Document: SEC Filing

Company: JPMorgan Chase & Co.
Ticker: JPM
CIK: 19617
Form Type: 10-Q
Filing Date: 2025-08-05
Accession Number: 0000019617-25-000615
Source: 10-Q_2025-08-05_0000019617-25-000615.txt

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q

Quarterly report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended Commission file
June 30, 2025 number 1-5805

JPMorgan Chase & Co
.
(Exact name of registrant as specified in its charter)
Delaware 13-2624428
(State or other jurisdiction of incorporation or organization) (I.R.S. employer identification no.)
383 Madison Avenue,
New York, New York 10179
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (
212
)
270-6000

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock JPM The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD JPM PR D The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE JPM PR C The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG JPM PR J The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ JPM PR K The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL JPM PR L The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM JPM PR M The New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC JPM/32 The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC AMJB NYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLC VYLD NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports

required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or for such shorter period that the

registrant was required to file such reports), and (2) has been subject to such

filing requirements for the past 90 days.
☒

Yes

☐

No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒

Yes

☐

No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐

Yes

☒

No

Number of shares of common stock outstanding as of June 30, 2025:
2,749,753,854

FORM 10-Q
TABLE OF CONTENTS
Part I – Financial information Page
Item 1. Financial Statements
Consolidated Financial Statements – JPMorgan Chase & Co.:
Consolidated statements of income (unaudited) for the three and six months ended June 3 0 , 2025 and 2024 91
Consolidated statements of comprehensive income (unaudited) for the three and six months ended June 30 , 2025 and 2024 92
Consolidated balance sheets (unaudited) at June 3 0 , 2025 and December 31, 2024 93
Consolidated statements of changes in stockholders' equity (unaudited) for the three and six months ended June 30 , 2025 and 2024 94
Consolidated statements of cash flows (unaudited) for the six months ended June 3 0 , 2025 and 2024 95
Notes to Consolidated Financial Statements (unaudited)
Note 1 - Basis of presentation 96
Note 2 - Fair value measurement 97
Note 3 - Fair value option 112
Note 4 - Derivative instruments 116
Note 5 - Noninterest revenue and noninterest expense 129
Note 6 - Interest income and interest expense 131
Note 7 - Pension and other postretirement employee benefit plans 132
Note 8 - Employee share-based incentives 133
Note 9 - Investment securities 134
Note 10 - Securities financing activities 138
Note 11 - Loans 140
Note 12 - Allowance for credit losses 157
Note 13 - Variable interest entities 160
Note 14 - Goodwill and mortgage servicing rights 167
Note 15 - Deposits 171
Note 16 - Leases 171
Note 17 - Preferred stock 172
Note 18 - Earnings per share 173
Note 19 - Accumulated other comprehensive income/(loss) 174
Note 20 - Restricted cash and other restricted assets 176
Note 21 - Regulatory capital 177
Note 22 - Off-balance sheet lending-related financial instruments, guarantees, and other commitments 179
Note 23 - Pledged assets and collateral 182
Note 24 - Litigation 183
Note 25 - Business segments & Corporate 186

Page
Report of Independent Registered Public Accounting Firm 189
Consolidated Average Balance Sheets, Interest and Rates (unaudited) for the three and six months ended June 3 0 , 2025 and 2024 190
Glossary of Terms and Acronyms and Line of Business Metrics 192
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Consolidated Financial Highlights 3
Introduction 4
Executive Overview 5
Consolidated Results of Operations 9
Consolidated Balance Sheets and Cash Flows Analysis 14
Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures 17
Business Segment & Corporate Results 19
Firmwide Risk Management 42
Capital Risk Management 43
Liquidity Risk Management 50
Consumer Credit Portfolio 60
Wholesale Credit Portfolio 64
Allowance for Credit Losses 73
Investment Portfolio Risk Management 76
Market Risk Management 77
Country Risk Management 84
Critical Accounting Estimates Used by the Firm 85
Accounting and Reporting Developments 89
Forward-Looking Statements 90
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 201
Item 4. Controls and Procedures 201
Part II – Other information
Item 1. Legal Proceedings. 201
Item 1A. Risk Factors. 201
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 201
Item 3. Defaults Upon Senior Securities. 202
Item 4. Mine Safety Disclosures. 202
Item 5. Other Information. 202
Item 6. Exhibits. 203

2
JPMorgan Chase & Co.
Consolidated financial highlights (unaudited)
As of or for the period ended, (in millions, except per share, ratio, employee data and where otherwise noted) Six months ended June 30,
2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024
Selected income statement data
Total net revenue $ 44,912 $ 45,310 $ 42,768 $ 42,654 $ 50,200 (f) $ 90,222 $ 92,134 (f)
Total noninterest expense 23,779 23,597 22,762 22,565 23,713 (f) 47,376 46,470 (f)
Pre-provision profit (a) 21,133 21,713 20,006 20,089 26,487 42,846 45,664
Provision for credit losses 2,849 3,305 2,631 3,111 3,052 6,154 4,936
Income before income tax expense 18,284 18,408 17,375 16,978 23,435 36,692 40,728
Income tax expense 3,297 3,765 3,370 4,080 5,286 7,062 9,160
Net income $ 14,987 $ 14,643 $ 14,005 $ 12,898 $ 18,149 $ 29,630 $ 31,568
Earnings per share data
Net income:     Basic $ 5.25 $ 5.08 $ 4.82 $ 4.38 $ 6.13 $ 10.32 $ 10.58
Diluted 5.24 5.07 4.81 4.37 6.12 10.31 10.56
Average shares: Basic 2,788.7 2,819.4 2,836.9 2,860.6 2,889.8 2,804.0 2,899.1
Diluted 2,793.7 2,824.3 2,842.4 2,865.9 2,894.9 2,809.0 2,903.9
Market and per common share data
Market capitalization 797,181 681,712 670,618 593,643 575,463 797,181 575,463
Common shares at period-end 2,749.7 2,779.1 2,797.6 2,815.3 2,845.1 2,749.7 2,845.1
Book value per share 122.51 119.24 116.07 115.15 111.29 122.51 111.29
Tangible book value per share (“TBVPS”) (a) 103.40 100.36 97.30 96.42 92.77 103.40 92.77
Cash dividends declared per share 1.40 1.40 1.25 1.25 1.15 2.80 2.30
Selected ratios and metrics
Return on common equity (“ROE”) (b) 18 % 18 % 17 % 16 % 23 % 18 20 %
Return on tangible common equity (“ROTCE”) (a)(b) 21 21 21 19 28 21 25
Return on assets (b) 1.35 1.40 1.35 1.23 1.79 1.38 1.58
Overhead ratio 53 52 53 53 47 53 50
Loans-to-deposits ratio 55 54 56 55 55 55 55
Firm Liquidity coverage ratio (“LCR”) (average) (c) 113 113 113 114 112 113 112
JPMorgan Chase Bank, N.A. LCR (average) (c) 120 124 124 121 125 120 125
Common equity Tier 1 (“CET1”) capital ratio (d)(e) 15.1 15.4 15.7 15.3 15.3 15.1 15.3
Tier 1 capital ratio (d)(e) 16.1 16.5 16.8 16.4 16.7 16.1 16.7
Total capital ratio (d)(e) 17.8 18.2 18.5 18.2 18.5 17.8 18.5
Tier 1 leverage ratio (c)(d) 6.9 7.2 7.2 7.1 7.2 6.9 7.2
Supplementary leverage ratio (“SLR”) (c)(d) 5.9 6.0 6.1 6.0 6.1 5.9 6.1
Selected balance sheet data (period-end)
Trading assets $ 889,856 $ 875,203 $ 637,784 $ 787,489 $ 733,882 $ 889,856 $ 733,882
Investment securities, net of allowance for credit losses 745,939 664,447 681,320 634,502 589,998 745,939 589,998
Loans 1,411,992 1,355,695 1,347,988 1,340,011 1,320,700 1,411,992 1,320,700
Total assets 4,552,482 4,357,856 4,002,814 4,210,048 4,143,003 4,552,482 4,143,003
Deposits 2,562,380 2,495,877 2,406,032 2,430,772 2,396,530 2,562,380 2,396,530
Long-term debt 419,802 407,224 401,418 410,157 394,028 419,802 394,028
Common stockholders’ equity 336,879 331,375 324,708 324,186 316,652 336,879 316,652
Total stockholders’ equity 356,924 351,420 344,758 345,836 340,552 356,924 340,552
Employees 317,160 318,477 317,233 316,043 313,206 317,160 313,206
Credit quality metrics
Allowances for credit losses $ 28,281 $ 27,835 $ 26,866 $ 26,543 $ 25,514 $ 28,281 $ 25,514
Allowance for loan losses to total retained loans 1.85 % 1.94 % 1.87 % 1.86 % 1.81 % 1.85 1.81 %
Nonperforming assets $ 10,480 $ 9,105 $ 9,300 $ 8,628 $ 8,423 $ 10,480 $ 8,423
Net charge-offs 2,410 2,332 2,364 2,087 2,231 4,742 4,187
Net charge-off rate 0.73 % 0.74 % 0.73 % 0.65 % 0.71 % 0.73 0.67 %

(a)
Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 17-18 for a further discussion of these measures.
(b)
Ratios are based upon annualized amounts.
(c)
For the six months ended June 30, 2025 and 2024, the percentage represents average ratios for the three months ended June 30, 2025 and 2024.
(d)
As of January 1, 2025, the benefit from the Current Expected Credit Losses (“CECL”) capital transition provision had been fully phased out. For the periods ended December 31, 2024, September 30, 2024, and June 30, 2024, the ratios reflected the CECL capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorganChase’s 2024 Form 10-K for additional information.
(e)
Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 43-49 for additional information.
(f)
Total net revenue included a $7.9 billion net gain related to Visa shares, and total noninterest expense included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation. Refer to Executive Overview on pages 54–58, and Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information on the exchange offer for Visa Class B-1 common stock.
3
INTRODUCTION

The following is Management’s discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) for the second quarter of 2025.
This Quarterly Report on Form 10-Q for the second quarter of 2025 (“Form 10-Q”) should be read together with JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). Refer to the Glossary of terms and acronyms and line of business metrics on pages 192-200 for definitions of terms and acronyms used throughout this Form 10-Q.
This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 90

of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 10–37 of the 2024 Form 10-K for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.6 trillion in assets and $356.9 billion in stockholders’ equity as of June 30, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.
JPMorganChase’s principal bank subsidiary is JPMorgan Chase Bank, National Association (“JPMorgan Chase Bank, N.A.”), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase’s principal non-bank subsidiary is J.P. Morgan Securities LLC (“J.P. Morgan Securities”), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm’s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities
plc and J.P. Morgan SE (“JPMSE”), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (“U.K.”) and Germany, respectively.
For management reporting purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 19-41 and Note 25 of this Form 10-Q, and Note 32 of JPMorganChase's 2024 Form 10-K, for a description of the Firm’s reportable business segments and the products and services they provide to their respective client bases, as well as a description of Corporate activities.
The Firm's website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov. JPMorganChase makes new and important information about the Firm available on its website at https://www.jpmorganchase.com, including on the Investor Relations section of its website at https://www.jpmorganchase.com/ir. Information on the Firm's website, including documents on the website that are referenced in this Form 10-Q, is not incorporated by reference into this Form 10-Q or the Firm’s other filings with the SEC.
4
EXECUTIVE OVERVIEW

This executive overview of the MD&A highlights selected information and does not contain all of the information that is important to readers of this Form 10-Q. For a complete description of the trends and uncertainties, as well as the risks and critical accounting estimates affecting the Firm, this Form 10-Q and the 2024 Form 10-K should be read together and in their entirety.
Financial performance of JPMorganChase
(unaudited) As of or for the period ended, (in millions, except per share data and ratios) Three months ended June 30, Six months ended June 30,
2025 2024 Change 2025 2024 Change
Selected income statement data
Noninterest revenue $ 21,703 $ 27,454 (21) % $ 43,740 $ 46,306 (6) %
Net interest income 23,209 22,746 2 46,482 45,828 1
Total net revenue 44,912 50,200 (11) 90,222 92,134 (2)
Total noninterest expense 23,779 23,713 — 47,376 46,470 2
Pre-provision profit 21,133 26,487 (20) 42,846 45,664 (6)
Provision for credit losses 2,849 3,052 (7) 6,154 4,936 25
Net income 14,987 18,149 (17) 29,630 31,568 (6)
Diluted earnings per share 5.24 6.12 (14) 10.31 10.56 (2)
Selected ratios and metrics
Return on common equity 18 % 23 % 18 % 20 %
Return on tangible common equity 21 28 21 25
Book value per share $ 122.51 $ 111.29 10 $ 122.51 $ 111.29 10
Tangible book value per share 103.40 92.77 11 103.40 92.77 11
Capital ratios (a)(b)
CET1 capital 15.1 % 15.3 % 15.1 % 15.3 %
Tier 1 capital 16.1 16.7 16.1 16.7
Total capital 17.8 18.5 17.8 18.5
Memo:
NII excluding Markets (c) $ 22,753 $ 22,938 (1) $ 45,343 $ 45,958 (1)
NIR excluding Markets (c) 13,991 20,261 (31) 27,752 31,776 (13)
Markets (d) 8,936 7,793 15 18,599 15,806 18
Total net revenue - managed basis $ 45,680 $ 50,992 (10) $ 91,694 $ 93,540 (2)

(a)
As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. For the period ended June 30, 2024, the ratios reflected the CECL capital transition provisions. Refer to Note 21 of this Form 10-Q and Note 27 of JPMorganChase’s 2024 Form 10-K for additional information.
(b)
Reflects the Firm’s ratios under the Basel III Standardized approach. Refer to Capital Risk Management on pages 43-49 for additional information.
(c)
NII and NIR refer to net interest income and noninterest revenue, respectively.
(d)
Markets consists of CIB's Fixed Income Markets and Equity Markets businesses. The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.
Comparisons noted in the sections below are for the second quarter of 2025 versus the second quarter of 2024, unless otherwise specified.
Firmwide overview
For the second quarter of 2025, JPMorganChase reported net income of $15.0 billion, down 17%, with earnings per share of $5.24, ROE of 18% and ROTCE of 21%. The Firm's results included a $774 million income tax benefit in Corporate.
•
Total net revenue
was $44.9 billion, down 11%, reflecting:
–
Net interest income
("NII") was $23.2 billion, up 2%, driven by higher Markets net interest income, higher wholesale deposit balances, higher revolving balances in Card Services, and the
impact of investment securities activity including from prior quarters. These factors were predominantly offset by the impact of lower rates and deposit margin compression. NII excluding Markets was $22.8 billion, down 1%.
–
Noninterest revenue
("NIR") was $21.7 billion, down 21%, primarily reflecting the absence of the $7.9 billion net gain related to Visa shares recorded in the prior year. Excluding this net gain, NIR would have been up 11% driven by higher Markets noninterest revenue, lower net investment securities losses in Treasury and CIO, and increases in asset management fees in AWM and CCB, auto operating lease income, investment banking fees, and Payments fees.
5
•
Noninterest expense
was $23.8 billion, flat when compared with the prior year, driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees, as well as higher brokerage expense and distribution fees, higher auto lease depreciation, and continued investments in technology. These factors were offset by the absence of the $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the prior year, as well as lower legal expense.
•
The
provision for credit losses
was $2.8 billion. Net charge-offs of $2.4 billion, predominantly in Card Services, were up $179 million. The net addition to the allowance for credit losses of $439 million, primarily in wholesale, was driven by the impact of net lending activity, largely offset by the impact of changes in the Firm’s weighted-average macroeconomic outlook, including a decrease in the weight placed on the adverse scenarios.
In the prior year, the provision was $3.1 billion, net charge-offs were $2.2 billion and the net addition to the allowance for credit losses was $821 million.
•
The total
allowance for credit losses
was $28.3 billion at
June 30, 2025
. The Firm had an allowance for loan losses to retained loans coverage ratio of 1.85%, compared with 1.81% in the prior year.
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 9-13 and pages 14-15, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 17-18 for a further discussion of each of these measures.
•
The Firm’s
nonperforming assets
totaled $10.5 billion at
June 30, 2025
, up 24%, driven by:
–
higher wholesale nonaccrual loans, largely related to certain exposures in Technology, Media & Telecommunications, Utilities, and Real Estate, reflecting downgrades, and
–
higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, as well as higher loans at fair value in CIB.
Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 64-72 and pages 60-63, respectively, for additional information.
•
Firmwide
average loans
of $1.4 trillion were up 5%, predominantly driven by higher loans in CIB and AWM.
•
Firmwide
average deposits
of $2.5 trillion were up 6%, reflecting:
–
net inflows related to client-driven activities in Payments and Securities Services, and
–
growth in balances in new and existing client accounts in AWM,
partially offset by
–
a decrease in CCB in existing account balances primarily driven by increased customer spending and migration into higher-yielding investments.
Refer to Liquidity Risk Management on pages 50-57 for additional information.
Selected capital and other metrics
•
CET1 capital
was $284 billion, and the Standardized and Advanced CET1 ratios were 15.1% and 15.2%, respectively.
•
SLR
was 5.9%.
•
TBVPS
grew 11%, ending the second quarter of 2025 at $103.40.
•
As of
June 30, 2025
, the Firm had eligible end-of-period
High Quality Liquid Assets
(“HQLA”) of approximately $970 billion and
unencumbered marketable securities
with a fair value of approximately $573 billion, resulting in approximately $1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 50-57 for additional information.
6
Business segment highlights
Selected business metrics for each of the Firm’s lines of business ("LOB") are presented below for the second quarter of 2025.
CCB ROE 36% • Average deposits down 1% year-over-year ("YoY"), up 1% quarter-over-quarter ("QoQ"); client investment assets up 14% • Average loans up 1% YoY, flat QoQ; Card Services net charge-off rate of 3.40% • Debit and credit card sales volume (a) up 7% • Active mobile customers (b) up 8%
CIB ROE 17% • Investment Banking fees up 7% YoY, up 12% QoQ; #1 ranking for Global Investment Banking fees with 8.9% wallet share YTD • Markets revenue up 15%, with Fixed Income Markets up 14% and Equity Markets up 15% • Average Banking & Payments loans (c) down 2% YoY, up 2% QoQ; average client deposits (d) up 16% YoY, up 5% QoQ
AWM ROE 36% • Assets under management ("AUM") of $4.3 trillion, up 18% • Average loans up 7% YoY, up 3% QoQ; average deposits up 9% YoY, up 2% QoQ

(a)
Excludes Commercial Card.
(b)
Users of all mobile platforms who have logged in within the past 90 days.
(c)
On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
(d)
Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
Refer to the Business Segment & Corporate Results on pages 19-41 for a detailed discussion of results by business segment.
Credit provided and capital raised
JPMorganChase continues to support consumers, businesses and communities around the globe. The Firm provided new and renewed credit and raised capital for wholesale and consumer clients during the first six months of 2025, consisting of approximately:
$1.7 trillion Total credit provided and capital raised (including loans and commitments)
$135 billion Credit for consumers
$17 billion Credit for U.S. small businesses
$1.5 trillion Credit and capital for corporations and non-U.S. government entities (a)
$37 billion Credit and capital for nonprofit and U.S. government entities (b)

(a)
Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.
(b)
Includes states, municipalities, hospitals and universities.
7
Recent events
•
In the second quarter of 2025, leadership changes were announced for certain of JPMorganChase’s senior executives:
–
Sanoke Viswanathan, head of the Firm’s international consumer initiatives, will be leaving the Firm in the third quarter of 2025.
–
Marianne Lake, CEO of Consumer & Community Banking, has assumed oversight of international consumer initiatives.
Outlook
These current expectations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-Q, and are subject to significant risks and uncertainties. Refer to Forward-Looking Statements on page 90

of this Form 10-Q and Part I, Item 1A, Risk Factors on pages 10–37 of the 2024 Form 10-K for a further discussion of certain of those risks and uncertainties and the other factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results in 2025 will be in line with the outlook information set forth below, and the Firm does not undertake to update any forward-looking statements.
JPMorganChase’s current outlook for full-year 2025 should be viewed against the backdrop of the global and U.S. economies,

financial markets activity, the geopolitical environment, the competitive environment, client and customer activity levels, and regulatory and legislative developments in the U.S. and other countries where the Firm does business. Each of these factors will affect the performance of the Firm. The Firm will continue to make appropriate adjustments to its businesses and operations in response to ongoing developments in the business, economic, regulatory and legal environments in which it operates.
Full-year 2025
•
Management expects net interest income to be approximately $95.5 billion and net interest income excluding Markets to be approximately $92.0 billion, market dependent.
•
Management expects adjusted expense to be approximately $95.5 billion, market dependent.
•
Management expects the net charge-off rate in Card Services to be approximately 3.60%.
Net interest income excluding Markets and adjusted expense are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 17-18.
8
CONSOLIDATED RESULTS OF OPERATIONS

This section provides a comparative discussion of JPMorganChase’s Consolidated Results of Operations on a reported basis for the three and six months ended June 30, 2025 and 2024, unless otherwise specified. Factors that relate primarily to a single business segment or Corporate are discussed in more detail in the results of that segment or Corporate. Refer to pages 85-88 of this Form 10-Q and pages 161–164 of JPMorganChase’s 2024 Form 10-K for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations.
Revenue
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 Change 2025 2024 Change
Investment banking fees $ 2,499 $ 2,304 8 % $ 4,677 $ 4,258 10 %
Principal transactions 7,149 6,814 5 14,763 13,604 9
Lending- and deposit-related fees 2,248 1,828 23 4,380 3,730 17
Asset management fees 4,806 4,302 12 9,506 8,448 13
Commissions and other fees 2,194 1,924 14 4,227 3,729 13
Investment securities losses (54) (547) 90 (91) (913) 90
Mortgage fees and related income 363 348 4 641 623 3
Card income 1,344 1,332 1 2,560 2,550 —
Other income (a) 1,154 9,149 (b) (87) 3,077 10,277 (b) (70)
Noninterest revenue 21,703 27,454 (21) 43,740 46,306 (6)
Net interest income 23,209 22,746 2 46,482 45,828 1
Total net revenue $ 44,912 $ 50,200 (11) % $ 90,222 $ 92,134 (2) %

(a) Included operating lease income of $901 million and $689 million for the three months ended June 30, 2025 and 2024, respectively, and $1.7 billion and $1.4 billion for the six months ended June 30, 2025 and 2024, respectively. Refer to Note 5 for additional information.
(b) Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
Quarterly results
Investment banking fees
increased, reflecting in CIB
:
•
higher debt underwriting fees primarily driven by several large deals, and
•
higher advisory fees predominantly benefiting from increased sponsor activity,
partially offset by
•
lower equity underwriting fees predominantly driven by lower IPOs.
Refer to CIB segment results on pages 26-33 and Note 5 for additional information.
Principal transactions revenue
increased, reflecting in CIB:
•
higher Fixed Income Markets revenue driven by higher revenue in Rates, Commodities and Currencies & Emerging Markets, largely offset by lower revenue in Securitized Products and Fixed Income Financing,
partially offset by
•
lower Equity Markets revenue, particularly in Prime Finance.
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Refer to CIB segment results on pages 26-33 and Note 5 for additional information.
Lending- and deposit-related fees
increased, reflecting in CIB, a reduction in client credits applied to deposit-related fees, as well as growth in volumes resulting in higher cash management fees in Payments.
Refer to CIB segment results on pages 26-33 and Note 5 for additional information.
Asset management fees
increased in AWM and CCB, as a result of net inflows and higher average market levels. Refer to CCB and AWM segment results on pages 21-25 and pages 34-38, respectively, and Note 5 for additional information.
Commissions and other fees
increased in CIB and AWM, predominantly due to higher brokerage commissions and fees on higher volume, and to a lesser extent, higher custody fees as a result of higher client activity and market levels. Refer to CIB and AWM segment results on pages 26-33 and pages 34-38, respectively, and Note 5 for additional information.
Investment securities losses
decreased driven by lower net losses in Treasury and CIO. Refer to Corporate results on pages 39-41 and Note 9 for additional information.
9
Mortgage fees and related income
: refer to Note 14 for additional information.
Card income
: refer to CCB segment results on pages 21-25 and Note 5 for additional information.
Other income
decreased, reflecting:
•
the absence in Corporate of several items recorded in the prior year, particularly the $7.9 billion net gain related to Visa shares,
partially offset by
•
higher auto operating lease income in CCB due to growth in volume.
Refer to CCB and Corporate results on pages 21-25 and pages 39-41, respectively, for additional information.
Net interest income
increased driven by higher Markets net interest income, higher wholesale deposit balances, higher revolving balances in Card Services, and the impact of investment securities activity including from prior quarters. These factors were predominantly offset by the impact of lower rates and deposit margin compression.
The Firm’s average interest-earning assets were $3.8 trillion, up $336 billion, and the yield was 5.04%, down 53 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.43%, a decrease of 19 bps. The net yield excluding Markets was 3.71%, down 15 bps.
Refer to the Consolidated average balance sheets, interest and rates schedule on pages 190-191 for additional information. Net yield excluding Markets is a non-GAAP financial measure. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 17-18 for an additional discussion of net yield excluding Markets.
Year-to-date results
Investment banking fees
increased, reflecting in CIB
:
•
higher debt underwriting fees driven by several large deals, and
•
higher advisory fees, predominantly reflecting the closing of a higher number of large transactions,
partially offset by
•
lower equity underwriting fees driven by lower convertible securities offerings and IPOs, largely offset by higher follow-on offerings.
Principal transactions revenue
increased, reflecting in CIB:
•
higher Fixed Income Markets revenue driven by higher revenue in Rates and Commodities, predominantly offset by lower revenue in Securitized Products, Fixed Income Financing and Currencies & Emerging Markets, and
•
higher Equity Markets revenue, particularly in Equity Derivatives.
The increase in CIB was partially offset by lower revenue in Treasury and CIO.
Principal transactions revenue in CIB generally has offsets across other revenue lines, including net interest income. The Firm assesses the performance of its Markets business on a total net revenue basis.
Refer to Corporate results on pages 39-41 for additional information.
Lending- and deposit-related fees
increased, reflecting in CIB, a reduction in client credits applied to deposit-related fees, as well as growth in volumes resulting in higher cash management fees in Payments.
Asset management fees
increased in AWM and CCB, as a result of net inflows and higher average market levels.
Commissions and other fees
increased in CIB and AWM, predominantly due to higher brokerage commissions and fees on higher volume, and to a lesser extent, higher custody fees as a result of higher client activity and market levels.
Investment securities losses
decreased driven by lower net losses in Treasury and CIO.
Mortgage fees and related income
: refer to Note 14 for additional information.
Card income
was flat, and included in CCB, higher amortization related to new account origination costs and lower net interchange, largely offset by higher annual fees.
Other income
decreased, reflecting:
•
the absence in Corporate of several items recorded in the prior year, particularly the $7.9 billion net gain related to Visa shares,
partially offset by
•
the $588 million First Republic-related gain recorded in the first quarter of 2025, and
•
higher auto operating lease income in CCB due to growth in volume.
Refer to Note 5, and Note 34 on pages 319-321 of the Firm’s 2024 Form 10-K, for additional information on the First Republic-related gain.
Net interest income
increased driven by higher Markets net interest income, higher revolving balances in Card Services, higher wholesale deposit balances, and the impact of investment securities activity including from prior quarters. These factors were predominantly offset by the impact of lower rates and deposit margin compression, as well as lower average deposit balances in CCB.
The Firm’s average interest-earning assets were $3.8 trillion, up $280 billion, and the yield was 5.11%, down 45 basis points (“bps”). The net yield on these assets, on an FTE basis, was 2.51%, a decrease of 15 bps. The net yield excluding Markets was 3.75%, down 10 bps.
10
Provision for credit losses
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 Change 2025 2024 Change
Consumer, excluding credit card $ 131 $ 144 (9) % $ 335 $ 221 52 %
Credit card 1,937 2,429 (20) 4,319 4,266 1
Total consumer 2,068 2,573 (20) 4,654 4,487 4
Wholesale 791 456 73 1,527 400 282
Investment securities (10) 23 NM (27) 49 NM
Total provision for credit losses $ 2,849 $ 3,052 (7) % $ 6,154 $ 4,936 25 %

Quarterly results
The

provision for credit losses
was $2.8 billion. Net charge-offs were $2.4 billion and the net addition to the allowance for credit losses was $439 million.
Net charge-offs included $2.1 billion in
consumer
, predominantly driven by Card Services, reflecting loan growth, and $345 million in
wholesale
.
The net addition to the allowance for credit losses consisted of:
•
$446 million in
wholesale
, driven by the impact of new lending-related commitments and changes in credit quality of client-specific exposures, partially offset by a decrease in the weight placed on the adverse scenarios, and
•
$3 million in
consumer
, as loan growth in Card Services was offset by the impact of changes in the Firm's weighted-average macroeconomic outlook.
In the prior year, the provision was $3.1 billion, net charge-offs were $2.2 billion and the net addition to the allowance for credit losses was $821 million.
Refer to CCB, CIB and AWM segment and Corporate results on pages 21-25, pages 26-33, pages 34-38, and pages 39-41, respectively; Allowance for Credit Losses on pages 73-75; Critical Accounting Estimates Used by the Firm on pages 85-88; and Notes 11 and 12 for additional information on the credit portfolio and the allowance for credit losses.
Year-to-date results
The

provision for credit losses
was $6.2 billion. Net charge-offs were $4.7 billion and the net addition to the allowance for credit losses was $1.4 billion.
Net charge-offs included $4.2 billion in
consumer
, predominantly driven by Card Services, reflecting loan growth, and $532 million in
wholesale
.
The net addition to the allowance for credit losses consisted of:
•
$995 million in
wholesale
, predominantly driven by changes in credit quality of client-specific exposures, the impact of new lending-related commitments, as well as the impact of changes in the Firm's weighted-average macroeconomic outlook, and
•
$444 million in
consumer
, predominantly driven by Card Services, reflecting loan growth and the impact of changes in the Firm's weighted-average macroeconomic outlook.
In the prior year, the provision was $4.9 billion, net charge-offs were $4.2 billion and the net addition to the allowance for credit losses was $749 million.
11
Noninterest expense
(in millions) Three months ended June 30, Six months ended June 30,
2025 2024 Change 2025 2024 Change
Compensation expense $ 13,710 $ 12,953 6 % $ 27,803 $ 26,071 7 %
Noncompensation expense:
Occupancy 1,264 1,248 1 2,566 2,459 4
Technology, communications and equipment (a) 2,704 2,447 11 5,282 4,868 9
Professional and outside services 3,006 2,722 10 5,845 5,270 11
Marketing 1,279 1,221 5 2,583 2,381 8
Other expense 1,816 3,122 (c) (42) 3,297 5,421 (c) (39)
Total noncompensation expense 10,069 10,760 (6) 19,573 20,399 (4)
Total noninterest expense $ 23,779 $ 23,713 — % $ 47,376 $ 46,470 2 %
Certain components of other expense (b)
FDIC-related expense $ 302 $ 291 $ 291 $ 1,264
Operating losses 314 323 700 622

(a)
Includes depreciation expense associated with auto operating lease assets. Refer to Note 16 for additional information.
(b)
Refer to Note 5 for additional information.
(c)
Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
Quarterly results
Compensation expense
increased driven by:
•
growth in the number of employees, primarily front office and technology, and
•
higher revenue-related compensation, particularly in CIB and AWM.
Noncompensation expense
decreased, reflecting:
•
the absence in Corporate of the following items recorded in the prior year
–
a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and
–
restructuring and integration costs associated with First Republic, and
•
lower legal expense, particularly in CIB,
partially offset by
•
higher brokerage expense in CIB and higher distribution fees in AWM,
•
higher depreciation expense on higher auto operating lease assets in CCB and
•
higher investments in technology across the businesses.
Refer to Note 5 for additional information on other expense.
Year-to-date results
Compensation expense
increased driven by:
•
growth in the number of employees, primarily front office and technology, and
•
higher revenue-related compensation, particularly in CIB and AWM.
Noncompensation expense
decreased, reflecting:
•
the absence in Corporate of the following items recorded in the prior year
–
a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and
–
restructuring and integration costs associated with First Republic, and
•
lower FDIC-related expense, which included the impact of a release of an FDIC special assessment accrual of $323 million in Corporate recorded in the first quarter of 2025, compared with an accrual increase of $725 million in the first quarter of the prior year,
partially offset by
•
higher brokerage expense in CIB and higher distribution fees in AWM,
•
higher depreciation expense on higher auto operating lease assets in CCB,
•
higher investments in technology across the businesses, as well as marketing, predominantly in CCB, and
•
higher occupancy expense.
12
Income tax expense
(in millions) Three months ended June 30, Six months ended June 30,
2025 2024 Change 2025 2024 Change
Income before income tax expense $ 18,284 $ 23,435 (22) % $ 36,692 $ 40,728 (10) %
Income tax expense 3,297 5,286 (38) 7,062 9,160 (23)
Effective tax rate 18.0 % 22.6 % 19.2 % 22.5 %

Quarterly results

The
effective tax rate

decreased predominantly driven by:
•
a $774 million income tax benefit in Corporate, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025, and
•
other changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.
Year-to-date results
The
effective tax rate

decreased predominantly driven by:
•
a $774 million income tax benefit in Corporate, driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025,
•
other changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes, and
•
higher tax benefits related to the vesting of employee share-based awards.
13
CONSOLIDATED BALANCE SHEETS AND CASH FLOWS ANALYSIS

Consolidated balance sheets analysis
The following is a discussion of the significant changes between June 30, 2025 and December 31, 2024. Refer to pages 161–164 for a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Balance Sheets.
Selected Consolidated balance sheets data
(in millions) June 30, 2025 December 31, 2024 Change
Assets
Cash and due from banks $ 23,759 $ 23,372 2 %
Deposits with banks 396,568 445,945 (11)
Federal funds sold and securities purchased under resale agreements 470,589 295,001 60
Securities borrowed 223,976 219,546 2
Trading assets 889,856 637,784 40
Available-for-sale securities 485,380 406,852 19
Held-to-maturity securities 260,559 274,468 (5)
Investment securities, net of allowance for credit losses 745,939 681,320 9
Loans 1,411,992 1,347,988 5
Allowance for loan losses (24,953) (24,345) 2
Loans, net of allowance for loan losses 1,387,039 1,323,643 5
Accrued interest and accounts receivable 124,463 101,223 23
Premises and equipment 33,562 32,223 4
Goodwill, MSRs and other intangible assets 64,465 64,560 —
Other assets 192,266 178,197 8
Total assets $ 4,552,482 $ 4,002,814 14 %

Cash and due from banks and deposits with banks

decreased driven by Markets activities in CIB, and higher investment securities and cash deployment in Treasury and CIO, largely offset by the impact of higher deposits.
Federal funds sold and securities purchased under resale agreements
increased driven by Markets, reflecting higher client-driven market-making activities and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end. Refer to Note 10 for additional information on securities purchased under resale agreements.

Securities borrowed
:
refer to Note 10 for additional information
.
Trading assets
increased due to higher levels of debt and equity instruments in Markets related to client-driven market-making activities, as well as when compared with seasonally lower levels at year-end. Refer to Notes 2 and 4 for additional information.
Investment securities
increased due to the net impact of:
•
higher available-for-sale ("AFS") securities, reflecting net purchases, primarily U.S. Treasuries, partially offset by maturities and paydowns, and
•
lower held to-maturity (“HTM”) securities driven by maturities and paydowns.
Refer to Corporate results on pages 39-41, Investment Portfolio Risk Management on page 76, and Notes 2 and 9 for additional information.
Loans
increased, reflecting:
•
higher wholesale loans, primarily in Markets, associated with higher client demand, and
•
higher securities-based lending in AWM due to higher client demand,
partially offset by
•
a decline in Home Lending as loan sales and paydowns outpaced originations.
The
allowance for loan losses
increased, reflecting a net addition to the allowance for loan losses of $608 million, and consisted of:
•
$443 million in
consumer
, predominantly driven by Card Services, reflecting loan growth and the impact of changes in the Firm's weighted-average macroeconomic outlook, and
•
$165 million in
wholesale
, driven by changes in credit quality of client-specific exposures and the impact of changes in the Firm's weighted-average macroeconomic outlook, partially offset by a reduction due to the impact of charge-offs.
There was also an $831 million net addition to the allowance for lending-related commitments recognized in other liabilities on the Consolidated
14
balance sheets. The net addition was driven by the impact of new lending-related commitments.
Refer to Consolidated Results of Operations and Credit and Investment Risk Management on pages 9-13 and pages 58-76, respectively, Critical Accounting Estimates Used by the Firm on pages 85-88, and Notes 2, 3, 11 and 12 for additional information on loans and the total allowance for credit losses.
Accrued interest and accounts receivable
increased primarily due to higher client receivables related to client-driven activities in CIB.
Goodwill, MSRs and other intangible assets
:

refer to Note 14 for additional information
.
Other assets
increased primarily due to higher cash collateral placed with central counterparties ("CCP") in Markets, and higher auto operating lease assets in CCB.
Selected Consolidated balance sheets data (continued)
(in millions) June 30, 2025 December 31, 2024 Change
Liabilities
Deposits $ 2,562,380 $ 2,406,032 6 %
Federal funds purchased and securities loaned or sold under repurchase agreements 595,340 296,835 101
Short-term borrowings 65,293 52,893 23
Trading liabilities 221,402 192,883 15
Accounts payable and other liabilities 303,641 280,672 8
Beneficial interests issued by consolidated variable interest entities (“VIEs”) 27,700 27,323 1
Long-term debt 419,802 401,418 5
Total liabilities 4,195,558 3,658,056 15
Stockholders’ equity 356,924 344,758 4
Total liabilities and stockholders’ equity $ 4,552,482 $ 4,002,814 14 %

Deposits
increased, reflecting the net impact of:
•
an increase in CIB

predominantly due to net inflows related to client-driven activities in Securities Services

and Payments,
•
an increase in CCB primarily driven by new accounts, largely offset by a decrease in existing account balances due to seasonal tax outflows

and increased customer spending, and
•
a decrease in AWM driven by continued migration into other investments and seasonal tax outflows, predominantly offset by growth in balances in new and existing client accounts, reflecting the impact of higher-yielding product offerings.
Federal funds purchased and securities loaned or sold under repurchase agreements
increased driven by Markets, reflecting higher secured financing of trading assets, higher client-driven market-making activities, and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
Short-term borrowings

increased driven by higher financing requirements in Markets.
Refer to Liquidity Risk Management on pages 50-57 for additional information on deposits, federal funds purchased and securities loaned or sold under repurchase agreements, and short-term borrowings; and Notes 2 and 15 for deposits; and Note 10 for federal funds purchased and securities loaned or sold under repurchase agreements.
Trading liabilities
increased due to client-driven market-making activities, which resulted in higher levels of short positions, as well as higher derivative payables, primarily as a result of market movements. Refer to Notes 2 and 4 for additional information.
Accounts payable and other liabilities
increased due to higher client payables related to client-driven activities in CIB.
Beneficial interests issued by consolidated VIEs
:

Refer to Liquidity Risk Management on pages 50-57 and Notes 13 and 22 for additional information related to Firm-sponsored VIEs and loan securitization trusts.
Long-term debt
increased driven by net issuances of structured notes in Markets due to client demand, as well as an increase in the fair value of such instruments, and net issuances of long-term debt in Treasury and CIO, partially offset by lower Federal Home Loan Bank ("FHLB") advances. Refer to Liquidity Risk Management on pages 50-57 for additional information.
Stockholders’ equity

increased reflecting net income and lower unrealized losses in AOCI, predominantly driven by the net impact of lower interest rates and widening spreads on cash flow hedges and AFS securities in Treasury and CIO, largely offset by the impact of capital actions, including net repurchases of common shares and common and preferred stock dividend payments. Refer to Consolidated statements of changes in stockholders’ equity on page 94, Capital Actions on page 47, and Note 19 for additional information.
15
Consolidated cash flows analysis
The following is a discussion of cash flow activities during the six months ended June 30, 2025 and 2024.
(in millions) Six months ended June 30,
2025 2024
Net cash provided by/(used in)
Operating activities $ (222,292) $ (115,689)
Investing activities (291,136) (137,618)
Financing activities 440,863 168,406
Effect of exchange rate changes on cash 23,575 (8,431)
Net decrease in cash and due from banks and deposits with banks $ (48,990) $ (93,332)

Operating activities
•
In 2025, cash used resulted from higher trading assets, higher accrued interest and accounts receivable and net originations and purchases of loans held-for sale, partially offset by higher trading liabilities.
•
In 2024, cash used resulted from higher trading assets and higher accrued interest and accounts receivable, partially offset by higher trading liabilities and higher accounts payable and other liabilities.
Investing activities
•
In 2025, cash used resulted from higher securities purchased under resale agreements, net loan originations and net purchases of investment securities.
•
In 2024, cash used resulted from higher securities purchased under resale agreements and net purchases of investment securities.
Financing activities
•
In 2025, cash provided reflected higher securities loaned or sold under repurchase agreements, higher deposits, and net proceeds from long- and short-term borrowings.
•
In 2024, cash provided reflected higher securities loaned or sold under repurchase agreements and net proceeds from long- and short-term borrowings, partially offset by lower deposits and net redemption of preferred stock.
•
For both periods, cash was used for repurchases of common stock and cash dividends on common and preferred stock.
* * *
Refer to Consolidated Balance Sheets Analysis on pages 14-15, Capital Risk Management on pages 43-49, and Liquidity Risk Management on pages 50-57, and the Consolidated Statements of Cash Flows on page 95 of this Form 10-Q, and pages 108–115 of JPMorganChase’s 2024 Form 10-K for a further discussion of the activities affecting the Firm’s cash flows.
16
EXPLANATION AND RECONCILIATION OF THE FIRM’S USE OF NON-GAAP FINANCIAL MEASURES

The Firm prepares its Consolidated Financial Statements in accordance with U.S. GAAP and this presentation is referred to as “reported” basis; these financial statements appear on pages 91-95.
In addition to analyzing the Firm’s results on a reported basis, the Firm also reviews and uses certain non-GAAP financial measures at the Firmwide and segment level. These non-GAAP measures include:
•
Firmwide “managed” basis results, including the overhead ratio, which include certain reclassifications to present total net revenue from investments that receive tax credits and tax-exempt securities on a basis comparable to taxable investments and securities (“FTE” basis). The corresponding income tax impact related to tax-exempt items is recorded within income tax
expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs;
•
Pre-provision profit, which represents total net revenue less total noninterest expense;
•
Net interest income, net yield, and noninterest revenue excluding Markets;
•
TCE, ROTCE, and TBVPS; and
•
Adjusted expense, which represents noninterest expense excluding Firmwide legal expense.
Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 67–69 of JPMorganChase’s 2024 Form 10-K for a further discussion of management’s use of non-GAAP financial measures.
The following summary table provides a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
Three months ended June 30,
2025 2024
(in millions, except ratios) Reported Fully taxable-equivalent adjustments (a) Managed basis Reported Fully taxable-equivalent adjustments (a) Managed basis
Other income $ 1,154 $ 663 $ 1,817 $ 9,149 $ 677 $ 9,826
Total noninterest revenue 21,703 663 22,366 27,454 677 28,131
Net interest income 23,209 105 23,314 22,746 115 22,861
Total net revenue 44,912 768 45,680 50,200 792 50,992
Total noninterest expense 23,779 NA 23,779 23,713 NA 23,713
Pre-provision profit 21,133 768 21,901 26,487 792 27,279
Provision for credit losses 2,849 NA 2,849 3,052 NA 3,052
Income before income tax expense 18,284 768 19,052 23,435 792 24,227
Income tax expense 3,297 768 4,065 5,286 792 6,078
Net income $ 14,987 NA $ 14,987 $ 18,149 NA $ 18,149
Overhead ratio 53 % NM 52 % 47 % NM 47 %
Six months ended June 30,
2025 2024
(in millions, except ratios) Reported Fully taxable-equivalent adjustments (a) Managed basis Reported Fully taxable-equivalent adjustments (a) Managed basis
Other income $ 3,077 (a) $ 1,265 (a) $ 4,342 $ 10,277 $ 1,170 $ 11,447
Total noninterest revenue 43,740 1,265 45,005 46,306 1,170 47,476
Net interest income 46,482 207 46,689 45,828 236 46,064
Total net revenue 90,222 1,472 91,694 92,134 1,406 93,540
Total noninterest expense 47,376 NA 47,376 46,470 NA 46,470
Pre-provision profit 42,846 1,472 44,318 45,664 1,406 47,070
Provision for credit losses 6,154 NA 6,154 4,936 NA 4,936
Income before income tax expense 36,692 1,472 38,164 40,728 1,406 42,134
Income tax expense 7,062 (a) 1,472 (a) 8,534 9,160 1,406 10,566
Net Income $ 29,630 NA $ 29,630 $ 31,568 NA $ 31,568
Overhead ratio 53 % NM 52 % 50 % NM 50 %

(a)
Predominantly recognized in CIB and Corporate.
17
The following table provides information on net interest income, net yield, and noninterest revenue excluding Markets.
(in millions, except rates) Three months ended June 30, Six months ended June 30,
2025 2024 Change 2025 2024 Change
Net interest income – reported (a) $ 23,209 $ 22,746 2 % $ 46,482 $ 45,828 1 %
Fully taxable-equivalent adjustments 105 115 (9) 207 236 (12)
Net interest income – managed basis $ 23,314 $ 22,861 2 $ 46,689 $ 46,064 1
Less: Markets net interest income (b) 561 (77) NM 1,346 106 NM
Net interest income excluding Markets $ 22,753 $ 22,938 (1) $ 45,343 $ 45,958 (1)
Average interest-earning assets (a) $ 3,845,982 $ 3,509,725 10 $ 3,757,674 $ 3,477,620 8
Less: Average Markets interest-earning assets (b) 1,387,584 1,116,853 24 1,321,732 1,073,964 23
Average interest-earning assets excluding Markets $ 2,458,398 $ 2,392,872 3 $ 2,435,942 $ 2,403,656 1
Net yield on average interest-earning assets – managed basis 2.43 % 2.62 % 2.51 % 2.66 %
Net yield on average Markets interest-earning assets (b) 0.16 (0.03) 0.21 0.02
Net yield on average interest-earning assets excluding Markets 3.71 % 3.86 % 3.75 % 3.85 %
Noninterest revenue – reported $ 21,703 $ 27,454 (21) $ 43,740 $ 46,306 (6)
Fully taxable-equivalent adjustments 663 677 (2) 1,265 1,170 8
Noninterest revenue – managed basis $ 22,366 $ 28,131 (20) $ 45,005 $ 47,476 (5)
Less: Markets noninterest revenue (b) 8,375 7,870 6 17,253 15,700 10
Noninterest revenue excluding Markets $ 13,991 $ 20,261 (31) $ 27,752 $ 31,776 (13)
Memo: Total Markets net revenue (b) $ 8,936 $ 7,793 15 $ 18,599 $ 15,806 18

(a)
Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable. Refer to Note 5 of the Firm’s 2024 Form 10-K for additional information on hedge accounting.
(b)
Refer to page 32 for further information on Markets.
The following summary table provides a reconciliation from the Firm’s common stockholders’ equity to TCE.
Period-end Average
(in millions, except per share and ratio data) Jun 30, 2025 Dec 31, 2024 Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Common stockholders’ equity $ 336,879 $ 324,708 $ 329,797 $ 308,763 $ 327,086 $ 304,519
Less: Goodwill 52,747 52,565 52,692 52,618 52,637 52,616
Less: Other intangible assets 2,722 2,874 2,741 3,086 2,785 3,122
Add: Certain deferred tax liabilities (a) 2,923 2,943 2,926 2,975 2,932 2,982
Tangible common equity $ 284,333 $ 272,212 $ 277,290 $ 256,034 $ 274,596 $ 251,763
Return on tangible common equity NA NA 21 % 28 % 21 % 25 %
Tangible book value per share $ 103.40 $ 97.30 NA NA NA NA

(a)
Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.
18
BUSINESS SEGMENT & CORPORATE RESULTS

The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 17-18 for a definition of managed basis.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.
Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments. Effective in the fourth quarter of 2024, the Firm updated its FTP with respect to consumer deposits, which resulted in an increase in the funding benefit reflected within CCB’s net interest income that is fully offset in Corporate, with no effect on the Firm’s net interest income.
As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results. Refer to Market Risk Management on pages 77-83 for additional information.
Capital allocation
The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Line of business and Corporate equity on page 46, and page 104 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.
Refer to Business Segment & Corporate Results – Description of business segment reporting methodology on pages 70–90 and Note 32 of JPMorganChase’s 2024 Form 10-K for a further discussion of those methodologies.
19
Segment & Corporate Results – Managed basis
The following tables summarize the Firm’s results by business segments and Corporate for the periods indicated.
Three months ended June 30, Consumer & Community Banking Commercial & Investment Bank Asset & Wealth Management
(in millions, except ratios) 2025 2024 Change 2025 2024 Change 2025 2024 Change
Total net revenue $ 18,847 $ 17,701 6 % $ 19,535 $ 17,917 9 % $ 5,760 $ 5,252 10 %
Total noninterest expense 9,858 9,425 5 9,641 9,166 5 3,733 3,543 5
Pre-provision profit 8,989 8,276 9 9,894 8,751 13 2,027 1,709 19
Provision for credit losses 2,082 2,643 (21) 696 384 81 46 20 130
Net income 5,169 4,210 23 6,650 5,897 13 1,473 1,263 17
Return on equity (“ROE”) 36 % 30 % 17 % 17 % 36 % 32 %

Three months ended June 30, Corporate Total
(in millions, except ratios) 2025 2024 Change 2025 2024 Change
Total net revenue $ 1,538 $ 10,122 (a) (85) % $ 45,680 $ 50,992 (a) (10) %
Total noninterest expense 547 1,579 (b) (65) 23,779 23,713 (b) —
Pre-provision profit 991 8,543 (88) 21,901 27,279 (20)
Provision for credit losses 25 5 400 2,849 3,052 (7)
Net income 1,695 6,779 (75) 14,987 18,149 (17)
ROE NM NM 18 % 23 %

Six months ended June 30, Consumer & Community Banking Commercial & Investment Bank Asset & Wealth Management
(in millions, except ratios) 2025 2024 Change 2025 2024 Change 2025 2024 Change
Total net revenue $ 37,160 $ 35,354 5 % $ 39,201 $ 35,501 10 % $ 11,491 $ 10,361 11 %
Total noninterest expense 19,715 18,722 5 19,483 17,890 9 7,446 7,003 6
Pre-provision profit 17,445 16,632 5 19,718 17,611 12 4,045 3,358 20
Provision for credit losses 4,711 4,556 3 1,401 385 264 36 (37) NM
Net income 9,594 9,041 6 13,592 12,519 9 3,056 2,553 20
ROE 34 % 33 % 18 % 18 % 38 % 32 %

Six months ended June 30, Corporate Total
(in millions, except ratios) 2025 2024 Change 2025 2024 Change
Total net revenue $ 3,842 $ 12,324 (a) (69) % $ 91,694 $ 93,540 (a) (2) %
Total noninterest expense 732 2,855 (b) (74) 47,376 46,470 (b) 2
Pre-provision profit 3,110 9,469 (67) 44,318 47,070 (6)
Provision for credit losses 6 32 (81) 6,154 4,936 25
Net income 3,388 7,455 (55) 29,630 31,568 (6)
ROE NM NM 18 % 20 %

(a)
Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
(b)
Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
Refer to Note 25 for further details on total net revenue and total noninterest expense.
The following sections provide a comparative discussion of the Firm’s results by business segments and Corporate as of or for the three and six months ended June 30, 2025 and 2024, unless otherwise specified.
20
CONSUMER & COMMUNITY BANKING

Refer to pages 73–76 of JPMorganChase's 2024 Form 10-K and Line of Business Metrics on page 199 for a discussion of the business profile of CCB.
Selected income statement data
Three months ended June 30, Six months ended June 30,
(in millions, except ratios) 2025 2024 Change 2025 2024 Change
Revenue
Lending- and deposit-related fees $ 888 $ 830 7 % $ 1,727 $ 1,652 5 %
Asset management fees 1,110 978 13 2,203 1,925 14
Mortgage fees and related income 347 346 — 610 620 (2)
Card income 687 741 (7) 1,340 1,423 (6)
All other income (a) 1,420 1,101 29 2,743 2,321 18
Noninterest revenue 4,452 3,996 11 8,623 7,941 9
Net interest income 14,395 13,705 5 28,537 27,413 4
Total net revenue 18,847 17,701 6 37,160 35,354 5
Provision for credit losses 2,082 2,643 (21) 4,711 4,556 3
Noninterest expense
Compensation expense 4,336 4,240 2 8,784 8,469 4
Noncompensation expense (b) 5,522 5,185 6 10,931 10,253 7
Total noninterest expense 9,858 9,425 5 19,715 18,722 5
Income before income tax expense 6,907 5,633 23 12,734 12,076 5
Income tax expense 1,738 1,423 22 3,140 3,035 3
Net income $ 5,169 $ 4,210 23 $ 9,594 $ 9,041 6
Revenue by business
Banking & Wealth Management $ 10,698 $ 10,375 3 $ 20,952 $ 20,699 1
Home Lending 1,250 1,319 (5) 2,457 2,505 (2)
Card Services & Auto 6,899 6,007 15 13,751 12,150 13
Mortgage fees and related income details:
Production revenue 151 157 (4) 261 287 (9)
Net mortgage servicing revenue (c) 196 189 4 349 333 5
Mortgage fees and related income $ 347 $ 346 — % $ 610 $ 620 (2) %
Financial ratios
Return on equity 36 % 30 % 34 % 33 %
Overhead ratio 52 53 53 53

(a)
Primarily includes operating lease income and commissions and other fees. Operating lease income was $896 million and $682 million for the three months ended June 30, 2025 and 2024, respectively, and $1.7 billion and $1.3 billion for the six months ended June 30, 2025 and 2024, respectively.
(b)
Included depreciation expense on leased assets of $577 million and $430 million for the three months ended June 30, 2025 and 2024, respectively, and $1.1 billion and $857 million for the six months ended June 30, 2025 and 2024, respectively.
(c)
Included MSR risk management results of $47 million and $39 million for the three months ended June 30, 2025 and 2024, respectively, and $56 million and $38 million for the six months ended June 30, 2025 and 2024, respectively.
21
Quarterly results
Net income was $5.2 billion, up 23%.
Net revenue was $18.8 billion, up 6%.
Net interest income was $14.4 billion, up 5%, reflecting higher Card Services NII, predominantly driven by higher revolving balances.
Noninterest revenue was $4.5 billion, up 11%, predominantly driven by:
•
higher auto operating lease income as a result of an increase in volume, and
•
higher asset management fees in Banking & Wealth Management ("BWM"), reflecting higher average market levels and net inflows,
partially offset by
•
lower card income, driven by an increase in amortization related to new account origination costs, partially offset by higher annual fees. Net interchange was relatively flat as the impact of increased debit and credit card sales volume was offset by higher rewards costs and partner payments.
Refer to Note 5 for additional information on card income and asset management fees; and Critical Accounting Estimates on pages 85-88 for additional information on the credit card rewards liability.
Noninterest expense was $9.9 billion, up 5%, reflecting:
•
higher noncompensation expense, predominantly driven by higher auto lease depreciation on higher auto operating lease assets, and continued investments in technology and marketing, as well as
•
higher compensation expense, primarily for bankers and employees in technology.
The provision for credit losses was $2.1 billion. Net charge-offs were $2.1 billion, up $22 million, primarily driven by Card Services, reflecting loan growth. The allowance for credit losses was relatively flat, as the impact of changes in the Firm's weighted-average macroeconomic outlook, including a decrease in the weight placed on the adverse scenarios, was offset by loan growth in Card Services.
In the prior year, the provision was $2.6 billion, net charge-offs were $2.1 billion and the net addition to the allowance for credit losses was $579 million.
Refer to Credit and Investment Risk Management on pages 58-76 and Allowance for Credit Losses on pages 73-75 for a further discussion of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income was $9.6 billion, up 6%.
Net revenue was $37.2 billion, up 5%.
Net interest income was $28.5 billion, up 4%, driven by:
•
higher Card Services NII, predominantly driven by higher revolving balances,
partially offset by
•
lower NII in BWM, reflecting lower average deposit balances.
Noninterest revenue was $8.6 billion, up 9%, predominantly driven by:
•
higher auto operating lease income as a result of an increase in volume, and
•
higher asset management fees in BWM, reflecting higher average market levels and to a lesser extent, net inflows,
partially offset by
•
lower card income, reflecting an increase in amortization related to new account origination costs and lower net interchange, largely offset by higher annual fees. Net interchange decreased as the impact of increased debit and credit card sales volume was more than offset by higher rewards costs and partner payments.
Noninterest expense was $19.7 billion, up 5%, reflecting:
•
higher noncompensation expense, predominantly driven by continued investments in technology and marketing, higher auto lease depreciation on higher auto operating lease assets, and higher operating losses, as well as
•
higher compensation expense, predominantly for bankers and advisors, and employees in technology.
The provision for credit losses was $4.7 billion. Net charge-offs were $4.2 billion, up $297 million, primarily driven by Card Services, reflecting loan growth. The net addition to the allowance for credit losses was $471 million, predominantly driven by Card Services, reflecting loan growth and the impact of changes in the Firm's weighted-average macroeconomic outlook.
In the prior year, the provision was $4.6 billion, net charge-offs were $3.9 billion and the net addition to the allowance for credit losses was $613 million.
22
Selected metrics
As of or for the three months ended June 30, As of or for the six months ended June 30,
(in millions, except employees) 2025 2024 Change 2025 2024 Change
Selected balance sheet data (period-end)
Total assets $ 652,379 $ 638,493 2 % $ 652,379 $ 638,493 2 %
Loans:
Banking & Wealth Management 33,749 31,078 9 33,749 31,078 9
Home Lending (a) 241,618 250,032 (3) 241,618 250,032 (3)
Card Services 233,051 216,213 8 233,051 216,213 8
Auto 72,182 75,310 (4) 72,182 75,310 (4)
Total loans 580,600 572,633 1 580,600 572,633 1
Deposits 1,063,137 1,069,753 (1) 1,063,137 1,069,753 (1)
Equity 56,000 54,500 3 56,000 54,500 3
Selected balance sheet data (average)
Total assets $ 642,284 $ 628,757 2 $ 640,981 $ 628,309 2
Loans:
Banking & Wealth Management 33,536 31,419 7 33,349 31,330 6
Home Lending (b) 242,665 254,385 (5) 243,469 256,126 (5)
Card Services 228,446 210,119 9 226,480 207,410 9
Auto 71,410 75,804 (6) 71,933 76,535 (6)
Total loans 576,057 571,727 1 575,231 571,401 1
Deposits 1,060,363 1,073,544 (1) 1,057,038 1,076,393 (2)
Equity 56,000 54,500 3 56,000 54,500 3
Employees 144,898 143,412 1 % 144,898 (c) 143,412 1 %

(a)
At June 30, 2025 and 2024, Home Lending loans held-for-sale and loans at fair value were $8.9 billion and $5.9 billion, respectively.
(b)
Average Home Lending loans held-for sale and loans at fair value were $8.9 billion and $7.7 billion for the three months ended June 30, 2025 and 2024, respectively, and $8.2 billion and $6.2 billion for the six months ended June 30, 2025 and 2024, respectively.
(c)
In the first quarter of 2025, 419 employees were transferred to Corporate as a result of the centralization of certain functions.
23
Selected metrics
As of or for the three months ended June 30, As of or for the six months ended June 30,
(in millions, except ratio data) 2025 2024 Change 2025 2024 Change
Credit data and quality statistics
Nonaccrual loans (a) $ 3,891 $ 3,413 14 % $ 3,891 $ 3,413 14 %
Net charge-offs/(recoveries)
Banking & Wealth Management 102 176 (42) 199 255 (22)
Home Lending (21) (40) 48 (47) (47) —
Card Services 1,938 1,830 6 3,921 3,518 11
Auto 67 98 (32) 167 217 (23)
Total net charge-offs/(recoveries) $ 2,086 $ 2,064 1 $ 4,240 $ 3,943 8
Net charge-off/(recovery) rate
Banking & Wealth Management 1.22 % 2.25 % 1.20 % 1.64 %
Home Lending (0.04) (0.07) (0.04) (0.04)
Card Services 3.40 3.50 3.49 3.41
Auto 0.38 0.52 0.47 0.57
Total net charge-off/(recovery) rate 1.48 % 1.47 % 1.51 % 1.40 %
30+ day delinquency rate
Home Lending (b) 0.93 % 0.70 % 0.93 % 0.70 %
Card Services 2.06 2.08 2.06 2.08
Auto 1.12 1.12 1.12 1.12
90+ day delinquency rate - Card Services 1.07 % 1.07 % 1.07 % 1.07 %
Allowance for loan losses
Banking & Wealth Management $ 790 $ 685 15 $ 790 $ 685 15
Home Lending 547 437 25 547 437 25
Card Services 15,008 13,206 14 15,008 13,206 14
Auto 637 742 (14) 637 742 (14)
Total allowance for loan losses $ 16,982 $ 15,070 13 % $ 16,982 $ 15,070 13 %

(a)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $68 million and $96 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
(b)
At June 30, 2025 and 2024, excluded mortgage loans insured by U.S. government agencies of $99 million and $137 million, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.
24
Selected metrics
As of or for the three months ended June 30, As of or for the six months ended June 30,
(in billions, except ratios and where otherwise noted) 2025 2024 Change 2025 2024 Change
Business Metrics
Number of branches 4,994 4,884 2 % 4,994 4,884 2 %
Active digital customers (in thousands) (a) 73,014 69,011 6 73,014 69,011 6
Active mobile customers (in thousands) (b) 59,898 55,564 8 59,898 55,564 8
Debit and credit card sales volume $ 487.2 $ 453.7 7 $ 935.9 $ 874.4 7
Total payments transaction volume (in trillions) (c) 1.8 1.6 13 3.4 3.1 10
Banking & Wealth Management
Average deposits $ 1,044.2 $ 1,058.9 (1) $ 1,041.6 $ 1,062.2 (2)
Deposit margin 2.76 % 2.72 % 2.72 % 2.71 %
Business Banking average loans $ 19.2 $ 19.5 (1) $ 19.3 $ 19.5 (1)
Business banking origination volume 0.9 1.3 (32) 1.7 2.4 (30)
Client investment assets (d) 1,155.0 1,013.7 14 1,155.0 1,013.7 14
Number of client advisors 5,948 5,672 5 5,948 5,672 5
Home Lending
Mortgage origination volume by channel
Retail $ 8.7 $ 6.9 26 $ 14.2 $ 11.3 26
Correspondent 4.8 3.8 26 8.7 6.0 45
Total mortgage origination volume (e) $ 13.5 $ 10.7 26 $ 22.9 $ 17.3 32
Third-party mortgage loans serviced (period-end) $ 653.3 $ 642.8 2 $ 653.3 $ 642.8 2
MSR carrying value (period-end) 9.0 8.8 2 9.0 8.8 2
Card Services
Sales volume, excluding commercial card $ 340.0 $ 316.6 7 $ 650.6 $ 607.6 7
Net revenue rate 10.06 % 9.61 % 10.22 % 9.85 %
Net yield on average loans 10.04 9.46 10.17 9.67
Auto
Loan and lease origination volume $ 11.3 $ 10.8 5 $ 22.0 $ 19.7 12
Average auto operating lease assets 15.2 10.7 42 % 14.4 10.6 37 %

(a)
Users of all web and/or mobile platforms who have logged in within the past 90 days.
(b)
Users of all mobile platforms who have logged in within the past 90 days.
(c)
Total payments transaction volume includes debit and credit card sales volume and gross outflows of ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person and checks.
(d)
Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 34-38 for additional information.
(e)
Firmwide mortgage origination volume was $16.3 billion and $12.3 billion for the three months ended June 30, 2025 and 2024, respectively, and $27.5 billion and $19.9 billion for the six months ended June 30, 2025 and 2024, respectively.
25
COMMERCIAL & INVESTMENT BANK

Refer to pages 77–83 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 199 for a discussion of the business profile of CIB.
Selected income statement data
Three months ended June 30, Six months ended June 30,
(in millions, except ratios) 2025 2024 Change 2025 2024 Change
Revenue
Investment banking fees $ 2,513 $ 2,356 7 % $ 4,761 $ 4,370 9 %
Principal transactions 7,109 6,691 6 14,717 13,325 10
Lending- and deposit-related fees 1,296 924 40 2,526 1,897 33
Commissions and other fees 1,493 1,337 12 2,930 2,609 12
Card income 645 579 11 1,196 1,104 8
All other income 736 857 (14) 1,484 1,600 (7)
Noninterest revenue 13,792 12,744 8 27,614 24,905 11
Net interest income 5,743 5,173 11 11,587 10,596 9
Total net revenue (a) 19,535 17,917 9 39,201 35,501 10
Provision for credit losses 696 384 81 1,401 385 264
Noninterest expense
Compensation expense 5,014 4,752 6 10,344 9,648 7
Noncompensation expense 4,627 4,414 5 9,139 8,242 11
Total noninterest expense 9,641 9,166 5 19,483 17,890 9
Income before income tax expense 9,198 8,367 10 18,317 17,226 6
Income tax expense 2,548 2,470 3 4,725 4,707 —
Net income $ 6,650 $ 5,897 13 % $ 13,592 $ 12,519 9 %
Financial ratios
Return on equity 17 % 17 % 18 % 18 %
Overhead ratio 49 51 50 50
Compensation expense as percentage of total net revenue 26 27 26 27

(a)
Included tax equivalent adjustments primarily from income tax credits from investments in alternative energy, affordable housing and new markets, income from tax-exempt securities and loans, and the related amortization and other tax benefits of the investments in alternative energy and affordable housing of $722 million and $737 million for the three months ended June 30, 2025 and 2024, respectively, and $1.4 billion and $1.3 billion for the six months ended June 30, 2025 and 2024, respectively.
26
Selected income statement data
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 Change 2025 2024 Change
Revenue by business
Investment Banking $ 2,684 $ 2,464 9 % $ 4,952 $ 4,680 6 %
Payments 4,735 4,546 4 9,300 9,012 3
Lending 1,829 1,936 (6) 3,744 3,660 2
Other — 4 NM 6 1 500
Total Banking & Payments 9,248 8,950 3 18,002 17,353 4
Fixed Income Markets 5,690 4,981 14 11,539 10,409 11
Equity Markets 3,246 2,812 15 7,060 5,397 31
Securities Services 1,418 1,261 12 2,687 2,444 10
Credit Adjustments & Other (a) (67) (87) 23 (87) (102) 15
Total Markets & Securities Services 10,287 8,967 15 21,199 18,148 17
Total net revenue $ 19,535 $ 17,917 9 % $ 39,201 $ 35,501 10 %

(a)
Consists primarily of centrally-managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Refer to Notes 2, 3 and 19 for additional information.
Selected income statement data
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 Change 2025 2024 Change
Banking & Payments revenue by client coverage segment (a)
Global Corporate Banking & Global Investment Banking (b) $ 6,319 $ 6,090 4 % $ 12,248 $ 11,656 5 %
Commercial Banking 2,929 2,860 2 5,754 5,697 1
Commercial & Specialized Industries (c) 2,067 1,936 7 4,023 3,863 4
Commercial Real Estate Banking 862 924 (7) 1,731 1,834 (6)
Total Banking & Payments revenue $ 9,248 $ 8,950 3 % $ 18,002 $ 17,353 4 %

(a)
Refer to Line of Business Metrics on page 199 for a description of each of the client coverage segments.
(b)
In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.
(c)
In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.
Quarterly

results
Net income was $6.7 billion, up 13%.
Net revenue was $19.5 billion, up 9%.
Banking & Payments revenue was $9.2 billion, up 3%.
•
Investment Banking revenue was $2.7 billion, up 9%. Investment Banking fees were up 7%, driven by higher debt underwriting and advisory fees, partially offset by lower equity underwriting fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.
–
Debt underwriting fees were $1.2 billion, up 12%, primarily driven by several large deals.
–
Advisory fees were $844 million, up 8%, predominantly driven by increased sponsor activity.
–
Equity underwriting fees were $465 million, down 6%, predominantly driven by lower IPOs.
•
Payments revenue was $4.7 billion, up 4%. Excluding the net impact of equity investments, revenue was up 3%, driven by higher average deposits and fee growth, predominantly offset by deposit margin compression.
•
Lending revenue was $1.8 billion, down 6%, largely driven by higher fair value losses on credit protection purchased against certain retained loans and lending-related commitments.
Markets & Securities Services revenue was $10.3 billion, up 15%. Markets revenue was $8.9 billion, up 15%.
•
Equity Markets revenue was $3.2 billion, up 15%, predominantly driven by higher revenue across products, particularly in Equity Derivatives.
•
Fixed Income Markets revenue was $5.7 billion, up 14%, driven by higher revenue in Currencies &
27
Emerging Markets, Rates and Commodities, partially offset by lower revenue in the Securitized Products Group and Fixed Income Financing.
•
Securities Services revenue was $1.4 billion, up 12%, driven by higher average deposits as well as fee growth on higher client activity and market levels.
•
Credit Adjustments & Other was a loss of $67 million, compared with a loss of $87 million in the prior year.
Noninterest expense was $9.6 billion, up 5%, driven by higher compensation, brokerage and technology expense, partially offset by lower legal expense.
The provision for credit losses was $696 million, driven by the impact of new lending-related commitments and changes in credit quality of client-specific exposures in the Commercial and industrial portfolio, partially offset by a decrease in the weight placed on the adverse scenarios. The net addition to the allowance for credit losses was $371 million and net charge-offs were $325 million.
In the prior year, the provision was $384 million, the net addition to the allowance for credit losses was $220 million and net charge-offs were $164 million.
Refer to Credit and Investment Risk Management on pages 58-76, Allowance for Credit Losses on pages 73-75, and Critical Accounting Estimates on pages 85-88 for a further discussion of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income of $13.6 billion
, up 9%.
Net revenue was $39.2 billion, up 10%
.
Banking & Payments revenue was $18.0 billion, up 4%.
•
Investment Banking revenue was $5.0 billion, up 6%. Investment Banking fees were up 9%, driven by higher debt underwriting and advisory fees, partially offset by lower equity underwriting fees. The Firm ranked #1 for Global Investment Banking fees, according to Dealogic.
–
Debt underwriting fees were $2.4 billion, up 14%, driven by several large deals.
–
Advisory fees were $1.5 billion, up 11%, predominantly driven by the closing of a higher number of large transactions.
–
Equity underwriting fees were $789 million, down 7%, driven by lower convertible securities offerings and IPOs, largely offset by higher follow-on offerings.
•
Payments revenue was $9.3 billion, up 3%, driven by higher average deposits and fee growth, largely offset by deposit margin compression.
•
Lending revenue was $3.7 billion, up 2%, predominantly driven by lower fair value losses on credit protection purchased against certain retained loans and lending-related commitments.
Markets & Securities Services revenue was $21.2 billion, up 17%. Markets revenue was $18.6 billion, up 18%.
•
Equity Markets revenue was $7.1 billion, up 31%, predominantly driven by higher revenue across products, particularly in Equity Derivatives.
•
Fixed Income Markets revenue was $11.5 billion, up 11%, driven by higher revenue in Rates, Currencies & Emerging Markets and Commodities, partially offset by lower revenue in Fixed Income Financing and Credit Trading.
•
Securities Services revenue was $2.7 billion, up 10%, driven by fee growth on higher client activity and market levels as well as higher average deposits, partially offset by deposit margin compression.
•
Credit Adjustments & Other was a loss of $87 million, compared with a loss of $102 million in the prior year.
Noninterest expense was $19.5 billion, up 9%, predominantly
driven by higher compensation, including higher revenue-related compensation, as well as higher brokerage and technology expense.
The provision for credit losses was
$1.4 billion
,
predominantly driven by changes in credit quality of client-specific exposures and the impact of new lending-related commitments in the Commercial and industrial portfolio, as well as the impact of changes in the Firm's weighted-average macroeconomic outlook. The net addition to the allowance for credit losses was $899 million and net charge-offs were $502 million.
In the prior year, the provision was $385 million
, net charge-offs were $233 million and the net addition to the allowance for credit losses was $152 million.
28
Selected metrics
(in millions, except employees) As of or for the three months ended June 30, As of or for the six months ended June 30,
2025 2024 Change 2025 2024 Change
Selected balance sheet data (period-end)
Total assets $ 2,260,825 $ 1,939,038 17 % $ 2,260,825 $ 1,939,038 17 %
Loans:
Loans retained 526,174 475,880 11 526,174 475,880 11
Loans held-for-sale and loans at fair value (a) 57,659 41,737 38 57,659 41,737 38
Total loans 583,833 517,617 13 583,833 517,617 13
Equity 149,500 132,000 13 149,500 132,000 13
Banking & Payments loans by client coverage segment (period-end) (b)
Global Corporate Banking & Global Investment Banking (c) $ 133,017 $ 132,858 — % $ 133,017 (e) $ 132,858 — %
Commercial Banking 222,044 220,222 1 222,044 220,222 1
Commercial & Specialized Industries (d) 75,859 75,488 — 75,859 75,488 —
Commercial Real Estate Banking 146,185 144,734 1 146,185 144,734 1
Total Banking & Payments loans 355,061 353,080 1 355,061 353,080 1
Selected balance sheet data (average)
Total assets $ 2,205,619 $ 1,915,880 15 $ 2,125,805 $ 1,854,999 15
Trading assets-debt and equity instruments 758,113 638,473 19 721,778 609,686 18
Trading assets-derivative receivables 56,815 58,850 (3) 57,895 58,059 —
Loans:
Loans retained $ 511,562 $ 471,861 8 $ 497,014 $ 471,524 5
Loans held-for-sale and loans at fair value (a) 50,287 42,868 17 48,365 43,202 12
Total loans $ 561,849 $ 514,729 9 $ 545,379 $ 514,726 6
Deposits 1,170,063 1,046,993 12 1,138,287 1,046,391 9
Equity 149,500 132,000 13 149,500 132,000 13
Banking & Payments loans by client coverage segment (average) (b)
Global Corporate Banking & Global Investment Banking (c) $ 125,554 $ 130,680 (4) % $ 123,482 (e) $ 129,336 (5) %
Commercial Banking 219,886 220,767 — 219,227 221,545 (1)
Commercial & Specialized Industries (d) 74,384 76,229 (2) 74,009 77,296 (4)
Commercial Real Estate Banking 145,502 144,538 1 145,218 144,249 1
Total Banking & Payments loans $ 345,440 $ 351,447 (2) $ 342,709 $ 350,881 (2)
Employees 93,237 93,387 — % 93,237 (f) 93,387 — %

(a)
Loans held-for-sale and loans at fair value primarily reflect lending-related positions originated and purchased in Markets, including loans held for securitization.
(b)
Refer to Line of Business Metrics on page 199 for a description of each of the client coverage segments.
(c)
In the second quarter of 2025, amounts were reclassified from Other to Global Corporate Banking & Global Investment Banking reflecting the subsequent alignment of certain business activities after the Firm’s Business Segment reorganization in the second quarter of 2024. Prior-period amounts have been revised to conform with the current presentation.
(d)
In the second quarter of 2025, the Middle Market Banking client coverage segment was renamed Commercial & Specialized Industries.
(e)
On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
(f)
In the first quarter of 2025, 219 employees were transferred to Corporate as a result of the centralization of certain functions.
29
Selected metrics
As of or for the three months ended June 30, As of or for the six months ended June 30,
(in millions, except ratios) 2025 2024 Change 2025 2024 Change
Credit data and quality statistics
Net charge-offs/(recoveries) $ 325 $ 164 98 % $ 502 $ 233 115 %
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a) $ 3,678 $ 2,631 40 $ 3,678 $ 2,631 40
Nonaccrual loans held-for-sale and loans at fair value (b) 1,207 988 22 1,207 988 22
Total nonaccrual loans 4,885 3,619 35 4,885 3,619 35
Derivative receivables 349 290 20 349 290 20
Assets acquired in loan satisfactions 208 220 (5) 208 220 (5)
Total nonperforming assets $ 5,442 $ 4,129 32 $ 5,442 $ 4,129 32
Allowance for credit losses:
Allowance for loan losses $ 7,408 $ 7,344 1 $ 7,408 $ 7,344 1
Allowance for lending-related commitments 2,757 1,930 43 2,757 1,930 43
Total allowance for credit losses $ 10,165 $ 9,274 10 % $ 10,165 $ 9,274 10 %
Net charge-off/(recovery) rate (c) 0.25 % 0.14 % 0.20 % 0.10 %
Allowance for loan losses to period-end loans retained 1.41 1.54 1.41 1.54
Allowance for loan losses to nonaccrual loans retained (a) 201 279 201 279
Nonaccrual loans to total period-end loans 0.84 % 0.70 % 0.84 % 0.70 %

(a)
Allowance for loan losses of $655 million and $452 million were held against these nonaccrual loans at June 30, 2025 and 2024, respectively.
(b)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At

June 30, 2025 and 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $45 million and $42 million, respectively.
(c)
Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.
Investment banking fees
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 Change 2025 2024 Change
Advisory $ 844 $ 785 8 % $ 1,538 $ 1,383 11 %
Equity underwriting 465 495 (6) 789 850 (7)
Debt underwriting (a) 1,204 1,076 12 2,434 2,137 14
Total investment banking fees $ 2,513 $ 2,356 7 % $ 4,761 $ 4,370 9 %

(a)
Represents long-term debt and loan syndications.
30
League table results – wallet share
Three months ended June 30, Six months ended June 30, Full-year 2024
2025 2024 2025 2024
Rank Share Rank Share Rank Share Rank Share Rank Share
Based on fees (a)
M&A (b)
Global # 2 9.3 % # 1 9.4 % # 2 8.6 % # 1 9.3 % # 1 9.3 %
U.S. 2 10.9 1 12.6 2 9.2 1 11.4 2 11.2
Equity and equity-related (c)
Global 1 11.7 1 13.4 1 11.0 1 11.3 1 11.0
U.S. 1 16.4 1 17.0 1 14.9 1 14.6 1 14.6
Long-term debt (d)
Global 1 7.1 1 7.7 1 7.3 1 7.7 1 7.5
U.S. 1 10.8 1 11.1 1 10.4 1 11.2 1 11.4
Loan syndications
Global 1 10.4 1 10.7 1 11.2 1 11.3 1 10.2
U.S. 1 11.8 1 12.4 1 12.5 1 13.2 1 11.8
Global investment banking fees (e) # 1 9.1 % # 1 9.7 % # 1 8.9 % # 1 9.3 % # 1 9.1 %

(a)
Source: Dealogic as of July 1, 2025. Reflects the ranking of revenue wallet and market share.
(b)
Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.
(c)
Global equity and equity-related ranking includes rights offerings and Chinese A-Shares.
(d)
Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”); and exclude money market, short-term debt and U.S. municipal securities.
(e)
Global investment banking fees exclude money market, short-term debt and shelf securities.
31
Markets revenue
The following table summarizes selected income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets generally occur across revenue line items. For example, securities that generate net interest income may be risk-managed by derivatives
that are reflected at fair value in principal transactions revenue. Refer to Notes 5 and 6 for a description of the composition of these income statement line items. Refer to Markets revenue on page 81 of JPMorganChase’s 2024 Form 10-K for further information.
For the periods presented below, the primary source of principal transactions revenue was the amount recognized upon executing new transactions.
Three months ended June 30, Three months ended June 30,
2025 2024
(in millions) Fixed Income Markets Equity Markets Total Markets Fixed Income Markets Equity Markets Total Markets
Principal transactions $ 3,205 $ 3,865 $ 7,070 $ 2,581 $ 4,011 $ 6,592
Lending- and deposit-related fees 133 41 174 81 22 103
Commissions and other fees 170 590 760 150 522 672
All other income 399 (28) 371 533 (30) 503
Noninterest revenue 3,907 4,468 8,375 3,345 4,525 7,870
Net interest income 1,783 (1,222) 561 1,636 (1,713) (77)
Total net revenue $ 5,690 $ 3,246 $ 8,936 $ 4,981 $ 2,812 $ 7,793
Six months ended June 30, Six months ended June 30,
2025 2024
(in millions) Fixed Income Markets Equity Markets Total Markets Fixed Income Markets Equity Markets Total Markets
Principal transactions $ 6,627 $ 8,039 $ 14,666 $ 5,856 $ 7,353 $ 13,209
Lending- and deposit-related fees 243 74 317 203 40 243
Commissions and other fees 331 1,196 1,527 309 1,036 1,345
All other income 782 (39) 743 955 (52) 903
Noninterest revenue 7,983 9,270 17,253 7,323 8,377 15,700
Net interest income 3,556 (2,210) 1,346 3,086 (2,980) 106
Total net revenue $ 11,539 $ 7,060 $ 18,599 $ 10,409 $ 5,397 $ 15,806

Selected metrics
(in millions, except where otherwise noted) As of or for the three months ended June 30, As of or for the six months ended June 30,
2025 2024 Change 2025 2024 Change
Assets under custody (“AUC”) by asset class (period-end) (in billions):
Fixed Income $ 17,307 $ 16,012 8 % $ 17,307 $ 16,012 8 %
Equity 16,292 14,101 16 16,292 14,101 16
Other (a) 4,429 3,911 13 4,429 3,911 13
Total AUC $ 38,028 $ 34,024 12 $ 38,028 $ 34,024 12
Client deposits and other third-party liabilities (average) (b) $ 1,089,781 $ 936,725 16 % $ 1,062,235 $ 934,164 14 %

(a)
Consists of mutual funds, unit investment trusts, currencies, annuities, insurance contracts, options and other contracts.
(b)
Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
32
International metrics
(in millions, except where otherwise noted) As of or for the three months ended June 30, As of or for the six months ended June 30,
2025 2024 Change 2025 2024 Change
Total net revenue (a)
Europe/Middle East/Africa $ 4,516 $ 4,269 6 % $ 9,058 $ 8,441 7 %
Asia-Pacific 2,667 2,162 23 5,286 4,303 23
Latin America/Caribbean 716 551 30 1,261 1,274 (1)
Total international net revenue 7,899 6,982 13 15,605 14,018 11
North America 11,636 10,935 6 23,596 21,483 10
Total net revenue $ 19,535 $ 17,917 9 $ 39,201 $ 35,501 10
Loans retained (period-end) (a)
Europe/Middle East/Africa $ 55,165 $ 44,227 25 $ 55,165 $ 44,227 25
Asia-Pacific 17,355 15,753 10 17,355 15,753 10
Latin America/Caribbean 11,238 8,645 30 11,238 8,645 30
Total international loans 83,758 68,625 22 83,758 68,625 22
North America 442,416 407,255 9 442,416 407,255 9
Total loans retained $ 526,174 $ 475,880 11 $ 526,174 $ 475,880 11
Client deposits and other third-party liabilities (average) (b)
Europe/Middle East/Africa $ 304,737 $ 259,425 17 $ 292,993 $ 260,439 12
Asia-Pacific 157,242 136,294 15 154,938 136,769 13
Latin America/Caribbean 46,504 42,457 10 45,278 41,863 8
Total international $ 508,483 $ 438,176 16 $ 493,209 $ 439,071 12
North America 581,298 498,549 17 569,026 495,093 15
Total client deposits and other third-party liabilities $ 1,089,781 $ 936,725 16 $ 1,062,235 $ 934,164 14
AUC (period-end) (b) (in billions)
North America $ 25,298 $ 22,817 11 $ 25,298 $ 22,817 11
All other regions 12,730 11,207 14 12,730 11,207 14
Total AUC $ 38,028 $ 34,024 12 % $ 38,028 $ 34,024 12 %

(a)
Total net revenue and loans retained (excluding loans held-for-sale and loans at fair value) are based on the location of the trading desk, booking location, or domicile of the client, as applicable.
(b)
Client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses, and AUC, are based on the domicile of the client or booking location, as applicable.
33
ASSET & WEALTH MANAGEMENT

Refer to pages 84–87 of JPMorganChase’s 2024 Form 10-K and Line of Business Metrics on page 200 for a discussion of the business profile of AWM.
Selected income statement data
(in millions, except ratios) Three months ended June 30, Six months ended June 30,
2025 2024 Change 2025 2024 Change
Revenue
Asset management fees $ 3,642 $ 3,304 10 % $ 7,237 $ 6,474 12 %
Commissions and other fees 314 232 35 587 425 38
All other income (a) 117 97 21 242 248 (2)
Noninterest revenue 4,073 3,633 12 8,066 7,147 13
Net interest income 1,687 1,619 4 3,425 3,214 7
Total net revenue 5,760 5,252 10 11,491 10,361 11
Provision for credit losses 46 20 130 36 (37) NM
Noninterest expense
Compensation expense 2,112 1,960 8 4,208 3,932 7
Noncompensation expense 1,621 1,583 2 3,238 3,071 5
Total noninterest expense 3,733 3,543 5 7,446 7,003 6
Income before income tax expense 1,981 1,689 17 4,009 3,395 18
Income tax expense 508 426 19 953 842 13
Net income $ 1,473 $ 1,263 17 $ 3,056 $ 2,553 20
Revenue by line of business
Asset Management $ 2,705 $ 2,437 11 $ 5,376 $ 4,763 13
Global Private Bank 3,055 2,815 9 6,115 5,598 9
Total net revenue $ 5,760 $ 5,252 10 % $ 11,491 $ 10,361 11 %
Financial ratios
Return on equity 36 % 32 % 38 % 32 %
Overhead ratio 65 67 65 68
Pre-tax margin ratio:
Asset Management 33 30 33 29
Global Private Bank 36 34 37 36
Asset & Wealth Management 34 32 35 33

(a)
Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic. The discount, which is deferred in other liabilities and recognized on a straight-line basis over the commitment period, continues to decline as commitments expire.
34
Quarterly results
Net income was $1.5 billion, up 17%.
Net revenue was $5.8 billion, up 10%. Net interest income was $1.7 billion, up 4%. Noninterest revenue was $4.1 billion, up 12%.
Revenue from Asset Management was $2.7 billion, up 11%, predominantly driven by higher asset management fees reflecting strong net inflows and higher average market levels.
Revenue from Global Private Bank was $3.1 billion, up 9%, driven by:
•
higher noninterest revenue as a result of higher management fees due to strong net inflows and higher brokerage fees, and
•
higher net interest income, driven by higher average deposits, largely offset by deposit margin compression.
Noninterest expense was $3.7 billion, up 5%, driven by:
•
higher compensation, primarily revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,
partially offset by
•
lower legal expense.
The provision for credit losses was $46 million, compared with $20 million in the prior year.
Refer to Note 5 for additional information on lending related fees.
Refer to Credit and Investment Risk Management on pages 58-76 and Allowance for Credit Losses on pages 73-75 for further discussions of the credit portfolios and the allowance for credit losses.
Year-to-date results
Net income was $3.1 billion, up 20%.
Net revenue was $11.5 billion, up 11%. Net interest income was $3.4 billion, up 7%. Noninterest revenue was $8.1 billion, up 13%.
Revenue from Asset Management was $5.4 billion, up 13%, predominantly driven by higher asset management fees, reflecting strong net inflows and higher average market levels.
Revenue from Global Private Bank was $6.1 billion, up 9%, driven by:
•
higher noninterest revenue, reflecting:
–
higher management fees on strong net inflows, as well as higher brokerage fees,
partially offset by
–
a decline in the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic that have expired, and
•
higher net interest income driven by higher average deposits and loans, partially offset by narrower spreads on loans.
Noninterest expense was $7.4 billion, up 6%, predominantly driven by:
•
higher compensation, primarily revenue-related compensation and continued growth in private banking advisor teams, as well as higher distribution fees,
partially offset by
•
lower legal expense.
The provision for credit losses was $36 million, compared with a net benefit of $37 million in the prior year.
35
Selected metrics
As of or for the three months ended June 30, As of or for the six months ended June 30,
(in millions, except ranking data, ratios and employees) 2025 2024 Change 2025 2024 Change
% of JPM mutual fund assets and ETFs rated as 4- or 5-star (a) 68 % 71 % 68 % 71 %
% of JPM mutual fund assets and ETFs ranked in 1 st or 2 nd quartile: (b)
1 year 47 64 47 64
3 years 79 73 79 73
5 years 79 74 79 74
Selected balance sheet data (period-end) (c)
Total assets $ 268,966 $ 247,353 9 % $ 268,966 $ 247,353 9 %
Loans 245,526 228,042 8 245,526 228,042 8
Deposits 242,356 236,492 2 242,356 236,492 2
Equity 16,000 15,500 3 16,000 15,500 3
Selected balance sheet data (average) (c)
Total assets $ 261,128 $ 242,155 8 $ 257,271 $ 241,770 6
Loans 240,585 224,122 7 237,279 223,775 6
Deposits 248,375 227,423 9 246,253 227,573 8
Equity 16,000 15,500 3 16,000 15,500 3
Employees 29,363 28,579 3 29,363 (d) 28,579 3
Number of Global Private Bank client advisors 3,756 3,509 7 3,756 3,509 7
Credit data and quality statistics (c)
Net charge-offs/(recoveries) $ (1) $ 3 NM $ — $ 11 NM
Nonaccrual loans 1,035 745 39 1,035 745 39
Allowance for credit losses:
Allowance for loan losses $ 552 $ 575 (4) $ 552 $ 575 (4)
Allowance for lending-related commitments 58 40 45 58 40 45
Total allowance for credit losses $ 610 $ 615 (1) $ 610 $ 615 (1)
Net charge-off/(recovery) rate — % 0.01 % — % 0.01 %
Allowance for loan losses to period-end loans 0.22 0.25 0.22 0.25
Allowance for loan losses to nonaccrual loans 53 77 53 77
Nonaccrual loans to period-end loans 0.42 0.33 0.42 0.33

(a)
Represents the Morningstar Rating for all domiciled funds except for Japan domiciled funds which use Nomura. Includes only Asset Management retail active open-ended mutual funds and active ETFs that have a rating. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(b)
Quartile ranking sourced from Morningstar, Lipper and Nomura based on country of domicile. Includes only Asset Management retail active open-ended mutual funds and active ETFs that are ranked by the aforementioned sources. Excludes money market funds, Undiscovered Managers Fund, and Brazil domiciled funds.
(c)
Loans, deposits and related credit data and quality statistics relate to the Global Private Bank business.
(d)
In the first quarter of 2025, 130 employees were transferred to Corporate as a result of the centralization of certain functions.
36
Client assets
Assets under management were $4.3 trillion, up 18%, and client assets were $6.4 trillion, up 19%. These increases were each driven by continued net inflows and higher market levels.
As of June 30,
(in billions) 2025 2024 Change
Assets by asset class
Liquidity $ 1,131 $ 953 19 %
Fixed income 925 785 18
Equity 1,258 1,017 24
Multi-asset 809 719 13
Alternatives 220 208 6
Total assets under management 4,343 3,682 18
Custody/brokerage/administration/deposits 2,078 1,705 22
Total client assets (a) $ 6,421 $ 5,387 19
Assets by client segment
Private Banking (b) $ 1,270 $ 1,036 23
Global Institutional 1,772 1,540 15
Global Funds (b) 1,301 1,106 18
Total assets under management $ 4,343 $ 3,682 18
Private Banking (b) $ 3,191 $ 2,620 22
Global Institutional 1,907 1,654 15
Global Funds (b) 1,323 1,113 19
Total client assets (a) $ 6,421 $ 5,387 19 %

(a)
Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
(b)
In the first quarter of 2025, the Firm realigned certain client assets from Private Banking to Global Funds to reflect them in the client segment where the assets are invested. Prior period amounts have been revised to conform with the current presentation.
Client assets (continued)
Three months ended June 30, Six months ended June 30,
(in billions) 2025 2024 2025 2024
Assets under management rollforward
Beginning balance $ 4,113 $ 3,564 $ 4,045 $ 3,422
Net asset flows:
Liquidity 5 16 41 12
Fixed income 27 22 38 36
Equity 16 31 53 52
Multi-asset (2) (3) 1 (5)
Alternatives (10) 2 (7) 3
Market/performance/other impacts 194 50 172 162
Ending balance, June 30 $ 4,343 $ 3,682 $ 4,343 $ 3,682
Client assets rollforward
Beginning balance $ 6,002 $ 5,219 $ 5,932 $ 5,012
Net asset flows 80 79 200 122
Market/performance/other impacts 339 89 289 253
Ending balance, June 30 $ 6,421 $ 5,387 $ 6,421 $ 5,387

37
Selected Firmwide Metrics - Wealth Management
As of June 30,
2025 2024 Change
Firmwide Wealth Management
Client assets (in billions) (a) $ 4,087 $ 3,427 19 %
Number of client advisors 9,704 9,181 6
Stock Plan Administration (b)
Number of stock plan participants (in thousands) 1,594 1,118 43
Client assets (in billions) $ 314 $ 249 26 %

(a)    Consists of Global Private Bank in AWM and client investment assets in J.P. Morgan Wealth Management in CCB.
(b)    Relates to an equity plan administration business which was acquired in 2022 with the Firm’s purchase of Global Shares. The increase in 2025 includes the impact of onboarding participants in the Firm’s employee stock plans during the fourth quarter of 2024.
International
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 Change 2025 2024 Change
Total net revenue (a)
Europe/Middle East/Africa $ 982 $ 852 15 % $ 1,904 $ 1,705 12 %
Asia-Pacific 600 512 17 1,150 983 17
Latin America/Caribbean 298 270 10 584 531 10
Total international net revenue 1,880 1,634 15 3,638 3,219 13
North America 3,880 3,618 7 7,853 7,142 10
Total net revenue (a) $ 5,760 $ 5,252 10 % $ 11,491 $ 10,361 11 %

(a)
Regional revenue is based on the domicile of the client.
As of June 30, As of June 30,
(in billions) 2025 2024 Change 2025 2024 Change
Assets under management
Europe/Middle East/Africa $ 675 $ 566 19 % $ 675 $ 566 19 %
Asia-Pacific 341 273 25 341 273 25
Latin America/Caribbean 114 95 20 114 95 20
Total international assets under management 1,130 934 21 1,130 934 21
North America 3,213 2,748 17 3,213 2,748 17
Total assets under management $ 4,343 $ 3,682 18 $ 4,343 $ 3,682 18
Client assets
Europe/Middle East/Africa $ 954 $ 789 21 $ 954 $ 789 21
Asia-Pacific 562 423 33 562 423 33
Latin America/Caribbean 283 246 15 283 246 15
Total international client assets 1,799 1,458 23 1,799 1,458 23
North America 4,622 3,929 18 4,622 3,929 18
Total client assets $ 6,421 $ 5,387 19 % $ 6,421 $ 5,387 19 %

38
CORPORATE

Refer to pages 88–90 of JPMorganChase’s 2024 Form 10-K for a discussion of Corporate.
Selected income statement and balance sheet data
As of or for the three months ended June 30, As of or for the six months ended June 30,
(in millions, except employees) 2025 2024 Change 2025 2024 Change
Revenue
Principal transactions $ (54) $ 60 NM $ (141) $ 125 NM
Investment securities losses (54) (546) 90 % (91) (912) 90 %
All other income 157 8,244 (d) (98) 934 8,270 (d) (89)
Noninterest revenue 49 7,758 (99) 702 7,483 (91)
Net interest income 1,489 2,364 (37) 3,140 4,841 (35)
Total net revenue (a) 1,538 10,122 (85) 3,842 12,324 (69)
Provision for credit losses 25 5 400 6 32 (81)
Noninterest expense 547 1,579 (e) (65) 732 (f) 2,855 (e)(f) (74)
Income before income tax expense 966 8,538 (89) 3,104 9,437 (67)
Income tax expense/(benefit) (729) (c) 1,759 NM (284) (c) 1,982 NM
Net income $ 1,695 $ 6,779 (75) $ 3,388 $ 7,455 (55)
Total net revenue
Treasury and CIO $ 1,649 $ 2,084 (21) $ 3,213 $ 4,401 (27)
Other Corporate (111) 8,038 NM 629 7,923 (92)
Total net revenue $ 1,538 $ 10,122 (85) $ 3,842 $ 12,324 (69)
Net income
Treasury and CIO $ 1,121 $ 1,513 (26) $ 2,279 $ 3,154 (28)
Other Corporate 574 5,266 (89) 1,109 (f) 4,301 (f) (74)
Total net income $ 1,695 $ 6,779 (75) $ 3,388 $ 7,455 (55)
Total assets (period-end) $ 1,370,312 $ 1,318,119 4 $ 1,370,312 $ 1,318,119 4
Loans (period-end) 2,033 2,408 (16) 2,033 2,408 (16)
Deposits (period-end) (b) 27,952 26,073 7 27,952 26,073 7
Employees 49,662 47,828 4 % 49,662 (g) 47,828 4 %

(a)
Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $38 million and $45 million for the three months ended June 30, 2025 and 2024, respectively, and $74 million and $94 million for the six months ended June 30, 2025 and 2024, respectively.
(b)
Predominantly relates to the Firm's international consumer initiatives.
(c)
Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
(d)
Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
(e)
Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
(f)
Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024.
(g)
In the first quarter of 2025, 768 employees were transferred from the LOBs to Corporate as a result of the centralization of certain functions.
39
Quarterly results
Net income was $1.7 billion, compared with $6.8 billion in the prior year.
Net revenue was $1.5 billion, compared with $10.1 billion in the prior year.
Net interest income was $1.5 billion, down 37%, driven by the impact of changes in the FTP for consumer deposits and of lower rates, partially offset by the impact of investment securities activity including from prior quarters.
Refer to Business Segment & Corporate Results on page 19 for additional information on FTP.
Noninterest revenue was $49 million, compared with $7.8 billion in the prior year, driven by:
•
the absence of the $7.9 billion net gain related to Visa shares recorded in the prior year,
partially offset by
•
lower net investment securities losses in Treasury and CIO.
Refer to Note 9 and Note 12 for additional information on the investment securities portfolio and the allowance for credit losses.
Noninterest expense was $547 million, down 65%, predominantly driven by the absence of the following items recorded in the prior year:
•
a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and
•
restructuring and integration costs associated with First Republic.
The provision for credit losses was $25 million, compared with $5 million in the prior year.
The current period income tax benefit included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
Other Corporate includes the Firm's international consumer initiatives, which primarily consists of Chase U.K., Nutmeg, and an ownership stake in C6 Bank.
Year-to-date results
Net income was $3.4 billion, compared with $7.5 billion in the prior year.
Net revenue was $3.8 billion, compared with $12.3 billion in the prior year.
Net interest income was $3.1 billion, down 35%, driven by the impact of changes in the FTP for consumer deposits and of lower rates, partially offset by the impact of investment securities activity including from prior quarters.
Noninterest revenue was $702 million, compared with $7.5 billion in the prior year, driven by:
•
the absence of the $7.9 billion net gain related to Visa shares recorded in the prior year,
partially offset by
•
lower net investment securities losses in Treasury and CIO, and
•
the $588 million First Republic-related gain recorded in the first quarter of 2025.
Refer to Note 5 for additional information on the First Republic-related gain.
Noninterest expense was $732 million, down 74%, predominantly driven by:
•
lower FDIC-related expense, which included the impact of a release of an FDIC special assessment accrual of $323 million recorded in the first quarter of 2025, compared with an accrual increase of $725 million in the first quarter of the prior year, and
•
the absence of the following items recorded in the prior year:
–
a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, and
–
restructuring and integration costs associated with First Republic.
The provision for credit losses was $6 million, compared with $32 million in the prior year.
The current period income tax benefit was driven by:
•
a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025, and
•
higher tax benefits related to the vesting of employee share-based awards,
largely offset by
•
other changes in the level and mix of income and expenses subject to U.S. federal, state and local taxes.
40
Treasury and CIO overview
At June 30, 2025, the average credit rating of the Treasury and CIO investment securities comprising the portfolio in the table below was AA+ (based upon external ratings where available and, where not available, based primarily upon internal risk ratings). Refer to Note 9 for further information on the Firm’s investment securities portfolio and internal risk ratings.
Refer to Liquidity Risk Management on pages 50-57 for further information on liquidity and funding risk. Refer to Market Risk Management on pages 77-83 for information on interest rate and foreign exchange risks.
Selected income statement and balance sheet data
As of or for the three months ended June 30, As of or for the six months ended June 30,
(in millions) 2025 2024 Change 2025 2024 Change
Investment securities losses $ (54) $ (546) 90 % $ (91) $ (912) 90 %
Available-for-sale securities (average) $ 462,179 $ 247,304 87 $ 427,282 $ 235,124 82
Held-to-maturity securities (average) 262,479 330,347 (21) 266,172 342,553 (22)
Investment securities portfolio (average) $ 724,658 $ 577,651 25 $ 693,454 $ 577,677 20
Available-for-sale securities (period-end) $ 482,269 $ 263,624 83 $ 482,269 $ 263,624 83
Held-to-maturity securities (period-end) 260,559 323,746 (20) 260,559 323,746 (20)
Investment securities portfolio, net of allowance for credit losses (period-end) (a) $ 742,828 $ 587,370 26 % $ 742,828 $ 587,370 26 %

(a)
As of June 30, 2025 and 2024, the allowance for credit losses on investment securities was $75 million and $125 million, respectively.
41
FIRMWIDE RISK MANAGEMENT

Risk is an inherent part of JPMorganChase’s business activities. When the Firm extends a consumer or wholesale loan, advises customers and clients on their investment decisions, makes markets in securities, or offers other products or services, the Firm takes on some degree of risk. The Firm’s overall objective is to manage its business, and the associated risks, in a manner that balances serving the interests of its clients, customers and investors, and protecting the safety and soundness of the Firm.
The Firm believes that effective risk management requires, among other things:
•
Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;
•
Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and
•
A Firmwide risk governance and oversight structure.
The Firm follows a disciplined and balanced compensation framework with strong internal governance and independent oversight by the Board of Directors (the “Board”). The impact of risk and control issues is carefully considered in the Firm’s performance evaluation and incentive compensation processes.
Risk governance framework
The Firm’s risk governance framework involves understanding drivers of risks, types of risks, and impacts of risks.
Refer to pages 91–95 of JPMorganChase’s 2024 Form 10-K for a further discussion of Firmwide risk management governance and oversight.
Risk governance and oversight functions
The following sections of this Form 10-Q and the 2024 Form 10-K discuss the risk governance and oversight functions in place to oversee the risks inherent in the Firm’s business activities.
Risk governance and oversight functions Form 10-Q page reference Form 10-K page reference
Strategic Risk 96
Capital Risk 43–49 97-107
Liquidity Risk 50–57 108-115
Reputation Risk 116
Consumer Credit Risk 60–63 120-125
Wholesale Credit Risk 64–72 126-136
Investment Portfolio Risk 76 140
Market Risk 77–83 141-149
Country Risk 84 150-151
Climate Risk 152
Operational Risk 153-156
Compliance Risk 157
Conduct Risk 158
Legal Risk 159
Estimations and Model Risk 160

42
CAPITAL RISK MANAGEMENT

Capital risk is the risk that the Firm has an insufficient level or composition of capital to support the Firm’s business activities and associated risks during normal economic environments and under stressed conditions.
Refer to pages 97–107 of JPMorganChase’s 2024 Form 10-K, Note 21 of this Form 10-Q and the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for a further discussion of the Firm’s capital risk management.
Basel III Overview
The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. Bank Holding Companies (“BHCs”) and banks, including the Firm and JPMorgan Chase Bank, N.A. The minimum amount of regulatory capital that must be held by BHCs and banks is determined by calculating risk-weighted assets ("RWA"), which are on-balance sheet assets and off-balance sheet exposures, weighted according to risk. Under the rules currently in effect, two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III Standardized”), and an advanced approach (“Basel III Advanced”).
For each of these risk-based capital ratios, the capital adequacy of the Firm is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements.
As of June 30, 2025, the Firm’s Basel III Standardized risk-based ratios continue to be more binding than the Basel III Advanced risk-based ratios.
Additionally, Basel III requires that Advanced Approaches banking organizations, including the Firm, calculate their SLRs.
Refer to page 46 of this Form 10-Q and page 104 of JPMorganChase's 2024 Form 10-K for additional information on SLR.
Key Regulatory Developments
Enhanced SLR Proposal
In June 2025, the Federal Reserve, the Office of the Comptroller of the Currency ("OCC"), and the FDIC released a proposal to amend the enhanced Supplementary Leverage Ratio (“eSLR”) requirements for Global Systemically Important Banks (“GSIB”) BHCs and their insured depository institution (“IDI”) subsidiaries by revising the current static leverage buffers at the BHC and IDI levels to 50 percent of the parent GSIB’s U.S. Method 1 GSIB Surcharge, which is referred to as the “eSLR buffer.” In addition, the proposal would make corresponding adjustments to the leverage-based total loss-absorbing capacity (“TLAC”) and eligible long-term debt (“eligible LTD”) requirements by replacing the current TLAC leverage buffer with the eSLR buffer and replacing the current static leverage-based eligible LTD requirement with a requirement of 2.5% plus the eSLR buffer. Further, the proposal would remove the eSLR threshold for an IDI subsidiary of a U.S. GSIB to be considered “well capitalized” under the prompt corrective action framework and instead apply the eSLR as a capital buffer requirement.
Refer to page 100 of JPMorganChase's 2024 Form 10-K for information on the U.S. Method 1 GSIB Surcharge.
SCB Proposal
In April 2025, the Federal Reserve proposed changes to the calculation of the Stress Capital Buffer (“SCB”) for large bank holding companies, including the Firm. The proposal aims to reduce SCB volatility by using the average of supervisory stress results from the previous two annual stress tests to calculate the SCB. The proposal would also modify the annual effective date of the SCB from October 1 to January 1 and make targeted changes to reporting requirements to streamline data collection. The proposal would be effective January 1, 2026.
Refer to page 99 of JPMorganChase's 2024 Form 10-K for information on other Key Regulatory Developments.
43
Selected capital and RWA data
The following tables present the Firm’s risk-based capital metrics under both the Basel III Standardized and Advanced approaches and leverage-based capital metrics. Refer to Capital Risk Management on pages 97–107 of JPMorganChase’s 2024 Form 10-K for a further discussion of these capital metrics. Refer to Note 21 for JPMorgan Chase Bank, N.A.’s risk-based and leverage-based capital metrics.
Standardized Advanced
(in millions, except ratios) June 30, 2025 December 31, 2024 Capital ratio requirements (b) June 30, 2025 December 31, 2024 Capital ratio requirements (b)
Risk-based capital metrics: (a)
CET1 capital $ 283,854 $ 275,513 $ 283,854 $ 275,513
Tier 1 capital 303,189 294,881 303,189 294,881
Total capital 335,307 325,589 320,809 (c) 311,898 (c)
Risk-weighted assets 1,882,718 1,757,460 1,873,142 (c) 1,740,429 (c)
CET1 capital ratio 15.1 % 15.7 % 12.3 % 15.2 % 15.8 % 11.5 %
Tier 1 capital ratio 16.1 16.8 13.8 16.2 16.9 13.0
Total capital ratio 17.8 18.5 15.8 17.1 17.9 15.0

(a)
As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. For the period ended December 31, 2024, CET1 capital reflected a $720 million benefit. Refer to Note 21 for additional information.
(b)
Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
(c)
Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Refer to page 102 and Note 34 of JPMorganChase’s 2024 Form 10-K for additional information on First Republic.
Three months ended (in millions, except ratios) June 30, 2025 December 31, 2024 Capital ratio requirements (c)
Leverage-based capital metrics: (a)
Adjusted average assets (b) $ 4,382,220 $ 4,070,499
Tier 1 leverage ratio 6.9 % 7.2 % 4.0 %
Total leverage exposure $ 5,161,360 $ 4,837,568
SLR 5.9 % 6.1 % 5.0 %

(a)
As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The capital metrics for the period ended December 31, 2024 reflected the CECL capital transition provisions. Refer to Note 21 for additional information.
(b)
Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
(c)
Represents minimum requirements and regulatory buffers applicable to the Firm. Refer to Note 21 for additional information.
44
Capital components
The following table presents reconciliations of total stockholders’ equity to Basel III CET1 capital, Tier 1 capital and Total capital as of June 30, 2025 and December 31, 2024.
(in millions) June 30, 2025 December 31, 2024
Total stockholders’ equity $ 356,924 $ 344,758
Less: Preferred stock 20,045 20,050
Common stockholders’ equity 336,879 324,708
Add:
Certain deferred tax liabilities (a) 2,923 2,943
Other CET1 capital adjustments (b) 887 4,499
Less:
Goodwill (c) 54,113 53,763
Other intangible assets 2,722 2,874
Standardized/Advanced CET1 capital $ 283,854 $ 275,513
Add: Preferred stock 20,045 20,050
Less: Other Tier 1 adjustments 710 682
Standardized/Advanced Tier 1 capital $ 303,189 $ 294,881
Long-term debt and other instruments qualifying as Tier 2 capital $ 10,487 $ 10,312
Qualifying allowance for credit losses (d) 22,333 20,992
Other (702) (596)
Standardized Tier 2 capital $ 32,118 $ 30,708
Standardized Total capital $ 335,307 $ 325,589
Adjustment in qualifying allowance for credit losses for Advanced Tier 2 capital (e)(f) (14,498) (13,691)
Advanced Tier 2 capital $ 17,620 $ 17,017
Advanced Total capital $ 320,809 $ 311,898

(a)
Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating CET1 capital.
(b)
As of June 30, 2025 and December 31, 2024, included a net benefit associated with cash flow hedges and debit valuation adjustments ("DVA") related to structured notes recorded in AOCI of $2.1 billion and $5.2 billion. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included benefit from the CECL capital transition provisions of $720 million.
(c)
Goodwill deducted from capital includes goodwill associated with equity method investments in nonconsolidated financial institutions based on regulatory requirements. Refer to page 76 for additional information on principal investment risk.
(d)
Represents the allowance for credit losses eligible for inclusion in Tier 2 capital up to 1.25% of credit risk RWA. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included the impact of the CECL capital transition provision with any excess deducted from RWA. Refer to Note 21 for additional information on the CECL capital transition.
(e)
Represents an adjustment to qualifying allowance for credit losses for the excess of eligible credit reserves over expected credit losses up to 0.6% of credit risk RWA. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included the impact of the CECL capital transition provision with any excess deducted from RWA.
(f)
As of June 30, 2025 and December 31, 2024, included an incremental $500 million and $541 million allowance for credit losses, respectively, on certain assets associated with First Republic to which the Standardized approach has been applied, as permitted by the transition provisions in the U.S. capital rules.
Capital rollforward
The following table presents the changes in Basel III CET1 capital, Tier 1 capital and Tier 2 capital for the six months ended June 30, 2025.
Six months ended June 30, (in millions) 2025
Standardized/Advanced CET1 capital at December 31, 2024 $ 275,513
Net income applicable to common equity 29,093
Dividends declared on common stock (7,835)
Net purchase of treasury stock (13,965)
Changes in additional paid-in capital (335)
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities 765
Translation adjustments, net of hedges (a) 1,357
Fair value hedges 20
Defined benefit pension and other postretirement employee benefit (“OPEB”) plans (44)
Changes related to other CET1 capital adjustments (b) (715)
Change in Standardized/Advanced CET1 capital 8,341
Standardized/Advanced CET1 capital at June 30, 2025 $ 283,854
Standardized/Advanced Tier 1 capital at December 31, 2024 $ 294,881
Change in CET1 capital (b) 8,341
Net redemptions of noncumulative perpetual preferred stock (5)
Other (28)
Change in Standardized/Advanced Tier 1 capital 8,308
Standardized/Advanced Tier 1 capital at June 30, 2025 $ 303,189
Standardized Tier 2 capital at December 31, 2024 $ 30,708
Change in long-term debt and other instruments qualifying as Tier 2 175
Change in qualifying allowance for credit losses (b) 1,341
Other (106)
Change in Standardized Tier 2 capital 1,410
Standardized Tier 2 capital at June 30, 2025 $ 32,118
Standardized Total capital at June 30, 2025 $ 335,307
Advanced Tier 2 capital at December 31, 2024 $ 17,017
Change in long-term debt and other instruments qualifying as Tier 2 175
Change in qualifying allowance for credit losses (b)(c) 534
Other (106)
Change in Advanced Tier 2 capital 603
Advanced Tier 2 capital at June 30, 2025 $ 17,620
Advanced Total capital at June 30, 2025 $ 320,809

(a)
Includes foreign currency translation adjustments and the impact of related derivatives.
(b)
Reflects the final phase out of the CECL benefit. Refer to Note 21 for additional information on the CECL capital transition.
(c)
As of June 30, 2025 and December 31, 2024, included an incremental $500 million and $541 million allowance for credit losses, respectively, on certain assets associated with First Republic to which the Standardized approach has been applied, as permitted by the transition provisions in the U.S. capital rules.
45
RWA rollforward
The following table presents changes in the components of RWA under Basel III Standardized and Advanced approaches for the six months ended June 30, 2025. The amounts in the rollforward categories are estimates, based on the predominant driver of the change.
Standardized Advanced
Six months ended June 30, 2025 (in millions) Credit risk RWA (c) Market risk RWA Total RWA Credit risk RWA (c)(d) Market risk RWA Operational risk RWA Total RWA
December 31, 2024 $ 1,672,763 $ 84,697 $ 1,757,460 $ 1,218,005 $ 85,132 $ 437,292 $ 1,740,429
Model & data changes (a) (3,505) (258) (3,763) (2,221) (258) — (2,479)
Movement in portfolio levels (b) 110,156 18,865 129,021 104,335 19,054 11,803 135,192
Changes in RWA 106,651 18,607 125,258 102,114 18,796 11,803 132,713
June 30, 2025 $ 1,779,414 $ 103,304 $ 1,882,718 $ 1,320,119 $ 103,928 $ 449,095 $ 1,873,142

(a)
Model & data changes refer to material movements in levels of RWA as a result of revised methodologies and/or treatment per regulatory guidance (exclusive of rule changes).
(b)
Movement in portfolio levels (inclusive of rule changes) refers to: for Credit risk RWA, changes in book size, changes in composition and credit quality, market movements, and deductions for excess eligible allowances for credit losses not eligible for inclusion in Tier 2 capital; for Market risk RWA, changes in position, market movements, and changes in the Firm’s regulatory multiplier as a result of Regulatory VaR backtesting exceptions as prescribed by the Basel III capital rules; and for Operational risk RWA, updates to cumulative losses, macroeconomic model inputs and other model parameters.
(c)
As of June 30, 2025 and December 31, 2024, the Basel III Standardized Credit risk RWA included wholesale and retail off balance-sheet RWA of $216.0 billion and $208.0 billion, respectively; and the Basel III Advanced Credit risk RWA included wholesale and retail off balance-sheet RWA of $204.9 billion and $192.1 billion, respectively.
(d)
As of June 30, 2025 and December 31, 2024, Credit risk RWA reflected approximately $40.0 billion and $43.3 billion, respectively, of RWA calculated under the Standardized approach for certain assets associated with First Republic as permitted by the transition provisions in the U.S. capital rules.
Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for further information on Credit risk RWA, Market risk RWA and Operational risk RWA.
Supplementary leverage ratio
Refer to Supplementary Leverage Ratio on page 104 of JPMorganChase’s 2024 Form 10-K for additional information.
The following table presents the components of the Firm’s SLR.
Three months ended (in millions, except ratio) June 30, 2025 December 31, 2024
Tier 1 capital $ 303,189 $ 294,881
Total average assets 4,437,618 4,125,167
Less: Regulatory capital adjustments (a) 55,398 54,668
Total adjusted average assets (b) 4,382,220 4,070,499
Add: Off-balance sheet exposures (c) 779,140 767,069
Total leverage exposure $ 5,161,360 $ 4,837,568
SLR 5.9 % 6.1 %

(a)
For purposes of calculating the SLR, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, other intangible assets. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included adjustments for the CECL capital transition provisions. Refer to Note 21 for additional information on the CECL capital transition.
(b)
Adjusted average assets used for the calculation of Tier 1 leverage ratio.
(c)
Off-balance sheet exposures are calculated as the average of the three month-end spot balances on applicable regulatory exposures during the reporting quarter. Refer to the Firm’s Pillar 3 Regulatory Capital Disclosures reports for additional information.
Line of business and Corporate equity
Each LOB and Corporate is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. Refer to Line of business and Corporate equity on page 104 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.
The following table presents the capital allocated to each LOB and Corporate.
(in billions) June 30, 2025 December 31, 2024
Consumer & Community Banking $ 56.0 $ 54.5
Commercial & Investment Bank 149.5 132.0
Asset & Wealth Management 16.0 15.5
Corporate 115.4 122.7
Total common stockholders’ equity $ 336.9 $ 324.7

46
Capital actions

Common stock dividends
The Firm’s common stock dividends are planned as part of the Capital Management governance framework in line with the Firm’s capital management objectives.
On May 19, 2025, the Firm announced that its Board of Directors had declared a quarterly common stock dividend of $1.40 per share, payable on July 31, 2025. On July 1, 2025, the Firm announced that its Board of Directors intends to increase the quarterly common stock dividend to $1.50 per share for the third quarter of 2025. The Firm’s dividends are subject to approval by the Board of Directors on a quarterly basis.
Common stock
On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.
The following table sets forth the Firm’s repurchases of common stock for the three and six months ended June 30, 2025 and 2024.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Total number of shares of common stock repurchased 29.8 27.0 59.8 42.9
Aggregate purchase price of common stock repurchases (a) $ 7,500 $ 5,318 $ 15,063 $ 8,167

(a)
Excludes excise tax and commissions.
The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion. The common share repurchase program approved by the Board of Directors does not establish specific price targets or timetables. Management determines the amount and timing of common share repurchases based on various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); organic capital generation; current and proposed future capital requirements; and other investment opportunities. The amount of common shares that the Firm repurchases in any period may be substantially more or less than the amounts estimated or actually repurchased in prior periods, reflecting the dynamic nature of the decision-making process. The Firm’s common share repurchases may be suspended by management at any time.
Refer to Capital actions on page 105 of JPMorganChase’s 2024 Form 10-K for additional information.
Refer to Part II, Item 2: Unregistered Sales of Equity Securities and Use of Proceeds and Part II, Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities on pages 201-202 of this Form 10-Q and page 39 of JPMorganChase’s 2024 Form 10-K, respectively, for additional information regarding repurchases of the Firm’s equity securities.
Preferred stock

Preferred stock dividends were $282 million and $317 million, and $537 million and $714 million, for the three and six months ended June 30, 2025 and 2024, respectively.
During the six months ended June 30, 2025, the Firm issued and redeemed certain series of non-cumulative preferred stock. Refer to Note 17 of this Form 10-Q and Note 21 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s preferred stock, including the issuance and redemption of preferred stock.
Subordinated Debt
Refer to Long-term funding on page 56 of this Form 10-Q and Note 20 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s subordinated debt.
47
Capital planning and stress testing
Comprehensive Capital Analysis and Review
On April 7, 2025, the Firm submitted its 2025 Capital Plan to the Federal Reserve. On July 1, 2025, the Firm announced that under the current SCB framework,

its preliminary requirement provided by the Federal Reserve is 2.5% (down from the current 3.3%), and the Firm’s Standardized CET1 capital ratio requirement, including regulatory buffers, is 11.5% (down from the current 12.3%). The Federal Reserve will provide the Firm with its final SCB requirement by August 31, 2025 and that requirement will become effective October 1, 2025 based on the current rules .
Refer to page 43 for Key Regulatory Developments related to proposed changes to the SCB requirement.
Refer to Capital planning and stress testing on pages 97–98 of JPMorganChase’s 2024 Form 10-K for additional information on CCAR.
Other capital requirements
Total Loss-Absorbing Capacity
The Federal Reserve’s TLAC rule requires the U.S. GSIB top-tier holding companies, including the Firm, to maintain minimum levels of external TLAC and eligible LTD.
The following table presents the eligible external TLAC and eligible LTD amounts, as well as a representation of these amounts as a percentage of the Firm’s total RWA and total leverage exposure. As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The period ended December 31, 2024 included the impact of the CECL capital transition provisions.
June 30, 2025 December 31, 2024
(in billions, except ratio) External TLAC LTD External TLAC LTD
Total eligible amount $ 559.9 $ 244.9 $ 546.6 $ 236.8
% of RWA 29.7 % 13.0 % 31.1 % 13.5 %
Regulatory requirements 23.0 10.5 23.0 10.5
Surplus/(shortfall) $ 126.9 $ 47.2 $ 142.3 $ 52.3
% of total leverage exposure 10.8 % 4.7 % 11.3 % 4.9 %
Regulatory requirements 9.5 4.5 9.5 4.5
Surplus/(shortfall) $ 69.6 $ 12.6 $ 87.0 $ 19.2

Refer to Liquidity Risk Management on pages 50-57 for further information on long-term debt issued by the Parent Company.
Refer to Part I, Item 1A: Risk Factors on pages 10–37 of JPMorganChase’s 2024 Form 10-K for information on the financial consequences to holders of the Firm’s debt and equity securities in a resolution scenario.
Refer to other capital requirements on page 106 of JPMorganChase’s 2024 Form 10-K for additional information on TLAC.
48
U.S. broker-dealer regulatory capital
J.P. Morgan Securities
JPMorganChase’s principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to the regulatory capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934 (the “Net Capital Rule”). J.P. Morgan Securities is also registered as a futures commission merchant and is subject to regulatory capital requirements, including those imposed by the SEC, the Commodity Futures Trading Commission (“CFTC”), the Financial Industry Regulatory Authority (“FINRA”) and the National Futures Association (“NFA”).
The following table presents J.P. Morgan Securities’ net capital.
June 30, 2025
(in millions) Actual Minimum
Net capital $ 24,858 $ 7,058

Non-U.S. subsidiary regulatory capital    
J.P. Morgan Securities plc
J.P. Morgan Securities plc is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and broker-dealer activities. J.P. Morgan Securities plc is jointly regulated in the U.K. by the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”). J.P. Morgan Securities plc is subject to the Capital Requirements Regulation (“CRR”), as adopted and amended in the U.K., and the capital rules in the PRA Rulebook. These requirements collectively represent the U.K.’s implementation of the Basel III standards. The PRA has announced that it intends to delay the U.K.’s implementation of the final Basel III standards until January 1, 2027, with a three-year transitional period for certain aspects.
The Bank of England requires that U.K. banks, including U.K. regulated subsidiaries of overseas groups, maintain minimum requirements for own funds and eligible liabilities (“MREL”). As of June 30, 2025, J.P. Morgan Securities plc was compliant with its MREL requirements.
The following table presents J.P. Morgan Securities plc’s risk-based and leverage-based capital metrics.
June 30, 2025 Estimated Regulatory Minimum ratios (a)
(in millions, except ratios)
Total capital $ 54,733
CET1 capital ratio 15.1 % 4.5 %
Tier 1 capital ratio 19.4 6.0
Total capital ratio 23.2 8.0
Tier 1 leverage ratio 5.7 3.3 (b)

(a)
Represents minimum Pillar 1 requirements specified by the PRA. J.P. Morgan Securities plc's capital ratios as of June 30, 2025 exceeded the minimum requirements, including the additional capital requirements specified by the PRA.
(b)
At least 75% of the Tier 1 leverage ratio minimum must be met with CET1 capital.
J.P. Morgan SE
JPMSE is a wholly-owned subsidiary of JPMorgan Chase Bank, N.A. and has authority to engage in banking, investment banking and markets activities. JPMSE is regulated by the European Central Bank (“ECB”), the German Financial Supervisory Authority and the German Central Bank, as well as the local regulators in each of the countries in which it operates, and it is subject to EU capital requirements under Basel III. JPMSE is subject to the EU implementation of the final Basel III standards. Those standards became effective beginning on January 1, 2025, with the exception of market risk aspects for which the effective date is January 1, 2027.
JPMSE is required by the EU Single Resolution Board to maintain MREL. As of June 30, 2025, JPMSE was compliant with its MREL requirements.    
The following table presents JPMSE’s risk-based and leverage-based capital metrics.
June 30, 2025 Estimated Regulatory Minimum ratios (a)
(in millions, except ratios)
Total capital $ 54,296
CET1 capital ratio 19.0 % 4.5 %
Tier 1 capital ratio 19.0 6.0
Total capital ratio 34.1 8.0
Tier 1 leverage ratio 5.7 3.0

(a)
Represents minimum Pillar 1 requirements specified by the EU CRR. J.P. Morgan SE’s capital and leverage ratios as of June 30, 2025 exceeded the minimum requirements, including the additional capital requirements specified by EU regulators.
Refer to U.S. broker-dealer and Non-U.S. subsidiary regulatory capital on page 107 of JPMorganChase’s 2024 Form 10-K for further information.
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LIQUIDITY RISK MANAGEMENT

Liquidity risk is the risk that the Firm will be unable to meet its cash and collateral needs as they arise or that it does not have the appropriate amount, composition and tenor of funding and liquidity to support its assets and liabilities. For a further discussion of the Firm's liquidity risk management, refer to pages 108–115 of JPMorganChase’s 2024 Form 10-K and to the Firm’s U.S. LCR Disclosure reports, which are available on the Firm’s website.
LCR and HQLA
The LCR rule requires that the Firm and JPMorgan Chase Bank, N.A. maintain an amount of eligible HQLA that is sufficient to meet their respective estimated total net cash outflows over a prospective 30 calendar-day period of significant stress.
Under the LCR rule, the amount of eligible HQLA held by JPMorgan Chase Bank, N.A. that is in excess of its stand-alone 100% minimum LCR requirement, and that is not transferable to non-bank affiliates, must be excluded from the Firm’s reported eligible HQLA. The LCR for both the Firm and JPMorgan Chase Bank, N.A. is required to be a minimum of 100%.
The following table summarizes the Firm and JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024 based on the Firm’s interpretation of the LCR framework.
Three months ended
Average amount (in millions) June 30, 2025 March 31, 2025 June 30, 2024
JPMorgan Chase & Co.:
HQLA
Eligible cash (a) $ 349,403 $ 389,423 $ 461,392
Eligible securities (b)(c) 572,533 475,194 356,815
Total HQLA (d) $ 921,936 $ 864,617 $ 818,207
Net cash outflows $ 818,334 $ 767,151 $ 732,179
LCR 113 % 113 % 112 %
Net excess eligible HQLA (d) $ 103,602 $ 97,466 $ 86,028
JPMorgan Chase Bank N.A.:
LCR 120 % 124 % 125 %
Net excess eligible HQLA $ 170,765 $ 194,652 $ 189,124

(a)
Represents cash on deposit at central banks, including the Federal Reserve Banks.
(b)
Eligible HQLA securities may be reported in securities borrowed or purchased under resale agreements, trading assets, or investment securities on the Firm’s Consolidated balance sheets. For purposes of calculating the LCR, HQLA securities are included at fair value, which may differ from the accounting treatment under U.S. GAAP.
(c)
Predominantly U.S. Treasuries, U.S. GSE and government agency MBS, and sovereign bonds net of regulatory haircuts under the LCR rule.
(d)
Excludes average excess eligible HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates.
The Firm’s average LCR increased during the three months ended June 30, 2025, compared with the three months ended June 30, 2024, driven by dividend payments from JPMorgan Chase Bank, N.A. to the Parent Company and long-term debt issuances, largely offset by common stock repurchases and common stock dividends paid.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2025 decreased compared with the three months ended March 31, 2025, due to an increase in loans and client-driven market-making activities in CIB Markets, largely offset by an increase in deposits.
JPMorgan Chase Bank, N.A.’s average LCR for the three months ended June 30, 2025 decreased compared with the three months ended June 30, 2024, driven by loan growth and dividend payments to the Parent Company, predominantly offset by higher deposits and client-driven market-making activities in CIB Markets.
Each of the Firm and JPMorgan Chase Bank, N.A.'s average LCR may fluctuate from period to period due to changes in their respective eligible HQLA and estimated net cash outflows as a result of ongoing business activity and from the impacts of Federal Reserve actions as well as other factors.
Refer to pages 109-110 of JPMorganChase’s 2024 Form 10-K and the Firm’s U.S. LCR Disclosure reports for additional information on HQLA and net cash outflows.
Internal stress testing
The Firm conducts internal liquidity stress testing to monitor liquidity positions at the Firm and its material legal entities under a variety of adverse scenarios, including scenarios analyzed as part of the Firm’s resolution and recovery planning. Internal stress tests are produced on a daily basis, and other stress tests are performed in response to specific market events or concerns. Results of stress tests are considered in the formulation of the Firm’s funding plan and assessment of its liquidity position.
The Firm manages liquidity at the Parent Company, the Intermediate Holding Company (“IHC”), and operating subsidiaries at levels sufficient to comply with liquidity risk tolerances and minimum liquidity requirements, and to manage through periods of stress when access to normal funding sources may be disrupted.
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Liquidity sources
In addition to the assets reported in the Firm’s eligible HQLA discussed above, the Firm had unencumbered marketable securities, such as equity and debt securities, that the Firm believes would be available to raise liquidity. This includes excess eligible HQLA securities at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. The fair value of these securities was approximately $573 billion and $594 billion as of June 30, 2025 and December 31, 2024, respectively, although the amount of liquidity that could be raised at any particular time would be dependent on prevailing market conditions. The decrease compared to December 31, 2024, was driven by a decrease in excess eligible HQLA securities at JPMorgan Chase Bank, N.A., largely offset by an increase in unencumbered CIB trading assets.
The Firm had approximately $1.5 trillion and $1.4 trillion of available cash and securities as of June 30, 2025 and December 31, 2024, respectively. For each respective period, the amount was comprised of eligible end-of-period HQLA, excluding the impact of regulatory haircuts, of approximately $970 billion and $834 billion, and unencumbered marketable securities with a fair value of approximately $573 billion and $594 billion.
The Firm also had available borrowing capacity at the FHLBs and the discount window at the Federal Reserve Banks as a result of collateral pledged by the Firm to such banks of approximately $422 billion and $413 billion as of June 30, 2025 and December 31, 2024, respectively. This borrowing capacity excludes the benefit of cash and securities reported in the Firm’s eligible HQLA or other unencumbered securities that are currently pledged at the Federal Reserve Banks discount window and other central banks. Although available, the Firm does not view this borrowing capacity at the Federal Reserve Banks discount window and the other central banks as a primary source of liquidity.
NSFR
The net stable funding ratio (“NSFR”) is a liquidity requirement for large banking organizations that is intended to measure the adequacy of “available” stable funding that is sufficient to meet their “required” amounts of stable funding over a one-year horizon.
For the three months ended June 30, 2025, both the Firm and JPMorgan Chase Bank, N.A. were compliant with the 100% minimum NSFR requirement, based on the Firm's interpretation of the final NSFR rule. Refer to the Firm's U.S. NSFR Disclosure report on the Firm’s website for additional information.
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Funding
Sources of funds
Management believes that the Firm’s unsecured and secured funding capacity is sufficient to meet its on- and off-balance sheet obligations, which includes both short- and long-term cash requirements.
The Firm funds its global balance sheet through diverse sources of funding including deposits, secured and unsecured funding in the capital markets and stockholders’ equity. Deposits are the primary funding source for JPMorgan Chase Bank, N.A. Additionally, JPMorgan Chase Bank, N.A. may access funding through short- or long-term secured borrowings, the issuance of unsecured long-term debt, or from
borrowings from the IHC. The Firm’s non-bank subsidiaries are primarily funded from long-term unsecured borrowings and short-term secured borrowings which are primarily securities loaned or sold under repurchase agreements. Excess funding is invested by Treasury and CIO in the Firm’s investment securities portfolio or deployed in cash or other short-term liquid investments based on their interest rate and liquidity risk characteristics.
Refer to Note 22 for additional information on off-balance sheet obligations.
Deposits
The table below summarizes, by LOB and Corporate, the period-end deposit balances as of June 30, 2025 and December 31, 2024, and the average deposit balances for the three and six months ended June 30, 2025 and 2024, respectively.
June 30, 2025 December 31, 2024 Average
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Consumer & Community Banking $ 1,063,137 $ 1,056,652 $ 1,060,363 $ 1,073,544 $ 1,057,038 $ 1,076,393
Commercial & Investment Bank 1,228,935 1,073,512 1,170,063 1,046,993 1,138,287 1,046,391
Asset & Wealth Management 242,356 248,287 248,375 227,423 246,253 227,573
Corporate 27,952 27,581 26,313 23,223 26,339 22,628
Total Firm $ 2,562,380 $ 2,406,032 $ 2,505,114 $ 2,371,183 $ 2,467,917 $ 2,372,985

The Firm believes that deposits provide a stable source of funding and reduce the Firm’s reliance on the wholesale funding markets. A significant portion of the Firm’s deposits are consumer deposits and wholesale operating deposits, which are both considered to be stable sources of liquidity. Wholesale operating deposits are generally considered to be stable sources of liquidity because they are generated from customers that maintain operating service relationships with the Firm.
The Firm believes that average deposit balances are generally more representative of deposit trends than period-end deposit balances. However, during periods of market disruption, average deposit trends may be impacted.
Average deposits
increased

for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, reflecting the net impact of:
•
an increase in CIB due to net inflows related to client-driven activities in Payments

and Securities Services, partially offset by net maturities of structured notes in Markets,
•
an increase in AWM as a result of growth in balances in new and existing client accounts, including the impact of higher-yielding product offerings, and
•
a decrease in CCB in existing account balances primarily driven by increased customer spending and migration into higher-yielding investments, partially offset by new accounts.
Average deposits
increased

for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, reflecting the net impact of:
•
an increase in CIB due to net inflows related to client-driven activities in Payments and Securities Services, partially offset by net maturities of structured notes in Markets,
•
an increase in AWM as a result of growth in balances in new and existing client accounts, including the impact of higher-yielding product offerings, and
•
a decrease in CCB in existing account balances primarily driven by increased customer spending and migration into higher-yielding investments, partially offset by new accounts.
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Period-end deposits
increased

from December 31, 2024, reflecting the net impact of:
•
an increase in CIB

predominantly due to net inflows related to client-driven activities in Securities Services

and Payments,
•
an increase in CCB primarily driven by new accounts, largely offset by a decrease in existing account balances due to seasonal tax outflows

and increased customer spending, and
•
a decrease in AWM driven by continued migration into other investments and seasonal tax outflows, predominantly offset by growth in balances in new and existing client accounts, reflecting the impact of higher-yielding product offerings.
Refer to the Firm’s Consolidated Balance Sheets Analysis and the Business Segment & Corporate Results on pages 14-15 and pages 19-41, respectively, for further information on deposit and liability balance trends. Refer to Note 3 for further information on structured notes.
Certain deposits are covered by insurance protection that provides additional funding stability and results in a benefit to the LCR. Deposit insurance protection may be available to depositors in the countries in which the deposits are placed. For example, the FDIC provides deposit insurance protection for deposits placed in a U.S. depository institution. At June 30, 2025 and December 31, 2024, Firmwide estimated uninsured deposits were $1,555.5 billion and $1,414.0 billion, respectively, primarily reflecting wholesale operating deposits.
The table below presents an estimate of uninsured U.S. and non-U.S. time deposits, and their remaining maturities. The Firm’s estimates of its uninsured U.S. time deposits are based on data that the Firm calculates periodically under applicable FDIC regulations. For purposes of this presentation, all non-U.S. time deposits are deemed to be uninsured.
(in millions) June 30, 2025 December 31, 2024
U.S. Non-U.S. U.S. Non-U.S.
Three months or less $ 121,325 $ 77,780 $ 119,333 $ 77,253
Over three months but within 6 months 11,793 11,748 11,040 12,229
Over six months but within 12 months 5,832 1,106 7,056 1,542
Over 12 months 797 2,466 823 1,924
Total $ 139,747 $ 93,100 $ 138,252 $ 92,948

The table below shows the loan and deposit balances, the loans-to-deposits ratios, and deposits as a percentage of total liabilities, as of June 30, 2025 and December 31, 2024.
(in billions except ratios) June 30, 2025 December 31, 2024
Deposits $ 2,562.4 $ 2,406.0
Deposits as a % of total liabilities 61 % 66 %
Loans $ 1,412.0 $ 1,348.0
Loans-to-deposits ratio 55 % 56 %

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The following table provides a summary of the average balances and average interest rates of JPMorganChase’s deposits for the three and six months ended June 30, 2025 and 2024.
(in millions) Average balances
Three months ended Six months ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
U.S. offices
Noninterest-bearing $ 572,715 $ 623,139 $ 565,592 $ 623,626
Interest-bearing
Demand (a) 321,907 278,260 312,801 278,479
Savings (b) 867,850 793,968 861,699 802,406
Time 224,048 221,478 224,848 215,146
Total interest-bearing deposits 1,413,805 1,293,706 1,399,348 1,296,031
Total deposits in U.S. offices 1,986,520 1,916,845 1,964,940 1,919,657
Non-U.S. offices
Noninterest-bearing 30,062 25,188 29,548 24,860
Interest-bearing
Demand 391,621 337,776 379,059 337,983
Time 96,911 91,374 94,370 90,485
Total interest-bearing deposits 488,532 429,150 473,429 428,468
Total deposits in non-U.S. offices 518,594 454,338 502,977 453,328
Total deposits $ 2,505,114 $ 2,371,183 $ 2,467,917 $ 2,372,985

Average interest rates
Three months ended Six months ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
U.S. offices
Noninterest-bearing NA NA NA NA
Interest-bearing
Demand (a) 3.01 % 3.98 % 3.37 % 3.92 %
Savings (b) 1.52 1.41 1.37 1.37
Time 3.97 5.11 4.03 5.11
Total interest-bearing deposits 2.25 2.57 2.24 2.55
Total deposits in U.S. offices 1.60 1.73 1.59 1.71
Non-U.S. offices
Noninterest-bearing NA NA NA NA
Interest-bearing
Demand 2.37 3.26 2.46 3.26
Time 4.73 6.15 4.86 6.17
Total interest-bearing deposits 2.85 3.86 2.92 3.86
Total deposits in non-U.S. offices 2.69 3.66 2.76 3.66
Total deposits 1.85 % 2.09 % 1.84 % 2.09 %

(a)
Includes Negotiable Order of Withdrawal accounts, and certain trust accounts.
(b)
Includes Money Market Deposit Accounts.
Refer to Note 15 for additional information on deposits.
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The following table summarizes short-term and long-term funding, excluding deposits, as of June 30, 2025 and December 31, 2024, and average balances for the three and six months ended June 30, 2025 and 2024, respectively. Refer to the Consolidated Balance Sheets Analysis on pages 14-15 and Note 10 for additional information.
Sources of funds (excluding deposits)
June 30, 2025 December 31, 2024 Average
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Commercial paper $ 10,365 $ 14,932 $ 12,178 $ 11,273 $ 12,676 $ 12,423
Other borrowed funds 13,015 13,018 13,102 11,860 13,739 10,889
Federal funds purchased 465 567 1,412 1,594 1,557 1,601
Total short-term unsecured funding $ 23,845 $ 28,517 $ 26,692 $ 24,727 $ 27,972 $ 24,913
Securities sold under agreements to repurchase (a) $ 587,573 $ 291,500 $ 547,874 $ 369,206 $ 502,416 $ 329,212
Securities loaned (a) 7,302 4,768 8,757 4,571 7,907 4,364
Other borrowed funds 41,913 24,943 40,707 24,310 36,858 23,241
Obligations of Firm-administered multi-seller conduits (b) 18,495 18,228 17,352 18,615 17,195 19,581
Total short-term secured funding $ 655,283 $ 339,439 $ 614,690 $ 416,702 $ 564,376 $ 376,398
Senior notes $ 210,799 $ 203,639 $ 209,685 $ 195,954 $ 208,912 $ 194,149
Subordinated debt 16,341 16,060 16,270 19,574 16,192 19,611
Structured notes (c) 115,412 98,792 108,992 90,554 105,168 89,019
Total long-term unsecured funding $ 342,552 $ 318,491 $ 334,947 $ 306,082 $ 330,272 $ 302,779
Credit card securitization (b) $ 5,374 $ 5,312 $ 5,365 $ 5,302 $ 5,345 $ 4,935
FHLB advances 22,537 29,257 23,155 37,559 24,927 39,022
Purchase Money Note (d) 49,319 49,207 49,283 49,062 49,255 49,035
Other long-term secured funding (e) 5,394 4,463 6,331 4,807 5,491 4,801
Total long-term secured funding $ 82,624 $ 88,239 $ 84,134 $ 96,730 $ 85,018 $ 97,793
Preferred stock (f) $ 20,045 $ 20,050 $ 20,045 $ 25,867 $ 20,029 $ 26,910
Common stockholders’ equity (f) $ 336,879 $ 324,708 $ 329,797 $ 308,763 $ 327,086 $ 304,519

(a)
Primarily consists of short-term securities loaned or sold under agreements to repurchase.
(b)
Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(c)
Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
(d)
Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 34 of JPMorganChase’s 2024 Form 10-K for additional information.
(e)
Includes long-term structured notes that are secured.
(f)
Refer to Capital Risk Management on pages 43-49 and Consolidated statements of changes in stockholders’ equity on page 94 of this Form 10-Q, and Note 21 and Note 22 of JPMorganChase’s 2024 Form 10-K for additional information on preferred stock and common stockholders’ equity.
Short-term funding
The Firm’s primary source of short-term secured funding is securities sold under agreements to repurchase. These instruments are secured predominantly by high-quality securities collateral, including government-issued debt and U.S. GSE and government agency MBS. Securities sold under agreements to repurchase increased at June 30, 2025, compared with December 31, 2024, driven by Markets, reflecting higher secured financing of trading assets, higher client-driven market-making activities, and the impact of lower levels of netting, as well as when compared with seasonally lower levels at year-end.
The increase in secured other borrowed funds at June 30, 2025 from December 31, 2024, and for the average three and six months ended June 30, 2025, compared to the prior year periods, was due to higher financing requirements in Markets.
The balances associated with securities loaned or sold under agreements to repurchase fluctuate over time due to investment and financing activities of clients, the Firm’s demand for financing, the ongoing management of the mix of the Firm’s liabilities, including its secured and unsecured financing (for both the investment securities and market-making portfolios), and other market and portfolio factors.
The Firm’s primary sources of short-term unsecured funding consist of issuances of wholesale commercial paper and other borrowed funds.
The decrease in commercial paper at June 30, 2025 from December 31, 2024 was primarily driven by strategic short-term liquidity management.
55
Long-term funding
Long-term funding provides an additional source of stable funding and liquidity for the Firm. The Firm’s long-term funding plan is driven primarily by expected client activity, liquidity considerations and regulatory requirements, including TLAC. Long-term funding objectives include maintaining diversification, maximizing market access and optimizing funding costs. The Firm evaluates various funding markets, tenors and currencies in creating its optimal long-term funding plan.
Unsecured funding and issuance
The significant majority of the Firm’s total outstanding long-term debt has been issued by the Parent Company to provide flexibility in support of the funding needs of both bank and non-bank subsidiaries. The Parent Company advances substantially all net funding proceeds to its subsidiary, the IHC. The IHC does not issue debt to external counterparties. The increase in structured notes at June 30, 2025 from December 31, 2024, and for the average three and six months ended June 30, 2025, compared to the prior year periods, was primarily driven by net issuances of structured notes in Markets due to client demand and an increase in the fair value of such instruments.
The following table summarizes long-term unsecured issuance and maturities or redemptions for the three and six months ended June 30, 2025 and 2024. Refer to Liquidity Risk Management on pages 108–115 and Note 20 of JPMorganChase’s 2024 Form 10-K for additional information on the IHC and long-term debt.
Long-term unsecured funding
Three months ended June 30, Six months ended June 30, Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024 2025 2024 2025 2024
(Notional in millions) Parent Company Subsidiaries
Issuance
Senior notes issued in the U.S. market $ 6,000 $ 9,000 $ 14,000 $ 17,500 $ — $ — $ — $ —
Senior notes issued in non-U.S. markets — 1,906 2,084 4,079 — — — —
Total senior notes 6,000 10,906 16,084 21,579 — — — —
Structured notes (a) 951 734 2,030 1,602 16,397 12,917 35,033 27,868
Total long-term unsecured funding – issuance $ 6,951 $ 11,640 $ 18,114 $ 23,181 $ 16,397 $ 12,917 $ 35,033 $ 27,868
Maturities/redemptions
Senior notes $ 8,679 $ 9,501 $ 17,204 $ 16,669 $ — $ — $ 65 $ 65
Subordinated debt 17 22 17 35 — — — —
Structured notes 466 293 837 510 11,617 11,902 25,057 23,408
Total long-term unsecured funding – maturities/redemptions $ 9,162 $ 9,816 $ 18,058 $ 17,214 $ 11,617 $ 11,902 $ 25,122 $ 23,473

(a)
Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
Secured funding and issuance
The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the securitization issuance, the FHLB advances, as well as other long-term secured funding sources with their respective maturities or redemptions, as applicable, for the three and six months ended June 30, 2025 and 2024, respectively.
Long-term secured funding
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024 2025 2024 2025 2024
(in millions) Issuance Maturities/Redemptions Issuance Maturities/Redemptions
Credit card securitization $ — $ — $ — $ — $ — $ 2,348 $ — $ —
FHLB advances — — 801 3,601 — — 6,742 5,648
Other long-term secured funding (a) 613 166 782 133 747 720 893 370
Total long-term secured funding $ 613 $ 166 $ 1,583 $ 3,734 $ 747 $ 3,068 $ 7,635 $ 6,018

(a)
Includes long-term structured notes that are secured.
The Firm’s wholesale businesses also securitize loans for client-driven transactions; those client-driven loan securitizations are not considered to be a source of funding for the Firm and are not included in the table above. Refer to Note 14 of JPMorganChase’s 2024 Form 10-K for a further description of client-driven loan securitizations.
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Credit ratings
The cost and availability of financing are influenced by credit ratings. Reductions in these ratings could have an adverse effect on the Firm’s access to liquidity sources, increase the cost of funds, trigger additional collateral or funding requirements and decrease the number of investors and counterparties willing to lend to the Firm. The nature and magnitude of the impact of ratings downgrades depends on numerous contractual and behavioral factors, which the Firm
believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
Additionally, the Firm’s funding requirements for VIEs and other third-party commitments may be adversely affected by a decline in credit ratings. Refer to Notes 4 and 13 for additional information.
The credit ratings of the Parent Company and certain of its principal subsidiaries as of June 30, 2025 were as follows:
JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. J.P. Morgan Securities LLC J.P. Morgan Securities plc J.P. Morgan SE
June 30, 2025 Long-term issuer Short-term issuer Outlook Long-term issuer Short-term issuer Outlook Long-term issuer Short-term issuer Outlook
Moody’s Investors Service A1 P-1 Positive Aa2 P-1 Stable (a) Aa3 P-1 Positive (a)
Standard & Poor’s A A-1 Stable AA- A-1+ Stable AA- A-1+ Stable
Fitch Ratings AA- F1+ Stable AA F1+ Stable AA F1+ Stable

(a) On May 19, 2025, Moody’s announced that it had revised JPMorgan Chase Bank, N.A.’s outlook to stable from developing, and that this change was related to Moody’s one-notch downgrade of the long-term issuer rating of the U.S. Government announced on May 16, 2025. Moody’s also affirmed JPMorgan Chase Bank, N.A.’s long-term issuer rating and revised J.P. Morgan SE’s outlook to positive; the previous outlook was negative with an "(m)" modifier, reflecting a negative outlook for long-term bank deposits and a positive outlook for the long-term issuer rating.
Refer to page 115 of JPMorganChase’s 2024 Form 10-K for a discussion of the factors that could affect the credit ratings of the Parent Company and the above subsidiaries.
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CREDIT AND INVESTMENT RISK MANAGEMENT

Credit and investment risk is the 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. Refer to Consumer Credit Portfolio, Wholesale Credit Portfolio and Allowance for Credit Losses on pages 60-75 for a further discussion of Credit Risk.
Refer to page 76 for a further discussion of Investment Portfolio Risk. Refer to Credit and Investment Risk Management on pages 117–140 of JPMorganChase’s 2024 Form 10-K for a further discussion of the Firm’s Credit and Investment Risk Management framework.
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CREDIT PORTFOLIO

Credit risk is the risk associated with the default or change in credit profile of a client, counterparty or customer.
In the following tables, total loans include loans retained (i.e., held-for-investment); loans held-for-sale; and certain loans accounted for at fair value. The following tables do not include loans which the Firm accounts for at fair value and classifies as trading assets; refer to Notes 2 and 3 for further information regarding these loans. Refer to Notes 11, 22 and 4 for additional information on the Firm’s loans, lending-related commitments and derivative receivables.
Refer to Note 9 for information regarding the credit risk inherent in the Firm’s investment securities portfolio; and refer to Note 10 for information regarding credit risk inherent in the securities financing portfolio. Refer to Consumer Credit Portfolio on pages 60-63 and Note 11 for further discussions of the consumer credit environment, consumer loans and nonperforming exposure. Refer to Wholesale Credit Portfolio on pages 64-72 and Note 11 for further discussions of the wholesale credit environment, wholesale loans and nonperforming exposure.
Total credit portfolio
Credit exposure Nonperforming (c)
(in millions) Jun 30, 2025 Dec 31, 2024 Jun 30, 2025 Dec 31, 2024
Loans retained $ 1,345,473 $ 1,299,590 $ 8,417 $ 7,175
Loans held-for-sale 13,219 7,048 251 160
Loans at fair value 53,300 41,350 1,153 1,502
Total loans 1,411,992 1,347,988 9,821 8,837
Derivative receivables 60,346 60,967 349 145
Receivables from customers (a) 53,099 51,929 — —
Total credit-related assets 1,525,437 1,460,884 10,170 8,982
Assets acquired in loan satisfactions
Real estate owned NA NA 273 284
Other NA NA 37 34
Total assets acquired in loan satisfactions NA NA 310 318
Lending-related commitments 1,656,993 1,577,622 922 737
Total credit portfolio $ 3,182,430 $ 3,038,506 $ 11,402 $ 10,037
Credit derivatives and credit-related notes used in credit portfolio management activities (b) $ (39,889) $ (41,367) $ — $ —
Liquid securities and other cash collateral held against derivatives (27,558) (28,160) NA NA

(a)
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)
Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage credit exposures.
(c)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $113 million and $121 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
The following table provides information about the Firm’s net charge-offs and recoveries.
Three months ended June 30, Six months ended June 30,
(in millions, except ratios) 2025 2024 2025 2024
Net charge-offs $ 2,410 $ 2,231 $ 4,742 $ 4,187
Average retained loans 1,321,430 1,262,029 1,303,527 1,262,644
Net charge-off rates 0.73 % 0.71 % 0.73 % 0.67 %

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CONSUMER CREDIT PORTFOLIO

The Firm’s retained consumer portfolio consists primarily of loans and lending-related commitments for residential real estate, credit card, and scored auto and business banking. The consumer credit portfolio also includes loans at fair value, predominantly in residential real estate. The Firm’s focus is on serving primarily the prime segment of the consumer credit market. For further information on consumer loans, as well as the Firm’s nonaccrual and charge-off accounting policies, refer to Note 11 of this Form 10-Q and Consumer Credit Portfolio on pages 120–125 and Note 12 of JPMorganChase's 2024 Form 10-K. Refer to Note 22 of this Form 10-Q and Note 28 of JPMorganChase's 2024 Form 10-K for further information on lending-related commitments.
The following tables present consumer credit-related information with respect to the scored credit portfolios held in CCB, AWM, CIB and Corporate.
Consumer credit portfolio
(in millions) Credit exposure Nonaccrual loans (i)
Jun 30, 2025 Dec 31, 2024 Jun 30, 2025 Dec 31, 2024
Consumer, excluding credit card
Residential real estate (a) $ 305,061 $ 309,513 $ 3,706 $ 2,984
Auto and other (b)(c) 66,794 66,821 232 249
Total loans – retained 371,855 376,334 3,938 3,233
Loans held-for-sale 836 945 192 155
Loans at fair value (d) 21,349 15,531 539 538
Total consumer, excluding credit card loans 394,040 392,810 4,669 3,926
Lending-related commitments (e) 47,064 44,844
Total consumer exposure, excluding credit card 441,104 437,654
Credit card
Loans retained (f) 232,943 232,860 NA NA
Total credit card loans 232,943 232,860 NA NA
Lending-related commitments (e)(g) 1,050,275 1,001,311
Total credit card exposure 1,283,218 1,234,171
Total consumer credit portfolio $ 1,724,322 $ 1,671,825 $ 4,669 $ 3,926
Credit-related notes used in credit portfolio management activities (h) $ (604) $ (479)

Three months ended June 30,
(in millions, except ratios) Net charge-offs/(recoveries) Average loans - retained Net charge-off/(recovery) rate (j)
2025 2024 2025 2024 2025 2024
Consumer, excluding credit card
Residential real estate $ (21) $ (37) $ 305,598 $ 317,249 (0.03) % (0.05) %
Auto and other 150 172 66,407 68,413 0.91 1.01
Total consumer, excluding credit card - retained 129 135 372,005 385,662 0.14 0.14
Credit card - retained 1,936 1,829 228,320 210,020 3.40 3.50
Total consumer - retained $ 2,065 $ 1,964 $ 600,325 $ 595,682 1.38 % 1.33 %

Six months ended June 30,
(in millions, except ratios) Net charge-offs/(recoveries) Average loans - retained Net charge-off/(recovery) rate (j)
2025 2024 2025 2024 2025 2024
Consumer, excluding credit card
Residential real estate $ (46) $ (43) $ 306,747 $ 320,468 (0.03) % (0.03) %
Auto and other 338 361 66,482 69,379 1.03 1.05
Total consumer, excluding credit card - retained 292 318 373,229 389,847 0.16 0.16
Credit card - retained 3,918 3,516 226,346 207,329 3.49 3.41
Total consumer - retained $ 4,210 $ 3,834 $ 599,575 $ 597,176 1.42 % 1.29 %

(a)
Includes scored mortgage and home equity loans held in CCB and AWM.
(b)
At June 30, 2025 and December 31, 2024, excluded operating lease assets of $16.1 billion and $12.8 billion, respectively. These operating lease assets are included in other assets on the Firm’s Consolidated balance sheets. Refer to Note 16 for further information.
(c)
Includes scored auto and business banking loans, and overdrafts.
(d)
Includes scored mortgage loans held in CCB and CIB, and other consumer unsecured loans in CIB.
60
(e)
Credit card, home equity and certain business banking lending-related commitments represent the total available lines of credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit would be used at the same time. Refer to Note 22 for further information.
(f)
Includes billed interest and fees.
(g)
Also includes commercial card lending-related commitments primarily in CIB.
(h)
Represents the notional amount of protection obtained through the issuance of credit-related notes that reference certain pools of residential real estate and auto loans in the retained consumer portfolio.
(i)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $113 million and $121 million, respectively. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status, as permitted by regulatory guidance.
(j)
Average consumer loans held-for-sale and loans at fair value were $22.1 billion and $17.3 billion for the three months ended June 30, 2025 and 2024, respectively, and $20.3 billion and $16.2 billion for the six months ended June 30, 2025 and 2024, respectively. These amounts were excluded when calculating net charge-off/(recovery) rates.
Consumer, excluding credit card
Portfolio analysis
Loans increased from December 31, 2024 driven by higher residential real estate and auto and other loans at fair value, predominantly offset by lower retained residential real estate loans.
Residential real estate:
The residential real estate portfolio, including loans held-for-sale and loans at fair value, predominantly consists of prime mortgage loans and home equity lines of credit.
Retained loans decreased compared to December 31, 2024, driven by paydowns, largely offset by originations. Retained nonaccrual loans increased compared to December 31, 2024, primarily driven by forbearances granted to certain borrowers impacted by the wildfires in Los Angeles County, California in January 2025. Net recoveries were lower for the three months ended June 30, 2025 compared to the same period in the prior year, driven by the absence of loan sales in the current quarter.
Loans held-for-sale decreased from December 31, 2024, reflecting loan sales. Nonaccrual loans held-for-sale increased from December 31, 2024, largely driven by transfers from retained loans in anticipation of loan sales.
Loans at fair value increased compared to December 31, 2024, as purchases outpaced sales in CIB and originations outpaced warehouse loan sales in Home Lending.
At June 30, 2025 and December 31, 2024, the carrying value of retained interest-only residential mortgage loans was $88.6 billion and $88.9 billion, respectively. These loans have an interest-only payment period generally followed by an adjustable-rate or fixed-rate fully amortizing payment period to maturity and are typically originated as higher-balance loans to higher-income borrowers. The credit performance of this portfolio is comparable to the performance of the broader prime mortgage portfolio.
The carrying value of retained home equity lines of credit outstanding was $13.8 billion at June 30, 2025, including $3.6 billion of HELOCs that have recast from interest-only to fully amortizing payments or have been modified, and $3.4 billion of interest-only balloon
HELOCs, which primarily mature after 2030. The Firm manages the risk of HELOCs during their revolving period by reducing or canceling the undrawn line in accordance with the contract or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of the underlying property.
The following table provides a summary of the Firm’s residential mortgage portfolio insured and/or guaranteed by U.S. government agencies, predominantly loans held-for-sale and loans at fair value. The Firm monitors its exposure to certain potential unrecoverable claim payments related to government-insured loans and considers this exposure in estimating the allowance for loan losses.
(in millions) June 30, 2025 December 31, 2024
Current $ 705 $ 462
30-89 days past due 94 72
90 or more days past due 113 121
Total government guaranteed loans $ 912 $ 655

Geographic composition and current estimated loan-to-value ratio of residential real estate loans
Refer to Note 11 for information on the geographic composition and current estimated LTVs of the Firm’s residential real estate loans.
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Auto and other:

The auto and other loan portfolio, including loans at fair value, generally consists of prime-quality scored auto and business banking loans, other consumer unsecured loans, and overdrafts. The size of the portfolio increased when compared to December 31, 2024, predominantly driven by an increase in loans at fair value due to purchases of other consumer unsecured loans in CIB. Net charge-offs decreased for the three and six months ended June 30, 2025 compared to the same periods in the prior year, primarily due to lower scored auto net charge-offs, reflecting improved used vehicle valuations.
Nonperforming assets

The following table presents information as of June 30, 2025 and December 31, 2024, about consumer, excluding credit card, nonperforming assets.
Nonperforming assets (a)
(in millions) June 30, 2025 December 31, 2024
Nonaccrual loans
Residential real estate $ 4,401 $ 3,665
Auto and other 268 261
Total nonaccrual loans 4,669 3,926
Assets acquired in loan satisfactions
Real estate owned 74 78
Other 37 34
Total assets acquired in loan satisfactions 111 112
Total nonperforming assets $ 4,780 $ 4,038

(a)
Excludes mortgage loans past due and insured by U.S. government agencies, which are primarily 90 or more days past due. These loans have been excluded based upon the government guarantee. At June 30, 2025 and December 31, 2024, mortgage loans 90 or more days past due and insured by U.S. government agencies were $113 million and $121 million, respectively.
Nonaccrual loans
The following table presents changes in consumer, excluding credit card, nonaccrual loans for the six months ended June 30, 2025 and 2024.
Nonaccrual loan activity
Six months ended June 30, (in millions) 2025 2024
Beginning balance $ 3,926 $ 4,203
Additions 2,515 1,447
Reductions:
Principal payments and other 437 473
Sales 337 539
Charge-offs 318 304
Returned to performing status 563 444
Foreclosures and other liquidations 117 85
Total reductions 1,772 1,845
Net changes 743 (398)
Ending balance $ 4,669 $ 3,805

Refer to Note 11 for further information about the consumer credit portfolio, including information about delinquencies, other credit quality indicators and loans that were in the process of active or suspended foreclosure.
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Credit card
Total credit card loans were relatively flat, as growth from new accounts and revolving balances was offset by a decrease from seasonally higher loan balances at December 31, 2024. The June 30, 2025 30+ and 90+ day delinquency rates of 2.06% and 1.07%, respectively, decreased compared to the December 31, 2024 30+ and 90+ day delinquency rates of 2.17% and 1.14%, respectively, in line with the Firm's expectations. Net charge-offs increased for the three and six months ended June 30, 2025 compared to the same period in the prior year reflecting loan growth.
Consistent with the Firm’s policy, all credit card loans typically remain on accrual status until charged off. However, the Firm’s allowance for loan losses includes the estimated uncollectible portion of accrued and billed interest and fee income. Refer to Note 11 for further information about this portfolio, including information about delinquencies.
Geographic and FICO composition of credit card loans
Refer to Note 11 for information on the geographic and FICO composition of the Firm’s credit card loans.
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WHOLESALE CREDIT PORTFOLIO

In its wholesale businesses, the Firm is exposed to credit risk primarily through its underwriting, lending, market-making, and hedging activities with and for clients and counterparties, as well as through various operating services (such as cash management and clearing activities), securities financing activities and cash placed with banks. A portion of the loans originated or acquired by the Firm’s wholesale businesses is generally retained on the balance sheet. The Firm distributes a significant percentage of the loans that it originates into the market as part of its syndicated loan business and to manage portfolio concentrations and credit risk. The wholesale portfolio is actively managed, in part by conducting ongoing, in-depth reviews of client credit quality and transaction structure inclusive of collateral where applicable, and of industry, product and client concentrations. Refer to the industry discussion on pages 66-69 for further information.
The Firm’s wholesale credit portfolio includes exposure held in CIB, AWM and Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.
As of June 30, 2025, loans increased by $62.7 billion, driven by higher loans in CIB, primarily in Markets, and higher securities-based lending in AWM, both associated with higher client demand. Lending-related commitments increased by $28.2 billion, driven by higher commitments in CIB.
As of June 30, 2025, nonperforming exposure increased by $623 million, driven by Technology, Media & Telecommunications, Utilities, and Oil & Gas, in each case resulting from downgrades, largely offset by Real Estate, primarily due to upgrades, paydowns and charge-off activity, and Healthcare, resulting from charge-off activity.
For the six months ended June 30, 2025, wholesale net charge-offs were $532 million, predominantly in Healthcare, Real Estate and Technology, Media & Telecommunications.

Wholesale credit portfolio
Credit exposure Nonperforming
(in millions) Jun 30, 2025 Dec 31, 2024 Jun 30, 2025 Dec 31, 2024
Loans retained $ 740,675 $ 690,396 $ 4,479 $ 3,942
Loans held-for-sale 12,383 6,103 59 5
Loans at fair value 31,951 25,819 614 964
Loans 785,009 722,318 5,152 4,911
Derivative receivables 60,346 60,967 349 145
Receivables from customers (a) 53,099 51,929 — —
Total wholesale credit-related assets 898,454 835,214 5,501 5,056
Assets acquired in loan satisfactions
Real estate owned NA NA 199 206
Other NA NA — —
Total assets acquired in loan satisfactions NA NA 199 206
Lending-related commitments 559,654 531,467 922 737
Total wholesale credit portfolio $ 1,458,108 $ 1,366,681 $ 6,622 $ 5,999
Credit derivatives and credit-related notes used in credit portfolio management activities (b) $ (39,285) $ (40,888) $ — $ —
Liquid securities and other cash collateral held against derivatives (27,558) (28,160) NA NA

(a)
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(b)
Represents the net notional amount of protection purchased and sold through credit derivatives and credit-related notes used to manage both performing and nonperforming wholesale credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. Refer to Credit derivatives on page 72 and Note 4 for additional information.

64
Wholesale credit exposure – maturity and ratings profile
The following tables present the maturity and internal risk ratings profiles of the wholesale credit portfolio as of June 30, 2025 and December 31, 2024. The Firm generally considers internal ratings with qualitative characteristics equivalent to BBB-/Baa3 or higher as investment grade, and takes into consideration collateral and structural support when determining the internal risk rating for each credit facility. Refer to Note 12 of JPMorganChase's 2024 Form 10-K for further information on internal risk ratings.
Maturity profile (d) Ratings profile
June 30, 2025 (in millions, except ratios) 1 year or less After 1 year through 5 years After 5 years Total Investment-grade Noninvestment-grade Total Total % of IG
Loans retained $ 252,855 $ 309,677 $ 178,143 $ 740,675 $ 500,897 $ 239,778 $ 740,675 68 %
Derivative receivables 60,346 60,346
Less: Liquid securities and other cash collateral held against derivatives (27,558) (27,558)
Total derivative receivables, net of collateral 8,953 8,353 15,482 32,788 22,115 10,673 32,788 67
Lending-related commitments 132,140 401,807 25,707 559,654 366,702 192,952 559,654 66
Subtotal 393,948 719,837 219,332 1,333,117 889,714 443,403 1,333,117 67
Loans held-for-sale and loans at fair value (a) 44,334 44,334
Receivables from customers 53,099 53,099
Total exposure – net of liquid securities and other cash collateral held against derivatives $ 1,430,550 $ 1,430,550
Credit derivatives and credit-related notes used in credit portfolio management activities (b)(c) $ (3,730) $ (34,666) $ (889) $ (39,285) $ (30,031) $ (9,254) $ (39,285) 76 %

Maturity profile (d) Ratings profile
December 31, 2024 (in millions, except ratios) 1 year or less After 1 year through 5 years After 5 years Total Investment-grade Noninvestment-grade Total Total % of IG
Loans retained $ 225,982 $ 289,199 $ 175,215 $ 690,396 $ 471,670 $ 218,726 $ 690,396 68 %
Derivative receivables 60,967 60,967
Less: Liquid securities and other cash collateral held against derivatives (28,160) (28,160)
Total derivative receivables, net of collateral 11,515 7,418 13,874 32,807 24,707 8,100 32,807 75
Lending-related commitments 121,283 384,529 25,655 531,467 352,082 179,385 531,467 66
Subtotal 358,780 681,146 214,744 1,254,670 848,459 406,211 1,254,670 68
Loans held-for-sale and loans at fair value (a) 31,922 31,922
Receivables from customers 51,929 51,929
Total exposure – net of liquid securities and other cash collateral held against derivatives $ 1,338,521 $ 1,338,521
Credit derivatives and credit-related notes used in credit portfolio management activities (b)(c) $ (5,442) $ (33,751) $ (1,695) $ (40,888) $ (31,691) $ (9,197) $ (40,888) 78 %

(a)
Loans held-for-sale are primarily related to syndicated loans and loans transferred from the retained portfolio.
(b)
These derivatives do not qualify for hedge accounting under U.S. GAAP.
(c)
The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credit portfolio management activities are executed with investment-grade counterparties. In addition, the Firm obtains credit protection against certain loans in the retained loan portfolio through the issuance of credit-related notes.
(d)
The maturity profile of retained loans, lending-related commitments and derivative receivables is generally based on remaining contractual maturity. Derivative contracts that are in a receivable position at June 30, 2025, may become payable prior to maturity based on their cash flow profile or changes in market conditions.
65
Wholesale credit exposure – industry exposures
The Firm focuses on the management and diversification of its industry exposures, and pays particular attention to industries with actual or potential credit concerns.
Exposures that are deemed to be criticized align with the U.S. banking regulators’ definition of criticized exposures, which consist of the special mention, substandard and doubtful categories. Total criticized exposure, excluding loans held-for-sale and loans at fair value, was $48.5 billion and $44.7 billion as of June 30, 2025 and December 31, 2024, representing approximately 3.6% and 3.5% of total wholesale credit exposure, respectively; of the $48.5 billion, $42.7 billion was performing. The increase in criticized exposure was driven by Oil & Gas, predominantly due to a single new held-for-sale commitment, and Consumer & Retail, SPEs, and Banks & Finance Companies, primarily resulting from downgrades, partially offset by Technology, Media & Telecommunications, resulting from net portfolio activity and upgrades.
The table below summarizes by industry the Firm’s exposures as of June 30, 2025 and December 31, 2024. The industry of risk category is generally based on the client or counterparty’s primary business activity. Refer to Note 4 of JPMorganChase's 2024 Form 10-K for additional information on industry concentrations.
Wholesale credit exposure – industries (a)
Selected metrics
Noninvestment-grade 30 days or more past due and accruing loans Net charge-offs/ (recoveries) Credit derivative and credit-related notes (h) Liquid securities and other cash collateral held against derivative receivables
As of or for the six months ended June 30, 2025 (in millions) Credit exposure (f)(g) Investment- grade Noncriticized Criticized performing Criticized nonperforming
Real Estate $ 213,491 $ 146,476 $ 54,665 $ 10,796 $ 1,554 $ 752 $ 131 $ (470) $ —
Individuals and Individual Entities (b) 154,056 128,063 24,962 474 557 1,124 18 — —
Asset Managers 142,282 109,423 32,624 231 4 256 — — (9,089)
Consumer & Retail 128,413 59,389 60,859 7,413 752 173 72 (4,775) —
Technology, Media & Telecommunications 89,007 45,300 34,119 8,664 924 24 124 (5,125) —
Industrials 80,046 39,660 36,773 3,378 235 232 3 (2,422) —
Banks & Finance Companies 76,241 43,644 31,730 825 42 3 5 (736) (545)
Healthcare 64,192 42,710 18,047 2,818 617 27 159 (3,043) —
Utilities 37,104 24,914 10,658 1,039 493 7 — (2,724) —
Automotive 35,407 21,194 13,175 1,021 17 23 2 (1,217) —
Oil & Gas 34,433 19,058 13,483 1,733 159 3 — (1,864) —
State & Municipal Govt (c) 33,078 32,303 757 5 13 4 — (3) (1)
Insurance 24,151 16,637 7,278 236 — 9 — (1,074) (8,391)
Chemicals & Plastics 21,596 11,424 8,627 1,468 77 26 24 (1,143) —
Transportation 17,798 9,297 7,952 518 31 14 1 (678) —
Metals & Mining 16,158 7,018 8,481 631 28 20 — (266) (1)
Central Govt 13,754 13,306 301 138 9 6 — (1,272) (1,325)
Securities Firms 8,346 4,889 3,457 — — — — (14) (2,554)
Financial Markets Infrastructure 5,600 5,216 313 71 — — — — —
All other (d) 165,522 136,182 27,827 1,275 238 48 (7) (12,459) (5,652)
Subtotal $ 1,360,675 $ 916,103 $ 396,088 $ 42,734 $ 5,750 $ 2,751 $ 532 $ (39,285) $ (27,558)
Loans held-for-sale and loans at fair value 44,334
Receivables from customers 53,099
Total (e) $ 1,458,108

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(continued from previous page)
Selected metrics
Noninvestment-grade 30 days or more past due and accruing loans Net charge-offs/ (recoveries) Credit derivative and credit-related notes (h) Liquid securities and other cash collateral held against derivative receivables
As of or for the year ended December 31, 2024 (in millions) Credit exposure (f)(g) Investment- grade Noncriticized Criticized performing Criticized nonperforming
Real Estate $ 207,050 $ 143,803 $ 50,865 $ 10,858 $ 1,524 $ 913 $ 345 $ (584) $ —
Individuals and Individual Entities (b) 144,145 118,650 24,831 217 447 831 122 — —
Asset Managers 135,541 101,150 34,148 206 37 375 2 — (9,194)
Consumer & Retail 129,815 62,800 60,141 6,055 819 252 123 (4,320) —
Technology, Media & Telecommunications 84,716 45,021 28,629 10,592 474 79 94 (4,800) —
Industrials 72,530 37,572 30,912 3,807 239 185 91 (2,312) —
Banks & Finance Companies 61,287 36,884 24,119 257 27 36 — (702) (729)
Healthcare 64,224 44,135 17,062 2,219 808 245 56 (3,286) (34)
Utilities 35,871 24,205 10,256 1,273 137 1 — (2,700) —
Automotive 34,336 22,015 11,353 931 37 121 1 (997) —
Oil & Gas 31,724 19,053 12,479 188 4 9 (3) (1,711) (2)
State & Municipal Govt (c) 35,039 33,303 1,711 9 16 90 — (2) (1)
Insurance 24,267 17,847 6,198 222 — 2 — (1,077) (9,184)
Chemicals & Plastics 20,782 11,013 8,152 1,521 96 31 14 (1,164) —
Transportation 17,019 9,462 7,135 391 31 17 (20) (658) —
Metals & Mining 15,860 7,373 7,860 590 37 9 — (246) (2)
Central Govt 13,862 13,580 157 125 — 4 — (1,490) (2,051)
Securities Firms 9,443 5,424 4,014 5 — — — (13) (2,635)
Financial Markets Infrastructure 4,446 4,201 245 — — — — (1) —
All other (d) 140,873 117,986 22,398 398 91 10 (3) (14,825) (4,328)
Subtotal $ 1,282,830 $ 875,477 $ 362,665 $ 39,864 $ 4,824 $ 3,210 $ 822 $ (40,888) $ (28,160)
Loans held-for-sale and loans at fair value 31,922
Receivables from customers 51,929
Total (e) $ 1,366,681

(a)
The industry rankings presented in the table as of December 31, 2024, are based on the industry rankings of the corresponding exposures as of June 30, 2025, not actual rankings of such exposures as of December 31, 2024.
(b)
Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts.
(c)
In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at June 30, 2025 and December 31, 2024 noted above, the Firm held: $6.5 billion and $6.1 billion, respectively, of trading assets; $17.6 billion and $17.9 billion, respectively, of AFS securities; and $9.0 billion and $9.3 billion, respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Notes 2 and 9 for further information.
(d)
All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, at both June 30, 2025 and December 31, 2024. Refer to Note 13 for more information on exposures to SPEs.
(e)
Excludes cash placed with banks of $411.9 billion

and $459.2 billion, at June 30, 2025 and December 31, 2024, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks.
(f)
Credit exposure is net of risk participations and excludes the benefit of credit derivatives and credit-related notes used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables.
(g)
Credit exposure includes held-for-sale and fair value option elected lending-related commitments.
(h)
Represents the net notional amounts of protection purchased and sold through credit derivatives and credit-related notes used to manage the credit exposures; these derivatives do not qualify for hedge accounting under U.S. GAAP. The All other category includes purchased credit protection on certain credit indices.
67
Presented below is additional detail on certain of the Firm’s industry exposures.
Real Estate
Real Estate exposure was $213.5 billion as of June 30, 2025. Criticized exposure was $12.4 billion at both December 31, 2024 and June 30, 2025.
June 30, 2025
(in millions, except ratios) Loans and Lending-related Commitments Derivative Receivables Credit exposure % Investment-grade % Drawn (d)
Multifamily (a) $ 125,883 $ 34 $ 125,917 77 % 91 %
Industrial 19,447 10 19,457 67 71
Other Income Producing Properties (b) 18,805 288 19,093 47 60
Office 16,160 43 16,203 46 82
Services and Non Income Producing 15,478 132 15,610 61 43
Retail 12,376 46 12,422 78 75
Lodging 4,771 18 4,789 25 61
Total Real Estate Exposure (c) $ 212,920 $ 571 $ 213,491 69 % 81 %
December 31, 2024
(in millions, except ratios) Loans and Lending-related Commitments Derivative Receivables Credit exposure % Investment- grade % Drawn (d)
Multifamily (a) $ 124,074 $ 7 $ 124,081 77 % 92 %
Industrial 19,092 17 19,109 65 72
Other Income Producing Properties (b) 16,411 158 16,569 50 63
Office 16,331 29 16,360 47 81
Services and Non Income Producing 14,047 57 14,104 62 46
Retail 12,230 23 12,253 77 75
Lodging 4,555 19 4,574 31 53
Total Real Estate Exposure $ 206,740 $ 310 $ 207,050 69 % 82 %

(a)
Total Multifamily exposure is approximately 99% performing. Multifamily exposure is largely in California.
(b)
Other Income Producing Properties consists of clients with diversified property types or other property types outside of categories listed in the table above.
(c)
Real Estate exposure is approximately 83% secured; unsecured exposure is largely investment-grade primarily to Real Estate Investment Trusts (“REITs”) and Real Estate Operating Companies (“REOCs”) whose underlying assets are generally diversified.
(d)
Represents drawn exposure as a percentage of credit exposure.
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Consumer & Retail
Consumer & Retail exposure was $128.4 billion as of June 30, 2025. Criticized exposure increased by $1.3 billion from $6.9 billion at December 31, 2024 to $8.2 billion at June 30, 2025, driven by downgrades, partially offset by net portfolio activity and upgrades.
June 30, 2025
(in millions, except ratios) Loans and Lending-related Commitments Derivative Receivables Credit exposure % Investment-grade % Drawn (d)
Business and Consumer Services $ 35,688 $ 557 $ 36,245 41 % 43 %
Retail (a) 35,109 558 35,667 51 32
Food and Beverage 31,269 730 31,999 56 39
Consumer Hard Goods 13,994 361 14,355 40 38
Leisure (b) 9,954 193 10,147 29 46
Total Consumer & Retail (c) $ 126,014 $ 2,399 $ 128,413 46 % 38 %
December 31, 2024
(in millions, except ratios) Loans and Lending-related Commitments Derivative Receivables Credit exposure % Investment- grade % Drawn (d)
Business and Consumer Services $ 34,534 $ 412 $ 34,946 42 % 41 %
Retail (a) 34,917 261 35,178 51 31
Food and Beverage 34,774 683 35,457 61 34
Consumer Hard Goods 13,796 208 14,004 43 35
Leisure (b) 10,186 44 10,230 26 43
Total Consumer & Retail $ 128,207 $ 1,608 $ 129,815 48 % 36 %

(a)
Retail consists of Home Improvement & Specialty Retailers, Discount & Drug Stores, Restaurants, Specialty Apparel, Supermarkets, and Department Stores.
(b)
Leisure consists of Arts & Culture, Travel Services, Gaming, and Sports & Recreation. As of June 30, 2025, approximately 86% of the noninvestment-grade Leisure portfolio is secured.
(c)
Consumer & Retail exposure is approximately 58% secured; unsecured exposure is approximately 76% investment-grade.
(d)
Represents drawn exposure as a percent of credit exposure.
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Loans
In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 11 for a further discussion on loans, including information about delinquencies, loan modifications and other credit quality indicators.
The following table presents the change in the nonaccrual loan portfolio for the six months ended June 30, 2025 and 2024. Since June 30, 2024, nonaccrual loan exposure increased by $1.2 billion, largely driven by certain exposures in Technology, Media, and Telecommunications, Utilities, and Real Estate, in each case resulting from downgrades largely offset by net portfolio activity.
Wholesale nonaccrual loan activity
Six months ended June 30, (in millions) 2025 2024
Beginning balance $ 4,911 $ 2,714
Additions 2,752 2,825
Reductions:
Paydowns and other 959 885
Gross charge-offs 525 438
Returned to performing status 902 190
Sales 125 40
Total reductions 2,511 1,553
Net changes 241 1,272
Ending balance $ 5,152 $ 3,986

The following table presents net charge-offs/recoveries, which are defined as gross charge-offs less recoveries, for the three and six months ended June 30, 2025 and 2024. The amounts in the table below do not include gains or losses from sales of nonaccrual loans recognized in noninterest revenue.
Wholesale net charge-offs/(recoveries)
(in millions, except ratios) Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Loans
Average loans retained $ 721,105 $ 666,347 $ 703,952 $ 665,468
Gross charge-offs 391 312 604 448
Gross recoveries collected (46) (45) (72) (95)
Net charge-offs/(recoveries) 345 267 532 353
Net charge-off/(recovery) rate 0.19 % 0.16 % 0.15 % 0.11 %

The following table presents net charge-offs/recoveries, average retained loans and net charge-off/recovery rate by loan class for the three and six months ended June 30, 2025 and 2024.
Three months ended June 30,
Secured by real estate Commercial and industrial Other Total
(in millions, except ratios) 2025 2024 2025 2024 2025 2024 2025 2024
Net charge-offs/(recoveries) $ 54 $ 85 $ 251 $ 79 $ 40 $ 103 $ 345 $ 267
Average retained loans 162,202 163,988 176,668 168,149 382,235 334,210 721,105 666,347
Net charge-off/(recovery) rate 0.13 % 0.21 % 0.57 % 0.19 % 0.04 % 0.12 % 0.19 % 0.16 %

Six months ended June 30,
Secured by real estate Commercial and industrial Other Total
(in millions, except ratios) 2025 2024 2025 2024 2025 2024 2025 2024
Net charge-offs/(recoveries) $ 137 $ 110 $ 353 $ 110 $ 42 $ 133 $ 532 $ 353
Average retained loans 161,607 163,813 172,682 167,628 369,663 334,027 703,952 665,468
Net charge-off/(recovery) rate 0.17 % 0.14 % 0.41 % 0.13 % 0.02 % 0.08 % 0.15 % 0.11 %

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Lending-related commitments
The Firm uses lending-related financial instruments, such as commitments (including revolving credit facilities) and guarantees, to address the financing needs of its clients. The contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or when the Firm fulfills its obligations under these guarantees, and the clients subsequently fail to perform according to the terms of these contracts. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn upon or a default occurring. As a result, the Firm does not believe that the total contractual amount of these wholesale lending-related commitments is representative of the Firm’s expected future credit exposure or funding requirements. Refer to Note 22 for further information on wholesale lending-related commitments.
Receivables from customers
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients’ brokerage accounts (including cash on deposit, and primarily liquid and readily marketable debt or equity securities). To manage its credit risk, the Firm establishes margin requirements and monitors the required margin levels on an ongoing basis, and requires clients to deposit additional cash or other collateral, or to reduce positions, when appropriate. Credit risk arising from lending activities subject to collateral maintenance requirements is generally mitigated by factors such as the short-term nature of the activity, the fair value of collateral held and the Firm’s right to call for, and the borrower’s obligation to provide, additional margin when the fair value of the collateral declines. Because of these mitigating factors, these receivables generally do not require an allowance for credit losses. However, if in management’s judgment, an allowance for credit losses is required, the Firm estimates expected credit losses based on the value of the collateral and probability of borrower default. These receivables are reported within accrued interest and accounts receivable on the Firm’s Consolidated balance sheets.
Refer to Note 13 of JPMorganChase's 2024 Form 10-K for further information on the Firm’s accounting policies for the allowance for credit losses.
Derivative contracts
Derivatives enable clients and counterparties to manage risk, including credit risk and risks arising from fluctuations in interest rates, foreign exchange and equities and commodities prices. The Firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. The Firm also uses derivative instruments to manage its own credit risk and other market risk exposure. The nature of the counterparty and the settlement mechanism of the derivative affect the
credit risk to which the Firm is exposed. For over-the-counter ("OTC") derivatives, the Firm is exposed to the credit risk of the derivative counterparty. For exchange-traded derivatives (“ETD”), such as futures and options, and cleared over-the-counter (“OTC-cleared”) derivatives, the Firm can also be exposed to the credit risk of the relevant CCP. Where possible, the Firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements. The percentage of the Firm’s OTC derivative transactions subject to collateral agreements — excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily — was approximately 86% at both June 30, 2025 and December 31, 2024. Refer to Note 4 for additional information on the Firm’s use of collateral agreements and for a further discussion of derivative contracts, counterparties and settlement types.
The fair value of derivative receivables reported on the Consolidated balance sheets was $60.3 billion and $61.0 billion at June 30, 2025 and December 31, 2024, respectively. The decrease was primarily as a result of market movements. Derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and the related cash collateral held by the Firm.
In addition, the Firm holds liquid securities and other cash collateral that may be used as security when the fair value of the client’s exposure is in the Firm’s favor. For these purposes, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule.
In management’s view, the appropriate measure of current credit risk should also take into consideration other collateral, which generally represents securities that do not qualify as high quality liquid assets under the LCR rule. The benefits of these additional collateral amounts for each counterparty are subject to a legally enforceable master netting agreement and limited to the net amount of the derivative receivables for each counterparty.
The Firm also holds additional collateral (primarily cash, G7 government securities, other liquid government agency and guaranteed securities, and corporate debt and equity securities) delivered by clients at the initiation of transactions, as well as collateral related to contracts that have a non-daily call frequency and collateral that the Firm has agreed to return but has not yet settled as of the reporting date. Although this collateral does not reduce the receivables balances and is not included in the tables below, it is available as security against potential exposure that could arise should the fair value of the client’s derivative contracts move in the Firm’s favor. Refer to Note 4 for additional information on the Firm’s use of collateral agreements for derivative transactions.
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The following tables summarize the net derivative receivables and the internal ratings profile for the periods presented.
Derivative receivables
(in millions) June 30, 2025 December 31, 2024
Total, net of cash collateral $ 60,346 $ 60,967
Liquid securities and other cash collateral held against derivative receivables (27,558) (28,160)
Total, net of liquid securities and other cash collateral $ 32,788 $ 32,807
Other collateral held against derivative receivables (949) (1,021)
Total, net of collateral $ 31,839 $ 31,786

Ratings profile of derivative receivables
June 30, 2025 December 31, 2024
(in millions, except ratios) Exposure net of collateral % of exposure net of collateral Exposure net of collateral % of exposure net of collateral
Investment-grade $ 21,248 67 % $ 23,783 75 %
Noninvestment-grade 10,591 33 8,003 25
Total $ 31,839 100 % $ 31,786 100 %

Credit portfolio management activities
The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker, and second, as an end-user, to manage the Firm’s own credit risk associated with traditional lending activities (loans and lending-related commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses. In addition, the Firm obtains credit protection against certain loans in the retained wholesale portfolio through the issuance of credit-related notes. Information on credit portfolio management activities is provided in the table below.
Credit derivatives and credit-related notes used in credit portfolio management activities
Notional amount of protection purchased and sold (a)
(in millions) June 30, 2025 December 31, 2024
Credit derivatives and credit-related notes used to manage:
Loans and lending-related commitments $ 25,184 $ 25,216
Derivative receivables 14,101 15,672
Credit derivatives and credit-related notes used in credit portfolio management activities $ 39,285 $ 40,888

(a)
Amounts are presented net, considering the Firm’s net protection purchased or sold with respect to each underlying reference entity or index.
Refer to Credit derivatives in Note 4 of this Form 10-Q and Note 5 of JPMorganChase’s 2024 Form 10-K for further information on credit derivatives and derivatives used in credit portfolio management activities.
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ALLOWANCE FOR CREDIT LOSSES

The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The Firm's allowance for credit losses generally consists of:
•
the allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated) and is presented separately on the Consolidated balance sheets,
•
the allowance for lending-related commitments, which is reflected in accounts payable and other liabilities on the Consolidated balance sheets, and
•
the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets.
Discussion of changes in the allowance
The allowance for credit losses as of June 30, 2025 was $28.3 billion, reflecting a net addition of $1.4 billion from December 31, 2024.
The net addition to the allowance for credit losses included:
•
$1.0 billion in
wholesale
, predominantly driven by changes in credit quality of client-specific exposures, the impact of new lending-related commitments, as well as the impact of changes in the Firm's weighted-average macroeconomic outlook, and
•
$444 million in
consumer
, predominantly driven by Card Services, reflecting loan growth and the impact of changes in the Firm's weighted-average macroeconomic outlook.
As of December 31, 2024, the Firm's qualitative adjustments and its weighted-average macroeconomic outlook included additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment. In the first quarter of 2025, the Firm further increased the weight placed on the adverse scenarios, and in the second quarter, the Firm partially reduced the increase in weight implemented in the first quarter.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the following table, resulting in:
•
a weighted average U.S. unemployment rate peaking at 5.9% in the second quarter of 2026, and
•
a weighted average U.S. real GDP level that is 2.0% lower than the central case at the end of the fourth quarter of 2026.
The following table presents the Firm’s central case assumptions for the periods presented:
Central case assumptions at June 30, 2025
4Q25 2Q26 4Q26
U.S. unemployment rate (a) 4.6 % 4.8 % 4.5 %
YoY growth in U.S. real GDP (b) 0.6 % 1.0 % 2.1 %
Central case assumptions at December 31, 2024
2Q25 4Q25 2Q26
U.S. unemployment rate (a) 4.5 % 4.3 % 4.3 %
YoY growth in U.S. real GDP (b) 2.0 % 1.9 % 1.8 %

(a)
Reflects quarterly average of forecasted U.S. unemployment rate.
(b)
The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.
Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorganChase’s 2024 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.
Refer to Consumer Credit Portfolio on pages 60-63, Wholesale Credit Portfolio on pages 64-72 and Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 85-88 for further information on the allowance for credit losses and related management judgments.
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Allowance for credit losses and related information
2025 2024
Six months ended June 30, Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total
(in millions, except ratios)
Allowance for loan losses
Beginning balance at January 1, $ 1,807 $ 14,600 $ 7,938 $ 24,345 $ 1,856 $ 12,450 $ 8,114 $ 22,420
Gross charge-offs 540 4,616 604 5,760 661 3,998 448 5,107
Gross recoveries collected (248) (698) (72) (1,018) (343) (482) (95) (920)
Net charge-offs 292 3,918 532 4,742 318 3,516 353 4,187
Provision for loan losses 334 4,319 691 5,344 204 4,266 288 4,758
Other — — 6 6 1 — (1) —
Ending balance at June 30, $ 1,849 $ 15,001 $ 8,103 $ 24,953 $ 1,743 $ 13,200 $ 8,048 $ 22,991
Allowance for lending-related commitments
Beginning balance at January 1, $ 82 $ — $ 2,019 $ 2,101 $ 75 $ — $ 1,899 $ 1,974
Provision for lending-related commitments 1 — 830 831 17 — 77 94
Other — — — — — — — —
Ending balance at June 30, $ 83 $ — $ 2,849 $ 2,932 $ 92 $ — $ 1,976 $ 2,068
Impairment methodology
Asset-specific (a) $ (683) $ — $ 781 $ 98 $ (856) $ — $ 562 $ (294)
Portfolio-based 2,532 15,001 7,322 24,855 2,599 13,200 7,486 23,285
Total allowance for loan losses $ 1,849 $ 15,001 $ 8,103 $ 24,953 $ 1,743 $ 13,200 $ 8,048 $ 22,991
Impairment methodology
Asset-specific $ — $ — $ 167 $ 167 $ — $ — $ 107 $ 107
Portfolio-based 83 — 2,682 2,765 92 — 1,869 1,961
Total allowance for lending-related commitments $ 83 $ — $ 2,849 $ 2,932 $ 92 $ — $ 1,976 $ 2,068
Total allowance for investment securities NA NA NA $ 108 NA NA NA $ 177
Total allowance for credit losses (b) $ 1,932 $ 15,001 $ 10,952 $ 27,993 $ 1,835 $ 13,200 $ 10,024 $ 25,236
Memo:
Retained loans, end-of-period $ 371,855 $ 232,943 $ 740,675 $ 1,345,473 $ 382,795 $ 216,100 $ 674,152 $ 1,273,047
Retained loans, average 373,229 226,346 703,952 1,303,527 389,847 207,329 665,468 1,262,644
Credit ratios
Allowance for loan losses to retained loans 0.50 % 6.44 % 1.09 % 1.85 % 0.46 % 6.11 % 1.19 % 1.81 %
Allowance for loan losses to retained nonaccrual loans (c) 47 NA 181 296 51 NA 245 343
Allowance for loan losses to retained nonaccrual loans excluding credit card 47 NA 181 118 51 NA 245 146
Net charge-off/(recovery) rates 0.16 3.49 0.15 0.73 0.16 3.41 0.11 0.67

(a)
Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
(b)
At June 30, 2025 and 2024, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $288 million and $278 million, respectively, associated with certain accounts receivable in CIB.
(c)
The Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance.
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Allocation of allowance for loan losses
The table below presents a breakdown of the allowance for loan losses by loan class. Refer to Note 11 for further information on loan classes.
June 30, 2025 December 31, 2024
(in millions, except ratios) Allowance for loan losses Percent of retained loans to total retained loans Allowance for loan losses Percent of retained loans to total retained loans
Residential real estate $ 758 23 % $ 666 24 %
Auto and other 1,091 5 1,141 5
Consumer, excluding credit card 1,849 28 1,807 29
Credit card 15,001 17 14,600 18
Total consumer 16,850 45 16,407 47
Secured by real estate 2,716 12 2,978 12
Commercial and industrial 3,532 13 3,350 13
Other 1,855 30 1,610 28
Total wholesale 8,103 55 7,938 53
Total $ 24,953 100 % $ 24,345 100 %

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INVESTMENT PORTFOLIO RISK MANAGEMENT

Investment portfolio risk is the risk associated with the loss of principal or a reduction in expected returns on investments arising from the investment securities portfolio or from principal investments. The investment securities portfolio is predominantly held by Treasury and CIO in connection with the Firm’s balance sheet and asset-liability management objectives. Principal investments are predominantly privately-held financial instruments and are managed in the LOBs and Corporate. Investments are typically intended to be held over extended periods and, accordingly, the Firm has no expectation for short-term realized gains with respect to these investments.
Investment securities risk
Investment securities risk includes the exposure associated with a default in the payment of principal and interest. This risk is mitigated given that the investment securities portfolio held by Treasury and CIO predominantly consists of high-quality securities. At June 30, 2025, the size of the Treasury and CIO investment securities portfolio, net of the allowance for credit losses, was $742.8 billion, and the average credit rating of the securities comprising the portfolio was AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Refer to Corporate results on pages 39-41 and Note 9 for further information on the investment securities portfolio and internal risk ratings. Refer to Liquidity Risk Management on pages 50-57 for further information on related liquidity risk. Refer to Market Risk Management on pages 77-83 for further information on the market risk inherent in the portfolio.
Principal investment risk
Principal investments are typically privately-held financial instruments representing ownership interests or other forms of junior capital. In general, principal investments include tax-oriented investments and investments made to enhance or accelerate the Firm’s business strategies and exclude those that are consolidated on the Firm's balance sheets. These investments are made by dedicated investing businesses or as part of a broader business strategy. The Firm’s principal investments are managed by the LOBs and Corporate and are reflected within their respective financial results. The Firm’s investments will continue to evolve based on market circumstances and in line with its strategic initiatives.
The table below presents the aggregate carrying values of the principal investment portfolios as of June 30, 2025 and December 31, 2024.
(in billions) June 30, 2025 December 31, 2024
Tax-oriented investments, primarily in alternative energy and affordable housing $ 33.4 $ 33.3
Private equity, various debt and equity instruments, and real assets 9.7 9.1
Total carrying value $ 43.1 $ 42.4

Refer to page 140 of JPMorganChase’s 2024 Form 10-K for a discussion of the Firm’s Investment Portfolio Risk Management governance and oversight.
76
MARKET RISK MANAGEMENT

Market risk is the 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. Refer to Market Risk Management on pages 141–149 of JPMorganChase’s 2024 Form 10-K for a discussion of the Firm’s Market Risk Management organization, market risk measurement, risk monitoring and control, and predominant business activities that give rise to market risk.
Models used to measure market risk are inherently imprecise and are limited in their ability to measure certain risks or to predict losses. This imprecision may be heightened when sudden or severe shifts in market conditions occur. For additional discussion on model uncertainty refer to Estimations and Model Risk Management on page 160 of JPMorganChase’s 2024 Form 10-K.
Market Risk Management periodically reviews the Firm’s existing market risk measures to identify opportunities for enhancement, and to the extent appropriate, will calibrate those measures accordingly over time.
Value-at-risk

JPMorganChase utilizes value-at-risk (“VaR”), a statistical risk measure, to estimate the potential loss from adverse market moves in the current market environment. The Firm has a single VaR framework used as a basis for calculating Risk Management VaR and Regulatory VaR.
The Firm’s Risk Management VaR is calculated assuming a one-day holding period and an expected tail-loss methodology which approximates a 95% confidence level. For risk management purposes, the Firm believes this methodology provides a daily measure of risk that is closely aligned to risk management decisions made by the LOBs and Corporate and, along with other market risk measures, provides the appropriate information needed to respond to risk events. The Firm calculates separately a daily aggregated VaR in accordance with regulatory rules (“Regulatory VaR”), which is used to derive the Firm’s regulatory VaR-based capital requirements under Basel III.
The Firm’s VaR model calculations are periodically evaluated and enhanced in response to changes in the composition of the Firm’s portfolios, changes in market conditions, improvements in the Firm’s modeling techniques and measurements, and other factors. Such changes may affect historical comparisons of VaR results. Refer to Estimations and Model Risk Management on page 160 of JPMorganChase’s 2024 Form 10-K for information regarding model reviews and approvals.
Refer to page 143 of JPMorganChase’s 2024 Form 10-K for further information regarding VaR, including its inherent limitations, and the key differences between Risk Management VaR and Regulatory VaR. Refer to JPMorganChase’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are available on the Firm’s website, for additional information on Regulatory VaR and the other components of market risk regulatory capital for the Firm (e.g., VaR-based measure, stressed VaR-based measure and the respective backtesting). Refer to Other risk measures on pages 146–149 of JPMorganChase’s 2024 Form 10-K for further information regarding nonstatistical market risk measures used by the Firm.
77
The table below shows the results of the Firm’s Risk Management VaR measure using a 95% confidence level. VaR can vary significantly as positions change, market volatility fluctuates, and diversification benefits change.
Total VaR
Three months ended
June 30, 2025 March 31, 2025 June 30, 2024
(in millions) Avg. Min Max Avg. Min Max Avg. Min Max
CIB trading VaR by risk type
Fixed income $ 37 $ 28 $ 51 $ 37 $ 27 $ 51 $ 31 $ 26 $ 37
Foreign exchange 10 6 14 9 6 12 18 15 23
Equities 17 13 23 25 (e) 10 138 (e) 7 5 11
Commodities and other 24 17 34 29 10 48 9 7 11
Diversification benefit to CIB trading VaR (a) (55) NM NM (55) NM NM (32) NM NM
CIB trading VaR 33 23 50 45 32 142 33 28 37
Credit Portfolio VaR (b) 22 20 24 21 18 26 21 18 25
Diversification benefit to CIB VaR (a) (17) NM NM (19) NM NM (16) NM NM
CIB VaR 38 29 51 47 33 133 38 33 43
CCB VaR 4 2 5 4 3 7 2 1 4
AWM VaR (c) 10 8 12 9 8 9 8 7 9
Corporate VaR (d) 10 9 11 10 9 12 48 7 102
Diversification benefit to other VaR (a) (12) NM NM (11) NM NM (9) NM NM
Other VaR 12 10 14 12 11 14 49 10 101
Diversification benefit to CIB and other VaR (a) (8) NM NM (9) NM NM (31) NM NM
Total VaR $ 42 $ 32 $ 54 $ 50 $ 36 $ 136 $ 56 $ 39 $ 91

(a)
Divers
ification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across LOBs, Corporate, and risk types. For maximum and minimum VaR, diversification benefit is not meaningful as the maximum and minimum VaR for each portfolio may have occurred on different trading days than the components.
(b)
Includes the derivative CVA, hedges of the CVA and credit protection purchased against certain retained loans and lending-related commitments, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.
(c)
Includes credit protection purchased against certain retained loans and lending-related commitments. This VaR does not include the retained loan portfolio, which is not reported at fair value.
(d)
Includes a legacy private equity position which is publicly traded, as well as Visa Class C common shares which the Firm disposed of in the second and third quarters of 2024.
(e)
In the first quarter of 2025, the elevated average and maximum VaR was due to a client-driven equity position that has since matured.
Effective April 1, 2025, the Firm refined the historical proxy time series inputs to one of its VaR models to more appropriately reflect the risk exposure from certain securitization warehousing loan positions. With this refined time series, the average Total VaR and each of the components would have been lower by the amounts reported in the following table:
(In millions) Amounts by which reported average VaR would have been lower for the periods ended:
March 31, 2025 June 30, 2024
CIB trading VaR by risk type: Fixed income $ (7) $ (2)
CIB trading VaR (6) (1)
CIB VaR (5) (1)
Total VaR (5) (1)

Quarter over quarter results
Average total VaR for the three months ended June 30, 2025 decreased by $8 million, when compared with March 31, 2025, due to the maturity of a client-driven equity position at the end of the first quarter of 2025. Additionally, the decrease in average Total VaR arising from the Firm's refinement of the historical proxy time series to one of its VaR models was offset by increases in the fixed income risk type.
Year over year results
Average total VaR for the three months ended June 30, 2025 decreased by $14 million compared with the same period in the prior year due to decreased Visa Class C common share exposure in Corporate VaR, partially offset by market volatility in commodities.
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The following graph presents daily Risk Management VaR for the five trailing quarters. The movements in the second quarter of 2024 were primarily driven by changes in Visa Class C common share exposure in the Firm's Corporate VaR and the movements in the first quarter of 2025 were due to a client-driven equity position that has since matured.
Daily Risk Management VaR
Second Quarter 2024 Third Quarter 2024 Fourth Quarter 2024 First Quarter 2025 Second Quarter 2025

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VaR backtesting
The Firm performs daily VaR model backtesting, which compares the daily Risk Management VaR results with the daily gains and losses that are utilized for VaR backtesting purposes. The gains and losses depicted in the chart below do not reflect the Firm’s reported revenue as they exclude certain components of total net revenue, such as those associated with the execution of new transactions (i.e., intraday client-driven trading and intraday risk management activities), fees, commissions, other valuation adjustments and net interest income. These excluded components of total net revenue may more than offset the backtesting gain or loss on a particular day. The definition of backtesting gains and losses above is consistent with the requirements for backtesting under Basel III capital rules.
A backtesting exception occurs when the daily backtesting loss exceeds the daily Risk Management VaR for the prior day. Under the Firm’s Risk Management VaR methodology, assuming current changes in market values are consistent with the historical changes used in the simulation, the Firm would expect to incur VaR backtesting exceptions five times every 100 trading days on average. The number of VaR backtesting exceptions observed can differ from the statistically expected number of backtesting exceptions if the current level of market volatility is materially different from the level of market volatility during the 12 months of historical data used in the VaR calculation.
For the 12 months ended June 30, 2025, the Firm posted backtesting gains on 167 of the 259 days, and observed 10 VaR backtesting exceptions. For the three months ended June 30, 2025, the Firm posted backtesting gains on
37 of the 65 days,
and observed four VaR backtesting
exceptions.
The following chart presents the distribution of Firmwide daily backtesting gains and losses for the trailing 12 months and three months ended June 30, 2025. The daily backtesting losses are displayed as a percentage of the corresponding daily Risk Management VaR. The count of days with backtesting losses are shown in aggregate, in fifty percentage point intervals. Backtesting exceptions are displayed within the intervals that are greater than one hundred percent. The results in the chart below differ from the results of backtesting disclosed in the Market Risk section of the Firm’s Basel III Pillar 3 Regulatory Capital Disclosures reports, which are based on Regulatory VaR applied to the Firm’s covered positions.
Distribution of Daily Backtesting Gains and Losses
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Structural interest rate risk management
The effect of interest rate exposure on the Firm’s reported net income is important as interest rate risk represents one of the Firm’s significant market risks. Interest rate risk arises not only from trading activities which are included in VaR, but also from the Firm’s traditional banking activities, which include extension of loans and credit facilities, taking deposits, issuing debt, as well as the investment securities portfolio, and associated derivative instruments.
Refer to the table on page 142 of JPMorganChase’s 2024 Form 10-K for a summary by LOB and Corporate identifying positions included in earnings-at-risk.
Earnings-at-risk
One way that the Firm evaluates its structural interest rate risk is through earnings-at-risk. Earnings-at-risk estimates the Firm’s interest rate exposure for a given interest rate scenario. It is presented as a sensitivity to a baseline, which includes net interest income and certain interest rate sensitive fees. The baseline uses market interest rates and, in the case of deposits, pricing assumptions. The Firm conducts simulations of changes to this baseline for interest rate-sensitive assets and liabilities denominated in U.S. dollars and other currencies (“non-U.S. dollar” currencies). These simulations primarily include retained and held-for-sale loans, deposits, deposits with banks and financing activities, investment securities, long-term debt, related interest rate hedges, and funds transfer pricing of other positions in risk management VaR and other sensitivity-based measures as described on page 142 of JPMorganChase’s 2024 Form 10-K. These simulations also include hedges of non-U.S. dollar foreign exchange exposures arising from capital investments. Refer to non-U.S. dollar foreign exchange risk on page 149 of JPMorganChase’s 2024 Form 10-K for more information.
Earnings-at-risk scenarios estimate the potential change to a baseline, over the following 12 months utilizing multiple assumptions. These scenarios include a parallel shift involving changes to both short-term and long-term rates by an equal amount; a steeper yield curve involving holding short-term rates constant and increasing long-term rates; and a flatter yield curve involving increasing short-term rates and holding long-term rates constant or holding short-term rates constant and decreasing long-term rates. These scenarios consider many different factors, including:
•
The impact on exposures as a result of instantaneous changes in interest rates from baseline rates.
•
Forecasted balance sheet, as well as modeled prepayment and reinvestment behavior, but excluding assumptions about actions that could be taken by the Firm or its clients and customers in response to instantaneous rate changes. Mortgage prepayment assumptions are based on the interest rates used in the scenarios compared with underlying contractual rates, the time since origination, and other factors which are updated periodically based on historical experience. Deposit forecasts are a key assumption in the Firm’s earnings-at-risk. The baseline reflects certain assumptions relating to the Federal Reserve’s balance sheet policy (e.g., quantitative tightening and usage at the Reverse Repurchase Facility) that require management judgment. The amount of deposits that the Firm holds at any given time may be influenced by Federal Reserve actions, as well as broader monetary conditions and competition for deposits.
•
The pricing sensitivity of deposits, known as deposit betas, represent the amount by which deposit rates paid could change upon a given change in market interest rates. Actual deposit rates paid may differ from the modeled assumptions, primarily due to customer behavior and competition for deposits.
The Firm performs sensitivity analyses of the assumptions used in earnings-at-risk scenarios, including with respect to deposit betas and forecasts of deposit balances, both of which are especially significant in the case of consumer deposits. The results of these sensitivity analyses are reported to the CTC Risk Committee and the Board Risk Committee.
The Firm’s earnings-at-risk scenarios are periodically evaluated and enhanced in response to changes in the composition of the Firm’s balance sheet, changes in market conditions, improvements in the Firm’s simulation and other factors.
The Firm’s earnings-at-risk sensitivities are measures of the Firm’s interest rate exposure. The Firm’s actual net interest income for the rate changes presented may differ as the earnings-at-risk scenarios are modelled as instantaneous changes and exclude any actions that could be taken by the Firm or its clients or customers in response to rate changes. Other significant assumptions in the earnings-at-risk scenarios, including mortgage prepayments and deposit rates paid, may also differ from actual results. The Firm’s forecast for net interest income is included in the Firm’s outlook on page 8.
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The Firm’s sensitivities are presented in the table below.
(In billions) June 30, 2025 (a) December 31, 2024 (a)
Parallel shift:
+100 bps shift in rates $ 1.8 $ 2.3
-100 bps shift in rates (2.0) (2.5)
+200 bps shift in rates 3.4 4.6
-200 bps shift in rates (4.7) (4.9)
Steeper yield curve:
+100 bps shift in long-term rates 1.1 1.0
-100 bps shift in short-term rates (0.9) (1.4)
Flatter yield curve:
+100 bps shift in short-term rates 0.7 1.2
-100 bps shift in long-term rates (1.1) (1.1)

(a)
Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates, including hedges of non-U.S. dollar capital investments. Non-U.S. dollar sensitivities were insignificant.
The change in the Firm’s sensitivities as of June 30, 2025 compared to December 31, 2024, was primarily driven by the net impact of Treasury and CIO actions, partially offset by the impact of changes in Firmwide deposits. Treasury and CIO actions primarily consisted of an increase in cash flow hedges of floating rate loans and in investment securities activity, both of which added duration.
Economic value sensitivity
In addition to earnings-at-risk, which is measured as a sensitivity to a baseline of earnings over the next 12 months, the Firm also measures economic value sensitivity (“EVS”). EVS stress tests the longer-term economic value of equity by measuring the sensitivity of the Firm’s current balance sheet, primarily retained loans, deposits, debt and investment securities as well as related hedges, under various interest rate scenarios. The Firm's pricing and cash flow assumptions associated with deposits, as well as prepayment assumptions for loans and securities, are significant factors in the EVS measure. In accordance with the CTC interest rate risk management policy, the Firm has established limits on EVS as a percentage of TCE.
Certain assumptions used in the EVS measure may differ from those required in the fair value measurement note to the Consolidated Financial Statements. For example, certain assets and liabilities with no stated maturity, such as credit card receivables and deposits, have longer assumed durations in the EVS measure. Additional information on long-term debt and held to maturity investment securities is disclosed on page 111 in Note 2.
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Other sensitivity-based measures
The Firm quantifies the market risk of certain debt and equity and credit and funding-related exposures by assessing the potential impact on net revenue, other comprehensive income (“OCI”) and noninterest expense due to changes in relevant market variables. Refer to the predominant business activities that give rise to market risk on page 142 of JPMorganChase’s 2024 Form 10-K for additional information on the positions captured in other sensitivity-based measures.
The table below represents the potential impact to net revenue, OCI or noninterest expense for market risk-sensitive instruments that are not included in VaR or earnings-at-risk. Where appropriate, instruments used for hedging purposes are reported net of the positions being hedged. The sensitivities disclosed in the table below may not be representative of the actual gain or loss that would have been realized at June 30, 2025 and December 31, 2024, as the movement in market parameters across maturities may vary and are not intended to imply management’s expectation of future changes in these sensitivities.
Gain/(loss) (in millions) June 30, 2025 December 31, 2024
Activity Description Sensitivity measure
Debt and equity (a)
Asset Management activities Consists of seed capital and related hedges; fund co-investments (b) ; and certain deferred compensation and related hedges (c) 10% decline in market value $ (57) $ (53)
Other debt and equity Consists of certain real estate-related fair value option elected loans, privately held equity and other investments held at fair value (b) 10% decline in market value (1,062) (1,030)
Funding-related exposures
Non-USD LTD cross-currency basis Represents the basis risk on derivatives used to hedge the foreign exchange risk on the non-USD LTD (d) 1 basis point parallel tightening of cross currency basis (13) (10)
Non-USD LTD hedges foreign currency (“FX”) exposure Primarily represents the foreign exchange revaluation on the fair value of the derivative hedges (d) 10% depreciation of currency 23 28
Derivatives – funding spread risk Impact of changes in the spread related to derivatives FVA (b) 1 basis point parallel increase in spread (3) (2)
Fair value option elected liabilities – funding spread risk Impact of changes in the spread related to fair value option elected liabilities DVA (d) 1 basis point parallel increase in spread 52 47

(a)
Excludes equity securities without readily determinable fair values that are measured under the measurement alternative. Refer to Note 2 for additional information.
(b)
Impact recognized through net revenue.
(c)
Impact recognized through noninterest expense.
(d)
Impact recognized through OCI.
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COUNTRY RISK MANAGEMENT

The Firm, through its LOBs and Corporate, may be exposed to country risk resulting from financial, economic, political or other significant developments which adversely affect the value of the Firm’s exposures related to a particular country or set of countries. The Country Risk Management group actively monitors the various portfolios which may be impacted by these developments and measures the extent to which the Firm’s exposures are diversified given the Firm’s strategy and risk tolerance relative to a country.
Refer to pages 150–151 of JPMorganChase’s 2024 Form 10-K for a further discussion of the Firm’s country risk management.
Risk Reporting
The following table presents the Firm’s top 20 exposures by country (excluding the U.S.) as of June 30, 2025 and their comparative exposures as of December 31, 2024. The top 20 country exposures represent the Firm’s largest total exposures by individual country. Country exposures may fluctuate from period to period due to a variety of factors, including client activity, market flows and liquidity management activities undertaken by the Firm.
The increase in exposure to Germany when compared to December 31, 2024 was driven by an increase in cash placed with the central bank of Germany predominantly due to higher client deposits.
The Firm continues to monitor its exposure to Russia, which corresponds to cash placed with the central bank, but which excludes deposits placed on behalf of clients at the Deposit Insurance Agency of Russia. The Firm currently believes that its remaining exposure to Russia is not material. Refer to Note 24 on pages 184-185 for information concerning Russian litigation.
Top 20 country exposures (excluding the U.S.) (a)
June 30, 2025 December 31, 2024 (f)
(in billions) Deposits with banks (b) Lending (c) Trading and investing (d) Other (e) Total exposure Total exposure
Germany $ 106.2 $ 15.3 $ 3.3 $ 1.0 $ 125.8 $ 103.9
United Kingdom 19.4 24.4 35.2 1.2 80.2 76.1
Japan 56.4 3.7 7.0 0.2 67.3 63.1
France 0.7 13.7 5.1 1.2 20.7 18.0
Canada 1.4 10.9 5.0 0.4 17.7 15.1
Australia 5.8 8.3 2.6 — 16.7 14.3
Brazil 4.2 5.0 6.3 — 15.5 14.7
Switzerland 4.4 5.4 1.5 1.8 13.1 13.6
South Korea 1.3 3.0 8.0 0.5 12.8 10.3
Mainland China 2.8 6.5 2.3 — 11.6 13.4
India 1.3 5.3 4.5 0.2 11.3 11.3
Italy 0.1 8.7 1.4 0.4 10.6 10.4
Saudi Arabia 1.0 6.5 2.9 — 10.4 9.4
Mexico 2.1 5.1 3.0 — 10.2 7.2
Singapore 1.7 2.1 4.6 0.4 8.8 7.4
Spain 0.3 6.0 1.0 — 7.3 6.1
Netherlands 0.3 6.8 (0.3) 0.1 6.9 5.9
Belgium 4.7 1.3 0.4 — 6.4 5.4
Luxembourg 1.2 2.5 0.7 — 4.4 3.6
United Arab Emirates 0.1 3.0 1.2 — 4.3 2.6

(a)
Country exposures presented in the table reflect 88% and 89% of total Firmwide non-U.S. exposure, where exposure is attributed to an individual country based on the Firm’s internal country risk management approach, at June 30, 2025 and December 31, 2024, respectively.
(b)
Predominantly represents cash placed with central banks.
(c)
Includes loans and accrued interest receivable, lending-related commitments (net of eligible collateral and the allowance for credit losses). Excludes intra-day and operating exposures, such as those from settlement and clearing activities.
(d)
Includes market-making positions and hedging, investment securities, and counterparty exposure on derivative and securities financings net of eligible collateral. Market-making positions and hedging includes exposure from single reference entity (“single-name”), index and other multiple reference entity transactions for which one or more of the underlying reference entities is in a country listed in the above table.
(e)
Includes physical commodities inventory and clearing house guarantee funds.
(f)
The country rankings presented in the table as of December 31, 2024, are based on the country rankings of the corresponding exposures at
June 30, 2025
, not actual rankings of such exposures at December 31, 2024.
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CRITICAL ACCOUNTING ESTIMATES USED BY THE FIRM

JPMorganChase’s accounting policies and use of estimates are integral to understanding its reported results. The Firm’s most complex accounting estimates require management’s judgment to ascertain the appropriate carrying value of assets and liabilities. The Firm has established policies and control procedures intended to ensure that estimation methods, including any judgments made as part of such methods, are well-controlled, independently reviewed and applied consistently from period to period. The methods used and judgments made reflect, among other factors, the nature of the assets or liabilities and the related business and risk management strategies, which may vary across the Firm’s businesses and portfolios. In addition, the policies and procedures are intended to ensure that the process for changing methodologies occurs in an appropriate manner. The Firm believes its estimates for determining the carrying value of its assets and liabilities are appropriate. The following is a brief description of the Firm’s critical accounting estimates involving significant judgments.
Allowance for credit losses
The Firm’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Firm’s financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses generally comprises:
•
The allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated),
•
The allowance for lending-related commitments, and
•
The allowance for credit losses on investment securities.
The allowance for credit losses involves significant judgment on a number of matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. Refer to Note 10 and Note 13 of JPMorganChase's 2024 Form 10-K for further information on these judgments as well as the Firm’s policies and methodologies used to determine the Firm’s allowance for credit losses, and Allowance for credit losses on pages 73-75 and Note 12 of this Form 10-Q for further information.
One of the most significant judgments involved in estimating the Firm’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the eight-quarter forecast period within the Firm’s methodology. The eight-
quarter forecast incorporates hundreds of macroeconomic variables ("MEVs") that are relevant for exposures across the Firm, with modeled credit losses being driven primarily by a subset of less than twenty variables. The specific variables that have the greatest effect on the modeled losses vary by portfolio and geography.
•
Key MEVs for the consumer portfolio include regional U.S. unemployment rates and U.S. HPI.
•
Key MEVs for the wholesale portfolio include U.S. unemployment, U.S. real GDP, U.S. equity prices, U.S. interest rates, U.S. corporate credit spreads, oil prices, U.S. commercial real estate prices and U.S. HPI.
Changes in the Firm’s assumptions and forecasts of economic conditions could significantly affect its estimate of expected credit losses in the portfolio at the balance sheet date or lead to significant changes in the estimate from one reporting period to the next.
It is difficult to estimate how potential changes in any one factor or input might affect the overall allowance for credit losses because management considers a wide variety of factors and inputs in estimating the allowance for credit losses. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and inputs may be directionally inconsistent, such that improvement in one factor or input may offset deterioration in others.
To consider the impact of a hypothetical alternate macroeconomic forecast, the Firm compared the modeled credit losses determined using its central and relative adverse macroeconomic scenarios, which are two of the five scenarios considered in estimating the allowances for loan losses and lending-related commitments. The central and relative adverse scenarios each included a full suite of MEVs, but differed in the levels, paths and peaks/troughs of those variables over the eight-quarter forecast period.
For example, compared to the Firm’s central scenario shown on page 73 and in Note 12, the Firm’s relative adverse scenario assumes an elevated U.S. unemployment rate, averaging approximately 1.8% higher over the eight-quarter forecast, with a peak difference of approximately 2.4% in the second quarter of 2026.
This analysis is not intended to estimate expected future changes in the allowance for credit losses, for a number of reasons, including:
•
The allowance as of June 30, 2025, reflects credit losses beyond those estimated under the central scenario due to the weight placed on the adverse scenarios.
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•
The impacts of changes in many MEVs are both interrelated and nonlinear, so the results of this analysis cannot be simply extrapolated for more severe changes in macroeconomic variables.
•
Expectations of future changes in portfolio composition and borrower behavior can significantly affect the allowance for credit losses.
To demonstrate the sensitivity of credit loss estimates to macroeconomic forecasts as of June 30, 2025, the Firm compared the modeled estimates under its relative adverse scenario to its central scenario. Without considering offsetting or correlated effects in other qualitative components of the Firm’s allowance for credit losses, the comparison between these two scenarios for the exposures below reflect the following differences:
•
An increase of approximately $950 million for residential real estate loans and lending-related commitments
•
An increase of approximately $3.4 billion for credit card loans
•
An increase of approximately $5.2 billion for wholesale loans and lending-related commitments
This analysis relates only to the modeled credit loss estimates and is not intended to estimate changes in the overall allowance for credit losses as it does not reflect any potential changes in other adjustments to the quantitative calculation, which would also be influenced by the judgment management applies to the modeled lifetime loss estimates to reflect the uncertainty and imprecision of these modeled lifetime loss estimates based on then-current circumstances and conditions.
Recognizing that forecasts of macroeconomic conditions are inherently uncertain, the Firm believes that its process to consider the available information and associated risks and uncertainties is appropriately governed and that its estimates of expected credit losses were reasonable and appropriate for the period ended June 30, 2025.
Fair value
JPMorganChase carries a portion of its assets and liabilities at fair value. The majority of such assets and liabilities are measured at fair value on a recurring basis, including trading assets and liabilities, AFS securities, structured note products and certain securities financing agreements. Certain assets and liabilities are measured at fair value on a nonrecurring basis, including certain mortgage, home equity and other loans, where the carrying value is based on the fair value of the underlying collateral.
Assets measured at fair value
The following table includes the Firm’s assets measured at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy. Refer to Note 2 for further information.
June 30, 2025 (in millions, except ratios) Total assets at fair value Total level 3 assets
Federal funds sold and securities purchased under resale agreements $ 447,781 $ —
Securities borrowed 96,645 —
Trading assets:
Trading–debt and equity instruments 829,510 2,285
Derivative receivables (a) 60,346 10,459
Total trading assets 889,856 12,744
AFS securities 485,380 99
Loans 53,300 2,252
MSRs 8,996 8,996
Other 16,870 1,403
Total assets measured at fair value on a recurring basis 1,998,828 25,494
Total assets measured at fair value on a nonrecurring basis 2,093 1,035
Total assets measured at fair value $ 2,000,921 $ 26,529
Total Firm assets $ 4,552,482
Level 3 assets at fair value as a percentage of total Firm assets (a) 1 %
Level 3 assets at fair value as a percentage of total Firm assets at fair value (a) 1 %

(a)
For purposes of the table above, the derivative receivables total reflects the impact of netting adjustments; however, the $10.5 billion of derivative receivables classified as level 3 does not reflect the netting adjustment as such netting is not relevant to a presentation based on the transparency of inputs to the valuation of an asset. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
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Valuation
Details of the Firm’s processes for determining fair value are set out in Note 2. Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.
In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, the lack of observability of certain significant inputs requires management to assess relevant empirical data in deriving valuation inputs including, for example, transaction details, yield curves, interest rates, prepayment speeds, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. Refer to Note 2 for a further discussion of the valuation of level 3 instruments, including unobservable inputs used.
For instruments classified in levels 2 and 3, management judgment must be applied to assess the appropriate level of valuation adjustments to reflect counterparty credit quality, the Firm’s creditworthiness, market funding rates, liquidity considerations, unobservable parameters, and for portfolios that meet specified criteria, the size of the net open risk position. The judgments made are typically affected by the type of product and its specific contractual terms, and the level of liquidity for the product or within the market as a whole. In periods of heightened market volatility and uncertainty judgments are further affected by the wider variation of reasonable valuation estimates, particularly for positions that are less liquid. Refer to Note 2 for a further discussion of valuation adjustments applied by the Firm.
Imprecision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios.
The Firm uses various methodologies and assumptions in the determination of fair value. The use of methodologies or assumptions different than those used by the Firm could result in a different estimate of fair value at the reporting date. Refer to Note 2 for a detailed discussion of the Firm’s valuation process and hierarchy, and its determination of fair value for individual financial instruments.
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Credit card rewards liability
The credit card rewards liability was $15.5 billion and $14.4 billion at June 30, 2025 and December 31, 2024, respectively, and is recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to pages 163-164 of JPMorganChase’s 2024 Form 10-K for a description of the significant assumptions and sensitivities, associated with the Firm’s credit card rewards liability.
Income taxes
Refer to Income taxes on page 164 of JPMorganChase’s 2024 Form 10-K for a description of the significant assumptions, judgments and interpretations associated with the accounting for income taxes.
Goodwill impairment
Management applies significant judgment when testing goodwill for impairment. Refer to Goodwill impairment on page 163 of JPMorganChase’s 2024 Form 10-K for a description of the significant valuation judgments associated with goodwill impairment.
Refer to Note 14 for additional information on goodwill, including the goodwill impairment assessment as of June 30, 2025.
Litigation reserves
Refer to Note 24 of this Form 10-Q, and Note 30 of JPMorganChase’s 2024 Form 10-K for a description of the significant estimates and judgments associated with establishing litigation reserves.
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ACCOUNTING AND REPORTING DEVELOPMENTS

FASB Standards Issued but not yet Adopted
Standard Summary of guidance Effects on financial statements
Income Taxes: Improvements to Income Tax Disclosures Issued December 2023 • Requires disclosure of income taxes paid disaggregated by 1) federal, state, and foreign taxes and 2) individual jurisdiction on the basis of a quantitative threshold of equal to or greater than 5 percent of total income taxes paid (net of refunds received). • Requires disclosure of the effective tax rate reconciliation by specific categories, at a minimum, with accompanying qualitative disclosures, and separate disclosure of reconciling items based on quantitative thresholds. • Requires categories within the effective tax rate reconciliation to be further disaggregated if quantitative thresholds are met. • Required effective date: Annual financial statements for the year ending December 31, 2025. • The guidance is to be applied on a prospective basis with retrospective application permitted. • The Firm plans to present the expanded income tax disclosures in its Consolidated Financial Statements for the year ending December 31, 2025.
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses Issued November 2024 • Requires additional disaggregation of specific types of expenses within the Notes to the Consolidated Financial Statements on an annual and interim basis. • Required effective date: Annual financial statements for the year ending December 31, 2027, and interim financial statements for the year ending December 31, 2028. (a) • The guidance is to be applied on a prospective basis with retrospective application permitted. • The Firm is evaluating the potential impact on the Consolidated Financial Statements disclosures, as well as the Firm’s planned date of adoption.

(a)
Early adoption is permitted.
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FORWARD-LOOKING STATEMENTS

From time to time, the Firm has made and will make forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “anticipate,” “target,” “expect,” “estimate,” “intend,” “plan,” “goal,” “believe,” or other words of similar meaning. Forward-looking statements provide JPMorganChase’s current expectations or forecasts of future events, circumstances, results or aspirations. JPMorganChase’s disclosures in this Form 10-Q contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Firm also may make forward-looking statements in its other documents filed or furnished with the SEC. In addition, the Firm’s senior management may make forward-looking statements orally to investors, analysts, representatives of the media and others.
All forward-looking statements are, by their nature, subject to risks and uncertainties, many of which are beyond the Firm’s control. JPMorganChase’s actual future results may differ materially from those set forth in its forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ from those in the forward-looking statements:
•
Local, regional and global business, economic and political conditions and geopolitical events, including geopolitical tensions and hostilities;
•
Changes in laws, rules and regulatory requirements, including capital and liquidity requirements affecting the Firm’s businesses, and the ability of the Firm to address those requirements;
•
Heightened regulatory and governmental oversight and scrutiny of JPMorganChase’s business practices, including dealings with retail customers;
•
Changes in monetary and fiscal policies and laws;
•
Changes in trade policies, including the imposition of tariffs and retaliatory responses;
•
Changes in the level of inflation;
•
Changes in income tax laws, rules and regulations;
•
Changes in FDIC assessments;
•
Securities and capital markets behavior, including changes in market liquidity and volatility;
•
Changes in investor sentiment or consumer spending or savings behavior;
•
Ability of the Firm to manage effectively its capital and liquidity;
•
Changes in credit ratings assigned to the Firm or its subsidiaries;
•
Damage to the Firm’s reputation;
•
Ability of the Firm to appropriately address social, environmental and sustainability concerns that may arise, including from its business activities;
•
Ability of the Firm to deal effectively with an economic slowdown or other economic or market disruption, including, but not limited to, in the interest rate environment;
•
Technology changes instituted by the Firm, its counterparties or competitors;
•
The effectiveness of the Firm’s control agenda;
•
Ability of the Firm to develop or discontinue products and services, and the extent to which products or services previously sold by the Firm require the Firm to incur liabilities or absorb losses not contemplated at their initiation or origination;
•
Acceptance of the Firm’s new and existing products and services by the marketplace and the ability of the Firm to innovate and to increase market share;
•
Ability of the Firm to attract and retain qualified employees;
•
Ability of the Firm to control expenses;
•
Competitive pressures;
•
Changes in the credit quality of the Firm’s clients, customers and counterparties;
•
Adequacy of the Firm’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
•
Adverse judicial or regulatory proceedings;
•
Ability of the Firm to determine accurate values of certain assets and liabilities;
•
Occurrence of natural or man-made disasters or calamities, including health emergencies, the spread of infectious diseases, epidemics or pandemics, an outbreak or escalation of hostilities or other geopolitical instabilities, the effects of climate change or extraordinary events beyond the Firm's control, and the Firm’s ability to deal effectively with disruptions caused by the foregoing;
•
Ability of the Firm to maintain the security of its financial, accounting, technology, data processing and other operational systems and facilities;
•
Ability of the Firm to withstand disruptions that may be caused by any failure of its operational systems or those of third parties;
•
Ability of the Firm to effectively defend itself against cyber attacks and other attempts by unauthorized parties to access information of the Firm or its customers or to disrupt the Firm’s systems; and
•
The other risks and uncertainties detailed in Part I, Item 1A: Risk Factors in JPMorganChase’s 2024 Form 10-K.
Any forward-looking statements made by or on behalf of the Firm speak only as of the date they are made, and JPMorganChase does not undertake to update any forward-looking statements. The reader should, however, consult any further disclosures of a forward-looking nature the Firm may make in any subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
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JPMorgan Chase & Co.
Consolidated statements of income (unaudited)
Three months ended June 30, Six months ended June 30,
(in millions, except per share data) 2025 2024 2025 2024
Revenue
Investment banking fees $ 2,499 $ 2,304 $ 4,677 $ 4,258
Principal transactions 7,149 6,814 14,763 13,604
Lending- and deposit-related fees 2,248 1,828 4,380 3,730
Asset management fees 4,806 4,302 9,506 8,448
Commissions and other fees 2,194 1,924 4,227 3,729
Investment securities losses ( 54 ) ( 547 ) ( 91 ) ( 913 )
Mortgage fees and related income 363 348 641 623
Card income 1,344 1,332 2,560 2,550
Other income 1,154 9,149 3,077 10,277
Noninterest revenue 21,703 27,454 43,740 46,306
Interest income 48,241 48,513 95,094 95,951
Interest expense 25,032 25,767 48,612 50,123
Net interest income 23,209 22,746 46,482 45,828
Total net revenue 44,912 50,200 90,222 92,134
Provision for credit losses 2,849 3,052 6,154 4,936
Noninterest expense
Compensation expense 13,710 12,953 27,803 26,071
Occupancy expense 1,264 1,248 2,566 2,459
Technology, communications and equipment expense 2,704 2,447 5,282 4,868
Professional and outside services 3,006 2,722 5,845 5,270
Marketing 1,279 1,221 2,583 2,381
Other expense 1,816 3,122 3,297 5,421
Total noninterest expense 23,779 23,713 47,376 46,470
Income before income tax expense 18,284 23,435 36,692 40,728
Income tax expense 3,297 5,286 7,062 9,160
Net income $ 14,987 $ 18,149 $ 29,630 $ 31,568
Net income applicable to common stockholders $ 14,630 $ 17,718 $ 28,948 $ 30,661
Net income per common share data
Basic earnings per share $ 5.25 $ 6.13 $ 10.32 $ 10.58
Diluted earnings per share 5.24 6.12 10.31 10.56
Weighted-average basic shares 2,788.7 2,889.8 2,804.0 2,899.1
Weighted-average diluted shares 2,793.7 2,894.9 2,809.0 2,903.9

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
91
JPMorgan Chase & Co.
Consolidated statements of comprehensive income (unaudited)
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Net income $ 14,987 $ 18,149 $ 29,630 $ 31,568
Other comprehensive income/(loss), after–tax
Unrealized gains/(losses) on investment securities ( 188 ) 108 765 249
Translation adjustments, net of hedges 868 ( 156 ) 1,357 ( 360 )
Fair value hedges ( 8 ) 8 20 ( 13 )
Cash flow hedges 1,529 ( 22 ) 3,203 ( 911 )
Defined benefit pension and OPEB plans ( 28 ) ( 3 ) ( 44 ) 23
DVA on fair value option elected liabilities ( 305 ) 366 ( 88 ) 117
Total other comprehensive income/(loss), after–tax 1,868 301 5,213 ( 895 )
Comprehensive income $ 16,855 $ 18,450 $ 34,843 $ 30,673

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
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JPMorgan Chase & Co.
Consolidated balance sheets (unaudited)
(in millions, except share data) June 30, 2025 December 31, 2024
Assets
Cash and due from banks $ 23,759 $ 23,372
Deposits with banks 396,568 445,945
Federal funds sold and securities purchased under resale agreements (included $ 447,781 and $ 286,771 at fair value) 470,589 295,001
Securities borrowed (included $ 96,645 and $ 83,962 at fair value) 223,976 219,546
Trading assets (included assets pledged of $ 216,580 and $ 136,070 ) 889,856 637,784
Available-for-sale securities (amortized cost of $ 488,593 and $ 411,045 ; included assets pledged of $ 11,856 and $ 10,162 ) 485,380 406,852
Held-to-maturity securities 260,559 274,468
Investment securities, net of allowance for credit losses 745,939 681,320
Loans (included $ 53,300 and $ 41,350 at fair value) 1,411,992 1,347,988
Allowance for loan losses ( 24,953 ) ( 24,345 )
Loans, net of allowance for loan losses 1,387,039 1,323,643
Accrued interest and accounts receivable 124,463 101,223
Premises and equipment 33,562 32,223
Goodwill, MSRs and other intangible assets 64,465 64,560
Other assets (included $ 17,978 and $ 15,122 at fair value and assets pledged of $ 7,334 and $ 6,288 ) 192,266 178,197
Total assets (a) $ 4,552,482 $ 4,002,814
Liabilities
Deposits (included $ 41,635 and $ 33,768 at fair value) $ 2,562,380 $ 2,406,032
Federal funds purchased and securities loaned or sold under repurchase agreements (included $ 525,477 and $ 226,329 at fair value) 595,340 296,835
Short-term borrowings (included $ 36,399 and $ 26,521 at fair value) 65,293 52,893
Trading liabilities 221,402 192,883
Accounts payable and other liabilities (included $ 8,935 and $ 5,893 at fair value) 303,641 280,672
Beneficial interests issued by consolidated VIEs (included $ 7 and $ 1 at fair value) 27,700 27,323
Long-term debt (included $ 118,357 and $ 100,780 at fair value) 419,802 401,418
Total liabilities (a) 4,195,558 3,658,056
Commitments and contingencies (refer to Notes 22, 23 and 24)
Stockholders’ equity
Preferred stock ($ 1 par value; authorized 200,000,000 shares; issued 2,005,375 and 2,005,375 shares) 20,045 20,050
Common stock ($ 1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) 4,105 4,105
Additional paid-in capital 90,576 90,911
Retained earnings 397,424 376,166
Accumulated other comprehensive losses ( 7,243 ) ( 12,456 )
Treasury stock, at cost ( 1,355,180,041 and 1,307,313,494 shares) ( 147,983 ) ( 134,018 )
Total stockholders’ equity 356,924 344,758
Total liabilities and stockholders’ equity $ 4,552,482 $ 4,002,814

(a)
The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at June 30, 2025 and December 31, 2024. 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 JPMorganChase. 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.
(in millions) June 30, 2025 December 31, 2024
Assets
Trading assets $ 4,143 $ 3,885
Loans 38,434 36,510
All other assets 632 681
Total assets $ 43,209 $ 41,076
Liabilities
Beneficial interests issued by consolidated VIEs $ 27,700 $ 27,323
All other liabilities 468 454
Total liabilities $ 28,168 $ 27,777

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
93
JPMorgan Chase & Co.
Consolidated statements of changes in stockholders’ equity (unaudited)
Three months ended June 30, Six months ended June 30,
(in millions, except per share data) 2025 2024 2025 2024
Preferred stock
Balance at the beginning of the period $ 20,045 $ 29,900 $ 20,050 $ 27,404
Issuance — — 2,995 2,496
Redemption — ( 6,000 ) ( 3,000 ) ( 6,000 )
Balance at June 30 20,045 23,900 20,045 23,900
Common stock
Balance at the beginning and end of the period 4,105 4,105 4,105 4,105
Additional paid-in capital
Balance at the beginning of the period 90,223 89,903 90,911 90,128
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects 374 414 ( 318 ) 189
Other ( 21 ) 11 ( 17 ) 11
Balance at June 30 90,576 90,328 90,576 90,328
Retained earnings
Balance at the beginning of the period 386,616 342,414 376,166 332,901
Cumulative effect of change in accounting principles — — — ( 161 )
Net income 14,987 18,149 29,630 31,568
Preferred stock dividends ( 282 ) ( 317 ) ( 537 ) ( 714 )
Common stock dividends ( $ 1.40 and $ 1.15 per share and $ 2.80 and $ 2.30 per share , respectively) ( 3,897 ) ( 3,322 ) ( 7,835 ) ( 6,670 )
Balance at June 30 397,424 356,924 397,424 356,924
Accumulated other comprehensive income/(loss)
Balance at the beginning of the period ( 9,111 ) ( 11,639 ) ( 12,456 ) ( 10,443 )
Other comprehensive income/(loss), after-tax 1,868 301 5,213 ( 895 )
Balance at June 30 ( 7,243 ) ( 11,338 ) ( 7,243 ) ( 11,338 )
Treasury stock, at cost
Balance at the beginning of the period ( 140,458 ) ( 118,046 ) ( 134,018 ) ( 116,217 )
Repurchase ( 7,574 ) ( 5,371 ) ( 15,185 ) ( 8,229 )
Reissuance 49 50 1,220 1,079
Balance at June 30 ( 147,983 ) ( 123,367 ) ( 147,983 ) ( 123,367 )
Total stockholders’ equity $ 356,924 $ 340,552 $ 356,924 $ 340,552

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
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JPMorgan Chase & Co.
Consolidated statements of cash flows (unaudited)
Six months ended June 30,
(in millions) 2025 2024
Operating activities
Net income $ 29,630 $ 31,568
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses 6,154 4,936
Depreciation and amortization 4,240 4,006
Deferred tax (benefit)/expense ( 418 ) ( 1,609 )
Estimated bargain purchase gain associated with the First Republic acquisition — ( 103 )
Initial gain on the Visa share exchange — ( 7,990 )
Other 979 1,460
Originations and purchases of loans held-for-sale ( 133,098 ) ( 105,772 )
Proceeds from sales, securitizations and paydowns of loans held-for-sale 120,504 99,909
Net change in:
Trading assets ( 245,618 ) ( 191,119 )
Securities borrowed ( 4,434 ) 1,589
Accrued interest and accounts receivable ( 23,853 ) ( 28,551 )
Other assets ( 5,048 ) 5,463
Trading liabilities 29,763 53,225
Accounts payable and other liabilities ( 7,760 ) 13,163
Other operating adjustments 6,667 4,136
Net cash (used in) operating activities ( 222,292 ) ( 115,689 )
Investing activities
Net change in:
Federal funds sold and securities purchased under resale agreements ( 175,516 ) ( 116,562 )
Held-to-maturity securities:
Proceeds from paydowns and maturities 18,147 46,800
Purchases ( 3,167 ) ( 1,034 )
Available-for-sale securities:
Proceeds from paydowns and maturities 17,957 16,742
Proceeds from sales 85,495 61,211
Purchases ( 172,126 ) ( 146,232 )
Proceeds from sales and securitizations of loans held-for-investment 25,940 29,074
Other changes in loans, net ( 83,166 ) ( 24,568 )
Net cash used in the First Republic acquisition — ( 2,362 )
All other investing activities, net ( 4,700 ) ( 687 )
Net cash (used in) investing activities ( 291,136 ) ( 137,618 )
Financing activities
Net change in:
Deposits 153,462 ( 7,212 )
Federal funds purchased and securities loaned or sold under repurchase agreements 298,493 184,307
Short-term borrowings 10,772 2,304
Beneficial interests issued by consolidated VIEs ( 31 ) 1,628
Proceeds from long-term borrowings 53,884 54,103
Payments of long-term borrowings ( 50,821 ) ( 46,710 )
Proceeds from issuance of preferred stock 3,000 2,500
Redemption of preferred stock ( 3,000 ) ( 6,000 )
Treasury stock repurchased ( 15,034 ) ( 8,168 )
Dividends paid ( 8,028 ) ( 7,270 )
All other financing activities, net ( 1,834 ) ( 1,076 )
Net cash provided by financing activities 440,863 168,406
Effect of exchange rate changes on cash and due from banks and deposits with banks 23,575 ( 8,431 )
Net decrease in cash and due from banks and deposits with banks ( 48,990 ) ( 93,332 )
Cash and due from banks and deposits with banks at the beginning of the period 469,317 624,151
Cash and due from banks and deposits with banks at the end of the period $ 420,327 $ 530,819
Cash interest paid $ 47,937 $ 48,526
Cash income taxes paid, net 4,685 7,610

The Notes to Consolidated Financial Statements (unaudited) are an integral part of these statements.
95

Refer to the Glossary of Terms and Acronyms on pages 192-198 for definitions of terms and acronyms used throughout the Notes to Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Note 1 –
Basis of presentation
JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Refer to Note 25 for further discussion of the Firm's reportable business segments.
The accounting and financial reporting policies of JPMorganChase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities.

The preparation of the unaudited Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. In the opinion of management, all normal, recurring adjustments have been included such that this interim financial information is fairly stated.
These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in JPMorganChase’s 2024 Form 10-K.
Consolidation
The Consolidated Financial Statements include the accounts of JPMorganChase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated.
Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorganChase and are not included on the Consolidated balance sheets.
The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity.

Refer to Notes 1 and 14 of JPMorganChase’s 2024 Form 10-K for a further description of JPMorganChase’s accounting policies regarding consolidation.
Offsetting assets and liabilities
U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities sold and purchased under repurchase agreements and securities borrowed or loaned under securities loan agreements to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. Refer to Note 1 of JPMorganChase’s 2024 Form 10-K for further information on offsetting assets and liabilities.

96
Note 2 –
Fair value measurement
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for a discussion of the Firm’s valuation methodologies for assets, liabilities and lending-related commitments measured at fair value and the fair value hierarchy.
97
The following table presents the assets and liabilities reported at fair value as of June 30, 2025 and December 31, 2024, by major product category and fair value hierarchy.
Assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy Derivative netting adjustments (e)
June 30, 2025 (in millions) Level 1 Level 2 Level 3 Total fair value
Federal funds sold and securities purchased under resale agreements $ — $ 447,781 $ — $ — $ 447,781
Securities borrowed — 96,645 — — 96,645
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies (a) — 158,847 365 — 159,212
Residential – nonagency — 2,691 5 — 2,696
Commercial – nonagency — 1,476 7 — 1,483
Total mortgage-backed securities — 163,014 377 — 163,391
U.S. Treasury, GSEs and government agencies (a) 195,415 14,558 — — 209,973
Obligations of U.S. states and municipalities — 6,499 1 — 6,500
Certificates of deposit, bankers’ acceptances and commercial paper — 4,963 — — 4,963
Non-U.S. government debt securities 63,424 72,207 205 — 135,836
Corporate debt securities — 45,252 385 — 45,637
Loans — 11,919 868 — 12,787
Asset-backed securities — 4,839 12 — 4,851
Total debt instruments 258,839 323,251 1,848 — 583,938
Equity securities 222,091 1,213 196 — 223,500
Physical commodities (b) 6,465 1,213 24 — 7,702
Other — 14,153 217 — 14,370
Total debt and equity instruments (c) 487,395 339,830 2,285 — 829,510
Derivative receivables:
Interest rate 3,844 302,121 4,341 ( 284,836 ) 25,470
Credit — 10,774 894 ( 11,180 ) 488
Foreign exchange 172 211,373 1,690 ( 189,527 ) 23,708
Equity — 99,199 3,029 ( 96,969 ) 5,259
Commodity — 18,893 505 ( 13,977 ) 5,421
Total derivative receivables 4,016 642,360 10,459 ( 596,489 ) 60,346
Total trading assets (d) 491,411 982,190 12,744 ( 596,489 ) 889,856
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies (a) — 94,035 — — 94,035
Residential – nonagency — 5,955 — — 5,955
Commercial – nonagency — 4,861 7 — 4,868
Total mortgage-backed securities — 104,851 7 — 104,858
U.S. Treasury and government agencies 302,794 287 — — 303,081
Obligations of U.S. states and municipalities — 17,647 — — 17,647
Non-U.S. government debt securities 32,875 8,255 — — 41,130
Corporate debt securities — 31 92 — 123
Asset-backed securities:
Collateralized loan obligations — 16,460 — — 16,460
Other (a) — 2,081 — — 2,081
Total available-for-sale securities 335,669 149,612 99 — 485,380
Loans — 51,048 2,252 — 53,300
Mortgage servicing rights — — 8,996 — 8,996
Other assets (d) 7,915 7,552 1,403 — 16,870
Total assets measured at fair value on a recurring basis $ 834,995 $ 1,734,828 $ 25,494 $ ( 596,489 ) $ 1,998,828
Deposits $ — $ 39,536 $ 2,099 $ — $ 41,635
Federal funds purchased and securities loaned or sold under repurchase agreements — 525,477 — — 525,477
Short-term borrowings — 32,263 4,136 — 36,399
Trading liabilities:
Debt and equity instruments (c) 136,079 37,141 72 — 173,292
Derivative payables:
Interest rate 5,552 282,157 2,910 ( 281,263 ) 9,356
Credit — 15,445 1,702 ( 14,321 ) 2,826
Foreign exchange 183 204,312 1,350 ( 189,448 ) 16,397
Equity — 116,044 6,233 ( 107,348 ) 14,929
Commodity — 16,124 336 ( 11,858 ) 4,602
Total derivative payables 5,735 634,082 12,531 ( 604,238 ) 48,110
Total trading liabilities 141,814 671,223 12,603 ( 604,238 ) 221,402
Accounts payable and other liabilities 5,289 3,606 40 — 8,935
Beneficial interests issued by consolidated VIEs — 7 — — 7
Long-term debt — 76,693 41,664 — 118,357
Total liabilities measured at fair value on a recurring basis $ 147,103 $ 1,348,805 $ 60,542 $ ( 604,238 ) $ 952,212

98
Fair value hierarchy Derivative netting adjustments (e)
December 31, 2024 (in millions) Level 1 Level 2 Level 3 Total fair value
Federal funds sold and securities purchased under resale agreements $ — $ 286,771 $ — $ — $ 286,771
Securities borrowed — 83,962 — — 83,962
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies (a) — 104,312 488 — 104,800
Residential – nonagency — 2,282 5 — 2,287
Commercial – nonagency — 1,283 10 — 1,293
Total mortgage-backed securities — 107,877 503 — 108,380
U.S. Treasury, GSEs and government agencies (a) 150,580 11,702 — — 162,282
Obligations of U.S. states and municipalities — 6,100 1 — 6,101
Certificates of deposit, bankers’ acceptances and commercial paper — 3,950 — — 3,950
Non-U.S. government debt securities 34,108 54,335 152 — 88,595
Corporate debt securities — 33,591 390 — 33,981
Loans — 10,228 1,088 — 11,316
Asset-backed securities — 2,813 10 — 2,823
Total debt instruments 184,688 230,596 2,144 — 417,428
Equity securities 130,307 1,359 62 — 131,728
Physical commodities (b) 5,957 1,533 26 — 7,516
Other — 19,935 210 — 20,145
Total debt and equity instruments (c) 320,952 253,423 2,442 — 576,817
Derivative receivables:
Interest rate 4,934 282,019 3,781 ( 265,789 ) 24,945
Credit — 10,379 708 ( 10,273 ) 814
Foreign exchange 196 261,520 1,204 ( 237,608 ) 25,312
Equity — 82,855 2,365 ( 79,935 ) 5,285
Commodity — 15,232 394 ( 11,015 ) 4,611
Total derivative receivables 5,130 652,005 8,452 ( 604,620 ) 60,967
Total trading assets (d) 326,082 905,428 10,894 ( 604,620 ) 637,784
Available-for-sale securities:
Mortgage-backed securities:
U.S. GSEs and government agencies (a) — 91,893 — — 91,893
Residential – nonagency — 4,811 — — 4,811
Commercial – nonagency — 4,057 8 — 4,065
Total mortgage-backed securities — 100,761 8 — 100,769
U.S. Treasury and government agencies 234,491 288 — — 234,779
Obligations of U.S. states and municipalities — 17,913 — — 17,913
Non-U.S. government debt securities 23,973 12,272 — — 36,245
Corporate debt securities — 70 — — 70
Asset-backed securities:
Collateralized loan obligations — 14,943 — — 14,943
Other (a) — 2,133 — — 2,133
Total available-for-sale securities 258,464 148,380 8 — 406,852
Loans — 38,934 2,416 — 41,350
Mortgage servicing rights — — 9,121 — 9,121
Other assets (d) 5,732 6,997 1,344 — 14,073
Total assets measured at fair value on a recurring basis $ 590,278 $ 1,470,472 $ 23,783 $ ( 604,620 ) $ 1,479,913
Deposits $ — $ 31,583 $ 2,185 $ — $ 33,768
Federal funds purchased and securities loaned or sold under repurchase agreements — 226,329 — — 226,329
Short-term borrowings — 23,045 3,476 — 26,521
Trading liabilities:
Debt and equity instruments (c) 120,719 32,457 46 — 153,222
Derivative payables:
Interest rate 3,981 266,767 3,480 ( 264,989 ) 9,239
Credit — 12,725 1,071 ( 11,898 ) 1,898
Foreign exchange 187 253,196 1,184 ( 238,970 ) 15,597
Equity — 90,908 5,231 ( 87,491 ) 8,648
Commodity — 14,021 467 ( 10,209 ) 4,279
Total derivative payables 4,168 637,617 11,433 ( 613,557 ) 39,661
Total trading liabilities 124,887 670,074 11,479 ( 613,557 ) 192,883
Accounts payable and other liabilities 3,100 2,717 76 — 5,893
Beneficial interests issued by consolidated VIEs — 1 — — 1
Long-term debt — 66,216 34,564 — 100,780
Total liabilities measured at fair value on a recurring basis $ 127,987 $ 1,019,965 $ 51,780 $ ( 613,557 ) $ 586,175

(a)
At June 30, 2025 and December 31, 2024, included total U.S. GSE obligations of $
160.3
billion and $
120.1
billion, respectively, which were mortgage-related.
(b)
Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in
99
fair value. Refer to Note 4 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented.
(c)
Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
(d)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At June 30, 2025 and December 31, 2024, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $
1.1
billion and $
1.0
billion, respectively, primarily reported in other assets.
(e)
As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral.
Level 3 valuations
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments.
The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy.
The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value.
In the Firm’s view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm’s estimates and assumptions. Rather, they reflect the characteristics of
the various instruments held by the Firm and the relative distribution of instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date.
100
Level 3 inputs (a)
June 30, 2025
Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Average (i)
Residential mortgage-backed securities and loans (b) $ 843 Discounted cash flows Yield 0 % 93 % 7 %
Prepayment speed 2 % 13 % 9 %
Conditional default rate 0 % 7 % 0 %
Loss severity 0 % 110 % 5 %
Commercial mortgage-backed securities and loans (c) 1,299 Market comparables Price $ 0 $ 84 $ 81
Corporate debt securities 477 Market comparables Price $ 0 $ 197 $ 100
Loans (d) 1,362 Market comparables Price $ 0 $ 101 $ 82
Non-U.S. government debt securities 205 Market comparables Price $ 2 $ 121 $ 99
Net interest rate derivatives 1,422 Option pricing Interest rate volatility 25 bps 695 bps 109 bps
Interest rate spread volatility 37 bps 77 bps 64 bps
Bermudan switch value 0 % 45 % 16 %
Interest rate correlation ( 64 )% 97 % 63 %
IR-FX correlation ( 35 )% 60 % 8 %
9 Discounted cash flows Prepayment speed 0 % 20 % 5 %
Net credit derivatives ( 837 ) Discounted cash flows Credit correlation 27 % 79 % 47 %
Credit spread 0 bps 11,330 bps 547 bps
Recovery rate 10 % 90 % 56 %
29 Market comparables Price $ 0 $ 115 $ 75
Net foreign exchange derivatives 390 Option pricing IR-FX correlation ( 40 )% 60 % 21 %
( 50 ) Discounted cash flows Prepayment speed 11 % 11 %
Interest rate curve 2 % 28 % 12 %
Net equity derivatives ( 3,204 ) Option pricing Forward equity price (h) 82 % 144 % 101 %
Equity volatility 4 % 198 % 33 %
Equity correlation 5 % 100 % 55 %
Equity-FX correlation ( 80 )% 65 % ( 32 )%
Equity-IR correlation 5 % 25 % 12 %
Net commodity derivatives 169 Option pricing Oil commodity forward $ 37 / BBL $ 287 / BBL $ 153 / BBL
Natural gas commodity forward $ 2 / MMBTU $ 7 / MMBTU $ 4 / MMBTU
Commodity volatility 2 % 47 % 6 %
Commodity correlation ( 15 )% 98 % 10 %
MSRs 8,996 Discounted cash flows Refer to Note 14
Long-term debt, short-term borrowings, and deposits (e) 46,889 Option pricing Interest rate volatility 25 bps 695 bps 109 bps
Bermudan switch value 0 % 45 % 16 %
Interest rate correlation ( 64 )% 97 % 63 %
IR-FX correlation ( 35 )% 60 % 8 %
Equity volatility 2 % 111 % 27 %
Equity correlation 5 % 100 % 55 %
Equity-FX correlation ( 80 )% 65 % ( 32 )%
Equity-IR correlation 5 % 25 % 12 %
1,010 Discounted cash flows Credit correlation 26 % 73 % 47 %
Credit spread 1 bps 273 bps 77 bps
Recovery rate 20 % 40 % 37 %
Yield 5 % 20 % 11 %
Loss severity 0 % 100 % 50 %
Other level 3 assets and liabilities, net (f) 1,741

(a)
The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the technique as the characteristics of the instruments can differ.
(b)
Comprises U.S. GSE and government agency securities of $
365
million, nonagency securities of $
5
million and non-trading loans of $
473
million.
(c)
Comprises nonagency securities of $
14
million, trading loans of $
65
million and non-trading loans of $
1.2
billion.
(d)
Comprises trading loans of $
803
million and non-trading loans of $
559
million.
(e)
Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables.
(f)
Includes equity securities of $
803
million including $
606
million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate.
(g)
Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $
100
.
(h)
Forward equity price is expressed as a percentage of the current equity price.
(i)
Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used.
101
Changes in and ranges of unobservable inputs
Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for a discussion of the impact on fair value of changes in unobservable inputs and the relationships between unobservable inputs as well as a description of attributes of the underlying instruments and external market factors that affect the range of inputs used in the valuation of the Firm’s positions.
Changes in level 3 recurring fair value measurements
The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the three and six months ended June 30, 2025 and 2024. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments.
102
Fair value measurements using significant unobservable inputs
Three months ended June 30, 2025 (in millions) Fair value at Apr. 1, 2025 Total realized/unrealized gains/(losses) Transfers into level 3 Transfers (out of) level 3 Fair value at Jun. 30, 2025 Change in unrealized gains/(losses) related to financial instruments held at Jun. 30, 2025
Purchases (f) Sales Settlements (g)
Assets: (a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies $ 390 $ 10 $ 28 $ ( 49 ) $ ( 14 ) $ — $ — $ 365 $ 4
Residential – nonagency 5 6 — ( 6 ) — — — 5 —
Commercial – nonagency 7 — — — — — — 7 —
Total mortgage-backed securities 402 16 28 ( 55 ) ( 14 ) — — 377 4
Obligations of U.S. states and municipalities 1 — — — — — — 1 —
Non-U.S. government debt securities 161 24 95 ( 105 ) — 54 ( 24 ) 205 30
Corporate debt securities 442 2 29 ( 86 ) ( 5 ) 3 — 385 ( 1 )
Loans 803 17 377 ( 241 ) ( 6 ) 157 ( 239 ) 868 17
Asset-backed securities 10 — 2 — — — — 12 —
Total debt instruments 1,819 59 531 ( 487 ) ( 25 ) 214 ( 263 ) 1,848 50
Equity securities 133 ( 27 ) 151 ( 102 ) — 63 ( 22 ) 196 ( 20 )
Physical commodities 14 10 — — — — — 24 10
Other 239 30 15 — ( 52 ) 2 ( 17 ) 217 14
Total trading assets – debt and equity instruments 2,205 72 (c) 697 ( 589 ) ( 77 ) 279 ( 302 ) 2,285 54 (c)
Net derivative receivables: (b)
Interest rate 994 393 34 ( 84 ) 65 5 24 1,431 496
Credit ( 703 ) ( 141 ) ( 2 ) ( 7 ) 10 8 27 ( 808 ) ( 142 )
Foreign exchange 298 333 28 ( 87 ) ( 31 ) 21 ( 222 ) 340 358
Equity ( 2,961 ) 579 351 ( 757 ) ( 711 ) 378 ( 83 ) ( 3,204 ) 215
Commodity 40 157 17 ( 74 ) 30 ( 1 ) — 169 160
Total net derivative receivables ( 2,332 ) 1,321 (c) 428 ( 1,009 ) ( 637 ) 411 ( 254 ) ( 2,072 ) 1,087 (c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency 8 ( 1 ) — — — — — 7 —
Corporate debt securities — — 92 — — — — 92 —
Total available-for-sale securities 8 ( 1 ) 92 — — — — 99 —
Loans 2,398 145 (c) 76 ( 56 ) ( 315 ) 152 ( 148 ) 2,252 33 (c)
Mortgage servicing rights 9,127 53 (d) 85 3 ( 272 ) — — 8,996 53 (d)
Other assets 1,370 ( 21 ) (c) 57 ( 21 ) ( 14 ) 35 ( 3 ) 1,403 ( 21 ) (c)
Fair value measurements using significant unobservable inputs
Three months ended June 30, 2025 (in millions) Fair value at Apr. 1, 2025 Total realized/unrealized (gains)/losses Transfers into level 3 Transfers (out of) level 3 Fair value at Jun. 30, 2025 Change in unrealized (gains)/losses related to financial instruments held at Jun. 30, 2025
Purchases Sales Issuances Settlements (g)
Liabilities: (a)
Deposits $ 1,949 $ 110 (c)(e) $ — $ — $ 261 $ ( 211 ) $ — $ ( 10 ) $ 2,099 $ 108 (c)(e)
Short-term borrowings 4,045 155 (c)(e) — — 1,659 ( 1,722 ) 9 ( 10 ) 4,136 131 (c)(e)
Trading liabilities – debt and equity instruments 44 ( 4 ) (c) ( 7 ) 35 — ( 1 ) 10 ( 5 ) 72 —
Accounts payable and other liabilities 36 5 (c) — — — — — ( 1 ) 40 5 (c)
Long-term debt 36,482 2,443 (c)(e) — — 7,087 ( 3,846 ) 27 ( 529 ) 41,664 2,178 (c)(e)

103
Fair value measurements using significant unobservable inputs
Three months ended June 30, 2024 (in millions) Fair value at Apr. 1, 2024 Total realized/unrealized gains/(losses) Transfers into level 3 Transfers (out of) level 3 Fair value at Jun. 30, 2024 Change in unrealized gains/(losses) related to financial instruments held at Jun. 30, 2024
Purchases (f) Sales Settlements (g)
Assets: (a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies $ 729 $ ( 1 ) $ 44 $ ( 44 ) $ ( 20 ) $ — $ — $ 708 $ ( 1 )
Residential – nonagency 8 1 — — — — ( 4 ) 5 1
Commercial – nonagency 12 ( 1 ) — — — — — 11 ( 1 )
Total mortgage-backed securities 749 ( 1 ) 44 ( 44 ) ( 20 ) — ( 4 ) 724 ( 1 )
Obligations of U.S. states and municipalities 7 — — — — — — 7 —
Non-U.S. government debt securities 173 ( 3 ) 41 ( 5 ) — — ( 13 ) 193 ( 4 )
Corporate debt securities 570 ( 4 ) 86 ( 72 ) ( 151 ) 4 ( 25 ) 408 ( 5 )
Loans 531 3 178 ( 131 ) ( 14 ) 262 ( 138 ) 691 2
Asset-backed securities 14 — — ( 5 ) ( 7 ) — — 2 —
Total debt instruments 2,044 ( 5 ) 349 ( 257 ) ( 192 ) 266 ( 180 ) 2,025 ( 8 )
Equity securities 203 ( 25 ) 33 ( 51 ) — 19 ( 57 ) 122 3
Physical commodities 2 4 4 — — — — 10 4
Other 107 33 15 — ( 11 ) 1 ( 1 ) 144 34
Total trading assets – debt and equity instruments 2,356 7 (c) 401 ( 308 ) ( 203 ) 286 ( 238 ) 2,301 33 (c)
Net derivative receivables: (b)
Interest rate 800 46 139 ( 41 ) 399 58 ( 100 ) 1,301 24
Credit 260 91 — ( 1 ) ( 153 ) ( 32 ) 15 180 89
Foreign exchange 24 128 43 ( 87 ) 35 24 1 168 140
Equity ( 2,781 ) 128 247 ( 591 ) ( 109 ) 38 77 ( 2,991 ) 216
Commodity ( 503 ) 54 8 ( 52 ) 20 ( 3 ) 4 ( 472 ) 60
Total net derivative receivables ( 2,200 ) 447 (c) 437 ( 772 ) 192 85 ( 3 ) ( 1,814 ) 529 (c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency — — — — — — — — —
Corporate debt securities — — — — — — — — —
Total available-for-sale securities — — — — — — — — —
Loans 2,901 72 (c) 149 ( 183 ) ( 253 ) 366 ( 59 ) 2,993 58 (c)
Mortgage servicing rights 8,605 119 (d) 418 ( 32 ) ( 263 ) — — 8,847 119 (d)
Other assets 811 37 (c) 373 ( 13 ) ( 11 ) 5 — 1,202 37 (c)
Fair value measurements using significant unobservable inputs
Three months ended June 30, 2024 (in millions) Fair value at Apr. 1, 2024 Total realized/unrealized (gains)/losses Transfers into level 3 Transfers (out of) level 3 Fair value at Jun. 30, 2024 Change in unrealized (gains)/losses related to financial instruments held at Jun. 30, 2024
Purchases Sales Issuances Settlements (g)
Liabilities: (a)
Deposits $ 2,055 $ 14 (c)(e) $ — $ — $ 265 $ ( 407 ) $ 34 $ ( 38 ) $ 1,923 $ 12 (c)(e)
Short-term borrowings 2,206 68 (c)(e) — — 1,814 ( 1,360 ) 1 ( 3 ) 2,726 45 (c)(e)
Trading liabilities – debt and equity instruments 37 ( 37 ) (c) ( 5 ) 55 — — 18 — 68 ( 37 ) (c)
Accounts payable and other liabilities 48 ( 8 ) (c) ( 3 ) 28 — — 5 — 70 ( 8 ) (c)
Long-term debt 28,678 ( 36 ) (c)(e) — — 6,473 ( 4,121 ) 426 ( 134 ) 31,286 ( 31 ) (c)(e)

104
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2025 (in millions) Fair value at Jan. 1, 2025 Total realized/unrealized gains/(losses) Transfers into level 3 Transfers (out of) level 3 Fair value at Jun. 30, 2025 Change in unrealized gains/(losses) related to financial instruments held at Jun. 30, 2025
Purchases (f) Sales Settlements (g)
Assets: (a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies $ 488 $ 13 $ 31 $ ( 137 ) $ ( 30 ) $ — $ — $ 365 $ 2
Residential – nonagency 5 6 — ( 6 ) — — — 5 —
Commercial – nonagency 10 ( 3 ) — — — — — 7 ( 3 )
Total mortgage-backed securities 503 16 31 ( 143 ) ( 30 ) — — 377 ( 1 )
Obligations of U.S. states and municipalities 1 — — — — — — 1 —
Non-U.S. government debt securities 152 36 171 ( 183 ) ( 1 ) 54 ( 24 ) 205 51
Corporate debt securities 390 9 128 ( 137 ) ( 10 ) 13 ( 8 ) 385 2
Loans 1,088 11 728 ( 455 ) ( 116 ) 298 ( 686 ) 868 ( 5 )
Asset-backed securities 10 — 2 — — — — 12 —
Total debt instruments 2,144 72 1,060 ( 918 ) ( 157 ) 365 ( 718 ) 1,848 47
Equity securities 62 ( 31 ) 212 ( 142 ) — 124 ( 29 ) 196 3
Physical commodities 26 — — — ( 2 ) — — 24 6
Other 210 ( 12 ) 24 — ( 66 ) 78 ( 17 ) 217 ( 53 )
Total trading assets – debt and equity instruments 2,442 29 (c) 1,296 ( 1,060 ) ( 225 ) 567 ( 764 ) 2,285 3 (c)
Net derivative receivables: (b)
Interest rate 301 990 123 ( 201 ) 204 ( 55 ) 69 1,431 1,190
Credit ( 363 ) ( 258 ) 77 ( 7 ) ( 128 ) ( 138 ) 9 ( 808 ) ( 216 )
Foreign exchange 20 565 91 ( 240 ) 38 94 ( 228 ) 340 391
Equity ( 2,866 ) 2,326 623 ( 1,534 ) ( 1,665 ) ( 199 ) 111 ( 3,204 ) 1,573
Commodity ( 73 ) 260 43 ( 136 ) 92 — ( 17 ) 169 309
Total net derivative receivables ( 2,981 ) 3,883 (c) 957 ( 2,118 ) ( 1,459 ) ( 298 ) ( 56 ) ( 2,072 ) 3,247 (c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency 8 ( 1 ) — — — — — 7 ( 1 )
Corporate debt securities — — 92 — — — — 92 —
Total available-for-sale securities 8 ( 1 ) 92 — — — — 99 ( 1 )
Loans 2,416 174 (c) 130 ( 128 ) ( 615 ) 605 ( 330 ) 2,252 102 (c)
Mortgage servicing rights 9,121 ( 74 ) (d) 475 7 ( 533 ) — — 8,996 ( 74 ) (d)
Other assets 1,344 11 (c) 69 ( 52 ) ( 24 ) 91 ( 36 ) 1,403 12 (c)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2025 (in millions) Fair value at Jan. 1, 2025 Total realized/unrealized (gains)/losses Transfers into level 3 Transfers (out of) level 3 Fair value at Jun. 30, 2025 Change in unrealized (gains)/losses related to financial instruments held at Jun. 30, 2025
Purchases Sales Issuances Settlements (g)
Liabilities: (a)
Deposits $ 2,185 $ 162 (c)(e) $ — $ — $ 623 $ ( 836 ) $ — $ ( 35 ) $ 2,099 $ 157 (c)(e)
Short-term borrowings 3,476 204 (c)(e) — — 4,019 ( 3,534 ) 19 ( 48 ) 4,136 127 (c)(e)
Trading liabilities – debt and equity instruments 46 ( 14 ) (c) ( 7 ) 46 — ( 1 ) 26 ( 24 ) 72 ( 14 ) (c)
Accounts payable and other liabilities 76 ( 3 ) (c) — 1 — — — ( 34 ) 40 ( 3 ) (c)
Long-term debt 34,564 2,233 (c)(e) — — 14,741 ( 8,937 ) 185 ( 1,122 ) 41,664 2,127 (c)(e)

105
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2024 (in millions) Fair value at Jan. 1, 2024 Total realized/unrealized gains/(losses) Transfers into level 3 Transfers (out of) level 3 Fair value at Jun. 30, 2024 Change in unrealized gains/(losses) related to financial instruments held at Jun. 30, 2024
Purchases (f) Sales Settlements (g)
Assets: (a)
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. GSEs and government agencies $ 758 $ — $ 45 $ ( 61 ) $ ( 41 ) $ 7 $ — $ 708 $ —
Residential – nonagency 5 — — — — 4 ( 4 ) 5 —
Commercial – nonagency 12 ( 2 ) 1 — — — — 11 ( 1 )
Total mortgage-backed securities 775 ( 2 ) 46 ( 61 ) ( 41 ) 11 ( 4 ) 724 ( 1 )
Obligations of U.S. states and municipalities 10 — — — ( 2 ) — ( 1 ) 7 —
Non-U.S. government debt securities 179 2 92 ( 72 ) — 7 ( 15 ) 193 ( 6 )
Corporate debt securities 484 7 300 ( 167 ) ( 181 ) 8 ( 43 ) 408 7
Loans 684 8 321 ( 330 ) ( 45 ) 324 ( 271 ) 691 5
Asset-backed securities 6 — 1 ( 5 ) ( 7 ) 7 — 2 —
Total debt instruments 2,138 15 760 ( 635 ) ( 276 ) 357 ( 334 ) 2,025 5
Equity securities 127 ( 19 ) 114 ( 81 ) — 43 ( 62 ) 122 5
Physical commodities 7 2 4 — ( 3 ) — — 10 2
Other 101 44 42 — ( 43 ) 1 ( 1 ) 144 42
Total trading assets – debt and equity instruments 2,373 42 (c) 920 ( 716 ) ( 322 ) 401 ( 397 ) 2,301 54 (c)
Net derivative receivables: (b)
Interest rate 502 ( 282 ) 192 ( 84 ) 883 187 ( 97 ) 1,301 ( 374 )
Credit 265 66 — ( 16 ) ( 139 ) ( 38 ) 42 180 208
Foreign exchange 62 131 77 ( 125 ) ( 87 ) ( 29 ) 139 168 139
Equity ( 2,402 ) ( 524 ) 568 ( 1,199 ) 222 ( 11 ) 355 ( 2,991 ) ( 6 )
Commodity ( 279 ) ( 122 ) 18 ( 120 ) 27 ( 1 ) 5 ( 472 ) ( 123 )
Total net derivative receivables ( 1,852 ) ( 731 ) (c) 855 ( 1,544 ) 906 108 444 ( 1,814 ) ( 156 ) (c)
Available-for-sale securities:
Mortgage-backed securities:
Commercial – nonagency — — — — — — — — —
Corporate debt securities — — — — — — — — —
Total available-for-sale securities — — — — — — — — —
Loans 3,079 109 (c) 209 ( 205 ) ( 645 ) 669 ( 223 ) 2,993 ( 3 ) (c)
Mortgage servicing rights 8,522 397 (d) 478 ( 27 ) ( 523 ) — — 8,847 397 (d)
Other assets 758 66 (c) 420 ( 22 ) ( 25 ) 5 — 1,202 66 (c)
Fair value measurements using significant unobservable inputs
Six months ended June 30, 2024 (in millions) Fair value at Jan. 1, 2024 Total realized/unrealized (gains)/losses Transfers into level 3 Transfers (out of) level 3 Fair value at Jun. 30, 2024 Change in unrealized (gains)/losses related to financial instruments held at Jun. 30, 2024
Purchases Sales Issuances Settlements (g)
Liabilities: (a)
Deposits $ 1,833 $ ( 15 ) (c)(e) $ — $ — $ 792 $ ( 610 ) $ 34 $ ( 111 ) $ 1,923 $ ( 21 ) (c)(e)
Short-term borrowings 1,758 69 (c)(e) — — 3,459 ( 2,557 ) 1 ( 4 ) 2,726 30 (c)(e)
Trading liabilities – debt and equity instruments 37 ( 40 ) (c) ( 6 ) 57 — — 21 ( 1 ) 68 ( 67 ) (c)
Accounts payable and other liabilities 52 ( 12 ) (c) ( 6 ) 31 — — 5 — 70 ( 12 ) (c)
Long-term debt 27,726 515 (c)(e) — — 10,976 ( 7,972 ) 443 ( 402 ) 31,286 424 (c)(e)

(a)
Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were
1
% and
2
% at June 30, 2025 and December 31, 2024, respectively. Level 3 liabilities at fair value as a percentage of total Firm liabilities at
106
fair value (including liabilities measured at fair value on a nonrecurring basis) were
6
% and
9
% at June 30, 2025 and December 31, 2024, respectively.
(b)
All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty.
(c)
Primarily reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income.
(d)
Changes in fair value for MSRs are reported in mortgage fees and related income.
(e)
Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the three and six months ended June 30, 2025 and 2024. Unrealized (gains)/losses are reported in OCI, and were $
63
million and $(
137
) million for the three months ended June 30, 2025 and 2024, respectively, and $(
10
) million and $(
97
) million for the six months ended June 30, 2025 and 2024, respectively.
(f)
Loan originations are included in purchases.
(g)
Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items.
Level 3 analysis

Consolidated balance sheets changes
The following describes significant changes to level 3 assets since December 31, 2024, for those items measured at fair value on a recurring basis. Refer to Assets and liabilities measured at fair value on a nonrecurring basis on page 109 for further information on changes impacting items measured at fair value on a nonrecurring basis.
Three and six months ended June 30, 2025
Level 3 assets were $
25.5
billion at June 30, 2025, reflecting an increase of $
1.3
billion from March 31, 2025, and an increase of $
1.7
billion from December 31, 2024.
The increase for the three and six months ended June 30, 2025 was predominantly driven by higher:
•
Gross derivative receivables of $
1.4
 billion and $
2.0
 billion, respectively, due to gains and purchases primarily offset by settlements.
Refer to the sections below for additional information.
Transfers between levels for instruments carried at fair value on a recurring basis

For the three months ended June 30, 2025 and 2024, there were no significant transfers from level 2 into level 3 or from level 3 into level 2.
For the six months ended June 30, 2025, significant transfers from level 2 into level 3 included the following:
•
$
819
 million and $
1.0
 billion of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the six months ended June 30, 2025, significant transfers from level 3 into level 2 included the following:
•
$
793
 million and $
904
 million of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of an increase in observability and a decrease in the significance of unobservable inputs.
•
$
1.1
 billion of long-term debt driven by an increase in observability and a decrease in the significance of unobservable inputs for structured notes.
For the six months ended June 30, 2024, significant transfers from level 2 into level 3 included the following:
•
$
759
 million and $
798
 million of gross equity derivative receivables and gross equity derivative payables, respectively, as a result of a decrease in observability and an increase in the significance of unobservable inputs.
For the six months ended June 30, 2024, significant transfers from level 3 into level 2 included the following:
•
$
987
 million of gross equity derivative payables as a result of an increase in observability and a decrease in the significance of unobservable inputs.
All transfers are based on changes in the observability and/or significance of the valuation inputs and are assumed to occur at the beginning of the quarterly reporting period in which they occur.
107
Gains and losses
The following describes significant components of total realized/unrealized gains/(losses) for instruments measured at fair value on a recurring basis for the periods indicated. These amounts exclude any effects of the Firm’s risk management activities where the financial instruments are classified as level 1 and 2 of the fair value hierarchy. Refer to Changes in level 3 recurring fair value measurements rollforward tables on pages 102-107 for further information on these instruments.
Three months ended June 30, 2025
•
$
1.6
billion of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements.
•
$
2.7
billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Three months ended June 30, 2024
•
$
682
million of net gains on assets, predominantly driven by gains in net derivative receivables due to market movements and gains in MSR reflecting lower prepayment speeds on higher rates.
•
$
1
million of net losses on liabilities, driven by losses in deposits and short-term borrowings predominantly offset by gains in trading liabilities - debt and equity instruments and long-term debt due to market movements.
Six months ended June 30, 2025
•
$
4.0
 billion of net gains on assets, driven by gains in net derivative receivables due to market movements.
•
$
2.6
 billion of net losses on liabilities, predominantly driven by losses in long-term debt due to market movements.
Six months ended June 30, 2024
•
$
117
 million
of net losses on assets, driven by losses in net derivative receivables due to market movements largely offset by gains in loans due to market movements and gains in MSR reflecting lower prepayment speeds on higher rates.
•
$
517
 million
of net losses on liabilities, driven by losses in long-term debt due to market movements.
Refer to Note 14 for information on MSRs.
Credit and funding adjustments — derivatives
The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Credit and funding adjustments:
Derivatives CVA $ ( 72 ) $ ( 56 ) $ ( 117 ) $ 20
Derivatives FVA ( 34 ) ( 20 ) ( 59 ) 37

Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for further information about both credit and funding adjustments, as well as information about valuation adjustments on fair value option elected liabilities.
108
Assets and liabilities measured at fair value on a nonrecurring basis
The following tables present the assets and liabilities held as of
June 30, 2025 and 2024
, for which nonrecurring fair value adjustments were recorded during the six months ended
June 30, 2025 and 2024
, by major product category and fair value hierarchy.
June 30, 2025 (in millions) Fair value hierarchy Total fair value
Level 1 Level 2 Level 3
Loans $ — $ 1,048 $ 637 $ 1,685
Other assets (a) — 10 398 408
Total assets measured at fair value on a nonrecurring basis $ — $ 1,058 $ 1,035 $ 2,093
Accounts payable and other liabilities — — 5 5
Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 5 $ 5

June 30, 2024 (in millions) Fair value hierarchy Total fair value
Level 1 Level 2 Level 3
Loans $ — $ 860 $ 778 $ 1,638
Other assets — 6 501 507
Total assets measured at fair value on a nonrecurring basis $ — $ 866 $ 1,279 $ 2,145
Accounts payable and other liabilities — — — —
Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ — $ —

(a)
Included equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $
398
million in level 3 assets measured at fair value on a nonrecurring basis as of June 30, 2025, $
347
million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.
Nonrecurring fair value changes
The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the three and six months ended June 30, 2025 and 2024, related to assets and liabilities held at those dates.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Loans $ ( 105 ) $ ( 105 ) $ ( 139 ) $ ( 149 )
Other assets (a) ( 14 ) ( 178 ) 14 ( 215 )
Accounts payable and other liabilities ( 4 ) — ( 5 ) —
Total nonrecurring fair value gains/(losses) $ ( 123 ) $ ( 283 ) $ ( 130 ) $ ( 364 )

(a)
Included $(
7
) million and $(
109
) million for the three months ended June 30, 2025 and 2024, respectively, and $
26
million and $(
147
) million for the six months ended June 30, 2025 and 2024, respectively, of net gains/(losses) as a result of the measurement alternative.

109
Equity securities without readily determinable fair values
The Firm measures certain equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer (i.e., measurement alternative), with such changes recognized in other income.
In its determination of the new carrying values upon observable price changes, the Firm may adjust the prices if deemed necessary to arrive at the Firm’s estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities, and other adjustments that are consistent with the Firm’s valuation techniques for private equity direct investments.
The following table presents the carrying value of equity securities without readily determinable fair values held as of June 30, 2025 and 2024, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable.
Three months ended June 30, Six months ended June 30,
As of or for the period ended, (in millions) 2025 2024 2025 2024
Other assets
Carrying value (a) $ 4,121 $ 3,564 $ 4,121 $ 3,564
Upward carrying value changes (b) 26 10 78 30
Downward carrying value changes/impairment (c) ( 33 ) ( 119 ) ( 52 ) ( 177 )

(a)
The carrying value as of December 31, 2024 was $
3.7
billion. The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.
(b)
The cumulative upward carrying value changes between January 1, 2018 and June 30, 2025 were $
1.2
billion.
(c)
The cumulative downward carrying value changes/impairment between January 1, 2018 and June 30, 2025 were $(
1.5
) billion.
Included in other assets above is the Firm’s interest in approximately
18.6
million Visa Class B-2 common shares ("Visa B-2 shares") reflected in the Firm's principal investment portfolio at both June 30, 2025 and 2024.
These shares are subject to certain transfer restrictions and are convertible into Visa Class A common shares (“Visa A shares”) at a specified conversion rate upon final resolution of certain litigation matters involving Visa. The conversion rate of Visa B-2 shares to Visa A shares was
1.5342
at June 30, 2025 and may be adjusted by Visa depending on developments related to the litigation matters. The outcome of those litigation matters, and the effect that the resolution of those matters may have on the conversion rate, is unknown. Accordingly, as of June 30, 2025, there is significant uncertainty regarding when the transfer restrictions on Visa B-2 shares may be terminated and what the final conversion rate for the Visa B-2 shares will be. As a result of these considerations, as well as differences in voting rights, Visa B-2 shares are not considered to be similar to Visa A shares, and are held at their nominal carryover basis.
Separately, in connection with sales of Visa B shares prior to 2024, the Firm has entered into derivative instruments with the purchasers of the shares under which the Firm retains the risk associated with changes in the conversion rate. As of June 30, 2025, the Firm held derivative instruments associated with
11.6
 million Visa B-2 shares related to Visa B share sales prior to 2024, which are all subject to similar terms and conditions. Refer to page 200 of JPMorganChase’s 2024 Form 10-K for further information.
110
Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value

The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at June 30, 2025 and December 31, 2024, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hierarchy.
June 30, 2025 December 31, 2024
Estimated fair value hierarchy Estimated fair value hierarchy
(in billions) Carrying value Level 1 Level 2 Level 3 Total estimated fair value Carrying value Level 1 Level 2 Level 3 Total estimated fair value
Financial assets
Cash and due from banks $ 23.8 $ 23.8 $ — $ — $ 23.8 $ 23.4 $ 23.4 $ — $ — $ 23.4
Deposits with banks 396.6 396.4 0.2 — 396.6 445.9 445.8 0.1 — 445.9
Accrued interest and accounts receivable 124.3 — 124.2 0.1 124.3 101.1 — 101.0 0.1 101.1
Federal funds sold and securities purchased under resale agreements 22.8 — 22.8 — 22.8 8.2 — 8.2 — 8.2
Securities borrowed 127.3 — 127.3 — 127.3 135.6 — 135.6 — 135.6
Investment securities, held-to-maturity 260.6 100.2 139.1 — 239.3 274.5 97.4 150.5 — 247.9
Loans, net of allowance for loan losses (a) 1,333.7 — 263.0 1,073.1 1,336.1 1,282.3 — 268.7 1,007.8 1,276.5
Other 88.2 — 86.8 1.6 88.4 82.7 — 81.3 1.6 82.9
Financial liabilities
Deposits $ 2,520.7 $ — $ 2,521.3 $ — $ 2,521.3 $ 2,372.3 $ — $ 2,372.5 $ — $ 2,372.5
Federal funds purchased and securities loaned or sold under repurchase agreements 69.9 — 69.9 — 69.9 70.5 — 70.5 — 70.5
Short-term borrowings 28.9 — 28.9 — 28.9 26.4 — 26.3 — 26.3
Accounts payable and other liabilities (b) 256.1 — 243.2 11.9 255.1 232.8 — 219.6 12.6 232.2
Beneficial interests issued by consolidated VIEs 27.7 — 27.7 — 27.7 27.3 — 27.4 — 27.4
Long-term debt 301.4 — 251.7 51.8 303.5 300.6 — 251.2 50.7 301.9

(a)
Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value.
(b)
Excludes lending-related commitments disclosed in the table below.
The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated.
June 30, 2025 December 31, 2024
Estimated fair value hierarchy Estimated fair value hierarchy
(in billions) Carrying value (a)(b) Level 1 Level 2 Level 3 Total estimated fair value Carrying value (a)(b) Level 1 Level 2 Level 3 Total estimated fair value
Wholesale lending-related commitments $ 3.5 $ — $ — $ 4.6 $ 4.6 $ 2.7 $ — $ — $ 4.4 $ 4.4

(a)
Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees.
(b)
Includes the wholesale allowance for lending-related commitments.
The Firm does not estimate the fair value of consumer off-balance sheet lending-related commitments. In many cases, the Firm can reduce or cancel these commitments with or without notice to the borrower, as permitted by law, or in accordance with the contract. Refer to page 183 of JPMorganChase’s 2024 Form 10-K for a further discussion of the valuation of lending-related commitments.

111
Note 3 –
Fair value option
The fair value option provides an option to elect fair value for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments.
The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis.
The Firm’s election of fair value includes the following instruments:
•
Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments
•
Certain securities financing agreements
•
Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument
•
Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities
•
Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value
Changes in fair value under the fair value option election

The following table presents the changes in fair value included in the Consolidated statements of income for the three and six months ended June 30, 2025 and 2024, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table.
Three months ended June 30,
2025 2024
(in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements $ 47 $ — $ 47 $ 13 $ — $ 13
Securities borrowed ( 4 ) — ( 4 ) 215 — 215
Trading assets:
Debt and equity instruments, excluding loans 1,247 — 1,247 1,561 — 1,561
Loans reported as trading assets:
Changes in instrument-specific credit risk ( 1 ) — ( 1 ) 30 — 30
Other changes in fair value 14 5 (c) 19 6 1 (c) 7
Loans:
Changes in instrument-specific credit risk 148 — 148 145 ( 7 ) (c) 138
Other changes in fair value 87 146 (c) 233 39 110 (c) 149
Other assets 3 — 3 5 — 5
Deposits (a) ( 531 ) — ( 531 ) ( 984 ) — ( 984 )
Federal funds purchased and securities loaned or sold under repurchase agreements ( 5 ) — ( 5 ) 5 — 5
Short-term borrowings (a) ( 392 ) — ( 392 ) ( 229 ) — ( 229 )
Trading liabilities 2 — 2 10 — 10
Beneficial interests issued by consolidated VIEs — — — — — —
Other liabilities ( 7 ) — ( 7 ) ( 3 ) — ( 3 )
Long-term debt (a)(b) ( 3,172 ) 2 (c)(d) ( 3,170 ) ( 2 ) ( 2 ) (c)(d) ( 4 )

112
Six months ended June 30,
2025 2024
(in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e)
Federal funds sold and securities purchased under resale agreements $ 73 $ — $ 73 $ 49 $ — $ 49
Securities borrowed ( 4 ) — ( 4 ) 214 — 214
Trading assets:
Debt and equity instruments, excluding loans 1,048 — 1,048 2,809 — 2,809
Loans reported as trading assets:
Changes in instrument-specific credit risk 23 — 23 198 — 198
Other changes in fair value 17 8 (c) 25 19 1 (c) 20
Loans:
Changes in instrument-specific credit risk 417 — 417 270 ( 5 ) (c) 265
Other changes in fair value 257 327 (c) 584 ( 18 ) 155 (c) 137
Other assets 31 — 31 18 — 18
Deposits (a) ( 992 ) — ( 992 ) ( 1,958 ) — ( 1,958 )
Federal funds purchased and securities loaned or sold under repurchase agreements ( 12 ) — ( 12 ) 10 — 10
Short-term borrowings (a) ( 539 ) — ( 539 ) ( 450 ) — ( 450 )
Trading liabilities 20 — 20 ( 2 ) — ( 2 )
Beneficial interests issued by consolidated VIEs — — — — — —
Other liabilities ( 5 ) — ( 5 ) ( 2 ) — ( 2 )
Long-term debt (a)(b) ( 3,357 ) ( 4 ) (c)(d) ( 3,361 ) ( 936 ) ( 10 ) (c)(d) ( 946 )

(a)
Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the three and six months ended June 30, 2025 and 2024.
(b)
Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk.
(c)
Reported in mortgage fees and related income.
(d)
Reported in other income.
(e)
Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 6 for further information regarding interest income and interest expense.
113
Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding
The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of June 30, 2025 and December 31, 2024, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected.
June 30, 2025 December 31, 2024
(in millions) Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding
Loans
Nonaccrual loans
Loans reported as trading assets $ 3,406 $ 469 $ ( 2,937 ) $ 3,429 $ 464 $ ( 2,965 )
Loans 1,385 1,130 ( 255 ) 1,711 1,492 ( 219 )
Subtotal 4,791 1,599 ( 3,192 ) 5,140 1,956 ( 3,184 )
90 or more days past due and government guaranteed
Loans (a) 57 52 ( 5 ) 50 45 ( 5 )
All other performing loans (b)
Loans reported as trading assets 13,810 12,318 ( 1,492 ) 12,171 10,852 ( 1,319 )
Loans (c) 52,492 52,118 ( 374 ) 40,342 39,813 ( 529 )
Subtotal 66,302 64,436 ( 1,866 ) 52,513 50,665 ( 1,848 )
Total loans $ 71,150 $ 66,087 $ ( 5,063 ) $ 57,703 $ 52,666 $ ( 5,037 )
Long-term debt
Principal-protected debt $ 66,782 (e) $ 56,559 $ ( 10,223 ) $ 57,414 (e) $ 47,780 $ ( 9,634 )
Nonprincipal-protected debt (d) NA 61,798 NA NA 53,000 NA
Total long-term debt NA $ 118,357 NA NA $ 100,780 NA
Long-term beneficial interests
Nonprincipal-protected debt (d) NA $ 7 NA NA $ 1 NA
Total long-term beneficial interests NA $ 7 NA NA $ 1 NA

    
(a)
These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies.
(b)
There were
no
performing loans that were ninety days or more past due as of June 30, 2025 and December 31, 2024.
(c)
Includes loans insured and/or guaranteed by U.S. government agencies less than 90 days past due.
(d)
Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes.
(e)
Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date.
At June 30, 2025 and December 31, 2024, the contractual amount of lending-related commitments for which the fair value option was elected was $
14.5
billion and $
12.2
billion, respectively, with a corresponding fair value of $(
6
) million and $
50
million, respectively. Refer to Note 28 of JPMorganChase’s 2024 Form 10-K, and Note 22 of this Form 10-Q for further information regarding off-balance sheet lending-related financial instruments.
114
Structured note products by balance sheet classification and risk component
The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type.
June 30, 2025 December 31, 2024
(in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total
Risk exposure
Interest rate $ 54,950 $ 2,092 $ 37,849 $ 94,891 $ 46,220 $ 1,065 $ 28,871 $ 76,156
Credit 8,396 1,205 — 9,601 6,213 1,242 — 7,455
Foreign exchange 2,232 1,015 369 3,616 2,309 1,058 416 3,783
Equity 51,194 8,244 2,969 62,407 44,149 7,881 2,986 55,016
Commodity 912 74 — (a) 986 1,331 62 1 (a) 1,394
Total structured notes $ 117,684 $ 12,630 $ 41,187 $ 171,501 $ 100,222 $ 11,308 $ 32,274 $ 143,804

(a)
Excludes deposits linked to precious metals for which the fair value option has not been elected of $
1.5
billion and $
869
million for the periods ended June 30, 2025 and December 31, 2024, respectively.
115
Note 4 –
Derivative instruments
JPMorganChase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Refer to Note 5 of JPMorganChase’s 2024 Form 10-K for a further discussion of the Firm’s use of and accounting policies regarding derivative instruments.
The Firm’s disclosures are based on the accounting treatment and purpose of these derivatives. A limited number of the Firm’s derivatives are designated in
hedge accounting relationships and are disclosed according to the type of hedge (fair value hedge, cash flow hedge, or net investment hedge). Derivatives not designated in hedge accounting relationships include certain derivatives that are used to manage risks associated with specified assets and liabilities (“specified risk management” positions) as well as derivatives used in the Firm’s market-making businesses or for other purposes.
The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category.
Type of Derivative Use of Derivative Designation and disclosure Affected segment or unit 10-Q page reference
Manage specifically identified risk exposures in qualifying hedge accounting relationships:
• Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 122-123
• Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 124
• Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 122-123
• Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 124
• Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 125
• Commodity Hedge commodity inventory Fair value hedge CIB, AWM 122-123
Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships:
• Interest rate Manage the risk associated with mortgage commitments, warehouse loans and MSRs Specified risk management CCB 126
• Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB, AWM 126
• Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate, CIB 126
Market-making derivatives and other activities:
• Various Market-making and related risk management Market-making and other CIB 126
• Various Other derivatives Market-making and other CIB, AWM, Corporate 126

116
Notional amount of derivative contracts
The following table summarizes the notional amount of free-standing derivative contracts outstanding as of June 30, 2025 and December 31, 2024.
Notional amounts (b)
(in billions) June 30, 2025 December 31, 2024
Interest rate contracts
Swaps $ 25,430 $ 20,437
Futures and forwards 4,449 3,067
Written options 3,659 3,067
Purchased options 3,526 3,089
Total interest rate contracts 37,064 29,660
Credit derivatives (a) 1,526 1,191
Foreign exchange contracts
Cross-currency swaps 5,456 4,509
Spot, futures and forwards 9,834 7,005
Written options 1,343 1,015
Purchased options 1,327 984
Total foreign exchange contracts 17,960 13,513
Equity contracts
Swaps 972 850
Futures and forwards 262 206
Written options 1,073 914
Purchased options 930 788
Total equity contracts 3,237 2,758
Commodity contracts
Swaps 169 148
Spot, futures and forwards 237 191
Written options 139 137
Purchased options 132 125
Total commodity contracts 677 601
Total derivative notional amounts $ 60,464 $ 47,723

(a)
Refer to the Credit derivatives discussion on pages 127-128 for more information on volumes and types of credit derivative contracts.
(b)
Represents the sum of gross long and gross short third-party notional derivative contracts.
While the notional amounts disclosed above give an indication of the volume of the Firm’s derivatives activity, the notional amounts significantly exceed, in the Firm’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged; it is simply a reference amount used to calculate payments.

117
Impact of derivatives on the Consolidated balance sheets
The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of June 30, 2025 and December 31, 2024, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type.
Free-standing derivative receivables and payables (a)
Gross derivative receivables Gross derivative payables
June 30, 2025 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b)
Trading assets and liabilities
Interest rate $ 310,306 $ — $ 310,306 $ 25,470 $ 290,615 $ 4 $ 290,619 $ 9,356
Credit 11,668 — 11,668 488 17,147 — 17,147 2,826
Foreign exchange 212,134 1,101 213,235 23,708 203,504 2,341 205,845 16,397
Equity 102,228 — 102,228 5,259 122,277 — 122,277 14,929
Commodity 19,355 43 19,398 5,421 16,299 161 16,460 4,602
Total fair value of trading assets and liabilities $ 655,691 $ 1,144 $ 656,835 $ 60,346 $ 649,842 $ 2,506 $ 652,348 $ 48,110
Gross derivative receivables Gross derivative payables
December 31, 2024 (in millions) Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b)
Trading assets and liabilities
Interest rate $ 290,734 $ — $ 290,734 $ 24,945 $ 274,226 $ 2 $ 274,228 $ 9,239
Credit 11,087 — 11,087 814 13,796 — 13,796 1,898
Foreign exchange 261,035 1,885 262,920 25,312 253,289 1,278 254,567 15,597
Equity 85,220 — 85,220 5,285 96,139 — 96,139 8,648
Commodity 15,490 136 15,626 4,611 14,415 73 14,488 4,279
Total fair value of trading assets and liabilities $ 663,566 $ 2,021 $ 665,587 $ 60,967 $ 651,865 $ 1,353 $ 653,218 $ 39,661

(a)
Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information.
(b)
As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists.
118
Derivatives netting
The following tables present, as of June 30, 2025 and December 31, 2024, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables.
In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation:
•
collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as “Collateral not nettable on the Consolidated balance sheets” in the tables, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule;
•
the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables; and
•
collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables.
June 30, 2025 December 31, 2024
(in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables
U.S. GAAP nettable derivative receivables
Interest rate contracts:
Over-the-counter (“OTC”) $ 165,107 $ ( 141,319 ) $ 23,788 $ 158,202 $ ( 134,791 ) $ 23,411
OTC–cleared 143,537 ( 143,369 ) 168 130,989 ( 130,810 ) 179
Exchange-traded (a) 175 ( 148 ) 27 190 ( 188 ) 2
Total interest rate contracts 308,819 ( 284,836 ) 23,983 289,381 ( 265,789 ) 23,592
Credit contracts:
OTC 8,801 ( 8,479 ) 322 8,680 ( 8,030 ) 650
OTC–cleared 2,770 ( 2,701 ) 69 2,267 ( 2,243 ) 24
Total credit contracts 11,571 ( 11,180 ) 391 10,947 ( 10,273 ) 674
Foreign exchange contracts:
OTC 210,005 ( 189,092 ) 20,913 259,608 ( 236,931 ) 22,677
OTC–cleared 499 ( 433 ) 66 685 ( 677 ) 8
Exchange-traded (a) 14 ( 2 ) 12 34 — 34
Total foreign exchange contracts 210,518 ( 189,527 ) 20,991 260,327 ( 237,608 ) 22,719
Equity contracts:
OTC 39,733 ( 37,121 ) 2,612 33,269 ( 30,742 ) 2,527
Exchange-traded (a) 61,561 ( 59,848 ) 1,713 51,040 ( 49,193 ) 1,847
Total equity contracts 101,294 ( 96,969 ) 4,325 84,309 ( 79,935 ) 4,374
Commodity contracts:
OTC 10,582 ( 7,926 ) 2,656 8,340 ( 5,848 ) 2,492
OTC–cleared 115 ( 80 ) 35 126 ( 84 ) 42
Exchange-traded (a) 6,587 ( 5,971 ) 616 5,179 ( 5,083 ) 96
Total commodity contracts 17,284 ( 13,977 ) 3,307 13,645 ( 11,015 ) 2,630
Derivative receivables with appropriate legal opinion 649,486 ( 596,489 ) 52,997 (d) 658,609 ( 604,620 ) 53,989 (d)
Derivative receivables where an appropriate legal opinion has not been either sought or obtained 7,349 7,349 6,978 6,978
Total derivative receivables recognized on the Consolidated balance sheets $ 656,835 $ 60,346 $ 665,587 $ 60,967
Collateral not nettable on the Consolidated balance sheets (b)(c) ( 27,558 ) ( 28,160 )
Net amounts $ 32,788 $ 32,807

119
June 30, 2025 December 31, 2024
(in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables
U.S. GAAP nettable derivative payables
Interest rate contracts:
OTC $ 141,561 $ ( 133,698 ) $ 7,863 $ 138,215 $ ( 130,375 ) $ 7,840
OTC–cleared 147,393 ( 147,246 ) 147 134,555 ( 134,262 ) 293
Exchange-traded (a) 334 ( 319 ) 15 363 ( 352 ) 11
Total interest rate contracts 289,288 ( 281,263 ) 8,025 273,133 ( 264,989 ) 8,144
Credit contracts:
OTC 13,930 ( 12,306 ) 1,624 11,381 ( 10,133 ) 1,248
OTC–cleared 2,052 ( 2,015 ) 37 1,779 ( 1,765 ) 14
Total credit contracts 15,982 ( 14,321 ) 1,661 13,160 ( 11,898 ) 1,262
Foreign exchange contracts:
OTC 203,101 ( 189,012 ) 14,089 251,860 ( 238,292 ) 13,568
OTC–cleared 559 ( 434 ) 125 772 ( 678 ) 94
Exchange-traded (a) 10 ( 2 ) 8 14 — 14
Total foreign exchange contracts 203,670 ( 189,448 ) 14,222 252,646 ( 238,970 ) 13,676
Equity contracts:
OTC 57,625 ( 47,498 ) 10,127 44,394 ( 38,298 ) 6,096
Exchange-traded (a) 62,469 ( 59,850 ) 2,619 49,578 ( 49,193 ) 385
Total equity contracts 120,094 ( 107,348 ) 12,746 93,972 ( 87,491 ) 6,481
Commodity contracts:
OTC 8,210 ( 5,980 ) 2,230 6,918 ( 5,206 ) 1,712
OTC–cleared 80 ( 80 ) — 84 ( 84 ) —
Exchange-traded (a) 5,802 ( 5,798 ) 4 5,182 ( 4,919 ) 263
Total commodity contracts 14,092 ( 11,858 ) 2,234 12,184 ( 10,209 ) 1,975
Derivative payables with appropriate legal opinion 643,126 ( 604,238 ) 38,888 (d) 645,095 ( 613,557 ) 31,538 (d)
Derivative payables where an appropriate legal opinion has not been either sought or obtained 9,222 9,222 8,123 8,123
Total derivative payables recognized on the Consolidated balance sheets $ 652,348 $ 48,110 $ 653,218 $ 39,661
Collateral not nettable on the Consolidated balance sheets (b)(c) ( 13,873 ) ( 10,163 )
Net amounts $ 34,237 $ 29,498

(a)
Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b)
Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty.
(c)
Derivative collateral relates only to OTC and OTC-cleared derivative instruments.
(d)
Net derivatives receivable included cash collateral netted of $
50.0
billion and $
51.9
billion at June 30, 2025 and December 31, 2024, respectively. Net derivatives payable included cash collateral netted of $
57.8
billion and $
60.8
billion at June 30, 2025 and December 31, 2024, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments.
120
Liquidity risk and credit-related contingent features
Refer to Note 5 of JPMorganChase’s 2024 Form 10-K for a more detailed discussion of liquidity risk and credit-related contingent features related to the Firm’s derivative contracts.
The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at June 30, 2025 and December 31, 2024.
OTC and OTC-cleared derivative payables containing downgrade triggers
(in millions) June 30, 2025 December 31, 2024
Aggregate fair value of net derivative payables $ 17,399 $ 15,371
Collateral posted 17,072 15,204

The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at June 30, 2025 and December 31, 2024, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined rating threshold is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payment requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract.
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives
June 30, 2025 December 31, 2024
(in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade
Amount of additional collateral to be posted upon downgrade (a) $ 47 $ 1,081 $ 119 $ 1,205
Amount required to settle contracts with termination triggers upon downgrade (b) 94 715 78 458

(a)
Includes the additional collateral to be posted for initial margin.
(b)
Amounts represent fair values of derivative payables, and do not reflect collateral posted.
121
Impact of derivatives on the Consolidated statements of income
The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose.
Fair value hedge gains and losses
The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the three and six months ended June 30, 2025 and 2024, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item.
Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact
Three months ended June 30, 2025 (in millions) Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f)
Contract type
Interest rate (a)(b) $ 37 $ 273 $ 310 $ — $ 294 $ —
Foreign exchange (c) 270 ( 187 ) 83 ( 166 ) 83 ( 10 )
Commodity (d) 54 9 63 — 41 —
Total $ 361 $ 95 $ 456 $ ( 166 ) $ 418 $ ( 10 )

Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact
Three months ended June 30, 2024 (in millions) Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f)
Contract type
Interest rate (a)(b) $ 160 $ ( 42 ) $ 118 $ — $ 122 $ —
Foreign exchange (c) ( 54 ) 110 56 ( 132 ) 56 11
Commodity (d) ( 60 ) 89 29 27 —
Total $ 46 $ 157 $ 203 $ ( 132 ) $ 205 $ 11

Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact
Six months ended June 30, 2025 (in millions) Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f)
Contract type
Interest rate (a)(b) $ 79 $ 565 $ 644 $ — $ 596 $ —
Foreign exchange (c) 517 ( 392 ) 125 ( 301 ) 125 27
Commodity (d) ( 1,276 ) 1,409 133 — 97 —
Total $ ( 680 ) $ 1,582 $ 902 $ ( 301 ) $ 818 $ 27

Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact
Six months ended June 30, 2024 (in millions) Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f)
Contract type
Interest rate (a)(b) $ 478 $ ( 262 ) $ 216 $ — $ 233 $ —
Foreign exchange (c) ( 194 ) 299 105 ( 248 ) 105 ( 16 )
Commodity (d) 202 ( 147 ) 55 — 51 —
Total $ 486 $ ( 110 ) $ 376 $ ( 248 ) $ 389 $ ( 16 )

(a)
Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income.
(b)
Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items.
(c)
Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income.
(d)
Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue.
(e)
The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative, or through fair value changes recognized in the current period.
(f)
Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative.
122
As of June 30, 2025 and December 31, 2024, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield.
Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
June 30, 2025 (in millions) Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total
Assets
Investment securities - AFS $ 260,230 (c) $ 3,601 $ ( 1,855 ) $ 1,746
Liabilities
Long-term debt 219,083 709 ( 9,329 ) ( 8,620 )
Beneficial interests issued by consolidated VIEs 5,374 28 ( 1 ) 27
Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items:
December 31, 2024 (in millions) Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total
Assets
Investment securities - AFS $ 203,141 (c) $ ( 1,675 ) $ ( 1,959 ) $ ( 3,634 )
Liabilities
Long-term debt 211,288 ( 3,711 ) ( 9,332 ) ( 13,043 )
Beneficial interests issued by consolidated VIEs 5,312 ( 30 ) ( 5 ) ( 35 )

(a)
Excludes physical commodities with a carrying value of $
7.8
billion and $
6.2
billion at June 30, 2025 and December 31, 2024, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods.
(b)
Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At June 30, 2025 and December 31, 2024, the carrying amount excluded for AFS securities was $
31.3
billion and $
28.7
billion, respectively. At June 30, 2025 and December 31, 2024, the carrying amount excluded for long-term debt was $
589
million and $
518
million, respectively.
(c)
Carrying amount represents the amortized cost, net of allowance if applicable. At June 30, 2025 and December 31, 2024, the amortized cost of the portfolio layer method closed portfolios was $
102.5
billion and $
72.8
billion, of which $
70.3
billion and $
41.2
billion was designated as hedged, respectively. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot starting and forward starting layers. At June 30, 2025 and December 31, 2024, the cumulative amount of basis adjustments was $
157
million and $(
1.7
) billion, which is comprised of $
1.1
billion and $(
1.2
) billion for active hedging relationships, and $(
936
) million and $(
566
) million for discontinued hedging relationships, respectively. Refer to Note 9 for additional information.
(d)
Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods.
(e)
Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships.
123
Cash flow hedge gains and losses
The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the three and six months ended June 30, 2025 and 2024, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item.
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended June 30, 2025 (in millions) Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period
Contract type
Interest rate (a) $ ( 651 ) $ 1,163 $ 1,814
Foreign exchange (b) 59 259 200
Total $ ( 592 ) $ 1,422 $ 2,014
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Three months ended June 30, 2024 (in millions) Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period
Contract type
Interest rate (a) $ ( 662 ) $ ( 677 ) $ ( 15 )
Foreign exchange (b) 7 ( 6 ) ( 13 )
Total $ ( 655 ) $ ( 683 ) $ ( 28 )
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Six months ended June 30, 2025 (in millions) Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period
Contract type
Interest rate (a) $ ( 1,251 ) $ 2,610 $ 3,861
Foreign exchange (b) 38 399 361
Total $ ( 1,213 ) $ 3,009 $ 4,222
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss)
Six months ended June 30, 2024 (in millions) Amounts reclassified from AOCI to income Amounts recorded in OCI Total change in OCI for period
Contract type
Interest rate (a) $ ( 1,283 ) $ ( 2,401 ) $ ( 1,118 )
Foreign exchange (b) 39 ( 44 ) ( 83 )
Total $ ( 1,244 ) $ ( 2,445 ) $ ( 1,201 )

(a)
Primarily consists of hedges of SOFR-indexed floating-rate assets. Gains and losses were recorded in net interest income.
(b)
Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense.

The Firm did not experience any forecasted transactions that failed to occur for the three months ended June 30, 2025 and 2024.
Over the next 12 months, the Firm expects that approximately $(
1.3
) billion (after-tax) of net losses recorded in AOCI at June 30, 2025, related to cash flow hedges will be recognized in income. For cash flow hedges that have been terminated, the maximum length of time over which the derivative results recorded in AOCI will be recognized in earnings is approximately
seven years
, corresponding to the timing of the originally hedged forecasted cash flows. For open cash flow hedges, the maximum length of time over which forecasted transactions are hedged is approximately
ten years
. The Firm’s longer-dated forecasted transactions relate to core lending and borrowing activities.
124
Net investment hedge gains and losses
The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the three and six months ended June 30, 2025 and 2024.
Gains/(losses) recorded in income (a) and other comprehensive income/(loss)
2025 2024
Three months ended June 30, (in millions) Amounts recorded in income (b) Amounts recorded in OCI Amounts recorded in income (b) Amounts recorded in OCI
Foreign exchange derivatives $ 120 $ ( 4,213 ) $ 104 $ 962
Gains/(losses) recorded in income (a) and other comprehensive income/(loss)
2025 2024
Six months ended June 30, (in millions) Amounts recorded in income (b) Amounts recorded in OCI Amounts recorded in income (b) Amounts recorded in OCI
Foreign exchange derivatives $ 153 $ ( 6,347 ) $ 193 $ 2,404

(a)
Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The changes in fair value of these amounts are recorded in net interest income.
(b)
Excludes amounts reclassified from AOCI to income associated with net investment hedges. There were no sales or liquidations of legal entities that resulted in reclassifications for the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, the Firm reclassified a net pre-tax gain of $
10
 million to other income. Refer to Note 19 for further information.
125
Gains and losses on derivatives used for specified risk management purposes
The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency-denominated assets and liabilities.
Derivatives gains/(losses) recorded in income
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Contract type
Interest rate (a) $ ( 45 ) $ ( 21 ) $ 11 $ ( 244 )
Credit (b) ( 174 ) ( 22 ) ( 234 ) ( 280 )
Foreign exchange (c) 67 19 108 26
Equity (d) 10 — 8 —
Total $ ( 142 ) $ ( 24 ) $ ( 107 ) $ ( 498 )

(a)
Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income.
(b)
Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue.
(c)
Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue.
(d)
Gains and losses were recorded in principal transactions revenue.
Gains and losses on derivatives related to market-making activities and other derivatives
The Firm makes markets in derivatives in order to meet the needs of customers and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities, including the counterparty credit risk arising from derivative receivables. All derivatives not included in the hedge accounting or specified risk management categories above are included in this category. Gains and losses on these derivatives are primarily recorded in principal transactions revenue. Refer to Note 5 for information on principal transactions revenue.

126
Credit derivatives
Refer to Note 5 of JPMorganChase’s 2024 Form 10-K for a more detailed discussion of credit derivatives.
The following tables present a summary of the notional amounts of credit derivatives and credit-related notes the Firm sold and purchased as of June 30, 2025 and December 31, 2024. The Firm does not use notional amounts of credit derivatives as the primary measure of risk management for such derivatives, because the notional amount does not take into account the probability of the occurrence of a credit event, the recovery value of the reference obligation, or related cash instruments and economic hedges, each of which reduces, in the Firm’s view, the risks associated with such derivatives.
Total credit derivatives and credit-related notes
Maximum payout/Notional amount
June 30, 2025 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e)
Credit derivatives
Credit default swaps $ ( 495,231 ) $ 522,624 $ 27,393 $ 6,612
Other credit derivatives (a) ( 226,549 ) 263,086 36,537 11,547
Total credit derivatives ( 721,780 ) 785,710 63,930 18,159
Credit-related notes (b) — — — 12,666
Total $ ( 721,780 ) $ 785,710 $ 63,930 $ 30,825
Maximum payout/Notional amount
December 31, 2024 (in millions) Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e)
Credit derivatives
Credit default swaps $ ( 450,184 ) $ 474,554 $ 24,370 $ 6,858
Other credit derivatives (a) ( 110,913 ) 137,927 27,014 10,169
Total credit derivatives ( 561,097 ) 612,481 51,384 17,027
Credit-related notes (b) — — — 10,471
Total $ ( 561,097 ) $ 612,481 $ 51,384 $ 27,498

(a)
Other credit derivatives predominantly consist of credit swap options and total return swaps.
(b)
Predominantly represents Other protection purchased by CIB.
(c)
Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold.
(d)
Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value.
(e)
Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. Also includes credit protection against certain loans and lending-related commitments in the retained lending portfolio through the issuance of credit derivatives and credit-related notes.
127
The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of June 30, 2025 and December 31, 2024, where JPMorganChase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorganChase is the purchaser of protection are comparable to the profile reflected below.
Protection sold — credit derivatives ratings (a) /maturity profile
June 30, 2025 (in millions) <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value
Risk rating of reference entity
Investment-grade $ ( 231,800 ) $ ( 314,353 ) $ ( 37,980 ) $ ( 584,133 ) $ 5,047 $ ( 1,065 ) $ 3,982
Noninvestment-grade ( 58,038 ) ( 77,058 ) ( 2,551 ) ( 137,647 ) 2,637 ( 2,174 ) 463
Total $ ( 289,838 ) $ ( 391,411 ) $ ( 40,531 ) $ ( 721,780 ) $ 7,684 $ ( 3,239 ) $ 4,445

December 31, 2024 (in millions) <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value
Risk rating of reference entity
Investment-grade $ ( 135,950 ) $ ( 277,052 ) $ ( 33,379 ) $ ( 446,381 ) $ 4,593 $ ( 904 ) $ 3,689
Noninvestment-grade ( 42,149 ) ( 70,525 ) ( 2,042 ) ( 114,716 ) 1,889 ( 1,738 ) 151
Total $ ( 178,099 ) $ ( 347,577 ) $ ( 35,421 ) $ ( 561,097 ) $ 6,482 $ ( 2,642 ) $ 3,840

(a)
The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s.
(b)
Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting.
128
Note 5 –
Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorganChase’s 2024 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.
Investment banking fees
The following table presents the components of investment banking fees.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Underwriting
Equity $ 469 $ 494 $ 790 $ 848
Debt 1,181 1,030 2,350 2,033
Total underwriting 1,650 1,524 3,140 2,881
Advisory 849 780 1,537 1,377
Total investment banking fees $ 2,499 $ 2,304 $ 4,677 $ 4,258

Principal transactions
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense.
Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB.

Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Trading revenue by instrument type
Interest rate (a) $ 984 $ 935 $ 2,342 $ 2,006
Credit (b) 199 447 437 1,138
Foreign exchange 1,596 1,077 2,972 2,613
Equity 3,836 4,101 8,010 7,378
Commodity 526 246 1,007 446
Total trading revenue 7,141 6,806 14,768 13,581
Private equity gains/(losses) 8 8 ( 5 ) 23
Principal transactions $ 7,149 $ 6,814 $ 14,763 $ 13,604

(a)
Includes the impact of changes in funding valuation adjustments on derivatives.
(b)
Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.
Lending- and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Lending-related fees (a) $ 560 $ 518 $ 1,093 $ 1,121
Deposit-related fees 1,688 1,310 3,287 2,609
Total lending- and deposit-related fees $ 2,248 $ 1,828 $ 4,380 $ 3,730

(a)
Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic, predominantly in AWM and CIB. The discount, which is deferred in other liabilities and recognized on a straight-line basis over the commitment period, continues to decline as commitments expire.
Deposit-related fees include the impact of credits earned by clients that reduce such fees.
Asset management fees
The following table presents the components of asset management fees.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Asset management fees
Investment management fees $ 4,708 $ 4,210 $ 9,311 $ 8,269
All other asset management fees 98 92 195 179
Total asset management fees $ 4,806 $ 4,302 $ 9,506 $ 8,448

Commissions and other fees
The following table presents the components of commissions and other fees.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Commissions and other fees
Brokerage commissions and fees $ 948 $ 788 $ 1,848 $ 1,551
Administration fees 675 608 1,324 1,214
All other commissions and fees (a) 571 528 1,055 964
Total commissions and other fees $ 2,194 $ 1,924 $ 4,227 $ 3,729

(a)
Includes annuity sales commissions, depositary receipt-related service fees and travel-related sales commissions, as well as other service fees, which are recognized as revenue when the services are rendered.

129
Mortgage fees and related income
: refer to Note 14 for additional information.
Card income
The following
table presents the components of card income.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Interchange and merchant processing income $ 9,159 $ 8,520 $ 17,557 $ 16,351
Rewards costs and partner payments ( 7,350 ) ( 6,789 ) ( 14,135 ) ( 12,960 )
All other (a) ( 465 ) ( 399 ) ( 862 ) ( 841 )
Total card income $ 1,344 $ 1,332 $ 2,560 $ 2,550

(a)
Predominantly represents the amortization of account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a
12-month
period.
Other income
The following table presents certain components of other income.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Operating lease income $ 901 $ 689 $ 1,730 $ 1,361
Gain on Visa shares — 7,990 (b) — 7,990 (b)
First Republic-related gains (a) 40 119 628 103

(a)
Relates to the settlement of outstanding items with the FDIC in 2025, and adjustments to the estimated bargain purchase gain associated with the acquisition in 2024.
(b)
Relates to the initial gain recognized on May 6, 2024 on the Visa C shares. Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for additional information.
Refer to Note 16 for information on operating lease income included within other income.
First Republic-related gain
: On January 17, 2025, the Firm reached an agreement with the FDIC with respect to certain outstanding items related to the First Republic acquisition. As a result of the agreement, the Firm made a payment of $
609
million to the FDIC on January 31, 2025 and reduced its additional payable to the FDIC, which resulted in a gain of $
588
million recorded in other income in the first quarter of 2025. In addition, as of June 30, 2025, all outstanding matters between the Firm and the FDIC related to the final settlement of the purchase price for the First Republic acquisition had been resolved. Refer to Note 34 on pages 319-321 of the Firm’s 2024 Form 10-K for additional information.
Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income includes the following:
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Legal expense $ 118 $ 317 $ 239 $ 245
FDIC-related expense (a) 302 291 291 1,264
Operating losses 314 323 700 622
Contribution of Visa shares — 1,000 (b) — 1,000 (b)

(a)
Included an FDIC special assessment accrual release of $
323
million for the three months ended March 31, 2025, and an accrual increase of $
725
million for the three months ended March 31, 2024.
(b)
Represents the contribution of a portion of Visa C shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for additional information.
130
Note 6 –
Interest income and interest expense
Refer to Note 7 of JPMorganChase’s 2024 Form 10-K for a description of JPMorganChase’s accounting policies regarding interest income and interest expense.
The following table presents the components of interest income and interest expense.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Interest income
Loans (a) $ 23,049 $ 22,898 $ 45,469 $ 45,772
Taxable securities 6,679 5,124 12,671 9,995
Non-taxable securities (b) 273 302 543 625
Total investment securities (a) 6,952 5,426 13,214 10,620
Trading assets - debt instruments 6,298 4,993 11,855 9,585
Federal funds sold and securities purchased under resale agreements 4,578 4,821 8,794 9,036
Securities borrowed 2,211 2,177 4,518 4,343
Deposits with banks 3,395 6,059 7,534 12,445
All other interest-earning assets (c) 1,758 2,139 3,710 4,150
Total interest income $ 48,241 $ 48,513 $ 95,094 $ 95,951
Interest expense
Interest-bearing deposits $ 11,401 $ 12,421 $ 22,478 $ 24,655
Federal funds purchased and securities loaned or sold under repurchase agreements 5,965 5,108 11,154 9,077
Short-term borrowings 607 502 1,142 1,037
Trading liabilities – debt and all other interest-bearing liabilities (d) 2,278 2,604 4,369 5,240
Long-term debt 4,484 4,780 8,876 9,398
Beneficial interest issued by consolidated VIEs 297 352 593 716
Total interest expense $ 25,032 $ 25,767 $ 48,612 $ 50,123
Net interest income $ 23,209 $ 22,746 $ 46,482 $ 45,828
Provision for credit losses 2,849 3,052 6,154 4,936
Net interest income after provision for credit losses $ 20,360 $ 19,694 $ 40,328 $ 40,892

(a)
Includes the amortization and accretion of purchase premiums and discounts, as well as net deferred fees and costs on loans.
(b)
Represents securities that are tax-exempt for U.S. federal income tax purposes.
(c)
Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.
(d)
All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.
131
Note 7 –
Pension and other postretirement employee benefit plans
Refer to Note 8 of JPMorganChase’s 2024 Form 10-K for a discussion of JPMorganChase’s pension and OPEB plans.
The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Total net periodic defined benefit plan cost/(credit) $ ( 63 ) $ ( 115 ) $ ( 128 ) $ ( 228 )
Total defined contribution plans 513 443 948 831
Total pension and OPEB cost included in noninterest expense $ 450 $ 328 $ 820 $ 603

As of June 30, 2025 and December 31, 2024, the fair values of plan assets for the Firm’s significant defined benefit pension and OPEB plans were $
23.1
billion and $
22.2
billion, respectively.
132
Note 8 –
Employee share-based incentives
Refer to Note 9 of JPMorganChase’s 2024 Form 10-K for a discussion of the accounting policies and other information relating to employee share-based incentives.
The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Cost of prior grants of restricted stock units (“RSUs”), performance share units (“PSUs”) and stock appreciation rights (“SARs”) that are amortized over their applicable vesting periods $ 380 $ 430 $ 804 $ 865
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 579 514 1,208 1,017
Total noncash compensation expense related to employee share-based incentive plans $ 959 $ 944 $ 2,012 $ 1,882

In the first quarter of 2025, in connection with its annual incentive grant for the 2024 performance year, the Firm granted
12
million RSUs and
462
thousand PSUs with weighted-average grant date fair values of $
259.74
per RSU and $
261.10
per PSU.
133
Note 9 –
Investment securities
Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. At June 30, 2025, the investment securities portfolio consisted of debt securities with an average credit
rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).
Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for additional information regarding the investment securities portfolio.
The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated.
June 30, 2025 December 31, 2024
(in millions) Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair value
Available-for-sale securities
Mortgage-backed securities:
U.S. GSEs and government agencies $ 96,286 $ 735 $ 2,986 $ 94,035 $ 95,671 $ 251 $ 4,029 $ 91,893
Residential:
U.S. 5,496 22 29 5,489 4,242 16 50 4,208
Non-U.S. 465 1 — 466 600 3 — 603
Commercial 4,866 45 43 4,868 4,115 20 70 4,065
Total mortgage-backed securities 107,113 803 3,058 104,858 104,628 290 4,149 100,769
U.S. Treasury and government agencies 301,363 1,905 187 303,081 235,495 545 1,261 234,779
Obligations of U.S. states and municipalities 19,233 32 1,618 17,647 18,337 110 534 17,913
Non-U.S. government debt securities 41,183 241 294 41,130 36,655 94 504 36,245
Corporate debt securities 122 1 — 123 71 — 1 70
Asset-backed securities:
Collateralized loan obligations 16,420 45 5 16,460 14,887 59 3 14,943
Other 2,067 21 7 2,081 2,125 17 9 2,133
Unallocated portfolio layer fair value basis adjustments (a) 1,092 ( 1,092 ) — NA ( 1,153 ) — ( 1,153 ) NA
Total available-for-sale securities 488,593 1,956 5,169 485,380 411,045 1,115 5,308 406,852
Held-to-maturity securities (b)
Mortgage-backed securities:
U.S. GSEs and government agencies 93,232 33 11,272 81,993 97,177 6 13,531 83,652
U.S. Residential 8,058 4 733 7,329 8,605 4 904 7,705
Commercial 7,840 16 287 7,569 8,817 24 389 8,452
Total mortgage-backed securities 109,130 53 12,292 96,891 114,599 34 14,824 99,809
U.S. Treasury and government agencies 108,236 — 8,076 100,160 108,632 — 11,212 97,420
Obligations of U.S. states and municipalities 9,022 2 971 8,053 9,310 32 631 8,711
Asset-backed securities:
Collateralized loan obligations 33,000 41 26 33,015 40,573 84 14 40,643
Other 1,171 1 27 1,145 1,354 2 39 1,317
Total held-to-maturity securities 260,559 97 21,392 239,264 274,468 152 26,720 247,900
Total investment securities, net of allowance for credit losses $ 749,152 $ 2,053 $ 26,561 $ 724,644 $ 685,513 $ 1,267 $ 32,028 $ 654,752

(a)
Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 4 for additional information.
(b)
The Firm purchased $
1.6
 billion and $
3.2
 billion of HTM securities for the three and six months ended June 30, 2025, respectively, and $
555
 million and $
1.0
billion for the three and six months ended June 30, 2024, respectively.
(c)
The amortized cost of investment securities is reported net of allowance for credit losses of $
108
 million and $
152
 million at June 30, 2025 and December 31, 2024, respectively.
(d)
Excludes $
4.3
billion and $
3.7
billion of accrued interest receivable at June 30, 2025 and December 31, 2024, respectively. The Firm did
not
reverse through interest income any accrued interest receivable for the three and six months ended June 30, 2025 and 2024. Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for further discussion of accounting policies for accrued interest receivable on investment securities.
134
AFS securities impairment
The following tables present the fair value and gross unrealized losses by aging category for AFS securities at June 30, 2025 and December 31, 2024. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $
3.2
billion and $
5.3
billion, at June 30, 2025 and December 31, 2024, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government.
Available-for-sale securities with gross unrealized losses
Less than 12 months 12 months or more
June 30, 2025 (in millions) Fair value Gross unrealized losses Fair value Gross unrealized losses Total fair value Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S. $ 696 $ 2 $ 851 $ 27 $ 1,547 $ 29
Non-U.S. — — 27 — 27 —
Commercial 650 2 909 41 1,559 43
Total mortgage-backed securities 1,346 4 1,787 68 3,133 72
Obligations of U.S. states and municipalities 14,060 1,160 2,492 458 16,552 1,618
Non-U.S. government debt securities 6,965 105 4,498 189 11,463 294
Corporate debt securities 92 — 5 — 97 —
Asset-backed securities:
Collateralized loan obligations 1,612 3 190 2 1,802 5
Other 206 1 155 6 361 7
Total available-for-sale securities with gross unrealized losses $ 24,281 $ 1,273 $ 9,127 $ 723 $ 33,408 $ 1,996

Available-for-sale securities with gross unrealized losses
Less than 12 months 12 months or more
December 31, 2024 (in millions) Fair value Gross unrealized losses Fair value Gross unrealized losses Total fair value Total gross unrealized losses
Available-for-sale securities
Mortgage-backed securities:
Residential:
U.S. $ 1,505 $ 6 $ 925 $ 44 $ 2,430 $ 50
Non-U.S. — — 30 — 30 —
Commercial 763 8 1,184 62 1,947 70
Total mortgage-backed securities 2,268 14 2,139 106 4,407 120
Obligations of U.S. states and municipalities 10,037 233 2,412 301 12,449 534
Non-U.S. government debt securities 14,234 234 4,184 270 18,418 504
Corporate debt securities 9 — 30 1 39 1
Asset-backed securities:
Collateralized loan obligations 2 — 375 3 377 3
Other 214 1 200 8 414 9
Total available-for-sale securities with gross unrealized losses $ 26,764 $ 482 $ 9,340 $ 689 $ 36,104 $ 1,171

135
HTM securities – credit risk
Credit quality indicator
The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At both June 30, 2025 and December 31, 2024, all HTM securities were rated investment grade and were current and accruing, with approximately
99
% rated at least AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings).
Allowance for credit losses on investment securities
The allowance for credit losses on investment securities as of June 30, 2025 was $
108
 million, which included the impact of a $
17
 million reduction in allowance related to a sale of a corporate debt security in the first quarter of 2025. As of June 30, 2024, the allowance for credit losses in investment securities was $
177
 million.
Refer to Note 10 of JPMorganChase’s 2024 Form 10-K for further discussion of accounting policies for AFS and HTM securities.
Selected impacts of investment securities on the Consolidated statements of income

Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Realized gains $ 94 $ 64 $ 239 $ 237
Realized losses ( 148 ) ( 611 ) ( 330 ) ( 1,150 )
Investment securities losses $ ( 54 ) $ ( 547 ) $ ( 91 ) $ ( 913 )
Provision for credit losses $ ( 10 ) $ 23 $ ( 27 ) $ 49

136
Contractual maturities and yields
The following table presents the amortized cost and estimated fair value at June 30, 2025, of JPMorganChase’s investment securities portfolio by contractual maturity.
By remaining maturity June 30, 2025 (in millions) Due in one year or less Due after one year through five years Due after five years through 10 years Due after 10 years (c) Total
Available-for-sale securities
Mortgage-backed securities
Amortized cost $ 1,237 $ 9,871 $ 5,075 $ 90,932 $ 107,115
Fair value 1,227 9,969 5,126 88,536 104,858
Average yield (a) 3.46 % 4.68 % 5.20 % 4.68 % 4.69 %
U.S. Treasury and government agencies
Amortized cost $ 25,637 $ 216,412 $ 53,105 $ 6,209 $ 301,363
Fair value 25,649 217,910 53,225 6,297 303,081
Average yield (a) 4.64 % 4.46 % 4.80 % 5.29 % 4.55 %
Obligations of U.S. states and municipalities
Amortized cost $ 1 $ 14 $ 93 $ 19,125 $ 19,233
Fair value 1 14 92 17,540 17,647
Average yield (a) 3.47 % 3.85 % 4.35 % 5.27 % 5.26 %
Non-U.S. government debt securities
Amortized cost $ 10,038 $ 16,441 $ 8,918 $ 5,786 $ 41,183
Fair value 10,051 16,526 8,846 5,707 41,130
Average yield (a) 3.74 % 4.19 % 3.16 % 3.92 % 3.82 %
Corporate debt securities
Amortized cost $ 49 $ 106 $ — $ — $ 155
Fair value 17 106 — — 123
Average yield (a) 17.50 % 14.52 % — % — % 15.46 %
Asset-backed securities
Amortized cost $ 5 $ 376 $ 1,152 $ 16,954 $ 18,487
Fair value 5 378 1,159 16,999 18,541
Average yield (a) 5.34 % 5.76 % 5.66 % 5.47 % 5.49 %
Total available-for-sale securities
Amortized cost (b) $ 36,967 $ 243,220 $ 68,343 $ 139,006 $ 487,536
Fair value 36,950 244,903 68,448 135,079 485,380
Average yield (a) 4.38 % 4.46 % 4.63 % 4.85 % 4.59 %
Held-to-maturity securities
Mortgage-backed securities
Amortized cost $ 356 $ 8,129 $ 6,967 $ 93,722 $ 109,174
Fair value 347 7,727 6,287 82,530 96,891
Average yield (a) 0.92 % 2.60 % 2.82 % 2.94 % 2.90 %
U.S. Treasury and government agencies
Amortized cost $ 32,483 $ 29,681 $ 46,072 $ — $ 108,236
Fair value 31,931 27,900 40,329 — 100,160
Average yield (a) 0.65 % 1.27 % 1.27 % — % 1.08 %
Obligations of U.S. states and municipalities
Amortized cost $ — $ 44 $ 278 $ 8,729 $ 9,051
Fair value — 40 256 7,757 8,053
Average yield (a) — % 4.55 % 3.09 % 3.91 % 3.88 %
Asset-backed securities
Amortized cost $ — $ 155 $ 21,237 $ 12,779 $ 34,171
Fair value — 155 21,243 12,762 34,160
Average yield (a) — % 3.58 % 4.94 % 5.03 % 4.97 %
Total held-to-maturity securities
Amortized cost (b) $ 32,839 $ 38,009 $ 74,554 $ 115,230 $ 260,632
Fair value 32,278 35,822 68,115 103,049 239,264
Average yield (a) 0.65 % 1.57 % 2.47 % 3.24 % 2.45 %

(a)
Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives, including closed portfolio hedges. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date.
(b)
For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $
35
million and the portfolio layer fair value hedge basis adjustments of $
1.1
billion at June 30, 2025. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $
73
million at June 30, 2025.
(c)
Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in
10
years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately
eight years
for agency residential MBS,
six years
for agency residential collateralized mortgage obligations, and
five years
for nonagency residential collateralized mortgage obligations.
137
Note 10 –
Securities financing activities
Refer to Note 11 of JPMorganChase’s 2024 Form 10-K for a discussion of accounting policies relating to securities financing activities. Refer to Note 3 for further information regarding securities financing agreements for which the fair value option has been elected. Refer to Note 23 for further information regarding assets pledged and collateral received in securities financing agreements.
The table below summarizes the gross and net amounts of the Firm’s securities financing agreements as of June 30, 2025 and December 31, 2024. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with
the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets.
June 30, 2025
(in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c)
Assets
Securities purchased under resale agreements $ 716,424 $ ( 245,842 ) $ 470,582 $ ( 461,190 ) $ 9,392
Securities borrowed 283,157 ( 59,181 ) 223,976 ( 183,302 ) 40,674
Liabilities
Securities sold under repurchase agreements $ 833,415 $ ( 245,842 ) $ 587,573 $ ( 558,634 ) $ 28,939
Securities loaned and other (a) 75,377 ( 59,181 ) 16,196 ( 16,014 ) 182

December 31, 2024
(in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c)
Assets
Securities purchased under resale agreements $ 607,154 $ ( 312,183 ) $ 294,971 $ ( 282,220 ) $ 12,751
Securities borrowed 267,917 ( 48,371 ) 219,546 ( 170,702 ) 48,844
Liabilities
Securities sold under repurchase agreements $ 603,683 $ ( 312,183 ) $ 291,500 $ ( 249,763 ) $ 41,737
Securities loaned and other (a) 58,989 ( 48,371 ) 10,618 ( 10,557 ) 61

(a)
Includes securities-for-securities lending agreements of $
8.9
billion and $
5.9
billion at June 30, 2025 and December 31, 2024, respectively, accounted for at fair value, where the Firm is acting as lender.
(b)
In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty.
(c)
Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At June 30, 2025 and December 31, 2024, included $
7.8
billion and $
8.7
billion, respectively, of securities purchased under resale agreements; $
36.4
billion and $
42.9
billion, respectively, of securities borrowed; $
28.2
billion and $
40.9
billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material.
138
The tables below present as of June 30, 2025 and December 31, 2024 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements.
Gross liability balance
June 30, 2025 December 31, 2024
(in millions) Securities sold under repurchase agreements Securities loaned and other Securities sold under repurchase agreements Securities loaned and other
Mortgage-backed securities
U.S. GSEs and government agencies $ 124,237 $ — $ 82,645 $ —
Residential - nonagency 2,120 — 2,610 —
Commercial - nonagency 2,190 — 2,344 —
U.S. Treasury, GSEs and government agencies 406,093 512 300,022 759
Obligations of U.S. states and municipalities 2,029 — 1,872 —
Non-U.S. government debt 196,113 3,209 117,614 1,852
Corporate debt securities 54,350 3,813 44,495 4,033
Asset-backed securities 6,126 — 4,619 —
Equity securities 40,157 67,843 47,462 52,345
Total $ 833,415 $ 75,377 $ 603,683 $ 58,989

Remaining contractual maturity of the agreements
June 30, 2025 (in millions) Overnight and continuous Up to 30 days 30 – 90 days Greater than 90 days Total
Total securities sold under repurchase agreements $ 469,972 $ 222,980 $ 41,960 $ 98,503 $ 833,415
Total securities loaned and other 70,874 3 2 4,498 75,377

Remaining contractual maturity of the agreements
December 31, 2024 (in millions) Overnight and continuous Up to 30 days 30 – 90 days Greater than 90 days Total
Total securities sold under repurchase agreements $ 308,392 $ 171,346 $ 19,932 $ 104,013 $ 603,683
Total securities loaned and other 54,066 1,463 1 3,459 58,989

Transfers not qualifying for sale accounting
At June 30, 2025 and December 31, 2024, the Firm held $
936
million and $
805
million, respectively, of financial assets for which the rights have been transferred to third parties; however, the transfers did not qualify as a sale in accordance with U.S. GAAP. These transfers have been recognized as collateralized financing transactions. The transferred assets are recorded in trading assets and loans, and the corresponding liabilities are recorded primarily in short-term borrowings and long-term debt on the Consolidated balance sheets.
139
Note 11 –
Loans
Loan accounting framework
The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories:
•
Originated or purchased loans held-for-investment (i.e., “retained”)
•
Loans held-for-sale
•
Loans at fair value
Refer to Note 12 of JPMorganChase's 2024 Form 10-K for a detailed discussion of loans, including accounting policies. Refer to Note 3 of this Form 10-Q for further information on the Firm's elections of fair value accounting under the fair value option. Refer to Note 2 of this Form 10-Q for information on loans carried at fair value and classified as trading assets.
Loan portfolio
The Firm’s loan portfolio is divided into
three
portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class.
Consumer, excluding credit card Credit card Wholesale (c)(d)
• Residential real estate (a) • Auto and other (b) • Credit card loans • Secured by real estate • Commercial and industrial • Other (e)

(a)
Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB.
(b)
Includes scored auto, business banking and consumer unsecured loans as well as overdrafts, primarily in CCB.
(c)
Includes loans held in CIB, AWM, Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses.
(d)
The wholesale portfolio segment's classes align with loan classifications as defined by the Federal Reserve Board ("FRB") in effect at each period presented, based on the loan's collateral, purpose, and type of borrower.
(e)
Includes loans to financial institutions, SPEs, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 of JPMorganChase’s 2024 Form 10-K for more information on SPEs.
The following tables summarize the Firm’s loan balances by portfolio segment.
June 30, 2025 (in millions) Consumer, excluding credit card Credit card Wholesale Total (a)(b)
Retained $ 371,855 $ 232,943 $ 740,675 $ 1,345,473
Held-for-sale 836 — 12,383 13,219
At fair value 21,349 — 31,951 53,300
Total $ 394,040 $ 232,943 $ 785,009 $ 1,411,992
December 31, 2024 (in millions) Consumer, excluding credit card Credit card Wholesale Total (a)(b)
Retained $ 376,334 $ 232,860 $ 690,396 $ 1,299,590
Held-for-sale 945 — 6,103 7,048
At fair value 15,531 — 25,819 41,350
Total $ 392,810 $ 232,860 $ 722,318 $ 1,347,988

(a)
Excludes $
6.6
billion of accrued interest receivables at both June 30, 2025 and December 31, 2024. The Firm wrote off accrued interest receivables of $
35
million and $
64
million for the three and six months ended June 30, 2025, respectively, and were
not
material for the three and six months ended June 30, 2024.
(b)
Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of June 30, 2025 and December 31, 2024. Refer to Note 34 of JPMorganChase’s 2024 Form 10-K for more information on the discount associated with First Republic loans.
140
The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table.
2025 2024
Three months ended June 30, (in millions) Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total
Purchases $ 158 (b)(c) $ — $ 203 $ 361 $ 232 (b)(c) $ — $ 193 $ 425
Sales — — 13,365 13,365 4,602 — 10,954 15,556
Retained loans reclassified to held-for-sale (a) 187 — 434 621 182 — 363 545
2025 2024
Six months ended June 30, (in millions) Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total
Purchases $ 285 (b)(c) $ — $ 333 $ 618 $ 356 (b)(c) $ — $ 354 $ 710
Sales — — 25,080 25,080 7,966 — 20,536 28,502
Retained loans reclassified to held-for-sale (a) 231 — 787 1,018 1,169 — 548 1,717

(a)
Reclassifications of loans to held-for-sale are non-cash transactions.
(b)
Includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA.
(c)
Excludes purchases of retained loans of $
746
million and $
80
million for the three months ended June 30, 2025 and 2024, respectively, and $
962
million and $
284
million for the six months ended June 30, 2025 and 2024, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards.
Gains and losses on sales of loans
The following table provides information on the net gains/(losses) on sales of loans and lending-related commitments (including adjustments to record loans and lending-related commitments held-for-sale at the lower of cost or fair value), which were recognized in noninterest revenue. In addition, the sale of loans may also result in write downs, recoveries or changes in the allowance recognized in the provision for credit losses.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Net gains/(losses) on sales of loans and lending-related commitments (a) $ 113 $ ( 36 ) $ 43 $ 60

(a)
Includes $
106
 million and $(
33
) million related to loans for the three months ended June 30, 2025 and 2024, respectively, and $
36
 million and $
33
 million for the six months ended June 30, 2025 and 2024, respectively.
141
Consumer, excluding credit card loan portfolio
Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. These loans include home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period, and certain payment-option loans that may result in negative amortization.
The following table provides information about retained consumer loans, excluding credit card, by class.
(in millions) June 30, 2025 December 31, 2024
Residential real estate $ 305,061 $ 309,513
Auto and other 66,794 66,821
Total retained loans $ 371,855 $ 376,334

Delinquency rates are the primary credit quality indicator for consumer loans. Refer to Note 12 of JPMorganChase's 2024 Form 10-K for further information on consumer credit quality indicators.
142
Residential real estate
Delinquency is the primary credit quality indicator for retained residential real estate loans.
The following tables provide information on delinquency and gross charge-offs.
As of or for the six months ended June 30, 2025, (in millions, except ratios) Term loans by origination year (c) Revolving loans Total
2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans
Loan delinquency (a)
Current $ 8,503 $ 11,583 $ 15,912 $ 59,155 $ 77,025 $ 116,681 $ 6,728 $ 6,688 $ 302,275
30–149 days past due — 33 95 290 304 958 34 175 1,889
150 or more days past due — 3 19 123 88 512 21 131 897
Total retained loans $ 8,503 $ 11,619 $ 16,026 $ 59,568 $ 77,417 $ 118,151 $ 6,783 $ 6,994 $ 305,061
% of 30+ days past due to total retained loans (b) — % 0.31 % 0.71 % 0.69 % 0.51 % 1.23 % 0.81 % 4.38 % 0.91 %
Gross charge-offs $ — $ — $ 1 $ 3 $ 4 $ 2 $ 14 $ 2 $ 26

Term loans by origination year (c) Revolving loans Total
As of or for the year ended December 31, 2024, (in millions, except ratios) 2024 2023 2022 2021 2020 Prior to 2020 Within the revolving period Converted to term loans
Loan delinquency (a)
Current $ 12,301 $ 17,280 $ 61,337 $ 79,760 $ 52,289 $ 70,270 $ 6,974 $ 7,088 $ 307,299
30–149 days past due 13 54 139 110 59 747 53 204 1,379
150 or more days past due — 11 71 68 49 501 8 127 835
Total retained loans $ 12,314 $ 17,345 $ 61,547 $ 79,938 $ 52,397 $ 71,518 $ 7,035 $ 7,419 $ 309,513
% of 30+ days past due to total retained loans (b) 0.11 % 0.37 % 0.34 % 0.22 % 0.21 % 1.72 % 0.87 % 4.46 % 0.71 %
Gross charge-offs $ — $ — $ 1 $ 1 $ — $ 176 $ 21 $ 7 $ 206

(a)
Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at June 30, 2025 and December 31, 2024.
(b)
Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at June 30, 2025 and December 31, 2024. These amounts have been excluded based upon the government guarantee.
(c)
Purchased loans are included in the year in which they were originated.
Approximately
38
% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period.
143
Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans.
(in millions, except weighted-average data) June 30, 2025 December 31, 2024
Nonaccrual loans (a)(b)(c)(d) $ 3,706 $ 2,984
Current estimated LTV ratios (e)(f)(g)
Greater than 125% and refreshed FICO scores:
Equal to or greater than 660 $ 35 $ 72
Less than 660 6 3
101% to 125% and refreshed FICO scores:
Equal to or greater than 660 134 161
Less than 660 3 5
80% to 100% and refreshed FICO scores:
Equal to or greater than 660 4,516 4,962
Less than 660 63 73
Less than 80% and refreshed FICO scores:
Equal to or greater than 660 291,229 294,797
Less than 660 8,396 8,534
No FICO/LTV available (h) 679 906
Total retained loans $ 305,061 $ 309,513
Weighted-average LTV ratio (e)(i) 46 % 47 %
Weighted-average FICO (f)(i) 774 774
Geographic region (h)(j)
California $ 118,798 $ 120,944
New York 46,348 46,854
Florida 21,748 21,820
Texas 14,364 14,531
Massachusetts 13,230 13,511
Colorado 10,418 10,465
Illinois 9,445 9,835
Washington 9,368 9,372
New Jersey 7,415 7,554
Connecticut 6,808 6,854
All other 47,119 47,773
Total retained loans $ 305,061 $ 309,513

(a)
I
ncludes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual loans, regardless of their delinquency status. At June 30, 2025, approximately
8
% of Chapter 7 residential real estate loans were 30 days or more past due.
(b)
Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at June 30, 2025 and December 31, 2024.
(c)
Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.
(d)
Interest income on nonaccrual loans recognized on a cash basis was $
37
million and $
42
million and $
74
million and $
85
million for the three and six months ended June 30, 2025 and 2024, respectively.
(e)
Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property.
(f)
Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(g)
Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality.
(h)
Included U.S. government-guaranteed loans as of June 30, 2025 and December 31, 2024.
(i)
Excludes loans with no FICO and/or LTV data available.
(j)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2025.
144
Loan modifications
The Firm grants certain modifications of residential real estate loans to borrowers experiencing financial difficulty. The Firm's proprietary modification programs as well as government programs, including U.S. GSE programs, that generally provide various modifications to borrowers experiencing financial difficulty including, but not limited to, interest rate reductions, term extensions, other-than-insignificant payment deferral and principal forgiveness that would otherwise have been required under the terms of the original agreement, are considered FDMs. Refer to Note 12 of JPMorganChase's 2024 Form 10-K for further information.
Financial effects of FDMs
For the three and six months ended June 30, 2025, retained residential real estate FDMs were $
923
million and $
977
million, respectively, which included $
887
million and $
902
million, respectively, of FDMs in the form of other-than-insignificant payment deferrals. These other-than-insignificant payment deferrals were driven by forbearances granted to certain borrowers impacted by the wildfires in Los Angeles County, California in January 2025 who were granted a second 90-day forbearance arrangement. The financial effects of the remaining FDMs, which were in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by
15
and
16
years, and reducing the weighted-average contractual interest rate from
7.17
% to
5.65
% and
7.25
% to
5.82
% for the three and six months ended June 30, 2025.
For the three and six months ended June 30, 2024, retained residential real estate FDMs were $
68
million and $
98
million, respectively. The financial effects of the FDMs, which were predominantly in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by
7
and
10
years, and reducing the weighted-average contractual interest rate from
7.59
% to
6.04
% and
7.58
% to
5.50
% for the three and six months ended June 30, 2024.
As of June 30, 2025, additional unfunded commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs were
no
t material, while there were
no
additional unfunded commitments as of December 31, 2024.
For the three and six months ended June 30, 2025 and 2024, loans subject to a trial modification, where the terms of the loans have not been permanently modified, and Chapter 7 loans were not material.
Payment status of FDMs
The following table provides information on the payment status of retained residential real estate FDMs during the twelve months ended June 30, 2025 and 2024
(in millions) Amortized cost basis
Twelve months ended June 30,
2025 2024
Current $ 323 $ 125
30-149 days past due 630 19
150 or more days past due 126 14
Total $ 1,079 $ 158

Defaults of FDMs
Retained residential real estate FDMs that defaulted during the three and six months ended June 30, 2025 and 2024 and were reported as FDMs in the twelve months prior to the default were not material.
Active and suspended foreclosure
At June 30, 2025 and December 31, 2024, the Firm had retained residential real estate loans, excluding those insured by U.S. government agencies, with a carrying value of $
547
million and $
576
million, respectively, that were not included in REO, but were in the process of active or suspended foreclosure.
145
Auto and other
Delinquency is the primary credit quality indicator for retained auto and other loans.
The following tables provide information on delinquency and gross charge-offs.
As of or for the six months ended June 30, 2025, (in millions, except ratios) Term loans by origination year Revolving loans
2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans Total
Loan delinquency
Current $ 14,637 $ 21,230 $ 12,475 $ 6,896 $ 4,776 $ 1,880 $ 3,752 $ 173 $ 65,819
30–119 days past due 84 168 237 205 126 40 33 39 932
120 or more days past due — 1 2 — 1 3 4 32 43
Total retained loans $ 14,721 $ 21,399 $ 12,714 $ 7,101 $ 4,903 $ 1,923 $ 3,789 $ 244 $ 66,794
% of 30+ days past due to total retained loans 0.57 % 0.79 % 1.88 % 2.89 % 2.57 % 2.13 % 0.98 % 29.10 % 1.46 %
Gross charge-offs $ 76 $ 130 $ 131 $ 86 $ 40 $ 48 $ — $ 3 $ 514

As of or for the year ended December 31, 2024, (in millions, except ratios) Term loans by origination year Revolving loans
2024 2023 2022 2021 2020 Prior to 2020 Within the revolving period Converted to term loans Total
Loan delinquency
Current $ 26,165 $ 15,953 $ 9,201 $ 7,014 $ 2,895 $ 624 $ 3,714 $ 148 $ 65,714
30–119 days past due 190 283 259 179 53 23 40 34 1,061
120 or more days past due 1 1 — 5 6 — 3 30 46
Total retained loans $ 26,356 $ 16,237 $ 9,460 $ 7,198 $ 2,954 $ 647 $ 3,757 $ 212 $ 66,821
% of 30+ days past due to total retained loans 0.72 % 1.75 % 2.74 % 2.50 % 1.76 % 3.55 % 1.14 % 30.19 % 1.64 %
Gross charge-offs $ 269 $ 348 $ 224 $ 126 $ 37 $ 82 $ 1 $ 6 $ 1,093

146
Nonaccrual loans and other credit quality indicators
The following table provides information on nonaccrual and geographic region as a credit quality indicator for retained auto and other consumer loans.
(in millions) Total Auto and other
June 30, 2025 December 31, 2024
Nonaccrual loans (a)(b) $ 232 $ 249
Geographic region (c)
California $ 10,303 $ 10,321
Texas 8,002 7,772
Florida 5,460 5,428
New York 4,869 4,905
Illinois 2,897 2,890
New Jersey 2,439 2,468
Pennsylvania 2,035 2,012
Georgia 1,717 1,716
Arizona 1,642 1,643
North Carolina 1,610 1,597
All other 25,820 26,069
Total retained loans $ 66,794 $ 66,821

(a)
Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative.
(b)
Interest income on nonaccrual loans recognized on a cash basis was not material for the three and six months ended June 30, 2025 and 2024
.
(c)
The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at June 30, 2025.
Loan modifications
The Firm grants certain modifications of auto and other loans to borrowers experiencing financial difficulty.
For the three and six months ended June 30, 2025 and 2024, retained auto and other FDMs were not material.
As of June 30, 2025 and December 31, 2024, there were
no
additional unfunded commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs.
147
Credit card loan portfolio
The credit card portfolio segment includes credit card loans originated and purchased by the Firm. Delinquency rates are the primary credit quality indicator for credit card loans.
Refer to Note 12 of JPMorganChase's 2024 Form 10-K for further information on the credit card loan portfolio, including credit quality indicators.
The following tables provide information on delinquency and gross charge-offs.
As of or for the six months ended June 30, 2025 (in millions, except ratios) Within the revolving period Converted to term loans Total
Loan delinquency
Current and less than 30 days past due and still accruing $ 226,470 $ 1,684 $ 228,154
30–89 days past due and still accruing 2,169 138 2,307
90 or more days past due and still accruing 2,409 73 2,482
Total retained loans $ 231,048 $ 1,895 $ 232,943
Loan delinquency ratios
% of 30+ days past due to total retained loans 1.98 % 11.13 % 2.06 %
% of 90+ days past due to total retained loans 1.04 3.85 1.07
Gross charge-offs $ 4,464 $ 152 $ 4,616

As of or for the year ended December 31, 2024 (in millions, except ratios) Within the revolving period Converted to term loans Total
Loan delinquency
Current and less than 30 days past due and still accruing $ 226,532 $ 1,284 $ 227,816
30–89 days past due and still accruing 2,291 109 2,400
90 or more days past due and still accruing 2,591 53 2,644
Total retained loans $ 231,414 $ 1,446 $ 232,860
Loan delinquency ratios
% of 30+ days past due to total retained loans 2.11 % 11.20 % 2.17 %
% of 90+ days past due to total retained loans 1.12 3.67 1.14
Gross charge-offs $ 7,951 $ 247 $ 8,198

Other credit quality indicators
The following table provides information on other credit quality indicators for retained credit card loans.
(in millions, except ratios) June 30, 2025 December 31, 2024
Geographic region (a)
California $ 36,331 $ 36,385
Texas 24,568 24,423
New York 18,551 18,525
Florida 17,300 17,236
Illinois 12,509 12,442
New Jersey 9,652 9,644
Colorado 7,082 6,962
Ohio 6,924 6,976
Pennsylvania 6,490 6,558
Arizona 5,814 5,796
All other 87,722 87,913
Total retained loans $ 232,943 $ 232,860
Percentage of portfolio based on carrying value with estimated refreshed FICO scores
Equal to or greater than 660 84.7 % 85.5 %
Less than 660 15.2 14.3
No FICO available 0.1 0.2

(a)
The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at June 30, 2025.
148
Loan modifications
The Firm grants certain modifications of credit card loans to borrowers experiencing financial difficulty. These modifications may involve placing the customer’s credit card account on a fixed payment plan, generally for
60
months, which typically includes reducing the interest rate on the credit card account. If the borrower does not make the contractual payments when due under the modified payment terms, the credit card loan continues to age and will be charged-off in accordance with the Firm's standard charge-off policy. In most cases, the Firm does not reinstate the borrower's line of credit.
Financial effects of FDMs
The following tables provide information on retained credit card FDMs.
Loan modifications
Three months ended June 30, 2025 Six months ended June 30, 2025
(in millions, except ratios) Amortized cost basis % of loan modifications to total retained credit card loans Financial effect of loan modifications Amortized cost basis % of loan modifications to total retained credit card loans Financial effect of loan modifications
Term extension and interest rate reduction (a)(b) $ 462 0.20 % Term extension with a reduction in the weighted average contractual interest rate from 23.12 % to 3.45 % $ 803 0.37 % Term extension with a reduction in the weighted average contractual interest rate from 23.09 % to 3.48 %
Other (b)(c) 59 0.03 Reduced weighted-average contractual interest rate from 23.10 % to 8.01 % 64 0.03 Reduced weighted-average contractual interest rate from 22.93 % to 8.06 %
Total $ 521 $ 867

Loan modifications
Three months ended June 30, 2024 Six months ended June 30, 2024
(in millions, except ratios) Amortized cost basis % of loan modifications to total retained credit card loans Financial effect of loan modifications Amortized cost basis % of loan modifications to total retained credit card loans Financial effect of loan modifications
Term extension and interest rate reduction (a)(b) $ 259 0.12 % Term extension with a reduction in the weighted average contractual interest rate from 23.89 % to 3.04 % $ 491 0.23 % Term extension with a reduction in the weighted average contractual interest rate from 23.88 % to 3.17 %
Total $ 259 $ 491

(a)
Term extension includes credit card loans whose terms have been modified under long-term programs by placing the customer's credit card account on a fixed payment plan.
(b)
The interest rates represent the weighted average at the time of modification.
(c)
Primarily interest rate reduction.
Payment status of FDMs
The following table provides information on the payment status of retained credit card FDMs during the twelve months ended June 30, 2025 and 2024.
(in millions) Amortized cost basis
Twelve months ended June 30,
2025 2024
Current and less than 30 days past due and still accruing $ 1,135 $ 701
30-89 days past due and still accruing 102 61
90 or more days past due and still accruing 60 42
Total $ 1,297 $ 804

Defaults of FDMs
Retained credit card FDMs that defaulted during the three and six months ended June 30, 2025 and 2024 and were reported as FDMs in the twelve months prior to the default were not material.
For credit card loans modified as FDMs, payment default is deemed to have occurred when the borrower misses
two
consecutive contractual payments. Defaulted modified credit card loans remain in the modification program and continue to be charged off in accordance with the Firm's standard charge-off policy.
149
Wholesale loan portfolio
Wholesale loans include loans made to a variety of clients, ranging from large corporate and institutional clients to small businesses and high-net-worth individuals. The primary credit quality indicator for wholesale loans is the internal risk rating assigned to each loan. Refer to Note 12 of JPMorganChase’s 2024 Form 10-K for further information on these risk ratings.
Internal risk rating is the primary credit quality indicator for retained wholesale loans.
The following tables provide information on internal risk rating and gross charge-offs.
Secured by real estate Commercial and industrial Other (a) Total retained loans
(in millions, except ratios) June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024
Loans by risk ratings
Investment-grade $ 114,896 $ 114,280 $ 69,537 $ 70,862 $ 316,464 $ 286,528 $ 500,897 $ 471,670
Noninvestment-grade:
Noncriticized 38,355 37,422 92,234 83,191 82,649 72,743 213,238 193,356
Criticized performing 9,494 9,291 10,762 10,977 1,805 1,160 22,061 21,428
Criticized nonaccrual 1,477 1,439 2,110 1,760 892 743 4,479 3,942
Total noninvestment-grade 49,326 48,152 105,106 95,928 85,346 74,646 239,778 218,726
Total retained loans $ 164,222 $ 162,432 $ 174,643 $ 166,790 $ 401,810 $ 361,174 $ 740,675 $ 690,396
% of investment-grade to total retained loans 69.96 % 70.36 % 39.82 % 42.49 % 78.76 % 79.33 % 67.63 % 68.32 %
% of total criticized to total retained loans 6.68 6.61 7.37 7.64 0.67 0.53 3.58 3.67
% of criticized nonaccrual to total retained loans 0.90 0.89 1.21 1.06 0.22 0.21 0.60 0.57

(a)
Includes loans to financial institutions, SPEs, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. As of June 30, 2025 and December 31, 2024, predominantly consisted of $
122.9
 billion and $
114.8
 billion, respectively, to individuals and individual entities; $
108.4
 billion and $
94.0
 billion, respectively, to financial institutions; and $
107.7
 billion and $
92.5
 billion, respectively, to SPEs. Refer to Note 14 of JPMorganChase’s 2024 Form 10-K for more information on SPEs.
As of or for the six months ended June 30, 2025, (in millions) Secured by real estate
Term loans by origination year Revolving loans
2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 6,750 $ 9,856 $ 9,689 $ 23,697 $ 22,249 $ 41,460 $ 1,195 $ — $ 114,896
Noninvestment-grade 2,896 4,087 5,258 14,582 8,185 12,500 1,724 94 49,326
Total retained loans $ 9,646 $ 13,943 $ 14,947 $ 38,279 $ 30,434 $ 53,960 $ 2,919 $ 94 $ 164,222
Gross charge-offs $ — $ — $ 1 $ 10 $ 34 $ 100 $ — $ — $ 145

    
As of or for the year ended December 31, 2024, (in millions) Secured by real estate
Term loans by origination year Revolving loans
2024 2023 2022 2021 2020 Prior to 2020 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 10,002 $ 9,834 $ 25,284 $ 22,796 $ 15,548 $ 29,488 $ 1,328 $ — $ 114,280
Noninvestment-grade 4,238 5,366 14,717 8,567 3,462 10,392 1,317 93 48,152
Total retained loans $ 14,240 $ 15,200 $ 40,001 $ 31,363 $ 19,010 $ 39,880 $ 2,645 $ 93 $ 162,432
Gross charge-offs $ 72 $ 18 $ 43 $ 2 $ 109 $ 80 $ — $ — $ 324

150
As of or for the six months ended June 30, 2025, (in millions) Commercial and industrial
Term loans by origination year Revolving loans
2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 8,240 $ 5,194 $ 4,192 $ 5,830 $ 2,567 $ 1,575 $ 41,938 $ 1 $ 69,537
Noninvestment-grade 16,021 17,029 9,201 8,297 3,299 1,134 50,019 106 105,106
Total retained loans $ 24,261 $ 22,223 $ 13,393 $ 14,127 $ 5,866 $ 2,709 $ 91,957 $ 107 $ 174,643
Gross charge-offs $ 53 $ 6 $ 5 $ 47 $ 111 $ 9 $ 160 $ 5 $ 396

As of or for the year ended December 31, 2024, (in millions) Commercial and industrial
Term loans by origination year Revolving loans
2024 2023 2022 2021 2020 Prior to 2020 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 11,564 $ 6,285 $ 6,588 $ 3,119 $ 1,067 $ 1,139 $ 41,099 $ 1 $ 70,862
Noninvestment-grade 21,251 11,350 10,942 5,322 783 975 45,181 124 95,928
Total retained loans $ 32,815 $ 17,635 $ 17,530 $ 8,441 $ 1,850 $ 2,114 $ 86,280 $ 125 $ 166,790
Gross charge-offs $ 25 $ 22 $ 128 $ 24 $ 1 $ 50 $ 270 $ 5 $ 525

As of or for the six months ended June 30, 2025, (in millions) Other (a)
Term loans by origination year Revolving loans
2025 2024 2023 2022 2021 Prior to 2021 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 19,915 $ 20,275 $ 15,151 $ 11,435 $ 5,775 $ 13,843 $ 229,054 $ 1,016 $ 316,464
Noninvestment-grade 11,223 7,435 5,685 4,998 2,651 2,589 50,508 257 85,346
Total retained loans $ 31,138 $ 27,710 $ 20,836 $ 16,433 $ 8,426 $ 16,432 $ 279,562 $ 1,273 $ 401,810
Gross charge-offs $ 23 $ 2 $ 16 $ 1 $ 3 $ 13 $ 5 $ — $ 63

As of or for the year ended December 31, 2024, (in millions) Other (a)
Term loans by origination year Revolving loans
2024 2023 2022 2021 2020 Prior to 2020 Within the revolving period Converted to term loans Total
Loans by risk ratings
Investment-grade $ 30,484 $ 17,039 $ 13,272 $ 6,288 $ 8,632 $ 7,382 $ 201,949 $ 1,482 $ 286,528
Noninvestment-grade 11,784 7,248 5,918 3,296 1,366 1,886 42,954 194 74,646
Total retained loans $ 42,268 $ 24,287 $ 19,190 $ 9,584 $ 9,998 $ 9,268 $ 244,903 $ 1,676 $ 361,174
Gross charge-offs $ — $ 38 $ 3 $ 36 $ 40 $ 50 $ 6 $ — $ 173

(a)
Includes loans to financial institutions, SPEs, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 of JPMorganChase’s 2024 Form 10-K for more information on SPEs.
151
The following table presents additional information on retained loans secured by real estate, which consists of loans secured wholly or substantially by a lien or liens on real property at origination.
(in millions, except ratios) Multifamily Other commercial Total retained Secured by real estate loans
June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024
Retained loans secured by real estate $ 102,012 $ 101,114 $ 62,210 $ 61,318 $ 164,222 $ 162,432
Criticized 4,745 4,700 6,226 6,030 10,971 10,730
% of criticized to total retained loans secured by real estate 4.65 % 4.65 % 10.01 % 9.83 % 6.68 % 6.61 %
Criticized nonaccrual $ 373 $ 337 $ 1,104 $ 1,102 $ 1,477 $ 1,439
% of criticized nonaccrual loans to total retained loans secured by real estate 0.37 % 0.33 % 1.77 % 1.80 % 0.90 % 0.89 %

Geographic distribution and delinquency
The following table provides information on the geographic distribution and delinquency for retained wholesale loans.
Secured by real estate Commercial and industrial Other Total retained loans
(in millions) June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024
Loans by geographic distribution (a)
Total U.S. $ 160,885 $ 159,209 $ 131,795 $ 127,626 $ 302,940 $ 278,077 $ 595,620 $ 564,912
Total non-U.S. 3,337 3,223 42,848 39,164 98,870 83,097 145,055 125,484
Total retained loans $ 164,222 $ 162,432 $ 174,643 $ 166,790 $ 401,810 $ 361,174 $ 740,675 $ 690,396
Loan delinquency
Current and less than 30 days past due and still accruing $ 162,413 $ 159,949 $ 171,693 $ 164,104 $ 399,339 $ 359,191 $ 733,445 $ 683,244
30–89 days past due and still accruing 261 918 810 868 1,573 1,152 2,644 2,938
90 or more days past due and still accruing (b) 71 126 30 58 6 88 107 272
Criticized nonaccrual 1,477 1,439 2,110 1,760 892 743 4,479 3,942
Total retained loans $ 164,222 $ 162,432 $ 174,643 $ 166,790 $ 401,810 $ 361,174 $ 740,675 $ 690,396

(a)
The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower.
(b)
Represents loans that are considered well-collateralized and therefore still accruing interest.
Nonaccrual loans
The following table provides information on retained wholesale nonaccrual loans.
(in millions) Secured by real estate Commercial and industrial Other Total retained loans
June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024 June 30, 2025 Dec 31, 2024
Nonaccrual loans
With an allowance $ 524 $ 366 $ 1,839 $ 1,362 $ 669 $ 555 $ 3,032 $ 2,283
Without an allowance (a) 953 1,073 271 398 223 188 1,447 1,659
Total nonaccrual loans (b) $ 1,477 $ 1,439 $ 2,110 $ 1,760 $ 892 $ 743 $ 4,479 $ 3,942

(a)
When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance.
(b)
Interest income on nonaccrual loans recognized on a cash basis was not material for the three and six months ended June 30, 2025 and 2024.
152
Loan modifications
The Firm grants certain modifications of wholesale loans to borrowers experiencing financial difficulty.
Financial effects of FDMs
The following tables provide information on retained wholesale loan modifications considered FDMs during the three and six months ended June 30, 2025 and 2024.
Secured by real estate
Three months ended June 30, 2025 Six months ended June 30, 2025
(in millions, except ratios) Amortized cost basis % of loan modifications to total retained Secured by real estate loans Financial effect of loan modifications Amortized cost basis % of loan modifications to total retained Secured by real estate loans Financial effect of loan modifications
Single modifications
Term extension $ 336 0.20 % Extended loans by a weighted-average of 21 months $ 585 0.36 % Extended loans by a weighted-average of 17 months
Multiple modifications
Other-than-insignificant payment deferral and term extension — — NM 42 0.03 Provided payment deferrals with delayed amounts recaptured at maturity and extended loans by a weighted-average of 35 months
Other (a) — — NM 16 0.01 NM
Total $ 336 $ 643

(a)
Includes loans with a single modification.
Secured by real estate
Three months ended June 30, 2024 Six months ended June 30, 2024
(in millions, except ratios) Amortized cost basis % of loan modifications to total retained Secured by real estate loans Financial effect of loan modifications Amortized cost basis % of loan modifications to total retained Secured by real estate loans Financial effect of loan modifications
Single modifications
Term extension $ 27 0.02 % Extended loans by a weighted-average of 5 months $ 28 0.02 % Extended loans by a weighted-average of 5 months
Multiple modifications
Other-than-insignificant payment deferral and interest rate reduction 35 0.02 Provided payment deferrals with delayed amounts primarily recaptured at maturity and reduced weighted-average contractual interest by 185 bps 48 0.03 Provided payment deferrals with delayed amounts primarily recaptured at maturity and reduced weighted-average contractual interest by 162 bps
Other (a) — — NM 1 — NM
Total $ 62 $ 77

(a)
Includes loans with a single modification.
153
Commercial and industrial
Three months ended June 30, 2025 Six months ended June 30, 2025
(in millions, except ratios) Amortized cost basis % of loan modifications to total retained Commercial and industrial loans Financial effect of loan modifications Amortized cost basis % of loan modifications to total retained Commercial and industrial loans Financial effect of loan modifications
Single modifications
Term extension $ 624 0.36 % Extended loans by a weighted-average of 16 months $ 835 0.48 % Extended loans by a weighted-average of 19 months
Other-than-insignificant payment deferral 172 0.10 Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period 418 0.24 Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period
Multiple modifications
Other-than-insignificant payment deferral, interest rate reduction and term extension 90 0.05 Provided payment deferrals with delayed amounts primarily recaptured at maturity, reduced weighted-average contractual interest by 1076 bps and extended loans by a weighted-average of 15 months 90 0.05 Provided payment deferrals with delayed amounts primarily recaptured at maturity, reduced weighted-average contractual interest by 1076 bps and extended loans by a weighted-average of 15 months
Interest rate reduction and term extension 82 0.05 Reduced weighted-average contractual interest by 655 bps and extended loans by a weighted-average of 26 months 82 0.05 Reduced weighted-average contractual interest by 652 bps and extended loans by a weighted-average of 26 months
Other-than-insignificant payment deferral and term extension 47 0.03 Provided payment deferrals with delayed amounts recaptured at maturity and extended loans by a weighted-average of 26 months 47 0.03 Provided payment deferrals with delayed amounts recaptured at maturity and extended loans by a weighted-average of 26 months
Other (a) 15 0.01 NM 15 0.01 NM
Total $ 1,030 $ 1,487

(a)
Includes loans with a single and multiple modifications.
154
Commercial and industrial
Three months ended June 30, 2024 Six months ended June 30, 2024
(in millions, except ratios) Amortized cost basis % of loan modifications to total retained Commercial and industrial loans Financial effect of loan modifications Amortized cost basis % of loan modifications to total retained Commercial and industrial loans Financial effect of loan modifications
Single modifications
Term extension $ 460 0.28 % Extended loans by a weighted-average of 12 months $ 754 0.45 % Extended loans by a weighted-average of 13 months
Other-than-insignificant payment deferral 162 0.10 Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor 166 0.10 Provided payment deferrals with delayed amounts primarily re-amortized over the remaining tenor
Multiple modifications
Other-than-insignificant payment deferral and term extension 20 0.01 Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted-average of 19 months 115 0.07 Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted-average of 20 months
Other (a) 2 — NM 6 — NM
Total $ 644 $ 1,041

(a)
Includes loans with both single and multiple modifications.
Other
Three months ended June 30, 2025 Six months ended June 30, 2025
(in millions, except ratios) Amortized cost basis % of loan modifications to total retained Other loans Financial effect of loan modifications Amortized cost basis % of loan modifications to total retained Other loans Financial effect of loan modifications
Single modifications
Term extension $ 109 0.03 % Extended loans by a weighted-average of 6 months $ 140 0.03 % Extended loans by a weighted-average of 9 months
Other (a) 3 — NM 3 — NM
Total $ 112 $ 143

(a)
Includes a loan with multiple modifications.
Other
Three months ended June 30, 2024 Six months ended June 30, 2024
(in millions, except ratios) Amortized cost basis % of loan modifications to total retained Other loans Financial effect of loan modifications Amortized cost basis % of loan modifications to total retained Other loans Financial effect of loan modifications
Single modifications
Term extension $ 19 0.01 % Extended loans by a weighted-average of 7 months $ 29 0.01 % Extended loans by a weighted-average of 11 months
Other (a) 15 — NM 15 — NM
Total $ 34 $ 44

(a)
Includes loans with both single and multiple modifications.
155
Payment status of FDMs
The following table provides information on the payment status of retained wholesale FDMs during the twelve months ended June 30, 2025 and 2024.
Amortized cost basis
Twelve months ended June 30, 2025 Twelve months ended June 30, 2024
(in millions) Secured by real estate Commercial and industrial Other Secured by real estate Commercial and industrial Other
Current and less than 30 days past due and still accruing $ 585 $ 1,612 $ 320 $ 74 $ 1,271 $ 134
30-89 days past due and still accruing — 9 — 1 79 —
90 or more days past due and still accruing 2 2 — — — —
Criticized nonaccrual 288 689 40 70 425 208
Total $ 875 $ 2,312 $ 360 $ 145 $ 1,775 $ 342

Defaults of FDMs
The following table provides information on retained wholesale FDMs that defaulted in the three and six months ended June 30, 2025 and 2024 that were reported as FDMs in the twelve months prior to the default.
Amortized cost basis
Three months ended June 30, 2025 Six months ended June 30, 2025
(in millions) Secured by real estate Commercial and industrial Other Secured by real estate Commercial and industrial Other
Term extension $ 21 $ 40 $ 4 $ 21 $ 49 $ 12
Other-than-insignificant payment deferral — 4 — — 4 —
Interest rate reduction and term extension — — — — 4 —
Total (a) $ 21 $ 44 $ 4 $ 21 $ 57 $ 12

Amortized cost basis
Three months ended June 30, 2024 Six months ended June 30, 2024
(in millions) Secured by real estate Commercial and industrial Other Secured by real estate Commercial and industrial Other
Term extension $ 1 $ 110 $ 9 $ 6 $ 111 $ 11
Other-than-insignificant payment deferral — 23 — — 23 —
Other than insignificant payment deferral and term extension — 20 — — 20 —
Interest rate reduction and term extension 3 1 — 3 2 —
Total (a) $ 4 $ 154 $ 9 $ 9 $ 156 $ 11

(a)
Represents FDMs that were 30 days or more past due.

As of June 30, 2025 and December 31, 2024, additional unfunded commitments on modified loans to borrowers experiencing financial difficulty were $
1.9
billion and $
1.8
 billion, respectively, in Commercial and industrial, and
zero
and $
69
 million, respectively, in Other. Additional unfunded commitments on modified loans to borrowers experiencing financial difficulty whose loans have been modified as FDMs in Secured by real estate were not material at both periods.
156
Note 12 –
Allowance for credit losses
The Firm's allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments.
Refer to Note 13 of JPMorganChase's 2024 Form 10-K for a detailed discussion of the allowance for credit losses and the related accounting policies.
157
Allowance for credit losses and related information
The table below summarizes information about the allowances for credit losses and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 of JPMorganChase’s 2024 Form 10-K and Note 9 of this Form 10-Q for further information on the allowance for credit losses on investment securities.
2025 2024
Six months ended June 30, (in millions) Consumer, excluding credit card Credit card Wholesale Total Consumer, excluding credit card Credit card Wholesale Total
Allowance for loan losses
Beginning balance at January 1, $ 1,807 $ 14,600 $ 7,938 $ 24,345 $ 1,856 $ 12,450 $ 8,114 $ 22,420
Gross charge-offs 540 4,616 604 5,760 661 3,998 448 5,107
Gross recoveries collected ( 248 ) ( 698 ) ( 72 ) ( 1,018 ) ( 343 ) ( 482 ) ( 95 ) ( 920 )
Net charge-offs/(recoveries) 292 3,918 532 4,742 318 3,516 353 4,187
Provision for loan losses 334 4,319 691 5,344 204 4,266 288 4,758
Other — — 6 6 1 — ( 1 ) —
Ending balance at June 30, $ 1,849 $ 15,001 $ 8,103 $ 24,953 $ 1,743 $ 13,200 $ 8,048 $ 22,991
Allowance for lending-related commitments
Beginning balance at January 1, $ 82 $ — $ 2,019 $ 2,101 $ 75 $ — $ 1,899 $ 1,974
Provision for lending-related commitments 1 — 830 831 17 — 77 94
Other — — — — — — — —
Ending balance at June 30, $ 83 $ — $ 2,849 $ 2,932 $ 92 $ — $ 1,976 $ 2,068
Total allowance for investment securities NA NA NA 108 NA NA NA 177
Total allowance for credit losses (a) $ 1,932 $ 15,001 $ 10,952 $ 27,993 $ 1,835 $ 13,200 $ 10,024 $ 25,236
Allowance for loan losses by impairment methodology
Asset-specific (b) $ ( 683 ) $ — $ 781 $ 98 $ ( 856 ) $ — $ 562 $ ( 294 )
Portfolio-based 2,532 15,001 7,322 24,855 2,599 13,200 7,486 23,285
Total allowance for loan losses $ 1,849 $ 15,001 $ 8,103 $ 24,953 $ 1,743 $ 13,200 $ 8,048 $ 22,991
Loans by impairment methodology
Asset-specific (b) $ 2,895 $ — $ 4,519 $ 7,414 $ 3,034 $ — $ 3,283 $ 6,317
Portfolio-based 368,960 232,943 736,156 1,338,059 379,761 216,100 670,869 1,266,730
Total retained loans $ 371,855 $ 232,943 $ 740,675 $ 1,345,473 $ 382,795 $ 216,100 $ 674,152 $ 1,273,047
Collateral-dependent loans
Net charge-offs $ ( 5 ) $ — $ 108 $ 103 $ 3 $ — $ 134 $ 137
Loans measured at fair value of collateral less cost to sell 2,754 — 1,763 4,517 2,978 — 1,341 4,319
Allowance for lending-related commitments by impairment methodology
Asset-specific $ — $ — $ 167 $ 167 $ — $ — $ 107 $ 107
Portfolio-based 83 — 2,682 2,765 92 — 1,869 1,961
Total allowance for lending-related commitments (c) $ 83 $ — $ 2,849 $ 2,932 $ 92 $ — $ 1,976 $ 2,068
Lending-related commitments by impairment methodology
Asset-specific $ — $ — $ 922 $ 922 $ — $ — $ 541 $ 541
Portfolio-based (d) 26,390 321 534,556 561,267 27,375 — 511,857 539,232
Total lending-related commitments $ 26,390 $ 321 $ 535,478 $ 562,189 $ 27,375 $ — $ 512,398 $ 539,773

(a)
At June 30, 2025 and 2024, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $
288
 million and $
278
 million, respectively, associated with certain accounts receivable in CIB.
(b)
Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans.
(c)
The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets.
(d)
At June 30, 2025 and 2024, lending-related commitments excluded $
20.7
billion and $
19.8
billion, respectively, for the consumer, excluding credit card portfolio segment; $
1.0
trillion and $
964.7
billion, respectively, for the credit card portfolio segment; and $
24.2
billion and $
32.6
billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments.
158
Discussion of changes in the allowance
The allowance for credit losses as of June 30, 2025 was $
28.3
billion, reflecting a net addition of $
1.4
billion from December 31, 2024.
The net addition to the allowance for credit losses included:
•
$
1.0
billion in
wholesale
, predominantly driven by changes in credit quality of client-specific exposures, the impact of new lending-related commitments, as well as the impact of changes in the Firm's weighted-average macroeconomic outlook, and
•
$
444
million in
consumer
, predominantly driven by Card Services, reflecting loan growth and the impact of changes in the Firm's weighted-average macroeconomic outlook.
As of December 31, 2024, the Firm's qualitative adjustments and its weighted-average macroeconomic outlook included additional weight placed on the adverse scenarios to reflect ongoing uncertainties and downside risks related to the geopolitical and macroeconomic environment. In the first quarter of 2025, the Firm further increased the weight placed on the adverse scenarios, and in the second quarter, the Firm partially reduced the increase in weight implemented in the first quarter.
The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the following table, resulting in:
•
a weighted average U.S. unemployment rate peaking at 5.9% in the second quarter of 2026, and
•
a weighted average U.S. real GDP level that is 2.0% lower than the central case at the end of the fourth quarter of 2026.
The following table presents the Firm’s central case assumptions for the periods presented:
Central case assumptions at June 30, 2025
4Q25 2Q26 4Q26
U.S. unemployment rate (a) 4.6 % 4.8 % 4.5 %
YoY growth in U.S. real GDP (b) 0.6 % 1.0 % 2.1 %
Central case assumptions at December 31, 2024
2Q25 4Q25 2Q26
U.S. unemployment rate (a) 4.5 % 4.3 % 4.3 %
YoY growth in U.S. real GDP (b) 2.0 % 1.9 % 1.8 %

(a)
Reflects quarterly average of forecasted U.S. unemployment rate.
(b)
The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year.

Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods.
Refer to Note 13 and Note 10 of JPMorganChase’s 2024 Form 10-K for a description of the policies, methodologies and judgments used to determine the Firm’s allowance for credit losses on loans, lending-related commitments, and investment securities.
Refer to Note 11 for additional information on the consumer and wholesale credit portfolios.
Refer to Critical Accounting Estimates Used by the Firm on pages 85-88 for further information on the allowance for credit losses and related management judgments.
159
Note 13 –
Variable interest entities
Refer to Note 1 and Note 14 of JPMorganChase’s 2024 Form 10-K for a further description of the Firm's accounting policies regarding consolidation of and involvement with VIEs.
The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorganChase is the primary beneficiary of the structure; (2) the VIE is used by JPMorganChase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorganChase name; or (4) the entity is a JPMorganChase–administered asset-backed commercial paper conduit.
Line of Business Transaction Type Activity Form 10-Q page references
CCB Credit card securitization trusts Securitization of originated credit card receivables 160
Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages 160–162
CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans 160–162
Multi-seller conduits Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs 162
Municipal bond vehicles Financing of municipal bond investments 162

In addition, CIB also invests in and provides financing, lending-related services and other services to VIEs sponsored by third parties. Refer to pages 163–164 of this Note for more information on the VIEs sponsored by third parties.
Significant Firm-sponsored VIEs
Credit card securitizations
As a result of the Firm’s continuing involvement, the Firm is considered to be the primary beneficiary of its Firm-sponsored credit card securitization trust, the Chase Issuance Trust.
Firm-sponsored mortgage and other securitization trusts
The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts.
160
The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules),
recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Refer to page 166 of this Note for information on the securitization-related loan delinquencies and liquidation losses.
Principal amount outstanding JPMorganChase interest in securitized assets in nonconsolidated VIEs (c)(d)(e)
June 30, 2025 (in millions) Total assets held by securitization VIEs Assets held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase
Securitization-related (a)
Residential mortgage:
Prime/Alt-A and option ARMs $ 76,777 $ 583 $ 57,553 $ 995 $ 1,901 $ 716 $ 3,612
Subprime 9,046 — 1,940 39 16 — 55
Commercial and other (b) 197,239 229 137,642 742 5,886 1,069 7,697
Total $ 283,062 $ 812 $ 197,135 $ 1,776 $ 7,803 $ 1,785 $ 11,364

Principal amount outstanding JPMorganChase interest in securitized assets in nonconsolidated VIEs (c)(d)(e)
December 31, 2024 (in millions) Total assets held by securitization VIEs Assets held in consolidated securitization VIEs Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase
Securitization-related (a)
Residential mortgage:
Prime/Alt-A and option ARMs $ 71,085 $ 615 $ 50,846 $ 613 $ 1,850 $ 614 $ 3,077
Subprime 8,824 — 1,847 44 19 — 63
Commercial and other (b) 186,293 243 125,510 530 5,768 1,074 7,372
Total $ 266,202 $ 858 $ 178,203 $ 1,187 $ 7,637 $ 1,688 $ 10,512

(a)
Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored.
(b)
Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables.
(c)
Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior securities of $
172
million and $
256
million at June 30, 2025 and December 31, 2024, respectively, and subordinated securities of $
81
million and $
49
million at June 30, 2025 and December 31, 2024, respectively, which the Firm purchased in connection with CIB’s secondary market-making activities.
(d)
Includes interests held in re-securitization transactions.
(e)
As of June 30, 2025 and December 31, 2024,
78
% and
77
%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $
3.2
billion and $
2.9
billion of investment-grade retained interests at June 30, 2025 and December 31, 2024, respectively, and $
367
million and $
216
million of noninvestment-grade retained interests at June 30, 2025 and December 31, 2024, respectively. The retained interests in commercial and other securitization trusts consisted of $
6.6
billion and $
6.0
billion of investment-grade retained interests at June 30, 2025 and December 31, 2024, respectively, and $
1.0
billion and $
1.4
billion of noninvestment-grade retained interests at June 30, 2025 and December 31, 2024, respectively.
161
Residential mortgage
The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB.
Commercial mortgages and other consumer securitizations
CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts.
Re-securitizations
The following table presents the principal amount of securities transferred to re-securitization VIEs.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Transfers of securities to VIEs
U.S. GSEs and government agencies $ 4,708 $ 12,772 $ 10,198 $ 21,178

The Firm did
no
t transfer any private label securities to re-securitization VIEs during the three and six months ended June 30, 2025 and 2024, and retained interests in any such Firm-sponsored VIEs as of June 30, 2025 and December 31, 2024 were not material.
The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs.
Nonconsolidated re-securitization VIEs
(in millions) June 30, 2025 December 31, 2024
U.S. GSEs and government agencies
Interest in VIEs $ 2,866 $ 3,219

As of June 30, 2025 and December 31, 2024, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs. As of June 30, 2025, the Firm consolidated an insignificant amount of assets and liabilities of Firm-sponsored private-label re-securitization VIEs. As of December 31, 2024, the Firm did not consolidate any Firm-sponsored private-label re-securitization VIEs.
Multi-seller conduits
In the normal course of business, JPMorganChase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $
2.2
billion and $
2.9
billion of the commercial paper issued by the Firm-administered multi-seller conduits at June 30, 2025 and December 31, 2024, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits.
Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $
11.4
billion and $
10.3
billion at June 30, 2025 and December 31, 2024, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 22 for more information on off-balance sheet lending-related commitments.
Municipal bond vehicles
Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. TOB transactions are known as customer TOB trusts and non-customer TOB trusts. Customer TOB trusts are sponsored by a third party.
The Firm serves as sponsor for all non-customer TOB transactions.
162
Consolidated VIE assets and liabilities
The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of June 30, 2025 and December 31, 2024.
Assets Liabilities
June 30, 2025 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total liabilities
VIE program type
Firm-sponsored credit card trusts $ — $ 12,596 $ 161 $ 12,757 $ 5,374 $ 11 $ 5,385
Firm-administered multi-seller conduits — 20,666 129 20,795 18,495 35 18,530
Municipal bond vehicles 3,446 — 18 3,464 3,678 11 3,689
Mortgage securitization entities (a) 2 596 10 608 111 43 154
Other 695 4,576 (b) 314 5,585 42 368 410
Total $ 4,143 $ 38,434 $ 632 $ 43,209 $ 27,700 $ 468 $ 28,168
Assets Liabilities
December 31, 2024 (in millions) Trading assets Loans Other (c) Total assets (d) Beneficial interests in VIE assets (e) Other (f) Total liabilities
VIE program type
Firm-sponsored credit card trusts $ — $ 13,531 $ 168 $ 13,699 $ 5,312 $ 10 $ 5,322
Firm-administered multi-seller conduits 1 20,383 133 20,517 18,228 26 18,254
Municipal bond vehicles 3,388 — 22 3,410 3,617 15 3,632
Mortgage securitization entities (a) — 630 8 638 115 48 163
Other 496 1,966 (b) 350 2,812 51 355 406
Total $ 3,885 $ 36,510 $ 681 $ 41,076 $ 27,323 $ 454 $ 27,777

(a)
Includes residential mortgage securitizations.
(b)
Primarily includes consumer loans in CIB.
(c)
Includes assets classified as cash and other assets on the Consolidated balance sheets.
(d)
The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
(e)
The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified on the Consolidated balance sheets as “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorganChase. Included in beneficial interests in VIE assets are long-term beneficial interests of $
5.5
billion at both June 30, 2025 and December 31, 2024.
(f)
Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets.
VIEs sponsored by third parties
The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction.
Tax credit vehicles
The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, alternative energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. At June 30, 2025 and December 31, 2024, the maximum loss exposure, represented by equity investments and funding commitments, was $
35.0
billion and $
35.2
billion, of which $
14.5
billion and $
15.0
billion was unfunded, respectively. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts
163
of its capital investment until the project qualifies for tax credits. Refer to Note 22 of this Form 10-Q for more information on off-balance sheet lending-related commitments.
The Firm elected the proportional amortization method for certain tax-oriented investments on a program-by-program basis. The proportional amortization method requires the cost of eligible investments, within an elected program, be amortized in proportion to the tax benefits received with the resulting amortization reported directly in income tax expense, which aligns with the associated tax credits and other tax benefits. Investments must meet certain criteria to be eligible, including that substantially all of the return is from income tax credits and other income tax benefits.
In addition, under this method deferred taxes are generally not recorded as the investment is now amortized in proportion to the income tax credits and other income tax benefits received. Delayed equity contributions that are unconditional and legally binding or conditional and probable of occurring are recorded in other liabilities with a corresponding increase in the carrying value of the investment. The guidance also requires a reevaluation of eligible investments when significant modifications or events occur that result in a change in the nature of the investment or a change in the Firm's relationship with the underlying project. During the period, there were no significant modifications or events that resulted in a change in the nature of an eligible investment or a change in the Firm's relationship with the underlying project.
The following table provides information on tax-oriented investments for which the Firm elected to apply the proportional amortization method.
(in millions) Alternative energy and affordable housing programs
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Programs for which the Firm elected proportional amortization:
Carrying value (a) $ 31,833 $ 30,498 $ 31,833 $ 30,498
Tax credits and other tax benefits (b) 1,441 1,521 2,799 2,787
Investments that qualify to be accounted for using proportional amortization:
Amortization losses recognized as a component of income tax expense ( 1,048 ) ( 1,135 ) ( 2,030 ) ( 2,151 )
Non-income-tax-related gains/(losses) and other returns received that are recognized outside of income tax expense (c) 48 20 79 68

(a)
Recorded in Other assets on the Consolidated balance sheets. Excludes programs to which the Firm does not apply the proportional amortization method, such as historic tax credit and new market tax credit programs.
(b)
Reflected in Income tax expense on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows.
(c)
Recorded in Other income on the Consolidated statements of income and Operating activities on the Consolidated statements of cash flows.
Customer municipal bond vehicles (TOB trusts)
The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder.
In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle.
The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at June 30, 2025 and December 31, 2024 was $
6.8
billion and $
5.8
billion, respectively. The fair value of assets held by such VIEs at June 30, 2025 and December 31, 2024 was $
9.1
billion and $
8.1
billion, respectively.
164
Loan securitizations
The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, commercial mortgages and other consumer loans.
Securitization activity
The following table provides information related to the Firm’s securitization activities for the three and six months ended June 30, 2025 and 2024, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization.
Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
(in millions) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e)
Principal securitized $ 6,430 $ 2,006 $ 4,471 $ 4,886 $ 10,954 $ 4,840 $ 9,393 $ 7,244
All cash flows during the period: (a)
Proceeds received from loan sales as financial instruments (b)(c) $ 6,539 $ 2,014 $ 4,310 $ 4,784 $ 11,204 $ 4,863 $ 9,141 $ 7,108
Servicing fees collected 9 10 6 8 17 21 12 11
Cash flows received on interests 184 147 92 165 304 426 162 295

(a)
Excludes re-securitization transactions.
(b)
Primarily includes Level 2 assets.
(c)
The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
(d)
Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies.
(e)
Includes commercial mortgages and auto loans.
Loans and excess MSRs sold to U.S. government-sponsored enterprises and loans in securitization transactions pursuant to Ginnie Mae guidelines
In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 22 of this Form 10-Q for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 14 for additional information about the impact of the Firm’s sale of certain excess MSRs.
The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Carrying value of loans sold $ 5,900 $ 6,630 $ 14,514 $ 11,166
Proceeds received from loan sales as cash 140 60 778 366
Proceeds from loan sales as securities (a)(b) 5,693 6,499 13,586 10,691
Total proceeds received from loan sales (c) $ 5,833 $ 6,559 $ 14,364 $ 11,057
Gains/(losses) on loan sales (d)(e) $ — $ — $ — $ —

(a)
Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio.
(b)
Included in level 2 assets.
(c)
Excludes the value of MSRs retained upon the sale of loans.
(d)
Gains/(losses) on loan sales include the value of MSRs.
(e)
The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale.
165
Options to repurchase delinquent loans
In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 22, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to Note 11 for additional information.
The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of June 30, 2025 and December 31, 2024. Substantially all of these loans and real estate are insured or guaranteed by U.S. government agencies.
(in millions) June 30, 2025 December 31, 2024
Loans repurchased or option to repurchase (a) $ 731 $ 577
Real estate owned 3 6
Foreclosed government-guaranteed residential mortgage loans (b) 9 10

(a)
Primarily all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools.
(b)
Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable.
Loan delinquencies and liquidation losses
The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of June 30, 2025 and December 31, 2024. For loans sold or securitized where servicing is the Firm’s only form of continuing involvement, the Firm generally experiences a loss only if the Firm was required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with its loan sale or servicing contracts.
Net liquidation losses/(recoveries)
Securitized assets 90 days past due Three months ended June 30, Six months ended June 30,
(in millions) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 2025 2024 2025 2024
Securitized loans
Residential mortgage:
Prime / Alt-A & option ARMs $ 57,553 $ 50,846 $ 637 $ 501 $ 2 $ 5 $ 5 $ 7
Subprime 1,940 1,847 97 113 ( 1 ) — — 1
Commercial and other 137,642 125,510 1,772 1,715 61 13 121 19
Total loans securitized $ 197,135 $ 178,203 $ 2,506 $ 2,329 $ 62 $ 18 $ 126 $ 27

166
Note

14 –
Goodwill, mortgage servicing rights, and other intangible assets
Refer to Note 15 of JPMorganChase’s 2024 Form 10-K for a detailed discussion of goodwill, mortgage servicing rights, and other intangible assets and the related accounting policies.
Goodwill
Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed.
The following table presents goodwill attributed to the reportable business segments and Corporate.
(in millions) June 30, 2025 December 31, 2024
Consumer & Community Banking $ 32,116 $ 32,116
Commercial & Investment Bank 11,259 11,236
Asset & Wealth Management 8,617 8,521
Corporate 755 692
Total goodwill $ 52,747 $ 52,565

The following table presents changes in the carrying amount of goodwill.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Balance at beginning of period $ 52,621 $ 52,636 $ 52,565 $ 52,634
Changes during the period from:
Business combinations — ( 5 ) — 29
Other (a) 126 ( 11 ) 182 ( 43 )
Balance at June 30, $ 52,747 $ 52,620 $ 52,747 $ 52,620

(a)
Primarily foreign currency adjustments.
Goodwill impairment testing
Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment.
Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.
As of June 30, 2025, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of June 30, 2025 or December 31, 2024,
no
r was goodwill written off due to impairment during the six months ended June 30, 2025 or 2024.
167
Mortgage servicing rights
MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorganChase’s 2024 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.
The following table summarizes MSR activity for the three and six months ended June 30, 2025 and 2024.
As of or for the three months ended June 30, As of or for the six months ended June 30,
(in millions, except where otherwise noted) 2025 2024 2025 2024
Fair value at beginning of period $ 9,127 $ 8,605 $ 9,121 $ 8,522
MSR activity:
Originations of MSRs 84 95 195 153
Purchase of MSRs (a) 1 323 280 325
Disposition of MSRs 3 ( 32 ) (e) 7 ( 27 ) (e)
Net additions/(dispositions) 88 386 482 451
Changes due to collection/realization of expected cash flows ( 272 ) ( 263 ) ( 533 ) ( 523 )
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other (b) 59 117 ( 41 ) 385
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service) — — 1 7
Discount rates ( 1 ) — ( 1 ) —
Prepayment model changes and other (c) ( 5 ) 2 ( 33 ) 5
Total changes in valuation due to other inputs and assumptions ( 6 ) 2 ( 33 ) 12
Total changes in valuation due to inputs and assumptions 53 119 ( 74 ) 397
Fair value at June 30, $ 8,996 $ 8,847 $ 8,996 $ 8,847
Changes in unrealized gains/(losses) included in income related to MSRs held at June 30, $ 53 $ 119 $ ( 74 ) $ 397
Contractual service fees, late fees and other ancillary fees included in income 412 395 814 794
Third-party mortgage loans serviced at June 30, (in billions) 658 644 658 644
Servicer advances, net of an allowance for uncollectible amounts, at June 30 (d) 440 524 440 524

(a)
Includes purchase price adjustments associated with MSRs purchased in the prior quarter, primarily as a result of loans that prepaid within 90 days of settlement, allowing the Firm to recover the purchase price.
(b)
Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(c)
Represents changes in prepayments other than those attributable to changes in market interest rates.
(d)
Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.
(e)
Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities (“SMBS”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities.
168
The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the three and six months ended June 30, 2025 and 2024.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
CCB mortgage fees and related income
Production revenue $ 151 $ 157 $ 261 $ 287
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue 420 412 824 817
Changes in MSR asset fair value due to collection/realization of expected cash flows ( 271 ) ( 262 ) ( 531 ) ( 522 )
Total operating revenue 149 150 293 295
Risk management:
Changes in MSR asset fair value due to market interest rates and other (a) 59 117 ( 41 ) 385
Other changes in MSR asset fair value due to other inputs and assumptions in model (b) ( 6 ) 2 ( 33 ) 12
Changes in derivative fair value and other ( 6 ) ( 80 ) 130 ( 359 )
Total risk management 47 39 56 38
Total net mortgage servicing revenue 196 189 349 333
Total CCB mortgage fees and related income 347 346 610 620
All other 16 2 31 3
Mortgage fees and related income $ 363 $ 348 $ 641 $ 623

(a)
Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.
(b)
Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).
Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.
The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at June 30, 2025 and December 31, 2024, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.
(in millions, except rates) Jun 30, 2025 Dec 31, 2024
Weighted-average prepayment speed assumption (constant prepayment rate) 6.88 % 6.19 %
Impact on fair value of 10% adverse change $ ( 180 ) $ ( 209 )
Impact on fair value of 20% adverse change ( 351 ) ( 406 )
Weighted-average option adjusted spread (a) 6.10 % 5.97 %
Impact on fair value of a 100 basis point adverse change $ ( 383 ) $ ( 391 )
Impact on fair value of a 200 basis point adverse change ( 735 ) ( 751 )

(a)
Includes the impact of operational risk and regulatory capital.
169
Other intangible assets
The Firm’s finite-lived and indefinite-lived other intangible assets are initially recorded at their fair value primarily upon completion of a business combination. Finite-lived intangible assets, including core deposit intangibles, customer relationship intangibles, and certain other intangible assets, are amortized over their useful lives, estimated based on the expected future economic benefits. The Firm’s intangible assets with indefinite lives, such as asset management contracts, are not subject to amortization and are assessed periodically for impairment.
As of June 30, 2025 and December 31, 2024, the net carrying values of other intangible assets consisted of finite-lived intangible assets of $
1.5
billion and $
1.7
billion, respectively, as well as indefinite-lived intangible assets, which are not subject to amortization, of $
1.2
billion at both periods.
170
Note 15 –
Deposits
Refer to Note 17 of JPMorganChase’s 2024 Form 10-K for further information on deposits.
As of June 30, 2025 and December 31, 2024, noninterest-bearing and interest-bearing deposits were as follows:
(in millions) June 30, 2025 December 31, 2024
U.S. offices
Noninterest-bearing (included $ 37,833 and $ 28,904 at fair value) (a) $ 591,177 $ 592,500
Interest-bearing (included $ 1,228 and $ 1,101 at fair value) (a) 1,441,905 1,345,914
Total deposits in U.S. offices 2,033,082 1,938,414
Non-U.S. offices
Noninterest-bearing (included $ 2,098 and $ 2,255 at fair value) (a) 29,976 26,806
Interest-bearing (included $ 476 and $ 1,508 at fair value) (a) 499,322 440,812
Total deposits in non-U.S. offices 529,298 467,618
Total deposits $ 2,562,380 $ 2,406,032

(a)
Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further discussion.
As of June 30, 2025 and December 31, 2024, time deposits in denominations that met or exceeded the insured limit were as follows:
(in millions) June 30, 2025 December 31, 2024
U.S. offices $ 150,289 $ 149,239
Non-U.S. offices (a) 92,869 92,639
Total $ 243,158 $ 241,878

(a)
Represents all time deposits in non-U.S. offices as these deposits typically exceed the insured limit.

As of June 30, 2025, the remaining maturities of interest-bearing time deposits in each of the 12-month periods ending June 30 were as follows:
June 30, (in millions)
U.S. Non-U.S. Total
2026 $ 222,209 $ 89,597 $ 311,806
2027 660 119 779
2028 422 3 425
2029 465 14 479
2030 376 908 1,284
After 5 years 164 130 294
Total $ 224,296 $ 90,771 $ 315,067

Note 16 –
Leases
Refer to Note 18 of JPMorganChase’s 2024 Form 10-K for a further discussion on leases.
Firm as lessee
At June 30, 2025, JPMorganChase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes.
Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.
The carrying values of the Firm’s operating leases were as follows:
(in millions) June 30, 2025 December 31, 2024
Right-of-use assets $ 8,872 $ 8,494
Lease liabilities 9,299 8,900

The Firm’s net rental expense was $
579
million and $
556
 million for the three months ended June 30, 2025 and 2024, respectively, and $
1.2
billion and $
1.1
billion for the six months ended June 30, 2025 and 2024, respectively.
Firm as lessor
The Firm’s lease financings are predominantly auto operating leases, and are included in other assets on the Firm’s Consolidated balance sheets.
The following table presents the Firm’s operating lease income, included within
other income
, and the related depreciation expense, included within technology, communications and equipment expense, on the Consolidated statements of income.
Three months ended June 30, Six months ended June 30,
(in millions) 2025 2024 2025 2024
Operating lease income $ 901 $ 689 $ 1,730 $ 1,361
Depreciation expense 583 438 1,088 874

171
Note 17 –
Preferred stock
Refer to Note 21 of JPMorganChase’s 2024 Form 10-K for a further discussion on preferred stock.
The following is a summary of JPMorganChase’s non-cumulative preferred stock outstanding as of June 30, 2025 and December 31, 2024, and the quarterly dividend declarations for the three and six months ended June 30, 2025 and 2024.
Shares (a) Carrying value (in millions) Contractual rate in effect at June 30, 2025 Earliest redemption date (b) Floating annualized rate (c) Dividend declared per share
June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 Issue date Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Fixed-rate:
Series DD 169,625 169,625 $ 1,696 $ 1,696 9/21/2018 5.750 % 12/1/2023 NA $ 143.75 $ 143.75 $ 287.50 $ 287.50
Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 150.00 150.00 300.00 300.00
Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 118.75 118.75 237.50 237.50
Series JJ 150,000 150,000 1,500 1,500 3/17/2021 4.550 6/1/2026 NA 113.75 113.75 227.50 227.50
Series LL 185,000 185,000 1,850 1,850 5/20/2021 4.625 6/1/2026 NA 115.63 115.63 231.26 231.26
Series MM 200,000 200,000 2,000 2,000 7/29/2021 4.200 9/1/2026 NA 105.00 105.00 210.00 210.00
Fixed-to-floating rate:
Series Q — — — — 4/23/2013 — 5/1/2023 SOFR + 3.25 — — — 220.45
Series R — — — — 7/29/2013 — 8/1/2023 SOFR + 3.30 — — — 221.70
Series S — — — — 1/22/2014 — 2/1/2024 SOFR + 3.78 — — — 233.70 (f)
Series U — — — — 3/10/2014 — 4/30/2024 SOFR + 3.33 — — — 153.13
Series X — — — — 9/23/2014 — 10/1/2024 SOFR + 3.33 — 152.50 — 305.00
Series CC 125,750 125,750 1,258 1,258 10/20/2017 SOFR + 2.58 11/1/2022 SOFR + 2.58 181.89 208.75 354.25 412.45
Series FF — — — — 7/31/2019 — 8/1/2024 SOFR + 3.38 — 125.00 — 250.00
Series HH — 300,000 — 3,000 1/23/2020 — 2/1/2025 SOFR + 3.125 — 115.00 — 230.00
Series II 150,000 150,000 1,500 1,500 2/24/2020 SOFR + 2.745 4/1/2025 SOFR + 2.745 178.02 (d) 100.00 278.02 (d) 200.00
Series KK 200,000 200,000 2,000 2,000 5/12/2021 3.650 6/1/2026 CMT + 2.85 91.25 91.25 182.50 182.50
Series NN 250,000 250,000 2,496 2,496 3/12/2024 6.875 6/1/2029 CMT + 2.737 171.88 150.87 (e) 343.76 150.87 (e)
Series OO 300,000 NA 2,995 NA 2/4/2025 6.500 4/1/2030 CMT + 2.152 162.50 NA 265.42 (e) NA
Total preferred stock 2,005,375 2,005,375 $ 20,045 $ 20,050

(a)
Represented by depositary shares.
(b)
Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date.
(c)
References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus, in the case of the Series CC preferred stock, a spread adjustment of 0.26% per annum) plus the spreads noted. References to “CMT” mean a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spreads noted.
(d)
The dividend rate for Series II preferred stock became floating and payable quarterly starting on April 1, 2025; prior to which the dividend rate was fixed at
4.00
% or $
200.00
per share payable semiannually. The dividend rate for each quarterly dividend period commencing on April 1, 2025 was three-month term SOFR plus the spread of
2.745
%.
(e)
The initial dividend declared is prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate.
(f)
The dividend rate for Series S preferred stock became floating and payable quarterly starting on February 1, 2024; prior to which the dividend rate was fixed at
6.75
% or $
337.50
per share payable semiannually. The dividend rate for each quarterly dividend period commencing on February 1, 2024 was three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of
3.78
%.
Each series of preferred stock has a liquidation value and redemption price per share of $
10,000
, plus accrued but unpaid dividends. The aggregate liquidation value was $
20.2
 billion at June 30, 2025.
Issuances
On February 4, 2025, the Firm issued $
3.0
 billion of fixed-rate reset non-cumulative preferred stock, Series OO.
On March 12, 2024, the Firm issued $
2.5
 billion of fixed-rate reset non-cumulative preferred stock, Series NN.
Redemptions
On February 1, 2025, the Firm redeemed all $
3.0
 billion of its fixed-to-floating rate non-cumulative preferred stock, Series HH.
On October 1, 2024, the Firm redeemed all $
1.6
 billion of its fixed-to-floating rate non-cumulative preferred stock, Series X.
On August 1, 2024, the Firm redeemed all $
2.3
 billion of its fixed-to-floating rate non-cumulative preferred stock, Series FF.
On May 1, 2024, the Firm redeemed all $
5.0
 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Q, Series R and Series S.
On April 30, 2024, the Firm redeemed all $
1.0
 billion of its fixed-to-floating rate non-cumulative preferred stock, Series U.
172
Note 18 –
Earnings per share
Refer to Note 23 of JPMorganChase’s 2024 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”).
The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2025 and 2024.
(in millions, except per share amounts) Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
Basic earnings per share
Net income $ 14,987 $ 18,149 $ 29,630 $ 31,568
Less: Preferred stock dividends 282 317 537 714
Net income applicable to common equity 14,705 17,832 29,093 30,854
Less: Dividends and undistributed earnings allocated to participating securities 75 114 145 193
Net income applicable to common stockholders $ 14,630 $ 17,718 $ 28,948 $ 30,661
Total weighted-average basic shares outstanding 2,788.7 2,889.8 2,804.0 2,899.1
Net income per share $ 5.25 $ 6.13 $ 10.32 $ 10.58
Diluted earnings per share
Net income applicable to common stockholders $ 14,630 $ 17,718 $ 28,948 $ 30,661
Total weighted-average basic shares outstanding 2,788.7 2,889.8 2,804.0 2,899.1
Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs 5.0 5.1 4.9 4.8
Total weighted-average diluted shares outstanding 2,793.7 2,894.9 2,809.0 2,903.9
Net income per share $ 5.24 $ 6.12 $ 10.31 $ 10.56

173
Note 19 –
Accumulated other comprehensive income/(loss)
AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA).
As of or for the three months ended June 30, 2025 (in millions) Unrealized gains/(losses) on investment securities Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss)
Balance at April 1, 2025 $ ( 2,877 ) $ ( 1,585 ) $ ( 193 ) $ ( 3,140 ) $ ( 1,157 ) $ ( 159 ) $ ( 9,111 )
Net change ( 188 ) 868 ( 8 ) 1,529 ( 28 ) ( 305 ) 1,868
Balance at June 30, 2025 $ ( 3,065 ) (a) $ ( 717 ) $ ( 201 ) $ ( 1,611 ) $ ( 1,185 ) $ ( 464 ) $ ( 7,243 )
As of or for the three months ended June 30, 2024 (in millions) Unrealized gains/(losses) on investment securities Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss)
Balance at April 1, 2024 $ ( 3,602 ) $ ( 1,420 ) $ ( 155 ) $ ( 4,821 ) $ ( 1,052 ) $ ( 589 ) $ ( 11,639 )
Net change 108 ( 156 ) 8 ( 22 ) ( 3 ) 366 301
Balance at June 30, 2024 $ ( 3,494 ) (a) $ ( 1,576 ) $ ( 147 ) $ ( 4,843 ) $ ( 1,055 ) $ ( 223 ) $ ( 11,338 )
As of or for the six months ended June 30, 2025 (in millions) Unrealized gains/(losses) on investment securities Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss)
Balance at January 1, 2025 $ ( 3,830 ) $ ( 2,074 ) $ ( 221 ) $ ( 4,814 ) $ ( 1,141 ) $ ( 376 ) $ ( 12,456 )
Net change 765 1,357 20 3,203 ( 44 ) ( 88 ) 5,213
Balance at June 30, 2025 $ ( 3,065 ) (a) $ ( 717 ) $ ( 201 ) $ ( 1,611 ) $ ( 1,185 ) $ ( 464 ) $ ( 7,243 )
As of or for the six months ended June 30, 2024 (in millions) Unrealized gains/(losses) on investment securities Translation adjustments, net of hedges Fair value hedges Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss)
Balance at January 1, 2024 $ ( 3,743 ) $ ( 1,216 ) $ ( 134 ) $ ( 3,932 ) $ ( 1,078 ) $ ( 340 ) $ ( 10,443 )
Net change 249 ( 360 ) ( 13 ) ( 911 ) 23 117 ( 895 )
Balance at June 30, 2024 $ ( 3,494 ) (a) $ ( 1,576 ) $ ( 147 ) $ ( 4,843 ) $ ( 1,055 ) $ ( 223 ) $ ( 11,338 )

(a)
Included after-tax net unamortized unrealized gains/(losses) of $(
625
) million and $(
725
) million as of June 30, 2025 and 2024, respectively, related to AFS securities that have been transferred to HTM.
174
The following table presents the pre-tax and after-tax changes in the components of OCI.
2025 2024
Three months ended June 30, (in millions) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period $ ( 301 ) $ 72 $ ( 229 ) $ ( 405 ) $ 99 $ ( 306 )
Reclassification adjustment for realized (gains)/losses included in net income (a) 54 ( 13 ) 41 547 ( 133 ) 414
Net change ( 247 ) 59 ( 188 ) 142 ( 34 ) 108
Translation adjustments (b) :
Translation 4,231 ( 173 ) 4,058 ( 929 ) 50 ( 879 )
Hedges ( 4,213 ) 1,023 ( 3,190 ) 952 ( 229 ) 723
Net change 18 850 868 23 ( 179 ) ( 156 )
Fair value hedges, net change (c) ( 10 ) 2 ( 8 ) 11 ( 3 ) 8
Cash flow hedges:
Net unrealized gains/(losses) arising during the period 1,422 ( 344 ) 1,078 ( 683 ) 165 ( 518 )
Reclassification adjustment for realized (gains)/losses included in net income (d) 592 ( 141 ) 451 655 ( 159 ) 496
Net change 2,014 ( 485 ) 1,529 ( 28 ) 6 ( 22 )
Defined benefit pension and OPEB plans, net change ( 36 ) 8 ( 28 ) ( 2 ) ( 1 ) ( 3 )
DVA on fair value option elected liabilities, net change ( 401 ) 96 ( 305 ) 485 ( 119 ) 366
Total other comprehensive income/(loss) $ 1,338 $ 530 $ 1,868 $ 631 $ ( 330 ) $ 301
2025 2024
Six months ended June 30, (in millions) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax
Unrealized gains/(losses) on investment securities:
Net unrealized gains/(losses) arising during the period $ 919 $ ( 223 ) $ 696 $ ( 586 ) $ 143 $ ( 443 )
Reclassification adjustment for realized (gains)/losses included in net income (a) 91 ( 22 ) 69 913 ( 221 ) 692
Net change 1,010 ( 245 ) 765 327 ( 78 ) 249
Translation adjustments (b) :
Translation 6,442 ( 278 ) 6,164 ( 2,294 ) 118 ( 2,176 )
Hedges ( 6,347 ) 1,540 ( 4,807 ) 2,394 ( 578 ) 1,816
Net change 95 1,262 1,357 100 ( 460 ) ( 360 )
Fair value hedges, net change (c) 27 ( 7 ) 20 ( 16 ) 3 ( 13 )
Cash flow hedges:
Net unrealized gains/(losses) arising during the period 3,009 ( 727 ) 2,282 ( 2,445 ) 591 ( 1,854 )
Reclassification adjustment for realized (gains)/losses included in net income (d) 1,213 ( 292 ) 921 1,244 ( 301 ) 943
Net change 4,222 ( 1,019 ) 3,203 ( 1,201 ) 290 ( 911 )
Defined benefit pension and OPEB plans, net change ( 55 ) 11 ( 44 ) 34 ( 11 ) 23
DVA on fair value option elected liabilities, net change ( 115 ) 27 ( 88 ) 158 ( 41 ) 117
Total other comprehensive income/(loss) $ 5,184 $ 29 $ 5,213 $ ( 598 ) $ ( 297 ) $ ( 895 )

(a)
The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income.
(b)
Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. There were no sales or liquidations of legal entities that resulted in reclassifications for the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, the Firm reclassified a net pre-tax gain of $
1
 million to other income, of which $
10
 million related to net investment hedges.
(c)
Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swaps.
(d)
The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income.
175
Note 20 –
Restricted cash and other restricted assets
Refer to Note 26 of JPMorganChase’s 2024 Form 10-K for a detailed discussion of the Firm’s restricted cash and other restricted assets.
Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries.
The Firm is also subject to rules and regulations established by U.S. and non-U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets.
The following table presents the components of the Firm’s restricted cash:
(in billions) June 30, 2025 December 31, 2024
Segregated for the benefit of securities and cleared derivative customers $ 16.5 $ 18.7
Cash reserves at non-U.S. central banks and held for other general purposes 10.1 8.8
Total restricted cash (a) $ 26.6 $ 27.5

(a)
Comprises $
25.3
billion and $
26.1
billion in deposits with banks, and $
1.3
billion and $
1.4
billion in cash and due from banks on the Consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.

Also, as of June 30, 2025 and December 31, 2024, the Firm had the following other restricted assets:
•
Cash and securities pledged with clearing organizations for the benefit of customers of $
41.5
billion and $
40.7
billion, respectively.
•
Securities with a fair value of $
26.9
billion and $
26.8
billion, respectively, were also restricted in relation to customer activity.
176
Note 21 –
Regulatory capital
Refer to Note 27 of JPMorganChase’s 2024 Form 10-K for a detailed discussion on regulatory capital.
The Federal Reserve establishes capital requirements, including well-capitalized standards, for the Firm as a consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A.
Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase & Co. is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. JPMorgan Chase Bank, N.A. is also subject to these capital requirements established by its primary regulators.
The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of June 30, 2025 and December 31, 2024.
Standardized capital ratio requirements Advanced capital ratio requirements Well-capitalized ratios
BHC (a) IDI (b) BHC (a) IDI (b) BHC (c) IDI (d)
Risk-based capital ratios
CET1 capital 12.3 % 7.0 % 11.5 % 7.0 % NA 6.5 %
Tier 1 capital 13.8 8.5 13.0 8.5 6.0 % 8.0
Total capital 15.8 10.5 15.0 10.5 10.0 10.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.
(a)
Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of
4.5
% as calculated under Method 2; plus a
3.3
% SCB for Basel III Standardized ratios and a fixed
2.5
% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to
0
% by the federal banking agencies.
(b)
Represents requirements for JPMorgan Chase Bank, N.A. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of
2.5
% that is applicable to JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is not subject to the GSIB surcharge.
(c)
Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve.
(d)
Represents requirements for JPMorgan Chase Bank, N.A. pursuant to regulations issued under the FDIC Improvement Act.
The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of June 30, 2025 and December 31, 2024.
Capital ratio requirements (a) Well-capitalized ratios
BHC IDI BHC (b) IDI
Leverage-based capital ratios
Tier 1 leverage 4.0 % 4.0 % NA 5.0 %
SLR 5.0 6.0 NA 6.0

Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject.
(a)
Represents minimum SLR requirement of
3.0
%, as well as supplementary leverage buffer requirements of
2.0
% and
3.0
% for BHC and JPMorgan Chase Bank, N.A., respectively.
(b)
The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs.
CECL Regulatory Capital Transition
Beginning January 1, 2022, the $
2.9
 billion CECL capital benefit, provided by the Federal Reserve in response to the COVID-19 pandemic, was phased out at 25% per year over a three-year period and fully phased out as of January 1, 2025. As of December 31, 2024, the Firm's CET1 capital reflected the remaining benefit of $
720
 million associated with the CECL capital transition provisions.
Similarly, as of January 1, 2025, the Firm has phased out the other CECL capital transition provisions which impacted Tier 2 capital, adjusted average assets, total leverage exposure and RWA, as applicable.
Refer to Note 27 of JPMorganChase’s 2024 Form 10-K for further information on CECL capital transition provisions.
177
The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced approaches and leverage-based capital metrics for JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. As of June 30, 2025 and December 31, 2024, JPMorgan Chase & Co. and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject.
June 30, 2025 (in millions, except ratios) Basel III Standardized Basel III Advanced
JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A.
Risk-based capital metrics: (a)
CET1 capital $ 283,854 $ 282,306 $ 283,854 $ 282,306
Tier 1 capital 303,189 282,311 303,189 282,311
Total capital 335,307 303,779 320,809 (b) 289,365 (b)
Risk-weighted assets 1,882,718 1,812,986 1,873,142 (b) 1,694,749 (b)
CET1 capital ratio 15.1 % 15.6 % 15.2 % 16.7 %
Tier 1 capital ratio 16.1 15.6 16.2 16.7
Total capital ratio 17.8 16.8 17.1 17.1

December 31, 2024 (in millions, except ratios) Basel III Standardized Basel III Advanced
JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A.
Risk-based capital metrics: (a)
CET1 capital $ 275,513 $ 275,732 $ 275,513 $ 275,732
Tier 1 capital 294,881 275,737 294,881 275,737
Total capital 325,589 296,041 311,898 (b) 282,328 (b)
Risk-weighted assets 1,757,460 1,718,777 1,740,429 (b) 1,594,072 (b)
CET1 capital ratio 15.7 % 16.0 % 15.8 % 17.3 %
Tier 1 capital ratio 16.8 16.0 16.9 17.3
Total capital ratio 18.5 17.2 17.9 17.7

(a)
As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The capital metrics for the period ended December 31, 2024 reflected the CECL capital transition provisions.
(b)
Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules.
Three months ended (in millions, except ratios) June 30, 2025 December 31, 2024
JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A.
Leverage-based capital metrics: (a)
Adjusted average assets (b) $ 4,382,220 $ 3,649,013 $ 4,070,499 $ 3,491,283
Tier 1 leverage ratio 6.9 % 7.7 % 7.2 % 7.9 %
Total leverage exposure $ 5,161,360 $ 4,418,464 $ 4,837,568 $ 4,246,516
SLR 5.9 % 6.4 % 6.1 % 6.5 %

(a)
As of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. The capital metrics for the period ended December 31, 2024 reflected the CECL capital transition provisions.
(b)
Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
178
Note 22 –
Off–balance sheet lending-related
financial instruments, guarantees, and other
commitments
JPMorganChase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. Refer to Note 28 of JPMorganChase’s 2024 Form 10-K for a further discussion of lending-related commitments and guarantees, and the Firm’s related accounting policies.
To provide for expected

credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 12 for further information regarding the allowance for credit losses on lending-related commitments.
The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at June 30, 2025 and December 31, 2024. The amounts in the table below for credit card, home equity and certain scored business banking lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these commitments will be utilized at the same time. The Firm can reduce or cancel these commitments, in accordance with the contract, or to the extent otherwise permitted by law, including when there has been a demonstrable decline in the creditworthiness of the borrower or significant decrease in the value of underlying property.
179
Off–balance sheet lending-related financial instruments, guarantees and other commitments
Contractual amount Carrying value (h)(i)
June 30, 2025 Dec 31, 2024 Jun 30, 2025 Dec 31, 2024
By remaining maturity (in millions) Expires in 1 year or less Expires after 1 year through 3 years Expires after 3 years through 5 years Expires after 5 years Total Total
Lending-related
Consumer, excluding credit card:
Residential Real Estate (a) $ 14,512 $ 6,597 $ 4,058 $ 6,769 $ 31,936 $ 30,349 $ 408 $ 534
Auto and other 11,346 1 4 3,777 15,128 14,495 11 37
Total consumer, excluding credit card 25,858 6,598 4,062 10,546 47,064 44,844 419 571
Credit card (b) 1,050,275 — — — 1,050,275 1,001,311 — —
Total consumer (c) 1,076,133 6,598 4,062 10,546 1,097,339 1,046,155 419 571
Wholesale:
Other unfunded commitments to extend credit (d) 112,561 187,746 201,445 24,933 526,685 498,437 3,230 2,608
Standby letters of credit and other financial guarantees (d) 15,793 8,108 4,202 534 28,637 28,676 674 473
Other letters of credit (d) 3,786 295 11 240 4,332 4,354 16 37
Total wholesale (c) 132,140 196,149 205,658 25,707 559,654 531,467 3,920 3,118
Total lending-related $ 1,208,273 $ 202,747 $ 209,720 $ 36,253 $ 1,656,993 $ 1,577,622 $ 4,339 $ 3,689
Other guarantees and commitments
Securities lending indemnification agreements and guarantees (e) $ 366,566 $ — $ — $ — $ 366,566 $ 310,046 $ — $ —
Derivatives qualifying as guarantees 1,550 86 9,699 37,085 48,420 49,628 9 113
Unsettled resale and securities borrowed agreements 154,920 1,207 1,250 — 157,377 115,939 1 2
Unsettled repurchase and securities loaned agreements 99,797 587 — — 100,384 66,986 — ( 2 )
Loan sale and securitization-related indemnifications:
Mortgage repurchase liability NA NA NA NA NA NA 46 45
Loans sold with recourse NA NA NA NA 1,697 1,189 19 23
Exchange & clearing house guarantees and commitments (f) 243,239 NA NA NA 243,239 401,486 — —
Other guarantees and commitments (g) 10,770 1,002 458 774 13,004 12,396 27 28

(a)
Includes certain commitments to purchase loans from correspondents.
(b)
Also includes commercial card lending-related commitments primarily in CIB.
(c)
Predominantly all consumer and wholesale lending-related commitments are in the U.S.
(d)
As of June 30, 2025 and December 31, 2024, reflected the contractual amount net of risk participations totaling $
155
million and $
85
million, respectively, for other unfunded commitments to extend credit; $
9.5
billion at both periods for standby letters of credit and other financial guarantees; $
699
million and $
556
million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations.
(e)
As of June 30, 2025 and December 31, 2024, collateral held by the Firm in support of securities lending indemnification agreements was $
388.5
billion and $
328.7
billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies.
(f)
As of June 30, 2025 and December 31, 2024, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses.
(g)
As of June 30, 2025 and December 31, 2024, primarily includes unfunded commitments to purchase secondary market loans, other equity investment commitments, and unfunded commitments related to certain tax-oriented equity investments.
(h)
For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value.
(i)
For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold.
180
Other unfunded commitments to extend credit
Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit.
Standby letters of credit and other financial guarantees
Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions.
The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of June 30, 2025 and December 31, 2024.
Standby letters of credit, other financial guarantees and other letters of credit
June 30, 2025 December 31, 2024
(in millions) Standby letters of credit and other financial guarantees Other letters of credit Standby letters of credit and other financial guarantees Other letters of credit
Investment-grade (a) $ 19,946 $ 2,875 $ 20,443 $ 3,380
Noninvestment-grade (a) 8,691 1,457 8,233 974
Total contractual amount $ 28,637 $ 4,332 $ 28,676 $ 4,354
Allowance for lending-related commitments $ 236 $ 16 $ 94 $ 37
Guarantee liability 438 — 379 —
Total carrying value $ 674 $ 16 $ 473 $ 37
Commitments with collateral $ 16,629 $ 303 $ 16,805 $ 357

(a)
The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 11 for further information on internal risk ratings.
Derivatives qualifying as guarantees
The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. Refer to Note 28 of JPMorganChase’s 2024 Form 10-K for further information on these derivatives.
The following table summarizes the derivatives qualifying as guarantees as of June 30, 2025 and December 31, 2024.
(in millions) June 30, 2025 December 31, 2024
Notional amounts
Derivative guarantees $ 48,420 $ 49,628
Stable value contracts with contractually limited exposure 34,903 32,939
Maximum exposure of stable value contracts with contractually limited exposure 1,305 1,740
Fair value
Derivative payables 9 113

In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 4 for a further discussion of credit derivatives.
Loan sales- and securitization-related indemnifications
In connection with the Firm’s mortgage loan sale and securitization activities with U.S. GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm.
The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 24 of this Form 10-Q and Note 30 of JPMorganChase’s 2024 Form 10-K for additional information regarding litigation.
181
Merchant charge-backs

Under the rules of payment networks, in its role as a merchant acquirer, the Firm's Merchant Services business in CIB Payments, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, the Firm will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If the Firm is unable to collect the amount from the merchant, the Firm will bear the loss for the amount credited or refunded to the cardholder. The Firm mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, the Firm recognizes a valuation allowance that covers the payment or performance risk related to charge-backs.
Sponsored member repo program

The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house; therefore, the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 180. Refer to Note 11 of JPMorganChase’s 2024 Form 10-K for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements.
Guarantees of subsidiaries
The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a
100
%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the Parent Company guarantees these securities. These guarantees, which rank pari passu with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 180 of this Note. Refer to Note 20 of JPMorganChase’s 2024 Form 10-K for additional information.
Note 23 –
Pledged assets and collateral
Refer to Note 29 of JPMorganChase’s 2024 Form 10-K for a discussion of the Firm’s pledged assets and collateral.
Pledged assets
The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged.
The following table presents the carrying value of the Firm’s pledged assets.
(in billions) June 30, 2025 December 31, 2024
Assets that may be sold or repledged or otherwise used by secured parties $ 235.8 $ 152.5
Assets that may not be sold or repledged or otherwise used by secured parties 390.1 297.9
Assets pledged at Federal Reserve banks and FHLBs 714.6 724.0
Total pledged assets $ 1,340.5 $ 1,174.4

Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 13 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 10 for additional information on the Firm’s securities financing activities. Refer to Note 20 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s long-term debt.
Collateral
The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits.
The following table presents the fair value of collateral accepted.
(in billions) June 30, 2025 December 31, 2024
Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,726.4 $ 1,544.0
Collateral sold, repledged, delivered or otherwise used 1,350.2 1,210.7

182
Note 24 –
Litigation
Contingencies
As of June 30, 2025, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous evolving legal proceedings, including private proceedings, public proceedings, government investigations, regulatory enforcement matters, and the matters described below. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories.
The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $
0
to approximately $
1.1
 billion at June 30, 2025. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given:
•
the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages,
•
the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined,
•
the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and
•
the uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect.
In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate
range of reasonably possible losses will change from time to time, and actual losses may vary significantly.
Set forth below are descriptions of the Firm’s material legal proceedings.
1MDB Litigation
. J.P. Morgan (Suisse) SA was named as a defendant in a civil litigation filed in May 2021 in Malaysia by 1Malaysia Development Berhad (“1MDB”), a Malaysian state-owned and controlled investment fund. The claim alleges “dishonest assistance” against J.P. Morgan (Suisse) SA in relation to payments of $
300
 million and $
500
 million, from 2009 and 2010, respectively, received from 1MDB and paid into an account at J.P. Morgan (Suisse) SA held by 1MDB PetroSaudi Limited, a joint venture company between 1MDB and PetroSaudi Holdings (Cayman) Limited. In March 2024, the Court upheld the Firm's challenge to the validity of service and the Malaysian Court’s jurisdiction to hear the claim. That decision has been appealed by 1MDB. In August 2023, the Court denied an application by 1MDB to discontinue its claim with permission to re-file a new claim in the future. That decision was appealed by both 1MDB and the Firm, and an appeals court is scheduled to hear both appeals in November 2025. In its appeal, the Firm seeks to prevent any claim from continuing.
In addition, in November 2023, the Federal Office of the Attorney General (OAG) in Switzerland notified J.P. Morgan (Suisse) SA that it is conducting an investigation into possible criminal liability in connection with transactions arising from J.P. Morgan (Suisse) SA’s relationship with the 1MDB PetroSaudi joint venture and its related persons for the period September 2009 through August 2015. The OAG investigation is ongoing.
Amrapali
. India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by
two
offshore funds formerly managed by JPMorganChase entities into residential housing projects developed by the Amrapali Group (“Amrapali”) relating to delays in delivering or failure to deliver residential units. In August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $
31.5
 million, and the Firm is appealing that order. Relatedly, in July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorganChase entities and the offshore funds that had invested in the projects, violated certain criminal currency control and money laundering provisions, and ordered the ED to conduct a further inquiry. The Firm is responding to and cooperating with the inquiry.
183
Foreign Exchange Investigations and Litigation.
The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. The Department of Labor ("DOL") granted the Firm exemptions that permit the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) through the
ten-year
disqualification period following the antitrust plea. The only remaining FX-related governmental inquiry is a South Africa Competition Commission matter which is currently pending before the South Africa Competition Tribunal.
With respect to civil litigation matters, some FX-related individual and putative class actions filed outside the U.S., including in the U.K., Israel, the Netherlands, Brazil and Australia remain. In July 2023, the U.K. Court of Appeal overturned the Competition Appeal Tribunal's earlier denial of a request for class certification on an opt-out basis. The defendants have appealed this decision to the U.K. Supreme Court. In Israel, a settlement in principle has been reached on the putative class action, which remains subject to court approval. In Australia, the parties have reached an agreement in principle to settle the class action. The settlement is subject to Court approval.
Interchange Litigation.
Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws.
In September 2018, the parties settled the class action seeking monetary relief, with the defendants collectively contributing approximately $
6.2
 billion. The settlement has been approved by the United States District Court for the Eastern District of New York and affirmed on appeal. Based on the percentage of merchants that opted out of the settlement, $
700
 million has been returned to the defendants from the settlement escrow. A separate class action seeking injunctive relief continues, and in September 2021, the District Court granted plaintiffs’ motion for class certification in part, and denied the motion in part. In June 2024, the District Court denied preliminary approval of a settlement of the injunctive class action in which Visa and Mastercard agreed to certain changes to their respective network rules and system-wide reductions in interchange rates for U.S.-based merchants. The parties are considering next steps.
Of the merchants who opted out of the damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and
Mastercard, as well as against the Firm and other banks. While some of those actions remain pending, the defendants have reached settlements with the merchants who opted out representing over
80
% of the combined Mastercard-branded and Visa-branded payment card sales volume. A number of these actions are pending in the United States District Court for the Southern District of New York, and that court has scheduled a trial of the claims brought by several merchants to begin in April 2026.
LIBOR and Other Benchmark Rate Investigations and Litigation
. JPMorganChase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s (“BBA”) London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the European Commission, but exercised its discretion to re-impose a fine in an identical amount. In March 2024, the Firm filed an appeal of this decision with the Court of Justice of the European Union.
In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the United States District Court for the Southern District of New York granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. The Firm has obtained dismissal of certain actions and resolved certain other actions, and as to all remaining actions has moved for summary judgment.

In addition, a lawsuit filed by a group of individual plaintiffs asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards was dismissed in October 2023 and affirmed on appeal by the United States Court of Appeals for the Ninth Circuit in December 2024. In June 2025, the United States Supreme Court denied these plaintiffs’ petition for certiorari. The Firm has resolved all non-U.S. dollar LIBOR actions.
Russian Litigation.
The Firm is obligated to comply with international sanctions laws, which mandate the blocking of certain assets. These laws apply when assets associated with individuals, companies, products or services are within the scope of the sanctions. The Firm has faced actual and threatened
184
litigation in Russia seeking payments that the Firm cannot make under, and is contractually excused from paying as a result of, relevant sanctions laws. In claims involving the Firm and claims filed against other financial institutions, Russian courts have disregarded the parties’ contractual agreements concerning forum selection and did not recognize foreign sanctions laws as a basis for not making payment. Russian courts have entered judgment against the Firm in a number of claims, including one for $
439
 million, and a judgment has been executed against assets held onshore by the Firm in Russia. The total amount of the judgments exceeds the total amount of available assets that the Firm holds in Russia. Russian courts have nevertheless allowed plaintiffs to withhold dividends due to the Firm’s clients for the purpose of satisfying judgments, which the Firm is opposing as unlawful. The Firm continues to appeal the Russian courts' decisions, and judgments may not be executed while on appeal. Russian courts have also ordered interim freezes of Firm assets in Russia (including, among other things, funds in bank accounts, securities, shares in authorized capital, and certain trademarks, of the named defendants) pending a determination of certain underlying claims against the Firm. The Firm has challenged claims being pursued in the Russian courts and related freeze orders in other jurisdictions provided for by the parties’ contractual forum selections. If further claims are enforced despite the actions taken by the Firm to challenge the claims and orders and to seek the proper application of law, the Firm’s assets in Russia could be seized in full, and certain client assets could also be seized, or the Firm could be prevented from complying with its obligations.
Shareholder Litigation
. A shareholder derivative action purporting to act on behalf of the Firm is pending in the United States District Court for the Eastern District of New York against the Firm, its Board of Directors and certain of its current and former officers relating to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct which were the subject of the Firm’s resolutions with the DOJ, CFTC and SEC in September 2020. Defendants have moved to dismiss the complaint.
* * *
In addition to the various legal proceedings discussed above, JPMorganChase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future.
The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $
118
million and $
317
million for the three months ended June 30, 2025 and 2024, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future.
In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorganChase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorganChase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorganChase’s income for that period.
185
Note 25 –
Business segments & Corporate
The Firm is managed on an LOB basis. There are
three
reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to JPMorganChase’s 2024 Form 10-K Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on page 67 for a definition of managed basis and Note 32 for a further discussion of the Firm’s business segments.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.
Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
Effective in the fourth quarter of 2024, the Firm updated its FTP with respect to consumer deposits, which resulted in an increase in the funding benefit reflected within CCB’s net interest income that is fully offset in Corporate, with no effect on the Firm’s net interest income.
As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results.
Capital allocation
The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Note 32 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.
186
Segment & Corporate results
The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2025 and 2024, on a managed basis. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on an FTE basis. Accordingly, revenue from
investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. Refer to Note 32 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s managed basis.

Segment & Corporate results and reconciliation (a)
As of or for the three months ended June 30, (in millions, except ratios) Consumer & Community Banking Commercial & Investment Bank Asset & Wealth Management
2025 2024 2025 2024 2025 2024
Noninterest revenue $ 4,452 $ 3,996 $ 13,792 $ 12,744 $ 4,073 $ 3,633
Net interest income 14,395 13,705 5,743 5,173 1,687 1,619
Total net revenue 18,847 17,701 19,535 17,917 5,760 5,252
Provision for credit losses 2,082 2,643 696 384 46 20
Compensation expense (b) 4,336 4,240 5,014 4,752 2,112 1,960
Noncompensation expense (c)(d) 5,522 5,185 4,627 4,414 1,621 1,583
Total noninterest expense 9,858 9,425 9,641 9,166 3,733 3,543
Income/(loss) before income tax expense/(benefit) 6,907 5,633 9,198 8,367 1,981 1,689
Income tax expense/(benefit) 1,738 1,423 2,548 2,470 508 426
Net income $ 5,169 $ 4,210 $ 6,650 $ 5,897 $ 1,473 $ 1,263
Average equity $ 56,000 $ 54,500 $ 149,500 $ 132,000 $ 16,000 $ 15,500
Total assets 652,379 638,493 2,260,825 1,939,038 268,966 247,353
ROE 36 % 30 % 17 % 17 % 36 % 32 %
Overhead ratio 52 53 49 51 65 67

As of or for the three months ended June 30, (in millions, except ratios) Corporate Reconciling Items (a) Total
2025 2024 2025 2024 2025 2024
Noninterest revenue $ 49 $ 7,758 (f) $ ( 663 ) $ ( 677 ) $ 21,703 (f) $ 27,454
Net interest income 1,489 2,364 ( 105 ) ( 115 ) 23,209 22,746
Total net revenue 1,538 10,122 ( 768 ) ( 792 ) 44,912 50,200
Provision for credit losses 25 5 — — 2,849 3,052
Total noninterest expense (d) 547 1,579 (g) — — 23,779 (g) 23,713
Income/(loss) before income tax expense/(benefit) 966 8,538 ( 768 ) ( 792 ) 18,284 23,435
Income tax expense/(benefit) ( 729 ) (e) 1,759 ( 768 ) ( 792 ) 3,297 5,286
Net income $ 1,695 $ 6,779 $ — $ — $ 14,987 $ 18,149
Average equity $ 108,297 $ 106,763 NA NA $ 329,797 $ 308,763
Total assets 1,370,312 1,318,119 NA NA 4,552,482 4,143,003
ROE NM NM NM NM 18 % 23 %
Overhead ratio NM NM NM NM 53 47

187
As of or for the six months ended June 30, (in millions, except ratios) Consumer & Community Banking Commercial & Investment Bank Asset & Wealth Management
2025 2024 2025 2024 2025 2024
Noninterest revenue $ 8,623 $ 7,941 $ 27,614 $ 24,905 $ 8,066 $ 7,147
Net interest income 28,537 27,413 11,587 10,596 3,425 3,214
Total net revenue 37,160 35,354 39,201 35,501 11,491 10,361
Provision for credit losses 4,711 4,556 1,401 385 36 ( 37 )
Compensation expense (b) 8,784 8,469 10,344 9,648 4,208 3,932
Noncompensation expense (c)(d) 10,931 10,253 9,139 8,242 3,238 3,071
Noninterest expense 19,715 18,722 19,483 17,890 7,446 7,003
Income/(loss) before income tax expense/(benefit) 12,734 12,076 18,317 17,226 4,009 3,395
Income tax expense/(benefit) 3,140 3,035 4,725 4,707 953 842
Net income $ 9,594 $ 9,041 $ 13,592 $ 12,519 $ 3,056 $ 2,553
Average equity $ 56,000 $ 54,500 $ 149,500 $ 132,000 $ 16,000 $ 15,500
Total assets 652,379 638,493 2,260,825 1,939,038 268,966 247,353
ROE 34 % 33 % 18 % 18 % 38 % 32 %
Overhead ratio 53 53 50 50 65 68

As of or for the six months ended June 30, (in millions, except ratios) Corporate Reconciling Items (a) Total
2025 2024 2025 2024 2025 2024
Noninterest revenue $ 702 $ 7,483 (f) $ ( 1,265 ) $ ( 1,170 ) $ 43,740 (f) $ 46,306
Net interest income 3,140 4,841 ( 207 ) ( 236 ) 46,482 45,828
Total net revenue 3,842 12,324 ( 1,472 ) ( 1,406 ) 90,222 92,134
Provision for credit losses 6 32 — — 6,154 4,936
Noninterest expense 732 2,855 (g) — — 47,376 (g) 46,470
Income/(loss) before income tax expense/(benefit) 3,104 9,437 ( 1,472 ) ( 1,406 ) 36,692 40,728
Income tax expense/(benefit) ( 284 ) (e) 1,982 ( 1,472 ) ( 1,406 ) 7,062 9,160
Net income $ 3,388 $ 7,455 $ — $ — $ 29,630 $ 31,568
Average equity $ 105,586 $ 102,519 NA NA $ 327,086 $ 304,519
Total assets 1,370,312 1,318,119 NA NA 4,552,482 4,143,003
ROE NM NM NM NM 18 % 20 %
Overhead ratio NM NM NM NM 53 50

(a)
Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.
(b)
Excludes expense related to services provided by Corporate support units, which is allocated from Corporate to each respective reportable business segment, as applicable, through noncompensation expense.
(c)
Reflects occupancy; technology, communications and equipment; professional and outside services; marketing; and other expense. Refer to Note 5 for additional information on other expense.
(d)
Certain services are provided by Corporate and used by each of the reportable business segments. The costs of these services, including compensation-related costs, are allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense.
(e)
Included a $
774
 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
(f)
Included the net gain related to Visa shares of $
7.9
 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
(g)
Included a $
1.0
 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.

188
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of JPMorgan Chase & Co.:
Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated balance sheet of JPMorgan Chase & Co. and its subsidiaries (the “Firm”) as of June 30, 2025, and the related consolidated statements of income, comprehensive income and changes in stockholders’ equity for the three-month and six-month periods ended June 30, 2025 and 2024, and the consolidated statements of cash flows for the six-month periods ended June 30, 2025 and 2024, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of the Firm as of December 31, 2024, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 14, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
These interim financial statements are the responsibility of the Firm’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Firm in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
August 5, 2025
PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017
189
JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Three months ended June 30, 2025 Three months ended June 30, 2024
Average balance Interest (f) Rate (annualized) Average balance Interest (f) Rate (annualized)
Assets
Deposits with banks $ 405,213 $ 3,395 3.36 % $ 512,150 $ 6,059 4.76 %
Federal funds sold and securities purchased under resale agreements 432,714 4,578 4.24 370,817 4,821 5.23
Securities borrowed 234,024 2,211 3.79 195,877 2,177 4.47
Trading assets – debt instruments 562,967 6,309 4.50 452,933 5,005 4.44
Taxable securities 701,196 6,679 3.82 552,909 5,124 3.73
Nontaxable securities (a) 26,455 314 4.76 27,135 349 5.17
Total investment securities 727,651 6,993 3.85 (g) 580,044 5,473 3.80 (g)
Loans 1,380,726 23,102 6.71 1,313,085 22,954 7.03
All other interest-earning assets (b)(c) 102,687 1,758 6.87 84,819 2,139 10.14
Total interest-earning assets 3,845,982 48,346 5.04 3,509,725 48,628 5.57
Allowance for loan losses (25,106) (22,273)
Cash and due from banks 22,768 22,136
Trading assets – equity and other instruments 239,996 221,382
Trading assets – derivative receivables 57,601 57,175
Goodwill, MSRs and other intangible Assets 64,553 64,452
All other noninterest-earning assets 231,824 218,846
Total assets $ 4,437,618 $ 4,071,443
Liabilities
Interest-bearing deposits $ 1,902,337 $ 11,401 2.40 % $ 1,722,856 $ 12,421 2.90 %
Federal funds purchased and securities loaned or sold under repurchase agreements 558,043 5,965 4.29 375,371 5,108 5.47
Short-term borrowings 55,059 607 4.42 38,234 502 5.27
Trading liabilities – debt and all other interest-bearing liabilities (d)(e) 300,126 2,278 3.04 318,703 2,604 3.29
Beneficial interests issued by consolidated VIEs 26,185 297 4.55 26,222 352 5.40
Long-term debt 348,372 4,484 5.16 342,516 4,780 5.61
Total interest-bearing liabilities 3,190,122 25,032 3.15 2,823,902 25,767 3.67
Noninterest-bearing deposits 602,777 648,327
Trading liabilities – equity and other instruments (e) 44,159 30,456
Trading liabilities – derivative payables 40,865 37,538
All other liabilities, including the allowance for lending-related commitments 209,853 196,590
Total liabilities 4,087,776 3,736,813
Stockholders’ equity
Preferred stock 20,045 25,867
Common stockholders’ equity 329,797 308,763
Total stockholders’ equity 349,842 334,630
Total liabilities and stockholders’ equity $ 4,437,618 $ 4,071,443
Interest rate spread 1.89 % 1.90 %
Net interest income and net yield on interest-earning assets $ 23,314 2.43 $ 22,861 2.62

190
JPMorgan Chase & Co.
Consolidated average balance sheets, interest and rates (unaudited)
(Taxable-equivalent interest and rates; in millions, except rates)
Six months ended June 30, 2025 Six months ended June 30, 2024
Average balance Interest (f) Rate (annualized) Average balance Interest (f) Rate (annualized)
Assets
Deposits with banks $ 425,516 $ 7,534 3.57 % $ 523,929 $ 12,445 4.78 %
Federal funds sold and securities purchased under resale agreements 405,507 8,794 4.37 347,402 9,036 5.23
Securities borrowed 237,494 4,518 3.84 194,211 4,343 4.50
Trading assets – debt instruments 529,242 11,877 4.53 437,725 9,608 4.41
Taxable securities 669,831 12,671 3.81 551,486 9,995 3.64
Nontaxable securities (a) 26,653 624 4.72 28,559 725 5.11
Total investment securities 696,484 13,295 3.85 (g) 580,045 10,720 3.72 (g)
Loans 1,360,173 45,573 6.76 1,312,332 45,885 7.03
All other interest-earning assets (b)(c) 103,258 3,710 7.25 81,976 4,150 10.18
Total interest-earning assets 3,757,674 95,301 5.11 3,477,620 96,187 5.56
Allowance for loan losses (24,724) (22,320)
Cash and due from banks 22,659 22,881
Trading assets – equity and other instruments 232,772 206,082
Trading assets – derivative receivables 58,345 57,405
Goodwill, MSRs and other intangible Assets 64,495 64,427
All other noninterest-earning assets 225,803 213,945
Total assets $ 4,337,024 $ 4,020,040
Liabilities
Interest-bearing deposits $ 1,872,777 $ 22,478 2.42 % $ 1,724,499 $ 24,655 2.88 %
Federal funds purchased and securities loaned or sold under repurchase agreements 511,880 11,154 4.39 335,177 9,077 5.45
Short-term borrowings 52,190 1,142 4.41 38,381 1,037 5.42
Trading liabilities – debt and all other interest-bearing liabilities (d)(e) 294,166 4,369 3.00 310,849 5,240 3.39
Beneficial interests issued by consolidated VIEs 25,981 593 4.60 26,815 716 5.37
Long-term debt 346,668 8,876 5.16 341,464 9,398 5.53
Total interest-bearing liabilities 3,103,662 48,612 3.16 2,777,185 50,123 3.63
Noninterest-bearing deposits 595,140 648,486
Trading liabilities – equity and other instruments (e) 40,933 29,539
Trading liabilities – derivative payables 40,976 38,707
All other liabilities, including the allowance for lending-related commitments 209,198 194,694
Total liabilities 3,989,909 3,688,611
Stockholders’ equity
Preferred stock 20,029 26,910
Common stockholders’ equity 327,086 304,519
Total stockholders’ equity 347,115 331,429
Total liabilities and stockholders’ equity $ 4,337,024 $ 4,020,040
Interest rate spread 1.95 % 1.93 %
Net interest income and net yield on interest-earning assets $ 46,689 2.51 $ 46,064 2.66

(a)
Represents securities which are tax-exempt for U.S. federal income tax purposes.
(b)
Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.
(c)
The rates reflect the impact of interest earned on cash collateral where the cash collateral has been netted against certain derivative payables.
(d)
All other interest-bearing liabilities include brokerage-related customer payables.
(e)
The combined balance of trading liabilities – debt and equity instruments was $166.0 billion and $192.3 billion for the three months ended June 30, 2025 and 2024, respectively, and $161.7 billion and $183.2 billion for the six months ended June 30, 2025 and 2024, respectively.
(f)
Interest includes the effect of certain related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(g)
The annualized rate for securities based on amortized cost was 3.82% and 3.76% for the three months ended June 30, 2025 and 2024, respectively, and 3.82% and 3.68% for the six months ended June 30, 2025 and 2024, respectively, and does not give effect to changes in fair value that are reflected in AOCI.
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GLOSSARY OF TERMS AND ACRONYMS

2024 Form 10-K:
Annual report on Form 10-K for year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission.
ABS:
Asset-backed securities
Active foreclosures:
Loans referred to foreclosure where formal foreclosure proceedings are ongoing. Includes both judicial and non-judicial states.
AFS:
Available-for-sale
Allowance for loan losses to total retained loans:
Represents period-end allowance for loan losses divided by retained loans.
Amortized cost:
Amount at which a financing receivable or investment is originated or acquired, adjusted for accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, charge-offs, foreign exchange, and fair value hedge accounting adjustments. For AFS securities, amortized cost is also reduced by any impairment losses recognized in earnings. Amortized cost is not reduced by the allowance for credit losses, except where explicitly presented net.
AOCI:
Accumulated other comprehensive income/(loss)
ARM(s):
Adjustable rate mortgage(s)
AUC:
“Assets under custody”: Represents assets held directly or indirectly on behalf of clients under safekeeping, custody and servicing arrangements.
Auto loan and lease origination volume:
Dollar amount of auto loans and leases originated.
AWM:
Asset & Wealth Management
Beneficial interests issued by consolidated VIEs:
Represents the interest of third-party holders of debt, equity securities, or other obligations, issued by VIEs that JPMorganChase consolidates.
BHC:
Bank holding company
BWM:
Banking & Wealth Management
Bridge Financing Portfolio:
A portfolio of held-for-sale unfunded loan commitments and funded loans. The unfunded commitments include both short-term bridge loan commitments that will ultimately be replaced by longer term financing as well as term loan commitments. The funded loans include term loans and funded revolver facilities.
CCAR:
Comprehensive Capital Analysis and Review
CCB:
Consumer & Community Banking
CCP:
Central Counterparty
CDS:
Credit default swaps
CECL:
Current Expected Credit Losses
CEO:
Chief Executive Officer
CET1 capital:
Common equity Tier 1 capital
CFO:
Chief Financial Officer
CFTC:
Commodity Futures Trading Commission
CIB:
Commercial & Investment Bank
CIO:
Chief Investment Office
Client assets:
Represent assets under management as well as custody, brokerage, administration and deposit accounts.
Client deposits and other third-party liabilities:
Deposits, as well as deposits that are swept to on-balance sheet liabilities (e.g., commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements) as part of client cash management programs.
Client investment assets:
Represent assets under management as well as custody, brokerage and annuity accounts, and deposits held in investment accounts.
CLTV:
Combined loan-to-value
CMT:
Constant Maturity Treasury
Collateral-dependent:
A loan is considered to be collateral-dependent when repayment of the loan is expected to be provided substantially through the operation or sale of the

collateral when the borrower is experiencing financial difficulty, including when foreclosure is deemed probable based on borrower delinquency.
Commercial Card:
Provides a wide range of payment services to corporate and public sector clients worldwide through the commercial card products. Services include procurement, corporate travel and entertainment, expense management services, and business-to-business payment solutions.
Credit derivatives:
Financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer (the reference entity) which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller). Upon the occurrence of a credit event by the reference entity, which may include, among other events, the bankruptcy or failure to pay its obligations, or certain restructurings of the debt of the reference entity, neither party has recourse to the reference entity. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value at the time of settling the credit derivative contract. The determination as to whether a credit event has occurred is generally made by the relevant International Swaps and Derivatives Association (“ISDA”) Determinations Committee.
Criticized:
Criticized loans, lending-related commitments and derivative receivables that are
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classified as special mention, substandard and doubtful categories for regulatory purposes and are generally consistent with a rating of CCC+/Caa1 and below, as defined by S&P and Moody’s.
CRR:
Capital Requirements Regulation
CVA:
Credit valuation adjustment
DVA:
Debit valuation adjustment
EC:
European Commission
Eligible HQLA:
Eligible high-quality liquid assets, for purposes of calculating the LCR, is the amount of unencumbered HQLA that satisfy certain operational considerations as defined in the LCR rule.
Eligible LTD:
Long-term debt satisfying certain eligibility criteria
Embedded derivatives:
Implicit or explicit terms or features of a financial instrument that affect some or all of the cash flows or the value of the instrument in a manner similar to a derivative. An instrument containing such terms or features is referred to as a “hybrid.” The component of the hybrid that is the non-derivative instrument is referred to as the “host.” For example, callable debt is a hybrid instrument that contains a plain vanilla debt instrument (i.e., the host) and an embedded option that allows the issuer to redeem the debt issue at a specified date for a specified amount (i.e., the embedded derivative). However, a floating rate instrument is not a hybrid composed of a fixed-rate instrument and an interest rate swap.
EPS:
Earnings per share
ERISA:
Employee Retirement Income Security Act of 1974
ESG:
Environmental, Social and Governance
ETD: “Exchange-traded derivatives”:
Derivative contracts that are executed on an exchange and settled via a central clearing house.
EU:
European Union
Expense categories:
•
Volume- and/or revenue-related
expenses generally correlate with changes in the related business/transaction volume or revenue. Examples of volume- and revenue-related expenses include commissions and incentive compensation, depreciation expense related to operating lease assets, and brokerage expense related to equities trading transaction volume.
•
Investments
include expenses associated with supporting medium- to longer-term strategic plans of the Firm. Examples of investments include initiatives in technology (including related compensation), marketing, and compensation for new bankers and client advisors.
•
Structural
expenses are those associated with the day-to-day cost of running the bank and are
expenses not covered by the above two categories. Examples of structural expenses include employee salaries and benefits, as well as noncompensation costs such as real estate and all other expenses.
Fannie Mae:
Federal National Mortgage Association
FASB:
Financial Accounting Standards Board
FCA:
Financial Conduct Authority
FDIC:
Federal Deposit Insurance Corporation
FDM: "Financial difficulty modification"
applies to loan modifications effective January 1, 2023, and

is deemed to occur when the Firm modifies specific terms of the original loan agreement. The following types of modifications are considered FDMs: principal forgiveness, interest rate reduction, other-than-insignificant payment deferral, term extension or a combination of these modifications.
Federal Reserve:
The Board of the Governors of the Federal Reserve System
FFIEC:
Federal Financial Institutions Examination Council
FHA:
Federal Housing Administration
FHLB:
Federal Home Loan Bank
FICO score:
A measure of consumer credit risk based on information in consumer credit reports produced by Fair Isaac Corporation. Because certain aged data is excluded from credit reports based on rules in the Fair Credit Reporting Act, FICO scores may not reflect all historical information about a consumer.
FICC:
Fixed Income Clearing Corporation
FINRA:
Financial Industry Regulatory Authority
Firm:
JPMorgan Chase & Co.
First Republic:
On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the FDIC.

"First Republic-related," "associated with First Republic" or similar expressions refer to the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable. Refer to Note 34 of the Firm's 2024 Form 10-K for additional information.
Forward points:
Represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., “spot rate”) to determine the forward exchange rate.
Freddie Mac:
Federal Home Loan Mortgage Corporation
Free-standing derivatives:
A derivative contract entered into either separate and apart from any of the Firm’s other financial instruments or equity transactions. Or, in conjunction with some other
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transaction and is legally detachable and separately exercisable.
FTE:
Fully taxable-equivalent
FVA:
Funding valuation adjustment
FX:
Foreign exchange
G7:
“Group of Seven nations”
:
Countries in the G7 are Canada, France, Germany, Italy, Japan, the U.K. and the U.S.
G7 government securities:
Securities issued by the government of one of the G7 nations.
Ginnie Mae:
Government National Mortgage Association
GSIB:
Global systemically important banks
HELOC:
Home equity line of credit
Home equity – senior lien:
Represents loans and commitments where JPMorganChase holds the first security interest on the property.
Home equity – junior lien:
Represents loans and commitments where JPMorganChase holds a security interest that is subordinate in rank to other liens.
HQLA:
High-quality liquid assets
HTM:
Held-to-maturity
IBOR:
Interbank Offered Rate
IDI:
Insured depository institutions
IHC:
JPMorgan Chase Holdings LLC, an intermediate holding company
Investment-grade:
An indication of credit quality based on JPMorganChase’s internal risk assessment system. “Investment grade” generally represents a risk profile similar to a rating of a “BBB-”/“Baa3” or better, as defined by independent rating agencies.
IPO:
Initial Public Offering
IR:
Interest rate
ISDA:
International Swaps and Derivatives Association
JPMorganChase:
JPMorgan Chase & Co.
JPMorgan Chase Bank, N.A.:
JPMorgan Chase Bank, National Association
JPMorgan Chase Foundation or Foundation:
A not-for-profit organization that makes contributions for charitable and educational purposes.
J.P. Morgan Securities:
J.P. Morgan Securities LLC
JPMSE:
J.P. Morgan SE
LCR:
Liquidity coverage ratio
LIBOR:
London Interbank Offered Rate
LLC:
Limited Liability Company
LOB:
Line of business
LTV: “Loan-to-value ratio”:
For residential real estate loans, the relationship, expressed as a percentage, between the principal amount of a loan and the
appraised value of the collateral (i.e., residential real estate) securing the loan.
Origination date LTV ratio:
The LTV ratio at the origination date of the loan. Origination date LTV ratios are calculated based on the actual appraised values of collateral (i.e., loan-level data) at the origination date.
Current estimated LTV ratio:
An estimate of the LTV as of a certain date. The current estimated LTV ratios are calculated using estimated collateral values derived from a nationally recognized home price index measured at the metropolitan statistical area (“MSA”) level. These MSA-level home price indices consist of actual data to the extent available and forecasted data where actual data is not available. As a result, the estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting LTV ratios are necessarily imprecise and should therefore be viewed as estimates.
Combined LTV ratio:
The LTV ratio considering all available lien positions, as well as unused lines, related to the property. Combined LTV ratios are used for junior lien home equity products.
Macro businesses:
The macro businesses include Rates, Currencies and Emerging Markets, Fixed Income Financing and Commodities in CIB's Fixed Income Markets.
Managed basis:
A non-GAAP presentation of Firmwide financial results that includes reclassifications to present revenue on a fully taxable-equivalent basis. Management also uses this financial measure at the segment level, because it believes this provides information to enable investors to understand the underlying operational performance and trends of the particular business segment and facilitates a comparison of the business segment with the performance of competitors.
Markets:
Consists of CIB's Fixed Income Markets and Equity Markets businesses.
Master netting agreement:
A single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
MBS:
Mortgage-backed securities
MD&A:
Management’s discussion and analysis
Measurement alternative:
Measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer.
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Merchant Services:
Offers merchants payment processing capabilities, fraud and risk management, data and analytics, and other payments services. Through Merchant Services, merchants of all sizes can accept payments via credit and debit cards and payments in multiple currencies.
MEV:
Macroeconomic variable
Moody’s:
Moody’s Investor Services
Mortgage product types:
Alt-A

Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (i) limited documentation; (ii) a high CLTV ratio; (iii) loans secured by non-owner occupied properties; or (iv) a debt-to-income ratio above normal limits. A substantial proportion of the Firm’s Alt-A loans are those where a borrower does not provide complete documentation of his or her assets or the amount or source of his or her income.
Option ARMs
The option ARM real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate is usually significantly below the fully indexed rate. The fully indexed rate is calculated using an index rate plus a margin. Once the introductory period ends, the contractual interest rate charged on the loan increases to the fully indexed rate and adjusts monthly to reflect movements in the index. The minimum payment is typically insufficient to cover interest accrued in the prior month, and any unpaid interest is deferred and added to the principal balance of the loan. Option ARM loans are subject to payment recast, which converts the loan to a variable-rate fully amortizing loan upon meeting specified loan balance and anniversary date triggers.
Prime
Prime mortgage loans are made to borrowers with good credit records who meet specific underwriting requirements, including prescriptive requirements related to income and overall debt levels. New prime mortgage borrowers provide full documentation and generally have reliable payment histories.
Subprime
Subprime loans are loans that, prior to mid-2008, were offered to certain customers with one or more high risk characteristics, including but not limited to: (i) unreliable or poor payment histories; (ii) a high LTV ratio of greater than 80% (without borrower-paid mortgage insurance); (iii) a high debt-to-income ratio; (iv) an occupancy type for the loan is other than the
borrower’s primary residence; or (v) a history of delinquencies or late payments on the loan.
MREL:
Minimum requirements for own funds and eligible liabilities
MSR:
Mortgage servicing rights
NA:
Data is not applicable or available for the period presented.
Net Capital Rule:
Rule 15c3-1 under the Securities Exchange Act of 1934.
Net charge-off/(recovery) rate:
Represents net charge-offs/(recoveries) (annualized) divided by average retained loans for the reporting period.
Net interchange income
includes the following components:
•
Interchange income:
Fees earned by credit and debit card issuers on sales transactions.
•
Rewards costs:
The cost to the Firm for points earned by cardholders enrolled in credit card rewards programs generally tied to sales transactions.
•
Partner payments:
Payments to co-brand credit card partners based on the cost of loyalty program rewards earned by cardholders on credit card transactions.
Net yield on interest-earning assets:
The average rate for interest-earning assets less the average rate paid for all sources of funds.
NFA:
National Futures Association
NM:
Not meaningful
Nonaccrual loans:
Loans for which interest income is not recognized on an accrual basis. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more unless the loan is both well-secured and in the process of collection. Collateral-dependent loans are typically maintained on nonaccrual status.
Nonperforming assets:
Nonperforming assets include nonaccrual loans, nonperforming derivatives and certain assets acquired in loan satisfactions, predominantly real estate owned and other commercial and personal property.
NSFR:
Net Stable Funding Ratio
OCC:
Office of the Comptroller of the Currency
OCI:
Other comprehensive income/(loss)
OPEB:
Other postretirement employee benefit
Operating losses:
Primarily refer to fraud losses associated with customer deposit accounts, credit and debit cards; exclude legal expense
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OTC:
“Over-the-counter derivatives”:

Derivative contracts that are negotiated, executed and settled bilaterally between two derivative counterparties, where one or both counterparties is a derivatives dealer.
OTC cleared:
“Over-the-counter cleared derivatives”:

Derivative contracts that are negotiated and executed bilaterally, but subsequently settled via a central clearing house, such that each derivative counterparty is only exposed to the default of that clearing house.
Overhead ratio:
Noninterest expense as a percentage of total net revenue.
Parent Company:
JPMorgan Chase & Co.
Participating securities:
Represents unvested share-based compensation awards containing nonforfeitable rights to dividends or dividend equivalents (collectively, “dividends”), which are included in the earnings per share calculation using the two-class method. JPMorganChase grants restricted stock and RSUs to certain employees under its share-based compensation programs, which entitle the recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities, based on their respective rights to receive dividends.
PCD:
“Purchased credit deteriorated” assets represent acquired financial assets that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by the Firm.
Pillar 1:
The Basel framework consists of a three “Pillar” approach. Pillar 1 establishes minimum capital requirements, defines eligible capital instruments, and prescribes rules for calculating RWA.
Pillar 3:
The Basel framework consists of a three “Pillar” approach. Pillar 3 encourages market discipline through disclosure requirements which allow market participants to assess the risk and capital profiles of banks.
PRA:
Prudential Regulation Authority
Preferred stock dividends:
Reflects dividends declared and deemed dividends upon redemption of preferred stock
Pre-provision profit/(loss):
Represents total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
Principal transactions revenue:
Principal transactions revenue is driven by many factors, including the bid-
offer spread, which is the difference between the price at which the Firm is willing to buy a financial or other instrument and the price at which the Firm is willing to sell that instrument. It also consists of realized (as a result of closing out or termination of transactions, or interim cash payments) and unrealized (as a result of changes in valuation) gains and losses on financial and other instruments (including those accounted for under the fair value option) primarily used in client-driven market-making activities and on private equity investments. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities (including physical commodities inventories and financial instruments that reference commodities). Principal transactions revenue also includes certain realized and unrealized gains and losses related to hedge accounting and specified risk-management activities, including: (a) certain derivatives designated in qualifying hedge accounting relationships (primarily fair value hedges of commodity and foreign exchange risk), (b) certain derivatives used for specific risk management purposes, primarily to mitigate credit risk and foreign exchange risk, and (c) other derivatives.
PSU(s):
Performance share units
Regulatory VaR:
Daily aggregated VaR calculated in accordance with regulatory rules.
REO:
Real estate owned
Reported basis:
Financial statements prepared under U.S. GAAP, which excludes the impact of taxable-equivalent adjustments.
Retained loans:
Loans that are held-for-investment (i.e. excludes loans held-for-sale and loans at fair value).
Revenue wallet:
Total fee revenue based on estimates of investment banking fees generated across the industry (i.e., the revenue wallet) from investment banking transactions in M&A, equity and debt underwriting, and loan
syndications. Source: Dealogic, a third-party provider of investment banking competitive analysis and volume based league tables for the above noted industry products.
RHS:
Rural Housing Service of the U.S. Department of Agriculture
ROE:
Return on equity
ROTCE:
Return on tangible common equity
ROU assets:
Right-of-use assets
RSU(s):
Restricted stock units
RWA:
“Risk-weighted assets”:

Basel III establishes two comprehensive approaches for calculating RWA (a Standardized approach and an Advanced approach) which include capital requirements for credit risk, market risk, and in the case of Basel III Advanced, also
196
operational risk. Key differences in the calculation of credit risk RWA between the Standardized and Advanced approaches are that for Basel III Advanced, credit risk RWA is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters, whereas for Basel III Standardized, credit risk RWA is generally based on supervisory risk-weightings which vary primarily by counterparty type and asset class. Market risk RWA is calculated on a generally consistent basis between Basel III Standardized and Basel III Advanced.
S&P:
Standard and Poors
SA-CCR:
Standardized Approach for Counterparty Credit Risk
SAR as it pertains to Hong Kong:
Special Administrative Region
SAR(s) as it pertains to employee stock awards:
Stock appreciation rights
SCB:
Stress capital buffer
Scored portfolios:
Consumer loan portfolios that predominantly include residential real estate loans, credit card loans, auto loans to individuals and certain small business loans.
SEC:
U.S. Securities and Exchange Commission
Securitized Products Group:
Comprised of Securitized Products and tax-oriented investments.
Seed capital:
Initial JPMorgan capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a track record. After these goals are achieved, the intent is to remove the Firm’s capital from the investment.
Shelf securities:
Securities registered with the SEC under a shelf registration statement that have not been issued, offered or sold. These securities are not included in league tables until they have actually been issued
.
Single-name:
Single reference-entities
SLR:
Supplementary leverage ratio
SMBS:
Stripped Mortgage-Backed Securities
SOFR:
Secured Overnight Financing Rate
SPEs:
Special purpose entities
Structural interest rate risk:
Represents interest rate risk of the non-trading assets and liabilities of the Firm.
Structured notes:
Structured notes are financial instruments whose cash flows are linked to the movement in one or more indexes, interest rates, foreign exchange rates, commodities prices, prepayment rates, underlying reference pool of loans or other market variables. The notes typically contain embedded (but not separable or detachable)
derivatives. Contractual cash flows for principal, interest, or both can vary in amount and timing throughout the life of the note based on non-traditional indexes or non-traditional uses of traditional interest rates or indexes.
Suspended foreclosures:
Loans referred to foreclosure where formal foreclosure proceedings have started but are currently on hold, which could be due to bankruptcy or loss mitigation. Includes both judicial and non-judicial states.
Taxable-equivalent basis:
In presenting managed results, the total net revenue for each of the business segments and the Firm is presented on a tax-equivalent basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities; the corresponding income tax impact related to tax-exempt items is recorded within income tax expense.
TBVPS:
Tangible book value per share
TCE:
Tangible common equity
TLAC:
Total Loss Absorbing Capacity
U.K.:
United Kingdom
U.S.:
United States of America
U.S. GAAP:
Accounting principles generally accepted in the United States of America.
U.S. government agencies:
U.S. government agencies include, but are not limited to, agencies such as Ginnie Mae and FHA, and do not include Fannie Mae and Freddie Mac which are U.S. government-sponsored enterprises (“U.S. GSEs”). In general, obligations of U.S. government agencies are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government in the event of a default.
U.S. GSE(s):
“U.S. government-sponsored enterprises” are quasi-governmental, privately-held entities established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress to improve the flow of credit to specific sectors of the economy and provide certain essential services to the public. U.S. GSEs include Fannie Mae and Freddie Mac, but do not include Ginnie Mae or FHA. U.S. GSE obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
U.S. Treasury:
U.S. Department of the Treasury
Unaudited:
Financial statements and/or information that have not been subject to auditing procedures by an independent registered public accounting firm.
VA:
U.S. Department of Veterans Affairs
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VaR: “Value-at-risk”
is a measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
VIEs:
Variable interest entities
Warehouse loans:
Consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as loans.
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LINE OF BUSINESS METRICS

CONSUMER & COMMUNITY BANKING (“CCB”)
Debit and credit card sales volume:
Dollar amount of card member purchases, net of returns.
Deposit margin:
Represents net interest income expressed as a percentage of average deposits.
Home Lending Production and Home Lending Servicing revenue comprises the following:
Net mortgage servicing revenue:
Includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.
Production revenue:
Includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option.
Mortgage origination channels comprise the following:
Retail:
Borrowers who buy or refinance a home through direct contact with a mortgage banker employed by the Firm using a branch office, the Internet or by phone. Borrowers are frequently referred to a mortgage banker by a banker in a Chase branch, real estate brokers, home builders or other third parties.
Correspondent:
Banks, thrifts, other mortgage banks and other financial institutions that sell closed loans to the Firm.
Card Services:
A business that primarily issues credit cards to consumers and small businesses.
Net revenue rate:
Represents Card Services net revenue (annualized) expressed as a percentage of average loans for the period.
Auto loan and lease origination volume:
Dollar amount of auto loans and leases originated.
COMMERCIAL & INVESTMENT BANK (“CIB”)
Definition of selected CIB revenue:
Investment Banking:
Includes investment banking fees as well as other revenues associated with investment banking activities and services including advising on corporate strategy and structure, and capital-raising in equity and debt markets.
Payments:
Reflects revenue from cash management solutions, including services that enable clients to manage payments globally across liquidity and account solutions, commerce solutions, clearing, trade and working capital.
Lending:
Includes revenue from a variety of financing alternatives, which includes on a secured basis.
Fixed Income Markets:
Primarily includes revenue related to market-making and lending across global fixed income markets, including foreign exchange, interest rate, credit and commodities markets.
Equity Markets:
Primarily includes revenue related to market-making and lending across global equity markets, including cash, derivative and prime brokerage products.
Securities Services:
Revenues are primarily generated from net interest income, asset based fees, and transaction based fees. Our core product offering is organized into four key areas: custody, fund services, liquidity and trading services, and data solutions. These services are marketed primarily to institutional investors.
Description of certain business metrics:
Assets under custody (“AUC”):
Represents activities associated with the safekeeping and servicing of assets on which Securities Services earns fees.
Investment banking fees:
Represents advisory, equity underwriting, bond underwriting and loan syndication fees.
Description of CIB client coverage segment for Banking & Payments revenue
(a)
:
Global Corporate Banking & Global Investment Banking:
Provides banking products and services generally to large corporations, financial institutions and merchants.
Commercial Banking:
Provides banking products and services to clients, including start-ups, small and mid-sized companies, local governments, municipalities, and nonprofits, as well as commercial real estate clients.
(a)
Global Banking
is a client coverage view within the Banking & Payments business and is comprised of the Global Corporate Banking, Global Investment Banking and Commercial Banking client coverage segments.
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ASSET & WEALTH MANAGEMENT (“AWM”)
Assets under management (“AUM”):
Represent assets managed by AWM on behalf of its Private Banking, Global Institutional and Global Funds clients. Includes “Committed capital not Called.”
Client assets:
Represent assets under management, as well as custody, brokerage, administration and deposit accounts.
Multi-asset:
Any fund or account that allocates assets under management to more than one asset class.
Alternative assets "Alternatives":
The following types of assets constitute alternative investments – hedge funds, currency, real estate, private equity and other investment funds designed to focus on nontraditional strategies.
AWM’s lines of business consist of the following:
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.
Global Private Bank:
Provides retirement products and services, brokerage, custody, trusts and estates, loans, mortgages, deposits and investment management to high net worth clients.
AWM’s client segments consist of the following:
Private Banking:
Clients include high- and ultra-high-net-worth individuals, families, money managers and business owners.
Global Institutional:
Clients include both corporate and public institutions, endowments, foundations, nonprofit organizations and governments worldwide.
Global Funds:
Clients include financial intermediaries and individual investors.
Asset Management has two high-level measures of its overall fund performance:
Percentage of active mutual fund and active ETF assets under management in funds rated 4- or 5-star
: Mutual fund rating services rank funds based on their risk-adjusted performance over various periods. A 5-star rating is the best rating and represents the top 10% of industry-wide ranked funds. A 4-star rating represents the next 22.5% of industry-wide ranked funds. A 3-star rating represents the next 35% of industry-wide ranked funds. A 2-star rating represents the next 22.5% of industry-wide ranked funds. A 1-star rating is the worst rating and represents the bottom 10% of industry-wide ranked funds. An overall Morningstar rating is derived from a weighted average of the performance associated with a fund’s three-, five- and ten- year (if applicable) Morningstar Rating metrics. For U.S.-domiciled funds, separate star ratings are provided at the individual share class level.
The Nomura “star rating” is based on three-year risk-adjusted performance only. Funds with fewer than three years of history are not rated and hence excluded from these rankings. All ratings, the assigned peer categories and the asset values used to derive these rankings are sourced from the applicable fund rating provider. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on star ratings at the share class level for U.S.-domiciled funds, and at a “primary share class” level to represent the star rating of all other funds, except for Japan, for which Nomura provides ratings at the fund level. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
Percentage of active mutual fund and active ETF assets under management in funds ranked in the 1st or 2nd quartile (one, three, and five years):
All quartile rankings, the assigned peer categories and the asset values used to derive these rankings are sourced from the fund rating providers. Quartile rankings are based on the net-of-fee absolute return of each fund. Where applicable, the fund rating providers redenominate asset values into U.S. dollars. The percentage of AUM is based on fund performance and associated peer rankings at the share class level for U.S.-domiciled funds, at a “primary share class” level to represent the quartile ranking for U.K., Luxembourg and Hong Kong funds and at the fund level for all other funds. The performance data may have been different if all share classes had been included. Past performance is not indicative of future results.
“
Primary share class
” means the C share class for European funds and Acc share class for Hong Kong and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Refer to the Market Risk Management section of Management’s discussion and analysis and pages 141–149 of JPMorganChase’s 2024 Form 10-K for a discussion of the quantitative and qualitative disclosures about market risk.
Item 4. Controls and Procedures.
As of the end of the period covered by this report, an evaluation was carried out under the supervision and with the participation of the Firm’s management, including its Chairman and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chairman and Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective. Refer to Exhibits 31.1 and 31.2 for the Certifications furnished by the Chairman and Chief Executive Officer and Chief Financial Officer, respectively.
The Firm is committed to maintaining high standards of internal control over financial reporting. Nevertheless, because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Deficiencies or lapses in internal controls may occur from time to time, and there can be no assurance that any such deficiencies will not result in significant deficiencies or material weaknesses in internal control in the future and collateral consequences therefrom. Refer to “Management’s report on internal control over financial reporting” on page 168 of JPMorganChase’s 2024 Form 10-K for further information. There was no change in the Firm’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that occurred during the three months ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, the Firm’s internal control over financial reporting.
Part II – Other Informatio
n
Item 1. Legal Proceedings.
Refer to the discussion of the Firm’s material legal proceedings in Note 24 of this Form 10-Q for information that updates the disclosures set forth under Part I, Item 3: Legal Proceedings, in JPMorganChase’s 2024 Form 10-K.
Item 1A. Risk Factors.
Refer to Part I, Item 1A: Risk Factors on pages 10–37 of JPMorganChase’s 2024 Form 10-K and Forward-Looking Statements on page 90 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.
Supervision and regulation
Refer to the Supervision and regulation section on pages 2–7 of JPMorganChase’s 2024 Form 10-K for information on Supervision and Regulation.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Repurchases under the common share repurchase program
Refer to Capital Risk Management on pages 43-49 of this Form 10-Q and pages 97–107 of JPMorganChase’s 2024 Form 10-K for information regarding repurchases under the Firm’s common share repurchase program.
On July 1, 2025, the Firm announced that its Board of Directors had authorized a new $50 billion common share repurchase program, effective July 1, 2025. Through June 30, 2025, the Firm was authorized to purchase up to $30 billion of common shares under its previously-approved common share repurchase program that was announced on June 28, 2024.
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Shares repurchased pursuant to the common share repurchase program during the six months ended

June 30, 2025 were as follows:
Six months ended June 30, 2025 Total number of shares of common stock repurchased Average price paid per share of common stock (a) Aggregate purchase price of common stock repurchases (in millions) (a) Dollar value of remaining authorized repurchase (in millions) (a)(b)
First quarter 29,953,620 $ 252.50 $ 7,563 $ 11,763
April 12,213,312 $ 231.42 $ 2,826 $ 8,937
May 9,218,554 259.67 2,394 6,543
June 8,369,094 272.42 2,280 4,263
Second quarter 29,800,960 $ 251.67 $ 7,500 $ 4,263
Year-to-date 59,754,580 $ 252.09 $ 15,063 $ 4,263

(a)
Excludes excise tax and commissions.
(b)
Represents the amount remaining under the $30 billion repurchase program.
Item 3.    Defaults Upon Senior Securities.
None.
Item 4.    Mine Safety Disclosures.
Not applicable.
Item 5.    Other Information.
Trading arrangements
During the second quarter of 2025, no director or officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934 ("Section 16 Director or Officer")
adopted
or
terminated
a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (each, as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934). Certain of the Firm's Section 16 Directors or Officers may participate in employee stock purchase plans, 401(k) plans or dividend reinvestment plans of the Firm that have been designed to comply with Rule 10b5-1(c).
Iran threat reduction disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) to the Securities Exchange Act of 1934, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure may be required even where the activities, transactions or dealings were conducted in compliance with applicable law. Except as set forth below, as of the date of this report, the Firm is not aware of any other activity, transaction or dealing by any of its affiliates during the quarter ended June 30, 2025 that requires disclosure under Section 219.
During the second quarter of 2025, a non-U.S. subsidiary of the Firm processed three payments, each valued at the equivalent of approximately USD 130, for its client, a non-U.S. person, where the Iranian Embassy in London, U.K. was the beneficiary. The Firm did not charge a fee for these transactions.
The payments were for the renewal of travel documentation for the client’s three minor children and were therefore exempt transactions pursuant to 31 C.F.R. 560.219(d).
The Firm does not intend to engage in such transactions in the future.
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Item 6.    Exhibits.
Exhibit No. Description of Exhibit
15 Letter re: Unaudited Interim Financial Information. (a)
22 Subsidiary Guarantors and Issuers of Guaranteed Securities . (a)
31.1 Certification. (a)
31.2 Certification. (a)
32 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (b)
101.INS The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. (c)
101.SCH XBRL Taxonomy Extension Schema Document. (a)
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. (a)
101.DEF XBRL Taxonomy Extension Definition Linkbase Document. (a)
101.LAB XBRL Taxonomy Extension Label Linkbase Document. (a)
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. (a)
104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

(a)
Filed herewith.
(b)
Furnished herewith. This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
(c)
Pursuant to Rule 405 of Regulation S-T, includes the following financial information included in the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, formatted in XBRL (eXtensible Business Reporting Language) interactive data files: (i) the Consolidated statements of income (unaudited) for the three and six months ended June 30, 2025 and 2024, (ii) the Consolidated statements of comprehensive income (unaudited) for the three and six months ended June 30, 2025 and 2024, (iii) the Consolidated balance sheets (unaudited) as of June 30, 2025 and December 31, 2024, (iv) the Consolidated statements of changes in stockholders’ equity (unaudited) for the three and six months ended June 30, 2025 and 2024, (v) the Consolidated statements of cash flows (unaudited) for the six months ended June 30, 2025 and 2024, and (vi) the Notes to Consolidated Financial Statements (unaudited).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
JPMorgan Chase & Co.
(Registrant)

By: /s/ Elena Korablina
Elena Korablina
Managing Director and Firmwide Controller
(Principal Accounting Officer)

Date: August 5, 2025

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