JPMORGAN CHASE & CO

The Firm is managed on an LOB basis. There are four major reportable business segments – Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis.

As a result of the organizational changes announced on January 25, 2024, the Firm will be reorganizing its business segments to reflect the manner in which the segments will be managed. The reorganization of the business segments will be effective in the second quarter of 2024. Refer to Recent events on page 52 of JPMorgan Chase's 2023 Form 10-K for additional information.

Refer to Explanation and Reconciliation of the Firm’s use of Non-GAAP Financial Measures on pages 16-17 for a definition of managed basis.

Description of business segment reporting methodology

Results of the business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and 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/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.

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 71-76 for additional information.

Capital allocation

The amount of capital assigned to each business segment 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 may change. Refer to Line of business equity on page 41, and page 98 of JPMorgan Chase’s 2023 Form 10-K for additional information on capital allocation.

Refer to Business Segment Results – Description of business segment reporting methodology on pages 65–85 and Note 32 of JPMorgan Chase’s 2023 Form 10-K for a further discussion of those methodologies.

Segment results – managed basis

The following tables summarize the Firm’s results by segment for the periods indicated.

Selected Firmwide Metrics

The following tables present key metrics for Wealth Management, which consists of the Global Private Bank in AWM and J.P. Morgan Wealth Management in CCB; and total revenue and key metrics for J.P. Morgan Payments, which consists of payments activities in CIB and CB. This presentation is intended to provide investors with additional information concerning Wealth Management and J.P. Morgan Payments, each of which consists of similar business activities conducted across LOBs to serve different types of clients and customers.

Selected metrics - Wealth Management

(a) Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.

Selected metrics - J.P. Morgan Payments

(a)Includes certain revenues that are reported as investment banking product revenue in CB, and excludes the net impact of equity investments.

Segment information related to First Republic

The following table presents selected impacts to CCB, CB, AWM and Corporate associated with First Republic as of or for the three months ended March 31, 2024.

(a)For the three months ended March 31, 2024, reflects measurement period adjustments, which reduced the estimated bargain purchase gain by $(16) million. Refer to Note 26 for additional information.

The following sections provide a comparative discussion of the Firm’s results by segment as of or for the three months ended March 31, 2024 and 2023, unless otherwise specified.

CONSUMER & COMMUNITY BANKING

Refer to pages 68-71 of JPMorgan Chase's 2023 Form 10-K and Line of Business Metrics on page 182 for a further discussion of the business profile of CCB.

(a)Primarily includes operating lease income and commissions and other fees. Operating lease income was $665 million and $741 million for the three months ended March 31, 2024 and 2023, respectively.

(b)Included depreciation expense on leased assets of $427 million and $407 million for the three months ended March 31, 2024 and 2023, respectively.

(c)Included MSR risk management results of $(1) million and $(12) million for the three months ended March 31, 2024 and 2023, respectively.

(d)Includes First Republic. Refer to page 20 for additional information.

(e)Banking & Wealth Management and Home Lending included revenue associated with First Republic of $639 million and $392 million, respectively, for the three months ended March 31, 2024.

Net income was $4.8 billion, down 8%.

Net revenue was $17.7 billion, up 7%.

Net interest income was $13.7 billion, up 7%, driven by:

•higher Card Services NII, reflecting an increase in revolving balances, and

•the impact of First Republic in Home Lending,

•deposit margin compression, reflecting higher rates paid and lower average deposits in Banking & Wealth Management ("BWM").

Noninterest revenue was $3.9 billion, up 9%, driven by:

•higher asset management fees reflecting higher average market levels, strong net inflows and the impact of First Republic, as well as other service fees associated with First Republic, and higher commissions from annuity sales in BWM, and

•higher production revenue in Home Lending, which included the impact of First Republic,

•lower auto operating lease income, and

•lower card income driven by an increase in new account origination costs, largely offset by higher annual fees, reflecting continued growth in the portfolio. Net interchange income was relatively flat as the impact of increased debit and credit card sales volume was offset by higher reward costs and partner payments.

Refer to Note 5 for additional information on card income, asset management fees, and commissions and other fees; and Critical Accounting Estimates on pages 78-80 for credit card rewards liability.

Noninterest expense was $9.3 billion, up 15%, reflecting:

•higher compensation expense, predominantly driven by an increase in employees, including the impact of First Republic and in technology, as well as higher revenue-related compensation, primarily for bankers and advisors, and

•higher noncompensation expense, largely driven by the impact of First Republic and investments in marketing and technology.

Refer to Business Segment Results on page 20 and Note 26 for additional information on the First Republic acquisition.

The provision for credit losses was $1.9 billion, reflecting:

•net charge-offs of $1.9 billion, up $827 million, including $766 million in Card Services, reflecting continued portfolio normalization, and $50 million in Auto, driven by a decline in used vehicle valuations, and

•a $34 million net addition to the allowance for credit losses, consisting of:

–$153 million in Card Services, primarily due to seasoning of newer vintages, largely offset by reduced borrower uncertainty, and

–a $125 million net reduction in Home Lending, primarily due to improvements in the outlook for home prices.

The provision in the prior year was $1.4 billion, reflecting net charge-offs of $1.1 billion and a $350 million net addition to the allowance for credit losses, predominantly in Card Services.

Refer to Credit and Investment Risk Management on pages 52-70 and Allowance for Credit Losses on pages 67-69 for a further discussion of the credit portfolios and the allowance for credit losses.

(a)At March 31, 2024 and 2023, Home Lending loans held-for-sale and loans at fair value were $4.8 billion and $4.2 billion, respectively.

(b)Average Home Lending loans held-for sale and loans at fair value were $4.7 billion and $3.5 billion for the three months ended March 31, 2024 and 2023, respectively.

(c)At March 31, 2024, included $3.9 billion and $89.7 billion for Banking & Wealth Management and Home Lending, respectively, associated with First Republic.

(d)Includes First Republic.

(e)Average Banking & Wealth Management and Home Lending loans associated with First Republic were $4.0 billion and $90.2 billion, respectively, for the three months ended March 31, 2024.

(f)Included $40.6 billion associated with First Republic for the three months ended March 31, 2024.

(a)At March 31, 2024 and 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $107 million and $164 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.

(b)At March 31, 2024 and 2023, excluded mortgage loans insured by U.S. government agencies of $147 million and $219 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(c)Includes First Republic.

(d)On January 1, 2023, the Firm adopted changes to the TDR accounting guidance. The adoption of this guidance resulted in a net decrease in the allowance for loan losses of $591 million, driven by residential real estate and credit card. Refer to Note 1 of JPMorgan Chase’s 2023 Form 10-K for further information.

(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 32-34 for additional information. At March 31, 2024, included $146.6 billion of client investment assets associated with First Republic.

(e)Firmwide mortgage origination volume was $7.6 billion and $6.8 billion for the three months ended March 31, 2024 and 2023, respectively.

(f)Excludes First Republic.

(g)Included $40.6 billion for the three months ended March 31, 2024, associated with First Republic.

(h)Included $304 million for the three months ended March 31, 2024, associated with First Republic.

CORPORATE & INVESTMENT BANK

Refer to pages 72–77 of JPMorgan Chase’s 2023 Form 10-K and Line of Business Metrics on page 182 for a further discussion of the business profile of CIB.

(a)Includes CB's share of revenue from investment banking products sold to CB clients through the CIB that is subject to a revenue sharing arrangement which is reported as a reduction in All other income.

(b)Includes tax-equivalent adjustments, predominantly due to income tax credits, amortization of the cost of investments and other tax benefits related to alternative energy investments and affordable housing projects; and income from tax-exempt securities of $471 million and $839 million for the three months ended March 31, 2024 and 2023, respectively. Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures guidance under the modified retrospective method, thereby lowering the amount of tax-equivalent adjustments associated with the alternative energy investments. Refer to Note 1, 5 and 13 for additional information.

(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.

Net income was $4.8 billion, up 8%.

Net revenue was $13.6 billion, relatively flat when compared to the prior year.

Banking revenue was $4.5 billion, up 6%.

•Investment Banking revenue was $2.0 billion, up 27%, predominantly driven by higher Investment Banking fees, up 21%, reflecting higher debt and equity underwriting fees, partially offset by lower advisory fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Debt underwriting fees were $1.0 billion, up 58%, predominantly driven by higher industry-wide issuance in leveraged loans and high-yield bonds, as well as higher issuance in high grade bonds reflecting wallet share gains.

–Equity underwriting fees were $355 million, up 51%, driven by IPO and convertible securities offerings, reflecting wallet share gains.

–Advisory fees were $598 million, down 21%, driven by a lower number of large completed transactions.

•Payments revenue was $2.4 billion, down 1%. Excluding the net impact of equity investments, revenue was down 2%, driven by deposit margin compression reflecting higher rates paid and higher deposit-related client credits, largely offset by fee growth and higher average deposits.

•Lending revenue was $130 million, down 51%, and included $264 million of fair value losses on credit protection purchased against certain retained loans and lending-related commitments.

Markets & Securities Services revenue was $9.2 billion, down 2%. Markets revenue was $8.0 billion, down 5%.

•Fixed Income Markets revenue was $5.3 billion, down 7%, driven by lower revenues in Rates and Commodities compared with a strong prior year, partially offset by higher revenue in Securitized Products.

•Equity Markets revenue was $2.7 billion, relatively flat compared to the prior year.

•Securities Services revenue was $1.2 billion, up 3%, driven by higher market levels and average deposits.

•Credit Adjustments & Other was a loss of $15 million, compared with a loss of $153 million in the prior year.

Noninterest expense was $7.2 billion, down 4%, predominantly driven by lower legal expense.

The provision for credit losses was $32 million, reflecting a $30 million net addition to the allowance for credit losses.

The provision in the prior year was $58 million, predominantly driven by net charge-offs.

Refer to Credit and Investment Risk Management on pages 52-70 and Allowance for Credit Losses on pages 67-69 for a further discussion of the credit portfolios and the allowance for credit losses.

(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b)Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.

(a)Allowance for loan losses of $126 million and $153 million were held against these nonaccrual loans at March 31, 2024 and 2023, respectively.

(b)At March 31, 2024 and 2023, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $50 million and $99 million, respectively. These amounts have been excluded based upon the government guarantee.

(c)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(d)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 16-17.

(a)Represents long-term debt and loan syndications.

(a)Source: Dealogic as of April 1, 2024. 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.

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 75 of JPMorgan Chase’s 2023 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.

(a)The decline in Equity Markets net interest income was driven by higher funding costs.

(a)Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.

(b)Represents Firmwide merchant processing volume.

(c)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.

(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.

COMMERCIAL BANKING

Refer to pages 78–80 of JPMorgan Chase’s 2023 Form 10-K and Line of Business Metrics on page 183 for a discussion of the business profile of CB.

(a)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $86 million and $82 million for the three months ended March 31, 2024 and 2023, respectively.

(b)Includes First Republic. Refer to page 20 for additional information.

(a)Includes CB’s share of revenue from Investment Banking and Markets' products sold to CB clients through the CIB which is reported in All other income.

(b)Includes gross revenues earned by the Firm that are subject to a revenue sharing arrangement between CB and the CIB for Investment Banking and Markets' products sold to CB clients. This includes revenues related to fixed income and equity markets products. Refer to Business Segment Results on page 18 for a discussion of revenue sharing.

(c)Includes First Republic. Refer to page 20 for additional information.

(d)Middle Market Banking and Commercial Real Estate Banking included $72 million and $278 million, respectively, for the three months ended March 31, 2024, associated with First Republic.

Net income was $1.9 billion, up 39%.

Net revenue was $4.0 billion, up 13%. Net interest income was $3.0 billion, up 11%, predominantly driven by First Republic reflecting higher average loans and the accretion of the purchase discount, partially offset by deposit margin compression reflecting higher rates paid.

Noninterest revenue was $925 million, up 18%, driven by:

•higher lending-related revenue as a result of the amortization of the purchase discount on certain acquired lending-related commitments associated with First Republic,

•higher deposit-related fees, partially offset by the higher level of client credits that reduce such fees, and

•higher card income and investment banking revenue.

Noninterest expense was $1.5 billion, up 15%, predominantly driven by higher compensation expense, reflecting an increase in employees including front office and technology.

The provision for credit losses was a net benefit of $31 million, reflecting:

•a $98 million net reduction in the allowance for credit losses which included an addition to the allowance for credit losses associated with net downgrade activity, primarily in Commercial Real Estate, which was more than offset by updates to certain macroeconomic variables and the impact of changes in the loan and lending-related commitment portfolios, and

•net charge-offs of $67 million.

The provision in the prior year was $417 million, reflecting a net addition to the allowance for credit losses.

Refer to Credit and Investment Risk Management on pages 52-70 and Allowance for Credit Losses on pages 67-69 for further discussions of the credit portfolios and the allowance for credit losses.

(a)Includes First Republic. Refer to page 20 for additional information.

(b)As of March 31, 2024, included $5.6 billion and $32.5 billion for Middle Market Banking and Commercial Real Estate Banking, respectively, associated with First Republic.

(c)Average loans retained associated with First Republic were $38.6 billion for the three months ended March 31, 2024.

(d)Average Middle Market Banking and Commercial Real Estate Banking loans associated with First Republic were $5.8 billion and $32.7 billion, respectively, for the three months ended March 31, 2024.

(e)Included $7.1 billion associated with First Republic for the three months ended March 31, 2024. Refer to page 20 for additional information.

(a)Allowance for loan losses of $249 million and $170 million was held against nonaccrual loans retained at March 31, 2024 and 2023, respectively.

(b)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(c)As of March 31, 2024, included a $732 million allowance for First Republic.

ASSET & WEALTH MANAGEMENT

Refer to pages 81–83 of JPMorgan Chase’s 2023 Form 10-K and Line of Business Metrics on pages 183-184 for a discussion of the business profile of AWM.

(a)Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic. Refer to Note 5 for additional information.

(b)Includes First Republic. Refer to page 20 for additional information.

Net income was $1.3 billion, down 6%.

Net revenue was $5.1 billion, up 7%. Net interest income was $1.6 billion, up 10%. Noninterest revenue was $3.5 billion, up 5%.

Revenue from Asset Management was $2.3 billion, down 4%. Excluding the gain of $339 million on CIFM in the prior year, revenue was up 11%, driven by:

•higher asset management fees reflecting strong net inflows and higher average market levels.

Revenue from Global Private Bank was $2.8 billion, up 18%, driven by:

•higher noninterest revenue, largely driven by higher management fees on strong net inflows and higher average market levels, and the amortization of the purchase discount on certain acquired lending-related commitments associated with First Republic, and

•higher net interest income, driven by higher average deposits and loans associated with First Republic, and from wider spreads on loans, largely offset by deposit margin compression reflecting higher rates paid.

The prior year included an investment valuation loss.

Noninterest expense was $3.5 billion, up 12%, largely driven by:

•higher compensation including:

–revenue-related compensation, continued growth in private banking advisor teams, and

–the impact of First Republic, and the acquisition of J.P. Morgan Asset Management China (formerly CIFM), as well as

•higher distribution fees.

The provision for credit losses was a net benefit of $57 million, reflecting a net reduction in the allowance for credit losses.

The provision in the prior year was$28 million, reflecting a net addition to the allowance for credit losses.

Refer to Note 5 for additional information on lending related fees.

Refer to Credit and Investment Risk Management on pages 52-70 and Allowance for Credit Losses on pages 67-69 for further discussions of the credit portfolios and the allowance for credit losses.

(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. Prior-period amounts have been revised to conform with the current presentation.

(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. Prior-period amounts have been revised to conform with the current presentation.

(c)Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.

(d)Includes First Republic. Refer to page 20 for additional information.

(e)Included $10.7 billion associated with First Republic for the three months ended March 31, 2024.

(f)Included $12.6 billion associated with First Republic for the three months ended March 31, 2024.

(g)Includes First Republic.

Client assets

Assets under management were $3.6 trillion, up 19%, while client assets were $5.2 trillion, up 20%, each driven by higher market levels and continued net inflows.

(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.

(a)Regional revenue is based on the domicile of the client.

CORPORATE

Refer to pages 84–85 of JPMorgan Chase’s 2023 Form 10-K for a discussion of Corporate.

(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $49 million and $56 million for the three months ended March 31, 2024 and 2023, respectively.

(b)Predominantly relates to the Firm's international consumer initiatives.

(c)Includes the impact of the First Republic acquisition. Refer to Note 5 and 26 for additional information.

(d)Includes the increase to the FDIC special assessment. Refer to Note 5 for additional information.

Net income was $676 million, compared with $244 million in the prior year.

Net revenue was $2.2 billion, up 124%.

Net interest income was $2.5 billion, up 42%, due to the impact of balance sheet mix and higher rates.

Noninterest revenue was a loss of $275 million, driven bylower net investment securities losses on sales of U.S. GSE, government agency MBS and U.S. Treasuries associated with repositioning the investment securities portfolio.

Noninterest expense of $1.3 billion was up $1.1 billion driven by:

•the $725 million increase to the FDIC special assessment, and

•the impact from First Republic, largely integration and restructuring costs.

Refer to Business Segment Results on page 20 for additional information on First Republic and Note 5 for additional information on the FDIC special assessment.

The provision for credit losses was $27 million. The provision in the prior year was $370 million, reflecting an addition to the allowance for credit losses, including an addition associated with certain Other assets.

Refer to Note 9 for additional information on the investment securities portfolio, and Note 12 for additional information on the allowance for credit losses.

Other Corporate also reflects the Firm's international consumer initiatives, which includes Chase U.K., Nutmeg, and an ownership stake in C6 Bank.

Treasury and CIO overview

At March 31, 2024, 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 44-51 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 71-76 for information on interest rate and foreign exchange risks.

(a)Effective January 1, 2023, the Firm adopted new hedge accounting guidance. Refer to Note 9 of this Form 10-Q and Note 1 of JPMorgan Chase’s 2023 Form 10-K for additional information on the new hedge accounting guidance.

(b)As of March 31, 2024 and 2023, the allowance for credit losses on investment securities was $120 million and $61 million, respectively.

(c)As of March 31, 2024, included $20.1 billion of AFS securities associated with First Republic. Refer to Note 26 for additional information.