JPMorgan Chase & Co.

JPM

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JPMorgan Chase : 3Q20 Earnings Supplement

October 13, 2020 at 07:25 am EDT

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2020

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Consolidated Results	Page(s)

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

Refer to the Glossary of Terms and Acronyms on pages 293-299 of JPMorgan Chase & Co.'s (the "Firm's") Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 Form 10-K") and the Glossary of Terms and Acronyms and Line of Business Metrics on pages 191-196 and pages 197-199, respectively, of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020.

JPMORGAN CHASE & CO.

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

									QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
																	3Q20 Change								2020 Change
SELECTED INCOME STATEMENT DATA		3Q20			2Q20			1Q20			4Q19		3Q19	2Q20		3Q19			2020			2019		2019
Reported Basis
Total net revenue (a)	$	29,147		$	32,980	$	28,192	$	28,285		$	29,291		(12)%		- %	$	90,319		$	87,114		4 %
Total noninterest expense (a)		16,875			16,942			16,791			16,293			16,372		-	3			50,608			48,976		3
Pre-provision profit (b)		12,272			16,038			11,401			11,992			12,919		(23)	(5)			39,711			38,138		4
Provision for credit losses		611			10,473			8,285			1,427			1,514		(94)	(60)			19,369			4,158		366
NET INCOME			9,443			4,687			2,865			8,520			9,080		101	4			16,995			27,911		(39)
Managed Basis (c)
Total net revenue (a)		29,941			33,817			29,010			29,165			30,014		(11)		-			92,768			89,299		4
Total noninterest expense (a)		16,875			16,942			16,791			16,293			16,372		-	3			50,608			48,976		3
Pre-provision profit (b)		13,066			16,875			12,219			12,872			13,642		(23)	(4)			42,160			40,323		5
Provision for credit losses		611			10,473			8,285			1,427			1,514		(94)	(60)			19,369			4,158		366
NET INCOME			9,443			4,687			2,865			8,520			9,080		101	4			16,995			27,911		(39)
EARNINGS PER SHARE DATA
Net income:	Basic	$	2.93		$	1.39	$	0.79	$	2.58		$	2.69		111	9	$	5.10		$	8.17		(38)
	Diluted		2.92			1.38			0.78			2.57			2.68		112	9			5.09			8.15		(38)
Average shares:	Basic		3,077.8			3,076.3			3,095.8			3,140.7			3,198.5		-	(4)			3,083.3			3,248.7		(5)
	Diluted		3,082.8			3,081.0			3,100.7			3,148.5			3,207.2		-	(4)			3,088.1			3,258.0		(5)
MARKET AND PER COMMON SHARE DATA
Market capitalization	$	293,451		$	286,658	$	274,323	$	429,913		$	369,133		2	(21)	$	293,451		$	369,133		(21)
Common shares at period-end		3,048.2			3,047.6			3,047.0			3,084.0			3,136.5		-	(3)			3,048.2			3,136.5		(3)
Book value per share		79.08			76.91			75.88			75.98			75.24		3	5			79.08			75.24		5
Tangible book value per share ("TBVPS") (b)		63.93			61.76			60.71			60.98			60.48		4	6			63.93			60.48		6
Cash dividends declared per share		0.90			0.90			0.90			0.90			0.90		-		-			2.70			2.50		8
FINANCIAL RATIOS (d)
Return on common equity ("ROE")		15 %			7 %			4 %			14 %			15 %							9 %			15 %
Return on tangible common equity ("ROTCE") (b)		19			9			5			17			18							11			19
Return on assets			1.14			0.58			0.40			1.22			1.30							0.72			1.37
CAPITAL RATIOS (e)
Common equity Tier 1 ("CET1") capital ratio		13.0 % (f)		12.4 %			11.5 %			12.4 %			12.3 %							13.0 % (f)		12.3 %
Tier 1 capital ratio		15.0	(f)		14.3			13.3			14.1			14.1							15.0	(f)		14.1
Total capital ratio			17.3	(f)		16.7			15.5			16.0			15.9							17.3	(f)		15.9
Tier 1 leverage ratio		7.0	(f)		6.9			7.5			7.9			7.9							7.0	(f)		7.9
Supplementary leverage ratio ("SLR")		7.0	(f)		6.8			6.0			6.3			6.3							7.0	(f)		6.3

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

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

Page 2

JPMORGAN CHASE & CO.

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

								QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change								2020 Change
		3Q20			2Q20		1Q20			4Q19		3Q19	2Q20		3Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,246,076	$	3,213,616 (f)	$	3,139,431	$	2,687,379		$	2,764,661		1 %	17 %	$	3,246,076	$	2,764,661		17 %
Loans:
Consumer, excluding credit card loans (a)(b)		322,098			323,198			311,508			317,817			316,473		-	2			322,098			316,473		2
Credit card loans		140,377			141,656			154,021			168,924			159,571		(1)	(12)			140,377			159,571		(12)
Wholesale loans (a)(b)		527,265			544,528			584,081			510,879			503,975		(3)	5			527,265			503,975		5
Total Loans		989,740		1,009,382		1,049,610			997,620			980,019		(2)	1			989,740			980,019		1
Deposits:
U.S. offices:
Noninterest-bearing		540,116			529,729			448,195			395,667			393,522		2	37			540,116			393,522		37
Interest-bearing	1,117,149	1,061,093		1,026,603			876,156			844,137		5	32	1,117,149			844,137		32
Non-U.S. offices:
Noninterest-bearing		21,406			22,752			22,192			20,087			21,455		(6)		-			21,406			21,455		-
Interest-bearing		322,745			317,455			339,019			270,521			266,147		2	21			322,745			266,147		21
Total deposits	2,001,416		1,931,029		1,836,009		1,562,431		1,525,261		4	31		2,001,416		1,525,261		31
Long-term debt		279,175			317,003			299,344			291,498			296,472		(12)	(6)			279,175			296,472		(6)
Common stockholders' equity		241,050			234,403			231,199			234,337			235,985		3	2			241,050			235,985		2
Total stockholders' equity		271,113			264,466			261,262			261,330			264,348		3	3			271,113			264,348		3
Loans-to-deposits ratio (b)		49 %			52 %			57 %			64 %			64 %							49 %			64 %
Headcount		256,358			256,710			256,720			256,981			257,444		-		-			256,358			257,444		-
95% CONFIDENCE LEVEL - TOTAL VaR (c)
Average VaR	$	90	$	130		$	59	$	37		$	39		(31)	131
LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking (e)	$	12,755	$	12,217		$	13,112	$	13,749		$	13,958		4	(9)	$	38,084	$	40,885		(7)
Corporate & Investment Bank		11,503			16,352			9,948			9,647			9,522		(30)	21			37,803			29,387		29
Commercial Banking		2,285			2,392			2,178			2,297			2,274		(4)		-			6,855			6,972		(2)
Asset & Wealth Management		3,737			3,610			3,606			3,700			3,568		4	5			10,953			10,616		3
Corporate		(339)			(754)			166			(228)			692		55		NM			(927)			1,439		NM
TOTAL NET REVENUE	$	29,941		$	33,817		$	29,010		$	29,165		$	30,014		(11)		-		$	92,768		$	89,299		4
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	3,873	$	(176)		$	191	$	4,214		$	4,245		NM	(9)	$	3,888	$	12,349		(69)
Corporate & Investment Bank		4,304			5,464			1,988			2,938			2,831		(21)	52			11,756			9,037		30
Commercial Banking		1,088			(691)			147			944			943		NM	15			544			3,005		(82)
Asset & Wealth Management		877			658			664			785			668		33	31			2,199			2,048		7
Corporate		(699)			(568)			(125)			(361)			393		(23)		NM			(1,392)			1,472		NM
NET INCOME	$	9,443		$	4,687		$	2,865		$	8,520		$	9,080		101	4		$	16,995		$	27,911		(39)

In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm's Wholesale Payments business. Prior-period amounts have been revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

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

Page 3

JPMORGAN CHASE & CO.

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

								QUARTERLY TRENDS							NINE MONTHS ENDED SEPTEMBER 30,
														3Q20 Change								2020 Change
REVENUE		3Q20			2Q20			1Q20		4Q19	3Q19	2Q20		3Q19			2020			2019		2019
Investment banking fees	$	2,187		$	2,850		$	1,866	$	1,843	$	1,967		(23)%		11 %		$	6,903		$	5,658		22 %
Principal transactions		4,142			7,621			2,937		2,779		3,449		(46)	20			14,700			11,239		31
Lending- and deposit-related fees (a)		1,647			1,431			1,706		1,772		1,671		15	(1)			4,784			4,854		(1)
Asset management, administration and commissions (a)		4,470			4,266			4,540		4,301		4,306		5	4			13,276			12,607		5
Investment securities gains		473			26			233		123		78		NM		NM			732			135		442
Mortgage fees and related income		1,087			917			320		474		887		19	23			2,324			1,562		49
Card income (b)		1,169			974			995		1,335		1,233		20	(5)			3,138			3,741		(16)
Other income		959			1,042			1,156		1,492		1,472		(8)	(35)			3,157			4,239		(26)
Noninterest revenue		16,134			19,127			13,753		14,119		15,063		(16)	7			49,014			44,035		11
Interest income		14,700			16,112			19,161		19,927		21,121		(9)	(30)			49,973			64,113		(22)
Interest expense		1,687			2,259			4,722		5,761		6,893		(25)	(76)			8,668			21,034		(59)
Net interest income		13,013			13,853			14,439		14,166		14,228		(6)	(9)			41,305			43,079		(4)
TOTAL NET REVENUE		29,147			32,980			28,192		28,285		29,291		(12)		-			90,319			87,114		4
Provision for credit losses		611			10,473			8,285		1,427		1,514		(94)	(60)			19,369			4,158		366
NONINTEREST EXPENSE
Compensation expense		8,630			9,509			8,895		8,088		8,583		(9)	1			27,034			26,067		4
Occupancy expense		1,142			1,080			1,066		1,084		1,110		6	3			3,288			3,238		2
Technology, communications and equipment expense		2,564			2,590			2,578		2,585		2,494		(1)	3			7,732			7,236		7
Professional and outside services		2,178			1,999			2,028		2,226		2,056		9	6			6,205			6,307		(2)
Marketing (b)		470			481			800		847		895		(2)	(47)			1,751			2,504		(30)
Other expense (c)		1,891			1,283			1,424		1,463		1,234		47	53			4,598			3,624		27
TOTAL NONINTEREST EXPENSE		16,875			16,942			16,791		16,293		16,372		-	3			50,608			48,976		3
Income before income tax expense		11,661			5,565			3,116		10,565		11,405		110	2			20,342			33,980		(40)
Income tax expense		2,218			878			251		2,045		2,325		153	(5)			3,347			6,069	(f)	(45)
NET INCOME	$	9,443		$	4,687		$	2,865	$	8,520	$	9,080		101	4		$	16,995		$	27,911		(39)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	2.93	$	1.39	$	0.79	$	2.58	$	2.69	111	9	$	5.10	$	8.17		(38)
Diluted earnings per share		2.92			1.38			0.78		2.57		2.68		112	9			5.09			8.15		(38)
FINANCIAL RATIOS
Return on common equity (d)		15 %			7 %			4 %		14 %		15 %							9 %			15 %
Return on tangible common equity (d)(e)		19			9			5		17		18							11			19
Return on assets (d)		1.14			0.58			0.40		1.22		1.30							0.72			1.37
Effective income tax rate		19.0			15.8			8.1		19.4		20.4							16.5			17.9	(f)
Overhead ratio		58			51			60		58		56							56			56

In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
Included Firmwide legal expense/(benefit) of $524 million, $118 million, $197 million, $241 million and $10 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $839 million and $(2) million for the nine months ended September 30, 2020 and September 30, 2019 respectively.
Quarterly ratios are based upon annualized amounts.
Refer to page 28 for further discussion of ROTCE.
The nine months ended September 30, 2019 included income tax benefits of $1.0 billion due to the resolution of certain tax audits.

Page 4

JPMORGAN CHASE & CO.

CONSOLIDATED BALANCE SHEETS

(in millions)
															Sep 30, 2020
															Change
		Sep 30,			Jun 30,			Mar 31,			Dec 31,		Sep 30,		Jun 30,	Sep 30,
		2020			2020			2020			2019		2019		2020		2019
ASSETS
Cash and due from banks	$	20,816	$	20,544		$	24,001	$	21,704	$	21,215	1 %			(2)%
Deposits with banks		466,706			473,185			343,533			241,927		235,382		(1)		98
Federal funds sold and securities purchased under
resale agreements		319,849			256,980			248,580			249,157		257,391		24		24
Securities borrowed		142,441			142,704			139,839			139,758		138,336		-	3
Trading assets:
Debt and equity instruments (a)		429,196			416,870			429,275			319,921		401,697		3		7
Derivative receivables		76,626			74,846			81,648			49,766		55,577		2		38
Available-for-sale ("AFS") securities		389,583			485,883			399,944			350,699		353,421		(20)		10
Held-to-maturity ("HTM") securities, net of allowance for credit losses (b)		141,553			72,908			71,200			47,540		40,830		94		247
Investment securities, net of allowance for credit losses (b)		531,136			558,791			471,144			398,239		394,251		(5)		35
Loans (a)		989,740			1,009,382			1,049,610			997,620		980,019		(2)		1
Less: Allowance for loan losses		30,814			31,591	(c)		23,244			13,123		13,235		(2)		133
Loans, net of allowance for loan losses		958,926			977,791			1,026,366			984,497		966,784		(2)		(1)
Accrued interest and accounts receivable		76,945			72,260			122,064			72,861		88,988		6		(14)
Premises and equipment		26,672			26,301			25,882			25,813		25,117		1		6
Goodwill, MSRs and other intangible assets		51,594			51,669			51,867			53,341		53,078		-	(3)
Other assets (a)		145,169			141,675			175,232			130,395		126,845		2		14
TOTAL ASSETS	$	3,246,076		$	3,213,616		$	3,139,431		$	2,687,379	$	2,764,661		1		17
LIABILITIES
Deposits	$	2,001,416	$	1,931,029		$	1,836,009	$	1,562,431	$	1,525,261	4			31
Federal funds purchased and securities loaned or sold
under repurchase agreements		236,440			235,647			233,207			183,675		247,766		-	(5)
Short-term borrowings		41,992			48,014			51,909			40,920		48,893		(13)		(14)
Trading liabilities:
Debt and equity instruments		104,835			107,735			119,109			75,569		90,553		(3)		16
Derivative payables		57,658			57,477			65,087			43,708		47,790		-	21
Accounts payable and other liabilities		234,256			231,417	(c)		253,874			210,407		225,063		1		4
Beneficial interests issued by consolidated VIEs		19,191			20,828			19,630			17,841		18,515		(8)		4
Long-term debt		279,175			317,003			299,344			291,498		296,472		(12)		(6)
TOTAL LIABILITIES		2,974,963			2,949,150			2,878,169			2,426,049		2,500,313		1		19
STOCKHOLDERS' EQUITY
Preferred stock		30,063			30,063			30,063			26,993		28,363	(d)	-	6
Common stock		4,105			4,105			4,105			4,105		4,105		-	-
Additional paid-in capital		88,289			88,125			87,857			88,522		88,512		-	-
Retained earnings		228,014			221,732			220,226			223,211		217,888		3		5
Accumulated other comprehensive income/(loss)		8,940			8,789			7,418			1,569		1,800		2		397
Shares held in RSU Trust, at cost		(11)			(11)			(21)			(21)		(21)		-	48
Treasury stock, at cost		(88,287)			(88,337)			(88,386)			(83,049)		(76,299)		-	(16)
TOTAL STOCKHOLDERS' EQUITY		271,113			264,466			261,262			261,330		264,348		3		3
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,246,076		$	3,213,616		$	3,139,431		$	2,687,379	$	2,764,661		1		17

In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At September 30, 2020, June 30, 2020, and March 31, 2020 the allowance for credit losses on HTM securities was $120 million, $23 million and $19 million, respectively.
Prior-periodamounts have been revised to conform with the current presentation.
Included $1.4 billion, which was redeemed on October 30, 2019, as previously announced on September 26, 2019.

Page 5

JPMORGAN CHASE & CO.

CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS

(in millions, except rates)
								QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change								2020 Change
AVERAGE BALANCES		3Q20			2Q20			1Q20			4Q19			3Q19		2Q20		3Q19			2020			2019		2019
ASSETS
Deposits with banks	$	509,979		$	477,895		$	279,748		$	272,648		$	267,578	7 %	91 %	$	422,860		$	282,483	50 %
Federal funds sold and securities purchased under resale agreements		277,899			244,306			253,403			248,170			276,721	14		-			258,607			284,616	(9)
Securities borrowed		147,184			141,328			136,127			135,374			139,939	4	5			141,567			129,915	9
Trading assets - debt instruments (a)		322,321			345,073			304,808			280,487			298,358	(7)	8			324,061			299,834	8
Investment securities		548,544			500,254			421,529			394,002			343,134	10	60			490,322			294,896	66
Loans (a)		991,241			1,029,513			1,001,504			987,606			984,248	(4)	1			1,007,360			990,731	2
All other interest-earning assets (a)(b)		77,806			81,320			68,430			59,257			54,973	(4)	42			75,859			51,931	46
Total interest-earning assets		2,874,974			2,819,689			2,465,549			2,377,544			2,364,951	2	22			2,720,636			2,334,406	17
Trading assets - equity and other instruments		119,905			99,115			114,479			114,112			113,980	21	5			111,198			114,394	(3)
Trading assets - derivative receivables		81,300			79,298			66,309			52,860			57,062	3	42			75,656			54,098	40
All other noninterest-earning assets (a)		213,978			231,166			243,895			232,754			229,059	(7)	(7)			229,623			227,003	1
TOTAL ASSETS	$	3,290,157		$	3,229,268		$	2,890,232		$	2,777,270		$	2,765,052	2	19		$	3,137,113		$	2,729,901	15
LIABILITIES
Interest-bearing deposits	$	1,434,034		$	1,375,213		$	1,216,555		$	1,154,716		$	1,123,452	4	28	$	1,342,270		$	1,102,751	22
Federal funds purchased and securities loaned or
sold under repurchase agreements		253,779			276,815			243,922			235,481			239,698	(8)	6			258,156			225,471	14
Short-term borrowings (c)		36,697			45,297			37,288			39,936			44,814	(19)	(18)			39,749			56,635	(30)
Trading liabilities - debt and other interest-bearing liabilities (d)		206,643			207,322			192,950			170,049			183,369		-	13			202,322			186,167	9
Beneficial interests issued by consolidated VIEs		19,838			20,331			18,048			19,390			21,123	(2)	(6)			19,407			23,549	(18)
Long-term debt		267,175			269,336			243,996			248,521			248,985	(1)	7			260,194			247,782	5
Total interest-bearing liabilities		2,218,166			2,194,314			1,952,759			1,868,093			1,861,441	1	19			2,122,098			1,842,355	15
Noninterest-bearing deposits		551,565			515,304			419,631			413,582			407,428	7	35			495,704			405,075	22
Trading liabilities - equity and other instruments		32,256			33,797			30,721			28,197			31,310	(5)	3			32,258			32,059	1
Trading liabilities - derivative payables		64,599			63,178			54,990			44,361			45,987	2	40			60,936			41,952	45
All other noninterest-bearing liabilities		156,711			158,204			168,195			162,490			155,032	(1)	1			161,022			148,086	9
TOTAL LIABILITIES		3,023,297			2,964,797			2,626,296			2,516,723			2,501,198	2	21			2,872,018			2,469,527	16
Preferred stock		30,063			30,063			29,406			27,669			28,241		-	6			29,844			27,457	9
Common stockholders' equity		236,797			234,408			234,530			232,878			235,613	1	1			235,251			232,917	1
TOTAL STOCKHOLDERS' EQUITY		266,860			264,471			263,936			260,547			263,854	1	1			265,095			260,374	2
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,290,157		$	3,229,268		$	2,890,232		$	2,777,270		$	2,765,052	2	19		$	3,137,113		$	2,729,901	15
AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks		0.05	%		0.06	%		0.82	%		1.00	%		1.33	%						0.22	%		1.51	%
Federal funds sold and securities purchased under resale agreements		0.57			0.99			1.74			2.05			2.21							1.08			2.29
Securities borrowed (f)		(0.35)			(0.50)			0.45			0.81			1.23							(0.14)			1.34
Trading assets - debt instruments (a)		2.29			2.42			2.74			2.87			2.96							2.48			3.19
Investment securities		1.58			2.03			2.48			2.65			2.92							1.99			3.17
Loans (a)		4.11			4.27			4.96			5.07			5.25							4.44			5.32
All other interest-earning assets (a)(b)		0.94			0.99			2.60			3.49			4.36							1.46			4.18
Total interest-earning assets		2.05			2.31			3.14			3.35			3.56							2.47			3.70
INTEREST-BEARING LIABILITIES
Interest-bearing deposits		0.07			0.10			0.52			0.67			0.85							0.22			0.85
Federal funds purchased and securities loaned or
sold under repurchase agreements		0.17			0.19			1.30			1.77			2.05							0.53			2.12
Short-term borrowings (c)		0.65			1.11			1.63			1.97			2.31							1.13			2.48
Trading liabilities - debt and other interest-bearing liabilities (d)(f)		(0.10)			(0.08)			0.77			1.04			1.43							0.18			1.54
Beneficial interests issued by consolidated VIEs		0.71			1.15			2.02			2.22			2.53							1.27			2.61
Long-term debt		1.93			2.45			2.88			3.21			3.49							2.40			3.67
Total interest-bearing liabilities		0.30			0.41			0.97			1.22			1.47							0.55			1.53
INTEREST RATE SPREAD		1.75	%		1.90	%		2.17	%		2.13	%		2.09	%						1.92	%		2.17	%
NET YIELD ON INTEREST-EARNING ASSETS		1.82	%		1.99	%		2.37	%		2.38	%		2.41	%						2.04	%		2.49	%
Memo: Net yield on interest-earning assets excluding CIB Markets (g)		2.05	%		2.27	%		3.01	%		3.06	%		3.23	%						2.41	%		3.34	%

In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
Includes prime brokerage-relatedheld-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.
Includes commercial paper.
All other interest-bearing liabilities include prime brokerage-related customer payables.
Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
Negative interest income and yields are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other liabilities.
Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

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

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

								QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change								2020 Change
		3Q20			2Q20			1Q20			4Q19			3Q19		2Q20		3Q19			2020			2019		2019
OTHER INCOME
Other income - reported	$	959		$	1,042		$	1,156		$	1,492		$	1,472	(8)%	(35)%	$	3,157		$	4,239	(26)%
Fully taxable-equivalent adjustments (a)		690			730			708			757			596	(5)	16			2,128			1,777	20
Other income - managed	$	1,649		$	1,772		$	1,864		$	2,249		$	2,068	(7)	(20)		$	5,285		$	6,016	(12)
TOTAL NONINTEREST REVENUE (b)
Total noninterest revenue - reported	$	16,134		$	19,127		$	13,753		$	14,119		$	15,063	(16)	7	$	49,014		$	44,035	11
Fully taxable-equivalent adjustments (a)		690			730			708			757			596	(5)	16			2,128			1,777	20
Total noninterest revenue - managed	$	16,824		$	19,857		$	14,461		$	14,876		$	15,659	(15)	7		$	51,142		$	45,812	12
NET INTEREST INCOME
Net interest income - reported	$	13,013		$	13,853		$	14,439		$	14,166		$	14,228	(6)	(9)	$	41,305		$	43,079	(4)
Fully taxable-equivalent adjustments (a)		104			107			110			123			127	(3)	(18)			321			408	(21)
Net interest income - managed	$	13,117		$	13,960		$	14,549		$	14,289		$	14,355	(6)	(9)		$	41,626		$	43,487	(4)
TOTAL NET REVENUE (b)
Total net revenue - reported	$	29,147		$	32,980		$	28,192		$	28,285		$	29,291	(12)		-	$	90,319		$	87,114	4
Fully taxable-equivalent adjustments (a)		794			837			818			880			723	(5)	10			2,449			2,185	12
Total net revenue - managed	$	29,941		$	33,817		$	29,010		$	29,165		$	30,014	(11)		-		$	92,768		$	89,299	4
PRE-PROVISION PROFIT
Pre-provision profit - reported	$	12,272		$	16,038		$	11,401		$	11,992		$	12,919	(23)	(5)	$	39,711		$	38,138	4
Fully taxable-equivalent adjustments (a)		794			837			818			880			723	(5)	10			2,449			2,185	12
Pre-provision profit - managed	$	13,066		$	16,875		$	12,219		$	12,872		$	13,642	(23)	(4)		$	42,160		$	40,323	5
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	11,661		$	5,565		$	3,116		$	10,565		$	11,405	110	2	$	20,342		$	33,980	(40)
Fully taxable-equivalent adjustments (a)		794			837			818			880			723	(5)	10			2,449			2,185	12
Income before income tax expense - managed	$	12,455		$	6,402		$	3,934		$	11,445		$	12,128	95	3		$	22,791		$	36,165	(37)
INCOME TAX EXPENSE
Income tax expense - reported	$	2,218		$	878		$	251		$	2,045		$	2,325	153	(5)	$	3,347		$	6,069	(45)
Fully taxable-equivalent adjustments (a)		794			837			818			880			723	(5)	10			2,449			2,185	12
Income tax expense - managed	$	3,012		$	1,715		$	1,069		$	2,925		$	3,048	76	(1)		$	5,796		$	8,254	(30)
OVERHEAD RATIO
Overhead ratio - reported		58	%		51	%		60	%		58	%		56	%						56	%		56	%
Overhead ratio - managed		56			50			58			56			55							55			55

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

Page 7

JPMORGAN CHASE & CO.

SEGMENT RESULTS - MANAGED BASIS (in millions)

								QUARTERLY TRENDS							NINE MONTHS ENDED SEPTEMBER 30,
														3Q20 Change								2020 Change
		3Q20			2Q20			1Q20		4Q19	3Q19	2Q20		3Q19			2020			2019		2019
TOTAL NET REVENUE (fully taxable-equivalent ("FTE"))
Consumer & Community Banking (a)	$	12,755	$	12,217	$	13,112	$	13,749	$	13,958	4 %	(9)%	$	38,084	$	40,885		(7)%
Corporate & Investment Bank		11,503			16,352			9,948		9,647		9,522		(30)	21			37,803			29,387		29
Commercial Banking		2,285			2,392			2,178		2,297		2,274		(4)		-			6,855			6,972		(2)
Asset & Wealth Management		3,737			3,610			3,606		3,700		3,568		4	5			10,953			10,616		3
Corporate		(339)			(754)			166		(228)		692		55		NM			(927)			1,439		NM
TOTAL NET REVENUE	$	29,941		$	33,817		$	29,010	$	29,165	$	30,014		(11)		-		$	92,768		$	89,299		4
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking (a)	$	6,770	$	6,626	$	7,102	$	6,965	$	7,025	2	(4)	$	20,498	$	20,784		(1)
Corporate & Investment Bank		5,797			6,764			5,896		5,392		5,504		(14)	5			18,457			16,794		10
Commercial Banking		966			899			988		943		940		7	3			2,853			2,809		2
Asset & Wealth Management		2,623			2,506			2,659		2,650		2,622		5		-			7,788			7,865		(1)
Corporate		719			147			146		343		281		389	156			1,012			724		40
TOTAL NONINTEREST EXPENSE	$	16,875		$	16,942		$	16,791	$	16,293	$	16,372		-	3		$	50,608		$	48,976		3
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	5,985	$	5,591	$	6,010	$	6,784	$	6,933	7	(14)	$	17,586	$	20,101		(13)
Corporate & Investment Bank		5,706			9,588			4,052		4,255		4,018		(40)	42			19,346			12,593		54
Commercial Banking		1,319			1,493			1,190		1,354		1,334		(12)	(1)			4,002			4,163		(4)
Asset & Wealth Management		1,114			1,104			947		1,050		946		1	18			3,165			2,751		15
Corporate		(1,058)			(901)			20		(571)		411		(17)		NM			(1,939)			715		NM
PRE-PROVISION PROFIT	$	13,066		$	16,875		$	12,219	$	12,872	$	13,642		(23)	(4)		$	42,160		$	40,323		5
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	794	$	5,828	$	5,772	$	1,207	$	1,311	(86)	(39)	$	12,394	$	3,745		231
Corporate & Investment Bank		(81)			1,987			1,401		98		92		NM		NM			3,307			179		NM
Commercial Banking		(147)			2,431			1,010		110		67		NM		NM			3,294			186		NM
Asset & Wealth Management		(51)			223			94		13		44		NM		NM			266			48		454
Corporate		96			4			8		(1)		-	NM		NM			108			-	NM
PROVISION FOR CREDIT LOSSES	$	611		$	10,473		$	8,285	$	1,427	$	1,514		(94)	(60)		$	19,369		$	4,158		366
NET INCOME/(LOSS)
Consumer & Community Banking	$	3,873	$	(176)	$	191	$	4,214	$	4,245	NM	(9)	$	3,888	$	12,349		(69)
Corporate & Investment Bank		4,304			5,464			1,988		2,938		2,831		(21)	52			11,756			9,037		30
Commercial Banking		1,088			(691)			147		944		943		NM	15			544			3,005		(82)
Asset & Wealth Management		877			658			664		785		668		33	31			2,199			2,048		7
Corporate		(699)			(568)			(125)		(361)		393		(23)		NM			(1,392)			1,472		NM
TOTAL NET INCOME	$	9,443		$	4,687		$	2,865	$	8,520	$	9,080		101	4		$	16,995		$	27,911		(39)

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

Page 8

JPMORGAN CHASE & CO.

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

															Sep 30, 2020
															Change				NINE MONTHS ENDED SEPTEMBER 30,
		Sep 30,			Jun 30,			Mar 31,			Dec 31,		Sep 30,	Jun 30,	Sep 30,								2020 Change
		2020			2020			2020			2019		2019		2020			2019			2020			2019	2019
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	197,728	(e)	$	190,867	$	183,591	$	187,753	$	188,151	4 %			5 %
Tier 1 capital		227,499	(e)		220,674			213,406			214,432		214,831		3			6
Total capital		262,441	(e)		256,667			247,541			242,589		243,500		2			8
Risk-weighted assets	1,517,248	(e)	1,541,365	1,598,828	1,515,869	1,527,762		(2)			(1)
CET1 capital ratio		13.0 % (e)		12.4 %			11.5 %			12.4 %		12.3 %
Tier 1 capital ratio		15.0	(e)		14.3			13.3			14.1		14.1
Total capital ratio		17.3	(e)		16.7			15.5			16.0		15.9
Advanced
CET1 capital	$	197,728	(e)	$	190,867	$	183,591	$	187,753	$	188,151	4			5
Tier 1 capital		227,499	(e)		220,674			213,406			214,432		214,831		3			6
Total capital		249,973	(e)		244,112			234,434			232,112		233,203		2			7
Risk-weighted assets	1,431,218	(e)	1,450,587	1,489,134	1,397,878	1,435,693		(1)			-
CET1 capital ratio		13.8 % (e)		13.2 %			12.3 %			13.4 %		13.1 %
Tier 1 capital ratio		15.9	(e)		15.2			14.3			15.3		15.0
Total capital ratio		17.5	(e)		16.8			15.7			16.6		16.2
Leverage-based capital metrics
Adjusted average assets (b)	$	3,243,303	(e)	$	3,176,729	$	2,842,244	$	2,730,239	$	2,717,852	2			19
Tier 1 leverage ratio		7.0 %	(e)		6.9 %			7.5 %			7.9 %		7.9 %
Total leverage exposure	3,247,377	(e)	3,228,424	3,535,822	3,423,431	3,404,535		1			(5)
SLR		7.0 % (e)		6.8 %			6.0 %			6.3 %		6.3 %
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders' equity	$	241,050		$	234,403	$	231,199	$	234,337	$	235,985	3			2
Less: Goodwill		47,819			47,811			47,800			47,823		47,818		-	-
Less: Other intangible assets		759			778			800			819		841		(2)			(10)
Add: Certain deferred tax liabilities (d)		2,405			2,397			2,389			2,381		2,371		-	1
Total tangible common equity	$	194,877		$	188,211		$	184,988		$	188,076	$	189,697		4			3
TANGIBLE COMMON EQUITY (average) (c)
Common stockholders' equity	$	236,797		$	234,408	$	234,530	$	232,878	$	235,613	1			1	$	235,251	$	232,917		1 %
Less: Goodwill		47,820			47,805			47,812			47,819		47,707		-	-			47,812			47,552		1
Less: Other intangible assets		769			791			812			831		842		(3)			(9)			791			776	2
Add: Certain deferred tax liabilities (d)		2,401			2,393			2,385			2,375		2,344		-	2			2,393			2,311		4
Total tangible common equity	$	190,609		$	188,205		$	188,291		$	186,603	$	189,408		1			1		$	189,041		$	186,900	1
INTANGIBLE ASSETS (period-end)
Goodwill	$	47,819		$	47,811	$	47,800	$	47,823	$	47,818	-	-
Mortgage servicing rights		3,016			3,080			3,267			4,699		4,419		(2)			(32)
Other intangible assets		759			778			800			819		841		(2)			(10)
Total intangible assets	$	51,594		$	51,669		$	51,867		$	53,341	$	53,078		-	(3)

Reflects the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $6.4 billion, $6.5 billion and $4.3 billion, respectively. Effective June 30, 2020, the SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm's 2019 Form 10-K for additional information on the Firm's capital metrics.
Adjusted average assets, for purposes of calculating the leverage ratios, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.
Refer to page 28 for further discussion of TCE.
Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.
Estimated.

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JPMORGAN CHASE & CO.

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

								QUARTERLY TRENDS							NINE MONTHS ENDED SEPTEMBER 30,
														3Q20 Change								2020 Change
		3Q20			2Q20			1Q20		4Q19	3Q19	2Q20		3Q19			2020			2019		2019
EARNINGS PER SHARE
Basic earnings per share
Net income	$	9,443	$	4,687	$	2,865	$	8,520	$	9,080	101 %	4 %	$	16,995	$	27,911		(39)%
Less: Preferred stock dividends		381			401			421		386		423		(5)	(10)			1,203			1,201		-
Net income applicable to common equity		9,062			4,286			2,444		8,134		8,657		111	5			15,792			26,710		(41)
Less: Dividends and undistributed earnings allocated to
participating securities		47			21			13		44		51		124	(8)			80			159		(50)
Net income applicable to common stockholders	$	9,015		$	4,265		$	2,431	$	8,090	$	8,606		111	5		$	15,712		$	26,551		(41)
Total weighted-average basic shares outstanding		3,077.8			3,076.3			3,095.8		3,140.7		3,198.5		-	(4)			3,083.3			3,248.7		(5)
Net income per share	$	2.93		$	1.39		$	0.79	$	2.58	$	2.69		111	9		$	5.10		$	8.17		(38)
Diluted earnings per share
Net income applicable to common stockholders	$	9,015	$	4,265	$	2,431	$	8,090	$	8,606	111	5	$	15,712	$	26,551		(41)
Total weighted-average basic shares outstanding		3,077.8			3,076.3			3,095.8		3,140.7		3,198.5		-	(4)			3,083.3			3,248.7		(5)
Add: Dilutive impact of stock appreciation rights ("SARs") and
employee stock options, unvested performance share units
("PSUs") and nondividend-earning restricted stock units		5.0			4.7			4.9		7.8		8.7		6	(43)			4.8			9.3		(48)
("RSUs")
Total weighted-average diluted shares outstanding		3,082.8			3,081.0			3,100.7		3,148.5		3,207.2		-	(4)			3,088.1			3,258.0		(5)
Net income per share	$	2.92	$	1.38	$	0.78	$	2.57	$	2.68	112	9	$	5.09	$	8.15		(38)
COMMON DIVIDENDS
Cash dividends declared per share	$	0.90	$	0.90	$	0.90	$	0.90	$	0.90	-		-	$	2.70	$	2.50		8
Dividend payout ratio		31 %			65 %			114 %		35 %		33 %							53 %			30 %
COMMON EQUITY REPURCHASE PROGRAM (a)
Total shares of common stock repurchased		-			-			50.0		54.0		62.0		-		NM			50.0			159.0		(69)
Average price paid per share of common stock	$	-	$	-	$	127.92	$	127.24	$	112.07	-		NM	$	127.92	$	108.51		18
Aggregate repurchases of common equity		-			-			6,397		6,871		6,949		-		NM			6,397			17,250		(63)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans		0.6			0.8			13.0		1.5		1.0		(25)	(40)			14.4			19.7		(27)
Net impact of employee issuances on stockholders' equity (b)	$	263	$	325	$	398	$	132	$	232	(19)	13	$	986	$	838		18

On March 15, 2020, in response to the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common equity. In June 2020, the Federal Reserve directed all large bank holding companies, including the Firm, to discontinue net share repurchases, at least through the end of the third quarter of 2020. On September 30, 2020, the Federal Reserve extended the suspension of net share repurchases through the end of the fourth quarter of 2020.
The net impact of employee issuances on stockholders' equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

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JPMORGAN CHASE & CO.

CONSUMER & COMMUNITY BANKING

FINANCIAL HIGHLIGHTS

(in millions, except ratio data)

							QUARTERLY TRENDS							NINE MONTHS ENDED SEPTEMBER 30,
													3Q20 Change								2020 Change
		3Q20			2Q20	1Q20		4Q19		3Q19		2Q20		3Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	771		$	617	$	972	$	1,032	$	1,026	25 %	(25)%	$	2,360		$	2,906	(19)%
Asset management, administration and commissions (a)		596			536		585		609		606	11	(2)			1,717			1,807	(5)
Mortgage fees and related income (b)		1,076			917		320		474		886	17	21			2,313			1,561	48
Card income (c)		890			733		709		983		905	21	(2)			2,332			2,680	(13)
All other income		1,425			1,313		1,373		1,396		1,383	9	3			4,111			3,994	3
Noninterest revenue		4,758			4,116		3,959		4,494		4,806	16	(1)			12,833			12,948	(1)
Net interest income (b)		7,997			8,101		9,153		9,255		9,152	(1)	(13)			25,251			27,937	(10)
TOTAL NET REVENUE		12,755			12,217		13,112		13,749		13,958	4	(9)			38,084			40,885	(7)
Provision for credit losses		794			5,828		5,772		1,207		1,311	(86)	(39)			12,394			3,745	231
NONINTEREST EXPENSE
Compensation expense		2,679			2,557		2,597		2,497		2,544	5	5			7,833			7,641	3
Noncompensation expense (c)(d)		4,091			4,069		4,505		4,468		4,481	1	(9)			12,665			13,143	(4)
TOTAL NONINTEREST EXPENSE		6,770			6,626		7,102		6,965		7,025	2	(4)			20,498			20,784	(1)
Income/(loss) before income tax expense/(benefit)		5,191			(237)		238		5,577		5,622		NM	(8)			5,192			16,356	(68)
Income tax expense/(benefit)		1,318			(61)		47		1,363		1,377		NM	(4)			1,304			4,007	(67)
NET INCOME/(LOSS)	$	3,873		$	(176)	$	191	$	4,214	$	4,245		NM	(9)		$	3,888		$	12,349	(69)
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	5,557		$	5,107	$	6,091	$	6,537	$	6,782	9	(18)	$	16,755		$	20,340	(18)
Home Lending (b)		1,714			1,687		1,161		1,250		1,465	2	17			4,562			3,929	16
Card & Auto (c)		5,484			5,423		5,860		5,962		5,711	1	(4)			16,767			16,616	1
MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue (b)		765			742		319		327		738	3	4			1,826			1,291	41
Net mortgage servicing revenue (e)		311			175		1		147		148	78	110			487			270	80
Mortgage fees and related income	$	1,076		$	917	$	320	$	474	$	886	17	21		$	2,313		$	1,561	48
FINANCIAL RATIOS
ROE		29	%		(2) %	1	%	31	%	31	%						9	%		31	%
Overhead ratio		53			54		54		51		50							54			51

In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
Net production revenue in the third quarter of 2019 included approximately $350 million of gains on the sale of certain mortgage loans that were predominantly offset by a charge in net interest income for the unwind of the related internal funding from Treasury and Chief Investment Office ("CIO") associated with these loans. The charge reflects the net present value of that funding and is recognized as interest income in Treasury and CIO. Refer to footnote (a) in Corporate on page 23 and Funds Transfer Pricing ("FTP") on page 61 of the Firm's 2019 Form 10-K for further information.
In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
Included depreciation expense on leased assets of $1.0 billion for the three months ended September 30, 2020, $1.1 billion for the three months ended June 30, 2020, March 31, 2020 and December 31, 2019 and $1.0 billion for the three months ended September 30, 2019, respectively, and $3.2 billion and $2.9 billion for the nine months ended September 30, 2020 and 2019, respectively.
Included MSR risk management results of $145 million, $79 million, $(90) million, $35 million and $53 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $134 million and $(200) million for the nine months ended September 30, 2020 and 2019, respectively.

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JPMORGAN CHASE & CO.

CONSUMER & COMMUNITY BANKING FINANCIAL HIGHLIGHTS, CONTINUED

(in millions, except headcount data)

								QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change								2020 Change
		3Q20			2Q20			1Q20			4Q19		3Q19	2Q20		3Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	480,325		$	492,251		$	506,147	$	532,538		$	525,223		(2)%	(9)%	$	480,325		$	525,223		(9)%
Loans:
Consumer & Business Banking		47,077	(e)		46,910	(e)		27,709			27,199			26,699		-	76			47,077	(e)		26,699		76
Home Lending (a)(b)		188,561			195,664			205,318			213,445			213,901		(4)	(12)			188,561			213,901		(12)
Card		140,377			141,656			154,021			168,924			159,571		(1)	(12)			140,377			159,571		(12)
Auto		62,304			59,287			61,468			61,522			61,410		5	1			62,304			61,410		1
Total loans		438,319			443,517			448,516			471,090			461,581		(1)	(5)			438,319			461,581		(5)
Deposits		900,920			876,991			775,068			718,354			701,111		3	28			900,920			701,111		28
Equity		52,000			52,000			52,000			52,000			52,000		-		-			52,000			52,000		-
SELECTED BALANCE SHEET DATA (average)
Total assets	$	483,478		$	498,140		$	517,213	$	525,863		$	530,649		(3)	(9)	$	499,551		$	537,044		(7)
Loans:
Consumer & Business Banking		47,102			41,198			27,261			26,820			26,550		14	77			38,552			26,537		45
Home Lending (a)(c)		192,172			199,532			211,333			216,921			226,139		(4)	(15)			200,980			235,292		(15)
Card		140,386			142,377			162,660			162,112			158,168		(1)	(11)			148,445			154,375		(4)
Auto		60,345			60,306			60,893			61,100			61,371		-	(2)			60,514			62,118		(3)
Total loans		440,005			443,413			462,147			466,953			472,228		(1)	(7)			448,491			478,322		(6)
Deposits		887,138			831,996			733,648			707,953			693,943		7	28			817,848			688,663		19
Equity		52,000			52,000			52,000			52,000			52,000		-		-			52,000			52,000		-
Headcount (d)		121,959			122,089			122,081			123,115			123,532		-	(1)			121,959			123,532		(1)

In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, Home Lending loans held-for-sale and loans at fair value were $10.0 billion, $8.6 billion, $10.8 billion, $16.6 billion, and $15.4 billion, respectively.
Average Home Lending loans held-for sale and loans at fair value were $9.2 billion, $8.7 billion, $15.8 billion, $19.1 billion, and $18.2 billion for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively, and were $11.2 billion and $12.3 billion for the nine months ended September 30, 2020 and 2019, respectively.
During the second and third quarter of 2020, certain technology and support functions, comprising approximately 850 and 800 staff, respectively, were transferred from AWM to CCB as part of the ongoing reorganization of the U.S. Wealth Management business.
At September 30, 2020 and June 30, 2020, included $20.3 billion and $19.9 billion of loans, respectively, under the Paycheck Protection Program ("PPP"). Refer to page 61 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information on the PPP.

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JPMORGAN CHASE & CO.

CONSUMER & COMMUNITY BANKING

FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)								QUARTERLY TRENDS										NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change								2020 Change
		3Q20			2Q20			1Q20			4Q19			3Q19		2Q20		3Q19			2020			2019		2019
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)	$	5,142	(f)	$	4,422	(f)	$	4,021		$	3,026		$	3,109	16 %	65 %	$	5,142	(f)	$	3,109	65 %
Net charge-offs/(recoveries)
Consumer & Business Banking		53			60			74			92			79	(12)	(33)			187			204	(8)
Home Lending		8			(5)			(122)			(23)			(42)		NM		NM			(119)			(75)	(59)
Card		1,028			1,178			1,313			1,231			1,175	(13)	(13)			3,519			3,617	(3)
Auto		5			45			48			57			49	(89)	(90)			98			149	(34)
Total net charge-offs/(recoveries)	$	1,094		$	1,278		$	1,313		$	1,357		$	1,261	(14)	(13)		$	3,685		$	3,895	(5)
Net charge-off/(recovery) rate
Consumer & Business Banking		0.45	%		0.59	%		1.09	%		1.36	%		1.18	%						0.65	%		1.03	%
Home Lending		0.02			(0.01)			(0.25)			(0.05)			(0.08)							(0.08)			(0.04)
Card		2.92			3.33			3.25			3.01			2.95							3.17			3.13
Auto		0.03			0.30			0.32			0.37			0.32							0.22			0.32
Total net charge-off/(recovery) rate		1.01			1.18			1.18			1.20			1.10							1.13			1.12
30+ day delinquency rate
Home Lending (d)(e)		1.62	% (g)		1.30	% (g)		1.48	%		1.58	%		1.63	%						1.62	% (g)		1.63	%
Card		1.57	(g)		1.71	(g)		1.96			1.87			1.84							1.57	(g)		1.84
Auto		0.54	(g)		0.54	(g)		0.89			0.94			0.88							0.54	(g)		0.88
90+ day delinquency rate - Card		0.69	(g)		0.93	(g)		1.02			0.95			0.90							0.69	(g)		0.90
Allowance for loan losses
Consumer & Business Banking	$	1,370		$	1,370		$	882		$	746		$	746		-	84	$	1,370		$	746	84
Home Lending		2,685			2,957			2,137			1,890			2,159	(9)	24			2,685			2,159	24
Card		17,800			17,800			14,950			5,683			5,583		-	219			17,800			5,583	219
Auto		1,044			1,044			732			465			465		-	125			1,044			465	125
Total allowance for loan losses	$	22,899		$	23,171		$	18,701		$	8,784		$	8,953	(1)	156		$	22,899		$	8,953	156

At September 30, 2020, June 30, 2020 and March 31, 2020, nonaccrual loans included $1.5 billion, $1.3 billion and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.
At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $851 million, $561 million, $616 million, $963 million and $1.6 billion, respectively. These amounts have been excluded based upon the government guarantee. Prior-period amounts have been revised to conform with the current presentation.
In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
At September 30, 2020, June 30, 2020 and March 31, 2020, the 30+ day delinquency rates included PCD loans. The rates prior to January 1, 2020 were revised to include the impact of PCI loans.
At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, excluded mortgage loans insured by U.S. government agencies of $1.1 billion, $826 million, $1.0 billion, $1.7 billion and $2.7 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee. Prior-period amounts have been revised to conform with the current presentation.
Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic.
At September 30, 2020 and June 30, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $10.2 billion and $18.2 billion in Home Lending, respectively; (2) $368 million and $4.4 billion in Card, respectively; and (3) $411 million and $12.3 billion in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

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JPMORGAN CHASE & CO.

CONSUMER & COMMUNITY BANKING FINANCIAL HIGHLIGHTS, CONTINUED

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

									QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
																	3Q20 Change								2020 Change
		3Q20			2Q20			1Q20				4Q19			3Q19		2Q20		3Q19			2020			2019		2019
BUSINESS METRICS
Number of:
Branches		4,960			4,923			4,967				4,976			4,949	1 %		- %			4,960			4,949		- %
Active digital customers (in thousands) (a)		54,745			54,471			53,799				52,421			51,843	1	6			54,745			51,843	6
Active mobile customers (in thousands) (b)		40,143			39,024			38,236				37,297			36,510	3	10			40,143			36,510	10
Debit and credit card sales volume (in billions)	$	278.2		$	237.6		$	266.0			$	295.6		$	282.2	17	(1)	$	781.8		$	818.8	(5)
Consumer & Business Banking
Average deposits	$	865,928		$	813,153		$	718,909			$	691,696		$	678,281	6	28	$	799,573		$	674,526	19
Deposit margin		1.43	%		1.52	%		2.06	%		2.28	%		2.47	%						1.65	%		2.56	%
Business banking origination volume	$	1,352	(f)	$	23,042	(f)	$	1,491			$	1,827		$	1,550	(94)	(13)	$	25,885	(f)	$	4,771	443
Client investment assets		376,068			356,143			322,999				358,036			337,915	6	11			376,068			337,915	11
Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	20.7		$	18.0		$	14.1			$	16.4		$	14.2	15	46	$	52.8		$	34.6	53
Correspondent		8.3			6.2			14.0				16.9			18.2	34	(54)			28.5			37.3	(24)
Total mortgage origination volume (c)	$	29.0		$	24.2		$	28.1			$	33.3		$	32.4	20	(10)		$	81.3		$	71.9	13
Total loans serviced (period-end)	$	654.0		$	683.7		$	737.8			$	761.4		$	774.8	(4)	(16)		$	654.0		$	774.8	(16)
Third-party mortgage loans serviced (period-end)		454.8			482.4			505.0				520.8			535.8	(6)	(15)			454.8			535.8	(15)
MSR carrying value (period-end)		3.0			3.1			3.3				4.7			4.4	(3)	(32)			3.0			4.4	(32)
Ratio of MSR carrying value (period-end) to third-party
mortgage loans serviced (period-end)		0.66	%		0.64	%		0.65	%		0.90	%		0.82	%						0.66	%		0.82	%
MSR revenue multiple (d)		2.28 x			2.29 x			2.10 x		2.73 x			2.41 x							2.28 x			2.34 x
Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	178.1		$	148.5		$	179.1			$	204.2		$	193.6	20	(8)			505.7			558.6	(9)
Net revenue rate (e)		10.96	%		11.02	%		10.54	%		10.65	%		10.40	%						10.82	%		10.42	%
Auto
Loan and lease origination volume (in billions)	$	11.4		$	7.7		$	8.3			$	8.5		$	9.1	48	25	$	27.4		$	25.5	7
Average auto operating lease assets		21,684			22,579			23,081				22,427			21,765	(4)		-			22,445			21,307	5

Users of all web and/or mobile platforms who have logged in within the past 90 days.
Users of all mobile platforms who have logged in within the past 90 days.
Firmwide mortgage origination volume was $36.2 billion, $28.3 billion, $31.9 billion, $37.4 billion and $35.8 billion for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively, and $96.4 billion and $78.5 billion for the nine months ended September 30, 2020 and 2019, respectively.
Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).
In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation.
Included $396 million and $21.5 billion of origination volume under the PPP for the three months ended September 30, 2020 and June 30, 2020, respectively, and $21.9 billion for the nine months ended September 30, 2020. Refer to page 61 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information on the PPP.

Page 14

JPMORGAN CHASE & CO.

CORPORATE & INVESTMENT BANK

FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
								QUARTERLY TRENDS							NINE MONTHS ENDED SEPTEMBER 30,
														3Q20 Change								2020 Change
		3Q20			2Q20			1Q20		4Q19	3Q19	2Q20		3Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Investment banking fees	$	2,165	$	2,847	$	1,907	$	1,904	$	1,981	(24)%	9 %	$	6,919	$	5,671		22 %
Principal transactions		3,990			7,400			3,188		2,932		3,418		(46)	17			14,578			11,467		27
Lending- and deposit-related fees (a)		546			500			450		462		398		9	37			1,496			1,206		24
Asset management, administration and commissions (a)		1,086			1,146			1,261		1,059		1,160		(5)	(6)			3,493			3,339		5
All other income		288			380			35		622		397		(24)	(27)			703			1,167		(40)
Noninterest revenue		8,075			12,273			6,841		6,979		7,354		(34)	10			27,189			22,850		19
Net interest income		3,428			4,079			3,107		2,668		2,168		(16)	58			10,614			6,537		62
TOTAL NET REVENUE (b)		11,503			16,352			9,948		9,647		9,522		(30)	21			37,803			29,387		29
Provision for credit losses		(81)			1,987			1,401		98		92		NM		NM			3,307			179		NM
NONINTEREST EXPENSE
Compensation expense		2,651			3,997			3,006		2,377		2,873		(34)	(8)			9,654			8,803		10
Noncompensation expense		3,146			2,767			2,890		3,015		2,631		14	20			8,803			7,991		10
TOTAL NONINTEREST EXPENSE		5,797			6,764			5,896		5,392		5,504		(14)	5			18,457			16,794		10
Income before income tax expense		5,787			7,601			2,651		4,157		3,926		(24)	47			16,039			12,414		29
Income tax expense		1,483			2,137			663		1,219		1,095		(31)	35			4,283			3,377		27
NET INCOME	$	4,304	$	5,464	$	1,988	$	2,938	$	2,831	(21)	52	$	11,756	$	9,037		30
FINANCIAL RATIOS
ROE		21 %			27 %			9 %		14 %		13 %							19 %			14 %
Overhead ratio		50			41			59		56		58							49			57
Compensation expense as percentage of total net revenue		23			24			30		25		30							26			30
REVENUE BY BUSINESS
Investment Banking	$	2,087	$	3,401	$	886	$	1,823	$	1,871	(39)	12	$	6,374	$	5,392		18
Wholesale Payments		1,289			1,356			1,359		1,433		1,361		(5)	(5)			4,004			4,178		(4)
Lending		333			270			350		250		253		23	32			953			771		24
Total Banking		3,709			5,027			2,595		3,506		3,485		(26)	6			11,331			10,341		10
Fixed Income Markets		4,597			7,338			4,993		3,446		3,557		(37)	29			16,928			10,972		54
Equity Markets		1,999			2,380			2,237		1,508		1,517		(16)	32			6,616			4,986		33
Securities Services		1,029			1,097			1,074		1,061		1,034		(6)		-			3,200			3,093		3
Credit Adjustments & Other (c)		169			510			(951)		126		(71)		(67)		NM			(272)			(5)		NM
Total Markets & Securities Services		7,794			11,325			7,353		6,141		6,037		(31)	29			26,472			19,046		39
TOTAL NET REVENUE	$	11,503		$	16,352		$	9,948	$	9,647	$	9,522		(30)	21		$	37,803		$	29,387		29

In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $641 million, $686 million, $667 million, $646 million and $527 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively and $2.0 billion and $1.6 billion for the nine months ended September 30, 2020 and 2019, respectively.
Consists primarily of credit valuation adjustments ("CVA") managed centrally within CIB and funding valuation adjustments ("FVA") on derivatives and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 15

JPMORGAN CHASE & CO.

CORPORATE & INVESTMENT BANK

FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
								QUARTERLY TRENDS								NINE MONTHS ENDED SEPTEMBER 30,
															3Q20 Change								2020 Change
		3Q20			2Q20			1Q20		4Q19		3Q19	2Q20		3Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	1,089,293	$	1,081,162	(g)	$	1,217,459	$	914,705	$	1,030,396		1 %	6 %	$	1,089,293	$	1,030,396		6 %
Loans:
Loans retained (a)		126,841			140,770			165,376		121,733			118,290		(10)	7			126,841			118,290		7
Loans held-for-sale and loans at fair value (b)		33,046			34,017			34,644		34,317			32,563		(3)	1			33,046			32,563		1
Total loans		159,887			174,787			200,020		156,050			150,853		(9)	6			159,887			150,853		6
Equity		80,000			80,000			80,000		80,000			80,000		-		-			80,000			80,000		-
SELECTED BALANCE SHEET DATA (average)
Assets	$	1,100,657	$	1,167,807		$	1,082,820	$	994,152	$	1,011,246		(6)	9	1,117,035	$	993,292		12
Trading assets - debt and equity instruments (b)		425,789			421,953			398,504		370,859			387,377		1	10			415,453			377,976		10
Trading assets - derivative receivables		78,339			76,710			55,133		45,153			48,266		2	62			70,091			49,221		42
Loans:
Loans retained (a)		131,187			154,038			128,838		119,412			119,007		(15)	10			137,996			123,368		12
Loans held-for-sale and loans at fair value (b)		30,205			33,538			35,211		33,694			32,545		(10)	(7)			32,974			32,611		1
Total loans		161,392			187,576			164,049		153,106			151,552		(14)	6			170,970			155,979		10
Equity		80,000			80,000			80,000		80,000			80,000		-		-			80,000			80,000		-
Headcount		61,830			60,950			60,245		60,013			60,028		1	3			61,830			60,028		3
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	23	$	204		$	55	$	43	$	38		(89)	(39)	$	282	$	140		101
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)		1,178			1,195			689		308			712		(1)	65			1,178			712		65
Nonaccrual loans held-for-sale and loans at fair value (b)(d)		2,111			1,510			766		644			902		40	134			2,111			902		134
Total nonaccrual loans		3,289			2,705			1,455		952			1,614		22	104			3,289			1,614		104
Derivative receivables		140			108			85		30			26		30	438			140			26		438
Assets acquired in loan satisfactions		88			35			43		70			75		151	17			88			75		17
Total nonperforming assets		3,517			2,848			1,583		1,052			1,715		23	105			3,517			1,715		105
Allowance for credit losses:
Allowance for loan losses		2,863			3,039	(g)		1,422		1,202			1,171		(6)	144			2,863			1,171		144
Allowance for lending-related commitments		1,706			1,634	(g)		1,468		848			824		4	107			1,706			824		107
Total allowance for credit losses		4,569			4,673			2,890		2,050			1,995		(2)	129			4,569			1,995		129
Net charge-off/(recovery) rate (a)(e)		0.07 %			0.53 %			0.17 %		0.14 %			0.13 %							0.27 %			0.15 %
Allowance for loan losses to period-end loans retained (a)		2.26			2.16	(g)		0.86		0.99			0.99							2.26			0.99
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)		3.15			2.87	(g)		1.11		1.31			1.33							3.15			1.33
Allowance for loan losses to nonaccrual loans retained (a)(c)		243			254	(g)		206		390			164							243			164
Nonaccrual loans to total period-end loans (b)		2.06			1.55			0.73		0.61			1.07							2.06			1.07

Loans retained includes credit portfolio loans, loans held by consolidated Firm-administeredmulti-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.
In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.
Allowance for loan losses of $320 million, $340 million, $317 million, $110 million and $207 million were held against nonaccrual loans at September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively.
At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $297 million, $135 million, $124 million, $127 million and $116 million, respectively. These amounts have been excluded based upon the government guarantee.
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB's allowance coverage ratio.
Prior-periodamounts have been revised to conform with the current presentation.

Page 16

JPMORGAN CHASE & CO.

CORPORATE & INVESTMENT BANK

FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
								QUARTERLY TRENDS							NINE MONTHS ENDED SEPTEMBER 30,
													3Q20 Change									2020 Change
		3Q20			2Q20			1Q20		4Q19	3Q19	2Q20	3Q19			2020			2019		2019
BUSINESS METRICS
Advisory	$	428	$	602	$	503	$	702	$	506	(29)%		(15)%	$	1,533	$	1,675		(8)%
Equity underwriting		732			977			331		382		514	(25)			42			2,040			1,284	59
Debt underwriting		1,005			1,268			1,073		820		961	(21)			5			3,346			2,712	23
Total investment banking fees	$	2,165		$	2,847		$	1,907	$	1,904	$	1,981	(24)			9		$	6,919		$	5,671	22
Client deposits and other third-party liabilities (average) (a)		634,961			607,902			514,464		485,037		471,328	4			35			585,955			457,973	28
Merchant processing volume (in billions) (b)		406.1			371.9			374.8		402.9		380.5	9			7	$	1,152.8	$	1,108.6		4
Assets under custody ("AUC") (period-end) (in billions)	$	28,628	$	27,447	$	24,409	$	26,831	$	25,695	4		11	$	28,628	$	25,695		11
95% Confidence Level - Total CIB VaR (average) (c)
CIB trading VaR by risk type: (d)
Fixed income	$	93	$	129	$	60	$	39	$	37	(28)		151
Foreign exchange		13			9			7		5		6	44			117
Equities		26			27			20		18		22	(4)			18
Commodities and other		33			32			10		7		8	3			313
Diversification benefit to CIB trading VaR (e)		(76)			(69)			(40)		(32)		(34)	(10)			(124)
CIB trading VaR (d)		89			128			57		37		39	(30)			128
Credit portfolio VaR (f)		15			22			9		5		5	(32)			200
Diversification benefit to CIB VaR (e)		(14)			(23)			(8)		(5)		(6)	39			(133)
CIB VaR	$	90		$	127		$	58	$	37	$	38	(29)			137

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

Page 17

JPMORGAN CHASE & CO. COMMERCIAL BANKING

FINANCIAL HIGHLIGHTS

(in millions, except ratio data)

							QUARTERLY TRENDS							NINE MONTHS ENDED SEPTEMBER 30,
													3Q20 Change								2020 Change
		3Q20			2Q20	1Q20		4Q19		3Q19		2Q20		3Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	304		$	297	$	261	$	256	$	228	2 %	33 %	$	862		$	685	26 %
All other income (a)		457			518		360		437		438	(12)	4			1,335			1,337		-
Noninterest revenue		761			815		621		693		666	(7)	14			2,197			2,022	9
Net interest income		1,524			1,577		1,557		1,604		1,608	(3)	(5)			4,658			4,950	(6)
TOTAL NET REVENUE (b)		2,285			2,392		2,178		2,297		2,274	(4)		-			6,855			6,972	(2)
Provision for credit losses		(147)			2,431		1,010		110		67		NM		NM			3,294			186		NM
NONINTEREST EXPENSE
Compensation expense		492			430		472		444		454	14	8			1,394			1,341	4
Noncompensation expense		474			469		516		499		486	1	(2)			1,459			1,468	(1)
TOTAL NONINTEREST EXPENSE		966			899		988		943		940	7	3			2,853			2,809	2
Income/(loss) before income tax expense/(benefit)		1,466			(938)		180		1,244		1,267		NM	16			708			3,977	(82)
Income tax expense/(benefit)		378			(247)		33		300		324		NM	17			164			972	(83)
NET INCOME/(LOSS)	$	1,088		$	(691)	$	147	$	944	$	943		NM	15		$	544		$	3,005	(82)
Revenue by product
Lending	$	1,138		$	1,127	$	954	$	1,027	$	1,006	1	13	$	3,219		$	3,030	6
Wholesale payments		867			917		991		1,021		1,017	(5)	(15)			2,775			3,184	(13)
Investment banking (c)		260			256		235		211		226	2	15			751			708	6
Other		20			92		(2)		38		25	(78)	(20)			110			50	120
Total Commercial Banking net revenue (b)	$	2,285		$	2,392	$	2,178	$	2,297	$	2,274	(4)		-		$	6,855		$	6,972	(2)
Investment banking revenue, gross (d)	$	840		$	851	$	686	$	634	$	700	(1)	20	$	2,377		$	2,110	13
Revenue by client segment
Middle Market Banking	$	877		$	866	$	946	$	934	$	925	1	(5)	$	2,689		$	2,860	(6)
Corporate Client Banking		807			859		681		759		767	(6)	5			2,347			2,362	(1)
Commercial Real Estate Banking		576			566		541		537		547	2	5			1,683			1,632	3
Other		25			101		10		67		35	(75)	(29)			136			118	15
Total Commercial Banking net revenue (b)	$	2,285		$	2,392	$	2,178	$	2,297	$	2,274	(4)		-		$	6,855		$	6,972	(2)
FINANCIAL RATIOS
ROE		19	%		(14) %	2	%	16	%	16	%						2	%		17	%
Overhead ratio		42			38		45		41		41							42			40

In the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB and the revenue and expense of the business is reported across CCB, CIB and CB based primarily on client relationship. In conjunction with this realignment, treasury services product revenue has been renamed wholesale payments. Prior period revenue and expense amounts were revised to conform with the current presentation. Refer to Business segment changes on page 21 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020 for further information.

In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions (which are included in all other income) to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.
Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $82 million, $80 million, $81 million, $152 million and $114 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $243 million and $308 million for the nine months ended September 30, 2020 and 2019, respectively.
Includes CB's share of revenue from investment banking products sold to CB clients through the CIB.
Refer to page 60 of the Firm's 2019 Form 10-K for discussion of revenue sharing.

Page 18

JPMORGAN CHASE & CO.

COMMERCIAL BANKING

FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)								QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change								2020 Change
		3Q20			2Q20			1Q20			4Q19		3Q19		2Q20		3Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	228,587		$	235,034	(d)	$	247,786		$	220,514		$	222,483	(3)%	3 %	$	228,587		$	222,483	3 %
Loans:
Loans retained		214,352			223,192			232,254			207,287			209,448	(4)	2			214,352			209,448	2
Loans held-for-sale and loans at fair value		349			917			1,112			1,009			3,187	(62)	(89)			349			3,187	(89)
Total loans	$	214,701		$	224,109		$	233,366		$	208,296		$	212,635	(4)	1		$	214,701		$	212,635	1
Equity		22,000			22,000			22,000			22,000			22,000		-		-			22,000			22,000		-
Period-end loans by client segment
Middle Market Banking	$	61,812	(c)	$	64,211	(c)	$	60,317		$	54,188		$	54,298	(4)	14	$	61,812	(c)	$	54,298	14
Corporate Client Banking		49,857			56,182			69,540			51,165			55,976	(11)	(11)			49,857			55,976	(11)
Commercial Real Estate Banking		102,484			103,117			102,799			101,951			101,326	(1)	1			102,484			101,326	1
Other		548			599			710			992			1,035	(9)	(47)			548			1,035	(47)
Total Commercial Banking loans	$	214,701	(c)	$	224,109	(c)	$	233,366		$	208,296		$	212,635	(4)	1		$	214,701	(c)	$	212,635	1
SELECTED BALANCE SHEET DATA (average)
Total assets	$	231,691		$	247,512		$	226,071		$	219,891		$	218,620	(6)	6	$	235,079		$	218,560	8
Loans:
Loans retained		217,498			233,044			209,988			208,776			207,286	(7)	5			220,167			206,183	7
Loans held-for-sale and loans at fair value		629			502			1,831			1,036			963	25	(35)			986			1,097	(10)
Total loans	$	218,127		$	233,546		$	211,819		$	209,812		$	208,249	(7)	5		$	221,153		$	207,280	7
Client deposits and other third-party liabilities		248,289			236,968			188,808			182,546			172,714	5	44			224,774			169,427	33
Equity		22,000			22,000			22,000			22,000			22,000		-		-			22,000			22,000		-
Average loans by client segment
Middle Market Banking	$	63,029		$	66,279		$	56,045		$	54,114		$	54,806	(5)	15	$	61,789		$	56,221	10
Corporate Client Banking		51,608			63,308			53,032			53,187			51,389	(18)		-			55,967			49,407	13
Commercial Real Estate Banking		102,905			103,516			101,526			101,542			101,044	(1)	2			102,650			100,663	2
Other		585			443			1,216			969			1,010	32	(42)			747			989	(24)
Total Commercial Banking loans	$	218,127		$	233,546		$	211,819		$	209,812		$	208,249	(7)	5		$	221,153		$	207,280	7
Headcount		11,704			11,802			11,779			11,629			11,501	(1)	2			11,704			11,501	2
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	60		$	79		$	100		$	89		$	45	(24)	33	$	239		$	71	237
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (a)		1,468			1,252	(d)		793			498			659	17	123			1,468			659	123
Nonaccrual loans held-for-sale and loans
at fair value		85			125	(d)		-			-		-	(32)		NM			85			-		NM
Total nonaccrual loans		1,553			1,377			793			498			659	13	136			1,553			659	136
Assets acquired in loan satisfactions		24			24			24			25			19		-	26			24			19	26
Total nonperforming assets		1,577			1,401			817			523			678	13	133			1,577			678	133
Allowance for credit losses:
Allowance for loan losses		4,466			4,730	(d)		2,680			2,780			2,759	(6)	62			4,466			2,759	62
Allowance for lending-related commitments		864			807	(d)		505			293			293	7	195			864			293	195
Total allowance for credit losses		5,330			5,537			3,185			3,073			3,052	(4)	75			5,330			3,052	75
Net charge-off/(recovery) rate (b)		0.11	%		0.14	%		0.19	%		0.17	%		0.09	%						0.15	%		0.05	%
Allowance for loan losses to period-end loans retained		2.08			2.12	(d)		1.15			1.34			1.32							2.08			1.32
Allowance for loan losses to nonaccrual loans retained (a)		304			378	(d)		338			558			419							304			419
Nonaccrual loans to period-end total loans		0.72			0.61			0.34			0.24			0.31							0.72			0.31

Allowance for loan losses of $367 million, $287 million, $175 million, $114 million and $119 million was held against nonaccrual loans retained at September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively.
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
At September 30, 2020 and June 30, 2020, total loans included $6.6 billion and $6.5 billion of loans, respectively, under the PPP, of which $6.4 billion and $6.3 billion was in Middle Market Banking. Refer to page 61 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information on the PPP.
Prior-periodamounts have been revised to conform with the current presentation.

Page 19

JPMORGAN CHASE & CO.

ASSET & WEALTH MANAGEMENT

FINANCIAL HIGHLIGHTS

(in millions, except ratio and headcount data)

								QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change								2020 Change
		3Q20			2Q20			1Q20			4Q19			3Q19		2Q20		3Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,753		$	2,589		$	2,706		$	2,654		$	2,574	6 %	7 %	$	8,048		$	7,558	6 %
All other income		134			131			3			173			139	2	(4)			268			431	(38)
Noninterest revenue		2,887			2,720			2,709			2,827			2,713	6	6			8,316			7,989	4
Net interest income		850			890			897			873			855	(4)	(1)			2,637			2,627		-
TOTAL NET REVENUE		3,737			3,610			3,606			3,700			3,568	4	5			10,953			10,616	3
Provision for credit losses		(51)			223			94			13			44		NM		NM			266			48	454
NONINTEREST EXPENSE
Compensation expense		1,357			1,315			1,411			1,446			1,391	3	(2)			4,083			4,259	(4)
Noncompensation expense		1,266			1,191			1,248			1,204			1,231	6	3			3,705			3,606	3
TOTAL NONINTEREST EXPENSE		2,623			2,506			2,659			2,650			2,622	5		-			7,788			7,865	(1)
Income before income tax expense		1,165			881			853			1,037			902	32	29			2,899			2,703	7
Income tax expense		288			223			189			252			234	29	23			700			655	7
NET INCOME	$	877		$	658		$	664		$	785		$	668	33	31		$	2,199		$	2,048	7
REVENUE BY LINE OF BUSINESS
Asset Management	$	1,924		$	1,780		$	1,740		$	1,892		$	1,816	8	6	$	5,444		$	5,362	2
Wealth Management		1,813			1,830			1,866			1,808			1,752	(1)	3			5,509			5,254	5
TOTAL NET REVENUE	$	3,737		$	3,610		$	3,606		$	3,700		$	3,568	4	5		$	10,953		$	10,616	3
FINANCIAL RATIOS
ROE		32	%		24	%		25	%		29	%		24	%						27	%		25	%
Overhead ratio		70			69			74			72			73							71			74
Pretax margin ratio:
Asset Management		30			30			24			30			25							27			25
Wealth Management		33			19			24			26			25							26			26
Asset & Wealth Management		31			24			24			28			25							26			25
Headcount (a)		22,004			22,949			23,830			24,191			24,228	(4)	(9)			22,004			24,228	(9)
Number of Wealth Management client advisors		2,968			2,869			2,878			2,890			2,872	3	3			2,968			2,872	3

During the second and third quarter of 2020, certain technology and support functions, comprising approximately 850 and 800 staff, respectively, were transferred from AWM to CCB as part of the ongoing reorganization of the U.S. Wealth Management business.

Page 20

JPMORGAN CHASE & CO.

ASSET & WEALTH MANAGEMENT FINANCIAL HIGHLIGHTS, CONTINUED

(in millions, except ratio data)

							QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
															3Q20 Change								2020 Change
		3Q20	2Q20		1Q20		4Q19		3Q19		2Q20		3Q19			2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	194,596	$	183,189		$	186,102	$	182,004			$	174,226	6 %	12 %	$	194,596		$	174,226	12%
Loans		175,264		165,299			166,058		160,535				153,245	6	14			175,264			153,245	14
Deposits		174,327		169,537			168,561		147,804				138,439	3	26			174,327			138,439	26
Equity		10,500		10,500			10,500		10,500				10,500		-		-			10,500			10,500	-
SELECTED BALANCE SHEET DATA (average)
Total assets	$	188,466	$	182,318		$	183,316	$	176,925			$	171,121	3	10	$	184,714		$	168,688	10
Loans		170,139		163,440			161,823		156,106				150,486	4	13			165,152			147,481	12
Deposits		170,986		168,573			150,631		143,059				138,822	1	23			163,424			139,127	17
Equity		10,500		10,500			10,500		10,500				10,500		-		-			10,500			10,500	-
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs		2	$	(2)		$	2	$	4			$	26		NM	(92)	$	2		$	27	(93)
Nonaccrual loans		959		775			304		116				176	24	445			959			176	445
Allowance for credit losses:
Allowance for loan losses		582		648			438		354				350	(10)	66			582			350	66
Allowance for lending-related commitments		41		28			14		19				16	46	156			41			16	156
Total allowance for credit losses		623		676			452		373				366	(8)	70			623			366	70
Net charge-off/(recovery) rate		- %	- %		- %		0.01	%		0.07	%						- %		0.02	%
Allowance for loan losses to period-end loans		0.33		0.39			0.26		0.22				0.23							0.33			0.23
Allowance for loan losses to nonaccrual loans		61		84			144		305				199							61			199
Nonaccrual loans to period-end loans		0.55		0.47			0.18		0.07				0.11							0.55			0.11

Page 21

JPMORGAN CHASE & CO.

ASSET & WEALTH MANAGEMENT FINANCIAL HIGHLIGHTS, CONTINUED

(in billions)

																Sep 30, 2020
																Change				NINE MONTHS ENDED SEPTEMBER 30,
		Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,	Jun 30,	Sep 30,							2020 Change
CLIENT ASSETS		2020			2020			2020			2019			2019		2020			2019			2020		2019	2019
Assets by asset class
Liquidity	$	674	$	707	$	618	$	542	$	505		(5)%			33 %	$	674	$	505		33 %
Fixed income		663			629			586			602			590		5			12			663		590	12
Equity		509			457			369			474			437		11			16			509		437	16
Multi-asset and alternatives		749			718			666			746			714		4			5			749		714	5
TOTAL ASSETS UNDER MANAGEMENT		2,595			2,511			2,239			2,364			2,246		3			16			2,595		2,246	16
Custody/brokerage/administration/deposits		917			859			763			862			815		7			13			917		815	13
TOTAL CLIENT ASSETS	$	3,512		$	3,370		$	3,002		$	3,226		$	3,061		4			15		$	3,512	$	3,061	15
Memo:
Alternatives client assets (a)	$	195	$	188	$	188	$	185	$	183		4			7	$	195	$	183		7
Assets by client segment
Private Banking	$	698	$	677	$	617	$	672	$	636		3			10	$	698	$	636		10
Institutional		1,233			1,218			1,097			1,074			1,029		1			20			1,233		1,029	20
Retail		664			616			525			618			581		8			14			664		581	14
TOTAL ASSETS UNDER MANAGEMENT	$	2,595		$	2,511		$	2,239		$	2,364		$	2,246		3			16		$	2,595	$	2,246	16
Private Banking	$	1,577	$	1,500	$	1,355	$	1,504	$	1,424		5			11	$	1,577	$	1,424		11
Institutional		1,266			1,249			1,118			1,099			1,051		1			20			1,266		1,051	20
Retail		669			621			529			623			586		8			14			669		586	14
TOTAL CLIENT ASSETS	$	3,512		$	3,370		$	3,002		$	3,226		$	3,061		4			15		$	3,512	$	3,061	15
Assets under management rollforward
Beginning balance	$	2,511	$	2,239	$	2,364	$	2,246	$	2,178						$	2,364	$	1,987
Net asset flows:
Liquidity		(33)			95			75			37			24								137		23
Fixed income		24			17			1			9			41								42		97
Equity		9			11			(1)			(1)			(2)								19		(9)
Multi-asset and alternatives		1			1			(2)			6			1								-		(2)
Market/performance/other impacts		83			148			(198)			67			4								33		150
Ending balance	$	2,595		$	2,511		$	2,239		$	2,364		$	2,246							$	2,595	$	2,246
Client assets rollforward
Beginning balance	$	3,370	$	3,002	$	3,226	$	3,061	$	2,998						$	3,226	$	2,733
Net asset flows		17			138			85			58			59								240		120
Market/performance/other impacts		125			230			(309)			107			4								46		208
Ending balance	$	3,512		$	3,370		$	3,002		$	3,226		$	3,061							$	3,512	$	3,061

Represents assets under management, as well as client balances in brokerage accounts.

Page 22

JPMORGAN CHASE & CO. CORPORATE

FINANCIAL HIGHLIGHTS

(in millions, except headcount data)

								QUARTERLY TRENDS							NINE MONTHS ENDED SEPTEMBER 30,
														3Q20 Change								2020 Change
		3Q20			2Q20			1Q20		4Q19	3Q19	2Q20		3Q19			2020			2019		2019
INCOME STATEMENT
REVENUE
Principal transactions	$	87	$	(2)	$	(113)	$	(234)	$	10	NM		NM	$	(28)	$	(227)		88 %
Investment securities gains		466			26			233		123		78		NM	497			725			135		437
All other income		(210)			(91)			211		(6)		32		(131)		NM			(90)			95		NM
Noninterest revenue		343			(67)			331		(117)		120		NM	186			607			3		NM
Net interest income (a)		(682)			(687)			(165)		(111)		572		1		NM			(1,534)			1,436		NM
TOTAL NET REVENUE (b)		(339)			(754)			166		(228)		692		55		NM			(927)			1,439		NM
Provision for credit losses		96			4			8		(1)		-	NM		NM			108			-	NM
NONINTEREST EXPENSE (c)		719			147			146		343		281		389	156			1,012			724		40
Income/(loss) before income tax expense/(benefit)		(1,154)			(905)			12		(570)		411		(28)		NM			(2,047)			715		NM
Income tax expense/(benefit)		(455)			(337)			137		(209)		18		(35)		NM			(655)			(757) (f)	13
NET INCOME/(LOSS)	$	(699)		$	(568)		$	(125)	$	(361)	$	393		(23)		NM		$	(1,392)		$	1,472		NM
MEMO:
TOTAL NET REVENUE
Treasury and CIO (a)		(243)			(671)			169		102		801		64		NM			(745)			1,930		NM
Other Corporate		(96)			(83)			(3)		(330)		(109)		(16)	12			(182)			(491)		63
TOTAL NET REVENUE	$	(339)		$	(754)		$	166	$	(228)	$	692		55		NM		$	(927)		$	1,439		NM
NET INCOME/(LOSS)
Treasury and CIO		(349)			(550)			83		22		576		37		NM			(816)			1,372		NM
Other Corporate		(350)			(18)			(208)		(383)		(183)		NM	(91)			(576)			100		NM
TOTAL NET INCOME/(LOSS)	$	(699)		$	(568)		$	(125)	$	(361)	$	393		(23)		NM		$	(1,392)		$	1,472		NM
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,253,275	$	1,221,980	$	981,937	$	837,618	$	812,333	3	54	$	1,253,275	$	812,333		54
Loans		1,569			1,670			1,650		1,649		1,705		(6)	(8)			1,569			1,705		(8)
Headcount		38,861			38,920			38,785		38,033		38,155		-	2			38,861			38,155		2
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains	$	466	$	26	$	233	$	123	$	78	NM	497 %	$	725	$	135		437 %
Available-for-sale securities (average)		442,943			426,470			372,954		350,100		305,894		4	45			414,228			260,661		59
Held-to-maturity securities (average)		103,596			71,713			46,673		42,125		35,494		44	192			74,102			32,518		128
Investment securities portfolio (average)	$	546,539		$	498,183		$	419,627	$	392,225	$	341,388		10	60		$	488,330		$	293,179		67
Available-for-sale securities (period-end)		387,663			483,752			397,891		348,876		351,599		(20)	10			387,663			351,599		10
Held-to-maturity securities, net of allowance for credit losses		141,553			72,908			71,200		47,540		40,830		94	247			141,553			40,830		247
(period-end) (d)(e)
Investment securities portfolio, net of allowance for credit losses	$	529,216	$	556,660	$	469,091	$	396,416	$	392,429	(5)	35	$	529,216	$	392,429		35
(period-end) (d)

Net interest income in the third quarter of 2019 included income related to the unwind of the internal funding provided by Treasury and CIO to CCB upon the sale of certain mortgage loans.Refer to footnote (b) in CCB on page 11 for further information.
Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $62 million, $63 million, $61 million, $73 million and $74 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively, and $186 million and $241 million for the nine months ended September 30, 2020 and 2019, respectively.
Included legal expense/(benefit) of $(6) million, $(12) million, $(20) million, $(25) million and $(32) million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $(38) million and $(189) million for the nine months ended September 30, 2020 and 2019, respectively.
Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At September 30, 2020, June 30, 2020, and March 31, 2020, the allowance for credit losses on HTM securities was$120 million, $23 million and $19 million, respectively.
In the third and first quarters of 2020, the Firm transferred $74.4 billion and $26.1 billion of investment securities, respectively, from AFS to HTM for capital management purposes.
The nine months ended September 30, 2019 included income tax benefits of $957 million due to the resolution of certain tax audits.

Page 23

JPMORGAN CHASE & CO.

CREDIT-RELATED INFORMATION

(in millions)
																Sep 30, 2020
																Change
		Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,	Jun 30,	Sep 30,
		2020			2020			2020			2019			2019		2020		2019
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained	$	305,106	$	307,005	$	293,779	$	294,999	$	295,586		(1)			3
Loans held-for-sale and loans at fair value (b)		16,992			16,193			17,729			22,818			20,887		5		(19)
Total consumer, excluding credit card loans		322,098			323,198			311,508			317,817			316,473		-	2
Credit card loans
Loans retained		139,590			141,656			154,021			168,924			159,571		(1)		(13)
Loans held-for-sale		787			-			-			-			-	NM	NM
Total credit card loans		140,377			141,656			154,021			168,924			159,571		(1)		(12)
Total consumer loans		462,475			464,854			465,529			486,741			476,044		(1)		(3)
Wholesale loans (c)
Loans retained		500,841			516,787			555,289			481,678			473,730		(3)		6
Loans held-for-sale and loans at fair value (b)		26,424			27,741			28,792			29,201			30,245		(5)		(13)
Total wholesale loans		527,265			544,528			584,081			510,879			503,975		(3)		5
Total loans		989,740			1,009,382			1,049,610			997,620			980,019		(2)		1
Derivative receivables		76,626			74,846			81,648			49,766			55,577		2		38
Receivables from customers and other (d)		30,847			22,403			33,376			33,706			32,236		38		(4)
Total credit-related assets		1,097,213			1,106,631			1,164,634			1,081,092			1,067,832		(1)		3
Lending-related commitments
Consumer, excluding credit card		46,425			45,348			41,535			40,169			41,697		2		11
Credit card (e)		662,860			673,836			681,442			650,720			645,880		(2)		3
Wholesale (b)		441,235			413,357			363,245			417,510			410,867		7		7
Total lending-related commitments		1,150,520			1,132,541			1,086,222			1,108,399			1,098,444		2		5
Total credit exposure												-	4
$	2,247,733		$	2,239,172		$	2,250,856		$	2,189,491		$	2,166,276
Memo: Total by category
Consumer exposure (b)(f)	$	1,171,760	$	1,184,038	$	1,188,506	$	1,177,630	$	1,163,639		(1)			1
Wholesale exposures (b)(g)		1,075,973			1,055,134			1,062,350			1,011,861			1,002,637		2		7
Total credit exposure	$	2,247,733		$	2,239,172		$	2,250,856		$	2,189,491		$	2,166,276		-	4

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

Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.
In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated business banking and auto dealer loans held in CCB for which the wholesale methodology is applied when determining the allowance for loan losses.
Primarily represents brokerage-relatedheld-for-investment customer receivables, which are classified in accrued interest and accounts receivable on the Consolidated balance sheets.
Also includes commercial card lending-related commitments primarily in CB and CIB.
Represents total consumer loans, lending-related commitments, and receivables from customers and other.
Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers and other.

Page 24

JPMORGAN CHASE & CO.

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

																Sep 30, 2020
																Change
		Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,	Jun 30,	Sep 30,
		2020			2020			2020			2019			2019		2020		2019
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained (b)	$	5,030		$	4,246		$	3,877	$	2,926		$	2,984		18 %		69 %
Loans held-for-sale and loans at fair value (c)		1,358			1,001			522			440			472		36		188
Total consumer nonaccrual loans		6,388			5,247			4,399			3,366			3,456		22		85
Wholesale nonaccrual loans
Loans retained		3,745			3,423			1,957			1,057			1,703		9		120
Loans held-for-sale and loans at fair value (c)		852			649			257			214			442		31		93
Total wholesale nonaccrual loans		4,597			4,072			2,214			1,271			2,145		13		114
Total nonaccrual loans			(e)			(e)										18		96
	10,985		9,319		6,613			4,637			5,601
Derivative receivables		140			108			85			30			26		30		438
Assets acquired in loan satisfactions		320			288			364			387			366		11		(13)
Total nonperforming assets		11,445			9,715			7,062			5,054			5,993		18		91
Wholesale lending-related commitments (c)(d)		607			765			619			474	(f)		446		(21)		36
Total nonperforming exposure	$	12,052		$	10,480		$	7,681		$	5,528		$	6,439		15		87
NONACCRUAL LOAN-RELATED RATIOS (e)
Total nonaccrual loans to total loans (b)(c)		1.11 %			0.92 %			0.63 %			0.46 %			0.57 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans (b)(c)		1.98			1.62			1.41			1.06			1.09
Total wholesale nonaccrual loans to total
wholesale loans (c)		0.87			0.75			0.38			0.25			0.43

At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, nonperforming assets excluded mortgage loans insured by U.S. government agencies of $1.1 billion, $696 million, $740 million, $1.1 billion and $1.7 billion, respectively, that are 90 or more days past due. Prior-period amounts have been revised to conform with the current presentation, refer to footnote (c) below for additional information. Nonperforming assets also excluded real estate owned ("REO") insured by U.S. government agencies of
$10 million, $13 million, $29 million, $41 million and $50 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm's policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council ("FFIEC"). Refer to Note 12 of the Firm's 2019 Form 10-K for additional information on the Firm's credit card nonaccrual and charge-off policies.
At September 30, 2020, June 30, 2020, and March 31, 2020, nonaccrual loans included $1.5 billion, $1.3 billion, and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.
In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.
Represents commitments that are risk rated as nonaccrual.
Generally excludes loans that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.
The prior-period amount has been revised to conform with the current period presentation.

Page 25

JPMORGAN CHASE & CO.

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

								QUARTERLY TRENDS									NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change								2020 Change
		3Q20			2Q20			1Q20			4Q19			3Q19		2Q20		3Q19			2020			2019		2019
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	31,591	$	23,244		$	17,295	(c)	$	13,235		$	13,166		36 %	140 %	$	17,295	$	13,445		29 %
Net charge-offs:
Gross charge-offs		1,586			1,877			1,902			1,788			1,676		(16)	(5)			5,365			5,022		7
Gross recoveries collected		(406)			(317)			(433)			(294)			(305)		(28)	(33)			(1,156)			(887)		(30)
Net charge-offs		1,180			1,560			1,469			1,494			1,371		(24)	(14)			4,209			4,135		2
Write-offs of PCI loans		NA			NA			NA			19	(d)		43	(d)	NM		NM			NA			132	(d)	NM
Provision for loan losses		400			9,906	(b)		7,418			1,401			1,479		(96)	(73)			17,724			4,048		338
Other		3			1			-			-			4		200	(25)			4			9		(56)
Ending balance	$	30,814	$	31,591		$	23,244		$	13,123		$	13,235		(2)	133	$	30,814	$	13,235		133
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,710	$	2,147		$	1,289	(c)	$	1,165		$	1,129		26	140	$	1,289	$	1,055		22
Provision for lending-related commitments		114			563	(b)		858			26			35		(80)	226			1,535			110		NM
Other		(1)			-			-			-			1		NM		NM			(1)			-		NM
Ending balance	$	2,823		$	2,710		$	2,147		$	1,191		$	1,165		4	142		$	2,823		$	1,165		142
Total allowance for credit losses (a)	$	33,637	$	34,301		$	25,391		$	14,314		$	14,400		(2)	134	$	33,637	$	14,400		134
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans		0.08 %			0.11 %			(0.01)%			0.15 %			0.11 %							0.06 %			0.11 %
Credit card retained loans		2.92			3.33			3.25			3.01			2.95							3.17			3.13
Total consumer retained loans		0.97			1.14			1.15			1.16			1.08							1.09			1.09
Wholesale retained loans		0.07			0.22			0.13			0.13			0.10							0.14			0.07
Total retained loans		0.49			0.64			0.62			0.63			0.58							0.58			0.59
Memo: Average retained loans
Consumer retained, excluding credit card loans	$	306,201	$	304,179		$	294,156		$	295,258		$	304,385		1	1	$	301,535	$	318,967		(5)
Credit card retained loans		140,200			142,377			162,660			162,112			158,166		(2)	(11)			148,382			154,367		(4)
Total average retained consumer loans		446,401			446,556			456,816			457,370			462,551		-	(3)			449,917			473,334		(5)
Wholesale retained loans		504,449			540,248			491,819			476,402			469,942		(7)	7			512,137			471,332		9
Total average retained loans	$	950,850	$	986,804		$	948,635		$	933,772		$	932,493		(4)	2	$	962,054	$	944,666		2

At September 30, 2020, June 30, 2020, and March 31, 2020, excludes allowance for credit losses on HTM securities of $120 million, $23 million, and $19 million, respectively; and provision for credit losses on HTM securities of $97 million, $4 million, and $9 million for the three months ended September 30, 2020, June 30, 2020, and March 31, 2020, respectively, and $110 million for the nine months ended September 30, 2020.
Prior-periodamounts have been revised to conform with the current presentation.
Upon the adoption of the CECL accounting guidance on January 1, 2020, the Firm recognized a net increase of $4.3 billion ("day 1 impact") to the allowance for credit losses, of which $4.2 billion related to the allowance for loan losses and $98 million related to the allowance for lending-related commitments.
Prior to the adoption of CECL, write-offs of PCI loans were recorded against the allowance for loan losses when actual losses for a pool exceeded estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan was recognized when the underlying loan was removed from a pool.

Page 26

JPMORGAN CHASE & CO.

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

															Sep 30, 2020
															Change
		Sep 30,			Jun 30,			Mar 31,			Dec 31,		Sep 30,	Jun 30,	Sep 30,
		2020			2020			2020			2019		2019		2020		2019
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	228	$	263		$	223	$	75	$	88	(13)%			159 %
Portfolio-based		4,274			4,609			3,231			1,476		1,475		(7)		190
PCI		NA			NA			NA			987		1,256		NM	NM
Total consumer, excluding credit card		4,502			4,872			3,454			2,538		2,819		(8)		60
Credit card
Asset-specific (b)		652			642			530			477		488		2		34
Portfolio-based		17,148			17,158			14,420			5,206		5,095		-	237
Total credit card		17,800			17,800			14,950			5,683		5,583		-	219
Total consumer		22,302			22,672			18,404			8,221		8,402		(2)		165
Wholesale
Asset-specific (c)		792			757			556			295		399		5		98
Portfolio-based		7,720			8,162	(g)		4,284			4,607		4,434		(5)		74
Total wholesale		8,512			8,919			4,840			4,902		4,833		(5)		76
Total allowance for loan losses		30,814			31,591			23,244			13,123		13,235		(2)		133
Allowance for lending-related commitments		2,823			2,710	(g)		2,147			1,191		1,165		4		142
Total allowance for credit losses (d)	$	33,637		$	34,301		$	25,391		$	14,314	$	14,400		(2)		134
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans		1.48 %			1.59 %			1.18 %			0.86 %		0.95 %
Credit card allowance to total credit card retained loans		12.75			12.57			9.71			3.36		3.50
Wholesale allowance to total wholesale retained loans		1.70			1.73	(g)		0.87			1.02		1.02
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (e)		1.83			1.84	(g)		0.93			1.08		1.08
Total allowance to total retained loans		3.26			3.27			2.32			1.39		1.42
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (f)		90			115			89			87		94
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (f)		148			180	(g)		142			187		163
Wholesale allowance to wholesale retained nonaccrual loans		227			261	(g)		247			464		284
Total allowance to total retained nonaccrual loans		351			412			398			329		282

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

Page 27

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

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

								QUARTERLY TRENDS							NINE MONTHS ENDED SEPTEMBER 30,
														3Q20 Change								2020 Change
(in millions, except rates)		3Q20			2Q20			1Q20		4Q19		3Q19		2Q20		3Q19			2020			2019		2019
Net interest income - reported	$	13,013	$	13,853	$	14,439	$	14,166	$	14,228	(6)%	(9)%	$	41,305	$	43,079		(4)%
Fully taxable-equivalent adjustments		104			107			110		123		127		(3)	(18)			321			408		(21)
Net interest income - managed basis (a)	$	13,117		$	13,960		$	14,549	$	14,289	$	14,355		(6)	(9)		$	41,626		$	43,487		(4)
Less: CIB Markets net interest income		2,076			2,536			1,596		1,149		723		(18)	187			6,208			1,971		215
Net interest income excluding CIB Markets (a)	$	11,041		$	11,424		$	12,953	$	13,140	$	13,632		(3)	(19)		$	35,418		$	41,516		(15)
Average interest-earning assets (b)	$	2,874,974	$	2,819,689	$	2,465,549	$	2,377,544	$	2,364,951	2	22	$	2,720,636	$	2,334,406		17
Less: Average CIB Markets interest-earning assets (b)		730,141			795,511			735,852		676,566		690,390		(8)	6			753,748			671,019		12
Average interest-earning assets excluding CIB Markets	$	2,144,833		$	2,024,178		$	1,729,697	$	1,700,978	$	1,674,561		6	28		$	1,966,888		$	1,663,387		18
Net yield on average interest-earning assets - managed basis		1.82 %			1.99 %			2.37 %		2.38 %		2.41 %							2.04 %			2.49 %
Net yield on average CIB Markets interest-earning assets		1.13			1.28			0.87		0.67		0.42							1.10			0.39
Net yield on average interest-earning assets excluding CIB Markets		2.05			2.27			3.01		3.06		3.23							2.41			3.34

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

Page 28

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JPMorgan Chase & Co. published this content on 13 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2020 11:24:04 UTC

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JPMorgan Chase & Co. is one of the biggest banking groups in the world. Revenues (including intragroup) break down by activity as follows: - investment and market banking (40.2%): consulting for mergers-acquisitions and restructuring, capital increases, investment capital, active on the stock, bond, and derived product markets, stock market brokerage, etc.; - retail banking (38.9%): sale of standard and specialized financial services (real estate loans, automobile loans, insurance, etc.) through a network of more than 4,790 banking agencies. The group also develops credit cards sale activity; - asset management (13.2%): USD 3,113 billion of assets under management at the end of 2021; - commercial banking (7.7%). At the end of 2021, the group was managing USD 2,462.3 billion in current deposits and USD 1,077.7 billion in current loans. Income breaks down geographically as follows: the United States (76.2%), Europe/Middle East/Africa (13.6%), Asia/Pacific (7.9%), Latin America and Caribbean Islands (2.3%).

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