EX-99.2 3 a3q22erfex992supplement.htm EX-99.2 Document
                                                                    
Exhibit 99.2



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EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2022



















                                                                    
JPMORGAN CHASE & CO.
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TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights2–3
Consolidated Statements of Income4
Consolidated Balance Sheets5
Condensed Average Balance Sheets and Annualized Yields6
Reconciliation from Reported to Managed Basis7
Segment Results - Managed Basis8
Capital and Other Selected Balance Sheet Items9
Earnings Per Share and Related Information10
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
Corporate23
Credit-Related Information24–27
Non-GAAP Financial Measures28
Glossary of Terms and Acronyms (a)
(a)    Refer to the Glossary of Terms and Acronyms on pages 305–311 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) and
the Glossary of Terms and Acronyms and Line of Business Metrics on pages 182-187 and pages 188-190 respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30,
2022.

                                                                    
    
JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
SELECTED INCOME STATEMENT DATA 3Q222Q221Q224Q213Q212Q223Q21202220212021
Reported Basis
Total net revenue$32,716 $30,715 $30,717 $29,257 $29,647 7 %10 %$94,148 $92,392 2 %
Total noninterest expense19,178 18,749 19,191 17,888 17,063 2 12 57,118 53,455 7 
Pre-provision profit (a)13,538 11,966 11,526 11,369 12,584 13 8 37,030 38,937 (5)
Provision for credit losses1,537 1,101 1,463 (1,288)(1,527)40 NM4,101 (7,968)NM
NET INCOME9,737 8,649 8,282 10,399 11,687 13 (17)26,668 37,935 (30)
Managed Basis (b)
Total net revenue33,491 31,630 31,590 30,349 30,441 6 10 96,711 94,955 2 
Total noninterest expense19,178 18,749 19,191 17,888 17,063 2 12 57,118 53,455 7 
Pre-provision profit (a)14,313 12,881 12,399 12,461 13,378 11 7 39,593 41,500 (5)
Provision for credit losses1,537 1,101 1,463 (1,288)(1,527)40 NM4,101 (7,968)NM
NET INCOME9,737 8,649 8,282 10,399 11,687 13 (17)26,668 37,935 (30)
EARNINGS PER SHARE DATA
Net income: Basic$3.13 $2.77 $2.64 $3.33 $3.74 13 (16)$8.53 $12.05 (29)
Diluted3.12 2.76 2.63 3.33 3.74 13 (17)8.51 12.02 (29)
Average shares: Basic2,961.2 2,962.2 2,977.0 2,977.3 2,999.9 — (1)2,966.8 3,036.4 (2)
Diluted2,965.4 2,966.3 2,981.0 2,981.8 3,005.1 — (1)2,970.9 3,041.7 (2)
MARKET AND PER COMMON SHARE DATA
Market capitalization$306,520 $330,237 $400,379 $466,206 $483,748 (7)(37)$306,520 $483,748 (37)
Common shares at period-end2,933.2 2,932.6 2,937.1 2,944.1 2,955.3 — (1)2,933.2 2,955.3 (1)
Book value per share87.00 86.38 86.16 88.07 86.36 1 1 87.00 86.36 1 
Tangible book value per share (“TBVPS”) (a)69.90 69.53 69.58 71.53 69.87 1 — 69.90 69.87 — 
Cash dividends declared per share1.00 1.00 1.00 1.00 1.00 — — 3.00 2.80 7 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)15 %13 %13 %16 %18 %14 %20 %
Return on tangible common equity (“ROTCE”) (a)18 17 16 19 22 17 24 
Return on assets1.01 0.89 0.86 1.08 1.24 0.92 1.37 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio12.5 %(e)12.2 %11.9 %13.1 %12.9 %12.5 %(e)12.9 %
Tier 1 capital ratio14.1 (e)14.1 13.7 15.0 15.0 14.1 (e)15.0 
Total capital ratio15.9 (e)15.7 15.4 16.8 16.9 15.9 (e)16.9 
Tier 1 leverage ratio6.2 (e)6.2 6.2 6.5 6.6 6.2 (e)6.6 
Supplementary leverage ratio (“SLR”)5.3 (e)5.3 5.2 5.4 5.5 5.3 (e)5.5 
 
(a)Pre-provision profit, TBVPS and ROTCE are each non-GAAP financial measures. Tangible common equity (“TCE”) is also a non-GAAP financial measure; refer to page 9 for a reconciliation of common stockholders’ equity to TCE. Refer to page 28 for a further discussion of these measures.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)Quarterly ratios are based upon annualized amounts.
(d)The capital metrics reflect the relief provided by the Federal Reserve Board (the “Federal Reserve”) in response to the COVID-19 pandemic, including the Current Expected Credit Losses ("CECL") capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the periods ended December 31, 2021 and September 30, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion and $3.3 billion, respectively. Refer to Capital Risk Management on pages 44-49 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, and pages 86-96 of the Firm’s 2021 Form 10-K for additional information.
(e)Estimated.

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JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$3,773,884 $3,841,314 $3,954,687 $3,743,567 $3,757,576 (2)%— %$3,773,884 $3,757,576 — %
Loans:
Consumer, excluding credit card loans313,796 317,212 312,489 323,306 328,164 (1)(4)313,796 328,164 (4)
Credit card loans170,462 165,494 152,283 154,296 143,166 3 19 170,462 143,166 19 
Wholesale loans628,375 621,449 608,513 600,112 573,285 1 10 628,375 573,285 10 
Total Loans1,112,633 1,104,155 1,073,285 1,077,714 1,044,615 1 7 1,112,633 1,044,615 7 
Deposits:
U.S. offices:
Noninterest-bearing688,292 714,478 721,401 711,525 (d)686,457 (d)(4)— 688,292 686,457 — 
Interest-bearing1,304,012 1,343,802 1,412,589 1,359,932 (d)1,314,073 (d)(3)(1)1,304,012 1,314,073 (1)
Non-U.S. offices:
Noninterest-bearing26,629 26,983 27,542 26,229 28,589 (1)(7)26,629 28,589 (7)
Interest-bearing389,682 386,281 399,675 364,617 373,234 1 4 389,682 373,234 4 
Total deposits2,408,615 2,471,544 2,561,207 2,462,303 2,402,353 (3)— 2,408,615 2,402,353 — 
Long-term debt 287,473 288,212 293,239 301,005 298,465 — (4)287,473 298,465 (4)
Common stockholders’ equity255,180 253,305 253,061 259,289 255,203 1 — 255,180 255,203 — 
Total stockholders’ equity288,018 286,143 285,899 294,127 290,041 1 (1)288,018 290,041 (1)
Loans-to-deposits ratio46 %45 %42 %44 %43 %46 %43 %
Headcount288,474 278,494 273,948 271,025 265,790 4 9 288,474 265,790 9 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)$54 $54 $63 $37 $36 (d)— 50 
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$14,331 $12,614 $12,229 $12,275 $12,521 14 14 $39,174 $37,798 4 
Corporate & Investment Bank11,875 11,947 13,529 11,534 12,396 (1)(4)37,351 40,215 (7)
Commercial Banking3,048 2,683 2,398 2,612 2,520 14 21 8,129 7,396 10 
Asset & Wealth Management 4,539 4,306 4,315 4,473 4,300 5 6 13,160 12,484 5 
Corporate(302)80 (881)(545)(1,296)NM77 (1,103)(2,938)62 
TOTAL NET REVENUE$33,491 $31,630 $31,590 $30,349 $30,441 6 10 $96,711 $94,955 2 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking (c)$4,334 $3,100 $2,895 $4,147 $4,351 40 — $10,329 $16,783 (38)
Corporate & Investment Bank (c)3,532 3,725 4,385 4,543 5,647 (5)(37)11,642 16,591 (30)
Commercial Banking (c)946 994 850 1,234 1,409 (5)(33)2,790 4,012 (30)
Asset & Wealth Management (c)1,219 1,004 1,008 1,125 1,196 21 2 3,231 3,612 (11)
Corporate (c)(294)(174)(856)(650)(916)(69)68 (1,324)(3,063)57 
NET INCOME$9,737 $8,649 $8,282 $10,399 $11,687 13 (17)$26,668 $37,935 (30)
(a)Refer to Corporate & Investment Bank credit portfolio VaR on page 17 for a further discussion of VaR.
(b)Refer to Reconciliation from Reported to Managed Basis on page 7 for a further discussion of managed basis.
(c)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(d)Prior-period amounts have been revised to conform with the current presentation.
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JPMORGAN CHASE & CO.
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CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
REVENUE3Q222Q221Q224Q213Q212Q223Q21202220212021
Investment banking fees $1,674 $1,586 $2,008 $3,494 $3,282 6 %(49)%$5,268 $9,722 (46)%
Principal transactions5,383 4,990 5,105 2,182 3,546 8 52 15,478 14,122 10 
Lending- and deposit-related fees1,731 1,873 1,839 1,784 1,801 (8)(4)5,443 5,248 4 
Asset management, administration and commissions5,069 5,240 5,362 5,549 5,257 (3)(4)15,671 15,480 1 
Investment securities gains/(losses)(959)(153)(394)52 (256)NM(275)(1,506)(397)(279)
Mortgage fees and related income314 378 460 315 600 (17)(48)1,152 1,855 (38)
Card income1,086 1,133 975 1,100 1,005 (4)8 3,194 4,002 (20)
Other income 900 540 1,490 1,180 1,332 67 (32)2,930 3,650 (20)
Noninterest revenue15,198 15,587 16,845 15,656 16,567 (2)(8)47,630 53,682 (11)
Interest income25,611 18,646 15,496 15,019 14,480 37 77 59,753 42,845 39 
Interest expense8,093 3,518 1,624 1,418 1,400 130 478 13,235 4,135 220 
Net interest income17,518 15,128 13,872 13,601 13,080 16 34 46,518 38,710 20 
TOTAL NET REVENUE32,716 30,715 30,717 29,257 29,647 7 10 94,148 92,392 2 
Provision for credit losses1,537 1,101 1,463 (1,288)(1,527)40 NM4,101 (7,968)NM
NONINTEREST EXPENSE
Compensation expense 10,539 10,301 10,787 9,065 9,087 2 16 31,627 29,502 7 
Occupancy expense1,162 1,129 1,134 1,202 1,109 3 5 3,425 3,314 3 
Technology, communications and equipment expense 2,366 2,376 2,360 2,461 2,473 — (4)7,102 7,480 (5)
Professional and outside services 2,481 2,469 2,572 2,703 2,523 — (2)7,522 7,111 6 
Marketing1,017 881 920 947 712 15 43 2,818 2,089 35 
Other expense (a)1,613 1,593 1,418 1,510 1,159 1 39 4,624 3,959 17 
TOTAL NONINTEREST EXPENSE19,178 18,749 19,191 17,888 17,063 2 12 57,118 53,455 7 
Income before income tax expense12,001 10,865 10,063 12,657 14,111 10 (15)32,929 46,905 (30)
Income tax expense 2,264 2,216 1,781 2,258 2,424 2 (7)6,261 8,970 (30)
NET INCOME$9,737 $8,649 $8,282 $10,399 $11,687 13 (17)$26,668 $37,935 (30)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$3.13 $2.77 $2.64 $3.33 $3.74 13 (16)$8.53 $12.05 (29)
Diluted earnings per share3.12 2.76 2.63 3.33 3.74 13 (17)8.51 12.02 (29)
FINANCIAL RATIOS
Return on common equity (b)15 %13 %13 %16 %18 %14 %20 %
Return on tangible common equity (b)(c)18 17 16 19 22 17 24 
Return on assets (b)1.01 0.89 0.86 1.08 1.24 0.92 1.37 
Effective income tax rate 18.9 20.4 17.7 17.8 17.2 19.0 19.1 
Overhead ratio59 61 62 61 58 61 58 
(a)Included Firmwide legal expense of $47 million, $73 million, $119 million, $137 million and $76 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $239 million and $289 million for the nine months ended September 30, 2022 and September 30, 2021, respectively.
(b)Quarterly ratios are based upon annualized amounts.
(c)Refer to page 28 for further discussion of ROTCE.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Sep 30, 2022
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2022202220222021202120222021
ASSETS
Cash and due from banks $24,654 $27,215 $26,165 $26,438 $25,857 (9)%(5)%
Deposits with banks 619,533 642,045 728,367 714,396 734,012 (4)(16)
Federal funds sold and securities purchased under
resale agreements301,878 322,156 301,875 261,698 282,161 (6)7 
Securities borrowed193,216 202,393 224,852 206,071 202,987 (5)(5)
Trading assets:
Debt and equity instruments413,953 384,260 437,892 376,494 447,993 8 (8)
Derivative receivables92,534 81,317 73,636 57,081 67,908 14 36 
Available-for-sale (“AFS”) securities188,140 222,069 312,875 308,525 251,590 (15)(25)
Held-to-maturity (”HTM”) securities, net of allowance for credit losses430,106 441,649 366,585 363,707 343,542 (3)25 
Investment securities, net of allowance for credit losses618,246 663,718 679,460 672,232 595,132 (7)4 
Loans1,112,633 1,104,155 1,073,285 1,077,714 1,044,615 1 7 
Less: Allowance for loan losses18,185 17,750 17,192 16,386 18,150 2 — 
Loans, net of allowance for loan losses1,094,448 1,086,405 1,056,093 1,061,328 1,026,465 1 7 
Accrued interest and accounts receivable143,905 145,442 152,207 102,570 116,395 (1)24 
Premises and equipment27,199 26,770 26,916 27,070 26,996 2 1 
Goodwill, MSRs and other intangible assets60,806 59,360 58,485 56,691 56,566 2 7 
Other assets 183,512 200,233 188,739 181,498 175,104 (8)5 
TOTAL ASSETS$3,773,884 $3,841,314 $3,954,687 $3,743,567 $3,757,576 (2)— 
LIABILITIES
Deposits$2,408,615 $2,471,544 $2,561,207 $2,462,303 $2,402,353 (3)— 
Federal funds purchased and securities loaned or sold
under repurchase agreements239,939 222,719 223,858 194,340 254,920 8 (6)
Short-term borrowings47,866 58,422 57,586 53,594 50,393 (18)(5)
Trading liabilities:
Debt and equity instruments133,175 137,891 144,280 114,577 126,058 (3)6 
Derivative payables56,703 52,417 57,803 50,116 53,485 8 6 
Accounts payable and other liabilities 300,016 313,326 320,671 262,755 268,604 (4)12 
Beneficial interests issued by consolidated VIEs12,079 10,640 10,144 10,750 13,257 14 (9)
Long-term debt287,473 288,212 293,239 301,005 298,465 — (4)
TOTAL LIABILITIES3,485,866 3,555,171 3,668,788 3,449,440 3,467,535 (2)1 
STOCKHOLDERS’ EQUITY
Preferred stock32,838 32,838 32,838 34,838 34,838 — (6)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital88,865 88,614 88,260 88,415 88,357 — 1 
Retained earnings288,776 282,445 277,177 272,268 265,276 2 9 
Accumulated other comprehensive income/(loss)(19,134)(14,369)(9,567)(84)963 (33)NM
Treasury stock, at cost(107,432)(107,490)(106,914)(105,415)(103,498)— (4)
TOTAL STOCKHOLDERS’ EQUITY288,018 286,143 285,899 294,127 290,041 1 (1)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,773,884 $3,841,314 $3,954,687 $3,743,567 $3,757,576 (2)— 

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
AVERAGE BALANCES 3Q222Q221Q224Q213Q212Q223Q21202220212021
ASSETS
Deposits with banks $652,321 $694,644 $742,311 $767,713 $756,653 (6)%(14)%$696,096 $703,616 (1)%
Federal funds sold and securities purchased under resale agreements322,053 305,132 294,951 268,953 262,679 6 23 307,478 269,324 14 
Securities borrowed204,479 207,437 218,030 207,059 189,418 (1)8 209,932 185,127 13 
Trading assets - debt instruments 283,414 273,736 272,116 260,555 275,860 4 3 276,464 291,673 (5)
Investment securities647,165 672,799 671,165 642,675 565,344 (4)14 663,622 577,566 15 
Loans 1,112,761 1,093,106 1,068,637 1,060,254 1,042,591 2 7 1,091,663 1,027,023 6 
All other interest-earning assets (a)122,756 139,040 134,741 130,646 127,241 (12)(4)132,135 120,529 10 
Total interest-earning assets 3,344,949 3,385,894 3,401,951 3,337,855 3,219,786 (1)4 3,377,390 3,174,858 6 
Trading assets - equity and other instruments129,221 151,309 156,908 150,770 177,315 (15)(27)145,712 180,253 (19)
Trading assets - derivative receivables83,950 84,483 67,334 66,024 65,574 (1)28 78,650 70,139 12 
All other noninterest-earning assets 284,127 289,957 280,595 277,006 262,544 (2)8 284,904 264,077 8 
TOTAL ASSETS$3,842,247 $3,911,643 $3,906,788 $3,831,655 $3,725,219 (2)3 $3,886,656 $3,689,327 5 
LIABILITIES
Interest-bearing deposits $1,728,852 $1,790,421 $1,781,320 $1,731,609 (g)$1,677,837 (g)(3)3 $1,766,672 $1,652,807 7 
Federal funds purchased and securities loaned or
sold under repurchase agreements239,582 233,376 250,215 234,504 240,912 3 (1)241,019 267,659 (10)
Short-term borrowings (b)45,797 50,833 47,871 46,456 43,759 (10)5 48,159 43,998 9 
Trading liabilities - debt and all other interest-bearing liabilities (c)278,049 274,435 263,025 246,675 241,297 1 15 271,891 239,666 13 
Beneficial interests issued by consolidated VIEs11,039 10,577 10,891 11,906 14,232 4 (22)10,836 15,501 (30)
Long-term debt 253,012 246,195 254,180 255,710 257,593 3 (2)251,125 248,581 1 
Total interest-bearing liabilities 2,556,331 2,605,837 2,607,502 2,526,860 2,475,630 (2)3 2,589,702 2,468,212 5 
Noninterest-bearing deposits 716,518 741,891 734,233 736,203 (g)691,622 (g)(3)4 730,816 653,685 12 
Trading liabilities - equity and other instruments 36,985 40,937 43,394 40,645 35,505 (10)4 40,415 35,312 14 
Trading liabilities - derivative payables56,994 61,026 54,522 55,063 55,907 (7)2 57,523 62,089 (7)
All other noninterest-bearing liabilities 189,637 181,128 181,105 184,241 178,770 5 6 183,988 187,601 (2)
TOTAL LIABILITIES3,556,465 3,630,819 3,620,756 3,543,012 3,437,434 (2)3 3,602,444 3,406,899 6 
Preferred stock32,838 32,838 33,526 34,838 34,229 — (4)33,065 32,417 2 
Common stockholders’ equity252,944 247,986 252,506 253,805 253,556 2 — 251,147 250,011 — 
TOTAL STOCKHOLDERS’ EQUITY285,782 280,824 286,032 288,643 287,785 2 (1)284,212 282,428 1 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,842,247 $3,911,643 $3,906,788 $3,831,655 $3,725,219 (2)3 $3,886,656 $3,689,327 5 
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks 1.83 %0.62 %0.13 %0.09 %0.09 %0.83 %0.06 %
Federal funds sold and securities purchased under resale agreements1.74 0.71 0.55 0.47 0.35 1.02 0.32 
Securities borrowed (e)1.50 0.33 (0.16)(0.28)(0.15)0.55 (0.17)
Trading assets - debt instruments 3.36 3.02 2.65 2.52 2.43 3.01 2.38 
Investment securities1.84 1.55 1.38 1.26 1.32 1.59 1.33 
Loans 5.00 4.28 4.05 4.04 3.99 4.45 4.02 
All other interest-earning assets (a)3.57 1.85 0.97 0.87 0.64 2.09 0.67 
Total interest-earning assets 3.05 2.22 1.86 1.80 1.80 2.38 1.82 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 0.73 0.20 0.04 0.03 0.03 0.32 0.03 
Federal funds purchased and securities loaned or
sold under repurchase agreements2.10 0.80 0.19 0.13 0.20 1.03 0.10 
Short-term borrowings (b)1.35 0.73 0.32 0.26 0.26 0.79 0.29 
Trading liabilities - debt and all other interest-bearing liabilities (c)(e)1.49 0.69 0.30 0.20 0.09 0.84 0.07 
Beneficial interests issued by consolidated VIEs2.24 1.11 0.69 0.56 0.50 1.36 0.57 
Long-term debt 3.77 2.54 1.72 1.61 1.62 2.68 1.74 
Total interest-bearing liabilities 1.26 0.54 0.25 0.22 0.22 0.68 0.22 
INTEREST RATE SPREAD1.79 1.68 1.61 1.58 1.58 1.70 1.60 
NET YIELD ON INTEREST-EARNING ASSETS2.09 1.80 1.67 1.63 1.62 1.85 1.64 
Memo: Net yield on interest-earning assets excluding Markets (f)2.81 2.26 1.95 1.90 1.91 2.34 1.92 
(a)    Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets, on the Consolidated Balance Sheets.
(b)    Includes commercial paper.
(c)    All other interest-bearing liabilities include brokerage-related customer payables.
(d)    Interest includes the effect of related hedging derivatives. Taxable-equivalent amounts are used where applicable.
(e)    Negative interest income and yields are related to the impact of 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.
(f)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 28 for a further discussion of this measure.
(g)    Prior-period amounts have been revised to conform with the current presentation.

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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 TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
OTHER INCOME
Other income - reported$900 $540 $1,490 $1,180 $1,332 67 %(32)%$2,930 $3,650 (20)%
Fully taxable-equivalent adjustments (a)663 812 775 984 690 (18)(4)2,250 2,241 — 
Other income - managed$1,563 $1,352 $2,265 $2,164 $2,022 16 (23)$5,180 $5,891 (12)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$15,198 $15,587 $16,845 $15,656 $16,567 (2)(8)$47,630 $53,682 (11)
Fully taxable-equivalent adjustments663 812 775 984 690 (18)(4)2,250 2,241 — 
Total noninterest revenue - managed$15,861 $16,399 $17,620 $16,640 $17,257 (3)(8)$49,880 $55,923 (11)
NET INTEREST INCOME
Net interest income - reported$17,518 $15,128 $13,872 $13,601 $13,080 16 34 $46,518 $38,710 20 
Fully taxable-equivalent adjustments (a)112 103 98 108 104 9 8 313 322 (3)
Net interest income - managed$17,630 $15,231 $13,970 $13,709 $13,184 16 34 $46,831 $39,032 20 
TOTAL NET REVENUE
Total net revenue - reported$32,716 $30,715 $30,717 $29,257 $29,647 7 10 $94,148 $92,392 2 
Fully taxable-equivalent adjustments775 915 873 1,092 794 (15)(2)2,563 2,563 — 
Total net revenue - managed$33,491 $31,630 $31,590 $30,349 $30,441 6 10 $96,711 $94,955 2 
PRE-PROVISION PROFIT
Pre-provision profit - reported$13,538 $11,966 $11,526 $11,369 $12,584 13 8 $37,030 $38,937 (5)
Fully taxable-equivalent adjustments775 915 873 1,092 794 (15)(2)2,563 2,563 — 
Pre-provision profit - managed$14,313 $12,881 $12,399 $12,461 $13,378 11 7 $39,593 $41,500 (5)
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$12,001 $10,865 $10,063 $12,657 $14,111 10 (15)$32,929 $46,905 (30)
Fully taxable-equivalent adjustments775 915 873 1,092 794 (15)(2)2,563 2,563 — 
Income before income tax expense - managed$12,776 $11,780 $10,936 $13,749 $14,905 8 (14)$35,492 $49,468 (28)
INCOME TAX EXPENSE
Income tax expense - reported$2,264 $2,216 $1,781 $2,258 $2,424 2 (7)$6,261 $8,970 (30)
Fully taxable-equivalent adjustments 775 915 873 1,092 794 (15)(2)2,563 2,563 — 
Income tax expense - managed$3,039 $3,131 $2,654 $3,350 $3,218 (3)(6)$8,824 $11,533 (23)
OVERHEAD RATIO
Overhead ratio - reported59 %61 %62 %61 %58 %61 %58 %
Overhead ratio - managed57 59 61 59 56 59 56 
(a)Predominantly recognized in CIB, CB and Corporate.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$14,331 $12,614 $12,229 $12,275 $12,521 14 %14 %$39,174 $37,798 4 %
Corporate & Investment Bank 11,875 11,947 13,529 11,534 12,396 (1)(4)37,351 40,215 (7)
Commercial Banking3,048 2,683 2,398 2,612 2,520 14 21 8,129 7,396 10 
Asset & Wealth Management 4,539 4,306 4,315 4,473 4,300 5 6 13,160 12,484 5 
Corporate(302)80 (881)(545)(1,296)NM77 (1,103)(2,938)62 
TOTAL NET REVENUE$33,491 $31,630 $31,590 $30,349 $30,441 6 10 $96,711 $94,955 2 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$8,047 $7,723 $7,720 $7,754 $7,238 4 11 $23,490 $21,502 9 
Corporate & Investment Bank6,618 6,745 7,298 5,827 5,871 (2)13 20,661 19,498 6 
Commercial Banking1,180 1,156 1,129 1,059 1,032 2 14 3,465 2,982 16 
Asset & Wealth Management3,028 2,919 2,860 2,997 2,762 4 10 8,807 7,922 11 
Corporate305 206 184 251 160 48 91 695 1,551 (55)
TOTAL NONINTEREST EXPENSE$19,178 $18,749 $19,191 $17,888 $17,063 2 12 $57,118 $53,455 7 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$6,284 $4,891 $4,509 $4,521 $5,283 28 19 $15,684 $16,296 (4)
Corporate & Investment Bank5,257 5,202 6,231 5,707 6,525 1 (19)16,690 20,717 (19)
Commercial Banking1,868 1,527 1,269 1,553 1,488 22 26 4,664 4,414 6 
Asset & Wealth Management1,511 1,387 1,455 1,476 1,538 9 (2)4,353 4,562 (5)
Corporate(607)(126)(1,065)(796)(1,456)(382)58 (1,798)(4,489)60 
PRE-PROVISION PROFIT$14,313 $12,881 $12,399 $12,461 $13,378 11 7 $39,593 $41,500 (5)
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$529 $761 $678 $(1,060)$(459)(30)NM$1,968 $(5,929)NM
Corporate & Investment Bank513 59 445 (126)(638)NMNM1,017 (1,048)NM
Commercial Banking618 209 157 (89)(363)196 NM984 (858)NM
Asset & Wealth Management(102)44 154 (36)(60)NM(70)96 (191)NM
Corporate(21)28 29 23 (7)NM(200)36 58 (38)
PROVISION FOR CREDIT LOSSES$1,537 $1,101 $1,463 $(1,288)$(1,527)40 NM$4,101 $(7,968)NM
NET INCOME/(LOSS)
Consumer & Community Banking (a)$4,334 $3,100 $2,895 $4,147 $4,351 40 — $10,329 $16,783 (38)
Corporate & Investment Bank (a)3,532 3,725 4,385 4,543 5,647 (5)(37)11,642 16,591 (30)
Commercial Banking (a)946 994 850 1,234 1,409 (5)(33)2,790 4,012 (30)
Asset & Wealth Management (a)1,219 1,004 1,008 1,125 1,196 21 2 3,231 3,612 (11)
Corporate (a)(294)(174)(856)(650)(916)(69)68 (1,324)(3,063)57 
TOTAL NET INCOME$9,737 $8,649 $8,282 $10,399 $11,687 13 (17)$26,668 $37,935 (30)
(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS
(in millions, except ratio data)
Sep 30, 2022
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2022 Change
2022202220222021202120222021202220212021
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$209,661 (e)$207,436 $207,903 $213,942 $209,917 1 %— %
Tier 1 capital236,354 (e)239,705 240,076 246,162 244,207 (1)(3)
Total capital268,104 (e)268,339 269,536 274,900 274,994 — (3)
Risk-weighted assets 1,682,182 (e)1,704,893 1,750,678 1,638,900 1,628,406 (1)3 
CET1 capital ratio12.5 %(e)12.2 %11.9 %13.1 %12.9 %
Tier 1 capital ratio14.1 (e)14.1 13.7 15.0 15.0 
Total capital ratio15.9 (e)15.7 15.4 16.8 16.9 
Advanced
CET1 capital$209,661 (e)$207,436 $207,903 $213,942 $209,917 1 — 
Tier 1 capital 236,354 (e)239,705 240,076 246,162 244,207 (1)(3)
Total capital256,204 (e)257,329 258,989 265,796 264,469 — (3)
Risk-weighted assets1,614,348 (e)1,613,210 1,643,453 1,547,920 1,544,512 — 5 
CET1 capital ratio13.0 %(e)12.9 %12.7 %13.8 %13.6 %
Tier 1 capital ratio14.6 (e)14.9 14.6 15.9 15.8 
Total capital ratio15.9 (e)16.0 15.8 17.2 17.1 
Leverage-based capital metrics
Adjusted average assets (b)$3,791,795 (e)$3,861,979 $3,857,783 $3,782,035 $3,675,803 (2)3 
Tier 1 leverage ratio6.2 %(e)6.2 %6.2 %6.5 %6.6 %
Total leverage exposure$4,461,013 (e)$4,563,099 $4,586,537 $4,571,789 $4,463,904 (2)— 
SLR5.3 %(e)5.3 %5.2 %5.4 %5.5 %
TANGIBLE COMMON EQUITY (period-end) (c)
Common stockholders’ equity$255,180 $253,305 $253,061 $259,289 $255,203 1 — 
Less: Goodwill51,461 50,697 50,298 50,315 50,313 2 2 
Less: Other intangible assets1,205 1,224 893 882 902 (2)34 
Add: Certain deferred tax liabilities (d)2,509 2,509 2,496 2,499 2,500 — — 
Total tangible common equity$205,023 $203,893 $204,366 $210,591 $206,488 1 (1)
TANGIBLE COMMON EQUITY (average) (c) 
Common stockholders’ equity$252,944 $247,986 $252,506 $253,805 $253,556 2 — $251,147 $250,011 — %
Less: Goodwill51,323 50,575 50,307 50,362 49,457 1 4 50,739 49,323 3 
Less: Other intangible assets1,208 1,119 896 896 849 8 42 1,076 868 24 
Add: Certain deferred tax liabilities (d)2,512 2,503 2,498 2,502 2,480 — 1 2,504 2,465 2 
Total tangible common equity$202,925 $198,795 $203,801 $205,049 $205,730 2 (1)$201,836 $202,285 — 
INTANGIBLE ASSETS (period-end)
Goodwill$51,461 $50,697 $50,298 $50,315 $50,313 2 2 
Mortgage servicing rights8,140 7,439 7,294 5,494 5,351 9 52 
Other intangible assets1,205 1,224 893 882 902 (2)34 
Total intangible assets$60,806 $59,360 $58,485 $56,691 $56,566 2 7 
    
(a)The capital metrics reflect the relief provided by the Federal Reserve Board in response to the COVID-19 pandemic, including the CECL capital transition provisions. Beginning January 1, 2022, the $2.9 billion CECL capital benefit recognized as of December 31, 2021, is being phased out at 25% per year over a three-year period. As of September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the periods ended December 31, 2021 and September 30, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion and $3.3 billion, respectively. Refer to Capital Risk Management on pages 44-49 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, and pages 86-96 of the Firm’s 2021 Form 10-K for additional information.
(b)Adjusted average assets, for purposes of calculating the leverage ratios, includes quarterly average assets adjusted for on-balance sheet assets that are subject to deduction from Tier 1 capital, predominantly goodwill, inclusive of estimated equity method goodwill, and other intangible assets.
(c)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.

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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
EARNINGS PER SHARE
Basic earnings per share
Net income$9,737 $8,649 $8,282 $10,399 $11,687 13 %(17)%$26,668 $37,935 (30)%
Less: Preferred stock dividends432 410 397 426 402 5 7 1,239 1,174 6 
Net income applicable to common equity9,305 8,239 7,885 9,973 11,285 13 (18)25,429 36,761 (31)
Less: Dividends and undistributed earnings allocated to
participating securities50 44 40 46 56 14 (11)134 185 (28)
Net income applicable to common stockholders$9,255 $8,195 $7,845 $9,927 $11,229 13 (18)$25,295 $36,576 (31)
Total weighted-average basic shares outstanding2,961.2 2,962.2 2,977.0 2,977.3 2,999.9 — (1)2,966.8 3,036.4 (2)
Net income per share$3.13 $2.77 $2.64 $3.33 $3.74 13 (16)$8.53 $12.05 (29)
Diluted earnings per share
Net income applicable to common stockholders$9,255 $8,195 $7,845 $9,927 $11,229 13 (18)$25,295 $36,576 (31)
Total weighted-average basic shares outstanding2,961.2 2,962.2 2,977.0 2,977.3 2,999.9 — (1)2,966.8 3,036.4 (2)
Add: Dilutive impact of stock appreciation rights (“SARs”) and
    employee stock options, unvested performance share units
    (“PSUs”) and nondividend-earning restricted stock units
    (“RSUs”)		4.2 4.1 4.0 4.5 5.2 2 (19)4.1 5.3 (23)
Total weighted-average diluted shares outstanding2,965.4 2,966.3 2,981.0 2,981.8 3,005.1 — (1)2,970.9 3,041.7 (2)
Net income per share$3.12 $2.76 $2.63 $3.33 $3.74 13 (17)$8.51 $12.02 (29)
COMMON DIVIDENDS
Cash dividends declared per share$1.00 $1.00 $1.00 $1.00 $1.00 — — $3.00 $2.80 7 
Dividend payout ratio32 %36 %38 %30 %27 %35 %23 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased— 5.0 18.1 12.1 33.4 NMNM23.1 107.6 (79)
Average price paid per share of common stock$— $124.88 $138.04 $165.47 $156.87 NMNM$135.20 $152.79 (12)
Aggregate repurchases of common stock— 622 2,500 2,008 5,240 NMNM3,122 16,440 (81)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans0.6 0.5 11.0 1.1 0.5 20 20 12.1 13.4 (10)
Net impact of employee issuances on stockholders’ equity (b)$304 $398 $843 $147 $271 (24)12 $1,545 $1,214 27 
(a)The Firm is authorized to purchase up to $30 billion of common shares under its current repurchase program. As a result of the expected increases in regulatory capital requirements, the Firm has temporarily suspended share repurchases.
(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.


















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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$822 $855 $805 $753 $786 (4)%5 %$2,482 $2,281 9 %
Asset management, administration and commissions939 947 929 950 893 (1)5 2,815 2,564 10 
Mortgage fees and related income313 377 456 312 596 (17)(47)1,146 1,847 (38)
Card income665 678 590 675 651 (2)2 1,933 2,888 (33)
All other income1,023 1,049 1,122 1,144 1,212 (2)(16)3,194 3,872 (18)
Noninterest revenue3,762 3,906 3,902 3,834 4,138 (4)(9)11,570 13,452 (14)
Net interest income10,569 8,708 8,327 8,441 8,383 21 26 27,604 24,346 13 
TOTAL NET REVENUE14,331 12,614 12,229 12,275 12,521 14 14 39,174 37,798 4 
Provision for credit losses529 761 678 (1,060)(459)(30)NM1,968 (5,929)NM
NONINTEREST EXPENSE
Compensation expense3,345 3,237 3,171 3,177 3,012 3 11 9,753 8,965 9 
Noncompensation expense (a)4,702 4,486 4,549 4,577 4,226 5 11 13,737 12,537 10 
TOTAL NONINTEREST EXPENSE8,047 7,723 7,720 7,754 7,238 4 11 23,490 21,502 9 
Income before income tax expense5,755 4,130 3,831 5,581 5,742 39 — 13,716 22,225 (38)
Income tax expense (b)1,421 1,030 936 1,434 1,391 38 2 3,387 5,442 (38)
NET INCOME (b)
$4,334 $3,100 $2,895 $4,147 $4,351 40 — $10,329 $16,783 (38)
REVENUE BY LINE OF BUSINESS
Consumer & Business Banking$8,010 $6,558 $6,062 $6,172 $6,157 22 30 $20,630 $17,808 16 
Home Lending920 1,001 1,169 1,084 1,400 (8)(34)3,090 4,207 (27)
Card & Auto 5,401 5,055 4,998 5,019 4,964 7 9 15,454 15,783 (2)
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue93 150 211 327 614 (38)(85)454 1,888 (76)
Net mortgage servicing revenue (c)220 227 245 (15)(18)(3)NM692 (41)NM
Mortgage fees and related income$313 $377 $456 $312 $596 (17)(47)$1,146 $1,847 (38)
FINANCIAL RATIOS
ROE33 %24 %23 %32 %(b)34 %27 %44 %
Overhead ratio 56 61 63 63 58 60 57 
(a)Included depreciation expense on leased assets of $605 million, $652 million, $694 million, $767 million and $769 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $2.0 billion and $2.5 billion for the nine months ended September 30, 2022 and 2021, respectively.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(c)Included MSR risk management results of $54 million, $28 million, $109 million, $(162) million and $(145) million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $191 million and $(363) million for the nine months ended September 30, 2022 and 2021, respectively.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$500,752 $500,219 $486,183 $500,370 $493,169 — %2 %$500,752 $493,169 2 %
Loans:
Consumer & Business Banking (a)30,230 31,494 32,772 35,095 40,659 (4)(26)30,230 40,659 (26)
Home Lending (b)174,618 176,939 172,025 180,529 179,489 (1)(3)174,618 179,489 (3)
Card 170,462 165,494 152,283 154,296 143,166 3 19 170,462 143,166 19 
Auto 67,201 67,842 69,251 69,138 68,391 (1)(2)67,201 68,391 (2)
Total loans 442,511 441,769 426,331 439,058 431,705 — 3 442,511 431,705 3 
Deposits1,173,241 1,178,825 1,189,308 1,148,110 1,093,852 — 7 1,173,241 1,093,852 7 
Equity50,000 50,000 50,000 50,000 50,000 — — 50,000 50,000 — 
SELECTED BALANCE SHEET DATA (average)
Total assets$498,858 $496,177 $488,967 $497,675 $491,512 1 1 $494,704 $487,107 2 
Loans:
Consumer & Business Banking 30,788 32,294 33,742 37,299 43,256 (5)(29)32,264 47,469 (32)
Home Lending (c)176,852 177,330 176,488 183,343 181,150 — (2)176,891 180,276 (2)
Card 168,125 158,434 149,398 148,471 141,950 6 18 158,721 137,687 15 
Auto 66,979 68,569 69,250 68,549 67,785 (2)(1)68,258 67,313 1 
Total loans442,744 436,627 428,878 437,662 434,141 1 2 436,134 432,745 1 
Deposits1,174,227 1,180,453 1,153,513 1,114,329 1,076,323 (1)9 1,169,474 1,034,947 13 
Equity50,000 50,000 50,000 50,000 50,000 — — 50,000 50,000 — 
Headcount133,803 130,907 129,268 128,863 126,586 2 6 133,803 126,586 6 
(a)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021 included $791 million, $1.5 billion, $2.9 billion, $5.4 billion and $11.1 billion of loans, respectively, in Business Banking under the Paycheck Protection Program (“PPP”). Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.
(b)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, Home Lending loans held-for-sale and loans at fair value were $4.1 billion, $5.2 billion, $5.8 billion, $14.9 billion and $14.5 billion, respectively.
(c)Average Home Lending loans held-for sale and loans at fair value were $5.9 billion, $8.1 billion, $10.8 billion, $17.8 billion and $17.1 billion for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $8.3 billion and $14.6 billion for the nine months ended September 30, 2022 and 2021, respectively.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)$3,936 $4,217 $4,531 $4,875 $5,000 (7)%(21)%$3,936 $5,000 (21)%
Net charge-offs/(recoveries)
Consumer & Business Banking105 81 89 86 66 30 59 275 203 35 
Home Lending(59)(68)(69)(71)(74)13 20 (196)(204)4 
Card592 580 506 479 495 2 20 1,678 2,233 (25)
Auto41 18 27 21 4 128 NM86 14 NM
Total net charge-offs/(recoveries)$679 $611 $553 $515 $491 11 38 $1,843 $2,246 (18)
Net charge-off/(recovery) rate
Consumer & Business Banking (d)1.35 %1.01 %1.07 %0.91 %0.61 %1.14 %0.57 %
Home Lending(0.14)(0.16)(0.17)(0.17)(0.18)(0.16)(0.16)
Card1.40 1.47 1.37 1.28 1.39 1.41 2.18 
Auto 0.24 0.11 0.16 0.12 0.02 0.17 0.03 
Total net charge-off/(recovery) rate0.62 0.57 0.54 0.49 0.47 0.58 0.72 
30+ day delinquency rate
Home Lending (e)(f)0.78 %0.85 %1.03 %1.25 %1.06 %0.78 %1.06 %
Card1.23 1.05 1.09 1.04 1.00 1.23 1.00 
Auto0.75 0.69 0.57 0.64 0.46 0.75 0.46 
90+ day delinquency rate - Card 0.57 0.51 0.54 0.50 0.49 0.57 0.49 
Allowance for loan losses
Consumer & Business Banking $722 $697 $697 $697 $797 4 (9)$722 $797 (9)
Home Lending667 785 785 660 630 (15)6 667 630 6 
Card10,400 10,400 10,250 10,250 11,650 — (11)10,400 11,650 (11)
Auto 715 740 738 733 813 (3)(12)715 813 (12)
Total allowance for loan losses$12,504 $12,622 $12,470 $12,340 $13,890 (1)(10)$12,504 $13,890 (10)
(a)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $219 million, $257 million, $315 million, $342 million and $355 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.
(b)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonaccrual loans excluded $57 million, $86 million, $179 million, $506 million and $5 million of PPP loans 90 or more days past due and guaranteed by the SBA, respectively.
(c)Generally excludes loans that were under payment deferral programs offered in response to the COVID-19 pandemic. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were considered collateral-dependent at time of exit.
(d)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021 included $791 million, $1.5 billion, $2.9 billion, $5.4 billion and $11.1 billion of loans, respectively, under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.
(e)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $454 million, $513 million, $728 million, $1.1 billion and $3.1 billion in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.
(f)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $284 million, $315 million, $370 million, $405 million and $432 million, respectively. These amounts have been excluded based upon the government guarantee.

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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
BUSINESS METRICS
Number of:
Branches4,802 4,822 4,810 4,790 4,854 — %(1)%4,802 4,854 (1)%
Active digital customers (in thousands) (a)61,985 60,735 60,286 58,857 57,961 2 7 61,985 57,961 7 
Active mobile customers (in thousands) (b)48,904 47,436 46,527 45,452 44,333 3 10 48,904 44,333 10 
Debit and credit card sales volume (in billions)$395.8 $397.0 $351.5 $376.2 $349.9 — 13 $1,144.3 $984.5 16 
Consumer & Business Banking
Average deposits $1,156,933 $1,163,423 $1,136,115 $1,094,442 $1,056,254 (1)10 $1,152,233 $1,015,475 13 
Deposit margin 1.83 %1.31 %1.22 %1.22 %1.29 %1.46 %1.29 %
Business banking origination volume $977 $1,196 $1,028 $866 $835 (18)17 $3,201 $13,050 (g)(75)
Client investment assets (c)615,048 628,479 696,316 718,051 681,491 (2)(10)615,048 681,491 (10)
Number of client advisors5,017 4,890 4,816 4,725 4,689 3 7 5,017 4,689 7 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $7.8 $11.0 $15.1 $22.4 $23.7 (29)(67)$33.9 $69.4 (51)
Correspondent 4.3 10.9 9.6 19.8 17.9 (61)(76)24.8 51.1 (51)
Total mortgage origination volume (d)$12.1 $21.9 $24.7 $42.2 $41.6 (45)(71)$58.7 $120.5 (51)
Third-party mortgage loans serviced (period-end)586.7 575.6 575.4 519.2 (f)509.3 2 15 586.7 509.3 15 
MSR carrying value (period-end)8.1 7.4 7.3 5.5 5.3 9 53 8.1 5.3 53 
Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end)1.38 %1.29 %1.27 %1.06 %(f)1.04 %1.38 %1.04 %
MSR revenue multiple (e)4.93 x4.45 x4.70 x3.79 x(f)3.85 x4.93 x3.85 x
Credit Card
Credit card sales volume, excluding Commercial Card (in billions)$272.3 $271.2 $236.4 $254.1 $232.0 — 17 779.9 639.4 22 
Net revenue rate9.92 %9.59 %9.87 %9.61 %9.74 %9.79 %10.84 %
Auto
Loan and lease origination volume (in billions)$7.5 $7.0 $8.4 $8.5 $11.5 7 (35)$22.9 $35.1 (35)
Average auto operating lease assets13,466 14,866 16,423 17,629 18,753 (9)(28)14,908 19,548 (24)
(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)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.
(d)Firmwide mortgage origination volume was $15.2 billion, $27.9 billion, $30.2 billion, $48.2 billion and $46.1 billion for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $73.3 billion and $134.2 billion for the nine months ended September 30, 2022 and 2021, respectively.
(e)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)Prior-period amounts have been revised to conform with the current presentation.
(g)Included $10.6 billion of origination volume under the PPP for the nine months ended September 30, 2021. The program ended on May 31, 2021 for new applications.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
INCOME STATEMENT
REVENUE
Investment banking fees$1,762 $1,650 $2,050 $3,502 $3,297 7 %(47)%$5,462 $9,857 (45)%
Principal transactions5,258 5,048 5,223 2,116 3,577 4 47 15,529 13,648 14 
Lending- and deposit-related fees589 641 641 654 634 (8)(7)1,871 1,860 1 
Asset management, administration and commissions1,198 1,330 1,339 1,252 1,240 (10)(3)3,867 3,772 3 
All other income424 80 704 624 313 430 35 1,208 924 31 
Noninterest revenue9,231 8,749 9,957 8,148 9,061 6 2 27,937 30,061 (7)
Net interest income2,644 3,198 3,572 3,386 3,335 (17)(21)9,414 10,154 (7)
TOTAL NET REVENUE (a)11,875 11,947 13,529 11,534 12,396 (1)(4)37,351 40,215 (7)
Provision for credit losses513 59 445 (126)(638)NMNM1,017 (1,048)NM
NONINTEREST EXPENSE
Compensation expense3,311 3,510 4,006 2,358 2,827 (6)17 10,827 10,738 1 
Noncompensation expense3,307 3,235 3,292 3,469 3,044 2 9 9,834 8,760 12 
TOTAL NONINTEREST EXPENSE6,618 6,745 7,298 5,827 5,871 (2)13 20,661 19,498 6 
Income before income tax expense4,744 5,143 5,786 5,833 7,163 (8)(34)15,673 21,765 (28)
Income tax expense (b)
1,212 1,418 1,401 1,290 1,516 (15)(20)4,031 5,174 (22)
NET INCOME (b)
$3,532 $3,725 $4,385 $4,543 $5,647 (5)(37)$11,642 $16,591 (30)
FINANCIAL RATIOS
ROE13 %14 %17 %21 %(b)26 %14 %26 %(b)
Overhead ratio56 56 54 51 47 55 48 
Compensation expense as percentage of total net revenue28 29 30 20 23 29 27 
REVENUE BY BUSINESS
Investment Banking$1,713 $1,351 $2,057 $3,206 $3,025 27 (43)$5,121 $9,300 (45)
Payments1,989 1,463 1,854 1,801 1,624 36 22 5,306 4,469 19 
Lending323 410 321 263 244 (21)32 1,054 738 43 
Total Banking4,025 3,224 4,232 5,270 4,893 25 (18)11,481 14,507 (21)
Fixed Income Markets4,469 4,711 5,698 3,334 3,672 (5)22 14,878 13,531 10 
Equity Markets2,302 3,079 3,055 1,954 2,597 (25)(11)8,436 8,575 (2)
Securities Services1,110 1,151 1,068 1,064 1,126 (4)(1)3,329 3,264 2 
Credit Adjustments & Other (c)(31)(218)(524)(88)108 86 NM(773)338 NM
Total Markets & Securities Services7,850 8,723 9,297 6,264 7,503 (10)5 25,870 25,708 1 
TOTAL NET REVENUE$11,875 $11,947 $13,529 $11,534 $12,396 (1)(4)$37,351 $40,215 (7)
(a)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 $626 million, $772 million, $737 million, $923 million and $641 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $2.1 billion for both the nine months ended September 30, 2022 and 2021.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(c)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,384,618 $1,403,558 $1,460,463 $1,259,896 $1,355,752 (1)%2 %$1,384,618 $1,355,752 2 %
Loans:
Loans retained (a)180,604 171,219 167,791 159,786 151,211 5 19 180,604 151,211 19 
Loans held-for-sale and loans at fair value (b)40,357 46,032 47,260 50,386 52,436 (12)(23)40,357 52,436 (23)
Total loans 220,961 217,251 215,051 210,172 203,647 2 9 220,961 203,647 9 
Equity103,000 103,000 103,000 83,000 83,000 — 24 103,000 83,000 24 
SELECTED BALANCE SHEET DATA (average)
Total assets$1,403,247 $1,429,953 $1,407,835 $1,341,267 $1,331,240 (2)5 $1,413,662 $1,332,244 6 
Trading assets - debt and equity instruments 386,895 411,079 419,346 407,656 442,623 (6)(13)405,655 461,728 (12)
Trading assets - derivative receivables 83,084 83,582 66,692 65,365 64,730 (1)28 77,846 69,159 13 
Loans:
Loans retained (a)176,469 169,909 160,976 153,595 149,826 4 18 169,175 142,286 19 
Loans held-for-sale and loans at fair value (b)45,150 48,048 51,398 52,429 53,712 (6)(16)48,176 50,616 (5)
Total loans221,619 217,957 212,374 206,024 203,538 2 9 217,351 192,902 13 
Equity103,000 103,000 103,000 83,000 83,000 — 24 103,000 83,000 24 
Headcount71,797 69,447 68,292 67,546 66,267 3 8 71,797 66,267 8 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$17 $38 $20 $23 $2 (55)NM$75 $(17)NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)583 697 871 584 547 (16)7 583 547 7 
Nonaccrual loans held-for-sale and loans at fair value (d)824 840 949 844 1,234 (2)(33)824 1,234 (33)
Total nonaccrual loans 1,407 1,537 1,820 1,428 1,781 (8)(21)1,407 1,781 (21)
Derivative receivables339 447 597 316 393 (24)(14)339 393 (14)
Assets acquired in loan satisfactions85 84 91 91 95 1 (11)85 95 (11)
Total nonperforming assets 1,831 2,068 2,508 1,835 2,269 (11)(19)1,831 2,269 (19)
Allowance for credit losses:
Allowance for loan losses2,032 1,809 1,687 1,348 1,442 12 41 2,032 1,442 41 
Allowance for lending-related commitments1,582 1,358 1,459 1,372 1,426 16 11 1,582 1,426 11 
Total allowance for credit losses3,614 3,167 3,146 2,720 2,868 14 26 3,614 2,868 26 
Net charge-off/(recovery) rate (a)(e)0.04 %0.09 %0.05 %0.06 %0.01 %0.06 %(0.02)%
Allowance for loan losses to period-end loans retained (a)1.13 1.06 1.01 0.84 0.95 1.13 0.95 
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)1.49 1.38 1.31 1.12 1.29 1.49 1.29 
Allowance for loan losses to nonaccrual loans retained (a)(c)349 260 194 231 264 349 264 
Nonaccrual loans to total period-end loans0.64 0.71 0.85 0.68 0.87 0.64 0.87 
(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)Loans held-for-sale and loans at fair value primarily reflect lending related positions originated and purchased in CIB Markets, including loans held for securitization.
(c)Allowance for loan losses of $111 million, $130 million, $226 million, $58 million and $138 million were held against nonaccrual loans at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively.
(d)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $143 million, $196 million, $283 million, $281 million and $289 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.


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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
BUSINESS METRICS
Advisory$848 $664 $801 $1,557 $1,228 28 %(31)%$2,313 $2,824 (18)%
Equity underwriting290 245 249 802 1,032 18 (72)784 3,151 (75)
Debt underwriting624 741 1,000 1,143 1,037 (16)(40)2,365 3,882 (39)
Total investment banking fees$1,762 $1,650 $2,050 $3,502 $3,297 7 (47)$5,462 $9,857 (45)
Client deposits and other third-party liabilities (average) (a)669,215 722,388 709,121 717,496 714,376 (7)(6)700,095 714,039 (2)
Merchant processing volume (in billions) (b) 545.4 539.6 490.2 514.9 470.9 1 16 1,575.2 1,371.8 15 
Assets under custody (“AUC”) (period-end) (in billions)$27,157 $28,579 $31,571 $33,221 $31,962 (5)(15)$27,157 $31,962 (15)
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income$64 $60 $47 $39 $38 7 68 
Foreign exchange 9 8 4 4 5 13 80 
Equities11 11 12 12 11 — — 
Commodities and other14 14 15 12 11 — 27 
Diversification benefit to CIB trading VaR (d) (47)(43)(33)(31)(33)(9)(42)
CIB trading VaR (c)51 50 45 36 32 2 59 
Credit Portfolio VaR (e)10 17 29 5 5 (41)100 
Diversification benefit to CIB VaR (d)(8)(15)(10)(4)(4)47 (100)
CIB VaR$53 $52 $64 $37 $33 2 61 
(a)Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b)Represents total merchant processing volume across CIB, CCB and CB.
(c)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 135–137 of the Firm’s 2021 Form 10-K, and pages 75–77 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 for further information.
(d)Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.
(e)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. In the first quarter of 2022, in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed to maintain consistency. This exposure is now reflected in other sensitivity-based measures.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $288 $348 $364 $356 $355 (17)%(19)%$1,000 $1,036 (3)%
All other income 548 556 503 718 633 (1)(13)1,607 1,819 (12)
Noninterest revenue 836 904 867 1,074 988 (8)(15)2,607 2,855 (9)
Net interest income2,212 1,779 1,531 1,538 1,532 24 44 5,522 4,541 22 
TOTAL NET REVENUE (a)3,048 2,683 2,398 2,612 2,520 14 21 8,129 7,396 10 
Provision for credit losses618 209 157 (89)(363)196 NM984 (858)NM
NONINTEREST EXPENSE
Compensation expense 577 559 553 496 511 3 13 1,689 1,477 14 
Noncompensation expense603 597 576 563 521 1 16 1,776 1,505 18 
TOTAL NONINTEREST EXPENSE1,180 1,156 1,129 1,059 1,032 2 14 3,465 2,982 16 
Income before income tax expense1,250 1,318 1,112 1,642 1,851 (5)(32)3,680 5,272 (30)
Income tax expense (b)304 324 262 408 442 (6)(31)890 1,260 (29)
NET INCOME (b)
$946 $994 $850 $1,234 $1,409 (5)(33)$2,790 $4,012 (30)
REVENUE BY PRODUCT
Lending$1,176 $1,058 $1,105 $1,151 $1,138 11 3 $3,339 $3,478 (4)
Payments1,568 1,205 981 949 947 30 66 3,754 2,704 39 
Investment banking (c)274 282 260 475 416 (3)(34)816 1,136 (28)
Other30 138 52 37 19 (78)58 220 78 182 
TOTAL NET REVENUE (a)$3,048 $2,683 $2,398 $2,612 $2,520 14 21 $8,129 $7,396 10 
Investment banking revenue, gross (d)$761 $788 $729 $1,456 $1,343 (3)(43)$2,278 $3,636 (37)
REVENUE BY CLIENT SEGMENT
Middle Market Banking $1,366 $1,169 $980 $1,062 $1,017 17 34 $3,515 $2,942 19 
Corporate Client Banking 1,052 927 830 928 878 13 20 2,809 2,580 9 
Commercial Real Estate Banking624 590 581 614 602 6 4 1,795 1,805 (1)
Other6 (3)7 8 23 NM(74)10 69 (86)
TOTAL NET REVENUE (a)$3,048 $2,683 $2,398 $2,612 $2,520 14 21 $8,129 $7,396 10 
FINANCIAL RATIOS
ROE14 %15 %13 %19 %(b)22 %14 %21 %
Overhead ratio39 43 47 41 41 43 40 
(a)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 $80 million, $73 million, $69 million, $99 million and $80 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $222 million and $231 million for the nine months ended September 30, 2022 and 2021, respectively.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(c)Includes CB’s share of revenue from investment banking products sold to CB clients through the CIB.
(d)Refer to page 61 of the Firm’s 2021 Form 10-K for discussion of revenue sharing.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$247,485 $242,456  $235,127 $230,776 $227,670 2 %9 %$247,485 $227,670 9 %
Loans:
Loans retained231,829 223,541 213,073 206,220 201,283 4 15 231,829 201,283 15 
Loans held-for-sale and loans at fair value137 566 1,743 2,223 3,412 (76)(96)137 3,412 (96)
Total loans$231,966 $224,107 $214,816 $208,443 $204,695 4 13 $231,966 $204,695 13 
Equity25,000 25,000 25,000 24,000 24,000 — 4 25,000 24,000 4 
Period-end loans by client segment
Middle Market Banking (a)$71,707 $68,535 $64,306 $61,159 $58,918 5 22 $71,707  $58,918 22 
Corporate Client Banking52,940 49,503 46,720 45,315 45,107 7 17 52,940 45,107 17 
Commercial Real Estate Banking 107,241 105,982 103,685 101,751 100,458 1 7 107,241 100,458 7 
Other78 87 105 218 212 (10)(63)78 212 (63)
Total loans (a)$231,966 $224,107 $214,816 $208,443 $204,695 4 13 $231,966  $204,695 13 
SELECTED BALANCE SHEET DATA (average)
Total assets$246,318 $239,381 $233,474 $227,308 $222,760 3 11 $239,772 $224,955 7 
Loans:
Loans retained227,539 218,478 208,540 201,676 199,789 4 14 218,255 202,002 8 
Loans held-for-sale and loans at fair value1,589 1,004 2,147 3,958 2,790 58 (43)1,578 2,840 (44)
Total loans$229,128 $219,482 $210,687 $205,634 $202,579 4 13 $219,833 $204,842 7 
Client deposits and other third-party liabilities281,336 300,425 316,921 323,821 300,595 (6)(6)299,430 293,981 2 
Equity25,000 25,000 25,000 24,000 24,000 — 4 25,000 24,000 4 
Average loans by client segment
Middle Market Banking $70,002 $66,640 $62,437 $59,784 $59,032 5 19 $66,387 $60,243 10 
Corporate Client Banking 52,432 47,832 45,595 44,976 43,330 10 21 48,645 44,154 10 
Commercial Real Estate Banking 106,546 104,890 102,498 100,682 100,120 2 6 104,659 100,213 4 
Other148 120 157 192 97 23 53 142 232 (39)
Total loans$229,128 $219,482 $210,687 $205,634 $202,579 4 13 $219,833 $204,842 7 
Headcount14,299 13,811 13,220 12,902 12,584 4 14 14,299 12,584 14 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$42 $1 $6 $8 $31 NM35 $49 $63 (22)
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)(c)836 761  751 740  735 10 14 836 735 14 
Nonaccrual loans held-for-sale and loans  
at fair value— —  — —  — — — — — — 
Total nonaccrual loans836 761 751 740 735 10 14 836 735 14 
Assets acquired in loan satisfactions7 8 17 17 16 (13)(56)7 16 (56)
Total nonperforming assets843 769 768 757 751 10 12 843 751 12 
Allowance for credit losses:
Allowance for loan losses3,050 2,602  2,357 2,219  2,354 17 30 3,050 2,354 30 
Allowance for lending-related commitments864 725  762 749  711 19 22 864 711 22 
Total allowance for credit losses3,914 3,327 3,119 2,968 3,065 18 28 3,914 3,065 28 
Net charge-off/(recovery) rate (d)0.07 %— %0.01 %0.02 %0.06 %0.03 %0.04 %
Allowance for loan losses to period-end loans retained1.32 1.16  1.11 1.08  1.17 1.32 1.17 
Allowance for loan losses to nonaccrual loans retained (b)365 342  314 300  320 365 320 
Nonaccrual loans to period-end total loans0.36 0.34 0.35 0.36 0.36 0.36 0.36 
    
(a)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, total loans included $205 million, $335 million, $640 million, $1.2 billion, and $2.0 billion of loans, respectively, under the PPP, of which $187 million, $306 million, $604 million, $1.1 billion, and $1.9 billion were in Middle Market Banking. Refer to page 109 of the Firm’s 2021 Form 10-K for further information on the PPP.
(b)Allowance for loan losses of $150 million, $74 million, $104 million, $124 million and $123 million was held against nonaccrual loans retained at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively.
(c)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $27 million, $32 million, $50 million and $114 million, respectively. These amounts have been excluded based upon the SBA guarantee. There were no PPP loans 90 or more days past due in all other periods presented.
(d)Loans held-for-sale and loans at fair value were excluded when calculating the net charge-off/(recovery) rate.

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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
INCOME STATEMENT
REVENUE
Asset management, administration and commissions $3,044 $3,037 $3,115 $3,330 $3,096 — %(2)%$9,196 $9,003 2 %
All other income 82 47 124 118 216 74 (62)253 620 (59)
Noninterest revenue 3,126 3,084 3,239 3,448 3,312 1 (6)9,449 9,623 (2)
Net interest income1,413 1,222 1,076 1,025 988 16 43 3,711 2,861 30 
TOTAL NET REVENUE4,539 4,306 4,315 4,473 4,300 5 6 13,160 12,484 5 
Provision for credit losses(102)44 154 (36)(60)NM(70)96 (191)NM
NONINTEREST EXPENSE
Compensation expense 1,649 1,508 1,530 1,560 1,387 9 19 4,687 4,132 13 
Noncompensation expense 1,379 1,411 1,330 1,437 1,375 (2)— 4,120 3,790 9 
TOTAL NONINTEREST EXPENSE3,028 2,919 2,860 2,997 2,762 4 10 8,807 7,922 11 
Income before income tax expense1,613 1,343 1,301 1,512 1,598 20 1 4,257 4,753 (10)
Income tax expense (a)394 339 293 387 402 16 (2)1,026 1,141 (10)
NET INCOME (a)$1,219 $1,004 $1,008 $1,125 $1,196 21 2 $3,231 $3,612 (11)
REVENUE BY LINE OF BUSINESS
Asset Management $2,209 $2,137 $2,314 $2,488 $2,337 3 (5)$6,660 $6,758 (1)
Global Private Bank2,330 2,169 2,001 1,985 1,963 7 19 6,500 5,726 14 
TOTAL NET REVENUE $4,539 $4,306 $4,315 $4,473 $4,300 5 6 $13,160 $12,484 5 
FINANCIAL RATIOS
ROE28 %23 %23 %31 % (a)33 %25 %34 % (a)
Overhead ratio67 68 66 67 64 67 63 
Pretax margin ratio:
Asset Management31 29 33 32 36 31 36 
Global Private Bank40 33 27 36 38 34 40 
Asset & Wealth Management36 31 30 34 37 32 38 
Headcount25,769 23,981 23,366 22,762 22,051 7 17 25,769 22,051 17 
Number of Global Private Bank client advisors3,110 2,866 2,798 2,738 2,646 9 18 3,110 2,646 18 
(a)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.

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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$232,303 $235,553 $233,070 $234,425 $221,702 (1)%5 %$232,303 $221,702 5 %
Loans214,989 218,841 215,130 218,271 202,871 (2)6 214,989 202,871 6 
Deposits242,315 257,437 287,293 282,052 242,309 (6)— 242,315 242,309 — 
Equity17,000 17,000 17,000 14,000 14,000 — 21 17,000 14,000 21 
SELECTED BALANCE SHEET DATA (average)
Total assets$232,748 $234,565 $232,310 $227,597 $219,022 (1)6 $233,209 $213,679 9 
Loans216,714 216,846 214,611 209,169 200,635 — 8 216,065 194,888 11 
Deposits253,026 268,861 287,756 264,580 229,710 (6)10 269,754 218,742 23 
Equity17,000 17,000 17,000 14,000 14,000 — 21 17,000 14,000 21 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$(13)$9 $(1)$4 $(1)NMNM$(5)$22 NM
Nonaccrual loans467 620 626 708 686 (25)(32)467 686 (32)
Allowance for credit losses:
Allowance for loan losses461 547 516 365 402 (16)15 461 402 15 
Allowance for lending-related commitments21 22 19 18 20 (5)5 21 20 5 
Total allowance for credit losses482 569 535 383 422 (15)14 482 422 14 
Net charge-off/(recovery) rate(0.02)%0.02 %— %0.01 %— %— %0.02 %
Allowance for loan losses to period-end loans0.21 0.25 0.24 0.17 0.20 0.21 0.20 
Allowance for loan losses to nonaccrual loans99 88 82 52 59 99 59 
Nonaccrual loans to period-end loans0.22 0.28 0.29 0.32 0.34 0.22 0.34 
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Sep 30, 2022
ChangeNINE MONTHS ENDED SEPTEMBER 30,
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,2022 Change
CLIENT ASSETS2022202220222021202120222021202220212021
Assets by asset class
Liquidity $615 $654 $657 $708 $685 (6)%(10)%$615 $685 (10)%
Fixed income 612 624 657 693 695 (2)(12)612 695 (12)
Equity609 641 739 779 725 (5)(16)609 725 (16)
Multi-asset577 615 699 732 702 (6)(18)577 702 (18)
Alternatives203 209 208 201 189 (3)7 203 189 7 
TOTAL ASSETS UNDER MANAGEMENT2,616 2,743 2,960 3,113 2,996 (5)(13)2,616 2,996 (13)
Custody/brokerage/administration/deposits1,207 1,055 1,156 1,182 1,100 14 10 1,207 1,100 10 
TOTAL CLIENT ASSETS (a)$3,823 $3,798 $4,116 $4,295 $4,096 1 (7)$3,823 $4,096 (7)
Assets by client segment
Private Banking$698 $712 $777 $805 $773 (2)(10)$698 $773 (10)
Global Institutional1,209 1,294 1,355 1,430 1,375 (7)(12)1,209 1,375 (12)
Global Funds709 737 828 878 848 (4)(16)709 848 (16)
TOTAL ASSETS UNDER MANAGEMENT$2,616 $2,743 $2,960 $3,113 $2,996 (5)(13)$2,616 $2,996 (13)
Private Banking$1,848 $1,715 $1,880 $1,931 $1,817 8 2 $1,848 $1,817 2 
Global Institutional1,261 1,339 1,402 1,479 1,425 (6)(12)1,261 1,425 (12)
Global Funds714 744 834 885 854 (4)(16)714 854 (16)
TOTAL CLIENT ASSETS (a)$3,823 $3,798 $4,116 $4,295 $4,096 1 (7)$3,823 $4,096 (7)
Assets under management rollforward
Beginning balance$2,743 $2,960 $3,113 $2,996 $2,987 $3,113 $2,716 
Net asset flows:
Liquidity (36)— (52)20 (11)(88)48 
Fixed income 9 (1)(3)— 11 5 36 
Equity6 9 11 18 16 26 67 
Multi-asset(5)(3)6 6 3 (2)11 
Alternatives2 1 5 10 3 8 16 
Market/performance/other impacts(103)(223)(120)63 (13)(446)102 
Ending balance$2,616 $2,743 $2,960 $3,113 $2,996 $2,616 $2,996 
Client assets rollforward
Beginning balance$3,798 $4,116 $4,295 $4,096 $4,044 $4,295 $3,652 
Net asset flows(15)(1)(5)109 75 (21)280 
Market/performance/other impacts40 (317)(174)90 (23)(451)164 
Ending balance$3,823 $3,798 $4,116 $4,295 $4,096 $3,823 $4,096 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
INCOME STATEMENT
REVENUE
Principal transactions$(76)$17 $(161)$26 $(103)NM26 %$(220)$161 NM
Investment securities gains/(losses)(959)(153)(394)52 (256)NM(275)%(1,506)(397)(279)%
All other income (59)(108)210 58 117 45 NM43 168 (74)
Noninterest revenue(1,094)(244)(345)136 (242)(348)(352)(1,683)(68)NM
Net interest income 792 324 (536)(681)(1,054)144 NM580 (2,870)NM
TOTAL NET REVENUE (a)(302)80 (881)(545)(1,296)NM77 (1,103)(2,938)62 
Provision for credit losses(21)28 29 23 (7)NM(200)36 58 (38)
NONINTEREST EXPENSE305 206 184 251 160 48 91 695 1,551 (55)
Income/(loss) before income tax expense/(benefit)(586)(154)(1,094)(819)(1,449)(281)60 (1,834)(4,547)60 
Income tax expense/(benefit) (b)(292)20 (238)(169)(533)NM45 (510)(1,484)66 
NET INCOME/(LOSS) (b)
$(294)$(174)$(856)$(650)$(916)(69)68 $(1,324)$(3,063)57 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
(180)82 (944)(480)(1,198)NM85 (1,042)(2,984)65 
Other Corporate(122)(2)63 (65)(98)NM(24)(61)46 NM
TOTAL NET REVENUE$(302)$80 $(881)$(545)$(1,296)NM77 $(1,103)$(2,938)62 
NET INCOME/(LOSS)
Treasury and CIO(68)88 (748)(428)(998)NM93 (728)(2,629)72 
Other Corporate (b)(226)(262)(108)(222)82 14 NM(596)(434)(37)
TOTAL NET INCOME/(LOSS) (b)
$(294)$(174)$(856)$(650)$(916)(69)68 $(1,324)$(3,063)57 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,408,726 $1,459,528 $1,539,844 $1,518,100 $1,459,283 (3)(3)$1,408,726 $1,459,283 (3)
Loans2,206 2,187 1,957 1,770 1,697 1 30 2,206 1,697 30 
Deposits 14,449 (e)13,191 (e)1,434 396 546 10 NM14,449 (e)546 NM
Headcount42,806 40,348 39,802 38,952 38,302 6 12 42,806 38,302 12 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)$(959)$(153)$(394)$52 $(256)NM(275)$(1,506)$(397)(279)
Available-for-sale securities (average) 209,008 252,121 304,314 290,590 223,747 (17)(7)254,798 312,298 (18)
Held-to-maturity securities (average) (c)436,302 418,843 364,814 349,989 339,544 4 28 406,915 263,214 55 
Investment securities portfolio (average)$645,310 $670,964 $669,128 $640,579 $563,291 (4)15 $661,713 $575,512 15 
Available-for-sale securities (period-end) 186,441 220,213 310,909 306,352 249,484 (15)(25)186,441 249,484 (25)
Held-to-maturity securities, net of allowance for credit losses (period-end) (c)430,106 441,649 366,585 363,707 343,542 (3)25 430,106 343,542 25 
Investment securities portfolio, net of allowance for credit losses (period-end) (d)$616,547 $661,862 $677,494 $670,059 $593,026 (7)4 $616,547 $593,026 4 
(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $59 million, $60 million, $58 million, $60 million and $64 million for the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and $177 million and $197 million for the nine months ended September 30, 2022 and 2021, respectively.
(b)In the first quarter of 2022, the Firm changed its methodology for allocating income taxes to the LOBs, with no impact to Firmwide net income. Prior-period amounts have been revised to conform with the current presentation.
(c)During 2022 and 2021, the Firm transferred $73.2 billion and $104.5 billion of investment securities, respectively, from AFS to HTM for capital management purposes.
(d)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, the allowance for credit losses on investment securities was $52 million, $47 million, $41 million, $42 million and $73 million, respectively.
(e)Predominantly relates to international consumer growth initiatives.



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CREDIT-RELATED INFORMATION
(in millions)
Sep 30, 2022
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2022202220222021202120222021
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$301,403 $302,631 $296,161 $295,556 $298,308 — %1 %
Loans held-for-sale and loans at fair value 12,393 14,581 16,328 27,750 29,856 (15)(58)
Total consumer, excluding credit card loans313,796 317,212 312,489 323,306 328,164 (1)(4)
Credit card loans
Loans retained170,462 165,494 152,283 154,296 143,166 3 19 
Loans held-for-sale— — — — — — — 
Total credit card loans170,462 165,494 152,283 154,296 143,166 3 19 
Total consumer loans 484,258 482,706 464,772 477,602 471,330 — 3 
Wholesale loans (b)
Loans retained596,208 584,265 569,953 560,354 532,786 2 12 
Loans held-for-sale and loans at fair value 32,167 37,184 38,560 39,758 40,499 (13)(21)
Total wholesale loans 628,375 621,449 608,513 600,112 573,285 1 10 
Total loans 1,112,633 1,104,155 1,073,285 1,077,714 1,044,615 1 7 
Derivative receivables 92,534 81,317 73,636 57,081 67,908 14 36 
Receivables from customers (c)54,921 58,349 68,473 59,645 58,752 (6)(7)
Total credit-related assets 1,260,088 1,243,821 1,215,394 1,194,440 1,171,275 1 8 
Lending-related commitments
Consumer, excluding credit card 34,868 40,484 47,103 45,334 56,684 (14)(38)
Credit card (d)798,855 774,021 757,283 730,534 710,610 3 12 
Wholesale 472,950 487,500 497,232 486,445 (g)499,236 (g)(3)(5)
Total lending-related commitments1,306,673 1,302,005 1,301,618 1,262,313 1,266,530 — 3 
Total credit exposure $2,566,761 $2,545,826 $2,517,012 $2,456,753 $2,437,805 1 5 
Memo: Total by category
Consumer exposure (e)$1,317,981 $1,297,211 $1,269,158 $1,253,470 $1,238,624 2 6 
Wholesale exposure (f)1,248,780 1,248,615 1,247,854 1,203,283 1,199,181 — 4 
Total credit exposure$2,566,761 $2,545,826 $2,517,012 $2,456,753 $2,437,805 1 5 
(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.
(b)Includes loans held in CIB, CB, AWM, Corporate as well as risk-rated loans held in CCB, including business banking and auto dealer loans for which the wholesale methodology is applied when determining the allowance for loan losses.
(c)Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM; these are reported within accrued interest and accounts receivable on the Consolidated balance sheets.
(d)Also includes commercial card lending-related commitments primarily in CB and CIB.
(e)Represents total consumer loans and lending-related commitments.
(f)Represents total wholesale loans, lending-related commitments, derivative receivables, and receivables from customers.
(g)Prior-period amounts have been revised to conform with the current presentation.


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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2022
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2022202220222021202120222021
NONPERFORMING ASSETS (a)(b)
Consumer nonaccrual loans
   Loans retained $3,917 $4,186 $4,485 $4,878 $4,911 (6)%(20)%
   Loans held-for-sale and loans at fair value 461 486 525 472 440 (5)5 
Total consumer nonaccrual loans4,378 4,672 5,010 5,350 5,351 (6)(18)
Wholesale nonaccrual loans
Loans retained1,882 2,083 2,289 2,054 2,084 (10)(10)
Loans held-for-sale and loans at fair value 414 407 459 391 808 2 (49)
Total wholesale nonaccrual loans 2,296 2,490 2,748 2,445 2,892 (8)(21)
Total nonaccrual loans (c)6,674 7,162 7,758 7,795 8,243 (7)(19)
Derivative receivables 339 447 597 316 393 (24)(14)
Assets acquired in loan satisfactions230 236 250 235 246 (3)(7)
Total nonperforming assets 7,243 7,845 8,605 8,346 8,882 (8)(18)
Wholesale lending-related commitments (d) 470 397 767 764 641 18 (27)
Total nonperforming exposure $7,713 $8,242 $9,372 $9,110 $9,523 (6)(19)
NONACCRUAL LOAN-RELATED RATIOS (b)
Total nonaccrual loans to total loans 0.60 %0.65 %0.72 %0.72 %0.79 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.40 1.47 1.60 1.65 1.63 
Total wholesale nonaccrual loans to total
wholesale loans 0.37 0.40 0.45 0.41 0.50 
(a)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $362 million, $453 million, $598 million, $623 million and $644 million, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $9 million, $8 million, $6 million, $5 million and $5 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. Refer to Note 12 of the Firm’s 2021 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)At September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, nonperforming assets excluded PPP loans 90 or more days past due and insured by the SBA of $85 million, $119 million, $236 million, $633 million and $5 million respectively. These amounts have been excluded based upon the SBA guarantee.
(c)Generally excludes loans that were under payment deferral or other assistance, including amendments or waivers of financial covenants, in response to the COVID-19 pandemic.
(d)Represents commitments that are risk rated as nonaccrual.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
3Q222Q221Q224Q213Q212Q223Q21202220212021
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$17,750 $17,192 $16,386 $18,150 $19,500 3 %(9)%$16,386 $28,328 (42)%
Net charge-offs:
Gross charge-offs1,104 1,036 976 968 940 7 17 3,116 3,596 (13)
Gross recoveries collected(377)(379)(394)(418)(416)1 9 (1,150)(1,281)10 
Net charge-offs727 657 582 550 524 11 39 1,966 2,315 (15)
Provision for loan losses1,165 1,230 1,368 (1,214)(819)(5)NM3,763 (7,857)NM
Other(3)(15)20 — (7)80 57 2 (6)NM
Ending balance$18,185 $17,750 $17,192 $16,386 $18,150 2 — $18,185 $18,150 — 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,222 $2,358 $2,261 $2,305 $2,998 (6)(26)$2,261 $2,409 (6)
Provision for lending-related commitments328 (135)96 (43)(694)NMNM289 (106)NM
Other1 (1)1 (1)1 NM— 1 2 (50)
Ending balance$2,551 $2,222 $2,358 $2,261 $2,305 15 11 $2,551 $2,305 11 
ALLOWANCE FOR INVESTMENT SECURITIES$61 $47 $41 $42 $73 30 (16)$61 $73 (16)
Total allowance for credit losses (a)$20,797 $20,019 $19,591 $18,689 $20,528 4 1 $20,797 $20,528 1 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.10 %0.04 %0.06 %0.04 %(0.01)%0.07 %(0.01)%
Credit card retained loans1.40 1.47 1.37 1.28 1.39 1.41 2.18 
Total consumer retained loans0.56 0.53 0.50 0.45 0.44 0.53 0.68 
Wholesale retained loans0.04 0.03 0.02 0.03 0.03 0.03 0.03 
Total retained loans 0.27 0.25 0.24 0.22 0.21 0.25 0.32 
Memo: Average retained loans
Consumer retained, excluding credit card loans$301,347 $299,649 $295,460 $296,423 $298,019 1 1 $298,840 $299,620 — 
Credit card retained loans168,125 158,434 149,398 148,471 141,371 6 19 158,721 137,012 16 
Total average retained consumer loans469,472 458,083 444,858 444,894 439,390 2 7 457,561 436,632 5 
Wholesale retained loans590,490 577,850 559,395 541,183 528,979 2 12 576,025 521,628 10 
Total average retained loans$1,059,962 $1,035,933 $1,004,253 $986,077 $968,369 2 9 $1,033,586 $958,260 8 
(a)At September 30, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $30 million.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Sep 30, 2022
Change
Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Jun 30,Sep 30,
2022202220222021202120222021
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)$(702)$(676)$(644)$(665)$(571)(4)%(23)%
Portfolio-based2,521 2,605 2,538 2,430 2,445 (3)3 
Total consumer, excluding credit card1,819 1,929 1,894 1,765 1,874 (6)(3)
Credit card
Asset-specific (b)218 227 262 313 383 (4)(43)
Portfolio-based10,182 10,173 9,988 9,937 11,267 — (10)
Total credit card10,400 10,400 10,250 10,250 11,650 — (11)
Total consumer12,219 12,329 12,144 12,015 13,524 (1)(10)
Wholesale
Asset-specific (c)450 332 485 263 357 36 26 
Portfolio-based5,516 5,089 4,563 4,108 4,269 8 29 
Total wholesale5,966 5,421 5,048 4,371 4,626 10 29 
Total allowance for loan losses18,185 17,750 17,192 16,386 18,150 2 — 
Allowance for lending-related commitments2,551 2,222 2,358 2,261 2,305 15 11 
Allowance for investment securities61 47 41 42 73 30 (16)
Total allowance for credit losses$20,797 $20,019 $19,591 $18,689 $20,528 4 1 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.60 %0.64 %0.64 %0.60 %0.63 %
Credit card allowance to total credit card retained loans6.10 6.28 6.73 6.64 8.14 
Wholesale allowance to total wholesale retained loans1.00 0.93 0.89 0.78 0.87 
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)1.08 0.99 0.95 0.84 0.93 
Total allowance to total retained loans1.70 1.69 1.69 1.62 1.86 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)46 46 42 36 38 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (e)134 117 102 89 93 
Wholesale allowance to wholesale retained nonaccrual loans317 260 221 213 222 
Total allowance to total retained nonaccrual loans314 283 254 236 259 
(a)Includes collateral-dependent loans, including those considered troubled debt restructurings (“TDRs”) and those for which foreclosure is deemed probable, modified PCD loans, and non-collateral dependent loans that have been modified or are reasonably expected to be modified in a 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)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.
(e)Refer to footnote (a) on page 25 for information on the Firm’s nonaccrual policy for credit card loans.
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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 an FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These financial measures allow management to assess the comparability of revenue from year-to-year arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.
(b)Pre-provision profit is a non-GAAP financial measure which represents total net revenue less total 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 (“NII”), net yield, and noninterest revenue (“NIR”) on a managed basis, management also reviews these metrics excluding CIB Markets (“Markets”, which is composed of Fixed Income Markets and Equity Markets), as shown below. Markets revenue consists of principal transactions, fees, commissions and other income, as well as net interest income.These metrics, which exclude Markets, are non-GAAP financial measures. Management reviews these metrics to assess the performance of the Firm’s lending, investing (including asset-liability management) and deposit-raising activities, apart from any volatility associated with Markets activities. In addition, management also assesses Markets business performance on a total revenue basis as offsets may occur across revenue lines. For example, securities that generate net interest income may be risk-managed by derivatives that are reflected at fair value in principal transactions revenue. Management believes these measures provide investors and analysts with alternative measures to analyze the revenue trends of the Firm. For additional information on Markets revenue, refer to page 70 of the Firm’s 2021 Form 10-K.
QUARTERLY TRENDSNINE MONTHS ENDED SEPTEMBER 30,
3Q22 Change2022 Change
(in millions, except rates)3Q222Q221Q224Q213Q212Q223Q21202220212021
Net interest income - reported$17,518 $15,128 $13,872 $13,601 $13,080 16 %34 %$46,518 $38,710 20 %
Fully taxable-equivalent adjustments112 103 98 108 104 9 8 313 322 (3)
Net interest income - managed basis (a)$17,630 $15,231 $13,970 $13,709 $13,184 16 34 $46,831 $39,032 20 
Less: Markets net interest income707 1,549 2,218 2,066 1,967 (54)(64)4,474 6,177 (28)
Net interest income excluding Markets (a)$16,923 $13,682 $11,752 $11,643 $11,217 24 51 $42,357 $32,855 29 
Average interest-earning assets$3,344,949 $3,385,894 $3,401,951 $3,337,855 $3,219,786 (1)4 $3,377,390 $3,174,858 6 
Less: Average Markets interest-earning assets
952,488 957,304 963,845 908,093 894,892 (1)6 957,837 881,547 9 
Average interest-earning assets excluding Markets$2,392,461 $2,428,590 $2,438,106 $2,429,762 $2,324,894 (1)3 $2,419,553 $2,293,311 6 
Net yield on average interest-earning assets - managed basis2.09 %1.80 %1.67 %1.63 %1.62 %1.85 %1.64 %
Net yield on average Markets interest-earning assets
0.29 0.65 0.93 0.90 0.87 0.62 0.94 
Net yield on average interest-earning assets excluding Markets2.81 2.26 1.95 1.90 1.91 2.34 1.92 
Noninterest revenue - reported$15,198 $15,587 $16,845 $15,656 $16,567 (2)(8)$47,630 $53,682 (11)
Fully taxable-equivalent adjustments663 812 775 984 690 (18)(4)2,250 2,241 — 
Noninterest revenue - managed basis$15,861 $16,399 $17,620 $16,640 $17,257 (3)(8)$49,880 $55,923 (11)
Less: Markets noninterest revenue6,064 6,241 6,535 3,222 4,302 (3)41 18,840 15,929 18 
Noninterest revenue excluding Markets$9,797 $10,158 $11,085 $13,418 $12,955 (4)(24)$31,040 $39,994 (22)
Memo: Markets total net revenue$6,771 $7,790 $8,753 $5,288 $6,269 (13)8 $23,314 $22,106 5 
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.
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