BANK OF AMERICA CORP /DE/ 10-Q form for quarterly period ended 2024-03-31, page 44: 
Bank of America Corporation and Subsidiaries

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|  2 | Consolidated Balance Sheet                                                                                                                                        |                                                                                                                                                         |           |                 |           |        |           |        |
|  4 |                                                                                                                                                                   | March 312024                                                                                                                                            |           | December 312023 |           |        |           |        |
|  5 | (Dollars in millions)                                                                                                                                             |                                                                                                                                                         |           |                 |           |        |           |        |
|  6 | Assets                                                                                                                                                            |                                                                                                                                                         |           |                 |           |        |           |        |
|  7 | Cash and due from banks                                                                                                                                           | $                                                                                                                                                       | 23,550    |                 |           | $      | 27,892    |        |
|  8 | Interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks                                                                        | 289,854                                                                                                                                                 |           |                 | 305,181   |        |           |        |
|  9 | Cash and cash equivalents                                                                                                                                         | 313,404                                                                                                                                                 |           |                 | 333,073   |        |           |        |
| 10 | Time deposits placed and other short-term investments                                                                                                             | 7,859                                                                                                                                                   |           |                 | 8,346     |        |           |        |
| 11 | Federal funds sold and securities borrowed or purchased under agreements to resell (includes $158,281 and $133,053 measured at fair value)                        | 316,093                                                                                                                                                 |           |                 | 280,624   |        |           |        |
| 12 | Trading account assets (includes $154,424 and $130,815 pledged as collateral)                                                                                     | 318,364                                                                                                                                                 |           |                 | 277,354   |        |           |        |
| 13 | Derivative assets                                                                                                                                                 | 36,236                                                                                                                                                  |           |                 | 39,323    |        |           |        |
| 14 | Debt securities:                                                                                                                                                  |                                                                                                                                                         |           |                 |           |        |           |        |
| 15 | Carried at fair value                                                                                                                                             | 323,119                                                                                                                                                 |           |                 | 276,852   |        |           |        |
| 16 | Held-to-maturity, at cost (fair value $477,748 and $496,597)                                                                                                      | 586,863                                                                                                                                                 |           |                 | 594,555   |        |           |        |
| 17 | Total debt securities                                                                                                                                             | 909,982                                                                                                                                                 |           |                 | 871,407   |        |           |        |
| 18 | Loans and leases (includes $2,938 and $3,569 measured at fair value)                                                                                              | 1,049,156                                                                                                                                               |           |                 | 1,053,732 |        |           |        |
| 19 | Allowance for loan and lease losses                                                                                                                               | (13,213)                                                                                                                                                |           |                 | (13,342)  |        |           |        |
| 20 | Loans and leases, net of allowance                                                                                                                                | 1,035,943                                                                                                                                               |           |                 | 1,040,390 |        |           |        |
| 21 | Premises and equipment, net                                                                                                                                       | 11,901                                                                                                                                                  |           |                 | 11,855    |        |           |        |
| 22 | Goodwill                                                                                                                                                          | 69,021                                                                                                                                                  |           |                 | 69,021    |        |           |        |
| 23 | Loans held-for-sale (includes $2,070 and $2,059 measured at fair value)                                                                                           | 8,571                                                                                                                                                   |           |                 | 6,002     |        |           |        |
| 24 | Customer and other receivables                                                                                                                                    | 86,106                                                                                                                                                  |           |                 | 81,881    |        |           |        |
| 25 | Other assets (includes $13,935 and $11,861 measured at fair value)                                                                                                | 160,323                                                                                                                                                 |           |                 | 160,875   |        |           |        |
| 26 | Total assets                                                                                                                                                      | $                                                                                                                                                       | 3,273,803 |                 |           | $      | 3,180,151 |        |
| 28 | Liabilities                                                                                                                                                       |                                                                                                                                                         |           |                 |           |        |           |        |
| 29 | Deposits in U.S. offices:                                                                                                                                         |                                                                                                                                                         |           |                 |           |        |           |        |
| 30 | Noninterest-bearing                                                                                                                                               | $                                                                                                                                                       | 524,982   |                 |           | $      | 530,619   |        |
| 31 | Interest-bearing (includes $341 and $284 measured at fair value)                                                                                                  | 1,304,508                                                                                                                                               |           |                 | 1,273,904 |        |           |        |
| 32 | Deposits in non-U.S. offices:                                                                                                                                     |                                                                                                                                                         |           |                 |           |        |           |        |
| 33 | Noninterest-bearing                                                                                                                                               | 16,502                                                                                                                                                  |           |                 | 16,427    |        |           |        |
| 34 | Interest-bearing                                                                                                                                                  | 100,504                                                                                                                                                 |           |                 | 102,877   |        |           |        |
| 35 | Total deposits                                                                                                                                                    | 1,946,496                                                                                                                                               |           |                 | 1,923,827 |        |           |        |
| 36 | Federal funds purchased and securities loaned or sold under agreements to repurchase (includes $206,867 and $178,609 measured at fair value)                      | 329,658                                                                                                                                                 |           |                 | 283,887   |        |           |        |
| 37 | Trading account liabilities                                                                                                                                       | 114,326                                                                                                                                                 |           |                 | 95,530    |        |           |        |
| 38 | Derivative liabilities                                                                                                                                            | 40,401                                                                                                                                                  |           |                 | 43,432    |        |           |        |
| 39 | Short-term borrowings (includes $6,611 and $4,690 measured at fair value)                                                                                         | 38,895                                                                                                                                                  |           |                 | 32,098    |        |           |        |
| 40 | Accrued expenses and other liabilities (includes $14,605 and $11,473 measured at fair value and $1,158 and $1,209 of reserve for unfunded lending commitments)    | 214,129                                                                                                                                                 |           |                 | 207,527   |        |           |        |
| 41 | Long-term debt (includes $43,975 and $42,809 measured at fair value)                                                                                              | 296,346                                                                                                                                                 |           |                 | 302,204   |        |           |        |
| 42 | Total liabilities                                                                                                                                                 | 2,980,251                                                                                                                                               |           |                 | 2,888,505 |        |           |        |
| 43 | Commitments and contingencies (Note 6 – Securitizations and Other Variable Interest Entities and Note 10 – Commitments and Contingencies)                         |                                                                                                                                                         |           |                 |           |        |           |        |
| 44 | Shareholders' equity                                                                                                                                              |                                                                                                                                                         |           |                 |           |        |           |        |
| 45 | Preferred stock, $0.01 par value; authorized – 100,000,000 shares; issued and outstanding – 4,088,099 and 4,088,099 shares                                        | 28,397                                                                                                                                                  |           |                 | 28,397    |        |           |        |
| 46 | Common stock and additional paid-in capital, $0.01 par value; authorized – 12,800,000,000 shares; issued and outstanding – 7,866,868,200 and 7,895,457,665 shares | 54,310                                                                                                                                                  |           |                 | 56,365    |        |           |        |
| 47 | Retained earnings                                                                                                                                                 | 228,902                                                                                                                                                 |           |                 | 224,672   |        |           |        |
| 48 | Accumulated other comprehensive income (loss)                                                                                                                     | (18,057)                                                                                                                                                |           |                 | (17,788)  |        |           |        |
| 50 | Total shareholders' equity                                                                                                                                        | 293,552                                                                                                                                                 |           |                 | 291,646   |        |           |        |
| 51 | Total liabilities and shareholders' equity                                                                                                                        | $                                                                                                                                                       | 3,273,803 |                 |           | $      | 3,180,151 |        |
| 53 |                                                                                                                                                                   | Assets of consolidated variable interest entities included in total assets above (isolated to settle the liabilities of the variable interest entities) |           |                 |           |        |           |        |
| 54 |                                                                                                                                                                   | Trading account assets                                                                                                                                  | $         | 5,838           |           |        | $         | 6,054  |
| 57 |                                                                                                                                                                   | Loans and leases                                                                                                                                        | 19,250    |                 |           | 18,276 |           |        |
| 58 |                                                                                                                                                                   | Allowance for loan and lease losses                                                                                                                     | (920)     |                 |           | (826)  |           |        |
| 59 |                                                                                                                                                                   | Loans and leases, net of allowance                                                                                                                      | 18,330    |                 |           | 17,450 |           |        |
| 61 |                                                                                                                                                                   | All other assets                                                                                                                                        | 256       |                 |           | 269    |           |        |
| 62 |                                                                                                                                                                   | Total assets of consolidated variable interest entities                                                                                                 | $         | 24,424          |           |        | $         | 23,773 |
| 63 |                                                                                                                                                                   | Liabilities of consolidated variable interest entities included in total liabilities above                                                              |           |                 |           |        |           |        |
| 64 |                                                                                                                                                                   | Short-term borrowings (includes $23 and $23 of non-recourse short-term borrowings)                                                                      | $         | 3,387           |           |        | $         | 2,957  |
| 65 |                                                                                                                                                                   | Long-term debt (includes $8,157 and $8,456 of non-recourse debt)                                                                                        | 8,157     |                 |           | 8,456  |           |        |
| 66 |                                                                                                                                                                   | All other liabilities (includes $18 and $19 of non-recourse liabilities)                                                                                | 18        |                 |           | 19     |           |        |
| 67 |                                                                                                                                                                   | Total liabilities of consolidated variable interest entities                                                                                            | $         | 11,562          |           |        | $         | 11,432 |


See accompanying Notes to Consolidated Financial Statements.


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|  1 | Bank of America 44 |

, JPMORGAN CHASE & CO 10-Q form for quarterly period ended 2024-03-31, page 85: JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
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|---:|:---------------------------------------------------------------------------------------------------------------------------------|:---------------|:----------|:------------------|:----------|:---|:----------|
|  1 | (in millions, except share data)                                                                                                 | March 31, 2024 |           | December 31, 2023 |           |    |           |
|  2 | Assets                                                                                                                           |                |           |                   |           |    |           |
|  3 | Cash and due from banks                                                                                                          | $              | 22,750    |                   |           | $  | 29,066    |
|  4 | Deposits with banks                                                                                                              | 539,366        |           |                   | 595,085   |    |           |
|  5 | Federal funds sold and securities purchased under resale agreements (included $324,418 and $259,813 at fair value)               | 330,559        |           |                   | 276,152   |    |           |
|  6 | Securities borrowed (included $84,258 and $70,086 at fair value)                                                                 | 198,336        |           |                   | 200,436   |    |           |
|  7 | Trading assets (included assets pledged of $180,196 and $128,994)                                                                | 754,409        |           |                   | 540,607   |    |           |
|  8 | Available-for-sale securities (amortized cost of $239,813 and $205,456; included assets pledged of $10,806 and $9,219)           | 236,152        |           |                   | 201,704   |    |           |
|  9 | Held-to-maturity securities                                                                                                      | 334,527        |           |                   | 369,848   |    |           |
| 10 | Investment securities, net of allowance for credit losses                                                                        | 570,679        |           |                   | 571,552   |    |           |
| 11 | Loans (included $39,046 and $38,851 at fair value)                                                                               | 1,309,616      |           |                   | 1,323,706 |    |           |
| 12 | Allowance for loan losses                                                                                                        | (22,351)       |           |                   | (22,420)  |    |           |
| 13 | Loans, net of allowance for loan losses                                                                                          | 1,287,265      |           |                   | 1,301,286 |    |           |
| 14 | Accrued interest and accounts receivable                                                                                         | 129,823        |           |                   | 107,363   |    |           |
| 15 | Premises and equipment                                                                                                           | 30,279         |           |                   | 30,157    |    |           |
| 16 | Goodwill, MSRs and other intangible assets                                                                                       | 64,374         |           |                   | 64,381    |    |           |
| 17 | Other assets (included $15,645 and $12,306 at fair value and assets pledged of $9,811 and $6,764)                                | 162,887        |           |                   | 159,308   |    |           |
| 18 | Total assets(a)                                                                                                                  | $              | 4,090,727 |                   |           | $  | 3,875,393 |
| 19 | Liabilities                                                                                                                      |                |           |                   |           |    |           |
| 20 | Deposits (included $80,578 and $78,384 at fair value)                                                                            | $              | 2,428,409 |                   |           | $  | 2,400,688 |
| 21 | Federal funds purchased and securities loaned or sold under repurchase agreements (included $264,554 and $169,003 at fair value) | 325,670        |           |                   | 216,535   |    |           |
| 22 | Short-term borrowings (included $22,856 and $20,042 at fair value)                                                               | 46,268         |           |                   | 44,712    |    |           |
| 23 | Trading liabilities                                                                                                              | 228,327        |           |                   | 180,428   |    |           |
| 24 | Accounts payable and other liabilities (included $8,917 and $5,637 at fair value)                                                | 301,469        |           |                   | 290,307   |    |           |
| 25 | Beneficial interests issued by consolidated VIEs (included $1 and $1 at fair value)                                              | 28,075         |           |                   | 23,020    |    |           |
| 26 | Long-term debt (included $92,730 and $87,924 at fair value)                                                                      | 395,872        |           |                   | 391,825   |    |           |
| 27 | Total liabilities(a)                                                                                                             | 3,754,090      |           |                   | 3,547,515 |    |           |
| 28 | Commitments and contingencies (refer to Notes 22, 23 and 24)                                                                     |                |           |                   |           |    |           |
| 29 | Stockholders' equity                                                                                                             |                |           |                   |           |    |           |
| 30 | Preferred stock ($1 par value; authorized 200,000,000 shares; issued 2,990,375 and 2,740,375 shares)                             | 29,900         |           |                   | 27,404    |    |           |
| 31 | Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares)                                        | 4,105          |           |                   | 4,105     |    |           |
| 32 | Additional paid-in capital                                                                                                       | 89,903         |           |                   | 90,128    |    |           |
| 33 | Retained earnings                                                                                                                | 342,414        |           |                   | 332,901   |    |           |
| 34 | Accumulated other comprehensive losses                                                                                           | (11,639)       |           |                   | (10,443)  |    |           |
| 35 | Treasury stock, at cost (1,233,266,016 and 1,228,275,301 shares)                                                                 | (118,046)      |           |                   | (116,217) |    |           |
| 36 | Total stockholders' equity                                                                                                       | 336,637        |           |                   | 327,878   |    |           |
| 37 | Total liabilities and stockholders' equity                                                                                       | $              | 4,090,727 |                   |           | $  | 3,875,393 |
(a)The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at March 31, 2024 and December 31, 2023. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 13 for a further discussion.
|    |                                                  |                |        |                   |        |    |        |
|---:|:-------------------------------------------------|:---------------|:-------|:------------------|:-------|:---|:-------|
|  1 | (in millions)                                    | March 31, 2024 |        | December 31, 2023 |        |    |        |
|  2 | Assets                                           |                |        |                   |        |    |        |
|  3 | Trading assets                                   | $              | 2,229  |                   |        | $  | 2,170  |
|  4 | Loans                                            | 40,059         |        |                   | 37,611 |    |        |
|  5 | All other assets                                 | 648            |        |                   | 591    |    |        |
|  6 | Total assets                                     | $              | 42,936 |                   |        | $  | 40,372 |
|  7 | Liabilities                                      |                |        |                   |        |    |        |
|  8 | Beneficial interests issued by consolidated VIEs | $              | 28,075 |                   |        | $  | 23,020 |
|  9 | All other liabilities                            | 282            |        |                   | 263    |    |        |
| 10 | Total liabilities                                | $              | 28,357 |                   |        | $  | 23,283 |

 The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.

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Question: What was the asset turnover ratio for Bank of America and JPMorgan Chase for the three months ended March 31, 2024?
Answer: The asset turnover ratio for Bank of America for the three months ended March 31, 2024, is calculated as follows:
Net Sales: $25,818 million
Average Total Assets: ($3,273,803 million + $3,180,151 million) / 2 = $3,226,977 million
Asset Turnover Ratio = Net Sales / Average Total Assets
Asset Turnover Ratio for Bank of America = $25,818 million / $3,226,977 million = 0.008

The asset turnover ratio for JPMorgan Chase for the three months ended March 31, 2024, is calculated as follows:
Net Sales: $41,934 million
Average Total Assets: ($4,090,727 million + $3,875,393 million) / 2 = $3,983,060 million
Asset Turnover Ratio = Net Sales / Average Total Assets
Asset Turnover Ratio for JPMorgan Chase = $41,934 million / $3,983,060 million = 0.011