWA
December 31, 2024$1,672,763 $84,697 $1,757,460 $1,218,005 $85,132 $437,292 $1,740,429 
Model & data changes(a)
(3,505)(1,699)(5,204)(2,021)(1,699)— (3,720)
Movement in portfolio levels(b)
161,151 22,461 183,612 150,415 23,327 21,953 195,695 
Changes in RWA157,646 20,762 178,408 148,394 21,628 21,953 191,975 
September 30, 2025$1,830,409 $105,459 $1,935,868 $1,366,399 $106,760 $459,245 $1,932,404 
(a)Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes).
(b)Movement in portfolio levels (inclusive of rule changes) refers to: for Credit risk RWA, changes in book size, changes in composition and credit quality, market movements, and deductions for excess eligible allowances for credit losses not eligible for inclusion in Tier 2 capital; for Market risk RWA, changes in position, market movements, and changes in the Firm’s regulatory multiplier as a result of Regulatory VaR backtesting exceptions as prescribed by the capital rules; and for Operational risk RWA, updates to cumulative losses, macroeconomic model inputs and other model parameters.
(c)As of September 30, 2025 and December 31, 2024, the Standardized Credit risk RWA included wholesale and retail off balance-sheet RWA of $243.1 billion and $208.0 billion, respectively; and the Advanced Credit risk RWA included wholesale and retail off balance-sheet RWA of $235.1 billion and $192.1 billion, respectively.
(d)As of September 30, 2025 and December 31, 2024, Credit risk RWA reflected approximately $38.5 billion and $43.3 billion, respectively, of RWA calculated under the Standardized approach for certain assets associated with First Republic as permitted by the transition provisions in the U.S. capital rules.
Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for further information on Credit risk RWA, Market risk RWA and Operational risk RWA.
Supplementary leverage ratio
Refer to Supplementary Leverage Ratio on page 104 of JPMorganChase’s 2024 Form 10-K for additional information.
The following table presents the components of the Firm’s SLR.
Three months ended
(in millions, except ratio)		September 30,
2025		December 31,
2024
Tier 1 capital
$306,599 $294,881 
Total average assets4,519,945 4,125,167 
Less: Regulatory capital adjustments(a)
55,504 54,668 
Total adjusted average assets(b)
4,464,441 4,070,499 
Add: Off-balance sheet exposures(c)
808,509 767,069 
Total leverage exposure$5,272,950 $4,837,568 
SLR5.8 %6.1 %
(a)For purposes of calculating the SLR, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, other intangible assets. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included adjustments for the CECL capital transition provisions. Refer to Note 21 for additional information on the CECL capital transition.
(b)Adjusted average assets used for the calculation of Tier 1 leverage ratio.
(c)Off-balance sheet exposures are calculated as the average of the three month-end spot balances on applicable regulatory exposures during the reporting quarter. Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports for additional information.
Line of business and Corporate equity
Each LOB and Corporate is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Refer to Line of business and Corporate equity on page 104 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.
The following table presents the capital allocated to each LOB and Corporate.

(in billions)		September 30,
2025		December 31,
2024
Consumer & Community Banking$56.0 $54.5 
Commercial & Investment Bank
149.5 132.0 
Asset & Wealth Management16.0 15.5 
Corporate118.7 122.7 
Total common stockholders’ equity$340.2 $324.7 

47

Capital actions
Common stock dividends
The Firm’s common stock dividends are planned as part of the Capital Management governance framework in line with the Firm’s capital management objectives.
On September 16, 2025, the Firm announced that its Board of Directors had declared a quarterly common stock dividend of $1.50 per share, payable on October 31, 2025, an increase from the prior dividend of $1.40 per share. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.
Common stock repurchases
On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.
The following table sets forth the Firm’s repurchases of common stock for the three and nine months ended September 30, 2025 and 2024.
Three months ended September 30,Nine months ended September 30,
(in millions)2025
2024
2025
2024
Total number of shares of common stock repurchased28.0 30.3 87.7 73.2 
Aggregate purchase price of common stock repurchases(a)
$8,315 $6,361 $23,378 $14,528 
(a)Excludes excise tax and commissions.
The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion. The common share repurchase program approved by the Board of Directors does not establish specific price targets or timetables. Management determines the amount and timing of common share repurchases based on various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); organic capital generation; current and proposed future capital requirements; and other investment opportunities. The amount of common shares that the Firm repurchases in any period may be substantially more or less than the amounts estimated or actually repurchased in prior periods, reflecting the dynamic nature of the decision-making process. The Firm’s common share repurchases may be suspended by management at any time.
Refer to Capital actions on page 105 of JPMorganChase’s 2024 Form 10-K for additional information.
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 pages 203-204 of this Form 10-Q and page 39 of JPMorganChase’s 2024 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.
Preferred stock
Preferred stock dividends were $282 million and $286 million, and $819 million and $1.0 billion, for the three and nine months ended September 30, 2025 and 2024, respectively.
During the nine months ended September 30, 2025, the Firm issued and redeemed certain series of non-cumulative preferred stock. Refer to Note 17 of this Form 10-Q and Note 21 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s preferred stock, including the issuance and redemption of preferred stock.


48

Capital planning and stress testing
Comprehensive Capital Analysis and Review
On July 1, 2025, the Firm announced that under the current SCB framework, its preliminary requirement provided by the Federal Reserve is 2.5% (down from 3.3%), and the Firm’s Standardized CET1 capital ratio requirement, including regulatory buffers, is 11.5% (down from 12.3%). On August 29, 2025, the Federal Reserve affirmed these requirements. The SCB requirement became effective on October 1, 2025 and will remain in effect until September 30, 2026 based on the current rules.
Refer to page 44 for Key Regulatory Developments related to proposed changes to the SCB requirement.
Refer to Capital planning and stress testing on pages 97–98 of JPMorganChase’s 2024 Form 10-K for additional information on CCAR.
Other capital requirements
Total Loss-Absorbing Capacity
The Federal Reserve’s TLAC rule requires the U.S. GSIB top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible LTD.
The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of these amounts as a percentage of the Firm’s total RWA and total leverage exposure. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included the impact of the CECL capital transition provisions.
September 30, 2025
December 31, 2024
(in billions, except ratio)External TLACLTDExternal TLACLTD
Total eligible amount$567.6 $247.4 $546.6 $236.8 
% of RWA29.3 %12.8 %31.1 %13.5 %
Regulatory requirements23.0 10.5 23.0 10.5 
Surplus/(shortfall)$122.3 $44.1 $142.3 $52.3 
% of total leverage exposure10.8 %4.7 %11.3 %4.9 %
Regulatory requirements9.5 4.5 9.5 4.5 
Surplus/(shortfall)$66.6 $10.1 $87.0 $19.2 

Refer to Liquidity Risk Management on pages 51-58 for further information on long-term debt issued by the Parent Company.
Refer to Part I, Item 1A: Risk Factors on pages 10–37 of JPMorganChase’s 2024 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.
Refer to Other capital requirements on page 106 of JPMorganChase’s 2024 Form 10-K for additional information on TLAC.































49

U.S. broker-dealer regulatory capital
J.P. Morgan Securities
JPMorganChase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to the regulatory capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, the Commodity Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).
The following table presents J.P. Morgan Securities’ net capital.
September 30, 2025
(in millions)ActualMinimum
Net capital
$25,243 $7,001 
Non-U.S. subsidiary regulatory capital    
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 in the U.K. by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the Capital Requirements Regulation (“CRR”), as adopted and amended in the U.K., and the capital rules in the PRA Rulebook. These requirements collectively represent the U.K.’s implementation of the Basel III standards. The PRA has announced that it intends to delay the U.K.’s implementation of the final Basel III standards until January 1, 2027, with a three-year transitional period for certain aspects.
The Bank of England requires that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain minimum requirements for own funds and eligible liabilities (“MREL”). As of September 30, 2025, J.P. Morgan Securities plc was compliant with its MREL requirements.
The following table presents J.P. Morgan Securities plc’s risk-based and leverage-based capital metrics.
September 30, 2025Estimated
Regulatory Minimum ratios(a)
(in millions, except ratios)
Total capital$54,126 
CET1 capital ratio14.3 %4.5 %
Tier 1 capital ratio18.3 6.0 
Total capital ratio21.9 8.0 
Tier 1 leverage ratio5.4 3.3 
(b)
(a)Represents minimum Pillar 1 requirements specified by the PRA. J.P. Morgan Securities plc's capital ratios as of September 30, 2025 exceeded the minimum requirements, including the additional capital requirements specified by the PRA.
(b)At least 75% of the Tier 1 leverage ratio minimum must be met with CET1 capital.
J.P. Morgan SE
JPMSE is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and markets activities. JPMSE is regulated by the European Central Bank (“ECB”), the German Financial Supervisory Authority and the German Central Bank, as well as the local regulators in each of the countries in which it operates, and it is subject to EU capital requirements under Basel III. JPMSE is subject to the EU implementation of the final Basel III standards. Those standards became effective beginning on January 1, 2025, with the exception of market risk aspects for which the effective date is January 1, 2027.
JPMSE is required by the EU Single Resolution Board to maintain MREL. As of September 30, 2025, JPMSE was compliant with its MREL requirements.    
The following table presents JPMSE’s risk-based and leverage-based capital metrics.
September 30, 2025Estimated
Regulatory Minimum ratios(a)
(in millions, except ratios)
Total capital$54,080 
CET1 capital ratio18.2 %4.5 %
Tier 1 capital ratio18.2 6.0 
Total capital ratio32.9 8.0 
Tier 1 leverage ratio5.6 3.0 
(a)Represents minimum Pillar 1 requirements specified by the EU CRR. J.P. Morgan SE’s capital and leverage ratios as of September 30, 2025 exceeded the minimum requirements, including the additional capital requirements specified by EU regulators.
Refer to U.S. broker-dealer and Non-U.S. subsidiary regulatory capital on page 107 of JPMorganChase’s 2024 Form 10-K for further information.
50

LIQUIDITY RISK MANAGEMENT
Liquidity risk is the risk that the Firm will be unable to meet its cash and collateral needs 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 108–115 of JPMorganChase’s 2024 Form 10-K and to the Firm’s U.S. LCR Disclosure reports, which are available on the Firm’s website.
LCR and HQLA
The LCR rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress.
Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%.
The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024 based on the Firm’s interpretation of the LCR framework.
Three months ended
Average amount
(in millions)		September 30,
2025		June 30, 2025September 30,
2024
JPMorgan Chase & Co.:
HQLA
Eligible cash(a)
$308,298 $349,403 $412,389 
Eligible securities(b)(c)
638,020 572,533 453,899 
Total HQLA(d)
$946,318 $921,936 $866,288 
Net cash outflows$858,157 $818,334 $762,072 
LCR110 %113 %114 %
Net excess eligible HQLA(d)
$88,161 $103,602 $104,216 
JPMorgan Chase Bank N.A.:
LCR117 %120 %121 %
Net excess eligible HQLA$152,886 $170,765 $168,137 
(a)Represents cash on deposit at central banks, including the Federal Reserve Banks.
(b)Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets. For purposes of calculating the LCR, HQLA securities are included at fair value, which may differ from the accounting treatment under U.S. GAAP.
(c)Predominantly U.S. Treasuries, U.S. GSE and government agency MBS, and sovereign bonds net of regulatory haircuts under the LCR rule.
(d)Excludes average excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.
The Firm’s average LCR decreased during the three months ended September 30, 2025, compared with the three months ended June 30, 2025, predominantly due to the use of liquidity resources in support of Markets activities in CIB.
The Firm’s average LCR decreased during the three months ended September 30, 2025, compared with the three months ended September 30, 2024, driven by repurchases of and dividends on common stock and the use of liquidity resources in support of Markets activities in CIB, largely offset by dividend payments from JPMorgan Chase Bank, N.A. to the Parent Company.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended September 30, 2025 decreased compared with the three months ended June 30, 2025, due to loan growth, partially offset by higher deposits and higher market values of HQLA-eligible investment securities.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended September 30, 2025 decreased compared with the three months ended September 30, 2024, driven by loan growth, predominantly offset by higher deposits.
Each of the Firm and JPMorgan Chase Bank, N.A.'s average LCR may fluctuate from period to period due to changes in their respective eligible HQLA and estimated net cash outflows as a result of ongoing business activity and from the impacts of Federal Reserve actions as well as other factors.
Refer to pages 109-110 of JPMorganChase’s 2024 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.
Internal stress testing
The Firm conducts internal liquidity stress testing to monitor liquidity positions at the Firm and its material legal entities under a variety of adverse scenarios, including scenarios analyzed as part of the Firm’s resolution and recovery planning. Internal stress tests are produced on a daily basis, and other stress tests are performed in response to specific market events or concerns. Results of stress tests are considered in the formulation of the Firm’s funding plan and assessment of its liquidity position.
The Firm manages liquidity at the Parent Company, the Intermediate Holding Company (“IHC”), and operating subsidiaries at levels sufficient to comply with liquidity risk tolerances and minimum liquidity requirements, and to manage through periods of stress when access to normal funding sources may be disrupted.
51

Liquidity sources
In addition to the assets reported in the Firm’s eligible HQLA discussed above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes excess eligible HQLA securities at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $554 billion and $594 billion as of September 30, 2025 and December 31, 2024, respectively, although the amount of liquidity that could be raised at any particular time would be dependent on prevailing market conditions. The decrease compared to December 31, 2024, was driven by a decrease in excess eligible HQLA securities at JPMorgan Chase Bank, N.A., largely offset by an increase in unencumbered CIB trading assets.
The Firm had approximately $1.5 trillion and $1.4 trillion of available cash and securities as of September 30, 2025 and December 31, 2024, respectively. For each respective period, the amount was comprised of eligible end-of-period HQLA, excluding the impact of regulatory haircuts, of approximately $956 billion and $834 billion, and unencumbered marketable securities with a fair value of approximately $554 billion and $594 billion.
The Firm also had available borrowing capacity at the FHLBs and the discount window at the Federal Reserve Banks as a result of collateral pledged by the Firm to such banks of approximately $444 billion and $413 billion as of September 30, 2025 and December 31, 2024, respectively. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Banks discount window and other central banks. Available borrowing capacity increased compared to December 31, 2024 predominantly due to a higher amount of commercial loans and mortgages pledged at Federal Reserve Banks and the FHLBs. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Banks discount window and the other central banks as a primary source of liquidity.
NSFR
The net stable funding ratio (“NSFR”) is a liquidity requirement for large banking organizations that is intended to measure the adequacy of “available” stable funding that is sufficient to meet their “required” amounts of stable funding over a one-year horizon.
For the three months ended September 30, 2025, both the Firm and JPMorgan Chase Bank, N.A. were compliant with the 100% minimum NSFR requirement, based on the Firm's interpretation of the final NSFR rule. Refer to the Firm's U.S. NSFR Disclosure report for the quarters ended June 30, 2025 and March 31, 2025 on the Firm’s website for additional information.
52

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, which includes both short- and long-term cash requirements.
The Firm funds its global balance sheet through diverse sources of funding including deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may access funding through short- or long-term secured borrowings, the issuance of unsecured long-term debt, or from
borrowings from the IHC. The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings which are primarily securities loaned or sold under repurchase agreements. Excess funding is invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk characteristics.
Refer to Note 22 for additional information on off-balance sheet obligations.
Deposits
The table below summarizes, by LOB and Corporate, the period-end deposit balances as of September 30, 2025 and December 31, 2024, and the average deposit balances for the three and nine months ended September 30, 2025 and 2024, respectively.
September 30, 2025December 31, 2024
Average
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Consumer & Community Banking$1,058,388 $1,056,652 $1,058,025 $1,053,701 $1,057,371 $1,068,774 
Commercial & Investment Bank1,215,944 1,073,512 1,194,410 1,064,402 1,157,201 1,052,438 
Asset & Wealth Management239,999 248,287 241,454 236,470 244,635 230,560 
Corporate
34,145 27,581 30,670 28,737 27,797 24,680 
Total Firm$2,548,476 $2,406,032 $2,524,559 $2,383,310 $2,487,004 $2,376,452 
The Firm believes that deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer deposits and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are generally considered to be stable sources of liquidity because they are generated from clients that maintain operating service relationships with the Firm.
The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances. However, during periods of market disruption, average deposit trends may be impacted.
Average deposits increased for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, reflecting the impact of:
•an increase in CIB due to net inflows related to client-driven activities in Payments and Securities Services, partially offset by net maturities of structured notes in Markets,
•an increase in AWM as a result of growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings, and
•an increase in CCB primarily driven by new accounts, offset by increased customer spending.
Average deposits increased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, reflecting the net impact of:
•an increase in CIB due to net inflows related to client-driven activities in Payments and Securities Services, partially offset by net maturities of structured notes in Markets,
•an increase in AWM as a result of growth in both new accounts and balances in existing accounts, including the impact of higher-yielding product offerings, and
•a decrease in CCB primarily driven by increased customer spending, predominantly offset by new accounts.

53

Period-end deposits increased from December 31, 2024, reflecting the net impact of:
•an increase in CIB predominantly due to net inflows related to client-driven activities in Payments and Securities Services, and
•a decrease in AWM primarily driven by migration into other investment products as a result of the maturity of higher-yielding product offerings, partially offset by growth in both new accounts and balances in existing accounts.
Deposits in CCB were relatively flat, reflecting new accounts, offset by increased customer spending.
Refer to the Firm’s Consolidated Balance Sheets Analysis and the Business Segment & Corporate Results on pages 15-16 and pages 20-42, respectively, for further information on deposit and liability balance trends. Refer to Note 3 for further information on structured notes.
Certain deposits are covered by insurance protection that provides additional funding stability and results in a benefit to the LCR. Deposit insurance protection may be available to depositors in the countries in which the deposits are placed. For example, the FDIC provides deposit insurance protection for deposits placed in a U.S. depository institution. At September 30, 2025 and December 31, 2024, Firmwide estimated uninsured deposits were $1,548.1 billion and $1,414.0 billion, respectively, primarily reflecting wholesale operating deposits.
The table below presents an estimate of uninsured U.S. and non-U.S. time deposits, and their remaining maturities. The Firm’s estimates of its uninsured U.S. time deposits are based on data that the Firm calculates periodically under applicable FDIC regulations. For purposes of this presentation, all non-U.S. time deposits are deemed to be uninsured.

(in millions)
September 30,
2025		December 31,
2024
U.S.Non-U.S.U.S.Non-U.S.
Three months or less$103,044 $77,480 $119,333 $77,253 
Over three months but within 6 months25,129 6,128 11,040 12,229 
Over six months but within 12 months4,379 1,324 7,056 1,542 
Over 12 months727 2,090 823 1,924 
Total$133,279 $87,022 $138,252 $92,948 
The table below shows the deposit and loan balances, deposits as a percentage of total liabilities, and the loans-to-deposits ratios, as of September 30, 2025 and December 31, 2024.
(in billions except ratios)September 30, 2025December 31, 2024
Deposits$2,548.5 $2,406.0 
Deposits as a % of total liabilities61 %66 %
Loans$1,435.2 $1,348.0 
Loans-to-deposits ratio56 %56 %

54

The following table provides a summary of the average balances and average interest rates of JPMorganChase’s deposits for the three and nine months ended September 30, 2025 and 2024.
(in millions)
Average balances
Three months endedNine months ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
U.S. offices
Noninterest-bearing$577,061 $605,498 $569,457 $617,539 
Interest-bearing
Demand(a)
327,328 279,852 317,697 278,940 
Savings(b)
878,207 789,805 867,262 798,176 
Time222,748 230,656 224,140 220,353 
Total interest-bearing deposits1,428,283 1,300,313 1,409,099 1,297,469 
Total deposits in U.S. offices2,005,344 1,905,811 1,978,556 1,915,008 
Non-U.S. offices
Noninterest-bearing33,540 28,459 30,893 26,069 
Interest-bearing
Demand394,833 351,368 384,374 342,477 
Time90,842 97,672 93,181 92,898 
Total interest-bearing deposits485,675 449,040 477,555 435,375 
Total deposits in non-U.S. offices519,215 477,499 508,448 461,444 
Total deposits$2,524,559 $2,383,310 $2,487,004 $2,376,452 

Average interest rates
Three months endedNine months ended
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
U.S. offices
Noninterest-bearingNANANANA
Interest-bearing
Demand(a)
3.37 %4.06 %3.37 %3.98 %
Savings(b)
1.47 1.47 1.40 1.40 
Time4.01 4.97 4.02 5.08 
Total interest-bearing deposits2.30 2.67 2.26 2.58 
Total deposits in U.S. offices1.63 1.79 1.62 1.75 
Non-U.S. offices
Noninterest-bearingNANANANA
Interest-bearing
Demand2.30 3.18 2.39 3.23 
Time4.72 5.85 4.81 6.05 
Total interest-bearing deposits2.74 3.78 2.87 3.83 
Total deposits in non-U.S. offices2.58 3.54 2.70 3.62 
Total deposits1.83 %2.15 %1.83 %2.11 %
(a)Includes Negotiable Order of Withdrawal accounts, and certain trust accounts.
(b)Includes Money Market Deposit Accounts.
Refer to Note 15 for additional information on deposits.
55

The following table summarizes short-term and long-term funding, excluding deposits, as of September 30, 2025 and December 31, 2024, and average balances for the three and nine months ended September 30, 2025 and 2024, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 15-16 and Note 10 for additional information.
Sources of funds (excluding deposits)
September 30, 2025December 31, 2024Average
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Commercial paper
$14,467 $14,932 $10,753 $9,903 $12,028 $11,577 
Other borrowed funds
15,056 13,018 14,976 13,026 14,156 11,606 
Federal funds purchased154 567 1,330 1,443 1,480 1,548 
Total short-term unsecured funding$29,677 $28,517 $27,059 $24,372 $27,664 $24,731 
Securities sold under agreements to repurchase(a)
$553,050 $291,500 $555,858 $418,622 $520,426 $359,233 
Securities loaned(a)
14,370 4,768 10,732 5,730 8,859 4,823 
Other borrowed funds39,832 24,943 

40,876 27,847 38,213 

24,788 
Obligations of Firm-administered multi-seller conduits(b)
18,729 18,228 18,864 18,356 17,758 19,170 
Total short-term secured funding
$625,981 $339,439 $626,330 $470,555 $585,256 $408,014 
Senior notes$208,703 $203,639 $208,269 $202,600 $208,695 $196,986 
Subordinated debt20,159 16,060 19,150 18,922 17,189 19,380 
Structured notes(c)
121,082 98,792 117,500 96,379 109,324 91,489 
Total long-term unsecured funding$349,944 $318,491 $344,919 $317,901 $335,208 $307,855 
Credit card securitization(b)
$5,886 $5,312 $6,306 $5,337 $5,669 $5,070 
FHLB advances22,348 

29,257 

20,993 

34,063 23,602 37,357 
Purchase Money Note(d)
49,377 49,207 49,340 49,116 49,284 49,062 
Other long-term secured funding(e)
5,534 4,463 5,590 4,579 5,525 4,726 
Total long-term secured funding$83,145 $88,239 $82,229 $93,095 $84,080 $96,215 
Preferred stock(f)
$20,045 $20,050 $20,045 $22,408 $20,035 $25,398 
Common stockholders’ equity(f)
$340,167 $324,708 $336,335 $321,894 $330,203 $310,353 
(a)Primarily consists of short-term securities loaned or sold under agreements to repurchase.
(b)Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(c)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
(d)Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 34 of JPMorganChase’s 2024 Form 10-K for additional information.
(e)Includes long-term structured notes that are secured.
(f)Refer to Capital Risk Management on pages 44-50 and Consolidated statements of changes in stockholders’ equity on page 95 of this Form 10-Q, and Note 21 and Note 22 of JPMorganChase’s 2024 Form 10-K for additional information on preferred stock and common stockholders’ equity.
Short-term funding
The Firm’s primary source of short-term secured funding is securities sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at September 30, 2025, compared with December 31, 2024, driven by Markets, reflecting higher secured financing of trading assets, higher client-driven market-making activities, and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
The increase in secured other borrowed funds at September 30, 2025 from December 31, 2024, and for the average three and nine months ended September 30, 2025, compared to the prior year
periods, was primarily due to higher financing requirements in Markets.
The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to investment and financing activities of clients, the Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including its secured and unsecured financing (for both the investment securities and market-making portfolios), and other market and portfolio factors.
The Firm’s primary sources of short-term unsecured funding consist of issuances of wholesale commercial paper and other borrowed funds.




56

Long-term funding
Long-term funding provides an additional source of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations and regulatory requirements, including TLAC. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs. The Firm evaluates various funding markets, tenors and currencies in creating its optimal long-term funding plan.
Unsecured funding and issuance
The significant majority of the Firm’s total outstanding long-term debt has been issued by the Parent Company to provide flexibility in support of the funding needs of both bank and non-bank subsidiaries. The Parent Company advances substantially all net funding proceeds to its subsidiary, the IHC. The IHC does not issue debt to external counterparties. The increase in structured notes at September 30, 2025 from December 31, 2024, and for the average three and nine months ended September 30, 2025, compared to the prior year periods, was primarily driven by net issuances of structured notes in Markets due to client demand and an increase in the fair value of such instruments.
The following table summarizes long-term unsecured issuance and maturities or redemptions for the three and nine months ended September 30, 2025 and 2024. Refer to Liquidity Risk Management on pages 108–115 and Note 20 of JPMorganChase’s 2024 Form 10-K for additional information on the IHC and long-term debt.
Long-term unsecured funding
Three months ended September 30,Nine months ended September 30,Three months ended September 30,Nine months ended September 30,
20252024202520242025202420252024
(Notional in millions)Parent CompanySubsidiaries
Issuance
Senior notes issued in the U.S. market$— $9,000 $14,000 $26,500 $— $— $— $— 
Senior notes issued in non-U.S. markets— — 2,084 4,079 — — — — 
Total senior notes— 9,000 16,084 30,579 — — — — 
Subordinated debt4,000 — 4,000 — — — — — 
Structured notes(a)
1,505 1,126 3,535 2,728 17,296 14,339 52,329 42,207 
Total long-term unsecured funding – issuance$5,505 $10,126 $23,619 $33,307 $17,296 $14,339 $52,329 $42,207 
Maturities/redemptions
Senior notes$2,503 $1,320 $19,707 $17,989 $— $— $65 $65 
Subordinated debt300 3,062 317 3,097 — — — — 
Structured notes1,026 197 1,863 707 15,970 12,060 41,027 35,468 
Total long-term unsecured funding – maturities/redemptions$3,829 $4,579 $21,887 $21,793 $15,970 $12,060 $41,092 $35,533 
(a)Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
Secured funding and issuance
The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the securitization issuance, the FHLB advances, as well as other long-term secured funding sources with their respective maturities or redemptions, as applicable, for the three and nine months ended September 30, 2025 and 2024, respectively.
Long-term secured funding
Three months ended September 30,Nine months ended September 30,
20252024202520242025202420252024
(in millions)IssuanceMaturities/RedemptionsIssuanceMaturities/Redemptions
Credit card securitization$1,498 $— $1,000 $— $1,498 $2,348 $1,000 $— 
FHLB advances
6,500 — 6,701 3,601 6,500 — 13,443 9,249 
Other long-term secured funding(a)
335 386 288 427 1,082 1,106 1,181 797 
Total long-term secured funding$8,333 $386 $7,989 $4,028 $9,080 $3,454 $15,624 $10,046 
(a)Includes long-term structured notes that are secured.
The Firm’s wholesale businesses also securitize loans for client-driven transactions; those client-driven loan securitizations are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorganChase’s 2024 Form 10-K for a further description of client-driven loan securitizations.
57

Credit ratings
The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm
believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to Notes 4 and 13 for additional information.
The credit ratings of the Parent Company and certain of its principal subsidiaries as of September 30, 2025 were as follows:
JPMorgan Chase & Co.JPMorgan Chase Bank, N.A.
J.P. Morgan Securities LLC
 J.P. Morgan Securities plc
 J.P. Morgan SE
September 30, 2025Long-term issuerShort-term issuerOutlookLong-term issuerShort-term issuerOutlookLong-term issuerShort-term issuerOutlook
Moody’s Investors Service(a)
A1P-1PositiveAa2P-1
Stable(b)
Aa3P-1
Positive
Standard & Poor’s
AA-1StableAA-A-1+StableAA-A-1+Stable
Fitch RatingsAA-F1+StableAAF1+StableAAF1+Stable
(a)On November 3, 2025, Moody’s revised the outlook for the Parent Company, J.P. Morgan Securities LLC, J.P. Morgan Securities plc and J.P. Morgan SE to stable from positive, and revised J.P. Morgan SE’s long-term issuer rating to Aa2 from Aa3.
(b)On May 19, 2025, Moody’s revised JPMorgan Chase Bank, N.A.’s outlook to stable from developing, and this change was related to Moody’s one-notch downgrade of the long-term issuer rating of the U.S. Government announced on May 16, 2025. Moody’s also affirmed JPMorgan Chase Bank, N.A.’s long-term issuer rating.
Refer to page 115 of JPMorganChase’s 2024 Form 10-K for a discussion of the factors that could affect the credit ratings of the Parent Company and the above subsidiaries.
58

CREDIT AND INVESTMENT RISK MANAGEMENT
Credit and investment risk is the risk associated with the default or change in credit profile of a client, counterparty or customer; or loss of principal or a reduction in expected returns on investments, including consumer credit risk, wholesale credit risk, and investment portfolio risk. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and Allowance for Credit Losses on pages 61-77 for a further discussion of Credit Risk.
Refer to page 78 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 117–140 of JPMorganChase’s 2024 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.
59

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, total loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22 and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables.
Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 61-65 and Note 11 for further discussions of the consumer credit environment, consumer loans and nonperforming exposure. Refer to Wholesale Credit Portfolio on pages 66-74 and Note 11 for further discussions of the wholesale credit environment, wholesale loans and nonperforming exposure.
Total credit portfolio
Credit exposure
Nonperforming(c)
(in millions)Sep 30,
2025		Dec 31,
2024		Sep 30,
2025		Dec 31,
2024
Loans retained$1,369,785 $1,299,590 $8,694 $7,175 
Loans held-for-sale10,775 7,048 105 160 
Loans at fair value54,686 41,350 1,307 1,502 
Total loans1,435,246 1,347,988 10,106 8,837 
Derivative receivables59,849 60,967 

224 145 
Receivables from customers(a)
68,493 51,929 — — 
Total credit-related assets1,563,588 1,460,884 10,330 8,982 
Assets acquired in loan satisfactions
Real estate ownedNANA266 284 
OtherNANA39 34 
Total assets acquired in loan satisfactions
NANA305 318 
Lending-related commitments1,714,006 1,577,622 1,025 737 
Total credit portfolio$3,277,594 $3,038,506 $11,660 $10,037 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)
$(34,101)$(41,367)$— $— 
Liquid securities and other cash collateral held against derivatives(27,795)(28,160)NANA
(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage credit exposures.
(c)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $158 million and $121 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
The following table provides information about the Firm’s net charge-offs and recoveries.
Three months ended September 30,Nine months ended September 30,
(in millions, except ratios)2025202420252024
Net charge-offs$2,593 $2,087 $7,335$6,274 
Average retained loans1,351,472 1,271,602 1,319,677 1,265,652
Net charge-off rates0.76 %0.65 %0.74 %0.66 %
60

CONSUMER CREDIT PORTFOLIO
The Firm’s retained consumer portfolio consists primarily of loans and lending-related commitments for residential real estate, credit card, and scored auto and business banking. The consumer credit portfolio also includes loans at fair value, predominantly in residential real estate. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. For further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies, refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 120–125 and Note 12 of JPMorganChase's 2024 Form 10-K. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorganChase's 2024 Form 10-K for further information on lending-related commitments.
The following tables present consumer credit-related information with respect to the scored credit portfolios held in CCB, AWM, CIB and Corporate.
Consumer credit portfolio
(in millions)Credit exposure
Nonaccrual loans(i)
Sep 30,
2025		Dec 31,
2024		Sep 30,
2025		Dec 31,
2024
Consumer, excluding credit card
Residential real estate(a)
$303,836 $309,513 $3,711 $2,984 
Auto and other(b)(c)
66,023 66,821 243 249 
Total loans – retained369,859 376,334 3,954 3,233 
Loans held-for-sale384 945 69 155 
Loans at fair value(d)
22,841 15,531 577 538 
Total consumer, excluding credit card loans393,084 392,810 4,600 3,926 
Lending-related commitments(e)
48,015 44,844 
Total consumer exposure, excluding credit card441,099 437,654 
Credit card
Loans retained(f)
235,475 232,860 NANA
Total credit card loans235,475 232,860 NANA
Lending-related commitments(e)(g)
1,069,963 1,001,311 
Total credit card exposure1,305,438 1,234,171 
Total consumer credit portfolio$1,746,537 $1,671,825 $4,600 $3,926 
Credit-related notes used in credit portfolio management activities(h)
$(525)$(479)
Three months ended September 30,
(in millions, except ratios)Net charge-offs/(recoveries)Average loans - retained
Net charge-off/(recovery) rate(j)
202520242025202420252024
Consumer, excluding credit card
Residential real estate$(61)$(40)$304,440 $312,953 (0.08)%(0.05)%
Auto and other173 203 65,633 66,506 1.05 1.21 
Total consumer, excluding credit card - retained112 163 370,073 379,459 0.12 0.17 
Credit card - retained1,859 1,766 234,354 217,204 3.15 3.23 
Total consumer - retained$1,971 $1,929 $604,427 $596,663 1.29 %1.29 %
Nine months ended September 30,
(in millions, except ratios)Net charge-offs/(recoveries)Average loans - retained
Net charge-off/(recovery) rate(j)
202520242025202420252024
Consumer, excluding credit card
Residential real estate$(107)$(83)$305,969 $317,944 (0.05)%(0.03)%
Auto and other511 564 66,197 68,415 1.03 1.10 
Total consumer, excluding credit card - retained404 481 372,166 386,359 0.15 0.17 
Credit card - retained5,777 5,282 229,044 210,645 3.37 3.35 
Total consumer - retained$6,181 $5,763 $601,210 $597,004 1.37 %1.29 %
(a)Includes scored mortgage and home equity loans held in CCB and AWM.
(b)At September 30, 2025 and December 31, 2024, excluded operating lease assets of $18.5 billion and $12.8 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.
(c)Includes scored auto and business banking loans, and overdrafts.
(d)Includes scored mortgage loans held in CCB and CIB, and other consumer unsecured loans in CIB.
61

(e)Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. Refer to Note 22 for further information.
(f)Includes billed interest and fees.
(g)Also includes commercial card lending-related commitments primarily in CIB.
(h)Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.
(i)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $158 million and $121 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status, as permitted by regulatory guidance.
(j)Average consumer loans held-for-sale and loans at fair value were $23.6 billion and $18.7 billion for the three months ended September 30, 2025 and 2024, respectively, and $21.4 billion and $17.0 billion for the nine months ended September 30, 2025 and 2024, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.

62

Consumer, excluding credit card
Portfolio analysis
Loans were flat compared to December 31, 2024.
Residential real estate
The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.
Retained loans decreased compared to December 31, 2024, driven by paydowns, predominantly offset by originations. Retained nonaccrual loans increased compared to December 31, 2024, primarily driven by forbearances granted to certain borrowers impacted by the wildfires in Los Angeles County, California in January 2025. Net recoveries were higher for the three and nine months ended September 30, 2025 compared to the same periods in the prior year, driven by loan sales in the current quarter.
Loans held-for-sale and nonaccrual loans held-for-sale decreased from December 31, 2024, reflecting loan sales.
Loans at fair value increased compared to December 31, 2024, as purchases outpaced sales in CIB and originations outpaced warehouse loan sales in Home Lending.
At September 30, 2025 and December 31, 2024, the carrying value of retained interest-only residential mortgage loans was $88.6 billion and $88.9 billion, respectively. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers. The credit performance of this portfolio is comparable to the performance of the broader prime mortgage portfolio.
The carrying value of retained home equity lines of credit outstanding was $13.4 billion at September 30, 2025, including $3.4 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $3.3 billion of interest-only balloon HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by reducing or canceling the undrawn line in accordance with the contract or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of the underlying property.

The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.
(in millions)September 30,
2025		December 31,
2024
Current$925 $462 
30-89 days past due129 72 
90 or more days past due158 121 
Total government guaranteed loans$1,212 $655 
Geographic composition and current estimated loan-to-value ratio of residential real estate loans
Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.

63

Auto and other
The auto and other loan portfolio, including loans at fair value, generally consists of prime-quality scored auto and business banking loans, other consumer unsecured loans, and overdrafts. The portfolio increased when compared to December 31, 2024, primarily driven by an increase in loans at fair value due to net purchases of other consumer unsecured loans in CIB. Net charge-offs decreased for the three and nine months ended September 30, 2025 compared to the same periods in the prior year, primarily due to lower scored auto net charge-offs, reflecting improved used vehicle valuations.
Nonperforming assets
The following table presents information as of September 30, 2025 and December 31, 2024, about consumer, excluding credit card, nonperforming assets.
Nonperforming assets(a)
(in millions)September 30,
2025		December 31,
2024
Nonaccrual loans
Residential real estate
$4,323 $3,665 
Auto and other
277 261 
Total nonaccrual loans4,600 3,926 
Assets acquired in loan satisfactions
Real estate owned83 78 
Other39 34 
Total assets acquired in loan satisfactions
122 112 
Total nonperforming assets$4,722 $4,038 
(a)Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At September 30, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $158 million and $121 million, respectively.

Nonaccrual loans
The following table presents changes in consumer, excluding credit card, nonaccrual loans for the nine months ended September 30, 2025 and 2024.
Nonaccrual loan activity
Nine months ended September 30,
(in millions)		20252024
Beginning balance$3,926 $4,203 
Additions3,663 2,245 
Reductions:
Principal payments and other
689 697 
Sales
768 716 
Charge-offs482 453 
Returned to performing status887 724 
Foreclosures and other liquidations163 145 
Total reductions2,989 2,735 
Net changes674 (490)
Ending balance$4,600 $3,713 
Refer to Note 11 for further information about the consumer credit portfolio, including information about delinquencies, other credit quality indicators and loans that were in the process of active or suspended foreclosure.

64

Credit card
Total credit card loans increased compared to December 31, 2024, reflecting growth in new accounts and revolving balances. The September 30, 2025 30+ and 90+ day delinquency rates of 2.14% and 1.07%, respectively, decreased compared to the December 31, 2024 30+ and 90+ day delinquency rates of 2.17% and 1.14%, respectively, in line with the Firm's expectations. Net charge-offs increased for the three and nine months ended September 30, 2025 compared to the same periods in the prior year, reflecting loan growth.
Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.
Geographic and FICO composition of credit card loans
Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.

65

WHOLESALE CREDIT PORTFOLIO
In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure inclusive of collateral where applicable, and of industry, product and client concentrations. Refer to the industry discussion on pages 68-71 for further information.
The Firm’s wholesale credit portfolio includes exposure held in CIB, AWM and Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.
As of September 30, 2025, loans increased by $84.4 billion, driven by higher loans in CIB, primarily in Markets, and higher securities-based lending in AWM, both associated with higher client demand. Lending-related commitments increased by $64.6 billion, driven by higher commitments in CIB, including held-for-sale commitments.
As of September 30, 2025, nonperforming exposure increased by $939 million, driven by certain exposures in Technology, Media & Telecommunications, Oil & Gas, Utilities, and SPEs, in each case resulting from downgrades, partially offset by certain exposures in Real Estate and Healthcare, primarily due to charge-off activity, upgrades and paydowns.


Wholesale credit portfolio
Credit exposureNonperforming
(in millions)Sep 30,
2025		Dec 31,
2024		Sep 30,
2025		Dec 31,
2024
Loans retained$764,451 $690,396 $4,740 $3,942 
Loans held-for-sale10,391 6,103 36 5 
Loans at fair value31,845 25,819 730 964 
Loans806,687 722,318 5,506 4,911 
Derivative receivables59,849 60,967 224 145 
Receivables from customers(a)
68,493 51,929 — — 
Total wholesale credit-related assets935,029 835,214 5,730 5,056 
Assets acquired in loan satisfactions
Real estate ownedNANA183 206 
OtherNANA— — 
Total assets acquired in loan satisfactions
NANA183 206 
Lending-related commitments596,028 531,467 1,025 737 
Total wholesale credit portfolio$1,531,057 $1,366,681 $6,938 $5,999 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)
$(33,576)$(40,888)$— $— 
Liquid securities and other cash collateral held against derivatives(27,795)(28,160)NANA
(a)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 74 and Note 4 for additional information.


66

Wholesale credit exposure – maturity and ratings profile
The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of September 30, 2025 and December 31, 2024. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorganChase's 2024 Form 10-K for further information on internal risk ratings.
Maturity profile(d)
Ratings profile
September 30, 2025
(in millions, except ratios)
1 year or lessAfter 1 year through 5 yearsAfter 5 yearsTotalInvestment-gradeNoninvestment-gradeTotalTotal % of IG
Loans retained$267,279 $314,661 $182,511 $764,451 $519,281 $245,170 $764,451 68 %
Derivative receivables59,849 59,849 
Less: Liquid securities and other cash collateral held against derivatives(27,795)(27,795)
Total derivative receivables, net of collateral9,006 7,404 15,644 32,054 21,999 10,055 32,054 69 
Lending-related commitments139,969 426,060 29,999 596,028 370,880 225,148 596,028 62 
Subtotal416,254 748,125 228,154 1,392,533 912,160 480,373 1,392,533 66 
Loans held-for-sale and loans at fair value(a)
42,236 42,236 
Receivables from customers 68,493 68,493 
Total exposure – net of liquid securities and other cash collateral held against derivatives$1,503,262 $1,503,262 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)
$(5,881)$(19,792)$(7,903)$(33,576)$(26,413)$(7,163)$(33,576)79 %
Maturity profile(d)
Ratings profile
December 31, 2024
(in millions, except ratios)		1 year or lessAfter 1 year through 5 yearsAfter 5 yearsTotalInvestment-gradeNoninvestment-gradeTotalTotal % of IG
Loans retained $225,982 $289,199 $175,215 $690,396 $471,670 $218,726 $690,396 68 %
Derivative receivables60,967 60,967 
Less: Liquid securities and other cash collateral held against derivatives(28,160)(28,160)
Total derivative receivables, net of collateral11,515 7,418 13,874 32,807 24,707 8,100 32,807 75 
Lending-related commitments121,283 384,529 25,655 531,467 352,082 179,385 531,467 66 
Subtotal358,780 681,146 214,744 1,254,670 848,459 406,211 1,254,670 68 
Loans held-for-sale and loans at fair value(a)
31,922 31,922 
Receivables from customers 51,929 51,929 
Total exposure – net of liquid securities and other cash collateral held against derivatives$1,338,521 $1,338,521 
Credit derivatives and credit-related notes used in credit portfolio management activities(b)(c)
$(5,442)$(33,751)$(1,695)$(40,888)$(31,691)$(9,197)$(40,888)78 %
(a)Loans held-for-sale are primarily related to syndicated loans and loans transferred from the retained portfolio.
(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. In addition, the Firm obtains credit protection against certain loans in the retained loan portfolio through the issuance of credit-related notes.
(d)The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at September 30, 2025, may become payable prior to maturity based on their cash flow profile or changes in market conditions.

67

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 that are deemed to be criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful categories. Total criticized exposure, excluding loans held-for-sale and loans at fair value, was $48.3 billion and $44.7 billion as of September 30, 2025 and December 31, 2024, representing approximately 3.4% and 3.5% of total wholesale credit exposure, respectively; of the $48.3 billion, $42.3 billion was performing. The increase in criticized exposure was driven by Consumer & Retail, Healthcare, SPEs, and Banks & Finance Companies, primarily resulting from downgrades and new commitments, partially offset by Real Estate, primarily resulting from net portfolio activity and upgrades.
The table below summarizes by industry the Firm’s exposures as of September 30, 2025 and December 31, 2024. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorganChase's 2024 Form 10-K for additional information on industry concentrations.
Wholesale credit exposure – industries(a)
Selected metrics
Noninvestment-grade
30 days or more past due and accruing loans
Net
charge-offs/
(recoveries)
Credit derivative and credit-related notes(h)
Liquid securities
and other cash collateral held against derivative
receivables
As of or for the nine months ended September 30, 2025
(in millions)
Credit exposure(f)(g)
Investment- gradeNoncriticizedCriticized performingCriticized nonperforming
Real Estate$218,359 $148,884 $57,798 $10,079 $1,598 $348 $252 $(336)$— 
Individuals and Individual Entities(b)
163,460 133,852 28,771 308 529 858 9 — (1)
Asset Managers144,959 112,057 32,675 222 5 180 — — (9,666)
Consumer & Retail134,408 61,884 64,238 7,458 828 414 136 (2,147)— 
Technology, Media & Telecommunications113,520 46,161 56,341 10,139 879 183 179 (2,910)— 
Industrials79,430 41,512 34,128 3,508 282 156 5 (657)— 
Banks & Finance Companies75,350 43,498 30,936 874 42 1 5 (725)(409)
Healthcare64,382 42,692 17,650 3,463 577 45 189 (1,285)— 
Utilities38,805 25,206 12,135 1,037 427 1 54 (970)— 
Automotive
35,855 19,252 15,570 1,013 20 59 6 (419)— 
Oil & Gas34,419 21,858 12,093 63 405 3 — (331)— 
State & Municipal Govt(c)
33,448 32,606 807 32 3 26 — (3)(1)
Insurance24,194 16,699 7,321 174 — 3 — (376)(8,608)
Chemicals & Plastics22,661 11,078 10,115 1,426 42 69 59 (410)— 
Transportation18,892 9,781 8,612 478 21 12 (3)(291)— 
Metals & Mining16,789 7,247 8,986 531 25 14 2 (227)(1)
Central Govt13,524 13,007 258 189 70 13 — (923)(1,182)
Securities Firms7,948 4,245 3,701 1 1 — — (14)(2,338)
Financial Markets Infrastructure7,394 7,054 270 70 — — — — — 
All other(d)
172,531 140,337 30,678 1,281 235 13 261 (21,552)(5,589)
Subtotal$1,420,328 $938,910 $433,083 $42,346 $5,989 $2,398 $1,154 $(33,576)$(27,795)
Loans held-for-sale and loans at fair value42,236 
Receivables from customers68,493 
Total(e)
$1,531,057 







68







(continued from previous page)
Selected metrics
Noninvestment-grade30 days or more past due and accruing
loans		Net
charge-offs/
(recoveries)
Credit derivative and credit-related notes(h)
Liquid securities
and other cash collateral held against derivative
receivables
As of or for the year ended
December 31, 2024
(in millions)
Credit exposure(f)(g)
Investment- gradeNoncriticizedCriticized performingCriticized nonperforming
Real Estate$207,050 $143,803 $50,865 $10,858 $1,524 $913 $345 $(584)$— 
Individuals and Individual Entities(b)
144,145 118,650 24,831 217 447 831 122 — — 
Asset Managers135,541 101,150 34,148 206 37 375 2 — (9,194)
Consumer & Retail129,815 62,800 60,141 6,055 819 252 123 (4,320)— 
Technology, Media & Telecommunications84,716 45,021 28,629 10,592 474 79 94 (4,800)— 
Industrials72,530 37,572 30,912 3,807 239 185 91 (2,312)— 
Banks & Finance Companies61,287 36,884 24,119 257 27 36 — (702)(729)
Healthcare64,224 44,135 17,062 2,219 808 245 56 (3,286)(34)
Utilities35,871 24,205 10,256 1,273 137 1 — (2,700)— 
Automotive
34,336 22,015 11,353 931 37 121 1 (997)— 
Oil & Gas31,724 19,053 12,479 188 4 9 (3)(1,711)(2)
State & Municipal Govt(c)
35,039 33,303 1,711 9 16 90 — (2)(1)
Insurance24,267 17,847 6,198 222 — 2 — (1,077)(9,184)
Chemicals & Plastics20,782 11,013 8,152 1,521 96 31 14 (1,164)— 
Transportation17,019 9,462 7,135 391 31 17 (20)(658)— 
Metals & Mining15,860 7,373 7,860 590 37 9 — (246)(2)
Central Govt13,862 13,580 157 125 — 4 — (1,490)(2,051)
Securities Firms9,443 5,424 4,014 5 — — — (13)(2,635)
Financial Markets Infrastructure4,446 4,201 245 — — — — (1)— 
All other(d)
140,873 117,986 22,398 398 91 10 (3)(14,825)(4,328)
Subtotal$1,282,830 $875,477 $362,665 $39,864 $4,824 $3,210 $822 $(40,888)$(28,160)
Loans held-for-sale and loans at fair value31,922 

Receivables from customers51,929 
Total(e)
$1,366,681 
(a)The industry rankings presented in the table as of December 31, 2024, are based on the industry rankings of the corresponding exposures as of September 30, 2025, not actual rankings of such exposures as of December 31, 2024.
(b)Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, 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 September 30, 2025 and December 31, 2024 noted above, the Firm held: $6.3 billion and $6.1 billion, respectively, of trading assets; $20.0 billion and $17.9 billion, respectively, of AFS securities; and $8.9 billion and $9.3 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Notes 2 and 9 for further information.
(d)All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, at both September 30, 2025 and December 31, 2024. Refer to Note 13 for more information on exposures to SPEs.
(e)Excludes cash placed with banks of $297.8 billion and $459.2 billion, at September 30, 2025 and December 31, 2024, 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 and credit-related notes used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.
(g)Credit exposure includes held-for-sale and fair value option elected lending-related commitments.
(h)Represents the net notional amounts of protection purchased and sold through credit derivatives and credit-related notes 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.
69

Presented below is additional detail on certain of the Firm’s industry exposures.
Real Estate
Real Estate exposure was $218.4 billion as of September 30, 2025. Criticized exposure decreased by $705 million from $12.4 billion at December 31, 2024 to $11.7 billion at September 30, 2025, driven by net portfolio activity and upgrades, predominantly offset by downgrades.
September 30, 2025
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(d)
Multifamily(a)
$126,764 $31 $126,795 78 %92 %
Other Income Producing Properties(b)
22,771 327 23,098 38 55 
Industrial19,441 12 19,453 68 72 
Services and Non Income Producing16,229 138 16,367 62 42 
Office
15,395 39 15,434 47 81 
Retail12,631 65 12,696 78 76 
Lodging4,507 9 4,516 23 55 
Total Real Estate Exposure(c)
$217,738 $621 $218,359 68 %80 %
December 31, 2024
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative
Receivables		Credit exposure% Investment-
grade
% Drawn(d)
Multifamily(a)
$124,074 $7 $124,081 77 %92 %
Other Income Producing Properties(b)
16,411 158 16,569 50 63 
Industrial
19,092 17 19,109 65 72 
Services and Non Income Producing
14,047 57 14,104 62 46 
Office16,331 29 16,360 47 81 
Retail12,230 23 12,253 77 75 
Lodging4,555 19 4,574 31 53 
Total Real Estate Exposure
$206,740 $310 $207,050 69 %82 %
(a)Total Multifamily exposure is approximately 99% performing. Multifamily exposure is largely in California.
(b)Other Income Producing Properties consists of clients with diversified property types or other property types outside of categories listed in the table above.
(c)Real Estate exposure is approximately 84% secured; unsecured exposure is largely investment-grade primarily to Real Estate Investment Trusts (“REITs”) and Real Estate Operating Companies (“REOCs”) whose underlying assets are generally diversified.
(d)Represents drawn exposure as a percentage of credit exposure.


70

Consumer & Retail
Consumer & Retail exposure was $134.4 billion as of September 30, 2025. Criticized exposure increased by $1.4 billion from $6.9 billion at December 31, 2024 to $8.3 billion at September 30, 2025, driven by downgrades and new commitments, including held-for-sale commitments, largely offset by net portfolio activity and upgrades.
September 30, 2025
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative ReceivablesCredit exposure% Investment-grade
% Drawn(d)
Business and Consumer Services
$37,458 $539 $37,997 39 %42 %
Retail(a)
36,179 445 36,624 54 32 
Food and Beverage
33,604 790 34,394 54 35 
Consumer Hard Goods14,219 319 14,538 40 37 
Leisure(b)
10,703 152 10,855 28 45 
Total Consumer & Retail(c)
$132,163 $2,245 $134,408 46 %37 %
December 31, 2024
(in millions, except ratios)Loans and Lending-related CommitmentsDerivative
Receivables		Credit exposure% Investment-
grade
% Drawn(d)
Business and Consumer Services
$34,534 $412 $34,946 42 %41 %
Retail(a)
34,917 261 35,178 51 31 
Food and Beverage
34,774 683 35,457 61 34 
Consumer Hard Goods13,796 208 14,004 43 35 
Leisure(b)
10,186 44 10,230 26 43 
Total Consumer & Retail$128,207 $1,608 $129,815 48 %36 %
(a)Retail consists of Home Improvement & Specialty Retailers, Restaurants, Discount & Drug Stores, Specialty Apparel, Supermarkets, and Department Stores.
(b)Leisure consists of Arts & Culture, Travel Services, Sports & Recreation, and Gaming. As of September 30, 2025, approximately 80% of the noninvestment-grade Leisure portfolio is secured.
(c)Consumer & Retail exposure is approximately 57% secured; unsecured exposure is approximately 74% investment-grade.
(d)Represents drawn exposure as a percentage of credit exposure.

71

Loans
In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information about delinquencies, loan modifications and other credit quality indicators.
The following table presents the change in the nonaccrual loan portfolio for the nine months ended September 30, 2025 and 2024. Since September 30, 2024, nonaccrual loan exposure increased by $1.1 billion, predominantly driven by certain exposures in Technology, Media, and Telecommunications, Oil & Gas, Consumer & Retail, SPEs, and Utilities, in each case resulting from downgrades partially offset by net portfolio activity.
Wholesale nonaccrual loan activity
Nine months ended September 30,
(in millions)		20252024
Beginning balance
$4,911 $2,714 
Additions
4,194 3,937 
Reductions:
Paydowns and other1,315 1,381 
Gross charge-offs
1,014 640 
Returned to performing status1,136 208 
Sales134 60 
Total reductions3,599 2,289 
Net changes595 1,648 
Ending balance$5,506 $4,362 
The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three and nine months ended September 30, 2025 and 2024. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.
Wholesale net charge-offs increased for the three and nine months ended September 30, 2025, compared to the same periods in the prior year, primarily due to increases in Commercial and industrial, including in the Healthcare and Technology, Media, and Telecommunications industries, as well as estimated losses related to apparent borrower fraud in certain secured lending facilities.
Wholesale net charge-offs/(recoveries)
(in millions, except ratios)Three months ended September 30,Nine months ended September 30,
2025202420252024
Loans
Average loans retained
$747,045 $674,939 $718,467 $668,648 
Gross charge-offs
658 211 1,262 659 
Gross recoveries collected
(36)(53)(108)(148)
Net charge-offs/(recoveries)622 158 1,154 511 
Net charge-off/(recovery) rate0.33 %0.09 %0.21 %0.10 %

The following table presents net charge-offs/recoveries, average retained loans and net charge-off/recovery rate by loan class for the three and nine months ended September 30, 2025 and 2024.
Three months ended September 30,
Secured by real estateCommercial
 and industrial		OtherTotal

(in millions, except ratios)		20252024202520242025202420252024
Net charge-offs/(recoveries)$115 $19 $203 $135 $304 $4 $622 $158 
Average retained loans 163,360 162,853 179,262 168,381 404,423 343,705 747,045 674,939 
Net charge-off/(recovery) rate0.28 %0.05 %0.45 %0.32 %0.30 %— %0.33 %0.09 %
Nine months ended September 30,
Secured by real estateCommercial
 and industrial		OtherTotal

(in millions, except ratios)		20252024202520242025202420252024
Net charge-offs/(recoveries)$252 $129 $579 $247 $323 $135 $1,154 $511 
Average retained loans 162,206 162,823 174,805 170,005 381,456 335,820 718,467 668,648 
Net charge-off/(recovery) rate0.21 %0.11 %0.44 %0.19 %0.11 %0.05 %0.21 %0.10 %
72

Lending-related commitments
The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or when the Firm fulfills its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.
Receivables from customers
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (including cash on deposit, and primarily liquid and readily marketable debt or equity securities). To manage its credit risk, the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. Credit risk arising from lending activities subject to collateral maintenance requirements is generally mitigated by factors such as the short-term nature of the activity, the fair value of collateral held and the Firm’s right to call for, and the borrower’s obligation to provide, additional margin when the fair value of the collateral declines. Because of these mitigating factors, these receivables generally do not require an allowance for credit losses. However, if in management’s judgment, an allowance for credit losses is required, the Firm estimates expected credit losses based on the value of the collateral and probability of borrower default. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.
Refer to Note 13 of JPMorganChase's 2024 Form 10-K for further information on the Firm’s accounting policies for the allowance for credit losses.
Derivative contracts
Derivatives enable clients and counterparties to manage risk, including credit risk and risks arising from fluctuations in interest rates, foreign exchange and equities and commodities prices. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the
credit risk to which the Firm is exposed. For over-the-counter ("OTC") derivatives, the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant CCP. Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements. The percentage of the Firm’s OTC derivative transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 85% and 86% at September 30, 2025 and December 31, 2024, respectively. Refer to Note 4 for additional information on the Firm’s use of collateral agreements and for a further discussion of derivative contracts, counterparties and settlement types.
The fair value of derivative receivables reported on the Consolidated balance sheets was $59.8 billion and $61.0 billion at September 30, 2025 and December 31, 2024, respectively. The decrease was primarily as a result of market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm.
In addition, the Firm holds liquid securities and other cash collateral that may be used as security when the fair value of the client’s exposure is in the Firm’s favor. For these purposes, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule.
In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule. The benefits of these additional collateral amounts for each counterparty are subject to a legally enforceable master netting agreement and limited to the net amount of the derivative receivables for each counterparty.
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 receivables balances and is not included in the tables below, it is available as security against potential exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements for derivative transactions.
73

The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented.
Derivative receivables
(in millions)September 30, 2025December 31, 2024
Total, net of cash collateral$59,849 $60,967 
Liquid securities and other cash collateral held against derivative receivables(27,795)(28,160)
Total, net of liquid securities and other cash collateral$32,054 $32,807 
Other collateral held against derivative receivables(1,158)(1,021)
Total, net of collateral$30,896 $31,786 
Ratings profile of derivative receivables

September 30, 2025December 31, 2024

(in millions, except ratios)
Exposure net of collateral% of exposure net of collateralExposure net of collateral% of exposure net of collateral
Investment-grade$21,021 68 %$23,783 75 %
Noninvestment-grade9,875 32 8,003 25 
Total$30,896 100 %$31,786 100 %
Credit portfolio management activities
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 traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses. In addition, the Firm obtains credit protection against certain loans in the retained wholesale portfolio through the issuance of credit-related notes. Information on credit portfolio management activities is provided in the table below.
Credit derivatives and credit-related notes used in credit portfolio management activities
Notional amount of protection
purchased and sold(a)
(in millions)September 30,
2025		December 31,
2024
Credit derivatives and credit-related notes used to manage:
Loans and lending-related commitments
$15,767 $25,216 
Derivative receivables17,809 15,672 
Credit derivatives and credit-related notes used in credit portfolio management activities$33,576 $40,888 
(a)Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.
Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorganChase’s 2024 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.
74

ALLOWANCE FOR CREDIT LOSSES
The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The Firm's allowance for credit losses generally consists of:
•the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,
•the allowance for lending-related commitments, which is reflected in accounts payable and other liabilities on the Consolidated balance sheets, and
•the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets.
Discussion of changes in the allowance
The allowance for credit losses as of September 30, 2025 was $29.1 billion, reflecting a net addition of $2.2 billion from December 31, 2024.
The net addition to the allowance for credit losses included:
•$1.2 billion in wholesale, driven by net increases in the loan and lending-related commitment portfolios and changes in credit quality of client-specific exposures, partially offset by the impact of changes in the Firm's weighted-average macroeconomic outlook, including improvements in certain macroeconomic variables, and
•$1.1 billion in consumer, driven by loan growth in Card Services and the impact of changes in the Firm's weighted-average macroeconomic outlook, partially offset by reduced borrower uncertainty.
As of December 31, 2024, the Firm's qualitative adjustments and its weighted-average macroeconomic outlook included additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment. In the first quarter of 2025, the Firm further increased the weight placed on the adverse scenarios, and in the second quarter, the Firm partially reduced the increase in weight implemented in the first quarter.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the following table, resulting in:
•a weighted average U.S. unemployment rate peaking at 5.9% in the third quarter of 2026, and
•a weighted average U.S. real GDP level that is 2.0% lower than the central case at the end of the fourth quarter of 2026.
The following table presents the Firm’s central case assumptions for the periods presented:
Central case assumptions
at September 30, 2025
4Q252Q264Q26
U.S. unemployment rate(a)
4.5 %4.7 %4.5 %
YoY growth in U.S. real GDP(b)
1.0 %1.5 %1.9 %
Central case assumptions
at December 31, 2024
2Q254Q252Q26
U.S. unemployment rate(a)
4.5 %4.3 %4.3 %
YoY growth in U.S. real GDP(b)
2.0 %1.9 %1.8 %
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
(b)The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorganChase’s 2024 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.
Refer to Consumer Credit Portfolio on pages 61-65, Wholesale Credit Portfolio on pages 66-74 and Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 87-89 for further information on the allowance for credit losses and related management judgments.
75

Allowance for credit losses and related information
20252024
Nine months ended September 30,
Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding
credit card		Credit cardWholesaleTotal
(in millions, except ratios)
Allowance for loan losses
Beginning balance at January 1,$1,807 $14,600 $7,938 $24,345 $1,856 $12,450 $8,114 $22,420 
Gross charge-offs814 6,865 1,262 8,941 971 6,044 659 7,674 
Gross recoveries collected(410)(1,088)(108)(1,606)(490)(762)(148)(1,400)
Net charge-offs404 5,777 1,154 7,335 481 5,282 511 6,274 
Provision for loan losses500 6,731 1,489 8,720 360 6,932 506 7,798 
Other— — 5 5 — — 5 5 
Ending balance at September 30,
$1,903 $15,554 $8,278 $25,735 $1,735 $14,100 $8,114 $23,949 
Allowance for lending-related commitments
Beginning balance at January 1,$82 $— $2,019 $2,101 $75 $— $1,899 $1,974 
Provision for lending-related commitments2 — 860 862 6 — 162 168 
Other— — 1 1 — — — — 
Ending balance at September 30,
$84 $— $2,880 $2,964 $81 $— $2,061 $2,142 
Impairment methodology
Asset-specific(a)
$(621)$— $838 $217 $(756)$— $499 $(257)
Portfolio-based2,524 15,554 7,440 25,518 2,491 14,100 7,615 24,206 
Total allowance for loan losses$1,903 $15,554 $8,278 $25,735 $1,735 $14,100 $8,114 $23,949 
Impairment methodology
Asset-specific$— $— $131 $131 $— $— $93 $93 
Portfolio-based84 — 2,749 2,833 81 — 1,968 2,049 
Total allowance for lending-related commitments$84 $— $2,880 $2,964 $81 $— $2,061 $2,142 
Total allowance for investment securitiesNANANA$105 NANANA$175 
Total allowance for credit losses(b)
$1,987 $15,554 $11,158 $28,804 $1,816 $14,100 $10,175 $26,266 
Memo:
Retained loans, end-of-period$369,859 $235,475 $764,451 $1,369,785 $377,938 $219,542 $687,890 $1,285,370 
Retained loans, average372,166 229,044 718,467 1,319,677 386,359 210,645 668,648 1,265,652 
Credit ratios
Allowance for loan losses to retained loans0.51 %6.61 %1.08 %1.88 %0.46 %6.42 %1.18 %1.86 %
Allowance for loan losses to retained nonaccrual loans(c)
48 NA175 296 52 NA231 350 
Allowance for loan losses to retained nonaccrual loans excluding credit card48 NA175 117 52 NA231 144 
Net charge-off/(recovery) rates0.15 3.37 0.21 0.74 0.17 3.35 0.10 0.66 
(a)Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
(b)At September 30, 2025 and 2024, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $285 million and $277 million, respectively, associated with certain accounts receivable in CIB.
(c)The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

76

Allocation of allowance for loan losses
The table below presents a breakdown of the allowance for loan losses by loan class. Refer to Note 11 for further information on loan classes.
September 30, 2025December 31, 2024

(in millions, except ratios)		Allowance for loan losses
Percentage of retained loans to total retained loans
Allowance for loan losses
Percentage of retained loans to total retained loans
Residential real estate$872 22 %$666 24 %
Auto and other1,031 5 1,141 5 
Consumer, excluding credit card1,903 27 1,807 29 
Credit card15,554 17 14,600 18 
Total consumer17,457 44 16,407 47 
Secured by real estate2,609 12 2,978 12 
Commercial and industrial3,827 13 3,350 13 
Other1,842 31 1,610 28 
Total wholesale8,278 56 7,938 53 
Total
$25,735 100 %$24,345 100 %

77

INVESTMENT PORTFOLIO RISK MANAGEMENT
Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet and asset-liability management objectives. Principal investments are predominantly privately-held financial instruments and are managed in the LOBs and Corporate. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.
Investment securities risk
Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that the investment securities portfolio held by Treasury and CIO predominantly consists of high-quality securities. At September 30, 2025, the size of the Treasury and CIO investment securities portfolio, net of the allowance for credit losses, was $780.7 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Corporate results on pages 40-42 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Liquidity Risk Management on pages 51-58 for further information on related liquidity risk. Refer to Market Risk Management on pages 79-85 for further information on the market risk inherent in the portfolio.
Principal investment risk
Principal investments are typically privately-held financial instruments representing ownership interests or other forms of junior capital. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies and exclude those that are consolidated on the Firm's balance sheets. These investments are made by dedicated investing businesses or as part of a broader business strategy. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The Firm’s investments will continue to evolve based on market circumstances and in line with its strategic initiatives.
The table below presents the aggregate carrying values of the principal investment portfolios as of September 30, 2025 and December 31, 2024.
(in billions)September 30, 2025December 31, 2024
Tax-oriented investments, primarily in alternative energy and affordable housing
$34.0 $33.3 
Private equity, various debt and equity instruments, and real assets
11.1 9.1 
Total carrying value$45.1 $42.4 
Refer to page 140 of JPMorganChase’s 2024 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.
78

MARKET RISK MANAGEMENT
Market risk is the risk associated with the effect of changes in market factors such as interest and foreign exchange rates, equity and commodity prices, credit spreads or implied volatilities, on the value of assets and liabilities held for both the short and long term. Refer to Market Risk Management on pages 141–149 of JPMorganChase’s 2024 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.
Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 160 of JPMorganChase’s 2024 Form 10-K.
Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.
Value-at-risk
JPMorganChase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.
The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the LOBs and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.
The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 160 of JPMorganChase’s 2024 Form 10-K for information regarding model reviews and approvals.
Refer to page 143 of JPMorganChase’s 2024 Form 10-K for further information regarding VaR, including its inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorganChase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 146–149 of JPMorganChase’s 2024 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.










79

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
September 30, 2025June 30, 2025September 30, 2024
(in millions) Avg.MinMax Avg.MinMax Avg.MinMax
CIB trading VaR by risk type
Fixed income$33 $28 $42 $37 $28 $51 $37 $28 $53 
Foreign exchange9 6 12 10 6 14 15 12 21 
Equities14 9 19 17 13 23 8 5 15 
Commodities and other19 13 31 24 17 34 8 6 9 
Diversification benefit to CIB trading VaR(a)
(50)NM NM(55)NMNM(33)NMNM
CIB trading VaR25 21 

31 

33 23 50 35 31 42 
Credit Portfolio VaR(b)
21 16 27 22 20 24 21 18 23 
Diversification benefit to CIB VaR(a)
(15) NM NM(17)NMNM(14)NMNM
CIB VaR31 23 

38 

38 29 51 42 34 51 
CCB VaR3 2 5 4 2 5 4 2 6 
AWM VaR(c)
10 9 12 10 8 

12 

9 8 9 
Corporate VaR(d)
10 9 

12 10 9 11 25 9 43 
Diversification benefit to other VaR(a)
(11) NM NM

(12)

NMNM(13)NMNM
Other VaR12 11 13 12 10 14 25 10 42 
Diversification benefit to CIB and other VaR(a)
(10)NM NM

(8)NMNM(22)NMNM
Total VaR$33 $26 

$42 $42 $32 $54 $45 $38 $56 
(a)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across LOBs, Corporate, and risk types. For maximum and minimum VaR, diversification benefit is not meaningful as the maximum and minimum VaR for each portfolio may have occurred on different trading days than the components.
(b)Includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
(c)Includes credit protection purchased against certain retained loans and lending-related commitments. This VaR does not include the retained loan portfolio, which is not reported at fair value.
(d)Includes a legacy private equity position which is publicly traded, as well as Visa Class C common shares which the Firm disposed of in the second and third quarters of 2024.
Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average Total VaR and each of the components would have been lower by the amounts reported in the following table:
(In millions)Amounts by which reported average VaR would have been lower for the period ended:
September 30, 2024
CIB trading VaR by risk type: Fixed income$(6)
CIB trading VaR(4)
CIB VaR(5)
Total VaR(4)
Quarter over quarter results
Average total VaR for the three months ended September 30, 2025 decreased by $9 million, when compared with June 30, 2025, predominantly due to changes in the commodities and other and equities risk types.
Year over year results
Average total VaR for the three months ended September 30, 2025 decreased by $12 million compared with the same period in the prior year due to decreased Visa Class C common share exposure in Corporate VaR and reduced market volatility impacting the fixed income risk type, partially offset by increases in the commodities and other risk type.
80

The following graph presents daily Risk Management VaR for the five trailing quarters. The movements in the first quarter of 2025 were due to a client-driven equity position that has since matured.
Daily Risk Management VaR
4952
Third Quarter
2024		Fourth Quarter
2024		First Quarter
2025		Second Quarter
2025		Third Quarter
2025
81

VaR backtesting
The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude certain components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, other valuation adjustments and net interest income. These excluded components of total net revenue may more than offset the backtesting gain or loss on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.
A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Under the Firm’s Risk Management VaR methodology, assuming current changes in market values are consistent with the historical changes used in the simulation, the Firm would expect to incur VaR backtesting exceptions five times every 100 trading days on average. The number of VaR backtesting exceptions observed can differ from the statistically expected number of backtesting exceptions if the current level of market volatility is materially different from the level of market volatility during the 12 months of historical data used in the VaR calculation.
For the 12 months ended September 30, 2025, the Firm posted backtesting gains on 171 of the 259 days, and observed 11 VaR backtesting exceptions. For the three months ended September 30, 2025, the Firm posted backtesting gains on 50 of the 66 days, and observed one VaR backtesting exception.
The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended September 30, 2025. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.

Distribution of Daily Backtesting Gains and Losses
Pre Cert 10Q Histogram.jpg

82

Structural interest rate risk management
The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities which are included in VaR, but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits, issuing debt, as well as the investment securities portfolio, and associated derivative instruments.
Refer to the table on page 142 of JPMorganChase’s 2024 Form 10-K for a summary by LOB and Corporate identifying positions included in earnings-at-risk.
Earnings-at-risk
One way that the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and, in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained and held-for-sale loans, deposits, deposits with banks and financing activities, investment securities, long-term debt, related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 142 of JPMorganChase’s 2024 Form 10-K. These simulations also include hedges of non-U.S. dollar foreign exchange exposures arising from capital investments. Refer to non-U.S. dollar foreign exchange risk on page 149 of JPMorganChase’s 2024 Form 10-K for more information.
Earnings-at-risk scenarios estimate the potential change to a baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant or holding short-term rates constant and decreasing long-term rates. These scenarios consider many different factors, including:
•The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.

•Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but excluding assumptions about actions that could be taken by the Firm or its clients and customers in response to 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. Deposit forecasts are a key assumption in the Firm’s earnings-at-risk. The baseline reflects certain assumptions relating to the Federal Reserve’s balance sheet policy (e.g., quantitative tightening and usage at the Reverse Repurchase Facility) that require management judgment. The amount of deposits that the Firm holds at any given time may be influenced by Federal Reserve actions, as well as broader monetary conditions and competition for deposits.
•The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates. Actual deposit rates paid may differ from the modeled assumptions, primarily due to customer behavior and competition for deposits.
The Firm performs sensitivity analyses of the assumptions used in earnings-at-risk scenarios, including with respect to deposit betas and forecasts of deposit balances, both of which are especially significant in the case of consumer deposits. The results of these sensitivity analyses are reported to the CTC Risk Committee and the Board Risk Committee.
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 earnings-at-risk sensitivities are measures of the Firm’s interest rate exposure. The Firm’s actual net interest income for the rate changes presented may differ as the earnings-at-risk scenarios are modelled as instantaneous changes and exclude any actions that could be taken by the Firm or its clients or customers in response to rate changes. Other significant assumptions in the earnings-at-risk scenarios, including mortgage prepayments and deposit rates paid, may also differ from actual results. The Firm’s forecast for net interest income is included in the Firm’s outlook on page 8.
83

The Firm’s sensitivities are presented in the table below.
(In billions)
September 30, 2025(a)

December 31, 2024(a)
Parallel shift:
+100 bps shift in rates$1.8 $2.3 
-100 bps shift in rates(2.2)(2.5)
+200 bps shift in rates3.3 4.6 
-200 bps shift in rates(5.2)(4.9)
Steeper yield curve:
+100 bps shift in long-term rates1.5 1.0 
-100 bps shift in short-term rates(0.7)(1.4)
Flatter yield curve:
+100 bps shift in short-term rates0.4 1.2 
-100 bps shift in long-term rates(1.5)(1.1)
(a)Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates, including hedges of non-U.S. dollar capital investments. Non-U.S. dollar sensitivities were insignificant.
The change in the Firm’s sensitivities as of September 30, 2025 compared to December 31, 2024, was primarily driven by the net impact of Treasury and CIO actual and forecasted actions, which primarily consist of an increase in cash flow hedges of floating rate loans and in investment securities activity, both of which add duration. This was partially offset by the impact of changes in Firmwide deposits.
Economic value sensitivity
In addition to earnings-at-risk, which is measured as a sensitivity to a baseline of earnings over the next 12 months, the Firm also measures economic value sensitivity (“EVS”). EVS stress tests the longer-term economic value of equity by measuring the sensitivity of the Firm’s current balance sheet, primarily retained loans, deposits, debt and investment securities as well as related hedges, under various interest rate scenarios. The Firm's pricing and cash flow assumptions associated with deposits, as well as prepayment assumptions for loans and securities, are significant factors in the EVS measure. In accordance with the CTC interest rate risk management policy, the Firm has established limits on EVS as a percentage of TCE.
Certain assumptions used in the EVS measure may differ from those required in the fair value measurement note to the Consolidated Financial Statements. For example, certain assets and liabilities with no stated maturity, such as credit card receivables and deposits, have longer assumed durations in the EVS measure. Additional information on long-term debt and held to maturity investment securities is disclosed on page 112 in Note 2.
84

Other sensitivity-based measures
The Firm quantifies the market risk of certain debt and equity and credit and funding-related exposures by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 142 of JPMorganChase’s 2024 Form 10-K for additional information on the positions captured in other sensitivity-based measures.
The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at September 30, 2025 and December 31, 2024, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.
Gain/(loss) (in millions)
September 30, 2025December 31, 2024
ActivityDescriptionSensitivity measure
Debt and equity(a)
Asset Management activities
Consists of seed capital and related hedges; fund co-investments(b); and certain deferred compensation and related hedges(c)
10% decline in market value$(51)$(53)
Other debt and equity
Consists of certain real estate-related fair value option elected loans, privately held equity and other investments held at fair value(b)
10% decline in market value(1,273)(1,030)
Funding-related exposures
Non-USD LTD cross-currency basis
Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD(d)
1 basis point parallel tightening of cross currency basis(12)(10)
Non-USD LTD hedges foreign currency (“FX”) exposure
Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges(d)
10% depreciation of currency20 28 
Derivatives – funding spread risk
Impact of changes in the spread related to derivatives FVA(b)
1 basis point parallel increase in spread(2)(2)
Fair value option elected liabilities – funding spread risk
Impact of changes in the spread related to fair value option elected liabilities DVA(d)
1 basis point parallel increase in spread53 47 
(a)Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.
(b)Impact recognized through net revenue.
(c)Impact recognized through noninterest expense.
(d)Impact recognized through OCI.
85

COUNTRY RISK MANAGEMENT
The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.
Refer to pages 150–151 of JPMorganChase’s 2024 Form 10-K for a further discussion of the Firm’s country risk management.
Risk Reporting
The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of September 30, 2025 and their comparative exposures as of December 31, 2024. The top 20 country exposures represent the Firm’s largest total exposures by individual country. Country exposures may fluctuate from period to period due to a variety of factors, including client activity, market flows and liquidity management activities undertaken by the Firm.
The increase in exposure to Germany when compared to December 31, 2024 was predominantly driven by higher client deposits, resulting in increased cash placements with the central bank of Germany.
The increase in exposure to the United Kingdom when compared to December 31, 2024 was predominantly driven by higher client deposits and client-driven activities, resulting in higher holdings of government debt securities and increased cash placements with the central bank of the United Kingdom.
The Firm continues to monitor its exposure to Russia, which corresponds to cash placed with the central bank, but which excludes deposits placed on behalf of clients at the Deposit Insurance Agency of Russia. The Firm currently believes that its remaining exposure to Russia is not material. Refer to Note 24 on pages 186–187 for information concerning Russian litigation.
Top 20 country exposures (excluding the U.S.)(a)
September 30, 2025
December 31, 2024(f)

(in billions)
Deposits with banks(b)
Lending(c)
Trading and investing(d)
Other
(e)
Total exposureTotal exposure
Germany$102.6 $15.7 $6.3 $0.8 $125.4 $103.9 
United Kingdom27.6 26.7 39.3 1.2 94.8 76.1 
Japan39.6 4.2 7.1 0.4 51.3 63.1 
France0.8 15.3 7.7 1.4 25.2 18.0 
Canada2.3 12.0 4.6 0.3 19.2 15.1 
Brazil6.9 4.7 7.0 — 18.6 14.7 
Australia4.9 8.4 2.7 — 16.0 14.3 
Switzerland5.7 5.3 1.6 2.8 15.4 13.6 
South Korea1.1 3.1 8.3 0.5 13.0 10.3 
Mainland China3.3 6.5 3.1 — 12.9 13.4 
India1.2 6.3 4.8 0.3 12.6 11.3 
Saudi Arabia0.9 7.5 2.7 — 11.1 9.4 
Italy— 8.4 1.8 0.3 10.5 10.4 
Mexico0.8 5.7 3.9 — 10.4 7.2 
Singapore1.5 2.3 4.6 0.4 8.8 7.4 
Netherlands0.3 6.9 (0.5)— 6.7 5.9 
United Arab Emirates0.2 4.4 1.6 — 6.2 2.6 
Belgium4.8 1.4 (0.2)— 6.0 5.4 
Spain0.3 5.0 (0.2)— 5.1 6.1 
Luxembourg1.0 2.7 1.1 — 4.8 3.6 
(a)Country exposures presented in the table reflect 88% and 89% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country based on the Firm’s internal country risk management approach, at September 30, 2025 and December 31, 2024, respectively.
(b)Predominantly represents cash placed with central banks.
(c)Includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses). Excludes intra-day and operating exposures, such as those from settlement and clearing activities.
(d)Includes market-making positions and hedging, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral. Market-making positions 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.
(e)Includes physical commodities inventory and clearing house guarantee funds.
(f)The country rankings presented in the table as of December 31, 2024, are based on the country rankings of the corresponding exposures at September 30, 2025, not actual rankings of such exposures at December 31, 2024.
86

CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM
JPMorganChase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.
Allowance for credit losses
The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses generally comprises:
•The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),
•The allowance for lending-related commitments, and
•The allowance for credit losses on investment securities.
The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Note 10 and Note 13 of JPMorganChase's 2024 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses, and Allowance for credit losses on pages 75-77 and Note 12 of this Form 10-Q for further information.
One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-
quarter forecast incorporates hundreds of macroeconomic variables ("MEVs") that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest effect on the modeled losses vary by portfolio and geography.
•Key MEVs for the consumer portfolio include regional U.S. unemployment rates and U.S. HPI.
•Key MEVs for the wholesale portfolio include U.S. unemployment, U.S. real GDP, U.S. equity prices, U.S. interest rates, U.S. corporate credit spreads, oil prices, U.S. commercial real estate prices and U.S. HPI.
Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.
It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.
To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.
For example, compared to the Firm’s central scenario shown on page 75 and in Note 12, the Firm’s relative adverse scenario assumes an elevated U.S. unemployment rate, averaging approximately 1.9% higher over the eight-quarter forecast, with a peak difference of approximately 2.6% in the third quarter of 2026.
This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:
•The allowance as of September 30, 2025, reflects credit losses beyond those estimated under the central scenario due to the weight placed on the adverse scenarios.
87

•The impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables.
•Expectations of future changes in portfolio composition and borrower behavior can significantly affect the allowance for credit losses.
To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of September 30, 2025, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses, the comparison between these two scenarios for the exposures below reflect the following differences:
•An increase of approximately $1.3 billion for residential real estate loans and lending-related commitments
•An increase of approximately $3.8 billion for credit card loans
•An increase of approximately $5.2 billion for wholesale loans and lending-related commitments
This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.
Recognizing that forecasts of macroeconomic conditions are inherently uncertain, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its estimates of expected credit losses were reasonable and appropriate for the period ended September 30, 2025.
Fair value
JPMorganChase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including trading assets and liabilities, AFS securities, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.
Assets measured at fair value
The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy. Refer to Note 2 for further information.
September 30, 2025
(in millions, except ratios)
Total assets at fair valueTotal level 3 assets
Federal funds sold and securities purchased under resale agreements$404,609 $— 
Securities borrowed104,757 — 
Trading assets:
Trading–debt and equity instruments892,928 2,689 
Derivative receivables(a)
59,849 9,667 
Total trading assets952,777 12,356 
AFS securities490,499 101 
Loans54,686 2,494 
MSRs9,110 9,110 
Other16,302 1,380 
Total assets measured at fair value on a recurring basis
2,032,740 25,441 
Total assets measured at fair value on a nonrecurring basis
1,665 1,223 
Total assets measured at fair value
$2,034,405 $26,664 
Total Firm assets$4,560,205 
Level 3 assets at fair value as a percentage of total Firm assets(a)
1 %
Level 3 assets at fair value as a percentage of total Firm assets at fair value(a)
1 %
(a)For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $9.7 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.
88

Valuation
Details of the Firm’s processes for determining fair value are set out in Note 2. 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 fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.
In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speeds, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.
For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.
Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.
The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of
fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.
Credit card rewards liability
The credit card rewards liability was $15.9 billion and $14.4 billion at September 30, 2025 and December 31, 2024, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. The increase in the liability was driven by continued growth in rewards points earned on higher spend and promotional offers that has outpaced redemptions throughout 2025. Refer to pages 163–164 of JPMorganChase’s 2024 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.
Income taxes
Refer to Income taxes on page 164 of JPMorganChase’s 2024 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.
Goodwill impairment
Management applies significant judgment when testing goodwill for impairment. Refer to Goodwill impairment on page 163 of JPMorganChase’s 2024 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.
Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of September 30, 2025.
Litigation reserves
Refer to Note 24 of this Form 10-Q, and Note 30 of JPMorganChase’s 2024 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.
89

ACCOUNTING AND REPORTING DEVELOPMENTS
FASB Standards Issued but not yet Adopted
Standard
Summary of guidance
Effects on financial statements
Income Taxes: Improvements to Income Tax Disclosures

Issued December 2023
•Requires disclosure of income taxes paid disaggregated by 1) federal, state, and foreign taxes and 2) individual jurisdiction on the basis of a quantitative threshold of equal to or greater than 5 percent of total income taxes paid (net of refunds received).
•Requires disclosure of the effective tax rate reconciliation by specific categories, at a minimum, with accompanying qualitative disclosures, and separate disclosure of reconciling items based on quantitative thresholds.
•Requires categories within the effective tax rate reconciliation to be further disaggregated if quantitative thresholds are met.
•Required effective date: Annual financial statements for the year ending December 31, 2025.
•The guidance is to be applied on a prospective basis with retrospective application permitted.
•The Firm plans to present the expanded income tax disclosures using a retrospective application in its Consolidated Financial Statements for the year ending December 31, 2025.
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses

Issued November 2024
•Requires additional disaggregation of specific types of expenses within the Notes to the Consolidated Financial Statements on an annual and interim basis.
•Required effective date: Annual financial statements for the year ending December 31, 2027. (a)
•The guidance may be applied on a prospective or retrospective basis.
•The Firm is evaluating the potential impact on the Consolidated Financial Statements disclosures, as well as the Firm’s planned date of adoption.
Derivatives and Hedging and Revenue from Contracts with Customers: Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract

Issued September 2025
•No longer requires derivative accounting treatment for certain contracts where the underlying variable is solely based on the specific operations or activities of one of the contracting parties. The new guidance also clarifies the applicability of derivative accounting treatment to contracts with both in scope and out of scope terms.
•Clarifies the accounting for share-based payments from a customer in exchange for goods or services.
•Required effective date: January 1, 2027. (a)
•The guidance may be applied on a prospective or modified retrospective basis.
•The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm's planned date of adoption.

Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software

Issued September 2025

•Amends the cost capitalization guidance by removing all references to software development project stages to better align with current software development methods.
•Requires software cost capitalization to begin when 1) management has authorized and committed to funding the software project, and 2) it is probable that the software will be completed and used to perform its intended function.
•Required effective date: January 1, 2028. (a)
•The guidance may be applied on a prospective, modified, or retrospective transition basis.
•The Firm is evaluating the potential impact on the Consolidated Financial Statements, as well as the Firm’s planned date of adoption.

(a)Early adoption is permitted.
90

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 JPMorganChase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorganChase’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. JPMorganChase’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, including geopolitical tensions and hostilities;
•Changes in laws, rules 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 JPMorganChase’s business practices, including dealings with retail customers;
•Changes in monetary and fiscal policies and laws;
•Changes in trade policies, including the imposition of tariffs and retaliatory responses;
•Changes in the level of inflation;
•Changes in income tax laws, rules and regulations;
•Changes in FDIC assessments;
•Securities and capital markets behavior, including changes in market liquidity and volatility;
•Changes in investor sentiment or consumer spending or savings behavior;
•Ability of the Firm to manage effectively its capital and liquidity;
•Changes in credit ratings assigned to the Firm or its subsidiaries;
•Damage to the Firm’s reputation;
•Ability of the Firm to appropriately address social, environmental and sustainability concerns that may arise, including from its business activities;
•Ability of the Firm to deal effectively with an economic slowdown or other economic or market disruption, including, but not limited to, in the interest rate environment;
•Technology changes instituted by the Firm, its counterparties or competitors;
•The effectiveness of the Firm’s control agenda;
•Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;
•Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;
•Ability of the Firm to attract and retain qualified employees;
•Ability of the Firm to control expenses;
•Competitive pressures;
•Changes in the credit quality of the Firm’s clients, customers and counterparties;
•Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
•Adverse judicial or regulatory proceedings;
•Ability of the Firm to determine accurate values of certain assets and liabilities;
•Occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, epidemics or pandemics, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Firm's control, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;
•Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;
•Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;
•Ability of the Firm to effectively defend itself against cyber attacks and other attempts by unauthorized parties to access information of the Firm or its customers or to disrupt the Firm’s systems; and
•The other risks and uncertainties detailed in Part I, Item 1A: Risk Factors in JPMorganChase’s 2024 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 JPMorganChase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
91



JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
Three months ended September 30,Nine months ended September 30,
(in millions, except per share data)2025202420252024
Revenue
Investment banking fees$2,612 $2,231 $7,289 $6,489 
Principal transactions7,109 5,988 21,872 19,592 
Lending- and deposit-related fees2,349 1,924 6,729 5,654 
Asset management fees5,120 4,479 14,626 12,927 
Commissions and other fees2,204 1,936 6,431 5,665 
Investment securities gains/(losses)
105 (16)14 (929)
Mortgage fees and related income383 402 1,024 1,025 
Card income1,140 1,345 3,700 3,895 
Other income1,439 960 4,516 11,237 
Noninterest revenue22,461 19,249 66,201 65,555 
Interest income49,439 50,416 144,533 146,367 
Interest expense25,473 27,011 74,085 77,134 
Net interest income23,966 23,405 70,448 69,233 
Total net revenue46,427 42,654 136,649 134,788 
Provision for credit losses3,403 3,111 9,557 8,047 
Noninterest expense
Compensation expense13,566 12,817 41,369 38,888 
Occupancy expense1,420 1,258 3,986 3,717 
Technology, communications and equipment expense2,839 2,447 8,121 7,315 
Professional and outside services3,173 2,780 9,018 8,050 
Marketing1,480 1,258 4,063 3,639 
Other expense1,803 2,005 5,100 7,426 
Total noninterest expense24,281 22,565 71,657 69,035 
Income before income tax expense18,743 16,978 55,435 57,706 
Income tax expense4,350 4,080 11,412 13,240 
Net income$14,393 $12,898 $44,023 $44,466 
Net income applicable to common stockholders$14,043 $12,537 $42,991 $43,199 
Net income per common share data
Basic earnings per share$5.08 $4.38 $15.41 $14.97 
Diluted earnings per share5.07 4.37 15.38 14.94 
Weighted-average basic shares2,762.4 2,860.6 2,790.2 2,886.2 
Weighted-average diluted shares2,767.6 2,865.9 2,795.2 2,891.2 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
92

JPMorgan Chase & Co.
Consolidated statements of comprehensive income (unaudited)
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Net income$14,393 $12,898 $44,023 $44,466 
Other comprehensive income/(loss), after–tax
Unrealized gains on investment securities
1,509 2,297 2,274 2,546 
Translation adjustments, net of hedges(12)389 1,345 29 
Fair value hedges37 (20)57 (33)
Cash flow hedges314 2,265 3,517 1,354 
Defined benefit pension and OPEB plans4 (28)(40)(5)
DVA on fair value option elected liabilities(487)(349)(575)(232)
Total other comprehensive income, after–tax
1,365 4,554 6,578 3,659 
Comprehensive income$15,758 $17,452 $50,601 $48,125 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

93

JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
(in millions, except share data)September 30, 2025December 31, 2024
Assets
Cash and due from banks$21,821 $23,372 
Deposits with banks281,615 445,945 
Federal funds sold and securities purchased under resale agreements (included $404,609 and $286,771 at fair value)
425,815 295,001 
Securities borrowed (included $104,757 and $83,962 at fair value)
248,368 219,546 
Trading assets (included assets pledged of $242,201 and $136,070)
952,777 637,784 
Available-for-sale securities (amortized cost of $492,300 and $411,045; included assets pledged of $7,238 and $10,162)
490,499 406,852 
Held-to-maturity securities 293,446 274,468 
Investment securities, net of allowance for credit losses783,945 681,320 
Loans (included $54,686 and $41,350 at fair value)
1,435,246 1,347,988 
Allowance for loan losses(25,735)(24,345)
Loans, net of allowance for loan losses1,409,511 1,323,643 
Accrued interest and accounts receivable141,876 101,223 
Premises and equipment35,063 32,223 
Goodwill, MSRs and other intangible assets64,442 64,560 
Other assets (included $17,141 and $15,122 at fair value and assets pledged of $6,472 and $6,288)
194,972 178,197 
Total assets(a)
$4,560,205 $4,002,814 
Liabilities
Deposits (included $36,018 and $33,768 at fair value)
$2,548,476 $2,406,032 
Federal funds purchased and securities loaned or sold under repurchase agreements (included $489,189 and $226,329 at fair value)
567,574 296,835 
Short-term borrowings (included $36,638 and $26,521 at fair value)
69,355 52,893 
Trading liabilities242,262 192,883 
Accounts payable and other liabilities (included $8,157 and $5,893 at fair value)
316,896 280,672 
Beneficial interests issued by consolidated VIEs (included $8 and $1 at fair value)
28,227 27,323 
Long-term debt (included $124,178 and $100,780 at fair value)
427,203 401,418 
Total liabilities(a)
4,199,993 3,658,056 
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,005,375 and 2,005,375 shares)
20,045 20,050 
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)
4,105 4,105 
Additional paid-in capital90,865 90,911 
Retained earnings407,401 376,166 
Accumulated other comprehensive losses(5,878)(12,456)
Treasury stock, at cost (1,382,671,600 and 1,307,313,494 shares)
(156,326)(134,018)
Total stockholders’ equity360,212 344,758 
Total liabilities and stockholders’ equity$4,560,205 $4,002,814 
(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at September 30, 2025 and December 31, 2024. 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 JPMorganChase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
(in millions)September 30, 2025December 31, 2024
Assets
Trading assets$4,200 $3,885 
Loans38,026 36,510 
All other assets663 681 
Total assets$42,889 $41,076 
Liabilities
Beneficial interests issued by consolidated VIEs$28,227 $27,323 
All other liabilities610 454 
Total liabilities$28,837 $27,777 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
94

JPMorgan Chase & Co.
Consolidated statements of changes in stockholders’ equity (unaudited)
Three months ended September 30,Nine months ended September 30,
(in millions, except per share data)2025202420252024
Preferred stock
Balance at the beginning of the period$20,045 $23,900 $20,050 $27,404 
Issuance
— — 2,995 2,496 
Redemption— (2,250)(3,000)(8,250)
Balance at September 3020,045 21,650 20,045 21,650 
Common stock
Balance at the beginning and end of the period4,105 4,105 4,105 4,105 
Additional paid-in capital
Balance at the beginning of the period90,576 90,328 90,911 90,128 
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects289 307 (29)496 
Other
— 3 (17)14 
Balance at September 3090,865 90,638 90,865 90,638 
Retained earnings
Balance at the beginning of the period397,424 356,924 376,166 332,901 
Cumulative effect of change in accounting principles— — — (161)
Net income14,393 12,898 44,023 44,466 
Preferred stock dividends
(282)(286)(819)(1,000)
Common stock dividends ($1.50 and $1.25 per share and $4.30 and $3.55 per share, respectively)
(4,134)(3,570)(11,969)(10,240)
Balance at September 30407,401 365,966 407,401 365,966 
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period(7,243)(11,338)(12,456)(10,443)
Other comprehensive income, after-tax
1,365 4,554 6,578 3,659 
Balance at September 30(5,878)(6,784)(5,878)(6,784)
Treasury stock, at cost
Balance at the beginning of the period(147,983)(123,367)(134,018)(116,217)
Repurchase(8,397)(6,423)(23,582)(14,652)
Reissuance54 51 1,274 1,130 
Balance at September 30(156,326)(129,739)(156,326)(129,739)
Total stockholders’ equity$360,212 $345,836 $360,212 $345,836 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
95

JPMorgan Chase & Co.
Consolidated statements of cash flows (unaudited)
Nine months ended September 30,
(in millions)20252024
Operating activities
Net income$44,023 $44,466 
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses9,557 8,047 
Depreciation and amortization6,509 5,973 
Deferred tax (benefit)/expense4,151 (243)
Estimated bargain purchase gain associated with the First Republic acquisition
— (103)
Initial gain on the Visa share exchange
— (7,990)
Other1,148 1,716 
Originations and purchases of loans held-for-sale(183,408)(160,573)
Proceeds from sales, securitizations and paydowns of loans held-for-sale171,286 148,287 
Net change in:
Trading assets(304,983)(237,756)
Securities borrowed(28,828)(51,688)
Accrued interest and accounts receivable(41,383)(15,491)
Other assets(7,559)(1,470)
Trading liabilities48,148 53,495 
Accounts payable and other liabilities5,984 17,399 
Other operating adjustments7,849 6,161 
Net cash (used in) operating activities
(267,506)(189,770)
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements(130,648)(114,402)
Held-to-maturity securities:
Proceeds from paydowns and maturities30,948 72,354 
Purchases(4,840)(2,358)
Available-for-sale securities:
Proceeds from paydowns and maturities24,764 22,409 
Proceeds from sales117,305 84,394 
Purchases(257,127)(233,063)
Proceeds from sales and securitizations of loans held-for-investment40,946 43,793 
Other changes in loans, net(124,402)(52,997)
Net cash used in the First Republic acquisition— (2,362)
All other investing activities, net(9,393)1,209 
Net cash (used in) investing activities
(312,447)(181,023)
Financing activities
Net change in:
Deposits139,554 22,266 
Federal funds purchased and securities loaned or sold under repurchase agreements270,714 172,755 
Short-term borrowings14,165 5,355 
Beneficial interests issued by consolidated VIEs63 (3)
Proceeds from long-term borrowings85,014 78,949 
Payments of long-term borrowings(78,612)(67,380)
Proceeds from issuance of preferred stock3,000 2,500 
Redemption of preferred stock(3,000)(8,250)
Treasury stock repurchased(23,327)(14,529)
Dividends paid(12,208)(10,925)
All other financing activities, net(2,273)(1,586)
Net cash provided by financing activities393,090 179,152 
Effect of exchange rate changes on cash and due from banks and deposits with banks20,982 1,750 
Net decrease in cash and due from banks and deposits with banks
(165,881)(189,891)
Cash and due from banks and deposits with banks at the beginning of the period469,317 624,151 
Cash and due from banks and deposits with banks at the end of the period$303,436 $434,260 
Cash interest paid$72,779 $74,794 
Cash income taxes paid, net3,173 8,870 
The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
96

Refer to the Glossary of Terms and Acronyms on pages 194-200 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. (“JPMorganChase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for further discussion of the Firm's reportable business segments.
The accounting and financial reporting policies of JPMorganChase 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 preparation of the unaudited Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in JPMorganChase’s 2024 Form 10-K.
Consolidation
The Consolidated Financial Statements include the accounts of JPMorganChase 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 JPMorganChase and are not included on the Consolidated balance sheets.
The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.
Refer to Notes 1 and 14 of JPMorganChase’s 2024 Form 10-K for a further description of JPMorganChase’s accounting policies regarding consolidation.
Offsetting assets and liabilities
U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities sold and purchased under repurchase agreements and securities borrowed or loaned under securities loan agreements to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. Refer to Note 1 of JPMorganChase’s 2024 Form 10-K for further information on offsetting assets and liabilities.

97

Note 2 – Fair value measurement
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.

98

The following table presents the assets and liabilities reported at fair value as of September 30, 2025 and December 31, 2024, 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(e)
September 30, 2025
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $404,609 $— $— $404,609 
Securities borrowed— 104,757 — — 104,757 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 157,712 324 — 158,036 
Residential – nonagency— 2,483 5 — 2,488 
Commercial – nonagency— 1,612 6 — 1,618 
Total mortgage-backed securities— 161,807 335 — 162,142 
U.S. Treasury, GSEs and government agencies(a)
194,952 18,778 — — 213,730 
Obligations of U.S. states and municipalities— 6,345 1 — 6,346 
Certificates of deposit, bankers’ acceptances and commercial paper
— 5,119 — — 5,119 
Non-U.S. government debt securities63,963 83,710 219 — 147,892 
Corporate debt securities— 51,661 454 — 52,115 
Loans— 12,177 1,051 — 13,228 
Asset-backed securities— 4,571 2 — 4,573 
Total debt instruments258,915 344,168 2,062 — 605,145 
Equity securities265,489 1,664 99 — 267,252 
Physical commodities(b)
5,698 1,134 17 — 6,849 
Other1 13,170 511 — 13,682 
Total debt and equity instruments(c)
530,103 360,136 2,689 — 892,928 
Derivative receivables:
Interest rate2,264 290,037 4,263 (271,468)25,096 
Credit— 12,316 807 (12,691)432 
Foreign exchange144 162,252 1,797 (144,169)20,024 
Equity— 128,047 2,219 (122,470)7,796 
Commodity— 23,171 581 (17,251)6,501 
Total derivative receivables2,408 615,823 9,667 (568,049)59,849 
Total trading assets(d)
532,511 975,959 12,356 (568,049)952,777 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 91,853 — — 91,853 
Residential – nonagency— 6,019 — — 6,019 
Commercial – nonagency— 4,514 7 — 4,521 
Total mortgage-backed securities— 102,386 7 — 102,393 
U.S. Treasury and government agencies301,600 286 — — 301,886 
Obligations of U.S. states and municipalities— 19,968 — — 19,968 
Non-U.S. government debt securities34,271 10,008 — — 44,279 
Corporate debt securities— 31 94 — 125 
Asset-backed securities:
Collateralized loan obligations— 19,754 — — 19,754 
Other(a)
— 2,094 — — 2,094 
Total available-for-sale securities335,871 154,527 101 — 490,499 
Loans— 52,192 2,494 — 54,686 
Mortgage servicing rights— — 9,110 — 9,110 
Other assets(d)
7,849 7,073 1,380 — 16,302 
Total assets measured at fair value on a recurring basis$876,231 $1,699,117 $25,441 $(568,049)$2,032,740 
Deposits$— $33,490 $2,528 $— $36,018 
Federal funds purchased and securities loaned or sold under repurchase agreements
— 489,189 — — 489,189 
Short-term borrowings— 32,084 4,554 — 36,638 
Trading liabilities:
Debt and equity instruments(c)
152,491 43,270 98 — 195,859 
Derivative payables:
Interest rate2,584 267,589 2,758 (265,134)7,797 
Credit— 17,404 2,039 (16,388)3,055 
Foreign exchange144 154,831 1,467 (143,875)12,567 
Equity— 144,950 5,533 (133,056)17,427 
Commodity— 18,558 461 (13,462)5,557 
Total derivative payables2,728 603,332 12,258 (571,915)46,403 
Total trading liabilities155,219 646,602 12,356 (571,915)242,262 
Accounts payable and other liabilities4,685 3,439 33 — 8,157 
Beneficial interests issued by consolidated VIEs— 8 — — 8 
Long-term debt— 80,424 43,754 — 124,178 
Total liabilities measured at fair value on a recurring basis$159,904 $1,285,236 $63,225 $(571,915)$936,450 
99

Fair value hierarchy
Derivative
netting
adjustments(e)
December 31, 2024
(in millions)		Level 1Level 2Level 3Total fair value
Federal funds sold and securities purchased under resale agreements$— $286,771 $— $— $286,771 
Securities borrowed— 83,962 — — 83,962 
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 104,312 488 — 104,800 
Residential – nonagency— 2,282 5 — 2,287 
Commercial – nonagency— 1,283 10 — 1,293 
Total mortgage-backed securities— 107,877 503 — 108,380 
U.S. Treasury, GSEs and government agencies(a)
150,580 11,702 — — 162,282 
Obligations of U.S. states and municipalities— 6,100 1 — 6,101 
Certificates of deposit, bankers’ acceptances and commercial paper— 3,950 — — 3,950 
Non-U.S. government debt securities34,108 54,335 152 — 88,595 
Corporate debt securities— 33,591 390 — 33,981 
Loans— 10,228 1,088 — 11,316 
Asset-backed securities— 2,813 10 — 2,823 
Total debt instruments184,688 230,596 2,144 — 417,428 
Equity securities130,307 1,359 62 — 131,728 
Physical commodities(b)
5,957 1,533 26 — 7,516 
Other— 19,935 210 — 20,145 
Total debt and equity instruments(c)
320,952 253,423 2,442 — 576,817 
Derivative receivables:
Interest rate4,934 282,019 

3,781 (265,789)24,945 
Credit— 10,379 708 (10,273)814 
Foreign exchange196 261,520 

1,204 (237,608)25,312 
Equity— 82,855 2,365 (79,935)5,285 
Commodity— 15,232 394 (11,015)4,611 
Total derivative receivables5,130 652,005 

8,452 (604,620)60,967 
Total trading assets(d)
326,082 905,428 

10,894 (604,620)637,784 
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies(a)
— 91,893 — — 91,893 
Residential – nonagency— 4,811 — — 4,811 
Commercial – nonagency— 4,057 8 — 4,065 
Total mortgage-backed securities— 100,761 8 — 100,769 
U.S. Treasury and government agencies234,491 288 — — 234,779 
Obligations of U.S. states and municipalities— 17,913 — — 17,913 
Non-U.S. government debt securities23,973 12,272 — — 36,245 
Corporate debt securities— 70 — — 70 
Asset-backed securities:
Collateralized loan obligations— 14,943 — — 14,943 
Other(a)
— 2,133 — — 2,133 
Total available-for-sale securities258,464 148,380 8 — 406,852 
Loans— 38,934 2,416 — 41,350 
Mortgage servicing rights— — 9,121 — 9,121 
Other assets(d)
5,732 6,997 1,344 — 14,073 
Total assets measured at fair value on a recurring basis$590,278 $1,470,472 

$23,783 

$(604,620)$1,479,913 
Deposits$— $31,583 $2,185 $— $33,768 
Federal funds purchased and securities loaned or sold under repurchase agreements— 226,329 — — 226,329 
Short-term borrowings— 23,045 3,476 — 26,521 
Trading liabilities:
Debt and equity instruments(c)
120,719 32,457 46 — 153,222 
Derivative payables:
Interest rate3,981 266,767 

3,480 (264,989)9,239 
Credit— 12,725 

1,071 (11,898)1,898 
Foreign exchange187 253,196 

1,184 (238,970)15,597 
Equity— 90,908 

5,231 (87,491)8,648 
Commodity— 14,021 

467 (10,209)4,279 
Total derivative payables4,168 637,617 

11,433 (613,557)39,661 
Total trading liabilities124,887 670,074 

11,479 (613,557)192,883 
Accounts payable and other liabilities3,100 2,717 

76 — 5,893 
Beneficial interests issued by consolidated VIEs— 1 

— — 1 
Long-term debt— 66,216 

34,564 — 100,780 
Total liabilities measured at fair value on a recurring basis$127,987 $1,019,965 

$51,780 $(613,557)$586,175 
(a)At September 30, 2025 and December 31, 2024, included total U.S. GSE obligations of $162.9 billion and $120.1 billion, respectively, which were mortgage-related.
(b)Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in
100

fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.
(c)Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
(d)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At September 30, 2025 and December 31, 2024, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $839 million and $1.0 billion, respectively, primarily reported in other assets.
(e)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
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.
In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of
the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic 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.
















101

Level 3 inputs(a)
September 30, 2025
Product/Instrument
Fair value
(in millions)
Principal valuation technique
Unobservable inputs(g)
Range of input values
Average(i)
Residential mortgage-backed securities and loans(b)
$898 Discounted cash flowsYield0%111%6%
Prepayment speed6%14%9%
Conditional default rate0%2%0%
Loss severity0%110%5%
Commercial mortgage-backed securities and loans(c)
1,234 Market comparablesPrice$0$84$80
Corporate debt securities548 Market comparablesPrice$0$177$102
Loans(d)
1,755 Market comparablesPrice$0$103$76
Non-U.S. government debt securities219 Market comparablesPrice$2$122$99
Net interest rate derivatives1,504 Option pricingInterest rate volatility25 bps712 bps102 bps
Interest rate spread volatility37 bps77 bps64 bps
Bermudan switch value0%46%16%
Interest rate correlation(64)%97%61%
IR-FX correlation(35)%50%2%
1 Discounted cash flowsPrepayment speed0%20%5%
Net credit derivatives(1,271)Discounted cash flowsCredit correlation34%79%51%
Credit spread0 bps6,947 bps440 bps
Recovery rate10%90%51%
39 Market comparablesPrice$0$115$75
Net foreign exchange derivatives383 Option pricingIR-FX correlation(40)%60%16%
(53)Discounted cash flowsPrepayment speed11%11%
Interest rate curve2%30%6%
Net equity derivatives
(3,314)Option pricing
Forward equity price(h)
77%144%101%
Equity volatility3%137%31%
Equity correlation0%100%54%
Equity-FX correlation(75)%65%(32)%
Equity-IR correlation5%10%9%
Net commodity derivatives120 Option pricingOil commodity forward$38 / BBL$304 / BBL$138 / BBL
Natural gas commodity forward$2 / MMBTU$6 / MMBTU$3 / MMBTU
Commodity volatility2%48%6%
Commodity correlation(30)%82%2%
MSRs9,110 Discounted cash flows
Refer to Note 14
Long-term debt, short-term borrowings, and deposits(e)
49,514 Option pricingInterest rate volatility25 bps712 bps102 bps
Bermudan switch value0%46%16%
Interest rate correlation(64)%97%61%
IR-FX correlation(35)%50%2%
Equity volatility
0%126%29%
Equity correlation
0%100%54%
Equity-FX correlation
(75)%65%(32)%
Equity-IR correlation
5%10%9%
1,322 Discounted cash flowsCredit correlation33%77%51%
Credit spread
1 bps345 bps57 bps
Recovery rate
20%40%37%
Yield5%20%11%
Loss severity
0%100%50%
Other level 3 assets and liabilities, net(f)
1,879 
(a)The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.
(b)Comprises U.S. GSE and government agency securities of $324 million, nonagency securities of $5 million and non-trading loans of $569 million.
(c)Comprises nonagency securities of $13 million, trading loans of $66 million and non-trading loans of $1.2 billion.
(d)Comprises trading loans of $985 million and non-trading loans of $770 million.
(e)Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.
(f)Includes equity securities of $906 million, including $807 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.
(g)Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100.
(h)Forward equity price is expressed as a percentage of the current equity price.
(i)Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.
102

Changes in and ranges of unobservable inputs
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.

Changes in level 3 recurring fair value measurements
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and nine months ended September 30, 2025 and 2024. 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. 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.
103

Fair value measurements using significant unobservable inputs
Three months ended
September 30, 2025
(in millions)
Fair value at
  Jul. 1,
2025
Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3
Fair value
at
Sep. 30, 2025
Change in unrealized gains/(losses) related
to financial instruments held at Sep. 30, 2025
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$365 $1 $— $(29)$(13)$— $— $324 $2 
Residential – nonagency5 — — — — — — 5 — 
Commercial – nonagency
7 (1)— — — — — 6 (1)
Total mortgage-backed securities
377 — — (29)(13)— — 335 1 
Obligations of U.S. states and municipalities
1 — — — — — — 1 — 
Non-U.S. government debt securities
205 (6)124 (102)— — (2)219 (5)
Corporate debt securities385 11 68 (19)— 9 — 454 11 
Loans868 (26)346 (275)(24)258 (96)1,051 (27)
Asset-backed securities12 — — (10)— — — 2 — 
Total debt instruments1,848 (21)538 (435)(37)267 (98)2,062 (20)
 Equity securities
196 (8)19 (81)— 23 (50)99 11 
 Physical commodities
24 (3)— — (4)— — 17 (3)
 Other
217 28 281 — (10)2 (7)511 124 
Total trading assets – debt and equity instruments2,285 (4)
(c)
838 (516)(51)292 (155)2,689 112 
(c)
Net derivative receivables:(b)
Interest rate1,431 210 47 (52)(52)(33)(46)1,505 259 
Credit(808)(402)10 (3)2 (22)(9)(1,232)(485)
Foreign exchange340 120 67 (126)(98)93 (66)330 87 
Equity(3,204)315 215 (551)(495)115 291 (3,314)167 
Commodity169 (52)9 (42)26 7 3 120 (29)
Total net derivative receivables
(2,072)191 
(c)
348 (774)(617)160 173 (2,591)(1)
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency7 — — — — — — 7 — 
Corporate debt securities92 2 — — — — — 94 2 
Total available-for-sale securities
99 2 
(d)
— — — — — 101 2 
(d)
Loans2,252 24 
(c)
201 (5)(140)303 (141)2,494 7 
(c)
Mortgage servicing rights8,996 31 
(e)
348 1 (266)— — 9,110 31 
(e)
Other assets1,403 8 
(c)
280 (14)(46)4 (255)1,380 45 
(c)
Fair value measurements using significant unobservable inputs
Three months ended
September 30, 2025
(in millions)
Fair value at
  Jul. 1,
2025
Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3
Fair value
at
Sep. 30, 2025
Change in unrealized (gains)/losses related
to financial instruments held at Sep. 30, 2025
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,099 $10 
(c)(f)
$— $— $734 $(263)$— $(52)$2,528 $10 
(c)(f)
Short-term borrowings4,136 164 
(c)(f)
— — 2,655 (2,364)16 (53)4,554 120 
(c)(f)
Trading liabilities – debt and equity instruments
72 (2)
(c)
(15)60 — — 12 (29)98 1 
(c)
Accounts payable and other liabilities
40 (7)
(c)
— — — — — — 33 (7)
(c)
Long-term debt41,664 1,918 
(c)(f)
— — 7,566 (7,327)198 (265)43,754 1,797 
(c)(f)
104

Fair value measurements using significant unobservable inputs
Three months ended
September 30, 2024
(in millions)
Fair value at
  Jul. 1,
2024
Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
Sep. 30, 2024		Change in unrealized gains/(losses) related
to financial instruments held at Sep. 30, 2024
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$708 $3 $— $— $(20)$— $— $691 $3 
Residential – nonagency5 1 — — (1)— — 5 — 
Commercial – nonagency11 — — — — — — 11 — 
Total mortgage-backed securities
724 4 — — (21)— — 707 3 
Obligations of U.S. states and municipalities
7 — — — — — — 7 — 
Non-U.S. government debt securities
193 (4)53 (65)— 7 (11)173 (2)
Corporate debt securities408 21 86 (62)— 5 (23)435 20 
Loans691 12 125 (108)(22)321 (200)819 12 
Asset-backed securities2 — — — — — — 2 — 
Total debt instruments2,025 33 264 (235)(43)333 (234)2,143 33 
 Equity securities
122 (4)16 (18)(1)31 (45)101 — 
 Physical commodities
10 — — — — — — 10 — 
 Other
144 20 4 — (9)24 — 183 23 
Total trading assets – debt and equity instruments2,301 49 
(c)
284 (253)(53)388 (279)2,437 56 
(c)
Net derivative receivables:(b)
Interest rate1,301 1,528 90 (38)98 

(106)(44)2,829 1,373 
Credit180 (209)— — (114)25 19 (99)(198)
Foreign exchange168 (31)59 (105)71 3 (125)40 (5)
Equity(2,991)(21)

112 (821)

24 

(285)172 

(3,810)(215)
Commodity(472)(74)4 (35)201 7 (3)(372)(107)
Total net derivative receivables
(1,814)1,193 
(c)
265 (999)

280 

(356)19 

(1,412)848 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency— — — — — — — — — 
Corporate debt securities— — — — — — — — — 
Total available-for-sale securities
— — — — — — — — — 
Loans2,993 157 
(c)
95 (479)(210)61 (130)2,487 114 
(c)
Mortgage servicing rights8,847 (181)
(e)
357 2 (272)— — 8,753 (181)
(e)
Other assets1,202 34 
(c)
24 (32)(20)— (22)1,186 34 
(c)
Fair value measurements using significant unobservable inputs
Three months ended
September 30, 2024
(in millions)
Fair value at
  Jul. 1,
2024
Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Sep. 30, 2024
Change in unrealized (gains)/losses related
to financial instruments held at Sep. 30, 2024
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$1,923 $105 
(c)(f)
$— $— $512 $(299)$— $(22)$2,219 $104 
(c)(f)
Short-term borrowings2,726 74 
(c)(f)
— — 2,283 (1,435)1 (2)3,647 56 
(c)(f)
Trading liabilities – debt and equity instruments
68 (1)
(c)
(20)5 — — 25 (5)72 (1)
(c)
Accounts payable and other liabilities
70 5 
(c)
(30)— — — — (3)42 5 
(c)
Long-term debt31,286 1,632 
(c)(f)
— — 6,073 (5,258)

23 (283)33,473 

1,783 
(c)(f)
105

Fair value measurements using significant unobservable inputs
Nine months ended
September 30, 2025
(in millions)		Fair value at
Jan. 1,
2025		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
Sep. 30, 2025		Change in unrealized gains/(losses) related
to financial instruments held at Sep. 30, 2025
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$488 $14 $31 $(166)$(43)$— $— $324 $3 
Residential – nonagency5 6 — (6)— — — 5 — 
Commercial – nonagency10 (4)— — — — — 6 (3)
Total mortgage-backed securities
503 16 31 (172)(43)— — 335 — 
Obligations of U.S. states and municipalities
1 — — — — — — 1 — 
Non-U.S. government debt securities
152 30 295 (285)(1)54 (26)219 26 
Corporate debt securities390 20 196 (156)(10)22 (8)454 20 
Loans1,088 (15)1,074 (730)(140)556 (782)1,051 (45)
Asset-backed securities10 — 2 (10)— — — 2 — 
Total debt instruments2,144 51 1,598 (1,353)(194)632 (816)2,062 1 
 Equity securities
62 (39)231 (223)— 147 (79)99 8 
 Physical commodities
26 (3)— — (6)— — 17 3 
 Other
210 16 305 — (76)80 (24)511 262 
Total trading assets – debt and equity instruments2,442 25 
(c)
2,134 (1,576)(276)859 (919)2,689 274 
(c)
Net derivative receivables:(b)
Interest rate301 1,200 170 (253)152 

(88)23 1,505 1,120 
Credit(363)(660)87 (10)(126)(160)— (1,232)(684)
Foreign exchange20 685 158 (366)(60)187 (294)330 329 
Equity(2,866)2,641 

838 (2,085)

(2,160)

(84)402 

(3,314)1,307 
Commodity(73)208 52 (178)118 7 (14)120 237 
Total net derivative receivables
(2,981)4,074 
(c)
1,305 (2,892)

(2,076)

(138)117 

(2,591)2,309 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency8 (1)— — — — — 7 (1)
Corporate debt securities— 2 92 — — — — 94 2 
Total available-for-sale securities
8 1 
(d)
92 — — — — 101 1 
(d)
Loans2,416 198 
(c)
331 (133)(755)908 (471)2,494 13 
(c)
Mortgage servicing rights9,121 (43)
(e)
823 8 (799)— — 9,110 (43)
(e)
Other assets1,344 19 
(c)
349 (66)(70)95 (291)1,380 38 
(c)
Fair value measurements using significant unobservable inputs
Nine months ended
September 30, 2025
(in millions)		Fair value at
Jan. 1,
2025		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Sep. 30, 2025		Change in unrealized (gains)/losses related
to financial instruments held at Sep. 30, 2025
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$2,185 $172 
(c)(f)
$— $— $1,357 $(1,099)$— $(87)$2,528 $160 
(c)(f)
Short-term borrowings3,476 368 
(c)(f)
— — 6,674 (5,898)35 (101)4,554 166 
(c)(f)
Trading liabilities – debt and equity instruments
46 (16)
(c)
(22)106 — (1)38 (53)98 9 
(c)
Accounts payable and other liabilities
76 (10)
(c)
— 1 — — — (34)33 (10)
(c)
Long-term debt34,564 4,151 
(c)(f)
— — 22,307 (16,264)

383 (1,387)43,754 

3,452 
(c)(f)
106

Fair value measurements using significant unobservable inputs
Nine months ended
September 30, 2024
(in millions)
Fair value at
Jan. 1,
2024		Total realized/unrealized gains/(losses)Transfers into
level 3		Transfers (out of) level 3Fair value at
Sep. 30, 2024		Change in unrealized gains/(losses) related
to financial instruments held at Sep. 30, 2024
Purchases(g)
Sales
Settlements(h)
Assets:(a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies
$758 $3 $45 $(61)$(61)$7 $— $691 $3 
Residential – nonagency5 1 — — (1)4 (4)5 (1)
Commercial – nonagency12 (2)1 — — — — 11 (1)
Total mortgage-backed securities
775 2 46 (61)(62)11 (4)707 1 
Obligations of U.S. states and municipalities
10 — — — (2)— (1)7 — 
Non-U.S. government debt securities
179 (2)145 (137)— 14 (26)173 4 
Corporate debt securities484 28 386 (229)(181)13 (66)435 27 
Loans684 20 446 (438)(67)645 (471)819 8 
Asset-backed securities6 — 1 (5)(7)7 — 2 — 
Total debt instruments2,138 48 1,024 (870)(319)690 (568)2,143 40 
 Equity securities
127 (23)130 (99)(1)74 (107)101 (33)
 Physical commodities
7 2 4 — (3)— — 10 2 
 Other
101 64 46 — (52)25 (1)183 71 
Total trading assets – debt and equity instruments2,373 91 
(c)
1,204 (969)(375)789 (676)2,437 80 
(c)
Net derivative receivables:(b)
Interest rate502 1,246 282 (122)981 

81 (141)2,829 892 
Credit265 (143)— (16)(253)(13)61 (99)(68)
Foreign exchange62 100 136 (230)(16)(26)14 40 105 
Equity(2,402)(545)

680 (2,020)

246 

(296)527 

(3,810)104 
Commodity(279)(196)22 (155)228 6 2 (372)(182)
Total net derivative receivables
(1,852)462 
(c)
1,120 (2,543)

1,186 

(248)463 

(1,412)851 
(c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency— — — — — — — — — 
Corporate debt securities— — — — — — — — — 
Total available-for-sale securities
— — — — — — — — — 
Loans3,079 266 
(c)
304 (684)(855)730 (353)2,487 207 
(c)
Mortgage servicing rights8,522 216 
(e)
835 (25)(795)— — 8,753 216 
(e)
Other assets758 100 
(c)
444 (54)(45)5 (22)1,186 94 
(c)
Fair value measurements using significant unobservable inputs
Nine months ended
September 30, 2024
(in millions)		Fair value at
Jan. 1,
2024		Total realized/unrealized (gains)/lossesTransfers into
level 3		Transfers (out of) level 3Fair value at
Sep. 30, 2024		Change in unrealized (gains)/losses related
to financial instruments held at Sep. 30, 2024
PurchasesSalesIssuances
Settlements(h)
Liabilities:(a)
Deposits$1,833 $90 
(c)(f)
$— $— $1,304 $(909)$34 $(133)$2,219 $78 
(c)(f)
Short-term borrowings1,758 143 
(c)(f)
— — 5,742 (3,992)2 (6)3,647 78 
(c)(f)
Trading liabilities – debt and equity instruments
37 (41)
(c)
(26)62 — — 46 (6)72 (3)
(c)
Accounts payable and other liabilities
52 (7)
(c)
(36)31 — — 5 (3)42 (7)
(c)
Long-term debt27,726 2,147 
(c)(f)
— — 17,049 (13,230)

466 (685)33,473 

1,895 
(c)(f)
(a)Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 1% and 2% at September 30, 2025 and December 31, 2024, respectively. Level 3 liabilities at fair value as a percentage of total Firm
107

liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 7% and 9% at September 30, 2025 and December 31, 2024, respectively.
(b)All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.
(c)Primarily 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)Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material for the three and nine months ended September 30, 2025 and 2024.
(e)Changes in fair value for MSRs are reported in mortgage fees and related income.
(f)Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and nine months ended September 30, 2025 and 2024. Unrealized (gains)/losses are reported in OCI, and were $198 million and $54 million for the three months ended September 30, 2025 and 2024, respectively, and were $189 million and $(37) million for the nine months ended September 30, 2025 and 2024, respectively.
(g)Loan originations are included in purchases.
(h)Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.
Level 3 analysis
Consolidated balance sheets changes
The following describes significant changes to level 3 assets since December 31, 2024, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 110 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three and nine months ended September 30, 2025
Level 3 assets were $25.4 billion at September 30, 2025, reflecting a decrease of $53 million from June 30, 2025, and an increase of $1.7 billion from December 31, 2024.
The increase for the nine months ended September 30, 2025 was predominantly driven by higher:
•Other trading assets of $301 million due to gains and purchases.
•Gross derivative receivables of $1.2 billion due to gains and purchases primarily offset by settlements and net transfers.
Refer to the sections below for additional information.
Transfers between levels for instruments carried at fair value on a recurring basis
For the three months ended September 30, 2025 and 2024, there were no significant transfers from level 2 into level 3.
For the three months ended September 30, 2025, significant transfers from level 3 into level 2 included the following:
•$914 million and $1.2 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
For the three months ended September 30, 2024, there were no significant transfers from level 3 into level 2.
For the nine months ended September 30, 2025, significant transfers from level 2 into level 3 included the following:
•$1.1 billion and $1.2 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
•$908 million of non-trading loans driven by a decrease in observability.
For the nine months ended September 30, 2025, significant transfers from level 3 into level 2 included the following:
•$782 million of trading loans driven by an increase in observability.
•$1.7 billion and $2.1 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
•$1.4 billion of long-term debt driven by an increase in observability and a decrease in the significance of unobservable inputs for structured notes.
For the nine months ended September 30, 2024, significant transfers from level 2 into level 3 included the following:
•$841 million and $1.1 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the nine months ended September 30, 2024, significant transfers from level 3 into level 2 included the following:
• $765 million and $1.3 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
108

All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.
Gains and losses
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 103-108 for further information on these instruments.
Three months ended September 30, 2025
•$252 million of net gains on assets, predominantly driven by gains in other trading assets and net derivative receivables due to market movements.
•$2.1 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Three months ended September 30, 2024
•$1.3 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•$1.8 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Nine months ended September 30, 2025
•$4.3 billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•$4.7 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Nine months ended September 30, 2024
•$1.1 billion of net gains on assets, predominantly driven by gains in net derivative receivables and loans due to market movements as well as MSRs reflecting lower prepayment speeds on higher rates.
•$2.3 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Refer to Note 14 for information on MSRs.






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 September 30,Nine months ended September 30,
(in millions)2025202420252024
Credit and funding adjustments:
Derivatives CVA$37 $(17)$(80)$3 
Derivatives FVA
18 (5)(41)32 
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.
109

Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets and liabilities held as of September 30, 2025 and 2024, for which nonrecurring fair value adjustments were recorded during the nine months ended September 30, 2025 and 2024, by major product category and fair value hierarchy.
September 30, 2025
(in millions)		Fair value hierarchyTotal fair value
Level 1
Level 2
Level 3
Loans$— $389 

$458 $847 
Other assets(a)
— 53 765 818 
Total assets measured at fair value on a nonrecurring basis$— $442 $1,223 $1,665 
Accounts payable and other liabilities
— — 5 
 
5 
Total liabilities measured at fair value on a nonrecurring basis
$— $— $5 $5 
September 30, 2024
(in millions)		Fair value hierarchyTotal fair value
Level 1Level 2Level 3
Loans$— $663 

$896 $1,559 
Other assets— 8 945 

953 
Total assets measured at fair value on a nonrecurring basis$— $671 $1,841 $2,512 
Accounts payable and other liabilities
— — — 

— 
Total liabilities measured at fair value on a nonrecurring basis$— $— $— $— 
(a)Included 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 $765 million in level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2025, $687 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
Nonrecurring fair value changes
The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and nine months ended September 30, 2025 and 2024, related to assets and liabilities held at those dates.


Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Loans$(125)
 
$(32)

$(153)

$(98)
Other assets(a)
95 
 
(323)

130 (529)
Accounts payable and other liabilities — 
 
— 

(5)— 
Total nonrecurring fair value gains/(losses)
$(30)$(355)$(28)$(627)
(a)Included $92 million and $(30) million for the three months ended September 30, 2025 and 2024, respectively, and $118 million and $(176) million for the nine months ended September 30, 2025 and 2024, respectively, of net gains/(losses) as a result of the measurement alternative.


110

Equity securities without readily determinable fair values
The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.
In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.
The following table presents the carrying value of equity securities without readily determinable fair values held as of September 30, 2025 and 2024, 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 September 30,Nine months ended September 30,
As of or for the period ended, (in millions)2025202420252024
Other assets
Carrying value(a)
$4,808 $3,660 $4,808 $3,660 
Upward carrying value changes(b)
121 42 

199 72
Downward carrying value changes/impairment(c)
(29)(72)(81)(248)
(a)The carrying value as of December 31, 2024 was $3.7 billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.
(b)The cumulative upward carrying value changes between January 1, 2018 and September 30, 2025 were $1.3 billion.
(c)The cumulative downward carrying value changes/impairment between January 1, 2018 and September 30, 2025 were $(1.5) billion.
Included in other assets above is the Firm’s interest in approximately 18.6 million Visa Class B-2 common shares ("Visa B-2 shares") reflected in the Firm's principal investment portfolio at both September 30, 2025 and 2024.
These shares are subject to certain transfer restrictions and are convertible into Visa Class A common shares (“Visa A shares”) at a specified conversion rate upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa B-2 shares to Visa A shares was 1.5223 at September 30, 2025 and may be adjusted by Visa depending on developments related to the litigation matters. The outcome of those litigation matters, and the effect that the resolution of those matters may have on the conversion rate, is unknown. Accordingly, as of September 30, 2025, there is significant uncertainty regarding when the transfer restrictions on Visa B-2 shares may be terminated and what the final conversion rate for the Visa B-2 shares will be. As a result of these considerations, as well as differences in voting rights, Visa B-2 shares are not considered to be similar to Visa A shares, and are held at their nominal carryover basis.
Separately, in connection with sales of Visa B shares prior to 2024, the Firm has entered into derivative instruments with the purchasers of the shares under which the Firm retains the risk associated with changes in the conversion rate. As of September 30, 2025, the Firm held derivative instruments associated with 11.6 million Visa B-2 shares related to Visa B share sales prior to 2024, which are all subject to similar terms and conditions. Refer to page 200 of JPMorganChase’s 2024 Form 10-K for further information.
111

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 September 30, 2025 and December 31, 2024, 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.
September 30, 2025December 31, 2024
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)Carrying
value		Level 1Level 2Level 3Total estimated
fair value		Carrying
value		Level 1Level 2Level 3Total estimated
fair value
Financial assets
Cash and due from banks$21.8 $21.8 $— $— $21.8 $23.4 $23.4 $— $— $23.4 
Deposits with banks281.6 281.6 — — 281.6 445.9 445.8 0.1 — 445.9 
Accrued interest and accounts receivable
141.5 — 141.4 0.1 141.5 101.1 — 101.0 0.1 101.1 
Federal funds sold and securities purchased under resale agreements
21.2 — 21.2 — 21.2 8.2 — 8.2 — 8.2 
Securities borrowed
143.6 — 143.6 — 143.6 135.6 — 135.6 — 135.6 
Investment securities, held-to-maturity
293.4 141.7 133.2 — 274.9 274.5 97.4 150.5 — 247.9 
Loans, net of allowance for loan losses(a)
1,354.8 — 246.1 1,111.5 1,357.6 1,282.3 — 268.7 1,007.8 1,276.5 
Other91.4 0.5 89.6 1.5 91.6 82.7 — 81.3 1.6 82.9 
Financial liabilities
Deposits$2,512.5 $— $2,512.8 $— $2,512.8 $2,372.3 $— $2,372.5 $— $2,372.5 
Federal funds purchased and securities loaned or sold under repurchase agreements
78.4 — 78.4 — 78.4 70.5 — 70.5 — 70.5 
Short-term borrowings
32.7 — 32.7 — 32.7 26.4 — 26.3 — 26.3 
Accounts payable and other liabilities(b)
266.9 — 254.0 12.1 266.1 232.8 — 219.6 12.6 232.2 
Beneficial interests issued by consolidated VIEs
28.2 — 28.3 — 28.3 27.3 — 27.4 — 27.4 
Long-term debt
303.0 — 254.9 52.1 307.0 300.6 — 251.2 50.7 301.9 
(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. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.
(b)Excludes lending-related commitments disclosed in the table below.
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.
September 30, 2025December 31, 2024
Estimated fair value hierarchyEstimated fair value hierarchy
(in billions)
Carrying value(a)(b)
Level 1Level 2Level 3Total estimated fair value
Carrying value(a)(b)
Level 1Level 2Level 3Total estimated fair value
Wholesale lending-related commitments
$3.4 $— $— $4.7 $4.7 $2.7 $— $— $4.4 $4.4 
(a)Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.
(b)Includes the wholesale allowance for lending-related commitments.
The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments with or without notice to the borrower, as permitted by law, or in accordance with the contract. Refer to page 183 of JPMorganChase’s 2024 Form 10-K for a further discussion of the valuation of lending-related commitments.
112

Note 3 – Fair value option
The fair value option provides an option to elect fair value for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.
The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.
The Firm’s election of fair value includes the following instruments:
•Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments
•Certain securities financing agreements
•Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument
•Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities
•Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value
Changes in fair value under the fair value option election
The following table presents the changes in fair value included in the Consolidated statements of income for the three and nine months ended September 30, 2025 and 2024, 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 September 30,
20252024
(in millions)Principal transactionsAll other income
Total changes in fair value recorded (e)
Principal transactionsAll other income
Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements
$94 $— $94 $219 $— $219 
Securities borrowed(2)— (2)95 — 95 
Trading assets:
Debt and equity instruments, excluding loans
1,055 — 1,055 1,576 — 1,576 
Loans reported as trading assets:
Changes in instrument-specific credit risk111 — 
 
111 75 — 
 
75 
Other changes in fair value— 6 
(c)
6 (1)3 
(c)
2 
Loans:
Changes in instrument-specific credit risk60 — 60 238 — 238 
Other changes in fair value108 230 
(c)
338 190 284 
(c)
474 
Other assets24 (4)
(d)
20 75 — 75 
Deposits(a)
(567)— (567)(1,209)— (1,209)
Federal funds purchased and securities loaned or sold under repurchase agreements
(13)— (13)(57)— (57)
Short-term borrowings(a)
(685)— (685)(301)— (301)
Trading liabilities(1)— (1)3 — 3 
Beneficial interests issued by consolidated VIEs
— — — — — — 
Other liabilities3 — 3 (4)— (4)
Long-term debt(a)(b)
(2,900)(1)
(c)(d)
(2,901)(3,308)2 
(c)(d)
(3,306)
113

Nine months ended September 30,
20252024
(in millions)Principal transactionsAll other income
Total changes in fair value recorded (e)
Principal transactionsAll other income
Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements
$167 $— $167 $268 $— $268 
Securities borrowed(6)— (6)309 — 309 
Trading assets:
Debt and equity instruments, excluding loans
2,103 — 2,103 4,385 — 4,385 
Loans reported as trading assets:
Changes in instrument-specific credit risk134 — 134 273 — 273 
Other changes in fair value17 14 
(c)
31 18 4 
(c)
22 
Loans:
Changes in instrument-specific credit risk477 — 477 508 (5)
(c)
503 
Other changes in fair value365 557 
(c)
922 172 439 
(c)
611 
Other assets55 (4)
(d)
51 93 — 93 
Deposits(a)
(1,559)— (1,559)(3,167)— (3,167)
Federal funds purchased and securities loaned or sold under repurchase agreements
(25)— (25)(47)— (47)
Short-term borrowings(a)
(1,224)— (1,224)(751)— (751)
Trading liabilities19 — 19 1 — 1 
Beneficial interests issued by consolidated VIEs
— — — — — — 
Other liabilities(2)— (2)(6)— (6)
Long-term debt(a)(b)
(6,257)(5)
(c)(d)
(6,262)(4,244)(8)
(c)(d)
(4,252)
(a)Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the three and nine months ended September 30, 2025 and 2024.
(b)Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.
(c)Reported in mortgage fees and related income.
(d)Reported in other income.
(e)Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 6 for further information regarding interest income and interest expense.
























114

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 September 30, 2025 and December 31, 2024, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.
September 30, 2025December 31, 2024
(in millions)Contractual principal outstandingFair valueFair value over/(under) contractual principal outstandingContractual principal outstandingFair valueFair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets$3,306 $608 $(2,698)$3,429 $464 $(2,965)
Loans1,583 1,305 (278)1,711 1,492 (219)
Subtotal4,889 1,913 (2,976)5,140 1,956 (3,184)
90 or more days past due and government guaranteed
Loans(a)
123 119 (4)50 45 (5)
All other performing loans(b)
Loans reported as trading assets14,138 12,620 (1,518)12,171 10,852 (1,319)
Loans(c)
53,597 53,262 (335)40,342 39,813 (529)
Subtotal67,735 65,882 (1,853)52,513 50,665 (1,848)
Total loans$72,747 $67,914 $(4,833)$57,703 $52,666 $(5,037)
Long-term debt
Principal-protected debt$70,964 
(e)
$61,024 $(9,940)$57,414 
(e)
$47,780 $(9,634)
Nonprincipal-protected debt(d)
NA63,154 NANA53,000 NA
Total long-term debtNA$124,178 NANA$100,780 NA
Long-term beneficial interests
Nonprincipal-protected debt(d)
NA$8 NANA$1 NA
Total long-term beneficial interestsNA$8 NANA$1 NA
    
(a)These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.
(b)There were no performing loans that were ninety days or more past due as of September 30, 2025 and December 31, 2024.
(c)Includes loans insured and/or guaranteed by U.S. government agencies less than 90 days past due.
(d)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.
(e)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 September 30, 2025 and December 31, 2024, the contractual amount of lending-related commitments for which the fair value option was elected was $19.5 billion and $12.2 billion, respectively, with a corresponding fair value of $(2) million and $50 million, respectively. Refer to Note 28 of JPMorganChase’s 2024 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.

115

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.
September 30, 2025December 31, 2024
(in millions)Long-term debtShort-term borrowingsDepositsTotalLong-term debtShort-term borrowingsDepositsTotal
Risk exposure
Interest rate$58,093 $2,609 $31,529 $92,231 $46,220 $1,065 $28,871 $76,156 
Credit8,321 627 — 8,948 6,213 1,242 — 7,455 
Foreign exchange2,662 1,161 520 4,343 2,309 1,058 416 3,783 
Equity52,399 9,438 3,027 64,864 44,149 7,881 2,986 55,016 
Commodity840 129 — 
(a)
969 1,331 62 1 
(a)
1,394 
Total structured notes$122,315 $13,964 $35,076 $171,355 $100,222 $11,308 $32,274 $143,804 
(a)Excludes deposits linked to precious metals for which the fair value option has not been elected of $1.9 billion and $869 million for the periods ended September 30, 2025 and December 31, 2024, respectively.

116

Note 4 – Derivative instruments
JPMorganChase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorganChase’s 2024 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.
The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in
hedge accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.
The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.
Type of DerivativeUse of DerivativeDesignation and disclosureAffected
segment or unit		10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
•Interest rate
Hedge fixed rate assets and liabilitiesFair value hedge
Corporate
123-124
•Interest rate
Hedge floating-rate assets and liabilitiesCash flow hedge
Corporate
125
•Foreign exchange
Hedge foreign currency-denominated assets and liabilities
Fair value hedge
Corporate
123-124
•Foreign exchange
Hedge foreign currency-denominated forecasted revenue and expense
Cash flow hedge
Corporate
125
•Foreign exchange
Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities
Net investment hedge
Corporate
126
•Commodity
Hedge commodity inventory
Fair value hedge
CIB, AWM
123-124
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
•Interest rate
Manage the risk associated with mortgage commitments, warehouse loans and MSRs
Specified risk managementCCB127
•Credit
Manage the credit risk associated with wholesale lending exposures
Specified risk management
CIB, AWM
127
•Interest rate and foreign exchange
Manage the risk associated with certain other specified assets and liabilities
Specified risk management
Corporate, CIB
127
Market-making derivatives and other activities:
•Various
Market-making and related risk management
Market-making and other
CIB127
•Various
Other derivatives
Market-making and other
CIB, AWM, Corporate127
117

Notional amount of derivative contracts
The following table summarizes the notional amount of free-standing derivative contracts outstanding as of September 30, 2025 and December 31, 2024.
Notional amounts(b)
(in billions)September 30, 2025December 31, 2024
Interest rate contracts
Swaps
$26,085 $20,437 
Futures and forwards
4,692 3,067 
Written options
3,919 3,067 
Purchased options
3,716 3,089 
Total interest rate contracts
38,412 29,660 
Credit derivatives(a)
2,165 1,191 
Foreign exchange contracts
Cross-currency swaps
5,597 4,509 
Spot, futures and forwards
10,021 7,005 
Written options
1,186 1,015 
Purchased options
1,167 984 
Total foreign exchange contracts
17,971 13,513 
Equity contracts
Swaps
1,095 850 
Futures and forwards
271 206 
Written options
1,244 914 
Purchased options
1,095 788 
Total equity contracts3,705 2,758 
Commodity contracts
Swaps
172 148 
Spot, futures and forwards
286 191 
Written options
135 137 
Purchased options
130 125 
Total commodity contracts
723 601 
Total derivative notional amounts
$62,976 $47,723 
(a)Refer to the Credit derivatives discussion on pages 128-129 for more information on volumes and types of credit derivative contracts.
(b)Represents the sum of gross long and gross short third-party notional derivative contracts.
While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.
118

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 September 30, 2025 and December 31, 2024, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables(a)
Gross derivative receivablesGross derivative payables
September 30, 2025
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges		Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$296,564 $— $296,564 $25,096 $272,928 $3 $272,931 $7,797 
Credit13,123 — 13,123 432 19,443 — 19,443 3,055 
Foreign exchange163,687 506 164,193 20,024 155,602 840 156,442 12,567 
Equity130,266 — 130,266 7,796 150,483 — 150,483 17,427 
Commodity23,734 18 23,752 6,501 18,937 82 19,019 5,557 
Total fair value of trading assets and liabilities
$627,374 $524 $627,898 $59,849 $617,393 $925 $618,318 $46,403 
Gross derivative receivablesGross derivative payables
December 31, 2024
(in millions)		Not designated as hedgesDesignated as hedgesTotal derivative receivables
Net derivative receivables(b)
Not designated as hedgesDesignated
as hedges		Total derivative payables
Net derivative payables(b)
Trading assets and liabilities
Interest rate$290,734 

$— $290,734 $24,945 $274,226 $2 $274,228 $9,239 
Credit11,087 — 11,087 814 13,796 — 13,796 1,898 
Foreign exchange261,035 1,885 262,920 25,312 253,289 1,278 254,567 15,597 
Equity85,220 — 85,220 5,285 96,139 — 96,139 8,648 
Commodity15,490 136 15,626 4,611 14,415 73 14,488 4,279 
Total fair value of trading assets and liabilities
$663,566 $2,021 $665,587 $60,967 $651,865 $1,353 $653,218 $39,661 
(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.
119

Derivatives netting
The following tables present, as of September 30, 2025 and December 31, 2024, 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.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:
•collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;
•the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables; 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.
September 30, 2025December 31, 2024
(in millions)Gross derivative receivablesAmounts netted on the Consolidated balance sheetsNet derivative receivablesGross derivative receivablesAmounts netted on the Consolidated balance sheetsNet
derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”)$163,267 $(139,656)$23,611 $158,202 $(134,791)$23,411 
OTC–cleared131,806 (131,705)101 130,989 (130,810)179 
Exchange-traded(a)
124 (107)17 190 (188)2 
Total interest rate contracts295,197 (271,468)23,729 289,381 (265,789)23,592 
Credit contracts:
OTC8,758 (8,499)259 8,680 (8,030)650 
OTC–cleared4,238 (4,192)46 2,267 (2,243)24 
Total credit contracts12,996 (12,691)305 10,947 (10,273)674 
Foreign exchange contracts:
OTC161,161 (143,328)17,833 259,608 (236,931)22,677 
OTC–cleared876 (837)39 685 (677)8 
Exchange-traded(a)
5 (4)1 34 — 34 
Total foreign exchange contracts162,042 (144,169)17,873 260,327 (237,608)22,719 
Equity contracts:
OTC42,780 (39,425)3,355 33,269 (30,742)2,527 
Exchange-traded(a)
86,228 (83,045)3,183 51,040 (49,193)1,847 
Total equity contracts129,008 (122,470)6,538 84,309 (79,935)4,374 
Commodity contracts:
OTC14,855 (11,858)2,997 8,340 (5,848)2,492 
OTC–cleared114 (81)33 126 (84)42 
Exchange-traded(a)
6,574 (5,312)1,262 5,179 (5,083)96 
Total commodity contracts21,543 (17,251)4,292 13,645 (11,015)2,630 
Derivative receivables with appropriate legal opinion
620,786 (568,049)52,737 
(d)
658,609 (604,620)53,989 
(d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained
7,112 7,112 6,978 6,978 
Total derivative receivables recognized on the Consolidated balance sheets
$627,898 $59,849 $665,587 $60,967 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(27,795)(28,160)
Net amounts
$32,054 $32,807 
120

September 30, 2025December 31, 2024
(in millions)Gross derivative payablesAmounts netted on the Consolidated balance sheetsNet derivative payablesGross derivative payablesAmounts netted on the Consolidated balance sheetsNet
derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC$136,252 $(129,373)$6,879 $138,215 $(130,375)$7,840 
OTC–cleared135,616 (135,584)32 134,555 (134,262)293 
Exchange-traded(a)
177 (177)— 363 (352)11 
Total interest rate contracts272,045 (265,134)6,911 273,133 (264,989)8,144 
Credit contracts:
OTC14,658 (12,898)1,760 11,381 (10,133)1,248 
OTC–cleared3,521 (3,490)31 1,779 (1,765)14 
Total credit contracts18,179 (16,388)1,791 13,160 (11,898)1,262 
Foreign exchange contracts:
OTC153,805 (143,025)10,780 251,860 (238,292)13,568 
OTC–cleared915 (838)77 772 (678)94 
Exchange-traded(a)
15 (12)3 14 — 14 
Total foreign exchange contracts154,735 (143,875)10,860 252,646 (238,970)13,676 
Equity contracts:
OTC63,269 (50,010)13,259 44,394 (38,298)6,096 
Exchange-traded(a)
85,098 (83,046)2,052 49,578 (49,193)385 
Total equity contracts148,367 (133,056)15,311 93,972 (87,491)6,481 
Commodity contracts:
OTC11,109 (8,147)2,962 6,918 (5,206)1,712 
OTC–cleared81 (81)— 84 (84)— 
Exchange-traded(a)
5,275 (5,234)41 5,182 (4,919)263 
Total commodity contracts16,465 (13,462)3,003 12,184 (10,209)1,975 
Derivative payables with appropriate legal opinion
609,791 (571,915)37,876 
(d)
645,095 (613,557)31,538 
(d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained
8,527 8,527 8,123 8,123 
Total derivative payables recognized on the Consolidated balance sheets
$618,318 $46,403 $653,218 $39,661 
Collateral not nettable on the Consolidated balance sheets(b)(c)
(17,537)(10,163)
Net amounts
$28,866 $29,498 
(a)Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b)Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.
(c)Derivative collateral relates only to OTC and OTC-cleared derivative instruments.
(d)Net derivatives receivable included cash collateral netted of $51.1 billion and $51.9 billion at September 30, 2025 and December 31, 2024, respectively. Net derivatives payable included cash collateral netted of $54.9 billion and $60.8 billion at September 30, 2025 and December 31, 2024, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.
121

Liquidity risk and credit-related contingent features
Refer to Note 5 of JPMorganChase’s 2024 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at September 30, 2025 and December 31, 2024.
OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions)September 30, 2025December 31, 2024
Aggregate fair value of net derivative payables
$18,477 $15,371 
Collateral posted18,910 15,204 
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 September 30, 2025 and December 31, 2024, 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 rating threshold 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 payment 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
September 30, 2025December 31, 2024
(in millions)Single-notch downgradeTwo-notch downgradeSingle-notch downgradeTwo-notch downgrade
Amount of additional collateral to be posted upon downgrade(a)
$21 $132 $119 $1,205 
Amount required to settle contracts with termination triggers upon downgrade(b)
17 100 78 458 
(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.
122

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 nine months ended September 30, 2025 and 2024, 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 September 30, 2025
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$(43)$359 $316 $— $318 $— 
Foreign exchange(c)
413 (301)112 (208)112 49 
Commodity(d)
(604)651 47 — 39 — 
Total$(234)$709 $475 $(208)$469 $49 
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Three months ended September 30, 2024
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$353 $(91)$262 $— $195 $— 
Foreign exchange(c)
(668)744 76 (147)76 (27)
Commodity(d)
(37)84 47 — 47 — 
Total$(352)$737 $385 $(147)$318 $(27)
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Nine months ended September 30, 2025
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$36 $923 $959 $— $914 $— 
Foreign exchange(c)
930 (693)237 (509)237 76 
Commodity(d)
(1,880)2,061 181 — 136 — 
Total$(914)$2,291 $1,377 $(509)$1,287 $76 
Gains/(losses) recorded in income
Income statement impact of
excluded components(e)
OCI impact
Nine months ended September 30, 2024
(in millions)		DerivativesHedged itemsIncome statement impactAmortization approachChanges in fair value
Derivatives - Gains/(losses) recorded in OCI(f)
Contract type
Interest rate(a)(b)
$831 $(353)$478 $— $428 $— 
Foreign exchange(c)
(863)1,044 181 (394)181 (43)
Commodity(d)
165 (63)102 — 99 — 
Total$133 $628 $761 $(394)$708 $(43)
(a)Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.
(b)Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items.
(c)Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.
(d)Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.
(e)The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.
(f)Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.
123

As of September 30, 2025 and December 31, 2024, 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:
September 30, 2025
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$264,129 
(c)
$4,231 $(1,549)$2,682 
Liabilities
Long-term debt220,806 1,029 (9,007)(7,978)
Beneficial interests issued by consolidated VIEs5,886 39 1 40 
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, 2024
(in millions)
Active hedging relationships(d)
Discontinued hedging relationships(d)(e)
Total
Assets
Investment securities - AFS$203,141 
(c)
$(1,675)$(1,959)$(3,634)
Liabilities
Long-term debt211,288 (3,711)(9,332)(13,043)
Beneficial interests issued by consolidated VIEs5,312 (30)(5)(35)
(a)Excludes physical commodities with a carrying value of $4.4 billion and $6.2 billion at September 30, 2025 and December 31, 2024, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.
(b)Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At September 30, 2025 and December 31, 2024, the carrying amount excluded for AFS securities was $34.7 billion and $28.7 billion, respectively. At September 30, 2025 and December 31, 2024, the carrying amount excluded for long-term debt was $587 million and $518 million, respectively.
(c)Carrying amount represents the amortized cost, net of allowance if applicable. At September 30, 2025 and December 31, 2024, the amortized cost of the portfolio layer method closed portfolios was $97.6 billion and $72.8 billion, of which $72.0 billion and $41.2 billion was designated as hedged, respectively. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot starting and forward starting layers. At September 30, 2025 and December 31, 2024, the cumulative amount of basis adjustments was $391 million and $(1.7) billion, which is comprised of $1.2 billion and $(1.2) billion for active hedging relationships, and $(781) million and $(566) million for discontinued hedging relationships, respectively. Refer to Note 9 for additional information.
(d)Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.
(e)Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.
124

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 nine months ended September 30, 2025 and 2024, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended September 30, 2025
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI		Total change
in OCI for period
Contract type
Interest rate(a)
$(677)$(87)$590 
Foreign exchange(b)
(1)(177)(176)
Total$(678)$(264)$414 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended September 30, 2024
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(716)$2,071 $2,787 
Foreign exchange(b)
43 242 199 
Total$(673)$2,313 $2,986 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Nine months ended September 30, 2025
(in millions)
Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(1,928)$2,523 $4,451 
Foreign exchange(b)
37 222 185 
Total$(1,891)$2,745 $4,636 
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Nine months ended September 30, 2024
(in millions)		Amounts reclassified
from AOCI to income		Amounts recorded
in OCI
Total change
in OCI for period
Contract type
Interest rate(a)
$(1,998)$(330)$1,668 
Foreign exchange(b)
81 198 117 
Total$(1,917)$(132)$1,785 
(a)Primarily consists of hedges of SOFR-indexed floating-rate assets. Gains and losses were recorded in net interest income.
(b)Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.
The Firm did not experience any forecasted transactions that failed to occur for the three months ended September 30, 2025 and 2024.
Over the next 12 months, the Firm expects that approximately $(1.0) billion (after-tax) of net losses recorded in AOCI at September 30, 2025, 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 seven 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 ten years. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.
125

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 nine months ended September 30, 2025 and 2024.
Gains/(losses) recorded in income(a) and other comprehensive income/(loss)
20252024
Three months ended September 30,
(in millions)
Amounts recorded in
income(b)
Amounts recorded in OCI
Amounts recorded in
income(b)
Amounts recorded in OCI
Foreign exchange derivatives$160 $232 $151 $(2,487)
Gains/(losses) recorded in income(a) and other comprehensive income/(loss)
20252024
Nine months ended September 30,
(in millions)
Amounts recorded in
income(b)
Amounts recorded in OCI
Amounts recorded in
income(b)
Amounts recorded in OCI
Foreign exchange derivatives$312 $(6,115)$344 $(83)
(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 changes in fair value of these amounts are recorded in net interest income.
(b)Excludes amounts reclassified from AOCI to income associated with net investment hedges. The amounts reclassified for the three and nine months ended September 30, 2025 were not material. The Firm reclassified a net pre-tax gain of $36 million and $46 million to other income/expense during the three and nine months ended September 30, 2024, respectively. Refer to Note 19 for further information.
126

Gains and losses on derivatives used for specified risk management purposes
The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.
Derivatives gains/(losses)
recorded in income
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Contract type
Interest rate(a)
$(69)$122 $(58)$(123)
Credit(b)
(140)(143)(374)(424)
Foreign exchange(c)
(26)4 82 32 
Equity(d)
(17)— (9)— 
Total$(252)$(17)$(359)$(515)
(a)Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.
(b)Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.
(c)Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.
(d)Gains and losses were recorded in principal transactions revenue.
Gains and losses on derivatives related to market-making activities and other derivatives
The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.





























127

Credit derivatives
Refer to Note 5 of JPMorganChase’s 2024 Form 10-K for a more detailed discussion of credit derivatives. The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of September 30, 2025 and December 31, 2024. 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
September 30, 2025
(in millions)		Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
Credit derivatives
Credit default swaps$(774,698)$827,151 $52,453 $7,422 
Other credit derivatives(a)
(238,711)291,603 52,892 25,021 
Total credit derivatives(1,013,409)1,118,754 105,345 32,443 
Credit-related notes(b)
— — — 12,780 
Total$(1,013,409)$1,118,754 $105,345 $45,223 
Maximum payout/Notional amount
December 31, 2024
(in millions)		Protection sold
Protection purchased with identical underlyings(c)
Net protection (sold)/purchased(d)
Other protection purchased(e)
Credit derivatives
Credit default swaps$(450,184)$474,554 $24,370 $6,858 
Other credit derivatives(a)
(110,913)137,927 27,014 

10,169 
Total credit derivatives(561,097)612,481 51,384 17,027 
Credit-related notes(b)
— — — 10,471 
Total$(561,097)$612,481 $51,384 $27,498 
(a)Other credit derivatives predominantly consist of credit swap options and total return swaps.
(b)Predominantly represents Other protection purchased by CIB.
(c)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.
(d)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.
(e)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. Also includes credit protection against certain loans and lending-related commitments in the retained lending portfolio through the issuance of credit derivatives and credit-related notes.

128

The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of September 30, 2025 and December 31, 2024, where JPMorganChase 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 where JPMorganChase is the purchaser of protection are comparable to the profile reflected below.
Protection sold — credit derivatives ratings(a)/maturity profile
September 30, 2025
(in millions)		<1 year1–5 years>5 yearsTotal notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(245,975)$(391,797)$(141,841)$(779,613)$5,484 $(913)$4,571 
Noninvestment-grade(57,136)(124,772)(51,888)(233,796)3,772 (1,841)1,931 
Total$(303,111)$(516,569)$(193,729)$(1,013,409)$9,256 $(2,754)$6,502 
December 31, 2024
(in millions)		<1 year1–5 years>5 yearsTotal notional amount
Fair value of receivables(b)
Fair value of payables(b)
Net fair value
Risk rating of reference entity
Investment-grade$(135,950)$(277,052)$(33,379)$(446,381)$4,593 $(904)$3,689 
Noninvestment-grade(42,149)(70,525)(2,042)(114,716)1,889 (1,738)151 
Total$(178,099)$(347,577)$(35,421)$(561,097)$6,482 $(2,642)$3,840 
(a)The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.
(b)Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.
129

Note 5 – Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorganChase’s 2024 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.
Investment banking fees
The following table presents the components of investment banking fees.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Underwriting
Equity$528 $344 $1,318 $1,192 
Debt1,154 1,040 3,504 3,073 
Total underwriting1,682 1,384 4,822 4,265 
Advisory930 847 2,467 2,224 
Total investment banking fees
$2,612 $2,231 $7,289 $6,489 
Principal transactions
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.
Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Trading revenue by instrument type
Interest rate(a)
$1,303 $711 $3,645 $2,717 
Credit(b)
164 319 601 1,457 
Foreign exchange1,186 1,259 4,158 3,872 
Equity3,999 3,342 12,009 10,720 
Commodity468 359 1,475 805 
Total trading revenue7,120 5,990 21,888 19,571 
Private equity gains/(losses)
(11)(2)(16)21 
Principal transactions
$7,109 $5,988 $21,872 $19,592 

(a)Includes the impact of changes in funding valuation adjustments on derivatives.
(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.
Lending- and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Lending-related fees(a)
$554 $542 $1,647 $1,663 
Deposit-related fees1,795 1,382 5,082 3,991 
Total lending- and deposit-related fees
$2,349 $1,924 $6,729 $5,654 
(a)Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic, predominantly in AWM and CIB. The discount, which is deferred in other liabilities and recognized on a straight-line basis over the commitment period, continues to decline as commitments expire.
Deposit-related fees include the impact of credits earned by clients that reduce such fees.
Asset management fees
The following table presents the components of asset management fees.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Asset management fees
Investment management fees$5,015 $4,381 $14,326 $12,650 
All other asset management fees
105 98 300 277 
Total asset management fees
$5,120 $4,479 $14,626 $12,927 
Commissions and other fees
The following table presents the components of commissions and other fees.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Commissions and other fees
Brokerage commissions and fees
$917 $785 $2,765 $2,336 
Administration fees
713 660 2,037 1,874 
All other commissions and fees (a)
574 491 1,629 1,455 
Total commissions and other fees$2,204 $1,936 $6,431 $5,665 
(a)Includes annuity sales commissions, depositary receipt-related service fees and travel-related sales commissions, as well as other service fees, which are recognized as revenue when the services are rendered.

130

Mortgage fees and related income: refer to Note 14 for additional information.
Card income
The following table presents the components of card income.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Interchange and merchant processing income
$9,218 $8,543 $26,775 $24,894 
Rewards costs and partner payments(7,614)(6,833)(21,749)(19,793)
All other(a)
(464)(365)(1,326)(1,206)
Total card income
$1,140 $1,345 $3,700 $3,895 
(a)Predominantly represents the amortization of account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12-month period.
Other income
The following table presents certain components of other income.
Three months ended September 30,Nine months ended September 30,
 
(in millions)		2025202420252024
Operating lease income$990 $706 $2,720 $2,067 
Gain on Visa shares
— — — 7,990 
(b)
First Republic-related gains(a)
— — 628 103 
(a)Relates to the settlement of outstanding items with the FDIC in 2025, and adjustments to the estimated bargain purchase gain associated with the acquisition in 2024.
(b)Relates to the initial gain recognized on May 6, 2024 on the Visa C shares. Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for additional information.
Refer to Note 16 for information on operating lease income included within other income.
First Republic-related gain: On January 17, 2025, the Firm reached an agreement with the FDIC with respect to certain outstanding items related to the First Republic acquisition. As a result of the agreement, the Firm made a payment of $609 million to the FDIC on January 31, 2025 and reduced its additional payable to the FDIC, which resulted in a gain of $588 million recorded in other income in the first quarter of 2025. In addition, as of June 30, 2025, all outstanding matters between the Firm and the FDIC related to the final settlement of the purchase price for the First Republic acquisition had been resolved. Refer to Note 34 on pages 319–321 of the Firm’s 2024 Form 10-K for additional information.

Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income includes the following:
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Legal expense$62 $259 $301 $504 
FDIC-related expense
258 312 549 
(a)
1,576 
(a)
Operating losses301 397 1,001 1,019 
Contribution of Visa shares
— — — 1,000 (b)
(a)Included an FDIC special assessment accrual release of $437 million and an accrual increase of $725 million for the nine months ended September 30, 2025 and 2024, respectively.
(b)Represents the contribution of a portion of Visa C shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for additional information.

131

Note 6 – Interest income and interest expense
Refer to Note 7 of JPMorganChase’s 2024 Form 10-K for a description of JPMorganChase’s accounting policies regarding interest income and interest expense.
The following table presents the components of interest income and interest expense.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Interest income
Loans(a)
$24,025 $23,509 $69,494 $69,281 
Taxable securities7,135 5,849 19,806 15,844 
Non-taxable securities(b)
294 298 837 923 
Total investment securities(a)
7,429 6,147 20,643 16,767 
Trading assets - debt instruments6,284 5,613 18,139 15,198 
Federal funds sold and securities purchased under resale agreements4,531 5,226 13,325 14,262 
Securities borrowed2,163 2,478 6,681 6,821 
Deposits with banks2,946 5,366 10,480 17,811 
All other interest-earning assets(c)
2,061 2,077 5,771 6,227 
Total interest income$49,439 $50,416 $144,533 $146,367 
Interest expense
Interest-bearing deposits$11,633 $12,914 $34,111 $37,569 
Federal funds purchased and securities loaned or sold under repurchase agreements6,043 5,733 17,197 14,810 
Short-term borrowings590 542 1,732 1,579 
Trading liabilities – debt and all other interest-bearing liabilities(d)
2,316 2,632 6,685 7,872 
Long-term debt4,558 4,838 13,434 14,236 
Beneficial interest issued by consolidated VIEs333 352 926 1,068 
Total interest expense$25,473 $27,011 $74,085 $77,134 
Net interest income$23,966 $23,405 $70,448 $69,233 
Provision for credit losses3,403 3,111 9,557 8,047 
Net interest income after provision for credit losses$20,563 $20,294 $60,891 $61,186 
(a)Includes the amortization and accretion of purchase premiums and discounts, as well as net deferred fees and costs on loans.
(b)Represents securities that are tax-exempt for U.S. federal income tax purposes.
(c)Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.
(d)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.

132

Note 7 – Pension and other postretirement employee benefit plans
Refer to Note 8 of JPMorganChase’s 2024 Form 10-K for a discussion of JPMorganChase’s pension and OPEB plans.
The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Total net periodic defined benefit plan credit
$(67)$(114)$(195)$(342)
Total defined contribution plans
506 461 1,454 1,292 
Total pension and OPEB cost included in noninterest expense
$439 $347 $1,259 $950 
As of September 30, 2025 and December 31, 2024, the fair values of plan assets for the Firm’s significant defined benefit pension and OPEB plans were $23.4 billion and $22.2 billion, respectively.
133

Note 8 – Employee share-based incentives
Refer to Note 9 of JPMorganChase’s 2024 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.
The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Cost of prior grants of restricted stock units (“RSUs”), performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods$348 $359 $1,152 $1,224 
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees562 490 1,770 1,507 
Total noncash compensation expense related to employee share-based incentive plans$910 $849 $2,922 $2,731 
In the first quarter of 2025, in connection with its annual incentive grant for the 2024 performance year, the Firm granted 12 million RSUs and 462 thousand PSUs with weighted-average grant date fair values of $259.74 per RSU and $261.10 per PSU.
134

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 September 30, 2025, the investment securities portfolio consisted of debt securities with an average credit rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).
During the third quarter of 2025, the Firm transferred $44.1 billion of investment securities from AFS to HTM for asset-liability management purposes. AOCI included pretax unrealized gains of $575 million on the securities at the date of transfer.
Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization will offset the effect on interest income of the amortization of the premium or discount resulting from the transfer recorded at fair value.
Transfers of securities between AFS and HTM are non-cash transactions.
Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for additional information regarding the investment securities portfolio.
135

The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
September 30, 2025December 31, 2024
(in millions)
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair value
Amortized cost(c)(d)
Gross unrealized gainsGross unrealized lossesFair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies$93,325 $1,048 $2,520 $91,853 $95,671 $251 $4,029 $91,893 
Residential:
U.S.5,573 39 24 5,588 4,242 16 50 4,208 
Non-U.S.429 2 — 431 600 3 — 603 
Commercial4,512 49 40 4,521 4,115 20 70 4,065 
Total mortgage-backed securities103,839 1,138 2,584 102,393 104,628 290 4,149 100,769 
U.S. Treasury and government agencies300,064 1,922 100 301,886 235,495 545 1,261 234,779 
Obligations of U.S. states and municipalities20,817 111 960 19,968 18,337 110 534 17,913 
Non-U.S. government debt securities44,516 148 385 44,279 36,655 94 504 36,245 
Corporate debt securities124 1 — 125 71 — 1 70 
Asset-backed securities:
Collateralized loan obligations19,692 63 1 19,754 14,887 59 3 14,943 
Other2,076 25 7 2,094 2,125 17 9 2,133 
Unallocated portfolio layer fair value basis adjustments(a)
1,172 (1,172)— NA(1,153)— (1,153)NA
Total available-for-sale securities492,300 2,236 4,037 490,499 

411,045 1,115 5,308 406,852 
Held-to-maturity securities(b)
Mortgage-backed securities:
U.S. GSEs and government agencies91,146 47 9,939 81,254 97,177 6 13,531 83,652 
U.S. Residential7,792 5 642 7,155 8,605 4 904 7,705 
Commercial7,222 18 248 6,992 8,817 24 389 8,452 
Total mortgage-backed securities106,160 70 10,829 95,401 114,599 34 14,824 99,809 
U.S. Treasury and government agencies148,837 37 7,144 141,730 108,632 — 11,212 97,420 
Obligations of U.S. states and municipalities8,881 12 696 8,197 9,310 32 631 8,711 
Asset-backed securities:
Collateralized loan obligations28,483 41 11 28,513 40,573 84 14 40,643 
Other1,085 2 23 1,064 1,354 2 39 1,317 
Total held-to-maturity securities293,446 162 18,703 274,905 274,468 152 26,720 247,900 
Total investment securities, net of allowance for credit losses$785,746 $2,398 $22,740 $765,404 $685,513 $1,267 $32,028 $654,752 
(a)Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 4 for additional information.
(b)The Firm purchased $1.6 billion and $4.8 billion of HTM securities for the three and nine months ended September 30, 2025, respectively, and $1.4 billion and $2.4 billion for the three and nine months ended September 30, 2024, respectively.
(c)The amortized cost of investment securities is reported net of allowance for credit losses of $105 million and $152 million at September 30, 2025 and December 31, 2024, respectively.
(d)Excludes $4.8 billion and $3.7 billion of accrued interest receivable at September 30, 2025 and December 31, 2024, respectively. The Firm did not reverse through interest income any accrued interest receivable for the three and nine months ended September 30, 2025 and 2024. Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities.
136

AFS securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at September 30, 2025 and December 31, 2024. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $2.6 billion and $5.3 billion, at September 30, 2025 and December 31, 2024, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
September 30, 2025
(in millions)		Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.
$2 $— $924 $24 $926 $24 
Non-U.S.— — 21 — 21 — 
Commercial421 — 768 40 1,189 40 
Total mortgage-backed securities423 — 1,713 64 2,136 64 
Obligations of U.S. states and municipalities11,905 558 3,583 402 15,488 960 
Non-U.S. government debt securities12,559 87 7,001 298 19,560 385 
Corporate debt securities— — — — — — 
Asset-backed securities:
Collateralized loan obligations584 — 163 1 747 1 
Other161 — 132 7 293 7 
Total available-for-sale securities with gross unrealized losses
$25,632 

$645 $12,592 $772 $38,224 $1,417 
Available-for-sale securities with gross unrealized losses
Less than 12 months12 months or more
December 31, 2024
(in millions)		Fair valueGross
unrealized losses		Fair valueGross
unrealized losses		Total fair valueTotal gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S.$1,505 $6 $925 $44 $2,430 $50 
Non-U.S.— — 30 — 30 — 
Commercial763 8 1,184 62 1,947 70 
Total mortgage-backed securities2,268 14 2,139 106 4,407 120 
Obligations of U.S. states and municipalities10,037 233 2,412 301 12,449 534 
Non-U.S. government debt securities14,234 234 4,184 270 18,418 504 
Corporate debt securities9 — 30 1 39 1 
Asset-backed securities:
Collateralized loan obligations2 — 375 3 377 3 
Other214 1 200 8 414 9 
Total available-for-sale securities with gross unrealized losses$26,764 

$482 $9,340 $689 $36,104 $1,171 

137

HTM securities – credit risk
Credit quality indicator
The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both September 30, 2025 and December 31, 2024, all HTM securities were rated investment grade and were current and accruing, with approximately 99% rated at least AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).
Allowance for credit losses on investment securities
The allowance for credit losses on investment securities as of September 30, 2025 was $105 million, which included the impact of a $17 million reduction in allowance related to a sale of a corporate debt security in the first quarter of 2025. As of September 30, 2024, the allowance for credit losses in investment securities was $175 million.
Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for further discussion of accounting policies for AFS and HTM securities.
Selected impacts of investment securities on the Consolidated statements of income
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Realized gains$248 $298 $487 $535 
Realized losses(143)(314)(473)(1,464)
Investment securities gains/(losses)
$105 $(16)$14 $(929)
Provision for credit losses$(3)$(2)$(30)$47 
138

Contractual maturities and yields
The following table presents the amortized cost and estimated fair value at September 30, 2025, of JPMorganChase’s investment securities portfolio by contractual maturity.
By remaining maturity
September 30, 2025 (in millions)
Due in one
year or less		Due after one year through five yearsDue after five years through 10 years
Due after
10 years(c)
Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost$1,688 $11,105 $4,952 $86,096 $103,841 
Fair value1,677 11,252 5,012 84,452 102,393 

Average yield(a)
3.18 %4.74 %4.93 %4.68 %4.68 %
U.S. Treasury and government agencies
Amortized cost$28,716 $209,735 $55,304 $6,309 $300,064 
Fair value28,754 211,078 55,571 6,483 301,886 
Average yield(a)
4.38 %4.29 %4.50 %5.00 %4.35 %
Obligations of U.S. states and municipalities
Amortized cost$1 $11 $101 $20,704 $20,817 
Fair value1 11 101 19,855 19,968 

Average yield(a)
3.47 %3.87 %4.39 %5.22 %5.22 %
Non-U.S. government debt securities
Amortized cost$11,184 $17,483 $9,861 $5,988 $44,516 
Fair value11,190 17,499 9,737 5,853 44,279 
Average yield(a)
3.67 %4.10 %3.21 %3.86 %3.76 %
Corporate debt securities
Amortized cost$49 $108 $— $— $157 
Fair value16 109 — — 125 
Average yield(a)
17.50 %14.54 %— %— %15.46 %
Asset-backed securities
Amortized cost$4 $360 $1,066 $20,338 $21,768 
Fair value4 362 1,071 20,411 21,848 

Average yield(a)
5.30 %5.76 %5.82 %5.42 %5.45 %
Total available-for-sale securities
Amortized cost(b)
$41,642 $238,802 $71,284 $139,435 $491,163 
Fair value41,642 240,311 71,492 137,054 490,499 

Average yield(a)
4.16 %4.30 %4.37 %4.85 %4.46 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost$894 $8,305 $6,315 $90,686 $106,200 
Fair value879 7,878 5,767 80,877 95,401 
Average yield(a)
1.54 %2.57 %3.00 %2.92 %2.89 %
U.S. Treasury and government agencies
Amortized cost$30,075 $75,721 $43,041 $— $148,837 
Fair value29,789 73,840 38,101 — 141,730 
Average yield(a)
0.72 %3.05 %1.30 %— %2.07 %
Obligations of U.S. states and municipalities
Amortized cost$— $44 $303 $8,564 $8,911 
Fair value— 40 284 7,873 8,197 
Average yield(a)
— %4.64 %3.30 %3.92 %3.91 %
Asset-backed securities
Amortized cost$— $186 $16,374 $13,008 $29,568 
Fair value— 185 16,380 13,012 29,577 
Average yield(a)
— %3.82 %4.78 %4.99 %4.87 %
Total held-to-maturity securities
Amortized cost(b)
$30,969 $84,256 $66,033 $112,258 $293,516 
Fair value30,668 81,943 60,532 101,762 274,905 
Average yield(a)
0.75 %3.00 %2.33 %3.24 %2.70 %
(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, including closed portfolio hedges. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.
(b)For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $35 million and the portfolio layer fair value hedge basis adjustments of $1.2 billion at September 30, 2025. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $70 million at September 30, 2025.
(c)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 seven years for agency residential MBS, six years for agency residential collateralized mortgage obligations, and five years for nonagency residential collateralized mortgage obligations.
139

Note 10 – Securities financing activities
Refer to Note 11 of JPMorganChase’s 2024 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities financing agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.
The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of September 30, 2025 and December 31, 2024. 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. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.
September 30, 2025
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$698,751 $(272,985)$425,766 $(415,517)$10,249 
Securities borrowed
315,157 (66,789)248,368 (203,871)44,497 
Liabilities
Securities sold under repurchase agreements$826,035 $(272,985)$553,050 $(521,291)$31,759 
Securities loaned and other(a)
89,278 (66,790)22,488 (22,345)143 
December 31, 2024
(in millions)Gross amountsAmounts netted on the Consolidated balance sheetsAmounts presented on the Consolidated balance sheets
Amounts not nettable on the Consolidated balance sheets(b)
Net
amounts(c)
Assets
Securities purchased under resale agreements
$607,154 $(312,183)$294,971 $(282,220)$12,751 
Securities borrowed
267,917 (48,371)219,546 (170,702)48,844 
Liabilities
Securities sold under repurchase agreements$603,683 $(312,183)$291,500 $(249,763)$41,737 
Securities loaned and other(a)
58,989 (48,371)10,618 (10,557)61 
(a)Includes securities-for-securities lending agreements of $8.1 billion and $5.9 billion at September 30, 2025 and December 31, 2024, respectively, accounted for at fair value, where the Firm is acting as lender.
(b)In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.
(c)Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At September 30, 2025 and December 31, 2024, included $5.7 billion and $8.7 billion, respectively, of securities purchased under resale agreements; $38.3 billion and $42.9 billion, respectively, of securities borrowed; $30.8 billion and $40.9 billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material.
140

The tables below present as of September 30, 2025 and December 31, 2024 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
Gross liability balance
September 30, 2025December 31, 2024
 (in millions)Securities sold under repurchase agreementsSecurities loaned and otherSecurities sold under repurchase agreementsSecurities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies$123,264 $— $82,645 $— 
Residential - nonagency2,044 — 2,610 — 
Commercial - nonagency2,246 — 2,344 — 
U.S. Treasury, GSEs and government agencies395,629 675 300,022 759 
Obligations of U.S. states and municipalities1,937 — 1,872 — 
Non-U.S. government debt192,307 2,803 117,614 1,852 
Corporate debt securities62,174 4,245 44,495 4,033 
Asset-backed securities5,546 — 4,619 — 
Equity securities40,888 81,555 47,462 52,345 
Total
$826,035 $89,278 $603,683 $58,989 
Remaining contractual maturity of the agreements
September 30, 2025
(in millions)		Overnight and continuousUp to 30 days30 – 90 daysGreater than
90 days		Total
Total securities sold under repurchase agreements$422,773 $267,293 $28,134 $107,835 $826,035 
Total securities loaned and other78,188 1,195 2 9,893 89,278 
Remaining contractual maturity of the agreements
December 31, 2024
(in millions)		Overnight and continuousUp to 30 days30 – 90 daysGreater than
90 days		Total
Total securities sold under repurchase agreements$308,392 $171,346 $19,932 $104,013 $603,683 
Total securities loaned and other54,066 1,463 1 3,459 58,989 
Transfers not qualifying for sale accounting
At September 30, 2025 and December 31, 2024, the Firm held $969 million and $805 million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded primarily in short-term borrowings and long-term debt on the Consolidated balance sheets.
141

Note 11 – Loans
Loan accounting framework
The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:
•Originated or purchased loans held-for-investment (i.e., “retained”)
•Loans held-for-sale
•Loans at fair value
Refer to Note 12 of JPMorganChase's 2024 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.
Loan portfolio
The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.
Consumer, excluding
credit card		Credit card
Wholesale(c)(d)
• Residential real estate(a)
• Auto and other(b)
• Credit card loans
• Secured by real estate
• Commercial and industrial
• Other(e)
(a)Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB.
(b)Includes scored auto, business banking and consumer unsecured loans as well as overdrafts, primarily in CCB.
(c)Includes loans held in CIB, AWM, Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.
(d)The wholesale portfolio segment's classes align with loan classifications as defined by the Federal Reserve Board ("FRB") in effect at each period presented, based on the loan's collateral, purpose, and type of borrower.
(e)Includes loans to financial institutions, SPEs, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 of JPMorganChase’s 2024 Form 10-K for more information on SPEs.
The following tables summarize the Firm’s loan balances by portfolio segment.
September 30, 2025
(in millions)
Consumer, excluding credit cardCredit cardWholesale
Total(a)(b)
Retained$369,859 $235,475 $764,451 $1,369,785 
Held-for-sale384 — 10,391 10,775 
At fair value22,841 — 31,845 

54,686 
Total$393,084 $235,475 $806,687 $1,435,246 
December 31, 2024
(in millions)
Consumer, excluding credit cardCredit cardWholesale
Total(a)(b)
Retained$376,334 $232,860 $690,396 $1,299,590 
Held-for-sale945 — 6,103 7,048 
At fair value15,531 — 25,819 41,350 
Total$392,810 $232,860 $722,318 $1,347,988 
(a)Excludes $6.9 billion and $6.6 billion of accrued interest receivables at September 30, 2025 and December 31, 2024, respectively. The Firm wrote off accrued interest receivables of $22 million and $85 million for the three and nine months ended September 30, 2025, respectively, and were not material for the three and nine months ended September 30, 2024.
(b)Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs, which were not material as of September 30, 2025 and December 31, 2024. Refer to Note 34 of JPMorganChase’s 2024 Form 10-K for more information on the discount associated with First Republic loans.
142

The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.
20252024
Three months ended September 30,
(in millions)		Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding
credit card		Credit cardWholesaleTotal
Purchases$232 
(b)(c)
$— $1,240 $1,472 $180 
(b)(c)
$— $668 $848 
Sales1,957 — 12,016 13,973 2,474 — 10,488 12,962 
Retained loans reclassified to held-for-sale(a)
45 — 161 206 330 

— 131 461 
20252024
Nine months ended September 30,
(in millions)
Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding
credit card		Credit cardWholesaleTotal
Purchases$517 
(b)(c)
$— $1,573 $2,090 $536 
(b)(c)
$— $1,022 $1,558 
Sales1,957 — 37,096 39,053 10,440 — 31,024 41,464 
Retained loans reclassified to held-for-sale(a)
276 — 948 1,224 1,499 — 679 2,178 
(a)Reclassifications of loans to held-for-sale are non-cash transactions.
(b)Includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.
(c)Excludes purchases of retained loans of $1.4 billion and $181 million for the three months ended September 30, 2025 and 2024, respectively, and $2.4 billion and $465 million for the nine months ended September 30, 2025 and 2024, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.
Gains and losses on sales of loans
The following table provides information on the net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value), which were recognized in noninterest revenue. 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.
Three months ended September 30,Nine months ended September 30,

(in millions)		2025202420252024
Net gains/(losses) on sales of loans and lending-related commitments (a)
$113 $65 $156 $125 
(a)Includes $59 million and $47 million related to loans for the three months ended September 30, 2025 and 2024, respectively, and $96 million and $80 million for the nine months ended September 30, 2025 and 2024, respectively.
143

Consumer, excluding credit card loan portfolio
Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. These loans include 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)September 30,
2025		December 31,
2024
Residential real estate$303,836 $309,513 
Auto and other66,023 66,821 
Total retained loans$369,859 $376,334 
Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorganChase's 2024 Form 10-K for further information on consumer credit quality indicators.
144

Residential real estate
Delinquency is the primary credit quality indicator for retained residential real estate loans. The following tables provide information on delinquency and gross charge-offs.
As of or for the nine months ended September 30, 2025
(in millions, except ratios)
Term loans by origination year(c)
Revolving loansTotal
20252024202320222021Prior to 2021Within the revolving periodConverted to term loans
Loan delinquency(a)
Current
$14,777 $10,772 $15,077 $58,159 $76,062 $113,250 $6,630 $6,389 $301,116 
30–149 days past due
1 28 54 149 146 723 39 183 1,323 
150 or more days past due
— 8 62 274 227 703 12 111 1,397 
Total retained loans
$14,778 $10,808 $15,193 $58,582 $76,435 $114,676 $6,681 $6,683 $303,836 
% of 30+ days past due to total retained loans(b)
0.01 %0.33 %0.76 %0.72 %0.49 %1.23 %0.76 %4.40 %0.89 %
Gross charge-offs$— $1 $2 $5 $5 $7 $18 $4 $42 
Term loans by origination year(c)
Revolving loansTotal
As of or for the year
ended December 31, 2024
(in millions, except ratios)
20242023202220212020Prior to 2020Within the revolving periodConverted to term loans
Loan delinquency(a)
Current$12,301$17,280$61,337$79,760$52,289$70,270$6,974$7,088$307,299
30–149 days past due
135413911059747532041,379
150 or more days past due
—117168495018127835
Total retained loans
$12,314$17,345$61,547$79,938$52,397$71,518$7,035$7,419$309,513
% of 30+ days past due to total retained loans(b)
0.11 %0.37 %0.34 %0.22 %0.21 %1.72 %0.87 %4.46 %0.71 %
Gross charge-offs
$— $— $1 $1 $— $176 $21 $7 $206 
(a)Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at September 30, 2025 and December 31, 2024.
(b)Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at September 30, 2025 and December 31, 2024. These amounts have been excluded based upon the government guarantee.
(c)Purchased loans are included in the year in which they were originated.
Approximately 37% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.
145

Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.
(in millions, except weighted-average data) September 30, 2025December 31, 2024
Nonaccrual loans(a)(b)(c)(d)
$3,711 $2,984 
Current estimated LTV ratios(e)(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660$55 $72 
Less than 6603 3 
101% to 125% and refreshed FICO scores:
Equal to or greater than 660211 161 
Less than 66018 5 
80% to 100% and refreshed FICO scores:
Equal to or greater than 6608,375 4,962 
Less than 660129 73 
Less than 80% and refreshed FICO scores:
Equal to or greater than 660286,009 294,797 
Less than 6608,370 8,534 
No FICO/LTV available(h)
666 906 
Total retained loans
$303,836 $309,513 
Weighted-average LTV ratio(e)(i)
46 %47 %
Weighted-average FICO(f)(i)
774 774 
Geographic region(h)(j)
California$117,880 $120,944 
New York46,333 46,854 
Florida21,735 21,820 
Texas14,379 14,531 
Massachusetts13,131 13,511 
Colorado10,412 10,465 
Washington9,366 9,372 
Illinois9,294 9,835 
New Jersey7,431 7,554 
Connecticut6,833 6,854 
All other47,042 47,773 
Total retained loans
$303,836 $309,513 
(a)Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual loans, regardless of their delinquency status. At September 30, 2025, approximately 9% of Chapter 7 residential real estate loans were 30 days or more past due.
(b)Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at September 30, 2025 and December 31, 2024.
(c)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.
(d)Interest income on nonaccrual loans recognized on a cash basis was $35 million and $38 million and $109 million and $123 million for the three and nine months ended September 30, 2025 and 2024, respectively.
(e)Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(f)Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(g)Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality.
(h)Included U.S. government-guaranteed loans as of September 30, 2025 and December 31, 2024.
(i)Excludes loans with no FICO and/or LTV data available.
(j)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2025.



146

Loan modifications
The Firm grants certain modifications of residential real estate loans to borrowers experiencing financial difficulty. The Firm's proprietary modification programs as well as government programs, including U.S. GSE programs, that generally provide various modifications to borrowers experiencing financial difficulty including, but not limited to, interest rate reductions, term extensions, other-than-insignificant payment deferral and principal forgiveness that would otherwise have been required under the terms of the original agreement, are considered FDMs. Refer to Note 12 of JPMorganChase's 2024 Form 10-K for further information.
Financial effects of FDMs
For the three and nine months ended September 30, 2025, retained residential real estate FDMs were $135 million and $1.0 billion, respectively, which included $77 million and $894 million, respectively, of FDMs in the form of other-than-insignificant payment deferrals. These other-than-insignificant payment deferrals were driven by forbearances granted to certain borrowers impacted by the wildfires in Los Angeles County, California in January 2025 who were granted a second 90-day forbearance arrangement.
For the three months ended September 30, 2025, the financial effects of the remaining FDMs, which were predominantly in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by 17 years, and reducing the weighted-average contractual interest rate from 7.16% to 6.53%.
For the nine months ended September 30, 2025, the financial effects of the remaining FDMs, which were largely in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by 17 years, and reducing the weighted-average contractual interest rate from 7.09% to 6.15%.
For the three and nine months ended September 30, 2024, retained residential real estate FDMs were $74 million and $188 million, respectively. The financial effects of the FDMs, which were predominantly in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by 8 years for both periods, and reducing the weighted-average contractual interest rate from 7.78% to 5.78% and 7.81% to 5.37% for the three and nine months ended September 30, 2024, respectively.
As of September 30, 2025, additional unfunded commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs were not material, while there were no additional unfunded commitments as of December 31, 2024.

For the three and nine months ended September 30, 2025 and 2024, loans subject to a trial modification, where the terms of the loans have not been permanently modified, and Chapter 7 loans were not material.
Payment status of FDMs
The following table provides information on the payment status of retained residential real estate FDMs during the twelve months ended September 30, 2025 and 2024.

(in millions)		Amortized cost basis
Twelve months ended September 30,
20252024
Current
$356 $143 
30-149 days past due
76 45 
150 or more days past due
630 23 
Total $1,062 $211 
Defaults of FDMs
Retained residential real estate FDMs that defaulted during the three and nine months ended September 30, 2025 and were reported as FDMs in the twelve months prior to the default were not material. FDMs that defaulted during the three and nine months ended September 30, 2024 and were reported as FDMs in the twelve months prior to the default were $44 million and $74 million, respectively.
Active and suspended foreclosure
At September 30, 2025 and December 31, 2024, the Firm had retained residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $541 million and $576 million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.
147

Auto and other
Delinquency is the primary credit quality indicator for retained auto and other loans. The following tables provide information on delinquency and gross charge-offs.
As of or for the nine months ended September 30, 2025
(in millions, except ratios)
Term loans by origination yearRevolving loans
20252024202320222021Prior to 2021Within the revolving periodConverted to term loansTotal
Loan delinquency
Current
$21,022 $18,306 $10,900 $5,852 $3,813 $1,282 $3,732 $174 $65,081 
30–119 days past due117 171 219 178 108 30 33 45 901 
120 or more days past due— 1 1 — 1 2 3 33 41 
Total retained loans$21,139 $18,478 $11,120 $6,030 $3,922 $1,314 $3,768 $252 $66,023 
% of 30+ days past due to total retained loans
0.55 %0.93 %1.98 %2.95 %2.75 %2.36 %0.96 %30.95 %1.42 %
Gross charge-offs$153 $180 $190 $123 $56 $64 $— $6 $772 
As of or for the year
ended December 31, 2024
(in millions, except ratios)
Term loans by origination yearRevolving loans
20242023202220212020Prior to 2020Within the revolving periodConverted to term loansTotal
Loan delinquency
Current
$26,165 $15,953 $9,201 $7,014 $2,895 $624 $3,714 $148 $65,714 
30–119 days past due190 283 259 179 53 23 40 34 1,061 
120 or more days past due1 1 — 5 6 — 3 30 46 
Total retained loans$26,356 $16,237 $9,460 $7,198 $2,954 $647 $3,757 $212 $66,821 
% of 30+ days past due to total retained loans
0.72 %1.75 %2.74 %2.50 %1.76 %3.55 %1.14 %30.19 %1.64 %
Gross charge-offs$269 $348 $224 $126 $37 $82 $1 $6 $1,093 


148

Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and geographic region as a credit quality indicator for retained auto and other consumer loans.
(in millions)Total Auto and other
September 30, 2025December 31, 2024
Nonaccrual loans(a)(b)
$243 $249 
Geographic region(c)
California$10,101 $10,321 
Texas7,996 7,772 
Florida5,429 5,428 
New York4,833 4,905 
Illinois2,867 2,890 
New Jersey2,399 2,468 
Pennsylvania2,043 2,012 
Georgia1,707 1,716 
Arizona1,614 1,643 
North Carolina1,590 1,597 
All other25,444 26,069 
Total retained loans$66,023 $66,821 
(a)Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.
(b)Interest income on nonaccrual loans recognized on a cash basis was not material for the three and nine months ended September 30, 2025 and 2024.
(c)The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at September 30, 2025.


Loan modifications
The Firm grants certain modifications of auto and other loans to borrowers experiencing financial difficulty.
For the three and nine months ended September 30, 2025 and 2024, retained auto and other FDMs were not material.
As of September 30, 2025 and December 31, 2024, there were no additional unfunded commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs.

149

Credit card loan portfolio
The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.
Refer to Note 12 of JPMorganChase's 2024 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.
The following tables provide information on delinquency and gross charge-offs.
As of or for the nine months ended September 30, 2025
(in millions, except ratios)
Within the revolving periodConverted to term loansTotal
Loan delinquency
Current and less than 30 days past due and still accruing$228,457 $1,976 $230,433 
30–89 days past due and still accruing
2,353 166 2,519 
90 or more days past due and still accruing
2,441 82 2,523 
Total retained loans$233,251 $2,224 $235,475 
Loan delinquency ratios
% of 30+ days past due to total retained loans
2.06 %11.15 %2.14 %
% of 90+ days past due to total retained loans
1.05 3.69 1.07 
Gross charge-offs$6,621 $244 $6,865 
As of or for the year ended December 31, 2024
(in millions, except ratios)
Within the revolving periodConverted to term loansTotal
Loan delinquency
Current and less than 30 days past due and still accruing$226,532 $1,284 $227,816 
30–89 days past due and still accruing
2,291 109 2,400 
90 or more days past due and still accruing
2,591 53 2,644 
Total retained loans$231,414 $1,446 $232,860 
Loan delinquency ratios
% of 30+ days past due to total retained loans
2.11 %11.20 %2.17 %
% of 90+ days past due to total retained loans
1.12 3.67 1.14 
Gross charge-offs$7,951 $247 $8,198 
Other credit quality indicators
The following table provides information on other credit quality indicators for retained credit card loans.
(in millions, except ratios)September 30, 2025December 31, 2024
Geographic region(a)
California$36,654 $36,385 
Texas24,938 24,423 
New York18,807 18,525 
Florida17,576 17,236 
Illinois12,605 12,442 
New Jersey9,839 9,644 
Colorado7,140 6,962 
Ohio6,945 6,976 
Pennsylvania6,520 6,558 
Arizona5,957 5,796 
All other88,494 87,913 
Total retained loans$235,475 $232,860 
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 66084.4 %85.5 %
Less than 66015.5 14.3 
No FICO available0.1 0.2 
(a)The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at September 30, 2025.

150

Loan modifications
The Firm grants certain modifications of credit card loans to borrowers experiencing financial difficulty. These modifications may involve placing the customer’s credit card account on a fixed payment plan, generally for 60 months, which typically includes reducing the interest rate on the credit card account. If the borrower does not make the contractual payments when due under the modified payment terms, the credit card loan continues to age and will be charged-off in accordance with the Firm's standard charge-off policy. In most cases, the Firm does not reinstate the borrower's line of credit.
Financial effects of FDMs
The following tables provide information on retained credit card FDMs.
Loan modifications
Three months ended September 30, 2025Nine months ended September 30, 2025
(in millions, except ratios)
Amortized cost basis
% of loan modifications to total retained credit card loans
Financial effect of loan modifications
Amortized cost basis
% of loan modifications to total retained credit card loans
Financial effect of loan modifications
Term extension and interest rate reduction(a)(b)
$562 0.24 %
Term extension with a reduction in the weighted average contractual interest rate from 23.06% to 3.48%
$1,285 0.61 %
Term extension with a reduction in the weighted average contractual interest rate from 23.08% to 3.48%
Other(b)(c)
93 0.04 
Reduced weighted-average contractual interest rate from 23.11% to 8.02%
151 0.06 
Reduced weighted-average contractual interest rate from 23.03% to 8.04%
Total
$655 $1,436 
Loan modifications
Three months ended September 30, 2024Nine months ended September 30, 2024
(in millions, except ratios)
Amortized cost basis
% of loan modifications to total retained credit card loans
Financial effect of loan modifications
Amortized cost basis
% of loan modifications to total retained credit card loans
Financial effect of loan modifications
Term extension and interest rate reduction(a)(b)
$272 0.12 %
Term extension with a reduction in the weighted average contractual interest rate from 23.77% to 3.03%
$714 0.33 %
Term extension with a reduction in the weighted average contractual interest rate from 23.89% to 3.12%
Total
$272 $714 
(a)Term extension includes credit card loans whose terms have been modified under long-term programs by placing the customer's credit card account on a fixed payment plan.
(b)The interest rates represent the weighted average at the time of modification.
(c)Primarily interest rate reduction.
Payment status of FDMs
The following table provides information on the payment status of retained credit card FDMs during the twelve months ended September 30, 2025 and 2024.

(in millions)		Amortized cost basis
Twelve months ended September 30,
20252024
Current and less than 30 days past due and still accruing$1,438 $757 
30-89 days past due and still accruing134 70 
90 or more days past due and still accruing70 41 
Total $1,642 $868 
Defaults of FDMs
Retained credit card FDMs that defaulted during the three and nine months ended September 30, 2025 and were reported as FDMs in the twelve months prior to the default were $56 million and $75 million, respectively. FDMs that defaulted during the three and nine months ended September 30, 2024 and were reported as FDMs in the twelve months prior to the default were not material.
For credit card loans modified as FDMs, payment default is deemed to have occurred when the borrower misses two consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm's standard charge-off policy.
151

Wholesale loan portfolio
Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorganChase’s 2024 Form 10-K for further information on these risk ratings.
The following tables provide information on internal risk rating and gross charge-offs for retained wholesale loans.
Secured by real estateCommercial and industrial
Other(a)
Total retained loans
(in millions, except ratios)Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024
Loans by risk ratings
Investment-grade$116,618 $114,280 $70,936 $70,862 $331,727 $286,528 $519,281 $471,670 
Noninvestment-grade:
Noncriticized37,288 37,422 95,356 83,191 86,038 72,743 218,682 193,356 
Criticized performing8,930 9,291 10,888 10,977 1,930 1,160 21,748 21,428 
Criticized nonaccrual1,535 1,439 2,405 1,760 800 743 4,740 3,942 
Total noninvestment-grade47,753 48,152 108,649 95,928 88,768 74,646 245,170 218,726 
Total retained loans$164,371 $162,432 $179,585 $166,790 $420,495 $361,174 $764,451 $690,396 
% of investment-grade to total retained loans70.95 %70.36 %39.50 %42.49 %78.89 %79.33 %67.93 %68.32 %
% of total criticized to total retained loans6.37 6.61 7.40 7.64 0.65 0.53 3.46 3.67 
% of criticized nonaccrual to total retained loans0.93 0.89 1.34 1.06 0.19 0.21 0.62 0.57 
(a)Includes loans to financial institutions, SPEs, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. As of September 30, 2025 and December 31, 2024, predominantly consisted of $131.4 billion and $114.8 billion, respectively, to individuals and individual entities; $116.4 billion and $92.5 billion, respectively, to SPEs; and $112.7 billion and $94.0 billion, respectively, to financial institutions. Refer to Note 14 of JPMorganChase’s 2024 Form 10-K for more information on SPEs.
As of or for the nine months ended September 30, 2025
(in millions)
Secured by real estate
Term loans by origination yearRevolving loans
20252024202320222021Prior to 2021Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$11,452 $9,784 $9,515 $23,417 $21,854 $39,494 $1,102 $— $116,618 
Noninvestment-grade4,278 3,540 5,002 13,720 7,839 11,582 1,699 93 47,753 
Total retained loans$15,730 $13,324 $14,517 $37,137 $29,693 $51,076 $2,801 $93 $164,371 
Gross charge-offs$— $— $1 $75 $78 $114 $1 $— $269 
    
As of or for the year
ended December 31, 2024
(in millions)
Secured by real estate
Term loans by origination year Revolving loans
20242023202220212020Prior to 2020Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$10,002 $9,834 $25,284 $22,796 $15,548 $29,488 $1,328 $— $114,280 
Noninvestment-grade4,238 5,366 14,717 8,567 3,462 10,392 1,317 93 48,152 
Total retained loans$14,240 $15,200 $40,001 $31,363 $19,010 $39,880 $2,645 $93 $162,432 
Gross charge-offs$72 $18 $43 $2 $109 $80 $— $— $324 

152

As of or for the nine months ended September 30, 2025
(in millions)
Commercial and industrial
Term loans by origination yearRevolving loans
20252024202320222021Prior to 2021Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$11,835 $6,246 $3,251 $4,944 $2,096 $1,429 $41,134 $1 $70,936 
Noninvestment-grade24,448 15,309 7,538 7,029 2,515 1,023 50,686 101 108,649 
Total retained loans$36,283 $21,555 $10,789 $11,973 $4,611 $2,452 $91,820 $102 $179,585 
Gross charge-offs$44 $19 $7 $95 $124 $26 $282 $6 $603 
As of or for the year
ended December 31, 2024
(in millions)
Commercial and industrial
Term loans by origination year Revolving loans
20242023202220212020Prior to 2020Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$11,564 $6,285 $6,588 $3,119 $1,067 $1,139 $41,099 $1 $70,862 
Noninvestment-grade21,251 11,350 10,942 5,322 783 975 45,181 124 95,928 
Total retained loans$32,815 $17,635 $17,530 $8,441 $1,850 $2,114 $86,280 $125 $166,790 
Gross charge-offs$25 $22 $128 $24 $1 $50 $270 $5 $525 


As of or for the nine months ended September 30, 2025
(in millions)
Other(a)
Term loans by origination yearRevolving loans
20252024202320222021Prior to 2021Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$34,425 $15,984 $9,108 $10,927 $5,758 $12,441 $242,972 $112 $331,727 
Noninvestment-grade12,669 7,221 5,116 4,537 2,142 2,569 54,366 148 88,768 
Total retained loans$47,094 $23,205 $14,224 $15,464 $7,900 $15,010 $297,338 $260 $420,495 
Gross charge-offs$31 $173 $42 $2 $4 $16 $17 $105 $390 
As of or for the year
ended December 31, 2024
(in millions)
Other(a)
Term loans by origination yearRevolving loans
20242023202220212020Prior to 2020Within the revolving periodConverted to term loansTotal
Loans by risk ratings
Investment-grade$30,484 $17,039 $13,272 $6,288 $8,632 $7,382 $201,949 $1,482 $286,528 
Noninvestment-grade11,784 7,248 5,918 3,296 1,366 1,886 42,954 194 74,646 
Total retained loans$42,268 $24,287 $19,190 $9,584 $9,998 $9,268 $244,903 $1,676 $361,174 
Gross charge-offs$— $38 $3 $36 $40 $50 $6 $— $173 
(a)Includes loans to financial institutions, SPEs, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 of JPMorganChase’s 2024 Form 10-K for more information on SPEs.

153

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

(in millions, except ratios)		MultifamilyOther commercial
Total retained Secured by real estate loans
Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024
Retained loans secured by real estate$103,026 $101,114 $61,345 $61,318 $164,371 $162,432 
Criticized 4,495 4,700 5,970 6,030 10,465 10,730 
% of criticized to total retained loans secured by real estate4.36 %4.65 %9.73 %9.83 %6.37 %6.61 %
Criticized nonaccrual$380 $337 $1,155 $1,102 $1,535 $1,439 
% of criticized nonaccrual loans to total retained loans secured by real estate 0.37 %0.33 %1.88 %1.80 %0.93 %0.89 %
Geographic distribution and delinquency
The following table provides information on the geographic distribution and delinquency for retained wholesale loans.
Secured by real estateCommercial and industrialOtherTotal retained loans
(in millions)Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024
Loans by geographic distribution(a)
Total U.S.$161,145 $159,209 $134,153 $127,626 $316,328 $278,077 $611,626 $564,912 
Total non-U.S.3,226 3,223 45,432 39,164 104,167 83,097 152,825 125,484 
Total retained loans$164,371 $162,432 $179,585 $166,790 $420,495 $361,174 

$764,451 $690,396 
Loan delinquency
Current and less than 30 days past due and still accruing$162,473 $159,949 $176,350 $164,104 $418,490 $359,191 

$757,313 $683,244 
30–89 days past due and still accruing304 918 577 868 1,063 1,152 1,944 2,938 
90 or more days past due and still accruing(b)
59 126 253 58 142 88 454 272 
Criticized nonaccrual1,535 1,439 2,405 1,760 800 743 4,740 3,942 
Total retained loans$164,371 $162,432 $179,585 $166,790 $420,495 $361,174 

$764,451 $690,396 
(a)The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.
(b)Represents loans that are considered well-collateralized and therefore still accruing interest.
Nonaccrual loans
The following table provides information on retained wholesale nonaccrual loans.
 
(in millions)		Secured by real estateCommercial and industrialOtherTotal retained loans
Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024		Sep 30, 2025Dec 31,
2024
Nonaccrual loans
With an allowance$515 $366 $1,880 $1,362 $379 $555 $2,774 $2,283 
Without an allowance(a)
1,020 1,073 525 398 421 188 1,966 1,659 
Total nonaccrual loans(b)
$1,535 $1,439 $2,405 $1,760 $800 $743 $4,740 $3,942 
(a)When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.
(b)Interest income on nonaccrual loans recognized on a cash basis was not material for the three and nine months ended September 30, 2025 and 2024.




154

Loan modifications
The Firm grants certain modifications of wholesale loans to borrowers experiencing financial difficulty.
Financial effects of FDMs
The following tables provide information on retained wholesale loan modifications considered FDMs during the three and nine months ended September 30, 2025 and 2024.
Secured by real estate
Three months ended September 30, 2025Nine months ended September 30, 2025
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Secured by real estate loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Secured by real estate loansFinancial effect of loan modifications
Single modifications
Term extension$64 0.04 %
Extended loans by a weighted-average of 5 months
$620 0.38 %
Extended loans by a weighted-average of 16 months
Other-than-insignificant payment deferral35 0.02 
Provided payment deferrals with delayed amounts primarily recaptured at maturity
50 0.03 Provided payment deferrals with delayed amounts primarily recaptured at maturity
Multiple modifications
Other-than-insignificant payment deferral and term extension
— — NM42 0.03 
Provided payment deferrals with delayed amounts recaptured at maturity and extended loans by a weighted-average of 37 months
Other(a)
— — NM1 — NM
Total$99 $713 
(a)Includes a loan with multiple modifications.
Secured by real estate
Three months ended September 30, 2024Nine months ended September 30, 2024
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Secured by real estate loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Secured by real estate loansFinancial effect of loan modifications
Single modifications
Term extension$267 0.16 %
Extended loans by a weighted-average of 14 months
$271 0.17 %
Extended loans by a weighted-average of 14 months
Multiple modifications
Other-than-insignificant payment deferral and interest rate reduction— — NM47 0.03 
Provided payment deferrals with delayed amounts recaptured at maturity and reduced weighted-average contractual interest by 162 bps
Other(a)
4 — NM9 0.01 NM
Total$271 $327 
(a)Includes loans with a single modification.

155

Commercial and industrial
Three months ended September 30, 2025Nine months ended September 30, 2025
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Commercial and industrial loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Commercial and industrial loansFinancial effect of loan modifications
Single modifications
Term extension$361 0.20 %
Extended loans by a weighted-average of 27 months
$894 0.50 %
Extended loans by a weighted-average of 24 months
Other-than-insignificant payment deferral389 0.22 Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period746 0.42 
Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period
Interest rate reduction
23 0.01 
Reduced weighted-average contractual interest by 50 bps
24 0.01 
Reduced weighted-average contractual interest by 54 bps
Multiple modifications
Other-than-insignificant payment deferral and term extension81 0.05 
Provided payment deferrals with delayed amounts primarily re-amortized over remaining tenor and extended loans by a weighted-average of 22 months
127 0.07 
Provided payment deferrals with delayed amounts primarily re-amortized over remaining tenor and extended loans by a weighted-average of 20 months
Other-than-insignificant payment deferral, interest rate reduction and term extension
2— 
NM
92 0.05 
Provided payment deferrals with delayed amounts primarily recaptured at maturity, reduced weighted-average contractual interest by 1061 bps and extended loans by a weighted-average of 16 months
Interest rate reduction and term extension1 — 
NM
83 0.05 
Reduced weighted-average contractual interest by 647 bps and extended loans by a weighted-average of 26 months
Other(a)
19 0.01 NM32 0.02 NM
Total$876 $1,998 
(a)Includes loans with multiple modifications.
156

Commercial and industrial
Three months ended September 30, 2024Nine months ended September 30, 2024
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Commercial and industrial loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Commercial and industrial loansFinancial effect of loan modifications
Single modifications
Term extension$443 0.27 %
Extended loans by a weighted-average of 15 months
$880 0.54 %
Extended loans by a weighted-average of 17 months
Other-than-insignificant payment deferral2150.13 
Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor
3150.19 
Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor
Multiple modifications
Other-than-insignificant payment deferral and term extension1 — 
NM
1270.08 
Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted-average of 22 months
Other(a)
5 — NM26 0.02 NM
Total$664 $1,348 
(a)Includes loans with both single and multiple modifications.

Other
Three months ended September 30, 2025Nine months ended September 30, 2025
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Other loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Other loansFinancial effect of loan modifications
Single modifications
Term extension$64 0.02 %
Extended loans by a weighted-average of 6 months
$87 0.02 %
Extended loans by a weighted-average of 11 months
Other(a)
— — 
NM
3 — NM
Total$64 $90 
(a)Includes loans with multiple modifications.
Other
Three months ended September 30, 2024Nine months ended September 30, 2024
(in millions, except ratios)Amortized cost basis % of loan modifications to total retained Other loansFinancial effect of loan modificationsAmortized cost basis% of loan modifications to total retained Other loansFinancial effect of loan modifications
Single modifications
Term extension$260 0.07 %
Extended loans by a weighted-average of 30 months
$282 0.08 %
Extended loans by a weighted-average of 29 months
Other(a)
— — NM6 — NM
Total$260 $288 
(a)Includes loans with both single and multiple modifications.
157

Payment status of FDMs
The following table provides information on the payment status of retained wholesale FDMs during the twelve months ended September 30, 2025 and 2024.
Amortized cost basis
Twelve months ended September 30, 2025
Twelve months ended September 30, 2024
(in millions)Secured by real estateCommercial and industrialOtherSecured by real estateCommercial and industrialOther
Current and less than 30 days past due and still accruing$408 $1,683 $79 $281 $1,077 $367 
30-89 days past due and still accruing— 10 — 1 21 9 
90 or more days past due and still accruing— 13 — — 4 — 
Criticized nonaccrual375 800 12 64 507 167 
Total$783 $2,506 $91 $346 $1,609 $543 
Defaults of FDMs
The following table provides information on retained wholesale FDMs that defaulted in the three and nine months ended September 30, 2025 and 2024 that were reported as FDMs in the twelve months prior to the default.
Amortized cost basis
Three months ended September 30, 2025Nine months ended September 30, 2025
(in millions)Secured by real estateCommercial and industrialOtherSecured by real estateCommercial and industrialOther
Term extension$3 $31 $15 $39 $72 $25 
Other-than-insignificant payment deferral — 12 — — 12 — 
Interest rate reduction and term extension— — — — 4 — 
Total(a)
$3 $43 $15 $39 $88 $25 
Amortized cost basis
Three months ended September 30, 2024Nine months ended September 30, 2024
(in millions)Secured by real estateCommercial and industrialOtherSecured by real estateCommercial and industrialOther
Term extension$1 $80 $10 $1 $88 $12 
Other-than-insignificant payment deferral — 123 — — 124 — 
Interest rate reduction and term extension— — — — 1 — 
Total(a)
$1 $203 $10 $1 $213 $12 
(a)Represents FDMs that were 30 days or more past due.
As of September 30, 2025 and December 31, 2024, additional unfunded commitments on modified loans to borrowers experiencing financial difficulty were $2.3 billion and $1.8 billion, respectively, in Commercial and industrial, and $7 million and $69 million, respectively, in Other. Additional unfunded commitments on modified loans to borrowers experiencing financial difficulty whose loans have been modified as FDMs in Secured by real estate were not material at both periods.
158

Note 12 – Allowance for credit losses
The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.
Refer to Note 13 of JPMorganChase's 2024 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.

159

Allowance for credit losses and related information
The table below summarizes information about the allowances for credit losses and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorganChase’s 2024 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities.
2025
2024
Nine months ended September 30,
(in millions)		Consumer, excluding
credit card		Credit cardWholesaleTotalConsumer, excluding credit cardCredit cardWholesaleTotal
Allowance for loan losses
Beginning balance at January 1,$1,807 $14,600 $7,938 $24,345 $1,856 $12,450 $8,114 $22,420 
Gross charge-offs814 6,865 1,262 8,941 971 6,044 659 7,674 
Gross recoveries collected(410)(1,088)(108)(1,606)(490)(762)(148)(1,400)
Net charge-offs/(recoveries)404 5,777 1,154 7,335 481 5,282 511 6,274 
Provision for loan losses500 6,731 1,489 8,720 360 6,932 506 7,798 
Other— — 5 5 — — 5 5 
Ending balance at September 30,$1,903 $15,554 $8,278 $25,735 $1,735 $14,100 $8,114 $23,949 
Allowance for lending-related commitments
Beginning balance at January 1,$82 $— $2,019 $2,101 $75 $— $1,899 $1,974 
Provision for lending-related commitments2 — 860 862 6 — 162 168 
Other— — 1 1 — — — — 
Ending balance at September 30,$84 $— $2,880 $2,964 $81 $— $2,061 $2,142 
Total allowance for investment securitiesNANANA105 NANANA175 
Total allowance for credit losses(a)
$1,987 $15,554 $11,158 $28,804 $1,816 $14,100 $10,175 $26,266 
Allowance for loan losses by impairment methodology
Asset-specific(b)
$(621)$— $838 $217 $(756)$— $499 $(257)
Portfolio-based2,524 15,554 7,440 25,518 2,491 14,100 7,615 24,206 
Total allowance for loan losses$1,903 $15,554 $8,278 $25,735 $1,735 $14,100 $8,114 $23,949 
Loans by impairment methodology
Asset-specific(b)
$3,366 $— $4,895 $8,261 $2,784 $— $3,510 $6,294 
Portfolio-based366,493 235,475 759,556 1,361,524 375,154 219,542 684,380 1,279,076 
Total retained loans$369,859 $235,475 $764,451 $1,369,785 $377,938 $219,542 $687,890 $1,285,370 
Collateral-dependent loans
Net charge-offs$— $— $474 $474 $1 $— $150 $151 
Loans measured at fair value of collateral less cost to sell3,316 — 1,919 5,235 2,805 — 1,524 4,329 
Allowance for lending-related commitments
 by impairment methodology
Asset-specific$— $— $131 $131 $— $— $93 $93 
Portfolio-based84 — 2,749 2,833 81 — 1,968 2,049 
Total allowance for lending-related commitments(c)
$84 $— $2,880 $2,964 $81 $— $2,061 $2,142 
Lending-related commitments by impairment methodology
Asset-specific$— $— $1,025 $1,025 $— $— $619 $619 
Portfolio-based(d)
25,588 601 544,764 570,953 26,764 — 514,313 541,077 
Total lending-related commitments$25,588 $601 $545,789 $571,978 $26,764 $— $514,932 $541,696 
(a)At September 30, 2025 and 2024, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $285 million and $277 million, respectively, associated with certain accounts receivable in CIB.
(b)Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
(c)The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.
(d)At September 30, 2025 and 2024, lending-related commitments excluded $22.4 billion and $18.6 billion, respectively, for the consumer, excluding credit card portfolio segment; $1.1 trillion and $989.6 billion, respectively, for the credit card portfolio segment; and $50.2 billion and $26.6 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.
160

Discussion of changes in the allowance
The allowance for credit losses as of September 30, 2025 was $29.1 billion, reflecting a net addition of $2.2 billion from December 31, 2024.
The net addition to the allowance for credit losses included:
•$1.2 billion in wholesale, driven by net increases in the loan and lending-related commitment portfolios and changes in credit quality of client-specific exposures, partially offset by the impact of changes in the Firm's weighted-average macroeconomic outlook, including improvements in certain macroeconomic variables, and
•$1.1 billion in consumer, driven by loan growth in Card Services and the impact of changes in the Firm's weighted-average macroeconomic outlook, partially offset by reduced borrower uncertainty.
As of December 31, 2024, the Firm's qualitative adjustments and its weighted-average macroeconomic outlook included additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment. In the first quarter of 2025, the Firm further increased the weight placed on the adverse scenarios, and in the second quarter, the Firm partially reduced the increase in weight implemented in the first quarter.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the following table, resulting in:
•a weighted average U.S. unemployment rate peaking at 5.9% in the third quarter of 2026, and
•a weighted average U.S. real GDP level that is 2.0% lower than the central case at the end of the fourth quarter of 2026.
The following table presents the Firm’s central case assumptions for the periods presented:
Central case assumptions
at September 30, 2025
4Q252Q264Q26
U.S. unemployment rate(a)
4.5 %4.7 %4.5 %
YoY growth in U.S. real GDP(b)
1.0 %1.5 %1.9 %
Central case assumptions
at December 31, 2024
2Q254Q252Q26
U.S. unemployment rate(a)
4.5 %4.3 %4.3 %
YoY growth in U.S. real GDP(b)
2.0 %1.9 %1.8 %
(a)Reflects quarterly average of forecasted U.S. unemployment rate.
(b)The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorganChase’s 2024 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.
Refer to Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 87-89 for further information on the allowance for credit losses and related management judgments.


161

Note 13 – Variable interest entities
Refer to Note 1 and Note 14 of JPMorganChase’s 2024 Form 10-K for a further description of the Firm's accounting policies regarding consolidation of and involvement with VIEs.
The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorganChase is the primary beneficiary of the structure; (2) the VIE is used by JPMorganChase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorganChase name; or (4) the entity is a JPMorganChase–administered asset-backed commercial paper conduit.
Line of BusinessTransaction TypeActivityForm 10-Q page references
CCBCredit card securitization trustsSecuritization of originated credit card receivables162
Mortgage securitization trustsServicing and securitization of both originated and purchased residential mortgages162–164
CIBMortgage and other securitization trustsSecuritization of both originated and purchased residential and commercial mortgages, and other consumer loans162–164
Multi-seller conduitsAssisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs164
Municipal bond vehiclesFinancing of municipal bond investments164
In addition, CIB also invests in and provides financing, lending-related services and other services to VIEs sponsored by third parties. Refer to pages 165–166 of this Note for more information on the VIEs sponsored by third parties.
Significant Firm-sponsored VIEs
Credit card securitizations
As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust.
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.
162

The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules),
recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to page 168 of this Note for information on the securitization-related loan delinquencies and liquidation losses.
Principal amount outstanding
JPMorganChase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
September 30, 2025
(in millions)		Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$80,784 $564 $59,952 $967 $1,841 $1,677 $4,485 
Subprime10,047 — 2,813 79 14 — 93 
Commercial and other(b)
202,628 197 144,356 754 5,681 1,080 7,515 
Total$293,459 $761 $207,121 $1,800 $7,536 $2,757 $12,093 
Principal amount outstanding
JPMorganChase interest in securitized assets in nonconsolidated VIEs(c)(d)(e)
December 31, 2024
(in millions)		Total assets held by securitization VIEsAssets
held in consolidated securitization VIEs		Assets held in nonconsolidated securitization VIEs with continuing involvementTrading assets Investment securitiesOther financial assetsTotal interests held by
JPMorgan
Chase
Securitization-related(a)
Residential mortgage:
Prime/Alt-A and option ARMs$71,085 $615 $50,846 $613 $1,850 $614 $3,077 
Subprime8,824 — 1,847 44 19 — 63 
Commercial and other(b)
186,293 243 125,510 530 5,768 1,074 7,372 
Total$266,202 $858 $178,203 $1,187 $7,637 $1,688 $10,512 
(a)Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored.
(b)Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables.
(c)Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior securities of $154 million and $256 million at September 30, 2025 and December 31, 2024, respectively, and subordinated securities of $52 million and $49 million at September 30, 2025 and December 31, 2024, respectively, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d)Includes interests held in re-securitization transactions.
(e)At September 30, 2025 and December 31, 2024, 70% and 77%, 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 $4.0 billion and $2.9 billion of investment-grade retained interests at September 30, 2025 and December 31, 2024, respectively, and $460 million and $216 million of noninvestment-grade retained interests at September 30, 2025 and December 31, 2024, respectively. The retained interests in commercial and other securitization trusts consisted of $6.5 billion and $6.0 billion of investment-grade retained interests at September 30, 2025 and December 31, 2024, respectively, and $1.0 billion and $1.4 billion of noninvestment-grade retained interests at September 30, 2025 and December 31, 2024, respectively.
163

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.
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.
Re-securitizations
The following table presents the principal amount of securities transferred to re-securitization VIEs.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Transfers of securities to VIEs
U.S. GSEs and government agencies$9,625 $12,353 $19,823 $33,531 
The Firm did not transfer any private label securities to re-securitization VIEs during the three and nine months ended September 30, 2025 and 2024, and retained interests in any such Firm-sponsored VIEs as of September 30, 2025 and December 31, 2024 were not material.
The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.
Nonconsolidated
re-securitization VIEs
(in millions)September 30, 2025December 31, 2024
U.S. GSEs and government agencies
Interest in VIEs
$2,778 $3,219 
As of September 30, 2025 and December 31, 2024, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs. As of September 30, 2025, the Firm consolidated an insignificant amount of assets and liabilities of Firm-sponsored private-label re-securitization VIEs. As of December 31, 2024, the Firm did not consolidate any Firm-sponsored private-label re-securitization VIEs.
Multi-seller conduits
In the normal course of business, JPMorganChase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $2.3 billion and $2.9 billion of the commercial paper issued by the Firm-administered multi-seller conduits at September 30, 2025 and December 31, 2024, 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 $10.2 billion and $10.3 billion at September 30, 2025 and December 31, 2024, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.
Municipal bond vehicles
Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party.
The Firm serves as sponsor for all non-customer TOB transactions.
164

Consolidated VIE assets and liabilities
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of September 30, 2025 and December 31, 2024.
AssetsLiabilities
September 30, 2025
(in millions)		Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$—$12,289$168$12,457$5,886$12$5,898
Firm-administered multi-seller conduits120,67512420,80018,7292718,756
Municipal bond vehicles3,136—363,1723,469203,489
Mortgage securitization entities(a)
2586759510742149
Other1,0614,476
(b)
3285,86536509545
Total$4,200$38,026$663$42,889$28,227$610$28,837
AssetsLiabilities
December 31, 2024
(in millions)		Trading assetsLoans
Other(c)
 Total
assets(d)
Beneficial interests in VIE assets(e)
Other(f)
Total
liabilities
VIE program type
Firm-sponsored credit card trusts$—$13,531$168$13,699$5,312$10$5,322
Firm-administered multi-seller conduits120,38313320,51718,2282618,254
Municipal bond vehicles3,388—223,4103,617153,632
Mortgage securitization entities(a)
—630863811548163
Other4961,966
(b)
3502,81251355406
Total$3,885$36,510$681$41,076$27,323$454$27,777
(a)Includes residential mortgage securitizations.
(b)Primarily includes consumer loans in CIB.
(c)Includes assets classified as cash and other assets on the Consolidated balance sheets.
(d)The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
(e)The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified on the Consolidated balance sheets as “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorganChase. Included in beneficial interests in VIE assets are long-term beneficial interests of $6.0 billion and $5.5 billion at September 30, 2025 and December 31, 2024, respectively.
(f)Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.
VIEs sponsored by third parties
The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.

Tax credit vehicles
The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, alternative energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. At September 30, 2025 and December 31, 2024, the maximum loss exposure, represented by equity investments and funding commitments, was $35.7 billion and $35.2 billion, of which $14.6 billion and $15.0 billion was unfunded, respectively. The Firm assesses each project and to reduce the risk of loss, may withhold
165

varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments.
The Firm elected the proportional amortization method for certain tax-oriented investments on a program-by-program basis. The proportional amortization method requires the cost of eligible investments, within an elected program, be amortized in proportion to the tax benefits received with the resulting amortization reported directly in income tax expense, which aligns with the associated tax credits and other tax benefits. Investments must meet certain criteria to be eligible, including that substantially all of the return is from income tax credits and other income tax benefits.
In addition, under this method deferred taxes are generally not recorded as the investment is now amortized in proportion to the income tax credits and other income tax benefits received. Delayed equity contributions that are unconditional and legally binding or conditional and probable of occurring are recorded in other liabilities with a corresponding increase in the carrying value of the investment. The guidance also requires a reevaluation of eligible investments when significant modifications or events occur that result in a change in the nature of the investment or a change in the Firm's relationship with the underlying project. During the period, there were no significant modifications or events that resulted in a change in the nature of an eligible investment or a change in the Firm's relationship with the underlying project.
The following table provides information on tax-oriented investments for which the Firm elected to apply the proportional amortization method.
(in millions)Alternative energy and affordable housing programs
Three months ended September 30,Nine months ended September 30,
2025202420252024
Programs for which the Firm elected proportional amortization:
Carrying value(a)
$32,335 $31,778 $32,335 $31,778 
Tax credits and other tax benefits(b)
1,431 1,280 4,230 4,067 
Investments that qualify to be accounted for using proportional amortization:
Amortization losses recognized as a component of income tax expense
(1,075)(1,006)(3,105)(3,157)
Non-income-tax-related gains/(losses) and other returns received that are recognized outside of income tax expense(c)
29 28 108 96 
(a)Recorded in Other assets on the Consolidated balance sheets. Excludes programs to which the Firm does not apply the proportional amortization method, such as historic tax credit and new market tax credit programs.
(b)Reflected in Income tax expense on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows.
(c)Recorded in Other income on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows.
Customer municipal bond vehicles (TOB trusts)
The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.
In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.
The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at September 30, 2025 and December 31, 2024 was $7.0 billion and $5.8 billion, respectively. The fair value of assets held by such VIEs at September 30, 2025 and December 31, 2024 was $9.6 billion and $8.1 billion, respectively.
166

Loan securitizations
The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, commercial mortgages and other consumer loans.
Securitization activity
The following table provides information related to the Firm’s securitization activities for the three and nine months ended September 30, 2025 and 2024, 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 September 30,Nine months ended September 30,
2025202420252024
(in millions)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Residential mortgage(d)
Commercial and other(e)
Principal securitized$7,782 $3,777 $5,032 $4,816 $18,736 $8,617 $14,426 $12,059 
All cash flows during the period:(a)
Proceeds received from loan sales as financial instruments(b)(c)
$8,004 $3,752 $5,035 $4,646 $19,208 $8,615 $14,176 $11,754 
Servicing fees collected8 10 15 12 25 31 27 23 
Cash flows received on interests160 245 100 209 464 671 262 504 
(a)Excludes re-securitization transactions.
(b)Primarily includes Level 2 assets.
(c)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
(d)Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.
(e)Includes commercial mortgages and auto loans.
Loans and excess MSRs sold to U.S. government-sponsored enterprises and loans in securitization transactions pursuant to Ginnie Mae guidelines
In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.
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 September 30,Nine months ended September 30,
(in millions)2025202420252024
Carrying value of loans sold
$7,502 $7,132 $22,016 $18,298 
Proceeds received from loan sales as cash
387 385 1,165 751 
Proceeds from loan sales as securities(a)(b)
7,033 6,695 20,619 17,386 
Total proceeds received from loan sales(c)
$7,420 $7,080 $21,784 $18,137 
Gains/(losses) on loan sales(d)(e)
$— $— $— $— 
(a)Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.
(b)Included in level 2 assets.
(c)Excludes the value of MSRs retained upon the sale of loans.
(d)Gains/(losses) on loan sales include the value of MSRs.
(e)The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
167

Options to repurchase delinquent loans
In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.
The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of September 30, 2025 and December 31, 2024. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.
(in millions)September 30,
2025		December 31,
2024
Loans repurchased or option to repurchase(a)
$920 $577 
Real estate owned
3 6 
Foreclosed government-guaranteed residential mortgage loans(b)
9 10 
(a)Primarily all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.
(b)Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.
Loan delinquencies and liquidation losses
The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of September 30, 2025 and December 31, 2024. For loans sold or securitized where servicing is the Firm’s only form of continuing involvement, the Firm generally experiences a loss only if the Firm was required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with its loan sale or servicing contracts.
Net liquidation losses/(recoveries)
Securitized assets90 days past dueThree months ended September 30,Nine months ended September 30,
(in millions)September 30, 2025December 31, 2024September 30, 2025December 31, 20242025202420252024
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs$59,952 $50,846 $645 $501 $2 $2 $7 $9 
Subprime2,813 1,847 93 113 — 1 — 2 
Commercial and other144,356 125,510 2,927 1,715 134 14 255 33 
Total loans securitized$207,121 $178,203 $3,665 $2,329 $136 $17 $262 $44 
168

Note 14 – Goodwill, mortgage servicing rights, and other intangible assets
Refer to Note 15 of JPMorganChase’s 2024 Form 10-K for a detailed discussion of goodwill, mortgage servicing rights, and other intangible assets and the related accounting policies.
Goodwill
Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed.
The following table presents goodwill attributed to the reportable business segments and Corporate.
(in millions)September 30,
2025		December 31,
2024
Consumer & Community Banking$32,116 $32,116 
Commercial & Investment Bank11,256 11,236 
Asset & Wealth Management8,622 8,521 
Corporate723 692 
Total goodwill$52,717 $52,565 
The following table presents changes in the carrying amount of goodwill.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
Balance at beginning of period$52,747 $52,620 $52,565 $52,634 
Changes during the period from:
Business combinations
— — — 29 
Other(a)
(30)91 152 48 
Balance at September 30,$52,717 $52,711 $52,717 $52,711 
(a)Primarily foreign currency adjustments and an immaterial amount of goodwill written off due to impairment during the three months ended September 30, 2025.
Goodwill impairment testing
Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.
As of September 30, 2025, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of September 30, 2025 or December 31, 2024.
169

Mortgage servicing rights
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorganChase’s 2024 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.
The following table summarizes MSR activity for the three and nine months ended September 30, 2025 and 2024.
As of or for the three months
ended September 30,		As of or for the nine months
ended September 30,
(in millions, except where otherwise noted)2025202420252024
Fair value at beginning of period$8,996 $8,847 $9,121 $8,522 
MSR activity:
Originations of MSRs102 75 297 228 
Purchase of MSRs(a)
246 282 526 607 
Disposition of MSRs1 2 8 (25)
(e)
Net additions/(dispositions)349 359 831 810 
Changes due to collection/realization of expected cash flows
(266)(272)(799)(795)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)
(3)(251)(44)134 
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)
(37)95 (36)102 
Discount rates
— 14 (1)14 
Prepayment model changes and other(c)
71 (39)38 (34)
Total changes in valuation due to other inputs and assumptions34 70 1 82 
Total changes in valuation due to inputs and assumptions31 (181)(43)216 
Fair value at September 30,$9,110 $8,753 $9,110 $8,753 
Changes in unrealized gains/(losses) included in income related to MSRs held at September 30,$31 $(181)$(43)$216 
Contractual service fees, late fees and other ancillary fees included in income
404 396 1,218 1,190 
Third-party mortgage loans serviced at September 30, (in billions)669 658 669 658 
Servicer advances, net of an allowance for uncollectible amounts, at September 30(d)
415 501 415 501 
(a)Includes purchase price adjustments associated with MSRs purchased in the prior quarter, primarily as a result of loans that prepaid within 90 days of settlement, allowing the Firm to recover the purchase price.
(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)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.
170

The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and nine months ended September 30, 2025 and 2024.
Three months ended September 30,Nine months ended September 30,
(in millions)2025202420252024
CCB mortgage fees and related income
Production revenue$173 $154 $434 $441 
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue409 409 1,233 1,226 
Changes in MSR asset fair value due to collection/realization of expected cash flows(265)(273)(796)(795)
Total operating revenue144 136 437 431 
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)
(3)(251)(44)134 
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)
34 70 1 82 
Changes in derivative fair value and other24 281 154 (78)
Total risk management55 100 111 138 
Total net mortgage servicing revenue199 236 548 569 
Total CCB mortgage fees and related income372 390 982 1,010 
All other11 12 42 15 
Mortgage fees and related income$383 $402 $1,024 $1,025 
(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).
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 the following 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.
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at September 30, 2025 and December 31, 2024, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
(in millions, except rates)Sep 30,
2025		Dec 31,
2024
Weighted-average prepayment speed assumption (constant prepayment rate)
6.74 %6.19 %
Impact on fair value of 10% adverse change
$(181)$(209)
Impact on fair value of 20% adverse change
(353)(406)
Weighted-average option adjusted spread(a)
6.15 %5.97 %
Impact on fair value of a 100 basis point adverse change
$(392)$(391)
Impact on fair value of a 200 basis point adverse change
(754)(751)
(a)Includes the impact of operational risk and regulatory capital.







171

Other intangible assets
The Firm’s finite-lived and indefinite-lived other intangible assets are initially recorded at their fair value primarily upon completion of a business combination. Finite-lived intangible assets, including core deposit intangibles, customer relationship intangibles, and certain other intangible assets, are amortized over their useful lives, estimated based on the expected future economic benefits. The Firm’s intangible assets with indefinite lives, such as asset management contracts, are not subject to amortization and are assessed periodically for impairment.
As of September 30, 2025 and December 31, 2024, the net carrying values of other intangible assets consisted of finite-lived intangible assets of $1.4 billion and $1.7 billion, respectively, as well as indefinite-lived intangible assets, which are not subject to amortization, of $1.2 billion at both periods.
172

Note 15 – Deposits
Refer to Note 17 of JPMorganChase’s 2024 Form 10-K for further information on deposits.
As of September 30, 2025 and December 31, 2024, noninterest-bearing and interest-bearing deposits were as follows:
(in millions)September 30,
2025		December 31, 2024
U.S. offices
Noninterest-bearing (included $31,080 and $28,904 at fair value)(a)
$589,105 $592,500 
Interest-bearing (included $1,164 and $1,101 at fair value)(a)
1,433,404 1,345,914 
Total deposits in U.S. offices2,022,509 1,938,414 
Non-U.S. offices
Noninterest-bearing (included $2,956 and $2,255 at fair value)(a)
34,255 26,806 
Interest-bearing (included $818 and $1,508 at fair value)(a)
491,712 440,812 
Total deposits in non-U.S. offices525,967 467,618 
Total deposits$2,548,476 $2,406,032 
(a)Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further discussion.
As of September 30, 2025 and December 31, 2024, time deposits in denominations that met or exceeded the insured limit were as follows:
(in millions)September 30, 2025December 31, 2024
U.S. offices $143,323 $149,239 
Non-U.S. offices(a)
86,815 92,639 
Total$230,138 $241,878 
(a)Represents all time deposits in non-U.S. offices as these deposits typically exceed the insured limit.
As of September 30, 2025, the remaining maturities of interest-bearing time deposits in each of the 12-month periods ending September 30 were as follows:
September 30,
(in millions)		   
U.S.Non-U.S.Total
2026$210,734 $83,736 $294,470 
2027812 1 813 
2028177 — 177 
2029512 — 512 
2030326 — 326 
After 5 years149 122 271 
Total$212,710 $83,859 $296,569 
Note 16 – Leases
Refer to Note 18 of JPMorganChase’s 2024 Form 10-K for a further discussion on leases.
Firm as lessee
At September 30, 2025, JPMorganChase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.
Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.
The carrying values of the Firm’s operating leases were as follows:
(in millions)September 30, 2025December 31, 2024
Right-of-use assets$8,895 $8,494 
Lease liabilities9,314 8,900 
The Firm’s net rental expense was $605 million and $553 million for the three months ended September 30, 2025 and 2024, respectively, and $1.8 billion and $1.7 billion for the nine months ended September 30, 2025 and 2024, respectively.
Firm as lessor
The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.
The following table presents the Firm’s operating lease income, included within other income, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income.
Three months ended September 30,Nine months ended September 30,

(in millions)		2025202420252024
Operating lease income$990 $706 $2,720 $2,067 
Depreciation expense654 394 1,742 1,268 


173

Note 17 – Preferred stock
Refer to Note 21 of JPMorganChase’s 2024 Form 10-K for a further discussion on preferred stock.
The following is a summary of JPMorganChase’s non-cumulative preferred stock outstanding as of September 30, 2025 and December 31, 2024, and the quarterly dividend declarations for the three and nine months ended September 30, 2025 and 2024.
Shares(a)
Carrying value
 (in millions)
Contractual rate in effect at September 30, 2025
Earliest redemption date(b)
Floating annualized rate(c)
Dividend declared
per share
September 30, 2025December 31, 2024September 30, 2025December 31, 2024Issue dateThree months ended September 30,Nine months ended September 30,
2025202420252024
Fixed-rate:
Series DD169,625 169,625 $1,696 $1,696 9/21/20185.750 %12/1/2023NA$143.75 $143.75 $431.25$431.25
Series EE185,000 185,000 1,850 1,850 1/24/20196.000 3/1/2024NA150.00 150.00 450.00450.00
Series GG90,000 90,000 900 900 11/7/20194.750 12/1/2024NA118.75 118.75 356.25356.25
Series JJ150,000 150,000 1,500 1,500 3/17/20214.550 6/1/2026NA113.75 113.75 341.25341.25
Series LL185,000 185,000 1,850 1,850 5/20/20214.625 6/1/2026NA115.63 115.63 346.89346.89
Series MM200,000 200,000 2,000 2,000 7/29/20214.200 9/1/2026NA105.00 105.00 315.00315.00
Fixed-to-floating rate:
Series Q— — — — 4/23/2013— 5/1/2023
SOFR + 3.25
— — —220.45
Series R— — — — 7/29/2013— 8/1/2023
SOFR + 3.30
— — —221.70
Series S— — — — 1/22/2014— 2/1/2024
SOFR + 3.78
— — —233.70
(f)
Series U— — — — 3/10/2014— 4/30/2024
SOFR + 3.33
— — —153.13

Series X— — — — 9/23/2014— 10/1/2024
SOFR + 3.33
— 152.50 —457.50
Series CC125,750 125,750 1,258 1,258 10/20/2017
SOFR + 2.58
11/1/2022
SOFR + 2.58
186.38 206.73 540.63619.18
Series FF— — — — 7/31/2019— 8/1/2024
SOFR + 3.38
— — —250.00
Series HH— 300,000 — 3,000 1/23/2020— 2/1/2025
SOFR + 3.125
— 115.00 —345.00
Series II150,000 150,000 1,500 1,500 2/24/2020
SOFR + 2.745
4/1/2025
SOFR + 2.745
179.80 

100.00 457.82
(d)
300.00
Series KK200,000 200,000 2,000 2,000 5/12/20213.650 6/1/2026
CMT + 2.85
91.25 91.25 273.75273.75
Series NN250,000 250,000 2,496 2,496 3/12/20246.875 6/1/2029
CMT + 2.737
171.88 171.88 

515.64322.75 
(e)
Series OO300,000 NA2,995 NA2/4/20256.500 4/1/2030
CMT + 2.152
162.50 NA427.92
(e)
NA
Total preferred stock2,005,375 2,005,375 $20,045 $20,050 
(a)Represented by depositary shares.
(b)Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.
(c)References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus, in the case of the Series CC preferred stock, a spread adjustment of 0.26% per annum) plus the spreads noted. References to “CMT” mean a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spreads noted.
(d)The dividend rate for Series II preferred stock became floating and payable quarterly starting on April 1, 2025; prior to which the dividend rate was fixed at 4.00% or $200.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on April 1, 2025 was three-month term SOFR plus the spread of 2.745%.
(e)The initial dividend declared is prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.
(f)The dividend rate for Series S preferred stock became floating and payable quarterly starting on February 1, 2024; prior to which the dividend rate was fixed at 6.75% or $337.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on February 1, 2024 was three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.78%.
Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $20.2 billion at September 30, 2025.
Issuances
On February 4, 2025, the Firm issued $3.0 billion of fixed-rate reset non-cumulative preferred stock, Series OO.
On March 12, 2024, the Firm issued $2.5 billion of fixed-rate reset non-cumulative preferred stock, Series NN.
Redemptions
On February 1, 2025, the Firm redeemed all $3.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series HH.
On October 1, 2024, the Firm redeemed all $1.6 billion of its fixed-to-floating rate non-cumulative preferred stock, Series X.
On August 1, 2024, the Firm redeemed all $2.3 billion of its fixed-to-floating rate non-cumulative preferred stock, Series FF.
On May 1, 2024, the Firm redeemed all $5.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Q, Series R and Series S.
On April 30, 2024, the Firm redeemed all $1.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series U.
174

Note 18 – Earnings per share
Refer to Note 23 of JPMorganChase’s 2024 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2025 and 2024.
(in millions, except per share amounts)Three months ended September 30,Nine months ended September 30,
2025202420252024
Basic earnings per share
Net income$14,393 $12,898 $44,023 $44,466 
Less: Preferred stock dividends
282 286 819 1,000 
Net income applicable to common equity
14,111 12,612 43,204 43,466 
Less: Dividends and undistributed earnings allocated to participating securities
68 75 213 267 
Net income applicable to common stockholders
$14,043 $12,537 $42,991 $43,199 
Total weighted-average basic shares
  outstanding
2,762.4 2,860.6 2,790.2 2,886.2 
Net income per share
$5.08 $4.38 $15.41 $14.97 
Diluted earnings per share
Net income applicable to common stockholders
$14,043 $12,537 $42,991 $43,199 
Total weighted-average basic shares
  outstanding
2,762.4 2,860.6 2,790.2 2,886.2 
Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs5.2 5.3 5.0 5.0 
Total weighted-average diluted shares outstanding
2,767.6 2,865.9 2,795.2 2,891.2 
Net income per share
$5.07 $4.37 $15.38 $14.94 

175

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 gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).
As of or for the three months ended September 30, 2025
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit
pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at July 1, 2025$(3,065)$(717)$(201)$(1,611)$(1,185)$(464)$(7,243)
Net change1,509 (12)37 314 4 (487)1,365 
Balance at September 30, 2025$(1,556)
(a)
$(729)$(164)$(1,297)$(1,181)$(951)$(5,878)
As of or for the three months ended September 30, 2024
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at July 1, 2024$(3,494)$(1,576)$(147)$(4,843)$(1,055)$(223)$(11,338)
Net change2,297 389 (20)2,265 (28)(349)4,554 
Balance at September 30, 2024$(1,197)
(a)
$(1,187)$(167)$(2,578)$(1,083)$(572)$(6,784)
As of or for the nine months ended September 30, 2025
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit
pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at January 1, 2025$(3,830)$(2,074)$(221)$(4,814)$(1,141)$(376)$(12,456)
Net change2,274 1,345 57 3,517 (40)(575)6,578 
Balance at September 30, 2025$(1,556)
(a)
$(729)$(164)$(1,297)$(1,181)$(951)$(5,878)
As of or for the nine months ended September 30, 2024
(in millions)		Unrealized
gains/(losses)
on investment securities		Translation adjustments, net of hedgesFair value hedgesCash flow hedgesDefined benefit pension and
OPEB plans		DVA on fair value option elected liabilitiesAccumulated other comprehensive income/(loss)
Balance at January 1, 2024$(3,743)$(1,216)$(134)$(3,932)$(1,078)$(340)$(10,443)
Net change2,546 29 (33)1,354 (5)(232)3,659 
Balance at September 30, 2024$(1,197)
(a)
$(1,187)$(167)$(2,578)$(1,083)$(572)$(6,784)
(a)Included after-tax net unamortized unrealized losses of $(189) million and $(661) million as of September 30, 2025 and 2024, respectively, related to AFS securities that have been transferred to HTM.
176

The following table presents the pre-tax and after-tax changes in the components of OCI.
20252024
Three months ended September 30,
(in millions)		Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period$2,095 $(506)$1,589 $3,014 $(730)$2,284 
Reclassification adjustment for realized (gains)/losses included in net income(a)
(105)25 (80)16 (3)13 
Net change1,990 (481)1,509 3,030 (733)2,297 
Translation adjustments(b):
Translation(242)54 (188)2,411 (109)2,302 
Hedges232 (56)176 (2,523)610 (1,913)
Net change(10)(2)(12)(112)501 389 
Fair value hedges, net change(c)
49 (12)37 (27)7 (20)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period(264)64 (200)2,313 (559)1,754 
Reclassification adjustment for realized (gains)/losses included in net income(d)
678 (164)514 673 (162)511 
Net change414 (100)314 2,986 (721)2,265 
Defined benefit pension and OPEB plans, net change7 (3)4 (36)8 (28)
DVA on fair value option elected liabilities, net change(645)158 (487)(460)111 (349)
Total other comprehensive income/(loss)$1,805 $(440)$1,365 $5,381 $(827)$4,554 
20252024
Nine months ended September 30,
(in millions)		Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period$3,014 $(729)$2,285 $2,428 $(587)$1,841 
Reclassification adjustment for realized (gains)/losses included in net income(a)
(14)3 (11)929 (224)705 
Net change3,000 (726)2,274 3,357 (811)2,546 
Translation adjustments(b):
Translation6,200 (224)5,976 117 9 126 
Hedges(6,115)1,484 (4,631)(129)32 (97)
Net change85 1,260 1,345 (12)41 29 
Fair value hedges, net change(c)
76 (19)57 (43)10 (33)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period2,745 (663)2,082 (132)32 (100)
Reclassification adjustment for realized (gains)/losses included in net income(d)
1,891 (456)1,435 1,917 (463)1,454 
Net change4,636 (1,119)3,517 1,785 (431)1,354 
Defined benefit pension and OPEB plans, net change(48)8 (40)(2)(3)(5)
DVA on fair value option elected liabilities, net change(760)185 (575)(302)70 (232)
Total other comprehensive income/(loss)$6,989 $(411)$6,578 $4,783 $(1,124)$3,659 
(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. The net amounts reclassified during the three and nine months ended September 30, 2025 and the nine months ended September 30, 2024 were not material. During the three months ended September 30, 2024, the Firm reclassified a net pre-tax loss of $(1) million to other income/expense, of which $36 million related to net investment hedges.
(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 swaps.
(d)The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.

177

Note 20 – Restricted cash and other restricted assets
Refer to Note 26 of JPMorganChase’s 2024 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.
Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.
The Firm is also subject to rules and regulations established by 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)September 30,
2025		December 31, 2024
Segregated for the benefit of securities and cleared derivative customers
$19.3 $18.7 
Cash reserves at non-U.S. central banks and held for other general purposes
9.5 8.8 
Total restricted cash(a)
$28.8 $27.5 
(a)Comprises $27.5 billion and $26.1 billion in deposits with banks, and $1.3 billion and $1.4 billion in cash and due from banks on the Consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.
Also, as of September 30, 2025 and December 31, 2024, the Firm had the following other restricted assets:
•Cash and securities pledged with clearing organizations for the benefit of customers of $42.3 billion and $40.7 billion, respectively.
•Securities with a fair value of $17.7 billion and $26.8 billion, respectively, in relation to customer activity.


178

Note 21 – Regulatory capital
Refer to Note 27 of JPMorganChase’s 2024 Form 10-K for a detailed discussion on regulatory capital.
The Federal Reserve establishes capital requirements, including well-capitalized standards, for the Firm as a consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A.
Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase & Co. is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. JPMorgan Chase Bank, N.A. is also subject to these capital requirements established by its primary regulators.
The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of September 30, 2025 and December 31, 2024.
Standardized capital ratio requirementsAdvanced
capital ratio requirements		Well-capitalized ratios
BHC(a)
IDI(b)
BHC(a)
IDI(b)
BHC(c)
IDI(d)
Risk-based capital ratios
CET1 capital12.3 %7.0 %11.5 %7.0 %NA6.5 %
Tier 1 capital13.8 8.5 13.0 8.5 6.0 %8.0 
Total capital15.8 10.5 15.0 10.5 10.0 10.0 
Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.
(a)Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of 4.5% as calculated under Method 2; plus a 3.3% SCB for Standardized ratios and a fixed 2.5% capital conservation buffer for Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies.
(b)Represents requirements for JPMorgan Chase Bank, N.A. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of 2.5% that is applicable to JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is 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 JPMorgan Chase Bank, N.A. pursuant to regulations issued under the FDIC Improvement Act.
The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of September 30, 2025 and December 31, 2024.
Capital ratio requirements(a)
Well-capitalized ratios
BHCIDI
BHC(b)
IDI
Leverage-based capital ratios
Tier 1 leverage4.0 %4.0 %NA5.0 %
SLR5.0 6.0 NA6.0 
Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.
(a)Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and JPMorgan Chase Bank, N.A., respectively.
(b)The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs.
CECL Regulatory Capital Transition
Beginning January 1, 2022, the $2.9 billion CECL capital benefit, provided by the Federal Reserve in response to the COVID-19 pandemic, was phased out at 25% per year over a three-year period and fully phased out as of January 1, 2025. As of December 31, 2024, the Firm's CET1 capital reflected the remaining benefit of $720 million associated with the CECL capital transition provisions.
Similarly, as of January 1, 2025, the Firm has phased out the other CECL capital transition provisions which impacted Tier 2 capital, adjusted average assets, total leverage exposure and RWA, as applicable.
Refer to Note 27 of JPMorganChase’s 2024 Form 10-K for further information on CECL capital transition provisions.
179

The following tables present risk-based capital metrics under both the Standardized and Advanced approaches and leverage-based capital metrics for JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. As of September 30, 2025 and December 31, 2024, JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.
September 30, 2025
(in millions, except ratios)
Standardized
Advanced
JPMorgan
Chase & Co.		JPMorgan
Chase Bank, N.A.		JPMorgan
Chase & Co.		JPMorgan
Chase Bank, N.A.
Risk-based capital metrics:(a)
CET1 capital
$287,297 $291,288 $287,297 $291,288 
Tier 1 capital
306,599 291,292 

306,599 

291,292 
Total capital
343,215 313,284 328,356 
(b)
298,545 
(b)
Risk-weighted assets1,935,868 1,856,466 1,932,404 
(b)
1,737,022 
(b)
CET1 capital ratio14.8 %15.7 %14.9 %16.8 %
Tier 1 capital ratio15.8 15.7 15.9 16.8 
Total capital ratio17.7 16.9 17.0 17.2 
December 31, 2024
(in millions, except ratios)
Standardized
Advanced
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
JPMorgan
Chase & Co.
JPMorgan
Chase Bank, N.A.
Risk-based capital metrics:(a)
CET1 capital$275,513 $275,732 $275,513 $275,732 
Tier 1 capital294,881 275,737 294,881 275,737 
Total capital325,589 296,041 311,898 
(b)
282,328 
(b)
Risk-weighted assets1,757,460 1,718,777 1,740,429 
(b)
1,594,072 
(b)
CET1 capital ratio15.7 %16.0 %15.8 %17.3 %
Tier 1 capital ratio16.8 16.0 16.9 17.3 
Total capital ratio18.5 17.2 17.9 17.7 
(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The capital metrics for the period ended December 31, 2024 reflected the CECL capital transition provisions.
(b)Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules.
Three months ended
(in millions, except ratios)		September 30, 2025December 31, 2024
JPMorgan
Chase & Co.		JPMorgan
Chase Bank, N.A.		JPMorgan
Chase & Co.		JPMorgan
Chase Bank, N.A.
Leverage-based capital metrics:(a)
Adjusted average assets(b)
$4,464,441 $3,711,780 $4,070,499 $3,491,283 
Tier 1 leverage ratio
6.9 %7.8 %7.2 %7.9 %
Total leverage exposure$5,272,950 $4,500,038 $4,837,568 $4,246,516 
SLR5.8 %6.5 %6.1 %6.5 %
(a)As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The capital metrics for the period ended December 31, 2024 reflected the CECL capital transition provisions.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.


180

Note 22 – Off–balance sheet lending-related
financial instruments, guarantees, and other
commitments
JPMorganChase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorganChase’s 2024 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.
To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.
The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at September 30, 2025 and December 31, 2024. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these commitments will be utilized at the same time. The Firm can reduce or cancel these commitments, in accordance with the contract, or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of underlying property.
181

Off–balance sheet lending-related financial instruments, guarantees and other commitments
Contractual amount
Carrying value(h)(i)
September 30, 2025Dec 31,
2024		Sep 30,
2025		Dec 31,
2024
By remaining maturity
(in millions)		Expires in 1 year or lessExpires after
1 year through
3 years		Expires after
3 years through
5 years		Expires after 5 yearsTotalTotal
Lending-related
Consumer, excluding credit card:
Residential Real Estate(a)
$17,227 $6,113 $3,694 $6,565 $33,599 $30,349 $365 $534 
Auto and other10,581 1 4 3,830 14,416 14,495 10 37 
Total consumer, excluding credit card27,808 6,114 3,698 10,395 48,015 44,844 375 571 
Credit card(b)
1,069,963 — — — 1,069,963 1,001,311 — — 
Total consumer(c)
1,097,771 6,114 3,698 10,395 1,117,978 1,046,155 375 571 
Wholesale:
Other unfunded commitments to extend credit(d)
121,187 206,396 206,311 29,230 563,124 498,437 3,243 2,608 
Standby letters of credit and other financial guarantees(d)
15,308 8,241 4,793 550 28,892 28,676 601 473 
Other letters of credit(d)
3,474 312 7 219 4,012 4,354 12 37 
Total wholesale(c)
139,969 214,949 211,111 29,999 596,028 531,467 3,856 3,118 
Total lending-related$1,237,740 $221,063 $214,809 $40,394 $1,714,006 $1,577,622 $4,231 $3,689 
Other guarantees and commitments
Securities lending indemnification agreements and guarantees(e)
$386,993 $— $— $— $386,993 $310,046 $— $— 
Derivatives qualifying as guarantees3,524 693 9,531 37,154 50,902 49,628 11 113 
Unsettled resale and securities borrowed agreements
135,013 — 1,250 — 136,263 115,939 

— 2 
Unsettled repurchase and securities loaned agreements
117,212 588 — — 117,800 66,986 — (2)
Loan sale and securitization-related indemnifications:
Mortgage repurchase liabilityNANANANANANA36 45 
Loans sold with recourseNANANANA1,899 1,189 20 23 
Exchange & clearing house guarantees and commitments(f)
342,887 NANANA342,887 401,486 — — 
Other guarantees and commitments(g)
14,634 991 442 791 16,858 12,396 18 28 
(a)Includes certain commitments to purchase loans from correspondents.
(b)Also includes commercial card lending-related commitments primarily in CIB.
(c)Predominantly all consumer and wholesale lending-related commitments are in the U.S.
(d)As of September 30, 2025 and December 31, 2024, reflected the contractual amount net of risk participations totaling $176 million and $85 million, respectively, for other unfunded commitments to extend credit; $12.5 billion and $9.5 billion, respectively, for standby letters of credit and other financial guarantees; $557 million and $556 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(e)As of September 30, 2025 and December 31, 2024, collateral held by the Firm in support of securities lending indemnification agreements was $410.7 billion and $328.7 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.
(f)As of September 30, 2025 and December 31, 2024, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.
(g)As of September 30, 2025 and December 31, 2024, primarily includes unfunded commitments to purchase secondary market loans, other equity investment commitments, commitments to purchase leased assets, and unfunded commitments related to certain tax-oriented equity investments.
(h)For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.
(i)For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold.
182

Other unfunded commitments to extend credit
Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.
Standby letters of credit and other financial guarantees
Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.

The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of September 30, 2025 and December 31, 2024.
Standby letters of credit, other financial guarantees and other letters of credit
September 30, 2025December 31, 2024
(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)
$19,924 $2,889 $20,443 $3,380 
Noninvestment-grade(a)
8,968 1,123 8,233 974 
Total contractual amount$28,892 $4,012 $28,676 $4,354 
Allowance for lending-related commitments$175 $12 $94 $37 
Guarantee liability426 — 379 — 
Total carrying value$601 $12 $473 $37 
Commitments with collateral$16,523 $565 $16,805 $357 
(a)The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.
Derivatives qualifying as guarantees
The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorganChase’s 2024 Form 10-K for further information on these derivatives.
The following table summarizes the derivatives qualifying as guarantees as of September 30, 2025 and December 31, 2024.
(in millions)September 30, 2025December 31, 2024
Notional amounts
Derivative guarantees$50,902 $49,628 
Stable value contracts with contractually limited exposure34,963 32,939 
Maximum exposure of stable value contracts with contractually limited exposure1,307 1,740 
Fair value
Derivative payables11 113 
In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.
Loan sales- and securitization-related indemnifications
In connection with the Firm’s mortgage loan sale and securitization activities with U.S. GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.
The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorganChase’s 2024 Form 10-K for additional information regarding litigation.
183

Merchant charge-backs
Under the rules of payment networks, in its role as a merchant acquirer, the Firm's Merchant Services business in CIB Payments, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, the Firm will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If the Firm is unable to collect the amount from the merchant, the Firm will bear the loss for the amount credited or refunded to the cardholder. The Firm mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, the Firm recognizes a valuation allowance that covers the payment or performance risk related to charge-backs.
Sponsored member repo program
The Firm acts as a sponsoring member to clear eligible overnight and term 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 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 182. Refer to Note 11 of JPMorganChase’s 2024 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.
Guarantees of subsidiaries
The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank pari passu with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 182 of this Note. Refer to Note 20 of JPMorganChase’s 2024 Form 10-K for additional information.
Note 23 – Pledged assets and collateral
Refer to Note 29 of JPMorganChase’s 2024 Form 10-K for a discussion of the Firm’s pledged assets and collateral.
Pledged assets
The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.
The following table presents the carrying value of the Firm’s pledged assets.
(in billions)September 30, 2025December 31, 2024
Assets that may be sold or repledged or otherwise used by secured parties
$255.9 $152.5 
Assets that may not be sold or repledged or otherwise used by secured parties387.4 297.9 
Assets pledged at Federal Reserve banks and FHLBs733.1 724.0 
Total pledged assets
$1,376.4 $1,174.4 
Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s long-term debt.
Collateral
The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.
The following table presents the fair value of collateral accepted.
(in billions)September 30, 2025December 31, 2024
Collateral permitted to be sold or repledged, delivered, or otherwise used
$1,829.9 $1,544.0 
Collateral sold, repledged, delivered or otherwise used1,439.9 1,210.7 
184

Note 24 – Litigation
Contingencies
As of September 30, 2025, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous evolving legal proceedings, including private proceedings, public proceedings, government investigations, regulatory enforcement matters, and the matters described below. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters 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 $1.2 billion at September 30, 2025. 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 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.
1MDB Litigation. J.P. Morgan (Suisse) SA was named as a defendant in a civil litigation filed in May 2021 in Malaysia by 1Malaysia Development Berhad (“1MDB”), a Malaysian state-owned and controlled investment fund. The claim alleged “dishonest assistance” against J.P. Morgan (Suisse) SA in relation to payments of $300 million and $500 million, from 2009 and 2010, respectively, received from 1MDB and paid into an account at J.P. Morgan (Suisse) SA held by 1MDB PetroSaudi Limited, a joint venture company between 1MDB and PetroSaudi Holdings (Cayman) Limited. In August 2025, the Firm resolved the civil litigation by entering into a settlement agreement with 1MDB and the Government of Malaysia. Under the terms of that agreement, the Firm paid approximately $330 million to 1MDB for the withdrawal of all pending appeals relating to the Malaysian civil litigation and a release of any and all future claims by 1MDB.
In addition, in August 2025, the Firm resolved through the entry of a Summary Penalty Order (“SPO”) the investigation by the Federal Office of the Attorney General (OAG) in Switzerland, which, in November 2023, had notified J.P. Morgan (Suisse) SA that it was conducting an investigation into possible criminal liability in connection with transactions arising from J.P. Morgan (Suisse) SA’s relationship with the 1MDB PetroSaudi joint venture and its related persons for the period September 2009 through August 2015. Under the terms of the SPO, which was entered without any admission of guilt or liability, J.P. Morgan (Suisse) SA paid a fine of approximately $3.8 million.
Amrapali. India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorganChase entities into residential housing projects developed by the Amrapali Group (“Amrapali”) relating to delays in delivering or failure to deliver residential units. In August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $31.5 million, and the Firm is appealing that order. Relatedly, in July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorganChase entities and the offshore funds that had invested in the projects, violated certain criminal currency control and money laundering provisions, and ordered the ED to conduct a further inquiry. The Firm is responding to and cooperating with the inquiry.

185

Fair Access to Banking. In August 2025, the President of the United States issued an Executive Order entitled “Guaranteeing Fair Banking for All Americans” that addressed access to financial services and directed several actions by certain federal agencies, to include a review and revision of their internal policies and manuals. JPMorganChase is responding to requests from government authorities and other external parties regarding, among other things, the Firm’s policies and processes and the provision of services to customers and potential customers. Certain of these matters are at various stages, including reviews, investigations, and 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. Among those resolutions, in May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. The Department of Labor ("DOL") granted the Firm exemptions that permit the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) through the ten-year disqualification period, which began in January 2017. The only remaining FX-related governmental inquiry is a South Africa Competition Commission matter which is currently pending before the South Africa Competition Tribunal.
With respect to civil litigation matters, some FX-related individual and putative class actions filed outside the U.S., including in the U.K., Israel, the Netherlands, Brazil and Australia remain. In July 2023, the U.K. Court of Appeal overturned the Competition Appeal Tribunal's earlier denial of a request for class certification on an opt-out basis. The defendants have appealed this decision to the U.K. Supreme Court. In Israel, a settlement in principle has been reached on the putative class action, which remains subject to court approval. In Australia, the Federal Court of Australia has approved the settlement of the class action.
Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws.
In September 2018, the parties settled the class action seeking monetary relief, with the defendants collectively contributing approximately $6.2 billion. The settlement has been approved by the United States District Court for the Eastern District of New York and affirmed on appeal. Based on the percentage of merchants that opted out of the settlement, $700 million has been returned to the defendants from
the settlement escrow. A separate class action seeking injunctive relief continues, and in September 2021, the District Court granted plaintiffs’ motion for class certification in part, and denied the motion in part. In June 2024, the District Court denied preliminary approval of a settlement of the injunctive class action in which Visa and Mastercard agreed to certain changes to their respective network rules and system-wide reductions in interchange rates for U.S.-based merchants. The parties are engaged in ongoing settlement negotiations.
Of the merchants who opted out of the damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks. While some of those actions remain pending, the defendants have reached settlements with the merchants who opted out representing over 80% of the combined Mastercard-branded and Visa-branded payment card sales volume. A number of these actions are pending in the United States District Court for the Southern District of New York, and that court has scheduled a trial of the claims brought by several merchants to begin in April 2026.
LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorganChase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s (“BBA”) London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the European Commission, but exercised its discretion to re-impose a fine in an identical amount. In March 2024, the Firm filed an appeal of this decision with the Court of Justice of the European Union.
In addition, the Firm was named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. The Firm obtained dismissals of certain actions and resolved other actions. In September 2025, the United States District Court for the Southern District of New York granted summary judgment in favor of the defendants on all remaining claims related to U.S. dollar LIBOR, decertified the class, and dismissed all claims in their entirety with prejudice to refiling. Plaintiffs have filed an appeal.
Russian Litigation. The Firm is obligated to comply with international sanctions laws, which mandate the blocking of certain assets. These laws apply when assets associated with individuals, companies, products or services are within the scope of the
186

sanctions. The Firm has faced actual and threatened litigation in Russia seeking payments that the Firm cannot make under, and is contractually excused from paying as a result of, relevant sanctions laws. In claims involving the Firm and claims filed against other financial institutions, Russian courts have disregarded the parties’ contractual agreements concerning forum selection and did not recognize foreign sanctions laws as a basis for not making payment. Russian courts have entered judgment against the Firm in a number of claims. This includes one claim for $439 million that is now enforceable against the Firm's unprotected assets in Russia, and a judgment for another claim has been executed against assets held onshore by the Firm in Russia. The total amount of the judgments exceeds the total amount of available assets that the Firm holds in Russia. Russian courts have allowed plaintiffs to withhold dividends due to the Firm’s clients for the purpose of satisfying judgments, which the Firm is opposing as unlawful. The Firm continues to appeal the Russian courts' decisions, but certain judgments are now enforceable against Firm assets in Russia. Russian courts have also ordered interim freezes of Firm assets in Russia (including, among other things, funds in bank accounts, securities, shares in authorized capital, and certain trademarks, of the named defendants) pending a determination of certain underlying claims against the Firm. The Firm has challenged claims being pursued in the Russian courts and related freeze orders in other jurisdictions provided for by the parties’ contractual forum selections. If further claims are enforced despite the actions taken by the Firm to challenge the claims and orders and to seek the proper application of law, the Firm’s assets in Russia could be seized in full, and certain client assets could also be seized, or the Firm could be prevented from complying with its obligations.
Shareholder Litigation. A shareholder derivative action purporting to act on behalf of the Firm is pending in the United States District Court for the Eastern District of New York against the Firm, its Board of Directors and certain of its current and former officers relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct which were the subject of the Firm’s resolutions with the DOJ, CFTC and SEC in September 2020. Defendants have moved to dismiss the complaint.
* * *
In addition to the various legal proceedings discussed above, JPMorganChase 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, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $62 million and $259 million for the three months ended September 30, 2025 and 2024, 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. JPMorganChase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorganChase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorganChase’s income for that period.
187

Note 25 – Business segments & Corporate
The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
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 evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to JPMorganChase’s 2024 Form 10-K Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on page 67 for a definition of managed basis and Note 32 for a further discussion of the Firm’s business segments.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.
Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
Effective in the fourth quarter of 2024, the Firm updated its FTP with respect to consumer deposits, which resulted in an increase in the funding benefit reflected within CCB’s net interest income that is fully offset in Corporate, with no effect on the Firm’s net interest income.
As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results.
Capital allocation
The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Note 32 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.



























188

Segment & Corporate results
The following table provides a summary of the Firm’s segment results as of or for the three and nine months ended September 30, 2025 and 2024, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from
investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s managed basis.
Segment & Corporate results and reconciliation(a)
As of or for the three months
ended September 30,
(in millions, except ratios)		Consumer &
Community Banking		Commercial &
Investment Bank		Asset & Wealth Management
202520242025202420252024
Noninterest revenue$4,617$4,214$13,798$11,622$4,337$3,799
Net interest income14,85613,5776,0805,3931,7291,640
Total net revenue19,47317,79119,87817,0156,0665,439
Provision for credit losses
2,5382,795809316594
Compensation expense(b)
4,4244,2754,8624,5102,1551,994
Noncompensation expense(c)(d)
5,8725,3114,8604,2411,6631,645
Total noninterest expense10,2969,5869,7228,7513,8183,639
Income/(loss) before income tax expense/(benefit)
6,6395,4109,3477,9482,1891,796
Income tax expense/(benefit)1,6301,3642,4462,257531445
Net income
$5,009$4,046$6,901$5,691$1,658$1,351
Average equity
$56,000$54,500$149,500$132,000$16,000$15,500
Total assets652,275633,0382,328,0002,047,022282,322253,750
ROE35 %29 %18 %17 %40 %34 %
Overhead ratio53 54 49 51 63 67 
As of or for the three months
ended September 30,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202520242025202420252024
Noninterest revenue$297$155$(588)$(541)$22,461$19,249
Net interest income1,4062,915(105)(120)23,96623,405
Total net revenue1,7033,070(693)(661)46,42742,654
Provision for credit losses
(3)(4)——3,4033,111
Total noninterest expense(d)
445589——24,28122,565
Income/(loss) before income tax expense/(benefit)1,2612,485(693)(661)18,74316,978
Income tax expense/(benefit)436675(693)(661)4,3504,080
Net income
$825$1,810$—$—$14,393$12,898
Average equity
$114,835$119,894NANA$336,335$321,894
Total assets1,297,6081,276,238NANA4,560,2054,210,048
ROENMNMNMNM17 %16 %
Overhead ratioNMNMNMNM52 53 
189

As of or for the nine months
ended September 30,
(in millions, except ratios)		Consumer &
Community Banking		Commercial &
Investment Bank		Asset & Wealth Management
202520242025202420252024
Noninterest revenue$13,240$12,155$41,412$36,527$12,403$10,946
Net interest income43,39340,99017,66715,9895,1544,854
Total net revenue56,63353,14559,07952,51617,55715,800
Provision for credit losses7,2497,3512,21070195(33)
Compensation expense(b)
13,20812,74415,20614,1586,3635,926
Noncompensation expense(c)(d)
16,80315,56413,99912,4834,9014,716
Noninterest expense30,01128,30829,20526,64111,26410,642
Income/(loss) before income tax expense/(benefit)19,37317,48627,66425,1746,1985,191
Income tax expense/(benefit)4,7704,3997,1716,9641,4841,287
Net income
$14,603$13,087$20,493$18,210$4,714$3,904
Average equity$56,000$54,500$149,500$132,000$16,000$15,500
Total assets652,275633,0382,328,0002,047,022282,322253,750
ROE34 %31 %18 %18 %39 %33 %
Overhead ratio53 53 49 51 64 67 
As of or for the nine months
ended September 30,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202520242025202420252024
Noninterest revenue$999$7,638
(f)
$(1,853)$(1,711)$66,201$65,555
(f)
Net interest income4,5467,756(312)(356)70,44869,233
Total net revenue5,54515,394(2,165)(2,067)136,649134,788
Provision for credit losses
328——9,5578,047
Noninterest expense1,1773,444
(g)
——71,65769,035
(g)
Income/(loss) before income tax expense/(benefit)4,36511,922(2,165)(2,067)55,43557,706
Income tax expense/(benefit)152
(e)
2,657(2,165)(2,067)11,41213,240
Net income
$4,213$9,265$—$—$44,023$44,466
Average equity
$108,703$108,353NANA$330,203$310,353
Total assets1,297,6081,276,238NANA4,560,2054,210,048
ROENMNMNMNM17 %19 %
Overhead ratioNMNMNMNM52 51 
(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.
(b)Excludes expense related to services provided by Corporate support units, which is allocated from Corporate to each respective reportable business segment, as applicable, through noncompensation expense.
(c)Reflects occupancy; technology, communications and equipment; professional and outside services; marketing; and other expense. Refer to Note 5 for additional information on other expense.
(d)Certain services are provided by Corporate and used by each of the reportable business segments. The costs of these services, including compensation-related costs, are allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense.
(e)Included a $774 million income tax benefit recorded in the second quarter of 2025, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
(f)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
(g)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.




190

New Logo.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 September 30, 2025, and the related consolidated statements of income, comprehensive income and changes in stockholders’ equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and the consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024, 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, 2024, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 14, 2025, 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, 2024, 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.
PwC signature 3Q25.jpg
November 4, 2025























PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017
191

JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Three months ended September 30, 2025Three months ended September 30, 2024
Average
balance
Interest(f)
Rate
(annualized)		Average
balance
Interest(f)
Rate
(annualized)
Assets
Deposits with banks$360,156 $2,946 3.25 %$464,704 $5,366 4.59 %
Federal funds sold and securities purchased under resale agreements
424,346 4,531 4.24 404,174 5,226 5.14 
Securities borrowed234,112 2,163 3.67 217,716 2,478 

4.53 
Trading assets – debt instruments580,985 6,296 4.30 496,176 5,625 4.51 
Taxable securities741,129 7,135 3.82 595,772 5,849 3.91 
Nontaxable securities(a)
27,470 335 4.84 27,063 346 5.09 
Total investment securities768,599 7,470 3.86 
(g)
622,835 6,195 3.96 
(g)
Loans1,417,466 24,077 6.74 1,325,440 23,569 7.07 
All other interest-earning assets(b)(c)
110,100 2,061 7.43 90,721 2,077 9.11 
Total interest-earning assets3,895,764 49,544 5.05 3,621,766 50,536 5.55 
Allowance for loan losses(24,897)(22,946)
Cash and due from banks22,285 22,323 
Trading assets – equity and other instruments264,681 217,790 
Trading assets – derivative receivables61,842 54,575 
Goodwill, MSRs and other intangible Assets64,366 64,185 
All other noninterest-earning assets235,904 219,315 
Total assets$4,519,945 $4,177,008 
Liabilities
Interest-bearing deposits$1,913,958 $11,633 2.41 %$1,749,353 $12,914 2.94 %
Federal funds purchased and securities loaned or sold under repurchase agreements
567,920 6,043 4.22 425,795 5,733 5.36 
Short-term borrowings53,755 590 4.35 40,234 542 5.38 
Trading liabilities – debt and all other interest-bearing
liabilities(d)(e)
314,591 2,316 2.92 329,850 2,632 3.17 
Beneficial interests issued by consolidated VIEs28,884 333 4.58 26,556 352 5.27 
Long-term debt350,368 4,558 5.16 347,910 4,838 5.53 
Total interest-bearing liabilities3,229,476 25,473 3.13 2,919,698 27,011 3.68 
Noninterest-bearing deposits610,601 633,957 
Trading liabilities – equity and other instruments(e)
48,628 32,739 
Trading liabilities – derivative payables47,926 39,936 
All other liabilities, including the allowance for lending-related commitments226,934 206,376 
Total liabilities4,163,565 3,832,706 
Stockholders’ equity
Preferred stock20,045 22,408 
Common stockholders’ equity336,335 321,894 
Total stockholders’ equity356,380 344,302 
Total liabilities and stockholders’ equity$4,519,945 $4,177,008 
Interest rate spread1.92 %1.87 %
Net interest income and net yield on interest-earning assets$24,071 2.45 $23,525 2.58 


192

JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Nine months ended September 30, 2025Nine months ended September 30, 2024
Average
balance
Interest(f)
Rate
(annualized)		Average
balance
Interest(f)
Rate
(annualized)
Assets
Deposits with banks$403,490 $10,480 3.47 %$504,043 $17,811 4.72 %
Federal funds sold and securities purchased under resale agreements
411,857 13,325 4.33 366,464 14,262 5.20 
Securities borrowed236,355 6,681 3.78 202,103 6,821 

4.51 
Trading assets – debt instruments546,679 18,173 4.44 457,351 15,233 4.45 
Taxable securities693,857 19,806 3.82 566,353 15,844 3.74 
Nontaxable securities(a)
26,928 959 4.76 28,060 1,071 5.10 
Total investment securities720,785 20,765 3.85 
(g)
594,413 16,915 3.80 
(g)
Loans1,379,480 69,650 6.75 1,316,733 69,454 7.05 
All other interest-earning assets(b)(c)
105,564 5,771 7.31 84,912 6,227 9.80 
Total interest-earning assets3,804,210 144,845 5.09 3,526,019 146,723 5.56 
Allowance for loan losses(24,782)(22,530)
Cash and due from banks22,533 22,694 
Trading assets – equity and other instruments243,526 210,013 
Trading assets – derivative receivables59,524 56,455 
Goodwill, MSRs and other intangible Assets64,452 64,346 
All other noninterest-earning assets229,205 215,748 
Total assets$4,398,668 $4,072,745 
Liabilities
Interest-bearing deposits$1,886,654 $34,111 2.42 %$1,732,844 $37,569 2.90 %
Federal funds purchased and securities loaned or sold under repurchase agreements
530,765 17,197 4.33 365,604 14,810 5.41 
Short-term borrowings
52,717 1,732 4.39 39,003 1,579 5.41 
Trading liabilities – debt and all other interest-bearing
liabilities(d)(e)
301,051 6,685 2.97 317,229 7,872 3.31 
Beneficial interests issued by consolidated VIEs26,959 926 4.59 26,728 1,068 5.34 
Long-term debt347,915 13,434 5.16 343,628 14,236 5.53 
Total interest-bearing liabilities3,146,061 74,085 3.15 2,825,036 77,134 3.65 
Noninterest-bearing deposits600,350 643,608 
Trading liabilities – equity and other instruments(e)
43,526 30,613 
Trading liabilities – derivative payables43,318 39,120 
All other liabilities, including the allowance for lending-related commitments215,175 198,617 
Total liabilities4,048,430 3,736,994 
Stockholders’ equity
Preferred stock20,035 25,398 
Common stockholders’ equity330,203 310,353 
Total stockholders’ equity350,238 335,751 
Total liabilities and stockholders’ equity$4,398,668 $4,072,745 
Interest rate spread1.94 %1.91 %
Net interest income and net yield on interest-earning assets$70,760 2.49 $69,589 2.64 
(a)Represents securities which are tax-exempt for U.S. federal income tax purposes.
(b)Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.
(c)The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(d)All other interest-bearing liabilities include brokerage-related customer payables.
(e)The combined balance of trading liabilities – debt and equity instruments was $186.8 billion and $200.8 billion for the three months ended September 30, 2025 and 2024, respectively, and $170.1 billion and $189.1 billion for the nine months ended September 30, 2025 and 2024, respectively.
(f)Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(g)The annualized rate for securities based on amortized cost was 3.84% and 3.95% for the three months ended September 30, 2025 and 2024, respectively, and 3.83% and 3.77% for the nine months ended September 30, 2025 and 2024, respectively, and does not give effect to changes in fair value that are reflected in AOCI.
193

GLOSSARY OF TERMS AND ACRONYMS
2024 Form 10-K: Annual report on Form 10-K for year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission.
ABS: Asset-backed securities
Active foreclosures: Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.
AFS: Available-for-sale
Allowance for loan losses to total retained loans: Represents period-end allowance for loan losses divided by retained loans.
Amortized cost: Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange, and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.
AOCI: Accumulated other comprehensive income/(loss)
ARM(s): Adjustable rate mortgage(s)
AUC: “Assets under custody”: Represents assets held directly or indirectly on behalf of clients under safekeeping, custody and servicing arrangements.
Auto loan and lease origination volume: Dollar amount of auto loans and leases originated.
AWM: Asset & Wealth Management
Beneficial interests issued by consolidated VIEs: Represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorganChase consolidates.
BHC: Bank holding company
BWM: Banking & Wealth Management
Bridge Financing Portfolio: A portfolio of held-for-sale unfunded loan commitments and funded loans. The unfunded commitments include both short-term bridge loan commitments that will ultimately be replaced by longer term financing as well as term loan commitments. The funded loans include term loans and funded revolver facilities.
CCAR: Comprehensive Capital Analysis and Review
CCB: Consumer & Community Banking
CCP: Central Counterparty
CDS: Credit default swaps
CECL: Current Expected Credit Losses
CEO: Chief Executive Officer
CET1 capital: Common equity Tier 1 capital
CFO: Chief Financial Officer
CFTC: Commodity Futures Trading Commission
CIB: Commercial & Investment Bank
CIO: Chief Investment Office
Client assets: Represent assets under management as well as custody, brokerage, administration and deposit accounts.
Client deposits and other third-party liabilities: Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.
Client investment assets: Represent assets under management as well as custody, brokerage and annuity accounts, and deposits held in investment accounts.
CLTV: Combined loan-to-value
CMT: Constant Maturity Treasury
Collateral-dependent: A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial Card: Provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.
Credit derivatives: Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.
Criticized: Criticized loans, lending-related commitments and derivative receivables that are
194

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.
CRR: Capital Requirements Regulation
CVA: Credit valuation adjustment
DVA: Debit valuation adjustment
EC: European Commission
Eligible HQLA: Eligible high-quality liquid assets ("HQLA"), for purposes of calculating the liquidity coverage ratio ("LCR"), is the amount of unencumbered HQLA that satisfy certain operational considerations as defined in the LCR rule. Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets. For purposes of calculating the LCR, HQLA securities are included at fair value, which may differ from the accounting treatment under U.S. GAAP.
Eligible LTD: Long-term debt satisfying certain eligibility criteria
Embedded derivatives: 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.
EPS: Earnings per share
ERISA: Employee Retirement Income Security Act of 1974
ESG: Environmental, Social and Governance
ETD: “Exchange-traded derivatives”: Derivative contracts that are executed on an exchange and settled via a central clearing house.
EU: European Union
Expense categories:
•Volume- and/or revenue-related expenses generally correlate with changes in the related business/transaction volume or revenue. Examples of volume- and revenue-related expenses include commissions and incentive compensation, depreciation expense related to operating lease assets, and brokerage expense related to equities trading transaction volume.
•Investments include expenses associated with supporting medium- to longer-term strategic plans of the Firm. Examples of investments include initiatives in technology (including related compensation), marketing, and compensation for new bankers and client advisors.
•Structural expenses are those associated with the day-to-day cost of running the bank and are expenses not covered by the above two categories. Examples of structural expenses include employee salaries and benefits, as well as noncompensation costs such as real estate and all other expenses.
Fannie Mae: Federal National Mortgage Association
FASB: Financial Accounting Standards Board
FCA: Financial Conduct Authority
FDIC: Federal Deposit Insurance Corporation
FDM: "Financial difficulty modification" applies to loan modifications effective January 1, 2023, and is deemed to occur when the Firm modifies specific terms of the original loan agreement. The following types of modifications are considered FDMs: principal forgiveness, interest rate reduction, other-than-insignificant payment deferral, term extension or a combination of these modifications.
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.
FICC: Fixed Income Clearing Corporation
FINRA: Financial Industry Regulatory Authority
Firm: JPMorgan Chase & Co.
First Republic: On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the FDIC. "First Republic-related," "associated with First Republic" or similar expressions refer to the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable. Refer to Note 34 of the Firm's 2024 Form 10-K for additional information.
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.
195

Freddie Mac: Federal Home Loan Mortgage Corporation
Free-standing derivatives: A derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other transaction and is legally detachable and separately exercisable.
FTE: Fully taxable-equivalent
FVA: Funding valuation adjustment
FX: Foreign exchange
G7: “Group of Seven nations”: Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.
G7 government securities: Securities issued by the government of one of the G7 nations.
Ginnie Mae: Government National Mortgage Association
GSIB: Global systemically important banks
HELOC: Home equity line of credit
Home equity – senior lien: Represents loans and commitments where JPMorganChase holds the first security interest on the property.
Home equity – junior lien: Represents loans and commitments where JPMorganChase holds a security interest that is subordinate in rank to other liens.
HQLA: High-quality liquid assets. Also refer to Eligible HQLA.
HTM: Held-to-maturity
IBOR: Interbank Offered Rate
IDI: Insured depository institutions
IHC: JPMorgan Chase Holdings LLC, an intermediate holding company
Investment-grade: An indication of credit quality based on JPMorganChase’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.
IPO: Initial Public Offering
IR: Interest rate
ISDA: International Swaps and Derivatives Association
JPMorganChase: JPMorgan Chase & Co.
JPMorgan Chase Bank, N.A.: JPMorgan Chase Bank, National Association
JPMorgan Chase Foundation or Foundation: A not-for-profit organization that makes contributions for charitable and educational purposes.
J.P. Morgan Securities: J.P. Morgan Securities LLC
JPMSE: J.P. Morgan SE
LCR: Liquidity coverage ratio
LIBOR: London Interbank Offered Rate
LLC: Limited Liability Company
LOB: Line of business
LTV: “Loan-to-value ratio”: For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the collateral (i.e., residential real estate) securing the loan.
Origination date LTV ratio: The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.
Current estimated LTV ratio: An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.
Combined LTV ratio: The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.
Macro businesses: The macro businesses include Rates, Currencies and Emerging Markets, Fixed Income Financing and Commodities in CIB's Fixed Income Markets.
Managed basis: A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.
Markets: Consists of CIB's Fixed Income Markets and Equity Markets businesses.
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).
196

MBS: Mortgage-backed securities
MD&A: Management’s discussion and analysis
Measurement alternative: Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
Merchant Services: Offers merchants payment processing capabilities, fraud and risk management, data and analytics, and other payments services. Through Merchant Services, merchants of all sizes can accept payments via credit and debit cards and payments in multiple currencies.
MEVs: "Macroeconomic variables": Refer to quantitative measures of current and forecasted macroeconomic conditions - such as the unemployment rates, gross domestic product growth rate and interest rates - used by the Firm in its models to estimate credit losses.
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.
MREL: Minimum requirements for own funds and eligible liabilities
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 generally tied to sales transactions.
•Partner payments: Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.
Net yield on interest-earning assets: The average rate for interest-earning assets less the average rate paid for all sources of funds.
NFA: National Futures Association
NM: Not meaningful
Nonaccrual loans: Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically maintained on
197

nonaccrual status.
Nonperforming assets: Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.
NSFR: Net Stable Funding Ratio
OCC: Office of the Comptroller of the Currency
OCI: Other comprehensive income/(loss)
OPEB: Other postretirement employee benefit
Operating losses: Primarily refer to fraud losses associated with customer deposit accounts, credit and debit cards; exclude legal expense
OTC: “Over-the-counter derivatives”: Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties is a derivatives dealer.
OTC cleared: “Over-the-counter cleared derivatives”: Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Overhead ratio: Noninterest expense as a percentage of total net revenue.
Parent Company: JPMorgan Chase & Co.
Participating securities: Represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorganChase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.
PCD: “Purchased credit deteriorated” assets represent acquired financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Firm.
Pillar 1: The Basel framework consists of a three “Pillar” approach. Pillar 1 establishes minimum capital requirements, defines eligible capital instruments, and prescribes rules for calculating RWA.
Pillar 3: The Basel framework consists of a three “Pillar” approach. Pillar 3 encourages market discipline
through disclosure requirements which allow market participants to assess the risk and capital profiles of banks.
PRA: Prudential Regulation Authority
Preferred stock dividends: Reflects dividends declared and deemed dividends upon redemption of preferred stock
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
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
198

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 Advanced, also operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Advanced, credit risk RWA is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters, whereas for 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 Standardized and Advanced.
S&P: Standard and Poors
SA-CCR: Standardized Approach for Counterparty Credit Risk
SAR as it pertains to Hong Kong: Special Administrative Region
SAR(s) as it pertains to employee stock awards: Stock appreciation rights
SCB: Stress capital buffer
Scored portfolios: Consumer loan portfolios that predominantly include residential real estate loans, credit card loans, auto loans to individuals and certain small business loans.
SEC: U.S. Securities and Exchange Commission
Securitized Products Group: Comprised of Securitized Products and tax-oriented investments.
Seed capital: Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are achieved, the intent is to remove the Firm’s capital from the investment.
Shelf securities: Securities registered with the SEC under a shelf registration statement that have not been issued, offered or sold. These securities are not included in league tables until they have actually been issued.
Single-name: Single reference-entities
SLR: Supplementary leverage ratio
SMBS: Stripped Mortgage-Backed Securities
SOFR: Secured Overnight Financing Rate
SPEs: Special purpose entities
Structural interest rate risk: Represents interest rate risk of the non-trading assets and liabilities of the Firm.
Structured notes: Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, underlying reference pool of loans or other market variables. The notes typically contain embedded (but not separable or detachable) derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.
Suspended foreclosures: Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.
Taxable-equivalent basis: In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from investments that receive tax 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
TLAC: Total Loss Absorbing Capacity
U.K.: United Kingdom
U.S.: United States of America
U.S. GAAP: Accounting principles generally accepted in the United States of America.
U.S. government agencies: U.S. government agencies include, but are not limited to, agencies such as Ginnie Mae and FHA, and do not include Fannie Mae and Freddie Mac which are U.S. government-sponsored enterprises (“U.S. GSEs”). In general, obligations of U.S. government agencies are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government in the event of a default.
U.S. GSE(s): “U.S. government-sponsored enterprises” are quasi-governmental, privately-held entities established or chartered by the U.S. government to serve public purposes as specified by the U.S.
199

Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae or FHA. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
U.S. Treasury: U.S. Department of the Treasury
Unaudited: Financial statements and/or information that have not been subject to auditing procedures by an independent registered public accounting firm.
VA: U.S. Department of Veterans Affairs
VaR: “Value-at-risk” is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs: Variable interest entities
Warehouse loans: Consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as loans.
Weighted-average macroeconomic outlook: Refers to the forecast of macroeconomic conditions used by the Firm in its models to estimate credit losses which reflects the weighted average results of the five internally-developed macroeconomic scenarios over an eight-quarter forecast period and incorporates macroeconomic variables and any qualitative adjustments (such as changes in the weight placed on an upside or adverse scenario).
200

LINE OF BUSINESS METRICS
CONSUMER & COMMUNITY BANKING (“CCB”)
Debit and credit card sales volume: Dollar amount of card member purchases, net of returns.
Deposit margin: Represents net interest income expressed as a percentage of average deposits.
Home Lending Production and Home Lending Servicing revenue comprises the following:
Net mortgage servicing revenue: Includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.
Production revenue: Includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option.
Mortgage origination channels comprise the following:
Retail: Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.
Correspondent: Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.
Card Services: A business that primarily issues credit cards to consumers and small businesses.
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.
COMMERCIAL & INVESTMENT BANK (“CIB”)
Definition of selected CIB revenue:
Investment Banking: Includes investment banking fees as well as other revenues associated with investment banking activities and services including advising on corporate strategy and structure, and capital-raising in equity and debt markets.
Payments: Reflects revenue from cash management solutions, including services that enable clients to manage payments globally across liquidity and account solutions, commerce solutions, clearing, trade and working capital.
Lending: Includes revenue from a variety of financing alternatives, which includes on a secured basis.
Fixed Income Markets: Primarily includes revenue related to market-making and lending across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.
Equity Markets: Primarily includes revenue related to market-making and lending across global equity markets, including cash, derivative and prime brokerage products.
Securities Services: Revenues are primarily generated from net interest income, asset based fees, and transaction based fees. Our core product offering is organized into four key areas: custody, fund services, liquidity and trading services, and data solutions. These services are marketed primarily to institutional investors.
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.
Description of CIB client coverage segment for Banking & Payments revenue(a):
Global Corporate Banking & Global Investment Banking: Provides banking products and services generally to large corporations, financial institutions and merchants.
Commercial Banking: Provides banking products and services to clients, including start-ups, small and mid-sized companies, local governments, municipalities, and nonprofits, as well as commercial real estate clients.
(a)Global Banking is a client coverage view within the Banking & Payments business and is comprised of the Global Corporate Banking, Global Investment Banking and Commercial Banking client coverage segments.
201

ASSET & WEALTH MANAGEMENT (“AWM”)
Assets under management (“AUM”): Represent assets managed by AWM on behalf of its Private Banking, Global Institutional and Global Funds clients. Includes “Committed capital not Called.”
Client assets: Represent assets under management, as well as custody, brokerage, administration and deposit accounts.
Multi-asset: Any fund or account that allocates assets under management to more than one asset class.
Alternative assets "Alternatives": The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.
AWM’s lines of business consist of the following:
Asset Management: Offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs.
Global Private Bank: Provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients.
AWM’s client segments consist of the following:
Private Banking: Clients include high- and ultra-high-net-worth individuals, families, money managers and business owners.
Global Institutional: Clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.
Global Funds: Clients include financial intermediaries and individual investors.
Asset Management has two high-level measures of its overall fund performance:
Percentage of active mutual fund and active ETF 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. An 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 provided at the individual share class level.
The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and hence excluded from these rankings. All ratings, the assigned peer categories and the asset values used to derive these rankings are sourced from the applicable fund rating provider. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage 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, for which Nomura provides ratings at the fund level. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
Percentage of active mutual fund and active ETF 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 these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage 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 for U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
“Primary share class” means the C share class for European funds and Acc share class for Hong Kong and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class.
202

Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Refer to the Market Risk Management section of Management’s discussion and analysis and pages 141–149 of JPMorganChase’s 2024 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.
Item 4. Controls and Procedures.
As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certifications furnished by the Chairman and Chief Executive Officer and Chief Financial Officer, respectively.
The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Deficiencies or lapses in internal controls may occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal control in the future and collateral consequences therefrom. Refer to “Management’s report on internal control over financial reporting” on page 168 of JPMorganChase’s 2024 Form 10-K for further information. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Part II – Other Information
Item 1. Legal Proceedings.
Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorganChase’s 2024 Form 10-K.
Item 1A. Risk Factors.
Refer to Part I, Item 1A: Risk Factors on pages 10–37 of JPMorganChase’s 2024 Form 10-K and Forward-Looking Statements on page 91 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.
Supervision and regulation
Refer to the Supervision and regulation section on pages 2-7 of JPMorganChase’s 2024 Form 10-K for information on Supervision and Regulation.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Repurchases under the common share repurchase program
Refer to Capital Risk Management on pages 44-50 of this Form 10-Q and pages 97–107 of JPMorganChase’s 2024 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.
On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.
203

Shares repurchased pursuant to the common share repurchase program during the nine months ended September 30, 2025 were as follows:
Nine months ended September 30, 2025Total number of shares of common stock repurchased
Average price paid per share of common stock(a)
Aggregate purchase price of common stock repurchases
 (in millions)(a)
Dollar value of remaining authorized repurchase
(in millions)(a)
First quarter29,953,620 $252.50 $7,563 $11,763 
Second quarter29,800,960 $251.67 $7,500 $4,263 
(b)
   July9,223,719 291.74 2,691 47,309 
   August9,605,280 292.95 2,814 44,495 
   September9,158,017 306.84 2,810 41,685 
(c)
Third quarter27,987,016 297.10 8,315 41,685 
(c)
Year-to-date87,741,596 $266.44 $23,378 $41,685 
(c)
(a)Excludes excise tax and commissions.
(b)The $4.3 billion under the prior Board authorization was canceled when the $50 billion repurchase program was authorized by the Board of Directors effective July 1, 2025.
(c)Represents the amount remaining under the $50 billion repurchase program.
Item 3.    Defaults Upon Senior Securities.
None.
Item 4.    Mine Safety Disclosures.
Not applicable.
204

Item 5.    Other Information.
Trading arrangements
The following table provides information concerning Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) adopted in the third quarter of 2025, by any director or officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934 ("Section 16 Director or Officer"). These trading arrangements are intended to satisfy the affirmative defense of Rule 10b5-1(c). Certain of the Firm's Section 16 Directors or Officers may participate in employee stock purchase plans, 401(k) plans or dividend reinvestment plans of the Firm that have been designed to comply with Rule 10b5-1(c). No non-Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) were adopted by any Section 16 Director or Officer during the third quarter of 2025. Additionally, no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were terminated by any Section 16 Director or Officer in the third quarter of 2025.
NameTitleAdoption date
Duration(c)
Aggregate number of shares to be sold(d)
Ashley BaconChief Risk OfficerAugust 8, 2025August 8, 2025 – March 31, 202650% of the net issued shares received as a result of RSUs vesting on January 13, 2026
Jeremy BarnumChief Financial OfficerAugust 6, 2025August 6, 2025 – March 31, 202650% of the net issued shares received as a result of RSUs vesting on January 13, 2026
Lori BeerChief Information OfficerAugust 8, 2025August 8, 2025 – March 31, 202650% of the net issued shares received as a result of RSUs vesting on January 13, 2026
Mary ErdoesCEO, AWMAugust 1, 2025August 1, 2025 – March 31, 202650% of the net issued shares received as a result of RSUs vesting on January 13, 2026
Stacey Friedman(a)
General CounselAugust 14, 2025August 14, 2025 – March 31, 202650% of the net issued shares received as a result of RSUs vesting on January 13, 2026
Marianne Lake(b)
CEO, CCBAugust 13, 2025August 13, 2025 – March 31, 202650% of the net issued shares received as a result of RSUs vesting on January 13, 2026
Robin LeopoldHead of Human ResourcesAugust 8, 2025August 8, 2025 – March 31, 2026966
Douglas PetnoCo-CEO, CIBAugust 11, 2025August 11, 2025 – March 31, 202650% of the net issued shares received as a result of RSUs vesting on January 13, 2026
Jennifer PiepszakChief Operating OfficerJuly 25, 2025July 25, 2025 – March 31, 202650% of the net issued shares received as a result of RSUs vesting on January 13, 2026
(a)Transaction by trust of which Ms. Friedman has either a direct or indirect pecuniary interest.
(b)Transaction by trust of which Ms. Lake has either a direct or indirect pecuniary interest.
(c)Sales under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1. Subject to compliance with Rule 10b5-1, duration could cease earlier than the final date shown above to the extent that the aggregate number of shares to be sold under the trading arrangement have been sold.
(d)Unless otherwise stated, the aggregate number of shares to be sold pursuant to each trading arrangement is dependent on the terms and conditions of, and taxes on, the applicable RSUs, and therefore, is indeterminable at this time.

Iran threat reduction disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) to the Securities Exchange Act of 1934, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law. Except as set forth below, as of the date of this report, the Firm is not aware of any other activity, transaction or dealing by any of its affiliates during the quarter ended September 30, 2025 that requires disclosure under Section 219.

During the third quarter of 2025, the Firm determined that an existing account holder at a non-U.S. subsidiary of the Firm had previously become employed by a subsidiary of an entity which is owned or controlled by the Government of Iran. The account was valued at the equivalent of approximately USD 119,000. The Firm’s non-U.S. subsidiary charged fees of the equivalent of approximately USD 850 from the time the account holder became employed by the applicable entity through the third quarter of 2025. The Firm has closed the account.
The Firm does not intend to engage in such transactions in the future.

205


Item 6.    Exhibits.
Exhibit No.Description of Exhibit
3.1
3.2
15
22
31.1
31.2
32
101.INS
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.(c)
101.SCH
XBRL Taxonomy Extension Schema Document.(a)
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document.(a)
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document.(a)
101.LAB
XBRL Taxonomy Extension Label Linkbase Document.(a)
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document.(a)
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
(a)Filed herewith.
(b)Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
(c)Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three and nine months ended September 30, 2025 and 2024, (ii) the Consolidated statements of comprehensive income (unaudited) for the three and nine months ended September 30, 2025 and 2024, (iii) the Consolidated balance sheets (unaudited) as of September 30, 2025 and December 31, 2024, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three and nine months ended September 30, 2025 and 2024, (v) the Consolidated statements of cash flows (unaudited) for the nine months ended September 30, 2025 and 2024, and (vi) the Notes to Consolidated Financial Statements (unaudited).
206

SIGNATURE



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

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

Date:November 4, 2025




































207

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com