Jpmorgan Chase & Co 8-K, filed May 19, 2025
Jpmorgan Chase & Co (JPM)
8-K
2025-05-19
For: 2025-05-19
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Added on
April 02, 2026
About this 8-K
Jpmorgan Chase & Co filed this 8-K on May 19, 2025.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 19, 2025
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. employer identification no.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (212 ) 270-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 7.01 Regulation FD Disclosure
On May 19, 2025, JPMorgan Chase & Co. (“JPMorganChase” or the “Firm”) held an Investor Day presentation during which it provided information to investors about the Firm and its various lines of business. Exhibit 99 is a copy of the slides furnished at, and posted on the Firm’s website in connection with, the presentation.
The slides are being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities under that Section. Furthermore, the information contained in Exhibit 99 shall not be deemed to be incorporated by reference into the filings of the Firm under the Securities Act of 1933.
This Current Report on Form 8-K (including the Exhibit hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorganChase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorganChase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2024, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which have been filed with the Securities and Exchange Commission and are available on JPMorganChase’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorganChase does not undertake to update any forward-looking statements.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description of Exhibit | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 99.3 | ||||||||
| 101 | Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language). | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). | |||||||
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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 hereunto duly authorized.
| JPMorgan Chase & Co. | ||
| (Registrant) | ||
| By: | /s/ Elena Korablina | ||||
| Elena Korablina | |||||
| Managing Director and Firmwide Controller | |||||
| (Principal Accounting Officer) | |||||
| Dated: | May 19, 2025 | ||||
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May 19, 2025 Exhibit 99.1
Forward-looking statements The Investor Day presentations contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.
► Firm Overview Consumer & Community Banking Asset & Wealth Management Commercial & Investment Bank Investor Day 2025 Firm Overview Exhibit 99.2
Complete Global Diversified At Scale We have a proven operating model that is supported by a consistent strategic framework ⚫ Continuously investing in the future while maintaining expense discipline ⚫ Focus on customer experience and innovation ⚫ Employer of choice for top talent from all backgrounds Long-term shareholder value ⚫ Customer centric and easy to do business with ⚫ Comprehensive set of products and services ⚫ Focus on safety and security ⚫ Powerful brands ⚫ Fortress balance sheet ⚫ Risk governance and controls ⚫ Culture and conduct ⚫ Operational resilience Unwavering principles ⚫ Investing in and supporting our communities ⚫ Integrating environmental sustainability into business and operating decisions ⚫ Serving a diverse customer base ⚫ Promoting sound governance Sustainable business practices Exceptional client franchises 1
C o n s u m e r & C o m m u n it y B an ki ng Asset & Wealth Mgmt. Com m erc ia l & In v e s tm e n t B a n k $118 $173 55 72 49 7014 22 2019 2020 2021 2022 2023 2024 Being complete, global, diversified and at scale enables us to meet clients’ and customers’ needs across the spectrum and through cycles CCB2 CIB2,3 AWM Corp.4 Revenue1 by segment ($B) OUR DIVERSE BUSINESS MIX PERFORMS THROUGH CYCLES… 55 92 43 50 21 30 $118 $173 2019 2020 2021 2022 2023 2024 NII6 NIR6 Markets Revenue1 by type ($B) Fill level Global Corporate Banking DCM Lending (direct & syndicated) Payments M&A FICC Equities Global Research Commercial Banking ECM Business Banking International Consumer Initiatives9 Consumer Banking Wealth Management Home Lending Auto Asset Management Securities Services Global Private Bank $4.0T Total assets $4.0T AUM 84mm U.S. consumers $5.9T Client assets 317k Employees across 60+ countries >90% Of Fortune 500 companies do business with us $6.4T Consumer payments7 $10T+ Daily payment processing8 100+ Markets globally Connected Commerce …AND OUR CLIENTS AND CUSTOMERS BENEFIT FROM A COMPLETE AND AT-SCALE OFFERING ex. Visa5 Reported $181B ex. Visa5 For footnoted information, refer to slide 19 Credit Card 2
We have leading client and customer centric franchises… CCB CIB AWM #1 IB fees4 Markets revenue5 Treasury Services revenue6 Multifamily lender13 Middle Market bookrunner14 U.S. retail deposits1 U.S. credit card issuer11 Primary Business Bank12 #1#1 Rated Private Bank in the World15 Active flows16 10-year total return > 2x peers10 CCB U.S. retail deposits1 7.9% 11.3% Credit card OS2 16.4% 17.3% Client investment assets3 $213B $1.1T ⚫ #1 retail deposit share in 22 of the top 125 U.S. markets CIB Investment Banking fees4 8.2% 9.2% Markets revenue5 8.7% 11.4% Treasury Services revenue6 4.6% 9.5% Securities Services revenue7 9.1% 10.7% ⚫ Unrivaled scale, unique end-to-end capabilities AWM Client assets8 $2.3T $5.9T Long-term fund AUM outperforming over 10 years9 82% 85% ⚫ 21 straight years of net positive total client asset flows Market share 2014 2024 +340bps +260bps+90bps +3.5x5.1 +3.5x+157% +3.5x+300bps +3.5x+100bps +3.5x+270bps +3.5x+490bps +3.5x+160bps 2015: 2019: For footnoted information, refer to slide 20 3
$86 $16 $19 $22 $23 $27 $30 $34 $39 $41 $45 $48 $51 $54 $56 $61 $66 $72 $73 $97 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 10% compound annual growth rate since 2005 …which has led to strong absolute and relative performance over the last decade TBVPS1 ($) STRONG TRACK RECORD OF PERFORMANCE AND GROWTH 2x peers2 20% ROTCE1 $173B Revenue4 9th consecutive year of growth 52% Adj. overhead ratio4,5 -1ppts YoY $53B Net Income +7% YoY AND THIS YEAR WAS NO EXCEPTION Complete Global At ScaleDiversified WE REMAIN FOCUSED ON THE FUTURE 2024 ex. Visa3 Technology & AI Growth Lean organization Continued excellence For footnoted information, refer to slide 21 4
OngoingImproved? Riskier? Looking ahead, we are well positioned to take advantage of a possibly improved regulatory environment, while navigating more uncertainty than ever on the geopolitical and economic side C u rr en t d ir ec ti o n Regulatory uncertainty Economic environmentGeopolitical risks A re a s o f u n ce rt a in ty 5
$89 ($3) $1 2024 2025 outlook Balance sheet growth / mix ◼ Card revolve growth and modestly higher deposit balances 47% 53% 45% 42% 41% 30% 29% 28% 26% 24% 4Q21 4Q22 4Q23 4Q24 1Q25 We expect ~$90B in NII ex. Markets for 2025, as balance sheet growth partially offsets lower rates Rates / margins2 ◼ 2 rate cuts (4.00% FFTUB3 at YE) – Average IORB4 declines ~90bps YoY – Deposit margin compression 2Q24: $23 3Q24: $23 4Q24: $23 $92 ~$90 1Q24: $23 Markets NII: $1B Firmwide NII: $93B Markets NII: ~$4.5B Firmwide NII: ~$94.5B Increase driven by lower funding costs, largely revenue neutral NET INTEREST INCOME EX. MARKETS1 ($B) NON-INTEREST BEARING: ECONOMIC AND REPORTED % of total average deposits AVERAGE DEPOSITS ($B) $1,094 $1,126 $1,078 $1,035 $1,039 $2,468 $2,380 $2,372 $2,417 $2,430 4Q21 4Q22 4Q23 4Q24 1Q25 Firmwide BWM5 Economic view6 Reported view For footnoted information, refer to slide 21 6
Our 2025 expense outlook is unchanged at ~$95B 2025 ADJUSTED EXPENSE1 ($B) $91.1 CIB AWM Corp. CCB ~$95 FDIC SA and Foundation contribution2 For footnoted information, refer to slide 21 38 41 35 38 14 15 2 2 2024 2025 outlook 2025 YOY DRIVERS Volume- and revenue-related Auto lease growth Capital markets activity Bankers, Advisors and Branches We continue to invest in further business growth Technology Investments in products and features Business and volume growth (public cloud, data centers) Marketing Drives demand for card products and strong customer engagement 7
(0%) (3%) (1%) 9%JPM We continue to invest through the cycle, while simultaneously focusing on extracting efficiencies SHRINKING EXPENSES IS GOOD, BUT GROWING PROFITS IS BETTER BUT AS OUR HEADCOUNT HAS GROWN… …WE SEE OPPORTUNITIES TO DIAL UP OUR FOCUS ON RUNNING A LEAN ORGANIZATION 5-year PPNR CAGR Employees ⚫ The Firm’s headcount has meaningfully increased over the last five years driven by business and volume growth, geographical expansion and acquisitions ⚫ As the business continues to grow, we have asked our leaders to leverage the existing footprint to efficiently support the additional growth ⚫ We will always continue to: ⚫ Ensure we are appropriately resourced to protect the safety and soundness of the Firm ⚫ Invest in high-certainty areas such as bankers, advisors and branches ⚫ Additionally, our investments in technology and AI help our employees work more efficiently and absorb further volume growth Revenue Expense 5-year change in: $54B1 $11B ($4B) $6B $26B1 $12B ($4B) $11B BAC WFC C 2019 2020 2021 2022 2023 2024 Revenue producing3 Tech2 Operations Business support 257K 317K For footnoted information, refer to slide 21 ex. Visa1 8
7 7 8 8 2 21 1 2024 Investments Structural / volumes 2025 outlook ~$0.7 Our 2025 Firmwide technology expense outlook is ~$18B 2025 TECHNOLOGY EXPENSE ($B) 2025 TECHNOLOGY INVESTMENTS ($B) Products, platforms and features By strategy $5.3 $2.7 Total $8.0 By line of business CCB $3.2 CIB $3.7 AWM $1.0 Total $8.0 Protect the Firm and our customers Modernize technology and software development excellence Technology lifecycle management $17.0 ~$18 CCB CIB AWM Corp. ⚫ Roll-off of modernization investments for data center migrations ($0.2) ⚫ Investment into products, platforms and features +$0.9 ⚫ Infrastructure volume growth across on-premises and public cloud and inflation +$1.0 ⚫ Efficiency improvements ($0.6) ~$0.4 Totals may not sum due to rounding 9
Our investments in data & technology are delivering efficiencies and unlocking value from AI Leveraging our modernized data and technology infrastructure Modern data centers Cloud infrastructure Driving at-scale adoption and transformation with GenAI & agents Connecting our data together Software engineering Operations General productivity >200,000 users of LLM Suite ~100 GenAI solutions in production 40K+ engineers with AI coding assistants of applications run their processing largely on modern infrastructure ~80% of applications run their processing largely in the public or private cloud ~65%~50% last year ~75% last year Continued expansion of value from traditional machine learning Pricing and hedging Trading Detecting and preventing fraud Fraud management Automation and insights Operations Products and features tailored to the customer Customer personalization Optimizing and accelerating decisions Credit decisioning 10
Our reserves reflect the current level of uncertainty For footnoted information, refer to slide 21 Illustrative reserve build: < $3B Sensitive to the path of key MEVs and our evaluation of scenario weights Scenario MODERATE RECESSION SCENARIO UER peaks at 6.5% by 2Q26 Fed cuts rates to 2% by 3Q26 Peak to trough GDP decline of 1.7% SCENARIOS UNDERLYING THE 1Q25 RESERVE LEVELS 8-quarter UER forecasts by CECL scenario (%) 4.1% 4.4% 5.8% 2.5% 4.5% 6.5% 8.5% 10.5% Q0 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Extreme adverse Relative adverse Weighted average Central (as of 1Q25) Relative upside Extreme upside Our current reserve assumes a weighted average peak UER of 5.8% in 1Q261 11 24.5 27.5 23.3 17.8 12.3 10.5 9.3 9.3 9.5 8.6 8.2 21.6 12.1 13.3 14.4 16.5 16.9 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 0.0% 2.0% 4.0% 6.0% 5.0 4.8 4.7 4.3 5.1 5.6 5.2 5.9 6.1 9.1 6.5 8.8 10.0 10.0 10.5 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 (0.5%) 0.5% 1.5% 2.5% Consumer Wholesale ACL ($B) NCO rate (%) ACL ($B) NCO rate (%) 8.1 5.5 1Q25 1Q25 CECL day 1 impact: $5.9B CECL day 1 impact: ($1.6B)
Smaller revenue clients are more vulnerable to margin compression Reserve impact will depend on the level of pass-through of costs to consumers The impact from tariffs to our wholesale C&I portfolio will depend on industry and company-specific dynamics, as well as how much of the cost can be passed through to the consumer Healthcare Utilities Oil & Gas Metals & Mining Chemicals & Plastics Transportation TMT Industrials Consumer & Retail Automotive P re -t a ri ff o p e ra ti n g m a rg in s Potential impact to margins from tariffs 1Q25 Wholesale C&I reserves1 $5B We performed analysis across various scenarios Bubble size: 1Q25 reserves For footnoted information, refer to slide 21 12
Given our current level of excess capital, we are well positioned to protect and grow the franchise under a range of circumstances $219 $251 $276 $280 21 60 59 57 4Q22 4Q23 4Q24 1Q25 Regulatory requirement, incl. reg. buffers Excess Reported CET1 STANDARDIZED CET11 EXCESS ($B) $132B $162B $173B 2022 2023 2024 REVENUE3 B3E NPR2 released in July 2023 Buybacks Support ongoing shareholders, price dependent Grow our businesses Take advantage of both organic and inorganic strategic opportunities Macroeconomic & Regulatory environment Prepared for uncertainty For footnoted information, refer to slide 22 Dividends Attractive yield Sustainability in variety of environments $1.00 $1.05 $1.25 $1.40 4Q22 4Q23 4Q24 1Q25 DIVIDENDS PER SHARE NET BUYBACKS Quarterly averages $0.3B $1.9B $7.1B 2022 2023 2024 1Q25 $4.2B Visa5 ex. Visa4 13
Resolvability Discount window usage Systemic risk …AND SHOULD THOUGHTFULLY INTEGRATE THE FOLLOWING FEATURES… Simple backstops We still believe a holistic review of the capital and liquidity regulatory frameworks is needed THE OPTIMAL REGULATORY FRAMEWORK SHOULD BE… Risk Sensitivity Backstop Measures Systemic Risk SLR / eSLR GSIB TLAC (leverage) SCB Collins Floor Basel III RWA (Std / Adv) ILST Recovery & Resolution TLAC (RWA) LCR NSFR It is critical to balance the toll of regulation with overall safety and soundness in the financial system Coherent Transparent Durable Avoids duplication Eliminates gold-plating Balanced Understandable at public level OVERLAP IN CURRENT CAPITAL AND LIQUIDITY REQUIREMENTS1 Risk sensitivity Buffer usability Liquidity …WHILE RECOGNIZING THE FUNDAMENTAL REALITY OF RISK MITIGATION Systemic risk Rule complexity Risk can never be fully eliminated… …but complexity can always increase… …and eventually drive its own risks For footnoted information, refer to slide 22 Functions effectively throughout the cycle 14
2024 Medium-term We are positioned to deliver strong returns across a range of macroeconomic conditions… …and continue to support our 17% through the cycle target For footnoted information, refer to slide 22 17% through the cycle target 20% 22% Interest rates and deposit pricing Credit costs Global trade and growth Capital markets activity Volatile asset prices Loan and deposit growth Geopolitical tensions and conflict escalation Persistent inflation ILLUSTRATIVE ROTCE1 PATH BY SCENARIOVARIOUS RISKS AND UNCERTAINTIES 2 Scenarios All scenarios include key business driver sensitivities and a range of reasonable capital outcomes Front-end rates Inflation Growth assumptions Moderate, immediate recession Moderate, delayed recession Gradually cut below LT rate levels Higher for longer Sharp increase, moderately persistent Persistent Deep, early recession Cut below LT rate in 2025 Near-term increase, abating Shallow, early recession 3+ cuts in the near-term Sharp increase, abating Non-recessionary soft landing 2+ cuts in 2025 Near-term increase, abating 15
0% 5% 10% 15% 20% 25% 30% Maximizing long term shareholder value is our priority, and 17% ROTCE is an outcome, not a constraint 17% target ROE (%) A range of our sub-lines of business Indicative cost of equity 17% IS AN EXCEPTIONAL ROTCE1 JPM 13% 13% 12% 17% 19% 19% 19% 18% 21% 22% BAC C WFC COF MS GS BARC DB HSBC UBS CS 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ≥17%<10% 10-16% > 30% >> 30% Capital intense Capital light ALLOCATING CAPITAL TO MAXIMIZE SHAREHOLDER VALUE ≠ MAXIMIZING ROTCE Bar width = capital allocated to the business For footnoted information, refer to slide 22 2 2 16
We remain committed to serving our clients and customers with the full breadth of our offering, while producing strong returns Promotes stronger and deeper relationships with customers Allows us to serve more clients everywhere Supports more stable earnings in any operating environment Offsets margin compression through volume growth and facilitates efficiencies Complete Global Diversified At Scale See notes on slide 18 for additional information on ROTCE, NII ex. Markets and adjusted expense ~$90B 2025 NII ex. Markets 2025 NII: ~$94.5B ~$95B 2025 adjusted expense 17% ROTCE target 17
Notes on non-GAAP financial measures 1. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm as a whole and each of the reportable business segments and Corporate on a fully taxable-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. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by each of the lines of business and Corporate. For a reconciliation of the Firm’s results from a reported to managed basis for the full years 2022, 2023 and 2024, refer to page 67 of JPMorgan Chase & Co.’s (“JPMorganChase’s”) Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10- K”). For all other periods presented, refer to the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures disclosure in JPMorganChase’s Annual Report on Form 10-K for each respective year or Quarterly Report on Form 10-Q for respective quarters 2. In addition to reviewing net interest income (“NII”) and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding Markets, which is composed of Fixed Income Markets and Equity Markets. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income. These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, without the volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes that disclosure of these measures provides investors and analysts with alternative measures to analyze the revenue trends of the Firm. For a reconciliation of NII and NIR from reported to excluding Markets for the full year 2024, refer to page 68 of JPMorganChase’s 2024 Form 10- K. For all other periods presented, refer to the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures disclosure in JPMorganChase’s Annual Report on Form 10-K for each respective year or Quarterly Report on Form 10-Q for respective quarters 3. Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”), are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than mortgage servicing rights), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity. For a reconciliation from common stockholders’ equity to TCE for the full years 2023 and 2024, refer to page 69 of JPMorganChase’s 2024 Form 10-K. For all other periods presented, refer to the Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures disclosure in JPMorganChase’s Annual Report on Form 10-K for each respective year 4. Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures. Adjusted expense represents noninterest expense excluding Firmwide legal expense of $740mm for the full year ended December 31, 2024. The adjusted overhead ratio measures the Firm’s adjusted expense as a percentage of managed net revenue. Management believes this information helps investors understand the effect of certain items on reported results and provides an alternate presentation of the Firm’s performance 5. Full-year 2024 results included a $7.9B net gain related to Visa shares and a $1.0B donation of Visa shares to pre-fund contributions to the Firm’s Foundation, which were previously disclosed in the second quarter of 2024. Full-year 2024 revenue, adjusted overhead ratio, net income and ROTCE excluding these significant items are non-GAAP financial measures. Excluding these items resulted in a decrease of $7.9B to reported revenue from $180.6B to $172.7B, an increase of 2ppts to the adjusted OH ratio from 50% to 52%, a decrease of $5.4B to reported net income from $58.5B to $53.0B and a decrease of 2ppts to reported ROTCE from 22% to 20%. Management believes these measures provide useful information to investors and analysts in assessing the Firm’s results 18
Notes on slide 2 Slide 2 – Being complete, global, diversified and at scale enables us to meet clients’ and customers’ needs across the spectrum and through cycles 1. Totals may not sum due to rounding. See note 1 on slide 18 2. In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation 3. Sum of heritage CB and heritage CIB 4. Corporate revenue of $1B and $10B for 2019 and 2024 ex. Visa, respectively. See note 5 on slide 18 5. See note 5 on slide 18 6. Ex. Markets. See note 2 on slide 18 7. 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 8. Based on regulatory reporting guidelines prescribed by the Federal Reserve for U.S. Title 1 planning purposes; includes internal settlements, global payments to and through third-party processors and banks, and other internal transfers 9. International Consumer Initiatives is included in Corporate 19
Notes on slide 3 Slide 3 – We have leading client and customer centric franchises… 1. Federal Deposit Insurance Corporation (FDIC) Summary of Deposits survey per S&P Global Market Intelligence applies a $1B deposit cap to Chase and industry branches for market share. While many of our branches have more than $1B in retail deposits, applying a cap consistently to ourselves and the industry is critical to the integrity of this measurement. Includes all commercial banks, savings banks and savings institutions as defined by the FDIC. Deposit market share and rankings are calculated with historical institutional ownership for each year stated 2. OS share reflects Ascend OS data 3. Certain wealth management clients were realigned from Asset & Wealth Management (AWM) to Consumer & Community Banking (CCB) in 4Q20. 2014 amounts were not revised in connection with this realignment 4. Dealogic as of April 1, 2025, excludes impact of UBS/Credit Suisse merger prior to the year of the acquisition (2023) 5. Coalition Greenwich Competitor Analytics. Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Markets 6. Coalition Greenwich Competitor Analytics reflects global firmwide Treasury Services business (Corporate & Investment Banking and Commercial Banking). Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Treasury Services 7. Coalition Greenwich Competitor Analytics. Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Securities Services. Securities Services exclude Corporate Trust, Escrow Services, Clearing & Settlement 8. In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation 9. Percentage of active mutual fund and active exchange-traded funds (ETF) assets under management (AUM) 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 SAR 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 SAR and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets. 10. Peers include Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo 11. Based on 2024 sales volume and loans outstanding disclosures by peers (AXP, BAC, COF, C and DFS) and JPMorganChase estimates. Sales volume excludes private label and Commercial Card. AXP reflects the U.S. Consumer segment and JPMorganChase estimates for AXP’s U.S. small business sales. Loans outstanding exclude private label, Citi Retail Cards and Commercial Card 12. Barlow Research Associates, Primary Bank Market Share Database as of 4Q24. Rolling eight-quarter average of small businesses with revenue of more than $100,000 and less than $25mm 13. S&P Global Market Intelligence as of December 31, 2024 14. LSEG - U.S. Overall Middle Market Bookrunner, 2024 15. Global Finance magazine 16. Public filings, company websites. Morningstar 20
Notes on slides 4-12 Slide 4 – …which has led to strong absolute and relative performance over the last decade 1. See note 3 on slide 18 2. Peers include Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo 3. See note 5 on slide 18 4. See note 1 on slide 18 5. See note 4 on slide 18 Slide 6 – We expect ~$90B in NII ex. Markets for 2025, as balance sheet growth partially offsets lower rates 1. Totals may not sum due to rounding. See notes 1 and 2 on slide 18 2. Outlook is based on implied rate curve as of May 13, 2025 3. Federal Funds target upper bound (“FFTUB”) 4. Interest on reserve balances (“IORB”) 5. Banking & Wealth Management (“BWM”) in CCB 6. Excludes structured notes and balances of non-interest bearing deposits where the account holder receives earnings credits. Includes certain interest bearing checking and savings deposit products Slide 7 – Our 2025 expense outlook is unchanged at ~$95B 1. Totals may not sum due to rounding. See note 4 on slide 18 2. $725mm increase to the FDIC special assessment in 1Q24 and $1.0B donation of Visa shares to pre-fund contributions to the Firm’s Foundation in 2Q24 Slide 8 – We continue to invest through the cycle, while simultaneously focusing on extracting efficiencies 1. See note 5 on slide 18 2. Includes tech adjacent 3. Includes front office support Slide 11 – Our reserves reflect the current level of uncertainty 1. As of March 31, 2025 Slide 12 – The impact from tariffs to our wholesale C&I portfolio will depend on industry and company-specific dynamics, as well as how much of the cost can be passed through to the consumer 1. Commercial and Industrial (“C&I”) is defined based on client’s primary business activity comprising the industries presented in the chart, and differs from the Commercial & Industrial loan class definition presented in the 10Q/K, which is based on the loan’s collateral, purpose, and type of borrower. Reserves include allowance for loan losses and allowance for lending-related commitments 21
Notes on slides 13-16 Slide 13 – Given our current level of excess capital, we are well positioned to protect and grow the franchise under a range of circumstances 1. Totals may not sum due to rounding. As of January 1, 2025, the benefit from the Current Expected Credit Losses (“CECL”) capital transition provision had been fully phased-out. Prior period CET1 data reflects CECL capital transition provisions 2. Basel III Endgame (“B3E”), Notice of Proposed Rulemaking (“NPR”) 3. See note 1 on slide 18 4. See note 5 on slide 18 5. Share repurchases in 2Q24 and 3Q24 reflected the deployment of the net benefit from the sale of Visa shares. See note 5 on slide 18 Slide 14 – We still believe a holistic review of the capital and liquidity regulatory frameworks is needed 1. Risk-Weighted Assets (“RWA”), Stress Capital Buffer (“SCB”), Internal Liquidity Stress Test (“ILST”), Global Systemically Important Bank (“GSIB”), Net Stable Funding Ratio (“NSFR”), Liquidity Coverage Ratio (“LCR”), Total Loss-Absorbing Capacity (“TLAC”), Supplementary Leverage Ratio (“SLR”), Enhanced Supplementary Leverage Ratio (“eSLR”) Slide 15 – We are positioned to deliver strong returns across a range of macroeconomic conditions… 1. See note 3 on slide 18. ROTCE ranges indicated are estimates 2. See note 5 on slide 18 Slide 16 – Maximizing long term shareholder value is our priority, and 17% ROTCE is an outcome, not a constraint 1. See note 3 on slide 18 2. 2020 and 2021 exclude reserves for JPM, BAC, C, WFC, COF, MS and GS 22
CCB operates from a position of strength Complete National Diversified At Scale #1 market position in Consumer and Business Banking & Card1 Support for customers in life’s key moments in Home Lending & Auto Continuing to grow in Connected Commerce & Wealth Management2 Strong through-the-cycle returns for the business Home Lending & Auto businesses provide diversification benefit Expanding capital-light revenue through our growth businesses ~5,000 branches across the 48 contiguous states ~68% of U.S. population covered by our branch network3 #1 Digital banking platform in the U.S.4 #1 U.S. banking brand in consumer consideration5 More than 91mm customers6 across segments with deep relationships Consistent track record of investing at scale Exceptional businesses to serve customer needs Industry-leading digital & physical channels Natural hedges across our businesses Unmatched position and capacity For footnoted information, refer to slide 47 3
Increased strategic momentum over the last 5 years 3% CAGR Total Customers1 (91mm, +3% YoY) 7% CAGR Multi-LOB Customers2 (26mm, +7% YoY) 6% CAGR Digital Active Customers3 (71mm, +6% YoY) 2% CAGR Branch Active Customers4 (41mm, +4% YoY) Record high Net Promoter Score5 (~65, +5pts) Record high Branch and Digital CSAT5 (>5pt gains in each) INVESTING TO DRIVE GROWTH, PRODUCTIVITY AND POSITION FOR THE FUTURE Best-in-class financial performance with >25% ROE on a reported and normalized basis16 GROWING, ENGAGING AND DEEPENING CUSTOMER RELATIONSHIPS EXTENDING OUR LEADERSHIP AND SCALING GROWTH BUSINESSES6 Growth Engagement Experience Industry-leading businesses Growth businesses +220bps Retail Deposit Share7 (11.3%, -10bps YoY) +30bps BB Primary Share8 (9.7% +20bps YoY) +90bps Card OS Share10 (17.3%, +60bps YoY) 2x vs. 2021 Commerce Volumes12 ($23B, +19% YoY) 2x Client Investment Assets11 ($1.1T, +14% YoY) >30% Reduction in critical tech incidents +35% Increase in value from AI / ML15 Tech, Data & AI +25% Customers per branch13 >25% Accounts per Ops FTE14 Productivity >2x Return on marketing investments <5yr Payback on strategic product & tech investments Returns on investments <4 yr Break-even on branches, bankers and advisors (2019-2024) (2019-2024) (2024) (vs. 2019) +110bps Card Sales Share9 (23.5%, +60bps YoY) (YoY) For footnoted information, refer to slide 48 4
Best-in-class financial performance ⚫ Deposit balances stabilized since coming off their peak ⚫ Through-the-cycle deposit margins expected ~2.5% ⚫ Sustained discipline in managing risk, capital and liquidity ⚫ Card loan growth expected to continue ⚫ Major investments across field/branch, marketing, tech, data ⚫ Moderating investment growth ⚫ Card loss rates in line with expectations ⚫ Wealth Management, Connected Commerce and Card fee growth expected to continue ⚫ Higher auto lease income (and depreciation) expected 20191 2023 2024 2025 outlook Average deposits ($B) $698 $1,127 $1,064 Deposit margin2 2.48% 2.84% 2.66% Average loans ($B) $478 $526 $573 Average Card outstandings $156 $191 $214 Revenue ($B) $55.0 $70.1 $71.5 Net interest income $37.3 $55.0 $54.9 Non-interest revenue $17.8 $15.1 $16.6 Expense ($B) $28.1 $34.8 $38.0 ~$41 Investments $4.4 $8.1 $8.9 ~$9.5 Credit costs ($B) $5.0 $6.9 $10.0 Card net charge-offs 3.10% 2.45% 3.34% ~3.6% Pre-tax income ($B) $22.0 $28.4 $23.5 ROE 31% 38% 32% Note: Totals may not sum due to rounding For footnoted information, refer to slide 48 6
$37.3 $54.9 $17.6 $16.6 $10.9 $5.2 $1.4 ($1.0) $55.0 $71.5 2019 Deposit NII Card NII Other NII NIR 2024 Organic growth driving revenue CCB REVENUE ($B): 2019-20241 NIR NII Deposit NII Card NII NIRLending NII2 ▲ Deposit Balances (9% CAGR): +$9.1B ▲ Deposit Margin (+18bps): +$1.9B ▲ Card OS (6% CAGR) ▲ Wealth Management ▲ Connected Commerce ▲ Consumer / Business Banking ▲ Card ▼ Auto Leasing ▼ Card Acquisitions ▼ Banking Product Changes ▼ Mortgage Market NIR Headwinds ($7.2B) NIR Growth +$6.3B +$16.5 7.8 6.6 7.3 .9 Note: Totals may not sum due to rounding For footnoted information, refer to slide 49 7
$55.0 $54.9 $15.1 $16.6 $2.4 $1.0 $1.5 ($3.7)$70.1 $71.5 2023 Deposit NII Card NII Other NII NIR 2024 Revenue diversification is a source of strength NIR NII Deposit NII Card NII NIR Lending NII1 ▲ Wealth Management ▲ Card ▲ Connected Commerce ▲ Home Lending Card Annual Fees Wealth Management & Connected Commerce Card OS Deposit Margin Deposit Balances Auto Leasing ▼ Deposit Balances (-6%): ($1.8B) ▼ Deposit Margin (-18bps): ($1.9B) ▲ Card OS (+12%) +$1.4 CCB REVENUE ($B): 2023-2024 ~90% Capture of net yield-seeking flows2 2025 OUTLOOK 5.1 5.0 6.6 .9 Note: Totals may not sum due to rounding For footnoted information, refer to slide 49 8
QUESTIONS WE’RE HEARING… …WHAT WE’RE OBSERVING SELECT DATA POINTS Is the labor market weakening? The labor market has moderated from a strong position in recent years, but remains resilient ~Flat Consumers with payroll disruption YTD vs. 20241 ⚫ Layoffs remain low ⚫ Finding and hiring staff remains a key challenge for small businesses even as payroll spend and hiring plans have eased Is customer spend slowing? Overall spend growth remains solid +1.6% YoY growth in credit card cohort spend YTD (vs. 0.3% YTD 2024)2 ⚫ Consumer spend is modestly higher YoY across income bands ⚫ Some weakness in travel spend – particularly airline Are there emerging signs of financial stress for consumers? Financial health metrics do not show signs of elevated stress +2 days Median cash buffers YTD vs. historical norms3 (Pandemic high: +17 days) ⚫ Consumer cash buffers have largely normalized across income bands and remain steady ⚫ Debt payments-to-income ratio for low-income consumers is close to historical norms Are small business financials softening? Overall, small businesses remain financially healthy +4 days Median cash buffers YTD vs. historical norms3 (Pandemic high: +25 days) ⚫ SMB cash buffers have largely normalized vs. historical norms ⚫ Cash flows are relatively stable YoY How has consumer and small business sentiment changed? Concerns about the business environment are surging in survey responses (22 points) Consumer4 (10ppts) SMB5 Declines in sentiment / optimism YTD ⚫ Consumer and small business sentiment has weakened ⚫ Small business expectations about inflation and supply chains have deteriorated Consumers and small businesses remain financially healthy against a noisy backdrop For footnoted information, refer to slide 49 9
We prepare for a range of macroeconomic outcomes “Soft Landing” “Mild Recession” “Moderate Recession” “Deep Recession” Scenario Non-recessionary soft landing with de-escalation in trade tensions Shallow, early recession driven by tariffs and economic uncertainty Moderate, immediate recession driven by tariffs with market sell-off Deep, early recession with strong disinflationary impacts Fed Funds Rate Exit 2025 at 3.75% – cut to 3.50% in 2Q26 and remains flat through YE26 Exit 2025 at 3.50% – cut to 3.25% in 2Q26 and remains flat through YE26 Exit 2025 at 3.50% – cut to 2% by late 3Q26 and remains flat through YE26 Exit 2025 at 2.25% – cut to 0.25% by 2Q26 and remains flat through YE26 Unemployment Rate Peaks at 4.4% in 3Q25 Peaks at 5.3% in 2Q26 and remains above 4% through 2Q28 Peaks at 6.5% by 2Q26 Peaks at 7.2% by 2Q26 Inflation Near-term increase, abating Sharp increase, abating Sharp increase, moderately persistent Near-term increase, sharply abating GDP Growth is moderate, but elevated policy uncertainty creates drag GDP contracts second half of 2025, moderate growth post that Moderate recession through mid- 2026, growth resumes post that Deep recession through mid-2026, growth resumes post that Key areas of risk and uncertainty Inflation, liquidity and labor marketRegulatory uncertaintyGeopolitical risks Central case 10
$697 $908 $1,094 $1,126 $1,078 $1,035 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 4Q26 4Q27 Primary banking relationships drive deposit balance increases BANKING & WEALTH MANAGEMENT AVERAGE DEPOSITS ($B) Scenarios Deep RecessionSoft Landing Mild Recession Moderate Recession Checking Savings CDs ~+6 to 10% ~+6 to 9% Sweeps ~+3% 9% CAGR1 117 145 ~10mm Net new Consumer & Business Banking checking accounts since 20192 ~90% Capture of net yield-seeking flows In stress scenarios New accounts Consumer3 / Business4 Primary bank ~80% / ~70% Personal savings rate SCENARIOS ON DEPOSITS – ESTIMATED Stress Moderate or Deep Recession Benign Soft Landing or Mild Recession Core drivers Flight to quality YoY: For footnoted information, refer to slide 49 11
0% 1% 2% 3% 4% 2024 2025 2026 2027 1.90% 2.43% 1.52% 2.75% 0% 1% 2% 3% 4% 5% 6% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Recent rates and outlook provide structural support for deposit margin BANKING & WEALTH MANAGEMENT DEPOSIT MARGIN TRENDS Scenarios Deep RecessionSoft Landing Mild Recession Moderate Recession ~2.50% Forward cycle Forward Rate Forecast2 For footnoted information, refer to slide 50 Remaining term Current rate Invested Short ~5% <3 Years <2% 4-7 Years <2% 8+ Years >4% Current Funding 2025 2026 2027 Fed Funds 2.25% - 3.75% 0.25% - 3.50% 1.00% - 3.50% 10 Year Treasury 3.00% - 4.20% 2.60% - 4.30% 2.70% - 4.40% ~2.00% Prior cycle 2.66% DEPOSIT MARGIN SCENARIOS Fed Funds 10 Year Treasury Average Deposit Margin1 12
Highly engaged customers drive card balances 117 145 2023 Vintage 2022 Vintage $156 $214 2019 Pre-'22 vintages New account seasoning 2024 2025 2026 2027 6% CAGR 2022 vintage 2023 vintage 2024 vintage AVERAGE CARD OUTSTANDINGS ($B) SCENARIOS ON CARD OUTSTANDINGS – ESTIMATED Scenarios Deep RecessionSoft Landing Mild Recession Moderate Recession Stress Moderate or Deep Recession Benign Soft Landing or Mild Recession ~+9% ~+4 to 8% ~+3 to 7% >60% Top of wallet customers (+5ppts since 2019)1 ~10mm New accounts per year in 2022-24 (up ~2mm since 2019) 98% Account retention (+70bps since 2019)2 YoY: New accounts Revolve rate Mature book retention Sales 6% Card OS CAGR (2014-2024) In stress scenariosCore drivers For footnoted information, refer to slide 50 Pre-20 2 vintages 13
Credit card metrics are healthy 2019 2024 ∆ Portfolio % of portfolio <660 credit score1 16% 14% (2ppts) % of OS from balance parker segment2 9% 5% (4ppts) Originations Industry: % of originations <660 credit score3 10% 8% (2ppts) Chase: % of originations <660 credit score 3% 3% - Mar 2009 Mar 2019 Mar 2024 Mar 2025 Leading indicators Current to 1 missed payment4 3.58% 1.55% 1.37% 1.45% Current to 2 missed payments5 1.72% 0.52% 0.63% 0.61% Minimum payment or <2.5% of balance6 41.7% 23.5% 20.0% 21.1% 2019 2024 2025 outlook 2026 outlook Card net charge-offs 3.10% 3.34% ~3.6% ~3.6% – 3.9% CREDIT RISK For footnoted information, refer to slide 50 NET CHARGE-OFF GUIDANCE: CENTRAL CASE 14
Card stress analysis Macroeconomic scenario Unemployment Peak Annualized Losses Incremental Losses ($B) Soft Landing 4.4% ~3.6% ~($1.0) Central Case 4.8% ~3.9% – Mild Recession 5.3% ~4.3% ~+$1.0 Current 1Q25 reserve 5.8% – – Moderate Recession 6.5% ~5.4% ~+$3.5 Deep Recession1 7.2% ~5.7% ~+$4.0 For footnoted information, refer to slide 50 ESTIMATED INCREMENTAL NET CREDIT LOSSES (2026) Primary driver of loss rate is unemployment rate – cumulative losses over time depend on size of balance sheet and shape of curve 15
Strong credit metrics across lending businesses 2019 2024 ∆ Auto1 % of portfolio <660 credit score2 18% 16% (2ppts) % of portfolio <660 credit score and LTV >1203 2.1% 1.1% (1ppt) Home Lending4,5 Owned-portfolio avg. credit score6 758 774 16pts Owned-portfolio avg. CLTV 55% 47% (8ppts) Business Banking % of portfolio – small dollar (vs. large dollar) 18% 24% 6ppts % of large dollar portfolio secured by real estate / SBA guarantee7 61% 60% (1ppt) Auto Home Lending Business Banking (ex. Overdraft) 2019 2024 2025 outlook 2019 2024 2025 outlook 2019 2024 2025 outlook 0.33% 0.59% ~0.55% (0.05%) (0.04%) ~0.0% 0.47% 0.69% ~1.1% NET CHARGE-OFF GUIDANCE: CENTRAL CASE PORTFOLIO RISK METRICS 2019 2024 ∆ Auto1 % of originations with term ≥84 months Industry8 12% 18% 6ppts Chase 5% 5% - Home Lending % LTV >80 HFI jumbo origination mix Industry9 11% 15% 4ppts Chase5 9% 7% (2ppts) ORIGINATION RISK METRICS For footnoted information, refer to slide 51 16
$8.9 ~$9.5 $1.7 ~$2.5 DRIVERS OF ADJUSTED EXPENSE1,2 ($B) Expense growth is moderating Investment 2019 6% Ex. Auto leases $0.5 All-in Auto lease depreciation $23.9 $0.7 $0.5 $0.2 $0.9 2024 Field & branch network Marketing Technology & product Operations & fraud losses 2025 Outlook $36.3 ~$38.5 Other $28.0 $0.4 Auto lease depreciation $37.9 ~$41 9% CAGR: 6% YoY: 8% Total ex. Auto lease Run the bank 4.0 4.4 19.5 .7 .9 27.4 ~2.5 ~9.5 ~29.0 o Note: Totals may not sum due to rounding For footnoted information, refer to slide 51 53% overhead ratio in 2024 17
2019 2024 2025O Field & Branch: Driving organic growth and productivity gains FIELD AND BRANCH NETWORK EXPENSE ($B) KEY PERFORMANCE METRICS 5% Checking accounts 4% Field headcount6 ~Flat Total branch count <4 yr Break-even on branch, banker & advisor investments +60% SMBs covered per Business Relationship Manager4 +15% Sales productivity per Home Lending Advisor5 ~40bps Retail deposit share gains from new builds since 20191 Overall network (2019 vs. 2024) +25% Customers per branch2 ~875 New builds 35% Of client investment asset growth from new advisors since 2019+21% +6% +9% New builds and field expansion +25% Deposit and investment production per banker3 New builds and field expansion Same store +4% 8% CAGR 5% YoY 2019-2024 CAGR 2019-2024 >2x Flows per Wealth Management advisor 20 5 outlook For footnoted information, refer to slide 51 18
2019 2024 2025O Marketing: Consistently driving strong results and customer engagement ~$10.3 $8.8 +85% Increase in the total value of acquisitions5 (2ppts) Reduction in voluntary attrition on fee-based cards +14ppts Top of wallet share for branded card benefit users4 >2 Return on investment of 2024 vintage 2019-2024 13% Growth in annual fee revenue 2019-2024 CAGR 2019-2024 Acquisition and Media $5.5 10% CAGR 18% YoY +8% +11% +18% +17% Net Marketing1 $3.1B $4.2B ~$4.8B CCB GROSS MARKETING1 ($B) KEY PERFORMANCE METRICS Product Benefits Product Benefits2 Acquisitions and Media3 2025 outlook 1.7 3.9 2.4 6.4 2.8 7.5 Note: Totals may not sum due to rounding For footnoted information, refer to slide 52 19
$4.5 $8.5 ~$9 2.3 4.1 4.2 0.5 1.4 1.2 1.1 1.5 2.0 0.6 1.5 1.7 2019 2024 2025O >2 Return on investment with <5 year payback3 >30% Reduction in critical tech incidents ✓ Data center migration & data in cloud Technology & Product: Spend is moderating and delivering strong returns TECHNOLOGY & PRODUCT EXPENSE ($B) 5% Total accounts 7% Transactions 6% Digital logins Tech Modernization Product development +12% +2% +13% +21% +10% +10% 1 Key drivers ’19 - 24 24-’25O Core business drivers Wage inflation First Republic Integration Key drivers ’19-24 ’24-’25O Data center migration Application modernization Product & platform maintenance Tech production Modernization & low discretion investment Strategic Investment & Product, Design, Analytics More code deployments over last 2 years>70% Reduction in churn over last 2 years2~20% Increase in value from AI/ML YoY+35% KEY DRIVERS AND OUTCOME BY THEMATIC EXPENSE CATEGORIES 14% CAGR 6% YoY 2019-2024 CAGR Tech Investments Tech Production Product, Design & Analytics Org. Strategic investment Low discretion investment Modernization Product, Design & Analytics 20 5 outlook Note: Totals may not sum due to rounding For footnoted information, refer to slide 52 20
2019 2024 2025O Operations: Realizing productivity gains OPERATIONS EXPENSE ($B) KEY PERFORMANCE METRICS 5% Total Accounts 7% Transactions 12% Fraud attack rate ~Flat~Flat ~Flat 3% 7%11% >25% Accounts serviced per Operations headcount 2019 2024 +5 years ~15% productivity vs. 2019 >40% productivity vs. 2024 (10%) +28% OPERATIONS PRODUCTIVITY EX. HOME LENDING2 – ILLUSTRATIVE (29%) Servicing calls per account ~Flat Cost of fraud (bps) (15%) Processing cost per account1 ~Flat Operations headcount 2019 vs. 2024 2019-2024 CAGR Statement and payment processing Servicing / account support Fraud losses and operating expense 3% CAGR 4% YoY +13% >25% 5+ years 2025 outlook For footnoted information, refer to slide 52 20 4 21
The scale of our data and our modernization strategy is fueling increasing value from AI / ML …WHILE REALIZING VALUE FROM AI AND PERSONALIZATION >91mm Customers Financial ~41mm credit profiles Interactions ~373B digital interactions Transactions ~27B credit & debit transactions Travel ~11mm trips booked Shopping ~18B Offers served Data assets Modernization area Progress Migrate analytical data to the public cloud1 Users consume data from the cloud Consolidate data to target platforms Make the right data ready for AI/ML and available in real-time 2023 2024 2025O Value driven by AI / ML2 Value drivers Fraud prevention Risk management Operations efficiency Coding productivity Cost & risk efficiencies Enhance credit strategies Pricing Marketing & sales optimization Personalization Revenue generationRevenue generation Cost & risk efficiencies WE ARE UNLOCKING THE POWER OF OUR DATA… +35% +65% 20 5 outlook For footnoted information, refer to slide 52 22
Disciplined approach to enable outperformance through-the-cycle Macroeconomic Consumers & small businesses remain financially healthy External measures of sentiment have deteriorated quickly Regulatory Favorable developments on national level Significant uncertainty remains at both national and state level Competitive Continued share gains across businesses Strong traditional and emerging competitors across key segments THE OUTLOOK REMAINS FLUID WE HAVE DISCIPLINE AND FORTITUDE TO MANAGE FOR THE LONG-TERM Growth mindset Growth plans across segments and products Compete to win in payments, commerce and investments Strategic optionality Technology and data modernization Revenue diversification and expansion of growth businesses Through-the-cycle approach Prudent credit risk profile Consistent investments to strengthen and grow We remain committed to our 25%+ ROE through-the-cycle guidance 23
21% / 9% CCB is a growth franchise Strategic focus Line of business Long-term ambition Current position 5 year progress Deliver exceptional experiences across the franchise Across CCB ~70 Net promoter score1 ~65 Extend our #1 positions across industry-leading businesses Consumer & Business Banking 15% Retail deposit share2 11.3% Card 20% Card outstandings share3 17.3% Continue to scale our growth businesses Connected Commerce 10% Addressable Commerce spend share4 5.4% Wealth Management $2T Client investment assets $1.1T Deliver strong, resilient returns through-the-cycle in Secured Lending businesses Home Lending 15% Through-the-cycle ROE Auto 17% Through-the-cycle ROE +220bps +90bps +240bps vs. 2021 >2x up ~5pts1 13% in 201913% (incl. FRC) (ex. FRC) 18% in 20195 For footnoted information, refer to slide 53 25
We’re continuously improving customer experiences across channels, products and experiences Record High Record High ~8 points CSAT increase since 20192 Digital Branch ~6 points CSAT increase since 20192 Product Innovation New-to-credit Payment flexibility >90 NPS Chase Pay in 4 in 2024 >80 NPS Freedom Rise in 2024 Personalization Financial tools Banker meetings >90% CSAT Banker meetings in 20242 >80% CSAT Credit Journey in 20242 Product-Segment Fit Emerging segments Advised relationships ~70 NPS Secure Banking in 2024 >70 NPS Advised BB & Wealth in 20243 Develop new solutions to address more customer needs Ensure customers feel consistently known, anticipated and delighted Offer customers products and services that best meet their needs Deliver exceptional experiences across channels and journeys ~65 Net Promoter Score (NPS) in 2024 | Record High | ~5pt increase since 20191 Channel Satisfaction Customer experience is a game of inches – we are focusing on all dimensions to build enduring customer relationships and loyalty For footnoted information, refer to slide 53 Chase Pay in 4® 26
Deposit and small business primary share gains outpace the competition Banking Card Connected Commerce Wealth Management Peer 2 Peer 1 +220bps (50bps) (110bps) 2019 2024 2019 2024 7% CAGR 12% CAGR AVERAGE DEPOSITS ($B) Business Banking Consumer Banking MARKET PERFORMANCE Home Lending Auto $742$535 $234$136 9.9% 10.1% 9.5% 9.1% 11.4% 11.3% 9.8% 9.2% 8.7% 2019 2020 2021 2022 2023 2024 #1 Retail deposit share1 2019-2024 Note: Totals may not sum due to rounding For footnoted information, refer to slide 53 +30bps flat (50bps) Peer 1 Peer 2 +200bps Share of newly formed businesses since 20213 +140bps Primary share of large businesses since 20194 #1 Primary bank for SMBs2 8.6% 8.3% 8.1% 9.5% 9.5% 9.7% 8.7% 8.8% 8.7% 2019 2020 2021 2022 2023 2024 7.2% (2014) 27
7.9% 9.1% 11.3% 15% 2014 2019 FRC New Builds Mature footprint 2024 <5% 5-15% 15%+ Target +220bps Share gains reflect strong performance across our branch footprint KEY STATISTICS BY MARKET SHARE 2014 2019 FRC 2024 Ambition Making progress towards our long-term ambition of 15% national retail deposit share Banking Card Connected Commerce Wealth Management Home Lending Auto New Builds Mature footprint2 ~40bps ~100bps ~80bps ~100bps ~70bps ~200bps 350+ New Builds (’25-27) Markets by Chase deposit share in 2024 <5% 5-15% 15%+ Total Market size1 ($T) ~$4T ~$1.5T ~$4T ~$9.5T Deposit share1 (vs. 2019) 0.7% (+60bps) 10.0% (+180bps) 22.5% (+450bps) 11.3% (+220bps) Branches4 ~730 ~1,030 ~3,200 ~4,970 Branch share1 (vs. 2019) 1.5% (+130bps) 7.9% (+40bps) 14.1% (-40bps) 6.3% (+50bps) New builds4 (’09-18) ~30 ~230 ~490 ~750 New builds4 (’19-24) ~660 ~110 ~110 ~875 <5% 5-15% 15%+ RETAIL DEPOSITS MARKET SHARE GAINS1 – ILLUSTRATIVE +370bps Markets by 2024 share3 ~75%5 Population coverage (~68% today) 485 States with >50% population coverage (29 today) Expansion targets +340bps +30bps/year (ex. FRC) Note: Totals may not sum due to rounding For footnoted information, refer to slide 54 28 ~40% from New Builds hChase hWaMu ~40% from New Builds
We gained share in ~95% of the top 125 markets that we have a presence in, including all top 25 Card Connected Commerce Wealth Management Home Lending AutoBanking Younger branches are expected to contribute >$160B in incremental deposits once mature3 Delivering strong capture in lower density legacy markets Markets 5–15% Share Deposit Share1 (vs. ’19) Branch Share1 (vs. ’19) Atlanta 7.0% (+210bps) 9.5% (+270bps) Denver 13.3% (+260bps) 11.8% (+50bps) Tampa 9.8% (+370bps) 10.1% (+150bps) Cleveland 9.4% (+150bps) 8.5% (+230bps) Gaining momentum in large expansion markets Markets <5% share Deposit Share1 (vs. ’19) Branch Share1 (vs. ’19) Boston 1.9% (+180bps) 4.1% (+370bps) D.C. 2.0% (+180bps) 5.7% (+510bps) Philadelphia 1.4% (+130bps) 4.3% (+390bps) Minneapolis 0.8% (+80bps) 4.4% (+440bps) St. Louis 0.8% (+80bps) 3.2% (+320bps) Pittsburgh 1.0% (+100bps) 3.7% (+370bps) Baltimore 1.1% (+110bps) 5.0% (+500bps) Nashville 1.5% (+150bps) 3.5% (+350bps) #1 in 4 of the top 5 markets and gaining share broadly Markets 15%+ share Deposit Share1 (vs. ’19) Branch Share1 (vs. ’19) New York 25.5% (+410bps) 15.7% (-50bps) L.A. 22.9% (+680bps) 17.1% (+40bps) Chicago 23.6% (+230bps) 12.4% (-80bps) Miami 16.0% (+510bps) 13.1% (+100bps) San Francisco 22.8% (+1,030bps) 16.2% (+200bps) Dallas 20.6% (+150bps) 11.6% (-180bps) Houston 24.1% (+290bps) 11.8% (-170bps) Phoenix 27.5% (+270bps) 19.5% (-140bps) Seattle 19.0% (+380bps) 13.6% (-120bps) Detroit 23.2% (+360bps) 13.8% (flat) San Jose 22.3% (+870bps) 17.8% (+210bps) San Diego 26.3% (+870bps) 18.6% (+240bps) Riverside 24.2% (+680bps) 17.5% (+240bps) TOP 25 RETAIL BANKING MARKETS1,2 For footnoted information, refer to slide 54 29
Product and segment strategies underpin customer growth and deepening Card Wealth Management Home Lending AutoBanking Connected Commerce % Emerging Core Affluent Introduced J.P. Morgan Private Client as a new tier in our affluent product continuum Scaling Secure Banking, a product geared towards younger and lower-income segments ~80% Primary bank2 ~25% of accounts5 11% CAGR ~70% of accounts6 3% CAGR ~5% of accounts7 5% CAGR ~90% of clients8 9% CAGR Small / Micro ~10% of clients8 9% CAGR Large Launched new tools to help small business owners including invoicing, payroll and customer insights Expanded banker coverage to >2x more clients vs. 2019, while delivering ~70 NPS Consumer Banking 43.7mm Consumer Banking customers1 +4% CAGR ~70% Primary bank4 4.4mm Business Banking clients3 +9% CAGR Business Banking Improved NPS for Small / Micro clients by 8 points over the last 2 years For footnoted information, refer to slide 55 30
Gaining Card market share in a highly competitive market KEY DRIVERS MARKET PERFORMANCE 11.4% 11.9% 11.9% 22.4% 22.9% 23.5% 21.2% 20.4% 20.4% 2019 2020 2021 2022 2023 2024 Peer 1 Peer 2 10.1% 10.3% 10.2% 16.4% 16.7% 17.3% 8.8% 9.8% 10.2% 2019 2020 2021 2022 2023 2024 Peer 2 Peer 1 Banking Card Connected Commerce Wealth Management Home Lending Auto +110bps (80bps) +50 bps +90bps +10bps +140 bps Outstandings ($B) 2019 2024 11% CAGR 6% CAGR Sales ($T) $1.3$0.8 $214$156 20242019 #1 Card sales share1 #1 Card Outstandings share1,2 2019-2024 For footnoted information, refer to slide 55 31
15.2% 16.4% 17.3% 20.0% 2014 2019 Drivers 2024 Drivers Target ~25% Focus on key segments and unlocking the power of data and distribution to fuel growth Banking Card Connected Commerce Wealth Management Home Lending Auto Making progress towards our long-term ambition to reach 20% share of outstandings +270bps Growth Segments, Marketing & Risk DRIVERS OF OUTSTANDINGS MARKET SHARE GAINS – ILLUSTRATIVE Sales share 21.2% 22.4% 23.5% 2 2 Ambition2 9 +100bps vs. ’22 +110bps vs. ’22 For footnoted information, refer to slide 55 Opportunity Opportunity MOMENTUM IN SEGMENTS WITH OUTSIZED OPPORTUNITY While being the overall market leader, we are not #1 within Affluent3 and SMB segments4 Continue to leverage data and AI/ML models to personalize offers and marketing Gen Z outstandings share +480bps SMB outstandings share +180bps CAGR in fee-based card accounts2 ~8% Starter Affluent SMB UNLOCKING THE POWER OF DATA AND DISTRIBUTION Growth Segments (vs. 2019) Marketing & Risk Growth in new account production (vs. 2019) +28% Revenue lift from AI/ML risk models (YoY) >3x Lift in accounts booked from prequalified offers5 +140% Adjustment for risk appetite1 (Reported share: 17.0%) +210bps +20bps/year +90bps 32
Fueled by building on our strength across card segments… Banking Card Connected Commerce Wealth Management Home Lending Auto Sapphire Preferred named the best Travel Rewards card in 2024 by The Points Guy Expanded our award-winning lounge network, opening five new Sapphire airport lounges, including Phoenix and San Diego Ink Business Unlimited named NerdWallet’s 2025 Best Small Business Credit Card Continued to deepen with Chase Business Banking clients, who contributed >50% business card spend growth Refreshed United MileagePlus® cards, providing most value the portfolio has ever offered Refreshed the Marriott Bonvoy Bold® card with embedded lending and travel benefits >60% 59mm Top of wallet customers (+5ppts since 2019)2 ~98% Account retention3 (each year since 2019) Premium Travel Cash Back New to Credit SMB Co-brand Active card accounts1 +7% CAGR 11% CAGR5 7% CAGR6 13% CAGR7 Launched in 20238 7% CAGR9 ~65% Millennial & Gen Z share of new Branded card accounts4 Card For footnoted information, refer to slide 56 33
…and strong new account production to drive sustained growth OS volume ($B) by vintages2 Banking Card Connected Commerce Wealth Management 2024 Home Lending Auto Size of 2019-2021 vintages impacted by COVID-driven reductions in customer demand and risk pullbacks 2023 2022 2021 2019 2020 …DRIVING STRONG POST-PANDEMIC GROWTH THROUGH DISCIPLINED UNDERWRITING Year 5 ~10mm new accounts per year from 2022-2024 C o n s is te n c y 2019 2020 2021 2022 2023 2024 New accounts (mm) 7.8 5.4 8.0 9.6 10.0 10.0 WE ARE DELIVERING ON OUR ACQUISITION STRATEGY… >40% lifetime value per new account (+28% accounts) 2024 vs. 2019 +7ppts share of new accounts from premium portfolios1 2024 vintage vs. 2019 vintage Q u a li ty ~2x ROI for 2022-2024 vintages>1.5x ROI for 2019 & 2021 vintages3 Year 1 Year 3 Year 2 Year 4 For footnoted information, refer to slide 56 34
Scaling Connected Commerce platforms Long-term ambition of 10% share of our customers’ addressable spend4 Banking Card Connected Commerce Wealth Management Home Lending Auto WE ARE CONTINUING OUR STEEP GROWTH TRAJECTORY1… …ENABLING US TO CAPTURE MORE OF OUR CUSTOMERS’ SPEND $12.2 2021 2024 29% CAGR Offers and Shopping Volume ($B)3 2021 2024 31% CAGR Travel Volume ($B)2 $5.7 $11.3$5.1 ~$330 ~$375 ~$405 ~$435 ~3.0% ~4.0% ~4.9% ~5.4% ~2.0% ~4.0% ~6.0% ~8.0% ~10.0% ~12.0% ~14.0% ~16.0% ~18.0% ~20.0% 0 5E+10 1E+11 1.5E+11 2E+11 2.5E+11 3E+11 3.5E+11 4E+11 4.5E+11 5E+11 2021 2022 2023 2024 Estimated share of addressable Commerce spend +240bps Estimated addressable Commerce spend ($B)4 +10% CAGR For footnoted information, refer to slide 56 35
Fueled by investments in proprietary assets and engagement across our platforms… Banking Card Connected Commerce Wealth Management Home Lending Auto Customers booking travel (24% CAGR vs. 2021)4.2mm Increased share of Branded card travel spend on our platform to ~11%, up 200bps since 20213 Scaled The Edit to >1,000 hotels, offering exclusive benefits and experiences at our premium hotel collection Introduced the Sapphire Reserve Exclusive Tables program on OpenTable, providing exclusive access to reservations at 250+ restaurants across the U.S. Hosted ~25K attendees across our EEEEEATSCON and private dining series last year, and sold out our first member-exclusive event in Miami in February Scaled Chase Media Solutions, our new digital media business that connects customers’ passions and interests with the brands they love Launching The Shops at Chase as a premium ecommerce destination exclusive to Chase cardholders with plans to add ~30 brands this year #3 Consumer leisure travel provider (up from #4 last year)1 Travel Dining Unique monthly visitors5.4mm Customers agree Sapphire Reserve is a great card for dining~90% Offers & Shopping Customers activating offers16mm $12B Attribution spend2 (29% CAGR vs. 2021) For footnoted information, refer to slide 57 36
Making payments, trust and security a competitive advantage Banking Card Connected Commerce Wealth Management Home Lending Auto Credit Debit Zelle Digital payments & wires Cash & checks Paze 26% YoY reduction in Zelle fraud and scam claim rates, driven by continued investment in customer education, detection and prevention capabilities Zelle is the largest P2P platform with 3x the volume of a leading P2P player >6mm customers using our range of Pay Over Time solutions across credit and debit cards in 2024 (+25% YoY growth in Pay Over Time originations)4 Pay Over Time now live on Amazon with installments for millions of our customers Rolled out Paze, a digital wallet created in partnership with Early Warning Services, to 21mm Chase customers ~20% of volume 11% CAGR ~10% of volume 9% CAGR ~5% of volume 32% CAGR ~50% of volume3 15% CAGR ~15% of volume 1% CAGR Launched in 2024 #1 In total combined U.S. credit and debit payments volume Consumer payments outflows1$6.4T 11% CAGR ~80% Non-card payments are digital (+16ppts vs. 2019)2 Consumer Payments For footnoted information, refer to slide 57 37
We have doubled our Wealth Management business and have plans to double it again Banking Card Connected Commerce Wealth Management Home Lending Auto We have set a new long-term ambition to double client investment assets again to $2T ~$1,100 2019 2024 >2x Wealth Management client investment assets ($B) ~$500 #1 J.D. Power rank in Wealth Management Digital Experience for Investor Satisfaction in 20242 ~90% New Chase Wealth Management clients referred from bankers1 6.6% 6.8% 7.2% 17.2% 18.2% 18.7% 2.0% 7.0% 12.0% 17.0% 22.0% 0 5000000 10000000 15000000 20000000 25000000 30000000 35000000 40000000 2022 2023 2024 % of total households who invest with us % of affluent households who invest with us Consumer Banking Households (mm)3 EXCEEDED $1T ASSETS GOAL AHEAD OF TARGET… THERE IS SIGNIFICANT OPPORTUNITY WITHIN OUR FRANCHISE +60bps +160bps In the branch Digitally …BY SUCCESSFULLY INTEGRATING BANKING AND WEALTH Affluent 2022-2024 For footnoted information, refer to slide 57 38
Fueled by the strength of our integrated model and focus on our largest opportunities… Banking Card Connected Commerce Wealth Management Home Lending Auto ~55% share of investment wallet for clients with full-service advised relationships3 Opened 15 J.P. Morgan Financial Centers to deliver an elevated banking and wealth experience4 Evolved our affluent solution set including new planning and liquidity resources and solutions for business owners +5ppts share of wallet for clients with both full-service and self-directed (vs. full-service only)3 Rated #1 by Self-Directed Investors for Wealth Management Digital Experience Satisfaction 3 years in a row by J.D. Power5 Launched >20 new SDI capabilities in 2024 including detailed performance reporting, trust accounts, fractional shares, and leveraged ETFs Advice-led (Full-service & remote) Self-Directed (SDI) 1.6mm advised HHs +9% CAGR 1.7mm funded accounts +16% CAGR ~19% of our affluent Consumer Banking households invest with us (+50bps YoY) ~5% of our full-service clients have a self-directed relationship with us (+50bps YoY) Wealth Management >150K ~3mm New full-service clients in 2024 (record high)3 >400K New self-directed accounts in 2024 Wealth Management households1 +12% CAGR #1 Wealth provider for Chase banking clients2 For footnoted information, refer to slide 58 39
…and enabled by advisor hiring and productivity gains New advisors hired over the last 5 years will contribute $180B in investment assets by 2030 Banking Card Connected Commerce Wealth Management 6 mo. 9 mo. 12 mo. 15 mo. 18 mo. 21 mo. 24 mo. 27 mo. 30 mo. 33 mo. 36 mo. Flows per advisor by cohort1 2023 2022 2021 2020 2019 Home Lending Auto >2x Flows per advisor since 20191 NEW COHORTS ARE MORE PRODUCTIVE, ENABLING FUTURE SUSTAINABLE GROWTHWE’RE GROWING AND IMPROVING OUR ADVISOR BASE >30 Annual new clients per branch advisor in 20242 P ro d u c ti v it y 37% Growth in advisor base since 2019 ~50% Of our advisors are <5 years in tenure E x p a n s io n 2019 2020 2021 2022 2023 # of Advisors per cohort3 559 412 624 560 652 Year 1 Year 2 Year 3 For footnoted information, refer to slide 58 40
Mortgage market is 35% smaller than 201910 Making progress in Home Lending despite severe macro headwinds Banking Card Connected Commerce Wealth Management Home Lending Auto Given investments and enhancements to our business, we expect to achieve 15% ROE through a normal cycle WE ARE FOCUSING ON WHAT WE CAN CONTROL Mortgage origination market (mm units)11 MARKET REMAINS OUR BIGGEST OBSTACLE Originations $41B Originations2 (61%) vs. 2019 Servicing $979B Portfolio +29% vs. 2019 Rates7 ~7% today Home Prices8 Housing Inventory9 vs. 2019 YoY Δ ~Flat +230bps +28% -20% ~Flat +59% Home Lending #1 Bank originator1 #1 Owned servicer3 For footnoted information, refer to slide 59 4.4 3.4 3.4 3.4 0.8 1.7 2019 2023 2024 Refi Purch. Market Size ($T)12 Refi Purchase $1.1 $0.2 $0.4 $1.3 $1.2 $1.3 ’19-’24 Δ (50%) (24%) 7.8 4.2 5.1 (68%) ~flat (35%) Right sized our capacity based on market opportunity Increased sales productivity by ~15% since 20194 Scaled Chase MyHomeSM, our digital home shopping platform, to over 9mm unique annual users (+46% YoY) Launched Home Equity in digital and branch in 1Q25 Continuing to drive net new and protect existing D&I balances5 through mortgage relationship pricing program Grew servicing book by ~$200B since 2019 to help us achieve efficiencies of scale and lower cost per loan Increased servicing customer satisfaction to 85% (+10pts vs. 2019)6 41
+31% Chase Auto has a path to continued growth Banking Card Connected Commerce Wealth Management Home Lending Auto While tariffs create uncertainty, lease & vintage mix normalization provides a medium-term path to reach our 17% ROE TTC target Consumers Dealers Manufacturers ~4mm consumers ~12K dealers in-network 6 Private Label partners 26% 16% 74% 84% 2019 1Q25 Lease Loan Balances Embedded opportunity to improve returns over time Lease mix normalization: Rebound in higher-return lease originations will drive portfolio mix closer to 2019 levels Loan vintage mix shift: Newer, higher-return vintages will replace higher-loss, COVID-impacted vintages of 2022-2023 WE DELIVER A HOLISTIC VALUE PROPOSITION FOR EACH OF OUR DISTINCT CLIENT SEGMENTS PORTFOLIO MIX SHIFT WILL IMPROVE RETURNS Scaled Finance & DriveSM to 13mm unique annual users; +16% YoY in engagement with high-value features (e.g., shopping for a car) Launching Refinance in May – relationship deepening opportunity with an estimated 30mm Chase customers with an off-us auto loan Meeting end-to-end needs of dealers across consumer financing, commercial products and personal financial needs of owners Leveraging AI and automation to provide a streamlined experience for dealers (~80% of credit decisions are automated) Direct expenses flat vs. 2019 while growing originations by 19% Delivering the full value of the firm (e.g., CIB, Connected Commerce) to our partners Driving sales for our partners by marketing to Chase customers through our owned assets (e.g., branches, ATMs, digital channels) 35% 31% 65% 69% 2019 1Q25 Originations$40B Originations +19% vs. 2019 $75B Avg Loans +21% vs. 2019 $11B Avg Lease (49%) vs. 2019 Auto #3 Bank auto finance lender1 Loan versus Lease Mix Financed Units2 (New/Used) New Car Prices3 (April 2025) Used Car Values4 (April 2025) +38%vs 2019 YoY Δ -14% +5%~Flat~Flat For footnoted information, refer to slide 59 42
21% / 9% CCB is a growth franchise Strategic focus Line of business Long-term ambition Current position 5 year progress Deliver exceptional experiences across the franchise Across CCB ~70 Net promoter score1 ~65 Extend our #1 positions across industry-leading businesses Consumer & Business Banking 15% Retail deposit share2 11.3% Card 20% Card outstandings share3 17.3% Continue to scale our growth businesses Connected Commerce 10% Addressable Commerce spend share4 5.4% Wealth Management $2T Client investment assets $1.1T Deliver strong, resilient returns through-the-cycle in Secured Lending businesses Home Lending 15% Through-the-cycle ROE Auto 17% Through-the-cycle ROE +220bps +90bps +240bps vs. 2021 >2x up ~5pts 13% in 2019 (incl. FRC) (ex. FRC) 18% in 20195 For footnoted information, refer to slide 60 43 13%
We remain committed to 25%+ ROE through-the-cycle #1 Retail deposit share1 #1 Primary bank for SMBs2 #1 Retail deposits in 4 of the top 5 markets1 CONSUMER & BUSINESS BANKING #1 Card sales share3 #1 Card OS share3,4 #3 Leisure travel provider5 CARD AND CONNECTED COMMERCE #1 Wealth provider for Chase clients6 #1 Bank mortgage originator & servicer7 #3 Bank auto finance lender8 WEALTH SECURED LENDING #1 Branch network coverage9 #1 Credit and debit volume #1 Digital banking platform10 CROSS-FRANCHISE Through-the-cycle approach Strategic optionality Growth mindset INDUSTRY-LEADING FRANCHISE LONG-TERM MANAGEMENT APPROACH POSITION OF STRENGTH Closing thoughts Complete National Diversified At Scale For footnoted information, refer to slide 60 44
Community Center (BedStuy)Sapphire Lounge (Philadelphia) J.P. Morgan Financial Center (Columbus Circle)Community Center (BedStuy)
1. Adjusted expense excludes CCB legal expense and is a non-GAAP financial measure. For 2019, reported noninterest expense was $28,058 million and legal losses were $70 million; for 2024, reported noninterest expense was $38,036 million and legal losses were $98 million. Management believes this information helps investors understand the effect of certain items on reported results and provides an alternate presentation of the Firm’s performance. Notes on non-GAAP financial measures 46
Slide 3 – CCB operates from a position of strength 1. Consumer footnote: Federal Deposit Insurance Corporation (FDIC) Summary of Deposits survey per S&P Global Market Intelligence applies a $1 billion deposit cap to Chase and industry branches for market share. While many of our branches have more than $1 billion in retail deposits, applying a cap consistently to ourselves and the industry is critical to the integrity of this measurement. Includes all commercial banks, savings banks and savings institutions as defined by the FDIC. Deposit market share and rankings are calculated with historical institutional ownership for each year stated; measured from July to June each year; Business Banking footnote: Barlow Research Associates, Primary Bank Market Share Database. Rolling eight-quarter average of small businesses with revenue of more than $100,000 and less than $25 million. 2023 results include First Republic.; Card footnote: Based on 2024 sales volume and loans outstanding disclosures by peers (American Express Company (AXP), Bank of America Corporation, Capital One Financial Corporation, Citigroup Inc. and Discover Financial Services) and JPMorganChase estimates. Sales volume excludes private label and Commercial Card. AXP reflects the U.S. Consumer segment and JPMorganChase estimates for AXP’s U.S. small business sales. Loans outstanding exclude private label, Citi Retail Cards and Commercial Card 2. All references to Wealth Management in the CCB presentation refer to J.P. Morgan Wealth Management unless otherwise stated 3. Drive times are derived from road networks; population base is an estimate of year-end 2024 population across the contiguous 48 states and DC; Chase branch network includes branch openings occurring up until May 2025. Changes in road network, traffic patterns, shifts in the population base, and/or urban/rural classifications may impact forward-looking statements 4. #1 in U.S. mobile monthly active users (2024) among incumbent U.S. banking mobile apps based on Sensor Tower. Sensor Tower supplies modelled data through proprietary panels and apps 5. #1 banking brand based on Brand Health Masterbrand Q4 2024 Report 6. "Customer” includes both consumers and small businesses (respectively ~84mm and ~7mm as of December 2024) and reflects unique individuals and businesses and legal entities, respectively, that have financial ownership or decision-making power with respect to accounts; these metrics exclude customers under the age of 18. Where a customer uses the same unique identifier as both a consumer and a small business (SMB), the customer is included in both metrics Notes on slide 3 47
Slide 4 – Increased strategic momentum over the last 5 years 1. Please refer to slide 3 footnote #6 2. Refers to consumers and small businesses with two or more relationships within the following sub-LOBs: Consumer Banking, Business Banking, J.P. Morgan Wealth Management, Card Services, Home Lending, and Auto 3. Digital active customers are users of all web and/or mobile platforms who have logged in within the past 90 days 4. Branch active customers are customers across all CCB lines of business who have visited a branch at least once a year 5. Net promoter score (NPS) is an indicator of customer satisfaction; represents Net Promoter Score gains over the last 5 years; Satisfaction represents customer satisfaction (CSAT) 6. All Market share gains rounded to the nearest 10bps unless otherwise noted 7. Please refer to slide 25 footnote #2 8. Barlow Research Associates, Primary Bank Market Share as of Q4 of respective year. Rolling 8 Quarter Trending Data of small businesses with revenues of $100K-<$25mm 9. Based on 2024 sales volume and loans outstanding disclosures by peer banks and JPMorganChase estimates. Sales volume excludes Private Label and Commercial Card. AXP reflects the U.S. Consumer segment and JPMorganChase estimates for AXP’s U.S. small business sales. Loans outstanding exclude private label, Citi Retail Cards and Commercial Card 10. OS Share reflects Ascend OS data, methodology changed from Investor Day 2024 which used Nilson OS data 11. Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager; Certain wealth management clients were realigned from Asset & Wealth Management (AWM) to Consumer & Community Banking (CCB) in 4Q20 12. Includes Chase Travel Sales Volume (incl. FROSCH affiliates), and volume from Chase Offers, Chase Media Solutions, Shop Through Chase and Ultimate Rewards Apple Store; portions of Offers and Shopping volume data sourced from 3rd party partners 13. Incudes only Consumer and Business Banking 14. FTE refers to full-time employees 15. Value is described as benefit in revenue, lower expense, or avoidance of cost – majority is measured as the lift relative to prior analytical techniques with the remainder relative to a random baseline or holdout control 16. 2024 Normalized ROE includes adjustments for 2.25% through-the-cycle deposit margin, 3.5% Card Services net charge-off rate, and a 6.5% Card Services allowance coverage ratio Slide 6 – Best-in-class financial performance 1. Prior period numbers have been revised to conform to current period presentation 2. Reflects Banking & Wealth Management deposit margin Notes on slides 4-6 48
Slide 7 – Organic growth driving revenue 1. Prior period numbers have been revised to conform to current period presentation 2. Includes NII related to Home Lending, Auto, BWM loans and capital resource allocations Slide 8 – Revenue diversification is a source of strength 1. Includes NII related to Home Lending, Auto, BWM loans and capital resource allocations 2. % of internal yield seeking inflows (incl. J.P. Morgan Wealth Management flows, internal migration) of total measured yield seeking outflows (incl. J.P. Morgan Wealth Management flows, internal migration, external brokerages, online banks, crypto exchanges); excludes net new money Slide 9 – Consumers and small businesses remain financially healthy against a noisy backdrop 1. Share of consumers with a payroll disruption – weekly average through late-April vs. same period in 2024 2. As of April 2025; Cohort of credit card customers spend active in current month and same month last year, excluding accounts with limited tenure 3. Median cash buffer for a cohort of clients – YTD through April ‘25 vs. historic norms; Consumer cash buffers indicate the number of days of regular outflows that a consumer’s deposit balances can cover (checking and savings accounts, ex. CDs); Business cash buffers (measured in days) indicate the number of days a business can cover regular expenses using existing cash assets from demand deposit accounts without new income 4. University of Michigan consumer sentiment – April 2025 survey vs. December 2024 survey 5. Chase pulse survey of small businesses, change in the share optimistic about the future – April 2025 survey vs. December 2024 survey Slide 11 – Primary banking relationships drive deposit balance increases 1. Full year 2019 to 2024 CAGR 2. Represents net new accounts 3. Primary bank checking customers meet one of the following conditions: ≥15 withdrawals from a checking account or ≥5 withdrawals from a checking account & ≥$500 of inflows in a given month 4. Primary bank indicator based on account behaviors including account settlements (number and dollar volume of transactions), payroll processing, and digital activity. Prior reporting methodology (65%) had no client exclusions and reflected year-end values; methodology has been revised to exclude clients without revenue or primacy information, <4 months on book, and <$100K revenue, and reflects full-year average Notes on slides 7-11 49
Slide 12 – Recent rates and outlook provide structural support for deposit margin 1. Represents the simple average of deposit margin across the associated years 2. Represents year-end exit rate for Fed Funds Upper Bound and 10 Year Treasury Slide 13 – Highly engaged customers drive card balances 1. % of monthly active customers who have >= 10 transactions or >= $833 per month ($10K in annualized) spend; annual rate calculated as an average across all months 2. Retention represents the % of Accounts which remained open from a population greater than 12 months old, excluding accounts which were charged-off or closed for inactivity Slide 14 – Credit card metrics are healthy 1. Represents refreshed FICO scores and includes those with no FICO score 2. Customers who revolve on credit cards but are not spend active 3. Sourced from Experian 4. Represents balances in delinquency bucket 1 (1-29 dpd) that were current 1 month prior 5. Represents balances in delinquency bucket 2 (30-59 dpd) that were current 2 months prior 6. Represents the percentage of total balances on current accounts paying <2.5% of the outstanding balance or the minimum required payment Slide 15 – Card stress analysis 1. Federal Reserve's 2024 DFAST Results and Methodology Disclosure remains instructive data point for more severe recession Notes on slides 12-15 50
Slide 16 – Strong credit metrics across lending businesses 1. Chase Auto excludes Wholesale (Dealer Commercial Services) & Lease 2. Calculated using refreshed VantageScoreTM sourced from Experian 3. Represents FICO scores and LTV at time of origination 4. Includes AWM and Corporate mortgage loans 5. 2019 excludes First Republic 6. Represents refreshed FICO scores 7. Represents loans with origination amount greater than or equal to $500k that are backed by Real Estate collateral and/or have SBA Guarantee 8. Sourced from Experian 9. Sourced from Lender Share. Data is obtained from market shares relative to lenders participating in Curinos’ retail and correspondent channel origination analytics. Curinos is not liable for reliance on the data Slide 17 – Expense growth is moderating 1. Please see footnote #1 on slide 46 2. Prior period numbers have been revised to conform to current period presentation Slide 18 – Field & Branch: Driving organic growth and productivity gains 1. Reflects internal methodology which differs from FDIC 2. Includes only Consumer and Business Banking 3. Productivity data is based on banker incentive tracking for eligible job families 4. Reflects numbers for branch-based business bankers only 5. Based on purchase units 6. Includes licensed bankers, business bankers, and advisors only Notes on slides 16-18 51
Slide 19 – Marketing: Consistently driving strong results and customer engagement 1. Gross marketing represents CCB marketing spend in a calendar year; Net marketing represents Gross Marketing adjusted predominantly for deferred credit card origination costs which are recognized as a reduction of revenue over time 2. Product Benefits includes Cobrand Payments, Embedded Benefits, Product Development, COGs, and Other (Marketing Ops, Banker support, Data, Advocacy) 3. Acquisitions & Media Includes Acquisitions, Distribution, Activations, Media, Advertising, and Sponsorships 4. 14ppt greater top of wallet share for branded card benefit users versus non-benefit users 5. Based on Card, Consumer Bank, and Business Banking Slide 20 – Technology & Product: Spend is moderating and delivering strong returns 1. Includes both investment and production expense 2. Churn represents unplanned changes to requirements during an agile sprint; years are tracked from April to March 3. Based on forecasted multi-year returns for 2025 strategic tech investments & Product, Design, Analytics organization expense Slide 21 – Operations: Realizing productivity gains 1. Statement & Payment processing costs 2. Operations productivity excludes Home Lending, which has realized a meaningful headcount reduction due to the macro environment 3. Represents total CCB accounts Slide 22 - The scale of our data and our modernization strategy is fueling increasing value from AI / ML 1. >90% of analytical data moved to the public cloud 2. Value is described as benefit in revenue, lower expense, or avoidance of cost – majority is measured as the lift relative to prior analytical techniques with the remainder relative to a random baseline or holdout control Notes on slides 19-22 52
Slide 25 – CCB is a growth franchise 1. Net Promoter Score (NPS) is an indicator of customer satisfaction; represents Net Promoter Score gains over the last 5 years 2. Federal Deposit Insurance Corporation (FDIC) 2024 Summary of Deposits survey per S&P Global Market Intelligence applies a $1B deposit cap to Chase and industry branches for market share. While many of our branches have more than $1B in retail deposits, applying a cap consistently to ourselves and the industry is critical to the integrity of this measurement. Includes all commercial banks, savings banks and savings institutions as defined by the FDIC. Deposit market share and rankings are calculated with historical institutional ownership for each year stated; measured from July of start of period to June of end of period 3. OS Share reflects Ascend OS data, methodology changed from Investor Day 2024 which used Nilson OS data 4. Represents Branded credit card travel volumes addressable by our Travel platform (hotel, air, car rental, cruises) and debit and credit retail spend addressable by our Offers platform (ex. Oil and Gas); portions of Offers and Shopping volume data sourced from 3rd party partners 5. Includes LLR; 2019 ROE has been adjusted to reflect full impact of loan sales executed in 2019 of which partial impact was reported in Chief Investment Office Slide 26 – We’re continuously improving customer experiences across channels, products and experiences 1. Represents Net Promoter Score gains over the last 5 years 2. Represents customer satisfaction (CSAT); CSAT for financial tools represents Credit Journey 3. Represents advised relationships; Small businesses with revenue of more than $1mm and assigned to a business banker Slide 27 – Deposit and small business primary share gains outpace the competition 1. Please refer to slide 25 footnote #2 2. Barlow Research Associates, Primary Bank Market Share Database as of 4Q24. Rolling eight quarter average of small businesses with revenue of more than $100,000 and less than $25mm 3. Reflects number of newly formed businesses that open accounts with Chase divided by new business formations as reported by Census 4. Large clients defined as businesses with an annual sales size of $1mm-$25mm; Barlow Research Associates, Primary Bank Market Share as of Q4 of respective year. Rolling 8 Quarter Trending Data of small businesses with revenues of $100K-<$25mm Notes on slides 25-27 53
Slide 28 – Share gains reflect strong performance across our branch footprint 1. Please refer to slide 25 footnote #2 2. Mature footprint excludes new builds (branches built between 2009 and 2024) 3. Markets within each deposit share tier are assigned based on 2024 deposit share 4. Represents internal methodology for full year numbers 5. Drive times are derived from road networks; population base is an estimate of year-end 2024 population across the contiguous 48 states and DC; Chase branch network includes branch openings occurring up until May 2025. Changes in road network, traffic patterns, shifts in the population base, and/or urban/rural classifications may impact forward-looking statements Note: All Market share gains rounded to the nearest 10bps unless otherwise noted Slide 29 – We gained share in ~95% of the top 125 markets that we have a presence in, including all top 25 1. Please refer to slide 25 footnote #2 2. Markets within each deposit share tier are assigned based on 2024 deposit share 3. Young branches represent those <10Y Notes on slides 28-29 54
Slide 30 – Product and segment strategies underpin customer growth and deepening 1. Consumer Banking customers’ reflect unique individuals that have financial ownership or decision-making power with respect to Consumer Banking accounts; excludes customers under the age of 18 2. Primary bank checking customers meet one of the following conditions: ≥15 withdrawals from a checking account or ≥5 withdrawals from a checking account & ≥$500 of inflows in a given month 3. Reflects Business Banking clients only, excluding Small Business Card-only 4. Primary bank indicator based on account behaviors including account settlements (number and dollar volume of transactions), payroll processing, and digital activity. Prior reporting methodology (65%) had no client exclusions and reflected year-end values; methodology has been revised to exclude clients without revenue or primacy information, <4 months on book, and <$100K revenue, and reflects full-year average 5. Includes accounts tailored to younger and lower-income segments; includes Chase High School Checking, Chase College checking, Chase First Banking, and Chase Secure Banking 6. Includes following account types: Chase Total Checking, Chase Sapphire Checking, Chase Premier Plus Checking 7. Includes Chase Private Client Checking accounts 8. Large clients defined as businesses with an annual sales size of $1mm or greater; Small / Micro clients defined as businesses with an annual sales size under $1mm; captures Business Banking client growth from 2023-2024 Note: Products are not exhaustive; all CAGRs are 2019-2024; segment CAGRs represents growth in volume of checking accounts, not customer count Slide 31 – Gaining Card market share in a highly competitive market 1. Based on 2024 sales volume and loans outstanding disclosures by peer banks and JPMorganChase estimates. Sales volume excludes Private Label and Commercial Card. AXP reflects the U.S. Consumer segment and JPMorganChase estimates for AXP’s U.S. small business sales. Loans outstanding exclude private label, Citi Retail Cards and Commercial Card. 2. OS source is now Ascend, reflecting a source change from Investor Day 2024 which used Nilson OS data (Nilson 2024: Chase 17.3%, Peer 1 10.2%, Peer 2 10.2%) Slide 32 – Focus on key segments and unlocking the power of data and distribution to fuel growth 1. 2014 reflects Nilson data; total column values for 2014 represent totals adjusted for balance parkers 2. Includes consumer credit cards with a $95 annual fee or higher 3. Based on Comscore application share for Proprietary Travel Fee-based Cards (2024) 4. Based on business sales volume across Amex and other payment networks (Visa, Mastercard, ChaseNet) 5. Based on observed account lift on Chase.com when we have prequalified ad or email offer Notes on slides 30-32 55
Slide 33 – Fueled by building on our strength across card segments… 1. Defined as average sales debit active accounts 2. % of monthly active customers who have >= 10 transactions or >= $833 per month ($10K in annualized) spend; annual rate calculated as an average across all months 3. Account retention is based on voluntary attrition of accounts with greater than 12 months-on-book 4. Excludes SMB cards 5. Active Sapphire accounts 6. Active Freedom accounts (excluding Freedom Rise) 7. Active Ink accounts 8. Active Freedom Rise accounts 9. All active Co-brand accounts Note: All CAGRs from 2019-2024 Slide 34 – …and strong new account production to drive sustained growth 1. Premium portfolio defined as Sapphire or Business portfolios 2. Monthly average OS volume 3. For comparative purposes, ROI for 2020 vintages is excluded due to relative size and composition Slide 35 – Scaling Connected Commerce platforms 1. Connected Commerce business launched in 2021 2. Includes Chase Travel sales volume (incl. FROSCH affiliates) 3. Includes volume from Chase Offers, Chase Media Solutions, Shop Through Chase and Ultimate Rewards Apple Store; portions of Offers and Shopping volume data sourced from 3rd party partners 4. Represents Branded credit card travel volumes addressable by our Travel platform (hotel, air, car rental, cruises) and debit and credit retail spend addressable by our Offers platform (ex. Oil and Gas); portions of Offers and Shopping volume data sourced from 3rd party partners” Notes on slides 33-35 56
Slide 36 – Fueled by investments in proprietary assets and engagement across our platforms… 1. 2025 report from Skift research; note: ranking based on Travel Weekly Power List results, Skift Research and estimates 2. Includes volume from Chase Offers, Chase Media Solutions, Shop Through Chase and Ultimate Rewards Apple Store; portions of Offers and Shopping volume data sourced from 3rd party partners 3. Includes Chase Branded Card (excluding Slate); 2021 share calculated based on internal estimates Slide 37 – Making payments, trust and security a competitive advantage 1. Reflects total outflow consumer payment volume 2. 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 3. Digital non-card payment transactions include outflows for ACH, BillPay, PayChase, Zelle, RTP, external transfers and digital wires, excluding credit and debit card sales; Other digital payments & wires includes ACH, BillPay, Pay Chase, RFP RTP, SMB ACH, External Transfers, and wires 4. Includes our proprietary financing solutions – including Pay Over Time, Pay In 4, and Amazon Pay In 4 products Note: All CAGRs from 2019-2024 Slide 38 – We have doubled our Wealth Management business and have plans to double it again 1. Refers to new clients investing >$100k with a Chase Wealth Management advisor 2. J.P. Morgan Wealth Management received the highest score in both the Self-Directed and Full-Service Investors segments of the J.D. Power 2024 U.S. Wealth Management Digital Experience Study of customers’ overall satisfaction with wealth management websites and mobile apps. Visit jdpower.com/awards for more details. 3. Current customer segmentation not available pre-2022. J.P. Morgan Wealth Management Households represent a collection of individuals or entities aggregated together by name, address, tax identifier, and phone number Notes on slides 36-38 57
Slide 39 – Fueled by the strength of our integrated model and focus on our largest opportunities… 1. A household is a collection of individuals or entities aggregated together by name, address, tax identifier, and phone number 2. #1 outflow destination for Chase Consumer and Business deposit clients 3. Chase Wealth Management clients 4. As of April 24, 2025 5. J.P. Morgan Wealth Management received the highest score in the 2022 U.S. Wealth Management Digital Experience Study and the Self-Directed Investors segment of the J.D. Power 2023 & 2024 studies of customers’ overall satisfaction with wealth management websites and mobile apps. Visit jdpower.com/awards for more details. Note: All CAGRs from 2019 to 2024 Slide 40 – …and enabled by advisor hiring and productivity gains 1. Chase Wealth Management advisors only 2. Refers to full-service clients only 3. Represents number of advisors originally hired into each cohort Notes on slides 39-40 58
Slide 41 – Making progress in Home Lending despite severe macro headwinds 1. Full year 2024 ranking as per Inside Mortgage Finance, Copyright 2025; #1 rank is based on $47B total originations which includes Private Bank 2. Excludes Private Bank originations 3. 4Q 2024 ranking as per Inside Mortgage Finance, Copyright 2025 4. Based on purchase units 5. Deposits and investments 6. Servicing customer satisfaction measured through customer survey 7. FreddieMac Primary Mortgage Market Survey 30-Yr FRM average rate; vs 2019 Δ compares January 2019 vs April 2025; YoY Δ compares April 2024 vs April 2025 8. S&P/Case-Shiller U.S. National Home Price Index; vs 2019 Δ compares January 2019 vs February 2025; YoY Δ compares February 2024 vs February 2025 9. Realtor.com, Housing Inventory: Active Listing Count in the United States; vs 2019 Δ compares January 2019 vs March 2025; YoY Δ compares March 2024 vs March 2025 10. Based on Mortgage Banker’s Association mortgage origination market units 11. Mortgage Bankers Association 12. Inside Mortgage Finance, Copyright 2025 Slide 42 – Chase Auto has a path to continued growth 1. Experian FY2024 retail units 2. Experian FY retail financed units 3. April JDP Average Transaction Price 4. April Manheim used vehicle value index Notes on slides 41-42 59
Slide 43 – CCB is a growth franchise See notes on slide 25 Slide 44 – Closing thoughts 1. Please refer to slide 25 footnote #2 2. Barlow Research Associates, Primary Bank Market Share Database as of 4Q24. Rolling eight quarter average of small businesses with revenue of more than $100,000 and less than $25mm 3. Based on 2024 sales volume and loans outstanding disclosures by peer banks and JPMorganChase estimates. Sales volume excludes Private Label and Commercial Card. AXP reflects the U.S. Consumer segment and JPMorganChase estimates for AXP’s U.S. small business sales. Loans outstanding exclude private label, Citi Retail Cards and Commercial Card. 4. OS Share reflects Ascend OS data, methodology changed from Investor Day 2024 which used Nilson OS data 5. 2025 report from Skift research; note: ranking based on Travel Weekly Power List results, Skift Research and estimates 6. #1 outflow destination for Chase Consumer and Business deposit clients 7. #1 rank is based on $47B total originations which includes Private Bank 8. Experian FY 2024 retail units 9. Accessible drive time of 10-minutes for populations that live in Cities / Suburbs and adjusted drive time for populations that live in Rural / Town based on typical drive times to other services; subject to change based on underlying data shifts in population, road network, urbanicity changes 10. #1 in U.S. mobile monthly active users (2024) among incumbent U.S. banking mobile apps based on Sensor Tower. Sensor Tower supplies modelled data through proprietary panels and apps Notes on slides 43-44 60
Asset & Wealth Management overview ⚫ Fiduciary responsibility: Dedicated to generating alpha for individuals, corporations, sovereigns and central banks for two centuries ⚫ Broad, diversified platform: $6T AUS split roughly equally between AM and GPB, spanning every asset class, channel and region ⚫ Global reach with personalized advice: Comprehensive client coverage (150+ countries) and robust governance / controls for best offerings INDUSTRY- LEADING FRANCHISE ⚫ Reliable growth engine powered by two market-leading businesses: Significant opportunity for growth across both businesses ⚫ Consistent, strong investment performance: 80%+ of long-term fund 10Y AUM above peer median1 for the past decade ⚫ Innovation and investment: Accelerating momentum in Active Management, Active ETFs, Alts, Workplace, GPB advisors, Personalization and AI INVESTING FOR GROWTH ⚫ Robust flows: $1T across 2023 and 2024 in combined net client asset flows, positive across all regions and channels ⚫ Industry-leading results: AWM delivered 34% pretax margin and 34% ROE in 2024 while investing significantly in our growth agenda ⚫ Leveraging the power of the Firm: Elevating impact for our clients through collaboration and connectivity across JPMC DELIVERING RESULTS For footnoted information, refer to slide 17 1
Asset & Wealth Management delivers high-quality solutions to a broad spectrum of clients COMPLETE GLOBAL DIVERSIFIED AT SCALE INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS SUPPORTED BY EXCEPTIONAL TALENT AND A COLLABORATIVE, WINNING CULTURE AUS split roughly equally (AM and GPB) $6T Private Bank in the world1#1 Asset Manager by active flows2#1 countries (client coverage) of world’s largest pensions and sovereigns as clients of revenue generated internationally flows; all asset classes, regions and channels Positive recurring revenue73% revenue drivers for NII and NIR Multiple JPMAM LT fund 10Y AUM > peer median385% funds with 4/5-star rating4181 with $1T each in AUM in equities, fixed inc.5 & MMF $3T 150+ 57% 30%+ For footnoted information, refer to slide 17 2
STRONG, CONSISTENT OUTCOMES IN 2024 Pretax Income2 ($B)Assets Under Supervision2 ($T) Revenue2 ($B) Global Private BankAsset Management 2014 2019 2024 $3.4 $3.8 $7.2+2% +14% 2014 2019 2024 $2.3 $3.1 $5.9+6% +14% INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS CAGR A growth franchise driven by two leading businesses 2014 2019 2024 $12.2 $13.6 $21.6+2% +10% 2014 2024 10Y Growth ⚫ AM ranking by AUM3 (#) ⚫ AM ranking by active AUM3 (#) #6 #4 #5 #3 ⚫ U.S. AUM4 ⚫ International AUM4 ⚫ Clients with $1B+ (#) ⚫ Global Funds AUM ⚫ Global Institutional AUM ⚫ AM client-facing (#) $902 $414 $489 $827 601 $2,059 $824 $1,191 $1,692 842 ASSET MANAGEMENT +1 +1 2014 2024 10Y Growth ⚫ GPB AUS ranking5 (#) ⚫ GPB productivity ranking6 (#) #7 #2 #5 #2 ⚫ U.S. AUS ⚫ International AUS ⚫ Clients with $100mm+ (#) ⚫ Chase WM AUM ⚫ GPB Deposits ⚫ GPB client advisors (#) $712 $267 $70 $151 2,392 $2,151 $751 $226 $248 3,775 +2 - GLOBAL PRIVATE BANK2 End of period (EOP), $B CAGR CAGR 2.3x 2.4x 2.4x 2.0x 1.4x 2.0x 3.0x 2.8x 2.6x 1.6x 3.2x 1.6x 73% 10Y range: 72%-75% Recurring revenue2NCO rate1 1bp 10Y range: 2-(1)bp For footnoted information, refer to slide 17 34% 10Y range: 21%-34% ROE1 34% 10Y range: 26%-37% Pretax margin2 ASSET & WEALTH MANAGEMENT 3
...with a significant opportunity for long-term growth INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS 2019 2024 $3.1 $5.9 Client assets ($T) JPM AUS market share2 Global Private Bank1 Asset Management 9% 4% Active asset management industry revenue3 ($B) 2019 2024 $378 $495 9% Total private banking industry revenue3 ($B) 2019 2024 $93 $128 MARKET-LEADING POSITION WITH OPPORTUNITY FOR FUTURE GROWTH Revenue ($B) 2% 2030+ growth opportunities for AWM Equities $2.0T AUM $1T today Fixed Income $1.5T AUM $1T today4 Active ETFs $1.0T AUM $162B today Global Private Bank $5.0T AUS $3T today Alternatives $1.0T gross assets $575B today5 JPM rev. market share For footnoted information, refer to slide 17 4
We have a robust investment agenda in AWM KEY INVESTMENT AREAS INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS TOTAL EXPENSE / INVESTMENT ($B)1 5.0 Investment $9.7 $14.0 -$0.2 $0.2 $0.2 $0.3 $0.2 $0.2 $15.0 Volume- and revenue- related Run-the-bank 2025 outlook 2.7 5.7 6.5 OtherTech/AIGPBAMEfficiencies Vol&rev2024 2.3 5.5 6.2 2019 1.0 3.7 +8% +7% YoY change (2024-2025) +4% +5% CAGR +18% Active Management1 Active Management vehicles: ETFs2 Alternatives3 Workplace4 Global Private Bank advisors5 Personalization6 Technology and AI7 For footnoted information, refer to slide 18 5
Investing in Active Management INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS For footnoted information, refer to slide 18 3 ONE-TRILLION-DOLLAR FRANCHISES EQUITIES: $1 trillion AUM Three largest cat.2 Cat. AUM 1st Q-tile JPM Fund Large Growth $1.8T ✓ Large Blend $1.5T ✓ Large Value $1.1T ✓ 91% #1 in 3Y Active Net Flows3 #1 in 3Y Institutional MMF Net Flows5 88% Three largest cat.2 Cat. AUM 1st Q-tile JPM Fund Interm. Core+ Bond $0.8T ✓ Interm. Core Bond $0.5T ✓ Multisector Bond $0.4T ✓ 2024 10Y AUM > peer median1 2024 10Y AUM > peer median1 Positioning 12% market share5 Three largest cat.5 Cat. AUM JPM Fund Insti. U.S. Govt. $2.4T ✓ Insti. 100% Treas. $0.8T ✓ Insti. Treas. & Repo $0.8T ✓ #3 in Active AUM3 #3 in Active AUM3 #2 in AUM5 2022 2025 +75% Avg. # of positions analyzed daily Asset class Investment professionals Research Equities 460+ 160+ GFICC 380+ 70+ Alts & Solutions 1,000+ 250+ >$500mm annual research spend ~11,000 annual co. meetings ~5,000 companies covered 1B+ data pts. analyzed daily6 6,000+ strategies monitored Cross-asset class governance RESEARCH RISK MANAGEMENT INSIGHTS AND ADVICE #1 in 3Y Active Net Flows3 FIXED INCOME: $1 trillion AUM4 MONEY MARKET FUNDS: $1 trillion AUM POWERED BY 3 KEY INGREDIENTS 1 +72% YoY in Eye on the Market site engagement +35% YoY in Guide to the Markets site engagement 450 major events and roadshows with advisors a year 6
INDUSTRY LEADERSHIP Investing in Active Management vehicles: ETFs INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS NAMR Equities Fixed Income JPM active ETFs (#) 2017 2024 2025 +14x 2024 2029 $1 $5 +34% Active MF Industry AUM1 ($T) EMEA APAC 2024 % of 3Y JPM long-term active ETF AUM above peer median3 3/5 largest active ETFs by AUM5 24 active ETFs with >$1B AUM 10/10 in top fund categories by flows6 For footnoted information, refer to slide 18 SIGNIFICANT OPPORTUNITY STRONG PERFORMANCE AND MOMENTUM 97% 96% Peer #1 JPM Peer #2 Peer #3 Peer #4 $169 $162 $80 $53 $49 2024 2029 $27 $36 +6% Active ETF Industry AUM2 ($T) 2024 active ETF AUM4($B) JPM Peer #1 Peer #4 Peer #5 Peer #6 $58 $39 $26 $21 $19 2024 active ETF flows4($B) EXTENSIVE REACH AND OFFERINGS JEPI JPST JEPQ JEUG JREG JREE HK-LWAVA500 A50 2 CAGR CAGR Toronto Stock Exchange London Stock Exchange Shanghai Stock Exchange 7
Investing in Alternatives INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS For footnoted information, refer to slide 19 INDUSTRY-LEADING DISTRIBUTION GPB AUS, 2024 ($T) Top alts managers, 2024 gross assets9 ($B) Alts Total $2.9 Global Funds AUM, 2024 ($T) Alts Total $1.2 Invest. + Deposits, 2024 ($T) Alts Total $2.1 ✓ $2B alts fundraised / month ✓ 850+ external alternatives managers on platform ✓ 70% U.S. Financial Advisor opportunity reached ✓ #2 largest U.S. Intermediary Client Advisor team7 1,127 1,061 751 638 575 517 484 455 441 282 P e e r 1 P e e r 2 P e e r 3 P e e r 4 J P M P e e r 5 P e e r 6 P e e r 7 P e e r 8 P e e r 9 3 MASSIVE OPPORTUNITY Global Private Bank 3rd party advisors & intermediaries Chase ✓ 6K CWM advisors ✓ 5K Chase branches 1961 1995 2006 2017 2021 2021 60+ YEAR LEGACY OF INVESTING Real Estate Alts AM Traditional AMBank-owned AM&WM Individuals Alternative Solutions Infrastructure Opportunistic Credit Forestry Growth Equity / Life Sciences #2 open-end U.S. Core RE fund (AUM)1 >300 bps alpha in PE, HF & multi-alts solutions2 $91B gross asset value managed across 1K+ assets bps outperformance in Special Situations3 Top 2 Timberland manager (AUS)4 2x fastest Life Sciences VC fund 1st time fundraise5 394 Global Institutional AUM, 2024 ($T) Alts Total $1.7 ✓ 57% largest pensions and sovereigns as clients ✓ #4 manager of 3rd party insurance assets6 Institutions Alts market AUM opportunity8 ($T) 2024 Baseline growth Individuals: 5% to alts 2029 $19 $13 $6 $38 Institutions 8
Investing in Workplace INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS Ireland 200K+ addressable participants globally 71K participants already using JPMC products & services 580+ equity administration leads from bankers 2022 2023 2024 1Q25 $181 $230 $270 $281 +55% 913 974 1,327 1,500 2022 2023 2024 1Q25 +64%U.S. International Assets under admin. ($B) Total participants (K) Equity Compensation Cap Table Management Executive Services (10b5-1) Financial Education Wealth Management $35B equity administration AUA won from JPMC referrals 20% equity administration client wins from JPMC referrals Synergies Opportunities 4 KEY PERFORMANCE INDICATORS KEY EQUITY PLAN WINS VALUE TO THE FIRM 9
TALENT TRAINING Investing in Global Private Bank advisors INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS Gross hires, U.S. Private Bank advisors1 Top U.S. Private Bank advisors volunteering to train new advisors in Hong Kong 2019 2024 +1.7x 2019 2024 +3.4x Median 3rd Yr. Associate flows productivity1 + Increasing portion of internally developed advisors1 67% 33% 52% 48% 2019 2024 +2.6x Home-grown Lateral hires 3x 4x more training hours for internally grown advisors INCREASED TRAINING HOURS AND ENHANCED CONTENT more teaching time from best advisors DIVERSIFIED PIPELINEINCREASED HIRING = ACCELERATED SUCCESS Accelerated growth in productivity1 P ro d u c ti v it y ( fl o w s ) 20302019 Line thickness indicates size of class 5 Today Cohort class For footnoted information, refer to slide 19 in addition to… 10
F ix e d Income . Equities . Alternatives . Liq u id it y Ta x Management . Passions . Goals DELIVERING CUSTOMIZED SOLUTIONS Investing in Personalization For footnoted information, refer to slide 19 INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS Top 3 SMA provider2 $380B+ managed on behalf of SMA investors 20+ year track record MODERN WEALTH PLATFORM EMPOWERING CLIENT PREFERENCES 2021 Today1 +2x Number of separately managed accounts (SMA) (mm) $25B raised by 55ip platform in one year Holistic, multi-asset tax management and smart transition planning User-driven choices on causes and restrictions Tailored investment strategies based on goals, life events and preferences Custom portfolio analytics, execution with best-in-class reporting Consolidation of various investments into a single managed account Asset & Wealth Management Open Invest 6 11
● Automated coding ● Automated alert management ● Restriction analysis ● Advanced data query Investing in Technology and AI Guidelines Remove “no joy” work Drive productivity Increase revenue NEW this year Proactive and anticipatory client adviceEnable quicker decision-making Build for reuse “We’ve looked at AI across many different industries – JPMorgan is playing an entirely different game” INDUSTRY IMPACT AdvisorsInvestors Operations ● Tailored outreach ideas ● Meeting prep & next steps ● Real-time market insights ● Answers from our experts ● AI-integrated workflow ● Automated insights ● Custom universes ● Extensive coverage Before Today (90%) Before Today +50% Before Today (83%) Time spent on researching a topic Productivity improved from automation Time to source discussion materials INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS 7 AI USE CASES ✓ ✓ ✓ ✓ ✓ ✓ Connect Coach 12 Smart Monitor
EXAMPLE OF BRINGING THE POWER OF JPMC TO OUR CLIENTS AND SHAREHOLDERS INDUSTRY LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS Elevating impact through connectivity and collaboration across JPMC #1 in Deposits & for Small Businesses #1 Commercial & Investment Bank3 #1 Private Bank1 and Asset Manager2 #1 in Customer Satisfaction6 #1 Middle Market Syndicated Lender4 #1 in Artificial Intelligence5 #1 Top Companies7 TOP 10 Most Admired Companies8 CCB CIB AWM INVESTM E N T B A N KS P O R T S L E N DING Owners Stadiums / Arenas Teams / Leagues Buy-side Advisory Sell-side Advisory PE Sports Investing Wealth Management Trust & Estate Planning 23 Wall PRIVATE BANK For footnoted information, refer to slide 19 13 - #1 in sports debt private placements13 >60% of team owners are Private Bank clients10 6x AUS growth of team owners who we lend to11 #1 media advisory practice in 3 of last 4 years9 10 of the last 15 team sales financed10 65% of major sports & entmt. venues financed12
Mortgage Mortgage Deposit Lending Lending Perf. fees Mortgage Deposit Lending Perf. fees Lending Deposit Perf. fees Deposit Brokerage Brokerage Perf. fees Mortgage Deposit Brokerage Mgmt. fees Lending Brokerage Mgmt. fees Mgmt. fees Lending Lending Lending Brokerage Mgmt. fees Brokerage Mgmt. fees Mgmt. fees Brokerage Mortgage Mortgage Brokerage Perf. fees Mgmt. fees Mortgage Deposit Brokerage Lending Mortgage Perf. Fees Mgmt. fees Mgmt. fees Mgmt. fees Mortgage Deposit Perf. fees Perf. fees Mortgage Perf. fees Deposit Deposit Deposit Brokerage Perf. fees Lending Revenue by % change AWM REVENUE1 DRIVERS YOY $2,167 $1,882 $1,610 $872 $772 $667 $409 $346 $335 $312 BLK3 JPMC2 MS4 SCHW5 GS6 UBS7 STT3 BX8 APO8 IVZ3 Multi-asset Fixed income Multi-asset Liquidity Fixed income Liquidity Equities Brokerage Liquidity Liquidity Custody Liquidity Fixed income Multi-asset Liquidity Fixed income Liquidity Equities Custody Equities Brokerage Alternatives Custody Custody Brokerage Brokerage Brokerage Custody Fixed income Custody Alternatives Custody Liquidity Brokerage Deposits Equities Deposits Fixed income Equities Fixed income Liquidity Multi-asset Brokerage Alternatives Custody Deposits Custody Alternatives Brokerage Multi-asset Equities Deposits Alternatives Equities Multi-asset Custody Fixed income Multi-asset Multi-asset Alternatives Fixed income Brokerage Deposits Fixed income Alternatives Multi-asset Alternatives Deposits Alternatives Brokerage Deposits Equities Equities Deposits Equities Alternatives Multi-asset Liquidity Deposits Deposits JPMC TOTAL NET CLIENT ASSET FLOWS2 ($B) AWM ANNUAL FLOWS1 DRIVERS $38 $87 $101 $94 $192 $337 $431 $54 $543 $516 Diversified revenue and flows INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS NII NIR 5Y NET CLIENT ASSET FLOWS Flows by asset class / products (Long-term AUM + Liquidity + AUS + U.S. WM AUS) Publicly traded peers ($B) #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 $1T in 2Y For footnoted information, refer to slide 20 Down YoY Net outflows 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Traditional AM Alts AM Bank-owned AM&WM WM Platform 14
0% 5% 10% 15% 20% 25% 30% 35% 40% ($100) $0 $100 $200 $300 $400 $500 $600 $700 Peer #9 Peer #10 Return On Equity Peer #11Peer #12 J.P. Morgan Asset & Wealth Management Peer #1 Peer #2 Peer #3 Peer #4 Peer #5 Flows ($B) Peer #7 Peer #8 Peer #6 AWM: The best of both banking and asset management INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS $2.5B PTI 0% 5% 10% 15% 20% 25% 30% 35% 40% $300($100) $0 $100 $200 $400 $500 $600 $700 Peer #10 J.P. Morgan Asset & Wealth Management Peer #11 Peer #1 Peer #2 Peer #4 Peer #5 Flows2 ($B) Return On Equity1 Peer #3 Peer #7 Peer #8 Peer #9 Peer #6 Peer #12 $2.5B PTI 2024 ANOTHER YEAR OF RECORD FINANCIAL RESULTS $7B Pretax income $5B Net income $22B Revenue $236B Loans (end of period) $6T Client assets 2019 For footnoted information, refer to slide 20 15
Meeting targets Results range1 Medium-term targets 5% 25%+25%+4% ✓ 8% 2021 2% 2022 ✓ 5% 2020 ✓ 19% 2021 ✓ 5% 2022 ✓ 5% 2020 ✓ 37% 2021 ✓ 33% 2022 ✓ 28% 2020 ✓ 33% 2021 ✓ 25% 2022 ✓ 28% 2020 ✓ 7% 2023 ✓ 12% 2023 ✓ 35% 2023 ✓ 31% 2023 ✓ 9% 2024 ✓ 9% 2024 ✓ 34% 2024 ✓ 34% 2024 Medium-term targets REVENUE GROWTH PRETAX MARGIN ROE LONG-TERM AUM FLOWS INDUSTRY-LEADING FRANCHISE INVESTING FOR GROWTH DELIVERING RESULTS For footnoted information, refer to slide 20 16
Notes on slides 1-4 Slide 1 – Asset & Wealth Management overview 1. Percentage of active mutual fund and active exchange-traded funds (ETF) assets under management (AUM) in funds ranked in the 1st or 2nd quartile: 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 SAR 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 SAR and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets. Slide 2 – Asset & Wealth Management delivers high-quality solutions to a broad spectrum of clients 1. Source: Global Finance Magazine. 2. Source: J.P. Morgan, ISS Market Intelligence Simfund, public filings and company websites. 3. Percentage of active mutual fund and active exchange-traded funds (ETF) assets under management (AUM) in funds ranked in the 1st or 2nd quartile: 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 SAR 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 SAR and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets. 4. Source: Morningstar. 5. Includes assets managed on behalf of other product teams. Slide 3 – A growth franchise driven by two leading businesses 1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Before 2018, amounts have not been revised to conform with the current presentation. 2. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform with the current presentation. Historical revenue revised as a result of the adoption of the new accounting guidance for revenue recognition, effective January 1, 2018. 3. Source: Public filings, company websites and press releases. Active / passive split based on most recently available data. 4. Asset Management represents Global Funds and Global Institutional. 5. Source: Company filings. 6. Source: Company filings, press releases, J.P. Morgan estimates and most recently available data. Slide 4 – ...with a significant opportunity for long-term growth 1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform with the current presentation. Historical revenue revised as a result of the adoption of the new accounting guidance for revenue recognition, effective January 1, 2018. 2. Source: McKinsey Performance Lens Global Growth Cube. Asset Management industry growth based on active AUM. 3. Source: McKinsey Performance Lens Global Growth Cube. Asset Management revenue based on fees generated on active AUM, excluding performance fees / carry and is net of distribution fees paid to distributors. 4. Includes assets managed on behalf of other product teams. 5. JPM alternative assets includes private equity, private credit, real assets, hedge funds, liquid alternatives and other nontraditional assets which may be presented using net asset value (NAV) of investments, or where applicable, using gross asset values which includes borrowings under certain credit facilities of our funds. In quarterly filings, assets are predominantly presented using NAV and certain of these assets are reflected in other asset classes or categories comprising total Client Assets. 17
Notes on slides 5-7 Slide 5 – We have a robust investment agenda in AWM 1. Adjusted expense is a non-GAAP financial measure, which represents noninterest expense excl. legal expense of $1mm, $379mm and $137mm for the full year 2019, 2024 and for the three months ended in March 31, 2025, respectively. Slide 6 – Investing in Active Management 1. Percentage of active mutual fund and active exchange-traded funds (ETF) assets under management (AUM) in funds ranked in the 1st or 2nd quartile: 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 SAR 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 SAR and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets. 2. Source: Morningstar. Active only. Fixed Income excludes “Other Bond” category. 3. Source: J.P. Morgan, ISS Market Intelligence Simfund, public filings and company websites. 4. Includes assets managed on behalf of other product teams. 5. Source: iMoneyNet. 6. Through Spectrum for Risk Management. Slide 7 – Investing in Active Management vehicles: ETFs 1. Source: Morningstar, PWC industry growth and ICI. 2. Source: Morningstar, J.P. Morgan estimates. 3. Percentage of active exchange-traded funds (ETF) assets under management (AUM) in funds ranked in the 1st or 2nd quartile: 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 SAR 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 SAR and Taiwan funds. If these share classes are not available, the oldest share class is used as the primary share class. Due to a methodology change effective September 30, 2023, prior results include all long-term mutual fund assets and exclude active ETF assets. 4. Source: Bloomberg, FactSet and J.P. Morgan as of December 31, 2024. US and UCITS ETFs only; excludes ETNs. 5. Source: Morningstar. 6. Source: Morningstar. Based on top categories by 12-month net flows. 18
Notes on slides 8-13 Slide 8 – Investing in Alternatives 1. Source: NFI-ODCE as of March 31, 2025. 2. Source: PE outperformance represents direct alpha vs. MSCI World index, as of September 30, 2024. HF outperformance vs. HFRI FOF Conservative Index as of April 30, 2025. Multi-alts outperformance vs. 60% MSCI ACWI 40% JPM Global HY index as of September 30, 2024. 3. Source: Special Situations outperformance based on Lynstone Special Situations Fund I Net IRR vs. Bloomberg U.S. Corporate HY Total Return Index as of December 31, 2024. 4. Source: IPE Real Assets Survey, peer websites and annual reports. As of March 31, 2025. 5. Source: Preqin as of June 30, 2024. 6. Source: 2025 Insurance Investment Outsourcing Report from Clearwater Analytics. 7. Source: Market Metrics as of June 30, 2024. 8. Source: McKinsey Performance Lens Global Growth Cube, J.P. Morgan estimates. 9. Source: Public filings. JPM alternative assets includes private equity, private credit, real assets, hedge funds, liquid alternatives and other nontraditional assets which may be presented using net asset value (NAV) of investments, or where applicable, using gross asset values which includes borrowings under certain credit facilities of our funds. In quarterly filings, assets are predominantly presented using NAV and certain of these assets are reflected in other asset classes or categories comprising total Client Assets. Euro-denominated peers converted to USD at 1.05 EUR/USD. Slide 10 – Investing in Global Private Bank advisors 1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior period amounts have been revised to conform with the current presentation. Slide 11 – Investing in Personalization 1. As of March 31, 2025. 2. Source: Cerulli Associates 2024 U.S. Managed Accounts report based on December 31, 2023 data. Slide 13 – Elevating impact through connectivity and collaboration across JPMC 1. Source: Global Finance Magazine. 2. Source: J.P. Morgan, ISS Market Intelligence Simfund, public filings and company websites. 3. Source: Coalition Greenwich Competitor Analytics. Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Total CIB. 4. Source: Middle Market Bookrunner rank based on data from London Stock Exchange Group, Full Year 2024. 5. Source: Evident AI Index. 6. Source: J.D. Power 2024 U.S. Wealth Management Digital Experience Study (ranked #1 among self-directed investors). 7. Source: LinkedIn’s 2024 Top Companies list, which ranks the 50 best large U.S. companies for career growth. 8. Source: Fortune magazine’s Most Admired Companies list for the eighth year in a row. 9. Source: Dealogic (by volume). 10. Across the 5 major U.S.-based sports leagues. 11. From 2019-2024. 12. Last 5 years in North America and Europe. 13. Source: J.P. Morgan, Private Placement Monitor. Note: 2021-2025 YTD. League table as of April 1, 2025. 19
Notes on slides 14-16 Slide 14 – Diversified revenue and flows 1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform with the current presentation. Historical revenue revised as a result of the adoption of the new accounting guidance for revenue recognition, effective January 1, 2018. 2. JPMC flows in the 2020-2024 period include net flows from Asset & Wealth Management client assets and U.S. Wealth Management investments and deposits, adjusted to eliminate double-count. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior period amounts have been revised to conform with the current presentation. JPMC flows prior to 2020 period include net flows from Asset & Wealth Management client assets, U.S. Wealth Management investments and CPC deposits, adjusted to eliminate double-count 3. Total AUM net flows. 4. Flows include Investment Management total net flows, Wealth Management net new assets. Excludes impact from acquisitions E*Trade, Eaton Vance, Hyas Group and Cook Street. 5. Investor Services net new assets. Net new assets excludes impact from acquisitions of TD Ameritrade and asset acquisition from USAA’s Investment Management Company. 6. Firmwide total AUS net flows. Excludes impacts from NNIP acquisition. 7. Flows include Asset Management net new money, Global Wealth Management net new assets (2022-2024) and net new money (2020-2021). Excludes impact from CS acquisition. 8. Total AUM net flows less realizations. Slide 15 – AWM: The best of both banking and asset management 1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Before 2018, amounts have not been revised to conform with the current presentation. 2. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform with the current presentation. Historical revenue revised as a result of the adoption of the new accounting guidance for revenue recognition, effective January 1, 2018. Slide 16 – Medium-term targets 1. In the fourth quarter of 2020, the Firm realigned certain Wealth Management clients from Asset & Wealth Management to Consumer & Community Banking. Prior-period amounts have been revised to conform with the current presentation. Historical revenue revised as a result of the adoption of the new accounting guidance for revenue recognition, effective January 1, 2018. 20
Overview of the Commercial & Investment Bank (CIB) Updates: Securities Services, Markets, Global Banking Deep dive: Payments Closing remarks and outlook Q&A Topics of discussion 1
The combined Commercial & Investment Bank is built around our clients Commercial & Investment Bank Global Banking Commercial Banking, Corporate Banking, Investment Banking Markets FICC, Equities, Research Payments Securities Services Custody, Fund Services, Trading Services, Data Solutions Middle MarketStart Ups Mid and Large Corporates Government and Public Sector Institutional Investors Global and Regional Banks Commercial Real Estate TS, MS, Trade, Embedded Finance, Digital Solutions #1 Markets4 11.4% Market share4 #3 Securities Services5 10.7% Market share5 #1 Treasury Services1 9.5% Treasury Services market share1 #1 U.S. Middle Market2 9.2% IB Fees market share3 For footnoted information, refer to slide 37 Global reach with local delivery Empowered and collaborative teams Rich data assets and cloud-based platforms Market-leading capabilities and tailored solutions Relentless client focus and deep industry expertise 2
EXCEPTIONAL TALENT & CULTURE Our franchise strength is a key differentiator and provides unmatched value 60+ countries with on-the- ground presence 74 of top 75 MSAs with dedicated team 120+ currencies settled ~70% of revenue in NIR, across different fees ~40% of revenue generated internationally ~100K clients across CIB businesses3 ~$1.3T capital raised for clients in 2024 ~$3.2T trades settled daily on average4 $10T+ payments processed daily on average5 GLOBAL & LOCAL DIVERSIFIED AT SCALECOMPLETE of products where we are a market leader2~95% of the Fortune 500 do business with us90%+ client penetration with U.S. Middle Market121% For footnoted information, refer to slide 37 3
We remain focused on executing key strategic priorities through the cycle Driving client acquisition in high-potential markets and deepening relationships, through strategic client segmentation and tailored offerings EXPAND AND DEEPEN OUR CLIENT FRANCHISE Empowering our teams to serve clients in a highly-differentiated manner, while continuously attracting top-class talent INVEST IN OUR TEAMS Delivering more value to clients through innovative solutions, broad-based capabilities and targeted investments INNOVATE TO EXTEND OUR COMPETITIVE ADVANTAGES Preserving a strong credit and control culture through rigorous client selection, rooted in a long-term, through-the-cycle approach MAINTAIN FORTRESS PRINCIPLES Driving resilient and diversified earnings through ongoing expense discipline, long-term investments and a focus on capital efficiency DRIVE STRONG FINANCIAL PERFORMANCE Leveraging our rich data assets and cloud-based platforms to provide valuable insights across the firm and to clients HARNESS PROPRIETARY DATA TO DELIVER BUSINESS VALUE 4
Delivering sustainable growth with strong returns Adjusted net income ($B)1 Adjusted ROE (%)1 $102 $102 $107 $128 $138Capital ($B) Revenue ($B) 15% 19% 24% 14% 15% $132 18% 5Y CAGR2 Revenue +8% Adj. net income1 +9% Capital +5% 16% Medium-term ROE outlook3 2019 2020 2021 2022 2023 2024 Securities Services Lending Investment Banking Payments Markets $48.7 $16.2 $58.8 $20.4 $62.0 $26.6 $59.6 $19.2 $64.4 $20.9 $70.1 $25.0 5 1 This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 36 for a reconciliation of reported results to these non-GAAP financial measures 2 The CAGR and YoY calculations use actual, not rounded, numbers 3 Medium-term ROE outlook excludes the impact of legal expense
Investing in our franchise while maintaining strong expense discipline CIB ADJUSTED EXPENSE ($B)1 2019 2024 2025 outlook Run the bank Investments Volume- and revenue-related $26.0 $35.1 ~$38.0 ~7% YoY ~50% Overhead ratio in 2024 6 Volume- and revenue-related Performance-driven compensation Brokerage Investments Front office / Client coverage Technology Infrastructure modernization Products, platforms and experience Regulatory, risk and controls Run the bank Bankers, Sales, Research, Traders and Product Development Operations, Risk, Finance and other support functions Technology Production support and infrastructure Third-party vendors 1 This presentation includes certain non-GAAP financial measures, which exclude the impact of legal expense. Refer to slide 36 for a reconciliation of reported results to these non-GAAP financial measures. The CAGR and YoY calculations use actual, not rounded, numbers
Our investments are focused on delivering value 2019 2024 2025 outlook Reg., Risk & Controls Infrastructure Modernization Products, Platforms & Experiences $2.3 $3.5 $3.7 $0.2 $0.3 $0.3 $0.5 $1.0 $0.9 $1.6 $2.2 $2.5 Emerging Middle Market revenue growth 1.6x Innovation Economy revenue growth 4.0x New cities with local coverage 42 Production applications migrated to strategic data centers and public cloud3 ~98% Reduction in KYC unit cost (vs 2022)4 ~40% Peak volumes in Cash Equities supported in Markets technology ecosystem (vs 2019)5 ~3.4x 2019 2024 $0.3 2025 outlook Technology Front office Other $2.8 $4.3 $4.7 $0.2 $0.3 $2.3 $0.2 $0.6 $3.5 $0.7 $3.7 8% YoY 6% YoY CIB INVESTMENTS ($B)1 FRONT OFFICE INVESTMENTS DRIVING GROWTH – examples (since 2019)2 TECHNOLOGY INVESTMENTS DELIVERING VALUE ($B)1 For footnoted information, refer to slide 38 7
Executing a multi-faceted growth agenda powered by our connected businesses PARTNERSHIP AND ALIGNMENT UNLOCK VALUE… …AND POSITION US TO CAPTURE SIGNIFICANT MARKET OPPORTUNITIES Continuous collaboration with our AWM and CCB partners LARGE AND GROWING ADDRESSABLE MARKETS POWERFUL TAILWINDS ~$1.7T Private Credit global market size2 ~$370B Global VC investment in 20241 ~60K Prospects in North America Middle Market PAYMENTS MARKETS GLOBAL BANKING SECURITIES SERVICES ~$320T Cross border transactions expected by 20324 ~65% Emerging markets’ contribution to global economic growth by 20356 ~$1.6T Financing needed to develop digital infrastructure (2025-2030)5 For footnoted information, refer to slide 38 8 ~$6T 2024 Global PE AUM3
Securities Services is the strategic partner for the world’s largest institutional investors BUSINESS OVERVIEW Custody Servicing of listed assets in 100 markets globally Traditional Fund Services Accounting across the full range of funds and instruments Trading Services Lending and collateral solutions for portfolio optimization Data Solutions Cloud native data management and investment analytics Securities Services Alternatives Middle Office ETFs End-to-end automation across ETF lifecycle Complete offering across Alternatives portfolio Differentiated outsourced investment operations Revenue split between asset owners and managers1 ~50/50 Revenue from outside the U.S. ~60% Diversified client base of top 200 clients overlap with Markets 100% Leading provider with complete Markets offering Front-to-back integration Operational scale and efficiency Best-in-class operating margin2 32%+ Positive operating leverage SECURITIES SERVICES 9 1 50/50 split is applicable to all Securities Services revenue, excluding Depositary Receipts 2 Average operating margin FY 2019 – FY 2024
We have strong financial performance driven by our scale FINANCIAL PERFORMANCE 2019 2024 NII Fees ▲ 2.8% ▲ 6.2% $5.1 $4.1 10.2%Market share3 10.7% ▲ 5.7% ▲ 5.6% $155B $204B $27T $35T Average deposits AUC #3 #3Rank3 Avg. operating margin through the cycle M at ur e G ro w th Global Custody Cost per transaction5 ▼ 11% AUC ▲ 31% Traditional Fund Services Cost per daily NAV5 ▼ 8% Daily NAVs ▲ 29% Trading Services Cost per trade5,6 ▼ 72% Lendable balances ▲ 81% ETFs AUC ▲ 319% Alternatives AUA ▲ 115% Middle Office AUA ▲ 50% Data Solutions Continued scale of Fusion platform 5Y CAGR2 KEY METRICS (2019-2024)4 REVENUE1 ($B) 32%+ For footnoted information, refer to slide 39 SECURITIES SERVICES 10
Our strategic focus areas will drive further growth KEY FOCUS AREASFACTORS IMPACTING THE BUSINESS Grow with long-term clients by providing exceptional service Continue to scale our operating model to process higher volumes at a lower cost Improve productivity though automation and investments in AI/ML Concentration, consolidation of AUM into the largest players New outsourcing needs (data) Rise of Alts and ETFs Price compression Invest in data solutions and growth products to deepen client relationships and grow revenue SECURITIES SERVICES 11
We are the top Markets franchise, rooted in client-centricity and sound risk discipline …enable us to meet clients’ needs across the trade lifecycle ranked1 research organization, and 90K+2 users active monthly on J.P. Morgan Markets #1Research in 11 of 13 Markets sub-products3Top-2Trading increase in Financing4 revenues since 2019 ~75%Financing trades settled daily in 2025 peak week5~$4.3TClearing and Settlement of all trades executed through digital platforms2, across asset classes~75%Digital and e-trading solutions BUSINESS OVERVIEW Our differentiated strategy and capabilities… Dynamic capital allocation Intense client-centric focus 87% coverage of institutional investors6 #1 ranked7 in Americas, EMEA and APAC For footnoted information, refer to slide 39 Digital capabilities backed by scalable infrastructure MARKETS Complete and global counterparty 12
Despite our industry-leading position, further opportunities remain CLIENT WALLET AND MARKET SHARE Corporate wallet 2019 2024 SoW change (2019-2024) FICC EQUITIES $6.3 $14.7 2019 $9.9 $20.1 2024 $21.0 $30.0 Equities FICC 11.4%Market share2 11.4% #1 #1Rank2 PRODUCT REVENUE1 AND MARKET SHARE2 ▲ 6.4% ▲ 9.7% 5Y CAGR3 FINANCIAL PERFORMANCE Institutional wallet 2019 2024 Large Institutional4 Mid-Size / Small Institutional4 SoW change (2019-2024) ▲ 230bps ▲ 180bps NOT TO SCALE Corporate5 #1 rank2 (tied) #2 rank2#1 rank2 10% 11% 11% 12% 12% 13% 13% 2019 2020 2021 2022 2023 2024 11.1% 12.2% 11.8% 12.9% 12.2% 12.4% Revenues in $B #1 rank2 7% 8% 9% 10% 11% 12% 2019 2020 2021 2022 2023 2024 11.6% 12.8% 12.2% 10.7% 10.8% 10.9% ▲ 6.4% 5Y wallet CAGR3 5Y wallet CAGR3 ▲ 7.8% 0.6% For footnoted information, refer to slide 40 ▲ 30bps MARKETS 13
Our strategic priorities position us for future growth FACTORS IMPACTING THE BUSINESS Evolving capital and liquidity conditions Growing prominence of nonbanking institutions and platforms Heightened market volatility against the backdrop of geopolitical uncertainty Continued electronification and growing importance of digital infrastructure KEY FOCUS AREAS Expand product offerings across select geographies and asset classes Deepen client relationships with focus on Corporates and Financial Sponsors Advance Financing and Structuring solutions to meet tailored client needs across asset classes Continue deploying capital and financial resources in a disciplined and dynamic manner Enhance digital platforms and further integrate with clients across channels Invest further in e-Trading capabilities and market structure innovation MARKETS 14
We are focused on serving Global Banking clients across the spectrum with broad-based capabilities BUSINESS OVERVIEW Serving clients across their lifecycle with broad-based capabilities Advisory Expand internationally Manage liquidity Capital MarketsFund growth Optimize payments Commercial Banking Global Corporate Banking Global Investment Banking Global Corporate Banking revenue generated outside the U.S. 40%+Global scale combined with local delivery GB clients3 with Payments or Markets relationship90%+Delivering the full franchise to clients Best Bank globally for Corporate Cash Management and Corporate Banking5 #1Industry-leading client experience Clients1 covered via dedicated teams within start-up banking, EMM2, mid-cap and large-cap verticals across industries ~80KClient segmentation to deliver tailored solutions Senior bankers4 across 220+ cities; ~900 MDs averaging 15+ years overall tenure at JPM 3,800+Bankers with deep client relationships For footnoted information, refer to slide 40 GLOBAL BANKING 15
Our client-centric strategy has delivered strong financial performance, and there are further opportunities to grow For footnoted information, refer to slide 41 FINANCIAL PERFORMANCE 1st time in a calendar year (2024) 2019 2024 ~$280 ~$350 +27% AVERAGE LOANS5 ($B) 2019 2024 ~$480 ~$760 +57% AVERAGE DEPOSITS6 ($B) BANKING & PAYMENTS REVENUES ($B) INVESTMENT BANKING FEES ($B) Market share4 (2024) 9.3% 11.0% +40bps vs 2019 +150bps vs 2019 8.4% (20bps) vs 2019$3.6 $4.1 $1.7 $1.7 $2.4 $3.3 2019 2024 M&A ECM DCM +20% $8.0 $5.0 $10.3 2019 $9.6 $7.5 $18.12 2024 Investment Banking Lending Payments $23.41 $35.31 5Y CAGR3 ▲ 3.9% ▲ 8.2% ▲ 11.8% 8.9%Market share 9.2% #2 #1 #1 #1 #1 #1 M&A ECM DCM #1 U.S. Multifamily lender for over a decade7 #1 U.S. Middle Market syndicated lender8 GLOBAL BANKING 16
We continue to focus on expanding our client franchise through targeted growth initiatives Be the leading bank for Financial Sponsors and Innovation Economy ecosystems by providing specialized, end-to-end coverage to all the constituents through all stages of their lifecycle Harness the power of data, business intelligence and sales enablement to drive productivity and efficiency Further strengthen Global Banking partnership with Markets and Payments to deliver differentiated solutions to clients Deepen with our existing clients, and expand our client franchise with prospects to become their primary bank Grow Investment Banking wallet share at a sub-sector level, particularly across the prioritized 16 sub-sectors KEY FOCUS AREASFACTORS IMPACTING THE BUSINESS Invest in our talent through targeted recruiting, individualized development focused on skills of the future Market uncertainty poses the possibility of downward pressure on 2025 wallet Continued focus on efficiency and technology to drive the business and client experience Competition from private credit, especially as market volatility rises and new deal volume slows down War for top talent across traditional banking peers, boutiques and asset managers GLOBAL BANKING 17
62% of exposure is rated investment grade3 Maintaining risk discipline across our lending portfolio and closely monitoring evolving market conditions Note: Metrics are as of March-2025 unless otherwise noted. For footnoted information, refer to slide 41 Continuous stress testingDynamic portfolio managementRobust risk culture Rigorous underwriting standards Global and US recession Higher interest rates for longer Federal funding, regulation and trade uncertainty Geopolitical tensions KEY RISK FACTORS 15% 10% 9% 8% 4%7% 18% 18% 4% 4% 3% Consumer & Retail Tech, Media & Telecom Industrials Healthcare Oil & Gas Utilities Automotive Other C&I ~$800B1 Financial Institutions Other Industries (primarily SPVs) Govt. & Agencies C&I Additional COMMERCIAL REAL ESTATE EXPOSURE BY PROPERTY TYPE2 69% of exposure is rated investment grade3 61% 9% 8% 6% 16% Multifamily Industrial Office Retail Other ~$200B2 C&I AND OTHER EXPOSURE BY INDUSTRY1 18
Private Credit: We are committed to meeting the financing needs of our borrower and investor clients through tailored, product-agnostic solutions Client-centric and solutions-driven approach Key highlights Capital committed by our co-lending partners1 ~$15B ~$13B deployed to Sponsor and Corporate clients across 140+ Direct Lending deals closed JPM Direct Lending balance sheet commitment1 $50B Robust underwriting and risk management capabilities, underpinning our solutions Product-agnostic, solution- driven and through-the-cycle approach across various deal types Leveraging deep and collaborative relationships to drive value for both borrower and investor clients Access to unmatched origination Diverse financing offering Bespoke structuring capabilities Commitments at scale Complete financing product set Simple, certain execution 19 1 Announcement as of 2/24/25
We have a world-leading Payments franchise serving a wide range of clients We serve clients of different sizes and industries across the world, providing them with a breadth of Payments solutions tailored to their unique needs With the goal to be their #1 primary operating bank Middle MarketStart Ups Mid and Large Corporates Government and Public Sector Institutional Investors Global and Regional Banks Commercial Real Estate vs. 2023 Revenue1 $18.4B 1% Average deposits ~$760B 6% vs. 2023 #1 In U.S. Middle Market3 20 of 20 Largest global companies are our Payments clients2 KEY 2024 METRICS 1 Excludes the net impact of equity investments 2 Source: Companiesmarketcap.com, by market capitalization, as of April 16th, 2025 3 Coalition Greenwich 2024 Market Tracking Study. Rank based on the JPM Middle Markets Target Market with companies with annual revenue $20mm-$500mm 20
Payments drives value for businesses across the Firm IMPORTANT SOURCE OF LIQUIDITY ~1/3rd of Firmwide deposit funding CRITICAL INFRASTRUCTURE Payment rails Sanctions screening Fraud services ENHANCED CLIENT VALUE PROPOSITION CONSISTENT, RECURRING REVENUE COST-EFFICIENCIES OF IN-HOUSE PAYMENTS Recurring cross-border FX revenue Settlement services for trading Leading digital asset capabilities ~$170mm Average incremental FX revenue driven by Payments each year1 Holistic offering for Securities Services clients with in-house Payments offering Operational savings ~$115T Securities Services payments volume processed2 More efficient payments processing Enhanced fraud and authorization rates ~$7T CCB ACH volume processed3 ~$20T CCB Wire volume processed3 In-house Payments sweep platforms Partnership enabling Payments clients to directly invest on Morgan Money ~$175B Balances swept into AWM Money Market Funds4 SELECT EXAMPLES Markets Securities Services Consumer & Community Banking Asset & Wealth Management 21 For footnoted information, refer to slide 41
Our Payments business is industry-leading and organized into five key segments Treasury Services $10T+ Payments average daily value processed5 #1 USD SWIFT market share6 Treasury Services1#1 For footnoted information, refer to slide 42 Embedded Finance & Solutions Best overall embedded finance platform3 Largest bank with in-house pay-in, liquidity and pay-out10 100%+ YoY Growth in Validation Services users #1 Trade & Working Capital Global Trade1 40% YoY Receivable Finance revenue growth ~150bps Global Trade Finance share gain since 20199 #7 #1Merchant Services ~$2.6T Annual global processing volume7 U.S. Acquirer2 6,000+ Peak transactions per second8 Digital Solutions Digital Channels4 300+ Payment methods globally on Access11 One of the largest blockchain networks #1 Tied 22
Our comprehensive set of offerings amplify each other… Merchant Services Embedded FinanceTreasury Services Trade & Working Capital Digital Solutions We offer a comprehensive set of solutions to meet the end-to-end needs of our clients Typical Fintech offerings Typical Bank offerings Integrated digital experience Single coverage organization Unified service team Global operations Industry specialization 23
…and power our unique, differentiated value to clients Nearly 30-year relationship, supporting them as they’ve grown Over 20-year partnership to further enable their global growth journey Global liquidity optimization across brands and geographies Streamlined and faster payment processing through a unique ERP integration Co-creation of a “connected treasury” tailored to Booking’s specific needs Liquidity and cash management, including enabling flows in 19 currencies Geographic expansion enabled by our global payments infrastructure Defining modern treasury management with cutting-edge solutions 24
The business continues to deliver strong performance, gaining scale and market share 6.0% 2019 2020 2021 2022 2023 2024 Fee revenue growthPayments revenue1 ($B) $10.3 $18.4 2019 2024 TS market share2 9.5% Average deposits ($B) STRONG FINANCIAL PERFORMANCE UNDERPINNED BY FEE AND DEPOSIT GROWTH DELIVERED GROWTH DESPITE RATE HEADWINDS Payments revenue1 ($B) NOT TO SCALE 2023 Rate- related3 Deposit- related Fee- related3 2024 $18.3 $18.4 Organic growth ~$480 ~$760 +350bps +$280 25 For footnoted information, refer to slide 42
Gig Economy Marketplaces There are significant tailwinds that position Payments well to grow GROWTH OF PAYMENTS AS AN INDUSTRY CONSOLIDATION TOWARDS THE LARGEST PLAYERS Clients favor banks that can meet their global needs at scale 2019 2024 +10% Wallet share for top 10 banks4 Digital payment adoption is rapidly increasing across channels PAYMENTS IS INCREASINGLY STRATEGIC FOR CLIENTS Payments is increasingly vital to the customer journey Commerce Digital wallet users globally by 202615.2B Growth in digital retail payments in India over the last 12 years2 90x Growth in transactions on Central Bank of Brazil’s Pix platform since 20213 7x 26 For footnoted information, refer to slide 43
We are making targeted investments to capture growth opportunities across the business 1 Expanding coverage to cover more clients 2 Leveraging our fortress balance sheet 3 Modernizing products and platforms 4 Investing in digital innovation 5 Increasing global presence 27
Covering more clients and building deep, lasting relationships through close coordination with Banking EXPANDING COVERAGE WITH A COORDINATED APPROACH BETWEEN BANKING AND PAYMENTS TARGETING KEY GROWTH AREAS TO EXPAND OUR CLIENT FRANCHISE AND DEEPEN EXISTING RELATIONSHIPS 2022 2023 2024 ~1,000+ Total # of bankers1 Coordinated, local leadership Aligned growth strategy Shared market intelligence and prospecting Increased brand awareness Optimized balance sheet deployment Increased banker headcount Across countries representing 95% of global GDP2 Strong Banking and Payments partnership 1 Middle Market Subsidiary BankingInternational Mid-Cap SELECT SEGMENTSSELECT INDUSTRIES Technology Healthcare ServicesConsumer and Retail 1 Bankers defined as front office coverage and select front office support roles across Global Banking and Payments, excludes GIB 2 JPM coverage based on countries with tagged client-level revenues; GDP data sourced from the International Monetary Fund 28
Modernizing our platforms to win new business and drive efficiencies and operating leverage INVESTMENT IMPACTMODERNIZATION AND PRODUCT ENHANCEMENTS ~25% YoY reduction in incidents2 ~100% Existing Payments applications migrated to strategic data centers and the public cloud1 Treasury Services Completed modern payments processing platform (Graphite) in 2024 Completing development and deployment of enhanced global liquidity platform in early 2026 Digital Solutions Enhancing digital end-to-end client UI / experience Building developer tools to launch commerce use cases faster Embedded Finance & Solutions Developed a single, consolidated data lake Created an intelligent Trust & Safety platform to strengthen fraud protection Trade & Working Capital Developing new, cloud-ready trade processing system Enabling clients to access JPM working capital products via their preferred ERP Merchant Services Developing a full-stack commerce platform; live in U.S., E.U., Canada and Australia Growing value-added services (e.g., tokenization, fraud tools) Our investment agenda is ongoing as we strive to provide market-leading solutions and experiences 3 1 Represents NAMR Payments production applications; as of Q1 2025 2 Priority one incidents with client impact, 2023 to 2024 Drives revenue growth Fosters innovation Strengthens client experience Increases operating leverage Enhances stability and resiliency 29
Innovation strategy centered on meeting evolving client needs and the changing Payments landscape Leading the industry with one of the most mature institutional blockchain platforms >15x Increase in transaction volumes YOY3 $1.9T Total transacted value since Kinexys launch2 Kinexys Digital Payments The future of treasury powered by blockchain-based 24/7 programmable payments Kinexys Digital Assets Platform enabling instant delivery versus payment exchange of tokenized assets and commercial bank money Kinexys Liink First-of-its-kind information exchange network for global payments ecosystem, with leading cross-border payment validation solution 4 DIGITAL EXPERIENCES We continue to be recognized for our best-in-class digital client experiences… …and we remain committed to investing in experiences that clients will never outgrow #1 J.P. Morgan Access®1 #1 Chase Connect®1 #1 API Access and Connectivity1 “One-stop- shop” Progressive experience Flexible connectivity 1 Coalition Greenwich 2024 Digital Transformation Benchmarking 2 As of Dec 2024 3 Dec 2024 vs. Dec 2023 30
Unlocking the value of our data to drive value for the Firm and our clients EXPANSIVE DATA REACH 4 60B+ Global Transactions Integrated 3rd Party Datasets ~400mm Accounts ENABLE US TO LEVERAGE THIS DATA TO POWER SEVERAL USE CASES Client Experience Sales Enablement Operational Efficiency Cashflow forecasting and business optimization Expedited onboarding Fraud prevention and detection AI-driven lead generation Data-driven solutioning Intelligent CRM capabilities Automated sanction screening Servicing and workflow automation Enhanced quality control Select examples Payments data lake AI and ML models Privacy and controls Win rate Revenue Banker productivityClient satisfaction Cost Risk STRONG TOOLS AND GOVERNANCE 31
Modernizing our current footprint and expanding into new markets to better serve clients EXPANSION OPPORTUNITY Deepen relationships with existing clients Enabling a more holistic Payments offering and seamless experience Unlocking additional opportunity, furthering our growth potential Providing additional value for the Firm by laying the groundwork for other LOBs’ products in new markets Client growth Transaction growthSelect example: Mexico Developed a more comprehensive product suite Formed strategic partnerships to strengthen our client value Scaled business with a modern technology stack Enable Firmwide expansion through payments infrastructure Win business with new clients seeking full regional solutions 5 MODERNIZING AND ENHANCING CURRENT FOOTPRINT EXPANDING INTO NEW MARKETS United Arab Emirates Launched in 2025 Shanghai Free Trade Zone (FTU) Upcoming 2021 2024 2021 2024 ~2x ~9x 32
Well-positioned for the long term Support clients across the continuum with market-leading offerings Combined scale, trust and safety of a leading bank with the innovation of a Fintech Strong financial performance, underpinned by organic growth and recurring revenue streams Disciplined investment to position us for continued growth in the long-term Modern, digitally innovative platforms and solutions to capture opportunity 33
Commercial & Investment Bank – executing a proven strategy EXCEPTIONAL TALENT & CULTURE COMPLETE GLOBAL & LOCAL AT SCALEDIVERSIFIED PAYMENTS MARKETS GLOBAL BANKING SECURITIES SERVICES 34 Client-centric Investing for growth Innovating to extend competitive advantage Diversified and resilient revenue base Strong risk discipline
Notes on market share, ranks, industry wallets and client coverage 1. Coalition Greenwich Competitor Analytics. Based on JPMorganChase internal business structure and internal revenue. Excludes the impact of Archegos in 2021 Historical Coalition Greenwich competitor revenue and industry wallets have been rebased to ensure consistent taxonomy and accounting/structural adjustments Market share reflects share of the overall industry product pool, unless noted that share reflects share of Coalition Index Banks Rank reflects JPMorganChase rank amongst Coalition Index Banks as follows: – Total CIB and Markets: BAC, BARC, BNPP, CITI, DB, GS, HSBC, MS, SG, UBS, WFC and JPM – Treasury Services and Trade Finance: BAC, BNPP, CITI, DB, HSBC, SG, SANT, SCB, WFC and JPM – Securities Services: BAC, BBH, BNPP, BNY, CITI, DB, HSBC, NT, RBC, SG, SCB, SS and JPM 2. Dealogic as of April 1, 2025 (unless otherwise noted) for GIB, ECM, DCM, and M&A rank, market share and industry wallet. ECM excludes shelf deals. DCM includes all bonds, loans, and other debt (i.e., securitizations and frequent borrowers), excluding money market and short-term debt. Excludes impact of UBS/Credit Suisse merger prior to the year of the acquisition (2023) 3. Market share changes are rounded to the nearest 10bps 4. Global Banking is a client coverage view within the Banking & Payments business and is comprised of Global Corporate Banking, Global Investment Banking and Commercial Banking client coverage segments 35
Notes on non-GAAP financial measures 1. The Commercial & Investment Bank (CIB) provides certain non-GAAP financial measures. These measures should be viewed in addition to, and not as a substitute for, the CIB’s reported results. The non-GAAP financial measures on slides 5 and 6 exclude the impact of legal expense. Adjusted ROE on slide 5 is calculated as net income after preferred stock costs excluding the impact of legal expense divided by average equity. CIB average equity was $102B, $102B, $107B, $128B, $138B, and $132B for 2019, 2020, 2021, 2022, 2023, and 2024, respectively. The table below provides a reconciliation of reported results to these non-GAAP financial measures Commercial & Investment Bank Year ended December 31, (in millions, except where otherwise noted) 2019 2020 2021 2022 2023 2024 (1) Revenue Reported/ Adjusted $ 48,701 $ 58,764 $ 61,951 $ 59,635 $ 64,353 $ 70,114 (2) Expense Reported $ 26,397 $ 27,571 $ 29,594 $ 32,069 $ 33,972 $ 35,353 . Adjustments: Legal Expenses $ (382) $ (797) $ (253) $ (123) $ (690) $ (212) Adjusted $ 26,015 $ 26,775 $ 29,341 $ 31,946 $ 33,282 $ 35,141 (3) Net Income Reported $ 15,877 $ 19,621 $ 26,353 $ 19,138 $ 20,272 $ 24,846 Adjustments: Legal Expenses $ 348 $ 733 $ 226 $ 90 $ 632 $ 122 Adjusted $ 16,225 $ 20,354 $ 26,579 $ 19,228 $ 20,904 $ 24,967 (4) ROE Reported 15% 18% 24% 14% 14% 18% Adjusted 15% 19% 24% 14% 15% 18% Reconciliation of reported to adjusted results excluding the impact of legal expense 36
Notes on slides 2-3 Slide 2 - The combined Commercial & Investment Bank is built around our clients 1. Coalition Greenwich Competitor Analytics reflects global firmwide Treasury Services business (Corporate & Investment Banking and Commercial Banking). Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Treasury Services 2. Coalition Greenwich 2024 Market Tracking Study. Rank based on the JPM Middle Markets Target Market with companies with annual revenue $20mm-$500mm 3. Dealogic. For additional information see note 2 on slide 35 4. Coalition Greenwich Competitor Analytics. Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Markets 5. Coalition Greenwich Competitor Analytics. Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Securities Services. Securities Services exclude Corporate Trust, Escrow Services, Clearing & Settlement For additional information related to footnotes 1, 4, and 5 see note 1 on slide 35 Slide 3 - Our franchise strength is a key differentiator and provides unmatched value 1. Coalition Greenwich 2024 Market Tracking Study (Notional - $20mm-$500mm). Share based on the Bank’s MMBSI Target Market with companies with annual revenue $20mm-$500mm 2. Coalition Greenwich Competitor Analytics (all ranks excluding GIB, ECM, DCM, and M&A) and Dealogic (GIB, ECM, DCM, and M&A ranks). Includes co-ranked positions as defined by Coalition Greenwich. Market share for Treasury Services, Trade Finance, Markets sub-products (G10 Rates, G10 FX, EM Macro, EM Credit, Commodities, G10 Credit, SPG, Public Finance, G10 Financing, Cash Equities, Equity Derivatives, Prime Brokerage, and Futures) is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Treasury Services, Trade Finance, and Markets sub-products. For additional information see note 1 and 2 on slide 35 3. Count of ultimate parent clients with a CIB-owned relationship and non-zero revenue over 24 months rolling as of 03/2025 4. Trades settled daily on average over the course of 2024 includes for Markets trade settlement activity reported in USD for Securities, Derivatives, and FX (excludes Futures & Options and Securities Services). FX reported pre-netting 5. Based on regulatory reporting guidelines prescribed by the Federal Reserve for U.S. Title 1 planning purposes; includes internal settlements, global payments to and through third-party processors and banks, and other internal transfers 37
Notes on slides 7-8 Slide 7 - Our investments are focused on delivering business value 1. The CAGR and YoY calculations use actual, not rounded, numbers 2. Front Office-related growth statistics represent 2024 vs. 2019 3. Includes retired / replaced applications 4. KYC unit cost is based on comparison of Full Year volumes and expenses for 2024 vs 2022 5. Peak volumes refer to highest cash equities volumes observed in 2019 on 3rd June and in 2025 on 7th April Slide 8 – Executing a multi-faceted growth agenda powered by our connected businesses 1. 2024 global VC investment rises to $368 billion as investor interest in AI soars, while IPO optimism grows for 2025 according to KPMG Private Enterprise’s Venture Pulse – KPMG (January 2025) 2. Preqin; As of September 2024 3. PitchBook: 2029 Private Market Horizons; as of April 2025 4. FXC Intelligence: How big is the cross-border payments market? (January 2025) 5. The UN agency for digital technologies (January 2025) 6. Emerging Markets: A Decisive Decade - S&P (September 2024) 38
Notes on slides 10-12 Slide 10 - We have strong financial performance driven by our scale 1. 2019 and 2024 revenue excludes discontinued business 2. The CAGR calculations use actual, not rounded, numbers 3. Coalition Greenwich Competitor Analytics. Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Securities Services. For additional information see note 1 on slide 35 4. All metrics denote change from 2019-2024 5. Represents operations cost 6. For the Securities Lending business Slide 12 - We are the top Markets franchise, rooted in client-centricity and sound risk discipline 1. Extel Rank (2024) 2. Based on JPMorganChase internal metrics 3. Coalition Greenwich Competitor Analytics. Ranks are based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Markets sub-products (G10 Rates, G10 FX, EM Macro, EM Credit, Commodities, G10 Credit, SPG, Public Finance, G10 Financing, Cash Equities, Equity Derivatives, Prime Brokerage, and Futures) 4. Financing revenues for 2019 and 2024 are based on internal management metrics 5. Trades settled daily on average in 2025 peak represent the highest volume week of 2025. Includes Markets trade settlement activity reported in USD for Securities, Derivatives, and FX (excludes Futures & Options and Securities Services). FX reported pre-netting 6. Coalition Greenwich Institutional Client Analytics. Institutional Wallet based on 2,189 clients in 2024 7. Coalition Greenwich Competitor Analytics. Regional rank for Americas, EMEA and APAC. Americas reflects North America and Latin America. Ranks are based on JPMorganChase internal business structure, footprint and revenue and reflects Coalition Index Banks for Markets For additional information related to footnotes 3, 6, and 7 see note 1 on slide 35 39
Notes on slides 13-15 Slide 13 – Despite our industry-leading position, further opportunities remain 1. JPM revenue as reported 2. Coalition Greenwich Competitor Analytics. Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Markets. For additional information see note 1 on slide 35 3. The CAGR calculations use actual, not rounded, numbers 4. Coalition Greenwich Institutional Client Analytics. “Large, Mid-Size and Small Institutional Clients” is a JPM only categorization based on share of wallet, product penetration and revenue metrics. Wallet is based on 1,650 clients in 2019 and 2,189 clients in FY24 5. Coalition Greenwich Corporate Client Analytics. Share of Corporate clients is calculated as the wallet of Top 2,000 clients in 2019 and 2024 across FICC products Slide 15 – We are focused on serving Global Banking clients across the spectrum with broad-based capabilities 1. Count of client entities at ultimate parent level or affiliate level with GB-owned relationship and different revenue thresholds across client segments as of Dec 31, 2024. Excludes Payments only clients with no Commercial Banking and Global Corporate Banking coverage. 2. Emerging Middle Market 3. Ex-CRE 4. Senior banker includes VP+. CB includes bankers and TS, GCB includes bankers only 5. Coalition Greenwich Voice of Client – 2024 Global Corporate Banking and Cash management Studies 40
Notes on slide 16-21 Slide 16 – Our client-centric strategy has delivered strong financial performance, and there are further opportunities to grow 1. Totals include $0.1B in Other revenues in 2019 and 2024 2. $18.1B includes ~$1B of Payments revenue through clients not covered by GB, Payments revenue includes ~($0.3B) in net equity investments. Excluding the impact of net equity investments, the Payments revenue would be $18.4B 3. The CAGR and absolute growth calculations use actual, not rounded, numbers 4. Dealogic. For additional information see note 2 on slide 35 5. Loans includes Banking and Payments 6. Deposits includes Banking and Payments 7. S&P Global Market Intelligence as of December 31, 2024 8. LSEG – U.S. Overall Middle Market Bookrunner, 2024 Slide 18 – Maintaining risk discipline across our lending portfolio and closely monitoring evolving market conditions 1. Commercial & Industrial (“C&I”) and Other is defined based on the client’s primary business activity, and differs from Commercial & Industrial and Other loan class definitions presented in the 10Q/K, which is based on the loan’s collateral, purpose, and type of borrower. Exposure includes retained loans and lending-related commitments (LRC), as of March ’25 2. Commercial Real Estate is defined based on the client’s primary business activity, and includes secured by real estate, secured by non-real estate, and unsecured exposure. Exposure includes retained loans and lending- related commitments (LRC), as of March ’25 and excludes ~$6B of non-CIB CRE exposure 3. Defined per internal facility risk ratings which take into consideration collateral and structural support Slide 21 – Payments drives value for businesses across the Firm 1. Average incremental FX revenue driven by Payments from 2022-2024 2. FY24 volumes 3. FY24 volumes; based on firmwide data using regulatory reporting guidelines prescribed by the Federal Reserve for US Title 1 planning purposes; includes internal settlements, global payments to and through third-party processors and banks, and other internal transfers 4. Average balances for Dec 2024 41
Notes on slides 22-25 Slide 22 – Our Payments business is industry-leading and organized into five key segments 1. Coalition Greenwich Competitor Analytics reflects global firmwide Treasury Services and Trade Finance business (Corporate & Investment Banking and Commercial Banking). Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Treasury Services and Trade Finance 2. Source: Nilson report issue 1282 (March 2025), by purchase volume and transaction count 3. Source: Tearsheet, The Big Bank Theory Awards, 2024 4. Coalition Greenwich 2024 Digital Transformation Benchmarking 5. Based on firmwide data using regulatory reporting guidelines prescribed by the Federal Reserve for US Title 1 planning purposes; includes internal settlements, global payments to and through third-party processors and banks, and other internal transfers 6. By volume; represents US dollar payment instructions for direct payments and credit transfers processed over Society for Worldwide Interbank Financial Telecommunications (SWIFT) in the countries where J.P. Morgan has sales coverage. Market Share is based on Dec’ 2024 7. Based on internal analysis of settled sales volume in 2024 8. Represents daily volume reports from internal systems 9. Coalition Greenwich Competitor Analytics reflects global firmwide Trade Finance business (Corporate & Investment Banking and Commercial Banking). Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Trade Finance 10. Largest bank by market capitalization, as of 4/28/2025 11. Unique permutations of pay types by market available via JPM Access For additional information related to footnotes 1 and 9 see note 1 on slide 35 Slide 25 – The business continues to deliver strong performance, gaining scale and market share 1. Excludes the net impact of equity investments 2. Coalition Greenwich Competitor Analytics reflects global firmwide Treasury Services business (Corporate & Investment Banking and Commercial Banking). Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Treasury Services. For additional information see note 1 on slide 35 3. Represents growth in fees excluding the impact of credits earned by Commercial & Investment Bank clients on balances held in non-interest bearing deposit accounts. The credits earned can be used to offset fees for payments services (e.g. ACH, Fed wire, lockbox). Management reviews fees excluding the impact of client credits to analyze performance independent of the impacts from changes to deposit balances and interest rates. The credits earned have reduced the rates-related growth noted in the Payments revenue chart 42
Notes on slide 26 Slide 26 – There are significant tailwinds that position Payments well to grow 1. Source: EY Global Embedded Finance Report, 2023 2. Source: Reserve Bank of India, 2024 3. Source: The Economist; 2025 4. Coalition Greenwich Competitor Analytics reflects global firmwide Treasury Services business (Corporate & Investment Banking and Commercial Banking). Market share is based on JPMorganChase internal business structure, footprint and revenue. Ranks are based on Coalition Index Banks for Treasury Services. For additional information see note 1 on slide 35 43
Investor Day 2025 Exhibit 99.3
Jamie Dimon Chairman of the Board and Chief Executive Officer Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorganChase, a global financial services firm with assets of $4.0 trillion and 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. Dimon became CEO on January 1, 2006 and one year later also became Chairman of the Board. He was named President and Chief Operating Officer upon the company’s merger with Bank One on July 1, 2004. Dimon joined Bank One as Chairman and CEO in 2000. Dimon began his career at American Express. Next, he served as Chief Financial Officer and then President at Commercial Credit, which made numerous acquisitions and divestitures, including acquiring Primerica Corporation in 1987 and The Travelers Corporation in 1993. Dimon served as President and Chief Operating Officer of Travelers from 1990 through 1998 while concurrently serving as Chief Operating Officer of its Smith Barney subsidiary before becoming Co-Chairman and Co-CEO of the combined brokerage following the 1997 merger of Smith Barney and Salomon Brothers. In 1998, Dimon was named President of Citigroup, the global financial services company formed by the combination of Travelers Group and Citicorp. Dimon earned his bachelor’s degree from Tufts University and holds an MBA from Harvard Business School. He serves on the boards of directors of a number of non-profit institutions including the Business Roundtable, Bank Policy Institute and Harvard Business School. Additionally, he serves on the executive committee of the Business Council and the Partnership for New York City, and is a member of the Financial Services Forum and Council on Foreign Relations. 1
Jeremy Barnum Chief Financial Officer Jeremy Barnum is Chief Financial Officer of JPMorganChase and a member of the Firm's Operating Committee. As CFO, Jeremy is responsible for Global Finance and Business Management, the Treasury/Chief Investment Office, Control Management and Business Resiliency. Since joining the Firm in 1994, Jeremy has held a number of leadership roles including Head of Global Research for J.P. Morgan’s Corporate & Investment Bank (CIB), and Chief Financial Officer and Chief of Staff for the Corporate & Investment Bank from 2013 to 2021. Jeremy graduated from Harvard College with a degree in Chemistry. He lives in New York and is married with two daughters. 2
Marianne Lake Chief Executive Officer of Consumer & Community Banking Marianne Lake is Chief Executive Officer of Consumer & Community Banking (CCB) and a member of the JPMorganChase Operating Committee. She is responsible for all of CCB, a business that serves more than 84 million consumers and 7 million small businesses in the United States. Lake has been with the Firm for 25 years and was previously the CEO of Consumer Lending from 2019 to 2021. Prior to this, she was CFO for the Firm from 2013 to 2019. As CFO, she was responsible for Finance and Business Management, Investor Relations, Chief Investment Office, Chief Data Office and the Chief Administrative Office. During her first 12 years at the firm, Lake held roles in the finance organization including CFO of Consumer & Community Banking from 2009 to 2012, and Global Controller for the Investment Bank from 2007 to 2009. She also managed global financial infrastructure and control programs as part of the Corporate Finance group from 2004 to 2007. Prior to this, she worked at both Chase and J.P. Morgan in London. At Chase, she was the Senior Financial Officer in the United Kingdom, and at J.P. Morgan, she was the Chief Financial Officer for the Credit Trading business. Lake started her career as a chartered accountant at PricewaterhouseCoopers in their London and Sydney offices. Lake is co-founder of the Women on the Move initiative and the Operating Committee sponsor of the Access Ability business resource group at the company. She has a Bachelor of Science in Physics from Reading University in the United Kingdom. 3
Mary Callahan Erdoes Chief Executive Officer of Asset & Wealth Management Mary Callahan Erdoes is Chief Executive Officer of JPMorganChase's Asset & Wealth Management (AWM) line of business – one of the largest and most respected investment managers and private banks in the world, with $6.0 trillion in client assets and a 200-year-old legacy as a trusted fiduciary to corporations, governments, institutions and individuals. Since joining the Firm over 25 years ago, Erdoes has held senior roles across AWM before becoming its CEO in 2009 and joining the Operating Committee, the Firm's most senior management team. Erdoes serves on the boards of the U.S.-China Business Council and the Robin Hood Foundation of New York City. She is also a board member of Georgetown University, where she earned her Mathematics undergraduate degree, and serves on the Global Advisory Council of Harvard University, where she received her MBA. Erdoes and her husband, Philip, reside in New York City and have three daughters. 4
Doug Petno is Co-CEO of J.P. Morgan’s Commercial & Investment Bank (CIB) and a member of the Firm's Operating Committee. He is jointly responsible for all of the CIB, which encompasses Global Banking, Markets, Payments and Securities Services. Petno has been with the firm for 35 years. Most recently, he served as Co-Head of Global Banking, which supports nearly 80,000 clients across 46 countries. In this role, Petno successfully oversaw the integration of the Commercial, Corporate and Investment Banking businesses into one franchise. From 2012 to 2024, he was the CEO of Commercial Banking (CB). Under his leadership, CB expanded significantly in the U.S. and entered 30 countries, serving mid-sized businesses and corporations, founders, government entities, not-for-profit organizations, and real estate investors and owners. Additionally, Petno spent over two decades in Global Investment Banking and led J.P. Morgan’s Global Natural Resources Group. Petno is a member of the Global Board of Directors for The Nature Conservancy. He received an A.B. degree in Biology from Wabash College and holds an MBA from the University of Rochester’s Simon School of Business. Doug Petno Co-CEO of Commercial & Investment Bank 5
Troy Rohrbaugh Co-CEO of Commercial & Investment Bank Troy Rohrbaugh is Co-CEO for the Commercial & Investment Bank (CIB) as well a member of the Firm's Operating Committee. Prior to his current role, Troy was Co-Head of Markets & Securities Services and previously the Head of Macro Markets, which includes the Rates, Foreign Exchange, Emerging Markets and Commodities businesses. Troy has worked in the financial industry for more than 32 years and has managed businesses in New York, London and Asia. During his career, he has taken active roles in key industry organizations, including as the Chair of the New York Federal Reserve Foreign Exchange Committee. He has also served as the chair of the Global Financial Markets Association’s (GFMA) Foreign Exchange Group and as a member of the Bank of England’s Joint Standing Committee. Troy joined J.P. Morgan in 2005 as a managing director and global head of Foreign Exchange Derivatives. He began his career on the Philadelphia Stock Exchange, trading options for CooperNeff, a specialist firm acquired by Banque Nationale in 1995. He led Banque Nationale’s Asia Foreign Exchange Options business before joining Goldman Sachs, where he managed the North American Foreign Exchange Options business. Troy graduated from Johns Hopkins University in 1992 with a B.A. in Political Science. He is a member of the Johns Hopkins University Krieger School of Arts and Sciences Advisory Board, a member of the Board of Trustees of the Gilman School and a Founding member and Advisory Board member of The Frannie Foundation. Troy lives in New York with his wife and their two sons. 6
Umar Farooq is the Co-Head of Global Payments at J.P. Morgan. A part of the Commercial & Investment Bank (CIB), J.P. Morgan Payments enables organizations of all sizes to execute transactions efficiently and securely, transforming the movement of information, money and assets. The team of experts tackles complex challenges at every stage of the payment lifecycle, and their industry-leading solutions facilitate seamless transactions across borders, industries and platforms. Before stepping into his current role, Umar was the Global Head of Financial Institution Payments and CEO of Kinexys by J.P. Morgan (formerly Onyx), where he leveraged cutting- edge technologies like blockchain to create innovative products, platforms and marketplaces. His previous roles include Global Head of Digital Wholesale Payments and Head of FinTech for the CIB, along with leadership positions in Chase Business Banking. Umar's academic background includes a B.S. in Computer Science, a B.S. in Economics and an M.Eng. in Computer Engineering from MIT, as well as a J.D. from Yale Law School. Umar Farooq Co-Head of J.P. Morgan Global Payments 7
Max Neukirchen is the Co-Head of J.P. Morgan Global Payments, a division within the Commercial & Investment Bank. J.P. Morgan Payments provides Treasury Services, Merchant Services and financial technology solutions to a diverse range of clients, including corporate entities, financial institutions, governments, e-commerce retailers and small to medium- sized businesses. Before assuming his current position, Max led several teams at J.P. Morgan, serving as CEO of Merchant Services and Head of Payments & Commerce Solutions, which integrated Treasury Payments, Merchant Acquiring and Embedded Banking. He joined J.P. Morgan Chase in 2013 as Head of Firmwide Strategy and Business Development. Prior to his tenure at J.P. Morgan, Max was a Partner in McKinsey & Company’s Banking Practice. He also serves on the Board of the Center for an Urban Future, a think tank dedicated to promoting economic opportunity in New York City. Max holds a Master’s degree in Physics from the University of Cambridge and a PhD in Finance from the Macquarie Graduate School of Management in Sydney. Max Neukirchen Co-Head of J.P. Morgan Global Payments 8