EX-99.2 3 a4q22erfex992supplement.htm EX-99.2 Document
                                                                    
Exhibit 99.2




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EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH 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 Items9–10
Earnings Per Share and Related Information11
Business Segment Results
Consumer & Community Banking (“CCB”)12–15
Corporate & Investment Bank (“CIB”)16–18
Commercial Banking (“CB”)19–20
Asset & Wealth Management (“AWM”)21–23
Corporate24
Credit-Related Information25–28
Non-GAAP Financial Measures29
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 184-189 and pages 190-192 respectively, of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 30,
2022.

                                                                    

JPMORGAN CHASE & CO.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
SELECTED INCOME STATEMENT DATA 4Q223Q222Q221Q224Q213Q224Q21202220212021
Reported Basis
Total net revenue$34,547 $32,716 $30,715 $30,717 $29,257 6 %18 %$128,695 $121,649 6 %
Total noninterest expense19,022 19,178 18,749 19,191 17,888 (1)6 76,140 71,343 7 
Pre-provision profit (a)15,525 13,538 11,966 11,526 11,369 15 37 52,555 50,306 4 
Provision for credit losses2,288 1,537 1,101 1,463 (1,288)49 NM6,389 (9,256)NM
NET INCOME11,008 9,737 8,649 8,282 10,399 13 6 37,676 48,334 (22)
Managed Basis (b)
Total net revenue35,566 33,491 31,630 31,590 30,349 6 17 132,277 125,304 6 
Total noninterest expense19,022 19,178 18,749 19,191 17,888 (1)6 76,140 71,343 7 
Pre-provision profit (a)16,544 14,313 12,881 12,399 12,461 16 33 56,137 53,961 4 
Provision for credit losses2,288 1,537 1,101 1,463 (1,288)49 NM6,389 (9,256)NM
NET INCOME11,008 9,737 8,649 8,282 10,399 13 6 37,676 48,334 (22)
EARNINGS PER SHARE DATA
Net income: Basic$3.58 $3.13 $2.77 $2.64 $3.33 14 8 $12.10 $15.39 (21)
Diluted3.57 3.12 2.76 2.63 3.33 14 7 12.09 15.36 (21)
Average shares: Basic2,962.9 2,961.2 2,962.2 2,977.0 2,977.3 — — 2,965.8 3,021.5 (2)
Diluted2,967.1 2,965.4 2,966.3 2,981.0 2,981.8 — — 2,970.0 3,026.6 (2)
MARKET AND PER COMMON SHARE DATA
Market capitalization$393,484 $306,520 $330,237 $400,379 $466,206 28 (16)$393,484 $466,206 (16)
Common shares at period-end2,934.3 2,933.2 2,932.6 2,937.1 2,944.1 — — 2,934.3 2,944.1 — 
Book value per share90.29 87.00 86.38 86.16 88.07 4 3 90.29 88.07 3 
Tangible book value per share (“TBVPS”) (a)73.12 69.90 69.53 69.58 71.53 5 2 73.12 71.53 2 
Cash dividends declared per share1.00 1.00 1.00 1.00 1.00 — — 4.00 3.80 5 
FINANCIAL RATIOS (c)
Return on common equity (“ROE”)16 %15 %13 %13 %16 %14 %19 %
Return on tangible common equity (“ROTCE”) (a)20 18 17 16 19 18 23 
Return on assets1.16 1.01 0.89 0.86 1.08 0.98 1.30 
CAPITAL RATIOS (d)
Common equity Tier 1 (“CET1”) capital ratio13.2 %(e)12.5 %12.2 %11.9 %13.1 %13.2 %(e)13.1 %
Tier 1 capital ratio14.8 (e)14.1 14.1 13.7 15.0 14.8 (e)15.0 
Total capital ratio16.8 (e)16.0 15.7 15.4 16.8 16.8 (e)16.8 
Tier 1 leverage ratio6.6 (e)6.2 6.2 6.2 6.5 6.6 (e)6.5 
Supplementary leverage ratio (“SLR”)5.6 (e)5.3 5.3 5.2 5.4 5.6 (e)5.4 
 
(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 9–10 for a reconciliation of common stockholders’ equity to TCE. Refer to page 29 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 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 December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the period ended December 31, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion. Refer to Capital Risk Management on pages 45-50 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 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 ratios, headcount and where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$3,665,743 $3,773,884 $3,841,314 $3,954,687 $3,743,567 (3)%(2)%$3,665,743 $3,743,567 (2)%
Loans:
Consumer, excluding credit card loans311,375 313,796 317,212 312,489 323,306 (1)(4)311,375 323,306 (4)
Credit card loans185,175 170,462 165,494 152,283 154,296 9 20 185,175 154,296 20 
Wholesale loans639,097 628,375 621,449 608,513 600,112 2 6 639,097 600,112 6 
Total Loans1,135,647 1,112,633 1,104,155 1,073,285 1,077,714 2 5 1,135,647 1,077,714 5 
Deposits:
U.S. offices:
Noninterest-bearing644,902 688,292 714,478 721,401 711,525 (f)(6)(9)644,902 711,525 (f)(9)
Interest-bearing1,276,346 1,304,012 1,343,802 1,412,589 1,359,932 (f)(2)(6)1,276,346 1,359,932 (f)(6)
Non-U.S. offices:
Noninterest-bearing27,005 26,629 26,983 27,542 26,229 1 3 27,005 26,229 3 
Interest-bearing391,926 389,682 386,281 399,675 364,617 1 7 391,926 364,617 7 
Total deposits2,340,179 2,408,615 2,471,544 2,561,207 2,462,303 (3)(5)2,340,179 2,462,303 (5)
Long-term debt 295,865 287,473 288,212 293,239 301,005 3 (2)295,865 301,005 (2)
Common stockholders’ equity264,928 255,180 253,305 253,061 259,289 4 2 264,928 259,289 2 
Total stockholders’ equity292,332 288,018 286,143 285,899 294,127 1 (1)292,332 294,127 (1)
Loans-to-deposits ratio49 %46 %45 %42 %44 %49 %44 %
Headcount293,723 288,474 278,494 273,948 271,025 2 8 293,723 271,025 8 
95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR (a)$61 $54 $54 $63 $37 13 65 
LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking$15,843 $14,331 $12,614 $12,229 $12,275 11 29 $55,017 $50,073 10 
Corporate & Investment Bank10,548 11,875 11,947 13,529 11,534 (11)(9)47,899 51,749 (7)
Commercial Banking3,404 3,048 2,683 2,398 2,612 12 30 11,533 10,008 15 
Asset & Wealth Management 4,588 4,539 4,306 4,315 4,473 1 3 17,748 16,957 5 
Corporate1,183 (302)80 (881)(545)NMNM80 (3,483)NM
TOTAL NET REVENUE$35,566 $33,491 $31,630 $31,590 $30,349 6 17 $132,277 $125,304 6 
LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking (c)$4,542 $4,334 $3,100 $2,895 $4,147 5 10 $14,871 $20,930 (29)
Corporate & Investment Bank (c)3,328 3,532 3,725 4,385 4,543 (6)(27)14,970 21,134 (29)
Commercial Banking (c)1,423 946 994 850 1,234 50 15 4,213 5,246 (20)
Asset & Wealth Management (c)1,134 1,219 1,004 1,008 1,125 (7)1 4,365 4,737 (8)
Corporate (c)581 (294)(174)(856)(650)NMNM(743)(3,713)80 
NET INCOME$11,008 $9,737 $8,649 $8,282 $10,399 13 6 $37,676 $48,334 (22)
MEMO: SELECTED FIRMWIDE METRICS
Wealth Management (d)
Client assets (in billions)$2,438 $2,302 $2,177 $2,389 $2,456 6 (1)$2,438 $2,456 (1)
Number of client advisors8,166 8,127 7,756 7,614 7,463 — 9 8,166 7,463 9 
J.P.Morgan Payments (e)
Total net revenue4,423 3,762 3,130 2,595 2,579 18 72 13,909 9,861 41 
Merchant processing volume (in billions)583.2 545.4 539.6 490.2 514.9 7 13 2,158.4 1,886.7 14 
Average deposits (in billions)732 748 816 821 832 (2)(12)779 800 (3)
(a)Refer to Corporate & Investment Bank VaR on page 17 for a further information.
(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)Consists of Global Private Bank in AWM and client investment assets in J.P.Morgan Wealth Management in CCB.
(e)Predominantly in CIB and CB.
(f)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 TRENDSFULL YEAR
4Q22 Change2022 Change
REVENUE4Q223Q222Q221Q224Q213Q224Q21202220212021
Investment banking fees $1,418 $1,674 $1,586 $2,008 $3,494 (15)%(59)%$6,686 $13,216 (49)%
Principal transactions4,434 5,383 4,990 5,105 2,182 (18)103 19,912 16,304 22 
Lending- and deposit-related fees1,655 1,731 1,873 1,839 1,784 (4)(7)7,098 7,032 1 
Asset management, administration and commissions5,006 5,069 5,240 5,362 5,549 (1)(10)20,677 21,029 (2)
Investment securities gains/(losses)(874)(959)(153)(394)52 9 NM(2,380)(345)NM
Mortgage fees and related income98 314 378 460 315 (69)(69)1,250 2,170 (42)
Card income1,226 1,086 1,133 975 1,100 13 11 4,420 5,102 (13)
Other income 1,392 900 540 1,490 1,180 55 18 4,322 4,830 (11)
Noninterest revenue14,355 15,198 15,587 16,845 15,656 (6)(8)61,985 69,338 (11)
Interest income33,054 25,611 18,646 15,496 15,019 29 120 92,807 57,864 60 
Interest expense12,862 8,093 3,518 1,624 1,418 59 NM26,097 5,553 370 
Net interest income20,192 17,518 15,128 13,872 13,601 15 48 66,710 52,311 28 
TOTAL NET REVENUE34,547 32,716 30,715 30,717 29,257 6 18 128,695 121,649 6 
Provision for credit losses2,288 1,537 1,101 1,463 (1,288)49 NM6,389 (9,256)NM
NONINTEREST EXPENSE
Compensation expense 10,009 10,539 10,301 10,787 9,065 (5)10 41,636 38,567 8 
Occupancy expense1,271 1,162 1,129 1,134 1,202 9 6 4,696 4,516 4 
Technology, communications and equipment expense 2,256 2,366 2,376 2,360 2,461 (5)(8)9,358 9,941 (6)
Professional and outside services 2,652 2,481 2,469 2,572 2,703 7 (2)10,174 9,814 4 
Marketing1,093 1,017 881 920 947 7 15 3,911 3,036 29 
Other expense (a)1,741 1,613 1,593 1,418 1,510 8 15 6,365 5,469 16 
TOTAL NONINTEREST EXPENSE19,022 19,178 18,749 19,191 17,888 (1)6 76,140 71,343 7 
Income before income tax expense13,237 12,001 10,865 10,063 12,657 10 5 46,166 59,562 (22)
Income tax expense 2,229 2,264 2,216 1,781 2,258 (2)(1)8,490 11,228 (24)
NET INCOME$11,008 $9,737 $8,649 $8,282 $10,399 13 6 $37,676 $48,334 (22)
NET INCOME PER COMMON SHARE DATA
Basic earnings per share$3.58 $3.13 $2.77 $2.64 $3.33 14 8 $12.10 $15.39 (21)
Diluted earnings per share3.57 3.12 2.76 2.63 3.33 14 7 12.09 15.36 (21)
FINANCIAL RATIOS
Return on common equity (b)16 %15 %13 %13 %16 %14 %19 %
Return on tangible common equity (b)(c)20 18 17 16 19 18 23 
Return on assets (b)1.16 1.01 0.89 0.86 1.08 0.98 1.30 
Effective income tax rate 16.8 18.9 20.4 17.7 17.8 18.4 18.9 
Overhead ratio55 59 61 62 61 59 59 
(a)Included Firmwide legal expense of $27 million, $47 million, $73 million, $119 million and $137 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $266 million and $426 million for the full year 2022 and 2021, respectively.
(b)Quarterly ratios are based upon annualized amounts.
(c)Refer to page 29 for further discussion of ROTCE.



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JPMORGAN CHASE & CO.
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CONSOLIDATED BALANCE SHEETS
(in millions)
Dec 31, 2022
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2022202220222022202120222021
ASSETS
Cash and due from banks $27,697 $24,654 $27,215 $26,165 $26,438 12 %5 %
Deposits with banks 539,537 619,533 642,045 728,367 714,396 (13)(24)
Federal funds sold and securities purchased under
resale agreements315,592 301,878 322,156 301,875 261,698 5 21 
Securities borrowed185,369 193,216 202,393 224,852 206,071 (4)(10)
Trading assets:
Debt and equity instruments382,919 413,953 384,260 437,892 376,494 (7)2 
Derivative receivables70,880 92,534 81,317 73,636 57,081 (23)24 
Available-for-sale (“AFS”) securities205,857 188,140 222,069 312,875 308,525 9 (33)
Held-to-maturity (”HTM”) securities425,305 430,106 441,649 366,585 363,707 (1)17 
Investment securities, net of allowance for credit losses631,162 618,246 663,718 679,460 672,232 2 (6)
Loans1,135,647 1,112,633 1,104,155 1,073,285 1,077,714 2 5 
Less: Allowance for loan losses19,726 18,185 17,750 17,192 16,386 8 20 
Loans, net of allowance for loan losses1,115,921 1,094,448 1,086,405 1,056,093 1,061,328 2 5 
Accrued interest and accounts receivable125,189 143,905 145,442 152,207 102,570 (13)22 
Premises and equipment27,734 27,199 26,770 26,916 27,070 2 2 
Goodwill, MSRs and other intangible assets60,859 60,806 59,360 58,485 56,691 — 7 
Other assets 182,884 183,512 200,233 188,739 181,498 — 1 
TOTAL ASSETS$3,665,743 $3,773,884 $3,841,314 $3,954,687 $3,743,567 (3)(2)
LIABILITIES
Deposits$2,340,179 $2,408,615 $2,471,544 $2,561,207 $2,462,303 (3)(5)
Federal funds purchased and securities loaned or sold
under repurchase agreements202,613 239,939 222,719 223,858 194,340 (16)4 
Short-term borrowings44,027 47,866 58,422 57,586 53,594 (8)(18)
Trading liabilities:
Debt and equity instruments126,835 133,175 137,891 144,280 114,577 (5)11 
Derivative payables51,141 56,703 52,417 57,803 50,116 (10)2 
Accounts payable and other liabilities 300,141 300,016 313,326 320,671 262,755 — 14 
Beneficial interests issued by consolidated VIEs12,610 12,079 10,640 10,144 10,750 4 17 
Long-term debt295,865 287,473 288,212 293,239 301,005 3 (2)
TOTAL LIABILITIES3,373,411 3,485,866 3,555,171 3,668,788 3,449,440 (3)(2)
STOCKHOLDERS’ EQUITY
Preferred stock27,404 32,838 32,838 32,838 34,838 (17)(21)
Common stock4,105 4,105 4,105 4,105 4,105 — — 
Additional paid-in capital89,044 88,865 88,614 88,260 88,415 — 1 
Retained earnings296,456 288,776 282,445 277,177 272,268 3 9 
Accumulated other comprehensive income/(loss) (“AOCI”)(17,341)(19,134)(14,369)(9,567)(84)9 NM
Treasury stock, at cost(107,336)(107,432)(107,490)(106,914)(105,415)— (2)
TOTAL STOCKHOLDERS’ EQUITY292,332 288,018 286,143 285,899 294,127 1 (1)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,665,743 $3,773,884 $3,841,314 $3,954,687 $3,743,567 (3)(2)

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JPMORGAN CHASE & CO.
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CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
AVERAGE BALANCES 4Q223Q222Q221Q224Q213Q224Q21202220212021
ASSETS
Deposits with banks $595,631 $652,321 $694,644 $742,311 $767,713 (9)%(22)%$670,773 $719,772 (7)%
Federal funds sold and securities purchased under resale agreements306,173 322,053 305,132 294,951 268,953 (5)14 307,150 269,231 14 
Securities borrowed192,412 204,479 207,437 218,030 207,059 (6)(7)205,516 190,655 8 
Trading assets - debt instruments 302,825 283,414 273,736 272,116 260,555 7 16 283,108 283,829 — 
Investment securities625,388 647,165 672,799 671,165 642,675 (3)(3)653,985 593,977 10 
Loans1,126,002 1,112,761 1,093,106 1,068,637 1,060,254 1 6 1,100,318 1,035,399 6 
All other interest-earning assets (a)116,640 122,756 139,040 134,741 130,646 (5)(11)128,229 123,079 4 
Total interest-earning assets 3,265,071 3,344,949 3,385,894 3,401,951 3,337,855 (2)(2)3,349,079 3,215,942 4 
Trading assets - equity and other instruments126,138 129,221 151,309 156,908 150,770 (2)(16)140,778 172,822 (19)
Trading assets - derivative receivables78,476 83,950 84,483 67,334 66,024 (7)19 78,606 69,101 14 
All other noninterest-earning assets 285,586 284,127 289,957 280,595 277,006 1 3 285,077 267,337 7 
TOTAL ASSETS$3,755,271 $3,842,247 $3,911,643 $3,906,788 $3,831,655 (2)(2)$3,853,540 $3,725,202 3 
LIABILITIES
Interest-bearing deposits $1,695,233 $1,728,852 $1,790,421 $1,781,320 $1,731,609 (g)(2)(2)$1,748,666 $1,672,669 (g)5 
Federal funds purchased and securities loaned or
sold under repurchase agreements247,934 239,582 233,376 250,215 234,504 3 6 242,762 259,302 (6)
Short-term borrowings (b)39,843 45,797 50,833 47,871 46,456 (13)(14)46,063 44,618 3 
Trading liabilities - debt and all other interest-bearing liabilities (c)256,533 278,049 274,435 263,025 246,675 (8)4 268,019 241,431 11 
Beneficial interests issued by consolidated VIEs12,312 11,039 10,577 10,891 11,906 12 3 11,208 14,595 (23)
Long-term debt 246,978 253,012 246,195 254,180 255,710 (2)(3)250,080 250,378 — 
Total interest-bearing liabilities 2,498,833 2,556,331 2,605,837 2,607,502 2,526,860 (2)(1)2,566,798 2,482,993 3 
Noninterest-bearing deposits 684,921 716,518 741,891 734,233 736,203 (g)(4)(7)719,249 674,485 (g)7 
Trading liabilities - equity and other instruments 35,415 36,985 40,937 43,394 40,645 (4)(13)39,155 36,656 7 
Trading liabilities - derivative payables56,988 56,994 61,026 54,522 55,063 — 3 57,388 60,318 (5)
All other noninterest-bearing liabilities 191,929 189,637 181,128 181,105 184,241 1 4 185,989 186,755 — 
TOTAL LIABILITIES3,468,086 3,556,465 3,630,819 3,620,756 3,543,012 (2)(2)3,568,579 3,441,207 4 
Preferred stock28,415 32,838 32,838 33,526 34,838 (13)(18)31,893 33,027 (3)
Common stockholders’ equity258,770 252,944 247,986 252,506 253,805 2 2 253,068 250,968 1 
TOTAL STOCKHOLDERS’ EQUITY287,185 285,782 280,824 286,032 288,643 — (1)284,961 283,995 — 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$3,755,271 $3,842,247 $3,911,643 $3,906,788 $3,831,655 (2)(2)$3,853,540 $3,725,202 3 
AVERAGE RATES (d)
INTEREST-EARNING ASSETS
Deposits with banks 3.14 %1.83 %0.62 %0.13 %0.09 %1.35 %0.07 %
Federal funds sold and securities purchased under resale agreements2.95 1.74 0.71 0.55 0.47 1.51 0.36 
Securities borrowed (e)2.84 1.50 0.33 (0.16)(0.28)1.09 (0.20)
Trading assets - debt instruments 3.75 3.36 3.02 2.65 2.52 3.21 2.42 
Investment securities2.36 1.84 1.55 1.38 1.26 1.77 1.31 
Loans 5.83 5.00 4.28 4.05 4.04 4.81 4.02 
All other interest-earning assets (a)5.76 3.57 1.85 0.97 0.87 2.93 0.73 
Total interest-earning assets 4.03 3.05 2.22 1.86 1.80 2.78 1.81 
INTEREST-BEARING LIABILITIES
Interest-bearing deposits 1.37 0.73 0.20 0.04 0.03 0.58 0.03 
Federal funds purchased and securities loaned or
sold under repurchase agreements3.33 2.10 0.80 0.19 0.13 1.62 0.11 
Short-term borrowings (b)2.47 1.35 0.73 0.32 0.26 1.16 0.28 
Trading liabilities - debt and all other interest-bearing liabilities (c)(e)2.38 1.49 0.69 0.30 0.20 1.21 0.11 
Beneficial interests issued by consolidated VIEs3.74 2.24 1.11 0.69 0.56 2.02 0.57 
Long-term debt 4.87 3.77 2.54 1.72 1.61 3.23 1.71 
Total interest-bearing liabilities 2.04 1.26 0.54 0.25 0.22 1.02 0.22 
INTEREST RATE SPREAD1.99 1.79 1.68 1.61 1.58 1.76 1.59 
NET YIELD ON INTEREST-EARNING ASSETS2.47 2.09 1.80 1.67 1.63 2.00 1.64 
Memo: Net yield on interest-earning assets excluding Markets (f)3.41 2.81 2.26 1.95 1.90 2.60 1.91 
(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 and rates reflect the net impact of interest earned offset by fees paid on client-driven prime brokerage securities borrowed transactions.
(f)    Net yield on interest-earning assets excluding Markets is a non-GAAP financial measure. Refer to page 29 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 29 for additional information on managed basis.

The following summary table provides a reconciliation from reported U.S. GAAP results to managed basis.
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
OTHER INCOME
Other income - reported$1,392 $900 $540 $1,490 $1,180 55 %18 %$4,322 $4,830 (11)%
Fully taxable-equivalent adjustments (a)898 663 812 775 984 35 (9)3,148 3,225 (2)
Other income - managed$2,290 $1,563 $1,352 $2,265 $2,164 47 6 $7,470 $8,055 (7)
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported$14,355 $15,198 $15,587 $16,845 $15,656 (6)(8)$61,985 $69,338 (11)
Fully taxable-equivalent adjustments898 663 812 775 984 35 (9)3,148 3,225 (2)
Total noninterest revenue - managed$15,253 $15,861 $16,399 $17,620 $16,640 (4)(8)$65,133 $72,563 (10)
NET INTEREST INCOME
Net interest income - reported$20,192 $17,518 $15,128 $13,872 $13,601 15 48 $66,710 $52,311 28 
Fully taxable-equivalent adjustments (a)121 112 103 98 108 8 12 434 430 1 
Net interest income - managed$20,313 $17,630 $15,231 $13,970 $13,709 15 48 $67,144 $52,741 27 
TOTAL NET REVENUE
Total net revenue - reported$34,547 $32,716 $30,715 $30,717 $29,257 6 18 $128,695 $121,649 6 
Fully taxable-equivalent adjustments1,019 775 915 873 1,092 31 (7)3,582 3,655 (2)
Total net revenue - managed$35,566 $33,491 $31,630 $31,590 $30,349 6 17 $132,277 $125,304 6 
PRE-PROVISION PROFIT
Pre-provision profit - reported$15,525 $13,538 $11,966 $11,526 $11,369 15 37 $52,555 $50,306 4 
Fully taxable-equivalent adjustments1,019 775 915 873 1,092 31 (7)3,582 3,655 (2)
Pre-provision profit - managed$16,544 $14,313 $12,881 $12,399 $12,461 16 33 $56,137 $53,961 4 
INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported$13,237 $12,001 $10,865 $10,063 $12,657 10 5 $46,166 $59,562 (22)
Fully taxable-equivalent adjustments1,019 775 915 873 1,092 31 (7)3,582 3,655 (2)
Income before income tax expense - managed$14,256 $12,776 $11,780 $10,936 $13,749 12 4 $49,748 $63,217 (21)
INCOME TAX EXPENSE
Income tax expense - reported$2,229 $2,264 $2,216 $1,781 $2,258 (2)(1)$8,490 $11,228 (24)
Fully taxable-equivalent adjustments 1,019 775 915 873 1,092 31 (7)3,582 3,655 (2)
Income tax expense - managed$3,248 $3,039 $3,131 $2,654 $3,350 7 (3)$12,072 $14,883 (19)
OVERHEAD RATIO
Overhead ratio - reported55 %59 %61 %62 %61 %59 %59 %
Overhead ratio - managed53 57 59 61 59 58 57 
(a)Predominantly recognized in CIB, CB and Corporate.
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SEGMENT RESULTS - MANAGED BASIS
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking$15,843 $14,331 $12,614 $12,229 $12,275 11 %29 %$55,017 $50,073 10 %
Corporate & Investment Bank 10,548 11,875 11,947 13,529 11,534 (11)(9)47,899 51,749 (7)
Commercial Banking3,404 3,048 2,683 2,398 2,612 12 30 11,533 10,008 15 
Asset & Wealth Management 4,588 4,539 4,306 4,315 4,473 1 3 17,748 16,957 5 
Corporate1,183 (302)80 (881)(545)NMNM80 (3,483)NM
TOTAL NET REVENUE$35,566 $33,491 $31,630 $31,590 $30,349 6 17 $132,277 $125,304 6 
TOTAL NONINTEREST EXPENSE
Consumer & Community Banking$7,981 $8,047 $7,723 $7,720 $7,754 (1)3 $31,471 $29,256 8 
Corporate & Investment Bank6,426 6,618 6,745 7,298 5,827 (3)10 27,087 25,325 7 
Commercial Banking1,254 1,180 1,156 1,129 1,059 6 18 4,719 4,041 17 
Asset & Wealth Management3,022 3,028 2,919 2,860 2,997 — 1 11,829 10,919 8 
Corporate339 305 206 184 251 11 35 1,034 1,802 (43)
TOTAL NONINTEREST EXPENSE$19,022 $19,178 $18,749 $19,191 $17,888 (1)6 $76,140 $71,343 7 
PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking$7,862 $6,284 $4,891 $4,509 $4,521 25 74 $23,546 $20,817 13 
Corporate & Investment Bank4,122 5,257 5,202 6,231 5,707 (22)(28)20,812 26,424 (21)
Commercial Banking2,150 1,868 1,527 1,269 1,553 15 38 6,814 5,967 14 
Asset & Wealth Management1,566 1,511 1,387 1,455 1,476 4 6 5,919 6,038 (2)
Corporate844 (607)(126)(1,065)(796)NMNM(954)(5,285)82 
PRE-PROVISION PROFIT$16,544 $14,313 $12,881 $12,399 $12,461 16 33 $56,137 $53,961 4 
PROVISION FOR CREDIT LOSSES
Consumer & Community Banking$1,845 $529 $761 $678 $(1,060)249 NM$3,813 $(6,989)NM
Corporate & Investment Bank141 513 59 445 (126)(73)NM1,158 (1,174)NM
Commercial Banking284 618 209 157 (89)(54)NM1,268 (947)NM
Asset & Wealth Management32 (102)44 154 (36)NMNM128 (227)NM
Corporate(14)(21)28 29 23 33 NM22 81 (73)
PROVISION FOR CREDIT LOSSES$2,288 $1,537 $1,101 $1,463 $(1,288)49 NM$6,389 $(9,256)NM
NET INCOME/(LOSS)
Consumer & Community Banking $4,542 $4,334 $3,100 $2,895 $4,147 (a)5 10 $14,871 $20,930 (29)
Corporate & Investment Bank 3,328 3,532 3,725 4,385 4,543 (a)(6)(27)14,970 21,134 (29)
Commercial Banking 1,423 946 994 850 1,234 (a)50 15 4,213 5,246 (20)
Asset & Wealth Management 1,134 1,219 1,004 1,008 1,125 (a)(7)1 4,365 4,737 (8)
Corporate 581 (294)(174)(856)(650)(a)NMNM(743)(3,713)80 
TOTAL NET INCOME$11,008 $9,737 $8,649 $8,282 $10,399 13 6 $37,676 $48,334 (22)
(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)
Dec 31, 2022
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2022 Change
2022202220222022202120222021202220212021
CAPITAL (a)
Risk-based capital metrics
Standardized
CET1 capital$218,936 (c)$209,661 $207,436 $207,903 $213,942 4 %2 %
Tier 1 capital245,630 (c)236,363 239,705 240,076 246,162 4 — 
Total capital277,767 (c)268,076 268,339 269,536 274,900 4 1 
Risk-weighted assets 1,657,870 (c)1,678,498 1,704,893 1,750,678 1,638,900 (1)1 
CET1 capital ratio13.2 %(c)12.5 %12.2 %11.9 %13.1 %
Tier 1 capital ratio14.8 (c)14.1 14.1 13.7 15.0 
Total capital ratio16.8 (c)16.0 15.7 15.4 16.8 
Advanced
CET1 capital$218,936 (c)$209,661 $207,436 $207,903 $213,942 4 2 
Tier 1 capital 245,630 (c)236,363 239,705 240,076 246,162 4 — 
Total capital264,614 (c)256,157 257,329 258,989 265,796 3 — 
Risk-weighted assets1,616,713 (c)1,609,968 1,613,210 1,643,453 1,547,920 — 4 
CET1 capital ratio13.5 %(c)13.0 %12.9 %12.7 %13.8 %
Tier 1 capital ratio15.2 (c)14.7 14.9 14.6 15.9 
Total capital ratio16.4 (c)15.9 16.0 15.8 17.2 
Leverage-based capital metrics
Adjusted average assets (b)$3,703,871 (c)$3,791,804 $3,861,979 $3,857,783 $3,782,035 (2)(2)
Tier 1 leverage ratio6.6 %(c)6.2 %6.2 %6.2 %6.5 %
Total leverage exposure$4,367,136 (c)$4,460,636 $4,563,099 $4,586,537 $4,571,789 (2)(4)
SLR5.6 %(c)5.3 %5.3 %5.2 %5.4 %
MEMO: CET1 CAPITAL ROLLFORWARD
Standardized/Advanced CET1 capital, beginning balance$209,661 $207,436 $207,903 $213,942 $209,917 1 — $213,942 $205,078 4 %
Net income applicable to common equity10,652 9,305 8,239 7,885 9,973 14 7 36,081 46,734 (23)
Dividends declared on common stock(2,972)(2,974)(2,971)(2,976)(2,981)— — (11,893)(11,456)(4)
Net purchase of treasury stock96 58 (576)(1,499)(1,917)66 NM(1,921)(17,231)89 
Changes in additional paid-in capital179 251 354 (155)58 (29)209 629 21 NM
Changes related to AOCI applicable to capital:
Unrealized gains/(losses) on investment securities1,865 (2,145)(4,031)(7,453)(1,441)NMNM(11,764)(5,540)(112)
Translation adjustments, net of hedges711 (581)(679)(62)(88)NMNM(611)(461)(33)
Fair value hedges(101)38 51 110 23 NMNM98 (19)NM
Defined benefit pension and other postretirement employee benefit plans(324)(1,004)20 67 839 68 NM(1,241)922 NM
Changes related to other CET1 capital adjustments(831)(c)(723)(874)(1,956)(441)(15)(88)(4,384)(c)(4,106)(7)
Change in Standardized/Advanced CET1 capital9,275 (c)2,225 (467)(6,039)4,025 317 130 4,994 (c)8,864 (44)
Standardized/Advanced CET1 capital, ending balance$218,936 (c)$209,661 $207,436 $207,903 $213,942 4 2 $218,936 (c)$213,942 2 
(a)The capital metrics reflect 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 December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, CET1 capital reflected the remaining $2.2 billion CECL benefit. For the period ended December 31, 2021, the impact of the CECL capital transition provisions resulted in an increase to CET1 capital of $2.9 billion. Refer to Capital Risk Management on pages 45-50 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 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)Estimated.






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CAPITAL AND OTHER SELECTED BALANCE SHEET ITEMS, CONTINUED
(in millions, except ratio data)
Dec 31, 2022
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2022 Change
2022202220222022202120222021202220212021
TANGIBLE COMMON EQUITY (period-end) (a)
Common stockholders’ equity$264,928 $255,180 $253,305 $253,061 $259,289 4 2 
Less: Goodwill51,662 51,461 50,697 50,298 50,315 — 3 
Less: Other intangible assets1,224 1,205 1,224 893 882 2 39 
Add: Certain deferred tax liabilities (b)2,510 2,509 2,509 2,496 2,499 — — 
Total tangible common equity$214,552 $205,023 $203,893 $204,366 $210,591 5 2 
TANGIBLE COMMON EQUITY (average) (a) 
Common stockholders’ equity$258,770 $252,944 $247,986 $252,506 $253,805 2 2 $253,068 $250,968 1 %
Less: Goodwill51,586 51,323 50,575 50,307 50,362 1 2 50,952 49,584 3 
Less: Other intangible assets1,217 1,208 1,119 896 896 1 36 1,112 876 27 
Add: Certain deferred tax liabilities (b)2,508 2,512 2,503 2,498 2,502 — — 2,505 2,474 1 
Total tangible common equity$208,475 $202,925 $198,795 $203,801 $205,049 3 2 $203,509 $202,982 — 
INTANGIBLE ASSETS (period-end)
Goodwill$51,662 $51,461 $50,697 $50,298 $50,315 — 3 
Mortgage servicing rights7,973 8,140 7,439 7,294 5,494 (2)45 
Other intangible assets1,224 1,205 1,224 893 882 2 39 
Total intangible assets$60,859 $60,806 $59,360 $58,485 $56,691 — 7 
    
(a)Refer to page 29 for further discussion of TCE.
(b)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.

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EARNINGS PER SHARE AND RELATED INFORMATION
(in millions, except per share and ratio data) 
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
EARNINGS PER SHARE
Basic earnings per share
Net income$11,008 $9,737 $8,649 $8,282 $10,399 13 %6 %$37,676 $48,334 (22)%
Less: Preferred stock dividends356 432 410 397 426 (18)(16)1,595 1,600 — 
Net income applicable to common equity10,652 9,305 8,239 7,885 9,973 14 7 36,081 46,734 (23)
Less: Dividends and undistributed earnings allocated to
participating securities54 50 44 40 46 8 17 189 231 (18)
Net income applicable to common stockholders$10,598 $9,255 $8,195 $7,845 $9,927 15 7 $35,892 $46,503 (23)
Total weighted-average basic shares outstanding2,962.9 2,961.2 2,962.2 2,977.0 2,977.3 — — 2,965.8 3,021.5 (2)
Net income per share$3.58 $3.13 $2.77 $2.64 $3.33 14 8 $12.10 $15.39 (21)
Diluted earnings per share
Net income applicable to common stockholders$10,598 $9,255 $8,195 $7,845 $9,927 15 7 $35,892 $46,503 (23)
Total weighted-average basic shares outstanding2,962.9 2,961.2 2,962.2 2,977.0 2,977.3 — — 2,965.8 3,021.5 (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 4.2 4.1 4.0 4.5 — (7)4.2 5.1 (18)
Total weighted-average diluted shares outstanding2,967.1 2,965.4 2,966.3 2,981.0 2,981.8 — — 2,970.0 3,026.6 (2)
Net income per share$3.57 $3.12 $2.76 $2.63 $3.33 14 7 $12.09 $15.36 (21)
COMMON DIVIDENDS
Cash dividends declared per share$1.00 $1.00 $1.00 $1.00 $1.00 — — $4.00 $3.80 5 
Dividend payout ratio28 %32 %36 %38 %30 %33 %25 %
COMMON SHARE REPURCHASE PROGRAM (a)
Total shares of common stock repurchased— — 5.0 18.1 12.1 — NM23.1 119.7 (81)
Average price paid per share of common stock$— $— $124.88 $138.04 $165.47 — NM$135.20 $154.08 (12)
Aggregate repurchases of common stock— — 622 2,500 2,008 — NM3,122 18,448 (83)
EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans1.2 0.6 0.5 11.0 1.1 100 9 13.3 14.5 (8)
Net impact of employee issuances on stockholders’ equity (b)$273 $304 $398 $843 $147 (10)86 $1,818 $1,361 34 
(a)The Firm is authorized to purchase up to $30 billion of common shares under its current repurchase program. In the second half of 2022, as a result of the expected increases in regulatory capital requirements, the Firm 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 TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees$834 $822 $855 $805 $753 1 %11 %$3,316 $3,034 9 %
Asset management, administration and commissions939 939 947 929 950 — (1)3,754 3,514 7 
Mortgage fees and related income90 313 377 456 312 (71)(71)1,236 2,159 (43)
Card income746 665 678 590 675 12 11 2,679 3,563 (25)
All other income (a)910 1,023 1,049 1,122 1,144 (11)(20)4,104 5,016 (18)
Noninterest revenue3,519 3,762 3,906 3,902 3,834 (6)(8)15,089 17,286 (13)
Net interest income12,324 10,569 8,708 8,327 8,441 17 46 39,928 32,787 22 
TOTAL NET REVENUE15,843 14,331 12,614 12,229 12,275 11 29 55,017 50,073 10 
Provision for credit losses1,845 529 761 678 (1,060)249 NM3,813 (6,989)NM
NONINTEREST EXPENSE
Compensation expense3,339 3,345 3,237 3,171 3,177 — 5 13,092 12,142 8 
Noncompensation expense (b)4,642 4,702 4,486 4,549 4,577 (1)1 18,379 17,114 7 
TOTAL NONINTEREST EXPENSE7,981 8,047 7,723 7,720 7,754 (1)3 31,471 29,256 8 
Income before income tax expense6,017 5,755 4,130 3,831 5,581 5 8 19,733 27,806 (29)
Income tax expense 1,475 1,421 1,030 936 1,434 (f)4 3 4,862 6,876 (29)
NET INCOME$4,542 $4,334 $3,100 $2,895 $4,147 (f)5 10 $14,871 $20,930 (29)
REVENUE BY LINE OF BUSINESS
Banking & Wealth Management (c)$9,632 $8,010 $6,558 $6,062 $6,172 20 56 $30,262 $23,980 26 
Home Lending584 920 1,001 1,169 1,084 (37)(46)3,674 5,291 (31)
Card Services & Auto (d)5,627 5,401 5,055 4,998 5,019 4 12 21,081 20,802 1 
MORTGAGE FEES AND RELATED INCOME DETAILS
Production revenue43 93 150 211 327 (54)(87)497 2,215 (78)
Net mortgage servicing revenue (e)47 220 227 245 (15)(79)NM739 (56)NM
Mortgage fees and related income$90 $313 $377 $456 $312 (71)(71)$1,236 $2,159 (43)
FINANCIAL RATIOS
ROE35 %33 %24 %23 %32 %(f)29 %41 %
Overhead ratio 50 56 61 63 63 57 58 
(a)Included operating lease income of $777 million, $854 million, $929 million, $1.0 billion and $1.1 billion for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $3.6 billion and $4.8 billion for the full year 2022 and 2021, respectively.
(b)Included depreciation expense on leased assets of $463 million, $605 million, $652 million, $694 million and $767 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $2.4 billion and $3.3 billion for the full year 2022 and 2021, respectively.
(c)In the fourth quarter of 2022, Consumer & Business Banking was renamed Banking & Wealth Management.
(d)In the fourth quarter of 2022, Card & Auto was renamed Card Services & Auto.
(e)Included MSR risk management results of $(98) million, $54 million, $28 million, $109 million and $(162) million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $93 million and $(525) million for the full year 2022 and 2021, respectively.
(f)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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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$514,085 $500,752 $500,219 $486,183 $500,370 3 %3 %$514,085 $500,370 3 %
Loans:
Banking & Wealth Management (a)29,008 30,230 31,494 32,772 35,095 (4)(17)29,008 35,095 (17)
Home Lending (b)172,554 174,618 176,939 172,025 180,529 (1)(4)172,554 180,529 (4)
Card Services185,175 170,462 165,494 152,283 154,296 9 20 185,175 154,296 20 
Auto 68,191 67,201 67,842 69,251 69,138 1 (1)68,191 69,138 (1)
Total loans 454,928 442,511 441,769 426,331 439,058 3 4 454,928 439,058 4 
Deposits1,131,611 1,173,241 1,178,825 1,189,308 1,148,110 (4)(1)1,131,611 1,148,110 (1)
Equity50,000 50,000 50,000 50,000 50,000 — — 50,000 50,000 — 
SELECTED BALANCE SHEET DATA (average)
Total assets$504,859 $498,858 $496,177 $488,967 $497,675 1 1 $497,263 $489,771 2 
Loans:
Banking & Wealth Management29,412 30,788 32,294 33,742 37,299 (4)(21)31,545 44,906 (30)
Home Lending (c)174,487 176,852 177,330 176,488 183,343 (1)(5)176,285 181,049 (3)
Card Services177,026 168,125 158,434 149,398 148,471 5 19 163,335 140,405 16 
Auto 67,623 66,979 68,569 69,250 68,549 1 (1)68,098 67,624 1 
Total loans448,548 442,744 436,627 428,878 437,662 1 2 439,263 433,984 1 
Deposits1,142,523 1,174,227 1,180,453 1,153,513 1,114,329 (3)3 1,162,680 1,054,956 10 
Equity50,000 50,000 50,000 50,000 50,000 — — 50,000 50,000 — 
Headcount135,347 133,803 130,907 129,268 128,863 1 5 135,347 128,863 5 
(a)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021 included $350 million, $791 million, $1.5 billion, $2.9 billion and $5.4 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 December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, Home Lending loans held-for-sale and loans at fair value were $3.0 billion, $4.1 billion, $5.2 billion, $5.8 billion and $14.9 billion, respectively.
(c)Average Home Lending loans held-for sale and loans at fair value were $4.5 billion, $5.9 billion, $8.1 billion, $10.8 billion and $17.8 billion for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $7.3 billion and $15.4 billion for the full year 2022 and 2021, respectively.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)(c)$3,899 $3,936 $4,217 $4,531 $4,875 (1)%(20)%$3,899 $4,875 (20)%
Net charge-offs/(recoveries)
Banking & Wealth Management95 105 81 89 86 (10)10 370 289 28 
Home Lending(33)(59)(68)(69)(71)44 54 (229)(275)17 
Card Services725 592 580 506 479 22 51 2,403 2,712 (11)
Auto58 41 18 27 21 41 176 144 35 311 
Total net charge-offs/(recoveries)$845 $679 $611 $553 $515 24 64 $2,688 $2,761 (3)
Net charge-off/(recovery) rate
Banking & Wealth Management (d)1.28 %1.35 %1.01 %1.07 %0.91 %1.17 %0.64 %
Home Lending(0.08)(0.14)(0.16)(0.17)(0.17)(0.14)(0.17)
Card Services1.62 1.40 1.47 1.37 1.28 1.47 1.94 
Auto 0.34 0.24 0.11 0.16 0.12 0.21 0.05 
Total net charge-off/(recovery) rate0.75 0.62 0.57 0.54 0.49 0.62 0.66 
30+ day delinquency rate
Home Lending (e)(f)0.83 %0.78 %0.85 %1.03 %1.25 %0.83 %1.25 %
Card Services1.45 1.23 1.05 1.09 1.04 1.45 1.04 
Auto1.01 0.75 0.69 0.57 0.64 1.01 0.64 
90+ day delinquency rate - Card Services0.68 0.57 0.51 0.54 0.50 0.68 0.50 
Allowance for loan losses
Banking & Wealth Management $722 $722 $697 $697 $697 — 4 $722 $697 4 
Home Lending867 667 785 785 660 30 31 867 660 31 
Card Services11,200 10,400 10,400 10,250 10,250 8 9 11,200 10,250 9 
Auto 715 715 740 738 733 — (2)715 733 (2)
Total allowance for loan losses$13,504 $12,504 $12,622 $12,470 $12,340 8 9 $13,504 $12,340 9 
(a)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $187 million, $219 million, $257 million, $315 million and $342 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 December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonaccrual loans excluded $101 million, $57 million, $86 million, $179 million and $506 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 December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021 included $350 million, $791 million, $1.5 billion, $2.9 billion and $5.4 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 December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, the principal balance of loans under payment deferral programs offered in response to the COVID-19 pandemic was $449 million, $454 million, $513 million, $728 million and $1.1 billion in Home Lending, respectively. Loans that are performing according to their modified terms are generally not considered delinquent.
(f)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, excluded mortgage loans 30 or more days past due and insured by U.S. government agencies of $258 million, $284 million, $315 million, $370 million and $405 million, respectively. These amounts have been excluded based upon the government guarantee.

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JPMORGAN CHASE & CO.
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CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
BUSINESS METRICS
Number of:
Branches4,787 4,802 4,822 4,810 4,790 — %— %4,787 4,790 — %
Active digital customers (in thousands) (a)63,136 61,985 60,735 60,286 58,857 2 7 63,136 58,857 7 
Active mobile customers (in thousands) (b)49,710 48,904 47,436 46,527 45,452 2 9 49,710 45,452 9 
Debit and credit card sales volume (in billions)$411.1 $395.8 $397.0 $351.5 $376.2 4 9 $1,555.4 $1,360.7 14 
Total payments transaction volume (in trillions) (c)1.4 1.4 1.5 1.3 1.4 — — 5.6 5.0 12 
Banking & Wealth Management
Average deposits $1,126,420 $1,156,933 $1,163,423 $1,136,115 $1,094,442 (3)3 $1,145,727 $1,035,379 11 
Deposit margin 2.48 %1.83 %1.31 %1.22 %1.22 %1.71 %1.27 %
Business Banking average loans$20,467 $21,263 $22,769 $24,816 $28,919 (4)(29)$22,314 $37,548 (41)
Business Banking origination volume 1,081 977 1,196 1,028 866 11 25 4,282 13,916 (g)(69)
Client investment assets (d)647,120 615,048 628,479 696,316 718,051 5 (10)647,120 718,051 (10)
Number of client advisors5,029 5,017 4,890 4,816 4,725 — 6 5,029 4,725 6 
Home Lending (in billions)
Mortgage origination volume by channel
Retail $4.6 $7.8 $11.0 $15.1 $22.4 (41)(79)$38.5 $91.8 (58)
Correspondent 2.1 4.3 10.9 9.6 19.8 (51)(89)26.9 70.9 (62)
Total mortgage origination volume (e)$6.7 $12.1 $21.9 $24.7 $42.2 (45)(84)$65.4 $162.7 (60)
Third-party mortgage loans serviced (period-end)584.3 586.7 575.6 575.4 519.2 (f)— 13 584.3 519.2 (f)13 
MSR carrying value (period-end)8.0 8.1 7.4 7.3 5.5 (1)45 8.0 5.5 45 
Card Services
Sales volume, excluding Commercial Card (in billions)$284.8 $272.3 $271.2 $236.4 $254.1 5 12 1,064.7 893.5 19 
Net revenue rate10.06 %9.92 %9.59 %9.87 %9.61 %9.87 %10.51 %
Net yield on average loans9.78 9.81 9.50 9.99 9.67 9.77 9.88 
Auto
Loan and lease origination volume (in billions)$7.5 $7.5 $7.0 $8.4 $8.5 — (12)$30.4 $43.6 (30)
Average auto operating lease assets12,333 13,466 14,866 16,423 17,629 (8)(30)14,259 19,064 (25)
(a)Users of all web and/or mobile platforms who have logged in within the past 90 days.
(b)Users of all mobile platforms who have logged in within the past 90 days.
(c)Total payments transaction volume includes debit and credit card sales volume and gross ACH, ATM, teller, wires, BillPay, PayChase, Zelle, person-to-person, cash and checks.
(d)Includes assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager. Refer to AWM segment results on pages 20-22 for additional information.
(e)Firmwide mortgage origination volume was $8.5 billion, $15.2 billion, $27.9 billion, $30.2 billion and $48.2 billion for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $81.8 billion and $182.4 billion for the full year 2022 and 2021, respectively.
(f)Prior-period amount has been revised to conform with the current presentation.
(g)Included $10.6 billion of origination volume under the PPP for the full year 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 TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
INCOME STATEMENT
REVENUE
Investment banking fees$1,467 $1,762 $1,650 $2,050 $3,502 (17)%(58)%$6,929 $13,359 (48)%
Principal transactions4,397 5,258 5,048 5,223 2,116 (16)108 19,926 15,764 26 
Lending- and deposit-related fees548 589 641 641 654 (7)(16)2,419 2,514 (4)
Asset management, administration and commissions1,198 1,198 1,330 1,339 1,252 — (4)5,065 5,024 1 
All other income452 424 80 704 624 7 (28)1,660 1,548 7 
Noninterest revenue8,062 9,231 8,749 9,957 8,148 (13)(1)35,999 38,209 (6)
Net interest income2,486 2,644 3,198 3,572 3,386 (6)(27)11,900 13,540 (12)
TOTAL NET REVENUE (a)10,548 11,875 11,947 13,529 11,534 (11)(9)47,899 51,749 (7)
Provision for credit losses141 513 59 445 (126)(73)NM1,158 (1,174)NM
NONINTEREST EXPENSE
Compensation expense3,091 3,311 3,510 4,006 2,358 (7)31 13,918 13,096 6 
Noncompensation expense3,335 3,307 3,235 3,292 3,469 1 (4)13,169 12,229 8 
TOTAL NONINTEREST EXPENSE6,426 6,618 6,745 7,298 5,827 (3)10 27,087 25,325 7 
Income before income tax expense3,981 4,744 5,143 5,786 5,833 (16)(32)19,654 27,598 (29)
Income tax expense 653 1,212 1,418 1,401 1,290 (c)(46)(49)4,684 6,464 (28)
NET INCOME$3,328 $3,532 $3,725 $4,385 $4,543 (c)(6)(27)$14,970 $21,134 (29)
FINANCIAL RATIOS
ROE12 %13 %14 %17 %21 %(c)14 %25 %
Overhead ratio61 56 56 54 51 57 49 
Compensation expense as percentage of total net revenue29 28 29 30 20 29 25 
REVENUE BY BUSINESS
Investment Banking$1,389 $1,713 $1,351 $2,057 $3,206 (19)(57)$6,510 $12,506 (48)
Payments 2,070 1,989 1,463 1,854 1,801 4 15 7,376 6,270 18 
Lending323 323 410 321 263 — 23 1,377 1,001 38 
Total Banking3,782 4,025 3,224 4,232 5,270 (6)(28)15,263 19,777 (23)
Fixed Income Markets3,739 4,469 4,711 5,698 3,334 (16)12 18,617 16,865 10 
Equity Markets1,931 2,302 3,079 3,055 1,954 (16)(1)10,367 10,529 (2)
Securities Services 1,159 1,110 1,151 1,068 1,064 4 9 4,488 4,328 4 
Credit Adjustments & Other (b)(63)(31)(218)(524)(88)(103)28 (836)250 NM
Total Markets & Securities Services6,766 7,850 8,723 9,297 6,264 (14)8 32,636 31,972 2 
TOTAL NET REVENUE$10,548 $11,875 $11,947 $13,529 $11,534 (11)(9)$47,899 $51,749 (7)
(a)Includes tax-equivalent adjustments, predominantly due to income tax credits and other tax benefits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; and tax-exempt income from municipal bonds of $854 million, $626 million, $772 million, $737 million and $923 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $3.0 billion for both the full year 2022 and 2021.
(b)Consists primarily of centrally managed credit valuation adjustments (“CVA”), funding valuation adjustments (“FVA”) on derivatives, other valuation adjustments, and certain components of fair value option elected liabilities, which are primarily reported in principal transactions revenue. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.
(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.
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CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,334,296 $1,384,618 $1,403,558 $1,460,463 $1,259,896 (4)%6 %$1,334,296 $1,259,896 6 %
Loans:
Loans retained (a)187,642 180,604 171,219 167,791 159,786 4 17 187,642 159,786 17 
Loans held-for-sale and loans at fair value (b)42,304 40,357 46,032 47,260 50,386 5 (16)42,304 50,386 (16)
Total loans 229,946 220,961 217,251 215,051 210,172 4 9 229,946 210,172 9 
Equity103,000 103,000 103,000 103,000 83,000 — 24 103,000 83,000 24 
SELECTED BALANCE SHEET DATA (average)
Total assets$1,384,255 $1,403,247 $1,429,953 $1,407,835 $1,341,267 (1)3 $1,406,250 $1,334,518 5 
Trading assets - debt and equity instruments 406,692 386,895 411,079 419,346 407,656 5 — 405,916 448,099 (9)
Trading assets - derivative receivables 77,669 83,084 83,582 66,692 65,365 (7)19 77,802 68,203 14 
Loans:
Loans retained (a)182,873 176,469 169,909 160,976 153,595 4 19 172,627 145,137 19 
Loans held-for-sale and loans at fair value (b)42,895 45,150 48,048 51,398 52,429 (5)(18)46,846 51,072 (8)
Total loans225,768 221,619 217,957 212,374 206,024 2 10 219,473 196,209 12 
Equity103,000 103,000 103,000 103,000 83,000 — 24 103,000 83,000 24 
Headcount73,452 71,797 69,447 68,292 67,546 2 9 73,452 67,546 9 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$7 $17 $38 $20 $23 (59)(70)$82 $6 NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (c)718 583 697 871 584 23 23 718 584 23 
Nonaccrual loans held-for-sale and loans at fair value (d)848 824 840 949 844 3 — 848 844 — 
Total nonaccrual loans 1,566 1,407 1,537 1,820 1,428 11 10 1,566 1,428 10 
Derivative receivables296 339 447 597 316 (13)(6)296 316 (6)
Assets acquired in loan satisfactions87 85 84 91 91 2 (4)87 91 (4)
Total nonperforming assets 1,949 1,831 2,068 2,508 1,835 6 6 1,949 1,835 6 
Allowance for credit losses:
Allowance for loan losses2,292 2,032 1,809 1,687 1,348 13 70 2,292 1,348 70 
Allowance for lending-related commitments1,448 1,582 1,358 1,459 1,372 (8)6 1,448 1,372 6 
Total allowance for credit losses3,740 3,614 3,167 3,146 2,720 3 38 3,740 2,720 38 
Net charge-off/(recovery) rate (a)(e)0.02 %0.04 %0.09 %0.05 %0.06 %0.05 %— %
Allowance for loan losses to period-end loans retained (a)1.22 1.13 1.06 1.01 0.84 1.22 0.84 
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (f)1.67 1.49 1.38 1.31 1.12 1.67 1.12 
Allowance for loan losses to nonaccrual loans retained (a)(c)319 349 260 194 231 319 231 
Nonaccrual loans to total period-end loans0.68 0.64 0.71 0.85 0.68 0.68 0.68 
(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 $104 million, $111 million, $130 million, $226 million and $58 million were held against these nonaccrual loans at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.
(d)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonaccrual loans excluded mortgage loans 90 or more days past due and insured by U.S. government agencies of $115 million, $143 million, $196 million, $283 million and $281 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 TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
BUSINESS METRICS
Advisory$738 $848 $664 $801 $1,557 (13)%(53)%$3,051 $4,381 (30)%
Equity underwriting250 290 245 249 802 (14)(69)1,034 3,953 (74)
Debt underwriting479 624 741 1,000 1,143 (23)(58)2,844 5,025 (43)
Total investment banking fees$1,467 $1,762 $1,650 $2,050 $3,502 (17)(58)$6,929 $13,359 (48)
Client deposits and other third-party liabilities (average) (a)649,694 669,215 722,388 709,121 717,496 (3)(9)687,391 714,910 (4)
Merchant processing volume (in billions) (b) 583.2 545.4 539.6 490.2 514.9 7 13 2,158.4 1,886.7 14 
Assets under custody (“AUC”) (period-end) (in billions)$28,635 $27,157 $28,579 $31,571 $33,221 5 (14)$28,635 $33,221 (14)
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income$66 $64 $60 $47 $39 3 69 
Foreign exchange 11 9 8 4 4 22 175 
Equities13 11 11 12 12 18 8 
Commodities and other18 14 14 15 12 29 50 
Diversification benefit to CIB trading VaR (d) (50)(47)(43)(33)(31)(6)(61)
CIB trading VaR (c)58 51 50 45 36 14 61 
Credit Portfolio VaR (e)10 10 17 29 5 — 100 
Diversification benefit to CIB VaR (d)(8)(8)(15)(10)(4)— (100)
CIB VaR$60 $53 $52 $64 $37 13 62 
(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 77–79 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended September 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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JPMORGAN CHASE & CO.
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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees $243 $288 $348 $364 $356 (16)%(32)%$1,243 $1,392 (11)%
All other income 486 548 556 503 718 (11)(32)2,093 2,537 (18)
Noninterest revenue 729 836 904 867 1,074 (13)(32)3,336 3,929 (15)
Net interest income2,675 2,212 1,779 1,531 1,538 21 74 8,197 6,079 35 
TOTAL NET REVENUE (a)3,404 3,048 2,683 2,398 2,612 12 30 11,533 10,008 15 
Provision for credit losses284 618 209 157 (89)(54)NM1,268 (947)NM
NONINTEREST EXPENSE
Compensation expense 607 577 559 553 496 5 22 2,296 1,973 16 
Noncompensation expense647 603 597 576 563 7 15 2,423 2,068 17 
TOTAL NONINTEREST EXPENSE1,254 1,180 1,156 1,129 1,059 6 18 4,719 4,041 17 
Income before income tax expense1,866 1,250 1,318 1,112 1,642 49 14 5,546 6,914 (20)
Income tax expense 443 304 324 262 408 (e)46 9 1,333 1,668 (20)
NET INCOME
$1,423 $946 $994 $850 $1,234 (e)50 15 $4,213 $5,246 (20)
REVENUE BY PRODUCT
Lending$1,185 $1,176 $1,058 $1,105 $1,151 1 3 $4,524 $4,629 (2)
Payments (b)1,989 1,618 1,253 1,022 989 23 101 5,882 3,791 55 
Investment banking (b)(c)196 224 234 219 435 (13)(55)873 1,473 (41)
Other34 30 138 52 37 13 (8)254 115 121 
TOTAL NET REVENUE (a)$3,404 $3,048 $2,683 $2,398 $2,612 12 30 $11,533 $10,008 15 
Investment banking revenue, gross (d)$700 $761 $788 $729 $1,456 (8)(52)$2,978 $5,092 (42)
REVENUE BY CLIENT SEGMENT
Middle Market Banking $1,619 $1,366 $1,169 $980 $1,062 19 52 $5,134 $4,004 28 
Corporate Client Banking 1,109 1,052 927 830 928 5 20 3,918 3,508 12 
Commercial Real Estate Banking666 624 590 581 614 7 8 2,461 2,419 2 
Other10 6 (3)7 8 67 25 20 77 (74)
TOTAL NET REVENUE (a)$3,404 $3,048 $2,683 $2,398 $2,612 12 30 $11,533 $10,008 15 
FINANCIAL RATIOS
ROE22 %14 %15 %13 %19 %(e)16 %21 %
Overhead ratio37 39 43 47 41 41 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 $100 million, $80 million, $73 million, $69 million and $99 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $322 million and $330 million for the full year 2022 and 2021, respectively.
(b)In the fourth quarter of 2022, certain revenue from CIB Markets products was reclassified from investment banking to payments. 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)Includes gross revenues earned by the Firm, for investment banking and payments products sold to CB clients, that are subject to a revenue sharing arrangement with the CIB. Refer to page 61 of the Firm’s 2021 Form 10-K for discussion of revenue sharing.
(e)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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COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$257,106 $247,485  $242,456 $235,127 $230,776 4 %11 %$257,106 $230,776 11 %
Loans:
Loans retained233,879 231,829 223,541 213,073 206,220 1 13 233,879 206,220 13 
Loans held-for-sale and loans at fair value707 137 566 1,743 2,223 416 (68)707 2,223 (68)
Total loans$234,586 $231,966 $224,107 $214,816 $208,443 1 13 $234,586 $208,443 13 
Equity25,000 25,000 25,000 25,000 24,000 — 4 25,000 24,000 4 
Period-end loans by client segment
Middle Market Banking (a)$72,625 $71,707 $68,535 $64,306 $61,159 1 19 $72,625  $61,159 19 
Corporate Client Banking53,840 52,940 49,503 46,720 45,315 2 19 53,840 45,315 19 
Commercial Real Estate Banking 107,999 107,241 105,982 103,685 101,751 1 6 107,999 101,751 6 
Other122 78 87 105 218 56 (44)122 218 (44)
Total loans (a)$234,586 $231,966 $224,107 $214,816 $208,443 1 13 $234,586  $208,443 13 
SELECTED BALANCE SHEET DATA (average)
Total assets$253,007 $246,318 $239,381 $233,474 $227,308 3 11 $243,108 $225,548 8 
Loans:
Loans retained234,654 227,539 218,478 208,540 201,676 3 16 222,388 201,920 10 
Loans held-for-sale and loans at fair value673 1,589 1,004 2,147 3,958 (58)(83)1,350 3,122 (57)
Total loans$235,327 $229,128 $219,482 $210,687 $205,634 3 14 $223,738 $205,042 9 
Client deposits and other third-party liabilities278,924 281,336 300,425 316,921 323,821 (1)(14)294,261 301,502 (2)
Equity25,000 25,000 25,000 25,000 24,000 — 4 25,000 24,000 4 
Average loans by client segment
Middle Market Banking $72,109 $70,002 $66,640 $62,437 $59,784 3 21 $67,830 $60,128 13 
Corporate Client Banking 55,137 52,432 47,832 45,595 44,976 5 23 50,281 44,361 13 
Commercial Real Estate Banking 107,831 106,546 104,890 102,498 100,682 1 7 105,459 100,331 5 
Other250 148 120 157 192 69 30 168 222 (24)
Total loans$235,327 $229,128 $219,482 $210,687 $205,634 3 14 $223,738 $205,042 9 
Headcount14,687 14,299 13,811 13,220 12,902 3 14 14,687 12,902 14 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$35 $42 $1 $6 $8 (17)338 $84 $71 18 
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)(c)766 836  761 751  740 (8)4 766 740 4 
Nonaccrual loans held-for-sale and loans  
at fair value— —  — —  — — — — — — 
Total nonaccrual loans766 836 761 751 740 (8)4 766 740 4 
Assets acquired in loan satisfactions— 7 8 17 17 NMNM— 17 NM
Total nonperforming assets766 843 769 768 757 (9)1 766 757 1 
Allowance for credit losses:
Allowance for loan losses3,324 3,050  2,602 2,357  2,219 9 50 3,324 2,219 50 
Allowance for lending-related commitments830 864  725 762  749 (4)11 830 749 11 
Total allowance for credit losses4,154 3,914 3,327 3,119 2,968 6 40 4,154 2,968 40 
Net charge-off/(recovery) rate (d)0.06 %0.07 %— %0.01 %0.02 %0.04 %0.04 %
Allowance for loan losses to period-end loans retained1.42 1.32  1.16 1.11  1.08 1.42 1.08 
Allowance for loan losses to nonaccrual loans retained (b)434 365  342 314  300 434 300 
Nonaccrual loans to period-end total loans0.33 0.36 0.34 0.35 0.36 0.33 0.36 
    
(a)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, total loans included $132 million, $205 million, $335 million, $640 million, and $1.2 billion of loans, respectively, under the PPP, of which $123 million, $187 million, $306 million, $604 million, and $1.1 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 $153 million, $150 million, $74 million, $104 million and $124 million was held against nonaccrual loans retained at December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.
(c)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, and December 31, 2021, nonaccrual loans excluded PPP loans 90 or more days past due and insured by the SBA of $18 million, $27 million, $32 million, $50 million and $114 million, respectively. These amounts have been excluded based upon the SBA guarantee.
(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 TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
INCOME STATEMENT
REVENUE
Asset management, administration and commissions $2,976 $3,044 $3,037 $3,115 $3,330 (2)%(11)%$12,172 $12,333 (1)%
All other income 82 82 47 124 118 — (31)335 738 (55)
Noninterest revenue 3,058 3,126 3,084 3,239 3,448 (2)(11)12,507 13,071 (4)
Net interest income1,530 1,413 1,222 1,076 1,025 8 49 5,241 3,886 35 
TOTAL NET REVENUE4,588 4,539 4,306 4,315 4,473 1 3 17,748 16,957 5 
Provision for credit losses32 (102)44 154 (36)NMNM128 (227)NM
NONINTEREST EXPENSE
Compensation expense 1,649 1,649 1,508 1,530 1,560 — 6 6,336 5,692 11 
Noncompensation expense 1,373 1,379 1,411 1,330 1,437 — (4)5,493 5,227 5 
TOTAL NONINTEREST EXPENSE3,022 3,028 2,919 2,860 2,997 — 1 11,829 10,919 8 
Income before income tax expense1,534 1,613 1,343 1,301 1,512 (5)1 5,791 6,265 (8)
Income tax expense 400 394 339 293 387 (a)2 3 1,426 1,528 (7)
NET INCOME $1,134 $1,219 $1,004 $1,008 $1,125 (a)(7)1 $4,365 $4,737 (8)
REVENUE BY LINE OF BUSINESS
Asset Management $2,158 $2,209 $2,137 $2,314 $2,488 (2)(13)$8,818 $9,246 (5)
Global Private Bank2,430 2,330 2,169 2,001 1,985 4 22 8,930 7,711 16 
TOTAL NET REVENUE $4,588 $4,539 $4,306 $4,315 $4,473 1 3 $17,748 $16,957 5 
FINANCIAL RATIOS
ROE26 %28 %23 %23 % 31 % (a)25 %33 %
Overhead ratio66 67 68 66 67 67 64 
Pretax margin ratio:
Asset Management27 31 29 33 32 30 35 
Global Private Bank39 40 33 27 36 35 39 
Asset & Wealth Management33 36 31 30 34 33 37 
Headcount26,041 25,769 23,981 23,366 22,762 1 14 26,041 22,762 14 
Number of Global Private Bank client advisors3,137 3,110 2,866 2,798 2,738 1 15 3,137 2,738 15 
(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 TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
SELECTED BALANCE SHEET DATA (period-end)
Total assets$232,037 $232,303 $235,553 $233,070 $234,425 — %(1)%$232,037 $234,425 -1 %
Loans214,006 214,989 218,841 215,130 218,271 — (2)214,006 218,271 (2)
Deposits233,130 242,315 257,437 287,293 282,052 (4)(17)233,130 282,052 (17)
Equity17,000 17,000 17,000 17,000 14,000 — 21 17,000 14,000 21 
SELECTED BALANCE SHEET DATA (average)
Total assets$230,149 $232,748 $234,565 $232,310 $227,597 (1)1 $232,438 $217,187 7 
Loans214,150 216,714 216,846 214,611 209,169 (1)2 215,582 198,487 9 
Deposits236,965 253,026 268,861 287,756 264,580 (6)(10)261,489 230,296 14 
Equity17,000 17,000 17,000 17,000 14,000 — 21 17,000 14,000 21 
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)$(2)$(13)$9 $(1)$4 85 NM$(7)$26 NM
Nonaccrual loans459 467 620 626 708 (2)(35)459 708 (35)
Allowance for credit losses:
Allowance for loan losses494 461 547 516 365 7 35 494 365 35 
Allowance for lending-related commitments20 21 22 19 18 (5)11 20 18 11 
Total allowance for credit losses514 482 569 535 383 7 34 514 383 34 
Net charge-off/(recovery) rate— %(0.02)%0.02 %— %0.01 %— %0.01 %
Allowance for loan losses to period-end loans0.23 0.21 0.25 0.24 0.17 0.23 0.17 
Allowance for loan losses to nonaccrual loans108 99 88 82 52 108 52 
Nonaccrual loans to period-end loans0.21 0.22 0.28 0.29 0.32 0.21 0.32 
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JPMORGAN CHASE & CO.
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ASSET & WEALTH MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
Dec 31, 2022
ChangeFULL YEAR
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,2022 Change
CLIENT ASSETS2022202220222022202120222021202220212021
Assets by asset class
Liquidity $654 $615 $654 $657 $708 6 %(8)%$654 $708 (8)%
Fixed income 638 612 624 657 693 4 (8)638 693 (8)
Equity670 609 641 739 779 10 (14)670 779 (14)
Multi-asset603 577 615 699 732 5 (18)603 732 (18)
Alternatives201 203 209 208 201 (1)— 201 201 — 
TOTAL ASSETS UNDER MANAGEMENT2,766 2,616 2,743 2,960 3,113 6 (11)2,766 3,113 (11)
Custody/brokerage/administration/deposits1,282 1,207 1,055 1,156 1,182 6 8 1,282 1,182 8 
TOTAL CLIENT ASSETS (a)$4,048 $3,823 $3,798 $4,116 $4,295 6 (6)$4,048 $4,295 (6)
Assets by client segment
Private Banking$751 $698 $712 $777 $805 8 (7)$751 $805 (7)
Global Institutional1,252 1,209 1,294 1,355 1,430 4 (12)1,252 1,430 (12)
Global Funds763 709 737 828 878 8 (13)763 878 (13)
TOTAL ASSETS UNDER MANAGEMENT$2,766 $2,616 $2,743 $2,960 $3,113 6 (11)$2,766 $3,113 (11)
Private Banking$1,964 $1,848 $1,715 $1,880 $1,931 6 2 $1,964 $1,931 2 
Global Institutional1,314 1,261 1,339 1,402 1,479 4 (11)1,314 1,479 (11)
Global Funds770 714 744 834 885 8 (13)770 885 (13)
TOTAL CLIENT ASSETS (a)$4,048 $3,823 $3,798 $4,116 $4,295 6 (6)$4,048 $4,295 (6)
Assets under management rollforward
Beginning balance$2,616 $2,743 $2,960 $3,113 $2,996 $3,113 $2,716 
Net asset flows:
Liquidity 33 (36)— (52)20 (55)68 
Fixed income 8 9 (1)(3)— 13 36 
Equity9 6 9 11 18 35 85 
Multi-asset(7)(5)(3)6 6 (9)17 
Alternatives— 2 1 5 10 8 26 
Market/performance/other impacts107 (103)(223)(120)63 (339)165 
Ending balance$2,766 $2,616 $2,743 $2,960 $3,113 $2,766 $3,113 
Client assets rollforward
Beginning balance$3,823 $3,798 $4,116 $4,295 $4,096 $4,295 $3,652 
Net asset flows70 (15)(1)(5)109 49 389 
Market/performance/other impacts155 40 (317)(174)90 (296)254 
Ending balance$4,048 $3,823 $3,798 $4,116 $4,295 $4,048 $4,295 
(a)Includes CCB client investment assets invested in managed accounts and J.P. Morgan mutual funds where AWM is the investment manager.
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CORPORATE
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
INCOME STATEMENT
REVENUE
Principal transactions$(7)$(76)$17 $(161)$26 91 %NM$(227)$187 NM
Investment securities gains/(losses)(874)(959)(153)(394)52 9 NM(2,380)(345)NM
All other income 766 (d)(59)(108)210 58 NMNM809 226 258 %
Noninterest revenue(115)(1,094)(244)(345)136 89 NM(1,798)68 NM
Net interest income 1,298 792 324 (536)(681)64 NM1,878 (3,551)NM
TOTAL NET REVENUE (a)1,183 (302)80 (881)(545)NMNM80 (3,483)NM
Provision for credit losses(14)(21)28 29 23 33 NM22 81 (73)
NONINTEREST EXPENSE339 305 206 184 251 11 35 1,034 1,802 (43)
Income/(loss) before income tax expense/(benefit)858 (586)(154)(1,094)(819)NMNM(976)(5,366)82 
Income tax expense/(benefit) 277 (292)20 (238)(169)(e)NMNM(233)(1,653)86 
NET INCOME/(LOSS)
$581 $(294)$(174)$(856)$(650)(e)NMNM$(743)$(3,713)80 
MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)
603 (180)82 (944)(480)NMNM(439)(3,464)87 
Other Corporate580 (122)(2)63 (65)NMNM519 (19)NM
TOTAL NET REVENUE$1,183 $(302)$80 $(881)$(545)NMNM$80 $(3,483)NM
NET INCOME/(LOSS)
Treasury and CIO531 (68)88 (748)(428)NMNM(197)(3,057)94 
Other Corporate 50 (226)(262)(108)(222)(e)NMNM(546)(656)17 
TOTAL NET INCOME/(LOSS) $581 $(294)$(174)$(856)$(650)(e)NMNM$(743)$(3,713)80 
SELECTED BALANCE SHEET DATA (period-end)
Total assets$1,328,219 $1,408,726 $1,459,528 $1,539,844 $1,518,100 (6)(13)$1,328,219 $1,518,100 (13)
Loans2,181 2,206 2,187 1,957 1,770 (1)23 2,181 1,770 23 
Deposits 14,203 (f)14,449 (f)13,191 (f)1,434 396 (2)NM14,203 (f)396 NM
Headcount44,196 42,806 40,348 39,802 38,952 3 13 44,196 38,952 13 
SUPPLEMENTAL INFORMATION
TREASURY and CIO
Investment securities gains/(losses)$(874)$(959)$(153)$(394)$52 9 NM$(2,380)$(345)NM
Available-for-sale securities (average) 195,788 209,008 252,121 304,314 290,590 (6)(33)239,924 306,827 (22)
Held-to-maturity securities (average) (b)427,802 436,302 418,843 364,814 349,989 (2)22 412,180 285,086 45 
Investment securities portfolio (average)$623,590 $645,310 $670,964 $669,128 $640,579 (3)(3)$652,104 $591,913 10 
Available-for-sale securities (period-end) 203,981 186,441 220,213 310,909 306,352 9 (33)203,981 306,352 (33)
Held-to-maturity securities (period-end) (b)425,305 430,106 441,649 366,585 363,707 (1)17 425,305 363,707 17 
Investment securities portfolio, net of allowance for credit losses (period-end) (c)$629,286 $616,547 $661,862 $677,494 $670,059 2 (6)$629,286 $670,059 (6)
(a)Included tax-equivalent adjustments, driven by tax-exempt income from municipal bonds, of $58 million, $59 million, $60 million, $58 million and $60 million for the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively, and $235 million and $257 million for the full year 2022 and 2021, respectively.
(b)During 2022 and 2021, the Firm transferred $78.3 billion and $104.5 billion of investment securities, respectively, from AFS to HTM for capital management purposes.
(c)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, the allowance for credit losses on investment securities was $67 million, $52 million, $47 million, $41 million and $42 million, respectively.
(d)Included a $914 million gain on sale of Visa B shares.
(e)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.
(f)Predominantly relates to international consumer growth initiatives.

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CREDIT-RELATED INFORMATION
(in millions)
Dec 31, 2022
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2022202220222022202120222021
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained$300,753 $301,403 $302,631 $296,161 $295,556 — %2 %
Loans held-for-sale and loans at fair value 10,622 12,393 14,581 16,328 27,750 (14)(62)
Total consumer, excluding credit card loans311,375 313,796 317,212 312,489 323,306 (1)(4)
Credit card loans
Loans retained185,175 170,462 165,494 152,283 154,296 9 20 
Total credit card loans185,175 170,462 165,494 152,283 154,296 9 20 
Total consumer loans 496,550 484,258 482,706 464,772 477,602 3 4 
Wholesale loans (b)
Loans retained603,670 596,208 584,265 569,953 560,354 1 8 
Loans held-for-sale and loans at fair value 35,427 32,167 37,184 38,560 39,758 10 (11)
Total wholesale loans 639,097 628,375 621,449 608,513 600,112 2 6 
Total loans 1,135,647 1,112,633 1,104,155 1,073,285 1,077,714 2 5 
Derivative receivables 70,880 92,534 81,317 73,636 57,081 (23)24 
Receivables from customers (c)49,257 54,921 58,349 68,473 59,645 (10)(17)
Total credit-related assets 1,255,784 1,260,088 1,243,821 1,215,394 1,194,440 — 5 
Lending-related commitments
Consumer, excluding credit card 33,518 34,868 40,484 47,103 45,334 (4)(26)
Credit card (d)821,284 798,855 774,021 757,283 730,534 3 12 
Wholesale 472,264 472,950 487,500 497,232 486,445 (g)— (3)
Total lending-related commitments1,327,066 1,306,673 1,302,005 1,301,618 1,262,313 2 5 
Total credit exposure $2,582,850 $2,566,761 $2,545,826 $2,517,012 $2,456,753 1 5 
Memo: Total by category
Consumer exposure (e)$1,351,352 $1,317,981 $1,297,211 $1,269,158 $1,253,470 3 8 
Wholesale exposure (f)1,231,498 1,248,780 1,248,615 1,247,854 1,203,283 (1)2 
Total credit exposure$2,582,850 $2,566,761 $2,545,826 $2,517,012 $2,456,753 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 J.P. Morgan Wealth Management loans held in Banking & Wealth Management, 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)
Dec 31, 2022
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2022202220222022202120222021
NONPERFORMING ASSETS (a)(b)
Consumer nonaccrual loans
   Loans retained $3,874 $3,917 $4,186 $4,485 $4,878 (1)%(21)%
   Loans held-for-sale and loans at fair value 451 461 486 525 472 (2)(4)
Total consumer nonaccrual loans4,325 4,378 4,672 5,010 5,350 (1)(19)
Wholesale nonaccrual loans
Loans retained1,963 1,882 2,083 2,289 2,054 4 (4)
Loans held-for-sale and loans at fair value 432 414 407 459 391 4 10 
Total wholesale nonaccrual loans 2,395 2,296 2,490 2,748 2,445 4 (2)
Total nonaccrual loans (c)6,720 6,674 7,162 7,758 7,795 1 (14)
Derivative receivables 296 339 447 597 316 (13)(6)
Assets acquired in loan satisfactions231 230 236 250 235 — (2)
Total nonperforming assets 7,247 7,243 7,845 8,605 8,346 — (13)
Wholesale lending-related commitments (d) 455 470 397 767 764 (3)(40)
Total nonperforming exposure $7,702 $7,713 $8,242 $9,372 $9,110 — (15)
NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans 0.59 %0.60 %0.65 %0.72 %0.72 %
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans 1.39 1.40 1.47 1.60 1.65 
Total wholesale nonaccrual loans to total
wholesale loans 0.37 0.37 0.40 0.45 0.41 
(a)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonperforming assets excluded: (1) mortgage loans 90 or more days past due and insured by U.S. government agencies of $302 million, $362 million, $453 million, $598 million and $623 million, respectively; and (2) real estate owned (“REO”) insured by U.S. government agencies of $10 million, $9 million, $8 million, $6 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 2022 Form 10-K for additional information on the Firm’s credit card nonaccrual and charge-off policies.
(b)At December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, nonperforming assets excluded PPP loans 90 or more days past due and insured by the SBA of $119 million, $85 million, $119 million, $236 million and $633 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 TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance$18,185 $17,750 $17,192 $16,386 $18,150 2 %— %$16,386 $28,328 (42)%
Net charge-offs:
Gross charge-offs1,210 1,104 1,036 976 968 10 25 4,326 4,564 (5)
Gross recoveries collected(323)(377)(379)(394)(418)14 23 (1,473)(1,699)13 
Net charge-offs887 727 657 582 550 22 61 2,853 2,865 — 
Provision for loan losses2,426 1,165 1,230 1,368 (1,214)108 NM6,189 (9,071)NM
Other2 (3)(15)20 — NMNM4 (6)NM
Ending balance$19,726 $18,185 $17,750 $17,192 $16,386 8 20 $19,726 $16,386 20 
ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance$2,551 $2,222 $2,358 $2,261 $2,305 15 11 $2,261 $2,409 (6)
Provision for lending-related commitments(169)328 (135)96 (43)NM(293)120 (149)NM
Other— 1 (1)1 (1)NMNM1 1 — 
Ending balance$2,382 $2,551 $2,222 $2,358 $2,261 (7)5 $2,382 $2,261 5 
ALLOWANCE FOR INVESTMENT SECURITIES$96 $61 $47 $41 $42 57 129 $96 $42 129 
Total allowance for credit losses (a)$22,204 $20,797 $20,019 $19,591 $18,689 7 19 $22,204 $18,689 19 
NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans 0.16 %0.10 %0.04 %0.06 %0.04 %0.09 %— %
Credit card retained loans1.62 1.40 1.47 1.37 1.28 1.47 1.94 
Total consumer retained loans0.70 0.56 0.53 0.50 0.45 0.58 0.62 
Wholesale retained loans0.03 0.04 0.03 0.02 0.03 0.03 0.03 
Total retained loans 0.33 0.27 0.25 0.24 0.22 0.27 0.30 
Memo: Average retained loans
Consumer retained, excluding credit card loans$301,093 $301,347 $299,649 $295,460 $296,423 — 2 $299,409 $298,814 — 
Credit card retained loans177,026 168,125 158,434 149,398 148,471 5 19 163,335 139,900 17 
Total average retained consumer loans478,119 469,472 458,083 444,858 444,894 2 7 462,744 438,714 5 
Wholesale retained loans599,817 590,490 577,850 559,395 541,183 2 11 582,021 526,557 11 
Total average retained loans$1,077,936 $1,059,962 $1,035,933 $1,004,253 $986,077 2 9 $1,044,765 $965,271 8 
(a)At December 31, 2022, September 30, 2022 excludes an allowance for credit losses associated with certain accounts receivable in CIB of $21 million and $30 million, respectively.
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CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Dec 31, 2022
Change
Dec 31,Sep 30,Jun 30,Mar 31,Dec 31,Sep 30,Dec 31,
2022202220222022202120222021
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)$(674)$(702)$(676)$(644)$(665)4 %(1)%
Portfolio-based2,714 2,521 2,605 2,538 2,430 8 12 
Total consumer, excluding credit card2,040 1,819 1,929 1,894 1,765 12 16 
Credit card
Asset-specific (b)223 218 227 262 313 2 (29)
Portfolio-based10,977 10,182 10,173 9,988 9,937 8 10 
Total credit card11,200 10,400 10,400 10,250 10,250 8 9 
Total consumer13,240 12,219 12,329 12,144 12,015 8 10 
Wholesale
Asset-specific (c)467 450 332 485 263 4 78 
Portfolio-based6,019 5,516 5,089 4,563 4,108 9 47 
Total wholesale6,486 5,966 5,421 5,048 4,371 9 48 
Total allowance for loan losses 19,726 18,185 17,750 17,192 16,386 8 20 
Allowance for lending-related commitments2,382 2,551 2,222 2,358 2,261 (7)5 
Allowance for investment securities96 61 47 41 42 57 129 
Total allowance for credit losses$22,204 $20,797 $20,019 $19,591 $18,689 7 19 
CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans0.68 %0.60 %0.64 %0.64 %0.60 %
Credit card allowance to total credit card retained loans6.05 6.10 6.28 6.73 6.64 
Wholesale allowance to total wholesale retained loans1.07 1.00 0.93 0.89 0.78 
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)1.17 1.08 0.99 0.95 0.84 
Total allowance to total retained loans1.81 1.70 1.69 1.69 1.62 
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)53 46 46 42 36 
Total allowance, excluding credit card allowance, to retained
 nonaccrual loans, excluding credit card nonaccrual loans (e)146 134 117 102 89 
Wholesale allowance to wholesale retained nonaccrual loans330 317 260 221 213 
Total allowance to total retained nonaccrual loans338 314 283 254 236 
(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 26 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 TRENDSFULL YEAR
4Q22 Change2022 Change
(in millions, except rates)4Q223Q222Q221Q224Q213Q224Q21202220212021
Net interest income - reported$20,192 $17,518 $15,128 $13,872 $13,601 15 %48 %$66,710 $52,311 28 %
Fully taxable-equivalent adjustments121 112 103 98 108 8 12 434 430 1 
Net interest income - managed basis (a)$20,313 $17,630 $15,231 $13,970 $13,709 15 48 $67,144 $52,741 27 
Less: Markets net interest income315 707 1,549 2,218 2,066 (55)(85)4,789 8,243 (42)
Net interest income excluding Markets (a)$19,998 $16,923 $13,682 $11,752 $11,643 18 72 $62,355 $44,498 40 
Average interest-earning assets$3,265,071 $3,344,949 $3,385,894 $3,401,951 $3,337,855 (2)(2)$3,349,079 $3,215,942 4 
Less: Average Markets interest-earning assets
939,420 952,488 957,304 963,845 908,093 (1)3 953,195 888,238 7 
Average interest-earning assets excluding Markets$2,325,651 $2,392,461 $2,428,590 $2,438,106 $2,429,762 (3)(4)$2,395,884 $2,327,704 3 
Net yield on average interest-earning assets - managed basis2.47 %2.09 %1.80 %1.67 %1.63 %2.00 %1.64 %
Net yield on average Markets interest-earning assets
0.13 0.29 0.65 0.93 0.90 0.50 0.93 
Net yield on average interest-earning assets excluding Markets3.41 2.81 2.26 1.95 1.90 2.60 1.91 
Noninterest revenue - reported$14,355 $15,198 $15,587 $16,845 $15,656 (6)(8)$61,985 $69,338 (11)
Fully taxable-equivalent adjustments898 663 812 775 984 35 (9)3,148 3,225 (2)
Noninterest revenue - managed basis$15,253 $15,861 $16,399 $17,620 $16,640 (4)(8)$65,133 $72,563 (10)
Less: Markets noninterest revenue5,355 6,064 6,241 6,535 3,222 (12)66 24,195 19,151 26 
Noninterest revenue excluding Markets$9,898 $9,797 $10,158 $11,085 $13,418 1 (26)$40,938 $53,412 (23)
Memo: Markets total net revenue$5,670 $6,771 $7,790 $8,753 $5,288 (16)7 $28,984 $27,394 6 
(a) Interest includes the effect of related hedges. Taxable-equivalent amounts are used where applicable.