jpm-20201013

Exhibit 99.1


JPMorgan Chase & Co. 383 Madison Avenue, New York, NY 10179-0001 NYSE symbol: JPM www.jpmorganchase.com

JPMORGAN CHASE REPORTS THIRD-QUARTER 2020 NET INCOME OF $9.4 BILLION, OR $2.92 PER SHARE

THIRD-QUARTER 2020 RESULTS¹

ROE 15%

ROTCE²19%

CET1 Capital Ratios³

Std. 13.0%; Adv. 13.8%

Net payout LTM^4,5

97%


Firmwide Metrics	n	Reported revenue of $29.1 billion; managed revenue of $29.9 billion²
	n	Credit costs of $611 million included $569 million of net reserve releases
	n	Average loans⁶ up 1%; average deposits up 30%
	n	$1.3 trillion liquidity sources, including HQLA and unencumbered marketable securities⁷

CCB ROE 29%	n	Average deposits up 28%; client investment assets up 11%
	n	Average loans⁶ down 7%; credit card sales volume⁸ down 8%
	n	Active mobile customers up 10%

CIB ROE 21%	n	$2.2 billion of Global Investment Banking fees, up 9%
	n	#1 ranking for Global Investment Banking fees with 9.4% wallet share year-to-date
	n	Total Markets revenue of $6.6 billion, up 30%, with Fixed Income Markets up 29% and Equity Markets up 32%

CB ROE 19%	n	Gross Investment Banking revenue of $840 million, up 20%
	n	Average loans up 5%; average deposits up 44%

AWM ROE 32%	n	Assets under management (AUM) of $2.6 trillion, up 16%
	n	Average loans up 13%; average deposits up 23%


Jamie Dimon, Chairman and CEO, commented on the financial results: “JPMorgan Chase earned $9.4 billion of net income on nearly $30 billion of revenue and we maintained our credit reserves at $34 billion given significant economic uncertainty and a broad range of potential outcomes. We further strengthened our capital and liquidity position, increasing CET1 capital to $198 billion (13.0% CET1 ratio, up 60 basis points after paying the dividend) and liquidity sources to $1.3 trillion. The Corporate & Investment Bank continues to be a big driver of Firm performance with Markets revenue up 30% and Global IB fees up 9%. CIB and Commercial Banking continue to attract and retain deposits given our strong client franchise as our clients remain liquid. Asset & Wealth Management generated record revenue and net income and saw strong net inflows into long-term products.” Dimon added: “In Consumer & Community Banking, we continue to add deposits, up 28% versus last year – and based on the most recent FDIC data we ranked #1 in U.S. retail deposits for the first time ever as we are investing in the business to better serve our customers’ needs. The Firm recently received approval to open branches in 10 additional states which would allow us to operate branches in all of the lower 48 U.S. states. Home Lending benefited from strong production margins, and combined debit and credit card spend showed positive year-over-year growth in September for the first time since the widespread shutdowns.” Dimon concluded: “I want to thank our employees around the world for their tireless work in helping our clients and communities impacted by the COVID-19 pandemic over the past several months. Despite significant uncertainty in the environment, the Firm is unwavering in its commitment to drive an inclusive economic recovery, advance sustainable solutions to address climate change and improve the lives of our customers, especially those in underserved communities.”

SIGNIFICANT ITEMS

n 3Q20 results included $524 million of firmwide legal expense ($0.17 decrease in earnings per share (EPS))

OPERATING LEVERAGE

n 3Q20 reported expense of $16.9 billion; reported overhead ratio of 58%; managed overhead ratio²of 56%

CAPITAL DISTRIBUTED

n Common dividend of $2.8 billion, or $0.90 per share

n Extended suspension of repurchases at least through the end of 4Q20⁹

FORTRESS PRINCIPLES

n Book value per share of $79.08, up 5%; tangible book value per share²of $63.93, up 6%

n Basel III common equity Tier 1 capital³of $198 billion and Standardized ratio³ of 13.0%; Advanced ratio³ of 13.8%

n Firm supplementary leverage ratio of 7.0%³

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES

n $1.8 trillion of credit and capital¹⁰ raised YTD

n $164 billion of credit for consumers

n $14 billion of credit for U.S. small businesses

n $611 billion of credit for corporations

n $885 billion of capital raised for corporate clients and non-U.S. government entities

n $82 billion of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities

n $28 billion of loans under the Small Business Administration’s Paycheck Protection Program


Investor Contact: Jason Scott (212) 270-2479 ¹Percentage comparisons noted in the bullet points are for the third quarter of 2020 versus the prior-year third quarter, unless otherwise specified. ²For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes see page 7.			Media Contact: Joseph Evangelisti (212) 270-7438

JPMorgan Chase & Co.

News Release

In the discussion below of Firmwide results of JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), information is presented on a managed basis, which is a non-GAAP financial measure, unless otherwise specified. The discussion below of the Firm’s business segments is also presented on a managed basis. For more information about managed basis, and non-GAAP financial measures used by management to evaluate the performance of each line of business, refer to page 6.

Comparisons noted in the sections below are for the third quarter of 2020 versus the prior-year third quarter, unless otherwise specified.

JPMORGAN CHASE (JPM)

Net revenue on a reported basis was $29.1 billion, $33.0 billion, and $29.3 billion for the third quarter of 2020, second quarter of 2020, and third quarter of 2019, respectively.


Results for JPM										2Q20				3Q19
($ millions, except per share data)	3Q20			2Q20			3Q19			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %

Net revenue - managed	$	29,941		$	33,817		$	30,014		$	(3,876)	(11)	%	$	(73)	—	%
Noninterest expense	16,875			16,942			16,372			(67)		—		503		3
Provision for credit losses	611			10,473			1,514			(9,862)		(94)		(903)		(60)
Net income	$	9,443		$	4,687		$	9,080		$	4,756	101	%	$	363	4	%
Earnings per share	$	2.92		$	1.38		$	2.68		$	1.54	112	%	$	0.24	9	%
Return on common equity	15		%	7		%	15		%
Return on tangible common equity	19			9			18

Discussion of Results¹¹:

Net income was $9.4 billion, up 4%.

Net revenue of $29.9 billion was flat. Net interest income was $13.1 billion, down 9%, predominantly driven by the impact of lower rates largely offset by higher net interest income in CIB Markets as well as balance sheet growth. Noninterest revenue was $16.8 billion, up 7%, predominantly driven by higher Investment Banking fees, Markets revenue, and Credit Adjustments & Other in the Corporate & Investment Bank, and higher net investment securities gains in Corporate.

Noninterest expense of $16.9 billion, up 3%, driven by higher legal expense.

The provision for credit losses was $611 million, down $903 million from the prior year. Net charge-offs of $1.2 billion were down $191 million from the prior year, predominantly driven by Card. The current quarter included a net reserve release that was largely driven by the run-off in the Home Lending portfolio and changes in wholesale loan balances, partially offset by a build in the investment securities portfolio due to the transfer of certain securities from available-for-sale to held-to-maturity. The prior year included net reserve builds across both the Consumer and Wholesale portfolios.

JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)


Results for CCB							2Q20				3Q19
($ millions)	3Q20		2Q20		3Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	12,755	$	12,217	$	13,958	$	538	4	%	$	(1,203)	(9)	%
Consumer & Business Banking	5,557		5,107		6,782		450		9		(1,225)		(18)
Home Lending	1,714		1,687		1,465		27		2		249		17
Card & Auto	5,484		5,423		5,711		61		1		(227)		(4)
Noninterest expense	6,770		6,626		7,025		144		2		(255)		(4)
Provision for credit losses	794		5,828		1,311		(5,034)		(86)		(517)		(39)
Net income/(loss)	$	3,873	$	(176)	$	4,245	$	4,049	NM		$	(372)	(9)	%

Discussion of Results^11,12:

Net income was $3.9 billion, down 9%. Net revenue was $12.8 billion, down 9%.

Consumer & Business Banking net revenue was $5.6 billion, down 18%, predominantly driven by the impact of deposit margin compression, partially offset by growth in deposit balances. Home Lending net revenue was $1.7 billion, up 17%, driven by higher production margins. Card & Auto net revenue was $5.5 billion, down 4%, driven by lower Card net interest income on lower balances, partially offset by lower Card acquisition costs and higher Card annual fees.

Noninterest expense was $6.8 billion, down 4%, predominantly driven by lower marketing investments.

The provision for credit losses was $794 million, down $517 million and included a $300 million reserve release in Home Lending due to portfolio run-off, compared to a net reserve build for CCB of $50 million in the prior year. Net charge-offs were $1.1 billion, down $167 million versus the prior year, predominantly driven by Card.

JPMorgan Chase & Co.

News Release

CORPORATE & INVESTMENT BANK (CIB)


Results for CIB							2Q20				3Q19
($ millions)	3Q20		2Q20		3Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	11,503	$	16,352	$	9,522	$	(4,849)	(30)	%	$	1,981	21	%
Banking	3,709		5,027		3,485		(1,318)		(26)		224		6
Markets & Securities Services	7,794		11,325		6,037		(3,531)		(31)		1,757		29
Noninterest expense	5,797		6,764		5,504		(967)		(14)		293		5
Provision for credit losses	(81)		1,987		92		(2,068)		NM		(173)		NM
Net income	$	4,304	$	5,464	$	2,831	$	(1,160)	(21)	%	$	1,473	52	%

Discussion of Results¹²:

Net income was $4.3 billion, up 52%. Net revenue was $11.5 billion, up 21%.

Banking revenue was $3.7 billion, up 6%. Investment Banking revenue was $2.1 billion, up 12%, predominantly driven by higher Investment Banking fees, up 9%, reflecting higher equity and debt underwriting fees which were partially offset by lower advisory fees. Wholesale Payments revenue was $1.3 billion, down 5%, predominantly driven by deposit margin compression and a reporting re-classification in Merchant Services¹², largely offset by the impact of higher deposit balances. Lending revenue was $333 million, up 32%, predominantly driven by higher net interest income reflecting overall spread widening and higher loan balances.

Markets & Securities Services revenue was $7.8 billion, up 29%. Markets revenue was $6.6 billion, up 30%. Fixed Income Markets revenue was $4.6 billion, up 29%, driven by strong performance across products, particularly in Commodities, Credit and Securitized Products. Equity Markets revenue was $2.0 billion, up 32%, driven by strong performance across products. Securities Services revenue was $1.0 billion, flat to the prior year, as deposit margin compression was offset by balance growth. Credit Adjustments & Other was a gain of $169 million largely driven by funding and credit spread tightening on derivatives.

Noninterest expense was $5.8 billion, up 5%, predominantly driven by higher legal expense, partially offset by lower structural expense as well as lower volume- and revenue-related expense.

The provision for credit losses was a net benefit of $81 million, driven by reserve releases across multiple sectors. Net charge-offs were $23 million.

COMMERCIAL BANKING (CB)


Results for CB							2Q20				3Q19
($ millions)	3Q20		2Q20		3Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	2,285	$	2,392	$	2,274	$	(107)	(4)	%	$	11	—	%
Noninterest expense	966		899		940		67		7		26		3
Provision for credit losses	(147)		2,431		67		(2,578)		NM		(214)		NM
Net income/(loss)	$	1,088	$	(691)	$	943	$	1,779	NM		$	145	15	%

Discussion of Results¹²:

Net income was $1.1 billion, up 15%.

Net revenue of $2.3 billion was flat, with lower deposit margin offset by higher deposit balances and fees, higher lending revenue due to increased portfolio spreads and balances, and higher investment banking revenue.

Noninterest expense was $966 million, up 3%, driven by higher compensation.

The provision for credit losses was a net benefit of $147 million, driven by reserve releases across multiple sectors. Net charge-offs were $60 million.

JPMorgan Chase & Co.

News Release

ASSET & WEALTH MANAGEMENT (AWM)


Results for AWM							2Q20				3Q19
($ millions)	3Q20		2Q20		3Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,737	$	3,610	$	3,568	$	127	4	%	$	169	5	%
Noninterest expense	2,623		2,506		2,622		117		5		1		—
Provision for credit losses	(51)		223		44		(274)		NM		(95)		NM
Net income	$	877	$	658	$	668	$	219	33	%	$	209	31	%

Discussion of Results:

Net income was $877 million, up 31%.

Net revenue was $3.7 billion, up 5%, predominantly driven by higher deposit and loan balances, along with higher management fees and brokerage activity, largely offset by deposit margin compression.

Noninterest expense of $2.6 billion was flat to the prior year.

The provision for credit losses was a net benefit of $51 million, driven by reserve releases.

Assets under management were $2.6 trillion, up 16%, driven by cumulative net inflows into liquidity and long-term products as well as higher market levels.

CORPORATE


Results for Corporate							2Q20				3Q19
($ millions)	3Q20		2Q20		3Q19		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	(339)	$	(754)	$	692	$	415	55	%	$	(1,031)	NM
Noninterest expense	719		147		281		572		389		438		156
Provision for credit losses	96		4		—		92		NM		96		NM
Net income/(loss)	$	(699)	$	(568)	$	393	$	(131)	(23)	%	$	(1,092)	NM

Discussion of Results:

Net loss was $699 million, compared with net income of $393 million in the prior year.

Net revenue was a loss of $339 million, compared with net revenue of $692 million in the prior year. Net revenue was down $1.0 billion, driven by lower net interest income, largely on lower rates, including the impact of faster prepayments on mortgage-backed securities. The current quarter included net investment securities gains of $466 million. The prior year included approximately $330 million of income related to loan sales in Home Lending.

Noninterest expense was $719 million, up $438 million predominantly driven by an impairment on a legacy investment.

The provision for credit losses was $96 million, driven by a build in the investment securities portfolio due to the transfer of certain securities from available-for-sale to held-to-maturity.

JPMorgan Chase & Co.

News Release

2. Notes on non-GAAP financial measures:

a.The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a fully taxable-equivalent (“FTE”) basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business. For a reconciliation of the Firm’s results from a reported to managed basis, see page 7 of the Earnings Release Financial Supplement.

b.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. For a reconciliation from common stockholders’ equity to TCE, see page 9 of the Earnings Release Financial Supplement. 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. Book value per share was $79.08, $76.91 and $75.24 at September 30, 2020, June 30, 2020, and September 30, 2019, respectively. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

JPMorgan Chase & Co.

News Release

Additional notes:

3.Reflects the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the period ended September 30, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $6.4 billion. The SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on the Firm’s capital metrics.

4.Last twelve months (“LTM”).

5.Net of stock issued to employees.

6.In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

7.High-quality liquid assets (“HQLA”) represent the average amount of unencumbered liquid assets that qualify for inclusion in the liquidity coverage ratio (“LCR”), and excludes excess HQLA at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. Unencumbered marketable securities, such as equity securities and fixed income debt securities, include HQLA-eligible securities which are included as part of the excess liquidity at JPMorgan Chase Bank, N.A. that are not transferable to non-bank affiliates. Does not include borrowing capacity at Federal Home Loan Banks (“FHLB”) and the discount window at the Federal Reserve Bank. Refer to Liquidity Risk Management on pages 55-59 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for additional information.

8.Excludes Commercial Card.

9.On September 30, 2020, the Federal Reserve extended its requirement for large banks to suspend net share repurchases through the end of the fourth quarter of 2020. For further information, see page 10 of the Earnings Release Financial Supplement.

10.Credit provided to clients represents new and renewed credit, including loans and commitments.

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

12.In the first quarter of 2020, the Firm began reporting a Wholesale Payments business unit within CIB following a realignment of the Firm’s wholesale payments businesses. The Wholesale Payments business comprises:

◦Merchant Services, which was realigned from CCB to CIB

◦Treasury Services and Trade Finance in CIB. Trade Finance was previously reported in Lending in CIB.

In connection with the alignment of Wholesale Payments, the assets, liabilities and headcount associated with the Merchant Services business were realigned to CIB from CCB, and the revenue and expenses of the Merchant Services business is reported across CCB, CIB and CB based primarily on client relationships. Prior periods have been revised to reflect this realignment and revised allocation methodology.

JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 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. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today, October 13, 2020, at 8:30 a.m. (Eastern) to present third quarter 2020 financial results. The general public can access the call by dialing (866) 541-2724 in the U.S. and Canada, or (706) 634-7246 for international participants. Please dial in 10 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm’s website, www.jpmorganchase.com, under Investor Relations, Events & Presentations.

A replay of the conference call will be available beginning at approximately 12:30 p.m. on October 13, 2020, through midnight, October 27, 2020, by telephone at (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (international); use Conference ID # 5852509. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Events & Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & 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, 2019, and Quarterly Report on Form 10-Q for the quarterly periods ended June 30, 2020 and March 31, 2020, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (https://jpmorganchaseco.gcs-web.com/financial-information/sec-filings), and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update any forward-looking statements.

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2020

JPMORGAN CHASE & CO.

TABLE OF CONTENTS

Page(s)

Consolidated Results

Consolidated Financial Highlights

2–3

Consolidated Statements of Income

Consolidated Balance Sheets

Condensed Average Balance Sheets and Annualized Yields

Reconciliation from Reported to Managed Basis

Segment Results - Managed Basis

Capital and Other Selected Balance Sheet Items

Earnings Per Share and Related Information

Business Segment Results

Consumer & Community Banking (“CCB”)

11–14

Corporate & Investment Bank (“CIB”)

15–17

Commercial Banking (“CB”)

18–19

Asset & Wealth Management (“AWM”)

20–22

Corporate

Credit-Related Information

24–27

Non-GAAP Financial Measures

Glossary of Terms and Acronyms (a)

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


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																														NINE MONTHS ENDED SEPTEMBER 30,
																	3Q20 Change													2020 Change
SELECTED INCOME STATEMENT DATA	3Q20				2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020				2019			2019
Reported Basis
Total net revenue (a)	$	29,147			$	32,980		$	28,192		$	28,285		$	29,291		(12)	%	—	%	$	90,319			$	87,114		4	%
Total noninterest expense (a)	16,875				16,942			16,791			16,293			16,372			—		3		50,608				48,976			3
Pre-provision profit (b)	12,272				16,038			11,401			11,992			12,919			(23)		(5)		39,711				38,138			4
Provision for credit losses	611				10,473			8,285			1,427			1,514			(94)		(60)		19,369				4,158			366
NET INCOME	9,443				4,687			2,865			8,520			9,080			101		4		16,995				27,911			(39)

Managed Basis (c)
Total net revenue (a)	29,941				33,817			29,010			29,165			30,014			(11)		—		92,768				89,299			4
Total noninterest expense (a)	16,875				16,942			16,791			16,293			16,372			—		3		50,608				48,976			3
Pre-provision profit (b)	13,066				16,875			12,219			12,872			13,642			(23)		(4)		42,160				40,323			5
Provision for credit losses	611				10,473			8,285			1,427			1,514			(94)		(60)		19,369				4,158			366
NET INCOME	9,443				4,687			2,865			8,520			9,080			101		4		16,995				27,911			(39)

EARNINGS PER SHARE DATA
Net income: Basic	$	2.93			$	1.39		$	0.79		$	2.58		$	2.69		111		9		$	5.10			$	8.17		(38)
Diluted	2.92				1.38			0.78			2.57			2.68			112		9		5.09				8.15			(38)
Average shares: Basic	3,077.8				3,076.3			3,095.8			3,140.7			3,198.5			—		(4)		3,083.3				3,248.7			(5)
Diluted	3,082.8				3,081.0			3,100.7			3,148.5			3,207.2			—		(4)		3,088.1				3,258.0			(5)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	293,451			$	286,658		$	274,323		$	429,913		$	369,133		2		(21)		$	293,451			$	369,133		(21)
Common shares at period-end	3,048.2				3,047.6			3,047.0			3,084.0			3,136.5			—		(3)		3,048.2				3,136.5			(3)
Book value per share	79.08				76.91			75.88			75.98			75.24			3		5		79.08				75.24			5
Tangible book value per share (“TBVPS”) (b)	63.93				61.76			60.71			60.98			60.48			4		6		63.93				60.48			6
Cash dividends declared per share	0.90				0.90			0.90			0.90			0.90			—		—		2.70				2.50			8

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	15		%		7		%	4		%	14		%	15		%					9		%		15		%
Return on tangible common equity (“ROTCE”) (b)	19				9			5			17			18							11				19
Return on assets	1.14				0.58			0.40			1.22			1.30							0.72				1.37

CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio	13.0		%	(f)	12.4		%	11.5		%	12.4		%	12.3		%					13.0		%	(f)	12.3		%
Tier 1 capital ratio	15.0			(f)	14.3			13.3			14.1			14.1							15.0			(f)	14.1
Total capital ratio	17.3			(f)	16.7			15.5			16.0			15.9							17.3			(f)	15.9
Tier 1 leverage ratio	7.0			(f)	6.9			7.5			7.9			7.9							7.0			(f)	7.9
Supplementary leverage ratio (“SLR”)	7.0			(f)	6.8			6.0			6.3			6.3							7.0			(f)	6.3

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

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

(b)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.

(c)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

(d)Quarterly ratios are based upon annualized amounts.

(e)Reflects the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $6.4 billion, $6.5 billion and $4.3 billion, respectively. Effective June 30, 2020, the SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on the Firm’s capital metrics.

(f)Estimated.

Page 2


JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)

	QUARTERLY TRENDS																													NINE MONTHS ENDED SEPTEMBER 30,
																	3Q20 Change												2020 Change
	3Q20			2Q20				1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	3,246,076		$	3,213,616		(f)	$	3,139,431		$	2,687,379		$	2,764,661		1	%	17	%	$	3,246,076		$	2,764,661		17	%
Loans:
Consumer, excluding credit card loans (a)(b)	322,098			323,198				311,508			317,817			316,473			—		2		322,098			316,473			2
Credit card loans	140,377			141,656				154,021			168,924			159,571			(1)		(12)		140,377			159,571			(12)
Wholesale loans (a)(b)	527,265			544,528				584,081			510,879			503,975			(3)		5		527,265			503,975			5
Total Loans	989,740			1,009,382				1,049,610			997,620			980,019			(2)		1		989,740			980,019			1

Deposits:
U.S. offices:
Noninterest-bearing	540,116			529,729				448,195			395,667			393,522			2		37		540,116			393,522			37
Interest-bearing	1,117,149			1,061,093				1,026,603			876,156			844,137			5		32		1,117,149			844,137			32
Non-U.S. offices:
Noninterest-bearing	21,406			22,752				22,192			20,087			21,455			(6)		—		21,406			21,455			—
Interest-bearing	322,745			317,455				339,019			270,521			266,147			2		21		322,745			266,147			21
Total deposits	2,001,416			1,931,029				1,836,009			1,562,431			1,525,261			4		31		2,001,416			1,525,261			31

Long-term debt	279,175			317,003				299,344			291,498			296,472			(12)		(6)		279,175			296,472			(6)
Common stockholders’ equity	241,050			234,403				231,199			234,337			235,985			3		2		241,050			235,985			2
Total stockholders’ equity	271,113			264,466				261,262			261,330			264,348			3		3		271,113			264,348			3

Loans-to-deposits ratio (b)	49		%	52		%		57		%	64		%	64		%					49		%	64		%

Headcount	256,358			256,710				256,720			256,981			257,444			—		—		256,358			257,444			—

95% CONFIDENCE LEVEL - TOTAL VaR (c)
Average VaR	$	90		$	130			$	59		$	37		$	39		(31)		131

LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking (e)	$	12,755		$	12,217			$	13,112		$	13,749		$	13,958		4		(9)		$	38,084		$	40,885		(7)
Corporate & Investment Bank	11,503			16,352				9,948			9,647			9,522			(30)		21		37,803			29,387			29
Commercial Banking	2,285			2,392				2,178			2,297			2,274			(4)		—		6,855			6,972			(2)
Asset & Wealth Management	3,737			3,610				3,606			3,700			3,568			4		5		10,953			10,616			3
Corporate	(339)			(754)				166			(228)			692			55		NM		(927)			1,439			NM
TOTAL NET REVENUE	$	29,941		$	33,817			$	29,010		$	29,165		$	30,014		(11)		—		$	92,768		$	89,299		4

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	3,873		$	(176)			$	191		$	4,214		$	4,245		NM		(9)		$	3,888		$	12,349		(69)
Corporate & Investment Bank	4,304			5,464				1,988			2,938			2,831			(21)		52		11,756			9,037			30
Commercial Banking	1,088			(691)				147			944			943			NM		15		544			3,005			(82)
Asset & Wealth Management	877			658				664			785			668			33		31		2,199			2,048			7
Corporate	(699)			(568)				(125)			(361)			393			(23)		NM		(1,392)			1,472			NM
NET INCOME	$	9,443		$	4,687			$	2,865		$	8,520		$	9,080		101		4		$	16,995		$	27,911		(39)

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

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

(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(c)Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm’s own credit spread on fair value option elected liabilities, and included these positions in other sensitivity-based measures. Additionally, effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of these refinements, the average Total VaR for the three months ended September 30, 2020, June 30, 2020 and March 31, 2020 would have been different by $11 million, $(8) million and $6 million, respectively.

(d)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.

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

(f)Prior-period amounts have been revised to conform with the current presentation.

Page 3


JPMORGAN CHASE & CO.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																													NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change													2020 Change
REVENUE	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019				2019
Investment banking fees	$	2,187		$	2,850		$	1,866		$	1,843		$	1,967		(23)	%	11	%	$	6,903		$	5,658			22	%
Principal transactions	4,142			7,621			2,937			2,779			3,449			(46)		20		14,700			11,239				31
Lending- and deposit-related fees (a)	1,647			1,431			1,706			1,772			1,671			15		(1)		4,784			4,854				(1)
Asset management, administration and commissions (a)	4,470			4,266			4,540			4,301			4,306			5		4		13,276			12,607				5
Investment securities gains	473			26			233			123			78			NM		NM		732			135				442
Mortgage fees and related income	1,087			917			320			474			887			19		23		2,324			1,562				49
Card income (b)	1,169			974			995			1,335			1,233			20		(5)		3,138			3,741				(16)
Other income	959			1,042			1,156			1,492			1,472			(8)		(35)		3,157			4,239				(26)
Noninterest revenue	16,134			19,127			13,753			14,119			15,063			(16)		7		49,014			44,035				11
Interest income	14,700			16,112			19,161			19,927			21,121			(9)		(30)		49,973			64,113				(22)
Interest expense	1,687			2,259			4,722			5,761			6,893			(25)		(76)		8,668			21,034				(59)
Net interest income	13,013			13,853			14,439			14,166			14,228			(6)		(9)		41,305			43,079				(4)
TOTAL NET REVENUE	29,147			32,980			28,192			28,285			29,291			(12)		—		90,319			87,114				4

Provision for credit losses	611			10,473			8,285			1,427			1,514			(94)		(60)		19,369			4,158				366

NONINTEREST EXPENSE
Compensation expense	8,630			9,509			8,895			8,088			8,583			(9)		1		27,034			26,067				4
Occupancy expense	1,142			1,080			1,066			1,084			1,110			6		3		3,288			3,238				2
Technology, communications and equipment expense	2,564			2,590			2,578			2,585			2,494			(1)		3		7,732			7,236				7
Professional and outside services	2,178			1,999			2,028			2,226			2,056			9		6		6,205			6,307				(2)
Marketing (b)	470			481			800			847			895			(2)		(47)		1,751			2,504				(30)


Other expense (c)	1,891			1,283			1,424			1,463			1,234			47		53		4,598			3,624				27
TOTAL NONINTEREST EXPENSE	16,875			16,942			16,791			16,293			16,372			—		3		50,608			48,976				3
Income before income tax expense	11,661			5,565			3,116			10,565			11,405			110		2		20,342			33,980				(40)
Income tax expense	2,218			878			251			2,045			2,325			153		(5)		3,347			6,069			(f)	(45)
NET INCOME	$	9,443		$	4,687		$	2,865		$	8,520		$	9,080		101		4		$	16,995		$	27,911			(39)


NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	2.93		$	1.39		$	0.79		$	2.58		$	2.69		111		9		$	5.10		$	8.17			(38)
Diluted earnings per share	2.92			1.38			0.78			2.57			2.68			112		9		5.09			8.15				(38)

FINANCIAL RATIOS
Return on common equity (d)	15		%	7		%	4		%	14		%	15		%					9		%	15		%
Return on tangible common equity (d)(e)	19			9			5			17			18							11			19
Return on assets (d)	1.14			0.58			0.40			1.22			1.30							0.72			1.37
Effective income tax rate	19.0			15.8			8.1			19.4			20.4							16.5			17.9			(f)
Overhead ratio	58			51			60			58			56							56			56

(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.

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

(c)Included Firmwide legal expense/(benefit) of $524 million, $118 million, $197 million, $241 million and $10 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $839 million and $(2) million for the nine months ended September 30, 2020 and September 30, 2019 respectively.

(d)Quarterly ratios are based upon annualized amounts.

(e)Refer to page 28 for further discussion of ROTCE.

(f)The nine months ended September 30, 2019 included income tax benefits of $1.0 billion due to the resolution of certain tax audits.

Page 4


JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
													Sep 30, 2020
													Change
	Sep 30,		Jun 30,			Mar 31,		Dec 31,		Sep 30,			Jun 30,		Sep 30,
	2020		2020			2020		2019		2019			2020		2019
ASSETS
Cash and due from banks	$	20,816	$	20,544		$	24,001	$	21,704	$	21,215		1	%	(2)	%
Deposits with banks	466,706		473,185			343,533		241,927		235,382			(1)		98

Federal funds sold and securities purchased under
resale agreements	319,849		256,980			248,580		249,157		257,391			24		24
Securities borrowed	142,441		142,704			139,839		139,758		138,336			—		3
Trading assets:
Debt and equity instruments (a)	429,196		416,870			429,275		319,921		401,697			3		7
Derivative receivables	76,626		74,846			81,648		49,766		55,577			2		38
Available-for-sale (“AFS”) securities	389,583		485,883			399,944		350,699		353,421			(20)		10
Held-to-maturity (”HTM”) securities, net of allowance for credit losses (b)	141,553		72,908			71,200		47,540		40,830			94		247
Investment securities, net of allowance for credit losses (b)	531,136		558,791			471,144		398,239		394,251			(5)		35
Loans (a)	989,740		1,009,382			1,049,610		997,620		980,019			(2)		1
Less: Allowance for loan losses	30,814		31,591		(c)	23,244		13,123		13,235			(2)		133
Loans, net of allowance for loan losses	958,926		977,791			1,026,366		984,497		966,784			(2)		(1)
Accrued interest and accounts receivable	76,945		72,260			122,064		72,861		88,988			6		(14)
Premises and equipment	26,672		26,301			25,882		25,813		25,117			1		6



Goodwill, MSRs and other intangible assets	51,594		51,669			51,867		53,341		53,078			—		(3)
Other assets (a)	145,169		141,675			175,232		130,395		126,845			2		14
TOTAL ASSETS	$	3,246,076	$	3,213,616		$	3,139,431	$	2,687,379	$	2,764,661		1		17

LIABILITIES
Deposits	$	2,001,416	$	1,931,029		$	1,836,009	$	1,562,431	$	1,525,261		4		31
Federal funds purchased and securities loaned or sold
under repurchase agreements	236,440		235,647			233,207		183,675		247,766			—		(5)


Short-term borrowings	41,992		48,014			51,909		40,920		48,893			(13)		(14)
Trading liabilities:
Debt and equity instruments	104,835		107,735			119,109		75,569		90,553			(3)		16
Derivative payables	57,658		57,477			65,087		43,708		47,790			—		21
Accounts payable and other liabilities	234,256		231,417		(c)	253,874		210,407		225,063			1		4
Beneficial interests issued by consolidated VIEs	19,191		20,828			19,630		17,841		18,515			(8)		4
Long-term debt	279,175		317,003			299,344		291,498		296,472			(12)		(6)
TOTAL LIABILITIES	2,974,963		2,949,150			2,878,169		2,426,049		2,500,313			1		19

STOCKHOLDERS’ EQUITY
Preferred stock	30,063		30,063			30,063		26,993		28,363		(d)	—		6
Common stock	4,105		4,105			4,105		4,105		4,105			—		—
Additional paid-in capital	88,289		88,125			87,857		88,522		88,512			—		—
Retained earnings	228,014		221,732			220,226		223,211		217,888			3		5
Accumulated other comprehensive income/(loss)	8,940		8,789			7,418		1,569		1,800			2		397
Shares held in RSU Trust, at cost	(11)		(11)			(21)		(21)		(21)			—		48
Treasury stock, at cost	(88,287)		(88,337)			(88,386)		(83,049)		(76,299)			—		(16)
TOTAL STOCKHOLDERS’ EQUITY	271,113		264,466			261,262		261,330		264,348			3		3
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,246,076	$	3,213,616		$	3,139,431	$	2,687,379	$	2,764,661		1		17

(a)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(b)Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At September 30, 2020, June 30, 2020, and March 31, 2020 the allowance for credit losses on HTM securities was $120 million, $23 million and $19 million, respectively.

(c)Prior-period amounts have been revised to conform with the current presentation.

(d)Included $1.4 billion, which was redeemed on October 30, 2019, as previously announced on September 26, 2019.

Page 5


JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
AVERAGE BALANCES	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
ASSETS
Deposits with banks	$	509,979		$	477,895		$	279,748		$	272,648		$	267,578		7	%	91	%	$	422,860		$	282,483		50	%
Federal funds sold and securities purchased under resale agreements	277,899			244,306			253,403			248,170			276,721			14		—		258,607			284,616			(9)
Securities borrowed	147,184			141,328			136,127			135,374			139,939			4		5		141,567			129,915			9
Trading assets - debt instruments (a)	322,321			345,073			304,808			280,487			298,358			(7)		8		324,061			299,834			8
Investment securities	548,544			500,254			421,529			394,002			343,134			10		60		490,322			294,896			66
Loans (a)	991,241			1,029,513			1,001,504			987,606			984,248			(4)		1		1,007,360			990,731			2
All other interest-earning assets (a)(b)	77,806			81,320			68,430			59,257			54,973			(4)		42		75,859			51,931			46
Total interest-earning assets	2,874,974			2,819,689			2,465,549			2,377,544			2,364,951			2		22		2,720,636			2,334,406			17
Trading assets - equity and other instruments	119,905			99,115			114,479			114,112			113,980			21		5		111,198			114,394			(3)
Trading assets - derivative receivables	81,300			79,298			66,309			52,860			57,062			3		42		75,656			54,098			40
All other noninterest-earning assets (a)	213,978			231,166			243,895			232,754			229,059			(7)		(7)		229,623			227,003			1
TOTAL ASSETS	$	3,290,157		$	3,229,268		$	2,890,232		$	2,777,270		$	2,765,052		2		19		$	3,137,113		$	2,729,901		15
LIABILITIES
Interest-bearing deposits	$	1,434,034		$	1,375,213		$	1,216,555		$	1,154,716		$	1,123,452		4		28		$	1,342,270		$	1,102,751		22
Federal funds purchased and securities loaned or
sold under repurchase agreements	253,779			276,815			243,922			235,481			239,698			(8)		6		258,156			225,471			14
Short-term borrowings (c)	36,697			45,297			37,288			39,936			44,814			(19)		(18)		39,749			56,635			(30)
Trading liabilities - debt and other interest-bearing liabilities (d)	206,643			207,322			192,950			170,049			183,369			—		13		202,322			186,167			9
Beneficial interests issued by consolidated VIEs	19,838			20,331			18,048			19,390			21,123			(2)		(6)		19,407			23,549			(18)
Long-term debt	267,175			269,336			243,996			248,521			248,985			(1)		7		260,194			247,782			5
Total interest-bearing liabilities	2,218,166			2,194,314			1,952,759			1,868,093			1,861,441			1		19		2,122,098			1,842,355			15
Noninterest-bearing deposits	551,565			515,304			419,631			413,582			407,428			7		35		495,704			405,075			22
Trading liabilities - equity and other instruments	32,256			33,797			30,721			28,197			31,310			(5)		3		32,258			32,059			1
Trading liabilities - derivative payables	64,599			63,178			54,990			44,361			45,987			2		40		60,936			41,952			45
All other noninterest-bearing liabilities	156,711			158,204			168,195			162,490			155,032			(1)		1		161,022			148,086			9
TOTAL LIABILITIES	3,023,297			2,964,797			2,626,296			2,516,723			2,501,198			2		21		2,872,018			2,469,527			16
Preferred stock	30,063			30,063			29,406			27,669			28,241			—		6		29,844			27,457			9
Common stockholders’ equity	236,797			234,408			234,530			232,878			235,613			1		1		235,251			232,917			1
TOTAL STOCKHOLDERS’ EQUITY	266,860			264,471			263,936			260,547			263,854			1		1		265,095			260,374			2
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,290,157		$	3,229,268		$	2,890,232		$	2,777,270		$	2,765,052		2		19		$	3,137,113		$	2,729,901		15

AVERAGE RATES (e)
INTEREST-EARNING ASSETS
Deposits with banks	0.05		%	0.06		%	0.82		%	1.00		%	1.33		%					0.22		%	1.51		%
Federal funds sold and securities purchased under resale agreements	0.57			0.99			1.74			2.05			2.21							1.08			2.29
Securities borrowed (f)	(0.35)			(0.50)			0.45			0.81			1.23							(0.14)			1.34
Trading assets - debt instruments (a)	2.29			2.42			2.74			2.87			2.96							2.48			3.19
Investment securities	1.58			2.03			2.48			2.65			2.92							1.99			3.17
Loans (a)	4.11			4.27			4.96			5.07			5.25							4.44			5.32
All other interest-earning assets (a)(b)	0.94			0.99			2.60			3.49			4.36							1.46			4.18
Total interest-earning assets	2.05			2.31			3.14			3.35			3.56							2.47			3.70

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.07			0.10			0.52			0.67			0.85							0.22			0.85
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.17			0.19			1.30			1.77			2.05							0.53			2.12
Short-term borrowings (c)	0.65			1.11			1.63			1.97			2.31							1.13			2.48
Trading liabilities - debt and other interest-bearing liabilities (d)(f)	(0.10)			(0.08)			0.77			1.04			1.43							0.18			1.54
Beneficial interests issued by consolidated VIEs	0.71			1.15			2.02			2.22			2.53							1.27			2.61
Long-term debt	1.93			2.45			2.88			3.21			3.49							2.40			3.67
Total interest-bearing liabilities	0.30			0.41			0.97			1.22			1.47							0.55			1.53

INTEREST RATE SPREAD	1.75		%	1.90		%	2.17		%	2.13		%	2.09		%					1.92		%	2.17		%
NET YIELD ON INTEREST-EARNING ASSETS	1.82		%	1.99		%	2.37		%	2.38		%	2.41		%					2.04		%	2.49		%
Memo: Net yield on interest-earning assets excluding CIB Markets (g)	2.05		%	2.27		%	3.01		%	3.06		%	3.23		%					2.41		%	3.34		%

(a) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(b) Includes prime brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets.

(d) All other interest-bearing liabilities include prime brokerage-related customer payables.

(e) Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.

(f) Negative interest income and yields are related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other liabilities.

(g) Net yield on interest-earning assets excluding CIB Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. Refer to the notes on Non-GAAP Financial Measures on page 28 for additional information on managed basis.

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








	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
OTHER INCOME
Other income - reported	$	959		$	1,042		$	1,156		$	1,492		$	1,472		(8)	%	(35)	%	$	3,157		$	4,239		(26)	%
Fully taxable-equivalent adjustments (a)	690			730			708			757			596			(5)		16		2,128			1,777			20
Other income - managed	$	1,649		$	1,772		$	1,864		$	2,249		$	2,068		(7)		(20)		$	5,285		$	6,016		(12)

TOTAL NONINTEREST REVENUE (b)
Total noninterest revenue - reported	$	16,134		$	19,127		$	13,753		$	14,119		$	15,063		(16)		7		$	49,014		$	44,035		11
Fully taxable-equivalent adjustments (a)	690			730			708			757			596			(5)		16		2,128			1,777			20
Total noninterest revenue - managed	$	16,824		$	19,857		$	14,461		$	14,876		$	15,659		(15)		7		$	51,142		$	45,812		12

NET INTEREST INCOME
Net interest income - reported	$	13,013		$	13,853		$	14,439		$	14,166		$	14,228		(6)		(9)		$	41,305		$	43,079		(4)
Fully taxable-equivalent adjustments (a)	104			107			110			123			127			(3)		(18)		321			408			(21)
Net interest income - managed	$	13,117		$	13,960		$	14,549		$	14,289		$	14,355		(6)		(9)		$	41,626		$	43,487		(4)

TOTAL NET REVENUE (b)
Total net revenue - reported	$	29,147		$	32,980		$	28,192		$	28,285		$	29,291		(12)		—		$	90,319		$	87,114		4
Fully taxable-equivalent adjustments (a)	794			837			818			880			723			(5)		10		2,449			2,185			12
Total net revenue - managed	$	29,941		$	33,817		$	29,010		$	29,165		$	30,014		(11)		—		$	92,768		$	89,299		4

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	12,272		$	16,038		$	11,401		$	11,992		$	12,919		(23)		(5)		$	39,711		$	38,138		4
Fully taxable-equivalent adjustments (a)	794			837			818			880			723			(5)		10		2,449			2,185			12
Pre-provision profit - managed	$	13,066		$	16,875		$	12,219		$	12,872		$	13,642		(23)		(4)		$	42,160		$	40,323		5

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	11,661		$	5,565		$	3,116		$	10,565		$	11,405		110		2		$	20,342		$	33,980		(40)
Fully taxable-equivalent adjustments (a)	794			837			818			880			723			(5)		10		2,449			2,185			12
Income before income tax expense - managed	$	12,455		$	6,402		$	3,934		$	11,445		$	12,128		95		3		$	22,791		$	36,165		(37)

INCOME TAX EXPENSE
Income tax expense - reported	$	2,218		$	878		$	251		$	2,045		$	2,325		153		(5)		$	3,347		$	6,069		(45)
Fully taxable-equivalent adjustments (a)	794			837			818			880			723			(5)		10		2,449			2,185			12
Income tax expense - managed	$	3,012		$	1,715		$	1,069		$	2,925		$	3,048		76		(1)		$	5,796		$	8,254		(30)

OVERHEAD RATIO
Overhead ratio - reported	58		%	51		%	60		%	58		%	56		%					56		%	56		%
Overhead ratio - managed	56			50			58			56			55							55			55

(a)Predominantly recognized in CIB, CB and Corporate.

Page 7


JPMORGAN CHASE & CO.
SEGMENT RESULTS - MANAGED BASIS
(in millions)


	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
											3Q20 Change										2020 Change
	3Q20		2Q20		1Q20		4Q19		3Q19		2Q20		3Q19		2020		2019		2019
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking (a)	$	12,755	$	12,217	$	13,112	$	13,749	$	13,958	4	%	(9)	%	$	38,084	$	40,885	(7)	%
Corporate & Investment Bank	11,503		16,352		9,948		9,647		9,522		(30)		21		37,803		29,387		29
Commercial Banking	2,285		2,392		2,178		2,297		2,274		(4)		—		6,855		6,972		(2)
Asset & Wealth Management	3,737		3,610		3,606		3,700		3,568		4		5		10,953		10,616		3
Corporate	(339)		(754)		166		(228)		692		55		NM		(927)		1,439		NM
TOTAL NET REVENUE	$	29,941	$	33,817	$	29,010	$	29,165	$	30,014	(11)		—		$	92,768	$	89,299	4

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking (a)	$	6,770	$	6,626	$	7,102	$	6,965	$	7,025	2		(4)		$	20,498	$	20,784	(1)
Corporate & Investment Bank	5,797		6,764		5,896		5,392		5,504		(14)		5		18,457		16,794		10
Commercial Banking	966		899		988		943		940		7		3		2,853		2,809		2
Asset & Wealth Management	2,623		2,506		2,659		2,650		2,622		5		—		7,788		7,865		(1)
Corporate	719		147		146		343		281		389		156		1,012		724		40
TOTAL NONINTEREST EXPENSE	$	16,875	$	16,942	$	16,791	$	16,293	$	16,372	—		3		$	50,608	$	48,976	3

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	5,985	$	5,591	$	6,010	$	6,784	$	6,933	7		(14)		$	17,586	$	20,101	(13)
Corporate & Investment Bank	5,706		9,588		4,052		4,255		4,018		(40)		42		19,346		12,593		54
Commercial Banking	1,319		1,493		1,190		1,354		1,334		(12)		(1)		4,002		4,163		(4)
Asset & Wealth Management	1,114		1,104		947		1,050		946		1		18		3,165		2,751		15
Corporate	(1,058)		(901)		20		(571)		411		(17)		NM		(1,939)		715		NM
PRE-PROVISION PROFIT	$	13,066	$	16,875	$	12,219	$	12,872	$	13,642	(23)		(4)		$	42,160	$	40,323	5

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	794	$	5,828	$	5,772	$	1,207	$	1,311	(86)		(39)		$	12,394	$	3,745	231
Corporate & Investment Bank	(81)		1,987		1,401		98		92		NM		NM		3,307		179		NM
Commercial Banking	(147)		2,431		1,010		110		67		NM		NM		3,294		186		NM
Asset & Wealth Management	(51)		223		94		13		44		NM		NM		266		48		454
Corporate	96		4		8		(1)		—		NM		NM		108		—		NM
PROVISION FOR CREDIT LOSSES	$	611	$	10,473	$	8,285	$	1,427	$	1,514	(94)		(60)		$	19,369	$	4,158	366

NET INCOME/(LOSS)
Consumer & Community Banking	$	3,873	$	(176)	$	191	$	4,214	$	4,245	NM		(9)		$	3,888	$	12,349	(69)
Corporate & Investment Bank	4,304		5,464		1,988		2,938		2,831		(21)		52		11,756		9,037		30
Commercial Banking	1,088		(691)		147		944		943		NM		15		544		3,005		(82)
Asset & Wealth Management	877		658		664		785		668		33		31		2,199		2,048		7
Corporate	(699)		(568)		(125)		(361)		393		(23)		NM		(1,392)		1,472		NM
TOTAL NET INCOME	$	9,443	$	4,687	$	2,865	$	8,520	$	9,080	101		4		$	16,995	$	27,911	(39)

Page 8


JPMORGAN CHASE & CO.
CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)

																	Sep 30, 2020
																	Change						NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,						2020 Change
	2020				2020			2020			2019			2019			2020		2019		2020		2019		2019
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital	$	197,728		(e)	$	190,867		$	183,591		$	187,753		$	188,151		4	%	5	%
Tier 1 capital	227,499			(e)	220,674			213,406			214,432			214,831			3		6
Total capital	262,441			(e)	256,667			247,541			242,589			243,500			2		8
Risk-weighted assets	1,517,248			(e)	1,541,365			1,598,828			1,515,869			1,527,762			(2)		(1)
CET1 capital ratio	13.0		%	(e)	12.4		%	11.5		%	12.4		%	12.3		%
Tier 1 capital ratio	15.0			(e)	14.3			13.3			14.1			14.1
Total capital ratio	17.3			(e)	16.7			15.5			16.0			15.9

Advanced
CET1 capital	$	197,728		(e)	$	190,867		$	183,591		$	187,753		$	188,151		4		5
Tier 1 capital	227,499			(e)	220,674			213,406			214,432			214,831			3		6
Total capital	249,973			(e)	244,112			234,434			232,112			233,203			2		7
Risk-weighted assets	1,431,218			(e)	1,450,587			1,489,134			1,397,878			1,435,693			(1)		—
CET1 capital ratio	13.8		%	(e)	13.2		%	12.3		%	13.4		%	13.1		%
Tier 1 capital ratio	15.9			(e)	15.2			14.3			15.3			15.0
Total capital ratio	17.5			(e)	16.8			15.7			16.6			16.2

Leverage-based capital metrics
Adjusted average assets (b)	$	3,243,303		(e)	$	3,176,729		$	2,842,244		$	2,730,239		$	2,717,852		2		19
Tier 1 leverage ratio	7.0		%	(e)	6.9		%	7.5		%	7.9		%	7.9		%

Total leverage exposure	3,247,377			(e)	3,228,424			3,535,822			3,423,431			3,404,535			1		(5)
SLR	7.0		%	(e)	6.8		%	6.0		%	6.3		%	6.3		%

TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity	$	241,050			$	234,403		$	231,199		$	234,337		$	235,985		3		2
Less: Goodwill	47,819				47,811			47,800			47,823			47,818			—		—
Less: Other intangible assets	759				778			800			819			841			(2)		(10)
Add: Certain deferred tax liabilities (d)	2,405				2,397			2,389			2,381			2,371			—		1
Total tangible common equity	$	194,877			$	188,211		$	184,988		$	188,076		$	189,697		4		3

TANGIBLE COMMON EQUITY (average) (c)
Common stockholders’ equity	$	236,797			$	234,408		$	234,530		$	232,878		$	235,613		1		1		$	235,251	$	232,917	1	%
Less: Goodwill	47,820				47,805			47,812			47,819			47,707			—		—		47,812		47,552		1
Less: Other intangible assets	769				791			812			831			842			(3)		(9)		791		776		2
Add: Certain deferred tax liabilities (d)	2,401				2,393			2,385			2,375			2,344			—		2		2,393		2,311		4
Total tangible common equity	$	190,609			$	188,205		$	188,291		$	186,603		$	189,408		1		1		$	189,041	$	186,900	1

INTANGIBLE ASSETS (period-end)
Goodwill	$	47,819			$	47,811		$	47,800		$	47,823		$	47,818		—		—
Mortgage servicing rights	3,016				3,080			3,267			4,699			4,419			(2)		(32)
Other intangible assets	759				778			800			819			841			(2)		(10)
Total intangible assets	$	51,594			$	51,669		$	51,867		$	53,341		$	53,078		—		(3)

(a)Reflects the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions that became effective in the first quarter of 2020. For the periods ended September 30, 2020, June 30, 2020 and March 31, 2020, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $6.4 billion, $6.5 billion and $4.3 billion, respectively. Effective June 30, 2020, the SLR reflects the temporary exclusions of U.S. Treasury securities and deposits at Federal Reserve Banks. Refer to Regulatory Developments Relating to the COVID-19 Pandemic on pages 11-12 and Capital Risk Management on pages 49-54 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for additional information. Refer to Capital Risk Management on pages 85-92 of the Firm’s 2019 Form 10-K for additional information on the Firm’s capital metrics.

(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes total quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill and other intangible assets.

(c)Refer to page 28 for further discussion of TCE.

(d)Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in nontaxable transactions, which are netted against goodwill and other intangibles when calculating TCE.

(e)Estimated.

Page 9


JPMORGAN CHASE & CO.
EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data)

	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
EARNINGS PER SHARE
Basic earnings per share
Net income	$	9,443		$	4,687		$	2,865		$	8,520		$	9,080		101	%	4	%	$	16,995		$	27,911		(39)	%
Less: Preferred stock dividends	381			401			421			386			423			(5)		(10)		1,203			1,201			—
Net income applicable to common equity	9,062			4,286			2,444			8,134			8,657			111		5		15,792			26,710			(41)
Less: Dividends and undistributed earnings allocated to
participating securities	47			21			13			44			51			124		(8)		80			159			(50)
Net income applicable to common stockholders	$	9,015		$	4,265		$	2,431		$	8,090		$	8,606		111		5		$	15,712		$	26,551		(41)

Total weighted-average basic shares outstanding	3,077.8			3,076.3			3,095.8			3,140.7			3,198.5			—		(4)		3,083.3			3,248.7			(5)
Net income per share	$	2.93		$	1.39		$	0.79		$	2.58		$	2.69		111		9		$	5.10		$	8.17		(38)

Diluted earnings per share
Net income applicable to common stockholders	$	9,015		$	4,265		$	2,431		$	8,090		$	8,606		111		5		$	15,712		$	26,551		(41)
Total weighted-average basic shares outstanding	3,077.8			3,076.3			3,095.8			3,140.7			3,198.5			—		(4)		3,083.3			3,248.7			(5)
Add: Dilutive impact of stock appreciation rights (“SARs”) and employee stock options, unvested performance share units (“PSUs”) and nondividend-earning restricted stock units (“RSUs”)	5.0			4.7			4.9			7.8			8.7			6		(43)		4.8			9.3			(48)
Total weighted-average diluted shares outstanding	3,082.8			3,081.0			3,100.7			3,148.5			3,207.2			—		(4)		3,088.1			3,258.0			(5)
Net income per share	$	2.92		$	1.38		$	0.78		$	2.57		$	2.68		112		9		$	5.09		$	8.15		(38)

COMMON DIVIDENDS
Cash dividends declared per share	$	0.90		$	0.90		$	0.90		$	0.90		$	0.90		—		—		$	2.70		$	2.50		8
Dividend payout ratio	31		%	65		%	114		%	35		%	33		%					53		%	30		%

COMMON EQUITY REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	—			—			50.0			54.0			62.0			—		NM		50.0			159.0			(69)
Average price paid per share of common stock	$	—		$	—		$	127.92		$	127.24		$	112.07		—		NM		$	127.92		$	108.51		18

Aggregate repurchases of common equity	—			—			6,397			6,871			6,949			—		NM		6,397			17,250			(63)


EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	0.6			0.8			13.0			1.5			1.0			(25)		(40)		14.4			19.7			(27)
Net impact of employee issuances on stockholders’ equity (b)	$	263		$	325		$	398		$	132		$	232		(19)		13		$	986		$	838		18

(a)On March 15, 2020, in response to the COVID-19 pandemic, the Firm temporarily suspended repurchases of its common equity. In June 2020, the Federal Reserve directed all large bank holding companies, including the Firm, to discontinue net share repurchases, at least through the end of the third quarter of 2020. On September 30, 2020, the Federal Reserve extended the suspension of net share repurchases through the end of the fourth quarter of 2020.

(b)The net impact of employee issuances on stockholders’ equity is driven by the cost of equity compensation awards that is recognized over the applicable vesting periods. The cost is partially offset by tax impacts related to the distribution of shares and the exercise of employee stock options and SARs.

Page 10


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	771		$	617		$	972		$	1,032		$	1,026		25	%	(25)	%	$	2,360		$	2,906		(19)	%
Asset management, administration and commissions (a)	596			536			585			609			606			11		(2)		1,717			1,807			(5)
Mortgage fees and related income (b)	1,076			917			320			474			886			17		21		2,313			1,561			48
Card income (c)	890			733			709			983			905			21		(2)		2,332			2,680			(13)
All other income	1,425			1,313			1,373			1,396			1,383			9		3		4,111			3,994			3
Noninterest revenue	4,758			4,116			3,959			4,494			4,806			16		(1)		12,833			12,948			(1)
Net interest income (b)	7,997			8,101			9,153			9,255			9,152			(1)		(13)		25,251			27,937			(10)
TOTAL NET REVENUE	12,755			12,217			13,112			13,749			13,958			4		(9)		38,084			40,885			(7)

Provision for credit losses	794			5,828			5,772			1,207			1,311			(86)		(39)		12,394			3,745			231

NONINTEREST EXPENSE
Compensation expense	2,679			2,557			2,597			2,497			2,544			5		5		7,833			7,641			3
Noncompensation expense (c)(d)	4,091			4,069			4,505			4,468			4,481			1		(9)		12,665			13,143			(4)
TOTAL NONINTEREST EXPENSE	6,770			6,626			7,102			6,965			7,025			2		(4)		20,498			20,784			(1)

Income/(loss) before income tax expense/(benefit)	5,191			(237)			238			5,577			5,622			NM		(8)		5,192			16,356			(68)
Income tax expense/(benefit)	1,318			(61)			47			1,363			1,377			NM		(4)		1,304			4,007			(67)
NET INCOME/(LOSS)	$	3,873		$	(176)		$	191		$	4,214		$	4,245		NM		(9)		$	3,888		$	12,349		(69)

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	5,557		$	5,107		$	6,091		$	6,537		$	6,782		9		(18)		$	16,755		$	20,340		(18)
Home Lending (b)	1,714			1,687			1,161			1,250			1,465			2		17		4,562			3,929			16
Card & Auto (c)	5,484			5,423			5,860			5,962			5,711			1		(4)		16,767			16,616			1

MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue (b)	765			742			319			327			738			3		4		1,826			1,291			41
Net mortgage servicing revenue (e)	311			175			1			147			148			78		110		487			270			80
Mortgage fees and related income	$	1,076		$	917		$	320		$	474		$	886		17		21		$	2,313		$	1,561		48

FINANCIAL RATIOS
ROE	29		%	(2)		%	1		%	31		%	31		%					9		%	31		%
Overhead ratio	53			54			54			51			50							54			51

(b)Net production revenue in the third quarter of 2019 included approximately $350 million of gains on the sale of certain mortgage loans that were predominantly offset by a charge in net interest income for the unwind of the related internal funding from Treasury and Chief Investment Office (“CIO”) associated with these loans. The charge reflects the net present value of that funding and is recognized as interest income in Treasury and CIO. Refer to footnote (a) in Corporate on page 23 and Funds Transfer Pricing (“FTP”) on page 61 of the Firm’s 2019 Form 10-K for further information.

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

(d)Included depreciation expense on leased assets of $1.0 billion for the three months ended September 30, 2020, $1.1 billion for the three months ended June 30, 2020, March 31, 2020 and December 31, 2019 and $1.0 billion for the three months ended September 30, 2019, respectively, and $3.2 billion and $2.9 billion for the nine months ended September 30, 2020 and 2019, respectively.

(e)Included MSR risk management results of $145 million, $79 million, $(90) million, $35 million and $53 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $134 million and $(200) million for the nine months ended September 30, 2020 and 2019, respectively.

Page 11


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)

	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
													3Q20 Change											2020 Change
	3Q20			2Q20			1Q20		4Q19		3Q19		2Q20		3Q19		2020			2019		2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	480,325		$	492,251		$	506,147	$	532,538	$	525,223	(2)	%	(9)	%	$	480,325		$	525,223	(9)	%

Loans:
Consumer & Business Banking	47,077		(e)	46,910		(e)	27,709		27,199		26,699		—		76		47,077		(e)	26,699		76
Home Lending (a)(b)	188,561			195,664			205,318		213,445		213,901		(4)		(12)		188,561			213,901		(12)
Card	140,377			141,656			154,021		168,924		159,571		(1)		(12)		140,377			159,571		(12)
Auto	62,304			59,287			61,468		61,522		61,410		5		1		62,304			61,410		1
Total loans	438,319			443,517			448,516		471,090		461,581		(1)		(5)		438,319			461,581		(5)

Deposits	900,920			876,991			775,068		718,354		701,111		3		28		900,920			701,111		28
Equity	52,000			52,000			52,000		52,000		52,000		—		—		52,000			52,000		—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	483,478		$	498,140		$	517,213	$	525,863	$	530,649	(3)		(9)		$	499,551		$	537,044	(7)

Loans:
Consumer & Business Banking	47,102			41,198			27,261		26,820		26,550		14		77		38,552			26,537		45
Home Lending (a)(c)	192,172			199,532			211,333		216,921		226,139		(4)		(15)		200,980			235,292		(15)
Card	140,386			142,377			162,660		162,112		158,168		(1)		(11)		148,445			154,375		(4)
Auto	60,345			60,306			60,893		61,100		61,371		—		(2)		60,514			62,118		(3)
Total loans	440,005			443,413			462,147		466,953		472,228		(1)		(7)		448,491			478,322		(6)

Deposits	887,138			831,996			733,648		707,953		693,943		7		28		817,848			688,663		19
Equity	52,000			52,000			52,000		52,000		52,000		—		—		52,000			52,000		—

Headcount (d)	121,959			122,089			122,081		123,115		123,532		—		(1)		121,959			123,532		(1)

(a)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(b)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, Home Lending loans held-for-sale and loans at fair value were $10.0 billion, $8.6 billion, $10.8 billion, $16.6 billion, and $15.4 billion, respectively.

(c)Average Home Lending loans held-for sale and loans at fair value were $9.2 billion, $8.7 billion, $15.8 billion, $19.1 billion, and $18.2 billion for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively, and were $11.2 billion and $12.3 billion for the nine months ended September 30, 2020 and 2019, respectively.

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

(e)At September 30, 2020 and June 30, 2020, included $20.3 billion and $19.9 billion of loans, respectively, under the Paycheck Protection Program (“PPP”). Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information on the PPP.

Page 12


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED


(in millions, except ratio data)	QUARTERLY TRENDS																															NINE MONTHS ENDED SEPTEMBER 30,
																		3Q20 Change													2020 Change
	3Q20				2Q20				1Q20			4Q19			3Q19			2Q20		3Q19		2020				2019			2019
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)	$	5,142		(f)	$	4,422		(f)	$	4,021		$	3,026		$	3,109		16	%	65	%	$	5,142		(f)	$	3,109		65	%
Net charge-offs/(recoveries)
Consumer & Business Banking	53				60				74			92			79			(12)		(33)		187				204			(8)
Home Lending	8				(5)				(122)			(23)			(42)			NM		NM		(119)				(75)			(59)
Card	1,028				1,178				1,313			1,231			1,175			(13)		(13)		3,519				3,617			(3)
Auto	5				45				48			57			49			(89)		(90)		98				149			(34)
Total net charge-offs/(recoveries)	$	1,094			$	1,278			$	1,313		$	1,357		$	1,261		(14)		(13)		$	3,685			$	3,895		(5)
Net charge-off/(recovery) rate
Consumer & Business Banking	0.45		%		0.59		%		1.09		%	1.36		%	1.18		%					0.65		%		1.03		%
Home Lending	0.02				(0.01)				(0.25)			(0.05)			(0.08)							(0.08)				(0.04)
Card	2.92				3.33				3.25			3.01			2.95							3.17				3.13
Auto	0.03				0.30				0.32			0.37			0.32							0.22				0.32
Total net charge-off/(recovery) rate	1.01				1.18				1.18			1.20			1.10							1.13				1.12

30+ day delinquency rate
Home Lending (d)(e)	1.62		%	(g)	1.30		%	(g)	1.48		%	1.58		%	1.63		%					1.62		%	(g)	1.63		%
Card	1.57			(g)	1.71			(g)	1.96			1.87			1.84							1.57			(g)	1.84
Auto	0.54			(g)	0.54			(g)	0.89			0.94			0.88							0.54			(g)	0.88

90+ day delinquency rate - Card	0.69			(g)	0.93			(g)	1.02			0.95			0.90							0.69			(g)	0.90

Allowance for loan losses
Consumer & Business Banking	$	1,370			$	1,370			$	882		$	746		$	746		—		84		$	1,370			$	746		84
Home Lending	2,685				2,957				2,137			1,890			2,159			(9)		24		2,685				2,159			24
Card	17,800				17,800				14,950			5,683			5,583			—		219		17,800				5,583			219
Auto	1,044				1,044				732			465			465			—		125		1,044				465			125
Total allowance for loan losses	$	22,899			$	23,171			$	18,701		$	8,784		$	8,953		(1)		156		$	22,899			$	8,953		156

(a)At September 30, 2020, June 30, 2020 and March 31, 2020, nonaccrual loans included $1.5 billion, $1.3 billion and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.

(b)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $851 million, $561 million, $616 million, $963 million and $1.6 billion, respectively. These amounts have been excluded based upon the government guarantee. Prior-period amounts have been revised to conform with the current presentation.

(c)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans. Prior-period amounts have been revised to conform with the current presentation.

(d)At September 30, 2020, June 30, 2020 and March 31, 2020, the 30+ day delinquency rates included PCD loans. The rates prior to January 1, 2020 were revised to include the impact of PCI loans.

(e)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, excluded mortgage loans insured by U.S. government agencies of $1.1 billion, $826 million, $1.0 billion, $1.7 billion and $2.7 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee. Prior-period amounts have been revised to conform with the current presentation.

(f)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic.

(g)At September 30, 2020 and June 30, 2020, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic were as follows: (1) $10.2 billion and $18.2 billion in Home Lending, respectively; (2) $368 million and $4.4 billion in Card, respectively; and (3) $411 million and $12.3 billion in Auto, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.

Page 13


JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)

	QUARTERLY TRENDS																																			NINE MONTHS ENDED SEPTEMBER 30,
																					3Q20 Change														2020 Change
	3Q20				2Q20				1Q20				4Q19				3Q19				2Q20		3Q19		2020				2019				2019
BUSINESS METRICS
Number of:
Branches	4,960				4,923				4,967				4,976				4,949				1	%	—	%	4,960				4,949				—	%
Active digital customers (in thousands) (a)	54,745				54,471				53,799				52,421				51,843				1		6		54,745				51,843				6
Active mobile customers (in thousands) (b)	40,143				39,024				38,236				37,297				36,510				3		10		40,143				36,510				10

Debit and credit card sales volume (in billions)	$	278.2			$	237.6			$	266.0			$	295.6			$	282.2			17		(1)		$	781.8			$	818.8			(5)

Consumer & Business Banking
Average deposits	$	865,928			$	813,153			$	718,909			$	691,696			$	678,281			6		28		$	799,573			$	674,526			19
Deposit margin	1.43			%	1.52			%	2.06			%	2.28			%	2.47			%					1.65			%	2.56			%
Business banking origination volume	$	1,352		(f)	$	23,042		(f)	$	1,491			$	1,827			$	1,550			(94)		(13)		$	25,885		(f)	$	4,771			443
Client investment assets	376,068				356,143				322,999				358,036				337,915				6		11		376,068				337,915				11

Home Lending (in billions)
Mortgage origination volume by channel
Retail	$	20.7			$	18.0			$	14.1			$	16.4			$	14.2			15		46		$	52.8			$	34.6			53
Correspondent	8.3				6.2				14.0				16.9				18.2				34		(54)		28.5				37.3				(24)
Total mortgage origination volume (c)	$	29.0			$	24.2			$	28.1			$	33.3			$	32.4			20		(10)		$	81.3			$	71.9			13
Total loans serviced (period-end)	$	654.0			$	683.7			$	737.8			$	761.4			$	774.8			(4)		(16)		$	654.0			$	774.8			(16)
Third-party mortgage loans serviced (period-end)	454.8				482.4				505.0				520.8				535.8				(6)		(15)		454.8				535.8				(15)
MSR carrying value (period-end)	3.0				3.1				3.3				4.7				4.4				(3)		(32)		3.0				4.4				(32)
Ratio of MSR carrying value (period-end) to third-party
mortgage loans serviced (period-end)	0.66			%	0.64			%	0.65			%	0.90			%	0.82			%					0.66			%	0.82			%
MSR revenue multiple (d)	2.28		x		2.29		x		2.10		x		2.73		x		2.41		x						2.28		x		2.34		x

Credit Card
Credit card sales volume, excluding Commercial Card (in billions)	$	178.1			$	148.5			$	179.1			$	204.2			$	193.6			20		(8)		505.7				558.6				(9)
Net revenue rate (e)	10.96			%	11.02			%	10.54			%	10.65			%	10.40			%					10.82			%	10.42			%

Auto
Loan and lease origination volume (in billions)	$	11.4			$	7.7			$	8.3			$	8.5			$	9.1			48		25		$	27.4			$	25.5			7
Average auto operating lease assets	21,684				22,579				23,081				22,427				21,765				(4)		—		22,445				21,307				5

(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.

(b)Users of all mobile platforms who have logged in within the past 90 days.

(c)Firmwide mortgage origination volume was $36.2 billion, $28.3 billion, $31.9 billion, $37.4 billion and $35.8 billion for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively, and $96.4 billion and $78.5 billion for the nine months ended September 30, 2020 and 2019, respectively.

(d)Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

(f)Included $396 million and $21.5 billion of origination volume under the PPP for the three months ended September 30, 2020 and June 30, 2020, respectively, and $21.9 billion for the nine months ended September 30, 2020. Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information on the PPP.

Page 14


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
INCOME STATEMENT
REVENUE
Investment banking fees	$	2,165		$	2,847		$	1,907		$	1,904		$	1,981		(24)	%	9	%	$	6,919		$	5,671		22	%
Principal transactions	3,990			7,400			3,188			2,932			3,418			(46)		17		14,578			11,467			27
Lending- and deposit-related fees (a)	546			500			450			462			398			9		37		1,496			1,206			24
Asset management, administration and commissions (a)	1,086			1,146			1,261			1,059			1,160			(5)		(6)		3,493			3,339			5
All other income	288			380			35			622			397			(24)		(27)		703			1,167			(40)
Noninterest revenue	8,075			12,273			6,841			6,979			7,354			(34)		10		27,189			22,850			19
Net interest income	3,428			4,079			3,107			2,668			2,168			(16)		58		10,614			6,537			62
TOTAL NET REVENUE (b)	11,503			16,352			9,948			9,647			9,522			(30)		21		37,803			29,387			29

Provision for credit losses	(81)			1,987			1,401			98			92			NM		NM		3,307			179			NM

NONINTEREST EXPENSE
Compensation expense	2,651			3,997			3,006			2,377			2,873			(34)		(8)		9,654			8,803			10
Noncompensation expense	3,146			2,767			2,890			3,015			2,631			14		20		8,803			7,991			10
TOTAL NONINTEREST EXPENSE	5,797			6,764			5,896			5,392			5,504			(14)		5		18,457			16,794			10

Income before income tax expense	5,787			7,601			2,651			4,157			3,926			(24)		47		16,039			12,414			29
Income tax expense	1,483			2,137			663			1,219			1,095			(31)		35		4,283			3,377			27
NET INCOME	$	4,304		$	5,464		$	1,988		$	2,938		$	2,831		(21)		52		$	11,756		$	9,037		30

FINANCIAL RATIOS
ROE	21		%	27		%	9		%	14		%	13		%					19		%	14		%
Overhead ratio	50			41			59			56			58							49			57
Compensation expense as percentage of total net revenue	23			24			30			25			30							26			30

REVENUE BY BUSINESS
Investment Banking	$	2,087		$	3,401		$	886		$	1,823		$	1,871		(39)		12		$	6,374		$	5,392		18
Wholesale Payments	1,289			1,356			1,359			1,433			1,361			(5)		(5)		4,004			4,178			(4)
Lending	333			270			350			250			253			23		32		953			771			24
Total Banking	3,709			5,027			2,595			3,506			3,485			(26)		6		11,331			10,341			10
Fixed Income Markets	4,597			7,338			4,993			3,446			3,557			(37)		29		16,928			10,972			54
Equity Markets	1,999			2,380			2,237			1,508			1,517			(16)		32		6,616			4,986			33
Securities Services	1,029			1,097			1,074			1,061			1,034			(6)		—		3,200			3,093			3
Credit Adjustments & Other (c)	169			510			(951)			126			(71)			(67)		NM		(272)			(5)			NM
Total Markets & Securities Services	7,794			11,325			7,353			6,141			6,037			(31)		29		26,472			19,046			39
TOTAL NET REVENUE	$	11,503		$	16,352		$	9,948		$	9,647		$	9,522		(30)		21		$	37,803		$	29,387		29

(b)Includes tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $641 million, $686 million, $667 million, $646 million and $527 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively and $2.0 billion and $1.6 billion for the nine months ended September 30, 2020 and 2019, respectively.

(c)Consists primarily of credit valuation adjustments (“CVA”) managed centrally within CIB and funding valuation adjustments (“FVA”) on derivatives and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 15


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																													NINE MONTHS ENDED SEPTEMBER 30,
																	3Q20 Change												2020 Change
	3Q20			2Q20				1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	1,089,293		$	1,081,162		(g)	$	1,217,459		$	914,705		$	1,030,396		1	%	6	%	$	1,089,293		$	1,030,396		6	%
Loans:
Loans retained (a)	126,841			140,770				165,376			121,733			118,290			(10)		7		126,841			118,290			7
Loans held-for-sale and loans at fair value (b)	33,046			34,017				34,644			34,317			32,563			(3)		1		33,046			32,563			1
Total loans	159,887			174,787				200,020			156,050			150,853			(9)		6		159,887			150,853			6


Equity	80,000			80,000				80,000			80,000			80,000			—		—		80,000			80,000			—

SELECTED BALANCE SHEET DATA (average)
Assets	$	1,100,657		$	1,167,807			$	1,082,820		$	994,152		$	1,011,246		(6)		9		1,117,035			$	993,292		12
Trading assets - debt and equity instruments (b)	425,789			421,953				398,504			370,859			387,377			1		10		415,453			377,976			10
Trading assets - derivative receivables	78,339			76,710				55,133			45,153			48,266			2		62		70,091			49,221			42
Loans:
Loans retained (a)	131,187			154,038				128,838			119,412			119,007			(15)		10		137,996			123,368			12
Loans held-for-sale and loans at fair value (b)	30,205			33,538				35,211			33,694			32,545			(10)		(7)		32,974			32,611			1
Total loans	161,392			187,576				164,049			153,106			151,552			(14)		6		170,970			155,979			10


Equity	80,000			80,000				80,000			80,000			80,000			—		—		80,000			80,000			—

Headcount	61,830			60,950				60,245			60,013			60,028			1		3		61,830			60,028			3

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	23		$	204			$	55		$	43		$	38		(89)		(39)		$	282		$	140		101
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)	1,178			1,195				689			308			712			(1)		65		1,178			712			65
Nonaccrual loans held-for-sale and loans at fair value (b)(d)	2,111			1,510				766			644			902			40		134		2,111			902			134
Total nonaccrual loans	3,289			2,705				1,455			952			1,614			22		104		3,289			1,614			104

Derivative receivables	140			108				85			30			26			30		438		140			26			438
Assets acquired in loan satisfactions	88			35				43			70			75			151		17		88			75			17
Total nonperforming assets	3,517			2,848				1,583			1,052			1,715			23		105		3,517			1,715			105
Allowance for credit losses:
Allowance for loan losses	2,863			3,039			(g)	1,422			1,202			1,171			(6)		144		2,863			1,171			144
Allowance for lending-related commitments	1,706			1,634			(g)	1,468			848			824			4		107		1,706			824			107
Total allowance for credit losses	4,569			4,673				2,890			2,050			1,995			(2)		129		4,569			1,995			129

Net charge-off/(recovery) rate (a)(e)	0.07		%	0.53		%		0.17		%	0.14		%	0.13		%					0.27		%	0.15		%
Allowance for loan losses to period-end loans retained (a)	2.26			2.16			(g)	0.86			0.99			0.99							2.26			0.99
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)	3.15			2.87			(g)	1.11			1.31			1.33							3.15			1.33
Allowance for loan losses to nonaccrual loans retained (a)(c)	243			254			(g)	206			390			164							243			164
Nonaccrual loans to total period-end loans (b)	2.06			1.55				0.73			0.61			1.07							2.06			1.07

(a)Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.

(b)In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

(c)Allowance for loan losses of $320 million, $340 million, $317 million, $110 million and $207 million were held against nonaccrual loans at September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively.

(d)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $297 million, $135 million, $124 million, $127 million and $116 million, respectively. These amounts have been excluded based upon the government guarantee.

(e)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(f)Management uses allowance for loan losses to period-end loans retained, excluding trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

(g)Prior-period amounts have been revised to conform with the current presentation.

Page 16


JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
											3Q20 Change										2020 Change
	3Q20		2Q20		1Q20		4Q19		3Q19		2Q20		3Q19		2020		2019		2019
BUSINESS METRICS
Advisory	$	428	$	602	$	503	$	702	$	506	(29)	%	(15)	%	$	1,533	$	1,675	(8)	%
Equity underwriting	732		977		331		382		514		(25)		42		2,040		1,284		59
Debt underwriting	1,005		1,268		1,073		820		961		(21)		5		3,346		2,712		23
Total investment banking fees	$	2,165	$	2,847	$	1,907	$	1,904	$	1,981	(24)		9		$	6,919	$	5,671	22

Client deposits and other third-party liabilities (average) (a)	634,961		607,902		514,464		485,037		471,328		4		35		585,955		457,973		28

Merchant processing volume (in billions) (b)	406.1		371.9		374.8		402.9		380.5		9		7		$	1,152.8	$	1,108.6	4

Assets under custody (“AUC”) (period-end) (in billions)	$	28,628	$	27,447	$	24,409	$	26,831	$	25,695	4		11		$	28,628	$	25,695	11

95% Confidence Level - Total CIB VaR (average) (c)
CIB trading VaR by risk type: (d)
Fixed income	$	93	$	129	$	60	$	39	$	37	(28)		151
Foreign exchange	13		9		7		5		6		44		117
Equities	26		27		20		18		22		(4)		18
Commodities and other	33		32		10		7		8		3		313
Diversification benefit to CIB trading VaR (e)	(76)		(69)		(40)		(32)		(34)		(10)		(124)
CIB trading VaR (d)	89		128		57		37		39		(30)		128
Credit portfolio VaR (f)	15		22		9		5		5		(32)		200
Diversification benefit to CIB VaR (e)	(14)		(23)		(8)		(5)		(6)		39		(133)
CIB VaR	$	90	$	127	$	58	$	37	$	38	(29)		137

(a)Client deposits and other third-party liabilities pertain to the Wholesale Payments and Securities Services businesses.

(b)Represents total merchant processing volume across CIB, CCB and CB.

(c)Effective January 1, 2020, the Firm refined the scope of VaR to exclude positions related to the risk management of interest rate exposure from changes in the Firm’s own credit spread on fair value option elected liabilities, and included these positions in other sensitivity-based measures. Additionally, effective July 1, 2020, the Firm refined the scope of VaR to exclude certain asset-backed fair value option elected loans, and included them in other sensitivity-based measures to more effectively measure the risk from these loans. In the absence of these refinements, the average VaR for each of the following reported components would have been different by the following amounts: CIB fixed income of $15 million, $(11) million and $4 million, CIB Trading VaR $11 million, $(11) million and $5 million and CIB VaR $11 million, $(8) million and $6 million for the three months ended September 30, 2020, June 30, 2020 and March 31, 2020, respectively.

(d)CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 121–123 of the Firm’s 2019 Form 10-K, and pages 80–82 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information.

(e)Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.

(f)Credit portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value.

Page 17


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)


	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees (a)	$	304		$	297		$	261		$	256		$	228		2	%	33	%	$	862		$	685		26	%

All other income (a)	457			518			360			437			438			(12)		4		1,335			1,337			—
Noninterest revenue	761			815			621			693			666			(7)		14		2,197			2,022			9
Net interest income	1,524			1,577			1,557			1,604			1,608			(3)		(5)		4,658			4,950			(6)
TOTAL NET REVENUE (b)	2,285			2,392			2,178			2,297			2,274			(4)		—		6,855			6,972			(2)

Provision for credit losses	(147)			2,431			1,010			110			67			NM		NM		3,294			186			NM

NONINTEREST EXPENSE
Compensation expense	492			430			472			444			454			14		8		1,394			1,341			4


Noncompensation expense	474			469			516			499			486			1		(2)		1,459			1,468			(1)
TOTAL NONINTEREST EXPENSE	966			899			988			943			940			7		3		2,853			2,809			2

Income/(loss) before income tax expense/(benefit)	1,466			(938)			180			1,244			1,267			NM		16		708			3,977			(82)
Income tax expense/(benefit)	378			(247)			33			300			324			NM		17		164			972			(83)
NET INCOME/(LOSS)	$	1,088		$	(691)		$	147		$	944		$	943		NM		15		$	544		$	3,005		(82)

Revenue by product
Lending	$	1,138		$	1,127		$	954		$	1,027		$	1,006		1		13		$	3,219		$	3,030		6
Wholesale payments	867			917			991			1,021			1,017			(5)		(15)		2,775			3,184			(13)
Investment banking (c)	260			256			235			211			226			2		15		751			708			6
Other	20			92			(2)			38			25			(78)		(20)		110			50			120
Total Commercial Banking net revenue (b)	$	2,285		$	2,392		$	2,178		$	2,297		$	2,274		(4)		—		$	6,855		$	6,972		(2)

Investment banking revenue, gross (d)	$	840		$	851		$	686		$	634		$	700		(1)		20		$	2,377		$	2,110		13

Revenue by client segment
Middle Market Banking	$	877		$	866		$	946		$	934		$	925		1		(5)		$	2,689		$	2,860		(6)
Corporate Client Banking	807			859			681			759			767			(6)		5		2,347			2,362			(1)
Commercial Real Estate Banking	576			566			541			537			547			2		5		1,683			1,632			3


Other	25			101			10			67			35			(75)		(29)		136			118			15
Total Commercial Banking net revenue (b)	$	2,285		$	2,392		$	2,178		$	2,297		$	2,274		(4)		—		$	6,855		$	6,972		(2)

FINANCIAL RATIOS
ROE	19		%	(14)		%	2		%	16		%	16		%					2		%	17		%
Overhead ratio	42			38			45			41			41							42			40

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

(a)In the first quarter of 2020, the Firm reclassified certain fees from asset management, administration and commissions (which are included in all other income) to lending- and deposit-related fees. Prior-period amounts have been revised to conform with the current presentation.

(b)Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities and in entities established for rehabilitation of historic properties, as well as tax-exempt income related to municipal financing activities of $82 million, $80 million, $81 million, $152 million and $114 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $243 million and $308 million for the nine months ended September 30, 2020 and 2019, respectively.

(c)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.

(d)Refer to page 60 of the Firm’s 2019 Form 10-K for discussion of revenue sharing.

Page 18


JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	228,587		$	235,034	(d)	$	247,786		$	220,514		$	222,483		(3)	%	3	%	$	228,587		$	222,483		3	%
Loans:
Loans retained	214,352			223,192			232,254			207,287			209,448			(4)		2		214,352			209,448			2
Loans held-for-sale and loans at fair value	349			917			1,112			1,009			3,187			(62)		(89)		349			3,187			(89)
Total loans	$	214,701		$	224,109		$	233,366		$	208,296		$	212,635		(4)		1		$	214,701		$	212,635		1
Equity	22,000			22,000			22,000			22,000			22,000			—		—		22,000			22,000			—

Period-end loans by client segment
Middle Market Banking	$	61,812	(c)	$	64,211	(c)	$	60,317		$	54,188		$	54,298		(4)		14		$	61,812	(c)	$	54,298		14
Corporate Client Banking	49,857			56,182			69,540			51,165			55,976			(11)		(11)		49,857			55,976			(11)
Commercial Real Estate Banking	102,484			103,117			102,799			101,951			101,326			(1)		1		102,484			101,326			1


Other	548			599			710			992			1,035			(9)		(47)		548			1,035			(47)
Total Commercial Banking loans	$	214,701	(c)	$	224,109	(c)	$	233,366		$	208,296		$	212,635		(4)		1		$	214,701	(c)	$	212,635		1

SELECTED BALANCE SHEET DATA (average)
Total assets	$	231,691		$	247,512		$	226,071		$	219,891		$	218,620		(6)		6		$	235,079		$	218,560		8
Loans:
Loans retained	217,498			233,044			209,988			208,776			207,286			(7)		5		220,167			206,183			7
Loans held-for-sale and loans at fair value	629			502			1,831			1,036			963			25		(35)		986			1,097			(10)
Total loans	$	218,127		$	233,546		$	211,819		$	209,812		$	208,249		(7)		5		$	221,153		$	207,280		7

Client deposits and other third-party liabilities	248,289			236,968			188,808			182,546			172,714			5		44		224,774			169,427			33
Equity	22,000			22,000			22,000			22,000			22,000			—		—		22,000			22,000			—

Average loans by client segment
Middle Market Banking	$	63,029		$	66,279		$	56,045		$	54,114		$	54,806		(5)		15		$	61,789		$	56,221		10
Corporate Client Banking	51,608			63,308			53,032			53,187			51,389			(18)		—		55,967			49,407			13
Commercial Real Estate Banking	102,905			103,516			101,526			101,542			101,044			(1)		2		102,650			100,663			2


Other	585			443			1,216			969			1,010			32		(42)		747			989			(24)
Total Commercial Banking loans	$	218,127		$	233,546		$	211,819		$	209,812		$	208,249		(7)		5		$	221,153		$	207,280		7

Headcount	11,704			11,802			11,779			11,629			11,501			(1)		2		11,704			11,501			2

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	60		$	79		$	100		$	89		$	45		(24)		33		$	239		$	71		237
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (a)	1,468			1,252		(d)	793			498			659			17		123		1,468			659			123
Nonaccrual loans held-for-sale and loans
at fair value	85			125		(d)	—			—			—			(32)		NM		85			—			NM
Total nonaccrual loans	1,553			1,377			793			498			659			13		136		1,553			659			136

Assets acquired in loan satisfactions	24			24			24			25			19			—		26		24			19			26
Total nonperforming assets	1,577			1,401			817			523			678			13		133		1,577			678			133
Allowance for credit losses:
Allowance for loan losses	4,466			4,730		(d)	2,680			2,780			2,759			(6)		62		4,466			2,759			62
Allowance for lending-related commitments	864			807		(d)	505			293			293			7		195		864			293			195
Total allowance for credit losses	5,330			5,537			3,185			3,073			3,052			(4)		75		5,330			3,052			75

Net charge-off/(recovery) rate (b)	0.11		%	0.14		%	0.19		%	0.17		%	0.09		%					0.15		%	0.05		%
Allowance for loan losses to period-end loans retained	2.08			2.12		(d)	1.15			1.34			1.32							2.08			1.32
Allowance for loan losses to nonaccrual loans retained (a)	304			378		(d)	338			558			419							304			419
Nonaccrual loans to period-end total loans	0.72			0.61			0.34			0.24			0.31							0.72			0.31

(a)Allowance for loan losses of $367 million, $287 million, $175 million, $114 million and $119 million was held against nonaccrual loans retained at September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively.

(b)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

(c)At September 30, 2020 and June 30, 2020, total loans included $6.6 billion and $6.5 billion of loans, respectively, under the PPP, of which $6.4 billion and $6.3 billion was in Middle Market Banking. Refer to page 61 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 for further information on the PPP.

(d)Prior-period amounts have been revised to conform with the current presentation.

Page 19


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)


	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,753		$	2,589		$	2,706		$	2,654		$	2,574		6	%	7	%	$	8,048		$	7,558		6	%
All other income	134			131			3			173			139			2		(4)		268			431			(38)
Noninterest revenue	2,887			2,720			2,709			2,827			2,713			6		6		8,316			7,989			4
Net interest income	850			890			897			873			855			(4)		(1)		2,637			2,627			—
TOTAL NET REVENUE	3,737			3,610			3,606			3,700			3,568			4		5		10,953			10,616			3

Provision for credit losses	(51)			223			94			13			44			NM		NM		266			48			454

NONINTEREST EXPENSE
Compensation expense	1,357			1,315			1,411			1,446			1,391			3		(2)		4,083			4,259			(4)
Noncompensation expense	1,266			1,191			1,248			1,204			1,231			6		3		3,705			3,606			3
TOTAL NONINTEREST EXPENSE	2,623			2,506			2,659			2,650			2,622			5		—		7,788			7,865			(1)

Income before income tax expense	1,165			881			853			1,037			902			32		29		2,899			2,703			7
Income tax expense	288			223			189			252			234			29		23		700			655			7
NET INCOME	$	877		$	658		$	664		$	785		$	668		33		31		$	2,199		$	2,048		7

REVENUE BY LINE OF BUSINESS
Asset Management	$	1,924		$	1,780		$	1,740		$	1,892		$	1,816		8		6		$	5,444		$	5,362		2
Wealth Management	1,813			1,830			1,866			1,808			1,752			(1)		3		5,509			5,254			5
TOTAL NET REVENUE	$	3,737		$	3,610		$	3,606		$	3,700		$	3,568		4		5		$	10,953		$	10,616		3

FINANCIAL RATIOS
ROE	32		%	24		%	25		%	29		%	24		%					27		%	25		%
Overhead ratio	70			69			74			72			73							71			74
Pretax margin ratio:
Asset Management	30			30			24			30			25							27			25
Wealth Management	33			19			24			26			25							26			26
Asset & Wealth Management	31			24			24			28			25							26			25

Headcount (a)	22,004			22,949			23,830			24,191			24,228			(4)		(9)		22,004			24,228			(9)

Number of Wealth Management client advisors	2,968			2,869			2,878			2,890			2,872			3		3		2,968			2,872			3

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

Page 20


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)

	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	194,596		$	183,189		$	186,102		$	182,004		$	174,226		6	%	12	%	$	194,596		$	174,226		12	%
Loans	175,264			165,299			166,058			160,535			153,245			6		14		175,264			153,245			14
Deposits	174,327			169,537			168,561			147,804			138,439			3		26		174,327			138,439			26
Equity	10,500			10,500			10,500			10,500			10,500			—		—		10,500			10,500			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	188,466		$	182,318		$	183,316		$	176,925		$	171,121		3		10		$	184,714		$	168,688		10
Loans	170,139			163,440			161,823			156,106			150,486			4		13		165,152			147,481			12
Deposits	170,986			168,573			150,631			143,059			138,822			1		23		163,424			139,127			17
Equity	10,500			10,500			10,500			10,500			10,500			—		—		10,500			10,500			—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	2			$	(2)		$	2		$	4		$	26		NM		(92)		$	2		$	27		(93)
Nonaccrual loans	959			775			304			116			176			24		445		959			176			445
Allowance for credit losses:
Allowance for loan losses	582			648			438			354			350			(10)		66		582			350			66
Allowance for lending-related commitments	41			28			14			19			16			46		156		41			16			156
Total allowance for credit losses	623			676			452			373			366			(8)		70		623			366			70
Net charge-off/(recovery) rate	—		%	—		%	—		%	0.01		%	0.07		%					—		%	0.02		%
Allowance for loan losses to period-end loans	0.33			0.39			0.26			0.22			0.23							0.33			0.23
Allowance for loan losses to nonaccrual loans	61			84			144			305			199							61			199
Nonaccrual loans to period-end loans	0.55			0.47			0.18			0.07			0.11							0.55			0.11

Page 21


JPMORGAN CHASE & CO.
ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)


											Sep 30, 2020
											Change						NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,						2020 Change
CLIENT ASSETS	2020		2020		2020		2019		2019		2020		2019		2020		2019		2019
Assets by asset class
Liquidity	$	674	$	707	$	618	$	542	$	505	(5)	%	33	%	$	674	$	505	33	%
Fixed income	663		629		586		602		590		5		12		663		590		12
Equity	509		457		369		474		437		11		16		509		437		16
Multi-asset and alternatives	749		718		666		746		714		4		5		749		714		5
TOTAL ASSETS UNDER MANAGEMENT	2,595		2,511		2,239		2,364		2,246		3		16		2,595		2,246		16
Custody/brokerage/administration/deposits	917		859		763		862		815		7		13		917		815		13
TOTAL CLIENT ASSETS	$	3,512	$	3,370	$	3,002	$	3,226	$	3,061	4		15		$	3,512	$	3,061	15

Memo:
Alternatives client assets (a)	$	195	$	188	$	188	$	185	$	183	4		7		$	195	$	183	7

Assets by client segment
Private Banking	$	698	$	677	$	617	$	672	$	636	3		10		$	698	$	636	10
Institutional	1,233		1,218		1,097		1,074		1,029		1		20		1,233		1,029		20
Retail	664		616		525		618		581		8		14		664		581		14
TOTAL ASSETS UNDER MANAGEMENT	$	2,595	$	2,511	$	2,239	$	2,364	$	2,246	3		16		$	2,595	$	2,246	16

Private Banking	$	1,577	$	1,500	$	1,355	$	1,504	$	1,424	5		11		$	1,577	$	1,424	11
Institutional	1,266		1,249		1,118		1,099		1,051		1		20		1,266		1,051		20
Retail	669		621		529		623		586		8		14		669		586		14
TOTAL CLIENT ASSETS	$	3,512	$	3,370	$	3,002	$	3,226	$	3,061	4		15		$	3,512	$	3,061	15

Assets under management rollforward
Beginning balance	$	2,511	$	2,239	$	2,364	$	2,246	$	2,178					$	2,364	$	1,987
Net asset flows:
Liquidity	(33)		95		75		37		24						137		23
Fixed income	24		17		1		9		41						42		97
Equity	9		11		(1)		(1)		(2)						19		(9)
Multi-asset and alternatives	1		1		(2)		6		1						—		(2)
Market/performance/other impacts	83		148		(198)		67		4						33		150
Ending balance	$	2,595	$	2,511	$	2,239	$	2,364	$	2,246					$	2,595	$	2,246

Client assets rollforward
Beginning balance	$	3,370	$	3,002	$	3,226	$	3,061	$	2,998					$	3,226	$	2,733
Net asset flows	17		138		85		58		59						240		120
Market/performance/other impacts	125		230		(309)		107		4						46		208
Ending balance	$	3,512	$	3,370	$	3,002	$	3,226	$	3,061					$	3,512	$	3,061

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

Page 22


JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)

	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
											3Q20 Change										2020 Change
	3Q20		2Q20		1Q20		4Q19		3Q19		2Q20	3Q19		2020		2019			2019
INCOME STATEMENT
REVENUE
Principal transactions	$	87	$	(2)	$	(113)	$	(234)	$	10	NM	NM		$	(28)	$	(227)		88	%
Investment securities gains	466		26		233		123		78		NM	497		725		135			437
All other income	(210)		(91)		211		(6)		32		(131)	NM		(90)		95			NM
Noninterest revenue	343		(67)		331		(117)		120		NM	186		607		3			NM
Net interest income (a)	(682)		(687)		(165)		(111)		572		1	NM		(1,534)		1,436			NM
TOTAL NET REVENUE (b)	(339)		(754)		166		(228)		692		55	NM		(927)		1,439			NM

Provision for credit losses	96		4		8		(1)		—		NM	NM		108		—			NM

NONINTEREST EXPENSE (c)	719		147		146		343		281		389	156		1,012		724			40
Income/(loss) before income tax expense/(benefit)	(1,154)		(905)		12		(570)		411		(28)	NM		(2,047)		715			NM
Income tax expense/(benefit)	(455)		(337)		137		(209)		18		(35)	NM		(655)		(757)		(f)	13
NET INCOME/(LOSS)	$	(699)	$	(568)	$	(125)	$	(361)	$	393	(23)	NM		$	(1,392)	$	1,472		NM

MEMO:
TOTAL NET REVENUE
Treasury and CIO (a)	(243)		(671)		169		102		801		64	NM		(745)		1,930			NM

Other Corporate	(96)		(83)		(3)		(330)		(109)		(16)	12		(182)		(491)			63
TOTAL NET REVENUE	$	(339)	$	(754)	$	166	$	(228)	$	692	55	NM		$	(927)	$	1,439		NM

NET INCOME/(LOSS)
Treasury and CIO	(349)		(550)		83		22		576		37	NM		(816)		1,372			NM

Other Corporate	(350)		(18)		(208)		(383)		(183)		NM	(91)		(576)		100			NM
TOTAL NET INCOME/(LOSS)	$	(699)	$	(568)	$	(125)	$	(361)	$	393	(23)	NM		$	(1,392)	$	1,472		NM

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	1,253,275	$	1,221,980	$	981,937	$	837,618	$	812,333	3	54		$	1,253,275	$	812,333		54
Loans	1,569		1,670		1,650		1,649		1,705		(6)	(8)		1,569		1,705			(8)


Headcount	38,861		38,920		38,785		38,033		38,155		—	2		38,861		38,155			2

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains	$	466	$	26	$	233	$	123	$	78	NM	497	%	$	725	$	135		437	%
Available-for-sale securities (average)	442,943		426,470		372,954		350,100		305,894		4	45		414,228		260,661			59
Held-to-maturity securities (average)	103,596		71,713		46,673		42,125		35,494		44	192		74,102		32,518			128
Investment securities portfolio (average)	$	546,539	$	498,183	$	419,627	$	392,225	$	341,388	10	60		$	488,330	$	293,179		67
Available-for-sale securities (period-end)	387,663		483,752		397,891		348,876		351,599		(20)	10		387,663		351,599			10
Held-to-maturity securities, net of allowance for credit losses (period-end) (d)(e)	141,553		72,908		71,200		47,540		40,830		94	247		141,553		40,830			247
Investment securities portfolio, net of allowance for credit losses (period-end) (d)	$	529,216	$	556,660	$	469,091	$	396,416	$	392,429	(5)	35		$	529,216	$	392,429		35

(a)Net interest income in the third quarter of 2019 included income related to the unwind of the internal funding provided by Treasury and CIO to CCB upon the sale of certain mortgage loans. Refer to footnote (b) in CCB on page 11 for further information.

(b)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $62 million, $63 million, $61 million, $73 million and $74 million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019 and September 30, 2019, respectively, and $186 million and $241 million for the nine months ended September 30, 2020 and 2019, respectively.

(c)Included legal expense/(benefit) of $(6) million, $(12) million, $(20) million, $(25) million and $(32) million for the three months ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively, and $(38) million and $(189) million for the nine months ended September 30, 2020 and 2019, respectively.

(d)Upon adoption of the CECL accounting guidance, HTM securities are presented net of an allowance for credit losses. At September 30, 2020, June 30, 2020, and March 31, 2020, the allowance for credit losses on HTM securities was $120 million, $23 million and $19 million, respectively.

(e)In the third and first quarters of 2020, the Firm transferred $74.4 billion and $26.1 billion of investment securities, respectively, from AFS to HTM for capital management purposes.

(f)The nine months ended September 30, 2019 included income tax benefits of $957 million due to the resolution of certain tax audits.

Page 23


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Sep 30, 2020
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,	Sep 30,
	2020		2020		2020		2019		2019		2020	2019
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)


Loans retained	$	305,106	$	307,005	$	293,779	$	294,999	$	295,586	(1)	3
Loans held-for-sale and loans at fair value (b)	16,992		16,193		17,729		22,818		20,887		5	(19)
Total consumer, excluding credit card loans	322,098		323,198		311,508		317,817		316,473		—	2

Credit card loans
Loans retained	139,590		141,656		154,021		168,924		159,571		(1)	(13)
Loans held-for-sale	787		—		—		—		—		NM	NM
Total credit card loans	140,377		141,656		154,021		168,924		159,571		(1)	(12)
Total consumer loans	462,475		464,854		465,529		486,741		476,044		(1)	(3)

Wholesale loans (c)
Loans retained	500,841		516,787		555,289		481,678		473,730		(3)	6
Loans held-for-sale and loans at fair value (b)	26,424		27,741		28,792		29,201		30,245		(5)	(13)
Total wholesale loans	527,265		544,528		584,081		510,879		503,975		(3)	5

Total loans	989,740		1,009,382		1,049,610		997,620		980,019		(2)	1
Derivative receivables	76,626		74,846		81,648		49,766		55,577		2	38
Receivables from customers and other (d)	30,847		22,403		33,376		33,706		32,236		38	(4)
Total credit-related assets	1,097,213		1,106,631		1,164,634		1,081,092		1,067,832		(1)	3

Lending-related commitments
Consumer, excluding credit card	46,425		45,348		41,535		40,169		41,697		2	11
Credit card (e)	662,860		673,836		681,442		650,720		645,880		(2)	3
Wholesale (b)	441,235		413,357		363,245		417,510		410,867		7	7
Total lending-related commitments	1,150,520		1,132,541		1,086,222		1,108,399		1,098,444		2	5

Total credit exposure	$	2,247,733	$	2,239,172	$	2,250,856	$	2,189,491	$	2,166,276	—	4

Memo: Total by category
Consumer exposure (b)(f)	$	1,171,760	$	1,184,038	$	1,188,506	$	1,177,630	$	1,163,639	(1)	1
Wholesale exposures (b)(g)	1,075,973		1,055,134		1,062,350		1,011,861		1,002,637		2	7
Total credit exposure	$	2,247,733	$	2,239,172	$	2,250,856	$	2,189,491	$	2,166,276	—	4

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

(a)Includes scored loans held in CCB, scored mortgage and home equity loans held in AWM, and scored mortgage loans held in CIB and Corporate.

(c)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated business banking and auto dealer loans held in CCB for which the wholesale methodology is applied when determining the allowance for loan losses.

(d)Primarily represents brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable on the Consolidated balance sheets.

(e)Also includes commercial card lending-related commitments primarily in CB and CIB.

(f)Represents total consumer loans, lending-related commitments, and receivables from customers and other.

(g)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers and other.

Page 24


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																			Sep 30, 2020
																			Change
	Sep 30,				Jun 30,				Mar 31,			Dec 31,				Sep 30,			Jun 30,		Sep 30,
	2020				2020				2020			2019				2019			2020		2019
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans
Loans retained (b)	$	5,030			$	4,246			$	3,877		$	2,926			$	2,984		18	%	69	%
Loans held-for-sale and loans at fair value (c)	1,358				1,001				522			440				472			36		188
Total consumer nonaccrual loans	6,388				5,247				4,399			3,366				3,456			22		85

Wholesale nonaccrual loans
Loans retained	3,745				3,423				1,957			1,057				1,703			9		120
Loans held-for-sale and loans at fair value (c)	852				649				257			214				442			31		93
Total wholesale nonaccrual loans	4,597				4,072				2,214			1,271				2,145			13		114

Total nonaccrual loans	10,985			(e)	9,319			(e)	6,613			4,637				5,601			18		96

Derivative receivables	140				108				85			30				26			30		438
Assets acquired in loan satisfactions	320				288				364			387				366			11		(13)
Total nonperforming assets	11,445				9,715				7,062			5,054				5,993			18		91
Wholesale lending-related commitments (c)(d)	607				765				619			474			(f)	446			(21)		36
Total nonperforming exposure	$	12,052			$	10,480			$	7,681		$	5,528			$	6,439		15		87

NONACCRUAL LOAN-RELATED RATIOS (e)
Total nonaccrual loans to total loans (b)(c)	1.11		%		0.92		%		0.63		%	0.46		%		0.57		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans (b)(c)	1.98				1.62				1.41			1.06				1.09
Total wholesale nonaccrual loans to total
wholesale loans (c)	0.87				0.75				0.38			0.25				0.43

(a)At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, nonperforming assets excluded mortgage loans insured by U.S. government agencies of $1.1 billion, $696 million, $740 million, $1.1 billion and $1.7 billion, respectively, that are 90 or more days past due. Prior-period amounts have been revised to conform with the current presentation, refer to footnote (c) below for additional information. Nonperforming assets also excluded real estate owned (“REO”) insured by U.S. government agencies of $10 million, $13 million, $29 million, $41 million and $50 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Refer to Note 12 of the Firm’s 2019 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.

(b)At September 30, 2020, June 30, 2020, and March 31, 2020, nonaccrual loans included $1.5 billion, $1.3 billion, and $970 million of PCD loans, respectively. Prior to the adoption of CECL, nonaccrual loans excluded PCI loans as the Firm recognized interest income on each pool of PCI loans as each of the pools was performing.

(d)Represents commitments that are risk rated as nonaccrual.

(e)Generally excludes loans that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.

(f)The prior-period amount has been revised to conform with the current period presentation.

Page 25


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)


	QUARTERLY TRENDS																																	NINE MONTHS ENDED SEPTEMBER 30,
																				3Q20 Change													2020 Change
	3Q20			2Q20				1Q20				4Q19				3Q19				2Q20		3Q19		2020			2019				2019
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	31,591		$	23,244			$	17,295		(c)	$	13,235			$	13,166			36	%	140	%	$	17,295		$	13,445			29	%

Net charge-offs:
Gross charge-offs	1,586			1,877				1,902				1,788				1,676				(16)		(5)		5,365			5,022				7
Gross recoveries collected	(406)			(317)				(433)				(294)				(305)				(28)		(33)		(1,156)			(887)				(30)
Net charge-offs	1,180			1,560				1,469				1,494				1,371				(24)		(14)		4,209			4,135				2
Write-offs of PCI loans	NA			NA				NA				19			(d)	43			(d)	NM		NM		NA			132			(d)	NM
Provision for loan losses	400			9,906			(b)	7,418				1,401				1,479				(96)		(73)		17,724			4,048				338
Other	3			1				—				—				4				200		(25)		4			9				(56)
Ending balance	$	30,814		$	31,591			$	23,244			$	13,123			$	13,235			(2)		133		$	30,814		$	13,235			133

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	2,710		$	2,147			$	1,289		(c)	$	1,165			$	1,129			26		140		$	1,289		$	1,055			22

Provision for lending-related commitments	114			563			(b)	858				26				35				(80)		226		1,535			110				NM
Other	(1)			—				—				—				1				NM		NM		(1)			—				NM
Ending balance	$	2,823		$	2,710			$	2,147			$	1,191			$	1,165			4		142		$	2,823		$	1,165			142

Total allowance for credit losses (a)	$	33,637		$	34,301			$	25,391			$	14,314			$	14,400			(2)		134		$	33,637		$	14,400			134

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans	0.08		%	0.11		%		(0.01)		%		0.15		%		0.11		%						0.06		%	0.11		%
Credit card retained loans	2.92			3.33				3.25				3.01				2.95								3.17			3.13
Total consumer retained loans	0.97			1.14				1.15				1.16				1.08								1.09			1.09
Wholesale retained loans	0.07			0.22				0.13				0.13				0.10								0.14			0.07
Total retained loans	0.49			0.64				0.62				0.63				0.58								0.58			0.59





Memo: Average retained loans
Consumer retained, excluding credit card loans	$	306,201		$	304,179			$	294,156			$	295,258			$	304,385			1		1		$	301,535		$	318,967			(5)
Credit card retained loans	140,200			142,377				162,660				162,112				158,166				(2)		(11)		148,382			154,367				(4)
Total average retained consumer loans	446,401			446,556				456,816				457,370				462,551				—		(3)		449,917			473,334				(5)
Wholesale retained loans	504,449			540,248				491,819				476,402				469,942				(7)		7		512,137			471,332				9
Total average retained loans	$	950,850		$	986,804			$	948,635			$	933,772			$	932,493			(4)		2		$	962,054		$	944,666			2

(a)At September 30, 2020, June 30, 2020, and March 31, 2020, excludes allowance for credit losses on HTM securities of $120 million, $23 million, and $19 million, respectively; and provision for credit losses on HTM securities of $97 million, $4 million, and $9 million for the three months ended September 30, 2020, June 30, 2020, and March 31, 2020, respectively, and $110 million for the nine months ended September 30, 2020.

(b)Prior-period amounts have been revised to conform with the current presentation.

(c)Upon the adoption of the CECL accounting guidance on January 1, 2020, the Firm recognized a net increase of $4.3 billion (“day 1 impact”) to the allowance for credit losses, of which $4.2 billion related to the allowance for loan losses and $98 million related to the allowance for lending-related commitments.

(d)Prior to the adoption of CECL, write-offs of PCI loans were recorded against the allowance for loan losses when actual losses for a pool exceeded estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan was recognized when the underlying loan was removed from a pool.

Page 26


JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)

																	Sep 30, 2020
																	Change
	Sep 30,			Jun 30,				Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2020			2020				2020			2019			2019			2020		2019
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	228		$	263			$	223		$	75		$	88		(13)	%	159	%
Portfolio-based	4,274			4,609				3,231			1,476			1,475			(7)		190
PCI	NA			NA				NA			987			1,256			NM		NM
Total consumer, excluding credit card	4,502			4,872				3,454			2,538			2,819			(8)		60
Credit card
Asset-specific (b)	652			642				530			477			488			2		34
Portfolio-based	17,148			17,158				14,420			5,206			5,095			—		237
Total credit card	17,800			17,800				14,950			5,683			5,583			—		219
Total consumer	22,302			22,672				18,404			8,221			8,402			(2)		165
Wholesale
Asset-specific (c)	792			757				556			295			399			5		98
Portfolio-based	7,720			8,162			(g)	4,284			4,607			4,434			(5)		74
Total wholesale	8,512			8,919				4,840			4,902			4,833			(5)		76
Total allowance for loan losses	30,814			31,591				23,244			13,123			13,235			(2)		133
Allowance for lending-related commitments	2,823			2,710			(g)	2,147			1,191			1,165			4		142
Total allowance for credit losses (d)	$	33,637		$	34,301			$	25,391		$	14,314		$	14,400		(2)		134

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.48		%	1.59		%		1.18		%	0.86		%	0.95		%
Credit card allowance to total credit card retained loans	12.75			12.57				9.71			3.36			3.50
Wholesale allowance to total wholesale retained loans	1.70			1.73			(g)	0.87			1.02			1.02
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (e)	1.83			1.84			(g)	0.93			1.08			1.08
Total allowance to total retained loans	3.26			3.27				2.32			1.39			1.42
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (f)	90			115				89			87			94
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (f)	148			180			(g)	142			187			163
Wholesale allowance to wholesale retained nonaccrual loans	227			261			(g)	247			464			284
Total allowance to total retained nonaccrual loans	351			412				398			329			282

(a)Includes modified PCD loans and loans that have been modified or are reasonably expected to be modified in a troubled debt restructuring (“TDR”).

(b)The asset-specific credit card allowance for loan losses relates to loans that have been modified or are reasonably expected to be modified in a TDR; the Firm calculates this allowance based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.

(c)Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified or are reasonably expected to be modified in a TDR.

(d)At September 30, 2020, June 30, 2020, and March 31, 2020, excludes allowance for credit losses on HTM securities of $120 million, $23 million, and $19 million, respectively.

(e)Management uses allowance for loan losses to period-end loans retained, excluding CIB’s trade finance and conduits, a non-GAAP financial measure, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(f)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.

(g)Prior-period amounts have been revised to conform with the current presentation.

Page 27

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

(a)In addition to analyzing the Firm’s results on a reported basis, management reviews Firmwide results, including the overhead ratio, on a “managed” basis; these Firmwide managed basis results are non-GAAP financial measures. The Firm also reviews the results of the lines of business on a managed basis. The Firm’s definition of managed basis starts, in each case, with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm and each of the reportable business segments on a FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(c)TCE, ROTCE, and TBVPS are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are utilized by the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.

(d)The ratio of the wholesale and CIB’s allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the respective allowance coverage ratio.

(e)In addition to reviewing net interest income and the net yield on a managed basis, management also reviews these metrics excluding CIB’s Markets businesses to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities. The resulting metrics are referred to as non-markets related net interest income and net yield. CIB’s Markets businesses are Fixed Income Markets and Equity Markets. Management believes that disclosure of non-markets related net interest income and net yield provide investors and analysts with other measures by which to analyze the non-markets-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on lending, investing and deposit-raising activities.


	QUARTERLY TRENDS																												NINE MONTHS ENDED SEPTEMBER 30,
																3Q20 Change												2020 Change
(in millions, except rates)	3Q20			2Q20			1Q20			4Q19			3Q19			2Q20		3Q19		2020			2019			2019

Net interest income - reported	$	13,013		$	13,853		$	14,439		$	14,166		$	14,228		(6)	%	(9)	%	$	41,305		$	43,079		(4)	%
Fully taxable-equivalent adjustments	104			107			110			123			127			(3)		(18)		321			408			(21)
Net interest income - managed basis (a)	$	13,117		$	13,960		$	14,549		$	14,289		$	14,355		(6)		(9)		$	41,626		$	43,487		(4)
Less: CIB Markets net interest income	2,076			2,536			1,596			1,149			723			(18)		187		6,208			1,971			215
Net interest income excluding CIB Markets (a)	$	11,041		$	11,424		$	12,953		$	13,140		$	13,632		(3)		(19)		$	35,418		$	41,516		(15)

Average interest-earning assets (b)	$	2,874,974		$	2,819,689		$	2,465,549		$	2,377,544		$	2,364,951		2		22		$	2,720,636		$	2,334,406		17
Less: Average CIB Markets interest-earning assets (b)	730,141			795,511			735,852			676,566			690,390			(8)		6		753,748			671,019			12
Average interest-earning assets excluding CIB Markets	$	2,144,833		$	2,024,178		$	1,729,697		$	1,700,978		$	1,674,561		6		28		$	1,966,888		$	1,663,387		18

Net yield on average interest-earning assets - managed basis	1.82		%	1.99		%	2.37		%	2.38		%	2.41		%					2.04		%	2.49		%
Net yield on average CIB Markets interest-earning assets	1.13			1.28			0.87			0.67			0.42							1.10			0.39
Net yield on average interest-earning assets excluding CIB Markets	2.05			2.27			3.01			3.06			3.23							2.41			3.34

(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.

(b) In the third quarter of 2020, the Firm reclassified certain fair value option elected lending-related positions from trading assets to loans and other assets. Prior-period amounts have been revised to conform with the current presentation.

Page 28


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	JPM	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.10% Non-Cumulative Preferred Stock, Series AA	JPM PR G	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.15% Non-Cumulative Preferred Stock, Series BB	JPM PR H	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD	JPM PR D	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE	JPM PR C	The New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG	JPM PR J	The New York Stock Exchange
Alerian MLP Index ETNs due May 24, 2024	AMJ	NYSE Arca, Inc.
Guarantee of Callable Step-Up Fixed Rate Notes due April 26, 2028 of JPMorgan Chase Financial Company LLC	JPM/28	The New York Stock Exchange



Exhibit No.						Description of Exhibit

99.1						JPMorgan Chase & Co. Earnings Release - Third Quarter 2020 Results
99.2						JPMorgan Chase & Co. Earnings Release Financial Supplement - Third Quarter 2020
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).


By:			/s/ Nicole Giles
			Nicole Giles
			Managing Director and Firmwide Controller
			(Principal Accounting Officer)


☐						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))