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JPMorganChase's U.S. broker-dealers are supervised and regulated by the Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA"). Subsidiaries of the Firm that engage in certain futures-related and swaps-related activities are supervised and regulated by the Commodity Futures... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 682 | 3 |
Holding company as a source of strength.
JPMorgan Chase & Co. is required to serve as a source of financial strength for its depository institution subsidiaries and to commit resources to support those subsidiaries, including when directed to do so by the Federal Reserve.
Regulation of acquisitions
. Acquisitions by... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 767 | 2 |
The Federal Deposit Insurance Corporation Improvement Act of 1991 requires the relevant federal banking regulator to take "prompt corrective action" with respect to a depository institution if that institution does not meet certain
3
Part I
capital adequacy standards. The Federal Reserve is also authorized to take a... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 619 | 2 |
matters. These laws, rules and regulations are constantly evolving, subject to interpretation, remain a focus of regulators globally, may be enforced by private parties or government bodies, and continue to have a significant impact on all of the Firm's businesses and operations.
For example, the Digital Operational R... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 638 | 2 |
The Firm's compensation practices are subject to oversight by the Federal Reserve, as well as other agencies. The Federal Reserve has jointly issued guidance with the FDIC and the OCC that is designed to ensure that incentive compensation paid by banking organizations does not encourage imprudent risk-taking that threa... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 785 | 3 |
(c)
Presented as a percentage of the respective populations who self-identified gender, which was 99% of each of the Firm's total global employees and senior level employees, and all members of the Operating Committee and the Board of Directors.
(d)
Presented as a percentage of total U.S.-based employees, total U.S.... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 762 | 3 |
The principal risk factors that could adversely affect JPMorganChase's business, results of operations, financial condition, capital position, liquidity, competitive position or reputation include:
•
Regulatory
risks, including the impact that applicable laws, rules and regulations in the highly-regulated and superv... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 762 | 6 |
risks, including risks associated with JPMorganChase's dependence on its operational systems and its employees, as well as the systems and employees of third parties, market participants and service providers; the potential negative effects of failing to identify and address operational risks related to the failure of ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 766 | 4 |
JPMorganChase is a financial services firm with operations worldwide. JPMorganChase must comply with the laws, rules and regulations that apply to its operations in all of the jurisdictions around the world in which it does business, and financial services firms such as JPMorganChase are subject to extensive and consta... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 745 | 5 |
•
the financial services regulatory and supervisory framework in a particular jurisdiction may favor financial institutions that are based in that jurisdiction.
These types of differences in the regulatory and supervisory framework can result in JPMorganChase losing market share to competitors that are less regulated... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 765 | 4 |
JPMorganChase is subject to heightened oversight and scrutiny from regulatory authorities in many jurisdictions. JPMorganChase has paid significant fines, provided other monetary relief, incurred other
| 12 | | |
penalties and experienced other repercussions in connection with resolving investigations and enforceme... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 800 | 4 |
uncertainty concerning the enforceability of intellectual property rights or contractual or other obligations
•
difficulty in competing in economies in which the government controls or protects all or a portion of the local economy or specific businesses, or where graft or corruption may be pervasive
•
the threat o... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 681 | 5 |
harm to its reputation arising from public criticism, including from politicians, activists and other stakeholders.
JPMorganChase has been prohibited from engaging in certain business activities in specific jurisdictions as a result of these types of governmental actions, and there is no assurance that it will not fac... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 787 | 3 |
The preferred "single point of entry" strategy under JPMorganChase's resolution plan contemplates that the Parent Company would enter bankruptcy proceedings and JPMorganChase's material subsidiaries would be recapitalized, as needed, so that they could continue normal operations or subsequently be divested or wound dow... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 796 | 2 |
cause JPMorganChase to refrain from engaging in business opportunities that it might otherwise pursue.
These factors could lead to:
•
slower growth rates, rising inflation or recession
•
disruptions in labor markets
•
greater market volatility
| | | 15 |
Part I
•
a contraction of available credit and the w... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 757 | 4 |
consumer and small business confidence levels, and
•
changes in consumer spending or in the level of consumer debt.
Heightened levels of unemployment or underemployment that result in reduced personal and household income could negatively affect consumer credit performance to the extent that consumers are less able ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 703 | 5 |
dispose of portions of credit commitments at a loss, or hold larger residual positions in credit commitments that cannot be sold at favorable prices.
The fees that JPMorganChase earns from managing client assets or holding assets under custody for clients could be diminished by declining asset values
or other adverse... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 769 | 5 |
•
losses on available-for-sale ("AFS") securities held in the investment securities portfolio
•
lower net interest income if central banks introduce interest rate increases more quickly than anticipated and this results in a misalignment in the pricing of short-term and long-term borrowings
•
less liquidity in the... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 779 | 4 |
JPMorganChase can be negatively affected by adverse changes in the financial condition of clients, counterparties, custodians and CCPs.
JPMorganChase routinely executes transactions with clients and counterparties such as corporations, financial institutions, asset managers, hedge funds, securities exchanges and gover... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 735 | 2 |
Transactions with government entities, including national, state, provincial, municipal and local authorities, can expose JPMorganChase to enhanced sovereign, credit, operational and reputation risks. Government entities may, among other things, claim that actions taken by government officials were beyond the legal aut... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 777 | 2 |
•
have business profiles, models or strategies that could cause their ability to meet their obligations to be similarly affected by changes in economic conditions.
For example, a significant deterioration in the credit quality of a counterparty, borrower or other obligor could lead to concerns about the creditworthin... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 766 | 5 |
•
lack of market or customer confidence in JPMorganChase or financial institutions in general.
A reduction in JPMorganChase's liquidity may be caused by events over which it has little or no control. For example, periods of market stress, low investor confidence and significant market illiquidity could result in high... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 785 | 5 |
assumptions about government support, and
•
economic and geopolitical developments.
JPMorganChase closely monitors and manages, to the extent that it is able, factors that could influence its credit ratings. However, there is no assurance that JPMorganChase's credit ratings will not be downgraded in the future. Furt... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 764 | 4 |
•
disruptions in operational systems or in the ability of systems to communicate with each other could be caused by failures in synchronization or encryption software, or degraded performance of microprocessors, and
•
attempts by third parties to block the use of key technology solutions by claiming that the use inf... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 777 | 2 |
•
the possibility that funds transfers, capital markets trades or other transactions are executed erroneously
•
financial losses, including due to loss-sharing requirements of CCPs, payment systems or other market infrastructures, or as possible restitution to clients and customers
•
higher operational costs assoc... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 798 | 2 |
•
disruption of or damage to JPMorganChase's systems and those of its clients, customers and counterparties
•
the inability, or extended delays in the ability, to fully recover and restore data that has been stolen, manipulated or destroyed, or the inability to prevent systems from processing fraudulent transactions... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 686 | 2 |
weaker competitive standing.
Any of the foregoing consequences could materially and adversely affect JPMorganChase's businesses and results of operations.
JPMorganChase's business and operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, and on the comp... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 737 | 4 |
require JPMorganChase to structure its businesses, operations and systems in less efficient ways.
Not all of JPMorganChase's clients, customers, vendors, counterparties and other external parties may have appropriate controls in place to protect the confidentiality, integrity or availability of the
| 26 | | |
info... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 800 | 3 |
effects of climate change
•
natural disasters or severe weather conditions
•
accidents such as explosions or structural failures
•
health emergencies, the spread of infectious diseases, epidemics or pandemics, or
•
events arising from local or larger-scale civil or political unrest, any outbreak or escalation o... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 790 | 2 |
preparing financial statements, disclosures and regulatory reports, as well as internal reporting
Any deficiencies in JPMorganChase's data management processes, including with respect to the accuracy or completeness of data, the timeliness of data collection, the analysis or validation of data, or the safeguarding of ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 793 | 4 |
otherwise diminish confidence in JPMorganChase.
Many of JPMorganChase's risk management strategies and techniques consider historical market behavior and to some degree are based on management's subjective judgment or assumptions. For example, many models used by JPMorganChase are based on assumptions regarding histor... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 790 | 2 |
models may inadvertently incorporate biases present in data used in the models.
JPMorganChase may experience unexpected losses if models, estimates or judgments used or applied in connection with its risk management activities or the preparation of its financial statements are inadequate or incorrect. For example, whe... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 765 | 5 |
the technologies that it adopts or in which it invests, which may include new and currently unproven technologies, and
•
the methods, distribution channels and third party service providers by or through which it offers products and services.
If management makes choices about these strategies and goals that prove to... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 638 | 4 |
•
other non-bank firms that are engaged in providing similar as well as new products and services.
JPMorganChase cannot provide assurance that the significant competition in the financial services industry will not materially and adversely affect its future results of operations. For example, aggressive or less disci... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 794 | 4 |
The foregoing risks could be heightened with respect to newly-acquired businesses if JPMorganChase fails to successfully integrate employees of those businesses or any of those employees do not conduct themselves in accordance with JPMorganChase's expectations, policies and practices.
Reputation
Damage to JPMorganCha... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 790 | 2 |
whose activities negatively affect or are perceived to negatively affect the environment, workers' rights or communities.
Activists have also taken actions intended to change or influence JPMorganChase's business practices with respect to ESG matters, including public protests at JPMorganChase's headquarters and other... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 799 | 2 |
•
treat clients and customers fairly and with the appropriate standard of care
•
use client and customer data responsibly and in a manner that meets legal requirements and regulatory expectations
•
provide fiduciary products or services in accordance with the applicable legal and regulatory standards, or
•
handl... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 800 | 5 |
•
changes in laws, rules and regulations.
The impact of these actions could be accentuated in trading markets that are smaller, less liquid and more volatile than more-developed markets. These types of government actions can negatively affect JPMorganChase's operations in the relevant country, either directly or by s... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 710 | 3 |
| 40 | | |
Item 9B. Other Information.
Director and executive officer trading arrangements
The following table provides information concerning Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) adopted in the fourth quarter of 2024 by any director ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 684 | 2 |
| JPMorgan Chase & Co./2024 Form 10-K | | 49 |
Financial
THREE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
| As of or for the year ended December 31, (in millions, except per share, ratio, employee data and where otherwise noted) | | | | | | | | | |
| | 2024 | | 2023 | | 2022 | | | ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 2,026 | 2 |
Financial
THREE-YEAR SUMMARY OF CONSOLIDATED FINANCIAL HIGHLIGHTS (unaudited)
| As of or for the year ended December 31, (in millions, except per share, ratio, employee data and where otherwise noted) | | | | | | | | | |
| | 2024 | | 2023 | | 2022 | | | |
| Selected income statement data | | | | | ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 2,009 | 2 |
(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... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 783 | 2 |
(a)
Source: Dealogic as of January 2, 2025. Reflects the ranking of revenue wallet and market share.
(b)
Global M&A excludes any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S.
(c)
Global equity and equity-related ranking includes rights offerings and Chinese... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 526 | 2 |
used by the Firm to actively manage the risk exposure arising from such inventory. Principal transactions revenue recognized upon executing new transactions with market participants is affected by many factors including the level of client activity, the bid-offer spread (which is the difference between the price at whi... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 803 | 2 |
(a)
Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic. The discount is deferred in other liabilities and recognized on a straight-line basis over the commitment period and was largely recognized in 2023 as the commitments were generally ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 504 | 2 |
| JPMorgan Chase & Co./2024 Form 10-K | | 87 |
| CORPORATE |
| | Corporate consists of Treasury and Chief Investment Office ("CIO") and Other Corporate. Treasury and CIO is predominantly responsible for measuring, monitoring, reporting and managing the Firm's liquidity, funding, capital, structural interest rate an... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 909 | 2 |
| CORPORATE |
| | Corporate consists of Treasury and Chief Investment Office ("CIO") and Other Corporate. Treasury and CIO is predominantly responsible for measuring, monitoring, reporting and managing the Firm's liquidity, funding, capital, structural interest rate and foreign exchange risks. Other Corporate include... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 892 | 2 |
| | Corporate consists of Treasury and Chief Investment Office ("CIO") and Other Corporate. Treasury and CIO is predominantly responsible for measuring, monitoring, reporting and managing the Firm's liquidity, funding, capital, structural interest rate and foreign exchange risks. Other Corporate includes staff functio... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 912 | 2 |
(a)
Included tax-equivalent adjustments, predominantly driven by tax-exempt income from municipal bonds, of $182 million, $211
million and $235 million for the years ended December 31, 2024, 2023 and 2022, respectively.
(b)
Predominantly relates to the Firm's international consumer initiatives.
(c)
Included the n... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 743 | 2 |
•
Acceptance of responsibility, including identification and escalation of risks by all individuals within the Firm;
•
Ownership of risk identification, assessment, data and management within each of the LOBs and Corporate; and
•
A Firmwide risk governance and oversight structure.
The Firm follows a disciplined a... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 770 | 2 |
The chart below illustrates the principal standing committees of the Board of Directors and key senior management-level committees in the Firm's risk governance and oversight structure. In addition, there are other committees, forums and channels of escalation that support the oversight of risk that are not shown in th... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 758 | 4 |
("CMDC")
assists the Board in its oversight of the Firm's compensation principles and practices. The CMDC reviews and approves the Firm's compensation and qualified benefits programs. The Committee reviews the performance of Operating Committee members against their goals, and approves their compensation awards. In ad... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 780 | 2 |
Failure to maintain an SLR equal to or greater than the regulatory requirement will result in limitations on the amount of capital that the Firm may distribute such as through dividends and common share repurchases, as well as on discretionary bonus payments for certain executive officers.
Other regulatory capital
In... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 355 | 2 |
Each LOB and Corporate is allocated capital by taking into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. ROE is measured and internal targets for expected returns are established as key measures of an LOB's performance.
The Firm's c... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 734 | 2 |
| 106 | | JPMorgan Chase & Co./2024 Form 10-K |
U.S. broker-dealer regulatory capital
J.P. Morgan Securities
JPMorganChase's principal U.S. broker-dealer subsidiary is J.P. Morgan Securities. J.P. Morgan Securities is subject to the regulatory capital requirements of Rule 15c3-1 under the Securities Exchange Act of... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 789 | 2 |
The following table presents J.P. Morgan Securities plc's risk-based and leverage-based capital metrics.
| December 31, 2024 | | Regulatory Minimum ratios (a) | |
| (in millions, except ratios) | Actual | |
| Total capital | $ | 53,120 | | | |
| CET1 capital ratio | 17.0 | % | 4.5 | % | |
| Tier 1 capital ratio... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 774 | 2 |
JPMorgan Chase Bank, N.A.'s average LCR for the three months ended December 31, 2024 decreased compared with the three months ended December 31, 2023, driven by dividend payments to the Parent Company and lending activity, largely offset by higher market values of HQLA-eligible investment securities, a reduction in une... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 795 | 3 |
(a)
, the Firmwide estimated uninsured deposits were $1,414.0 billion and $1,347.8 billion, respectively, primarily reflecting wholesale operating deposits.
Total uninsured deposits include time deposits. The table below presents an estimate of uninsured U.S. and non-U.S. time deposits, and their remaining maturities... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 601 | 2 |
Includes certain TLAC-eligible long-term unsecured debt issued by the Parent Company.
Secured funding and issuance
The Firm can also raise secured long-term funding through securitization of consumer credit card loans and FHLB advances. The following table summarizes the securitization issuance, the FHLB advances and... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 692 | 2 |
believes are incorporated in its liquidity risk and stress testing metrics. The Firm believes that it maintains sufficient liquidity to withstand a potential decrease in funding capacity due to ratings downgrades.
Additionally, the Firm's funding requirements for VIEs and other third-party commitments may be adversely... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 736 | 2 |
(c)
The notional amounts are presented on a net basis by underlying reference entity and the ratings profile shown is based on the ratings of the reference entity on which protection has been purchased. Predominantly all of the credit derivatives entered into by the Firm where it has purchased protection used in credi... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 424 | 2 |
(a)
Total Multifamily exposure is approximately 99% performing. Multifamily exposure is largely in California.
(b)
Other Income Producing Properties consists of clients with diversified property types or other property types outside of categories listed in the table above.
(c)
Real Estate exposure is approximately... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 204 | 2 |
| 130 | | JPMorgan Chase & Co./2024 Form 10-K |
Consumer & Retail
Consumer & Retail exposure was $129.8 billion as of December 31, 2024. Criticized exposure decreased by $1.4 billion from $8.3 billion at December 31, 2023 to $6.9 billion at December 31, 2024, driven by net portfolio activity and upgrades, largely of... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 778 | 2 |
Consumer & Retail exposure was $129.8 billion as of December 31, 2024. Criticized exposure decreased by $1.4 billion from $8.3 billion at December 31, 2023 to $6.9 billion at December 31, 2024, driven by net portfolio activity and upgrades, largely offset by downgrades.
| | December 31, 2024 | |
| (in millions, exce... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 783 | 2 |
Management's discussion and analysis
Loans
In its wholesale businesses, the Firm provides loans to a variety of clients, ranging from large corporate and institutional clients to high-net-worth individuals. Refer to Note 12 for a further discussion on loans, including information about delinquencies, loan modificatio... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 640 | 2 |
Receivables from customers reflect held-for-investment margin loans to brokerage clients in CIB, CCB and AWM that are collateralized by assets maintained in the clients' brokerage accounts (including cash on deposit, and primarily liquid and readily marketable debt or equity securities). To manage its credit risk, the ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 795 | 2 |
(a)
Reflects the simultaneous shift of U.S. dollar and non-U.S. dollar rates, and the inclusion of the hedges of non-U.S. dollar capital investments. This inclusion had no impact on total sensitivities but increased U.S. dollar and decreased non-U.S. dollar sensitivities. Subsequent to this change, non-U.S. dollar sen... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 665 | 2 |
Overview
The global Legal function ("Legal") provides legal services and advice to the Firm. Legal is responsible for managing the Firm's exposure to legal risk by:
•
managing actual and potential litigation and enforcement matters, including internal reviews and investigations related to such matters
•
advising o... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 722 | 2 |
Valuation
Details of the Firm's processes for determining fair value are set out in Note 2. Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available to the Firm. For instruments valued using interna... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 780 | 5 |
The accounting standards update applies to the Firm's annual Consolidated Financial Statements for the year ended December 31, 2024, and interim financial statements thereafter.
| JPMorgan Chase & Co./2024 Form 10-K | | 165 |
Management's discussion and analysis
| FASB Standards Issued but not yet Adopted as of Dec... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 796 | 2 |
•
Heightened regulatory and governmental oversight and scrutiny of JPMorganChase's business practices, including dealings with retail customers;
•
Changes in trade, monetary and fiscal policies and laws;
•
Changes in the level of inflation;
•
Changes in income tax laws, rules, and regulations;
•
Changes in FDI... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 791 | 3 |
| JPMorgan Chase & Co./2024 Form 10-K | | 167 |
Management's report on internal control over financial reporting
Management of JPMorgan Chase & Co. ("JPMorganChase" or the "Firm") is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial repor... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 794 | 2 |
Internal Control - Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Firm as of
December 31, 2024 and 2023, ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 793 | 3 |
The Notes to Consolidated Financial Statements are an integral part of these statements.
| 172 | | JPMorgan Chase & Co./2024 Form 10-K |
JPMorgan Chase & Co.
Consolidated statements of comprehensive income
| Year ended December 31, (in millions) | | 2024 | | 2023 | | 2022 |
| Net income | | $ | 58,471 | | | ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 479 | 2 |
| JPMorgan Chase & Co./2024 Form 10-K | | 175 |
JPMorgan Chase & Co.
Consolidated statements of cash flows
| Year ended December 31, (in millions) | 2024 | | 2023 | | 2022 |
| Operating activities | | | | | |
| Net income | $ | 58,471 | | | $ | 49,552 | | | $ | 37,676 | |
| Adjustments to reconcile net ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 1,883 | 2 |
JPMorgan Chase & Co.
Consolidated statements of cash flows
| Year ended December 31, (in millions) | 2024 | | 2023 | | 2022 |
| Operating activities | | | | | |
| Net income | $ | 58,471 | | | $ | 49,552 | | | $ | 37,676 | |
| Adjustments to reconcile net income to net cash provided by operating activitie... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 1,880 | 2 |
Consolidated statements of cash flows
| Year ended December 31, (in millions) | 2024 | | 2023 | | 2022 |
| Operating activities | | | | | |
| Net income | $ | 58,471 | | | $ | 49,552 | | | $ | 37,676 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 1,892 | 2 |
In the Firm's view, the input range, weighted and arithmetic average values do not reflect the degree of input uncertainty or an assessment of the reasonableness of the Firm's estimates and assumptions. Rather, they reflect the characteristics of the various instruments held by the Firm and the relative distribution of... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 1,738 | 2 |
(a)
The categories presented in the table have been aggregated based upon the product type, which may differ from their classification on the Consolidated balance sheets. Furthermore, the inputs presented for each valuation technique in the table are, in some cases, not applicable to every instrument valued using the ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 681 | 2 |
Loss severity – The loss severity (the inverse concept is the recovery rate) is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of loss relative to the outstanding loan balance. An increase in loss severity is generally accompanied ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 781 | 2 |
Bermudan switch value – The switch value is the difference between the overall value of a Bermudan swaption, which can be exercised at multiple points in time, and its most expensive European swaption and reflects the additional value that the multiple exercise dates provide the holder. Switch values are dependent on m... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 554 | 2 |
.
Included in other assets above is the Firm's interest in approximately
18.6
million Visa Class B-2 common shares ("Visa B-2 shares") and
37.2
million Visa Class B common shares ("Visa B shares") reflected in the Firm's principal investment portfolio as of December 31, 2024 and 2023, respectively.
The Visa B sha... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 797 | 3 |
The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at December 31, 2024 and 2023, of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and their classification within the fair value hier... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 1,489 | 3 |
| | December 31, 2024 | | December 31, 2023 |
| | | Estimated fair value hierarchy | | | | Estimated fair value hierarchy | |
| (in billions) | Carrying value | Level 1 | Level 2 | Level 3 | Total estimated fair value | | Carrying value | Level 1 | | Level 2 | | Level 3 | Total estimated fair value |
| Finan... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 1,431 | 3 |
Gains or losses resulting from changes in the benefit obligation and the fair value of plan assets are recorded in OCI. Amortization of net gains or losses are recognized as part of the net periodic benefit cost over subsequent periods, if, as of the beginning of the year, the net gain or loss exceeds
10
% of the gre... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 780 | 2 |
(b) Consists of corporate debt securities, fund investments, mortgage-backed securities, and U.S. federal, state, and local and non-U.S. government debt securities.
(c) Consists predominantly of corporate-owned life insurance policies
.
| JPMorgan Chase & Co./2024 Form 10-K | | 231 |
Notes to consolidated financia... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 759 | 2 |
to
150
% of the grant amount. In addition, dividends that accrue during the vesting period are reinvested in dividend equivalent share units. PSUs and the related dividend equivalent share units are converted into shares of common stock after vesting.
Once the PSUs and dividend equivalent share units have vested, th... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 562 | 2 |
Notes to consolidated financial statements
AFS securities are considered impaired if the fair value is less than the amortized cost.
The Firm recognizes impairment losses in earnings if the Firm has the intent to sell the debt security, or if it is more likely than not that the Firm will be required to sell the debt ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 799 | 2 |
Charge-offs
Consumer loans are generally charged off or charged down to the lower of the amortized cost or the net realizable value of the underlying collateral (i.e., fair value less estimated costs to sell), with an offset to the allowance for loan losses, upon reaching specified stages of delinquency in accordance ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 779 | 2 |
Loans held-for-sale
Loans held-for-sale are measured at the lower of cost or fair value, with valuation changes recorded in noninterest revenue. For consumer loans, the valuation is performed on a portfolio basis. For wholesale loans, the valuation is performed on an individual loan basis.
Interest income on loans he... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 734 | 2 |
The portfolio-based component begins with a quantitative calculation that considers the likelihood of the borrower changing delinquency status or moving from one risk rating to another. The quantitative calculation covers expected credit losses over an instrument's expected life and is estimated by applying credit loss... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 793 | 3 |
difference between the amortized cost of the loan and the present value of the cash flows expected to be collected, discounted at the loan's effective interest rate. Subsequent changes in impairment are generally recognized as an adjustment to the allowance for loan losses. The asset-specific component of the allowance... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 525 | 3 |
Goodwill impairment testing
The Firm's goodwill was not impaired at December 31, 2024, 2023 and 2022.
The goodwill impairment test is generally performed by comparing the current fair value of each reporting unit with its carrying value. If the fair value is in excess of the carrying value, then the reporting unit's ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 718 | 3 |
The Firm also takes into consideration a comparison between the aggregate fair values of the Firm's reporting units and JPMorganChase's market capitalization. In evaluating this comparison, the Firm considers several factors, including (i) a control premium that would exist in a market transaction, (ii) factors related... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 669 | 4 |
The fair value of MSRs is sensitive to changes in interest rates, including their effect on prepayment speeds. MSRs typically decrease in value when interest rates decline because declining interest rates tend to increase prepayments and therefore reduce the expected life of the net servicing cash flows that comprise t... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 918 | 2 |
interest payments) increase in value when interest rates decline. JPMorganChase uses combinations of derivatives and securities to manage the risk of changes in the fair value of MSRs. The intent is to offset any interest-rate related changes in the fair value of MSRs with changes in the fair value of the related risk ... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 833 | 2 |
The following table summarizes MSR activity for the years ended December 31, 2024, 2023 and 2022.
| As of or for the year ended December 31, (in millions, except where otherwise noted) | 2024 | | 2023 | | 2022 | |
| Fair value at beginning of period | $ | 8,522 | | | $ | 7,973 | | | $ | 5,494 | | |
| MSR acti... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 802 | 2 |
| As of or for the year ended December 31, (in millions, except where otherwise noted) | 2024 | | 2023 | | 2022 | |
| Fair value at beginning of period | $ | 8,522 | | | $ | 7,973 | | | $ | 5,494 | | |
| MSR activity: | | | | | | |
| Originations of MSRs | 325 | | | 253 | | | 798 | | |
| Purchase o... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 777 | 2 |
(a)
Includes purchase price adjustments associated with MSRs purchased, primarily as a result of loans that prepaid within 90 days of settlement, allowing the Firm to recover the purchase price.
(b)
Includes excess MSRs transferred to agency-sponsored trusts in exchange for stripped mortgage-backed securities ("SMBS... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 334 | 2 |
Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm's credit risk associated with these servicer advances... | {
"ticker": "JPM",
"year": "2024",
"source": "JPM_10K_2024-12-31.html"
} | 767 | 2 |
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