JPMORGAN CHASE & CO

The Firm is managed on an LOB basis. Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one reportable segment, the Commercial & Investment Bank (“CIB”). As a result of the reorganization, the Firm has three reportable business segments: Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management. In addition, there is a Corporate segment.

The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is currently evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s use of Non-GAAP Financial Measures on pages 18-19 for a definition of managed basis.

The following table depicts the Firm’s reportable business segments.

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 77-82 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 47, 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.

(a)Included a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. Refer to Notes 2 and 5 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 Note 5 for additional information.

The following sections provide a comparative discussion of the Firm’s results by segment as of or for the three and nine months ended September 30, 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 198 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 $699 million and $685 million for the three months ended September 30, 2024 and 2023, respectively, and $2.0 billion and $2.1 billion for the nine months ended September 30, 2024 and 2023, respectively.

(b)Included depreciation expense on leased assets of $387 million and $458 million for the three months ended September 30, 2024 and 2023, respectively, and $1.2 billion and $1.3 billion for the nine months ended September 30, 2024 and 2023, respectively.

(c)Included MSR risk management results of $100 million and $111 million for the three months ended September 30, 2024 and 2023, respectively, and $138 million and $124 million for the nine months ended September 30, 2024 and 2023, respectively.

(d)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense has been aligned to the appropriate LOB.

Net income was $4.0 billion, down 31%.

Net revenue was $17.8 billion, down 3%.

Net interest income was $13.6 billion, down 6%, driven by:

•lower NII in Banking & Wealth Management ("BWM"), reflecting deposit margin compression and lower average deposits,

•higher Card Services NII on higher revolving balances.

Noninterest revenue was $4.2 billion, up 6%, driven by:

•higher asset management fees reflecting higher average market levels, and

•higher card income, reflecting higher annual fees and higher net interchange on increased debit and credit card sales volume, partially offset by an increase in amortization related to new account origination costs.

Refer to Note 5 for additional information on card income, asset management fees, and commissions and other fees; and Critical Accounting Estimates on pages 84-86 for additional information on the credit card rewards liability.

Noninterest expense was $9.6 billion, up 5%, reflecting:

•higher compensation expense, predominantly driven by advisors, bankers, and technology employees, and

•higher noncompensation expense, driven by continued investments in marketing, and higher operating losses, partially offset by lower auto lease depreciation.

The provision for credit losses was $2.8 billion, reflecting:

•net charge-offs of $1.9 billion, up $520 million, driven by $541 million in Card Services, primarily due to the seasoning of newer vintages and continued credit normalization, and

•an $876 million net addition to the allowance for credit losses, primarily in Card Services, driven by growth in revolving balances and changes in certain macroeconomic variables.

The provision in the prior year was $1.4 billion, reflecting net charge-offs of $1.4 billion and a $47 million net addition to the allowance for credit losses.

Refer to Credit and Investment Risk Management on pages 58-76 and Allowance for Credit Losses on pages 73-75 for a further discussion of the credit portfolios and the allowance for credit losses.

Net income was $13.1 billion, down 20%.

Net revenue was $53.1 billion, up 2%.

Net interest income was $41.0 billion, flat when compared with the prior year, reflecting:

•higher Card Services NII on higher revolving balances, and

•the timing impact of First Republic in Home Lending,

offset by

•lower NII in BWM, reflecting deposit margin compression and lower average deposits.

Noninterest revenue was $12.2 billion, up 9%, predominantly driven by:

•higher asset management fees reflecting higher average market levels, including the timing impact of First Republic and, to a lesser extent, net inflows, as well as higher commissions from annuity sales in BWM,

•higher card income driven by higher net interchange on increased debit and credit card sales volume, as well as higher annual fees, partially offset by an increase in amortization related to new account origination costs, and

•higher production revenue in Home Lending, including the timing impact of First Republic.

Refer to Consolidated Results of Operations onpages 9–14 and Note 26 for additional information on First Republic.

Noninterest expense was $28.3 billion, up 11%, reflecting First Republic-related expense that was aligned to CCB from Corporate starting in the third quarter of 2023, impacting both compensation and noncompensation expense.

The increase in expense also reflected:

•higher compensation expense, largely driven by higher revenue-related compensation predominantly for advisors and bankers, and an increase in employees, including in technology, and

•higher noncompensation expense, largely driven by continued investments in marketing and technology, and higher operating losses.

The provision for credit losses was $7.4 billion, reflecting:

•net charge-offs of $5.9 billion, up $2.2 billion, including $2.0 billion in Card Services, reflecting the seasoning of newer vintages and continued credit normalization, and $98 million in Auto, driven by a decline in used vehicle valuations, and

•a $1.5 billion net addition to the allowance for credit losses, consisting of:

–$1.7 billion in Card Services, driven by loan growth, reflecting higher revolving balances, including the seasoning of newer vintages, and changes in certain macroeconomic variables,

–a $125 million net reduction in Home Lending, primarily due to improvements in the outlook for home prices in the first quarter of 2024.

The provision in the prior year was $4.7 billion, reflecting net charge-offs of $3.7 billion, a $1.0 billion net addition to the allowance for credit losses, predominantly driven by Card Services, and a $408 million net addition to the allowance for credit losses to establish the allowance for the First Republic loans and lending-related commitments in the second quarter of 2023.

(a)At September 30, 2024 and 2023, Home Lending loans held-for-sale and loans at fair value were $6.9 billion and $4.1 billion, respectively.

(b)In the fourth quarter of 2023, CCB transferred approximately $18.8 billion of deposits associated with First Republic to AWM and CIB. Refer to page 67 of the Firm’s 2023 Form 10-K for additional information.

(c)Average Home Lending loans held-for sale and loans at fair value were $8.4 billion and $5.7 billion for the three months ended September 30, 2024 and 2023, respectively, and $6.9 billion and $4.8 billion for the nine months ended September 30, 2024 and 2023, respectively.

(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, 2024 and 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $88 million and $123 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, 2024 and 2023, excluded mortgage loans insured by U.S. government agencies of $126 million and $175 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(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 $13.3 billion and $13.0 billion for the three months ended September 30, 2024 and 2023, respectively, and $33.2 billion and $32.8 billion for the nine months ended September 30, 2024 and 2023, respectively.

COMMERCIAL & INVESTMENT BANK(a)

The Commercial & Investment Bank is comprised of the Banking & Payments and Markets & Securities Services businesses. These businesses offer investment banking, lending, payments, market-making, financing, custody and securities products and services to a global base of corporate and institutional clients. Banking & Payments offers products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity and debt markets, and loan origination and syndication. Banking & Payments also provides services that enable clients to manage payments globally across liquidity and account solutions, commerce solutions, clearing, trade, and working capital. Markets & Securities Services includes Markets, which is a global market-maker across products, including cash and derivative instruments, and also offers sophisticated risk management solutions, lending, prime brokerage, clearing and research. Markets & Securities Services also includes Securities Services, a leading global custodian that provides custody, fund services, liquidity and trading services, and data solutions products.

(a)Reflects the reorganization of the Firm's business segments in the second quarter of 2024. Refer to Business Segment Results on pages 20-21 for additional information.

Refer to Line of Business Metrics on page 198 for a further discussion of the business profile of CIB.

(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 $607 million and $746 million for the three months ended September 30, 2024 and 2023, respectively, and $1.9 billion and $2.7 billion for the nine months ended September 30, 2024 and 2023, respectively. Effective January 1, 2024, the Firm adopted updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, under the modified retrospective method. Refer to Notes 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.

Banking & Payments Revenue by Client Coverage Segment: (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 generally to middle market clients, including start-ups, small and mid-sized companies, local governments, municipalities, and nonprofits, as well as to commercial real estate clients. Other includes amounts related to credit protection purchased against certain retained loans and lending-related commitments in Lending, the impact of equity investments in Payments and revenues not aligned with a primary client coverage segment.(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.

Net income was $5.7 billion, up 13%.

Net revenue was $17.0 billion, up 8%.

Banking & Payments revenue was $8.6 billion, up 8%.

•Investment Banking revenue was $2.4 billion, up 29%, driven by higher Investment Banking fees, up 31%, reflecting higher fees across products. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Debt underwriting fees were$1.1 billion, up 56%, predominantly driven by higher industry-wide issuances in high-grade and high-yield bonds, as well as wallet share gains in investment-grade loans.

–Equity underwriting fees were $344 million, up 26%, driven by increased industry-wide fees in follow-on offerings and wallet share gains in convertible securities offerings.

–Advisory fees were $847 million, up 10%, predominantly driven by the closing of several large transactions.

•Payments revenue was$4.4 billion, up 4%, driven by fee growth on higher volumes and higher average deposits, largely offset by deposit margin compression, reflecting higher rates paid, and higher deposit-related client credits.

•Lending revenue was $1.9 billion, down 2%, driven by:

–additional amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic recorded in the prior year, and

–higher fair value losses on credit protection purchased against certain retained loans and lending-related commitments

–the impact of higher rates.

Markets & Securities Services revenue was $8.4 billion, up 8%. Markets revenue was $7.2 billion, up 8%.

•Equity Markets revenue was $2.6 billion, up 27%, reflecting strong performance across regions, largely driven by a favorable trading environment in the U.S. and increased late-quarter activity in Asia.

•Fixed Income Markets revenue was $4.5 billion, flat when compared to the prior year, and included strong performance in Currencies and Emerging Markets and lower revenue in Rates.

•Securities Services revenue was $1.3 billion, up 9%, largely driven by fee growth on higher market levels and volumes.

•Credit Adjustments & Other was a loss of $109 million, compared witha loss of$61 million in the prior year.

Noninterest expense was $8.8 billion, down 1%, driven by lower legal expense, offset by higher compensation, including revenue-related compensation and an increase in employees, as well as higher technology expense.

The provision for credit losses was $316 million, reflecting:

•a $160 million net addition to the allowance for credit losses, driven by the impact of changes in the loan and lending-related commitment portfolios, including in Markets, as well as net downgrade activity, primarily in Real Estate, partially offset by changes in certain macroeconomic variables, and

•net charge-offs of $156 million.

The provision in the prior year was a net benefit of $95 million, reflecting a $193 million net reduction in the allowance for credit losses and net charge-offs of $98 million.

Refer to Credit and Investment Risk Management on pages 58-76, Allowance for Credit Losses on pages 73-75, and Critical Accounting Estimates on pages 84-86 for a further discussion of the credit portfolios and the allowance for credit losses.

Net income of $18.2 billion, up 13%.

Net revenue was $52.5 billion, up 6%.

Banking & Payments revenue was $26.0 billion, up 9%.

•Investment Banking revenue was $7.0 billion, up 33%. Investment Banking fees were up 34%, driven by higher fees across products. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.

–Debt underwriting fees were $3.2 billion, up 55%, predominantly driven by higher industry-wide issuances in leveraged loans, high-grade and high-yield bonds.

–Equity underwriting fees were $1.2 billion, up 44%, driven by higher IPOs, follow-on and convertible securities offerings.

–Advisory fees were $2.2 billion, up 8%, predominantly driven by increased M&A activity.

•Payments revenue was$13.4 billion, flat when compared to the prior year, driven by fee growth on higher volumes and higher average deposits, offset by deposit margin compression, reflecting higher rates paid, and higher deposit-related client credits.

•Lending revenue was $5.6 billion, up 8%, driven by the impact of the First Republic acquisition and the impact of higher rates, partially offset by fair value losses on credit protection purchased against certain retained loans and lending-related commitments.

Markets & Securities Services revenue was $26.5 billion, up 4%. Markets revenue was $23.0 billion, up 4%.

•Equity Markets revenue was $8.3 billion, up 15%, predominantly driven by higher revenue in Equity Derivatives and Prime Finance.

•Fixed Income Markets revenue was $14.7 billion, down 2%, driven by lower revenues in Rates, largely offset by higher revenue in Securitized Products.

•Securities Services revenue was $3.8 billion, up 5%, predominantly driven by higher volumes and market levels.

•Credit Adjustments & Other was a loss of $211 million, compared with a loss of $178 million in the prior year.

Noninterest expense was $26.6 billion, up 3%, driven by higher compensation expense, including revenue-related compensation and an increase in employees, largely offset by lower legal expense.

The provision for credit losses was $701 million, reflecting:

•net charge-offs of $389 million, including in Real Estate, concentrated in Office, and

•a $312 million net addition to the allowance for credit losses, driven by

–net downgrade activity, primarily in Real Estate, and the impact of incorporating the First Republic portfolio into

the Firm's modeled credit loss estimates in the second quarter of 2024,

The provision in the prior year was $1.5 billion, reflecting a $1.2 billion net addition to the allowance for credit losses, which included $608 million to establish the allowance for the First Republic loans and lending-related commitments in the second quarter of 2023, and net charge-offs of $341 million.

(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 page 28 for a description of each of the client coverage segments.

(c)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred to CIB from CCB.

(a)Allowance for loan losses of $366 million and $346 million were held against these nonaccrual loans at September 30, 2024 and 2023, 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, 2024 and 2023, mortgage loans 90 or more days past due and insured by U.S. government agencies were $38 million and $65 million, respectively.

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

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

(a)Source: Dealogic as of October 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)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 or booking location, as applicable.

ASSET & WEALTH MANAGEMENT

Refer to pages 81–83 of JPMorgan Chase’s 2023 Form 10-K and Line of Business Metrics on page 199 for a discussion of the business profile of AWM.

(a)Prior period amounts have been revised to conform with current presentation.

Net income was $1.4 billion, down 5%.

Net revenue was $5.4 billion, up 9%. Net interest income was $1.6 billion, up 4%. Noninterest revenue was $3.8 billion, up 11%.

Revenue from Asset Management was $2.5 billion, up 17%, predominantly driven by:

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

•investment valuation gains compared with losses in the prior year.

Revenue from Global Private Bank was $2.9 billion, up 3%, driven by:

•higher net interest income, driven by higher average deposits predominantly associated with First Republic which were transferred to AWM from CCB in the fourth quarter of 2023, largely offset by deposit margin compression reflecting higher rates paid, and narrower loan spreads.

Noninterest revenue was relatively flat, reflecting higher management fees due to higher average market levels and strong net inflows, as well as higher brokerage fees, offset by the amortization of the purchase discount on certain acquired lending-related commitments associated with First Republic that have expired.

Noninterest expense was $3.6 billion, up 16%, predominantly driven by:

•higher compensation, primarily revenue-related compensation and continued growth in private banking advisor teams, and

•higher legal expense and distribution fees.

The provision for credit losses was $4 million.

The provision in the prior year was a net benefit of $13 million.

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

Refer to Credit and Investment Risk Management on pages 58-76 and Allowance for Credit Losses on pages 73-75 for further discussions of the credit portfolios and the allowance for credit losses.

Net income was $3.9 billion, down 3%.

Net revenue was $15.8 billion, up 7%. Net interest income was $4.9 billion, up 5%. Noninterest revenue was $10.9 billion, up 8%.

Revenue from Asset Management was $7.3 billion, up 8%, driven by:

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

•higher performance fees.

The prior year included a gain of $339 million on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% interest in the entity.

Revenue from Global Private Bank was $8.5 billion, up 6%, driven by:

•higher noninterest revenue, reflecting:

–higher management fees on strong net inflows and higher average market levels, as well as higher brokerage fees,

–the amortization of the purchase discount on certain acquired lending-related commitments associated with First Republic that have expired, and

•higher net interest income, predominantly driven by higher loans associated with First Republic and wider spreads on loans.

Deposit revenue was relatively flat as higher average deposits associated with First Republic which were transferred to AWM from CCB in the fourth quarter of 2023 were offset by margin compression reflecting higher rates paid.

Noninterest expense was $10.6 billion, up 13%, predominantly driven by:

•higher compensation, primarily revenue-related compensation, and continued growth in private banking advisor teams, and

•higher legal expense and distribution fees.

The provision for credit losses was a net benefit of $33 million.

The provision in the prior year was $160 million, reflecting a $146 million net addition to the allowance for credit losses to establish the allowance for the First Republic loans and lending-related commitments in the second quarter of 2023.

(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. 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)In the fourth quarter of 2023, certain deposits associated with First Republic were transferred to AWM from CCB.

Client assets

Assets under management of $3.9 trillion and client assets of $5.7 trillion were each up 23%, 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) Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.

(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, predominantly driven by tax-exempt income from municipal bonds, of $44 million and $57 million for the three months ended September 30, 2024 and 2023, respectively, and $138 million and $158 million for the nine months ended September 30, 2024 and 2023, respectively.

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

(c)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 5 for additional information.

(d)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 5 for additional information.

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

(f)Included the estimated bargain purchase gain of $2.8 billion for the nine months ended September 30, 2023 associated with First Republic acquisition. Refer to Notes 5 and 26 for additional information.

(g)In the second quarter of 2023, substantially all of the expense associated with First Republic was reported in Corporate. Commencing in the third quarter of 2023, the expense has been aligned to the appropriate LOBs.

(h)Income taxes associated with the First Republic acquisition were reflected in the estimated bargain purchase gain.

Net income was $1.8 billion, compared with $812 million in the prior year.

Net revenue was $3.1 billion, compared with $1.6 billion in the prior year.

Net interest income was $2.9 billion, up 47%, predominantly driven by the impact of balance sheet mix and reinvestments in the investment securities portfolio.

Noninterest revenue was $155 million, compared with a loss of $425 million in the prior year, driven by:

•lower net investment securities losses associated with repositioning the investment securities portfolio in Treasury and CIO, and

•an increase associated with other equity investments, primarily driven by a net gain compared to a net loss in the prior year related to Visa shares,

•the absence of the prior-year adjustment to the estimated bargain purchase gain associated with the First Republic acquisition.

Noninterest expense was $589 million, down 15%, predominantly driven by lower restructuring costs associated with the 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 and state and local taxes that also impacted the Firm's tax reserves.

Refer to Note 9 for additional information on the investment securities portfolio.

Net income was $9.3 billion, compared with $3.7 billion in the prior year.

Net revenue was $15.4 billion, compared with $6.3 billion in the prior year.

Net interest income was $7.8 billion, up 42%, primarily due to the impact of balance sheet mix, reinvestments in the investment securities portfolio, and higher rates.

Noninterest revenue was $7.6 billion, compared with $800 million in the prior year. Excluding the $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024 and the prior-year $2.8 billion estimated bargain purchase gain associated with the First Republic acquisition, revenue was up $1.7 billion, driven by:

•lower investment securities losses on sales of U.S. Treasuries and U.S. GSE and government agency MBS, associated with repositioning the investment securities portfolio in Treasury and CIO, and

•higher revenue associated with the Firm's international consumer initiatives,

•lower principal transactions revenue in Treasury and CIO.

Noninterest expense was $3.4 billion, up 72%, driven by:

•the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024,

•the $725 million increase to the FDIC special assessment recognized in the first quarter of 2024, and

•higher costs associated with the Firm's international consumer initiatives,

•lower expense associated with the First Republic acquisition as substantially all the expense was reported in Corporate in the second quarter of 2023 and subsequently aligned to the appropriate LOBs starting in the third quarter of 2023, and

•lower legal expense.

Refer to Note 5 for additional information on the FDIC special assessment.

The provision for credit losses was$28 million.

The provision in the prior year was$173 million, reflecting an addition to the allowance for credit losses related to a single name exposure.

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

The current period income tax expense was predominantly driven by changes in the level and mix of income and expenses subject to U.S. federal and state and local taxes, including the impact of the net gain on Visa shares and the contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024.

The prior year tax expense benefited from the income tax expense associated with the First Republic acquisition reflected in the estimated bargain purchase gain.

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 September 30, 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 50-57 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 77-82 for information on interest rate and foreign exchange risks.

(a)As of September 30, 2024 and 2023, the allowance for credit losses on investment securities was $123 million and $87 million, respectively.