Environmental 
Social & 
Governance  
Report
2020

Table of Contents
Introduction	
3
Message from Our Chairman & CEO	
3
Our Approach to ESG	
4
How We Do Business	
9
Governance	
10
Risk Management	
14
Human Capital	
19
Customer Service	
25
Operational Sustainability	
28
How We Put Our Business to Work for Our Stakeholders	
33
Driving an Inclusive Recovery	
34
Building Careers and Skills	
35
Fueling Business Growth and Entrepreneurship	
38
Strengthening Financial Health and Wealth Creation	
41
Catalyzing Community Development	
43
Accelerating Climate and Sustainability Solutions	
47
Resources and Endnotes	
58
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2020 Environmental, Social & Governance Report

Message from Our 
Chairman & CEO
This past year has brought tremendous personal loss, economic hardship and a host of other challenges for so many. 
Throughout the pandemic, our firm has worked tirelessly to fulfill our most fundamental responsibility: supporting 
our employees, customers, clients and communities.
We have been able to do so because of the actions and investments we’ve made over many years to build a strong, 
resilient company. This includes maintaining robust risk, financial and operating controls; having an unwavering 
devotion to our customers and communities; investing in our employees and fostering a diverse and inclusive 
workplace; upholding a culture that reinforces integrity, fairness and responsibility; and advancing sustainability in 
our business and operations. 
We also continually challenge ourselves to find ways to put our business to work for the benefit of all of our 
stakeholders, including those who are struggling the most. That is why we’re fully engaged in trying to help solve 
some of the world’s biggest challenges — including racial inequality, climate change and the need to advance an 
inclusive economic recovery.  
Today, this is frequently described as environmental, social and governance — or ESG — management. I think of it 
simply as the smart way to do business. 
Our firm’s strategy to help accelerate the shift to a more sustainable, low-carbon future is one example of our work in 
action. We are targeting to finance and facilitate more than $2.5 trillion over 10 years to advance climate action and 
sustainable development. In addition, we are aligning key financing portfolios with the goals of the Paris Agreement 
and working with our clients to finance their decarbonization strategies — efforts that are intended to drive near-term 
actions that will help set the world on a path to achieving net-zero carbon emissions by 2050. 
We also committed $30 billion to advance racial equity. Structural barriers in the U.S. have created profound racial 
inequities, which the COVID-19 pandemic has exacerbated. JPMorgan Chase is working to do our part by harnessing 
our expertise in business, policy and philanthropy to address key drivers of the racial wealth divide and provide 
economic opportunity to underserved communities, especially Black and Latinx communities. We are also redoubling 
our efforts to build a more equitable and representative workforce within our own company.
Ultimately, our long-term business success depends on the success of the communities we serve. In this report, I 
invite you to learn more about the ways we strive to operate a thriving company that we can be proud of, and all the 
ways JPMorgan Chase is putting its business to work for our stakeholders. 
Jamie Dimon
Chairman & CEO, JPMorgan Chase & Co.
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2020 Environmental, Social & Governance Report

Our Approach to ESG
JPMorgan Chase & Co. (together with its subsidiaries, “JPMorgan Chase,” “we” or “the firm”) has built its reputation on 
being there for our clients, customers and communities. The events of 2020 — the global COVID-19 pandemic, a societal 
reckoning with systemic racism and the increasingly visible effects of climate change — underscore why understanding, 
anticipating and effectively managing environmental, social and governance (ESG) matters is critical to delivering on 
our mission to serve our clients, customers and communities. Now, more than ever, a strong focus on ESG is a business 
imperative — and a key driver of long-term business success. 
At JPMorgan Chase, ESG matters are an important consideration in how we do business, including our corporate governance systems, risk 
management and controls, human capital management, approach to serving clients and customers, support for local communities and 
management of our physical operations. We recognize the potential for ESG-related risks, which we work to identify and manage just as we 
manage risk in all areas of our business. Equally important, we believe companies like ours have an obligation to put their businesses to work 
for all of their stakeholders. For our firm, this means we are leveraging our business and policy expertise, data, capital and global presence to 
help drive an inclusive recovery, expand access to economic opportunity and accelerate sustainability and climate solutions. 
About This Report 
JPMorgan Chase communicates regularly about how we manage 
and conduct our business. We share information about our 
ESG performance through a number of channels — including 
our Annual Report and Proxy Statement, various other reports 
and presentations, regulatory filings, press releases and direct 
conversations with stakeholders. We maintain a dedicated ESG 
Information page on our website to facilitate access to information 
that we publish on these topics. 
This annual ESG Report is designed to consolidate and summarize 
our work on key topics that are important to our business and 
stakeholders, and guide readers to where they can access more 
detailed information about specific topics of interest. All data in 
this report are as of Dec. 31, 2020, unless otherwise noted.
External Reporting Frameworks 
The topics covered in this report have been informed by 
the Global Reporting Initiative (GRI) and the Sustainability 
Accounting Standards Board (SASB) reporting standards. 
This report has also been informed by the recommendations 
of the Task Force on Climate-related Financial Disclosures 
(TCFD) and serves as an update to JPMorgan Chase’s 
Understanding Our Climate-related Risks and Opportunities 
report from May 2019. The appendices to this report include 
indices that map our firm’s disclosures in relation to these 
frameworks’ indicators and recommendations. 
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2020 Environmental, Social & Governance Report

Company at a Glance
JPMorgan Chase & Co. is a leading financial services company and has operations worldwide with assets of $3.4 trillion as of Dec. 31, 2020. 
The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction 
processing and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of customers in the 
U.S., as well as many of the world’s most prominent corporate, institutional and government clients, under its J.P. Morgan and Chase brands. 
JPMorgan Chase’s activities are organized, for management reporting purposes, into four major reportable business segments, as well as a 
Corporate segment. The business segments are referred to as “lines of business.” For further information, refer to Business Segment Results 
on pages 68-84 of our Annual Report on Form 10-K for the year ended Dec. 31, 2020.
Consumer & Community Banking 
Consumer & Community Banking (CCB) offers services to consumers 
and businesses through bank branches, ATMs, and digital (including 
mobile and online) and telephone banking. CCB is organized into 
Consumer & Business Banking (including Consumer Banking, J.P. 
Morgan Wealth Management and Business Banking), Home Lending 
(including Home Lending Production, Home Lending Servicing 
and Real Estate Portfolios) and Card & Auto. Consumer & Business 
Banking offers deposit and investment products; payments and 
services to consumers; and lending, deposit, and cash management 
and payment solutions for small businesses. Home Lending includes 
mortgage origination and servicing activities, as well as portfolios 
consisting of residential mortgages and home equity loans. Card 
& Auto issues credit cards to consumers and small businesses and 
originates and services auto loans and leases. 
Corporate & Investment Bank 
The Corporate & Investment Bank (CIB) offers a broad suite of 
investment banking, market-making, prime brokerage, and treasury 
and securities products and services to a global client base of 
corporations, investors, financial institutions, and government and 
municipal entities.
Commercial Banking 
Commercial Banking (CB) provides comprehensive financial 
solutions, including lending, wholesale payments, investment 
banking and asset management products across three primary 
client segments: Middle Market Banking, Corporate Client Banking 
and Commercial Real Estate Banking. 
Asset & Wealth Management 
Asset Management offers multi-asset investment management 
solutions across equities, fixed income, alternatives and money 
market funds to institutional and retail investors, providing for a 
broad range of clients’ investment needs. Wealth Management1 
provides retirement products and services, brokerage, custody, 
trusts and estates, loans, mortgages, deposits and investment 
management to high-net-worth clients. The majority of Asset & 
Wealth Management’s (AWM’s) client assets are in actively managed 
portfolios. 
Corporate 
The Corporate segment consists of the Treasury and Chief 
Investment Office (CIO) and Other Corporate, which includes 
corporate staff functions and expense that is centrally managed. 
Treasury and CIO is predominantly responsible for measuring, 
monitoring, reporting and managing the firm’s liquidity, funding, 
capital, structural interest rate and foreign exchange risks. The 
major Other Corporate functions include Real Estate, Technology, 
Legal, Corporate Finance, Human Resources, Internal Audit, 
Risk Management, Compliance, Control Management, Corporate 
Responsibility and various Other Corporate groups.
 
Information about JPMorgan Chase’s financial performance 
is available in our quarterly earnings materials, as well as 
quarterly and annual reports on Form 10-Q and Form 10-K, 
respectively.
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2020 Environmental, Social & Governance Report

Our Key Environmental, Social and Governance Topics 
JPMorgan Chase manages a broad range of ESG topics across our global business and operations. We assess and identify new or emerging 
ESG issues that could impact or be impacted by our firm on an ongoing basis. This includes discussions with subject matter experts from 
across our business and analysis of feedback we receive through our regular engagement with stakeholders (see page 7). We also monitor 
ESG trends and policy developments, disclosure standards and industry best practices. 
The following are the ESG topics we have identified as the most relevant to our business and of greatest interest to our stakeholders:
  Environmental
• Developing financial solutions that drive action on climate change and 
generate other positive environmental impacts 
• Managing environmental risks, including climate-related risks 
• Minimizing the environmental impacts of our physical operations 
• Partnering with organizations to advance sustainable development 
  Social
• Acting in the best interest of our customers 
• Addressing human rights-related risks 
• Developing financial solutions that improve quality of life and generate 
other positive social impacts
• Expanding economic opportunity in the communities where we do business 
• Investing in our human capital 
• Promoting diversity, equity and inclusion
• Strengthening consumer financial health
  Governance
• Cultivating a strong risk and control environment
• Fostering a culture of transparency and ethical behavior
• Maintaining effective Board leadership and management processes
• Participating in political engagement and public policy 
• Safeguarding privacy and cybersecurity 
More information about how these topics align with the GRI Standards reporting framework, including how we define topic boundaries and 
the GRI topics and disclosures we report, can be found in our GRI Index.
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2020 Environmental, Social & Governance Report

Stakeholder Engagement 
Our firm has a broad range of stakeholders, including customers and clients, employees, members of the communities we serve, regulators 
and policymakers, research analysts, shareholders and suppliers. We engage with these groups on an ongoing basis to gain insight into their 
needs and perspectives, as well as to share information about our firm’s strategy, practices and performance. Responsibility for engaging with 
stakeholder groups is widely shared across our firm’s lines of business and corporate functions, and we engage through numerous channels.
  Communities
Within our communities, we engage with nonprofit organizations 
on issues important to consumers and our business. For example, 
through the Chase Advisory Panel program, senior executives 
engage with national consumer policy groups to discuss issues 
related to the firm’s products, policies, customer-facing practices 
and communications, as well as public policy issues. Additionally, 
in 2020 we established a Community Engagement team to focus on 
deepening relationships with business, civic, advocacy and nonprofit 
leaders to support the needs of local residents where we operate, 
as well as to solicit feedback to shape local initiatives. In the first 
quarter of 2021, the Community Engagement team worked with 
over 150 groups around the firm’s Path Forward commitment, which 
aims to advance racial equity and provide economic opportunity to 
underserved communities.
  Customers and Clients 
We use multiple channels to solicit and respond to consumer banking 
customers’ feedback about our products, services and organization 
as a whole. Customers may communicate with us directly in our 
branches, via surveys, through our website and our various social 
media channels, and by phone or mail. We also regularly engage with 
and solicit feedback from our corporate, institutional, public sector 
and other clients through multiple channels, including individual 
meetings, conferences and other forums.
  Employees 
our intranet; and other forums. In 2020, we developed a range of 
resources to answer employee questions about COVID-19 and keep 
them informed on our firm’s policies, plans and safety measures for 
returning to work. We also have a variety of mechanisms through 
which employees can fulfill their obligation to report any known or 
suspected violation of our Code of Conduct, company policies or 
laws that govern our business. This includes the Conduct Hotline, 
which is operated by an independent third-party reporting service 
and offers translation services. Employees can contact the hotline 
by phone or online to report concerns, anonymously if they choose, 
24 hours a day, seven days a week.
We share information with our employees and gather their input 
through surveys, including our global Employee Opinion Survey and 
Exit Surveys; regular town hall and small group meetings; focus 
groups; blogs, articles and newsletters; online feedback tools via 
  Regulators and Policymakers 
We strive to maintain an open, ongoing dialogue with our global 
supervisory regulators and a broad array of other policymakers. 
Our senior leaders and Board commit a significant amount of their 
time to meeting with our regulators and policymakers, providing 
opportunities for us to hear firsthand about their priorities and 
to keep them informed about developments in our businesses. In 
addition, our businesses and control functions engage with regulators 
in a variety of ways, such as exams and continuous monitoring, 
regular meetings and ad hoc requests. We share reports with 
regulators on a range of matters and seek feedback about whether 
they are getting the right level, quality and frequency of information.
  Research Analysts 
We provide a wide range of information to members of the 
investment community, including both financial and ESG analysts 
and researchers, through reports, presentations, regulatory filings, 
conferences and publications on our website. In addition, we 
respond to surveys and specific information requests, and engage 
with analysts and researchers through calls and meetings.
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2020 Environmental, Social & Governance Report

Shareholders 
We communicate to shareholders through our Annual Report and 
Proxy Statement, Securities and Exchange Commission filings, 
press releases and the firm’s website. In addition, we engage with 
shareholders through quarterly earnings calls, investor meetings 
and conferences, annual shareholder meetings and other forums. 
We conduct a formal shareholder outreach program focused on 
topics including corporate governance, shareholder rights, executive 
compensation and sustainability. In these meetings, management 
shares information and provides updates on these topics, addresses 
questions, and solicits shareholders’ perspectives and feedback. 
Directors participate in these meetings as appropriate. Following 
each shareholder outreach program, shareholders’ areas of focus and 
feedback are shared with the Board. In 2020, we had approximately 
100 engagements with nearly 60 shareholders, representing 
approximately 45% of the firm’s outstanding common stock.
We also engage in dialogue with shareholders outside these 
more formal channels. These engagements provide us with useful 
feedback, which we consider when developing the firm’s processes, 
practices and strategic direction. 
 
  Suppliers
We interact with our key suppliers on a frequent basis through 
various channels, including regular business reviews, ad hoc 
meetings, phone and email. We also host periodic town hall forums 
to communicate key information. Through these interactions, we 
engage in dialogue with our key suppliers on topics of importance 
to our firm, including our ability to operate efficiently and 
effectively, deliver products and services that meet our clients’ and 
customers’ needs, manage risk and controls, and drive our diversity, 
equity and inclusion agenda. We are committed to holding our 
suppliers to the highest standards of business conduct and integrity, 
and we work together to make a positive impact in the communities 
where we do business.
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2020 Environmental, Social & Governance Report

How We 
Do Business
IN THIS SECTION
Governance	
	
10
Risk Management	
	
14
Human Capital	
	
19
Customer Service	
	
25
Operational Sustainability	
	
28
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2020 Environmental, Social & Governance Report

Governance
Our governance structures and processes strive to promote accountability, transparency and ethical behavior — and we 
regularly evaluate and enhance them to help us operate at the highest levels of performance in everything we do.
Board of Directors 
Our Board brings a strong combination of executive experience and 
skills aligned with our business and strategy. Apart from our CEO, all 
our Directors are independent, under the standards established by 
the New York Stock Exchange and the firm’s Corporate Governance 
Principles. Our Board has a Lead Independent Director who is 
appointed annually by the independent Directors and facilitates 
independent Board oversight of management. As of May 2021, there 
are 10 Directors on our Board, including four women Directors and 
one Black Director.
Our Board oversees the firm through five principal standing 
committees: 
• The Compensation & Management Development Committee; 
• Corporate Governance & Nominating Committee; 
• Risk Committee;
• Audit Committee; and 
• Public Responsibility Committee. 
The firm’s Corporate Governance Principles and the charters 
of the Board’s standing committees establish a framework for 
the governance of the Board and oversight of the firm. Each 
of the Board’s committees also plays a role in reinforcing our 
commitment to doing business in accordance with our corporate 
standards and Business Principles. Our annual Proxy Statement 
includes information about the membership and responsibilities 
of these committees. 
In addition, each of the Board’s standing committees oversees 
a range of matters pertaining to ESG topics, in accordance with 
the scope of their charters. For example, the Compensation & 
Management Development Committee reviews and approves 
the firm’s compensation and benefit programs and oversees the 
firm’s culture, including reviewing diversity programs. The Public 
Responsibility Committee provides oversight of the firm’s positions 
and practices on public responsibility matters such as community 
investment, fair lending, sustainability, consumer practices and 
other public policy issues that reflect the firm’s values and character 
and could impact its reputation among its stakeholders. The Risk 
Committee assists the Board in its oversight of management’s 
responsibility to implement a global risk management framework 
reasonably designed to identify, assess and manage the firm’s risks. 
Senior Management 
Our management structure is intended to encourage effective 
leadership that is consistent with our corporate standards and 
promotes a strong corporate culture. We manage our firm on a line-
of-business basis, while also maintaining strong corporate functions 
and appropriate governance of our subsidiaries. 
Our firm’s most senior management body is the Operating 
Committee, which is responsible for developing and implementing 
corporate strategy and managing operations. As of Dec. 31, 2020, 
women held 44% of the seats on the Operating Committee.
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2020 Environmental, Social & Governance Report

Management of Climate-related Issues
Many of our stakeholders are especially interested in how the firm manages topics related to climate change. Matters related to climate 
change are an important component of our sustainability strategy and efforts, which are led and managed by several parts of our firm, 
including teams across our corporate functions and lines of business, as well as our Risk Management organization. 
Our corporate sustainability and operational sustainability teams 
lead the integration of climate-related considerations into the firm’s 
overall sustainability strategy.
• Our Corporate Sustainability team — which reports to the head 
of Corporate Responsibility — works across the firm and is 
responsible for advising on the firm’s approach to managing 
environmental- and human rights-related issues, supporting the 
development of sustainability- and climate-focused business 
strategies and financing opportunities, and engaging with 
stakeholders and external reporting on these matters. 
• Our Operational Sustainability team — which reports through 
the Chief Administrative Officer — coordinates groups across our 
Chief Administrative Office, which includes Global Real Estate, 
Global Supplier Services and Firmwide Business Resiliency, 
among other groups, to develop and execute the firm’s strategy 
to minimize the environmental impact of our operations 
and supply chain. This team is responsible for achieving our 
operational sustainability targets, including our commitment 
to maintain carbon neutral operations and source renewable 
energy for 100% of our global power needs annually.
In addition, our lines of business drive sustainability-focused 
opportunities. We have functions dedicated to providing our 
clients with financing capabilities, advisory services, and research 
on environmental sustainability and climate-related business 
opportunities (see page 55). In 2020, we further expanded these 
capabilities. For example, we established the Center for Carbon 
Transition (CCT) to manage our Paris-aligned financing commitment 
and engage with clients on sustainability-focused financing, 
research and advisory solutions to help guide their long-term 
business strategies. The CCT has accountability to senior leadership 
in the CIB and CB and will work in close partnership with teams 
across our business to drive achievement of the commitment. 
Our Risk Management organization is leading efforts to integrate 
climate-related considerations into our firmwide processes for 
identifying, assessing and managing risks. For example: 
• The firm has a dedicated Climate Risk team, which is led by our 
newly appointed Firmwide Risk Executive for Climate Risk. The 
team is responsible for establishing our internal approach to 
managing climate risk, including developing relevant policies 
and standards as well as building our approach to climate risk 
data. The Climate Risk team collaborates with stakeholders 
across the firm to integrate climate considerations into line-of- 
business risk management frameworks. 
• Additionally, our Global Environmental and Social Risk 
Management (GESRM) team establishes the firm’s environmental 
and social risk standards, reflected in our public Environmental 
and Social Policy Framework, to determine transactions and 
activities that may present increased environmental and social 
risks. At the transactional level, GESRM assesses a client’s 
commitment and capacity to manage the risks relevant to 
its activities, including assessments of the client’s operating 
approaches and track records.
The Chief Risk Officer provides updates on climate-related initiatives 
to the firm’s Operating Committee and Board of Directors. See the 
Risk Management section (page 14) for more information on how we 
identify and manage environmental and social risks, including those 
driven by climate change. 
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2020 Environmental, Social & Governance Report

Ethical Culture 
Earning and maintaining the trust of customers, clients and other stakeholders is essential to our business. To do this, we strive to 
maintain the highest ethical standards, as encompassed by our Business Principles, Code of Conduct and other internal policies. Every 
employee is responsible for upholding these standards in their work. We reinforce these expectations through various channels, 
including our Code of Conduct and Culture of Respect trainings, and by encouraging our senior leaders to communicate about these 
issues clearly and frequently with employees. In addition, as part of the annual review process, all employees are evaluated against 
common performance dimensions that include delivering business results; addressing the needs of clients, customers and stakeholders; 
fostering a collaborative and inclusive environment; driving a robust risk and control environment; and acting with integrity. 
We recognize that clear expectations, policies and processes are critical to supporting ethical behavior, and building a culture that 
reinforces those expectations is equally important. We work to create an environment that not only supports ethical behavior but 
also allows employees to feel safe and empowered to speak up if they have concerns about unethical behavior. We have implemented 
employee training, protocols and reporting mechanisms to help prevent behavior that is not in line with our Business Principles, Code 
of Conduct and other internal standards. The firm prohibits retaliation against any individual who reports a concern or assists with an 
inquiry or investigation. 
We have a Conduct Hotline, which is a channel for employees, customers, clients and vendors to raise conduct concerns if they 
see, hear or suspect something violates our firmwide Code of Conduct. The Conduct Hotline is open 24/7, with the option to submit 
inquiries by phone or online. The Conduct Hotline helps promote integrity, fairness and accountability. The firm’s Code of Conduct is 
our shared commitment to preserve and build on these values and to maintain exceptional relationships with our customers, clients, 
shareholders, colleagues and our communities. 
Ethics and culture are key focus areas of our Board of Directors. The Board’s Compensation & Management Development Committee 
oversees the governance framework that underpins our firmwide culture of ethics and receives regular updates from management, 
including on significant conduct issues if any should occur. In addition, the Compensation & Management Development Committee holds 
a periodic joint session with the Risk Committee in which Directors are briefed by senior management on conduct-related matters.
Political Engagement and Public Policy 
JPMorgan Chase believes that responsible corporate citizenship 
demands a strong commitment to a healthy and informed 
democracy through civic and community involvement. Our business 
is subject to extensive laws and regulations, and changes to such 
laws can significantly affect how we operate, our revenues and 
the costs we incur. Because of the impact public policy can have 
on our businesses, employees, communities and customers, we 
engage with policymakers on a range of issues — including banking, 
financial services, cybersecurity, workforce development, small 
business, tax, trade and inclusive economic growth, among others — 
to advance and protect the long-term interests of the firm. 
In 2019, we launched the JPMorgan Chase PolicyCenter to develop 
and advance sustainable, evidence-based policy solutions that 
drive inclusive economic growth in the U.S. and around the 
world. In response to COVID-19, in 2020 we turned our focus to 
the unprecedented health, employment, housing and economic 
consequences resulting from the pandemic. In particular, through 
our advocacy we are working to support policies that address 
existing structural barriers and racial inequalities in the U.S. 
worsened by the current crisis. For example, we are in support of 
economic relief to address the immediate impacts of COVID-19 on 
families, small businesses and communities and advocating for 
longer-term household and small business financial health and 
resilience that supports an equitable economic recovery.
We belong to a number of trade associations that advocate on major 
public policy issues of importance to the firm and the communities 
we serve. The firm’s participation as a member of these associations 
comes with the understanding that we may not always agree with 
all the positions of an association or its other members, and that 
we are committed to voicing our concerns as appropriate. The 
Public Responsibility Committee of our Board of Directors provides 
oversight of our positions and practices on public responsibility 
matters, including significant policies and practices regarding 
political contributions, major lobbying priorities and principal trade 
association memberships.
We aim to operate with the highest standards of public transparency 
in political spending. Our efforts have been recognized by the 
2020 CPA-Zicklin Index of Corporate Political Disclosure and 
Accountability, which credited our firm as a Trendsetter for the 
second year in a row in its 2020 report.
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2020 Environmental, Social & Governance Report

SPOTLIGHT
Cybersecurity 
As the pace of technological change continues to accelerate 
and digital solutions become more integrated into our daily 
lives, the cyber threat landscape continues to evolve, becoming 
increasingly pervasive and sophisticated. As such, cybersecurity 
continues to be a top priority for our firm. Our strategy is 
designed to securely enable new business and technology 
initiatives, while maintaining a relentless focus on protecting the 
firm, our clients and customers, and our third-party vendors. 
We devote significant resources to protecting and continuously 
improving the security of our systems.
Our Information Technology Risk and Security Management 
policies and standards provide the foundation of our 
cybersecurity program, which is focused on protecting 
the confidentiality, integrity and availability of the firm’s 
infrastructure, resources and information. Through these 
policies and standards, we inform our employees about their 
responsibilities to protect customer and client information and 
the security of our systems. We also require that our third-party 
vendors providing certain services adhere to minimum security 
and control standards, our Supplier Code of Conduct, and 
applicable laws and regulations.
In partnership with the firm’s lines of business and corporate 
functions, our Cybersecurity and Technology Control (CTC) 
organization identifies technology and cybersecurity risks and 
is responsible for the intelligence-driven delivery and operation 
of controls that enable us to effectively manage these threats. 
CTC closely assesses changes in the global threat landscape 
and monitors our operations through world-class intelligence 
and 24/7 operations to protect against, detect and respond to 
potential threats. And because every employee serves as the first 
line of defense, we educate, train and test all our employees on 
how to identify potential cybersecurity risks and protect the firm’s 
resources and information. Every employee receives mandatory 
security awareness training on a periodic basis.
The CTC functions are responsible for governance and oversight 
of the firm’s Information Security Program. The CTC functions’ 
efforts are overseen by management at multiple levels including 
technology management, greater firmwide management and 
the firm’s Operating Committee. The Audit Committee of the 
Board of Directors is updated periodically on our Information 
Security Program and any recommended changes, cybersecurity 
policies and practices, ongoing efforts to improve security, 
as well as on our efforts regarding significant cybersecurity 
events. Internal and external auditors continually review our IT 
programs and processes and regulators periodically inspect and 
review our program. 
PROTECTING THE FINANCIAL SYSTEM
We understand the potential for a cyber incident to impact 
global financial stability, and we work to do our part to build and 
maintain systemic resiliency. We are a member of the Financial 
Services Information Sharing & Analysis Center, an intelligence-
sharing cooperative for the financial services sector. Its members, 
representing over $35 trillion in assets under management, 
with 15,000 users in more than 70 countries, share intelligence, 
best practices and exercises to better secure the sector for the 
benefit of the public and the resiliency and integrity of financial 
institutions. Our firm also helped drive the creation of the 
Analysis and Resilience Center for Systemic Risk (ARC, formerly 
known as the Financial Systemic Analysis and Resilience Center, 
or FSARC), which is an industry-funded nonprofit organization 
designed to mitigate systemic risk to the nation’s most critical 
infrastructure from existing and emerging threats. The ARC brings 
together the financial and energy sectors and seeks to establish a 
unified, cross-sector coalition that applies consistent approaches 
to assess, prioritize and mitigate risk to critical systems, assets 
and functions that are interconnected, interdependent and 
digitally exposed.
HELPING OUR CLIENTS PROTECT THEMSELVES
In addition to our efforts to protect our own firm from cyber 
threats, we have an education program for clients who are likely 
to be targets of cybersecurity attacks. As part of this program, 
in 2020, we reviewed high-risk cyber and fraud scenarios and 
shared best practices with more than 1,000 clients, helping them 
better protect themselves and reduce the risk of fraud.
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2020 Environmental, Social & Governance Report

Risk Management
JPMorgan Chase’s overall objective is to manage our businesses — and associated risks — in a manner that balances 
serving the interests of our clients, customers and investors while protecting the safety and soundness of the firm. We 
focus on understanding not just types of risk, but also their drivers and potential impacts.
The firm’s risks are generally categorized in four risk types: strategic risk, credit and investment risk, market risk and operational risk. As part 
of the firm’s risk identification process, each line of business and corporate function is responsible for the ongoing identification of risks as 
well as the design and execution of controls to manage those risks. The Independent Risk Management (IRM) function establishes the firm’s 
risk management frameworks as well as reviews and challenges risks identified by the lines of business and corporate risk management 
areas on a regular basis. These identified risks inform broader firmwide risk management processes such as scenario design, risk appetite 
refinement and strategic planning. IRM is also responsible for the implementation of policy and standards with respect to its own identified 
risks, processes and controls.
In this section we discuss the firm’s approach to managing environmental and social risks, including climate-related risks. For more 
information on the firm’s overall approach to risk management, see our Annual Report on Form 10-K.
Managing Environmental and Social Risks
Understanding our clients’ approach to, and performance on, 
environmental and social (i.e., human rights) matters — including 
those related to climate change — is an important component of the 
firm’s risk management process that helps us make more informed 
risk decisions, continue to serve our customers responsibly and 
safeguard our financial resilience. The firm’s risk management 
and oversight framework, including for environmental, social and 
climate-related risks, is managed on a firmwide basis.
Our publicly available Environmental and Social Policy Framework 
(Framework) provides an overview of our approach to evaluating 
risks posed by environmental and social matters, including 
articulating certain sectors, activities and financial products 
subject to our internal environmental and social due diligence 
and standards. In 2020, we updated our Framework to expand 
restrictions on financing for coal mining and coal-fired power and 
to introduce limitations for project financing for new oil and gas 
development in the critical habitat of the Arctic.
Transactions and activities covered by our environmental and social 
standards are evaluated by our dedicated Global Environmental and 
Social Risk Management team. These reviews focus on assessing a 
client’s commitment and capacity to manage the risks relevant to its 
activities, including assessments of the client’s operating approaches 
and track records. The nature and depth of due diligence is 
determined by a variety of factors but can include reviewing publicly 
available information, reviewing relevant transaction documentation, 
directly engaging with clients and hiring third-party consultants. 
Following those reviews, the team may make recommendations to 
help mitigate environmental and social risk — such as enhanced 
disclosure, changes to transaction documentation and improved 
performance standards — or reject transactions. 
Identifying and Managing Human Rights Risks
JPMorgan Chase supports fundamental principles of human 
rights across all our lines of business and in each region of 
the world in which we operate. As outlined in our Human 
Rights Statement, our approach to protecting and preserving 
human rights is guided by the United Nations Universal 
Declaration of Human Rights. We also acknowledge the 
Guiding Principles on Business and Human Rights as the 
recognized framework for corporations to respect human 
rights in their own operations and through their business 
relationships. We have a range of policies, procedures and 
trainings that pertain to human rights issues, including 
modern slavery and Indigenous Peoples, across our business 
and supply chain. See our Environmental and Social Policy 
Framework for more detail.
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2020 Environmental, Social & Governance Report

Identifying, Assessing and Managing Climate-related Risks
Climate change is among the most critical challenges facing society today. JPMorgan Chase is committed to understanding how climate 
change may drive or influence the risks we identify and manage. 
As illustrated in the chart below, we have developed an internal classification system that describes how climate-related risks can translate 
into potential impacts for our clients, customers and firm — such as changes in supply or demand, financial costs and/or business disruptions, 
among others — and how those impacts could manifest as risks to our firm. We also assess these impacts against considerations such as 
time horizon, business sector and geography as a means of better understanding how these risks emerge within our firm. This classification 
framework informs our risk identification process, which will continue to evolve as we deepen our understanding of how climate-related 
drivers could manifest as risks to the firm. 
TRANSLATING CLIMATE-RELATED RISK DRIVERS INTO POTENTIAL RISKS TO OUR FIRM 
Climate Risk Drivers*
Potential factors that could 
cause a risk to occur
Impact Transmission Channels*
Avenues of potential impacts through which
climate risk drivers manifest into risk types
JPMorgan Chase Risk Types
Categories of risks as outlined in
JPMorgan Chase’s Annual Report on Form 10-K
Climate Risk
Physical Risk
Acute Physical Risk
(e.g., floods, cyclones, wildfires)
Chronic Physical Risk
(e.g., sea level, water stress,
temperature warming)
Transition Risk
Regulatory and/or
Governmental Policy Change
Technological Evolution
Market Preference
Supply/Demand/Price
Financial Costs
Macroeconomic
Country and/or Business
Competitiveness
Physical Damages
Business Disruption
Socioeconomic
Reputational Damage 
and/or Litigation
Credit & Investment Risk
Operational Risk
Market Risk
Strategic Risk
* List is not exhaustive. We continue to refine our taxonomy based on an evolving understanding of how climate-related risk drivers may manifest as risks to the firm.
Over the past year, we have identified a number of climate-related risks the firm could face, and we will continue to evaluate new risks and 
the materiality of identified risks in terms of financial and nonfinancial impact to the firm.
As a global financial institution, we have determined our businesses, and the activities of our clients and customers, could be impacted 
through transition or physical risks driven by climate change. 
• Transition risks cover a range of potential impacts that stem 
from how society responds to climate change. These include 
possible changes in energy and climate policy as well as financial 
regulation, which could lead to economic impacts or drive other 
changes, such as the development of low-carbon technologies. 
Transition risks also include shifts in consumer preferences 
toward low-carbon goods and services. All of these risks 
could impact our clients. Transition risks could also be further 
accelerated by changes in the physical climate.
• Physical risks include both acute weather events and chronic 
shifts in the climate, such as altered distribution and intensity 
of rainfall, prolonged droughts or flooding, increased frequency 
of wildfires, rising sea levels or extreme heat. These physical 
risks could have an impact on the firm’s own operations and our 
clients’ operations (e.g., interruptions to business operations or 
supply chains). The physical effects of climate change are likely 
to increase in frequency and severity over time.
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2020 Environmental, Social & Governance Report

In the absence of significant global action to curtail the effects of climate change, risk drivers such as extreme heat, sea level rise and 
increased frequency of extreme weather events are expected to impact and exacerbate existing risks to infrastructure, ecosystems and social 
systems. Transition and physical climate-related risks could also lead to financial impacts such as interruptions to supply chains, declines in 
asset values or significant shifts in demand for certain products or services. 
As noted above, the key drivers of transition risk and physical risk can manifest themselves in a variety of ways. The table below provides 
selected examples of different types of climate-related transition and physical risks and how they could materialize across the four major risk 
types we manage: strategic risk, credit and investment risk, market risk and operational risk.
EXAMPLES OF IMPACTS OF CLIMATE-RELATED RISKS BY RISK TYPE
CLIMATE RISK
Transition Risk
Physical Risk
JPMORGAN CHASE RISK TYPES
Strategic Risk
Risk to earnings, capital, liquidity or reputation 
associated with poorly designed or failed business 
plans or inadequate response to changes in the 
operating environment.
Stakeholder perceptions of business (e.g., 
supply chain, lending, investments) with 
companies in carbon-intensive sectors could 
result in reputational impacts
Businesses operating in areas susceptible to 
climate-related events face inability to obtain 
appropriate insurance for their properties 
Credit & Investment Risk
Risk associated with the default or change in credit 
profile of a client, counterparty or customer; or 
loss of principal or a reduction in expected returns 
on investments, including consumer credit risk, 
wholesale credit risk and investment portfolio risk.
Shift in consumer preference jeopardizes the 
viability of certain business models
Temporary disruption in a business’s operations 
leads to loss in profitability
Market Risk
Risk associated with the effect of changes in market 
factors, such as interest and foreign exchange 
rates, equity and commodity prices, credit spreads 
or implied volatilities, on the value of assets and 
liabilities held for both the short and long term.
Changes in demand for carbon-intensive 
products or services lead to price volatility
Local weather event causes variability in 
agriculture output and leads to commodity price 
volatility
Operational Risk
Risk associated with an adverse outcome resulting 
from inadequate or failed internal processes 
or systems; human factors; or external events 
impacting the firm’s processes or systems. 
New legislation and/or regulatory requirements 
lead to significant changes in business 
processes and costs
Extreme weather causes damage to direct 
operations and/or infrastructure
Climate Scenario Analysis
Scenario analysis is a useful tool for understanding risks across a variety of economic, market and other conditions. Scenarios can be designed to 
monitor a wide range of stress events to give risk managers insight into the drivers or potential losses. An effective scenario analysis framework 
creates transparency into the scale and source of hypothetical losses, in order to make business decisions and compare risk appetite with business 
opportunities. The firm has a robust set of scenarios that are relevant to our businesses, risk positions, funding and capital management 
practices. They represent a wide range of severities as well as both broad drivers (e.g., general economic downturn) and specific events (e.g., 
credit squeeze, equity market collapse).  
Leveraging scenario analysis to better understand climate-related risks is a relatively new and rapidly evolving area. We are continuing to 
consider comprehensive climate-based scenarios as we build our knowledge of climate-related drivers, impacts and potential losses, and we 
plan to evolve our approach to climate scenario analysis over time, especially as data availability and modeling techniques progress.
16
2020 Environmental, Social & Governance Report

We recognize our business is exposed to both transition and physical climate risks, and are working to understand how climate-driven impacts 
may emerge. The financial impacts of climate-related risks can differ across industries, products, clients and geographies due to numerous 
factors including but not limited to:
• A client’s strategy for developing low-carbon transition plans
• Time horizon associated with the transition and physical risks
• Impacts on the specific markets where clients have business activity
• Susceptibility to market value fluctuations of financial products (e.g., commodities, bonds, equity)
• Geographical concentrations of operations
• Availability of low-carbon technologies 
• Changes in policy landscape
TRANSITION RISK 
As part of the firm’s work to evaluate its transition risk to select 
carbon-intensive industries, a pilot exercise was conducted on a 
segment of our business in seven industries — automotive, chemicals 
and plastics, industrials, metals and mining, oil and gas, transportation 
and utilities.
Our main objective in this pilot was to explore the extent to which 
companies within the identified industries could be affected by 
transition risk. For the purposes of this pilot exercise only, the 
analysis utilized assumptions from the International Energy 
Agency’s 2019 Sustainable Development Scenario (IEA SDS), and 
the scenarios were structured to align with the representative 
scenarios released in 2020 by the Network for Greening the 
Financial System. The pilot considered impacts of both abrupt and 
smooth transitions consistent with the Paris Agreement goals and 
reflected the pace and timing of policy action through changes in 
the price of carbon emissions. 
The table below shows the firm’s wholesale credit exposure to the 
pilot sectors. It is important to note total credit exposure to these 
sectors also includes subsectors, business models and companies 
that may not be significantly carbon intensive and/or may have 
minimal exposure to transition risk.
WHOLESALE CREDIT EXPOSURE TO SELECT INDUSTRIES (a)
2020
On Balance Sheet
December 31, (in millions)
Credit 
Exposure
% of Total Wholesale 
Credit Exposure
Credit 
Exposure
% of Total Wholesale 
Credit Exposure
Automotive
$43,331 
3.8%
$23,123 
3.7%
Chemicals & Plastics
$17,176 
1.5%
$5,740 
0.9%
Industrials
$66,470 
5.9%
$22,994 
3.6%
Metals & Mining
$15,542 
1.4%
$5,736 
0.9%
Oil & Gas
$39,159 
3.5%
$12,910 
2.1%
Transportation
$16,232 
1.4%
$8,061 
1.3%
Utilities
$30,124 
2.7%
$8,214 
1.3%
Above Industries Total Credit Exposure(b)
$228,034
20.2%
$86,778
13.8%
Total Wholesale Credit Exposure(c)
$1,127,261
100%
$629,688
100%
(a)	 For additional disclosures about the composition of this table, see our Annual Report on Form 10-K. 
(b)	 Loans held-for-sale and loans at fair value are not attributed in the Above Industries Total Credit Exposure, but are included in Total Wholesale Credit Exposure.
(c)	 Per our Annual Report on Form 10-K.
2020
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2020 Environmental, Social & Governance Report

The resulting impacts were considered at a client level, with considerations for: 
Potential earnings erosion the company 
could face related to the higher carbon 
price and reduced demand for fossil 
fuels. We looked at how the evolution of 
technology and market preferences could 
drive changes in consumer preferences 
in relation to potential higher costs for 
offered goods and services, recognizing 
that the degree of pass-through cost 
increase varies by industry. 
The company’s likely resilience to 
these reduced earnings based on 
company-specific factors, including 
scale, jurisdiction, leverage 
and liquidity. By adding these 
considerations, we integrated a view 
of how companies can take actions to 
reduce the financial impact from low-
carbon transition.   
A qualitative analysis of the 
company’s transition aptitude based 
on the credibility of its low-carbon 
transition strategy, including its 
emissions reduction targets, governance 
structures and emissions track record. 
In the pilot approach, companies with a 
credible low-carbon transition strategy 
avoid future carbon costs as they reduce 
their emissions.
The outcomes of this pilot exercise informed our initial understanding of the sensitivity of our internal risk ratings to transition risk and enhanced 
our understanding of the different methodologies and data needs for climate-based scenario analysis. We are working to further improve and 
scale our insights as we explore how to integrate the risks associated with a low-carbon transition into our risk management framework.
Going forward, we intend to undertake a deeper evaluation of leading physical climate models and data to enhance our analysis of the potential 
material impacts to clients, customers and our own operations. This will allow us to identify concentrations of physical risk and to further develop 
our risk management expertise in this area.
Our pilot studies are subject to ongoing change, and as we refine the approaches we are evaluating the long-term impacts and, where relevant, 
what potential mitigants to consider.
PHYSICAL RISK
Over the past year, we have analyzed concentrated exposures 
to physical climate risks in pilot studies. 
For example, the CCB and CB have started to model the effects of 
sea-level rise on home lending and commercial real estate lending 
portfolios. These efforts have deepened our understanding of the 
potential financial impacts that such events could have on those 
portfolios and helped us begin to assess potential losses if sea-level 
changes make a property unusable or a home uninhabitable. As a 
lender we have been considering the potential geographical impacts 
in sample metropolitan areas that are particularly susceptible 
to the impacts of sea-level rise. Our work to this point has used 
National Oceanic and Atmospheric Administration scenarios of 
projected areas that will be impacted by sea-level rise from 1 to 10 
feet, to assess property level impacts and inform our approach to 
understanding losses if rising sea levels were deemed imminent 
and were accelerating, subsequently driving home prices downward 
over 10 years. We are also exploring the need to assess longer-
term consequences at the local level — such as forecast damage, 
localized recessions or mass community migrations — that may be 
exacerbated by climate change.  
Additionally, we conducted an initial analysis of our home and 
commercial real estate lending exposure in California, exploring 
how economic, socioeconomic, pandemic and climate-related risks 
build on one another and could potentially impact the firm’s credit 
portfolios in the state.
Mapping Our Path to Integrated Climate Risk Management
JPMorgan Chase is on a journey to integrate climate risk into our 
existing firmwide risk management framework. We have identified 
the following deliverables that will be used to define success:
• Enhance climate risk capabilities to include robust climate risk 
identification and scenario analysis
• Incorporate data and analytics to assess, monitor and measure 
climate risk 
• Adapt existing risk management frameworks to incorporate 
climate-based transition and physical risks where appropriate
• Include, where relevant, climate risk in policies and standards to 
provide effective governance 
• Evaluate representative stress scenarios across transition and 
physical risk to add to the firm’s established scenarios 
 We will accomplish this by:
• Investing in talent, data and technology to support climate risk 
integration efforts
• Building out the Climate Risk Firmwide Risk Executive function to 
drive a transparent and scalable operating model that will enable 
all Risk Management functions managing some aspect of climate 
risk to own and execute their respective integration efforts
•  Engaging with our clients and stakeholders proactively to inform 
the evolution and the ongoing incorporation of climate-related 
considerations into our portfolio risk assessments
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2020 Environmental, Social & Governance Report

Human Capital
At JPMorgan Chase, our people are integral to our success. Our human capital strategy is focused on attracting, 
developing and retaining the high-performing global, diverse workforce we need to deliver exceptional service and 
innovative solutions to our clients, customers and communities. 
Globally, our firm had over 255,000 employees in 62 countries as of Dec. 31, 2020, with over 60% of those employees located in the U.S. 
GLOBAL OVERVIEW
U.S. OVERVIEW
OPERATING
COMMITTEE
EXECUTIVE
TEAM
BOARD OF
DIRECTORS
OVERALL
CAMPUS &
INTERNSHIP
CLASS
Women
60%
56%
74%
40%
44%
26%
Men
Women
Men
Women
Men
White
10%
17%
21%
90%
83%
79%
Ethnic
Women
51%
49%
Men
White
52% 48%
Ethnic
White
Ethnic
White
Ethnic
55%
45%
Women
Men
58%
42%
White
Ethnic
Note: All information about Gender globally and Ethnicity in the U.S. is reported as a percentage of only those employees who self-identify in these categories. Ethnicity in the U.S. for 
the Executive Team is reported based on those U.S. employees who self-identify in these categories as a percentage of the total U.S. population that self-identified for purposes of 
EEO-1 reporting. Ethnic includes Asian, Black, Hispanic, Other Ethnicity. Ethnicity data is as of Dec. 31, 2020.
2020 Workforce Composition
Creating a Culture of Diversity, Equity and Inclusion
We believe that a talent-driven company is a diverse one. We are 
working hard to drive a culture of diversity, equity and inclusion 
across everything we do — from how we serve our clients and 
develop products and services, to the ways we help communities 
and support our employees. To lead the development and execution 
of a holistic internal and external strategy for doing this, in 2020 
we created the new position of Global Head of Diversity, Equity & 
Inclusion, which reports to the firm’s Co-Presidents. 
We know that our commitment to diversity, equity and inclusion 
must start within our own workplace, so we are taking steps to 
further incorporate diversity into how we recruit, train and develop 
our employees; create opportunities for their advancement; and 
foster an environment in which all of our employees feel they 
belong and can succeed. 
As part of these efforts, we are taking actions to build a more 
diverse workforce, including establishing an executive accountability 
framework, which strengthens the way we incorporate diversity 
and inclusion priorities and processes into year-end performance 
evaluations and compensation decisions for senior executives. 
Additionally, we have implemented qualitative feedback on key 
leadership attributes to capture inclusive leadership behaviors. 
Building on our existing anti-harassment awareness and diversity 
and inclusion training programs, in 2020 we rolled out a new 
mandatory firmwide training program, You Belong Here. The new 
program is designed to engage all our employees in understanding 
the firm’s mission to strengthen our culture of diversity and inclusion 
and to identify ways everyone can contribute to creating this culture. 
During the year, over 250,000 employees completed the You Belong 
Here course. In addition, in 2020 approximately 25,000 employees 
participated in our unconscious bias and inclusion training program 
for managers, Journey to Inclusive Teams.
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2020 Environmental, Social & Governance Report

Support and Allyship for Diverse Employee Populations
We have a variety of longstanding initiatives, forums and programs 
designed to advance diversity and inclusion within our firm, while 
creating a sense of community and allyship for diverse employee 
populations. 
Our Business Resource Groups (BRGs) are groups of employees 
who volunteer to serve as ambassadors to drive inclusiveness, 
mentor junior talent and help facilitate advancement opportunities 
while advancing our firm’s position in the global marketplace. With 
approximately 43% of our employees participating in one of our 
10 BRGs, they are the key firm culture carriers, providing a unique 
bridge between the organization and our people that helps drive 
firmwide diversity and inclusion strategies and connect employees 
to the firm’s business priorities. 
Our BRGs focus on providing support for various communities:
• Access Ability (employees with disabilities)
• Adelante (Hispanic / Latinx)
• AsPIRE (Asian / Pacific Islander)
• BOLD (Black)
• NextGen (early career professionals)
• PRIDE (LGBT+)
• Sage (administrative professionals)
• VETS (military, veterans and their families)
• Women on the Move Interactive Network
• Working Families Network
In addition to our BRGs, the firm’s Asian, Black, Hispanic and LGBT+ 
Executive Forums, which bring together the senior leaders of 
these communities to act as ambassadors and thought leaders for 
firmwide initiatives, are another critical way we support and foster 
diversity and inclusion within JPMorgan Chase.    
We also have dedicated branded strategies focused on specific 
communities not only within our workforce, but also more broadly 
in the communities we serve. These include the following:
• Women on the Move (WOTM) is our initiative to provide 
women with opportunities to succeed in their professional 
and personal lives. Initially launched in 2013 with a focus on 
career development for women within our firm, the program 
broadened in 2018 to also include women clients, consumers 
and the communities we serve. The program’s key objectives are 
to expand women-run businesses, improve women’s financial 
health and advance women’s career growth. Within our own 
firm, the initiative is helping drive efforts to advance women’s 
career growth and representation at all levels. For example, in 
2020 WOTM rolled out Fast Forward, a development program 
that offers video courses, coaching sessions and small discussion 
groups to help women define and achieve their professional 
and personal goals. Nearly 2,700 participants registered in the 
first global cohort of the program. More than 25,000 employees 
participated in various WOTM-curated career development 
programs, events and volunteer groups during 2020.
• Advancing Black Pathways (ABP) seeks to leverage 
JPMorgan Chase’s business and philanthropic resources to 
accelerate economic empowerment and opportunity for the 
Black community. Launched in 2019, ABP builds on the firm’s 
existing efforts to help communities of color, by focusing on 
three key areas in which the Black community have historically 
trailed other ethnic groups: wealth creation, educational 
outcomes and career success.
As part of this effort, we created the ABP Fellowship Program, 
which is dedicated to helping Black college underclassmen get 
on a path to internships and entry-level roles with the firm after 
graduation. The inaugural 2019 class of 50 students worked on 
real-time business challenges for the firm’s Business Banking 
clients in Plano, Texas; Columbus, Ohio; and Wilmington, 
Delaware. We have since expanded the ABP Fellowship Program 
to include 74 students in 2020 and more than 170 students in 
2021. ABP is helping drive the firm’s efforts to hire at least 4,000 
Black students as apprentices, interns and full-time analysts by 
2024; by the end of 2020, we were halfway to that goal. Outside 
the U.S., our efforts to provide opportunities for internships and 
early career support for Black students and employees include 
the ABP Coaching program in the U.K. and our Black Future 
Leaders program in Brazil.
• Our Office of Disability Inclusion, which was launched in 2016, 
drives consistent accessibility processes and standards across the 
firm so employees can receive the reasonable accommodations 
they need to perform their jobs. It also provides strategic 
direction on recruiting, hiring and advancing individuals with 
disabilities. Of the firm’s U.S.-based employees, approximately 
4% self-identified as having a disability. During the COVID-19 
pandemic, we leveraged existing technology to deliver high-
quality services to employees with disabilities working remotely. 
For example, we provided U.S. employees who are deaf and hard-
of-hearing with live captioning for internal events, as well as CART 
(Communications Access Real-time Translation) services, a point-
to-point delivery of the captions. We also shifted how we provide 
accommodations, by streamlining the process for requesting a 
medical-related health or technological accommodation. 
• Our Office of Military and Veterans Affairs, established in 
2011, drives our firmwide initiatives to position veterans, service 
members and their families for long-term, post-military success. 
Since 2011, JPMorgan Chase has hired more than 16,000 U.S. 
veterans, including over 890 in 2020. In 2020 this included 
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2020 Environmental, Social & Governance Report

welcoming 105 new hires into our Military Pathways Development 
Program, which recruits exceptional veteran talent for rotational 
and direct-hire positions and provides comprehensive career 
development support. Other signature programs we offer to 
support veteran employees include the Pathfinder Veteran 
Mentoring program, which had nearly 600 active participants 
at the end of 2020, and the Veteran Manager Training program, 
which had over 400 participants in 2020. In addition, more than 
2,000 veteran employees participated in a training series focused 
on career planning and promotion last year.
• The Office of LGBT+ Affairs is developing and driving a unified 
global strategy for the LGBT+ community. This new program 
will amplify and build on the success and work of our LGBT+ 
Executive Forum, as well as our PRIDE BRG. Our employees 
who have self-identified as LGBT+ increased by more than 21% 
over the past year. Our firm continues to receive recognition for 
various workplace equality benchmarks, such as our 100% score 
on the Human Rights Campaign Corporate Equality Index for the 
18th consecutive year. 
In addition, to help advance equity for the LGBT+ community 
more broadly, in early 2021 we announced a $5 million 
commitment to five U.S.-based nonprofit organizations that are 
helping break down barriers to inclusion for the most vulnerable 
members of the LGBT+ community. We are also engaged with 
LGBT+ organizations across the globe, including providing 
financial support to LGBT+ focused nonprofit organizations 
across various countries, with a number of these relationships 
dating back two decades.
• The Office of Latinx Affairs is implementing a unified global 
strategy to support the Hispanic and Latino communities. This 
new program will build on the success and progress of our 
Hispanic Executive Forum, Hispanic Leadership Forums and 
Adelante, our BRG for Hispanic and Latinx employees.
• In addition, in 2021, we plan to launch a program focused on 
supporting the Asian and Pacific Islander (API) community. 
The program will expand on the efforts of our Asian Executive 
Forum, as well as AsPIRE, our BRG for API employees. 
See page 34 for more on how the firm is advancing its 
commitment to diversity and inclusion and supporting 
communities of color across four key areas: Careers and 
Skills; Financial Health and Wealth Creation; Business Growth 
and Entrepreneurship; and Community Development.
Attracting and Retaining Top Talent
We are focused on attracting and hiring talented individuals in all 
roles and career levels, from internship programs for students to 
full-time positions for experienced professionals. During 2020, 
approximately two-thirds of the firm’s 44,000 employment 
opportunities were filled by external candidates, with the remainder 
filled by existing employees.
To achieve diverse hiring and representation outcomes at all levels, 
diverse slates are an important consideration in our comprehensive 
recruiting efforts, and we track and monitor data about the use 
of diverse slates accordingly. In hiring new employees in the U.S., 
recruiters and managers are expected to consider a diverse slate 
of candidates of no less than one woman and one U.S. ethnically 
diverse candidate. Globally, diverse slates are defined as including 
no less than one woman. We continuously monitor our progress to 
determine where adjustments or other modifications need to be 
implemented. 
Our public reporting on workforce representation, including 
consolidated EEO-1 and related data, can be found in our Workforce 
Composition Disclosure.
Skills-based Volunteerism
We provide employees with opportunities to develop and 
apply their skills to support communities and causes that are 
personally important to them — amplifying the impact of both 
the firm’s philanthropic efforts and the work of our nonprofit 
partners. Through our signature skills-based program, the 
Service Corps, nearly 220 global employees volunteered 
their skills and expertise for consulting projects — delivered 
virtually, due to the COVID-19 pandemic — that helped nearly 
50 nonprofits expand their impact in 2020. In addition, during 
the year we delivered 138 sustainable technology solutions 
for nonprofits, with more than 1,300 employee volunteers 
contributing over 38,000 hours of their time through our 
Force for Good program. Our employees put their expertise 
to work to support the communities we serve in many 
other ways during the year as well. For example, over 120 
JPMorgan Chase employees globally used their professional 
experience to mentor minority-led small businesses through 
our Founders Forward program.
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2020 Environmental, Social & Governance Report

Early Career Talent Pipelines
We know that having a strong pipeline of diverse future leaders 
is essential to creating a more representative workforce. In 2020, 
through our campus recruiting efforts, we hired 3,200 full-time 
analysts and associates and 3,500 summer interns. Of the firm’s 
campus hires globally that self-identified, 50% self-identified as 
women across both groups. Of the U.S.-based campus hires, 18% self-
identified as Black, 14% as Hispanic and 26% as Asian. In addition, to 
help us build our pipeline, we leverage a number of Emerging Talent 
programs and pipelines focused on recruiting and training cognitively, 
experientially and representatively diverse talent that is often 
underrepresented in typical talent channels. In 2020, approximately 
1,500 individuals participated in one of the more than 90 Emerging 
Talent programs we operate around the world. In the U.S., where 
diversity data was available, 63% of the individuals hired through our 
Emerging Talent programs self-identified as Black or Hispanic.    
As part of these programs, JPMorgan Chase partners with nonprofit 
organizations, workforce development programs, bootcamps and 
other talent sources to train, hire and develop underrepresented 
talent through internships, apprenticeships and direct-to-full-time 
programs. For example, as a member of the recently formed NY Jobs 
CEO Council, we are partnering with employers across New York City 
to foster collaboration among business, education and community 
leaders to prepare New Yorkers in diverse, low-income communities 
for the future of work and to meet employer needs. Through this 
initiative, we will work with fellow employers to create economic 
opportunity for New Yorkers by collaborating closely with educational 
institutions as well as community and nonprofit organizations to help 
maximize our collective impact on students and workers in New York.
Skills-based Hiring
As part of our commitment to broadening the applicant pool for 
opportunities within our firm and building a diverse workforce, we 
take a skills-based approach to hiring for many jobs. This means 
we are proactively evaluating degree requirements for roles and, 
where appropriate, focusing on the skills of job candidates rather 
than degrees held. To support this, we are increasingly partnering 
with community colleges and looking to apprenticeship programs, 
bootcamps and other training programs to source the talent we need.   
In addition, we are taking steps to broaden our applicant pool by 
actively working to reduce barriers to employment for individuals 
with criminal backgrounds. In 2020, our firm hired approximately 
2,100 individuals with criminal histories — approximately 10% of our 
new hires in the U.S. Through our Second Chance hiring initiative, we 
are collaborating with community and legal services organizations to 
develop a pipeline of potential employees to fill open roles and grow 
with the firm. Learn more about how JPMorgan Chase is advancing 
policies and partnering with nonprofits and a cross-sector group of 
employers to create more workforce opportunities for individuals 
who need a second chance on page 37.
Developing Our Employees 
Supporting our employees’ professional development and 
career growth is core to our human capital strategy. We invest 
approximately $200 million in employee training each year, 
including structured mandatory curricula for new hires and existing 
employees, along with a range of training programs focused on 
topics from leadership development and technology to risk and 
compliance and business processes. We delivered over 7 million 
hours of training globally in 2020. 
We are committed to developing a strong, diverse bench of talent 
across the firm, with a dedicated focus on the pipeline for our senior 
leadership positions. Our global leadership development program, 
Leadership Edge, helps train managers and leaders to drive results, 
support their teams, lead inclusively and grow talent. Since the 
program’s launch in 2015, 73% of our approximately 40,000 
managers have attended one or more Leadership Edge programs; 
in 2020, we achieved global attendance of approximately 19,000 
across Leadership Edge programs, which were delivered almost 
entirely virtually.
We are also committed to internal mobility across the firm, 
with approximately one-third of all positions filled with internal 
candidates and over 20% moving across lines of business or 
functions in 2020. In addition, over 75% of senior-level positions 
were filled internally during 2020. Below is the composition of our 
employees who were promoted in 2020.
Note: All information about Gender globally and Ethnicity in the U.S. is reported as a 
percentage of only those employees who self-identify in these categories. Promotion 
data is for Vice President-level and above.
GLOBAL
PROMOTIONS
OVERVIEW
U.S.
PROMOTIONS
OVERVIEW
Women
38%
62%
Men
2,531
4,151
U.S. Ethnic
39%
61%
U.S. White
1,648
2,626
2020 Promotion Data
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2020 Environmental, Social & Governance Report

Upskilling and Reskilling
Over the past few years, our firm has significantly expanded our 
efforts to help ensure all our employees have access to the training 
and education they need to prepare them for the future of work and 
pursue roles within our firm. 
Our strategy is driven by the recognition that investing in upskilling 
and reskilling our existing employees — who already know our 
culture and are committed to our company — to help them adapt 
to changes in our business is the most effective and efficient way 
we can ensure we have the talent we need to compete. Equally 
important, it is among the most impactful ways we can put our 
commitment to diversity, equity and inclusion into action. Our 
firm’s front-line and entry-level employees, whose roles are most 
vulnerable to technological disruption, are disproportionately 
women and diverse. By taking proactive steps to create meaningful 
and accessible opportunities for career mobility, we are 
strengthening our culture of diversity and inclusion.
One way we are doing this is by rolling out a novel program for 
our employees to access tailored educational pathways. Through 
the new learning platform launched in 2020, employees can self-
evaluate against capabilities that help them identify developmental 
opportunities and increase their knowledge and skills for 
aspirational roles in their career development plans. Employees 
receive a personalized learning journey in support of their career 
goals through internal learning programs or through external 
educational organizations that offer low- or no-cost credentials, 
certificates or degree programs. Unlike traditional reimbursement 
programs in which employees are typically left to identify and 
determine the appropriateness of external programs on their own, 
JPMorgan Chase has worked closely with our education providers to 
co-develop programs that are designed to prepare employees for 
new jobs in growing roles at the firm.  
Learn more about how our firm is working to help our own 
employees, and also members of the communities we serve, develop 
skills and build careers in a rapidly changing economy on page 35. 
Talent Redeployment
Our firm has a longstanding process to redeploy eligible 
employees — primarily individuals impacted by a reduction 
— to open internal positions. This is a key way to both retain 
talented people and promote a diverse workforce. When the 
pandemic struck in 2020, we quickly put this process into 
action to identify and redeploy not only employees whose 
roles were at risk due to changing business demands, but 
also those at higher personal risk for COVID-19 in need of 
roles they could perform remotely. During the year, we used 
talent redeployment to find new opportunities for more than 
350 employees.
Supporting and Rewarding Our Employees 
We are committed to providing compensation and benefits 
programs and policies that support the needs of our employees 
and their families. For example, we have made a series of 
increases to wages for our full- and part-time U.S. hourly paid 
employees in recent years. In January 2021, we raised minimum 
base pay for U.S. overtime-eligible employees to between $16 
and $20 per hour, depending on the local cost of living. This is in 
addition to the comprehensive benefits package the firm offers 
that is valued, on average, at approximately $13,700 per employee 
for this population.
We offer a comprehensive U.S. benefits and wellness package to 
our employees and their families, including health care coverage, 
retirement benefits, life and disability insurance, on-site health 
and wellness centers, employee assistance programs, competitive 
vacation and leave policies, backup childcare arrangements, tuition 
reimbursement programs, mental health counseling and support, 
financial coaching and more. We direct our benefit spend toward 
lower-wage earners, including higher insurance subsidies and 
lower deductibles in the medical plan and a $750 special award to 
employees earning less than $60,000.
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2020 Environmental, Social & Governance Report

In 2020, we launched My Finances and Me, a financial well-being 
employee benefit that includes unlimited one-on-one financial 
coaching with certified financial planners for U.S. employees. 
Fully paid for by the firm, the benefit includes a financial wellness 
assessment to help employees prioritize their goals, a website with 
a number of tools and resources, and group education sessions. 
Last year, we also introduced Coping Connections, a virtual forum to 
bring colleagues together to talk about how they are managing during 
the pandemic. The program is part of the firm’s disability inclusion 
and well-being strategy, which includes a focus on supporting 
employees’ emotional and mental health.
Sick and Time-Off Policies
To support the health and well-being of our employees, the firm 
provides all U.S.-based employees with paid sick leave each 
year that is available for numerous health and safety reasons. 
Employees receive up to 56 hours of paid sick time each year 
through various accrual methods, or more as required under state 
or local law, up to 96 hours. 
The firm also provides most full-time and part-time employees 
with three paid personal days each calendar year and provides 
three to five weeks of paid vacation annually, based on job grade 
and years of service.
Working Parents and Family Building 
We offer paid parental and adoption leave providing 16 weeks of 
fully paid parental leave for employees who are primary parental 
caregivers and six fully paid weeks for nonprimary parental 
caregivers following the child’s birth, adoption placement or foster 
placement with intent to adopt. We also provide family building 
assistance to help employees with the high costs of adoption, 
surrogacy and fertility expenses, including up to $10,000 per 
child in eligible adoption expenses and up to a $30,000 lifetime 
maximum for surrogacy and fertility expenses. In addition, we 
have flexible work options to support parents and others who need 
alternative work schedules, and we provide backup childcare in 
many markets and other assistance to working parents. And, to 
support nursing mothers, we have a lactation consulting program 
and breast milk shipping options for our employees who are 
traveling overnight for business purposes.
Supporting Our Employees During the 
COVID-19 Pandemic
In response to the COVID-19 pandemic, we have taken a 
variety of steps to protect and support the well-being of our 
employees. We implemented alternative work arrangements 
that enabled most employees globally to work from home. 
We also awarded over $100 million in special payments to 
support employees with roles that are better performed 
on-site, with a focus on those with compensation less than 
$60,000 per year.
In addition, we enhanced our paid time off policy for 
employees who contract or are exposed to COVID-19 or 
who need time to manage personal needs. For employees 
who are higher risk and cannot do their job from home, 
we have provided an extended leave and have helped 
many employees find project-based work that can be done 
while working from home. Additionally, to support our U.S. 
employees and their families, we provided more days of 
backup childcare, discounts for virtual tutoring and full-
service childcare at our 14 childcare centers. To support 
mental well-being, we have doubled the number of covered 
employee assistance sessions per issue and launched virtual 
forums with mental health clinicians.
Pay Equity
We conduct periodic pay equity reviews covering employees 
at all levels within the firm. In 2020, in aggregate, women 
globally were paid 99% of what men were paid and U.S. 
ethnically diverse employees (defined as Equal Employment 
Opportunity Commission classifications other than white) 
were paid more than 99% of what white employees were 
paid, taking into account factors such as an employee’s 
role, tenure, seniority and geography. We are proud of the 
overall diversity of our workforce. However, we also know 
that women and ethnically diverse employees still are not 
represented in as many senior management positions as are 
men and white employees. Despite the significant progress 
we have made, we are taking a variety of actions focused 
on hiring, retaining, developing and advancing women and 
ethnically diverse employees, especially at more senior levels.
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2020 Environmental, Social & Governance Report

Customer Service
As a global financial institution, we never lose sight of our main mission: serving our customers and clients. Through 
our four lines of business, JPMorgan Chase serves millions of consumers and small businesses in the U.S., as well as 
corporations, local and national governments, investors, nonprofit organizations and a range of other institutions around 
the world. We know that earning the trust of our customers and helping them achieve their goals is what has and will 
continue to enable our company to stand the test of time.
This section focuses principally on our approach to customer service within our CCB business, which serves consumers and small businesses 
across the U.S. under the Chase brand. See page 41 for more on how we help our customers, and members of the communities we serve, 
strengthen their financial health and page 38 for more on how we provide capital and resources to support small businesses and entrepreneurs.  
Treating Customers Fairly
Building deep and lasting customer relationships requires that we 
treat our customers fairly, communicate with them transparently and 
deliver our products and services in an inclusive way that respects 
and reflects the diversity of the customers we serve. We do this in 
part by striving to cultivate a customer-focused culture in which our 
employees are encouraged to, and rewarded for, doing right by our 
customers. We have also developed internal policies and procedures 
aimed at simplifying our disclosures and communications, aligning 
our sales practices with our customers’ interests and protecting 
customers from financial abuse and discrimination. In addition, 
we have taken a range of steps to ensure that our commitment to 
diversity, equity and inclusion is more firmly embedded in how we 
design and deliver products and services to our customers. 
Acting in the Best Interest of Our Customers
Our objective is to provide our customers with the right products 
and services to meet their financial needs, and we train, assess 
and reward our employees accordingly. Any advice our employees 
provide should be consistent with customers’ goals and appropriate 
for their situations. In every transaction, the employee must aim to 
meet the individualized needs of our clients and customers. 
Every year, we educate our bankers on our customer-centered 
policies, procedures and controls. We also maintain performance 
metrics tied to these requirements, which are used to evaluate 
bankers’ performance. We have robust governance and oversight 
of adherence to our policies and procedures. Oversight of sales 
practices, including sales-related incentive compensation plans, is 
performed by the line-of-business Culture and Conduct Committee 
or another appropriate forum. Lines of business must review and 
approve at least annually any incentive plans that relate to customer-
facing sales activity, or that impact direct sales activity, to identify 
and mitigate any potential conflicts or risks they may present.  
We regularly review various aspects of sales practices, including 
sales culture, incentive plans, controls assessments and feedback 
received from customers and employees through multiple channels, 
including our employee Conduct Hotline. Taking all of this feedback 
into account helps mitigate risk, safeguard our reputation and align 
employee performance with the best interests of our customers.
Putting Diversity, Equity and Inclusion at the Center of How 
We Serve Our Customers 
We believe that the long-term growth and success of our firm 
depends both on having a diverse workforce that reflects the 
customers we serve and on developing and delivering products and 
services in a way that is inclusive, equitable and respectful of our 
customers. We have taken a range of steps in recent years to review 
our policies, procedures and programs to help ensure they are fair 
for all our employees and customers. As a result, we found we could 
further improve the tools bank managers use to monitor employees’ 
decisions about customer eligibility for certain products and 
benefits to help ensure fair access. We also simplified our process 
for managing customer complaints and flagging serious concerns 
for direct senior management review.
We continually look for ways to make our products and services 
accessible to more customers. For example, in January 2020, Chase 
opened its first bank branch for customers who are deaf and hard-
of-hearing. Located in Washington, D.C., near Gallaudet University 
— one of the world’s most prominent universities for students who 
are deaf or hard-of-hearing and a major center of the American Sign 
Language (ASL) community — the new branch has been designed to 
be a visual branch for the ASL community and to provide full-access 
accommodations for the deaf community as well as for employees 
who are deaf.
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2020 Environmental, Social & Governance Report

Being Clear and Transparent in Our Marketing and 
Communications
We want our customers to make informed choices about their 
finances and banking options, and we aim to empower them to do 
so by providing transparent information about our products and 
services. When conducting sales on behalf of our firm, employees 
are expected to communicate with customers in a clear, truthful and 
complete manner and to provide them with relevant information to 
make an informed decision.  
Our lines of business are required to have an established procedure 
for reviewing all new and revised marketing materials, terms and 
conditions, disclaimers and other customer communications to 
make sure they are fair, clear and not misleading — as well as in 
accordance with applicable regulations and requirements. 
Protecting Elder and Vulnerable Populations from 
Financial Abuse
We continue our work to increase awareness about financial abuse 
affecting both elder and vulnerable populations and to provide 
resources to help our customers and employees identify and 
report scams and exploitation. Through a recent collaboration 
with the AARP Foundation, we are helping older adults learn how 
to protect themselves and their loved ones, as well as to leverage 
digital technology to better monitor their finances. We look for 
innovative solutions to protect our customers using data analytics, 
and we are concentrating on ongoing training and communication 
with our front-line employees. Starting in 2021, we will require all 
front-line branch staff to take AARP’s BankSafe training to better 
spot attempted exploitation of older customers and help coach 
those customers on how to stay safe. We support and work with 
regulators, law enforcement, nonprofit organizations, advocacy 
groups and others to explore strategies and best practices for 
combating financial abuse of elder and vulnerable customers.
Listening and Responding  
to Our Customers
We believe that the best way to grow our business is to treat our 
customers well, which is why we are focused on delivering a great 
customer experience. We teach these principles through employee 
training, we measure our success through customer feedback and we 
make sure our products and services keep up with changing customer 
needs. We also regularly review and look for ways to make it easier for 
customers to navigate the full range of products and services we offer.
We regularly engage with customers, consumer groups and other 
stakeholders with a goal of developing products, services and 
approaches that are responsive to their needs and address the 
issues that matter most to them. We have established forums, 
known as Chase Advisory Panels, for local, regional and national 
stakeholders to share with our senior executives their perspectives 
on community development needs as well as public policy and 
regulatory issues. In addition, we conduct hundreds of meetings 
annually with community-based organizations. 
We solicit customers’ direct feedback on their experiences and 
needs through a range of channels, including in person at our 
branches, through our website, on social media and via customer 
satisfaction surveys. In addition, we collect customer feedback 
through external media and ratings agencies. We take this feedback 
seriously and use it to improve our approach and offerings.
Serving Low- and  
Moderate-Income Customers 
Our firm works to serve all customers, including traditionally 
underserved people and their communities. We offer products and 
services that provide safe, high-quality and affordable ways to access 
banking services and improve financial health. One example is 
Chase Secure BankingSM, a low-cost, low-fee account geared toward 
people new to banking or who have had trouble getting or keeping 
an account in past. We are also expanding our branch presence in 
low- and moderate-income communities across the country — and 
are stepping up resources we make available at these branches 
to help improve financial health with workshops like Chase Chats 
and advice (see page 42). In addition, we are taking steps to make 
homeownership more accessible in low- and moderate-income 
communities, including recently increasing our Homebuyer GrantSM 
to up to $5,000 to help customers with down payment assistance 
(see page 44).
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2020 Environmental, Social & Governance Report

Protecting Customer Privacy and Data Security
Protecting our customers’ personal and financial information 
and handling it responsibly is a top priority for our firm. We have 
robust internal controls, policies and security measures designed to 
keep this information safe, and we require that third parties, such 
as our suppliers and vendors, preserve our high standards and 
protections for data. 
Customers need to know what we are doing with their personal 
information. We strive to provide them with clear, user-friendly 
explanations of our privacy practices, including how we collect, 
share, use and protect their information, and what choices they 
can make to limit the sharing of personal information. If we market 
our products and services in a language other than English, we 
provide our privacy notices and all other pertinent disclosures in that 
language as well. We let customers know in advance if we plan to 
make material changes to our privacy policies through a variety of 
channels, including by email and through our secure message center. 
We safeguard personal information through a wide range of 
technological, administrative, organizational and physical security 
measures. In addition, our Code of Conduct and related policies 
for ethical business conduct include specific guidelines about how 
employees should safeguard customers’ confidential information. 
As noted in our California Consumer Privacy Act (CCPA) disclosure, 
we do not sell personal information as contemplated by the CCPA.  
We have a formal privacy incident management process in place to 
respond to any suspected or actual incident involving unauthorized 
access to or disclosure of personal information, its availability or an 
impact to its integrity. Our centralized process requires escalation 
to a dedicated Incident Response Team for mitigation, severity 
assessment, root cause analysis and corrective actions. We notify 
impacted individuals of privacy breach incidents in accordance 
with applicable state or federal law, as well as when we believe 
that the incident represents a risk to the impacted individuals or 
others associated with them, even where a law might not require 
notification. Any material issues, including data breaches, are 
disclosed in our quarterly and annual regulatory filings.
We are always investing in enhanced data privacy and security 
solutions to safeguard information. See page 13 for more on our 
approach to cybersecurity.
Supporting Our Customers During the COVID-19 Pandemic
We know that many of our customers have faced — and continue to face — financial challenges and hardship as a result of the 
COVID-19 pandemic. During 2020 and into 2021, our firm has taken a range of steps to provide payment assistance and refund or 
waive certain fees for those who need help.
For example, we offered customers the option of delaying monthly credit card payments if they told us they were affected and needed 
help, and refunded any associated late fees. We also allowed customers to delay their monthly payment on their auto loan or leases, 
waiving any associated late fees, and gave customers the option to extend their auto lease maturity date past the original termination 
date for up to an additional six months. Additionally, we offered customers the chance to delay monthly mortgage or home equity 
payments for an initial period of up to three months with the option to delay additional payments, waiving any associated late fees 
and suspending foreclosure activity during the assistance period.
By the end of 2020, we had provided customer assistance to over 2 million accounts, including delaying payments and refunding fees 
across our business banking, home lending, credit card, deposit, and auto lease and loan accounts.
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2020 Environmental, Social & Governance Report

Operational Sustainability
Minimizing the environmental impact of our physical operations is an important part of our overall sustainability strategy. 
Doing so supports our commitment to operating responsibly, enhances the resiliency of our firm and reduces costs. Given 
the nature of our business, our direct environmental impacts stem primarily from the operation of our more than 5,500 
corporate buildings, bank branches and data centers. 
This section focuses on the operational components of our sustainability strategy. For more on how we are managing the environmental 
and social risks associated with our financing activities, see page 14; for more about how we are helping accelerate the transition to a low-
carbon economy, see page 47.
Our Operational Sustainability Targets
We have developed the following targets to drive progress on operational sustainability:
Maintain carbon neutral 
operations annually, 
starting in 2020
Source renewable energy for 
100% of our global power needs 
annually, starting in 2020
Reduce Scope 1 and Scope 2 
greenhouse gas emissions by 
40% by 2030 vs. a 2017 baseline
Satisfy at least 70% of our renewable 
energy goal with on-site renewable 
energy and off-site long-term 
renewable energy contracts by 2025
Transition our entire 
owned fleet of vehicles to 
electric vehicles by 2025
Reduce global water 
consumption by 20% by 
2030 vs. a 2017 baseline
Reduce office paper use by 90% 
by 2025 vs. a 2017 baseline
Purchase 100% of our 
paper from certified sources 
by the end of 2021
Divert 100% of e-waste from 
landfills
Achieving Carbon Neutral Operations
In 2020, we committed to become carbon 
neutral across our operations. Our 
commitment includes Scope 1 (direct) 
greenhouse gas (GHG) emissions from 
building operations and company-owned 
aircraft and vehicles; Scope 2 (indirect) GHG 
emissions from purchased electricity; and 
Scope 3 (indirect) GHG emissions associated 
with business travel. We are committed to 
maintaining carbon neutral operations each 
year going forward. 
Our strategy to achieve — and maintain — carbon neutral operations is focused on the following: 
• Improving efficiency. Reducing the amount of energy we use is our first priority; we 
have undertaken a range of energy efficiency measures across our operations and plan 
to implement additional improvements in the coming years.
• Sourcing renewables. Next, we are focused on installing on-site renewable energy systems 
at JPMorgan Chase properties and executing long-term renewable energy procurement 
agreements (e.g., Power Purchase Agreements and green power supply contracts).
• Purchasing Energy Attribute Certificates (EACs) and carbon offsets. Finally, for the 
remainder of our direct and indirect emissions, we are purchasing applicable EACs (e.g., 
Green-E certified Renewable Energy Certificates [RECs], International-RECs) and verified 
carbon offsets (see page 31). 
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2020 Environmental, Social & Governance Report

Our 2020 Operational GHG Footprint
JPMorgan Chase’s operational GHG footprint stems from two primary activities: powering our buildings (e.g., electricity, heating 
and cooling) and business travel. Scope 2 emissions, from purchased electricity, are the largest driver of our building-related 
emissions and overall operational GHG footprint. The majority of our business travel-related emissions are Scope 3 emissions 
from commercially operated air and rail; reimbursed personal vehicle and rental car travel; and hotel stays. A small portion of 
our business travel emissions are Scope 1 emissions from company-owned aircraft and vehicles.
Direct emissions from owned or 
controlled sources
Scope 1
Indirect emissions from the generation 
of purchased electricity
Scope 2(a)
Other indirect emissions sources(b)
Emissions Sources(c)
Carbon Neutral Strategies
Scope 3
69,570
MtCO2e(d)
9%
660,601
MtCO2e(d)
86%
36,169
MtCO2e(d)
5%
Reduce business travel
Purchase verified carbon 
offsets
Purchased electricity for owned 
and leased facilities for which the 
firm controls the energy usage 
and pays the utility bills
Reduce energy consumption
Install on-site renewable energy
Execute long-term renewable 
energy procurement agreements
Purchase applicable EACs and 
verified carbon offsets
Fuel oil to heat buildings, diesel 
to run generators, jet fuel for 
company-owned aircraft
Business travel, including air, 
rail, reimbursed personal 
vehicle and rental car travel, as 
well as hotel stays
Reduce energy consumption
Procure low-carbon fuels 
(e.g., sustainable aviation fuel)
Purchase verified carbon 
offsets
(a)  Scope 2 emissions are location based
(b)  Includes business travel
(c)  List is not exhaustive
(d)  Metric tons of carbon dioxide equivalent
Buildings, Branches and Data Centers
The largest contributor to our operational GHG footprint is 
purchased electricity, which is why our strategy for carbon neutral 
operations is principally focused on reducing energy use and 
sourcing renewable energy. To that end, in 2017, we set a goal to 
source renewable energy for 100% of our global power needs on 
an annual basis, beginning in 2020. We met our goal in 2020 by 
generating and purchasing renewable energy and corresponding 
EACs in an amount equivalent to the total megawatt hours (MWh) of 
electricity that our firm consumed globally throughout the year. 
We intend to maintain our commitment to carbon neutral operations — 
and to do so in a way that maximizes positive impact. Moving forward, 
we will continue to support the development of renewable energy, 
including by installing on-site renewable energy systems and executing 
long-term renewable energy procurement agreements. We have set a 
goal that these solutions will make up 70% or more of our renewable 
energy procurement, with the remainder satisfied by applicable EACs. 
In parallel, to drive progress in efficiency and reduce our energy use, 
in 2021 we announced a new target to cut our Scope 1 and Scope 2 
(location-based) emissions by 40% by 2030, over our 2017 baseline.
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2020 Environmental, Social & Governance Report

Highlights of our efforts include the following: 
• Energy efficiency. We have implemented a number of efficiency 
measures across our operations. For example, we have installed 
LED lighting systems at approximately 4,300 branches and 
50 commercial offices, reducing lighting-related electricity 
consumption at each building by an estimated 50%. We have also 
installed energy-efficient building management systems at over 
3,400 branches to better control and monitor energy use at each 
location. In addition, we recently piloted an artificial intelligence-
based building management system overlay, which will provide 
real-time data and insights to help us further reduce our energy 
use and GHG footprint of our commercial buildings. 
• On-site renewable energy. Since 2017, we have installed on-site 
solar generation systems across our global operations, where 
feasible. This includes installing approximately 30 megawatts 
(MW) of solar capacity across 900 branches, which are expected 
to provide about 35% of each location’s power needs. In 
addition, during 2020 we began installing an additional 12 MW 
of carport solar capacity at our corporate campus in Columbus, 
Ohio. Combined with the existing rooftop array, the site will 
have approximately 14.8 MW of solar capacity and will be able 
to generate about 75% of its annual power needs. We also 
recently completed construction of a 2 MW solar array at our 
Bournemouth, England, campus, which, in combination with 
thermal energy storage, provides enough energy to power the 
entire campus during the day. All told, we currently have plans 
to install 40 MW of solar capacity across our corporate office 
buildings in the U.S. and the U.K. 
• Off-site renewable energy. Throughout the past year, we 
signed additional long-term agreements to purchase renewable 
energy. For example, in 2020 we collaborated with Brookfield 
Renewable to purchase electricity from hydroelectric sources 
equivalent to the amount needed to power over 500 facilities, or 
90% of our operations, in New York state. This project also pilots 
an innovative, blockchain-based technology that will match our 
electricity demand across the state with power generated from 
Brookfield Renewable’s hydroelectric facilities in real time. 
We also collaborated with Algonquin Power & Utilities Corp. 
on the development of a 108 MW, 22-turbine wind farm in 
Lee County, Illinois, that will bring almost 350,000 MWh of 
clean energy to the U.S. grid per year. JPMorgan Chase will 
purchase approximately 70% of the wind farm’s energy output, 
equivalent to about 14% of our energy needs globally.
Business Travel
Business travel represented approximately 5% of our operational 
GHG emissions in 2020. During the year, our firm’s business travel 
was significantly reduced compared to previous years due to the 
COVID-19 pandemic and, going forward, our objective is to minimize 
travel when possible by leveraging virtual technology. When we do 
travel, we aim to reduce our emissions by leveraging lower-carbon 
options, including by transitioning our entire owned vehicle fleet to 
electric by 2025. For the remainder of our travel-related emissions, 
we will purchase verified carbon offsets. In 2020, we expanded 
the scope of business travel we report — and offset — beyond 
commercially operated air and rail to include reimbursed personal 
vehicle and rental car travel, as well as hotel stays. 
Another way we are working to leverage lower-carbon solutions 
for our business travel is by seeking to accelerate investment in 
sustainable aviation fuels (SAF), which have the potential to reduce 
the carbon intensity of flying by more than 80% compared with 
conventional jet fuel. In early 2021, we became a founding member 
of the Sustainable Aviation Buyers Alliance, an initiative working 
to establish a SAF certificate trading system, which will enable 
companies like ours that are unable to directly purchase SAF to buy 
the resulting emission reductions for use toward our sustainability 
goals — ultimately increasing the demand signal to the SAF market 
and incentivizing the production of more SAF. In addition, to further 
demonstrate our support of and demand for SAF, JPMorgan Chase’s 
corporate flight department helped bring one of the first truckloads 
of SAF to the Greater New York metropolitan area — making us the 
first company to partner with our aviation fuel supplier to take such 
a delivery of SAF.
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2020 Environmental, Social & Governance Report

Our Approach to Carbon Offsets
Carbon offsets are an important tool that enables companies to invest in projects that reduce GHG emissions and, in many cases, 
create valuable social and community co-benefits. At JPMorgan Chase, we purchase offset credits to address emissions that we are 
unable to abate through efficiency improvements or other measures. We purchase offset credits that have been certified by accredited 
third parties, which means they are real, additional and independently verified. We also strive to source offset credits that are 
generated from projects located in areas where JPMorgan Chase has a presence, and that have additional co-benefits. 
Reducing Waste and Sourcing Responsibly 
Responsible resource and waste management are important 
elements of our sustainability strategy, helping us reduce our 
impacts while improving efficiency and reducing costs. Our 
focus is on reducing our water and waste footprint, coupled with 
responsible disposal of the waste we produce. To drive progress 
in these areas, in 2021 we set new targets to reduce our water 
consumption by 20% by 2030 and internal paper use by 90% by 
2025 compared with 2017 baselines. And we have also committed 
that by the end of 2021 we will source 100% of our paper from 
certified sources, meaning the products come from responsibly 
managed forests that provide environmental, social and economic 
benefits. We work to recycle paper, as well as non-paper waste, 
throughout our buildings and branches where recycling services 
are available and economically feasible. We are working to 
optimize existing recycling services, expand such services to new 
locations and explore opportunities to bring composting services 
to more of our corporate locations with cafeterias. We also 
carefully select vendors to dispose our e-waste responsibly, with 
100% diverted from landfills. 
We recognize that the environmental and social impact of our 
operations extends to our suppliers. As such, we seek to do 
business with suppliers that share our values and commitment to 
making a positive impact in the communities where we operate. 
We encourage our suppliers to develop internal programs, as 
well as targets, to foster a culture of sustainability. We expect 
them to conduct their operations in a manner that protects the 
environment by making reasonable efforts to meet industry best 
practices and standards with respect to the reduction of energy 
use, GHG emissions, waste and water use.
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2020 Environmental, Social & Governance Report

ENVIRONMENTAL DATA
2020
2019
2018
2017
Global employee headcount
255,351
256,981
256,105
252,539
Rentable square feeta 
58,940,565
57,205,977
57,584,466
58,140,356
GHG Emissions (MtCO2e)Footnote b following this table.
Scope 1 — directc
 69,570 
 81,655 
 83,101 
 78,229 
Natural gas
 39,332 
 46,183 
 46,488 
 40,696 
Propane
 149 
 283 
 276 
 233 
Fuel oil
 2,994 
 2,471 
 3,323 
 3,081 
Jet fuel
 4,013 
 8,323 
 8,412 
 8,916 
Fugitive emissions
 23,082 
 24,395 
 24,602 
 25,303 
Scope 2 (location) — indirect
 660,601 
 692,299 
 739,458 
 770,704 
Purchased electricity
 656,414 
 686,626 
 731,120 
 763,828 
Purchased steam and chilled water
 4,187 
 5,673 
 8,338 
 6,876 
Total Scope 1 and Scope 2 (location)
 730,171 
 773,955 
 822,559 
 848,933 
Scope 2 (market) — indirect
 4,187 
 556,142 
 572,067 
 596,843 
Purchased electricity
–
 550,469 
 563,728 
 589,967 
Purchased steam and chilled water
 4,187 
 5,673 
 8,338 
 6,876 
Total Scope 1 and Scope 2 (market)
 73,757 
 637,798 
 655,167 
 675,073 
Scope 3 (category 6 — business travel)
 36,169 
 181,004 
 176,356 
 187,020 
Total emissions:  Scope 1, 2 (market) and 3
 109,926
 818,802
 831,524 
 862,092 
Verified carbon offset emissions reductions
 109,926 
 189,327 
 184,769 
 175,155 
Net emissions: Scope 1, 2 (market) and 3
–
 629,474 
 646,755 
 686,937 
Renewable Power (MWh)
Electricity production (on-site solar and fuel cells)
 17,172 
 7,743 
 13,290 
 6,472 
Contractual instrumentsd
 1,679,213 
 380,901 
 375,280 
 370,801 
Proportion of power use from renewable sources (production and instruments)
100%
22%
22%
21%
Energy Consumption (MWh)
Direct Energy
Natural gas
 216,862 
 254,794 
 256,623 
 224,119 
Propane
 692 
 1,314 
 1,281 
 1,081 
Fuel oil
 2,013 
 9,849 
 13,248 
 12,283 
Jet fuel
 14,965 
 31,833 
 32,172 
 33,447 
Indirect Energy
Purchased electricity
 1,693,143 
 1,759,170 
 1,787,344 
 1,823,121 
Purchased steam and chilled water
15,052
25,317
37,143
30,645
Total
 1,942,728 
 2,082,277 
 2,127,812 
 2,124,697 
Water Consumption (m3)
U.S. operationsFootnote b following this table.
 5,035,089
 5,091,865
 5,731,976
 5,611,797 
a JPMorgan Chase utilizes an operational control approach to establish boundaries for our GHG inventory. This includes owned and leased facilities for which we control the energy
  usage and pay the energy/utility bills directly to the respective utility.
b Scope 1, 2 and 3 emissions and water consumption have been verified by a third party. See ESG Report Appendices for verification statements. Other data has not been subject to
  external verification.
c Scope 1 emissions include emissions from corporate air travel. In 2020, business travel-related emissions from reimbursed personal vehicle and rental car travel, and hotel stays,
  were added to the scope. In 2019, rail travel was added to the scope. In previous years, only commercial air travel was included.
d Contractual instruments include RECs from the Buckthorn wind farm PPA, Bengaluru Physical PPA, U.K. renewable energy guarantees of origin
  (REGOs), Brookfield NY renewable electricity supply procurement, EMEA renewable electricity supply procurement and Mumbai solar and wind tariff.
32
2020 Environmental, Social & Governance Report

How We Put 
Our Business to 
Work for Our 
Stakeholders
IN THIS SECTION
Driving an Inclusive Recovery	
	
    34
Building Careers and Skills	
	
    35
Fueling Business Growth and Entrepreneurship	
	
    38
Strengthening Financial Health and Wealth Creation	
    41
Catalyzing Community Development	
	
    43
Accelerating Climate and Sustainability Solutions	 	
    47
33
2020 Environmental, Social & Governance Report

INTRODUCTION
Driving an Inclusive 
Recovery
JPMorgan Chase believes that our firm has a responsibility to harness our business and policy expertise, research, data, 
talent and global presence to help create greater economic opportunity for more people. The COVID-19 pandemic has 
caused unprecedented health and economic consequences, and also exacerbated the racial inequities around the world. 
This means that there is a need to drive an inclusive recovery that breaks down barriers and creates and sustains more 
widespread opportunity. 
To support our communities, customers and employees, we are 
focusing on key drivers of economic growth: building careers 
and skills; fueling business growth and entrepreneurship; 
strengthening financial health and wealth creation; and 
catalyzing community development. Our firm has a number 
of longstanding initiatives aimed at strengthening these 
pillars of opportunity, but the pandemic, coupled with the 
global reckoning on systemic racism, demanded greater and 
accelerated change. That is why in October 2020 we committed 
an additional $30 billion over the next five years to advance 
racial equity. Progress will be tracked regularly and shared with 
senior leadership across the firm, as well as externally with 
the Chase Advisory Panel, to assess performance and hold the 
business accountable.
Our firm is also leveraging our business and expertise to 
advance the transition to a lower-carbon economy and a more 
sustainable future. This includes aligning key sectors of our 
financing portfolio with the goals of the Paris Agreement, 
which aims to limit the average global temperature rise to well 
below 2.0 degrees Celsius above preindustrial levels to avoid 
the most serious consequences of climate change. We are also 
helping our clients execute on their sustainability strategies, 
decarbonize and raise capital to develop and scale new, 
greener technologies and industries. In 2020, we facilitated 
more than $220 billion in transactions that advance sustainable 
development, including more than $55 billion toward green 
initiatives (see page 52).
$30 billion
commitment to address key drivers of the racial wealth divide
Advancing Racial Equity
Building on our existing investments, in 2020, JPMorgan Chase 
committed an additional $30 billion — which will include loans, 
equity and direct funding — over the next five years to address 
key drivers of the racial wealth divide and provide economic 
opportunity to underserved communities, especially the Black 
and Latinx communities. Our efforts are focused on: 
• Promoting and expanding affordable housing and 
homeownership in underserved communities
• Growing Black- and Latinx-owned businesses 
• Improving financial health and access to banking in Black 
and Latinx communities
• Accelerating investment in our employees and building a 
more diverse and inclusive workforce
To support these efforts, we are drawing on the work of 
the JPMorgan Chase PolicyCenter and the JPMorgan Chase 
Institute to develop and support data-driven public policies 
that bolster an inclusive recovery and advance racial equity. 
And, alongside the work of our business, JPMorgan Chase 
will provide $2 billion in philanthropic capital as part of the 
$30 billion commitment to support these efforts. This will 
include an emphasis on supporting Black- and Latinx-led 
organizations.
Learn more about our commitment at Our Path Forward.
34
2020 Environmental, Social & Governance Report

Building Careers 
and Skills
Accelerating changes in technology, automation and artificial intelligence means that the future of work is now. To 
better connect adults and young people to well-paying jobs in a transformed economy and labor market, education 
and training systems need to adapt and innovate to meet current and future skill demands. Responding to these 
changes is all the more urgent in light of the COVID-19 pandemic, which has worsened persistent racial inequities in 
the labor market that have led to significant disparities in opportunity and wealth building around the world.
Building on our firm’s global effort to prepare people for the future 
of work — New Skills — in 2019, we expanded on the initial $250 
million commitment we made in 2013 with a new $350 million, five-
year commitment focused on creating economic mobility and career 
pathways for underserved populations. That meant that, when the 
pandemic hit in 2020 — and disproportionately impacted the workers 
of color who are overrepresented in the hardest-hit sectors and 
front-line roles — we were able to quickly mobilize to get resources to 
our longstanding nonprofit partners so they could provide support to 
vulnerable individuals. 
Through New Skills, JPMorgan Chase is leveraging our business, 
data and expertise; making targeted philanthropic investments; 
and advancing policy solutions to promote job stability and career 
mobility. Our efforts are focused on:
• Supporting training and skill development programs that 
connect workers and young people to well-paying, stable jobs 
with opportunities to advance
• Strengthening the capacity of community colleges, college 
systems and educational institutions to improve workforce and 
educational outcomes
• Building connections between employers and education and 
training providers to align skill development programs to 
business needs
• Applying insights from our work in the community to our own 
policies and practices as an employer to create more paths 
for career mobility within our firm and to prepare our own 
workforce for changes in technology and business
Investing in Young People
Expanding access to education, credentials and real-world work 
experiences that prepare young people for the jobs of today and 
tomorrow has long been a focus for our firm — but we are being even 
more purposeful about these investments in light of the pandemic. 
Historically, economic downturns disproportionately impact young 
people, especially young people of color.  
In 2020, JPMorgan Chase awarded a total of $42 million to six U.S. 
cities — Boston, Columbus, Dallas, Denver, Indianapolis and Nashville 
— as part of a $75 million global career readiness initiative. Our firm’s 
$7 million commitment to each city is enabling it to formulate new 
cross-sector collaborations to improve student completion of high-
quality career pathways and support inclusive economic recovery 
strategies. We will be expanding this initiative to additional sites 
outside of the U.S. in 2021. To further these goals, and the firm’s New 
Skills investments, JPMorgan Chase’s PolicyCenter is developing and 
advancing policy recommendations to prepare students and workers 
for good careers and economic mobility.
$42 million
awarded to six U.S. cities in 2020 as part of 
JPMorgan Chase’s global career readiness initiative
35
2020 Environmental, Social & Governance Report

In 2020, we marked the 10th anniversary of The Fellowship Initiative 
(TFI), a JPMorgan Chase program that provides comprehensive 
academic, social and emotional support to Black and Latinx young 
men from low-income communities. Over the past decade, TFI has 
matched more than 350 high school Fellows in New York, Chicago, 
Dallas and Los Angeles with JPMorgan Chase employees, who serve 
as mentors for three years. The Fellows receive coaching, academic 
support and leadership development that helps prepare them for 
college and career success. The program has contributed to a 100% 
admission rate to college among graduating Fellows, with more than 
half of the Fellows being the first in their family to attend college. 
As we look ahead to the next decade of TFI, we are expanding the 
program to several additional U.S. cities and we have committed to 
tripling the number of TFI Fellows to more than 1,000. 
We are also continuing our support for summer youth employment 
programs, which play an important role in guiding young people 
on a path to greater economic mobility. Working closely with cities 
and nonprofits, in 2020 our firm committed $3 million across more 
than 20 U.S. cities to help ensure the accessibility of summer youth 
employment programs during the pandemic. As with so much 
during the year, this required adopting new approaches such as 
virtual learning experiences and mentoring.
$3 million
committed across more than 20 U.S. cities to shore up summer 
youth employment programs during the pandemic
Strengthening the Capacity of 
Community Colleges
Bolstering community colleges and making stronger connections 
between community college programs and employer needs is a key 
focus of our New Skills investments. With open admissions policies 
and lower costs relative to other institutions, community colleges 
play an important role as engines of economic mobility by providing 
economically and demographically diverse communities with 
access to career opportunities. In 2019, JPMorgan Chase committed 
$125 million in philanthropic capital to strengthen the capacity of 
community colleges across the U.S. We have also developed hiring 
programs with several community colleges and engaged extensively 
with their leaders and educators — and encouraged other employers 
to do so as well — to share insight into our skill needs and to help 
educators develop courses and curricula that align with those needs.      
$125+ million
in philanthropic capital invested since 2019 to strengthen 
the capacity of community colleges across the U.S.
Building on what we learned through our firm’s investments in 
major metropolitan community college systems in recent years — 
including City Colleges of Chicago, the City University of New York, 
Dallas County and others — we have looked to identify new ways to 
expand this work to other underserved areas. In 2020, this included 
developing a new program focused on strengthening the capacity 
of rural community college systems. Through a collaboration with 
Achieving the Dream — a nonprofit focused on increasing the 
academic and economic success of low-income students, students 
of color and other marginalized populations — we are supporting 
the Building Resiliency in Rural Communities for the Future of Work 
initiative. As part of this effort, seven rural community colleges 
have been selected to receive financial resources, technical support 
and access to networks to help them better train students for 
well-paying careers and to serve as regional economic engines in 
today’s digital economy.
36
2020 Environmental, Social & Governance Report

Providing a Second Chance
One in three working-age adults in the U.S. has an arrest or 
conviction record, creating significant barriers to employment for 
a substantial number of Americans.2 That is why one focus of our 
efforts to create economic mobility is giving people with criminal 
backgrounds across the U.S. a second chance by supporting their 
reentry into the workforce, community and local economies. 
Through the JPMorgan Chase PolicyCenter, we are supporting 
federal and state policy changes to remove barriers to employment 
for people with criminal backgrounds. Our firm supported the 
Fair Chance Act, which was signed into federal law in December 
2019 and helps qualified workers with arrest or conviction records 
compete for employment in federal agencies and with federal 
contractors. We supported a measure signed into law in 2020 
restoring access to Pell Grants for incarcerated individuals, which 
allows them to pursue post-secondary education in prison and 
increases employment opportunities after their release. The firm 
also backed a rule change that was approved by the Federal Deposit 
Insurance Corporation in 2020 that makes it easier for people with 
convictions for certain low-risk crimes to qualify for jobs in the 
banking industry. 
Also, as part of JPMorgan Chase’s broader strategy to diversify our 
talent pipeline, we have implemented a range of changes to expand 
opportunities for individuals with criminal backgrounds who meet 
certain requirements to pursue careers within our firm, such as 
“banning the box” on job applications and delaying a background 
check until a conditional offer of employment has been made. 
In 2020, we hired approximately 2,100 individuals with criminal 
backgrounds, approximately 10% of our new hires in the U.S.
In addition, we are collaborating with other employers to encourage 
adoption of similar practices. For example, we are working with 
Business Roundtable to convene a business coalition to highlight 
innovative practices that advance second chance hiring.
Facilitating Career Mobility  
Within Our Firm
JPMorgan Chase is testing and applying insights from our work 
in communities to create greater career mobility for our own 
employees. A key part of these efforts includes identifying the 
certifications, credentials and other training that will prepare 
employees for changes in technology and business and allow them 
to compete for new and in-demand roles in our firm — and then 
leveraging local educational institutions to offer employees access 
to low- or no-cost upskilling and reskilling opportunities that align 
with those roles. Learn more about how JPMorgan Chase is creating 
opportunities for our employees to build their skills and pursue 
growing roles within our company on page 23.
~10%
of JPMorgan Chase’s U.S. new hires in 
2020 had a criminal background
37
2020 Environmental, Social & Governance Report

Fueling Business Growth 
and Entrepreneurship
The private sector is the primary engine of economic growth and opportunity, and JPMorgan Chase is proud to be a 
leader in providing the capital and expertise that businesses of all sizes need to grow and prosper. Small businesses play 
an especially vital role in fueling local economies, creating jobs and generating opportunity, and our firm has a broad 
range of products, services and programs designed to meet the needs of our small business customers.
We know from experience that all entrepreneurs face challenges 
launching and growing a business. However, we also know that 
underserved entrepreneurs, including people of color, women 
and veterans, face unique barriers. That is why, alongside our 
business activities, we invest philanthropic capital in organizations 
developing innovative approaches focused on expanding access 
to capital, expertise and networks for underserved entrepreneurs. 
The COVID-19 pandemic — which has disproportionally impacted 
minority-owned businesses — underscores that these efforts are 
more urgent than ever. 
In 2020, our firm expanded our commitment to support minority 
entrepreneurs by pledging to provide an additional 15,000 loans 
— delivering up to $2 billion in capital — to small businesses in 
majority-Black and -Latinx communities over the next five years. 
We also committed to spend an additional $750 million with Black 
and Latinx suppliers over that same period. And, in early 2021, we 
announced a new $350 million, five-year global commitment — 
which includes low-cost loans, equity investments and philanthropy 
— to grow Black, Latinx, women-owned and other underserved small 
businesses. These investments are all part of our firm’s broader $30 
billion commitment to advance racial equity.
$350 million
in low-cost loans, equity investments and philanthropy to grow Black, 
Latinx, women-owned and other underserved small businesses
Serving Our Small Business 
Customers
During 2020, JPMorgan Chase originated over 800,000 small 
business loans for a total of $30.3 billion, an increase in capital 
extended of nearly 40% from the year before. Approximately 20% 
of these loans were made to businesses in low- and moderate-
income communities.
The economic fallout from the COVID-19 pandemic has been 
devastating for U.S. small businesses, and in 2020 our firm quickly 
mobilized to support our customers by helping them access 
available government financing and providing other resources 
to help them weather the crisis. Through the Small Business 
Administration’s (SBA’s) Paycheck Protection Program, we delivered 
firmwide $32 billion in loans to small businesses ($28 billion 
excluding SBA safe harbor refunds), more than any other lender 
on a dollar basis. With research from the JPMorgan Chase Institute 
showing that Black-owned businesses were especially hard hit, 
our firm partnered with a coalition of business advocacy groups 
— the National Minority Supplier Development Council, U.S. Black 
Chambers, National Urban League and Black Enterprise — to launch 
Advancing Black Entrepreneurs by Chase for Business in 2020. 
Together, our firm and our partners developed an educational 
curriculum designed for and delivered at no cost to eligible 
entrepreneurs on key topics that are vital to business growth and 
sustainability. By the end of the year, the program reached over 
1,800 attendees across the first two sessions, and work is underway 
to develop and deliver additional sessions in 2021.
38
2020 Environmental, Social & Governance Report

Supporting Diverse Suppliers
JPMorgan Chase is using our global purchasing power to support 
businesses owned and operated by historically underrepresented 
groups and to drive economic growth in our communities. Since 
2015, our firm has spent approximately $11 billion with businesses 
owned by minorities, women, military veterans, disabled veterans, 
service-disabled veterans, people with disabilities and members 
of the LGBT+ community, including over $2 billion in 2020 alone. 
Our firm is proud to be a member of The Billion Dollar Roundtable, 
which recognizes excellence in supply chain diversity.
Our commitment to supplier diversity focuses not only on seeking 
to do business with diverse suppliers, but also on proactively 
helping foster the growth and success of our suppliers’ businesses. 
We do so by offering and supporting a range of resources, 
including education and training workshops, mentoring and 
coaching programs, networking opportunities and more. 
In addition, to amplify our impact, we have a Tier 2 supplier 
program through which we encourage our key suppliers to 
establish and maintain their own diverse supply chains, as well 
as report their spend to us on a quarterly basis. We also have 
a dedicated effort to mobilize our Gold Suppliers — a network 
of over 100 companies that have achieved our top supplier 
designation — to promote supplier diversity programs, with 
an emphasis on Black- and Latinx-owned businesses. Our Gold 
Suppliers are leaders in their respective industries with their own 
considerable purchasing power, so we view this effort as a unique 
and powerful way to collectively help address racial inequities and 
structural barriers in supply markets. 
$2+ billion
spent in 2020 with suppliers owned and operated 
by historically underrepresented groups
Investing in the Success of 
Underserved Entrepreneurs 
In late 2020, our firm introduced the Minority Entrepreneur 
Program, a nationwide initiative designed to help entrepreneurs in 
historically underserved areas access coaching, technical assistance 
and capital. We launched the program first in Chicago, where 
we are providing Black- and Latinx-owned small businesses with 
one-on-one mentorship and digital education to help grow their 
businesses. We have since rolled out the program in Atlanta, Detroit, 
Los Angeles and Houston, and we have plans to expand it to new 
markets later in 2021. In addition, we expect to roll out lending 
solutions with expanded credit eligibility to business owners from 
historically underserved communities. 
Our firm also has a variety of other longstanding programs designed 
to support specific groups of underserved entrepreneurs. For 
example:
• Through our Women on the Move global initiative, we have 
supported tens of thousands of women-owned businesses 
through a free digital series called Navigating Your Cash Flow, 
which provides small business owners with interactive tools 
designed to help improve their companies’ cash position and 
ability to find new revenue streams. We also launched a program 
that supports women-founded companies seeking venture 
capital funding and aims to close the gender-based funding gap 
by providing greater access to capital, networking opportunities 
and the advisory services of a world-class bank.
• As part of Advancing Black Pathways — our firm’s initiative 
to accelerate economic empowerment and opportunity for 
the Black community — we launched the New Voices Banking 
Bootcamp for women of color entrepreneurs in 2020. Created 
in collaboration with the New Voices Foundation, the program 
provides participants with business banking and finance 
education, along with a $10,000 award upon completion. 
• Through our Office of Military and Veterans Affairs, we 
reached more than 600 veteran-owned small businesses 
through two in-person and three virtual events in 2020. All told, 
since 2016, our firm has invested more than $11 million to help 
support training, incubation and paths to capital for veteran-
owned small businesses through our work with several veteran 
support organizations.
39
2020 Environmental, Social & Governance Report

Expanding the Entrepreneurs  
of Color Fund
Since its inception in Detroit in 2015, the Entrepreneurs of Color 
Fund has provided over 1,200 loans and deployed more than 
$32 million in capital to Black, Latinx and other underserved 
entrepreneurs. The firm’s signature program has grown to include a 
network of 12 Community Development Financial Institutions (CDFIs) 
in five metro areas: Detroit; the Bay Area; South Bronx; Chicago; and 
the Greater Washington, D.C. area.
In collaboration with the Local Initiatives Support Corporation and 
a network of CDFIs, JPMorgan Chase is contributing $42.5 million 
in low-cost loans and philanthropy to expand the Entrepreneurs of 
Color Fund, which provides access to capital and advisory services 
for minority entrepreneurs. Our firm’s commitment will help enable 
the Entrepreneurs of Color Fund to scale to additional cities in 2021, 
with the goal to create a nationwide program providing low-cost 
loans and technical assistance to minority-owned small businesses 
through our community lending partners.
$32+ million  
in capital deployed to Black, Latinx and other underserved 
entrepreneurs through the Entrepreneurs of Color Fund
Leveraging Philanthropic Capital 
Our firm deploys philanthropic capital to support and scale 
innovative efforts to help unlock the power of small business 
as a driver of economic opportunity and build the capacity of 
diverse-led nonprofits across the globe to more effectively support 
entrepreneurs. Over the past five years, our firm has provided more 
than $200 million in philanthropic capital, including $20 million in 
COVID-19 relief, to support underserved small businesses in cities 
around the world. These funds provided access to capital and 
technical support to more than 1 million diverse small businesses, 
which have raised nearly $10 billion in capital and increased 
revenue by an average of 22%.
$200+ million  
in philanthropic capital, including $20 million in COVID-19 relief, 
committed to support underserved small businesses in cities 
around the world
Strengthening Minority-Owned and 
Diverse-Led Financial Institutions 
Our firm has committed $75 million in capital and deposits to 
Black- and Latinx-led Minority Depository Institutions (MDIs) and 
CDFIs, which provide vital financial services, help build wealth 
and grow local businesses in underserved communities. In early 
2021, we announced the first $40 million in investments and 
commitments, including to the holding companies for Louisiana-
based Liberty Bank and Trust, North Carolina-based M&F Bank, 
New York-based Carver Federal Savings Bank and Los Angeles-
based Broadway Federal Bank.  
J.P. Morgan Asset Management also launched Empowering 
Change, a unique program in partnership with MDIs and diverse-
led CDFIs to provide economic opportunity to underserved 
communities. The program includes a new Empower share class 
offered across J.P. Morgan Asset Management’s money market 
funds, allowing MDIs and CDFIs to engage with institutional 
clients and generate new revenue streams. J.P. Morgan Asset 
Management will donate 12.5% of revenue received for 
management of the Empower share class to support community 
development and will provide access to the firm’s breadth of 
resources, including training, education and marketing, as well as 
its digital investment platform, Morgan Money.
$75 million  
commitment to Black- and Latinx-led MDIs and CDFIs 
40
2020 Environmental, Social & Governance Report

Strengthening 
Financial Health 
and Wealth Creation
Even before the COVID-19 pandemic hit, many individuals and households were struggling with their financial health: 
Only 29% of Americans were financially healthy in 2019, despite a strong economy.3 At the same time, large racial wealth 
gaps persist, with the JPMorgan Chase Institute finding that Black and Hispanic households have 32 and 47 cents in 
liquid assets, respectively, for every $1 held by white families.4 The economic shock brought on by the pandemic — and 
its disproportionate impacts on low-income households and people of color — has only magnified and heightened the 
widespread financial insecurity and inequity.
JPMorgan Chase serves nearly half of all U.S. households, and we believe that presents a unique responsibility — and opportunity — to leverage 
our reach and expertise to help consumers strengthen their financial health and build and sustain wealth. We do so by creating innovative and 
affordable products and services that help individuals increase savings, manage spending, reduce debt, build credit and plan for their financial 
goals. We also support nonprofit organizations working to improve financial resiliency and build wealth in communities, as well as developing 
innovative fintech solutions aimed at improving the financial health of low- and moderate-income consumers around the world.
Helping Customers Manage Their Financial Lives 
We offer customers a suite of tools to help them strengthen their 
financial health, as well as an online Financial Goals webpage 
that provides actionable information to help individuals manage 
their budget, save and build credit. Today, more than ever, digital 
channels — including online and mobile banking — are an important 
way for us to reach our customers.   
One of the newest online tools we offer to help customers manage 
financial volatility in their lives is Budget. Launched in late 2020, 
Budget provides a simple way for customers to create a monthly 
budget based on their income, recurring expenses and flexible 
spending, which is the portion of their budget they can best control. 
Budget then tracks all of their Chase credit and debit card spending 
so that they can stay on track and identify additional ways to save. 
 
72%
increase in customers enrolled in Autosave in 2020
Helping our customers save is another focus for our business. 
Our Autosave tool allows customers to identify their savings goals 
and set up automatic transfers to fund their goals, whether it is 
emergency savings, a down payment for a home or their next 
vacation. Autosave helps build a savings habit by automating 
transfers from customers’ checking to their savings accounts 
and allowing them to monitor their progress through a savings 
dashboard. The number of customers enrolled in Autosave grew by 
72% in 2020 to nearly 2.4 million — and the total amount saved by 
customers using the tool more than doubled from year-end 2019. 
On average, customers saved 11% more per month using Autosave 
in 2020 compared with the prior year.   
Another tool we offer to help consumers improve their financial 
health — regardless of whether they are Chase customers — is 
Chase Credit JourneySM. This free resource enables consumers to 
check their credit score and view their full credit report online, and 
also offers automatic alerts and a score simulator that demonstrates 
how certain actions can impact credit scores. 
41
2020 Environmental, Social & Governance Report

Broadening Access to Banking Services
Access to safe, high-quality and affordable banking services is 
an important foundation of financial health, and low-income 
households — as well as Black and Latinx households — are more 
likely to be unbanked or underbanked.5 In 2020, JPMorgan Chase 
pledged to help an additional 1 million people open low-cost 
checking and savings accounts over the next five years.  
One way we plan to do this is by amplifying awareness of Chase 
Secure BankingSM — our low-cost, no overdraft checking account — to 
those new to banking or who have had trouble getting or keeping a 
bank account in the past. Chase Secure BankingSM accounts provide 
users with the benefits of being a Chase customer, like access to 
thousands of fee-free ATMs, free money orders and cashier’s checks, 
Chase’s mobile app and support from bankers in person or by phone. 
Since its launch in 2019, Chase Secure BankingSM has helped over 1 
million people access mainstream banking. Chase Secure BankingSM 
has been certified by Bank On for meeting the National Account 
Standards as a low-cost, low-fee account.  
When the COVID-19 pandemic hit, the ability to access mobile 
banking services was more important than ever, and Chase Secure 
BankingSM enables our customers to deposit paychecks and stimulus 
checks and conduct other banking services without having to go into 
a branch. We also added tip sheets to our online Financial Goals hub 
on how to access government resources and navigate the financial 
impacts of the pandemic.       
Our bank branches are another important way we serve our 
customers and provide access to banking services. As part of our 
firm’s market expansion initiative launched in 2018, we announced 
plans to open more than 100 new branches in low- and moderate-
income communities, representing about a third of our planned new 
branches. Since 2018, we have opened more than 80 branches in 
low- and moderate-income communities. 
We have also continued to roll out our Community Center branch 
model, through which we offer expanded financial health and 
other resources tailored to address the needs of underserved 
communities. Following the successful opening of our first such 
branch in Harlem in New York City in 2019, we opened similar 
branches in Minneapolis and Chicago in 2020. We plan to open an 
additional 13 of these community-inspired branches in traditionally 
underserved neighborhoods by the end of 2022. 
In addition, to better meet the needs of underserved communities, 
in 2020 we expanded our team of community managers, who lead 
one-on-one financial coaching sessions, help drive financial health 
initiatives in our branches and leverage our relationships with nonprofit 
organizations to increase financial health among underbanked and 
underserved communities. Over the next five years, we plan to expand 
this team further by hiring up to 150 new community managers.
Seeding and Scaling Innovative 
Financial Solutions
As part of a five-year, $125 million commitment to improving 
financial health of underserved communities, JPMorgan Chase is 
leveraging its philanthropic capital and expertise to seed and scale 
technology-based innovations to improve the financial health of low- 
and moderate-income households around the world. At the center 
of this effort is the Financial Solutions Lab, a $60 million, 10-year 
initiative managed by the Financial Health Network in collaboration 
with founding partner JPMorgan Chase and support from Prudential 
Financial. Since 2015, the Financial Solutions Lab Accelerator has 
supported 43 fintech startups that serve at least 10 million active 
users. Collectively, the companies’ innovative financial products have 
helped their customers build over $3 billion in savings, avoid $420 
million in fees and settle over $20 million of debt.
Globally, we support similar efforts such as the Financial Inclusion 
Lab in India and the Catalyst Fund in emerging markets. Beginning 
in 2020, we brought together these partners, along with the 
Financial Solutions Lab, to share lessons and best practices in 
supporting early-stage startups providing fintech solutions to 
underserved populations. 
$3+ billion  
in savings built — and $420 million in fees avoided — by customers of 
the the fintech startups that are part of the Financial Solutions Lab
Helping Individuals Weather the 
Financial Shock of COVID-19
When the COVID-19 pandemic hit in 2020, we quickly mobilized to 
provide emergency support to help individuals and small business 
owners address immediate financial needs, navigate public benefits 
and manage their finances. This included providing more than $1 
million to organizations in California — including Mission Asset 
Fund, the International Rescue Committee and its CDFI affiliate, the 
Center for Economic Opportunity — to provide financial coaching 
and affordable loans to households and small business owners with 
a focus on underserved communities, including refugees, 
immigrants and low- and moderate-income households. We also 
provided $2 million in support to existing nonprofit partners 
SaverLife and Neighborhood Trust to launch a COVID-19 response 
effort to deploy virtual financial coaching and emergency savings 
support to small business employees and vulnerable workers.
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2020 Environmental, Social & Governance Report

Catalyzing Community 
Development
Investing in our communities is part of how we do business, and we know that their long-term health is critical to 
sustaining a stronger economy. Our comprehensive approach combines data and expertise, community development 
lending and equity, and strategic philanthropic capital designed to help create inclusive communities that connect 
residents to economic opportunity.  Over the past year, this also meant supporting an inclusive recovery from COVID-19. 
A key focus of our strategy is promoting affordable housing and homeownership in underserved communities. This is driven by our 
recognition that housing is a critical foundation of strong and resilient communities — and that when individuals have access to safe and 
affordable homes, they enjoy better health, education, earnings and other measures of well-being.6 However, an affordable housing crisis has 
been unfolding — and worsening — for years.7 One in three households — nearly 100 million people across the U.S. — struggles with housing 
costs that jeopardize their financial security.Endnote 8 on page 58. Meanwhile, only 36 affordable and available units exist for every 100 extremely low-income 
renter households in the U.S.9 
The economic crisis resulting from the COVID-19 pandemic has accelerated this pre-existing crisis, disproportionately impacting and 
destabilizing many households of color.10 In response, JPMorgan Chase is focusing our efforts on improving housing stability and affordability 
for households of color, particularly Black and Latinx households, to help them access, secure and maintain safe and affordable homes 
connected to economic opportunities. 
Supporting Housing Stability During 
the COVID-19 Pandemic and Beyond
As millions of households began to face critical financial strain and 
uncertainty due to the pandemic, we quickly shifted our philanthropic 
focus to helping prevent evictions and foreclosures. In addition, we 
directed resources to help stabilize nonprofit affordable housing 
providers, including small landlords, to protect and preserve existing 
units at risk of losing affordability. 
For example, we provided $1 million to the National Association for 
Latino Community Asset Builders — a hub of more than 120 nonprofits, 
including affordable housing developers, working to advance economic 
mobility and strengthen neighborhoods for Latino communities. 
This grant provided emergency financial assistance to keep 2,000 
Latino families housed during the height of the economic crisis, and 
supported Latino-led nonprofit affordable housing providers to help 
them respond to a surge in client needs during the pandemic.
Producing, Preserving and Protecting 
Affordable Housing
Even before the pandemic, the affordability crisis was acute and 
the racial wealth gap among renters was clear: Over half of Black 
and Latinx renter households were cost burdened going into the 
pandemic, spending more than 30% of their income on housing.11 
Since the start of the pandemic, the need to create more affordable 
housing — and focus on efforts to expand access for households of 
color — has taken on even more urgency. 
JPMorgan Chase has a longstanding commitment to affordable 
housing development, bringing our industry expertise, a 
comprehensive set of financial solutions and a focus on combining 
our business and philanthropic efforts to support affordable 
housing from initial planning to property development. Through 
our Community Development Banking and Tax Oriented Investment 
business activities, over the past decade we have committed 
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2020 Environmental, Social & Governance Report

more than $28 billion to lend to and invest in affordable housing, 
which has resulted in the development of over 350,000 affordable 
housing units restricted to serving low-income tenants, including 
approximately 44,000 units in 2020. Through philanthropic capital, 
we have committed more than $245 million over five years, which 
has helped enable our grantees to leverage an additional $1.5 billion 
of outside public and private capital and to create or preserve over 
32,000 affordable housing units.
As part of our firm’s $30 billion commitment to advance racial 
equity, we have pledged to expand on this work by financing an 
additional 100,000 affordable rental units over the next five years. 
To do so, we will provide $14 billion in new loans, equity investments 
and other efforts to increase access to affordable housing in 
underserved communities.
We will provide financing for an additional
100,000  
affordable rental units over the next five years
Expanding Homeownership
In the U.S., homeownership has traditionally been a major financial 
goal for families and is recognized as a successful vehicle for wealth 
building. Our firm is focused on expanding access to homeownership 
for low- and moderate-income customers and, in 2018, we made a 
five-year commitment to finance $50 billion of mortgages in low- and 
moderate-income communities. By the end of 2020, we had financed 
over $31 billion, putting us 63% toward our five-year goal.
We know, however, that there are significant, and growing, racial gaps 
in homeownership rates — the homeownership gap between Black 
and white families grew to 31% in 2019, larger than it has been in 
decades — and that this disparity in homeownership is a key driver12 of 
the racial wealth divide. So, in 2020 we stepped up our commitment 
by pledging $8 billion in mortgages, which is expected to originate 
an additional 40,000 home purchase loans for Black and Latinx 
households over the next five years. We will also help an additional 
20,000 Black and Latinx households achieve lower mortgage 
payments through refinancing loans totaling up to $4 billion.
We will originate an additional 
40,000   
home purchase loans for Black and Latinx 
households over the next five years
One of the barriers to homeownership is closing costs, so in early 
2021 we doubled our Chase Homebuyer GrantSM — to up to $5,000 
— for customers buying a home in one of the 6,700 communities 
identified by the U.S. Census as majority Black, because that is where 
homeownership rates are lowest. In addition, we continue to make 
homeownership more accessible with our DreaMakerSM Mortgage, 
which allows buyers to make a down payment of as little as 3% 
and offers an affordable monthly payment. In 2020, DreaMakerSM 
accounted for 22% of our home purchase mortgages. With 
DreaMakerSM, buyers can earn a $500 grant by completing a financial 
education program to prepare them for homeownership. These 
products and programs complement the suite of other affordable 
loan products and programs we offer, including Federal Housing 
Administration and U.S. Department of Veterans Affairs mortgages. 
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2020 Environmental, Social & Governance Report

Mobilizing Capital for Community 
Development
While safe, affordable housing is vital for communities, access to 
health care, childcare, healthy food and well-paying jobs is also 
essential. Through our Community Development Banking business, 
our firm drives lending and investment capital to high-impact 
projects — in addition to affordable housing — that have the 
potential to be transformative in low-income communities. We do 
this as a leading investor in the federal government’s New Markets 
Tax Credit (NMTC) program, which stimulates investment in low-
income communities by encouraging private investors to provide 
longer-term, patient capital in exchange for a tax credit. 
In 2020, we received a $65 million NMTC allocation. All told, our 
firm has invested more than $2.7 billion of equity — including both 
our NMTC and Historic Tax Credit portfolios — driving capital to 
590 community development projects since the NMTC program’s 
inception two decades ago. In addition, as part of our firm’s $30 
billion commitment to advancing racial equity, we pledged to make 
an additional $100 million in NMTC investments in 2021 with a 
focus on Black-owned or -led projects, as well as projects primarily 
serving Black populations.
Seeding Innovative Solutions to 
Community Challenges 
Through the AdvancingCities Challenge, JPMorgan Chase identifies 
and seeds collaborative and creative community development 
solutions to challenges ranging from affordable housing to small 
business development. In 2020, we combined the AdvancingCities 
Challenge with our PRO Neighborhoods Competition and awarded 
a total of $37 million to nonprofit organizations working in seven 
cities: Baton Rouge, Boston, Chicago, Minneapolis, New Orleans, 
Philadelphia and Portland. 
Winners included the Resurrection Project in Chicago, which together 
with its partners is increasing housing access and affordability 
through modular housing and innovative financial products in South 
Side and West Side neighborhoods; and Family Housing Fund and its 
collaborative members in Minneapolis, which are working to prevent 
displacement, increase homeownership and build generational 
wealth by helping longtime community residents — particularly 
Black, Latinx, Indigenous and immigrant residents — become first-
time homebuyers and landlords of small, multifamily buildings.
Supporting and Partnering with MDIs 
and CDFIs
MDIs and CDFIs provide vital financial services in communities that 
are often underserved. In order to provide this necessary funding 
to underrepresented communities, many MDIs and CDFIs need 
additional capital themselves. Our firm originated over $285 million 
of lending to CDFIs and their affiliates in 2020, and, as part of our 
$30 billion commitment to advancing racial equity, we will provide 
$375 million in additional financing to diverse-led CDFIs over the 
next five years. We also pledged to invest $75 million in capital and 
deposits in Black- and Latinx-led MDIs and CDFIs (see page 40). 
These new initiatives are focused on strengthening minority-owned 
and diverse-led financial institutions by providing additional access 
to capital, connections to institutional investors, specialty support 
for Black-led commercial projects, and mentorship and training 
opportunities. 
Investing in Data to Advance Policy
Our firm is investing in research and data to help communities 
advance more coordinated and effective local housing and other 
community development strategies and policies. We are drawing 
on our firm’s unique proprietary data, expertise and market 
access to inform our own and others’ strategies and policies. 
For example, in early 2021, we released The First 100 Days and 
Beyond, a report that highlights research from JPMorgan Chase 
Institute and the work of the JPMorgan Chase PolicyCenter to 
describe data-driven recovery policies that provide immediate 
support to those most impacted by the COVID-19 pandemic. The 
report also highlights longer-term policies to increase the financial 
health and stability of households and small businesses.
$300+ million   
in additional financing will be provided to  
diverse-led CDFIs over the next five years
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2020 Environmental, Social & Governance Report

SPOTLIGHT
Driving Impact Through Innovative Financing 
Our firm is putting to work all of the tools at our disposal to help 
advance racial equity and build a more inclusive economy. One 
of those tools is Impact Finance, an innovative approach that 
pairs financial products with data-driven philanthropic strategies. 
Through a dedicated pool of proprietary capital we created in 
2018, JPMorgan Chase is helping fill a gap in the market for 
flexible capital to meet the needs of organizations and companies 
tackling fundamental community challenges. These efforts, which 
emphasize supporting diverse-led organizations and those that 
serve communities of color, also enable our firm to recycle and 
reinvest returned capital in communities to drive greater impact.
We deliver Impact Finance capital in two ways: through long-
term, low-cost loans to mission-driven financial intermediaries, 
such as CDFIs; and equity investments in early-stage, mission-
driven companies.
In 2020, we closed 13 transactions totaling over $120 million. The 
pandemic created unique challenges during the year, and much of 
our work was focused on responding to this crisis. We know that 
Black-and Latinx-owned small businesses were hit particularly 
hard; as a result, we doubled down on support to CDFIs lending 
to minority-owned small businesses and businesses in low- and 
moderate-income communities across the U.S. For example, we 
made a $30 million commitment to the Entrepreneurs of Color 
Fund (see page 40), as well as over $20 million in loans to CDFIs 
focused on small business, such as Ascendus, Inc. and TruFund 
Financial Services, Inc. These loans will be used to support 
small businesses and nonprofits in hard-hit communities such as 
Chicago, Detroit, Houston, Los Angeles, New Orleans, New York 
City and Seattle.
Knowing that community health centers offer crucial access to 
health care, we extended a $10 million loan to CPCA Ventures 
in partnership with Capital Impact Partners for the CPCA COVID 
Response Loan Fund to support community health centers in 
California. Additionally, in recognition that access to affordable 
housing remains a key challenge in many areas — and that it is 
a social determinant of health — we increased our loan to the 
Housing for Health Fund to $25 million in total. A partnership 
between Kaiser Permanente and Enterprise Community Partners, 
the fund will be used to finance the preservation of affordable 
housing across the Bay Area. 
We also know the private sector can drive highly scalable 
innovations that advance our impact objectives. To that end, we 
have invested in companies like Bitwise Industries, which helps to 
create inclusive pathways to high-wage, high-growth technology 
careers, and Upswing, a student support platform helping prevent 
student drop-out at community colleges, Historically Black 
Colleges and Universities and Hispanic-serving Institutions across 
the country.
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2020 Environmental, Social & Governance Report

Accelerating Climate 
and Sustainability 
Solutions
Developing solutions to the sustainability challenges we face 
is critical for our planet, society and communities around 
the world. Climate change, in particular, is one of the most 
urgent societal problems and is driving increased risks for 
businesses. At the same time, there are opportunities to 
advance solutions that protect the environment, support 
sustainable development and grow the economy. 
Our global reach and expertise make us well positioned to help 
accelerate solutions that support the transition to a low-carbon and 
more inclusive economy. We are doing this by helping our clients 
raise the capital they need to build sustainable infrastructure, develop 
and scale new technologies, and implement business strategies for 
transition. We are also focused on helping carbon-intensive industries 
rapidly decarbonize, and we are supporting investors who seek to put 
their capital to work to advance these opportunities. Over the next 10 
years — beginning in 2021 through the end of 2030 — we aim to finance 
and facilitate more than $2.5 trillion to advance long-term solutions that 
address climate change and contribute to sustainable development.
This section focuses on how we are leveraging our business to 
advance the transition to a more sustainable, low-carbon economy, 
including highlighting our engagement with industry, policy and 
other stakeholders. Our approach is reflected in an expanding 
suite of sustainability-focused initiatives across our business, 
including our Paris-aligned financing commitment and our 10-year 
sustainable development target. From our growing portfolio of 
green financing activities to our deepening focus on ESG and 
sustainable investing, we are leveraging the global reach and 
expertise of our firm to help provide the capital that will be needed 
to make the low-carbon transition a reality.
Our Sustainability Approach
As a global financial institution working with clients in 
nearly every sector of the economy, we know we have an 
important role to play in tackling sustainability challenges, 
including climate change. This means pursuing sustainability 
objectives both in how we do business and in how we put 
our business to work for our stakeholders.
THIS REPORT COVERS KEY ELEMENTS OF OUR 
SUSTAINABILITY APPROACH, INCLUDING:
Supporting our clients and financing opportunities 
that accelerate the transition to a low-carbon 
economy and a more sustainable future
This section
Managing environmental and social risks  
in our business
See page 14  
Minimizing the environmental impact  
of our operations
See page 28  
This report also includes information on how we are working 
to advance effective policy development to address climate 
change and sustainable development, engaging with industry 
and other stakeholders on sustainability matters, and our 
approach to reporting regularly on our overall strategy. 
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2020 Environmental, Social & Governance Report

SPOTLIGHT
Our View of the Climate Challenge
Addressing climate change and meeting the goals of the 
Paris Agreement is a global imperative; yet, doing so requires 
overcoming major challenges. Reducing GHG emissions — the 
main cause of climate change — will require collective ambition 
and cooperation across the public and private sectors. As a major 
intergovernmental accord, the Paris Agreement was an important 
step toward that collective ambition, aiming to limit the global 
average temperature rise to well below 2.0 degrees Celsius above 
preindustrial levels, and ideally, to 1.5 degrees Celsius. However, 
the world is not on track to meet these goals.
The primary sources of GHG emissions — coal, oil and natural gas 
— have powered the world’s energy economy for many decades, 
in the process advancing significant economic growth and social 
development for billions of people around the world. However, 
the foundation of our global energy system now threatens the 
very growth these resources have enabled. The challenge we face 
today is twofold: We need to find ways to continue to generate 
energy for the world’s growing needs, including transportation, 
electricity and heating for homes and offices, and powering 
industry and manufacturing. And we need to do so by using 
lower-carbon technologies so that the world can meet the 
objectives of the Paris Agreement.
Currently there are not adequate, commercially available low-
carbon energy solutions for all of the world’s energy needs. 
Technologies like wind and solar have made huge strides, but 
they are principally deployed for electricity generation. Overall, 
renewable energy accounts for only about 28% of global electricity 
generation.13 And, even as this scales up, electricity generation 
still accounts for only about 44% of global carbon dioxide 
emissions.14 Particularly in harder-to-abate sectors such as 
industrial, manufacturing and heavy transportation (e.g., trucking 
and air travel) — which support basic economic needs around the 
globe — many of the technology alternatives that exist today are 
not yet scalable or cost-effective.
As a result, even as additional low-carbon technologies are 
developed and deployed over time, resources like oil and natural 
gas will continue to play a role in meeting essential global energy 
needs. Industries that produce and consume these resources 
cannot be abandoned completely. Therefore, companies that 
produce and consume these resources will need to invest in 
significant and continuous performance improvements to help 
meet the Paris Agreement goals. 
Clearly these are daunting challenges, which will require 
meaningful efforts across the public and private sectors. 
Significant changes in government policy and the creation of new 
technologies will ultimately be required to reach the goals of 
the Paris Agreement, particularly in those industrialized sectors 
that today lack alternatives. To that end, our firm continues 
to actively support market-based policy solutions, including a 
price on carbon (see page 57) and the commercialization of new 
technologies that can help advance deep decarbonization.
While our firm — or even the financial sector as a whole — cannot 
solve these challenges alone, we have an important role to play. 
It is estimated that up to $150 trillion will be needed globally 
over the next 30 years to achieve the Paris Agreement’s goals.15 
This means that, for companies to succeed through energy 
transition — that is, become more efficient, innovate, evolve and 
stay competitive in a changing world — they will need significant 
capital and strategic support.
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2020 Environmental, Social & Governance Report

Aligning Our Financing with the Goals of the Paris Agreement
In October 2020, JPMorgan Chase announced our commitment to align our financing portfolio with the goals of the Paris Agreement. This 
means we are measuring the GHG emissions of our clients in key sectors of our financing portfolio (our “financed emissions”) and are setting 
reduction targets for these sector portfolios that are Paris-aligned. To start, we have developed intermediate Paris-aligned targets to reduce 
the carbon intensity in our Oil & Gas, Electric Power and Auto Manufacturing portfolios by 2030.
 Why We Made This Commitment
Our commitment to Paris-alignment is an important step toward 
accelerating the low-carbon energy transition and encouraging 
near-term actions that will set a path for achieving net-zero 
emissions by 2050. By working directly with clients to develop and 
finance their transition strategies and goals, we will help them 
navigate the challenges and opportunities of decarbonization 
and the energy transition, while also helping accelerate new 
technologies and business strategies. 
Despite the many challenges, more and more companies are hard 
at work to align their business strategies to the goals of the Paris 
Agreement. As a global financial services firm, we do business with 
companies operating in a diverse array of industries, including many 
in the energy sector. We want to use our position to make an impact 
and help drive solutions, because encouraging these efforts is good 
for our clients, the economy, our business and ultimately the planet.
Our Paris-aligned financing commitment is the next step in our 
journey to mobilize our business to respond to our clients’ needs 
and help address climate change. 
Our Approach to Paris-Alignment
JPMorgan Chase has developed Carbon CompassSM — our 
methodology to measure and track progress against our Paris-
aligned targets. Our methodology incorporates, but also expands 
on, existing external approaches to define robust, decision-useful 
metrics and science-based, Paris-aligned targets on a sector-by-
sector basis. Our targets are based on credible third-party energy 
and emissions scenarios, such as the International Energy Agency’s 
Sustainable Development Scenario (IEA SDS) and the Energy 
Technology Perspectives Beyond 2°C Scenario (ETP B2DS), which 
include specific glide paths to achieve Paris-aligned emissions.
We chose to initially focus on three sectors — Oil & Gas, Electric 
Power and Auto Manufacturing — for a few key reasons. First, 
these sectors are each responsible for a significant share of GHG 
emissions in the global energy value chain, making them key to 
bringing overall emissions trajectories in line with the goals of the 
Paris Agreement. Second, viable transition pathways exist and 
many companies in these sectors are already pursuing them. Third, 
though improvements are needed, sufficient emissions data is 
emerging in each of these sectors. Finally, these sectors represent 
both the supply and demand side of the energy system, with oil 
and natural gas being key energy sources used by the power and 
automotive sectors. Therefore, the interplay between these sectors 
is important to overall decarbonization. For example, a lower-
carbon power grid is a key enabler of decarbonization in the auto 
sector, as electric vehicles are only truly low- or zero-emission 
if charged by lower carbon or renewably powered electricity. By 
starting with these three sectors, we are increasing full value 
chain accountability for decarbonization. Over time, we will work 
to expand our methodology to encompass additional sectors and 
aim to extend and improve its application in accordance with best 
practices and improved data availability. 
In establishing our methodology, we enlisted the support of ERM 
— a global pure-play sustainability consultancy with deep sectoral, 
technical and business expertise in the low carbon and energy 
transition — to challenge and enhance our efforts. We are making 
the details of our methodology public to help advance collective 
efforts across our industry and to bring our clients along on our 
journey to help meet the goals of the Paris Agreement. 
See our Carbon Compass Methodology for more details on our 
overall process and sector-specific details.
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2020 Environmental, Social & Governance Report

Current Portfolio and 2030 Portfolio Targets
The metrics in the table below summarize the financed emissions starting point of each of our sector portfolios (i.e., our portfolio 
baselines), as well as the 2030 targets we have defined for each sector, which are Paris-aligned. These metrics are measured as a 
weighted average carbon intensity of each portfolio, as further detailed in our methodology document.
Sector
2019 Portfolio Baseline
2030 Portfolio Targets
Oil & Gas
Operational
(Scopes 1 and 2)
6.1 
g CO2e/MJ
-35%
reduction from 2019 baseline
End Use
(Scope 3)
66.5 
g CO2/MJ
-15%
reduction from 2019 baseline
Electric Power
(Scope 1)
375.6 
kg CO2/MWh
115.4 kg CO2/MWh
-69% reduction from 2019 baseline
Auto Manufacturing
(Scopes 1, 2 and 3)
157.8 
g CO2e/km
92.3 g CO2e/km
-41% reduction from 2019 baseline
Moving forward, we will disclose our progress against our targets annually, as well as details of how we are implementing and refining our 
methodology over time.
Highlights of Our Carbon CompassSM Methodology
Our approach incorporates what we believe are the most relevant, 
impactful, credible and decision-useful data and metrics to drive 
progress. Below, we highlight some key choices and considerations 
that we made in the development of our methodology. 
Include the most relevant and impactful activities, emissions 
and financing. To be effective, we know the metrics we use and the 
emissions we measure must be based on activities that generate the 
most GHG emissions for each sector and that are most important for 
each company’s transition pathway. 
For example, in the Oil & Gas sector, we include both operational 
(Scope 1 and 2) emissions from the production and refining of 
oil and gas, and end-use (Scope 3) emissions associated with the 
ultimate combustion of that oil and gas. We also include methane 
emissions in addition to carbon dioxide, because methane is a 
critical component of the overall global warming impact of the 
sector. Similarly, in the Auto sector we include U.S. light trucks in 
addition to global passenger cars, since most U.S. light trucks are 
used as passenger vehicles. For some companies, U.S. light trucks 
can constitute up to 30% of global passenger vehicle sales, making 
these vehicles material for overall emissions and for a company’s 
ability to transition to a lower-carbon fleet. 
We also include our most relevant financing in these sectors. Our 
approach includes both financing that we directly provide (such as 
through revolving credit facilities) as well as our share of facilitated 
financing (such as through our underwriting in debt and equity 
capital markets). The vast majority of this activity occurs in our CIB 
and CB lines of business.
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2020 Environmental, Social & Governance Report

Use carbon intensity because it is the most decision-useful 
metric for our commitment. The primary metric we are currently 
using to measure company and our portfolio performance is carbon 
intensity, which expresses emissions relative to a given unit of output 
(e.g., kilograms of carbon dioxide per megawatt hour of electricity 
generation) rather than in absolute terms (e.g., just kilograms of 
carbon dioxide). Carbon intensity metrics will most effectively enable 
us to evaluate performance at the sector and the company levels, 
inform our engagement with our clients and make capital allocation 
decisions. Evaluating these changes in performance is crucial in 
an economy that needs to meet the Paris objectives while still 
generating energy for the world’s growing needs.
More specifically, carbon intensity is decision-useful and impact- 
oriented because it:
• Allows us to set informative targets that are aligned with 
science-based scenarios, which require constraining total 
emissions on a pathway that ultimately achieves net zero
• Enables us to meaningfully engage with new and existing 
clients and provide the capital necessary to help finance their 
transition, while reducing the carbon intensity of our portfolio
• Enables us to evaluate both individual companies’ and whole 
sectors’ performance against decarbonization trajectories that 
must be achieved to align with the Paris Agreement 
• More effectively reflects the progress that high-emitting 
companies and sectors are making in transitioning to lower-
carbon production and products
• Allows for easier comparison across a portfolio of companies 
within a sector and between companies of different sizes
• Is less affected than absolute emissions by year-to-year 
emissions volatility, such as changes in companies’ production
• Avoids attributing market volatility (e.g., changes in company 
value) to our measurement of a company’s emissions, which 
can result in incorrect signals about a client’s underlying 
emissions performance
Base calculations on best available data — and advocate for 
better data. Our metrics are designed to make use of consistent, 
well-reported and standardized data. Where gaps do exist, we have 
established a detailed process for using the best available alternative 
data. However, more and better data is still needed. Beyond our three 
starting sectors in particular, measuring company emissions remains 
a significant challenge. Going forward, we will explore different ways 
to engage with industry on improving emissions data and aim to 
update our methodology to reflect improvements over time.
How We Will Drive Progress
Going forward, we intend to align our lending and underwriting 
decisions in our chosen sectors to work toward achieving our 
portfolio targets, which means we will work to increasingly support 
those companies that are helping advance the goals of the Paris 
Agreement, such as by expanding their investment in low- and 
zero-carbon energy sources and technologies and reducing their 
GHG emissions.  
Measuring emissions performance metrics and stated targets will be 
a key factor in how we evaluate and make decisions about financing 
of clients in our chosen sectors. While our 2030 portfolio targets 
are primarily based on carbon intensity metrics, we will consider a 
variety of performance indicators in our financing decisions, such 
as our clients’ own transition-related forward-looking commitments, 
business strategies and capital planning. Our targets have been 
developed at the portfolio level, instead of the client level, to 
recognize the unique challenges that exist for each sector, subsector 
and even each company. We also recognize that — for both our 
clients and our own portfolios — the pathway of forward-looking 
targets is unlikely to be linear, as the trajectory of transition for 
most companies will be driven by factors such as moments of major 
technological breakthroughs. 
Significant amounts of capital and strategic advice will be needed 
to support companies through the global energy transition, and it 
is our objective to use our capital and expertise to encourage and 
help our clients make this transition. We believe our biggest impact 
comes from engaging with clients in these industries to inform 
their strategic and financial decisions. Our new Center for Carbon 
Transition (CCT) is vital to this overall effort. We established the CCT 
to manage our Paris-aligned financing commitment and engage with 
clients on sustainability-focused financing, research and advisory 
solutions to help guide their long-term business strategies. The CCT 
has accountability to senior leadership in our CIB and CB lines of 
business and will work in close partnership with teams across our 
business to drive achievement of our commitment. 
Across the firm, JPMorgan Chase is already helping our clients 
raise the capital they need to build sustainable infrastructure and 
develop and scale new technologies and business strategies. The 
remainder of this section describes these efforts and the business 
units driving them.
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2020 Environmental, Social & Governance Report

Furthering Sustainable Development 
As a global financial institution, we have an opportunity to leverage our financing capabilities and expertise to help catalyze and support 
more sustainable and inclusive economic growth around the world. The United Nations estimates that achieving the ambitious agenda set out 
in the Sustainable Development Goals (SDGs) by 2030 will require $5 to $7 trillion per year,16 and JPMorgan Chase is working to help achieve 
this important goal.
In 2020, our firm committed to finance and facilitate $200 billion to 
drive action on climate change and advance sustainable development. 
This target was a significant expansion of the previous target we set 
in 2017, which was to facilitate $200 billion by 2025 in clean financing. 
We are proud to report we have achieved our clean financing target 
and exceeded our 2020 goal by facilitating more than $220 billion in 
transactions during the year, including more than $55 billion toward 
green initiatives. And we have raised the bar for ourselves by aiming 
to finance and facilitate more than $2.5 trillion over 10 years to 
advance climate action and sustainable development. 
Our sustainable development activities are focused in three areas:17 
• Green. Supporting climate action, with the goal of accelerating 
the deployment of solutions for cleaner sources of energy and 
facilitating the transition to a low-carbon economy
• Development Finance. Mobilizing capital to advance the United 
Nations SDGs in emerging economies
• Community Development. Advancing economic inclusion in 
developed markets
OUR 2020 SUSTAINABLE DEVELOPMENT ACTIVITIES 18 
Development Finance
emerging markets
developed markets
including retrofitting, rehabilitating or constructing accredited 
energy-efficient buildings (e.g., LEED, Energy Star)
Community Development
15%
60%
2%
including investing in tax credit vehicles in alternative energy 
(e.g., solar and wind projects)
10% Tax-oriented Investments
Commercial Banking
including capital raising in debt and equity markets; underwriting 
of sustainable bonds (i.e., green, social and sustainability bonds); 
municipal and not-for-profit bonds; initial public offerings (IPOs); 
follow-on offerings (FPOs); private placements and advisory 
services, including mergers and acquisitions (M&A)
75% Investment Banking
including certain emission contracts
11% Markets Activity
2020 Total
(more than $220B) 
25 
percent financed Green initiatives label for figure. 19
To learn more about our criteria for determining what business activity is eligible to count toward our sustainable development target and 
how we account for the value of transactions, see Our Approach to Our Sustainable Development Target.
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2020 Environmental, Social & Governance Report

Green 
JPMorgan Chase — principally through our CIB and CB businesses — provides strategic advice, raises capital, extends loans, and offers 
risk management solutions to help our clients achieve their sustainability objectives and make the transition to a low-carbon economy. 
Green activities eligible to contribute to our sustainable development target include renewable energy, clean technology, water and waste 
management, conservation, sustainable transportation, green buildings and energy efficiency.
2020 HIGHLIGHTS
Structured largest corporate 
sustainable bond in history. 
Served as the Sustainability Bond 
Structuring Agent to the issuer on 
Alphabet’s record-setting $5.75 billion 
sustainability bond issued in August 
2020.20 Proceeds will be allocated to 
fund projects that are environmentally 
or socially responsible, including clean 
energy and energy efficiency, as well as 
support for Black entrepreneurs, small 
and medium businesses impacted by 
COVID-19, and affordable housing. 
Supported the development of 
renewable energy. Provided financing 
to support the development of ALLETE 
Clean Energy’s largest wind farm, which 
produces enough renewable energy 
to power about 114,000 homes. Since 
2003, our firm has committed over 
$23.9 billion in tax equity financing for 
wind, solar and geothermal energy 
projects in the U.S., including $5.7 billion 
for wind and solar projects in 2020.
We also acted as joint book-running 
manager and representative of the 
underwriters for the initial public 
offering of Array Technologies, one of 
the world’s largest manufacturers of 
ground-mounting systems used in solar 
energy projects.
Developed green, affordable housing. 
Provided a $20.3 million construction 
loan for a 71-unit multifamily 
property in Brooklyn, New York. The 
development will be certified through 
Enterprise Green Communities — 
designed explicitly for green affordable 
housing construction — and will provide 
70 units for extremely low-, very 
low- and low-income tenants,21 with 
43 of the units reserved for formerly 
homeless tenants.
Sustainable Bonds
Through our business, we are a lead underwriter of sustainable bond issuances. In 2020, JPMorgan Chase was the number one 
underwriter of green bonds, and the firm’s broker-dealer subsidiaries underwrote $23.7 billion in green, social and sustainability 
bonds. Also in 2020, we completed a $1 billion inaugural green bond issuance for which we will allocate an amount equal to the net 
proceeds to eligible green projects, in accordance with the JPMorgan Chase & Co. Sustainable Bond Framework.
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2020 Environmental, Social & Governance Report

Development Finance 
Through the J.P. Morgan Development Finance Institution (JPM DFI), launched in January 2020, we are working to mobilize capital to 
advance the SDGs in emerging economies. In consultation with leading development finance institutions, the JPM DFI has developed a 
methodology to measure the anticipated development impact of our transactions. By qualifying transactions with anticipated development 
impact, the JPM DFI seeks to expand the market for development finance and grow the pool of investors interested in transactions that offer 
both financial and developmental returns. Learn more in the JPM DFI’s 2020 Annual Report. 
2020 HIGHLIGHTS
Supporting the economy of the 
Republic of Uzbekistan. Appointed 
Development Finance Structuring 
Agent for the inaugural $198 million 
local currency tranche of the Central 
Asian nation’s sovereign issuance. 
Intended use of proceeds includes 
building 15 schools, constructing three 
health institutions, developing new 
transportation and utility infrastructure, 
and funding social welfare programs to 
support women and children. The JPM 
DFI mapped this issuance to SDGs 1, 3, 
4, 5, 6, 8 and 9.
Expanding telecommunications 
infrastructure in Turkey. 
Provided a $189 million loan to 
Türk Telekomünikasyon Anonim 
¸irket to allo
S
w the integrated 
telecommunications operator to 
upgrade its infrastructure. The financing 
aims to improve voice call quality and 
expand high-speed data coverage, 
especially in rural and suburban areas 
as well as in critical sectors, such as 
hospitals, universities and industrial 
zones. The upgrades are also expected 
to improve the energy efficiency of the 
mobile telecommunications network. 
The SDGs supported by this transaction 
include 7, 9 and 12.
Improving financial inclusion in India. 
Underwrote a $500 million bond for 
a specialty finance institution in India, 
where the intended use of proceeds 
included providing financing for truck 
drivers who typically do not qualify for 
bank loans due to their lack of stable 
income. This issuance is expected to 
improve financial inclusion for workers 
at the base of the pyramid and supports 
SDG 1.
Community Development 
Our sustainable development activities are focused not only in emerging economies but also in developed markets. Our community 
development efforts are focused on small business financing, home lending and affordable housing, education and health care, with an 
emphasis on Black and Latinx households and entrepreneurs. As part of this, our firm’s $30 billion Path Forward commitment will advance 
racial equity and provide economic opportunity to underserved communities, especially the Black and Latinx communities. 
2020 HIGHLIGHTS
Expanded housing in Seattle. Committed a total of $42 
million in financing — including a construction loan, New 
Markets Tax Credit equity investment and Low-Income Housing 
Tax Credit equity investment — for phase II of Hobson Place 
in Seattle. Hobson Place consists of 41,000 square feet of a 
mixed-use integrated behavioral / primary health care clinic 
and 92 housing units for homeless adults with health and 
behavioral health care needs.
Redeveloped public housing in Boston. Committed $24.7 
million in equity to the new construction of Old Colony, a 115-
unit public housing project in South Boston. Old Colony is part of 
the Anne M. Lynch Homes, which is one of Boston’s oldest public 
housing projects and was originally built in 1940. All the units 
will serve families at or below 60% of the Area Median Income 
(AMI),22 with 12 of the units reserved for families at or below 
30% of the AMI.
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2020 Environmental, Social & Governance Report

Driving Additional Sustainable Solutions Across Our Business
JPMorgan Chase is committed to supporting our clients’ strategies for transitioning to a lower-carbon economy and for positioning themselves 
to adapt to and capitalize on opportunities to advance sustainable solutions. We leverage our deep insight into financial markets and the 
expertise of our bankers, risk managers, industry experts and others to help our clients achieve their goals.
Corporate & Investment Bank and Commercial Banking 
We use the platforms and capabilities of JPMorgan Chase’s CIB and CB businesses to support large- and medium-sized corporations, 
governments and institutions in managing and responding to climate change and other sustainability challenges. This includes underwriting 
and issuing green, social and sustainability-linked bonds and providing strategic advice, financing and risk management solutions to support 
clients’ sustainability-focused efforts. Here are some of the additional ways we are supporting our clients:
Advancing sustainability through research. We leverage 
our research capabilities to advance sustainability and 
ESG investment strategies. In 2020, our firm published 
over 600 ESG-related reports to address investors’ need 
for strategic advisory and thought-leading analysis. In 
particular, the J.P. Morgan Perspectives series provides a 
comprehensive overview of the latest developments on 
ESG investments and big ideas transforming investment 
markets. For example, we focused on how COVID-19 has 
impacted ESG issues across countries and regions, driving 
increased interest in ESG as countries made commitments 
to build back better and greener, and on the social element 
of ESG, in particular diversity and inclusion. We also 
introduced a Double Materiality model comparing financial 
and sustainability-based materiality assessments to help 
investors see correlations and gaps in the importance of 
different ESG issues. 
In 2020, we continued to expand our ESG-focused indices 
and related scoring of organizations. For example, through 
J.P. Morgan ESG (JESG) — a suite of indices that integrate ESG 
factors into a composite benchmark — we provide scoring 
coverage for over 6,000 global corporate and quasi-sovereign 
issuers across 14 sectors and 173 sovereigns. J.P. Morgan 
also expanded its ESG index suite and — responding to the 
threefold increase in the green bond market since 2018 — 
launched the Green Bond Index (GENIE), which at year-end 
2020 covered 455 green bonds issued by 231 issuers across 
42 countries. Our ESGQ quantitative metric for stock selection 
helps investors pick stocks that prioritize ESG factors and 
covers a universe of approximately 5,500 stocks globally. 
In 2020, J.P. Morgan expanded its dedicated ESG research 
capabilities, adding ESG specialists in both our Equity 
Research and Global Index Research groups.
Providing ESG solutions. In 2020, our ESG Solutions team 
advised clients across all our major industry verticals on 
their responses to ESG trends, through strategic business 
changes, stronger commitments and increased disclosures. 
The team has helped enable clients’ access to ESG-focused 
capital across equity, debt and private markets. In the past 
year, the firm brought a number of pioneering ESG-labeled 
structures to market, including green convertible bonds, 
sustainability-linked leveraged loans, sustainable supply 
chain financing and sustainability-linked derivatives. In 
addition, through our new structured notes issuance 
program, we are enabling investors to participate in 
reforestation and biodiversity preservation efforts in the U.S.
Establishing our new Green Economy team. Our CB 
business is launching an effort to support the growing 
number of companies in the green economy through a 
dedicated industry-specific coverage team. Our initial focus 
will be on businesses within the renewable energy, efficiency 
technology, sustainable finance, and agriculture and food 
technology sectors. We are building on our expertise to 
provide tailored advice and solutions to help spur the 
growth of green businesses and will leverage the power of 
the firm to help green economy clients achieve their goals, 
while contributing to the firm’s priority of supporting a 
sustainable future.
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2020 Environmental, Social & Governance Report

Asset & Wealth Management
Sustainable investing is a priority within our AWM business, which had $2.7 trillion in assets under management (AUM) at year-end 2020 and 
works with institutional, wholesale and professional clients around the world to invest capital to achieve their financial goals.
For Asset Management, sustainable investing is a forward-looking 
investment approach that aims to deliver long-term sustainable 
financial returns in a fast-changing world and builds on our long 
heritage of active management, fundamental and quantitative 
research, and stewardship. We believe that explicit incorporation of 
material environmental, social and governance information in the 
investment process can help to deliver enhanced risk-adjusted returns 
over the long run, through better-informed investment decisions and 
strengthened risk management, while also serving as a foundation 
to align portfolios with client values. Asset Management has a range 
of investment strategies, including ESG-integrated strategies as well 
as dedicated sustainable investment products that go beyond ESG 
integration and aim to deliver financial returns, align portfolios with 
client values and help meet a diverse set of goals. 
We are committed to integrating ESG factors across strategies 
where material and relevant, as well as consistent with strategy and 
guidelines. In order for an investment strategy to be considered ESG 
integrated, it must pass through Asset Management’s formal review 
process, which includes, among other factors, consideration of ESG 
factors at each stage of the investment process, including research, 
portfolio construction, stewardship and formal group review. As of 
year-end 2020, our Asset Management business had over $2.2 trillion 
AUM that met our ESG integration criteria and over $80 billion across 
a spectrum of sustainable investing styles that range from values-
based exclusions to thematic strategies targeting sustainable solution 
providers. This includes over $75 billion in our institutional business and 
$5.8 billion in our suite of 18 dedicated sustainable investing products.
As a fiduciary of our clients’ assets, active engagement has long been 
an integral part of our investment approach, and we are committed 
to making sure that the companies in which we invest are focused 
on responsible allocation of capital and long-term value creation 
with an investment-led, expert-driven investment stewardship 
approach. Climate Risk is one of our five main stewardship priorities, 
in addition to Governance, Strategy Alignment for the Long Term, 
Human Capital Management and Stakeholder Engagement. Our 
specialists proactively engage with issuers we deem significantly 
exposed to climate change to discuss corporate strategy and board 
of directors oversight with regard to climate-related risks and 
opportunities. In evaluating how to vote on environmental proposals, 
Asset Management considers the issues raised in the proposal in 
addition to fundamental differences between portfolio companies, 
their differentiated capital allocation strategies and their business and 
asset mix. More information on the factors that inform engagement 
efforts and subsequent voting decisions can be found in Asset 
Management’s Global Proxy Voting Procedures and Guidelines. 
Our Asset Management business also supports and participates in 
industry advocacy efforts aimed at addressing climate change, such 
as the TCFD, Climate Action 100+ and the Institutional Investors 
Group on Climate Change. We have also increased our development 
of research and analytical capabilities in identifying and managing 
climate-related risks and opportunities. For example, in 2020 
our Long Term Capital Market Assumption paper explored the 
macroeconomic impacts of climate transition policies.
Our Wealth Management23 business has also been working diligently 
to expand the sustainable investment offerings across equities, fixed 
income, alternatives and multi-asset portfolios; there are now 113 
investment strategies globally geared toward sustainable investing 
with $12.6 billion in AUM, a tripling of assets over the past three years. 
These strategies span multiple approaches, including exclusionary 
screening, ESG integration, thematic investing and impact investing. 
We continue to develop tools to help clients achieve their sustainable 
investing goals and new opportunities for our clients to participate in 
sustainable investing vehicles. For example: 
• Global Impact Fund. In 2020, we launched a new and innovative 
investment opportunity to Wealth Management clients through 
our Global Impact Fund. The Fund targets three significant 
investment themes that represent both meaningful growth 
opportunities and the potential to make a measurable positive 
impact on the world: inclusive growth, climate solutions, and 
health and wellness. The Fund offers a diversified portfolio of 
impact private investment funds constructed with the intent 
to advance progress toward specific United Nations SDGs. 
Additionally, the Fund is inclusive of diverse managers, which 
adds significant representation among the investment teams.
• Sustainable Equity Strategy. In late 2019, J.P. Morgan launched an 
ESG-driven, global, multi-manager equity portfolio, which has 
26% lower carbon emissions compared with the benchmark, as 
measured by tons of carbon dioxide relative to annual revenue.24 
Approximately 44% of the strategy is invested in companies with 
“clean energy” revenues, compared with 35% in the benchmark.25 
In addition to offering investment opportunities, our Wealth 
Management business shares white papers and other resources to 
support our clients’ interests. Over the past few years, we have shared 
insights on sustainability topics such as sustainable agriculture, the 
circular economy, electric vehicles and clean energy.
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2020 Environmental, Social & Governance Report

Building Community Resilience to Climate Change
Even as the world works to avoid the most severe impacts of climate change, communities globally are struggling to manage the 
impacts of natural disasters, such as severe weather and wildfires, many of which are exacerbated by climate change. In 2020, 
we enhanced our commitment to build community resilience to disasters by committing over $5 million in philanthropic support 
to communities in Texas, Louisiana, Florida and California to help them develop new informational tools, models of engagement 
and research that will help prepare them to be more resilient in the face of the next disaster. Our firm has a long track record of 
supporting customers and communities after disaster strikes, and we are taking an increasingly coordinated approach to helping 
communities prepare to withstand these threats.
These disasters, especially those that are exacerbated by climate change, are expected to grow in frequency and severity over time 
and disproportionately impact the most vulnerable populations. Many of these communities are still recovering from the economic 
impacts of the COVID-19 pandemic as they enter their respective disaster season. Now more than ever it is important to bring 
impacted and vulnerable communities to the table to develop creative and innovative solutions. 
Policy and Industry Engagement
Addressing complex global challenges, including climate change, requires collaboration and collective action to drive policy and identify best 
practices. We participate in a variety of initiatives focused on advancing sustainability within our industry and across the corporate sector 
broadly. As part of these efforts, we share our expertise on issues at the nexus of finance and sustainability and learn from other companies 
and organizations. 
In 2020, we engaged in a number of efforts focused on supporting policy development, enhancing understanding and analysis of climate risk 
and building solutions to drive financing for the climate transition. For example:
Climate-related policy development. Tackling climate change 
requires broad climate policies that generate significant emissions 
reductions, promote innovation and minimize costs for those least 
able to bear them. In early 2020, as part of our active support for 
pricing carbon, JPMorgan Chase joined the Climate Leadership 
Council, a think tank that is promoting a bipartisan roadmap for a 
revenue-neutral carbon fee and dividend framework for the U.S.
Climate risk and scenario analysis best practice. We participated 
in the Climate Financial Risk Forum (CFRF), which was established 
by the Prudential Regulation Authority (PRA) and the Financial 
Conduct Authority (FCA) in the U.K. to facilitate and accelerate 
a shared industry approach to understanding climate financial 
risks and opportunities. In 2020, CFRF published a guide on 
emerging best practices and illustrative case studies on climate 
risk management, scenario analysis, disclosure and innovation. 
We also worked with the Portfolio Alignment Team (PAT), an 
industry working group established to respond to growing interest 
in measuring portfolios’ relative alignment with the objectives of 
the Paris Agreement, and advance industry efforts to promote 
a consistent, robust and decision-useful approach. In 2020, PAT 
published a report to advance the industry discussion on emerging 
best practices for measuring portfolio alignment, particularly 
in the run-up to COP26 — the next conference of nations on 
climate change, scheduled for November 2021 — and for the TCFD 
consultation on forward-looking metrics. We also participated in 
the Commodity Futures Trading Commission’s Climate-Related 
Market Risk Subcommittee of the Market Risk Advisory Committee. 
In 2020, this cross-sector group published a report presenting 
recommendations to mitigate the risks to financial institutions and 
markets posed by climate change.
Transition finance. We work with a range of external groups to help 
advance strategies for financing the transition to a lower-carbon 
economy. In 2020, the firm became a founding partner of RMI’s 
Center for Climate-Aligned Finance, which is developing practical 
solutions for financial institutions seeking to pursue the goals of the 
Paris Agreement in relation to relevant business activities. We also 
co-chaired the working group that developed the Climate Transition 
Finance Handbook, the product of over a year’s work by a diverse 
set of stakeholders participating in the International Capital Market 
Association’s Climate Transition Finance Working Group.
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2020 Environmental, Social & Governance Report

Resources and Endnotes
Additional Resources
• 
Annual Report (2020)
• 
Board Committees
• 
Business Principles
• 
Carbon Compass Methodology
• 
Center for Carbon Transition
• 
Code of Conduct 
• 
Code of Ethics for Finance Professionals 
• 
Commitment to Advance Racial Equity 
Information
• 
Corporate Governance Principles 
• 
COVID-19 Response
• 
Diversity and Inclusion Information 
• 
Environmental and Social Policy Framework 
• 
Equal Opportunity, Anti-Discrimination and 
Anti-Harassment Statement 
• 
Equator Principles Report
• 
ESG Information
• 
ESG Report Appendices (2020)
• 
ESG Report and Appendices Archives
• 
How We Do Business — The Report 
• 
Human Rights Statement 
• 
JPMorgan Chase Institute
• 
JPMorgan Chase PolicyCenter
• 
J.P. Morgan Development Finance 
Institution
• 
Modern Slavery Group Statement
• 
Our Impact Information 
• 
Political Engagement and Public Policy 
Statement 
• 
Proxy Statement (2021)
• 
Supplier Information 
• 
Sustainability Information
• 
Sustainable Bond Framework
• 
Sustainable Development Target Approach
• 
Sustainable Investing — Asset Management
• 
Sustainable Investing — Wealth 
Management
• 
TCFD Climate Report (2019)
• 
Workforce Composition Disclosure (2020)
1	
Effective in the first quarter of 2021, the 
Wealth Management business was renamed 
Global Private Bank.
2	
As Many Americans Have Criminal Records 
as College Diplomas (Brennan Center) 
3	
U.S. Financial Health Pulse: 2019 Trends 
Report (Financial Health Network) 
4	
Racial Gaps in Financial Outcomes 
(JPMorgan Chase Institute)
5	
Report on the Economic Well-being of U.S. 
Households in 2018 (The Federal Reserve)
6	
How Housing Can Determine Educational, 
Health and Economic Outcomes (Urban 
Institute)
7	
COVID-19 Is Killing Affordable Housing, Just 
as It’s Needed the Most (Bloomberg CityLab) 
8	
Strong Foundations: Financial Security Starts 
with Affordable Housing (The Aspen Institute)
9	
The Gap: A Shortage of Affordable Homes 
(National Low Income Housing Coalition)
10	 Black and Hispanic Renters Face Greatest 
Threat of Eviction in Pandemic (Joint Center 
for Housing Studies of Harvard University) 
11	 The State of the Nation’s Housing 2020 
(Joint Center for Housing Studies of Harvard 
University) 
12	 Rethinking Homeownership Incentives to 
Improve Household Financial Security and 
Shrink the Racial Wealth Gap (Brookings 
Institution) 
13	 IEA (2020), Global Energy Review 2020, IEA, 
Paris
14	 IEA, Global CO2 emissions by sector, 2018, 
IEA, Paris
15	 Climate Finance Markets and the Real 
Economy (SIFMA)
16	 Impact Investment to Close the SDG 
Funding Gap (United Nations Development 
Programme)
17	 In 2020, we described our areas of focus as 
Green, Economic Development and Social. 
We refined the descriptions to isolate the 
work of our Development Finance Institution, 
which is focused on advancing the United 
Nations SDGs in emerging economies.   
18	 Numbers reported here are approximate and 
not exact. 
19	 In the case of a transaction that advances 
both our Green objective and either our 
Development Finance or our Community 
Development objective, the transaction will 
be counted toward our target only once 
and toward the Green objective. In 2020, 
approximately $5 billion in transactions were 
qualified as Development Finance and Green 
and were allocated to our Green objective.
20	 In this case, $5.75 billion is the full deal 
amount. Per Our Approach to Our Sustainable 
Development Target, we specify standards 
for calculating the tracking value of the firm’s 
respective contribution in transactions where 
multiple firms play a role and follow best 
practices where possible.    
21	 Based on definitions from the U.S. Department 
of Housing and Urban Development (HUD).
22	 Area Median Income (AMI) is defined each 
year by HUD.
23	 See Endnote 1.
24	 Based on MSCI’s Climate Change Metrics 
and is calculated as the portfolio weighted 
average of issuer carbon intensity.
25	 Based on MSCI’s Climate Change Metrics 
and is calculated as the portfolio weight of 
companies offering clean tech solutions. 
Clean energy companies have revenues 
derived from alternative energy, energy 
efficiency, green buildings, pollution 
prevention and sustainable water.
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2020 Environmental, Social & Governance Report

Forward-Looking Statments
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These 
statements are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and 
uncertainties, many of which are beyond JPMorgan Chase’s control. Expected results or actions may differ from the anticipated goals and 
targets set forth in the forward-looking statements. Factors that could cause JPMorgan Chase’s actual results to differ materially from those 
described in the forward-looking statements can be found in JPMorgan Chase’s Annual Reports on Form 10-K, Quarterly Reports on Form 
10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Those reports are available on JPMorgan Chase’s 
website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings) and on the Securities and Exchange Commission’s website 
(www.sec.gov). JPMorgan Chase does not undertake to update any forward-looking statements.
Contact Us 
To contact Sustainability, email sustainability.jpmc@jpmchase.com.
To contact Investor Relations, email JPMCinvestorrelations@jpmchase.com.
Information about J.P. Morgan’s capabilities can be found at jpmorgan.com and about Chase’s capabilities at chase.com. Information about 
JPMorgan Chase & Co. is available at jpmorganchase.com.
“JPMorgan Chase,” “J.P. Morgan,” “Chase,” the Octagon symbol and other words or symbols in this report that identify JPMorgan Chase 
services are service marks of JPMorgan Chase & Co. Other words or symbols in this report that identify other parties’ goods or services may 
be trademarks or service marks of those other parties.
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2020 Environmental, Social & Governance Report