Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 1-5805 | ||
Entity Registrant Name | JPMorgan Chase & Co | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-2624428 | ||
Entity Address, Address Line One | 383 Madison Avenue, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10179 | ||
City Area Code | 212 | ||
Local Phone Number | 270-6000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 421,027,210,720 | ||
Entity Common Stock, Shares Outstanding | 2,880,371,498 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for the annual meeting of stockholders to be held on May 21, 2024, are incorporated by reference in this Form 10-K in response to Items 10, 11, 12, 13 and 14 of Part III. | ||
Entity Central Index Key | 0000019617 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Common stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock | ||
Trading Symbol | JPM | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DD | ||
Trading Symbol | JPM PR D | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE | ||
Trading Symbol | JPM PR C | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GG | ||
Trading Symbol | JPM PR J | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJ | ||
Trading Symbol | JPM PR K | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LL | ||
Trading Symbol | JPM PR L | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MM | ||
Trading Symbol | JPM PR M | ||
Security Exchange Name | NYSE | ||
Alerian MLP Index ETNs due May 24, 2024 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Alerian MLP Index ETNs due May 24, 2024 | ||
Trading Symbol | AMJ | ||
Security Exchange Name | NYSEArca | ||
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC | ||
Trading Symbol | JPM/32 | ||
Security Exchange Name | NYSE | ||
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLC | ||
Trading Symbol | AMJB | ||
Security Exchange Name | NYSEArca |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | New York, NY 10017 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Investment banking fees | $ 6,519 | $ 6,686 | $ 13,216 |
Principal transactions | 24,460 | 19,912 | 16,304 |
Lending- and deposit-related fees | 7,413 | 7,098 | 7,032 |
Asset management fees | 15,220 | 14,096 | 14,405 |
Commissions and other fees | 6,836 | 6,581 | 6,624 |
Investment securities losses | (3,180) | (2,380) | (345) |
Mortgage fees and related income | 1,176 | 1,250 | 2,170 |
Card income | 4,784 | 4,420 | 5,102 |
Other income | 5,609 | 4,322 | 4,830 |
Noninterest revenue | 68,837 | 61,985 | 69,338 |
Interest income | 170,588 | 92,807 | 57,864 |
Interest expense | 81,321 | 26,097 | 5,553 |
Net interest income | 89,267 | 66,710 | 52,311 |
Total net revenue | 158,104 | 128,695 | 121,649 |
Provision for credit losses | 9,320 | 6,389 | (9,256) |
Noninterest expense | |||
Compensation expense | 46,465 | 41,636 | 38,567 |
Occupancy expense | 4,590 | 4,696 | 4,516 |
Technology, communications and equipment expense | 9,246 | 9,358 | 9,941 |
Professional and outside services | 10,235 | 10,174 | 9,814 |
Marketing | 4,591 | 3,911 | 3,036 |
Other expense | 12,045 | 6,365 | 5,469 |
Total noninterest expense | 87,172 | 76,140 | 71,343 |
Income/(loss) before income tax expense/(benefit) | 61,612 | 46,166 | 59,562 |
Income tax expense | 12,060 | 8,490 | 11,228 |
Net income/(loss) | 49,552 | 37,676 | 48,334 |
Basic net income applicable to common stockholders | 47,760 | 35,892 | 46,503 |
Diluted net income applicable to common stockholders | $ 47,760 | $ 35,892 | $ 46,503 |
Net income per common share data | |||
Basic earnings per share (in dollars per share) | $ 16.25 | $ 12.10 | $ 15.39 |
Diluted earnings per share (in dollars per share) | $ 16.23 | $ 12.09 | $ 15.36 |
Weighted-average basic shares (in shares) | 2,938.6 | 2,965.8 | 3,021.5 |
Weighted-average diluted shares (in shares) | 2,943.1 | 2,970 | 3,026.6 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 49,552 | $ 37,676 | $ 48,334 |
Other comprehensive income/(loss), after–tax | |||
Unrealized gains/(losses) on investment securities | 5,381 | (11,764) | (5,540) |
Translation adjustments, net of hedges | 329 | (611) | (461) |
Fair value hedges | (101) | 98 | (19) |
Cash flow hedges | 1,724 | (5,360) | (2,679) |
Defined benefit pension and OPEB plans | 373 | (1,241) | 922 |
DVA on fair value option elected liabilities | (808) | 1,621 | (293) |
Total other comprehensive income/(loss), after–tax | 6,898 | (17,257) | (8,070) |
Comprehensive income | $ 56,450 | $ 20,419 | $ 40,264 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and due from banks | $ 29,066 | $ 27,697 | |
Deposits with banks | 595,085 | 539,537 | |
Federal funds sold and securities purchased under resale agreements (included $259,813 and $311,883 at fair value) | 276,152 | 315,592 | |
Securities borrowed (included $70,086 and $70,041 at fair value) | 200,436 | 185,369 | |
Trading assets (included assets pledged of $128,994 and $93,687) | 540,607 | 453,799 | |
Available-for-sale securities (amortized cost of $205,456 and $216,188; included assets pledged of $9,219 and $9,158) | 201,704 | 205,857 | |
Held-to-maturity securities | 369,848 | 425,305 | |
Investment securities, net of allowance for credit losses | 571,552 | 631,162 | |
Loans (included $38,851 and $42,079 at fair value) | 1,323,706 | 1,135,647 | |
Allowance for loan losses | (22,420) | (19,726) | |
Loans, net of allowance for loan losses | 1,301,286 | 1,115,921 | |
Accrued interest and accounts receivable | 107,363 | 125,189 | |
Premises and equipment | 30,157 | 27,734 | |
Goodwill, MSRs and other intangible assets | 64,381 | 60,859 | |
Other assets (included $12,306 and $14,921 at fair value and assets pledged of $6,764 and $7,998) | 159,308 | 182,884 | |
Total assets | [1] | 3,875,393 | 3,665,743 |
Liabilities | |||
Deposits (included $78,384 and $28,620 at fair value) | 2,400,688 | 2,340,179 | |
Federal funds purchased and securities loaned or sold under repurchase agreements (included $169,003 and $151,999 at fair value) | 216,535 | 202,613 | |
Short-term borrowings (included $20,042 and $15,792 at fair value) | 44,712 | 44,027 | |
Trading liabilities | 180,428 | 177,976 | |
Accounts payable and other liabilities (included $5,637 and $7,038 at fair value) | 290,307 | 300,141 | |
Beneficial interests issued by consolidated VIEs (included $1 and $5 at fair value) | 23,020 | 12,610 | |
Long-term debt (included $87,924 and $72,281 at fair value) | 391,825 | 295,865 | |
Total liabilities | [1] | 3,547,515 | 3,373,411 |
Commitments and contingencies (refer to Notes 28, 29 and 30) | |||
Stockholders’ equity | |||
Preferred stock ($1 par value; authorized 200,000,000 shares: issued 2,740,375 and 2,740,375 shares) | 27,404 | 27,404 | |
Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) | 4,105 | 4,105 | |
Additional paid-in capital | 90,128 | 89,044 | |
Retained earnings | 332,901 | 296,456 | |
Accumulated other comprehensive losses | (10,443) | (17,341) | |
Treasury stock, at cost (1,228,275,301 and 1,170,676,094 shares) | (116,217) | (107,336) | |
Total stockholders’ equity | 327,878 | 292,332 | |
Total liabilities and stockholders’ equity | 3,875,393 | 3,665,743 | |
VIEs consolidated by the Firm | |||
Assets | |||
Trading assets (included assets pledged of $128,994 and $93,687) | 2,170 | 2,151 | |
Loans, net of allowance for loan losses | 37,611 | 34,411 | |
Other assets (included $12,306 and $14,921 at fair value and assets pledged of $6,764 and $7,998) | 591 | 550 | |
Total assets | 40,372 | 37,112 | |
Liabilities | |||
Beneficial interests issued by consolidated VIEs (included $1 and $5 at fair value) | 23,020 | 12,610 | |
All other liabilities | 263 | 279 | |
Total liabilities | $ 23,283 | $ 12,889 | |
[1] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2023 and 2022. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2023 2022 Assets Trading assets $ 2,170 $ 2,151 Loans 37,611 34,411 All other assets 591 550 Total assets $ 40,372 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 23,020 $ 12,610 All other liabilities 263 279 Total liabilities $ 23,283 $ 12,889 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Trading assets | $ 540,607 | $ 453,799 |
Available-for-sale securities, amortized cost, net of allowance for credit losses | 205,456 | 216,188 |
Available-for-sale securities | 201,704 | 205,857 |
Loans | 38,851 | 42,079 |
Other assets | $ 159,308 | $ 182,884 |
Stockholders’ equity | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 2,740,375 | 2,740,375 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 |
Common stock, shares issued (in shares) | 4,104,933,895 | 4,104,933,895 |
Treasury stock, shares (in shares) | 1,228,275,301 | 1,170,676,094 |
Assets that may be sold or repledged or otherwise used by secured parties | ||
Assets | ||
Trading assets | $ 128,994 | $ 93,687 |
Available-for-sale securities | 9,219 | 9,158 |
Other assets | 6,764 | 7,998 |
Recurring | ||
Assets | ||
Federal funds sold and securities purchased under resale agreements at fair value | 259,813 | 311,883 |
Securities borrowed | 70,086 | 70,041 |
Trading assets | 540,565 | 453,756 |
Available-for-sale securities | 201,704 | 205,857 |
Loans | 38,851 | 42,079 |
Liabilities | ||
Deposits | 78,384 | 28,620 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 169,003 | 151,999 |
Short-term borrowings | 20,042 | 15,792 |
Accounts payable and other liabilities | 5,637 | 7,038 |
Beneficial interests issued by consolidated VIEs | 1 | 5 |
Long-term debt | 87,924 | 72,281 |
Recurring | Other assets | ||
Assets | ||
Other assets | $ 12,306 | $ 14,921 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Retained earnings Cumulative effect of change in accounting principles | Accumulated other comprehensive income/(loss) | Treasury stock, at cost |
Beginning balance at Dec. 31, 2020 | $ 30,063 | $ 4,105 | $ 88,394 | $ 236,990 | $ 7,986 | $ (88,184) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 7,350 | |||||||
Redemption | (2,575) | |||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | 152 | |||||||
Other | (131) | |||||||
Net income | $ 48,334 | 48,334 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,600) | |||||||
Common stock ($4.10, $4.00 and $3.80 per share for 2023, 2022 and 2021, respectively) | (11,456) | |||||||
Other comprehensive income/(loss), after-tax | (8,070) | (8,070) | ||||||
Repurchase | (18,448) | (18,448) | ||||||
Reissuance | 1,217 | |||||||
Ending balance at Dec. 31, 2021 | 294,127 | 34,838 | 4,105 | 88,415 | 272,268 | (84) | (105,415) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 0 | |||||||
Redemption | (7,434) | |||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | 629 | |||||||
Other | 0 | |||||||
Net income | 37,676 | 37,676 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,595) | |||||||
Common stock ($4.10, $4.00 and $3.80 per share for 2023, 2022 and 2021, respectively) | (11,893) | |||||||
Other comprehensive income/(loss), after-tax | (17,257) | (17,257) | ||||||
Repurchase | (3,122) | (3,122) | ||||||
Reissuance | 1,201 | |||||||
Ending balance at Dec. 31, 2022 | 292,332 | 27,404 | 4,105 | 89,044 | 296,456 | $ 449 | (17,341) | (107,336) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance | 0 | |||||||
Redemption | 0 | |||||||
Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects | 1,084 | |||||||
Other | 0 | |||||||
Net income | 49,552 | 49,552 | ||||||
Dividends declared: | ||||||||
Preferred stock | (1,501) | |||||||
Common stock ($4.10, $4.00 and $3.80 per share for 2023, 2022 and 2021, respectively) | (12,055) | |||||||
Other comprehensive income/(loss), after-tax | 6,898 | 6,898 | ||||||
Repurchase | (9,898) | (9,980) | ||||||
Reissuance | 1,099 | |||||||
Ending balance at Dec. 31, 2023 | $ 327,878 | $ 27,404 | $ 4,105 | $ 90,128 | $ 332,901 | $ (10,443) | $ (116,217) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends declared: | |||
Dividends declared, Common stock (in dollars per share) | $ 4.10 | $ 4 | $ 3.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 49,552 | $ 37,676 | $ 48,334 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 9,320 | 6,389 | (9,256) |
Depreciation and amortization | 7,512 | 7,051 | 7,932 |
Deferred tax (benefit)/expense | (4,534) | (2,738) | 3,748 |
Bargain purchase gain associated with the First Republic acquisition | (2,775) | 0 | 0 |
Other | 4,301 | 5,174 | 3,274 |
Originations and purchases of loans held-for-sale | (115,245) | (149,167) | (347,864) |
Proceeds from sales, securitizations and paydowns of loans held-for-sale | 116,430 | 167,709 | 336,413 |
Net change in: | |||
Trading assets | (74,091) | (31,449) | 85,710 |
Securities borrowed | (14,902) | 20,203 | (45,635) |
Accrued interest and accounts receivable | 19,928 | (22,970) | (12,401) |
Other assets | 32,970 | (2,882) | (11,745) |
Trading liabilities | 5,315 | 11,170 | (23,190) |
Accounts payable and other liabilities | (25,388) | 58,614 | 43,162 |
Other operating adjustments | 4,581 | 2,339 | (398) |
Net cash provided by operating activities | 12,974 | 107,119 | 78,084 |
Net change in: | |||
Federal funds sold and securities purchased under resale agreements | 39,740 | (54,278) | 34,473 |
Held-to-maturity securities: | |||
Proceeds from paydowns and maturities | 53,056 | 48,626 | 50,897 |
Purchases | (4,141) | (33,676) | (111,756) |
Available-for-sale securities: | |||
Proceeds from paydowns and maturities | 53,744 | 39,159 | 50,075 |
Proceeds from sales | 108,434 | 84,616 | 162,748 |
Purchases | (115,499) | (126,258) | (248,785) |
Proceeds from sales and securitizations of loans held-for-investment | 47,312 | 44,892 | 35,845 |
Other changes in loans, net | (88,343) | (128,968) | (91,797) |
Net cash used in First Republic Acquisition | (9,920) | 0 | 0 |
All other investing activities, net | (16,740) | (11,932) | (11,044) |
Net cash provided by/(used in) investing activities | 67,643 | (137,819) | (129,344) |
Net change in: | |||
Deposits | (32,196) | (136,895) | 293,764 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 13,801 | 8,455 | (20,799) |
Short-term borrowings | (1,934) | (8,984) | |
Short-term borrowings | 7,773 | ||
Beneficial interests issued by consolidated VIEs | 9,029 | 2,205 | (4,254) |
Proceeds from long-term borrowings | 75,417 | 78,442 | 82,409 |
Payments of long-term borrowings | (64,880) | (45,556) | (54,932) |
Proceeds from issuance of preferred stock | 0 | 0 | 7,350 |
Redemption of preferred stock | 0 | (7,434) | (2,575) |
Treasury stock repurchased | (9,824) | (3,162) | (18,408) |
Dividends paid | (13,463) | (13,562) | (12,858) |
All other financing activities, net | (1,521) | 234 | (1,477) |
Net cash provided by/(used in) financing activities | (25,571) | (126,257) | 275,993 |
Effect of exchange rate changes on cash and due from banks and deposits with banks | 1,871 | (16,643) | (11,508) |
Net increase/(decrease) in cash and due from banks and deposits with banks | 56,917 | (173,600) | 213,225 |
Cash and due from banks and deposits with banks at the beginning of the period | 567,234 | 740,834 | 527,609 |
Cash and due from banks and deposits with banks at the end of the period | 624,151 | 567,234 | 740,834 |
Cash interest paid | 77,114 | 23,143 | 5,142 |
Cash income taxes paid, net | $ 9,908 | $ 4,355 | $ 18,737 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the U.S., with operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the Federal Deposit Insurance Corporation (“FDIC”). The Firm continues to convert certain operations, and to integrate clients, products and services associated with the First Republic acquisition, to align with the Firm’s businesses and operations. Accordingly, reporting classification and internal risk rating profiles in the wholesale portfolio may change in future periods. Refer to Note 34 for additional information on the First Republic acquisition. The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. Consolidation The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated. Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets. The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Voting interest entities Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity’s operations. For these types of entities, the Firm’s determination of whether it has a controlling interest is primarily based on the amount of voting equity interests held. Entities in which the Firm has a controlling financial interest, through ownership of the majority of the entities’ voting equity interests, or through other contractual rights that give the Firm control, are consolidated by the Firm. Investments in companies in which the Firm has significant influence over operating and financing decisions (but does not own a majority of the voting equity interests) are accounted for (i) in accordance with the equity method of accounting, or (ii) at fair value if the fair value option was elected. These investments are generally included in other assets, with income or loss included in noninterest revenue. Certain Firm-sponsored asset management funds are structured as limited partnerships or limited liability companies. For many of these entities, the Firm is the general partner or managing member, but the non-affiliated partners or members have the ability to remove the Firm as the general partner or managing member without cause (i.e., kick-out rights), based on a simple majority vote, or the non-affiliated partners or members have rights to participate in important decisions. Accordingly, the Firm does not consolidate these voting interest entities. However, in the limited cases where the non-managing partners or members do not have substantive kick-out or participating rights, the Firm evaluates the funds as VIEs and consolidates the funds if the Firm is the general partner or managing member and has both power and a potentially significant interest. The Firm’s investment companies and asset management funds have investments in both publicly-held and privately-held entities, including investments in buyouts, growth equity and venture opportunities. These investments are accounted for under investment company guidelines and, accordingly, irrespective of the percentage of equity ownership interests held, are carried on the Consolidated balance sheets at fair value, and are recorded in other assets, with income or loss included in noninterest revenue. If consolidated, the Firm retains the accounting under such specialized investment company guidelines. Variable interest entities VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is an SPE. SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE; the SPE funds the purchase of those assets by issuing securities to investors. The legal documents that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether the Firm has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Firm considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (such as asset managers, collateral managers, servicers, or owners of call options or liquidation rights over the VIE’s assets) or have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether the Firm has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Firm considers all of its economic interests, including debt and equity investments, servicing fees, and derivatives or other arrangements deemed to be variable interests in the VIE. This assessment requires that the Firm apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Firm. The Firm performs on-going reassessments of: (1) whether entities previously evaluated under the majority voting-interest framework have become VIEs, based on certain events, and are therefore subject to the VIE consolidation framework; and (2) whether changes in the facts and circumstances regarding the Firm’s involvement with a VIE cause the Firm’s consolidation conclusion to change. Refer to Note 14 for further discussion of Firm-sponsored VIEs. Revenue recognition Interest income The Firm recognizes interest income on loans, debt securities, and other debt instruments, generally on a level-yield basis, based on the underlying contractual rate. Refer to Note 7 for further information. Revenue from contracts with customers JPMorgan Chase recognizes noninterest revenue from certain contracts with customers , in investment banking fees, deposit-related fees, asset management fees, commissions and other fees, and components of card income, when the Firm’s related performance obligations are satisfied. Refer to Note 6 for further discussion of the Firm’s revenue from contracts with customers. Principal transactions revenue JPMorgan Chase carries a portion of its assets and liabilities at fair value. Changes in fair value are reported primarily in principal transactions revenue. Refer to Notes 2 and 3 for further discussion of fair value measurement. Refer to Note 6 for further discussion of principal transactions revenue. Use of estimates in the preparation of consolidated financial statements The preparation of the Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. Foreign currency translation JPMorgan Chase revalues assets, liabilities, revenue and expense denominated in non-U.S. currencies into U.S. dollars using applicable exchange rates. Gains and losses relating to translating functional currency financial statements for U.S. reporting are included in the Consolidated statements of comprehensive income. Gains and losses relating to nonfunctional currency transactions, including non-U.S. operations where the functional currency is the U.S. dollar, are reported in the Consolidated statements of income. Offsetting assets and liabilities U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities sold and purchased under repurchase agreements and securities borrowed or loaned under securities loan agreements to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. The Firm uses master netting agreements to mitigate counterparty credit risk in certain transactions, including derivative contracts, resale, repurchase, securities borrowed and securities loaned agreements. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due). Upon the exercise of derivatives termination rights by the non-defaulting party (i) all transactions are terminated, (ii) all transactions are valued and the positive values of “in the money” transactions are netted against the negative values of “out of the money” transactions and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Upon exercise of default rights under repurchase agreements and securities loan agreements in general (i) all transactions are terminated and accelerated, (ii) all values of securities or cash held or to be delivered are calculated, and all such sums are netted against each other and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Typical master netting agreements for these types of transactions also often contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty. Refer to Note 5 for further discussion of the Firm’s derivative instruments. Refer to Note 11 for further discussion of the Firm’s securities financing agreements. Statements of cash flows For JPMorgan Chase’s Consolidated statements of cash flows, cash is defined as those amounts included in cash and due from banks and deposits with banks on the Consolidated balance sheets. Accounting standards adopted January 1, 2023 Derivatives and Hedging: Fair Value Hedging – Portfolio Layer Method The adoption of this guidance expanded the ability to hedge a portfolio of fixed-rate assets to allow more types of assets to be included in the portfolio, and to allow more of the portfolio to be hedged. This guidance also clarified the types of derivatives that could be used as hedges, and the balance sheet presentation and disclosure requirements for the hedge accounting adjustments. As permitted by the guidance, the Firm elected to transfer HTM securities to AFS and designated those securities in a portfolio layer method hedge upon adoption. The adoption impact of the transfer on retained earnings was not material. Refer to Note 5 and Note 10 for additional information. Financial Instruments – Credit Losses: Troubled Debt Restructurings (“TDRs”) The adoption of this guidance eliminated the accounting and disclosure requirements for TDRs, including the requirement to measure the allowance using a discounted cash flow (“DCF”) methodology, and allowed the option of a non-DCF portfolio-based approach for modified loans to troubled borrowers. If a DCF methodology is still applied for these modified loans, the discount rate must be the post-modification effective interest rate, instead of the pre-modification effective interest rate. The Firm elected to apply its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans which the Firm elected to continue applying a DCF methodology. Refer to Note 13 for a description of the portfolio-based allowance approach and the asset-specific allowance approach. This guidance was adopted on January 1, 2023 under the modified retrospective method which resulted in a net decrease to the allowance for credit losses of $587 million and an increase to retained earnings of $446 million, after-tax, predominantly driven by residential real estate and credit card. The adoption of this guidance eliminated the disclosure requirements for TDRs including the requirement to assess whether a modification is reasonably expected or involves a concession. The new guidance requires disclosure for loan modifications to borrowers experiencing financial difficulty consisting of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or a combination of these modifications. The Firm has defined these types of modifications as financial difficulty modifications ("FDMs"). As a result of the elimination of the requirement to assess whether a modification is reasonably expected or involves a concession, the population of loans considered FDMs differs from those previously considered TDRs. This guidance also requires disclosure of current period gross charge-offs by vintage origination year. Refer to Note 12 for further information. Significant accounting policies The following table identifies JPMorgan Chase’s other significant accounting policies and the Note and page where a detailed description of each policy can be found. Fair value measurement Note 2 page 175 Fair value option Note 3 page 197 Derivative instruments Note 5 page 203 Noninterest revenue and noninterest expense Note 6 page 217 Interest income and Interest expense Note 7 page 221 Pension and other postretirement employee benefit plans Note 8 page 222 Employee share-based incentives Note 9 page 225 Investment securities Note 10 page 227 Securities financing activities Note 11 page 232 Loans Note 12 page 235 Allowance for credit losses Note 13 page 255 Variable interest entities Note 14 page 261 Goodwill, mortgage servicing rights, and other intangible assets Note 15 page 269 Premises and equipment Note 16 page 274 Leases Note 18 page 275 Accounts payable & other liabilities Note 19 page 277 Long-term debt Note 20 page 278 Earnings per share Note 23 page 283 Income taxes Note 25 page 285 Off–balance sheet lending-related financial instruments, guarantees and other commitments Note 28 page 291 Litigation Note 30 page 298 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair value measurement JPMorgan Chase carries a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly carried at fair value on a recurring basis (i.e., assets and liabilities that are measured and reported at fair value on the Firm’s Consolidated balance sheets). Certain assets, liabilities and unfunded lending-related commitments are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is based on quoted market prices or inputs, where available. If prices or quotes are not available, fair value is based on valuation models and other valuation techniques that consider relevant transaction characteristics (such as maturity) and use, as inputs, observable or unobservable market parameters, including yield curves, interest rates, volatilities, prices (such as commodity, equity or debt prices), correlations, foreign exchange rates and credit curves. Fair value may also incorporate valuation adjustments. The level of precision in estimating unobservable market inputs or other factors can affect the amount of gain or loss recorded for a particular position. Furthermore, while the Firm believes its valuation methods are appropriate and consistent with those of other market participants, the methods and assumptions used reflect management judgment and may vary across the Firm’s businesses and portfolios. The Firm uses various methodologies and assumptions in the determination of fair value. The use of different methodologies or assumptions by other market participants compared with those used by the Firm could result in the Firm deriving a different estimate of fair value at the reporting date. Valuation process Risk-taking functions are responsible for providing fair value estimates for assets and liabilities carried on the Consolidated balance sheets at fair value. The Firm’s Valuation Control Group (“VCG”), which is part of the Firm’s Finance function and independent of the risk-taking functions, is responsible for verifying these estimates and determining any fair value adjustments that may be required to ensure that the Firm’s positions are recorded at fair value. In addition, the Firm’s Valuation Governance Forum (“VGF”), which is composed of senior finance and risk executives, is responsible for overseeing the management of risks arising from valuation activities conducted across the Firm. The Firmwide VGF is chaired by the Firmwide head of the VCG (under the direction of the Firm’s Controller), and includes sub-forums covering the CIB, CCB, CB, AWM and certain corporate functions including Treasury and CIO. Price verification process The VCG verifies fair value estimates provided by the risk-taking functions by leveraging independently derived prices, valuation inputs and other market data, where available. Where independent prices or inputs are not available, the VCG performs additional review to ensure the reasonableness of the estimates. The additional review may include evaluating the limited market activity including client unwinds, benchmarking valuation inputs to those used for similar instruments, decomposing the valuation of structured instruments into individual components, comparing expected to actual cash flows, reviewing profit and loss trends, and reviewing trends in collateral valuation. There are also additional levels of management review for more significant or complex positions. The VCG determines any valuation adjustments that may be required to the estimates provided by the risk-taking functions. No adjustments to quoted prices are applied for instruments classified within level 1 of the fair value hierarchy (refer to the discussion below for further information on the fair value hierarchy). For other positions, judgment is required to assess the need for valuation adjustments to appropriately reflect liquidity considerations, unobservable parameters, and, for certain portfolios that meet specified criteria, the size of the net open risk position. The determination of such adjustments follows a consistent framework across the Firm: • Liquidity valuation adjustments are considered where an observable external price or valuation parameter exists but is of lower reliability, potentially due to lower market activity. Liquidity valuation adjustments are made based on current market conditions. Factors that may be considered in determining the liquidity adjustment include analysis of: (1) the estimated bid-offer spread for the instrument being traded; (2) alternative pricing points for similar instruments in active markets; and (3) the range of reasonable values that the price or parameter could take. • The Firm manages certain portfolios of financial instruments on the basis of net open risk exposure and, as permitted by U.S. GAAP, has elected to estimate the fair value of such portfolios on the basis of a transfer of the entire net open risk position in an orderly transaction. Where this is the case, valuation adjustments may be necessary to reflect the cost of exiting a larger-than-normal market-size net open risk position. Where applied, such adjustments are based on factors that a relevant market participant would consider in the transfer of the net open risk position, including the size of the adverse market move that is likely to occur during the period required to sufficiently reduce the net open risk position. • Uncertainty adjustments related to unobservable parameters may be made when positions are valued using prices or input parameters to valuation models that are unobservable due to a lack of market activity or because they cannot be implied from observable market data. Such prices or parameters must be estimated and are, therefore, subject to management judgment. Adjustments are made to reflect the uncertainty inherent in the resulting valuation estimate. • Where appropriate, the Firm also applies adjustments to its estimates of fair value in order to appropriately reflect counterparty credit quality (CVA), the Firm’s own creditworthiness (DVA) and the impact of funding (FVA), using a consistent framework across the Firm. Refer to Credit and funding adjustments on page 192 of this Note for more information on such adjustments. Valuation model review and approval If prices or quotes are not available for an instrument or a similar instrument, fair value is generally determined using valuation models that consider relevant transaction terms such as maturity and use as inputs market-based or independently sourced parameters. Where this is the case the price verification process described above is applied to the inputs in those models. Under the Firm’s Estimations and Model Risk Management Policy, MRGR reviews and approves new models, as well as material changes to existing models, prior to implementation in the operating environment. In certain circumstances exceptions may be granted to the Firm’s policy to allow a model to be used prior to review or approval. MRGR may also require the user to take appropriate actions to mitigate the model risk if it is to be used in the interim. These actions will depend on the model and may include, for example, limitation of trading activity. Fair value hierarchy A three-level fair value hierarchy has been established under U.S. GAAP for disclosure of fair value measurements. The fair value hierarchy is based on the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows. • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – one or more inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table describes the valuation methodologies generally used by the Firm to measure its significant products/instruments at fair value, including the general classification of such instruments pursuant to the fair value hierarchy. Product/instrument Valuation methodology Classifications in the fair value hierarchy Securities financing agreements Valuations are based on discounted cash flows, which consider: Predominantly level 2 • Derivative features: refer to the discussion of derivatives below for further information • Market rates for the respective maturity • Collateral characteristics Loans and lending-related commitments — wholesale Loans carried at fair value (trading loans and non-trading loans) and associated lending-related commitments Where observable market data is available, valuations are based on: Level 2 or 3 • Observed market prices (circumstances are infrequent) • Relevant broker quotes • Observed market prices for similar instruments Where observable market data is unavailable or limited, valuations are based on discounted cash flows, which consider the following: • Credit spreads derived from the cost of CDS; or benchmark credit curves developed by the Firm, by industry and credit rating • Prepayment speed • Collateral characteristics Loans — consumer Fair value is based on observable market prices for mortgage-backed securities with similar collateral and incorporates adjustments to these prices to account for differences between the securities and the value of the underlying loans, which include credit characteristics, portfolio composition, and liquidity. Predominantly level 2 Loans carried at fair value — conforming residential mortgage loans expected to be sold Investment and trading securities Quoted market prices Level 1 In the absence of quoted market prices, securities are valued based on: Level 2 or 3 • Observable market prices for similar securities • Relevant broker quotes • Discounted cash flows In addition, the following inputs to discounted cash flows are used for the following products: Mortgage- and asset-backed securities specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity Collateralized loan obligations (“CLOs”) specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Expected prepayment speed, conditional default rates, loss severity • Credit spreads • Credit rating data Physical commodities Valued using observable market prices or data. Level 1 or 2 Product/instrument Valuation methodology Classifications in the fair value hierarchy Derivatives Actively traded derivatives, e.g., exchange-traded derivatives, that are valued using quoted prices. Level 1 Derivatives that are valued using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs as well as considering the contractual terms. The key valuation inputs used will depend on the type of derivative and the nature of the underlying instruments and may include equity prices, commodity prices, foreign exchange rates, volatilities, correlations, CDS spreads, recovery rates and prepayment speed. Level 2 or 3 In addition, specific inputs used for derivatives that are valued based on models with significant unobservable inputs are as follows: Interest rate and FX exotic derivatives specific inputs include: • Interest rate curve • Interest rate volatility • Interest rate spread volatility • Bermudan switch value • Interest rate correlation • Interest rate-FX correlation • Foreign exchange correlation Credit derivatives specific inputs include: • Credit correlation between the underlying debt instruments Equity derivatives specific inputs include: • Forward equity price • Equity volatility • Equity correlation • Equity-FX correlation • Equity-IR correlation Commodity derivatives specific inputs include: • Forward commodity price • Commodity volatility • Commodity correlation Additionally, adjustments are made to reflect counterparty credit quality (CVA) and the impact of funding (FVA). Refer to page 192 of this Note. Mortgage servicing rights Refer to Mortgage servicing rights in Note 15. Level 3 Private equity direct investments Fair value is estimated using all available information; the range of potential inputs include: Level 2 or 3 • Transaction prices • Trading multiples of comparable public companies • Operating performance of the underlying portfolio company • Adjustments as required, since comparable public companies are not identical to the company being valued, and for company-specific issues including lack of liquidity • Additional available inputs relevant to the investment Fund investments (e.g., mutual/collective investment funds, private equity funds, hedge funds, and real estate funds) Net asset value • NAV is supported by the ability to redeem and purchase at the NAV level Level 1 • Adjustments to the NAV as required, for restrictions on redemption (e.g., lock-up periods or withdrawal limitations) or where observable activity is limited Level 2 or 3 (a) Beneficial interests issued by consolidated VIEs Valued using observable market information, where available. Level 2 or 3 In the absence of observable market information, valuations are based on the fair value of the underlying assets held by the VIE. (a) Excludes certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. Product/instrument Valuation methodology Classification in the fair value hierarchy Structured notes (included in deposits, short-term borrowings and long-term debt) Valuations are based on discounted cash flow analyses that consider the embedded derivative and the terms and payment structure of the note. The embedded derivative features are considered using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs, depending on the embedded derivative. The specific inputs used vary according to the nature of the embedded derivative features, as described in the discussion above regarding derivatives valuation. Adjustments are then made to this base valuation to reflect the Firm’s own credit risk (DVA). Refer to page 192 of this Note. Level 2 or 3 The following table presents the assets and liabilities reported at fair value as of December 31, 2023 and 2022, by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy December 31, 2023 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments (f) Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 259,813 $ — $ — $ 259,813 Securities borrowed — 70,086 — — 70,086 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 73,840 758 — 74,598 Residential – nonagency — 1,921 5 — 1,926 Commercial – nonagency — 1,362 12 — 1,374 Total mortgage-backed securities — 77,123 775 — 77,898 U.S. Treasury, GSEs and government agencies (a) 133,997 9,998 — — 143,995 Obligations of U.S. states and municipalities — 5,858 10 — 5,868 Certificates of deposit, bankers’ acceptances and commercial paper — 756 — — 756 Non-U.S. government debt securities 24,846 55,557 179 — 80,582 Corporate debt securities — 32,854 484 — 33,338 Loans — 7,872 684 — 8,556 Asset-backed securities — 2,199 6 — 2,205 Total debt instruments 158,843 192,217 2,138 — 353,198 Equity securities 107,926 679 127 — 108,732 Physical commodities (b) 2,479 3,305 7 — 5,791 Other — 17,879 101 — 17,980 Total debt and equity instruments (c) 269,248 214,080 2,373 — 485,701 Derivative receivables: Interest rate 2,815 243,578 4,298 (224,367) 26,324 Credit — 8,644 1,010 (9,103) 551 Foreign exchange 149 204,737 889 (187,756) 18,019 Equity — 55,167 2,522 (52,761) 4,928 Commodity — 15,234 205 (10,397) 5,042 Total derivative receivables 2,964 527,360 8,924 (484,384) 54,864 Total trading assets (d) 272,212 741,440 11,297 (484,384) 540,565 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 85,170 — — 85,170 Residential – nonagency — 3,639 — — 3,639 Commercial – nonagency — 2,803 — — 2,803 Total mortgage-backed securities — 91,612 — — 91,612 U.S. Treasury and government agencies 57,683 122 — — 57,805 Obligations of U.S. states and municipalities — 21,367 — — 21,367 Non-U.S. government debt securities 13,095 8,187 — — 21,282 Corporate debt securities — 100 — — 100 Asset-backed securities: Collateralized loan obligations — 6,752 — — 6,752 Other (a) — 2,786 — — 2,786 Total available-for-sale securities 70,778 130,926 — — 201,704 Loans (e) — 35,772 3,079 — 38,851 Mortgage servicing rights — — 8,522 — 8,522 Other assets (d) 6,635 3,929 758 — 11,322 Total assets measured at fair value on a recurring basis $ 349,625 $ 1,241,966 $ 23,656 $ (484,384) $ 1,130,863 Deposits $ — $ 76,551 $ 1,833 $ — $ 78,384 Federal funds purchased and securities loaned or sold under repurchase agreements — 169,003 — — 169,003 Short-term borrowings — 18,284 1,758 — 20,042 Trading liabilities: Debt and equity instruments (c) 107,292 32,252 37 — 139,581 Derivative payables: Interest rate 4,409 232,277 3,796 (228,586) 11,896 Credit — 11,293 745 (10,949) 1,089 Foreign exchange 147 211,289 827 (199,643) 12,620 Equity — 60,887 4,924 (56,443) 9,368 Commodity — 15,894 484 (10,504) 5,874 Total derivative payables 4,556 531,640 10,776 (506,125) 40,847 Total trading liabilities 111,848 563,892 10,813 (506,125) 180,428 Accounts payable and other liabilities 3,968 1,617 52 — 5,637 Beneficial interests issued by consolidated VIEs — 1 — — 1 Long-term debt — 60,198 27,726 — 87,924 Total liabilities measured at fair value on a recurring basis $ 115,816 $ 889,546 $ 42,182 $ (506,125) $ 541,419 Fair value hierarchy December 31, 2022 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments (f) Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 311,883 $ — $ — $ 311,883 Securities borrowed — 70,041 — — 70,041 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 68,162 759 — 68,921 Residential – nonagency — 2,498 5 — 2,503 Commercial – nonagency — 1,448 7 — 1,455 Total mortgage-backed securities — 72,108 771 — 72,879 U.S. Treasury, GSEs and government agencies (a) 61,191 8,546 — — 69,737 Obligations of U.S. states and municipalities — 6,608 7 — 6,615 Certificates of deposit, bankers’ acceptances and commercial paper — 2,009 — — 2,009 Non-U.S. government debt securities 18,213 48,429 155 — 66,797 Corporate debt securities — 25,626 463 — 26,089 Loans — 5,744 759 — 6,503 Asset-backed securities — 2,536 23 — 2,559 Total debt instruments 79,404 171,606 2,178 — 253,188 Equity securities 82,483 2,060 665 — 85,208 Physical commodities (b) 9,595 16,673 2 — 26,270 Other — 18,146 64 — 18,210 Total debt and equity instruments (c) 171,482 208,485 2,909 — 382,876 Derivative receivables: Interest rate 3,390 292,956 4,069 (271,996) 28,419 Credit — 9,722 607 (9,239) 1,090 Foreign exchange 169 240,207 1,203 (218,214) 23,365 Equity — 57,485 4,428 (52,774) 9,139 Commodity — 24,982 375 (16,490) 8,867 Total derivative receivables 3,559 625,352 10,682 (568,713) 70,880 Total trading assets (d) 175,041 833,837 13,591 (568,713) 453,756 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) 3 71,500 — — 71,503 Residential – nonagency — 4,620 — — 4,620 Commercial – nonagency — 1,958 — — 1,958 Total mortgage-backed securities 3 78,078 — — 78,081 U.S. Treasury and government agencies 92,060 — — — 92,060 Obligations of U.S. states and municipalities — 6,786 — — 6,786 Non-U.S. government debt securities 10,591 9,105 — — 19,696 Corporate debt securities — 118 239 — 357 Asset-backed securities: Collateralized loan obligations — 5,792 — — 5,792 Other — 3,085 — — 3,085 Total available-for-sale securities 102,654 102,964 239 — 205,857 Loans (e) — 40,661 1,418 — 42,079 Mortgage servicing rights — — 7,973 — 7,973 Other assets (d) 7,544 6,065 405 — 14,014 Total assets measured at fair value on a recurring basis $ 285,239 $ 1,365,451 $ 23,626 $ (568,713) $ 1,105,603 Deposits $ — $ 26,458 $ 2,162 $ — $ 28,620 Federal funds purchased and securities loaned or sold under repurchase agreements — 151,999 — — 151,999 Short-term borrowings — 14,391 1,401 — 15,792 Trading liabilities: Debt and equity instruments (c) 98,719 28,032 84 — 126,835 Derivative payables: Interest rate 2,643 284,280 3,368 (274,321) 15,970 Credit — 9,377 594 (9,217) 754 Foreign exchange 160 250,647 714 (232,665) 18,856 Equity — 57,649 4,812 (53,657) 8,804 Commodity — 22,748 521 (16,512) 6,757 Total derivative payables 2,803 624,701 10,009 (586,372) 51,141 Total trading liabilities 101,522 652,733 10,093 (586,372) 177,976 Accounts payable and other liabilities 5,702 1,283 53 — 7,038 Beneficial interests issued by consolidated VIEs — 5 — — 5 Long-term debt — 48,189 24,092 — 72,281 Total liabilities measured at fair value on a recurring basis $ 107,224 $ 895,058 $ 37,801 $ (586,372) $ 453,711 (a) At December 31, 2023 and 2022, included total U.S. GSE obligations of $78.5 billion and $73.8 billion, respectively, which were mortgage-related. (b) Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 5 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. (c) Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). (d) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At December 31, 2023 and 2022, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.0 billion and $950 million, respectively. Included in these balances at December 31, 2023 and 2022, were trading assets of $42 million and $43 million, respectively, and other assets of $984 million and $907 million, respectively. (e) At December 31, 2023 and 2022, included $10.2 billion and $9.7 billion, respectively, of residential first-lien mortgages, and $6.0 billion and $6.8 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $2.9 billion and $2.4 billion, respectively. (f) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral. Level 3 valuations The Firm has established well-structured processes for determining fair value, including for instruments where fair value is estimated using significant unobservable inputs (level 3). Refer to pages 175–179 of this Note for further information on the Firm’s valuation process and a detailed discussion of the determination of fair value for individual financial instruments. 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 internally developed valuation models and other valuation techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2. In arriving at an estimate of fair value for an instrument within level 3, management must first determine the appropriate valuation model or other valuation technique to use. Second, due to the lack of observability of significant inputs, management must assess relevant empirical data in deriving valuation inputs including transaction details, yield curves, interest rates, prepayment speed, default rates, volatilities, correlations, prices (such as commodity, equity or debt prices), valuations of comparable instruments, foreign exchange rates and credit curves. The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy. The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value. 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 instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date. Level 3 inputs (a) December 31, 2023 Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Average (i) Residential mortgage-backed securities and loans (b) $ 1,743 Discounted cash flows Yield 0% 72% 7% Prepayment speed 3% 12% 9% Conditional default rate 0% 6% 0% Loss severity 0% 110% 3% Commercial mortgage-backed securities and loans (c) 1,460 Market comparables Price $0 $90 $80 Corporate debt securities 484 Market comparables Price $0 $242 $98 Loans (d) 1,335 Market comparables Price $0 $108 $79 Non-U.S. government debt securities 179 Market comparables Price $2 $109 $91 Net interest rate derivatives 495 Option pricing Interest rate volatility 25bps 420bps 117bps Interest rate spread volatility 37bps 77bps 64bps Bermudan switch value 0% 54% 19% Interest rate correlation (82)% 90% 19% IR-FX correlation (35)% 60% 5% 7 Discounted cash flows Prepayment speed 0% 20% 5% Net credit derivatives 233 Discounted cash flows Credit correlation 35% 70% 51% Credit spread 0bps 3,617bps 384bps Recovery rate 10% 90% 55% 32 Market comparables Price $0 $115 $73 Net foreign exchange derivatives 128 Option pricing IR-FX correlation (40)% 60% 20% (66) Discounted cash flows Prepayment speed 11% 11% Interest rate curve 2% 17% 7% Net equity derivatives (2,402) Option pricing Forward equity price (h) 74% 148% 100% Equity volatility 3% 145% 28% Equity correlation 15% 100% 57% Equity-FX correlation (88)% 65% (30)% Equity-IR correlation (19)% 20% 12% Net commodity derivatives (279) Option pricing Oil commodity forward $84 / BBL $270 / BBL $177 / BBL Natural gas commodity forward $2 / MMBTU $6 / MMBTU $4 / MMBTU Commodity volatility 17% 20% 18% Commodity correlation (35)% 98% 31% MSRs 8,522 Discounted cash flows Refer to Note 15 Long-term debt, short-term borrowings, and deposits (e) 30,078 Option pricing Interest rate volatility 25bps 420bps 117bps Bermudan switch value 0% 54% 19% Interest rate correlation (82)% 90% 19% IR-FX correlation (35)% 60% 5% Equity correlation 15% 100% 57% Equity-FX correlation (88)% 65% (30)% Equity-IR correlation (19)% 20% 12% 1,239 Discounted cash flows Credit correlation 35% 70% 51% Yield 5% 20% 12% Loss severity 0% 100% 50% Other level 3 assets and liabilities, net (f) 920 (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 technique as the characteristics of the instruments can differ. (b) Comprises U.S. GSE and government agency securities of $758 million, nonagency securities of $5 million and non-trading loans of $980 million. (c) Comprises nonagency securities of $12 million, trading loans of $65 million and non-trading loans of $1.4 billion. (d) Comprises trading loans of $619 million and non-trading loans of $716 million. (e) Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables. (f) Includes equity securities of $671 million including $544 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate. (g) Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100 . (h) Forward equity price is expressed as a percentage of the current equity price. (i) Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used. Changes in and ranges of unobservable inputs The following discussion provides a description of the impact on a fair value measurement of a change in each unobservable input in isolation, and the interrelationship between unobservable inputs, where relevant and significant. The impact of changes in inputs may no |
Fair Value Option
Fair Value Option | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option | Fair value option The fair value option provides an option to elect fair value for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments. The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis. The Firm’s election of fair value includes the following instruments: • Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments • Certain securities financing agreements • Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument • Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities • Certain long-term beneficial interests issued by CIB’s consolidated securitization trusts where the underlying assets are carried at fair value Changes in fair value under the fair value option election The following table presents the changes in fair value included in the Consolidated statements of income for the years ended December 31, 2023, 2022 and 2021, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. 2023 2022 2021 December 31, (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ 300 $ — $ 300 $ (384) $ — $ (384) $ (112) $ — $ (112) Securities borrowed 164 — 164 (499) — (499) (200) — (200) Trading assets: Debt and equity instruments, excluding loans 3,656 — 3,656 (1,703) — (1,703) (2,171) (1) (c) (2,172) Loans reported as trading assets: Changes in instrument-specific credit risk 248 — 248 (136) — (136) 353 — 353 Other changes in fair value 3 5 (c) 8 (59) — (59) (8) — (8) Loans: Changes in instrument-specific credit risk 322 (4) (c) 318 (242) 21 (c) (221) 589 (7) (c) 582 Other changes in fair value 427 216 (c) 643 (1,421) (794) (c) (2,215) (139) 2,056 (c) 1,917 Other assets 282 (4) (d) 278 39 (6) (d) 33 12 (26) (d) (14) Deposits (a) (2,582) — (2,582) 901 — 901 (183) — (183) Federal funds purchased and securities loaned or sold under repurchase agreements (121) — (121) 181 — 181 69 — 69 Short-term borrowings (a) (567) — (567) 473 — 473 (366) — (366) Trading liabilities (24) — (24) 43 — 43 7 — 7 Beneficial interests issued by consolidated VIEs — — — (1) — (1) — — — Other liabilities (16) — (16) (11) — (11) (17) — (17) Long-term debt (a)(b) (5,875) (78) (c)(d) (5,953) 8,990 98 (c)(d) 9,088 (980) 4 (c)(d) (976) (a) Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the years ended December 31, 2023, 2022 and 2021. (b) Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. (c) Reported in mortgage fees and related income. (d) Reported in other income. (e) Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 7 for further information regarding interest income and interest expense. Determination of instrument-specific credit risk for items for which the fair value option was elected The following describes how the gains and losses that are attributable to changes in instrument-specific credit risk, were determined. • Loans and lending-related commitments: For floating-rate instruments, all changes in value are attributed to instrument-specific credit risk. For fixed-rate instruments, an allocation of the changes in value for the period is made between those changes in value that are interest rate-related and changes in value that are credit-related. Allocations are generally based on an analysis of borrower-specific credit spread and recovery information, where available, or benchmarking to similar entities or industries. • Long-term debt: Changes in value attributable to instrument-specific credit risk were derived principally from observable changes in the Firm’s credit spread as observed in the bond market. • Securities financing agreements: Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount loaned; as a result, there would be no adjustment or an immaterial adjustment for instrument-specific credit risk related to these agreements. Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of December 31, 2023 and 2022, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. 2023 2022 December 31, (in millions) Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Loans Nonaccrual loans Loans reported as trading assets $ 2,987 $ 588 $ (2,399) $ 2,517 $ 368 $ (2,149) Loans 838 732 (106) 967 829 (138) Subtotal 3,825 1,320 (2,505) 3,484 1,197 (2,287) 90 or more days past due and government guaranteed Loans (a) 65 59 (6) 124 115 (9) All other performing loans (b) Loans reported as trading assets 9,547 7,968 (1,579) 7,823 6,135 (1,688) Loans 38,948 38,060 (888) 42,588 41,135 (1,453) Subtotal 48,495 46,028 (2,467) 50,411 47,270 (3,141) Total loans $ 52,385 $ 47,407 $ (4,978) $ 54,019 $ 48,582 $ (5,437) Long-term debt Principal-protected debt $ 47,768 (d) $ 38,882 $ (8,886) $ 41,341 (d) $ 31,105 $ (10,236) Nonprincipal-protected debt (c) NA 49,042 NA NA 41,176 NA Total long-term debt NA $ 87,924 NA NA $ 72,281 NA Long-term beneficial interests Nonprincipal-protected debt (c) NA $ 1 NA NA $ 5 NA Total long-term beneficial interests NA $ 1 NA NA $ 5 NA (a) These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies. (b) There were no performing loans that were ninety days or more past due as of December 31, 2023 and 2022. (c) Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes. (d) Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date. At December 31, 2023 and 2022, the contractual amount of lending-related commitments for which the fair value option was elected was $9.7 billion and $7.6 billion, respectively, with a corresponding fair value of $97 million and $24 million, respectively. Refer to Note 28 for further information regarding off-balance sheet lending-related financial instruments. Structured note products by balance sheet classification and risk component The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type. December 31, 2023 December 31, 2022 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 38,604 $ 654 $ 74,526 $ 113,784 $ 31,973 $ 260 $ 24,655 $ 56,888 Credit 5,444 350 — 5,794 4,105 170 — 4,275 Foreign exchange 2,605 941 187 3,733 2,674 788 50 3,512 Equity 38,685 5,483 2,905 47,073 30,864 4,272 3,545 38,681 Commodity 1,862 11 1 (a) 1,874 1,655 16 2 (a) 1,673 Total structured notes $ 87,200 $ 7,439 $ 77,619 $ 172,258 $ 71,271 $ 5,506 $ 28,252 $ 105,029 (a) Excludes deposits linked to precious metals for which the fair value option has not been elected of $627 million and $602 million for the years ended December 31, 2023 and 2022, respectively. |
Credit Risk Concentrations
Credit Risk Concentrations | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Credit Risk Concentrations | Credit risk concentrations Concentrations of credit risk arise when a number of clients, counterparties or customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. JPMorgan Chase regularly monitors various segments of its credit portfolios to assess potential credit risk concentrations and to obtain additional collateral when deemed necessary and permitted under the Firm’s agreements. Senior management is significantly involved in the credit approval and review process, and risk levels are adjusted as needed to reflect the Firm’s risk appetite. In the Firm’s consumer portfolio, concentrations are managed primarily by product and by U.S. geographic region, with a key focus on trends and concentrations at the portfolio level, where potential credit risk concentrations can be remedied through changes in underwriting policies and portfolio guidelines. Refer to Note 12 for additional information on the geographic composition of the Firm’s consumer loan portfolios. In the wholesale portfolio, credit risk concentrations are evaluated primarily by industry and monitored regularly on both an aggregate portfolio level and on an individual client or counterparty basis. The Firm’s wholesale exposure is managed through loan syndications and participations, loan sales, securitizations, credit derivatives, master netting agreements, collateral and other risk-reduction techniques. Refer to Note 12 for additional information on loans. The Firm does not believe that its exposure to any particular loan product or industry segment results in a significant concentration of credit risk. Terms of loan products and collateral coverage are included in the Firm’s assessment when extending credit and establishing its allowance for credit losses. Refer to Note 13 for additional information on the allowance for credit losses. The table below presents both on–balance sheet and off–balance sheet consumer and wholesale credit exposure by the Firm’s three credit portfolio segments as of December 31, 2023 and 2022. The wholesale industry of risk category is generally based on the client or counterparty’s primary business activity. 2023 2022 Credit exposure (h)(i) On-balance sheet Off-balance sheet (k) Credit exposure (h) On-balance sheet Off-balance sheet (k) December 31, (in millions) Loans Derivatives Loans Derivatives Consumer, excluding credit card $ 455,496 $ 410,093 $ — $ 45,403 $ 344,893 $ 311,375 (j) $ — $ 33,518 Credit card (a) 1,126,781 211,123 — 915,658 1,006,459 185,175 — 821,284 Total consumer (a) 1,582,277 621,216 — 961,061 1,351,352 496,550 — 854,802 Wholesale (b) Real Estate 208,261 166,372 420 41,469 170,857 131,681 249 38,927 Individuals and Individual Entities (c) 145,849 126,339 725 18,785 130,815 120,424 434 9,957 Asset Managers 129,574 52,178 9,925 67,471 95,656 40,511 16,397 38,748 Consumer & Retail 127,086 46,274 2,013 78,799 120,555 45,867 1,650 73,038 Technology, Media & 77,296 22,450 2,451 52,395 72,286 21,622 2,950 47,714 Industrials 75,092 26,548 1,335 47,209 72,483 26,960 1,770 43,753 Healthcare 65,025 23,169 1,577 40,279 62,613 22,970 1,683 37,960 Banks & Finance Companies 57,177 33,941 2,898 20,338 51,816 32,172 3,246 16,398 Utilities 36,061 7,067 3,396 25,598 36,218 9,107 3,269 23,842 State & Municipal Govt (d) 35,986 20,019 442 15,525 33,847 18,147 585 15,115 Oil & Gas 34,475 8,480 705 25,290 38,668 9,632 5,121 23,915 Automotive 33,977 17,459 428 16,090 33,287 14,735 529 18,023 Chemicals & Plastics 20,773 6,458 441 13,874 20,030 5,771 407 13,852 Insurance 20,501 2,535 7,138 10,828 21,045 2,387 8,081 10,577 Central Govt 17,704 5,463 10,669 1,572 19,095 3,167 12,955 2,973 Transportation 16,060 5,080 555 10,425 15,009 5,005 567 9,437 Metals & Mining 15,508 4,655 274 10,579 15,915 5,398 475 10,042 Securities Firms 8,689 865 3,285 4,539 8,066 556 3,387 4,123 Financial Markets Infrastructure 4,251 86 2,155 2,010 4,962 13 3,050 1,899 All other (e) 134,777 97,034 4,032 33,711 123,307 87,545 4,075 31,687 Subtotal 1,264,122 672,472 54,864 536,786 1,146,530 603,670 70,880 471,980 Loans held-for-sale and loans at fair value 30,018 30,018 — — 35,427 35,427 — — Receivables from customers (f) 47,625 — — — 49,257 — — — Total wholesale 1,341,765 702,490 54,864 536,786 1,231,214 639,097 70,880 471,980 Total exposure (g)(h) $ 2,924,042 $ 1,323,706 $ 54,864 $ 1,497,847 $ 2,582,566 $ 1,135,647 $ 70,880 $ 1,326,782 (a) Also includes commercial card lending-related commitments primarily in CB and CIB. (b) The industry rankings presented in the table as of December 31, 2022, are based on the industry rankings of the corresponding exposures at December 31, 2023, not actual rankings of such exposures at December 31, 2022. (c) Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts. (d) In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at December 31, 2023 and 2022, noted above, the Firm held: $5.9 billion and $6.6 billion, respectively, of trading assets; $21.4 billion and $6.8 billion, respectively, of AFS securities; and $9.9 billion and $19.7 billion , respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 10 for further information. (e) All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, at December 31, 2023 and 95% and 5%, respectively, at December 31, 2022. Refer to Note 14 for more information on exposures to SPEs. (f) 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). (g) Excludes cash placed with banks of $614.1 billion and $556.6 billion, at December 31, 2023 and 2022, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks. (h) Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables. (i) Included credit exposure associated with First Republic consisting of $102.2 billion in the Consumer, excluding credit card portfolio, and $90.6 billion in the Wholesale portfolio predominantly in Real Estate, Asset Managers, and Individuals and Individual Entities . (j) At December 31, 2023 and 2022, included $94 million and $350 million of loans in Business Banking under the PPP, respectively. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans. (k) Represents lending-related financial instruments. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative instruments Derivative contracts derive their value from underlying asset prices, indices, reference rates, other inputs or a combination of these factors and may expose counterparties to risks and rewards of an underlying asset or liability without having to initially invest in, own or exchange the asset or liability. JPMorgan Chase makes markets in derivatives for clients and also uses derivatives to hedge or manage its own risk exposures. Predominantly all of the Firm’s derivatives are entered into for market-making or risk management purposes. Market-making derivatives The majority of the Firm’s derivatives are entered into for market-making purposes. Clients use derivatives to mitigate or modify interest rate, credit, foreign exchange, equity and commodity risks. The Firm actively manages the risks from its exposure to these derivatives by entering into other derivative contracts or by purchasing or selling other financial instruments that partially or fully offset the exposure from client derivatives. Risk management derivatives The Firm manages certain market and credit risk exposures using derivative instruments, including derivatives in hedge accounting relationships and other derivatives that are used to manage risks associated with specified assets and liabilities. The Firm generally uses interest rate derivatives to manage the risk associated with changes in interest rates. Fixed-rate assets and liabilities appreciate or depreciate in market value as interest rates change. Similarly, interest income and expense increase or decrease as a result of variable-rate assets and liabilities resetting to current market rates, and as a result of the repayment and subsequent origination or issuance of fixed-rate assets and liabilities at current market rates. Gains and losses on the derivative instruments related to these assets and liabilities are expected to substantially offset this variability. Foreign currency derivatives are used to manage the foreign exchange risk associated with certain foreign currency–denominated (i.e., non-U.S. dollar) assets and liabilities and forecasted transactions, as well as the Firm’s net investments in certain non-U.S. subsidiaries or branches whose functional currencies are not the U.S. dollar. As a result of fluctuations in foreign currencies, the U.S. dollar–equivalent values of the foreign currency–denominated assets and liabilities or the forecasted revenues or expenses increase or decrease. Gains or losses on the derivative instruments related to these foreign currency–denominated assets or liabilities, or forecasted transactions, are expected to substantially offset this variability. Commodities derivatives are used to manage the price risk of certain commodities inventories. Gains or losses on these derivative instruments are expected to substantially offset the depreciation or appreciation of the related inventory. Credit derivatives are used to manage the counterparty credit risk associated with loans and lending-related commitments. Credit derivatives compensate the purchaser when the entity referenced in the contract experiences a credit event, such as bankruptcy or a failure to pay an obligation when due. Credit derivatives primarily consist of CDS. Refer to the Credit derivatives section on pages 214–216 of this Note for a further discussion of credit derivatives. Refer to the risk management derivatives gains and losses table on page 214 and the hedge accounting gains and losses tables on pages 211–213 of this Note for more information about risk management derivatives. Derivative counterparties and settlement types The Firm enters into OTC derivatives, which are negotiated and settled bilaterally with the derivative counterparty. The Firm also enters into, as principal, certain ETD such as futures and options, and OTC-cleared derivative contracts with CCPs. ETD contracts are generally standardized contracts traded on an exchange and cleared by the CCP, which is the Firm’s counterparty from the inception of the transactions. OTC-cleared derivatives are traded on a bilateral basis and then novated to the CCP for clearing. Derivative clearing services The Firm provides clearing services for clients in which the Firm acts as a clearing member at certain exchanges and clearing houses. The Firm does not reflect the clients’ derivative contracts in its Consolidated Financial Statements. Refer to Note 28 for further information on the Firm’s clearing services. Accounting for derivatives All free-standing derivatives that the Firm executes for its own account are required to be recorded on the Consolidated balance sheets at fair value. As permitted under U.S. GAAP, the Firm nets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting agreement exists between the Firm and the derivative counterparty. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. The accounting for changes in value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. The tabular disclosures on pages 207–214 of this Note provide additional information on the amount of, and reporting for, derivative assets, liabilities, gains and losses. Refer to Notes 2 and 3 for a further discussion of derivatives embedded in structured notes. Derivatives designated as hedges The Firm applies hedge accounting to certain derivatives executed for risk management purposes – generally interest rate, foreign exchange and commodity derivatives. However, JPMorgan Chase does not seek to apply hedge accounting to all of the derivatives associated with the Firm’s risk management activities. For example, the Firm does not apply hedge accounting to purchased CDS used to manage the credit risk of loans and lending-related commitments, because of the difficulties in qualifying such contracts as hedges. For the same reason, the Firm does not apply hedge accounting to certain interest rate, foreign exchange, and commodity derivatives used for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. To assess effectiveness, the Firm uses statistical methods such as regression analysis, nonstatistical methods such as dollar-value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item, and qualitative comparisons of critical terms and the evaluation of any changes in those terms. The extent to which a derivative has been, and is expected to continue to be, highly effective at offsetting changes in the fair value or cash flows of the hedged item must be assessed and documented at least quarterly. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. There are three types of hedge accounting designations: fair value hedges, cash flow hedges and net investment hedges. JPMorgan Chase uses fair value hedges primarily to hedge fixed-rate long-term debt, AFS securities and certain commodities inventories. For qualifying fair value hedges, the changes in the fair value of the derivative, and in the value of the hedged item for the risk being hedged, are recognized in earnings. Certain amounts excluded from the assessment of effectiveness are recorded in OCI and recognized in earnings over the life of the derivative. If the hedge relationship is terminated, then the adjustment to the hedged item continues to be reported as part of the basis of the hedged item and, for interest-bearing financial instruments, is amortized to earnings as a yield adjustment. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily net interest income and principal transactions revenue. Effective January 1, 2023, the Firm adopted the new portfolio layer method hedge accounting guidance which expanded the ability to hedge a portfolio of fixed-rate assets to allow more types of assets to be included in the portfolio, and to allow more of the portfolio to be hedged. The Firm employs the Portfolio Layer Method to manage the interest rate risk of portfolios of fixed-rate assets. Throughout the life of the open hedge, basis adjustments are maintained at the portfolio level and are only allocated to individual assets under certain circumstances. These include instances where the portfolio amount falls below the hedged layer amounts, or in cases of voluntary de-designation. JPMorgan Chase uses cash flow hedges primarily to hedge the exposure to variability in forecasted cash flows from floating-rate assets and liabilities and foreign currency–denominated revenue and expense. For qualifying cash flow hedges, changes in the fair value of the derivative are recorded in OCI and recognized in earnings as the hedged item affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily noninterest revenue, net interest income and compensation expense. If the hedge relationship is terminated, then the change in value of the derivative recorded in AOCI is recognized in earnings when the cash flows that were hedged affect earnings. For hedge relationships that are discontinued because a forecasted transaction is expected to not occur according to the original hedge forecast, any related derivative values recorded in AOCI are immediately recognized in earnings. JPMorgan Chase uses net investment hedges to protect the value of the Firm’s net investments in certain non-U.S. subsidiaries or branches whose functional currencies are not the U.S. dollar. For qualifying net investment hedges, changes in the fair value of the derivatives due to changes in spot foreign exchange rates are recorded in OCI as translation adjustments. Amounts excluded from the assessment of effectiveness are recorded directly in earnings. The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category. Type of Derivative Use of Derivative Designation and disclosure Affected segment or unit Page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 211-212 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 213 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 211-212 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 213 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 213 • Commodity Hedge commodity inventory Fair value hedge CIB, AWM 211-212 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: • Interest rate Manage the risk associated with mortgage commitments, warehouse loans and MSRs Specified risk management CCB 214 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB, AWM 214 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate, CIB 214 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 214 • Various Other derivatives Market-making and other CIB, AWM, Corporate 214 Notional amount of derivative contracts The following table summarizes the notional amount of free-standing derivative contracts outstanding as of December 31, 2023 and 2022. Notional amounts (b) December 31, (in billions) 2023 2022 Interest rate contracts Swaps $ 23,251 $ 24,491 Futures and forwards 2,690 2,636 Written options 3,370 3,047 Purchased options 3,362 2,992 Total interest rate contracts 32,673 33,166 Credit derivatives (a) 1,045 1,132 Foreign exchange contracts Cross-currency swaps 4,721 4,196 Spot, futures and forwards 6,957 7,017 Written options 830 775 Purchased options 798 759 Total foreign exchange contracts 13,306 12,747 Equity contracts Swaps 639 618 Futures and forwards 157 110 Written options 778 636 Purchased options 698 580 Total equity contracts 2,272 1,944 Commodity contracts Swaps 115 136 Spot, futures and forwards 157 136 Written options 130 117 Purchased options 115 98 Total commodity contracts 517 487 Total derivative notional amounts $ 49,813 $ 49,476 (a) Refer to the Credit derivatives discussion on pages 214–216 for more information on volumes and types of credit derivative contracts. (b) Represents the sum of gross long and gross short third-party notional derivative contracts. Impact of derivatives on the Consolidated balance sheets The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of December 31, 2023 and 2022, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type. Free-standing derivative receivables and payables (a) Gross derivative receivables Gross derivative payables December 31, 2023 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 250,689 $ 2 $ 250,691 $ 26,324 $ 240,482 $ — $ 240,482 $ 11,896 Credit 9,654 — 9,654 551 12,038 — 12,038 1,089 Foreign exchange 205,010 765 205,775 18,019 210,623 1,640 212,263 12,620 Equity 57,689 — 57,689 4,928 65,811 — 65,811 9,368 Commodity 15,228 211 15,439 5,042 16,286 92 16,378 5,874 Total fair value of trading assets and liabilities $ 538,270 $ 978 $ 539,248 $ 54,864 $ 545,240 $ 1,732 $ 546,972 $ 40,847 Gross derivative receivables Gross derivative payables December 31, 2022 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 300,411 $ 4 $ 300,415 $ 28,419 $ 290,291 $ — $ 290,291 $ 15,970 Credit 10,329 — 10,329 1,090 9,971 — 9,971 754 Foreign exchange 239,946 1,633 241,579 23,365 248,911 2,610 251,521 18,856 Equity 61,913 — 61,913 9,139 62,461 — 62,461 8,804 Commodity 23,652 1,705 25,357 8,867 20,758 2,511 23,269 6,757 Total fair value of trading assets and liabilities $ 636,251 $ 3,342 $ 639,593 $ 70,880 $ 632,392 $ 5,121 $ 637,513 $ 51,141 (a) Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information. (b) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. Derivatives netting The following tables present, as of December 31, 2023 and 2022, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below. In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation: • collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as " Collateral not nettable on the Consolidated balance sheets " in the tables below, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule; • the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and • collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below. 2023 2022 December 31, (in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net U.S. GAAP nettable derivative receivables Interest rate contracts: OTC $ 176,901 $ (152,703) $ 24,198 $ 203,922 $ (178,261) $ 25,661 OTC–cleared 71,419 (71,275) 144 93,800 (93,424) 376 Exchange-traded (a) 402 (389) 13 559 (311) 248 Total interest rate contracts 248,722 (224,367) 24,355 298,281 (271,996) 26,285 Credit contracts: OTC 7,637 (7,226) 411 8,474 (7,535) 939 OTC–cleared 1,904 (1,877) 27 1,746 (1,704) 42 Total credit contracts 9,541 (9,103) 438 10,220 (9,239) 981 Foreign exchange contracts: OTC 203,624 (187,295) 16,329 237,941 (216,796) 21,145 OTC–cleared 469 (459) 10 1,461 (1,417) 44 Exchange-traded (a) 6 (2) 4 15 (1) 14 Total foreign exchange contracts 204,099 (187,756) 16,343 239,417 (218,214) 21,203 Equity contracts: OTC 25,001 (23,677) 1,324 30,323 (25,665) 4,658 Exchange-traded (a) 30,462 (29,084) 1,378 28,467 (27,109) 1,358 Total equity contracts 55,463 (52,761) 2,702 58,790 (52,774) 6,016 Commodity contracts: OTC 8,049 (5,084) 2,965 14,430 (7,633) 6,797 OTC–cleared 133 (123) 10 120 (112) 8 Exchange-traded (a) 5,214 (5,190) 24 9,103 (8,745) 358 Total commodity contracts 13,396 (10,397) 2,999 23,653 (16,490) 7,163 Derivative receivables with appropriate legal opinion 531,221 (484,384) 46,837 (d) 630,361 (568,713) 61,648 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 8,027 8,027 9,232 9,232 Total derivative receivables recognized on the Consolidated balance sheets $ 539,248 $ 54,864 $ 639,593 $ 70,880 Collateral not nettable on the Consolidated balance sheets (b)(c) (22,461) (23,014) Net amounts $ 32,403 $ 47,866 2023 2022 December 31, (in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 161,901 $ (152,467) $ 9,434 $ 190,108 $ (176,890) $ 13,218 OTC–cleared 76,007 (75,729) 278 97,417 (97,126) 291 Exchange-traded (a) 436 (390) 46 327 (305) 22 Total interest rate contracts 238,344 (228,586) 9,758 287,852 (274,321) 13,531 Credit contracts: OTC 10,332 (9,313) 1,019 8,054 (7,572) 482 OTC–cleared 1,639 (1,636) 3 1,674 (1,645) 29 Total credit contracts 11,971 (10,949) 1,022 9,728 (9,217) 511 Foreign exchange contracts: OTC 209,386 (199,173) 10,213 246,457 (231,248) 15,209 OTC–cleared 552 (470) 82 1,488 (1,417) 71 Exchange-traded (a) 6 — 6 20 — 20 Total foreign exchange contracts 209,944 (199,643) 10,301 247,965 (232,665) 15,300 Equity contracts: OTC 29,999 (27,360) 2,639 29,833 (26,554) 3,279 Exchange-traded (a) 33,137 (29,083) 4,054 28,291 (27,103) 1,188 Total equity contracts 63,136 (56,443) 6,693 58,124 (53,657) 4,467 Commodity contracts: OTC 8,788 (5,192) 3,596 11,954 (7,642) 4,312 OTC–cleared 120 (120) — 112 (112) — Exchange-traded (a) 5,376 (5,192) 184 9,021 (8,758) 263 Total commodity contracts 14,284 (10,504) 3,780 21,087 (16,512) 4,575 Derivative payables with appropriate legal opinion 537,679 (506,125) 31,554 (d) 624,756 (586,372) 38,384 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 9,293 9,293 12,757 12,757 Total derivative payables recognized on the Consolidated balance sheets $ 546,972 $ 40,847 $ 637,513 $ 51,141 Collateral not nettable on the Consolidated balance sheets (b)(c) (4,547) (3,318) Net amounts $ 36,300 $ 47,823 (a) Exchange-traded derivative balances that relate to futures contracts are settled daily. (b) Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty. (c) Derivative collateral relates only to OTC and OTC-cleared derivative instruments. (d) Net derivatives receivable included cash collateral netted of $48.3 billion and $51.5 billion at December 31, 2023 and 2022, respectively. Net derivatives payable included cash collateral netted of $70.0 billion and $69.2 billion at December 31, 2023 and 2022, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments. Liquidity risk and credit-related contingent features In addition to the specific market risks introduced by each derivative contract type, derivatives expose JPMorgan Chase to credit risk — the risk that derivative counterparties may fail to meet their payment obligations under the derivative contracts and the collateral, if any, held by the Firm proves to be of insufficient value to cover the payment obligation. It is the policy of JPMorgan Chase to actively pursue, where possible, the use of legally enforceable master netting arrangements and collateral agreements to mitigate derivative counterparty credit risk inherent in derivative receivables. While derivative receivables expose the Firm to credit risk, derivative payables expose the Firm to liquidity risk, as the derivative contracts typically require the Firm to post cash or securities collateral with counterparties as the fair value of the contracts moves in the counterparties’ favor or upon specified downgrades in the Firm’s and its subsidiaries’ respective credit ratings. Certain derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Firm or the counterparty, at the fair value of the derivative contracts. The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at December 31, 2023 and 2022. OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) December 31, 2023 December 31, 2022 Aggregate fair value of net derivative payables $ 14,655 $ 16,023 Collateral posted 14,673 15,505 The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at December 31, 2023 and 2022, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined rating threshold is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payment requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract. Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives December 31, 2023 December 31, 2022 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 75 $ 1,153 $ 128 $ 1,293 Amount required to settle contracts with termination triggers upon downgrade (b) 93 592 88 925 (a) Includes the additional collateral to be posted for initial margin. (b) Amounts represent fair values of derivative payables, and do not reflect collateral posted. Derivatives executed in contemplation of a sale of the underlying financial asset In certain instances the Firm enters into transactions in which it transfers financial assets but maintains the economic exposure to the transferred assets by entering into a derivative with the same counterparty in contemplation of the initial transfer. The Firm generally accounts for such transfers as collateralized financing transactions as described in Note 11, but in limited circumstances they may qualify to be accounted for as a sale and a derivative under U.S. GAAP. The amount of such transfers accounted for as a sale where the associated derivative was outstanding was not material at both December 31, 2023 and 2022. Impact of derivatives on the Consolidated statements of income The following tables provide information related to gains and losses recorded on derivatives based on their hedge accounting designation or purpose. Fair value hedge gains and losses The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the years ended December 31, 2023, 2022 and 2021, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item. Gains/(losses) recorded in income Income statement impact of (e) OCI impact Year ended December 31, 2023 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 1,554 $ (1,248) $ 306 $ — $ 157 $ — Foreign exchange (c) 722 (483) 239 (601) 239 (134) Commodity (d) 1,227 (706) 521 — 525 — Total $ 3,503 $ (2,437) $ 1,066 $ (601) $ 921 $ (134) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Year ended December 31, 2022 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (14,352) $ 14,047 $ (305) $ — $ (262) $ — Foreign exchange (c) (1,317) 1,423 106 (528) 106 130 Commodity (d) 106 (70) 36 — 48 — Total $ (15,563) $ 15,400 $ (163) $ (528) $ (108) $ 130 Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Year ended December 31, 2021 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (4,323) $ 3,765 $ (558) $ — $ (439) $ — Foreign exchange (c) (1,317) 1,349 32 (286) 32 (26) Commodity (d) (9,609) 9,710 101 — 72 — Total $ (15,249) $ 14,824 $ (425) $ (286) $ (335) $ (26) (a) Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. (b) Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items. (c) Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income. (d) Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue. (e) The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative or through fair value changes recognized in the current period. (f) Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative. As of December 31, 2023 and 2022, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield. Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2023 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 151,752 (c) $ 549 $ (2,010) $ (1,461) Liabilities Long-term debt $ 195,455 $ (2,042) $ (9,727) $ (11,769) Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2022 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 84,073 (c) $ (4,149) $ (1,542) $ (5,691) Liabilities Long-term debt $ 175,257 $ (11,879) $ (3,313) $ (15,192) (a) Excludes physical commodities with a carrying value of $5.6 billion and $26.0 billion at December 31, 2023 and 2022, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods. (b) Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At December 31, 2023 and 2022, the carrying amount excluded for AFS securities is $19.3 billion and $20.3 billion, respectively, and for long-term debt is zero and $221 million, respectively. (c) Carrying amount represents the amortized cost, net of allowance if applicable. Effective January 1, 2023, the Firm adopted the portfolio layer method hedge accounting guidance. At December 31, 2023, the amortized cost of the portfolio layer method closed portfolios was $83.9 billion, of which $68.0 billion was designated as hedged. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot |
Noninterest Revenue and Noninte
Noninterest Revenue and Noninterest Expense | 12 Months Ended |
Dec. 31, 2023 | |
Noninterest Income (Expense) [Abstract] | |
Noninterest Revenue and Noninterest Expense | Noninterest revenue and noninterest expense Noninterest revenue The Firm records noninterest revenue from certain contracts with customers in investment banking fees, deposit-related fees, asset management fees, commissions and other fees, and components of card income. The related contracts are often terminable on demand and the Firm has no remaining obligation to deliver future services. For arrangements with a fixed term, the Firm may commit to deliver services in the future. Revenue associated with these remaining performance obligations typically depends on the occurrence of future events or underlying asset values, and is not recognized until the outcome of those events or values are known. Investment banking fees This revenue category includes debt and equity underwriting and advisory fees. As an underwriter, the Firm helps clients raise capital via public offering and private placement of various types of debt and equity instruments. Underwriting fees are primarily based on the issuance price and quantity of the underlying instruments, and are recognized as revenue typically upon execution of the client’s transaction. The Firm also manages and syndicates loan arrangements. Credit arrangement and syndication fees, included within debt underwriting fees, are recorded as revenue after satisfying certain retention, timing and yield criteria. The Firm also provides advisory services, by assisting its clients with mergers and acquisitions, divestitures, restructuring and other complex transactions. Advisory fees are recognized as revenue typically upon execution of the client’s transaction. The following table presents the components of investment banking fees. Year ended December 31, 2023 2022 2021 Underwriting Equity $ 1,149 $ 975 $ 3,969 Debt 2,610 2,732 4,853 Total underwriting 3,759 3,707 8,822 Advisory 2,760 2,979 4,394 Total investment banking fees $ 6,519 $ 6,686 $ 13,216 Investment banking fees are earned primarily by CIB. Principal transactions Principal transactions revenue is driven by many factors, including: • the bid-offer spread, which is the difference between the price at which a market participant is willing and able to sell an instrument to the Firm and the price at which another market participant is willing and able to buy it from the Firm, and vice versa; and • realized and unrealized gains and losses on financial instruments and commodities transactions, including those accounted for under the fair value option, primarily used in client-driven market-making activities. – Realized gains and losses result from the sale of instruments, closing out or termination of transactions, or interim cash payments. – Unrealized gains and losses result from changes in valuation. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities, including physical commodities inventories and financial instruments that reference commodities. Principal transactions revenue also includes realized and unrealized gains and losses related to: • derivatives designated in qualifying hedge accounting relationships, primarily fair value hedges of commodity and foreign exchange risk; • derivatives used for specific risk management purposes, primarily to mitigate credit, foreign exchange and interest rate risks. Refer to Note 5 for further information on the income statement classification of gains and losses from derivatives activities. In the financial commodity markets, the Firm transacts in OTC derivatives (e.g., swaps, forwards, options) and ETD that reference a wide range of underlying commodities. In the physical commodity markets, the Firm primarily purchases and sells precious and base metals and may hold other commodities inventories under financing and other arrangements with clients. The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 7 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB. Year ended December 31, 2023 2022 2021 Trading revenue by instrument type Interest rate (a) $ 5,607 $ 3,010 $ 1,646 Credit (b) 1,434 1,412 (c) 2,691 Foreign exchange 5,082 5,119 2,787 Equity 10,229 8,068 7,773 Commodity 2,202 2,348 1,428 Total trading revenue 24,554 19,957 16,325 Private equity losses (94) (45) (21) Principal transactions $ 24,460 $ 19,912 $ 16,304 (a) Includes the impact of changes in funding valuation adjustments on derivatives. (b) Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities. (c) Includes net markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio. Principal transactions revenue is earned primarily by CIB. Lending- and deposit-related fees Lending-related fees include fees earned from loan commitments, standby letters of credit, financial guarantees, and other loan-servicing activities. Deposit-related fees include fees earned from performing cash management activities, and providing overdraft and other deposit account services. Lending- and deposit-related fees are recognized over the period in which the related service is provided. Refer to Note 28 for further information on lending-related commitments. The following table presents the components of lending- and deposit-related fees. Year ended December 31, 2023 2022 2021 Lending-related fees $ 2,365 (a) $ 1,468 $ 1,472 Deposit-related fees 5,048 5,630 5,560 Total lending- and deposit-related fees $ 7,413 $ 7,098 $ 7,032 (a) Includes the amortization of the purchase discount on certain acquired lending-related commitments associated with First Republic, predominantly in AWM and CB. The discount is deferred in other liabilities and recognized on a straight-line basis over the commitment period and was largely recognized in the current year as the commitments are generally short term. Re fer to Note 34 for additional information. Lending- and deposit-related fees are earned by CCB, CIB, CB, and AWM. Asset management fees Investment management fees include fees associated with assets the Firm manages on behalf of its clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. Management fees are typically based on the value of assets under management and are collected and recognized at the end of each period over which the management services are provided and the value of the managed assets is known. The Firm also receives performance-based management fees, which are earned based on exceeding certain benchmarks or other performance targets and are accrued and recognized when the probability of reversal is remote, typically at the end of the related billing period. All other asset management fees include commissions earned on the sales or distribution of mutual funds to clients. These fees are recorded as revenue at the time the service is rendered or, in the case of certain distribution fees, based on the underlying fund’s asset value or investor redemption activity. The following table presents the components of asset management fees. Year ended December 31, 2023 2022 2021 Asset management fees Investment management fees $ 14,908 (a) $ 13,765 $ 14,027 All other asset management fees 312 331 378 Total asset management fees $ 15,220 $ 14,096 $ 14,405 (a) Includes the impact of First Republic. Refer to Note 34 for additional information. Asset management fees earned primarily by AWM and CCB. Commissions and other fees This revenue category includes commissions and fees from brokerage and custody services, and other products. Brokerage commissions represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. Brokerage commissions are collected and recognized as revenue upon occurrence of the client transaction. The Firm reports certain costs paid to third-party clearing houses and exchanges net against commission revenue. Administration fees predominantly include fees for custody, funds services, securities lending and securities clearance. These fees are recorded as revenue over the period in which the related service is provided. The following table presents the components of commissions and other fees. Year ended December 31, 2023 2022 2021 Commissions and other fees Brokerage commissions $ 2,820 $ 2,831 $ 3,046 Administration fees 2,310 2,348 2,554 All other commissions and fees (a) 1,706 1,402 1,024 Total commissions and other fees $ 6,836 $ 6,581 $ 6,624 (a) Includes travel-related and annuity sales commissions, depositary receipt-related service fees, as well as other service fees, which are recognized as revenue when the services are rendered. Commissions and other fees are earned primarily by CIB, CCB and AWM. Mortgage fees and related income This revenue category reflects CCB’s Home Lending production and net mortgage servicing revenue. Production revenue includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option. Net mortgage servicing revenue includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies. Refer to Note 15 for further information on risk management activities and MSRs. Net interest income from mortgage loans is recorded in interest income. Card income This revenue category includes interchange and other income from credit and debit card transactions; and fees earned from processing card transactions for merchants, both of which are recognized when purchases are made by a cardholder and presented net of certain transaction-related costs. Card income also includes account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12-month period. Certain credit card products offer the cardholder the ability to earn points based on account activity, which the cardholder can choose to redeem for cash and non-cash rewards. The cost to the Firm related to these proprietary rewards programs varies based on multiple factors including the terms and conditions of the rewards programs, cardholder activity, cardholder reward redemption rates and cardholder reward selections. The Firm maintains a liability for its obligations under its rewards programs and reports the current-period cost as a reduction of card income. Credit card revenue sharing agreements The Firm has contractual agreements with numerous co-brand partners that grant the Firm exclusive rights to issue co-branded credit card products and market them to the customers of such partners. These partners endorse the co-brand credit card programs and provide their customer or member lists to the Firm. The partners may also conduct marketing activities and provide rewards redeemable under their own loyalty programs that the Firm will grant to co-brand credit cardholders based on account activity. The terms of these agreements generally range from five The Firm typically makes payments to the co-brand credit card partners based on the cost of partners’ marketing activities and loyalty program rewards provided to credit cardholders, new account originations and sales volumes. Payments to partners based on marketing efforts undertaken by the partners are expensed by the Firm as incurred and reported as marketing expense. Payments for partner loyalty program rewards are reported as a reduction of card income when incurred. Payments to partners based on new credit card account originations are accounted for as direct loan origination costs and are deferred and recognized as a reduction of card income on a straight-line basis over a 12-month period. Payments to partners based on sales volumes are reported as a reduction of card income when the related interchange income is earned. The following table presents the components of card income: Year ended December 31, 2023 2022 2021 Interchange and merchant processing income $ 31,021 $ 28,085 $ 23,592 Reward costs and partner payments (24,601) (22,162) (17,868) All other (a) (1,636) (1,503) (622) Total card income $ 4,784 $ 4,420 $ 5,102 (a) Predominantly represents the amortization of account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12-month period. Card income is earned primarily by CCB, CIB and CB. Other i ncome This revenue category includes operating lease income, as well as losses associated with the Firm’s tax-oriented investments, predominantly alternative energy equity-method investments in CIB. The losses associated with these tax-oriented investments are more than offset by lower income tax expense from the associated tax credits. The following table presents certain components of other income: Year ended December 31, 2023 2022 2021 Operating lease income $ 2,843 $ 3,654 $ 4,914 Losses on tax-oriented investments (1,538) (1,491) (1,570) Estimated bargain purchase gain associated with the First Republic acquisition 2,775 (a) — — Gain related to the acquisition of CIFM 339 (b) — — Gain on sale of Visa B shares — 914 — (a) Refer to Note 34 for additional information on the First Republic acquisition. (b) Gain on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% of the entity. Refer to Note 2 and 18 for additional information on Visa B shares and operating leases, respectively. Noninterest expense Other expense Other expense on the Firm’s Consolidated statements of income included: Year ended December 31, 2023 2022 2021 Legal expense $ 1,436 $ 266 $ 426 FDIC-related expense 4,203 (a) 860 730 First Republic-related expense 1,060 (b) — (a) Included the $2.9 billion FDIC special assessment. (b) Included payments to the FDIC in the second quarter of 2023 with respect to First Republic individuals who were not employees of the Firm until July 2, 2023, as well as $360 million restructuring and integration costs. Refer to Note 34 for additional information on the First Republic acquisition. FDIC Special Assessment In November 2023, the FDIC approved a final rule to implement a special assessment intended to recover losses to the Deposit Insurance Fund (“DIF”) arising from the protection of uninsured depositors resulting from the systemic risk determination made on March 12, 2023. The final rule imposed a special assessment at a quarterly rate of 3.36 basis points on insured depository institutions whose estimated uninsured deposits were over $5.0 billion as of December 31, 2022. In the fourth quarter of 2023, the Firm recognized the estimated special assessment expense of $2.9 billion (pre-tax). Refer to Note 32 for additional information on noninterest revenue and expense by segment. |
Interest Income and Interest Ex
Interest Income and Interest Expense | 12 Months Ended |
Dec. 31, 2023 | |
Interest Income (Expense), Net [Abstract] | |
Interest Income and Interest Expense | Interest income and Interest expense Interest income and interest expense are recorded in the Consolidated statements of income and classified based on the nature of the underlying asset or liability. Interest income and interest expense includes the current-period interest accruals for financial instruments measured at fair value, except for derivatives and financial instruments containing embedded derivatives that would be separately accounted for in accordance with U.S. GAAP, absent the fair value option election; for those instruments, all changes in fair value including any interest elements, are primarily reported in principal transactions revenue. For financial instruments that are not measured at fair value, the related interest is included within interest income or interest expense, as applicable. Interest income on loans and securities include the amortization and accretion of purchase premiums and discounts, as well as net deferred fees and costs on loans. These amounts are deferred in loans and investment securities, respectively, and recognized on a level-yield basis. Refer to Notes 10, 11, 12, and 20 for further information on accounting for interest income and interest expense related to investment securities, securities financing activities (i.e., securities purchased or sold under resale or repurchase agreements; securities borrowed; and securities loaned), loans and long-term debt, respectively. The following table presents the components of interest income and interest expense: Year ended December 31, 2023 2022 2021 Interest income Loans $ 83,384 (e) $ 52,736 $ 41,537 Taxable securities 17,390 10,372 6,460 Non-taxable securities (a) 1,336 975 1,063 Total investment securities 18,726 (e) 11,347 7,523 Trading assets - debt instruments 15,950 9,053 6,825 Federal funds sold and securities purchased under resale agreements 15,079 4,632 958 Securities borrowed (b) 7,983 2,237 (385) Deposits with banks 21,797 9,039 512 All other interest-earning assets (c) 7,669 3,763 894 Total interest income $ 170,588 $ 92,807 $ 57,864 Interest expense Interest bearing deposits $ 40,016 $ 10,082 $ 531 Federal funds purchased and securities loaned or sold under repurchase agreements 13,259 3,721 274 Short-term borrowings 1,894 747 126 Trading liabilities - debt and all other interest-bearing liabilities (d) 9,396 3,246 257 Long-term debt 15,803 8,075 4,282 Beneficial interest issued by consolidated VIEs 953 226 83 Total interest expense $ 81,321 $ 26,097 $ 5,553 Net interest income $ 89,267 $ 66,710 $ 52,311 Provision for credit losses 9,320 6,389 (9,256) Net interest income after provision for credit losses $ 79,947 $ 60,321 $ 61,567 (a) Represents securities that are tax-exempt for U.S. federal income tax purposes. (b) Negative interest and rates reflect the net impact of interest earned offset by fees paid on client-driven prime brokerage securities borrowed transactions. (c) Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated balance sheets. (d) All other interest-bearing liabilities includes interest expense on brokerage-related customer payables. (e) Includes the accretion of the purchase discount on certain acquired loans and investment securities associated with First Republic. Refer to Note 34 for additional information. |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefit Plans | Pension and other postretirement employee benefit plans The Firm has various defined benefit pension plans and OPEB plans that provide benefits to its employees in the U.S. and certain non-U.S. locations. Substantially all the defined benefit pension plans are closed to new participants. The principal defined benefit pension plan in the U.S., which covered substantially all U.S. employees, was closed to new participants and frozen for existing participants on January 1, 2020, (and January 1, 2019 for new hires on or after December 2, 2017). Interest credits continue to accrue to participants’ accounts based on their accumulated balances. The Firm maintains funded and unfunded postretirement benefit plans that provide medical and life insurance for certain eligible employees and retirees as well as their dependents covered under these programs. None of these plans have a material impact on the Firm’s Consolidated Financial Statements. The Firm also provides a qualified defined contribution plan in the U.S. and maintains other similar arrangements in certain non-U.S. locations. The most significant of these plans is the JPMorgan Chase 401(k) Savings Plan (“the 401(k) Savings Plan”), which covers substantially all U.S. employees. Employees can contribute to the 401(k) Savings Plan on a pretax and/or Roth 401(k) after-tax basis. The Firm makes annual matching and pay credit contributions to the 401(k) Savings Plan on behalf of eligible participants. The following table presents the pretax benefit obligations, plan assets, the net funded status, and the amounts recorded in AOCI on the Consolidated balance sheets for the Firm’s significant defined benefit pension and OPEB plans. As of or for the year ended December 31, Defined benefit (in millions) 2023 2022 Projected benefit obligations $ (14,740) $ (13,545) Fair value of plan assets 22,013 19,890 Net funded status 7,273 6,345 Accumulated other comprehensive income/(loss) (1,517) (1,916) The weighted-average discount rate used to value the benefit obligations as of December 31, 2023 and 2022, was 5.16% and 5.14%, respectively. Gains and losses 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 greater of the projected benefit obligation or the fair value of the plan assets. Amortization is generally over the average expected remaining lifetime of plan participants, given the frozen status of most plans. For the year ended December 31, 2023, the net gain was attributable to market-driven increases in the fair value of plan assets, partially offset by changes in the discount rate and interest crediting rate. During the year ended December 31, 2022, a remeasurement of the Firm’s U.S. principal defined benefit plan in the third quarter, was required as a result of a pension settlement. The remeasurement resulted in a reduction in the fair value of the Firm’s U.S. principal defined benefit plan assets, reflecting market conditions at the time of remeasurement, and a reduction in the plan’s projected benefit obligation totaling $4.0 billion and $2.6 billion, respectively, resulting in a net decrease of $1.4 billion in pre-tax AOCI. The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans, and in other comprehensive income for the defined benefit pension and OPEB plans. Pension and OPEB plans Year ended December 31, (in millions) 2023 2022 2021 Total net periodic defined benefit plan cost/(credit) (a) $ (393) $ (192) (b) $ (201) (b) Total defined contribution plans 1,609 1,408 1,333 Total pension and OPEB cost included in noninterest expense $ 1,216 $ 1,216 $ 1,132 Total recognized in other comprehensive (income)/loss $ (421) $ 1,459 $ (1,129) (a) The service cost component of net periodic defined benefit cost is reported in compensation expense; all other components of net periodic defined benefit costs are reported in other expense in the Consolidated statements of income. (b) Includes pension settlement losses of $92 million and $33 million, respectively, for the years ended December 31, 2022 and 2021. The following table presents the weighted-average actuarial assumptions used to determine the net periodic benefit costs for the defined benefit pension and OPEB plans. Defined benefit pension and OPEB plans Year ended December 31, 2023 2022 2021 Discount rate 5.14 % 2.54 % 2.17 % Expected long-term rate of return on plan assets 5.74 % 3.68 % 2.97 % Plan assumptions The Firm’s expected long-term rate of return is a blended weighted average, by asset allocation of the projected long-term returns for the various asset classes, taking into consideration local market conditions and the specific allocation of plan assets. Returns on asset classes are developed using a forward-looking approach and are not strictly based on historical returns, with consideration given to current market conditions and the portfolio mix of each plan. The discount rates used in determining the benefit obligations are generally provided by the Firm’s actuaries, with the Firm’s principal defined benefit pension plan using a rate that was selected by reference to the yields on portfolios of bonds with maturity dates and coupons that closely match each of the plan’s projected cash flows. Investment strategy and asset allocation The assets of the Firm’s defined benefit pension plans are held in various trusts and are invested in well-diversified portfolios of equity and fixed income securities, cash and cash equivalents, and alternative investments. The Firm regularly reviews the asset allocations and asset managers, as well as other factors that could impact the portfolios, which are rebalanced when deemed necessary. As of December 31, 2023, the approved asset allocation ranges by asset class for the Firm’s principal defined benefit plan are 42-100% debt securities, 0-40% equity securities, 0-2% real estate, and 0-10% alternatives. Assets held by the Firm’s defined benefit pension and OPEB plans do not include securities issued by JPMorgan Chase or its affiliates, except through indirect exposures through investments in exchange traded funds, mutual funds and collective investment funds managed by third-parties. The defined benefit pension and OPEB plans hold investments that are sponsored or managed by affiliates of JPMorgan Chase in the amount of $1.8 billion and $1.7 billion, as of December 31, 2023 and 2022, respectively. Fair value measurement of the plans’ assets and liabilities Refer to Note 2 for information on fair value measurements, including descriptions of level 1, 2, and 3 of the fair value hierarchy and the valuation methods employed by the Firm. Pension plan assets and liabilities measured at fair value Defined benefit pension and OPEB plans 2023 2022 December 31 , (in millions) Level 1 (a) Level 2 (b) Level 3 (c) Total fair value Level 1 (a) Level 2 (b) Level 3 (c) Total fair value Assets measured at fair value classified in the fair value hierarchy $ 6,521 $ 10,713 $ 3,124 $ 20,358 $ 5,308 $ 9,617 $ 2,613 $ 17,538 Assets measured at fair value using NAV as a practical expedient 2,097 2,593 Net defined benefit pension plan payables (442) (241) Total fair value of plan assets $ 22,013 $ 19,890 (a) Consists predominantly of equity securities, U.S. federal, state, and local and non-U.S. government debt securities, and cash equivalents. (b) Consists predominantly of corporate debt securities and U.S. federal, state, and local and non-U.S. government debt securities. (c) Consists of corporate-owned life insurance policies, fund investments, and participating annuity contracts in 2023, and corporate-owned life insurance policies and participating annuity contracts in 2022. Changes in level 3 fair value measurements using significant unobservable inputs Investments classified in level 3 of the fair value hierarchy increased in 2023 to $3.1 billion, due to $400 million in unrealized gains and $173 million of transfers in, partially offset by $59 million in settlements. The decline in 2022 was due to $501 million in unrealized losses and $54 million in settlements. Estimated future benefit payments The following table presents benefit payments expected to be paid for the defined benefit pension and OPEB plans for the years indicated. Year ended December 31, Defined benefit pension and OPEB plans 2024 $ 1,142 2025 1,125 2026 1,113 2027 1,077 2028 1,063 Years 2029–2033 5,143 |
Employee Share-Based Incentives
Employee Share-Based Incentives | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Employee Share-Based Incentives | Employee share-based incentives Employee share-based awards In 2023, 2022 and 2021, JPMorgan Chase granted long-term share-based awards to certain employees under its LTIP, as amended and restated effective May 15, 2018, and subsequently amended effective May 18, 2021. Under the terms of the LTIP, as of December 31, 2023, 54 million shares of common stock were available for issuance through May 2025. The LTIP is the only active plan under which the Firm is currently granting share-based incentive awards. In the following discussion, the LTIP, plus prior Firm plans and plans assumed as the result of acquisitions, are referred to collectively as the “LTI Plans,” and such plans constitute the Firm’s share-based incentive plans. RSUs are awarded at no cost to the recipient upon their grant. Generally, RSUs are granted annually and vest at a rate of 50% after two years and 50% after three years and are converted into shares of common stock as of the vesting date. In addition, RSUs typically include full-career eligibility provisions, which allow employees to continue to vest upon voluntary termination based on age and/or service-related requirements, subject to post-employment and other restrictions. All RSU awards are subject to forfeiture until vested and contain clawback provisions that may result in cancellation under certain specified circumstances. Predominantly all RSUs entitle the recipient to receive cash payments equivalent to any dividends paid on the underlying common stock during the period the RSUs are outstanding. Performance share units (“PSUs”) are granted annually, and approved by the Firm’s Board of Directors, to members of the Firm’s Operating Committee under the variable compensation program. PSUs are subject to the Firm’s achievement of specified performance criteria over a three Once the PSUs and dividend equivalent share units have vested, the shares of common stock that are delivered, after applicable tax withholding, must be retained for an additional holding period, for a total combined vesting and holding period of approximately five eight Under the LTI Plans, stock appreciation rights (“SARs”) were generally granted with an exercise price equal to the fair value of JPMorgan Chase’s common stock on the grant date. SARs generally expire ten years after the grant date. In 2021, the Firm awarded its Chairman and CEO and its President and Chief Operating Officer 1.5 million and 750,000 SARs, respectively. There were no grants of SARs in 2023 or 2022. The Firm separately recognizes compensation expense for each tranche of each award, net of estimated forfeitures, as if it were a separate award with its own vesting date. Generally, for each tranche granted, compensation expense is recognized on a straight-line basis from the grant date until the vesting date of the respective tranche, provided that the employees will not become full-career eligible during the vesting period. For awards with full-career eligibility provisions and awards granted with no future substantive service requirement, the Firm accrues the estimated value of awards expected to be awarded to employees as of the grant date without giving consideration to the impact of post-employment restrictions. For each tranche granted to employees who will become full-career eligible during the vesting period, compensation expense is recognized on a straight-line basis from the grant date until the earlier of the employee’s full-career eligibility date or the vesting date of the respective tranche. The Firm’s policy for issuing shares upon settlement of employee share-based incentive awards is to issue either new shares of common stock or treasury shares. During 2023, 2022 and 2021, the Firm settled all of its employee share-based awards by issuing treasury shares. Refer to Note 23 for further information on the classification of share-based awards for purposes of calculating earnings per share. RSUs, PSUs and SARs activity Generally, compensation expense for RSUs and PSUs is measured based on the number of units granted multiplied by the stock price at the grant date, and for SARs, is measured at the grant date using the Black-Scholes valuation model. Compensation expense for these awards is recognized in net income as described previously. The following table summarizes JPMorgan Chase’s RSUs, PSUs and SARs activity for 2023. RSUs/PSUs SARs Year ended December 31, 2023 Number of Weighted-average grant Number of awards Weighted-average exercise price Weighted-average remaining contractual life Aggregate intrinsic value (in thousands, except weighted-average data, and where otherwise stated) Outstanding, January 1 47,726 $ 139.90 2,511 $ 141.19 Granted 23,758 139.39 — — Exercised or vested (17,773) 134.86 (261) 46.58 Forfeited (1,468) 142.11 — — Canceled NA NA — — Outstanding, December 31 52,243 $ 141.31 2,250 $ 152.19 7.7 $ 40,444 Exercisable, December 31 NA NA — — — — The total fair value of RSUs and PSUs that vested during the years ended December 31, 2023, 2022 and 2021, was $2.5 billion, $3.2 billion and $2.9 billion, respectively. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021, was $24 million, $75 million and $232 million, respectively. Compensation expense The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income. Year ended December 31, (in millions) 2023 2022 2021 Cost of prior grants of RSUs, PSUs and SARs that are amortized over their applicable vesting periods $ 1,510 $ 1,253 $ 1,161 Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 1,607 1,541 1,768 Total noncash compensation expense related to employee share-based incentive plans $ 3,117 $ 2,794 $ 2,929 Tax benefits Income tax benefits (including tax benefits from dividends or d ividend equivalents) related to share-based incentive arrangements recognized in the Firm’s Consolidated statements of income for the years ended December 31, 2023, 2022 and 2021, were $836 million, $901 million and $957 million, respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment securities Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. AFS securities are carried at fair value on the Consolidated balance sheets. Unrealized gains and losses, after any applicable hedge accounting adjustments or allowance for credit losses, are reported in AOCI. The specific identification method is used to determine realized gains and losses on AFS securities, which are included in investment securities gains/(losses) on the Consolidated statements of income. HTM securities, which the Firm has the intent and ability to hold until maturity, are carried at amortized cost, net of allowance for credit losses, on the Consolidated balance sheets. For both AFS and HTM securities, purchase discounts or premiums are generally amortized into interest income on a level-yield basis over the contractual life of the security. However, premiums on certain callable debt securities are amortized to the earliest call date. Effective January 1, 2023, the Firm adopted the portfolio layer method hedge accounting guidance which permitted a transfer of HTM securities to AFS upon adoption. The Firm transferred obligations of U.S. states and municipalities with a carrying value of $7.1 billion resulting in the recognition of $38 million net pre-tax unrealized losses in AOCI. Refer to Note 1 and Note 24 for additional information. During 2022, the Firm transferred investment securities with a fair value of $78.3 billion from AFS to HTM for capital management purposes. AOCI included pretax unrealized losses of $4.8 billion on the securities at the date of transfer. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization will offset the effect on interest income of the amortization of the premium or discount resulting from the transfer recorded at fair value. Transfers of securities between AFS and HTM are non-cash transactions. The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. 2023 2022 December 31, (in millions) Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 88,377 $ 870 $ 4,077 $ 85,170 $ 77,194 $ 479 $ 6,170 $ 71,503 Residential: U.S. 2,086 10 68 2,028 1,576 1 111 1,466 Non-U.S. 1,608 4 1 1,611 3,176 5 27 3,154 Commercial 2,930 12 139 2,803 2,113 — 155 1,958 Total mortgage-backed securities 95,001 896 4,285 91,612 84,059 485 6,463 78,081 U.S. Treasury and government agencies 58,051 276 522 57,805 95,217 302 3,459 92,060 Obligations of U.S. states and municipalities 21,243 390 266 21,367 7,103 86 403 6,786 Non-U.S. government debt securities 21,387 254 359 21,282 20,360 14 678 19,696 Corporate debt securities 128 — 28 100 381 — 24 357 Asset-backed securities: Collateralized loan obligations 6,769 11 28 6,752 5,916 1 125 5,792 Other 2,804 8 26 2,786 3,152 2 69 3,085 Unallocated portfolio layer fair value basis adjustments (a) 73 (73) — NA NA NA NA NA Total available-for-sale securities 205,456 1,762 5,514 201,704 (e) 216,188 890 11,221 205,857 Held-to-maturity securities (b) Mortgage-backed securities: U.S. GSEs and government agencies 105,614 39 11,643 94,010 113,492 35 13,709 99,818 U.S. Residential 9,709 4 970 8,743 10,503 3 1,244 9,262 Commercial 10,534 13 581 9,966 10,361 10 734 9,637 Total mortgage-backed securities 125,857 56 13,194 112,719 134,356 48 15,687 118,717 U.S. Treasury and government agencies 173,666 — 13,074 160,592 207,463 — 18,363 189,100 Obligations of U.S. states and municipalities 9,945 74 591 9,428 19,747 53 1,080 18,720 Asset-backed securities: Collateralized loan obligations 58,565 47 352 58,260 61,414 4 1,522 59,896 Other 1,815 1 61 1,755 2,325 — 110 2,215 Total held-to-maturity securities 369,848 178 27,272 342,754 425,305 105 36,762 388,648 Total investment securities, net of allowance for credit losses $ 575,304 $ 1,940 $ 32,786 $ 544,458 $ 641,493 $ 995 $ 47,983 $ 594,505 (a) Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 1 and Note 5 for additional information. (b) The Firm purchased $4.1 billion, $33.7 billion and $111.8 billion of HTM securities for the years ended December 31, 2023, 2022 and 2021, respectively. (c) The amortized cost of investment securities is reported net of allowance for credit losses of $128 million and $96 million at December 31, 2023 and 2022, respectively. (d) Excludes $2.8 billion and $2.5 billion of accrued interest receivable at December 31, 2023 and 2022, respectively, included in accrued interest and accounts receivable on the Consolidated balance sheets. The Firm generally does not recognize an allowance for credit losses on accrued interest receivable, consistent with its policy to write them off no later than 90 days past due by reversing interest income. The Firm did not reverse through interest income any accrued interest receivable for the years ended December 31, 2023 and 2022. (e) As of December 31, 2023, included $24.2 billion of AFS securities associated with First Republic. Refer to Note 34 for additional information. At December 31, 2023 , the investment securities portfolio consisted of debt securities with an average credit rating of AA+ (based upon external ratings where available, and where not available, based primarily upon internal risk ratings). Risk ratings are used to identify the credit quality of securities and differentiate risk within the portfolio. The Firm’s internal risk ratings generally align with the qualitative characteristics (e.g., borrower capacity to meet financial commitments and vulnerability to changes in the economic environment) defined by S&P and Moody’s, however the quantitative characteristics (e.g., probability of default (“PD”) and loss given default (“LGD”)) may differ as they reflect internal historical experiences and assumptions. Risk ratings are assigned at acquisition, reviewed on a regular and ongoing basis by Credit Risk Management and adjusted as necessary over the life of the investment for updated information affecting the issuer’s ability to fulfill its obligations. AFS securities impairment The following tables present the fair value and gross unrealized losses by aging category for AFS securities at December 31, 2023 and 2022. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $4.6 billion and $9.6 billion, at December 31, 2023 and 2022, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government. Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more Year ended December 31, 2023 Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 81 $ — $ 1,160 $ 68 $ 1,241 $ 68 Non-U.S. — — 722 1 722 1 Commercial 228 3 1,775 136 2,003 139 Total mortgage-backed securities 309 3 3,657 205 3,966 208 Obligations of U.S. states and municipalities 2,134 20 2,278 246 4,412 266 Non-U.S. government debt securities 7,145 23 4,987 336 12,132 359 Corporate debt securities 9 — 79 28 88 28 Asset-backed securities: Collateralized loan obligations 932 2 3,744 26 4,676 28 Other 208 1 1,288 25 1,496 26 Total available-for-sale securities with gross unrealized losses $ 10,737 (a) $ 49 $ 16,033 $ 866 $ 26,770 $ 915 Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more Year ended December 31, 2022 Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 1,187 $ 71 $ 260 $ 40 $ 1,447 $ 111 Non-U.S. 2,848 25 70 2 2,918 27 Commercial 1,131 74 813 81 1,944 155 Total mortgage-backed securities 5,166 170 1,143 123 6,309 293 Obligations of U.S. states and municipalities 3,051 241 364 162 3,415 403 Non-U.S. government debt securities 6,941 321 3,848 357 10,789 678 Corporate debt securities 150 2 207 22 357 24 Asset-backed securities: Collateralized loan obligations 3,010 61 2,701 64 5,711 125 Other 2,586 51 256 18 2,842 69 Total available-for-sale securities with gross unrealized losses $ 20,904 $ 846 $ 8,519 $ 746 $ 29,423 $ 1,592 (a) Includes the impact of First Republic, primarily obligations of U.S. states and municipalities. Refer to Note 34 for additional information. 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 security before recovery of its amortized cost. In these circumstances the impairment loss is recognized in investment securities gains/(losses) in the Consolidated Statements of Income and is equal to the full difference between the amortized cost (net of allowance if applicable) and the fair value of the security. For impaired debt securities that the Firm has the intent and ability to hold, the securities are evaluated to determine if a credit loss exists. If it is determined that a credit loss exists, that loss is recognized as an allowance for credit losses through the provision for credit losses in the Consolidated Statements of Income, limited by the amount of impairment. Any impairment on debt securities that the Firm has the intent and ability to hold not due to credit losses is recorded in OCI. Factors considered in evaluating credit losses include adverse conditions specifically related to the industry, geographic area or financial condition of the issuer or underlying collateral of a security; and payment structure of the security. When assessing securities issued in a securitization for credit losses, the Firm estimates cash flows considering relevant market and economic data, underlying loan-level data, and structural features of the securitization, such as subordination, excess spread, overcollateralization or other forms of credit enhancement, and compares the losses projected for the underlying collateral (“pool losses”) against the level of credit enhancement in the securitization structure to determine whether these features are sufficient to absorb the pool losses, or whether a credit loss exists. For beneficial interests in securitizations that are rated below “AA” at their acquisition, or that can be contractually prepaid or otherwise settled in such a way that the Firm would not recover substantially all of its recorded investment, the Firm evaluates impairment for credit losses when there is an adverse change in expected cash flows. HTM securities – credit risk Allowance for credit losses The allowance for credit losses on HTM securities represents expected credit losses over the remaining expected life of the securities. The allowance for credit losses on HTM obligations of U.S. states and municipalities and commercial mortgage-backed securities is calculated by applying statistical credit loss factors (estimated PD and LGD) to the amortized cost. The credit loss factors are derived using a weighted average of five internally developed eight-quarter macroeconomic scenarios, followed by a single year straight-line interpolation to revert to long run historical information for periods beyond the forecast period. Refer to Note 13 for further information on the eight-quarter macroeconomic forecast. The allowance for credit losses on HTM collateralized loan obligations and U.S. residential mortgage-backed securities is calculated as the difference between the amortized cost and the present value of the cash flows expected to be collected, discounted at the security’s effective interest rate. These cash flow estimates are developed based on expectations of underlying collateral performance derived using the eight-quarter macroeconomic forecast and the single year straight-line interpolation, as well as considering the structural features of the security. The application of different inputs and assumptions into the calculation of the allowance for credit losses is subject to significant management judgment, and emphasizing one input or assumption over another, or considering other inputs or assumptions, could affect the estimate of the allowance for credit losses on HTM securities. Credit quality indicator The primary credit quality indicator for HTM securities is the risk rating assigned to each security. At December 31, 2023 and 2022, all HTM securities were rated investment grade and were current and accruing, with approximately 99% and 98% rated at least AA+, respectively. Allowance for credit losses on investment securities The allowance for credit losses on investment securities was $128 million, $96 million and $42 million as of December 31, 2023, 2022 and 2021, respectively, which included a cumulative-effect adjustment to retained earnings related to the transfer of HTM securities to AFS for the year ended December 31, 2023. Selected impacts of investment securities on the Consolidated statements of income Year ended December 31, 2023 2022 2021 Realized gains $ 622 $ 198 $ 595 Realized losses (3,802) (2,578) (940) Investment securities losses $ (3,180) $ (2,380) $ (345) Provision for credit losses $ 38 $ 54 $ (36) Contractual maturities and yields The following table presents the amortized cost and estimated fair value at December 31, 2023, of JPMorgan Chase’s investment securities portfolio by contractual maturity. By remaining maturity Due in one Due after one year through five years Due after five years through 10 years Due after 10 years (c) Total Available-for-sale securities Mortgage-backed securities Amortized cost $ — $ 5,166 $ 5,660 $ 84,175 $ 95,001 Fair value — 5,072 5,662 80,878 91,612 (d) Average yield (a) — % 5.27 % 6.15 % 4.96 % 5.05 % U.S. Treasury and government agencies Amortized cost $ 1 $ 27,430 $ 23,884 $ 6,736 $ 58,051 Fair value 1 27,212 23,933 6,659 57,805 Average yield (a) 5.44 % 5.84 % 6.15 % 6.60 % 6.06 % Obligations of U.S. states and municipalities Amortized cost $ 10 $ 55 $ 531 $ 20,647 $ 21,243 Fair value 10 54 533 20,770 21,367 (d) Average yield (a) 3.70 % 3.03 % 4.51 % 5.93 % 5.89 % Non-U.S. government debt securities Amortized cost $ 8,841 $ 4,553 $ 3,658 $ 4,335 $ 21,387 Fair value 8,814 4,537 3,470 4,461 21,282 Average yield (a) 3.68 % 4.35 % 2.00 % 3.79 % 3.55 % Corporate debt securities Amortized cost $ 81 $ 67 $ 14 $ — $ 162 Fair value 20 66 14 — 100 Average yield (a) 15.37 % 6.25 % 4.10 % — % 10.62 % Asset-backed securities Amortized cost $ 23 $ 869 $ 3,506 $ 5,175 $ 9,573 Fair value 23 861 3,503 5,151 9,538 (d) Average yield (a) 6.13 % 3.72 % 6.48 % 6.82 % 6.41 % Total available-for-sale securities Amortized cost (b) $ 8,956 $ 38,140 $ 37,253 $ 121,068 $ 205,417 Fair value 8,868 37,802 37,115 117,919 201,704 (d) Average yield (a) 3.79 % 5.53 % 5.75 % 5.25 % 5.33 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ — $ 5,868 $ 8,382 $ 111,649 $ 125,899 Fair value — 5,480 7,448 99,791 112,719 Average yield (a) — % 2.56 % 2.58 % 3.02 % 2.97 % U.S. Treasury and government agencies Amortized cost $ 63,974 $ 60,763 $ 48,929 $ — $ 173,666 Fair value 63,012 56,064 41,516 — 160,592 Average yield (a) 0.63 % 0.97 % 1.26 % — % 0.93 % Obligations of U.S. states and municipalities Amortized cost $ — $ — $ 283 $ 9,714 $ 9,997 Fair value — — 254 9,174 9,428 Average yield (a) — % — % 3.21 % 3.94 % 3.92 % Asset-backed securities Amortized cost $ — $ 16 $ 20,345 $ 40,019 $ 60,380 Fair value — 16 20,262 39,737 60,015 Average yield (a) — % 6.86 % 6.36 % 6.58 % 6.50 % Total held-to-maturity securities Amortized cost (b) $ 63,974 $ 66,647 $ 77,939 $ 161,382 $ 369,942 Fair value 63,012 61,560 69,480 148,702 342,754 Average yield (a) 0.63 % 1.11 % 2.74 % 3.96 % 2.61 % (a) Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives, including closed portfolio hedges. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date. (b) For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $34 million and the portfolio layer fair value hedge basis adjustments of $73 million at December 31, 2023. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $94 million at December 31, 2023. (c) Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately seven years for agency residential MBS, seven years for agency residential collateralized mortgage obligations, and six years for nonagency residential collateralized mortgage obligations. (d) Includes AFS securities associated with First Republic, primarily due after 10 years. Refer to Note 34 for additional information. |
Securities Financing Activities
Securities Financing Activities | 12 Months Ended |
Dec. 31, 2023 | |
Securities Financing Transactions Disclosures [Abstract] | |
Securities Financing Activities | Securities financing activities JPMorgan Chase enters into resale, repurchase, securities borrowed and securities loaned agreements (collectively, “securities financing agreements”) primarily to finance the Firm’s inventory positions, acquire securities to cover short sales, accommodate customers’ financing needs, settle other securities obligations and to deploy the Firm’s excess cash. Securities financing agreements are treated as collateralized financings on the Firm’s Consolidated balance sheets. Where appropriate under applicable accounting guidance, securities financing agreements with the same counterparty are reported on a net basis. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. Fees received and paid in connection with securities financing agreements are recorded over the life of the agreement in interest income and interest expense on the Consolidated statements of income. The Firm has elected the fair value option for certain securities financing agreements. Refer to Note 3 for further information regarding the fair value option. The securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements, securities loaned or sold under repurchase agreements, and securities borrowed on the Consolidated balance sheets. Generally, for agreements carried at fair value, current-period interest accruals are recorded within interest income and interest expense, with changes in fair value reported in principal transactions revenue. However, for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments, all changes in fair value, including any interest elements, are reported in principal transactions revenue. Securities financing agreements not elected under the fair value option are measured at amortized cost. As a result of the Firm’s credit risk mitigation practices described below, the Firm did not hold any allowance for credit losses with respect to resale and securities borrowed arrangements as of December 31, 2023 and 2022. Credit risk mitigation practices Securities financing agreements expose the Firm primarily to credit and liquidity risk. To manage these risks, the Firm monitors the value of the underlying securities (predominantly high-quality securities collateral, including government-issued debt and U.S. GSEs and government agencies MBS) that it has received from or provided to its counterparties compared to the value of cash proceeds and exchanged collateral, and either requests additional collateral or returns securities or collateral when appropriate. Margin levels are initially established based upon the counterparty, the type of underlying securities, and the permissible collateral, and are monitored on an ongoing basis. In resale and securities borrowed agreements, the Firm is exposed to credit risk to the extent that the value of the securities received is less than initial cash principal advanced and any collateral amounts exchanged. In repurchase and securities loaned agreements, credit risk exposure arises to the extent that the value of underlying securities advanced exceeds the value of the initial cash principal received, and any collateral amounts exchanged. Additionally, the Firm typically enters into master netting agreements and other similar arrangements with its counterparties, which provide for the right to liquidate the underlying securities and any collateral amounts exchanged in the event of a counterparty default. It is also the Firm’s policy to take possession, where possible, of the securities underlying resale and securities borrowed agreements. Refer to Note 29 for further information regarding assets pledged and collateral received in securities financing agreements. The table below summarizes the gross and net amounts of the Firm’s securities financing agreements, as of December 31, 2023 and 2022. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets. December 31, 2023 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 523,308 $ (247,181) $ 276,127 $ (267,582) $ 8,545 Securities borrowed 244,046 (43,610) 200,436 (144,543) 55,893 Liabilities Securities sold under repurchase agreements $ 459,985 $ (247,181) $ 212,804 $ (182,011) $ 30,793 Securities loaned and other (a) 52,142 (43,610) 8,532 (8,501) 31 December 31, 2022 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 597,912 $ (282,411) $ 315,501 $ (304,120) $ 11,381 Securities borrowed 228,279 (42,910) 185,369 (131,578) 53,791 Liabilities Securities sold under repurchase agreements $ 480,793 $ (282,411) $ 198,382 $ (167,427) $ 30,955 Securities loaned and other (a) 52,443 (42,910) 9,533 (9,527) 6 (a) Includes securities-for-securities lending agreements of $5.6 billion and $7.0 billion at December 31, 2023 and 2022, respectively, accounted for at fair value, where the Firm is acting as lender. (b) In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty. (c) Includes securities financing agreements that provide collateral rights, but where an appropriate legal opinion with respect to the master netting agreement has not been either sought or obtained. At December 31, 2023 and 2022, included $7.1 billion and $6.0 billion, respectively, of securities purchased under resale agreements; $50.7 billion and $49.0 billion, respectively, of securities borrowed; $30.0 billion and $29.1 billion, respectively, of securities sold under repurchase agreements; and securities loaned and other which were not material at both December 31, 2023 and 2022. The tables below present as of December 31, 2023 and 2022 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance 2023 2022 December 31, (in millions) Securities sold under repurchase agreements Securities loaned and other Securities sold under repurchase agreements Securities loaned and other Mortgage-backed securities: U.S. GSEs and government agencies $ 71,064 $ — $ 58,050 $ — Residential - nonagency 2,292 — 2,414 — Commercial - nonagency 2,669 — 2,007 — U.S. Treasury, GSEs and government agencies 216,467 1,034 191,254 1,464 Obligations of U.S. states and municipalities 2,323 — 1,735 5 Non-U.S. government debt 97,400 1,455 155,156 1,259 Corporate debt securities 39,247 2,025 37,121 461 Asset-backed securities 2,703 — 2,981 — Equity securities 25,820 47,628 30,075 49,254 Total $ 459,985 $ 52,142 $ 480,793 $ 52,443 Remaining contractual maturity of the agreements December 31, 2023 (in millions) Overnight and continuous Greater than Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 259,048 $ 102,941 $ 20,960 $ 77,036 $ 459,985 Total securities loaned and other 49,610 1,544 — 988 52,142 Remaining contractual maturity of the agreements December 31, 2022 Overnight and continuous Greater than Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 205,235 $ 170,696 $ 37,120 $ 67,742 $ 480,793 Total securities loaned and other 50,138 1,285 3 1,017 52,443 Transfers not qualifying for sale accounting |
Loans
Loans | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans | Loans Loan accounting framework The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories: • Originated or purchased loans held-for-investment (i.e., “retained”) • Loans held-for-sale • Loans at fair value The following provides a detailed accounting discussion of the Firm’s loans by category: Loans held-for-investment Originated or purchased loans held-for-investment, including PCD, are recorded at amortized cost, reflecting the principal amount outstanding, net of the following: unamortized deferred loan fees, costs, premiums or discounts; charge-offs; collection of cash; and foreign exchange. Credit card loans also include billed finance charges and fees. Interest income Interest income on performing loans held-for-investment is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are recognized in interest income over the contractual life of the loan as an adjustment of yield. The Firm classifies accrued interest on loans, including accrued but unbilled interest on credit card loans, in accrued interest and accounts receivables on the Consolidated balance sheets. For credit card loans, accrued interest once billed is then recognized in the loan balances, with the related allowance recorded in the allowance for credit losses. Changes in the allowance for credit losses on accrued interest on credit card loans are recognized in the provision for credit losses and charge-offs are recognized by reversing interest income. For other loans, the Firm generally does not recognize an allowance for credit losses on accrued interest receivables, consistent with its policy to write them off no later than 90 days past due by reversing interest income. Nonaccrual loans Nonaccrual loans are those on which the accrual of interest has been suspended. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status and considered nonperforming when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more, unless the loan is both well-secured and in the process of collection. A loan is determined to be past due when the minimum payment is not received from the borrower by the contractually specified due date or for certain loans (e.g., residential real estate loans), when a monthly payment is due and unpaid for 30 days or more. Finally, collateral-dependent loans are typically maintained on nonaccrual status. On the date a loan is placed on nonaccrual status, all interest accrued but not collected is reversed against interest income. In addition, the amortization of deferred amounts is suspended. Interest income on nonaccrual loans may be recognized as cash interest payments are received (i.e., on a cash basis) if the recorded loan balance is deemed fully collectible; however, if there is doubt regarding the ultimate collectibility of the recorded loan balance, all interest cash receipts are applied to reduce the carrying value of the loan (the cost recovery method). For consumer loans, application of this policy typically results in the Firm recognizing interest income on nonaccrual consumer loans on a cash basis. A loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, the terms of the restructured loan. As permitted by regulatory guidance, credit card loans are generally exempt from being placed on nonaccrual status; accordingly, interest and fees related to credit card loans continue to accrue until the loan is charged off or paid in full. Allowance for loan losses The allowance for loan losses represents the estimated expected credit losses in the held-for-investment loan portfolio at the balance sheet date and is recognized on the balance sheet as a contra asset, which brings the amortized cost to the net carrying value. Changes in the allowance for loan losses are recorded in the provision for credit losses on the Firm’s Consolidated statements of income. Refer to Note 13 for further information on the Firm’s accounting policies for the allowance for loan losses. 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 with standards established by the FFIEC. Residential real estate loans, unmodified credit card loans and scored business banking loans are generally charged off no later than 180 days past due. Scored auto and closed-end consumer loans, including modified credit card accounts placed on a fixed payment plan, are charged off no later than 120 days past due. Certain consumer loans are charged off or charged down to their net realizable value earlier than the FFIEC charge-off standards in the following circumstances: • Loans modified to borrowers experiencing financial difficulty that are determined to be collateral-dependent. • Loans to borrowers who have experienced an event that suggests a loss is either known or highly certain are subject to accelerated charge-off standards (e.g., residential real estate and auto loans are charged off or charged down within 60 days of receiving notification of a bankruptcy filing). • Auto loans upon repossession of the automobile. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs on the government-guaranteed portion of loans. Wholesale loans are charged off when it is highly certain that a loss has been realized. The determination of whether to recognize a charge-off includes many factors, including the prioritization of the Firm’s claim in bankruptcy, expectations of the workout/restructuring of the loan and valuation of the borrower’s equity or the loan collateral. When a loan is charged down to the lower of its amortized cost or the estimated net realizable value of the underlying collateral, the determination of the fair value of the collateral depends on the type of collateral (e.g., securities, real estate). In cases where the collateral is in the form of liquid securities, the fair value is based on quoted market prices or broker quotes. For illiquid securities or other financial assets, the fair value of the collateral is generally estimated using a discounted cash flow model. For residential real estate loans, collateral values are based upon external valuation sources. When it becomes likely that a borrower is either unable or unwilling to pay, the Firm utilizes a broker’s price opinion, appraisal and/or an automated valuation model of the home based on an exterior-only valuation (“exterior opinions”), which is then updated at least every 12 months, or more frequently depending on various market factors. As soon as practicable after the Firm receives the property in satisfaction of a debt (e.g., by taking legal title or physical possession), the Firm generally obtains an appraisal based on an inspection that includes the interior of the home (“interior appraisals”). Exterior opinions and interior appraisals are discounted based upon the Firm’s experience with actual liquidation values as compared with the estimated values provided by exterior opinions and interior appraisals, considering state-specific factors. For commercial real estate loans, collateral values are generally based on appraisals from internal and external valuation sources. Collateral values are typically updated every six result in obtaining appraisal updates or broker price opinions at more frequent intervals. 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 held-for-sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred fees or costs and discounts or premiums are an adjustment to the basis of the loan and therefore are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Because these loans are recognized at the lower of cost or fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. However, loans held-for-sale are subject to the Firm’s nonaccrual policies. Loans at fair value Loans for which the fair value option has been elected are measured at fair value, with changes in fair value recorded in noninterest revenue. Interest income on these loans is accrued and recognized based on the contractual rate of interest. Changes in fair value are recognized in noninterest revenue. Loan origination fees are recognized upfront in noninterest revenue. Loan origination costs are recognized in the associated expense category as incurred. Because these loans are recognized at fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. However, loans at fair value are subject to the Firm’s nonaccrual policies. Refer to Note 3 for further information on the Firm’s elections of fair value accounting under the fair value option. Refer to Note 2 and Note 3 for further information on loans carried at fair value and classified as trading assets. Loan classification changes Loans in the held-for-investment portfolio that management decides to sell are transferred to the held-for-sale portfolio at the lower of cost or fair value on the date of transfer. Credit-related losses are charged against the allowance for loan losses; non-credit related losses such as those due to changes in interest rates or foreign currency exchange rates are recognized in noninterest revenue. In the event that management decides to retain a loan in the held-for-sale portfolio, the loan is transferred to the held-for-investment portfolio at amortized cost on the date of transfer. These loans are subsequently assessed for impairment based on the Firm’s allowance methodology. Refer to Note 13 for a further discussion of the methodologies used in establishing the Firm’s allowance for loan losses. Loan modifications The Firm seeks to modify certain loans in conjunction with its loss mitigation activities. Through the modification, JPMorgan Chase grants one or more concessions to a borrower who is experiencing financial difficulty in order to minimize the Firm’s economic loss and avoid foreclosure or repossession of the collateral, and to ultimately maximize payments received by the Firm from the borrower. The concessions granted vary by program and by borrower-specific characteristics, and may include interest rate reductions, term extensions, other-than-insignificant payment delays or principal forgiveness. Effective January 1, 2023 the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosure accounting guidance, which changed the accounting for loan modifications from TDRs to FDMs. Refer to Note 1 for further information . Loans, except for credit card loans, reported as FDMs are generally placed on nonaccrual status, although in many cases such loans were already on nonaccrual status prior to modification. These loans may be returned to performing status (the accrual of interest is resumed) if the following criteria are met: (i) the borrower has performed under the modified terms for a minimum of six months and/or six payments, and (ii) the Firm has an expectation that repayment of the modified loan is reasonably assured based on, for example, the borrower’s debt capacity and level of future earnings, collateral values, LTV ratios, and other current market considerations. In certain limited and well-defined circumstances in which the loan is current at the modification date, such loans are not placed on nonaccrual status at the time of modification. The allowance for credit losses associated with FDMs is measured using the Firm’s established allowance methodology, which considers the expected re-default rates for the modified loans. Refer to Note 13 for further discussion. For periods ending prior to January 1, 2023, modifications of loans where the Firm granted concessions to a borrower experiencing financial difficulty were accounted for and reported as TDRs. The concessions granted varied by program and by borrower-specific characteristics, and included interest rate reductions, term extensions, payment delays, principal forgiveness, or the acceptance of equity or other assets in lieu of payments. Loans with short-term and other insignificant modifications that were not considered concessions were not TDRs. Loans modified in TDRs were generally measured for impairment using the Firm’s established asset-specific allowance methodology, which considers the expected redefault rates for the modified loans. A loan modified in a TDR generally remained subject to the asset-specific component of the allowance throughout its remaining life, regardless of whether the loan was performing and had been returned to accrual status. Refer to Note 13 for further discussion. Foreclosed property The Firm acquires property from borrowers through loan restructurings, workouts, and foreclosures. Property acquired may include real property (e.g., residential real estate, land, and buildings) and other commercial and personal property (e.g., automobiles, aircraft, railcars, and ships). The Firm recognizes foreclosed property upon receiving assets in satisfaction of a loan (e.g., by taking legal title or physical possession). For loans collateralized by real property, the Firm generally recognizes the asset received at foreclosure sale or upon the execution of a deed in lieu of foreclosure transaction with the borrower. Foreclosed assets are reported in other assets on the Consolidated balance sheets and initially recognized at fair value less estimated costs to sell. Each quarter the fair value of the acquired property is reviewed and adjusted, if necessary, to the lower of cost or fair value. Subsequent adjustments to fair value are charged/credited to noninterest revenue. Operating expense, such as real estate taxes and maintenance, are charged to other expense. Loan portfolio The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class. Consumer, excluding credit card Credit card Wholesale (c)(d) • Residential real estate (a) • Auto and other (b) • Credit card loans • Secured by real estate • Commercial and industrial • Other (e) (a) Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB. (b) Includes scored auto, business banking and consumer unsecured loans as well as overdrafts, primarily in CCB. (c) Includes loans held in CIB, CB, AWM, Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses. (d) The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower. (e) Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 for more information on SPEs. The following tables summarize the Firm’s loan balances by portfolio segment. December 31, 2023 Consumer, excluding credit card Credit card Wholesale Total (b)(c) (in millions) Retained $ 397,275 (a) $ 211,123 $ 672,472 (a) $ 1,280,870 Held-for-sale 487 — 3,498 3,985 At fair value 12,331 (a) — 26,520 38,851 Total $ 410,093 $ 211,123 $ 702,490 $ 1,323,706 December 31, 2022 Consumer, excluding credit card Credit card Wholesale Total (b)(c) (in millions) Retained $ 300,753 $ 185,175 $ 603,670 $ 1,089,598 Held-for-sale 618 — 3,352 3,970 At fair value 10,004 — 32,075 42,079 Total $ 311,375 $ 185,175 $ 639,097 $ 1,135,647 (a) Includes loans associated with First Republic consisting of $90.7 billion of retained loans and $1.9 billion of loans at fair value in consumer, excluding credit card and $53.9 billion of retained loans in wholesale . (b) Excludes $6.8 billion and $5.2 billion of accrued interest receivable at December 31, 2023 and 2022, respectively. The Firm wrote off accrued interest receivable of $49 million and $39 million for the years ended December 31, 2023 and 2022, respectively. (c) Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of December 31, 2023 and 2022. The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table. 2023 Year ended December 31, Consumer, excluding Credit card Wholesale Total Purchases $ 92,205 (b)(c)(d) $ — $ 60,300 (d) $ 152,505 Sales 2,202 — 43,949 46,151 Retained loans reclassified to held-for-sale (a) 274 — 1,486 1,760 2022 Year ended December 31, Consumer, excluding Credit card Wholesale Total Purchases $ 1,625 (b)(c) $ — $ 1,088 $ 2,713 Sales 2,884 — 41,934 44,818 Retained loans reclassified to held-for-sale (a) 229 — 1,055 1,284 2021 Year ended December 31, Consumer, excluding Credit card Wholesale Total Purchases $ 515 (b)(c) $ — $ 1,122 $ 1,637 Sales 799 — 31,022 31,821 Retained loans reclassified to held-for-sale (a) 1,225 — 2,178 3,403 (a) Reclassifications of loans to held-for-sale are non-cash transactions. (b) Includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the years ended December 31, 2023, 2022 and 2021. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA. (c) Excludes purchases of retained loans of $5.1 billion, $12.4 billion and $25.8 billion for the years ended December 31, 2023, 2022 and 2021, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. (d) Includes loans acquired in the First Republic acquisition consisting of $91.9 billion in Consumer, excluding credit card and $59.2 billion in Wholesale . Refer to Note 34 for additional information. Gains and losses on sales of loans Consumer, excluding credit card loan portfolio Consumer loans, excluding credit card loans, consist primarily of scored residential mortgages, home equity loans and lines of credit, auto and business banking loans, with a focus on serving the prime consumer credit market. These loans include home equity loans secured by junior liens, prime mortgage loans with an interest-only payment period, and certain payment-option loans that may result in negative amortization. The following table provides information about retained consumer loans, excluding credit card, by class. December 31, (in millions) 2023 2022 Residential real estate $ 326,409 (a) $ 237,561 Auto and other 70,866 63,192 Total retained loans $ 397,275 $ 300,753 (a) Included $90.7 billion of loans associated with First Republic. Delinquency rates are the primary credit quality indicator for consumer loans. Loans that are more than 30 days past due provide an early warning of borrowers who may be experiencing financial difficulties and/or who may be unable or unwilling to repay the loan. As the loan continues to age, it becomes more clear whether the borrower is likely to be unable or unwilling to pay. In the case of residential real estate loans, late-stage delinquencies (greater than 150 days past due) are a strong indicator of loans that will ultimately result in a foreclosure or similar liquidation transaction. In addition to delinquency rates, other credit quality indicators for consumer loans vary based on the class of loan, as follows: • For residential real estate loans, the current estimated LTV ratio, or the combined LTV ratio in the case of junior lien loans, is an indicator of the potential loss severity in the event of default. Additionally, LTV or combined LTV ratios can provide insight into a borrower’s continued willingness to pay, as the delinquency rate of high-LTV loans tends to be greater than that for loans where the borrower has equity in the collateral. The geographic distribution of the loan collateral also provides insight as to the credit quality of the portfolio, as factors such as the regional economy, home price changes and specific events such as natural disasters, will affect credit quality. The borrower’s current or “refreshed” FICO score is a secondary credit quality indicator for certain loans, as FICO scores are an indication of the borrower’s credit payment history. Thus, a loan to a borrower with a low FICO score (less than 660) is considered to be of higher risk than a loan to a borrower with a higher FICO score. Further, a loan to a borrower with a high LTV ratio and a low FICO score is at greater risk of default than a loan to a borrower that has both a high LTV ratio and a high FICO score. • For scored auto and business banking loans, geographic distribution is an indicator of the credit performance of the portfolio. Similar to residential real estate loans, geographic distribution provides insights into the portfolio performance based on regional economic activity and events. Residential real estate Delinquency is the primary credit quality indicator for retained residential real estate loans. The following tables provide information on delinquency and gross charge-offs for the year ended December 31, 2023 . (in millions, except ratios) December 31, 2023 Term loans by origination year (f) Revolving loans Total 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current (c) $ 23,216 $ 64,366 $ 84,496 $ 55,546 $ 21,530 $ 59,563 $ 7,479 $ 8,151 $ 324,347 30–149 days past due 33 74 89 70 41 801 49 223 1,380 150 or more days past due 1 10 17 8 21 456 5 164 682 Total retained loans $ 23,250 $ 64,450 $ 84,602 $ 55,624 $ 21,592 $ 60,820 $ 7,533 $ 8,538 $ 326,409 % of 30+ days past due to total retained loans (d)(e) 0.15 % 0.13 % 0.13 % 0.14 % 0.29 % 2.04 % 0.72 % 4.53 % 0.63 % Gross charge-offs $ — $ — $ — $ — $ 4 $ 167 $ 26 $ 7 $ 204 (in millions, except ratios) December 31, 2022 Term loans by origination year (f) Revolving loans Total 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 39,934 $ 66,072 $ 43,315 $ 15,397 $ 6,339 $ 49,632 $ 5,589 $ 9,685 $ 235,963 30–149 days past due 29 11 14 20 20 597 15 208 914 150 or more days past due 1 1 6 10 7 480 4 175 684 Total retained loans $ 39,964 $ 66,084 $ 43,335 $ 15,427 $ 6,366 $ 50,709 $ 5,608 $ 10,068 $ 237,561 % of 30+ days past due to total retained loans (d) 0.08 % 0.02 % 0.05 % 0.19 % 0.42 % 2.07 % 0.34 % 3.80 % 0.66 % (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at December 31, 2023 and 2022. (b) At December 31, 2023 and 2022, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (c) Included $6.4 billion, $26.3 billion, $21.9 billion, $14.8 billion, $7.4 billion, and $10.9 billion of term loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, and $2.5 billion of revolving loans within the revolving period associated with First Republic . (d) Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at December 31, 2023 and 2022. These amounts have been excluded based upon the government guarantee. (e) Included $343 million of 30 or more days past due loans associated with First Republic . (f) Purchased loans are included in the year in which they were originated. Approximately 37% of the total revolving loans are senior lien loans; the remaining balance are junior lien loans. The lien position the Firm holds is considered in the Firm’s allowance for credit losses. Revolving loans that have been converted to term loans have higher delinquency rates than those that are still within the revolving period. That is primarily because the fully-amortizing payment that is generally required for those products is higher than the minimum payment options available for revolving loans within the revolving period. Nonaccrual loans and other credit quality indicators The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans. (in millions, except weighted-average data) December 31, 2023 December 31, 2022 Nonaccrual loans (a)(b)(c)(d)(e) $ 3,466 $ 3,745 Current estimated LTV ratios (f)(g)(h) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 72 $ 2 Less than 660 — — 101% to 125% and refreshed FICO scores: Equal to or greater than 660 223 174 Less than 660 4 6 80% to 100% and refreshed FICO scores: Equal to or greater than 660 6,491 (l) 12,034 Less than 660 102 184 Less than 80% and refreshed FICO scores: Equal to or greater than 660 309,251 (l) 215,096 Less than 660 9,277 (l) 8,659 No FICO/LTV available (i) 989 1,406 Total retained loans $ 326,409 (m) $ 237,561 Weighted average LTV ratio (f)(j) 49 % 51 % Weighted average FICO (g)(j) 770 769 Geographic region (i)(k) California $ 127,072 (n) $ 73,112 New York 48,815 (n) 34,471 Florida 22,778 (n) 18,870 Texas 15,506 14,968 Massachusetts 14,213 (n) 6,380 Illinois 10,856 11,296 Colorado 10,800 9,968 Washington 9,923 9,060 New Jersey 8,050 7,108 Connecticut 7,163 5,432 All other 51,233 46,896 Total retained loans $ 326,409 $ 237,561 (a) Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual loans, regardless of their delinquency status. At December 31, 2023, approximately 9% of Chapter 7 residential real estate loans were 30 days or more past due. (b) Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at December 31, 2023 and 2022. (c) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative. (d) Interest income on nonaccrual loans recognized on a cash basis was $180 million and $175 million for the years ended December 31, 2023 and 2022, respectively. (e) Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. (f) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (g) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (h) Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality. (i) Included U.S. government-guaranteed loans as of December 31, 2023 and 2022. (j) Excludes loans with no FICO and/or LTV data available. (k) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at December 31, 2023. (l) Included $1.1 billion in equal to or greater than 660 FICO scores within 80% to 100% LTV ratio, and $87.9 billion and $1.1 billion in equal to or greater than 660 and less than 660 FICO scores, respectively, within less than 80% LTV ratio associated with First Republic. (m) Included $90.7 billion of loans associated with First Republic. (n) Included $54.9 billion, $14.9 billion, $3.5 billion, and $7.8 billion in California, New York, Florida and Massachusetts, respectively, associated with First Republic. Loan modifications The Firm grants certain modifications of residential real estate loans to borrowers experiencing financial difficulty, which effective January 1, 2023, are reported as FDMs. The Firm's proprietary modification programs as well as government programs, including U.S. GSE programs, that generally provide various modifications to borrowers experiencing financial difficulty including, but not limited to, interest rate reductions, term extensions, other-than-insignificant payment delay and principal forgiveness that would otherwise have been required under the terms of the original agreement, are considered FDMs. Financial effects of FDMs For the year ended December 31, 2023, residential real estate FDMs were $136 million. The financial effects of the FDMs, which were predominantly in the form of term extensions and interest rate reductions, included extending the weighted-average life of the loans by 20 years, and reducing the weighted-average contractual interest rate from 7.21% to 4.44% for the year ended December 31, 2023. There were no additional commitments to lend to borrowers experiencing financial difficulty whose loans have been modified as FDMs. In addition to FDMs, the Firm also had $69 million of loans subject to a trial modification, and $9 million of Chapter 7 loans for the year ended December 31, 2023. The changes to the TDR accounting guidance eliminated the TDR reasonably expected and concession assessment criteria. Accordingly, trial modifications and Chapter 7 loans were considered TDRs, but not FDMs. Refer to Note 1 for further information. Payment status of FDMs and redefaults For the year ended December 31, 2023, residential real estate FDMs of $29 million were 30 or more days past due and FDMs that re-defaulted were $17 million. Nature and extent of TDRs For periods ending prior to January 1, 2023, modifications of residential real estate loans where the Firm granted concessions to borrowers who were experiencing financial difficulty were generally accounted for and reported as TDRs. Loans with short-term or other insignificant modifications that were not considered concessions were not TDRs. For the years ended December 31, 2022 and 2021, new TDRs were $362 million and $866 million, and there were no additional commitments to lend to borrowers whose residential real estate loans were modified in TDRs. The Firm’s proprietary modification programs as well as government |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | Allowance for credit losses The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses generally comprises: • t he allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated), • the allowance for lending-related commitments, which is presented on the Consolidated balance sheets in accounts payable and other liabilities, and • the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets. The income statement effect of all changes in the allowance for credit losses is recognized in the provision for credit losses. Determining the appropriateness of the allowance for credit losses is complex and requires significant judgment by management about the effect of matters that are inherently uncertain. At least quarterly, the allowance for credit losses is reviewed by the CRO, the CFO and the Controller of the Firm. Subsequent evaluations of credit exposures, considering the macroeconomic conditions, forecasts and other factors then prevailing, may result in significant changes in the allowance for credit losses in future periods. The Firm’s policies used to determine its allowance for loan losses and its allowance for lending-related commitments are described in the following paragraphs. Refer to Note 10 for a description of the policies used to determine the allowance for credit losses on investment securities. Methodology for allowances for loan losses and lending-related commitments The allowance for loan losses and allowance for lending-related commitments represents expected credit losses over the remaining expected life of retained loans and lending-related commitments that are not unconditionally cancellable. The Firm does not record an allowance for future draws on unconditionally cancellable lending-related commitments (e.g., credit cards). Expected losses related to accrued interest on credit card loans are considered in the Firm’s allowance for loan losses. However, the Firm does not record an allowance on other accrued interest receivables, due to its policy to write t hese receivables off no later than 90 days past due by reversing interest income. The expected life of each instrument is determined by considering its contractual term, expected prepayments, cancellation features, and certain extension and call options. The expected life of funded credit card loans is generally estimated by considering expected future payments on the credit card account, and determining how much of those amounts should be allocated to repayments of the funded loan balance (as of the balance sheet date) versus other account activity. This allocation is made using an approach that incorporates the payment application requirements of the Credit Card Accountability Responsibility and Disclosure Act of 2009, generally paying down the highest interest rate balances first. The estimate of expected credit losses includes expected recoveries of amounts previously charged off or expected to be charged off, even if such recoveries result in a negative allowance. Collective and Individual Assessments When calculating the allowance for loan losses and the allowance for lending-related commitments, the Firm assesses whether exposures share similar risk characteristics. If similar risk characteristics exist, the Firm estimates expected credit losses collectively, considering the risk associated with a particular pool and the probability that the exposures within the pool will deteriorate or default. The assessment of risk characteristics is subject to significant management judgment. Emphasizing one characteristic over another or considering additional characteristics could affect the allowance. • Relevant risk characteristics for the consumer portfolio include product type, delinquency status, current FICO scores, geographic distribution, and, for collateralized loans, current LTV ratios. • Relevant risk characteristics for the wholesale portfolio include risk rating, delinquency status, tenor, level and type of collateral, LOB, geography, industry, credit enhancement, product type, facility purpose, and payment terms. The majority of the Firm’s credit exposures share risk characteristics with other similar exposures, and as a result are collectively assessed for impairment (“portfolio-based component”). The portfolio-based component covers consumer loans, performing risk-rated loans and certain lending-related commitments. If an exposure does not share risk characteristics with other exposures, the Firm generally estimates expected credit losses on an individual basis, considering expected repayment and conditions impacting that individual exposure (“asset-specific component”). The asset-specific component covers collateral-dependent loans and risk-rated loans that have been placed on nonaccrual status. Portfolio-based component 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 factors to the Firm’s estimated exposure at default. The credit loss factors incorporate the probability of borrower default as well as loss severity in the event of default. They are derived using a weighted average of five internally developed macroeconomic scenarios over an eight-quarter forecast period, followed by a single year straight-line interpolation to revert to long run historical information for periods beyond the eight-quarter forecast period. The five macroeconomic scenarios consist of a central, relative adverse, extreme adverse, relative upside and extreme upside scenario, and are updated by the Firm’s central forecasting team. The scenarios take into consideration the Firm’s macroeconomic outlook, internal perspectives from subject matter experts across the Firm, and market consensus and involve a governed process that incorporates feedback from senior management across LOBs, Corporate Finance and Risk Management. The quantitative calculation is adjusted to take into consideration model imprecision, emerging risk assessments, trends and other subjective factors that are not yet reflected in the calculation. These adjustments are accomplished in part by analyzing the historical loss experience, including during stressed periods, for each major product or model. Management applies judgment in making this adjustment, including taking into account uncertainties associated with the economic and political conditions, quality of underwriting standards, borrower behavior, credit concentrations or deterioration within an industry, product or portfolio, as well as other relevant internal and external factors affecting the credit quality of the portfolio. In certain instances, the interrelationships between these factors create further uncertainties. The application of different inputs into the quantitative calculation, and the assumptions used by management to adjust the quantitative calculation, are subject to significant management judgment, and emphasizing one input or assumption over another, or considering other inputs or assumptions, could affect the estimate of the allowance for loan losses and the allowance for lending-related commitments. Asset-specific component To determine the asset-specific component of the allowance, collateral-dependent loans (including those loans for which foreclosure is probable) and nonaccrual risk-rated loans in the wholesale portfolio segment are generally evaluated individually. On January 1, 2023 the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance as described in Note 1. The adoption of this guidance eliminated the requirement to measure the allowance for TDRs using a discounted cash flow (DCF) methodology and allowed the option of a non-DCF portfolio-based approach for modified loans to borrowers experiencing financial difficulty. If a DCF methodology is still applied for these modified loans, the discount rate must be the post-modification effective interest rate, instead of the pre-modification effective interest rate. The Firm elected to change from an asset-specific allowance approach to its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans, for which the asset-specific allowance approach will continue to apply. The adoption did not impact the collateral-dependent allowance approach or scope. This guidance was adopted under the modified retrospective method which resulted in a net decrease to the allowance for credit losses of $587 million and an increase to retained earnings of $446 million, after-tax predominantly driven by residential real estate and credit card. For collateral-dependent loans, the fair value of collateral less estimated costs to sell, as applicable, is used to determine the charge-off amount for declines in value (to reduce the amortized cost of the loan to the fair value of collateral) or the amount of negative allowance that should be recognized (for recoveries of prior charge-offs associated with improvements in the fair value of the collateral). For non-collateral dependent loans, the Firm generally measures the asset-specific allowance as the 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 for non-collateral dependent loans incorporates the effect of the modification on the loan’s expected cash flows including changes in interest rates, principal forgiveness, and other concessions, as well as management’s expectation of the borrower’s ability to repay under the modified terms. Estimating the timing and amounts of future cash flows is highly judgmental as these cash flow projections rely upon estimates such as loss severities, asset valuations, the amounts and timing of interest or principal payments (including any expected prepayments) or other factors that are reflective of current and expected market conditions. These estimates are, in turn, dependent on factors such as the duration of current overall economic conditions, industry, portfolio, or borrower-specific factors, the expected outcome of insolvency proceedings as well as, in certain circumstances, other economic factors. All of these estimates and assumptions require significant management judgment and certain assumptions are highly subjective. Other financial assets In addition to loans and investment securities, the Firm holds other financial assets that are measured at amortized cost on the Consolidated balance sheets, including credit exposures arising from lending activities subject to collateral maintenance requirements. Management estimates the allowance for other financial assets using various techniques considering historical losses and current economic conditions. Credit risk arising from lending activities subject to collateral maintenance requirements is generally mitigated by factors such as the short-term nature of the activity, the fair value of collateral held and the Firm’s right to call for, and the borrower’s obligation to provide additional margin when the fair value of the collateral declines. Because of these mitigating factors, these exposures generally do not require an allowance for credit losses. However, management may also consider other factors such as the borrower’s ongoing ability to provide collateral to satisfy margin requirements, or whether collateral is significantly concentrated in an individual issuer or in securities with similar risk characteristics. If in management’s judgment, an allowance for credit losses for these exposures is required, the Firm estimates expected credit losses based on the value of the collateral and probability of borrower default. Allowance for credit losses and related information The table below summarizes information about the allowances for credit losses, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 for further information on the allowance for credit losses on investment securities. (Table continued on next page) 2023 Year ended December 31, Consumer, Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 2,040 $ 11,200 $ 6,486 $ 19,726 Cumulative effect of a change in accounting principle (a) (489) (100) 2 (587) Gross charge-offs 1,151 5,491 1,011 7,653 Gross recoveries collected (519) (793) (132) (1,444) Net charge-offs 632 4,698 879 6,209 Provision for loan losses 936 6,048 2,484 9,468 Other 1 — 21 22 Ending balance at December 31, $ 1,856 $ 12,450 $ 8,114 $ 22,420 Allowance for lending-related commitments Beginning balance at January 1, $ 76 $ — $ 2,306 $ 2,382 Cumulative effect of a change in accounting principle (a) — NA — NA Provision for lending-related commitments (1) — (407) (408) Other — — — — Ending balance at December 31, $ 75 $ — $ 1,899 $ 1,974 Total allowance for investment securities NA NA NA $ 128 Total allowance for credit losses (b)(c) $ 1,931 $ 12,450 $ 10,013 $ 24,522 Allowance for loan losses by impairment methodology Asset-specific (d) $ (876) $ — $ 392 $ (484) Portfolio-based 2,732 12,450 7,722 22,904 Total allowance for loan losses $ 1,856 $ 12,450 $ 8,114 $ 22,420 Loans by impairment methodology Asset-specific (d) $ 3,287 $ — $ 2,338 $ 5,625 Portfolio-based 393,988 211,123 670,134 1,275,245 Total retained loans $ 397,275 $ 211,123 $ 672,472 $ 1,280,870 Collateral-dependent loans Net charge-offs $ 6 $ — $ 180 $ 186 Loans measured at fair value of collateral less cost to sell 3,216 — 1,012 4,228 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 89 $ 89 Portfolio-based 75 — 1,810 1,885 Total allowance for lending-related commitments (e) $ 75 $ — $ 1,899 $ 1,974 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 464 $ 464 Portfolio-based (f) 28,248 — 516,577 544,825 Total lending-related commitments $ 28,248 $ — $ 517,041 $ 545,289 (a) Represents the impact to the allowance for loan losses upon the adoption of the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. Refer to Note 1 for further information. (b) At December 31, 2023 and 2022, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $243 million and $21 million, respectively, associated with certain accounts receivable in CIB. (c) As of December 31, 2023, i ncluded the allowance for credit losses associated with First Republic. (d) Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans for all periods presented. Prior periods also include non collateral-dependent TDRs or reasonably expected TDRs and modified PCD loans. (e) The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets. (f) At December 31, 2023, 2022 and 2021, lend ing-related commitments excluded $17.2 billion, $13.1 billion and $15.7 billion, respectively, for the consumer, excluding credit card portfolio segment; $915.7 billion, $821.3 billion and $730.5 billion, respectively, for the credit card portfolio segment; and $19.7 billion, $9.8 billion and $32.1 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments. (table continued from previous page) 2022 2021 Consumer, Credit card Wholesale Total Consumer, Credit card Wholesale Total $ 1,765 $ 10,250 $ 4,371 $ 16,386 $ 3,636 $ 17,800 $ 6,892 $ 28,328 NA NA NA NA NA NA NA NA 812 3,192 322 4,326 630 3,651 283 4,564 (543) (789) (141) (1,473) (619) (939) (141) (1,699) 269 2,403 181 2,853 11 2,712 142 2,865 543 3,353 2,293 6,189 (1,858) (4,838) (2,375) (9,071) 1 — 3 4 (2) — (4) (6) $ 2,040 $ 11,200 $ 6,486 $ 19,726 $ 1,765 $ 10,250 $ 4,371 $ 16,386 $ 113 $ — $ 2,148 $ 2,261 $ 187 $ — $ 2,222 $ 2,409 NA NA NA NA NA NA NA NA (37) — 157 120 (75) — (74) (149) — — 1 1 1 — — 1 $ 76 $ — $ 2,306 $ 2,382 $ 113 $ — $ 2,148 $ 2,261 NA NA NA $ 96 NA NA NA $ 42 $ 2,116 $ 11,200 $ 8,792 $ 22,204 $ 1,878 $ 10,250 $ 6,519 $ 18,689 $ (624) $ 223 $ 467 $ 66 $ (665) $ 313 $ 263 $ (89) 2,664 10,977 6,019 19,660 2,430 9,937 4,108 16,475 $ 2,040 $ 11,200 $ 6,486 $ 19,726 $ 1,765 $ 10,250 $ 4,371 $ 16,386 $ 11,978 $ 796 $ 2,189 $ 14,963 $ 13,919 $ 987 $ 2,255 $ 17,161 288,775 184,379 601,481 1,074,635 281,637 153,309 558,099 993,045 $ 300,753 $ 185,175 $ 603,670 $ 1,089,598 $ 295,556 $ 154,296 $ 560,354 $ 1,010,206 $ (33) $ — $ 16 $ (17) $ 33 $ — $ 38 $ 71 3,585 — 464 4,049 4,472 — 617 5,089 $ — $ — $ 90 $ 90 $ — $ — $ 167 $ 167 76 — 2,216 2,292 113 — 1,981 2,094 $ 76 $ — $ 2,306 $ 2,382 $ 113 $ — $ 2,148 $ 2,261 $ — $ — $ 455 $ 455 $ — $ — $ 764 $ 764 20,423 — 461,688 482,111 29,588 — 453,571 483,159 $ 20,423 $ — $ 462,143 $ 482,566 $ 29,588 $ — $ 454,335 $ 483,923 Discussion of changes in the allowance The allowance for credit losses as of December 31, 2023 was $24.8 billion, reflecting a net addition of $3.1 billion from December 31, 2022. The net addition to the allowance for credit losses included $1.9 billion, consisting of: • $1.3 billion in consumer , predominantly driven by CCB, comprised of $1.4 billion in Card Services, partially offset by a net reduction of $200 million in Home Lending. The net addition in Card Services was driven by loan growth, including an increase in revolving balances, partially offset by reduced borrower uncertainty. The net reduction in Home Lending was driven by improvements in the outlook for home prices, and • $675 million in wholesale , driven by net downgrade activity, the net effect of changes in the Firm’s weighted average macroeconomic outlook, including deterioration in the outlook for commercial real estate in CB, and an addition for certain accounts receivable in CIB, partially offset by the impact of changes in the loan and lending-related commitment portfolios. The net addition also included $1.2 billion to establish the allowance for the First Republic loans and lending-related commitments in the second quarter of 2023. The changes in the Firm's weighted average macroeconomic outlook also included updates to the central scenario in the third quarter of 2023 to reflect a lower forecasted unemployment rate consistent with a higher growth rate in GDP, and the impact of the additional weight placed on the adverse scenarios in the first quarter of 2023, reflecting elevated recession risks due to high inflation and tightening financial conditions. The allowance for credit losses also reflected a reduction of $587 million as a result of the adoption of changes to the TDR accounting guidance on January 1, 2023. Refer to Note 1 for further information. The Firm's allowance for credit losses is estimated using a weighted average of five internally developed macroeconomic scenarios. The adverse scenarios incorporate more punitive macroeconomic factors than the central case assumptions provided in the table below, resulting in a weighted average U.S. unemployment rate peaking at 5.5% in the fourth quarter of 2024, and a weighted average U.S. real GDP level that is 1.5% lower than the central case at the end of the second quarter of 2025. The following table presents the Firm’s central case assumptions for the periods presented: Central case assumptions 2Q24 4Q24 2Q25 U.S. unemployment rate (a) 4.1 % 4.4 % 4.1 % YoY growth in U.S. real GDP (b) 1.8 % 0.7 % 1.0 % Central case assumptions 2Q23 4Q23 2Q24 U.S. unemployment rate (a) 3.8 % 4.3 % 5.0 % YoY growth in U.S. real GDP (b) 1.5 % 0.4 % — % (a) Reflects quarterly average of forecasted U.S. unemployment rate. (b) The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year. Subsequent changes to this forecast and related estimates will be reflected in the provision for credit losses in future periods. Refer to Critical Accounting Estimates Used by the Firm on pages 155–158 for further information on the allowance for credit losses and related management judgments. Refer to Consumer Credit Portfolio on pages 114–119, Wholesale Credit Portfolio on pages 120–130 for additional information on the consumer and wholesale credit portfolios. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable interest entities Refer to Note 1 on page 171 for a further description of the Firm’s accounting policies regarding consolidation of and involvement with VIEs. The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase–administered asset-backed commercial paper conduit. Line of Business Transaction Type Activity 2023 Form 10-K CCB Credit card securitization trusts Securitization of originated credit card receivables pages 261–262 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages pages 262–264 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans pages 262–264 Multi-seller conduits Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs page 264 Municipal bond vehicles Financing of municipal bond investments pages 264–265 The Firm’s other business segments are also involved with VIEs (both third-party and Firm-sponsored), but to a lesser extent, as follows: • Asset & Wealth Management: AWM sponsors and manages certain funds that are deemed VIEs. As asset manager of the funds, AWM earns a fee based on assets managed; the fee varies with each fund’s investment objective and is competitively priced. For fund entities that qualify as VIEs, AWM’s interests are, in certain cases, considered to be significant variable interests that result in consolidation of the financial results of these entities. • Commercial Banking: CB provides financing and lending-related services to a wide spectrum of clients, including certain third-party-sponsored entities that may meet the definition of a VIE. CB does not control the activities of these entities and does not consolidate these entities. CB’s maximum loss exposure, regardless of whether the entity is a VIE, is generally limited to loans and lending-related commitments which are reported and disclosed in the same manner as any other third-party transaction. • Corporate : Corporate is involved with entities that may meet the definition of VIEs; however these entities are generally subject to specialized investment company accounting, which does not require the consolidation of investments, including VIEs. In addition, Treasury and CIO invest in securities generally issued by third parties which may meet the definition of VIEs (e.g., issuers of asset-backed securities). In general, the Firm does not have the power to direct the significant activities of these entities and therefore does not consolidate these entities. Refer to Note 10 for further information on the Firm’s investment securities portfolio. In addition, CIB also invests in and provides financing and other services to VIEs sponsored by third parties. Refer to page 266 of this Note for more information on the VIEs sponsored by third parties. Significant Firm-sponsored VIEs Credit card securitizations CCB’s Card Services business may securitize originated credit card loans, primarily through the Chase Issuance Trust (the “Trust”). The Firm’s continuing involvement in credit card securitizations includes servicing the receivables, retaining an undivided seller’s interest in the receivables, retaining certain senior and subordinated securities and maintaining escrow accounts. The Firm consolidates the assets and liabilities of its sponsored credit card trusts as it is considered to be the primary beneficiary of these securitization trusts based on the Firm’s ability to direct the activities of these VIEs through its servicing responsibilities and other duties, including making decisions as to the receivables that are transferred into those trusts and as to any related modifications and workouts. Additionally, the nature and extent of the Firm’s other continuing involvement with the trusts, as indicated above, obligates the Firm to absorb losses and gives the Firm the right to receive certain benefits from these VIEs that could potentially be significant. The underlying securitized credit card receivables and other assets of the securitization trusts are available only for payment of the beneficial interests issued by the securitization trusts; they are not available to pay the Firm’s other obligations or the claims of the Firm’s creditors. The agreements with the credit card securitization trusts require the Firm to maintain a minimum undivided interest in the credit card trusts (generally 5%). As of December 31, 2023 and 2022, the Firm held undivided interests in Firm-sponsored credit card securitization trusts of $4.9 billion and $6.1 billion, respectively. The Firm maintained an average undivided interest in principal receivables owned by those trusts of approximately 65% and 62% for the years ended December 31, 2023 and 2022, respectively. The Firm did not retain any senior securities and retained $1.5 billion of subordinated securities in certain of its credit card securitization trusts at both December 31, 2023 and 2022. The Firm’s undivided interests in the credit card trusts and securities retained are eliminated in consolidation. Firm-sponsored mortgage and other securitization trusts The Firm securitizes (or has securitized) originated and purchased residential mortgages, commercial mortgages and other consumer loans primarily in its CCB and CIB businesses. Depending on the particular transaction, as well as the respective business involved, the Firm may act as the servicer of the loans and/or retain certain beneficial interests in the securitization trusts. The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2023 Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 58,570 $ 675 $ 39,319 $ 595 $ 1,981 $ 60 $ 2,636 Subprime 8,881 — 1,312 3 — — 3 Commercial and other (b) 168,042 — 120,262 831 5,638 1,354 7,823 Total $ 235,493 $ 675 $ 160,893 $ 1,429 $ 7,619 $ 1,414 $ 10,462 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2022 Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 55,362 $ 754 $ 37,058 $ 744 $ 1,918 $ — $ 2,662 Subprime 9,709 — 1,743 10 — — 10 Commercial and other (b) 164,915 — 127,037 888 5,373 670 6,931 Total $ 229,986 $ 754 $ 165,838 $ 1,642 $ 7,291 $ 670 $ 9,603 (a) Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. (b) Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables. (c) Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior securities of $52 million and $134 million at December 31, 2023 and 2022, respectively, and subordinated securities were not material for both December 31, 2023 and 2022, which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of December 31, 2023 and 2022, 77% and 84%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $2.5 billion and $2.6 billion of investment-grade retained interests at December 31, 2023 and 2022, respectively, and $88 million and $27 million of noninvestment-grade retained interests at December 31, 2023 and 2022, respectively. The retained interests in commercial and other securitization trusts consisted of $6.1 billion and $5.8 billion of investment-grade retained interests, and $1.7 billion and $1.1 billion of noninvestment-grade retained interests at December 31, 2023 and 2022, respectively. Residential mortgage The Firm securitizes residential mortgage loans originated by CCB, as well as residential mortgage loans purchased from third parties by either CCB or CIB. CCB generally retains servicing for all residential mortgage loans it originated or purchased, and for certain mortgage loans purchased by CIB. For securitizations of loans serviced by CCB, the Firm has the power to direct the significant activities of the VIE because it is responsible for decisions related to loan modifications and workouts. CCB may also retain an interest upon securitization. In addition, CIB engages in underwriting and trading activities involving securities issued by Firm-sponsored securitization trusts. As a result, CIB at times retains senior and/or subordinated interests (including residual interests and amounts required to be held pursuant to credit risk retention rules) in residential mortgage securitizations at the time of securitization, and/or reacquires positions in the secondary market in the normal course of business. In certain instances, as a result of the positions retained or reacquired by CIB or held by Treasury and CIO or CCB, when considered together with the servicing arrangements entered into by CCB, the Firm is deemed to be the primary beneficiary of certain securitization trusts. The Firm does not consolidate residential mortgage securitizations (Firm-sponsored or third-party-sponsored) when it is not the servicer (and therefore does not have the power to direct the most significant activities of the trust) or does not hold a beneficial interest in the trust that could potentially be significant to the trust. Commercial mortgages and other consumer securitizations CIB originates and securitizes commercial mortgage loans, and engages in underwriting and trading activities involving the securities issued by securitization trusts. CIB may retain unsold senior and/or subordinated interests (including amounts required to be held pursuant to credit risk retention rules) in commercial mortgage securitizations at the time of securitization but, generally, the Firm does not service commercial loan securitizations. Treasury and CIO may choose to invest in these securitizations as well. For commercial mortgage securitizations the power to direct the significant activities of the VIE generally is held by the servicer or investors in a specified class of securities (“controlling class”). The Firm generally does not retain an interest in the controlling class in its sponsored commercial mortgage securitization transactions. Re-securitizations The Firm engages in certain re-securitization transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests. These transfers occur in connection with both U.S. GSEs and government agency sponsored VIEs, which are backed by residential mortgages. The Firm’s consolidation analysis is largely dependent on the Firm’s role and interest in the re-securitization trusts. The following table presents the principal amount of securities transferred to re-securitization VIEs. Year ended December 31, 2023 2022 2021 Transfers of securities to VIEs U.S. GSEs and government agencies $ 18,864 $ 16,128 $ 53,923 Most re-securitizations with which the Firm is involved are client-driven transactions in which a specific client or group of clients is seeking a specific return or risk profile. For these transactions, the Firm has concluded that the decision-making power of the entity is shared between the Firm and its clients, considering the joint effort and decisions in establishing the re-securitization trust and its assets, as well as the significant economic interest the client holds in the re-securitization trust; therefore the Firm does not consolidate the re-securitization VIE. The Firm did not transfer any private label securities to re-securitization VIEs during 2023, 2022 and 2021, and retained interests in any such Firm-sponsored VIEs as of December 31, 2023 and 2022 were not material. Additionally, the Firm may invest in beneficial interests of third-party-sponsored re-securitizations and generally purchases these interests in the secondary market. In these circumstances, the Firm does not have the unilateral ability to direct the most significant activities of the re-securitization trust, either because it was not involved in the initial design of the trust, or the Firm was involved with an independent third-party sponsor and demonstrated shared power over the creation of the trust; therefore, the Firm does not consolidate the re-securitization VIE. The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs. Nonconsolidated December 31, 2023 2022 U.S. GSEs and government agencies Interest in VIEs $ 3,371 $ 2,580 As of December 31, 2023 and 2022, the Firm did not consolidate any U.S. GSE and government agency re-securitization VIEs or any Firm-sponsored private-label re-securitization VIEs. Multi-seller conduits Multi-seller conduit entities are separate bankruptcy remote entities that provide secured financing, collateralized by pools of receivables and other financial assets, to customers of the Firm. The conduits fund their financing facilities through the issuance of highly rated commercial paper. The primary source of repayment of the commercial paper is the cash flows from the pools of assets. In most instances, the assets are structured with deal-specific credit enhancements provided to the conduits by the customers (i.e., sellers) or other third parties. Deal-specific credit enhancements are generally structured to cover a multiple of historical losses expected on the pool of assets, and are typically in the form of overcollateralization provided by the seller. The deal-specific credit enhancements mitigate the Firm’s potential losses on its agreements with the conduits. To ensure timely repayment of the commercial paper, and to provide the conduits with funding to provide financing to customers in the event that the conduits do not obtain funding in the commercial paper market, each asset pool financed by the conduits has a minimum 100% deal-specific liquidity facility associated with it provided by JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. also provides the multi-seller conduit vehicles with uncommitted program-wide liquidity facilities and program-wide credit enhancement in the form of standby letters of credit. The amount of program-wide credit enhancement required is based upon commercial paper issuance and approximates 10% of the outstanding balance of commercial paper. The Firm consolidates its Firm-administered multi-seller conduits, as the Firm has both the power to direct the significant activities of the conduits and a potentially significant economic interest in the conduits. As administrative agent and in its role in structuring transactions, the Firm makes decisions regarding asset types and credit quality, and manages the commercial paper funding needs of the conduits. The Firm’s interests that could potentially be significant to the VIEs include the fees received as administrative agent and liquidity and program-wide credit enhancement provider, as well as the potential exposure created by the liquidity and credit enhancement facilities provided to the conduits. In the normal course of business, JPMorgan Chase makes markets in and invests in commercial paper issued by the Firm-administered multi-seller conduits. The Firm held $9.8 billion and $13.8 billion of the commercial paper issued by the Firm-administered multi-seller conduits at December 31, 2023 and 2022, respectively, which have been eliminated in consolidation. The Firm’s investments reflect the Firm’s funding needs and capacity and were not driven by market illiquidity. Other than the amounts required to be held pursuant to credit risk retention rules, the Firm is not obligated under any agreement to purchase the commercial paper issued by the Firm-administered multi-seller conduits. Deal-specific liquidity facilities, program-wide liquidity and credit enhancement provided by the Firm have been eliminated in consolidation. The Firm or the Firm-administered multi-seller conduits provide lending-related commitments to certain clients of the Firm-administered multi-seller conduits. The unfunded commitments were $10.8 billion and $10.6 billion at December 31, 2023 and 2022, respectively, and are reported as off-balance sheet lending-related commitments in other unfunded commitments to extend credit. Refer to Note 28 for more information on off-balance sheet lending-related commitments. Municipal bond vehicles Municipal bond vehicles or tender option bond (“TOB”) trusts allow institutions to finance their municipal bond investments at short-term rates. In a typical TOB transaction, the trust purchases highly rated municipal bond(s) of a single issuer and funds the purchase by issuing two types of securities: (1) puttable floating-rate certificates (“floaters”) and (2) inverse floating-rate residual interests (“residuals”). The floaters are typically purchased by money market funds or other short-term investors and may be tendered, with requisite notice, to the TOB trust. The residuals are retained by the investor seeking to finance its municipal bond investment. TOB transactions where the residual is held by a third-party investor are typically known as customer TOB trusts, and non-customer TOB trusts are transactions where the Residual is retained by the Firm. Customer TOB trusts are sponsored by a third party. The Firm serves as sponsor for all non-customer TOB transactions. The Firm may provide various services to a TOB trust, including remarketing agent, liquidity or tender option provider, and/or sponsor. J.P. Morgan Securities LLC may serve as a remarketing agent on the floaters for TOB trusts. The remarketing agent is responsible for establishing the periodic variable rate on the floaters, conducting the initial placement and remarketing tendered floaters. The remarketing agent may, but is not obligated to, make markets in floaters. Floaters held by the Firm were not material during 2023 and 2022. JPMorgan Chase Bank, N.A. or J.P. Morgan Securities LLC often serves as the sole liquidity or tender option provider for the TOB trusts. The liquidity provider’s obligation to perform is conditional and is limited by certain events (“Termination Events”), which include bankruptcy or failure to pay by the municipal bond issuer or credit enhancement provider, an event of taxability on the municipal bonds or the immediate downgrade of the municipal bond to below investment grade. In addition, the liquidity provider’s exposure is typically further limited by the high credit quality of the underlying municipal bonds, the excess collateralization in the vehicle, or, in certain transactions, the reimbursement agreements with the Residual holders. Holders of the floaters may “put,” or tender, their floaters to the TOB trust. If the remarketing agent cannot successfully remarket the floaters to another investor, the liquidity provider either provides a loan to the TOB trust for the TOB trust’s purchase of the floaters, or it directly purchases the tendered floaters. TOB trusts are considered to be variable interest entities. The Firm consolidates non-customer TOB trusts because as the Residual holder, the Firm has the right to make decisions that significantly impact the economic performance of the municipal bond vehicle, and it has the right to receive benefits and bear losses that could potentially be significant to the municipal bond vehicle. Consolidated VIE assets and liabilities The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of December 31, 2023 and 2022. Assets Liabilities December 31, 2023 Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total VIE program type Firm-sponsored credit card trusts $ — $ 9,460 $ 117 $ 9,577 $ 2,998 $ 6 $ 3,004 Firm-administered multi-seller conduits 1 27,372 194 27,567 17,781 30 17,811 Municipal bond vehicles 2,056 — 22 2,078 2,116 11 2,127 Mortgage securitization entities (a) — 693 8 701 125 57 182 Other 113 86 250 449 — 159 159 Total $ 2,170 $ 37,611 $ 591 $ 40,372 $ 23,020 $ 263 $ 23,283 Assets Liabilities December 31, 2022 Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total VIE program type Firm-sponsored credit card trusts $ — $ 9,699 $ 100 $ 9,799 $ 1,999 $ 2 $ 2,001 Firm-administered multi-seller conduits — 22,819 170 22,989 9,236 39 9,275 Municipal bond vehicles 2,089 — 7 2,096 1,232 10 1,242 Mortgage securitization entities (a) — 781 10 791 143 67 210 Other 62 1,112 (f) 263 1,437 — 161 161 Total $ 2,151 $ 34,411 $ 550 $ 37,112 $ 12,610 $ 279 $ 12,889 (a) Includes residential mortgage securitizations. (b) Includes assets classified as cash and other assets on the Consolidated balance sheets. (c) The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. (d) The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $3.1 billion and $2.1 billion at December 31, 2023 and 2022, respectively. (e) Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets. (f) Primarily includes purchased supply chain finance receivables and purchased auto loan securitizations in CIB. VIEs sponsored by third parties The Firm enters into transactions with VIEs structured by other parties. These include, for example, acting as a derivative counterparty, liquidity provider, investor, underwriter, placement agent, remarketing agent, trustee or custodian. These transactions are conducted at arm’s-length, and individual credit decisions are based on the analysis of the specific VIE, taking into consideration the quality of the underlying assets. Where the Firm does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, or a variable interest that could potentially be significant, the Firm generally does not consolidate the VIE, but it records and reports these positions on its Consolidated balance sheets in the same manner it would record and report positions in respect of any other third-party transaction. Tax credit vehicles The Firm holds investments in unconsolidated tax credit vehicles, which are limited partnerships and similar entities that own and operate affordable housing, energy, and other projects. These entities are primarily considered VIEs. A third party is typically the general partner or managing member and has control over the significant activities of the tax credit vehicles, and accordingly the Firm does not consolidate tax credit vehicles. The Firm generally invests in these partnerships as a limited partner and earns a return primarily through the receipt of tax credits allocated to the projects. The maximum loss exposure, represented by equity investments and funding commitments, was $35.1 billion and $30.2 billion, of which $14.7 billion and $10.6 billion was unfunded at December 31, 2023 and 2022, respectively. The Firm assesses each project and to reduce the risk of loss, may withhold varying amounts of its capital investment until the project qualifies for tax credits. Refer to Note 25 for further information on affordable housing tax credits and Note 28 for more information on off-balance sheet lending-related commitments. Customer municipal bond vehicles (TOB trusts) The Firm may provide various services to customer TOB trusts, including remarketing agent, liquidity or tender option provider. In certain customer TOB transactions, the Firm, as liquidity provider, has entered into a reimbursement agreement with the Residual holder. In those transactions, upon the termination of the vehicle, the Firm has recourse to the third-party Residual holders for any shortfall. The Firm does not have any intent to protect Residual holders from potential losses on any of the underlying municipal bonds. The Firm does not consolidate customer TOB trusts, since the Firm does not have the power to make decisions that significantly impact the economic performance of the municipal bond vehicle. The Firm’s maximum exposure as a liquidity provider to customer TOB trusts at December 31, 2023 and 2022, was $5.1 billion and $5.8 billion, respectively. The fair value of assets held by such VIEs at December 31, 2023 and 2022 was $7.3 billion and $8.2 billion respectively. Loan securitizations The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, commercial mortgages and other consumer loans. The purposes of these securitization transactions were to satisfy investor demand and to generate liquidity for the Firm. For loan securitizations in which the Firm is not required to consolidate the trust, the Firm records the transfer of the loan receivable to the trust as a sale when all of the following accounting criteria for a sale are met: (1) the transferred financial assets are legally isolated from the Firm’s creditors; (2) the transferee or beneficial interest holder can pledge or exchange the transferred financial assets; and (3) the Firm does not maintain effective control over the transferred financial assets (e.g., the Firm cannot repurchase the transferred assets before their maturity and it does not have the ability to unilaterally cause the holder to return the transferred assets). For loan securitizations accounted for as a sale, the Firm recognizes a gain or loss based on the difference between the value of proceeds received (including cash, beneficial interests, or servicing assets received) and the carrying value of the assets sold. Gains and losses on securitizations are reported in noninterest revenue. Securitization activity The following table provides information related to the Firm’s securitization activities for the years ended December 31, 2023, 2022 and 2021, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization. 2023 2022 2021 Year ended December 31, Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Principal securitized $ 7,678 $ 3,901 $ 10,218 $ 9,036 $ 23,876 $ 14,917 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 7,251 $ 3,896 $ 9,783 $ 8,921 $ 24,450 $ 15,044 Servicing fees collected 24 5 62 2 153 1 Cash flows received on interests 325 425 489 285 578 273 (a) Excludes re-securitization transactions. (b) Predominantly includes Level 2 assets. (c) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. (d) Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies. (e) Includes commercial mortgage and other consumer loans. Key assumptions used to value retained interests originated during the year are shown in the table below. Year ended December 31, 2023 2022 2021 Residential mortgage retained interest: Weighted-average life (in years) 9.6 10.8 3.9 Weighted-average discount rate 4.8 % 4.0 % 3.3 % Commercial mortgage retained interest: Weighted-average life (in years) 3.0 5.9 6.0 Weighted-average discount rate 4.6 % 2.9 % 1.2 % Loans and excess MSRs sold to U.S. government-sponsored enterprises and loans in securitization transactions pursuant to Ginnie Mae guidelines In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to U.S. GSEs. These loans and excess MSRs are sold primarily for the purpose of securitization by the U.S. GSEs, who provide certain guarantee provisions (e.g., credit enhancement of the loans). The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U.S. government agency. The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary. For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser. Refer to Note 28 for additional information about the Firm’s loan sales- and securitization-related indemnifications and Note 15 for additional information about the impact of the Firm’s sale of certain excess MSRs. The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines. Year ended December 31, 2023 2022 2021 Carrying value of loans sold $ 19,906 $ 48,891 $ 105,035 Proceeds received from loan sales as cash $ 300 $ 22 $ 161 Proceeds from loan sales as securities (a)(b) 19,389 48,096 103,286 Total proceeds received from loan sales (c) $ 19,689 $ 48,118 $ 103,447 Gains/(losses) on loan sales (d)(e) $ — $ (25) $ 9 (a) Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio. (b) Included in level 2 assets. (c) Excludes the value of MSRs retained upon the sale of loans. (d) Gains/(losses) on loan sales include the value of MSRs. (e) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. Options to repurchase delinquent loans In addition to the Firm’s obligation to repurchase certain loans due to material breaches of representations and warranties as discussed in Note 28, the Firm also has the option to repurchase delinquent loans that it services for Ginnie Mae loan pools, as well as for other U.S. government agencies under certain arrangements. The Firm typically elects to repurchase delinquent loans from Ginnie Mae loan pools as it continues to service them and/or manage the foreclosure process in accordance with the applicable requirements, and such loans continue to be insured or guaranteed. When the Firm’s repurchase option becomes exercisable, such loans must be reported on the Consolidated balance sheets as a loan with a corresponding liability. Refer to |
Goodwill, Mortgage Servicing Ri
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets | Goodwill, mortgage servicing rights, and other intangible assets Goodwill Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment. The goodwill associated with each business combination is allocated to the related reporting units, which are generally determined based on how the Firm’s businesses are managed and how they are reviewed. The following table presents goodwill attributed to the reportable business segments and Corporate. December 31, (in millions) 2023 2022 2021 Consumer & Community Banking $ 32,116 $ 32,121 $ 31,474 Corporate & Investment Bank 8,266 8,008 7,906 Commercial Banking 2,985 2,985 2,986 Asset & Wealth Management 8,582 7,902 7,222 Corporate 685 646 727 Total goodwill $ 52,634 $ 51,662 $ 50,315 The following table presents changes in the carrying amount of goodwill. Year ended December 31, (in millions) 2023 2022 2021 Balance at beginning of period $ 51,662 $ 50,315 $ 49,248 Changes during the period from: Business combinations (a) 917 1,426 1,073 Other (b) 55 (79) (6) Balance at December 31, $ 52,634 $ 51,662 $ 50,315 (a) For 2023, predominantly represents estimated goodwill associated with the acquisition of the remaining 51% interest in CIFM in AWM and the acquisition of Aumni Inc. in CIB. For 2022, represents estimated goodwill associated with the acquisitions of Global Shares PLC in AWM, Frosch Travel Group, LLC and Figg, Inc. in CCB, and Renovite Technologies, Inc. and Volkswagen Payments S.A. in CIB. For 2021, represents goodwill associated with the acquisitions of Nutmeg in Corporate, OpenInvest and Campbell Global in AWM, and Frank and The Infatuation in CCB. (b) Predominantly foreign currency adjustments. Goodwill impairment testing The Firm’s goodwill was not impaired at December 31, 2023, 2022 and 2021 . 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 goodwill is considered not to be impaired. If the fair value is less than the carrying value, then an impairment is recognized for the amount by which the reporting unit’s carrying value exceeds its fair value, up to the amount of goodwill allocated to that reporting unit. The Firm uses the reporting units’ allocated capital plus goodwill and other intangible assets as a proxy for the carrying values of equity for the reporting units in the goodwill impairment testing. Reporting unit equity is determined on a similar basis as the allocation of capital to the LOBs which takes into consideration a variety of factors including capital levels of similarly rated peers and applicable regulatory capital requirements. LOB’s allocated capital levels are incorporated into the Firm’s annual budget process, which is reviewed by the Firm’s Board of Directors and Operating Committee. Allocated capital is further reviewed at least annually and updated as needed. The primary method the Firm uses to estimate the fair value of its reporting units is the income approach. This approach projects cash flows for the forecast period and uses the perpetuity growth method to calculate terminal values. These cash flows and terminal values, which are based on the reporting units’ annual budgets and forecasts are then discounted using an appropriate discount rate. The discount rate used for each reporting unit represents an estimate of the cost of equity for that reporting unit and is determined considering the Firm’s overall estimated cost of equity (estimated using the Capital Asset Pricing Model), as adjusted for the risk characteristics specific to each reporting unit (for example, for higher levels of risk or uncertainty associated with the business or management’s forecasts and assumptions). To assess the reasonableness of the discount rates used for each reporting unit, management compares the discount rate to the estimated cost of equity for publicly traded institutions with similar businesses and risk characteristics. In addition, the weighted average cost of equity (aggregating the various reporting units) is compared with the Firm’s overall estimated cost of equity for reasonableness. The valuations derived from the discounted cash flow analysis are then compared with market-based trading and transaction multiples for relevant competitors. Trading and transaction comparables are used as general indicators to assess the overall reasonableness of the estimated fair values, although precise conclusions generally cannot be drawn due to the differences that naturally exist between the Firm’s businesses and competitor institutions. The Firm also takes into consideration a comparison between the aggregate fair values of the Firm’s reporting units and JPMorgan Chase’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 to the level of execution risk that would exist at the Firmwide level that do not exist at the reporting unit level and (iii) short-term market volatility and other factors that do not directly affect the value of individual reporting units. Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment loss to earnings in a future period related to some portion of the associated goodwill. Mortgage servicing rights MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. As permitted by U.S. GAAP, the Firm has elected to account for its MSRs at fair value. The Firm treats its MSRs as a single class of servicing assets based on the availability of market inputs used to measure the fair value of its MSR asset and its treatment of MSRs as one aggregate pool for risk management purposes. The Firm estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Firm’s prepayment model, and then discounts these cash flows at risk-adjusted rates. The model considers portfolio characteristics, contractually specified servicing fees, prepayment assumptions, delinquency rates, costs to service, late charges and other ancillary revenue, and other economic factors. The Firm compares fair value estimates and assumptions to observable market data where available, and also considers recent market activity and actual portfolio experience. 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 the MSR asset. Conversely, securities (e.g., mortgage-backed securities), and certain derivatives (e.g., those for which the Firm receives fixed-rate interest payments) increase in value when interest rates decline. JPMorgan Chase 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 management instruments. The following table summarizes MSR activity for the years ended December 31, 2023, 2022 and 2021. As of or for the year ended December 31, (in millions, except where otherwise noted) 2023 2022 2021 Fair value at beginning of period $ 7,973 $ 5,494 $ 3,276 MSR activity: Originations of MSRs 253 798 1,659 Purchase of MSRs (a) 1,028 1,400 1,363 Disposition of MSRs (b) (188) (822) (114) Net additions/(dispositions) 1,093 1,376 2,908 Changes due to collection/realization of expected cash flows (1,011) (936) (788) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (c) 424 2,022 404 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) (22) 14 109 Discount rates 14 — — Prepayment model changes and other (d) 51 3 (415) Total changes in valuation due to other inputs and assumptions 43 17 (306) Total changes in valuation due to inputs and assumptions 467 2,039 98 Fair value at December 31, $ 8,522 $ 7,973 $ 5,494 Change in unrealized gains/(losses) included in income related to MSRs held at December 31, $ 467 $ 2,039 $ 98 Contractual service fees, late fees and other ancillary fees included in income 1,590 1,535 1,298 Third-party mortgage loans serviced at December 31, (in billions) 632 584 520 Servicer advances, net of an allowance for uncollectible amounts, at December 31 (e) 659 758 1,611 (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”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities . (c) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (d) Represents changes in prepayments other than those attributable to changes in market interest rates. (e) 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 is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements. The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the years ended December 31, 2023, 2022 and 2021. Year ended December 31, 2023 2022 2021 CCB mortgage fees and related income Production revenue $ 421 $ 497 $ 2,215 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 1,634 1,582 1,257 Changes in MSR asset fair value due to collection/realization of expected cash flows (1,011) (936) (788) Total operating revenue 623 646 469 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) 424 2,022 404 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) 43 17 (306) Change in derivative fair value and other (336) (1,946) (623) Total risk management 131 93 (525) Total net mortgage servicing revenue 754 739 (56) Total CCB mortgage fees and related income 1,175 1,236 2,159 All other 1 14 11 Mortgage fees and related income $ 1,176 $ 1,250 $ 2,170 (a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (b) Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices). Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change. The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at December 31, 2023 and 2022, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. December 31, 2023 2022 Weighted-average prepayment speed assumption (constant prepayment rate) 6.29 % 6.12 % Impact on fair value of 10% adverse change $ (206) $ (183) Impact on fair value of 20% adverse change (401) (356) Weighted-average option adjusted spread (a) 6.10 % 5.77 % Impact on fair value of 100 basis points adverse change $ (369) $ (341) Impact on fair value of 200 basis points adverse change (709) (655) (a) Includes the impact of operational risk and regulatory capital. Other intangible assets The Firm’s finite-lived and indefinite-lived other intangible assets are initially recorded at their fair value primarily upon completion of a business combination. Subsequently, the Firm’s finite-lived intangible assets, including core deposit intangibles, customer relationship intangibles, and certain other intangible assets, are amortized over their useful lives, estimated based on the expected future economic benefits to the Firm of the intangible asset. The Firm’s intangible assets with indefinite lives, such as asset management contracts, are not subject to amortization and are assessed periodically for impairment. As of December 31, 2023 and 2022, the gross carrying values of other intangible assets were $4.2 billion and $1.9 billion, respectively, and the accumulated amortization was $994 million and $679 million, respectively. As of December 31, 2023 and 2022, the net carrying values consist of finite-lived intangible assets of $2.0 billion and $707 million, respectively, as well as indefinite-lived intangible assets, which are not subject to amortization, of $1.2 billion and $517 million, respectively. As of December 31, 2023, other intangible assets reflected core deposit and certain wealth management customer relationship intangibles related to the First Republic acquisition, and asset management contracts related to the Firm’s acquisition of the remaining 51% interest in CIFM. Refer to Note 34 for additional information on the First Republic acquisition. As of December 31, 2023 and 2022, amortization expense was $315 million and $145 million, respectively. The following table presents estimated future amortization expense. December 31, (millions) Finite-lived intangible assets 2024 $ 330 2025 294 2026 290 2027 288 2028 272 Impairment testing The Firm’s finite-lived and indefinite-lived other intangible assets are assessed for impairment annually or more often if events or changes in circumstances indicate that the asset might be impaired. Once the Firm determines that an impairment exists for an intangible asset, the impairment is recognized in other expense. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment Premises and equipment includes land carried at cost, as well as buildings, leasehold improvements, internal-use software and furniture and equipment carried at cost less accumulated depreciation and amortization. The Firm’s operating lease right-of-use assets are also included in Premises and equipment. Refer to Note 18 for a further discussion of the Firm’s right-of-use assets. The following table presents certain components of Premises and equipment. December 31, (in millions) 2023 2022 Land, buildings and leasehold improvements $ 14,862 $ 13,486 Right-of-use assets (a) 7,917 7,432 Other premises and equipment (b) 7,378 6,816 Total premises and equipment $ 30,157 $ 27,734 (a) Excluded $514 million and $350 million of right-of-use assets that were recorded in Other assets at December 31, 2023 and 2022, respectively. (b) Other premises and equipment is comprised of internal-use software and furniture and equipment. JPMorgan Chase computes depreciation using the straight-line method over the estimated useful life for buildings and furniture and equipment. The Firm depreciates leasehold improvements over the lesser of the remainder of the lease term or the estimated useful life. The Firm also capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life. The estimated useful lives range from 10 to 50 years for buildings and leasehold improvements, and 3 to 10 years for internal-use software and furniture and equipment. Impairment is assessed when events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Deposits As of December 31, 2023 and 2022, noninterest-bearing and interest-bearing deposits were as follows. December 31, (in millions) 2023 2022 U.S. offices Noninterest-bearing (included $75,393 and $26,363 at fair value) (a) $ 643,748 $ 644,902 Interest-bearing (included $573 and $586 at fair value) (a) 1,303,100 1,276,346 Total deposits in U.S. offices 1,946,848 1,921,248 Non-U.S. offices Noninterest-bearing (included $1,737 and $1,398 at fair value) (a) 23,097 27,005 Interest-bearing (included $681 and $273 at fair value) (a) 430,743 391,926 Total deposits in non-U.S. offices 453,840 418,931 Total deposits $ 2,400,688 $ 2,340,179 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further discussion. As of December 31, 2023 and 2022, time deposits in denominations that met or exceeded the insured limit were as follows. December 31, (in millions) 2023 2022 U.S. offices $ 132,654 $ 64,622 Non-U.S. offices (a) 90,187 77,907 Total $ 222,841 $ 142,529 (a) Represents all time deposits in non-U.S. offices as these deposits typically exceed the insured limit. As of December 31, 2023, the remaining maturities of interest-bearing time deposits were as follows. December 31, (in millions) U.S. Non-U.S. Total 2024 $ 194,895 $ 86,971 $ 281,866 2025 742 180 922 2026 243 21 264 2027 140 35 175 2028 136 992 1,128 After 5 years 475 251 726 Total $ 196,631 $ 88,450 $ 285,081 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Firm as lessee At December 31, 2023, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Firm is reasonably certain that it will exercise those options. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. None of these lease agreements impose restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. Certain of these leases contain escalation clauses that will increase rental payments based on maintenance, utility and tax increases, which are non-lease components. The Firm elected not to separate lease and non-lease components of a contract for its real estate leases. As such, real estate lease payments represent payments on both lease and non-lease components. Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that estimates the Firm’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU assets, predominantly included in premises and equipment, also include any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a straight-line basis over the lease term, and generally included in occupancy expense in the Consolidated statements of income. The carrying values of the Firm’s operating leases were as follows: December 31, 2023 2022 Right-of-use assets $ 8,431 (a) $ 7,782 Lease liabilities 8,833 (b) 8,183 Weighted average remaining lease term (in years) 8.4 8.4 Weighted average discount rate 4.01 % 3.55 % Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 1,662 $ 1,613 Supplemental non-cash information Right-of-use assets obtained in exchange for operating lease obligations $ 2,094 $ 1,435 (a) Included $647 million of right-of-use assets associated with First Republic. (b) Included $712 million of lease liabilities associated with First Republic. Year ended December 31, 2023 2022 Rental expense Gross rental expense $ 2,079 $ 2,079 Sublease rental income (72) (119) Net rental expense $ 2,007 $ 1,960 The following table presents future payments under operating leases as of December 31, 2023: Year ended December 31, (in millions) 2024 $ 1,685 2025 1,576 2026 1,318 2027 1,169 2028 1,015 After 2028 3,767 Total future minimum lease payments 10,530 Less: Imputed interest (1,697) Total $ 8,833 In addition to the table above, as of December 31, 2023, the Firm had additional future operating lease commitments of $420 million that were signed but had not yet commenced. These operating leases will commence between 2024 and 2026 with lease terms up to 21 years. Firm as lessor The Firm provides auto and equipment lease financing to its customers through lease arrangements with lease terms that may contain renewal, termination and/or purchase options. The Firm’s lease financings are predominantly auto operating leases. These assets subject to operating leases are recognized in other assets on the Firm’s Consolidated balance sheets and are depreciated on a straight-line basis over the lease term to reduce the asset to its estimated residual value. Depreciation expense is included in technology, communications and equipment expense in the Consolidated statements of income. The Firm’s lease income is generally recognized on a straight-line basis over the lease term and is included in other income in the Consolidated statements of income. On a periodic basis, the Firm assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment is recognized. The risk of loss on auto and equipment leased assets relating to the residual value of the leased assets is monitored through projections of the asset residual values at lease origination and periodic review of residual values, and is mitigated through arrangements with certain manufacturers or lessees. The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets: December 31, 2023 2022 Carrying value of assets subject to operating leases, net of accumulated depreciation $ 10,663 $ 12,302 Accumulated depreciation 3,288 4,282 The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income: Year ended December 31, (in millions) 2023 2022 2021 Operating lease income $ 2,843 $ 3,654 $ 4,914 Depreciation expense 1,778 2,475 3,380 The following table presents future receipts under operating leases as of December 31, 2023: Year ended December 31, (in millions) 2024 $ 1,868 2025 1,158 2026 451 2027 32 2028 9 After 2028 8 Total future minimum lease receipts $ 3,526 |
Leases | Leases Firm as lessee At December 31, 2023, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Firm is reasonably certain that it will exercise those options. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. None of these lease agreements impose restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. Certain of these leases contain escalation clauses that will increase rental payments based on maintenance, utility and tax increases, which are non-lease components. The Firm elected not to separate lease and non-lease components of a contract for its real estate leases. As such, real estate lease payments represent payments on both lease and non-lease components. Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that estimates the Firm’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU assets, predominantly included in premises and equipment, also include any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. Rental expense associated with operating leases is recognized on a straight-line basis over the lease term, and generally included in occupancy expense in the Consolidated statements of income. The carrying values of the Firm’s operating leases were as follows: December 31, 2023 2022 Right-of-use assets $ 8,431 (a) $ 7,782 Lease liabilities 8,833 (b) 8,183 Weighted average remaining lease term (in years) 8.4 8.4 Weighted average discount rate 4.01 % 3.55 % Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 1,662 $ 1,613 Supplemental non-cash information Right-of-use assets obtained in exchange for operating lease obligations $ 2,094 $ 1,435 (a) Included $647 million of right-of-use assets associated with First Republic. (b) Included $712 million of lease liabilities associated with First Republic. Year ended December 31, 2023 2022 Rental expense Gross rental expense $ 2,079 $ 2,079 Sublease rental income (72) (119) Net rental expense $ 2,007 $ 1,960 The following table presents future payments under operating leases as of December 31, 2023: Year ended December 31, (in millions) 2024 $ 1,685 2025 1,576 2026 1,318 2027 1,169 2028 1,015 After 2028 3,767 Total future minimum lease payments 10,530 Less: Imputed interest (1,697) Total $ 8,833 In addition to the table above, as of December 31, 2023, the Firm had additional future operating lease commitments of $420 million that were signed but had not yet commenced. These operating leases will commence between 2024 and 2026 with lease terms up to 21 years. Firm as lessor The Firm provides auto and equipment lease financing to its customers through lease arrangements with lease terms that may contain renewal, termination and/or purchase options. The Firm’s lease financings are predominantly auto operating leases. These assets subject to operating leases are recognized in other assets on the Firm’s Consolidated balance sheets and are depreciated on a straight-line basis over the lease term to reduce the asset to its estimated residual value. Depreciation expense is included in technology, communications and equipment expense in the Consolidated statements of income. The Firm’s lease income is generally recognized on a straight-line basis over the lease term and is included in other income in the Consolidated statements of income. On a periodic basis, the Firm assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment is recognized. The risk of loss on auto and equipment leased assets relating to the residual value of the leased assets is monitored through projections of the asset residual values at lease origination and periodic review of residual values, and is mitigated through arrangements with certain manufacturers or lessees. The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets: December 31, 2023 2022 Carrying value of assets subject to operating leases, net of accumulated depreciation $ 10,663 $ 12,302 Accumulated depreciation 3,288 4,282 The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income: Year ended December 31, (in millions) 2023 2022 2021 Operating lease income $ 2,843 $ 3,654 $ 4,914 Depreciation expense 1,778 2,475 3,380 The following table presents future receipts under operating leases as of December 31, 2023: Year ended December 31, (in millions) 2024 $ 1,868 2025 1,158 2026 451 2027 32 2028 9 After 2028 8 Total future minimum lease receipts $ 3,526 |
Accounts Payable and Other Liab
Accounts Payable and Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Other Liabilities | Accounts payable and other liabilities Accounts payable and other liabilities consist of brokerage payables, which include payables to customers and payables related to security purchases that did not settle, as well as other accrued expenses, such as compensation accruals, credit card rewards liability, operating lease liabilities, accrued interest payables, merchant servicing payables, income tax payables and litigation reserves. The following table presents the components of accounts payable and other liabilities. December 31, (in millions) 2023 2022 Brokerage payables $ 161,960 $ 188,692 Other payables and liabilities (a) 128,347 111,449 Total accounts payable and other liabilities $ 290,307 $ 300,141 (a) Includes credit card rewards liability of $13.2 billion and $11.3 billion at December 31, 2023 and 2022, respectively. The credit card rewards liability represents the estimated cost of rewards points earned and expected to be redeemed by cardholders. The liability is accrued as the cardholder earns the benefit and is reduced when the cardholder redeems points. The redemption rate and cost per point assumptions are key assumptions to estimate the liability and the current period impact is recognized in Card Income. Refer to Note 7, 18, 25 and 30 for additional information on accrued interest, operating lease liabilities, income taxes and litigation reserves, respectively. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt JPMorgan Chase issues long-term debt denominated in various currencies, predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income, except for unrealized gains/(losses) due to DVA which are recorded in OCI. The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2023. By remaining maturity at 2023 2022 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 5,981 $ 86,113 $ 108,890 $ 200,984 $ 194,515 Variable rate 131 5,989 1,985 8,105 11,565 Interest rates (f) 2.52 % 2.91 % 3.72 % 3.32 % 3.06 % Subordinated debt: Fixed rate $ 2,976 $ 5,886 $ 8,863 $ 17,725 $ 19,693 Variable rate — — — — — Interest rates (f) 3.88 % 4.88 % 4.69 % 4.62 % 4.50 % Subtotal $ 9,088 $ 97,988 $ 119,738 $ 226,814 $ 225,773 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 13,940 $ 9,269 $ 37 $ 23,246 (g) $ 93 Variable rate 4,000 14,000 — 18,000 11,000 Interest rates (f) 4.59 % 5.12 % 6.06 % 4.89 % 4.32 % Purchase Money Note (a) : Fixed rate $ — $ 48,989 $ — $ 48,989 NA Interest rates (f) — % 3.40 % — % 3.40 % NA Senior debt: Fixed rate $ 2,958 $ 11,551 $ 6,236 $ 20,745 $ 15,383 Variable rate 20,933 25,336 5,779 52,048 41,506 Interest rates (f) 4.28 % 5.41% 1.48 % 3.91 % 2.02 % Subordinated debt: Fixed rate $ 255 $ — $ — $ 255 $ 262 Variable rate — — — — — Interest rates (f) 8.25 % — % — % 8.25 % 8.25 % Subtotal $ 42,086 $ 109,145 $ 12,052 $ 163,283 $ 68,244 Junior subordinated debt: Fixed rate $ — $ — $ 518 $ 518 $ 550 Variable rate — 420 790 1,210 1,298 Interest rates (f) — % 6.18 % 7.45 % 7.14 % 6.33 % Subtotal $ — $ 420 $ 1,308 $ 1,728 $ 1,848 Total long-term debt (b)(c)(d) $ 51,174 $ 207,553 $ 133,098 $ 391,825 (h)(i) $ 295,865 Long-term beneficial interests: Fixed rate $ — $ 2,998 $ — $ 2,998 $ 1,999 Variable rate — — 125 125 143 Interest rates (f) — % 4.74 % 3.45 % 4.69 % 2.81 % Total long-term beneficial interests (e) $ — $ 2,998 $ 125 $ 3,123 $ 2,142 (a) Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 34 for additional information. (b) Included long-term debt of $93.0 billion and $13.8 billion secured by assets totaling $218.5 billion and $208.3 billion at December 31, 2023 and 2022, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $87.9 billion and $72.3 billion of long-term debt accounted for at fair value at December 31, 2023 and 2022, respectively. (d) Included $12.5 billion and $10.3 billion of outstanding zero-coupon notes at December 31, 2023 and 2022, respectively. The aggregate principal amount of these notes at their respective maturities is $47.9 billion and $45.3 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included amounts accounted for at fair value which were not material as of December 31, 2023 and 2022. Excluded short-term commercial paper and other short-term beneficial interests of $19.9 billion and $10.5 billion at December 31, 2023 and 2022, respectively. (f) The interest rates shown are the weighted average of contractual rates in effect at December 31, 2023 and 2022, respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The interest rates shown exclude structured notes accounted for at fair value. (g) As of December 31, 2023, included $23.2 billion of FHLB advances associated with First Republic. Refer to Note 34 for additional information. (h) As of December 31, 2023, long-term debt in the aggregate of $208.2 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (i) The aggregate carrying values of debt that matures in each of the five years subsequent to 2023 is $51.2 billion in 2024, $53.5 billion in 2025, $48.7 billion in 2026, $26.2 billion in 2027 and $79.0 billion in 2028. The weighted-average contractual interest rates for total long-term debt excluding structured notes accounted for at fair value were 3.65% and 3.26% as of December 31, 2023 and 2022, respectively. In order to modify exposure to interest rate and currency exchange rate movements, JPMorgan Chase utilizes derivative instruments, primarily interest rate and cross-currency interest rate swaps, in conjunction with some of its debt issuances. The use of these instruments modifies the Firm’s interest expense on the associated debt. The modified weighted-average interest rates for total long-term debt, including the effects of related derivative instruments, were 5.20% and 4.89% as of December 31, 2023 and 2022, respectively. JPMorgan Chase & Co. has guaranteed certain long-term debt of its subsidiaries, including structured notes. These guarantees rank pari passu with the Firm’s other unsecured and unsubordinated indebtedness. The amount of such guaranteed long-term debt and structured notes was $41.1 billion and $28.2 billion at December 31, 2023 and 2022, respectively. The Firm’s unsecured debt does not contain requirements that would call for an acceleration of payments, maturities or changes in the structure of the existing debt, provide any limitations on future borrowings or require additional collateral, based on unfavorable changes in the Firm’s credit ratings, financial ratios, earnings or stock price. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock | Preferred stock At December 31, 2023 and 2022, JPMorgan Chase was authorized to issue 200 million shares of preferred stock, in one or more series, with a par value of $1 per share. In the event of a liquidation or dissolution of the Firm, JPMorgan Chase’s preferred stock then outstanding takes precedence over the Firm’s common stock with respect to the payment of dividends and the distribution of assets. The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of December 31, 2023 and 2022, and the quarterly dividend declarations for the years ended December 31, 2023, 2022 and 2021. Shares (a) Carrying value Issue date Contractual rate in effect at December 31, 2023 Earliest redemption date (b) Floating annualized rate (c) Dividend declared per share (d) December 31, December 31, Year ended December 31, 2023 2022 2023 2022 2023 2022 2021 Fixed-rate: Series AA — — $ — $ — 6/4/2015 — % 9/1/2020 NA $ — $ — $ 305.00 Series BB — — — — 7/29/2015 — 9/1/2020 NA — — 307.50 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 575.00 575.00 575.00 Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 600.00 600.00 600.00 Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 475.00 475.00 475.00 Series JJ 150,000 150,000 1,500 1,500 3/17/2021 4.550 6/1/2026 NA 455.00 455.00 321.03 (e) Series LL 185,000 185,000 1,850 1,850 5/20/2021 4.625 6/1/2026 NA 462.52 462.52 245.39 (e) Series MM 200,000 200,000 2,000 2,000 7/29/2021 4.200 9/1/2026 NA 420.00 420.00 142.33 (e) Fixed-to-floating rate: Series I — — $ — $ — 4/23/2008 — % 4/30/2018 — % $ — $ 375.03 $ 370.38 Series Q 150,000 150,000 1,500 1,500 4/23/2013 SOFR + 3.25 5/1/2023 SOFR + 3.25 801.41 515.00 515.00 (f) Series R 150,000 150,000 1,500 1,500 7/29/2013 SOFR + 3.30 8/1/2023 SOFR + 3.30 756.73 600.00 600.00 (g) Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 SOFR + 3.78 675.00 675.00 675.00 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 SOFR + 3.33 612.50 612.50 612.50 Series V — — — — 6/9/2014 — 7/1/2019 — — 340.91 353.65 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 SOFR + 3.33 610.00 610.00 610.00 Series Z — — — — 4/21/2015 — 5/1/2020 — — — 401.44 Series CC 125,750 125,750 1,258 1,258 10/20/2017 SOFR + 2.58 11/1/2022 SOFR + 2.58 804.08 526.27 462.50 (h) Series FF 225,000 225,000 2,250 2,250 7/31/2019 5.000 8/1/2024 SOFR + 3.38 500.00 500.00 500.00 Series HH 300,000 300,000 3,000 3,000 1/23/2020 4.600 2/1/2025 SOFR + 3.125 460.00 460.00 460.00 Series II 150,000 150,000 1,500 1,500 2/24/2020 4.000 4/1/2025 SOFR + 2.745 400.00 400.00 400.00 Series KK 200,000 200,000 2,000 2,000 5/12/2021 3.650 6/1/2026 CMT + 2.85 365.00 365.00 201.76 (e) Total preferred stock 2,740,375 2,740,375 $ 27,404 $ 27,404 (a) Represented by depositary shares. (b) Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date. (c) Effective June 30, 2023, CME Term SOFR became the replacement reference rate for fixed-to-floating rate preferred stock issued by the Firm that formerly referenced U.S. dollar LIBOR. References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spreads noted. The reference to “CMT” means a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spread noted. (d) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends are declared quarterly. Dividends are payable quarterly on fixed-rate preferred stock. Dividends are payable semiannually on fixed-to-floating rate preferred stock while at a fixed rate, and payable quarterly after converting to a floating rate. (e) The initial dividend declared is prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate. (f) The dividend rate for Series Q preferred stock became floating and payable quarterly starting on May 1, 2023; prior to which the dividend rate was fixed at 5.15% or $257.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.25%. (g) The dividend rate for Series R preferred stock became floating and payable quarterly starting on August 1, 2023; prior to which the dividend rate was fixed at 6.00% or $300.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.30% . (h) The dividend rate for Series CC preferred stock became floating and payable quarterly starting on November 1, 2022; prior to which the dividend rate was fixed at 4.625% or $231.25 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 2.58%. Each series of preferred stock has a liquidation value and redemption price per share of $10,000, plus accrued but unpaid dividends. The aggregate liquidation value was $27.7 billion at December 31, 2023. Redemptions On October 31, 2022, the Firm redeemed all $2.9 billion of its fixed-to-floating rate non-cumulative perpetual preferred stock, Series I. On October 3, 2022, the Firm redeemed all $2.5 billion of its fixed-to-floating rate non-cumulative preferred stock, Series V. On February 1, 2022, the Firm redeemed all $2.0 billion of its fixed-to-floating rate non-cumulative preferred stock, Series Z. Redemption rights Each series of the Firm’s preferred stock may be redeemed on any dividend payment date on or after the earliest redemption date for that series. All outstanding preferred stock series may also be redeemed following a “capital treatment event,” as described in the terms of each series. Any redemption of the Firm’s preferred stock is subject to non-objection from the Board of Governors of the Federal Reserve System (the “Federal Reserve”). |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | Common stock At December 31, 2023 and 2022, JPMorgan Chase was authorized to issue 9.0 billion shares of common stock with a par value of $1 per share. Common shares issued which were reissued from treasury by the Firm during the years ended December 31, 2023, 2022 and 2021 were as follows. Year ended December 31, 2023 2022 2021 Total issued – balance at January 1 4,104.9 4,104.9 4,104.9 Treasury – balance at January 1 (1,170.7) (1,160.8) (1,055.5) Repurchase (69.5) (23.1) (119.7) Reissuance: Employee benefits and compensation plans 10.9 12.0 13.5 Employee stock purchase plans 1.0 1.2 0.9 Total reissuance 11.9 13.2 14.4 Total treasury – balance at December 31 (1,228.3) (1,170.7) (1,160.8) Outstanding at December 31 2,876.6 2,934.2 2,944.1 Effective May 1, 2022, the Firm is authorized to purchase up to $30 billion under its common share repurchase program previously approved by the Board of Directors, which was announced on April 13, 2022. The following table sets forth the Firm’s repurchases of common stock for the years ended December 31, 2023, 2022 and 2021. Year ended December 31, 2023 2022 (b) 2021 (c) Total number of shares of common stock repurchased 69.5 23.1 119.7 Aggregate purchase price of common stock repurchases (a) $ 9,898 $ 3,122 $ 18,448 (a) Excludes excise tax and commissions. As part of the Inflation Reduction Act of 2022, a 1% excise tax was imposed on net share repurchases effective January 1, 2023 . (b) In the second half of 2022, the Firm temporarily suspended share repurchases, which it resumed under its current common share repurchase program in the first quarter of 2023. (c) As directed by the Federal Reserve, total net repurchases and common stock dividends in the first and second quarter of 2021 were restricted and could not exceed the average of the Firm’s net income for the four preceding calendar quarters. Effective July 1, 2021, the Firm became subject to the normal capital distribution restrictions provided under the regulatory capital framework. The Board of Directors’ authorization to repurchase common shares is utilized at management’s discretion, and the timing of purchases and the exact amount of common shares that may be repurchased is subject to various factors, including market conditions; legal and regulatory considerations affecting the amount and timing of repurchase activity; the Firm’s capital position (taking into account goodwill and intangibles); internal capital generation; current and proposed future capital requirements; and alternative investment opportunities. The $30 billion common share repurchase program approved by the Board does not establish specific price targets or timetables. The repurchase program may be suspended by management at any time; and may be executed through open market purchases or privately negotiated transactions, or utilizing Rule 10b5-1 plans, which are written trading plans that the Firm may enter into from time to time under Rule 10b5-1 of the Securities Exchange Act of 1934 and which allow the Firm to repurchase its common shares during periods when it may otherwise not be repurchasing common shares — for example, during internal trading blackout periods. As of December 31, 2023, approximately 61.6 million shares of common stock were reserved for issuance under various employee incentive, compensation, option and stock purchase plans, and directors’ compensation plans. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per share Basic earnings per share (“EPS”) is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. JPMorgan Chase grants RSUs under its share-based compensation programs, predominantly all of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Firm’s common stock. These unvested RSUs meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends, and they are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS; refer to Note 9 for additional information. Diluted EPS incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. For each of the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive. The following table presents the calculation of net income applicable to common stockholders and basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021. Year ended December 31, 2023 2022 2021 Basic earnings per share Net income $ 49,552 $ 37,676 $ 48,334 Less: Preferred stock dividends 1,501 1,595 1,600 Net income applicable to common equity 48,051 36,081 46,734 Less: Dividends and undistributed earnings allocated to participating securities 291 189 231 Net income applicable to common stockholders $ 47,760 $ 35,892 $ 46,503 Total weighted-average basic shares outstanding 2,938.6 2,965.8 3,021.5 Net income per share $ 16.25 $ 12.10 $ 15.39 Diluted earnings per share Net income applicable to common stockholders $ 47,760 $ 35,892 $ 46,503 Total weighted-average basic shares outstanding 2,938.6 2,965.8 3,021.5 Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs 4.5 4.2 5.1 Total weighted-average diluted shares outstanding 2,943.1 2,970.0 3,026.6 Net income per share $ 16.23 $ 12.09 $ 15.36 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income/(Loss) | Accumulated other comprehensive income/(loss) AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA). Year ended December 31, Unrealized Translation adjustments, net of hedges Fair value Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at December 31, 2020 $ 8,180 $ (473) $ (112) $ 2,383 $ (1,132) $ (860) $ 7,986 Net change (5,540) (461) (19) (2,679) 922 (293) (8,070) Balance at December 31, 2021 $ 2,640 (a) $ (934) $ (131) $ (296) $ (210) $ (1,153) $ (84) Net change (11,764) (611) 98 (5,360) (1,241) 1,621 (17,257) Balance at December 31, 2022 $ (9,124) (a) $ (1,545) $ (33) $ (5,656) $ (1,451) $ 468 $ (17,341) Net change 5,381 329 (101) 1,724 373 (808) 6,898 Balance at December 31, 2023 $ (3,743) (a) $ (1,216) $ (134) $ (3,932) $ (1,078) $ (340) $ (10,443) (a) As of December 31, 2023 includes after-tax net unamortized unrealized gains/(losses) of $(29) million related to HTM securities that have been transferred to AFS as permitted by the new hedge accounting guidance adopted on January 1, 2023. Includes after-tax net unamortized unrealized gains/(losses) of $(895) million, $(1.3) billion, and $2.4 billion related to AFS securities that have been transferred to HTM for the years ended 2023, 2022 and 2021, respectively. Refer to Note 10 for further information. The following table presents the pre-tax and after-tax changes in the components of OCI. 2023 2022 2021 Year ended December 31, (in millions) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ 3,891 $ (922) $ 2,969 $ (17,862) $ 4,290 $ (13,572) $ (7,634) $ 1,832 $ (5,802) Reclassification adjustment for realized (gains)/losses included in net income (a) 3,180 (768) 2,412 2,380 (572) 1,808 345 (83) 262 Net change 7,071 (1,690) 5,381 (15,482) 3,718 (11,764) (7,289) 1,749 (5,540) Translation adjustments (b) : Translation 1,714 (95) 1,619 (3,574) 265 (3,309) (2,447) 125 (2,322) Hedges (1,697) 407 (1,290) 3,553 (855) 2,698 2,452 (591) 1,861 Net change 17 312 329 (21) (590) (611) 5 (466) (461) Fair value hedges, net change (c) : (134) 33 (101) 130 (32) 98 (26) 7 (19) Cash flow hedges: Net unrealized gains/(losses) arising during the period 483 (114) 369 (7,473) 1,794 (5,679) (2,303) 553 (1,750) Reclassification adjustment for realized (gains)/losses included in net income (d) 1,775 (420) 1,355 420 (101) 319 (1,222) 293 (929) Net change 2,258 (534) 1,724 (7,053) 1,693 (5,360) (3,525) 846 (2,679) Defined benefit pension and OPEB plans, net change (e) : 421 (48) 373 (1,459) 218 (1,241) 1,129 (207) 922 DVA on fair value option elected liabilities, net change: (1,066) 258 (808) 2,141 (520) 1,621 (393) 100 (293) Total other comprehensive income/(loss) $ 8,567 $ (1,669) $ 6,898 $ (21,744) $ 4,487 $ (17,257) $ (10,099) $ 2,029 $ (8,070) (a) The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income. (b) Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the year ended December 31, 2023, the Firm reclassified a net pre-tax loss of $(3) million to other revenue, $(35) million related to the net investment hedge loss, and a $32 million gain related to cumulative translation adjustment, including the impact of the acquisition of CIFM. During the year ended December 31, 2022, the Firm reclassified a net pre-tax loss of $(8) million. During the year ended December 31, 2021, the Firm reclassified a net pre-tax loss of $(7) million. (c) Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swaps. (d) The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. (e) During the year ended December 31, 2022, a remeasurement of the Firm’s U.S. principal defined benefit plan in the third quarter, was required as a result of a pension settlement. The remeasurement resulted in a net decrease of $1.4 billion in pre-tax AOCI. Refer to Note 8 for further information. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes JPMorgan Chase and its eligible subsidiaries file a consolidated U.S. federal income tax return. JPMorgan Chase uses the asset and liability method to provide for income taxes on all transactions recorded in the Consolidated Financial Statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that the Firm expects to be in effect when the underlying items of income and expense are realized. JPMorgan Chase’s expense for income taxes includes the current and deferred portions of that expense. A valuation allowance is established to reduce deferred tax assets to the amount the Firm expects to realize. Due to the inherent complexities arising from the nature of the Firm’s businesses, and from conducting business and being taxed in a substantial number of jurisdictions, significant judgments and estimates are required to be made. Agreement of tax liabilities between JPMorgan Chase and the many tax jurisdictions in which the Firm files tax returns may not be finalized for several years. Thus, the Firm’s final tax-related assets and liabilities may ultimately be different from those currently reported. Effective tax rate and expense The following table presents a reconciliation of the applicable statutory U.S. federal income tax rate to the effective tax rate. Effective tax rate Year ended December 31, 2023 2022 2021 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increase/(decrease) in tax rate resulting from: U.S. state and local income taxes, net of U.S. federal income tax benefit 2.8 3.5 3.0 Tax-exempt income (0.9) (0.9) (0.9) Non-U.S. earnings 1.5 0.4 0.1 Business tax credits (4.4) (5.4) (4.2) Other, net (0.4) (0.2) (0.1) Effective tax rate 19.6 % (a) 18.4 % 18.9 % (a) Income tax expense associated with the First Republic acquisition was reflected in the estimated bargain purchase gain, which resulted in a reduction in the Firm’s effective tax rate. The following table reflects the components of income tax expense/(benefit) included in the Consolidated statements of income. Income tax expense/(benefit) Year ended December 31, 2023 2022 2021 Current income tax expense/(benefit) U.S. federal $ 8,973 $ 5,606 $ 2,865 Non-U.S. 4,355 2,992 2,718 U.S. state and local 3,266 2,630 1,897 Total current income tax expense/(benefit) 16,594 11,228 7,480 Deferred income tax expense/(benefit) U.S. federal (3,475) (2,004) 3,460 Non-U.S. 35 (154) (101) U.S. state and local (1,094) (580) 389 Total deferred income tax (4,534) (2,738) 3,748 Total income tax expense $ 12,060 $ 8,490 $ 11,228 Total income tax expense includes $68 million of tax benefits in 2023, $331 million of tax benefits in 2022, and $69 million of tax expenses in 2021, resulting from the resolution of tax audits. Tax effect of items recorded in stockholders’ equity The preceding table does not reflect the tax effect of certain items that are recorded each period directly in stockholders’ equity, which are predominantly reflected in OCI as disclosed in Note 24. For the year ended December 31, 2023, stockholders’ equity also reflected the tax effect associated with the Firm’s adoption of the TDR accounting guidance recognized in retained earnings. Refer to Note 1 for further information. Results from U.S. and non-U.S. earnings The following table presents the U.S. and non-U.S. components of income before income tax expense. Year ended December 31, 2023 2022 2021 U.S. $ 46,868 $ 34,626 $ 50,126 Non-U.S. (a) 14,744 11,540 9,436 Income before income tax expense $ 61,612 $ 46,166 $ 59,562 (a) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. Affordable housing tax credits Deferred taxes Deferred income tax expense/(benefit) reflects the differences between assets and liabilities measured for financial reporting purposes versus income tax return purposes. Deferred tax assets are recognized if, in management’s judgment, their realizability is determined to be more likely than not. If a deferred tax asset is determined to be unrealizable, a valuation allowance is established. The significant components of deferred tax assets and liabilities are reflected in the following table, the net deferred tax assets are reflected in other assets on the Firm’s Consolidated balance sheets. December 31, (in millions) 2023 2022 Deferred tax assets Allowance for loan losses $ 5,809 $ 5,193 Employee benefits 1,247 1,342 Accrued expenses and other 9,887 (a) 8,577 Non-U.S. operations 860 1,148 Tax attribute carryforwards 290 365 Gross deferred tax assets 18,093 16,625 Valuation allowance (183) (198) Deferred tax assets, net of valuation allowance $ 17,910 $ 16,427 Deferred tax liabilities Depreciation and amortization $ 779 $ 2,044 Mortgage servicing rights, net of hedges 1,794 1,864 Leasing transactions 2,254 2,843 Other, net 2,935 3,801 Gross deferred tax liabilities 7,762 10,552 Net deferred tax assets $ 10,148 $ 5,875 (a) Includes the estimated net deferred tax asset associated with the First Republic acquisition. The allocation of the tax basis to individual assets may be refined during the measurement period, which could result in an impact to the gross deferred tax assets and liabilities. JPMorgan Chase has recorded deferred tax assets of $290 million at December 31, 2023 in connection with tax attribute carryforwards. State and local capital loss carryforwards were $1.2 billion, U.S. federal NOL carryforwards were $586 million, non-U.S. NOL carryforwards were $570 million, and other U.S. federal tax attributes were $118 million. If not utilized, a portion of the U.S. federal NOL carryforwards and other U.S. federal tax attributes will expire between 2026 and 2037 whereas others have an unlimited carryforward period. Similarly, certain non-U.S. NOL carryforwards will expire between 2026 and 2040 whereas others have an unlimited carryforward period. The state and local capital loss carryforwards will expire in 2026 and 2027. The valuation allowance at December 31, 2023, was due to the state and local capital loss carryforwards and certain non-U.S. deferred tax assets, including NOL carryforwards. Unrecognized tax benefits At December 31, 2023, 2022 and 2021, JPMorgan Chase’s unrecognized tax benefits, excluding related interest expense and penalties, were $5.4 billion, $5.0 billion and $4.6 billion, respectively, of which $3.9 billion, $3.8 billion and $3.4 billion, respectively, if recognized, would reduce the annual effective tax rate. Included in the amount of unrecognized tax benefits are certain items that would not affect the effective tax rate if they were recognized in the Consolidated statements of income. These unrecognized items include the tax effect of certain temporary differences, the portion of gross state and local unrecognized tax benefits that would be offset by the benefit from associated U.S. federal income tax deductions, and the portion of gross non-U.S. unrecognized tax benefits that would have offsets in other jurisdictions. JPMorgan Chase evaluates the need for changes in unrecognized tax benefits based on its anticipated tax return filing positions as part of its U.S. federal and state and local tax returns. In addition, the Firm is presently under audit by a number of taxing authorities, most notably by the Internal Revenue Service, as summarized in the Tax examination status table below. The evaluation of unrecognized tax benefits as well as the potential for audit settlements make it reasonably possible that over the next 12 months the gross balance of unrecognized tax benefits may increase or decrease by as much as approximately $1.1 billion. The change in the unrecognized tax benefit would result in a payment or income statement recognition. The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits. Year ended December 31, 2023 2022 2021 Balance at January 1, $ 5,043 $ 4,636 $ 4,250 Increases based on tax positions related to the current period 1,440 1,234 798 Increases based on tax positions related to prior periods 37 123 393 Decreases based on tax positions related to prior periods (1,110) (824) (657) Decreases related to cash settlements with taxing authorities (9) (126) (148) Balance at December 31, $ 5,401 $ 5,043 $ 4,636 After-tax interest expense/(benefit) and penalties related to income tax liabilities recognized in income tax expense were $229 million, $141 million and $174 million in 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022, in addition to the liability for unrecognized tax benefits, the Firm had accrued $1.6 billion and $1.3 billion, respectively, for income tax-related interest and penaltie Tax examination status JPMorgan Chase is continually under examination by the Internal Revenue Service, by taxing authorities throughout the world, and by many state and local jurisdictions throughout the U.S. The following table summarizes the status of tax years that remain subject to income tax examination of JPMorgan Chase and its consolidated subsidiaries by significant jurisdictions as of December 31, 2023. Periods under examination Status JPMorgan Chase – U.S. 2011 – 2013 Field examination of amended returns; certain matters at Appellate level JPMorgan Chase – U.S. 2014 - 2020 Field examination of original and amended returns; certain matters at Appellate level JPMorgan Chase – New York State 2012 - 2014 Field Examination JPMorgan Chase – New York City 2015 - 2017 Field Examination JPMorgan Chase – U.K. 2011 – 2020 Field examination of certain select entities |
Restricted Cash, Other Restrict
Restricted Cash, Other Restricted Assets and Intercompany Funds Transfers | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash, Other Restricted Assets and Intercompany Funds Transfers | Restricted cash, other restricted assets and intercompany funds transfers Restricted cash and other restricted assets Certain of the Firm’s cash and other assets are restricted as to withdrawal or usage. These restrictions are imposed by various regulatory authorities based on the particular activities of the Firm’s subsidiaries. The business of JPMorgan Chase Bank, N.A. is subject to examination and regulation by the OCC. The Bank is a member of the U.S. Federal Reserve System, and its deposits in the U.S. are insured by the FDIC, subject to applicable limits. The Firm is required to maintain cash reserves at certain non-US central banks. The Firm is also subject to rules and regulations established by other U.S. and non U.S. regulators. As part of its compliance with the respective regulatory requirements, the Firm’s broker-dealer activities are subject to certain restrictions on cash and other assets. The following table presents the components of the Firm’s restricted cash: December 31, (in billions) 2023 2022 Segregated for the benefit of securities and cleared derivative customers 10.3 18.7 Cash reserves at non-U.S. central banks and held for other general purposes 9.3 8.1 Total restricted cash (a) $ 19.6 $ 26.8 (a) Comprises $18.2 billion and $25.4 billion in deposits with banks, and $1.4 billion and $1.4 billion in cash and due from banks on the Consolidated balance sheets as of December 31, 2023 and 2022, respectively. Also, as of December 31, 2023 and 2022, the Firm had the following other restricted assets: • Cash and securities pledged with clearing organizations for the benefit of customers of $40.5 billion and $42.4 billion, respectively. • Securities with a fair value of $20.5 billion and $31.7 billion, respectively, were also restricted in relation to customer activity. Intercompany funds transfers Restrictions imposed by U.S. federal law prohibit JPMorgan Chase Bank, N.A., and its subsidiaries, from lending to JPMorgan Chase & Co. (“Parent Company”) and certain of its affiliates unless the loans are secured in specified amounts. Such secured loans provided by any banking subsidiary to the Parent Company or to any particular affiliate, together with certain other transactions with such affiliate (collectively referred to as “covered transactions”), must be made on terms and conditions that are consistent with safe and sound banking practices. In addition, unless collateralized with cash or US Government debt obligations, covered transactions are generally limited to 10% of the banking subsidiary’s total capital, as determined by the risk-based capital guidelines; the aggregate amount of covered transactions between any banking subsidiary and all of its affiliates is limited to 20% of the banking subsidiary’s total capital. The Parent Company’s two principal subsidiaries are JPMorgan Chase Bank, N.A. and JPMorgan Chase Holdings LLC, an intermediate holding company (the “IHC”). The IHC generally holds the stock of JPMorgan Chase’s subsidiaries other than JPMorgan Chase Bank, N.A. and its subsidiaries. The IHC also owns other assets and provides intercompany loans to the Parent Company. The Parent Company is obligated to contribute to the IHC substantially all the net proceeds received from securities issuances (including issuances of senior and subordinated debt securities and of preferred and common stock). The principal sources of income and funding for the Parent Company are dividends from JPMorgan Chase Bank, N.A. and dividends and extensions of credit from the IHC. In addition to dividend restrictions set forth in statutes and regulations, the Federal Reserve, the OCC and the FDIC have authority under the Financial Institutions Supervisory Act to prohibit or to limit the payment of dividends by the banking organizations they supervise, including the Parent Company and its subsidiaries that are banks or bank holding companies, if, in the banking regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the banking organization. The IHC is prohibited from paying dividends or extending credit to the Parent Company if certain capital or liquidity “thresholds” are breached or if limits are otherwise imposed by the Parent Company’s management or Board of Directors. At January 1, 2024, the Parent Company’s banking subsidiaries could pay, in the aggregate, approximately $20 billion in dividends to their respective bank holding companies without the prior approval of their relevant banking regulators. The capacity to pay dividends in 2024 will be supplemented by the banking subsidiaries’ earnings during the year. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2023 | |
Banking Regulation [Abstract] | |
Regulatory Capital | Regulatory capital The Federal Reserve establishes capital requirements, including well-capitalized standards, for the Firm as a consolidated financial holding company. The OCC establishes similar minimum capital requirements and standards for the Firm’s principal IDI subsidiary, JPMorgan Chase Bank, N.A. The capital rules under Basel III establish minimum capital ratios and overall capital adequacy standards for large and internationally active U.S. bank holding companies and banks, including the Firm and JPMorgan Chase Bank, N.A. Two comprehensive approaches are prescribed for calculating RWA: a standardized approach (“Basel III Standardized”), and an advanced approach (“Basel III Advanced”). For each of the risk-based capital ratios, the capital adequacy of the Firm and JPMorgan Chase Bank, N.A. is evaluated against the lower of the Standardized or Advanced approaches compared to their respective regulatory capital ratio requirements. The three components of regulatory capital under the Basel III rules are as illustrated below: Under the risk-based capital and leverage-based guidelines of the Federal Reserve, JPMorgan Chase is required to maintain minimum ratios for CET1 capital, Tier 1 capital, Total capital, Tier 1 leverage and the SLR. Failure to meet these minimum requirements could cause the Federal Reserve to take action. JPMorgan Chase Bank, N.A. is also subject to these capital requirements established by its primary regulators . The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of December 31, 2023 and 2022. Standardized capital ratio requirements Advanced capital ratio requirements Well-capitalized ratios BHC (a)(b) IDI (c) BHC (a)(b) IDI (c) BHC (d) IDI (e) Risk-based capital ratios CET1 capital 11.4 % 7.0 % 11.0 % 7.0 % NA 6.5 % Tier 1 capital 12.9 8.5 12.5 8.5 6.0 % 8.0 Total capital 14.9 10.5 14.5 10.5 10.0 10.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject. (a) Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of 4.0% as calculated under Method 2; plus a 2.9% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies. (b) For the period ended December 31, 2022, the CET1, Tier 1, and Total capital ratio requirements under Basel III Standardized applicable to the Firm were 12.0%, 13.5% and 15.5%, respectively; the Basel III Advanced CET1, Tier 1, and Total capital ratio requirements applicable to the Firm were 10.5%, 12.0%, and 14.0%, respectively. SCB for Basel III Standardized ratio for 2022 was 4.0%. (c) Represents requirements for JPMorgan Chase Bank, N.A. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of 2.5% that is applicable to JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is not subject to the GSIB surcharge. (d) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (e) Represents requirements for JPMorgan Chase Bank, N.A. pursuant to regulations issued under the FDIC Improvement Act. The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of December 31, 2023 and 2022. Capital ratio requirements (a) Well-capitalized ratios BHC IDI BHC (b) IDI Leverage-based capital ratios Tier 1 leverage 4.0 % 4.0 % NA 5.0 % SLR 5.0 6.0 NA 6.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject. (a) Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and JPMorgan Chase Bank, N.A., respectively. (b) The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs. CECL Regulatory Capital Transition Beginning January 1, 2022, the $2.9 billion CECL capital benefit, provided by the Federal Reserve in response to the COVID-19 pandemic, is being phased out at 25% per year over a three-year period. As of December 31, 2023, the Firm’s CET1 capital reflected the remaining $1.4 billion benefit associated with the CECL capital transition provisions. Similarly, as of January 1, 2023, the Firm has phased out 50% of the other CECL capital transition provisions which impacted Tier 2 capital, adjusted average assets, total leverage exposure and RWA, as applicable. The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced approaches and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. As of December 31, 2023 and 2022, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. December 31, 2023 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. Risk-based capital metrics: (a) CET1 capital $ 250,585 $ 262,030 $ 250,585 $ 262,030 Tier 1 capital 277,306 262,032 277,306 262,032 Total capital 308,497 281,308 295,417 (b) 268,392 Risk-weighted assets 1,671,995 1,621,789 1,669,156 (b) 1,526,952 CET1 capital ratio 15.0 % 16.2 % 15.0 % 17.2 % Tier 1 capital ratio 16.6 16.2 16.6 17.2 Total capital ratio 18.5 17.3 17.7 17.6 December 31, 2022 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. Risk-based capital metrics: (a) CET1 capital $ 218,934 $ 269,668 $ 218,934 $ 269,668 Tier 1 capital 245,631 269,672 245,631 269,672 Total capital 277,769 288,433 264,583 275,255 Risk-weighted assets 1,653,538 1,597,072 1,609,773 1,475,602 CET1 capital ratio 13.2 % 16.9 % 13.6 % 18.3 % Tier 1 capital ratio 14.9 16.9 15.3 18.3 Total capital ratio 16.8 18.1 16.4 18.7 (a) The capital metrics reflect the CECL capital transition provisions. (b) Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Three months ended December 31, 2023 December 31, 2022 JPMorgan JPMorgan JPMorgan JPMorgan Leverage-based capital metrics: (a) Adjusted average assets (b) $ 3,831,200 $ 3,337,842 $ 3,703,873 $ 3,249,912 Tier 1 leverage ratio 7.2 % 7.9 % 6.6 % 8.3 % Total leverage exposure $ 4,540,465 $ 4,038,739 $ 4,367,092 $ 3,925,502 SLR 6.1 % 6.5 % 5.6 % 6.9 % (a) The capital metrics reflect the CECL capital transition provisions. (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. |
Off-balance Sheet Lending-relat
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments | Off–balance sheet lending-related financial instruments, guarantees, and other commitments JPMorgan Chase provides lending-related financial instruments (e.g., commitments and guarantees) to address the financing needs of its customers and clients. The contractual amount of these financial instruments represents the maximum possible credit risk to the Firm should the customer or client draw upon the commitment or the Firm be required to fulfill its obligation under the guarantee, and should the customer or client subsequently fail to perform according to the terms of the contract. Most of these commitments and guarantees have historically been refinanced, extended, cancelled, or expired without being drawn or a default occurring. As a result, the total contractual amount of these instruments is not, in the Firm’s view, representative of its expected future credit exposure or funding requirements. To provide for expected credit losses in wholesale and certain consumer lending-related commitments, an allowance for credit losses on lending-related commitments is maintained. Refer to Note 13 for further information regarding the allowance for credit losses on lending-related commitments . The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at December 31, 2023 and 2022. The amounts in the table below for credit card and home equity lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower. Off–balance sheet lending-related financial instruments, guarantees and other commitments Contractual amount Carrying value (h)(i) 2023 2022 2023 2022 By remaining maturity as of December 31, Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Residential Real Estate (a) $ 6,917 $ 7,175 $ 6,493 $ 9,540 $ 30,125 $ 21,287 678 (j) 75 Auto and other 12,247 159 — 2,872 15,278 12,231 148 (j) — Total consumer, excluding credit card 19,164 7,334 6,493 12,412 45,403 33,518 826 75 Credit card (b) 915,658 — — — 915,658 821,284 — — Total consumer (c) 934,822 7,334 6,493 12,412 961,061 854,802 826 75 Wholesale: Other unfunded commitments to extend credit (d) 125,478 175,190 179,046 23,812 503,526 440,407 2,797 (j)(k) 2,328 (k) Standby letters of credit and other financial guarantees (d) 13,775 10,478 3,628 991 28,872 27,439 479 408 Other letters of credit (d) 4,084 222 82 — 4,388 4,134 37 6 Total wholesale (c) 143,337 185,890 182,756 24,803 536,786 471,980 3,313 2,742 Total lending-related $ 1,078,159 $ 193,224 $ 189,249 $ 37,215 $ 1,497,847 $ 1,326,782 $ 4,139 $ 2,817 Other guarantees and commitments Securities lending indemnification agreements and guarantees (e) $ 283,664 $ — $ — $ — $ 283,664 $ 283,386 $ — $ — Derivatives qualifying as guarantees 1,693 364 11,657 40,848 54,562 59,180 89 649 Unsettled resale and securities borrowed agreements 94,920 186 — — 95,106 116,975 — (2) Unsettled repurchase and securities loaned agreements 60,170 554 — — 60,724 66,407 — (7) Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 76 76 Loans sold with recourse NA NA NA NA 803 820 24 28 Exchange & clearing house guarantees and commitments (f) 265,887 — — — 265,887 191,068 — — Other guarantees and commitments (g) 9,216 1,516 314 4,028 15,074 8,634 38 53 (a) Includes certain commitments to purchase loans from correspondents. (b) Also includes commercial card lending-related commitments primarily in CB and CIB. (c) Predominantly all consumer and wholesale lending-related commitments are in the U.S. (d) As of December 31, 2023 and 2022, reflected the contractual amount net of risk participations totaling $88 million and $71 million, respectively, for other unfunded commitments to extend credit; $8.2 billion at both periods for standby letters of credit and other financial guarantees; and $589 million and $512 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (e) As of December 31, 2023 and 2022, collateral held by the Firm in support of securities lending indemnification agreements was $300.3 billion and $298.5 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (f) As of December 31, 2023 and 2022, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses. (g) As of December 31, 2023 and 2022, primarily includes unfunded commitments related to certain tax-oriented equity investments, other equity investment commitments. and unfunded commitments to purchase secondary market loans. (h) For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value. (i) For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold. (j) As of December 31, 2023, includes fair value adjustments associated with First Republic for residential real estate lending-related commitments totaling $630 million, for auto and other lending-related commitments totaling $148 million and for other unfunded commitments to extend credit totaling $1.1 billion. Refer to Note 34 for additional information. (k) As of December 31, 2022, included net markdowns on held-for-sale positions related to unfunded commitments in the bridge financing portfolio. Other unfunded commitments to extend credit Other unfunded commitments to extend credit generally consist of commitments for working capital and general corporate purposes, extensions of credit to support commercial paper facilities and bond financings in the event that those obligations cannot be remarketed to new investors, as well as committed liquidity facilities to clearing organizations. The Firm also issues commitments under multipurpose facilities which could be drawn upon in several forms, including the issuance of a standby letter of credit. Guarantees U.S. GAAP requires that a guarantor recognize, at the inception of a guarantee, a liability in an amount equal to the fair value of the obligation undertaken in issuing the guarantee. U.S. GAAP defines a guarantee as a contract that contingently requires the guarantor to pay the guaranteed party based upon: (a) changes in an underlying asset, liability or equity security of the guaranteed party; or (b) a third party’s failure to perform under a specified agreement. The Firm considers the following off–balance sheet arrangements to be guarantees under U.S. GAAP: standby letters of credit and other financial guarantees, securities lending indemnifications, certain indemnification agreements included within third-party contractual arrangements, certain derivative contracts and the guarantees under the sponsored member repo program. As required by U.S. GAAP, the Firm initially records guarantees at the inception date fair value of the non-contingent obligation assumed (e.g., the amount of consideration received or the net present value of the premium receivable). For these obligations, the Firm records this fair value amount in other liabilities with an offsetting entry recorded in cash (for premiums received), or other assets (for premiums receivable). Any premium receivable recorded in other assets is reduced as cash is received under the contract, and the fair value of the liability recorded at inception is amortized into income as lending and deposit-related fees over the life of the guarantee contract. The lending-related contingent obligation is recognized based on expected credit losses in addition to, and separate from, any non-contingent obligation. Non-lending-related contingent obligations are recognized when the liability becomes probable and reasonably estimable. These obligations are not recognized if the estimated amount is less than the carrying amount of any non-contingent liability recognized at inception (adjusted for any amortization). Examples of non-lending-related contingent obligations include indemnifications provided in sales agreements, where a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. For these indemnifications, the initial liability is amortized to income as the Firm’s risk is reduced (i.e., over time or when the indemnification expires). The contractual amount and carrying value of guarantees and indemnifications are included in the table on page 292. For additional information on the guarantees, see below. Standby letters of credit and other financial guarantees Standby letters of credit and other financial guarantees are conditional lending commitments issued by the Firm to guarantee the performance of a client or customer to a third party under certain arrangements, such as commercial paper facilities, bond financings, acquisition financings, trade financings and similar transactions. The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of December 31, 2023 and 2022. Standby letters of credit, other financial guarantees and other letters of credit 2023 2022 December 31, Standby letters of credit and Other letters Standby letters of credit and Other letters Investment-grade (a) $ 19,694 $ 3,552 $ 19,205 $ 3,040 Noninvestment-grade (a) 9,178 836 8,234 1,094 Total contractual amount $ 28,872 $ 4,388 $ 27,439 $ 4,134 Allowance for lending-related commitments $ 110 $ 37 $ 82 $ 6 Guarantee liability 369 — 326 — Total carrying value $ 479 $ 37 $ 408 $ 6 Commitments with collateral $ 16,861 $ 539 $ 15,296 $ 795 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 12 for further information on internal risk ratings. Securities lending indemnifications Through the Firm’s securities lending program, counterparties’ securities, via custodial and non-custodial arrangements, may be lent to third parties. As part of this program, the Firm provides an indemnification in the lending agreements which protects the lender against the failure of the borrower to return the lent securities. To minimize its liability under these indemnification agreements, the Firm obtains cash or other highly liquid collateral with a market value exceeding 100% of the value of the securities on loan from the borrower. Collateral is marked to market daily to help assure that collateralization is adequate. Additional collateral is called from the borrower if a shortfall exists, or collateral may be released to the borrower in the event of overcollateralization. If a borrower defaults, the Firm would use the collateral held to purchase replacement securities in the market or to credit the lending client or counterparty with the cash equivalent thereof. The cash collateral held by the Firm may be invested on behalf of the client in indemnified resale agreements, whereby the Firm indemnifies the client against the loss of principal invested. To minimize its liability under these agreements, the Firm obtains collateral with a market value exceeding 100% of the principal invested. Derivatives qualifying as guarantees The Firm transacts in certain derivative contracts that have the characteristics of a guarantee under U.S. GAAP. These contracts include written put options that require the Firm to purchase assets upon exercise by the option holder at a specified price by a specified date in the future. The Firm may enter into written put option contracts in order to meet client needs, or for other trading purposes. The terms of written put options are typically five years or less. Derivatives deemed to be guarantees also includes stable value contracts, commonly referred to as “stable value products”, that require the Firm to make a payment of the difference between the market value and the book value of a counterparty’s reference portfolio of assets in the event that market value is less than book value and certain other conditions have been met. Stable value products are transacted in order to allow investors to realize investment returns with less volatility than an unprotected portfolio. These contracts are typically longer-term or may have no stated maturity, but allow the Firm to elect to terminate the contract under certain conditions. The notional value of derivative guarantees generally represents the Firm’s maximum exposure. However, exposure to certain stable value products is contractually limited to a substantially lower percentage of the notional amount. The fair value of derivative guarantees reflects the probability, in the Firm’s view, of whether the Firm will be required to perform under the contract. The Firm reduces exposures to these contracts by entering into offsetting transactions, or by entering into contracts that hedge the market risk related to the derivative guarantees. The following table summarizes the derivatives qualifying as guarantees as of December 31, 2023 and 2022. (in millions) December 31, 2023 December 31, 2022 Notional amounts Derivative guarantees $ 54,562 $ 59,180 Stable value contracts with contractually limited exposure 32,488 31,820 Maximum exposure of stable value contracts with contractually limited exposure 1,652 2,063 Fair value Derivative payables 89 649 In addition to derivative contracts that meet the characteristics of a guarantee, the Firm is both a purchaser and seller of credit protection in the credit derivatives market. Refer to Note 5 for a further discussion of credit derivatives. Unsettled securities financing agreements In the normal course of business, the Firm enters into resale and securities borrowed agreements. At settlement, these commitments result in the Firm advancing cash to and receiving securities collateral from the counterparty. The Firm also enters into repurchase and securities loaned agreements. At settlement, these commitments result in the Firm receiving cash from and providing securities collateral to the counterparty. Such agreements settle at a future date. These agreements generally do not meet the definition of a derivative, and therefore, are not recorded on the Consolidated balance sheets until settlement date. These agreements predominantly have regular-way settlement terms. Refer to Note 11 for a further discussion of securities financing agreements. Loan sales- and securitization-related indemnifications Mortgage repurchase liability In connection with the Firm’s mortgage loan sale and securitization activities with U.S. GSEs the Firm has made representations and warranties that the loans sold meet certain requirements, and that may require the Firm to repurchase mortgage loans and/or indemnify the loan purchaser if such representations and warranties are breached by the Firm. Private label securitizations The liability related to repurchase demands associated with private label securitizations is separately evaluated by the Firm in establishing its litigation reserves. Refer to Note 30 for additional information regarding litigation. Loans sold with recourse The Firm provides servicing for mortgages and certain commercial lending products on both a recourse and nonrecourse basis. In nonrecourse servicing, the principal credit risk to the Firm is the cost of temporary servicing advances of funds (i.e., normal servicing advances). In recourse servicing, the servicer agrees to share credit risk with the owner of the mortgage loans, such as Fannie Mae or Freddie Mac or a private investor, insurer or guarantor. Losses on recourse servicing predominantly occur when foreclosure sales proceeds of the property underlying a defaulted loan are less than the sum of the outstanding principal balance, plus accrued interest on the loan and the cost of holding and disposing of the underlying property. The Firm’s securitizations are predominantly nonrecourse, thereby effectively transferring the risk of future credit losses to the purchaser of the mortgage-backed securities issued by the trust. The unpaid principal balance of loans sold with recourse as well as the carrying value of the related liability that the Firm has recorded in accounts payable and other liabilities on the Consolidated balance sheets, which is representative of the Firm’s view of the likelihood it will have to perform under its recourse obligations, are disclosed in the table on page 292. Other off-balance sheet arrangements Indemnification agreements – general In connection with issuing securities to investors outside the U.S., the Firm may agree to pay additional amounts to the holders of the securities in the event that, due to a change in tax law, certain types of withholding taxes are imposed on payments on the securities. The terms of the securities may also give the Firm the right to redeem the securities if such additional amounts are payable. The Firm may also enter into indemnification clauses in connection with the licensing of software to clients (“software licensees”) or when it sells a business or assets to a third party (“third-party purchasers”), pursuant to which it indemnifies software licensees for claims of liability or damages that may occur subsequent to the licensing of the software, or third-party purchasers for losses they may incur due to actions taken by the Firm prior to the sale of the business or assets. It is difficult to estimate the Firm’s maximum exposure under these indemnification arrangements, since this would require an assessment of future changes in tax law and future claims that may be made against the Firm that have not yet occurred. However, based on historical experience, management expects the risk of loss to be remote. Merchant charge-backs Under the rules of payment networks, in its role as a merchant acquirer, the Firm’s Merchant Services business in CIB Payments, retains a contingent liability for disputed processed credit and debit card transactions that result in a charge-back to the merchant. If a dispute is resolved in the cardholder’s favor, the Firm will (through the cardholder’s issuing bank) credit or refund the amount to the cardholder and will charge back the transaction to the merchant. If the Firm is unable to collect the amount from the merchant, the Firm will bear the loss for the amount credited or refunded to the cardholder. The Firm mitigates this risk by withholding future settlements, retaining cash reserve accounts or obtaining other collateral. In addition, the Firm recognizes a valuation allowance that covers the payment or performance risk related to charge-backs. For the years ended December 31, 2023, 2022 and 2021, the Firm processed an aggregate volume of $2,411.0 billion, $2,158.4 billion, and $1,886.7 billion, respectively. Clearing Services – Client Credit Risk The Firm provides clearing services for clients by entering into securities purchases and sales and derivative contracts with CCPs, including ETDs such as futures and options, as well as OTC-cleared derivative contracts. As a clearing member, the Firm stands behind the performance of its clients, collects cash and securities collateral (margin) as well as any settlement amounts due from or to clients, and remits them to the relevant CCP or client in whole or part. There are two types of margin: variation margin is posted on a daily basis based on the value of clients’ derivative contracts and initial margin is posted at inception of a derivative contract, generally on the basis of the potential changes in the variation margin requirement for the contract. As a clearing member, the Firm is exposed to the risk of nonperformance by its clients, but is not liable to clients for the performance of the CCPs. Where possible, the Firm seeks to mitigate its risk to the client through the collection of appropriate amounts of margin at inception and throughout the life of the transactions. The Firm can also cease providing clearing services if clients do not adhere to their obligations under the clearing agreement. In the event of nonperformance by a client, the Firm would close out the client’s positions and access available margin. The CCP would utilize any margin it holds to make itself whole, with any remaining shortfalls required to be paid by the Firm as a clearing member. The Firm reflects its exposure to nonperformance risk of the client through the recognition of margin receivables from clients and margin payables to CCPs; the clients’ underlying securities or derivative contracts are not reflected in the Firm’s Consolidated Financial Statements. It is difficult to estimate the Firm’s maximum possible exposure through its role as a clearing member, as this would require an assessment of transactions that clients may execute in the future. However, based upon historical experience, and the credit risk mitigants available to the Firm, management believes it is unlikely that the Firm will have to make any material payments under these arrangements and the risk of loss is expected to be remote. Refer to Note 5 for information on the derivatives that the Firm executes for its own account and records in its Consolidated Financial Statements. Exchange & Clearing House Memberships The Firm is a member of several securities and derivative exchanges and clearing houses, both in the U.S. and other countries, and it provides clearing services to its clients. Membership in some of these organizations requires the Firm to pay a pro rata share of the losses incurred by the organization as a result of the default of another member. Such obligations vary with different organizations. These obligations may be limited to the amount (or a multiple of the amount) of the Firm’s contribution to the guarantee fund maintained by a clearing house or exchange as part of the resources available to cover any losses in the event of a member default. Alternatively, these obligations may also include a pro rata share of the residual losses after applying the guarantee fund. Additionally, certain clearing houses require the Firm as a member to pay a pro rata share of losses that may result from the clearing house’s investment of guarantee fund contributions and initial margin, unrelated to and independent of the default of another member. Generally a payment would only be required should such losses exceed the resources of the clearing house or exchange that are contractually required to absorb the losses in the first instance. In certain cases, it is difficult to estimate the Firm’s maximum possible exposure under these membership agreements, since this would require an assessment of future claims that may be made against the Firm that have not yet occurred. However, based on historical experience, management expects the risk of loss to the Firm to be remote. Where the Firm’s maximum possible exposure can be estimated, the amount is disclosed in the table on page 292, in the Exchange & clearing house guarantees and commitments line. Sponsored member repo program The Firm acts as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Government Securities Division of the Fixed Income Clearing Corporation (“FICC”) on behalf of clients that become sponsored members under the FICC’s rules. The Firm also guarantees to the FICC the prompt and full payment and performance of its sponsored member clients’ respective obligations under the FICC’s rules. The Firm minimizes its liability under these guarantees by obtaining a security interest in the cash or high-quality securities collateral that the clients place with the clearing house; therefore, the Firm expects the risk of loss to be remote. The Firm’s maximum possible exposure, without taking into consideration the associated collateral, is included in the Exchange & clearing house guarantees and commitments line on page 292. Refer to Note 11 for additional information on credit risk mitigation practices on resale agreements and the types of collateral pledged under repurchase agreements. Guarantees of subsidiaries In the normal course of business, the Parent Company may provide counterparties with guarantees of certain of the trading and other obligations of its subsidiaries on a contract-by-contract basis, as negotiated with the Firm’s counterparties. The obligations of the subsidiaries are included on the Firm’s Consolidated balance sheets or are reflected as off-balance sheet commitments; therefore, the Parent Company has not recognized a separate liability for these guarantees. The Firm believes that the occurrence of any event that would trigger payments by the Parent Company under these guarantees is remote. The Parent Company has guaranteed certain long-term debt and structured notes of its subsidiaries, including JPMorgan Chase Financial Company LLC (“JPMFC”), a 100%-owned finance subsidiary. All securities issued by JPMFC are fully and unconditionally guaranteed by the Parent Company and no other subsidiary of the parent company guarantees these securities. These guarantees, which rank pari passu with the Firm’s unsecured and unsubordinated indebtedness, are not included in the table on page 292 of this Note. Refer to Note 20 for additional information. |
Pledged Assets and Collateral
Pledged Assets and Collateral | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Pledged Assets and Collateral | Pledged assets and collateral Pledged assets The Firm pledges financial assets that it owns to maintain potential borrowing capacity at discount windows with Federal Reserve banks, various other central banks and FHLBs. Additionally, the Firm pledges assets for other purposes, including to collateralize repurchase and other securities financing agreements, to cover short sales and to collateralize derivative contracts and deposits. Certain of these pledged assets may be sold or repledged or otherwise used by the secured parties and are parenthetically identified on the Consolidated balance sheets as assets pledged. The following table presents the Firm’s pledged assets. December 31, (in billions) 2023 2022 Assets that may be sold or repledged or otherwise used by secured parties $ 145.0 $ 110.8 Assets that may not be sold or repledged or otherwise used by secured parties (a) 244.2 114.8 Assets pledged at Federal Reserve banks and FHLBs 675.6 567.6 Total pledged assets $ 1,064.8 $ 793.2 (a) As of December 31, 2023, included $88.4 billion of assets pledged to the FDIC associated with the First Republic acquisition. Refer to Note 34 for additional information. Total pledged assets do not include assets of consolidated VIEs; these assets are used to settle the liabilities of those entities. Refer to Note 14 for additional information on assets and liabilities of consolidated VIEs. Refer to Note 11 for additional information on the Firm’s securities financing activities. Refer to Note 20 for additional information on the Firm’s long-term debt. The significant components of the Firm’s pledged assets were as follows. December 31, (in billions) 2023 2022 Investment securities $ 108.6 $ 104.4 Loans 681.7 485.9 Trading assets and other 274.5 202.9 Total pledged assets $ 1,064.8 $ 793.2 Collateral The Firm accepts financial assets as collateral that it is permitted to sell or repledge, deliver or otherwise use. This collateral is generally obtained under resale and other securities financing agreements, prime brokerage-related held-for-investment customer receivables and derivative contracts. Collateral is generally used under repurchase and other securities financing agreements, to cover short sales, and to collateralize derivative contracts and deposits. The following table presents the fair value of collateral accepted. December 31, (in billions) 2023 2022 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,303.9 $ 1,346.9 Collateral sold, repledged, delivered or otherwise used 982.8 1,019.4 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2023 | |
Litigation [Abstract] | |
Litigation | Litigation Contingencies As of December 31, 2023, the Firm and its subsidiaries and affiliates are defendants or respondents in numerous evolving legal proceedings, including private proceedings, public proceedings, government investigations, regulatory enforcement matters, and the matters described below. The litigations range from individual actions involving a single plaintiff to class action lawsuits with potentially millions of class members. Investigations and regulatory enforcement matters involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations. These legal proceedings are at varying stages of adjudication, arbitration or investigation, and involve each of the Firm’s lines of business and several geographies and a wide variety of claims (including common law tort and contract claims and statutory antitrust, securities and consumer protection claims), some of which present novel legal theories. The Firm believes the estimate of the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $0 to approximately $1.3 billion at December 31, 2023. This estimated aggregate range of reasonably possible losses was based upon information available as of that date for those proceedings in which the Firm believes that an estimate of reasonably possible loss can be made. For certain matters, the Firm does not believe that such an estimate can be made, as of that date. The Firm’s estimate of the aggregate range of reasonably possible losses involves significant judgment, given: • the number, variety and varying stages of the proceedings, including the fact that many are in preliminary stages, • the existence in many such proceedings of multiple defendants, including the Firm, whose share of liability (if any) has yet to be determined, • the numerous yet-unresolved issues in many of the proceedings, including issues regarding class certification and the scope of many of the claims, and • the uncertainty of the various potential outcomes of such proceedings, including where the Firm has made assumptions concerning future rulings by the court or other adjudicator, or about the behavior or incentives of adverse parties or regulatory authorities, and those assumptions prove to be incorrect. In addition, the outcome of a particular proceeding may be a result which the Firm did not take into account in its estimate because the Firm had deemed the likelihood of that outcome to be remote. Accordingly, the Firm’s estimate of the aggregate range of reasonably possible losses will change from time to time, and actual losses may vary significantly. Set forth below are descriptions of the Firm’s material legal proceedings. 1MDB Litigation . J.P. Morgan (Suisse) SA was named as a defendant in a civil litigation filed in May 2021 in Malaysia by 1Malaysia Development Berhad (“1MDB”), a Malaysian state-owned and controlled investment fund. The claim alleges “dishonest assistance” against J.P. Morgan (Suisse) SA in relation to payments of $300 million and $500 million, from 2009 and 2010, respectively, received from 1MDB and paid into an account at J.P. Morgan (Suisse) SA held by 1MDB PetroSaudi Limited, a joint venture company between 1MDB and PetroSaudi Holdings (Cayman) Limited. The Firm is challenging the validity of service and the Malaysian Court’s jurisdiction to hear the claim. In August 2023 the Court denied an application by 1MDB to discontinue its claim with permission to re-file a new claim in the future. An appeals court is scheduled in August 2024 to hear separate appeals filed by 1MDB and the Firm against that August 2023 decision. In its appeal, the Firm seeks to prevent any claim from continuing. In addition, in November 2023, the Federal Office of the Attorney General (OAG) in Switzerland notified J.P. Morgan (Suisse) SA that it is conducting an investigation into possible criminal liability in connection with transactions arising from J.P. Morgan (Suisse) SA’s relationship with the 1MDB PetroSaudi joint venture and its related persons for the period September 2009 through August 2015. The OAG investigation is ongoing. Amrapali . India’s Enforcement Directorate (“ED”) is investigating J.P. Morgan India Private Limited in connection with investments made in 2010 and 2012 by two offshore funds formerly managed by JPMorgan Chase entities into residential housing projects developed by the Amrapali Group (“Amrapali”) relating to delays in delivering or failure to deliver residential units. In August 2021, the ED issued an order fining J.P. Morgan India Private Limited approximately $31.5 million, and the Firm is appealing that order. Relatedly, in July 2019, the Supreme Court of India issued an order making preliminary findings that Amrapali and other parties, including unspecified JPMorgan Chase entities and the offshore funds that had invested in the projects, violated certain criminal currency control and money laundering provisions, and ordered the ED to conduct a further inquiry. The Firm is responding to and cooperating with the inquiry. Foreign Exchange Investigations and Litigation. The Firm previously reported settlements with certain government authorities relating to its foreign exchange (“FX”) sales and trading activities and controls related to those activities. Among those resolutions, in May 2015, the Firm pleaded guilty to a single violation of federal antitrust law. The Department of Labor ("DOL") granted the Firm exemptions that permit the Firm and its affiliates to continue to rely on the Qualified Professional Asset Manager exemption under the Employee Retirement Income Security Act (“ERISA”) through the ten-year disqualification period following the antitrust plea. The only remaining FX-related governmental inquiry is a South Africa Competition Commission matter which is currently pending before the South Africa Competition Tribunal. With respect to civil litigation matters, in a putative class action filed against the Firm and other foreign exchange dealers on behalf of certain parties who purchased foreign currencies at allegedly inflated rates, the District Court denied certification of a class and granted summary judgment against the named plaintiffs in March 2023. An appeal by those plaintiffs of the District Court's decision is pending. In addition, some FX-related individual and putative class actions based on similar alleged underlying conduct have been filed outside the U.S., including in the U.K., Israel, the Netherlands, Brazil and Australia. An agreement to resolve one of the U.K. actions was reached in December 2022. In July 2023, the U.K. Court of Appeal overturned the Competition Appeal Tribunal's earlier denial of a request for class certification on an opt-out basis. In Israel, a settlement in principle has been reached on the putative class action, which remains subject to court approval. Government Inquiries Related to the Zelle Network . The Firm is responding to inquiries from civil government authorities regarding the handling of disputes related to transfers of funds through the Zelle Network. The Firm is cooperating with these inquiries and responding to requests for information. Interchange Litigation. Groups of merchants and retail associations filed a series of class action complaints alleging that Visa and Mastercard, as well as certain banks, conspired to set the price of credit and debit card interchange fees and enacted related rules in violation of antitrust laws. In September 2018, the parties settled the class action seeking monetary relief, with the defendants collectively contributing approximately $6.2 billion. The settlement has been approved by the District Court and affirmed on appeal. Based on the percentage of merchants that opted out of the settlement, $700 million has been returned to the defendants from the settlement escrow. A separate class action seeking injunctive relief continues, and in September 2021, the District Court granted plaintiffs’ motion for class certification in part, and denied the motion in part. Of the merchants who opted out of the damages class settlement, certain merchants filed individual actions raising similar allegations against Visa and Mastercard, as well as against the Firm and other banks. While some of those actions remain pending, the defendants have reached settlements with the merchants who opted out representing approximately 70% of the combined Mastercard-branded and Visa-branded payment card sales volume. Jeffrey Epstein Litigation. JPMorgan Chase Bank, N.A. was named as a defendant in lawsuits filed in the United States District Court for the Southern District of New York alleging that JPMorgan Chase Bank, N.A. knowingly facilitated Jeffrey Epstein’s sex trafficking and other unlawful conduct by providing banking services to Epstein until 2013. In June 2023, the Court granted preliminary approval of a settlement between the victim class and JPMorgan Chase Bank, N.A., pursuant to which JPMorgan Chase Bank, N.A. paid $290 million to a fund for Epstein survivors. In November 2023, the Court granted final approval of the settlement, rejecting objections, including those of certain state Attorneys General, regarding the victims’ releases. LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorgan Chase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s (“BBA”) London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and one other bank remain subject, continues. The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the European Commission, but exercised its discretion to re-impose a fine in an identical amount. The Firm is considering its options. In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the Firm has obtained dismissal of certain actions and resolved certain other actions, and others are in various stages of litigation. The United States District Court for the Southern District of New York has granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. In addition, a lawsuit filed by a group of individual plaintiffs asserting antitrust claims, alleging that the Firm and other defendants were engaged in an unlawful agreement to set U.S. dollar LIBOR and conspired to monopolize the market for LIBOR-based consumer loans and credit cards was dismissed in October 2023. Plaintiff filed an appeal of the dismissal to the United States Court of Appeals for the Ninth Circuit in November 2023. The Firm has resolved all non-U.S. dollar LIBOR actions. Russian Litigation . The Firm is obligated to comply with international sanctions laws, which mandate the freezing or restriction of certain assets. These laws apply when assets associated with individuals, companies, products or services are within the scope of the sanctions. The Firm has faced actual and threatened litigation in Russia seeking payments on transactions that the Firm cannot make, and is contractually excused from paying, under relevant sanctions laws, with judgment entered against the Firm in one claim in February 2024. The Russian court may disregard the parties’ contractual agreement on forum selection, and may not recognize foreign sanctions laws as a basis for not making payment. The Firm holds assets in Russia, which could be seized if the claims are granted and enforced. SEC Inquiries . The Firm is responding to requests from the SEC regarding aspects of certain advisory programs within J.P. Morgan Securities LLC, including aggregation of accounts for billing, discounting advisory fees, and selecting portfolio managers. Separately, the Firm is responding to requests from the SEC in connection with the timing of the Firm’s liquidation of shares distributed in-kind to certain investment vehicles that invest in third-party managed private funds. The Firm is cooperating with the SEC in regard to both inquires. Securities Lending Antitrust Litigation . JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC, J.P. Morgan Prime, Inc., and J.P. Morgan Strategic Securities Lending Corp. are named as defendants in a putative class action filed in the United States District Court for the Southern District of New York. The complaint asserts violations of federal antitrust law and New York State common law in connection with an alleged conspiracy to prevent the emergence of anonymous exchange trading for securities lending transactions. The settlement of this action by the parties has been preliminarily approved, and is subject to final court approval. Shareholder Litigation . Several shareholder putative class actions, as well as shareholder derivative actions purporting to act on behalf of the Firm, have been filed against the Firm, its Board of Directors and certain of its current and former officers. Certain of these shareholder suits relate to historical trading practices by former employees in the precious metals and U.S. treasuries markets and related conduct which were the subject of the Firm’s resolutions with the DOJ, CFTC and SEC in September 2020, and fiduciary activities that were separately the subject of a resolution between JPMorgan Chase Bank, N.A. and the OCC in November 2020. One of these shareholder derivative suits was filed in the Supreme Court of the State of New York in May 2022, asserting breach of fiduciary duty and unjust enrichment claims relating to the historical trading practices and related conduct and fiduciary activities which were the subject of the resolutions described above. In December 2022, the court granted defendants’ motion to dismiss this action in full, and in July 2023, the plaintiff filed an appeal, which remains pending. A second shareholder derivative action was filed in the United States District Court for the Eastern District of New York in December 2022 relating to the historical trading practices and related conduct, which asserts breach of fiduciary duty and contribution claims and alleges that the shareholder is excused from making a demand to commence litigation because such a demand would have been futile. Defendants have moved to dismiss the complaint. In addition, a consolidated putative class action is pending in the United States District Court for the Eastern District of New York on behalf of shareholders who acquired shares of JPMorgan Chase common stock during the putative class period, alleging that certain SEC filings of the Firm were materially false or misleading because they did not disclose certain information relating to the historical trading practices and conduct. In December 2023, the court granted Defendants’ motion to dismiss the amended complaint. A shareholder derivative suit was filed in May 2023 in the United States District Court for the Southern District of New York against various officers and directors of the Firm asserting breaches of fiduciary duty and unjust enrichment based upon allegations that the defendants caused the Firm to retain Jeffrey Epstein as a client of the bank after defendants knew, or should have known, that Epstein was using the Firm’s financial services to facilitate his alleged sex trafficking activities. In December 2023, the Court dismissed the derivative action. A separate shareholder derivative suit was filed in March 2022 in the United States District Court for the Eastern District of New York asserting breaches of fiduciary duty and violations of federal securities laws based on the alleged failure of the Board of Directors to exercise adequate oversight over the Firm’s compliance with records preservation requirements which were the subject of resolutions between certain of the Firm’s subsidiaries and the SEC and the CFTC. Defendants’ motion to dismiss the amended complaint is pending. Trading Venues Investigations . The Firm has been responding to government inquiries regarding its processes to inventory trading venues and confirm the completeness of certain data fed to trade surveillance platforms. The Firm self-identified that certain trading and order data through the CIB was not feeding into its trade surveillance platforms. The Firm has completed enhancements to the CIB’s venue inventory and data completeness controls, and other remediation is underway. The Firm has also performed a review of the data not originally surveilled, which is nearly complete, and has not identified any employee misconduct, harm to clients or the market. While the identified gaps represent a fraction of the overall activity across the CIB, the data gap on one venue, which largely consisted of sponsored client access activity, was significant. The Firm is dedicated to maintaining rigorous controls and continuously enhancing the reliability of its trade infrastructure. The Firm expects to enter into resolutions with two U.S. regulators that will require the Firm to, among other things, complete its remediation, engage an independent consultant, and pay aggregate civil penalties of approximately $350 million. The Firm is also in advanced negotiations with a third U.S. regulator, but there is no assurance that such discussions will result in a resolution. The Firm does not expect any disruption of service to clients as a result of these resolutions. * * * In addition to the various legal proceedings discussed above, JPMorgan Chase and its subsidiaries are named as defendants or are otherwise involved in a substantial number of other legal proceedings. The Firm believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and it intends to defend itself vigorously. Additional legal proceedings may be initiated from time to time in the future. The Firm has established reserves for several hundred of its currently outstanding legal proceedings. In accordance with the provisions of U.S. GAAP for contingencies, the Firm accrues for a litigation-related liability when it is probable that such a liability has been incurred and the amount of the loss can be reasonably estimated. The Firm evaluates its outstanding legal proceedings each quarter to assess its litigation reserves, and makes adjustments in such reserves, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. The Firm’s legal expense was $1.4 billion, $266 million and $426 million for the years ended December 31, 2023, 2022 and 2021, respectively. There is no assurance that the Firm’s litigation reserves will not need to be adjusted in the future. In view of the inherent difficulty of predicting the outcome of legal proceedings, particularly where the claimants seek very large or indeterminate damages, or where the matters present novel legal theories, involve a large number of parties or are in early stages of discovery, the Firm cannot state with confidence what will be the eventual outcomes of the currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences related to those matters. JPMorgan Chase believes, based upon its current knowledge and after consultation with counsel, consideration of the material legal proceedings described above and after taking into account its current litigation reserves and its estimated aggregate range of possible losses, that the other legal proceedings currently pending against it should not have a material adverse effect on the Firm’s consolidated financial condition. The Firm notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to JPMorgan Chase’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of JPMorgan Chase’s income for that period. |
International Operations
International Operations | 12 Months Ended |
Dec. 31, 2023 | |
Segments, Geographical Areas [Abstract] | |
International Operations | International operations The following table presents income statement and balance sheet-related information for JPMorgan Chase by major international geographic area. The Firm defines international activities for purposes of this footnote presentation as business transactions that involve clients residing outside of the U.S., and the information presented below is based predominantly on the domicile of the client, the location from which the client relationship is managed, booking location or the location of the trading desk. However, many of the Firm’s U.S. operations serve international businesses. As the Firm’s operations are highly integrated, estimates and subjective assumptions have been made to apportion revenue and expense between U.S. and international operations. These estimates and assumptions are consistent with the allocations used for the Firm’s segment reporting as set forth in Note 32. The Firm’s long-lived assets for the periods presented are not considered by management to be significant in relation to total assets. The majority of the Firm’s long-lived assets are located in the U.S. As of or for the year ended December 31, Revenue (c) Expense (d) Income before income tax Net income Total assets 2023 Europe/Middle East/Africa $ 20,974 $ 11,947 $ 9,027 $ 6,402 $ 529,335 (e) Asia-Pacific 10,605 6,550 4,055 2,709 251,588 Latin America/Caribbean 3,294 1,971 1,323 994 83,003 Total international 34,873 20,468 14,405 10,105 863,926 North America (a)(b) 123,231 76,024 47,207 39,447 3,011,467 Total $ 158,104 $ 96,492 $ 61,612 $ 49,552 $ 3,875,393 2022 Europe/Middle East/Africa $ 18,765 $ 11,754 $ 7,011 $ 5,158 $ 558,430 (e) Asia-Pacific 10,025 6,763 3,262 2,119 281,479 Latin America/Caribbean 3,178 1,697 1,481 1,156 78,673 Total international 31,968 20,214 11,754 8,433 918,582 North America (a) 96,727 62,315 34,412 29,243 2,747,161 Total $ 128,695 $ 82,529 $ 46,166 $ 37,676 $ 3,665,743 2021 Europe/Middle East/Africa $ 16,561 $ 10,833 $ 5,728 $ 4,202 $ 517,904 (e) Asia-Pacific 9,654 6,372 3,282 2,300 277,897 Latin America/Caribbean 2,756 1,589 1,167 878 65,040 Total international 28,971 18,794 10,177 7,380 860,841 North America (a) 92,678 43,293 49,385 40,954 2,882,726 Total $ 121,649 $ 62,087 $ 59,562 $ 48,334 $ 3,743,567 (a) Substantially reflects the U.S. (b) Includes the impact of First Republic. Refer to Note 34 for additional information. (c) Revenue is composed of net interest income and noninterest revenue. (d) Expense is composed of noninterest expense and the provision for credit losses. (e) Total assets for the U.K. were approximately $352 billion, $357 billion and $365 billion at December 31, 2023, 2022 and 2021, respectively. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Business segments The Firm is managed on an LOB basis. There are four major reportable business segments – Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking and Asset & Wealth Management. In addition, there is a Corporate segment. The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee. Segment results are presented on a managed basis. Refer to Segment results of this footnote for a further discussion of JPMorgan Chase’s business segments. The following is a description of each of the Firm’s business segments, and the products and services they provide to their respective client bases. Consumer & Community Banking Consumer & Community Banking offers products and services to consumers and small businesses through bank branches, ATMs, digital (including mobile and online) and telephone banking. CCB is organized into Banking & Wealth Management (including Consumer Banking, J.P. Morgan Wealth Management and Business Banking), Home Lending (including Home Lending Production, Home Lending Servicing and Real Estate Portfolios) and Card Services & Auto. Banking & Wealth Management offers deposit, investment and lending products, cash management, payments and services. Home Lending includes mortgage origination and servicing activities, as well as portfolios consisting of residential mortgages and home equity loans. Card Services issues credit cards and offers travel services. Auto originates and services auto loans and leases. Corporate & Investment Bank The Corporate & Investment Bank, which consists of Banking and Markets & Securities Services, offers a broad suite of investment banking, market-making, prime brokerage, lending, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, merchants, government and municipal entities. Banking offers a full range of investment banking products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity and debt markets, as well as loan origination and syndication. Banking also includes Payments, which provides services, that enable clients to manage payments globally across liquidity and account solutions, commerce solutions, clearing, trade and working capital. Markets & Securities Services includes Markets, a global market-maker across products, including cash and derivative instruments, which also offers sophisticated risk management solutions, prime brokerage, clearing and research. Markets & Securities Services also includes Securities Services, a leading global custodian which provides custody, fund accounting and administration, and securities lending products principally for asset managers, insurance companies and public and private investment funds. Commercial Banking Commercial Banking provides comprehensive financial solutions, including lending, payments, investment banking and asset management products across three primary client segments: Middle Market Banking, Corporate Client Banking and Commercial Real Estate Banking. Other includes amounts not aligned with a primary client segment. Middle Market Banking covers small and midsized companies, local governments and nonprofit clients. Corporate Client Banking covers large corporations. Commercial Real Estate Banking covers investors, developers, and owners of multifamily, office, retail, industrial and affordable housing properties. Asset & Wealth Management Asset & Wealth Management, with client assets of $5.0 trillion, is a global leader in investment and wealth management. Asset Management Offers multi-asset investment management solutions across equities, fixed income, alternatives and money market funds to institutional and retail investors providing for a broad range of clients’ investment needs. Global Private Bank Provides retirement products and services, brokerage, custody, estate planning, lending, deposits and investment management to high net worth clients. The majority of AWM’s client assets are in actively managed portfolios. Corporate The Corporate segment 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 functions and expense that is centrally managed as well as certain Firm initiatives and activities not solely aligned to a specific LOB. The major Other Corporate functions include Real Estate, Technology, Legal, Corporate Finance, Human Resources, Internal Audit, Risk Management, Compliance, Control Management, Corporate Responsibility and various Other Corporate groups. Segment results The following table provides a summary of the Firm’s segment results as of or for the years ended December 31, 2023, 2022 and 2021, on a managed basis. The Firm’s definition of managed basis starts 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. This allows 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/(benefit). These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs. Capital allocation Each business segment 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 a business segment’s performance. The Firm’s current allocation methodology incorporates Basel III Standardized RWA and the GSIB surcharge, both under rules currently in effect, as well as a simulation of capital in a severe stress environment. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs may change. Segment results and reconciliation (a) (Table continued on next page) As of or for the year ended Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Noninterest revenue $ 15,118 $ 14,886 (b) $ 17,092 (b) $ 40,315 $ 36,202 (b) $ 38,403 (b) $ 3,494 $ 3,336 $ 3,929 $ 13,560 $ 12,507 $ 13,071 Net interest income 55,030 39,928 32,787 8,492 11,900 13,540 12,052 8,197 6,079 6,267 5,241 3,886 Total net revenue 70,148 54,814 49,879 48,807 48,102 51,943 15,546 11,533 10,008 19,827 17,748 16,957 Provision for credit losses 6,899 3,813 (6,989) 121 1,158 (1,174) 1,970 1,268 (947) 159 128 (227) Noninterest expense 34,819 31,208 (b) 29,028 (b) 28,594 27,350 (b) 25,553 (b) 5,378 4,719 4,041 12,780 11,829 10,919 Income/(loss) before income tax expense/(benefit) 28,430 19,793 27,840 20,092 19,594 27,564 8,198 5,546 6,914 6,888 5,791 6,265 Income tax expense/(benefit) 7,198 4,877 (b) 6,883 (b) 5,963 4,669 (b) 6,457 (b) 2,055 1,333 1,668 1,661 1,426 1,528 Net income/(loss) $ 21,232 $ 14,916 $ 20,957 $ 14,129 $ 14,925 $ 21,107 $ 6,143 $ 4,213 $ 5,246 $ 5,227 $ 4,365 $ 4,737 Average equity $ 54,349 $ 50,000 $ 50,000 $ 108,000 $ 103,000 $ 83,000 $ 29,507 $ 25,000 $ 24,000 $ 16,671 $ 17,000 $ 14,000 Total assets 642,951 514,085 500,370 1,338,168 1,334,296 1,259,896 300,325 257,106 230,776 245,512 232,037 234,425 Return on equity 38 % 29 % 41 % 13 % 14 % 25 % 20 % 16 % 21 % 31 % 25 % 33 % Overhead ratio 50 57 58 59 57 49 35 41 40 64 67 64 (Table continued from previous page) As of or for the year ended Corporate Reconciling Items (a) Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 Noninterest revenue $ 132 $ (1,798) $ 68 $ (3,782) $ (3,148) $ (3,225) $ 68,837 $ 61,985 $ 69,338 Net interest income 7,906 1,878 (3,551) (480) (434) (430) 89,267 66,710 52,311 Total net revenue 8,038 80 (3,483) (4,262) (3,582) (3,655) 158,104 128,695 121,649 Provision for credit losses 171 22 81 — — — 9,320 6,389 (9,256) Noninterest expense 5,601 1,034 1,802 — — — 87,172 76,140 71,343 Income/(loss) before income tax expense/(benefit) 2,266 (976) (5,366) (4,262) (3,582) (3,655) 61,612 46,166 59,562 Income tax expense/(benefit) (555) (233) (1,653) (4,262) (3,582) (3,655) 12,060 8,490 11,228 Net income/(loss) $ 2,821 $ (743) $ (3,713) $ — $ — $ — $ 49,552 $ 37,676 $ 48,334 Average equity $ 73,529 $ 58,068 $ 79,968 $ — $ — $ — $ 282,056 $ 253,068 $ 250,968 Total assets 1,348,437 1,328,219 1,518,100 NA NA NA 3,875,393 3,665,743 3,743,567 Return on equity NM NM NM NM NM NM 17 % 14 % 19 % Overhead ratio NM NM NM NM NM NM 55 59 59 (a) Segment results on a managed basis reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. As a result of the organizational changes that were announced on January 25, 2024, the Firm will be reorganizing its business segments to reflect the manner in which the segments will be managed. The reorganization of the business segments is expected to be effective in the second quarter of 2024. |
Parent Company
Parent Company | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company | Parent Company The following tables present Parent Company-only financial statements. Statements of income and comprehensive income Year ended December 31, 2023 2022 2021 Income Dividends from subsidiaries and affiliates: Bank and bank holding company $ 61,000 $ 40,500 $ 10,000 Non-bank — — — Interest income from subsidiaries 1,166 498 32 Other income/(expense) from subsidiaries: Bank and bank holding company 1,801 (3,497) 859 Non-bank 250 335 366 Other income/(expense) (654) 5,271 1,137 Total income 63,563 43,107 12,394 Expense Interest expense/(income) to subsidiaries and affiliates (a) 2,258 22,731 5,353 Other interest expense/(income) (a) 11,714 (14,658) (1,349) Noninterest expense 3,431 2,817 2,637 Total expense 17,403 10,890 6,641 Income before income tax benefit and undistributed net income of subsidiaries 46,160 32,217 5,753 Income tax benefit 1,525 1,260 1,329 Equity in undistributed net income of subsidiaries 1,867 4,199 41,252 Net income $ 49,552 $ 37,676 $ 48,334 Other comprehensive income/(loss), net 6,898 (17,257) (8,070) Comprehensive income $ 56,450 $ 20,419 $ 40,264 Balance sheets December 31, (in millions) 2023 2022 Assets Cash and due from banks $ 42 $ 41 Deposits with banking subsidiaries 9,804 9,806 Trading assets 3,198 2,727 Advances to, and receivables from, subsidiaries: Bank and bank holding company 152 136 Non-bank 21 46 Investments (at equity) in subsidiaries and affiliates: Bank and bank holding company 568,472 532,759 Non-bank 1,045 1,064 Other assets 8,962 9,108 Total assets $ 591,696 $ 555,687 Liabilities and stockholders’ equity Borrowings from, and payables to, subsidiaries and affiliates $ 22,777 $ 24,164 Short-term borrowings 999 1,130 Other liabilities 11,500 10,440 Long-term debt (b)(c) 228,542 227,621 Total liabilities (c) 263,818 263,355 Total stockholders’ equity 327,878 292,332 Total liabilities and stockholders’ equity $ 591,696 $ 555,687 Statements of cash flows Year ended December 31, 2023 2022 2021 Operating activities Net income $ 49,552 $ 37,676 $ 48,334 Less: Net income of subsidiaries and affiliates 62,868 44,699 51,252 Parent company net loss (13,316) (7,023) (2,918) Cash dividends from subsidiaries and affiliates 61,000 40,500 10,000 Other operating adjustments 9,412 (23,747) (12,677) Net cash provided by/(used in) operating activities 57,096 9,730 (5,595) Investing activities Net change in: Advances to and investments in subsidiaries and affiliates, net (25,000) — (3,000) All other investing activities, net 25 31 31 Net cash provided by/(used in) investing activities (24,975) 31 (2,969) Financing activities Net change in: Borrowings from subsidiaries and affiliates (2,249) (4,491) 2,647 Short-term borrowings — — — Proceeds from long-term borrowings 19,398 41,389 49,169 Payments of long-term borrowings (25,105) (18,294) (15,543) Proceeds from issuance of preferred stock — — 7,350 Redemption of preferred stock — (7,434) (2,575) Treasury stock repurchased (9,824) (3,162) (18,408) Dividends paid (13,463) (13,562) (12,858) All other financing activities, net (879) (1,205) (1,238) Net cash provided by/(used in) financing activities (32,122) (6,759) 8,544 Net increase/(decrease) in cash and due from banks and deposits with banking subsidiaries (1) 3,002 (20) Cash and due from banks and deposits with banking subsidiaries at the beginning of the year 9,847 6,845 6,865 Cash and due from banks and deposits with banking subsidiaries at the end of the year $ 9,846 $ 9,847 $ 6,845 Cash interest paid $ 13,742 $ 7,462 $ 4,065 Cash income taxes paid, net (d) 10,291 6,941 15,259 (a) Includes interest expense for intercompany derivative hedges on the Firm’s LTD and related fair value adjustments, which is offset by related amounts in Other interest expense/(income). (b) At December 31, 2023, long-term debt that contractually matures in 2024 through 2028 totaled $9.1 billion, $27.5 billion, $29.1 billion, $20.1 billion, and $21.8 billion, respectively. (c) Refer to Notes 20 and 28 for information regarding the Parent Company’s guarantees of its subsidiaries’ obligations. (d) Represents payments, net of refunds, made by the Parent Company to various taxing authorities and includes taxes paid on behalf of certain of its subsidiaries that are subsequently reimbursed. The reimbursements were $13.2 billion, $11.3 billion, and $13.9 billion for the years ended December 31, 2023, 2022 and 2021, respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business combinations On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank (the "First Republic acquisition") from the Federal Deposit Insurance Corporation (“FDIC”), as receiver. The Firm believes that the First Republic acquisition is complementary to the Firm's existing franchises. The acquisition resulted in an estimated bargain purchase gain, which represents the excess of the estimated fair value of the net assets acquired above the purchase price. The Firm has determined that this acquisition constitutes a business combination under U.S. GAAP. Accordingly, the initial recognition of the assets acquired and liabilities assumed were generally measured at their estimated fair values as of May 1, 2023. The determination of those fair values required management to make certain market-based assumptions about expected future cash flows, discount rates and other valuation inputs at the time of the acquisition. The Firm believes that the fair value estimates of the assets acquired and liabilities assumed provide a reasonable basis for determining the estimated bargain purchase gain. The Firm and the FDIC have not yet completed the settlement process under which the purchase price, and the identification of the assets acquired and liabilities assumed, will be finalized. The finalization of this settlement process may impact the amount of the estimated bargain purchase gain. The purchase and assumption agreement entered into with the FDIC allows for final settlement to occur up to a year after the acquisition date. In addition, the purchase price and the estimated bargain purchase gain could change pending management's finalization of its acquisition date fair value estimates for certain of the assets acquired and liabilities assumed, which may take place up to one year from the acquisition date, as permitted by U.S. GAAP. The First Republic acquisition resulted in a preliminary estimated bargain purchase gain of $2.7 billion. The Firm has continued to progress in the settlement process with the FDIC and refine its acquisition-date fair value estimates. As a result, during the year ended December 31, 2023, adjustments totaling $63 million were made, increasing the estimated bargain purchase gain to $2.8 billion. In connection with the First Republic acquisition, the Firm and the FDIC entered into two shared-loss agreements with respect to certain loans and lending-related commitments (the "shared-loss assets"): the Commercial Shared-Loss Agreement ("CSLA") and the Single-Family Shared-Loss Agreement (“SFSLA”). The CSLA covers 80% of credit losses, on a pari passu basis, over 5 years with a subsequent 3-year recovery period for certain acquired commercial loans and other real estate exposure. The SFSLA covers 80% of credit losses, on a pari passu basis, for 7 years for certain acquired loans secured by mortgages on real property or shares in cooperative property constituting a primary residence. The indemnification assets, which represent the fair value of the CSLA and SFSLA on the acquisition date, are reflected in the total assets acquired. As part of the consideration paid, JPMorgan Chase issued a five-year, $50 billion secured note to the FDIC (the "Purchase Money Note"). The Purchase Money Note bears interest at a fixed rate of 3.4% and is secured by certain of the acquired loans. The Purchase Money Note is prepayable upon notice to the holder. The Firm had placed a $5 billion deposit with First Republic Bank on March 16, 2023, as part of $30 billion of deposits provided by a consortium of large U.S. banks. The Firm's $5 billion deposit was effectively settled as part of the acquisition and the associated allowance for credit losses was released upon closing. The Firm subsequently repaid the remaining $25 billion of deposits to the consortium of banks, including accrued interest through the payment date on May 9, 2023. The computation of the purchase price, the estimated fair values of the assets acquired and liabilities assumed as part of the First Republic acquisition and the related estimated bargain purchase gain are presented below, and reflect the adjustments made through December 31, 2023 to the acquisition-date fair value of the net assets acquired. Fair value purchase (in millions) Purchase price consideration Amounts paid/due to the FDIC, net of cash acquired (a) $ 13,524 Purchase Money Note (at fair value) 48,848 Settlement of First Republic deposit and other related party transactions (b) 5,447 Contingent consideration - Shared-loss agreements 15 Purchase price consideration $ 67,834 Assets Securities $ 30,285 Loans (c) 153,242 Core deposit and customer relationship intangibles 1,455 Indemnification assets - Shared-loss agreements 675 Accounts receivable and other assets (c)(d) 6,574 Total assets acquired $ 192,231 Liabilities Deposits $ 87,572 FHLB advances 27,919 Lending-related commitments 2,614 Accounts payable and other liabilities (c)(d) 2,793 Deferred tax liabilities 724 Total liabilities assumed $ 121,622 Fair value of net assets acquired $ 70,609 Estimated gain on acquisition, after-tax $ 2,775 (a) Includes $10.6 billion of cash paid to the FDIC at acquisition and $3.6 billion payable to the FDIC, less cash acquired of $680 million. (b) Includes $447 million of securities financing transactions with First Republic Bank that were effectively settled on the acquisition date. (c) In the fourth quarter, certain assets and liabilities were reclassified resulting in a $762 million increase to loans, an $870 million decrease to accounts receivable and other assets and a $30 million increase to accounts payable and other liabilities. (d) Other assets include $1.2 billion in tax-oriented investments and $683 million of lease right-of-use assets. Other liabilities include the related tax-oriented investment liabilities of $669 million and lease liabilities of $748 million. Refer to Note 14 and Note 18 for additional information. The issuance of the $50 billion Purchase Money Note, the effective settlement of the Firm's $5 billion deposit and $447 million of securities financing with First Republic Bank, and the $3.6 billion payable to the FDIC as part of the purchase price consideration are considered non-cash transactions. The following describes the accounting policies and fair value methodologies generally used by the Firm for the following assets acquired and liabilities assumed: core deposit and customer relationship intangibles, shared-loss agreements and the related indemnification assets, Purchase Money Note, and FHLB advances. For further discussion of the Firm’s accounting policies and valuation methodologies, refer to Note 2 and Note 3 for fair value measurement, Note 10 for investment securities, Note 12 for loans, Note 17 for deposits, and Note 28 for lending-related commitments. Core deposit and customer relationship intangibles Core deposit and certain wealth management customer relationship intangibles were acquired as part of the First Republic acquisition. The core deposit intangible of $1.3 billion was valued by discounting estimated after-tax cost savings over the remaining useful life of the deposits using the favorable source of funds method. The after-tax cost savings were estimated based on the difference between the cost of maintaining the core deposit base relative to the cost of next best alternative funding sources available to market participants. The customer relationship intangibles of $180 million were valued by discounting estimated after-tax earnings over their remaining useful lives using the multi-period excess earnings method. Both intangible asset valuations utilized assumptions that the Firm believes a market participant would use to estimate fair values, such as growth and attrition rates, projected fee income as well as related costs to service the relationships, and discount rates. The core deposit and customer relationship intangibles will be amortized over a projected period of future cash flows of approximately 7 years. Refer to Note 15 for further discussion on other intangible assets. Indemnification assets - Shared-loss agreements The indemnification assets represent forecasted recoveries from the FDIC associated with the shared-loss assets over the respective shared-loss recovery periods. The indemnification assets were recorded at fair value in other assets on the Consolidated balance sheets on the acquisition date. The fair values of the indemnification assets were estimated based on the timing of the forecasted losses underlying the related allowance for credit losses. The subsequent quarterly remeasurement of the indemnification assets is based on changes in the amount and timing of forecasted losses in the allowance for credit losses associated with the shared-loss assets and is recorded in other income. Under certain circumstances, the Firm may be required to make a payment to the FDIC upon termination of the shared-loss agreements based on the level of actual losses and recoveries on the shared-loss assets. The estimated potential future payment is reflected as contingent consideration as part of the purchase price consideration. Purchase Money Note and FHLB advances The Purchase Money Note is recorded in long-term debt on the Consolidated balance sheets. The fair value of the Purchase Money Note was estimated based on a discounted cash flow methodology and incorporated estimated market discount rates. The FHLB advances assumed in the acquisition are recorded in short-term borrowings and in long-term debt. The fair values of the FHLB advances were based on a discounted cash flow methodology and considered the observed FHLB advance issuance rates. Loans The following table presents the unpaid principal balance ("UPB") and estimated fair values of the loans acquired as of May 1, 2023, and reflects adjustments to the acquisition-date fair value of the loans acquired through December 31, 2023. May 1, 2023 (in millions) UPB Fair value Residential real estate $ 106,240 $ 92,053 Auto and other 3,093 2,030 Total consumer 109,333 94,083 Secured by real estate 37,117 33,602 Commercial & industrial 4,332 3,932 Other (a) 23,499 21,625 Total wholesale 64,948 59,159 Total loans $ 174,281 $ 153,242 (a) In the fourth quarter, certain assets and liabilities were reclassified resulting in a $900 million increase to the UPB and a $762 million increase to the fair value of Other wholesale loans. Unaudited pro forma condensed combined financial information Included in the Firm's Consolidated statements of income are noninterest revenue, net interest income and net income contributed by First Republic of $4.4 billion, $3.7 billion and $4.1 billion, respectively, for the year ended December 31, 2023. The following table presents certain unaudited pro forma financial information for the year ended December 31, 2023 and 2022 as if the First Republic acquisition had occurred on January 1, 2022, including recognition of the estimated bargain purchase gain of $2.8 billion and the provision for credit losses of $1.2 billion. Additional adjustments include the interest on the Purchase Money Note and the impact of amortizing and accreting certain estimated fair value adjustments related to intangible assets, loans and lending-related commitments. The Firm expects to achieve operating cost savings and other business synergies resulting from the acquisition that are not reflected in the pro forma amounts. The pro forma information is not necessarily indicative of the historical results of operations had the acquisition occurred on January 1, 2022, nor is it indicative of the results of operations in future periods, particularly in light of recent changes in market and economic conditions. Year ended December 31, (in millions) 2023 2022 Noninterest revenue $ 65,816 $ 66,510 Net interest income 90,856 71,005 Net income 48,665 41,089 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 49,552 | $ 37,676 | $ 48,334 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares | Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | 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 2023 by any director or any executive officer who is subject to the filing requirements of Section 16 of the Securities Exchange Act of 1934. These trading arrangements are intended to satisfy the affirmative defense of Rule 10b5-1(c). Certain of the Firm's directors and executive officers may participate in employee stock purchase plans, 401(k) plans or dividend reinvestment plans of the Firm that have been designed to comply with Rule 10b5-1(c). No non-Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934) were adopted by any director or executive officer during the fourth quarter of 2023. Additionally, no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were terminated by any director or executive officer in the fourth quarter of 2023. Name Title Adoption date Duration (b) Aggregate number of shares to be sold Lori Beer Chief Information Officer November 13, 2023 November 13, 2023 - May 17, 2024 7,840 James Dimon (a) Chairman and CEO October 26, 2023 October 26, 2023 - August 23, 2024 1,000,000 Stacey Friedman General Counsel November 7, 2023 November 7, 2023 - May 17, 2024 6,030 (a) Transaction by trusts of which Mr. Dimon has either a direct or indirect pecuniary interest. (b) | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Lori Beer [Member] | ||
Trading Arrangements, by Individual | ||
Name | Lori Beer | |
Title | Chief Information Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 13, 2023 | |
Arrangement Duration | 186 days | |
Aggregate Available | 7,840 | 7,840 |
James Dimon [Member] | ||
Trading Arrangements, by Individual | ||
Name | James Dimon(a) | |
Title | Chairman and CEO | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | October 26, 2023 | |
Arrangement Duration | 302 days | |
Aggregate Available | 1,000,000 | 1,000,000 |
Stacey Friedman [Member] | ||
Trading Arrangements, by Individual | ||
Name | Stacey Friedman | |
Title | General Counsel | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 7, 2023 | |
Arrangement Duration | 192 days | |
Aggregate Available | 6,030 | 6,030 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation policy | The accounting and financial reporting policies of JPMorgan Chase and its subsidiaries conform to U.S. GAAP. Additionally, where applicable, the policies conform to the accounting and reporting guidelines prescribed by regulatory authorities. |
Consolidation policy | The Consolidated Financial Statements include the accounts of JPMorgan Chase and other entities in which the Firm has a controlling financial interest. All material intercompany balances and transactions have been eliminated. Assets held for clients in an agency or fiduciary capacity by the Firm are not assets of JPMorgan Chase and are not included on the Consolidated balance sheets. The Firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Voting interest entities Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity’s operations. For these types of entities, the Firm’s determination of whether it has a controlling interest is primarily based on the amount of voting equity interests held. Entities in which the Firm has a controlling financial interest, through ownership of the majority of the entities’ voting equity interests, or through other contractual rights that give the Firm control, are consolidated by the Firm. Investments in companies in which the Firm has significant influence over operating and financing decisions (but does not own a majority of the voting equity interests) are accounted for (i) in accordance with the equity method of accounting, or (ii) at fair value if the fair value option was elected. These investments are generally included in other assets, with income or loss included in noninterest revenue. Certain Firm-sponsored asset management funds are structured as limited partnerships or limited liability companies. For many of these entities, the Firm is the general partner or managing member, but the non-affiliated partners or members have the ability to remove the Firm as the general partner or managing member without cause (i.e., kick-out rights), based on a simple majority vote, or the non-affiliated partners or members have rights to participate in important decisions. Accordingly, the Firm does not consolidate these voting interest entities. However, in the limited cases where the non-managing partners or members do not have substantive kick-out or participating rights, the Firm evaluates the funds as VIEs and consolidates the funds if the Firm is the general partner or managing member and has both power and a potentially significant interest. The Firm’s investment companies and asset management funds have investments in both publicly-held and privately-held entities, including investments in buyouts, growth equity and venture opportunities. These investments are accounted for under investment company guidelines and, accordingly, irrespective of the percentage of equity ownership interests held, are carried on the Consolidated balance sheets at fair value, and are recorded in other assets, with income or loss included in noninterest revenue. If consolidated, the Firm retains the accounting under such specialized investment company guidelines. Variable interest entities VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The most common type of VIE is an SPE. SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. The basic SPE structure involves a company selling assets to the SPE; the SPE funds the purchase of those assets by issuing securities to investors. The legal documents that govern the transaction specify how the cash earned on the assets must be allocated to the SPE’s investors and other parties that have rights to those cash flows. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. To assess whether the Firm has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Firm considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes, first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (such as asset managers, collateral managers, servicers, or owners of call options or liquidation rights over the VIE’s assets) or have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether the Firm has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Firm considers all of its economic interests, including debt and equity investments, servicing fees, and derivatives or other arrangements deemed to be variable interests in the VIE. This assessment requires that the Firm apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Firm. The Firm performs on-going reassessments of: (1) whether entities previously evaluated under the majority voting-interest framework have become VIEs, based on certain events, and are therefore subject to the VIE consolidation framework; and (2) whether changes in the facts and circumstances regarding the Firm’s involvement with a VIE cause the Firm’s consolidation conclusion to change. |
Revenue recognition policy | Interest income The Firm recognizes interest income on loans, debt securities, and other debt instruments, generally on a level-yield basis, based on the underlying contractual rate. Refer to Note 7 for further information. Revenue from contracts with customers JPMorgan Chase recognizes noninterest revenue from certain contracts with customers , in investment banking fees, deposit-related fees, asset management fees, commissions and other fees, and components of card income, when the Firm’s related performance obligations are satisfied. Refer to Note 6 for further discussion of the Firm’s revenue from contracts with customers. Principal transactions revenue Investment banking fees This revenue category includes debt and equity underwriting and advisory fees. As an underwriter, the Firm helps clients raise capital via public offering and private placement of various types of debt and equity instruments. Underwriting fees are primarily based on the issuance price and quantity of the underlying instruments, and are recognized as revenue typically upon execution of the client’s transaction. The Firm also manages and syndicates loan arrangements. Credit arrangement and syndication fees, included within debt underwriting fees, are recorded as revenue after satisfying certain retention, timing and yield criteria. The Firm also provides advisory services, by assisting its clients with mergers and acquisitions, divestitures, restructuring and other complex transactions. Advisory fees are recognized as revenue typically upon execution of the client’s transaction. Principal transactions Principal transactions revenue is driven by many factors, including: • the bid-offer spread, which is the difference between the price at which a market participant is willing and able to sell an instrument to the Firm and the price at which another market participant is willing and able to buy it from the Firm, and vice versa; and • realized and unrealized gains and losses on financial instruments and commodities transactions, including those accounted for under the fair value option, primarily used in client-driven market-making activities. – Realized gains and losses result from the sale of instruments, closing out or termination of transactions, or interim cash payments. – Unrealized gains and losses result from changes in valuation. In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities, including physical commodities inventories and financial instruments that reference commodities. Principal transactions revenue also includes realized and unrealized gains and losses related to: • derivatives designated in qualifying hedge accounting relationships, primarily fair value hedges of commodity and foreign exchange risk; • derivatives used for specific risk management purposes, primarily to mitigate credit, foreign exchange and interest rate risks. Refer to Note 5 for further information on the income statement classification of gains and losses from derivatives activities. In the financial commodity markets, the Firm transacts in OTC derivatives (e.g., swaps, forwards, options) and ETD that reference a wide range of underlying commodities. In the physical commodity markets, the Firm primarily purchases and sells precious and base metals and may hold other commodities inventories under financing and other arrangements with clients. Lending- and deposit-related fees Lending-related fees include fees earned from loan commitments, standby letters of credit, financial guarantees, and other loan-servicing activities. Deposit-related fees include fees earned from performing cash management activities, and providing overdraft and other deposit account services. Lending- and deposit-related fees are recognized over the period in which the related service is provided. Asset management fees Investment management fees include fees associated with assets the Firm manages on behalf of its clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. Management fees are typically based on the value of assets under management and are collected and recognized at the end of each period over which the management services are provided and the value of the managed assets is known. The Firm also receives performance-based management fees, which are earned based on exceeding certain benchmarks or other performance targets and are accrued and recognized when the probability of reversal is remote, typically at the end of the related billing period. All other asset management fees include commissions earned on the sales or distribution of mutual funds to clients. These fees are recorded as revenue at the time the service is rendered or, in the case of certain distribution fees, based on the underlying fund’s asset value or investor redemption activity. Commissions and other fees This revenue category includes commissions and fees from brokerage and custody services, and other products. Brokerage commissions represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. Brokerage commissions are collected and recognized as revenue upon occurrence of the client transaction. The Firm reports certain costs paid to third-party clearing houses and exchanges net against commission revenue. Administration fees predominantly include fees for custody, funds services, securities lending and securities clearance. These fees are recorded as revenue over the period in which the related service is provided. Mortgage fees and related income This revenue category reflects CCB’s Home Lending production and net mortgage servicing revenue. Production revenue includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option. Net mortgage servicing revenue includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies. Refer to Note 15 for further information on risk management activities and MSRs. Net interest income from mortgage loans is recorded in interest income. Card income This revenue category includes interchange and other income from credit and debit card transactions; and fees earned from processing card transactions for merchants, both of which are recognized when purchases are made by a cardholder and presented net of certain transaction-related costs. Card income also includes account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12-month period. Certain credit card products offer the cardholder the ability to earn points based on account activity, which the cardholder can choose to redeem for cash and non-cash rewards. The cost to the Firm related to these proprietary rewards programs varies based on multiple factors including the terms and conditions of the rewards programs, cardholder activity, cardholder reward redemption rates and cardholder reward selections. The Firm maintains a liability for its obligations under its rewards programs and reports the current-period cost as a reduction of card income. Credit card revenue sharing agreements The Firm has contractual agreements with numerous co-brand partners that grant the Firm exclusive rights to issue co-branded credit card products and market them to the customers of such partners. These partners endorse the co-brand credit card programs and provide their customer or member lists to the Firm. The partners may also conduct marketing activities and provide rewards redeemable under their own loyalty programs that the Firm will grant to co-brand credit cardholders based on account activity. The terms of these agreements generally range from five |
Use of estimates in the preparation of consolidated financial statements policy | The preparation of the Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense, and disclosures of contingent assets and liabilities. Actual results could be different from these estimates. |
Foreign currency translation policy | JPMorgan Chase revalues assets, liabilities, revenue and expense denominated in non-U.S. currencies into U.S. dollars using applicable exchange rates. Gains and losses relating to translating functional currency financial statements for U.S. reporting are included in the Consolidated statements of comprehensive income. Gains and losses relating to nonfunctional currency transactions, including non-U.S. operations where the functional currency is the U.S. dollar, are reported in the Consolidated statements of income. |
Offsetting assets and liabilities policy | U.S. GAAP permits entities to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the Consolidated balance sheets when a legally enforceable master netting agreement exists. U.S. GAAP also permits securities sold and purchased under repurchase agreements and securities borrowed or loaned under securities loan agreements to be presented net when specified conditions are met, including the existence of a legally enforceable master netting agreement. The Firm has elected to net such balances where it has determined that the specified conditions are met. The Firm uses master netting agreements to mitigate counterparty credit risk in certain transactions, including derivative contracts, resale, repurchase, securities borrowed and securities loaned agreements. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due). Upon the exercise of derivatives termination rights by the non-defaulting party (i) all transactions are terminated, (ii) all transactions are valued and the positive values of “in the money” transactions are netted against the negative values of “out of the money” transactions and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Upon exercise of default rights under repurchase agreements and securities loan agreements in general (i) all transactions are terminated and accelerated, (ii) all values of securities or cash held or to be delivered are calculated, and all such sums are netted against each other and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. Typical master netting agreements for these types of transactions also often contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty. securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets. |
Statements of cash flows policy | For JPMorgan Chase’s Consolidated statements of cash flows, cash is defined as those amounts included in cash and due from banks and deposits with banks on the Consolidated balance sheets. |
Accounting standards adopted | Derivatives and Hedging: Fair Value Hedging – Portfolio Layer Method The adoption of this guidance expanded the ability to hedge a portfolio of fixed-rate assets to allow more types of assets to be included in the portfolio, and to allow more of the portfolio to be hedged. This guidance also clarified the types of derivatives that could be used as hedges, and the balance sheet presentation and disclosure requirements for the hedge accounting adjustments. As permitted by the guidance, the Firm elected to transfer HTM securities to AFS and designated those securities in a portfolio layer method hedge upon adoption. The adoption impact of the transfer on retained earnings was not material. Refer to Note 5 and Note 10 for additional information. Financial Instruments – Credit Losses: Troubled Debt Restructurings (“TDRs”) The adoption of this guidance eliminated the accounting and disclosure requirements for TDRs, including the requirement to measure the allowance using a discounted cash flow (“DCF”) methodology, and allowed the option of a non-DCF portfolio-based approach for modified loans to troubled borrowers. If a DCF methodology is still applied for these modified loans, the discount rate must be the post-modification effective interest rate, instead of the pre-modification effective interest rate. The Firm elected to apply its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans which the Firm elected to continue applying a DCF methodology. Refer to Note 13 for a description of the portfolio-based allowance approach and the asset-specific allowance approach. This guidance was adopted on January 1, 2023 under the modified retrospective method which resulted in a net decrease to the allowance for credit losses of $587 million and an increase to retained earnings of $446 million, after-tax, predominantly driven by residential real estate and credit card. The adoption of this guidance eliminated the disclosure requirements for TDRs including the requirement to assess whether a modification is reasonably expected or involves a concession. The new guidance requires disclosure for loan modifications to borrowers experiencing financial difficulty consisting of principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension or a combination of these modifications. The Firm has defined these types of modifications as financial difficulty modifications ("FDMs"). As a result of the elimination of the requirement to assess whether a modification is reasonably expected or involves a concession, the population of loans considered FDMs differs from those previously considered TDRs. This guidance also requires disclosure of current period gross charge-offs by vintage origination year. Refer to Note 12 for further information. |
Fair value policy | JPMorgan Chase carries a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly carried at fair value on a recurring basis (i.e., assets and liabilities that are measured and reported at fair value on the Firm’s Consolidated balance sheets). Certain assets, liabilities and unfunded lending-related commitments are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). |
Fair value option policy | The fair value option provides an option to elect fair value for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments. The Firm has elected to measure certain instruments at fair value for several reasons including to mitigate income statement volatility caused by the differences between the measurement basis of elected instruments (e.g., certain instruments that otherwise would be accounted for on an accrual basis) and the associated risk management arrangements that are accounted for on a fair value basis, as well as to better reflect those instruments that are managed on a fair value basis. The Firm’s election of fair value includes the following instruments: • Loans purchased or originated as part of securitization warehousing activity, subject to bifurcation accounting, or managed on a fair value basis, including lending-related commitments • Certain securities financing agreements • Owned beneficial interests in securitized financial assets that contain embedded credit derivatives, which would otherwise be required to be separately accounted for as a derivative instrument • Structured notes and other hybrid instruments, which are predominantly financial instruments that contain embedded derivatives, that are issued or transacted as part of client-driven activities • |
Derivatives policy | All free-standing derivatives that the Firm executes for its own account are required to be recorded on the Consolidated balance sheets at fair value. As permitted under U.S. GAAP, the Firm nets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting agreement exists between the Firm and the derivative counterparty. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. The accounting for changes in value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. The tabular disclosures on pages 207–214 of this Note provide additional information on the amount of, and reporting for, derivative assets, liabilities, gains and losses. Refer to Notes 2 and 3 for a further discussion of derivatives embedded in structured notes. Derivatives designated as hedges The Firm applies hedge accounting to certain derivatives executed for risk management purposes – generally interest rate, foreign exchange and commodity derivatives. However, JPMorgan Chase does not seek to apply hedge accounting to all of the derivatives associated with the Firm’s risk management activities. For example, the Firm does not apply hedge accounting to purchased CDS used to manage the credit risk of loans and lending-related commitments, because of the difficulties in qualifying such contracts as hedges. For the same reason, the Firm does not apply hedge accounting to certain interest rate, foreign exchange, and commodity derivatives used for risk management purposes. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, for a derivative to be designated as a hedge, the risk management objective and strategy must be documented. Hedge documentation must identify the derivative hedging instrument, the asset or liability or forecasted transaction and type of risk to be hedged, and how the effectiveness of the derivative is assessed prospectively and retrospectively. To assess effectiveness, the Firm uses statistical methods such as regression analysis, nonstatistical methods such as dollar-value comparisons of the change in the fair value of the derivative to the change in the fair value or cash flows of the hedged item, and qualitative comparisons of critical terms and the evaluation of any changes in those terms. The extent to which a derivative has been, and is expected to continue to be, highly effective at offsetting changes in the fair value or cash flows of the hedged item must be assessed and documented at least quarterly. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. There are three types of hedge accounting designations: fair value hedges, cash flow hedges and net investment hedges. JPMorgan Chase uses fair value hedges primarily to hedge fixed-rate long-term debt, AFS securities and certain commodities inventories. For qualifying fair value hedges, the changes in the fair value of the derivative, and in the value of the hedged item for the risk being hedged, are recognized in earnings. Certain amounts excluded from the assessment of effectiveness are recorded in OCI and recognized in earnings over the life of the derivative. If the hedge relationship is terminated, then the adjustment to the hedged item continues to be reported as part of the basis of the hedged item and, for interest-bearing financial instruments, is amortized to earnings as a yield adjustment. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily net interest income and principal transactions revenue. Effective January 1, 2023, the Firm adopted the new portfolio layer method hedge accounting guidance which expanded the ability to hedge a portfolio of fixed-rate assets to allow more types of assets to be included in the portfolio, and to allow more of the portfolio to be hedged. The Firm employs the Portfolio Layer Method to manage the interest rate risk of portfolios of fixed-rate assets. Throughout the life of the open hedge, basis adjustments are maintained at the portfolio level and are only allocated to individual assets under certain circumstances. These include instances where the portfolio amount falls below the hedged layer amounts, or in cases of voluntary de-designation. JPMorgan Chase uses cash flow hedges primarily to hedge the exposure to variability in forecasted cash flows from floating-rate assets and liabilities and foreign currency–denominated revenue and expense. For qualifying cash flow hedges, changes in the fair value of the derivative are recorded in OCI and recognized in earnings as the hedged item affects earnings. Derivative amounts affecting earnings are recognized consistent with the classification of the hedged item – primarily noninterest revenue, net interest income and compensation expense. If the hedge relationship is terminated, then the change in value of the derivative recorded in AOCI is recognized in earnings when the cash flows that were hedged affect earnings. For hedge relationships that are discontinued because a forecasted transaction is expected to not occur according to the original hedge forecast, any related derivative values recorded in AOCI are immediately recognized in earnings. |
Interest income and interest expense policy | Interest income and interest expense are recorded in the Consolidated statements of income and classified based on the nature of the underlying asset or liability. Interest income and interest expense includes the current-period interest accruals for financial instruments measured at fair value, except for derivatives and financial instruments containing embedded derivatives that would be separately accounted for in accordance with U.S. GAAP, absent the fair value option election; for those instruments, all changes in fair value including any interest elements, are primarily reported in principal transactions revenue. For financial instruments that are not measured at fair value, the related interest is included within interest income or interest expense, as applicable. Interest income on loans and securities include the amortization and accretion of purchase premiums and discounts, as well as net deferred fees and costs on loans. These amounts are deferred in loans and investment securities, respectively, and recognized on a level-yield basis. |
Pension and other postretirement plans policy | The Firm has various defined benefit pension plans and OPEB plans that provide benefits to its employees in the U.S. and certain non-U.S. locations. Substantially all the defined benefit pension plans are closed to new participants. The principal defined benefit pension plan in the U.S., which covered substantially all U.S. employees, was closed to new participants and frozen for existing participants on January 1, 2020, (and January 1, 2019 for new hires on or after December 2, 2017). Interest credits continue to accrue to participants’ accounts based on their accumulated balances. The Firm maintains funded and unfunded postretirement benefit plans that provide medical and life insurance for certain eligible employees and retirees as well as their dependents covered under these programs. None of these plans have a material impact on the Firm’s Consolidated Financial Statements. |
Share-based compensation, option and incentive plans policy | RSUs are awarded at no cost to the recipient upon their grant. Generally, RSUs are granted annually and vest at a rate of 50% after two years and 50% after three years and are converted into shares of common stock as of the vesting date. In addition, RSUs typically include full-career eligibility provisions, which allow employees to continue to vest upon voluntary termination based on age and/or service-related requirements, subject to post-employment and other restrictions. All RSU awards are subject to forfeiture until vested and contain clawback provisions that may result in cancellation under certain specified circumstances. Predominantly all RSUs entitle the recipient to receive cash payments equivalent to any dividends paid on the underlying common stock during the period the RSUs are outstanding. Performance share units (“PSUs”) are granted annually, and approved by the Firm’s Board of Directors, to members of the Firm’s Operating Committee under the variable compensation program. PSUs are subject to the Firm’s achievement of specified performance criteria over a three Once the PSUs and dividend equivalent share units have vested, the shares of common stock that are delivered, after applicable tax withholding, must be retained for an additional holding period, for a total combined vesting and holding period of approximately five eight Under the LTI Plans, stock appreciation rights (“SARs”) were generally granted with an exercise price equal to the fair value of JPMorgan Chase’s common stock on the grant date. SARs generally expire ten years after the grant date. In 2021, the Firm awarded its Chairman and CEO and its President and Chief Operating Officer 1.5 million and 750,000 SARs, respectively. There were no grants of SARs in 2023 or 2022. The Firm separately recognizes compensation expense for each tranche of each award, net of estimated forfeitures, as if it were a separate award with its own vesting date. Generally, for each tranche granted, compensation expense is recognized on a straight-line basis from the grant date until the vesting date of the respective tranche, provided that the employees will not become full-career eligible during the vesting period. For awards with full-career eligibility provisions and awards granted with no future substantive service requirement, the Firm accrues the estimated value of awards expected to be awarded to employees as of the grant date without giving consideration to the impact of post-employment restrictions. For each tranche granted to employees who will become full-career eligible during the vesting period, compensation expense is recognized on a straight-line basis from the grant date until the earlier of the employee’s full-career eligibility date or the vesting date of the respective tranche. |
Investment securities policy | Investment securities consist of debt securities that are classified as AFS or HTM. Debt securities classified as trading assets are discussed in Note 2. Predominantly all of the Firm’s AFS and HTM securities are held by Treasury and CIO in connection with its asset-liability management activities. AFS securities are carried at fair value on the Consolidated balance sheets. Unrealized gains and losses, after any applicable hedge accounting adjustments or allowance for credit losses, are reported in AOCI. The specific identification method is used to determine realized gains and losses on AFS securities, which are included in investment securities gains/(losses) on the Consolidated statements of income. HTM securities, which the Firm has the intent and ability to hold until maturity, are carried at amortized cost, net of allowance for credit losses, on the Consolidated balance sheets. For both AFS and HTM securities, purchase discounts or premiums are generally amortized into interest income on a level-yield basis over the contractual life of the security. However, premiums on certain callable debt securities are amortized to the earliest call date. Effective January 1, 2023, the Firm adopted the portfolio layer method hedge accounting guidance which permitted a transfer of HTM securities to AFS upon adoption. The Firm transferred obligations of U.S. states and municipalities with a carrying value of $7.1 billion resulting in the recognition of $38 million net pre-tax unrealized losses in AOCI. Refer to Note 1 and Note 24 for additional information. During 2022, the Firm transferred investment securities with a fair value of $78.3 billion from AFS to HTM for capital management purposes. AOCI included pretax unrealized losses of $4.8 billion on the securities at the date of transfer. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income on a level-yield basis over the remaining life of the securities. This amortization will offset the effect on interest income of the amortization of the premium or discount resulting from the transfer recorded at fair value. Transfers of securities between AFS and HTM are non-cash transactions. The Firm’s internal risk ratings generally align with the qualitative characteristics (e.g., borrower capacity to meet financial commitments and vulnerability to changes in the economic environment) defined by S&P and Moody’s, however the quantitative characteristics (e.g., probability of default (“PD”) and loss given default (“LGD”)) may differ as they reflect internal historical experiences and assumptions. Risk ratings are assigned at acquisition, reviewed on a regular and ongoing basis by Credit Risk Management and adjusted as necessary over the life of the investment for updated information affecting the issuer’s ability to fulfill its obligations. |
Allowance for credit losses policy | 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 security before recovery of its amortized cost. In these circumstances the impairment loss is recognized in investment securities gains/(losses) in the Consolidated Statements of Income and is equal to the full difference between the amortized cost (net of allowance if applicable) and the fair value of the security. For impaired debt securities that the Firm has the intent and ability to hold, the securities are evaluated to determine if a credit loss exists. If it is determined that a credit loss exists, that loss is recognized as an allowance for credit losses through the provision for credit losses in the Consolidated Statements of Income, limited by the amount of impairment. Any impairment on debt securities that the Firm has the intent and ability to hold not due to credit losses is recorded in OCI. Factors considered in evaluating credit losses include adverse conditions specifically related to the industry, geographic area or financial condition of the issuer or underlying collateral of a security; and payment structure of the security. When assessing securities issued in a securitization for credit losses, the Firm estimates cash flows considering relevant market and economic data, underlying loan-level data, and structural features of the securitization, such as subordination, excess spread, overcollateralization or other forms of credit enhancement, and compares the losses projected for the underlying collateral (“pool losses”) against the level of credit enhancement in the securitization structure to determine whether these features are sufficient to absorb the pool losses, or whether a credit loss exists. For beneficial interests in securitizations that are rated below “AA” at their acquisition, or that can be contractually prepaid or otherwise settled in such a way that the Firm would not recover substantially all of its recorded investment, the Firm evaluates impairment for credit losses when there is an adverse change in expected cash flows. HTM securities – credit risk Allowance for credit losses The allowance for credit losses on HTM securities represents expected credit losses over the remaining expected life of the securities. The allowance for credit losses on HTM obligations of U.S. states and municipalities and commercial mortgage-backed securities is calculated by applying statistical credit loss factors (estimated PD and LGD) to the amortized cost. The credit loss factors are derived using a weighted average of five internally developed eight-quarter macroeconomic scenarios, followed by a single year straight-line interpolation to revert to long run historical information for periods beyond the forecast period. Refer to Note 13 for further information on the eight-quarter macroeconomic forecast. The allowance for credit losses on HTM collateralized loan obligations and U.S. residential mortgage-backed securities is calculated as the difference between the amortized cost and the present value of the cash flows expected to be collected, discounted at the security’s effective interest rate. These cash flow estimates are developed based on expectations of underlying collateral performance derived using the eight-quarter macroeconomic forecast and the single year straight-line interpolation, as well as considering the structural features of the security. The application of different inputs and assumptions into the calculation of the allowance for credit losses is subject to significant management judgment, and emphasizing one input or assumption over another, or considering other inputs or assumptions, could affect the estimate of the allowance for credit losses on HTM securities. Credit quality indicator The Firm’s allowance for credit losses represents management's estimate of expected credit losses over the remaining expected life of the Firm's financial assets measured at amortized cost and certain off-balance sheet lending-related commitments. The allowance for credit losses generally comprises: • t he allowance for loan losses, which covers the Firm’s retained loan portfolios (scored and risk-rated), • the allowance for lending-related commitments, which is presented on the Consolidated balance sheets in accounts payable and other liabilities, and • the allowance for credit losses on investment securities, which is reflected in investment securities on the Consolidated balance sheets. The income statement effect of all changes in the allowance for credit losses is recognized in the provision for credit losses. Determining the appropriateness of the allowance for credit losses is complex and requires significant judgment by management about the effect of matters that are inherently uncertain. At least quarterly, the allowance for credit losses is reviewed by the CRO, the CFO and the Controller of the Firm. Subsequent evaluations of credit exposures, considering the macroeconomic conditions, forecasts and other factors then prevailing, may result in significant changes in the allowance for credit losses in future periods. The Firm’s policies used to determine its allowance for loan losses and its allowance for lending-related commitments are described in the following paragraphs. Refer to Note 10 for a description of the policies used to determine the allowance for credit losses on investment securities. Methodology for allowances for loan losses and lending-related commitments The allowance for loan losses and allowance for lending-related commitments represents expected credit losses over the remaining expected life of retained loans and lending-related commitments that are not unconditionally cancellable. The Firm does not record an allowance for future draws on unconditionally cancellable lending-related commitments (e.g., credit cards). Expected losses related to accrued interest on credit card loans are considered in the Firm’s allowance for loan losses. However, the Firm does not record an allowance on other accrued interest receivables, due to its policy to write t hese receivables off no later than 90 days past due by reversing interest income. The expected life of each instrument is determined by considering its contractual term, expected prepayments, cancellation features, and certain extension and call options. The expected life of funded credit card loans is generally estimated by considering expected future payments on the credit card account, and determining how much of those amounts should be allocated to repayments of the funded loan balance (as of the balance sheet date) versus other account activity. This allocation is made using an approach that incorporates the payment application requirements of the Credit Card Accountability Responsibility and Disclosure Act of 2009, generally paying down the highest interest rate balances first. The estimate of expected credit losses includes expected recoveries of amounts previously charged off or expected to be charged off, even if such recoveries result in a negative allowance. Collective and Individual Assessments When calculating the allowance for loan losses and the allowance for lending-related commitments, the Firm assesses whether exposures share similar risk characteristics. If similar risk characteristics exist, the Firm estimates expected credit losses collectively, considering the risk associated with a particular pool and the probability that the exposures within the pool will deteriorate or default. The assessment of risk characteristics is subject to significant management judgment. Emphasizing one characteristic over another or considering additional characteristics could affect the allowance. • Relevant risk characteristics for the consumer portfolio include product type, delinquency status, current FICO scores, geographic distribution, and, for collateralized loans, current LTV ratios. • Relevant risk characteristics for the wholesale portfolio include risk rating, delinquency status, tenor, level and type of collateral, LOB, geography, industry, credit enhancement, product type, facility purpose, and payment terms. The majority of the Firm’s credit exposures share risk characteristics with other similar exposures, and as a result are collectively assessed for impairment (“portfolio-based component”). The portfolio-based component covers consumer loans, performing risk-rated loans and certain lending-related commitments. If an exposure does not share risk characteristics with other exposures, the Firm generally estimates expected credit losses on an individual basis, considering expected repayment and conditions impacting that individual exposure (“asset-specific component”). The asset-specific component covers collateral-dependent loans and risk-rated loans that have been placed on nonaccrual status. Portfolio-based component 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 factors to the Firm’s estimated exposure at default. The credit loss factors incorporate the probability of borrower default as well as loss severity in the event of default. They are derived using a weighted average of five internally developed macroeconomic scenarios over an eight-quarter forecast period, followed by a single year straight-line interpolation to revert to long run historical information for periods beyond the eight-quarter forecast period. The five macroeconomic scenarios consist of a central, relative adverse, extreme adverse, relative upside and extreme upside scenario, and are updated by the Firm’s central forecasting team. The scenarios take into consideration the Firm’s macroeconomic outlook, internal perspectives from subject matter experts across the Firm, and market consensus and involve a governed process that incorporates feedback from senior management across LOBs, Corporate Finance and Risk Management. The quantitative calculation is adjusted to take into consideration model imprecision, emerging risk assessments, trends and other subjective factors that are not yet reflected in the calculation. These adjustments are accomplished in part by analyzing the historical loss experience, including during stressed periods, for each major product or model. Management applies judgment in making this adjustment, including taking into account uncertainties associated with the economic and political conditions, quality of underwriting standards, borrower behavior, credit concentrations or deterioration within an industry, product or portfolio, as well as other relevant internal and external factors affecting the credit quality of the portfolio. In certain instances, the interrelationships between these factors create further uncertainties. The application of different inputs into the quantitative calculation, and the assumptions used by management to adjust the quantitative calculation, are subject to significant management judgment, and emphasizing one input or assumption over another, or considering other inputs or assumptions, could affect the estimate of the allowance for loan losses and the allowance for lending-related commitments. Asset-specific component To determine the asset-specific component of the allowance, collateral-dependent loans (including those loans for which foreclosure is probable) and nonaccrual risk-rated loans in the wholesale portfolio segment are generally evaluated individually. On January 1, 2023 the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance as described in Note 1. The adoption of this guidance eliminated the requirement to measure the allowance for TDRs using a discounted cash flow (DCF) methodology and allowed the option of a non-DCF portfolio-based approach for modified loans to borrowers experiencing financial difficulty. If a DCF methodology is still applied for these modified loans, the discount rate must be the post-modification effective interest rate, instead of the pre-modification effective interest rate. The Firm elected to change from an asset-specific allowance approach to its non-DCF, portfolio-based allowance approach for modified loans to troubled borrowers for all portfolios except collateral-dependent loans and nonaccrual risk-rated loans, for which the asset-specific allowance approach will continue to apply. The adoption did not impact the collateral-dependent allowance approach or scope. This guidance was adopted under the modified retrospective method which resulted in a net decrease to the allowance for credit losses of $587 million and an increase to retained earnings of $446 million, after-tax predominantly driven by residential real estate and credit card. For collateral-dependent loans, the fair value of collateral less estimated costs to sell, as applicable, is used to determine the charge-off amount for declines in value (to reduce the amortized cost of the loan to the fair value of collateral) or the amount of negative allowance that should be recognized (for recoveries of prior charge-offs associated with improvements in the fair value of the collateral). For non-collateral dependent loans, the Firm generally measures the asset-specific allowance as the 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 for non-collateral dependent loans incorporates the effect of the modification on the loan’s expected cash flows including changes in interest rates, principal forgiveness, and other concessions, as well as management’s expectation of the borrower’s ability to repay under the modified terms. Estimating the timing and amounts of future cash flows is highly judgmental as these cash flow projections rely upon estimates such as loss severities, asset valuations, the amounts and timing of interest or principal payments (including any expected prepayments) or other factors that are reflective of current and expected market conditions. These estimates are, in turn, dependent on factors such as the duration of current overall economic conditions, industry, portfolio, or borrower-specific factors, the expected outcome of insolvency proceedings as well as, in certain circumstances, other economic factors. All of these estimates and assumptions require significant management judgment and certain assumptions are highly subjective. Other financial assets In addition to loans and investment securities, the Firm holds other financial assets that are measured at amortized cost on the Consolidated balance sheets, including credit exposures arising from lending activities subject to collateral maintenance requirements. Management estimates the allowance for other financial assets using various techniques considering historical losses and current economic conditions. Credit risk arising from lending activities subject to collateral maintenance requirements is generally mitigated by factors such as the short-term nature of the activity, the fair value of collateral held and the Firm’s right to call for, and the borrower’s obligation to provide additional margin when the fair value of the collateral declines. Because of these mitigating factors, these exposures generally do not require an allowance for credit losses. However, management may also consider other factors such as the borrower’s ongoing ability to provide collateral to satisfy margin requirements, or whether collateral is significantly concentrated in an individual issuer or in securities with similar risk characteristics. If in management’s judgment, an allowance for credit losses for these exposures is required, the Firm estimates expected credit losses based on the value of the collateral and probability of borrower default. |
Securities borrowed and loaned policy | JPMorgan Chase enters into resale, repurchase, securities borrowed and securities loaned agreements (collectively, “securities financing agreements”) primarily to finance the Firm’s inventory positions, acquire securities to cover short sales, accommodate customers’ financing needs, settle other securities obligations and to deploy the Firm’s excess cash. Securities financing agreements are treated as collateralized financings on the Firm’s Consolidated balance sheets. Where appropriate under applicable accounting guidance, securities financing agreements with the same counterparty are reported on a net basis. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. Fees received and paid in connection with securities financing agreements are recorded over the life of the agreement in interest income and interest expense on the Consolidated statements of income. The Firm has elected the fair value option for certain securities financing agreements. Refer to Note 3 for further information regarding the fair value option. The securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements, securities loaned or sold under repurchase agreements, and securities borrowed on the Consolidated balance sheets. Generally, for agreements carried at fair value, current-period interest accruals are recorded within interest income and interest expense, with changes in fair value reported in principal transactions revenue. However, for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments, all changes in fair value, including any interest elements, are reported in principal transactions revenue. Securities financing agreements not elected under the fair value option are measured at amortized cost. As a result of the Firm’s credit risk mitigation practices described below, the Firm did not hold any allowance for credit losses with respect to resale and securities borrowed arrangements as of December 31, 2023 and 2022. Credit risk mitigation practices Securities financing agreements expose the Firm primarily to credit and liquidity risk. To manage these risks, the Firm monitors the value of the underlying securities (predominantly high-quality securities collateral, including government-issued debt and U.S. GSEs and government agencies MBS) that it has received from or provided to its counterparties compared to the value of cash proceeds and exchanged collateral, and either requests additional collateral or returns securities or collateral when appropriate. Margin levels are initially established based upon the counterparty, the type of underlying securities, and the permissible collateral, and are monitored on an ongoing basis. In resale and securities borrowed agreements, the Firm is exposed to credit risk to the extent that the value of the securities received is less than initial cash principal advanced and any collateral amounts exchanged. In repurchase and securities loaned agreements, credit risk exposure arises to the extent that the value of underlying securities advanced exceeds the value of the initial cash principal received, and any collateral amounts exchanged. Additionally, the Firm typically enters into master netting agreements and other similar arrangements with its counterparties, which provide for the right to liquidate the underlying securities and any collateral amounts exchanged in the event of a counterparty default. It is also the Firm’s policy to take possession, where possible, of the securities underlying resale and securities borrowed agreements. Refer to Note 29 for further information regarding assets pledged and collateral received in securities financing agreements. |
Repurchase and resale agreements policy | JPMorgan Chase enters into resale, repurchase, securities borrowed and securities loaned agreements (collectively, “securities financing agreements”) primarily to finance the Firm’s inventory positions, acquire securities to cover short sales, accommodate customers’ financing needs, settle other securities obligations and to deploy the Firm’s excess cash. Securities financing agreements are treated as collateralized financings on the Firm’s Consolidated balance sheets. Where appropriate under applicable accounting guidance, securities financing agreements with the same counterparty are reported on a net basis. Refer to Note 1 for further discussion of the offsetting of assets and liabilities. Fees received and paid in connection with securities financing agreements are recorded over the life of the agreement in interest income and interest expense on the Consolidated statements of income. The Firm has elected the fair value option for certain securities financing agreements. Refer to Note 3 for further information regarding the fair value option. The securities financing agreements for which the fair value option has been elected are reported within securities purchased under resale agreements, securities loaned or sold under repurchase agreements, and securities borrowed on the Consolidated balance sheets. Generally, for agreements carried at fair value, current-period interest accruals are recorded within interest income and interest expense, with changes in fair value reported in principal transactions revenue. However, for financial instruments containing embedded derivatives that would be separately accounted for in accordance with accounting guidance for hybrid instruments, all changes in fair value, including any interest elements, are reported in principal transactions revenue. Securities financing agreements not elected under the fair value option are measured at amortized cost. As a result of the Firm’s credit risk mitigation practices described below, the Firm did not hold any allowance for credit losses with respect to resale and securities borrowed arrangements as of December 31, 2023 and 2022. Credit risk mitigation practices Securities financing agreements expose the Firm primarily to credit and liquidity risk. To manage these risks, the Firm monitors the value of the underlying securities (predominantly high-quality securities collateral, including government-issued debt and U.S. GSEs and government agencies MBS) that it has received from or provided to its counterparties compared to the value of cash proceeds and exchanged collateral, and either requests additional collateral or returns securities or collateral when appropriate. Margin levels are initially established based upon the counterparty, the type of underlying securities, and the permissible collateral, and are monitored on an ongoing basis. In resale and securities borrowed agreements, the Firm is exposed to credit risk to the extent that the value of the securities received is less than initial cash principal advanced and any collateral amounts exchanged. In repurchase and securities loaned agreements, credit risk exposure arises to the extent that the value of underlying securities advanced exceeds the value of the initial cash principal received, and any collateral amounts exchanged. Additionally, the Firm typically enters into master netting agreements and other similar arrangements with its counterparties, which provide for the right to liquidate the underlying securities and any collateral amounts exchanged in the event of a counterparty default. It is also the Firm’s policy to take possession, where possible, of the securities underlying resale and securities borrowed agreements. Refer to Note 29 for further information regarding assets pledged and collateral received in securities financing agreements. |
Loans receivable policy | The accounting for a loan depends on management’s strategy for the loan. The Firm accounts for loans based on the following categories: • Originated or purchased loans held-for-investment (i.e., “retained”) • Loans held-for-sale • Loans at fair value The following provides a detailed accounting discussion of the Firm’s loans by category: Loans held-for-investment Originated or purchased loans held-for-investment, including PCD, are recorded at amortized cost, reflecting the principal amount outstanding, net of the following: unamortized deferred loan fees, costs, premiums or discounts; charge-offs; collection of cash; and foreign exchange. Credit card loans also include billed finance charges and fees. Interest income Interest income on performing loans held-for-investment is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are recognized in interest income over the contractual life of the loan as an adjustment of yield. The Firm classifies accrued interest on loans, including accrued but unbilled interest on credit card loans, in accrued interest and accounts receivables on the Consolidated balance sheets. For credit card loans, accrued interest once billed is then recognized in the loan balances, with the related allowance recorded in the allowance for credit losses. Changes in the allowance for credit losses on accrued interest on credit card loans are recognized in the provision for credit losses and charge-offs are recognized by reversing interest income. For other loans, the Firm generally does not recognize an allowance for credit losses on accrued interest receivables, consistent with its policy to write them off no later than 90 days past due by reversing interest income. Nonaccrual loans Nonaccrual loans are those on which the accrual of interest has been suspended. Loans (other than credit card loans and certain consumer loans insured by U.S. government agencies) are placed on nonaccrual status and considered nonperforming when full payment of principal and interest is not expected, regardless of delinquency status, or when principal and interest has been in default for a period of 90 days or more, unless the loan is both well-secured and in the process of collection. A loan is determined to be past due when the minimum payment is not received from the borrower by the contractually specified due date or for certain loans (e.g., residential real estate loans), when a monthly payment is due and unpaid for 30 days or more. Finally, collateral-dependent loans are typically maintained on nonaccrual status. On the date a loan is placed on nonaccrual status, all interest accrued but not collected is reversed against interest income. In addition, the amortization of deferred amounts is suspended. Interest income on nonaccrual loans may be recognized as cash interest payments are received (i.e., on a cash basis) if the recorded loan balance is deemed fully collectible; however, if there is doubt regarding the ultimate collectibility of the recorded loan balance, all interest cash receipts are applied to reduce the carrying value of the loan (the cost recovery method). For consumer loans, application of this policy typically results in the Firm recognizing interest income on nonaccrual consumer loans on a cash basis. A loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, the terms of the restructured loan. As permitted by regulatory guidance, credit card loans are generally exempt from being placed on nonaccrual status; accordingly, interest and fees related to credit card loans continue to accrue until the loan is charged off or paid in full. Allowance for loan losses The allowance for loan losses represents the estimated expected credit losses in the held-for-investment loan portfolio at the balance sheet date and is recognized on the balance sheet as a contra asset, which brings the amortized cost to the net carrying value. Changes in the allowance for loan losses are recorded in the provision for credit losses on the Firm’s Consolidated statements of income. Refer to Note 13 for further information on the Firm’s accounting policies for the allowance for loan losses. 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 with standards established by the FFIEC. Residential real estate loans, unmodified credit card loans and scored business banking loans are generally charged off no later than 180 days past due. Scored auto and closed-end consumer loans, including modified credit card accounts placed on a fixed payment plan, are charged off no later than 120 days past due. Certain consumer loans are charged off or charged down to their net realizable value earlier than the FFIEC charge-off standards in the following circumstances: • Loans modified to borrowers experiencing financial difficulty that are determined to be collateral-dependent. • Loans to borrowers who have experienced an event that suggests a loss is either known or highly certain are subject to accelerated charge-off standards (e.g., residential real estate and auto loans are charged off or charged down within 60 days of receiving notification of a bankruptcy filing). • Auto loans upon repossession of the automobile. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs on the government-guaranteed portion of loans. Wholesale loans are charged off when it is highly certain that a loss has been realized. The determination of whether to recognize a charge-off includes many factors, including the prioritization of the Firm’s claim in bankruptcy, expectations of the workout/restructuring of the loan and valuation of the borrower’s equity or the loan collateral. When a loan is charged down to the lower of its amortized cost or the estimated net realizable value of the underlying collateral, the determination of the fair value of the collateral depends on the type of collateral (e.g., securities, real estate). In cases where the collateral is in the form of liquid securities, the fair value is based on quoted market prices or broker quotes. For illiquid securities or other financial assets, the fair value of the collateral is generally estimated using a discounted cash flow model. For residential real estate loans, collateral values are based upon external valuation sources. When it becomes likely that a borrower is either unable or unwilling to pay, the Firm utilizes a broker’s price opinion, appraisal and/or an automated valuation model of the home based on an exterior-only valuation (“exterior opinions”), which is then updated at least every 12 months, or more frequently depending on various market factors. As soon as practicable after the Firm receives the property in satisfaction of a debt (e.g., by taking legal title or physical possession), the Firm generally obtains an appraisal based on an inspection that includes the interior of the home (“interior appraisals”). Exterior opinions and interior appraisals are discounted based upon the Firm’s experience with actual liquidation values as compared with the estimated values provided by exterior opinions and interior appraisals, considering state-specific factors. For commercial real estate loans, collateral values are generally based on appraisals from internal and external valuation sources. Collateral values are typically updated every six result in obtaining appraisal updates or broker price opinions at more frequent intervals. 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 held-for-sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred fees or costs and discounts or premiums are an adjustment to the basis of the loan and therefore are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Because these loans are recognized at the lower of cost or fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. However, loans held-for-sale are subject to the Firm’s nonaccrual policies. Loans at fair value Loans for which the fair value option has been elected are measured at fair value, with changes in fair value recorded in noninterest revenue. Interest income on these loans is accrued and recognized based on the contractual rate of interest. Changes in fair value are recognized in noninterest revenue. Loan origination fees are recognized upfront in noninterest revenue. Loan origination costs are recognized in the associated expense category as incurred. Because these loans are recognized at fair value, the Firm’s allowance for loan losses and charge-off policies do not apply to these loans. However, loans at fair value are subject to the Firm’s nonaccrual policies. Refer to Note 3 for further information on the Firm’s elections of fair value accounting under the fair value option. Refer to Note 2 and Note 3 for further information on loans carried at fair value and classified as trading assets. Loan classification changes Loans in the held-for-investment portfolio that management decides to sell are transferred to the held-for-sale portfolio at the lower of cost or fair value on the date of transfer. Credit-related losses are charged against the allowance for loan losses; non-credit related losses such as those due to changes in interest rates or foreign currency exchange rates are recognized in noninterest revenue. In the event that management decides to retain a loan in the held-for-sale portfolio, the loan is transferred to the held-for-investment portfolio at amortized cost on the date of transfer. These loans are subsequently assessed for impairment based on the Firm’s allowance methodology. Refer to Note 13 for a further discussion of the methodologies used in establishing the Firm’s allowance for loan losses. Loan modifications The Firm seeks to modify certain loans in conjunction with its loss mitigation activities. Through the modification, JPMorgan Chase grants one or more concessions to a borrower who is experiencing financial difficulty in order to minimize the Firm’s economic loss and avoid foreclosure or repossession of the collateral, and to ultimately maximize payments received by the Firm from the borrower. The concessions granted vary by program and by borrower-specific characteristics, and may include interest rate reductions, term extensions, other-than-insignificant payment delays or principal forgiveness. Effective January 1, 2023 the Firm adopted the Financial Instruments - Credit Losses: Troubled Debt Restructurings and Vintage Disclosure accounting guidance, which changed the accounting for loan modifications from TDRs to FDMs. Refer to Note 1 for further information . Loans, except for credit card loans, reported as FDMs are generally placed on nonaccrual status, although in many cases such loans were already on nonaccrual status prior to modification. These loans may be returned to performing status (the accrual of interest is resumed) if the following criteria are met: (i) the borrower has performed under the modified terms for a minimum of six months and/or six payments, and (ii) the Firm has an expectation that repayment of the modified loan is reasonably assured based on, for example, the borrower’s debt capacity and level of future earnings, collateral values, LTV ratios, and other current market considerations. In certain limited and well-defined circumstances in which the loan is current at the modification date, such loans are not placed on nonaccrual status at the time of modification. The allowance for credit losses associated with FDMs is measured using the Firm’s established allowance methodology, which considers the expected re-default rates for the modified loans. Refer to Note 13 for further discussion. For periods ending prior to January 1, 2023, modifications of loans where the Firm granted concessions to a borrower experiencing financial difficulty were accounted for and reported as TDRs. The concessions granted varied by program and by borrower-specific characteristics, and included interest rate reductions, term extensions, payment delays, principal forgiveness, or the acceptance of equity or other assets in lieu of payments. Loans with short-term and other insignificant modifications that were not considered concessions were not TDRs. Loans modified in TDRs were generally measured for impairment using the Firm’s established asset-specific allowance methodology, which considers the expected redefault rates for the modified loans. A loan modified in a TDR generally remained subject to the asset-specific component of the allowance throughout its remaining life, regardless of whether the loan was performing and had been returned to accrual status. Refer to Note 13 for further discussion. Foreclosed property The Firm acquires property from borrowers through loan restructurings, workouts, and foreclosures. Property acquired may include real property (e.g., residential real estate, land, and buildings) and other commercial and personal property (e.g., automobiles, aircraft, railcars, and ships). The Firm recognizes foreclosed property upon receiving assets in satisfaction of a loan (e.g., by taking legal title or physical possession). For loans collateralized by real property, the Firm generally recognizes the asset received at foreclosure sale or upon the execution of a deed in lieu of foreclosure transaction with the borrower. Foreclosed assets are reported in other assets on the Consolidated balance sheets and initially recognized at fair value less estimated costs to sell. Each quarter the fair value of the acquired property is reviewed and adjusted, if necessary, to the lower of cost or fair value. Subsequent adjustments to fair value are charged/credited to noninterest revenue. Operating expense, such as real estate taxes and maintenance, are charged to other expense. |
Loan securitizations policy | The Firm has securitized and sold a variety of loans, including residential mortgages, credit card receivables, commercial mortgages and other consumer loans. The purposes of these securitization transactions were to satisfy investor demand and to generate liquidity for the Firm. For loan securitizations in which the Firm is not required to consolidate the trust, the Firm records the transfer of the loan receivable to the trust as a sale when all of the following accounting criteria for a sale are met: (1) the transferred financial assets are legally isolated from the Firm’s creditors; (2) the transferee or beneficial interest holder can pledge or exchange the transferred financial assets; and (3) the Firm does not maintain effective control over the transferred financial assets (e.g., the Firm cannot repurchase the transferred assets before their maturity and it does not have the ability to unilaterally cause the holder to return the transferred assets). For loan securitizations accounted for as a sale, the Firm recognizes a gain or loss based on the difference between the value of proceeds received (including cash, beneficial interests, or servicing assets received) and the carrying value of the assets sold. Gains and losses on securitizations are reported in noninterest revenue. |
Goodwill policy | Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment. |
Mortgage servicing rights policy | MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. |
Other intangible assets policy | The Firm’s finite-lived and indefinite-lived other intangible assets are initially recorded at their fair value primarily upon completion of a business combination. Subsequently, the Firm’s finite-lived intangible assets, including core deposit intangibles, customer relationship intangibles, and certain other intangible assets, are amortized over their useful lives, estimated based on the expected future economic benefits to the Firm of the intangible asset. The Firm’s intangible assets with indefinite lives, such as asset management contracts, are not subject to amortization and are assessed periodically for impairment. The Firm’s finite-lived and indefinite-lived other intangible assets are assessed for impairment annually or more often if events or changes in circumstances indicate that the asset might be impaired. Once the Firm determines that an impairment exists for an intangible asset, the impairment is recognized in other expense. |
Premises and equipment policy | Premises and equipment includes land carried at cost, as well as buildings, leasehold improvements, internal-use software and furniture and equipment carried at cost less accumulated depreciation and amortization. The Firm’s operating lease right-of-use assets are also included in Premises and equipment. |
Premises and equipment depreciation policy | JPMorgan Chase computes depreciation using the straight-line method over the estimated useful life for buildings and furniture and equipment. The Firm depreciates leasehold improvements over the lesser of the remainder of the lease term or the estimated useful life. The estimated useful lives range from 10 to 50 years for buildings and leasehold improvements, and 3 to 10 years for internal-use software and furniture and equipment. |
Internal use software policy | The Firm also capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life. |
Premises and equipment impairment policy | Impairment is assessed when events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable. |
Lessee policy | At December 31, 2023, JPMorgan Chase and its subsidiaries were obligated under a number of noncancellable leases, predominantly operating leases for premises and equipment used primarily for business purposes. These leases generally have terms of 20 years or less, determined based on the contractual maturity of the lease, and include periods covered by options to extend or terminate the lease when the Firm is reasonably certain that it will exercise those options. All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. None of these lease agreements impose restrictions on the Firm’s ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements. Certain of these leases contain escalation clauses that will increase rental payments based on maintenance, utility and tax increases, which are non-lease components. The Firm elected not to separate lease and non-lease components of a contract for its real estate leases. As such, real estate lease payments represent payments on both lease and non-lease components. |
Lessor policy | The Firm provides auto and equipment lease financing to its customers through lease arrangements with lease terms that may contain renewal, termination and/or purchase options. The Firm’s lease financings are predominantly auto operating leases. These assets subject to operating leases are recognized in other assets on the Firm’s Consolidated balance sheets and are depreciated on a straight-line basis over the lease term to reduce the asset to its estimated residual value. Depreciation expense is included in technology, communications and equipment expense in the Consolidated statements of income. The Firm’s lease income is generally recognized on a straight-line basis over the lease term and is included in other income in the Consolidated statements of income. On a periodic basis, the Firm assesses leased assets for impairment, and if the carrying amount of the leased asset exceeds the undiscounted cash flows from the lease payments and the estimated residual value upon disposition of the leased asset, an impairment is recognized. |
Accounts payable and other Liabilities policy | Accounts payable and other liabilities consist of brokerage payables, which include payables to customers and payables related to security purchases that did not settle, as well as other accrued expenses, such as compensation accruals, credit card rewards liability, operating lease liabilities, accrued interest payables, merchant servicing payables, income tax payables and litigation reserves. The credit card rewards liability represents the estimated cost of rewards points earned and expected to be redeemed by cardholders. The liability is accrued as the cardholder earns the benefit and is reduced when the cardholder redeems points. The redemption rate and cost per point assumptions are key assumptions to estimate the liability and the current period impact is recognized in Card Income. |
Long-term debt policy | JPMorgan Chase issues long-term debt denominated in various currencies, predominantly U.S. dollars, with both fixed and variable interest rates. Included in senior and subordinated debt below are various equity-linked or other indexed instruments, which the Firm has elected to measure at fair value. Changes in fair value are recorded in principal transactions revenue in the Consolidated statements of income, except for unrealized gains/(losses) due to DVA which are recorded in OCI. |
Earnings per share policy | Basic earnings per share (“EPS”) is calculated using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. JPMorgan Chase grants RSUs under its share-based compensation programs, predominantly all of which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to dividends paid to holders of the Firm’s common stock. These unvested RSUs meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends, and they are treated as a separate class of securities in computing basic EPS. Participating securities are not included as incremental shares in computing diluted EPS; refer to Note 9 for additional information. Diluted EPS incorporates the potential impact of contingently issuable shares, including awards which require future service as a condition of delivery of the underlying common stock. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. For each of the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive. |
Income taxes policy | JPMorgan Chase and its eligible subsidiaries file a consolidated U.S. federal income tax return. JPMorgan Chase uses the asset and liability method to provide for income taxes on all transactions recorded in the Consolidated Financial Statements. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes. Accordingly, a deferred tax asset or liability for each temporary difference is determined based on the tax rates that the Firm expects to be in effect when the underlying items of income and expense are realized. JPMorgan Chase’s expense for income taxes includes the current and deferred portions of that expense. A valuation allowance is established to reduce deferred tax assets to the amount the Firm expects to realize. |
Off-balance sheet credit exposure policy | U.S. GAAP requires that a guarantor recognize, at the inception of a guarantee, a liability in an amount equal to the fair value of the obligation undertaken in issuing the guarantee. U.S. GAAP defines a guarantee as a contract that contingently requires the guarantor to pay the guaranteed party based upon: (a) changes in an underlying asset, liability or equity security of the guaranteed party; or (b) a third party’s failure to perform under a specified agreement. The Firm considers the following off–balance sheet arrangements to be guarantees under U.S. GAAP: standby letters of credit and other financial guarantees, securities lending indemnifications, certain indemnification agreements included within third-party contractual arrangements, certain derivative contracts and the guarantees under the sponsored member repo program. As required by U.S. GAAP, the Firm initially records guarantees at the inception date fair value of the non-contingent obligation assumed (e.g., the amount of consideration received or the net present value of the premium receivable). For these obligations, the Firm records this fair value amount in other liabilities with an offsetting entry recorded in cash (for premiums received), or other assets (for premiums receivable). Any premium receivable recorded in other assets is reduced as cash is received under the contract, and the fair value of the liability recorded at inception is amortized into income as lending and deposit-related fees over the life of the guarantee contract. The lending-related contingent obligation is recognized based on expected credit losses in addition to, and separate from, any non-contingent obligation. Non-lending-related contingent obligations are recognized when the liability becomes probable and reasonably estimable. These obligations are not recognized if the estimated amount is less than the carrying amount of any non-contingent liability recognized at inception (adjusted for any amortization). Examples of non-lending-related contingent obligations include indemnifications provided in sales agreements, where a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. For these indemnifications, the initial liability is amortized to income as the Firm’s risk is reduced (i.e., over time or when the indemnification expires). |
Business combinations policy | Core deposit and certain wealth management customer relationship intangibles were acquired as part of the First Republic acquisition. The core deposit intangible of $1.3 billion was valued by discounting estimated after-tax cost savings over the remaining useful life of the deposits using the favorable source of funds method. The after-tax cost savings were estimated based on the difference between the cost of maintaining the core deposit base relative to the cost of next best alternative funding sources available to market participants. The customer relationship intangibles of $180 million were valued by discounting estimated after-tax earnings over their remaining useful lives using the multi-period excess earnings method. Both intangible asset valuations utilized assumptions that the Firm believes a market participant would use to estimate fair values, such as growth and attrition rates, projected fee income as well as related costs to service the relationships, and discount rates. The core deposit and customer relationship intangibles will be amortized over a projected period of future cash flows of approximately 7 years. Refer to Note 15 for further discussion on other intangible assets. Indemnification assets - Shared-loss agreements The indemnification assets represent forecasted recoveries from the FDIC associated with the shared-loss assets over the respective shared-loss recovery periods. The indemnification assets were recorded at fair value in other assets on the Consolidated balance sheets on the acquisition date. The fair values of the indemnification assets were estimated based on the timing of the forecasted losses underlying the related allowance for credit losses. The subsequent quarterly remeasurement of the indemnification assets is based on changes in the amount and timing of forecasted losses in the allowance for credit losses associated with the shared-loss assets and is recorded in other income. Under certain circumstances, the Firm may be required to make a payment to the FDIC upon termination of the shared-loss agreements based on the level of actual losses and recoveries on the shared-loss assets. The estimated potential future payment is reflected as contingent consideration as part of the purchase price consideration. Purchase Money Note and FHLB advances The Purchase Money Note is recorded in long-term debt on the Consolidated balance sheets. The fair value of the Purchase Money Note was estimated based on a discounted cash flow methodology and incorporated estimated market discount rates. The FHLB advances assumed in the acquisition are recorded in short-term borrowings and in long-term debt. The fair values of the FHLB advances were based on a discounted cash flow methodology and considered the observed FHLB advance issuance rates. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of significant accounting policies | The following table identifies JPMorgan Chase’s other significant accounting policies and the Note and page where a detailed description of each policy can be found. Fair value measurement Note 2 page 175 Fair value option Note 3 page 197 Derivative instruments Note 5 page 203 Noninterest revenue and noninterest expense Note 6 page 217 Interest income and Interest expense Note 7 page 221 Pension and other postretirement employee benefit plans Note 8 page 222 Employee share-based incentives Note 9 page 225 Investment securities Note 10 page 227 Securities financing activities Note 11 page 232 Loans Note 12 page 235 Allowance for credit losses Note 13 page 255 Variable interest entities Note 14 page 261 Goodwill, mortgage servicing rights, and other intangible assets Note 15 page 269 Premises and equipment Note 16 page 274 Leases Note 18 page 275 Accounts payable & other liabilities Note 19 page 277 Long-term debt Note 20 page 278 Earnings per share Note 23 page 283 Income taxes Note 25 page 285 Off–balance sheet lending-related financial instruments, guarantees and other commitments Note 28 page 291 Litigation Note 30 page 298 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value methodologies | The following table describes the valuation methodologies generally used by the Firm to measure its significant products/instruments at fair value, including the general classification of such instruments pursuant to the fair value hierarchy. Product/instrument Valuation methodology Classifications in the fair value hierarchy Securities financing agreements Valuations are based on discounted cash flows, which consider: Predominantly level 2 • Derivative features: refer to the discussion of derivatives below for further information • Market rates for the respective maturity • Collateral characteristics Loans and lending-related commitments — wholesale Loans carried at fair value (trading loans and non-trading loans) and associated lending-related commitments Where observable market data is available, valuations are based on: Level 2 or 3 • Observed market prices (circumstances are infrequent) • Relevant broker quotes • Observed market prices for similar instruments Where observable market data is unavailable or limited, valuations are based on discounted cash flows, which consider the following: • Credit spreads derived from the cost of CDS; or benchmark credit curves developed by the Firm, by industry and credit rating • Prepayment speed • Collateral characteristics Loans — consumer Fair value is based on observable market prices for mortgage-backed securities with similar collateral and incorporates adjustments to these prices to account for differences between the securities and the value of the underlying loans, which include credit characteristics, portfolio composition, and liquidity. Predominantly level 2 Loans carried at fair value — conforming residential mortgage loans expected to be sold Investment and trading securities Quoted market prices Level 1 In the absence of quoted market prices, securities are valued based on: Level 2 or 3 • Observable market prices for similar securities • Relevant broker quotes • Discounted cash flows In addition, the following inputs to discounted cash flows are used for the following products: Mortgage- and asset-backed securities specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Current market assumptions related to yield, prepayment speed, conditional default rates and loss severity Collateralized loan obligations (“CLOs”) specific inputs: • Collateral characteristics • Deal-specific payment and loss allocations • Expected prepayment speed, conditional default rates, loss severity • Credit spreads • Credit rating data Physical commodities Valued using observable market prices or data. Level 1 or 2 Product/instrument Valuation methodology Classifications in the fair value hierarchy Derivatives Actively traded derivatives, e.g., exchange-traded derivatives, that are valued using quoted prices. Level 1 Derivatives that are valued using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs as well as considering the contractual terms. The key valuation inputs used will depend on the type of derivative and the nature of the underlying instruments and may include equity prices, commodity prices, foreign exchange rates, volatilities, correlations, CDS spreads, recovery rates and prepayment speed. Level 2 or 3 In addition, specific inputs used for derivatives that are valued based on models with significant unobservable inputs are as follows: Interest rate and FX exotic derivatives specific inputs include: • Interest rate curve • Interest rate volatility • Interest rate spread volatility • Bermudan switch value • Interest rate correlation • Interest rate-FX correlation • Foreign exchange correlation Credit derivatives specific inputs include: • Credit correlation between the underlying debt instruments Equity derivatives specific inputs include: • Forward equity price • Equity volatility • Equity correlation • Equity-FX correlation • Equity-IR correlation Commodity derivatives specific inputs include: • Forward commodity price • Commodity volatility • Commodity correlation Additionally, adjustments are made to reflect counterparty credit quality (CVA) and the impact of funding (FVA). Refer to page 192 of this Note. Mortgage servicing rights Refer to Mortgage servicing rights in Note 15. Level 3 Private equity direct investments Fair value is estimated using all available information; the range of potential inputs include: Level 2 or 3 • Transaction prices • Trading multiples of comparable public companies • Operating performance of the underlying portfolio company • Adjustments as required, since comparable public companies are not identical to the company being valued, and for company-specific issues including lack of liquidity • Additional available inputs relevant to the investment Fund investments (e.g., mutual/collective investment funds, private equity funds, hedge funds, and real estate funds) Net asset value • NAV is supported by the ability to redeem and purchase at the NAV level Level 1 • Adjustments to the NAV as required, for restrictions on redemption (e.g., lock-up periods or withdrawal limitations) or where observable activity is limited Level 2 or 3 (a) Beneficial interests issued by consolidated VIEs Valued using observable market information, where available. Level 2 or 3 In the absence of observable market information, valuations are based on the fair value of the underlying assets held by the VIE. (a) Excludes certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. Product/instrument Valuation methodology Classification in the fair value hierarchy Structured notes (included in deposits, short-term borrowings and long-term debt) Valuations are based on discounted cash flow analyses that consider the embedded derivative and the terms and payment structure of the note. The embedded derivative features are considered using models such as the Black-Scholes option pricing model, simulation models, or a combination of models that may use observable or unobservable valuation inputs, depending on the embedded derivative. The specific inputs used vary according to the nature of the embedded derivative features, as described in the discussion above regarding derivatives valuation. Adjustments are then made to this base valuation to reflect the Firm’s own credit risk (DVA). Refer to page 192 of this Note. Level 2 or 3 |
Assets and liabilities measured at fair value on a recurring basis | The following table presents the assets and liabilities reported at fair value as of December 31, 2023 and 2022, by major product category and fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis Fair value hierarchy December 31, 2023 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments (f) Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 259,813 $ — $ — $ 259,813 Securities borrowed — 70,086 — — 70,086 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 73,840 758 — 74,598 Residential – nonagency — 1,921 5 — 1,926 Commercial – nonagency — 1,362 12 — 1,374 Total mortgage-backed securities — 77,123 775 — 77,898 U.S. Treasury, GSEs and government agencies (a) 133,997 9,998 — — 143,995 Obligations of U.S. states and municipalities — 5,858 10 — 5,868 Certificates of deposit, bankers’ acceptances and commercial paper — 756 — — 756 Non-U.S. government debt securities 24,846 55,557 179 — 80,582 Corporate debt securities — 32,854 484 — 33,338 Loans — 7,872 684 — 8,556 Asset-backed securities — 2,199 6 — 2,205 Total debt instruments 158,843 192,217 2,138 — 353,198 Equity securities 107,926 679 127 — 108,732 Physical commodities (b) 2,479 3,305 7 — 5,791 Other — 17,879 101 — 17,980 Total debt and equity instruments (c) 269,248 214,080 2,373 — 485,701 Derivative receivables: Interest rate 2,815 243,578 4,298 (224,367) 26,324 Credit — 8,644 1,010 (9,103) 551 Foreign exchange 149 204,737 889 (187,756) 18,019 Equity — 55,167 2,522 (52,761) 4,928 Commodity — 15,234 205 (10,397) 5,042 Total derivative receivables 2,964 527,360 8,924 (484,384) 54,864 Total trading assets (d) 272,212 741,440 11,297 (484,384) 540,565 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 85,170 — — 85,170 Residential – nonagency — 3,639 — — 3,639 Commercial – nonagency — 2,803 — — 2,803 Total mortgage-backed securities — 91,612 — — 91,612 U.S. Treasury and government agencies 57,683 122 — — 57,805 Obligations of U.S. states and municipalities — 21,367 — — 21,367 Non-U.S. government debt securities 13,095 8,187 — — 21,282 Corporate debt securities — 100 — — 100 Asset-backed securities: Collateralized loan obligations — 6,752 — — 6,752 Other (a) — 2,786 — — 2,786 Total available-for-sale securities 70,778 130,926 — — 201,704 Loans (e) — 35,772 3,079 — 38,851 Mortgage servicing rights — — 8,522 — 8,522 Other assets (d) 6,635 3,929 758 — 11,322 Total assets measured at fair value on a recurring basis $ 349,625 $ 1,241,966 $ 23,656 $ (484,384) $ 1,130,863 Deposits $ — $ 76,551 $ 1,833 $ — $ 78,384 Federal funds purchased and securities loaned or sold under repurchase agreements — 169,003 — — 169,003 Short-term borrowings — 18,284 1,758 — 20,042 Trading liabilities: Debt and equity instruments (c) 107,292 32,252 37 — 139,581 Derivative payables: Interest rate 4,409 232,277 3,796 (228,586) 11,896 Credit — 11,293 745 (10,949) 1,089 Foreign exchange 147 211,289 827 (199,643) 12,620 Equity — 60,887 4,924 (56,443) 9,368 Commodity — 15,894 484 (10,504) 5,874 Total derivative payables 4,556 531,640 10,776 (506,125) 40,847 Total trading liabilities 111,848 563,892 10,813 (506,125) 180,428 Accounts payable and other liabilities 3,968 1,617 52 — 5,637 Beneficial interests issued by consolidated VIEs — 1 — — 1 Long-term debt — 60,198 27,726 — 87,924 Total liabilities measured at fair value on a recurring basis $ 115,816 $ 889,546 $ 42,182 $ (506,125) $ 541,419 Fair value hierarchy December 31, 2022 (in millions) Level 1 Level 2 Level 3 Derivative netting adjustments (f) Total fair value Federal funds sold and securities purchased under resale agreements $ — $ 311,883 $ — $ — $ 311,883 Securities borrowed — 70,041 — — 70,041 Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies (a) — 68,162 759 — 68,921 Residential – nonagency — 2,498 5 — 2,503 Commercial – nonagency — 1,448 7 — 1,455 Total mortgage-backed securities — 72,108 771 — 72,879 U.S. Treasury, GSEs and government agencies (a) 61,191 8,546 — — 69,737 Obligations of U.S. states and municipalities — 6,608 7 — 6,615 Certificates of deposit, bankers’ acceptances and commercial paper — 2,009 — — 2,009 Non-U.S. government debt securities 18,213 48,429 155 — 66,797 Corporate debt securities — 25,626 463 — 26,089 Loans — 5,744 759 — 6,503 Asset-backed securities — 2,536 23 — 2,559 Total debt instruments 79,404 171,606 2,178 — 253,188 Equity securities 82,483 2,060 665 — 85,208 Physical commodities (b) 9,595 16,673 2 — 26,270 Other — 18,146 64 — 18,210 Total debt and equity instruments (c) 171,482 208,485 2,909 — 382,876 Derivative receivables: Interest rate 3,390 292,956 4,069 (271,996) 28,419 Credit — 9,722 607 (9,239) 1,090 Foreign exchange 169 240,207 1,203 (218,214) 23,365 Equity — 57,485 4,428 (52,774) 9,139 Commodity — 24,982 375 (16,490) 8,867 Total derivative receivables 3,559 625,352 10,682 (568,713) 70,880 Total trading assets (d) 175,041 833,837 13,591 (568,713) 453,756 Available-for-sale securities: Mortgage-backed securities: U.S. GSEs and government agencies (a) 3 71,500 — — 71,503 Residential – nonagency — 4,620 — — 4,620 Commercial – nonagency — 1,958 — — 1,958 Total mortgage-backed securities 3 78,078 — — 78,081 U.S. Treasury and government agencies 92,060 — — — 92,060 Obligations of U.S. states and municipalities — 6,786 — — 6,786 Non-U.S. government debt securities 10,591 9,105 — — 19,696 Corporate debt securities — 118 239 — 357 Asset-backed securities: Collateralized loan obligations — 5,792 — — 5,792 Other — 3,085 — — 3,085 Total available-for-sale securities 102,654 102,964 239 — 205,857 Loans (e) — 40,661 1,418 — 42,079 Mortgage servicing rights — — 7,973 — 7,973 Other assets (d) 7,544 6,065 405 — 14,014 Total assets measured at fair value on a recurring basis $ 285,239 $ 1,365,451 $ 23,626 $ (568,713) $ 1,105,603 Deposits $ — $ 26,458 $ 2,162 $ — $ 28,620 Federal funds purchased and securities loaned or sold under repurchase agreements — 151,999 — — 151,999 Short-term borrowings — 14,391 1,401 — 15,792 Trading liabilities: Debt and equity instruments (c) 98,719 28,032 84 — 126,835 Derivative payables: Interest rate 2,643 284,280 3,368 (274,321) 15,970 Credit — 9,377 594 (9,217) 754 Foreign exchange 160 250,647 714 (232,665) 18,856 Equity — 57,649 4,812 (53,657) 8,804 Commodity — 22,748 521 (16,512) 6,757 Total derivative payables 2,803 624,701 10,009 (586,372) 51,141 Total trading liabilities 101,522 652,733 10,093 (586,372) 177,976 Accounts payable and other liabilities 5,702 1,283 53 — 7,038 Beneficial interests issued by consolidated VIEs — 5 — — 5 Long-term debt — 48,189 24,092 — 72,281 Total liabilities measured at fair value on a recurring basis $ 107,224 $ 895,058 $ 37,801 $ (586,372) $ 453,711 (a) At December 31, 2023 and 2022, included total U.S. GSE obligations of $78.5 billion and $73.8 billion, respectively, which were mortgage-related. (b) Physical commodities inventories are generally accounted for at the lower of cost or net realizable value. “Net realizable value” is a term defined in U.S. GAAP as not exceeding fair value less costs to sell (“transaction costs”). Transaction costs for the Firm’s physical commodities inventories are either not applicable or immaterial to the value of the inventory. Therefore, net realizable value approximates fair value for the Firm’s physical commodities inventories. When fair value hedging has been applied (or when net realizable value is below cost), the carrying value of physical commodities approximates fair value, because under fair value hedge accounting, the cost basis is adjusted for changes in fair value. Refer to Note 5 for a further discussion of the Firm’s hedge accounting relationships. To provide consistent fair value disclosure information, all physical commodities inventories have been included in each period presented. (c) Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). (d) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At December 31, 2023 and 2022, the fair values of these investments, which include certain hedge funds, private equity funds, real estate and other funds, were $1.0 billion and $950 million, respectively. Included in these balances at December 31, 2023 and 2022, were trading assets of $42 million and $43 million, respectively, and other assets of $984 million and $907 million, respectively. (e) At December 31, 2023 and 2022, included $10.2 billion and $9.7 billion, respectively, of residential first-lien mortgages, and $6.0 billion and $6.8 billion, respectively, of commercial first-lien mortgages. Residential mortgage loans include conforming mortgage loans originated with the intent to sell to U.S. GSEs and government agencies of $2.9 billion and $2.4 billion, respectively. (f) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists. The level 3 balances would be reduced if netting were applied, including the netting benefit associated with cash collateral. |
Fair value inputs, assets and liabilities, quantitative information | The following table presents the Firm’s primary level 3 financial instruments, the valuation techniques used to measure the fair value of those financial instruments, the significant unobservable inputs, the range of values for those inputs and the weighted or arithmetic averages of such inputs. While the determination to classify an instrument within level 3 is based on the significance of the unobservable inputs to the overall fair value measurement, level 3 financial instruments typically include observable components (that is, components that are actively quoted and can be validated to external sources) in addition to the unobservable components. The level 1 and/or level 2 inputs are not included in the table. In addition, the Firm manages the risk of the observable components of level 3 financial instruments using securities and derivative positions that are classified within levels 1 or 2 of the fair value hierarchy. The range of values presented in the table is representative of the highest and lowest level input used to value the significant groups of instruments within a product/instrument classification. Where provided, the weighted averages of the input values presented in the table are calculated based on the fair value of the instruments that the input is being used to value. 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 instruments within the range of characteristics. For example, two option contracts may have similar levels of market risk exposure and valuation uncertainty, but may have significantly different implied volatility levels because the option contracts have different underlyings, tenors, or strike prices. The input range and weighted and arithmetic average values will therefore vary from period-to-period and parameter-to-parameter based on the characteristics of the instruments held by the Firm at each balance sheet date. Level 3 inputs (a) December 31, 2023 Product/Instrument Fair value (in millions) Principal valuation technique Unobservable inputs (g) Range of input values Average (i) Residential mortgage-backed securities and loans (b) $ 1,743 Discounted cash flows Yield 0% 72% 7% Prepayment speed 3% 12% 9% Conditional default rate 0% 6% 0% Loss severity 0% 110% 3% Commercial mortgage-backed securities and loans (c) 1,460 Market comparables Price $0 $90 $80 Corporate debt securities 484 Market comparables Price $0 $242 $98 Loans (d) 1,335 Market comparables Price $0 $108 $79 Non-U.S. government debt securities 179 Market comparables Price $2 $109 $91 Net interest rate derivatives 495 Option pricing Interest rate volatility 25bps 420bps 117bps Interest rate spread volatility 37bps 77bps 64bps Bermudan switch value 0% 54% 19% Interest rate correlation (82)% 90% 19% IR-FX correlation (35)% 60% 5% 7 Discounted cash flows Prepayment speed 0% 20% 5% Net credit derivatives 233 Discounted cash flows Credit correlation 35% 70% 51% Credit spread 0bps 3,617bps 384bps Recovery rate 10% 90% 55% 32 Market comparables Price $0 $115 $73 Net foreign exchange derivatives 128 Option pricing IR-FX correlation (40)% 60% 20% (66) Discounted cash flows Prepayment speed 11% 11% Interest rate curve 2% 17% 7% Net equity derivatives (2,402) Option pricing Forward equity price (h) 74% 148% 100% Equity volatility 3% 145% 28% Equity correlation 15% 100% 57% Equity-FX correlation (88)% 65% (30)% Equity-IR correlation (19)% 20% 12% Net commodity derivatives (279) Option pricing Oil commodity forward $84 / BBL $270 / BBL $177 / BBL Natural gas commodity forward $2 / MMBTU $6 / MMBTU $4 / MMBTU Commodity volatility 17% 20% 18% Commodity correlation (35)% 98% 31% MSRs 8,522 Discounted cash flows Refer to Note 15 Long-term debt, short-term borrowings, and deposits (e) 30,078 Option pricing Interest rate volatility 25bps 420bps 117bps Bermudan switch value 0% 54% 19% Interest rate correlation (82)% 90% 19% IR-FX correlation (35)% 60% 5% Equity correlation 15% 100% 57% Equity-FX correlation (88)% 65% (30)% Equity-IR correlation (19)% 20% 12% 1,239 Discounted cash flows Credit correlation 35% 70% 51% Yield 5% 20% 12% Loss severity 0% 100% 50% Other level 3 assets and liabilities, net (f) 920 (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 technique as the characteristics of the instruments can differ. (b) Comprises U.S. GSE and government agency securities of $758 million, nonagency securities of $5 million and non-trading loans of $980 million. (c) Comprises nonagency securities of $12 million, trading loans of $65 million and non-trading loans of $1.4 billion. (d) Comprises trading loans of $619 million and non-trading loans of $716 million. (e) Long-term debt, short-term borrowings and deposits include structured notes issued by the Firm that are financial instruments that typically contain embedded derivatives. The estimation of the fair value of structured notes includes the derivative features embedded within the instrument. The significant unobservable inputs are broadly consistent with those presented for derivative receivables. (f) Includes equity securities of $671 million including $544 million in Other assets, for which quoted prices are not readily available and the fair value is generally based on internal valuation techniques such as EBITDA multiples and comparable analysis. All other level 3 assets and liabilities are insignificant both individually and in aggregate. (g) Price is a significant unobservable input for certain instruments. When quoted market prices are not readily available, reliance is generally placed on price-based internal valuation techniques. The price input is expressed assuming a par value of $100 . (h) Forward equity price is expressed as a percentage of the current equity price. (i) Amounts represent weighted averages except for derivative related inputs where arithmetic averages are used. |
Changes in level 3 recurring fair value measurements | The following tables include a rollforward of the Consolidated balance sheets amounts (including changes in fair value) for financial instruments classified by the Firm within level 3 of the fair value hierarchy for the years ended December 31, 2023, 2022 and 2021. When a determination is made to classify a financial instrument within level 3, the determination is based on the significance of the unobservable inputs to the overall fair value measurement. However, level 3 financial instruments typically include, in addition to the unobservable or level 3 components, observable components (that is, components that are actively quoted and can be validated to external sources); accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. The Firm risk-manages the observable components of level 3 financial instruments using securities and derivative positions that are classified within level 1 or 2 of the fair value hierarchy; as these level 1 and level 2 risk management instruments are not included below, the gains or losses in the following tables do not reflect the effect of the Firm’s risk management activities related to such level 3 instruments. Fair value measurements using significant unobservable inputs Year ended Fair value at January 1, 2023 Total realized/unrealized gains/(losses) Transfers into Transfers (out of) level 3 Fair value at Dec. 31, 2023 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2023 Purchases (g) Sales Settlements (h) Assets: (a) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ — $ — $ — $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 759 4 249 (133) (107) — (14) 758 1 Residential – nonagency 5 6 — (6) (1) 1 — 5 1 Commercial – nonagency 7 6 — — (1) 8 (8) 12 7 Total mortgage-backed securities 771 16 249 (139) (109) 9 (22) 775 9 Obligations of U.S. states and municipalities 7 — 1 — (1) 3 — 10 — Non-U.S. government debt securities 155 74 217 (254) — 22 (35) 179 74 Corporate debt securities 463 36 322 (172) (41) 114 (238) 484 35 Loans 759 (15) 1,027 (499) (441) 382 (529) 684 30 Asset-backed securities 23 — 7 (12) (1) 5 (16) 6 — Total debt instruments 2,178 111 1,823 (1,076) (593) 535 (840) 2,138 148 Equity securities 665 (53) 164 (239) (384) 192 (218) 127 (422) Physical commodities 2 — 7 — (2) — — 7 — Other 64 (58) 141 — (5) 1 (42) 101 (28) Total trading assets – debt and equity instruments 2,909 — 2,135 (1,315) (984) 728 (1,100) 2,373 (302) (c) Net derivative receivables: (b) Interest rate 701 556 251 (255) 654 (1,117) (288) 502 419 Credit 13 304 (60) (25) 47 15 (29) 265 230 Foreign exchange 489 31 151 (144) (187) 144 (422) 62 (80) Equity (384) 191 928 (1,931) (1,306) 700 (600) (2,402) (646) Commodity (146) (59) 59 (290) (51) (11) 219 (279) (144) Total net derivative receivables 673 1,023 (c) 1,329 (2,645) (843) (269) (1,120) (1,852) (221) (c) Available-for-sale securities: Corporate debt securities 239 24 — (225) — — (38) — — Total available-for-sale securities 239 24 (d) — (225) — — (38) — — Loans 1,418 289 (c) 2,398 (120) (1,147) 1,306 (1,065) 3,079 293 (c) Mortgage servicing rights 7,973 467 (e) 1,281 (188) (1,011) — — 8,522 467 (e) Other assets 405 (36) (c) 525 (20) (147) 45 (14) 758 (82) (c) Fair value measurements using significant unobservable inputs Year ended Fair value at January 1, 2023 Total realized/unrealized (gains)/losses Transfers (out of) level 3 Fair value at Dec. 31, 2023 Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2023 Purchases Sales Issuances Settlements (h) Transfers into Liabilities: (a) Deposits $ 2,162 $ 95 (c)(f) $ — $ — $ 940 $ (1,043) $ — $ (321) $ 1,833 $ 73 (c)(f) Short-term borrowings 1,401 201 (c)(f) — — 4,522 (4,345) 3 (24) 1,758 14 (c)(f) Trading liabilities – debt and equity instruments 84 (21) (c) (32) 9 — (2) 19 (20) 37 — Accounts payable and other liabilities 53 (4) (c) (16) 24 — — 8 (13) 52 (4) (c) Long-term debt 24,092 3,010 (c)(f) — — 12,679 (11,555) 229 (729) 27,726 2,870 (c)(f) Fair value measurements using significant unobservable inputs Year ended Fair value at January 1, 2022 Total realized/unrealized gains/(losses) Transfers (out of) level 3 Fair value at Dec. 31, 2022 Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2022 Purchases (g) Sales Settlements (h) Transfers into Assets: (a) Federal funds sold and securities purchased under resale agreements $ — $ — $ 1 $ (1) $ (1) $ 1 $ — $ — $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 265 31 673 (125) (84) 4 (5) 759 29 Residential – nonagency 28 (1) 7 (5) (12) — (12) 5 — Commercial – nonagency 10 — — (1) — 3 (5) 7 — Total mortgage-backed securities 303 30 680 (131) (96) 7 (22) 771 29 Obligations of U.S. states and municipalities 7 — — — — — — 7 — Non-U.S. government debt securities 81 (92) 494 (338) (4) 84 (70) 155 (153) Corporate debt securities 332 (30) 404 (178) (100) 357 (322) 463 (48) Loans 708 (51) 652 (605) (230) 925 (640) 759 (26) Asset-backed securities 26 5 19 (24) (1) 5 (7) 23 1 Total debt instruments 1,457 (138) 2,249 (1,276) (431) 1,378 (1,061) 2,178 (197) Equity securities 662 (1,036) 473 (377) (2) 1,066 (121) 665 (840) Physical commodities — (1) 3 — — — — 2 (1) Other 160 93 37 — (221) 1 (6) 64 46 Total trading assets – debt and equity instruments 2,279 (1,082) (c) 2,762 (1,653) (654) 2,445 (1,188) 2,909 (992) (c) Net derivative receivables: (b) Interest rate (16) 187 325 (483) 329 732 (373) 701 332 Credit 74 226 17 (9) (271) 5 (29) 13 170 Foreign exchange (419) 726 215 (114) 83 3 (5) 489 459 Equity (3,626) 5,016 1,226 (2,530) 96 (656) 90 (384) 3,435 Commodity (907) 571 110 (331) 350 5 56 (146) 369 Total net derivative receivables (4,894) 6,726 (c) 1,893 (3,467) 587 89 (261) 673 4,765 (c) Available-for-sale securities: Corporate debt securities 161 5 88 — (15) — — 239 5 Total available-for-sale securities 161 5 (d) 88 — (15) — — 239 5 (d) Loans 1,933 (158) (c) 568 (261) (886) 1,053 (831) 1,418 (76) (c) Mortgage servicing rights 5,494 2,039 (e) 2,198 (822) (936) — — 7,973 2,039 (e) Other assets 306 194 (c) 50 (38) (103) 2 (6) 405 191 (c) Fair value measurements using significant unobservable inputs Year ended Fair value at January 1, 2022 Total realized/unrealized (gains)/losses Transfers (out of) level 3 Fair value at Dec. 31, 2022 Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2022 Purchases Sales Issuances Settlements (h) Transfers into Liabilities: (a) Deposits $ 2,317 $ (292) (c)(f) $ — $ — $ 531 $ (114) $ — $ (280) $ 2,162 $ (76) (c)(f) Short-term borrowings 2,481 (358) (c)(f) — — 3,963 (4,685) 15 (15) 1,401 90 (c)(f) Trading liabilities – debt and equity instruments 30 (31) (c) (41) 77 — — 57 (8) 84 101 (c) Accounts payable and other liabilities 69 (16) (c) (37) 42 — — 1 (6) 53 (16) (c) Long-term debt 24,374 (3,869) (c)(f) — — 12,714 (8,876) 793 (1,044) 24,092 (3,447) (c)(f) Fair value measurements using significant unobservable inputs Year ended Fair value at January 1, 2021 Total realized/unrealized gains/(losses) Transfers (out of) level 3 Fair value at Change in unrealized gains/(losses) related to financial instruments held at Dec. 31, 2021 Purchases (g) Sales Settlements (h) Transfers into Assets: (a) Federal funds sold and securities purchased under resale agreements $ — $ — $ — $ — $ — $ — $ — $ — $ — Trading assets: Debt instruments: Mortgage-backed securities: U.S. GSEs and government agencies 449 (28) 21 (67) (110) 1 (1) 265 (31) Residential – nonagency 28 — 26 (24) (5) 4 (1) 28 (3) Commercial – nonagency 3 5 12 (7) (17) 14 — 10 (2) Total mortgage-backed securities 480 (23) 59 (98) (132) 19 (2) 303 (36) Obligations of U.S. states and municipalities 8 — — — (1) — — 7 — Non-U.S. government debt securities 182 (14) 359 (332) (7) — (107) 81 (10) Corporate debt securities 507 (23) 404 (489) (4) 162 (225) 332 (16) Loans 893 2 994 (669) (287) 648 (873) 708 (20) Asset-backed securities 28 28 76 (99) (2) 2 (7) 26 (2) Total debt instruments 2,098 (30) 1,892 (1,687) (433) 831 (1,214) 1,457 (84) Equity securities 476 (77) 378 (168) — 164 (111) 662 (335) Physical commodities — — — — — — — — — Other 49 74 233 — (98) 5 (103) 160 31 Total trading assets – debt and equity instruments 2,623 (33) (c) 2,503 (1,855) (531) 1,000 (1,428) 2,279 (388) (c) Net derivative receivables: (b) Interest rate 258 1,789 116 (192) (2,011) 112 (88) (16) 282 Credit (224) 130 6 (12) 146 34 (6) 74 141 Foreign exchange (434) (209) 110 (110) 222 (12) 14 (419) 13 Equity (3,862) (480) 1,285 (2,813) 1,758 315 171 (3,626) (155) Commodity (731) (728) 145 (493) 916 (4) (12) (907) (426) Total net derivative receivables (4,993) 502 (c) 1,662 (3,620) 1,031 445 79 (4,894) (145) (c) Available-for-sale securities: Corporate debt securities — (1) 162 — — — — 161 (1) Total available-for-sale securities — (1) (d) 162 — — — — 161 (1) (d) Loans 2,305 (87) (c) 612 (439) (965) 1,301 (794) 1,933 (59) (c) Mortgage servicing rights 3,276 98 (e) 3,022 (114) (788) — — 5,494 98 (e) Other assets 538 16 (c) 9 (17) (239) — (1) 306 11 (c) Fair value measurements using significant unobservable inputs Year ended Fair value at January 1, 2021 Total realized/unrealized (gains)/losses Transfers into Transfers (out of) level 3 Fair value at Change in unrealized (gains)/losses related to financial instruments held at Dec. 31, 2021 Purchases Sales Issuances Settlements (h) Liabilities: (a) Deposits $ 2,913 $ (80) (c)(f) $ — $ — $ 431 $ (467) $ 2 $ (482) $ 2,317 $ (77) (c)(f) Short-term borrowings 2,420 (1,391) (c)(f) — — 6,823 (5,308) 9 (72) 2,481 (83) (c)(f) Trading liabilities – debt and equity instruments 51 (8) (c) (101) 38 — — 64 (14) 30 (157) (c) Accounts payable and other liabilities 68 8 (c) — 1 — — — (8) 69 8 (c) Long-term debt 23,397 369 (c)(f) — — 13,505 (12,191) 103 (809) 24,374 87 (c)(f) (a) Level 3 assets at fair value as a percentage of total Firm assets at fair value (including assets measured at fair value on a nonrecurring basis) were 2% at December 31, 2023, 2022 and 2021. Level 3 liabilities at fair value as a percentage of total Firm liabilities at fair value (including liabilities measured at fair value on a nonrecurring basis) were 8% at both December 31, 2023 and December 31, 2022 and 10% at December 31, 2021. (b) All level 3 derivatives are presented on a net basis, irrespective of the underlying counterparty. (c) Predominantly reported in principal transactions revenue, except for changes in fair value for CCB mortgage loans and lending-related commitments originated with the intent to sell, and mortgage loan purchase commitments, which are reported in mortgage fees and related income. (d) Realized gains/(losses) on AFS securities are reported in investment securities gains/(losses). Unrealized gains/(losses) are reported in OCI. Realized and unrealized gains/(losses) recorded on level 3 AFS securities were not material for the years ended December 31, 2023, 2022 and 2021. (e) Changes in fair value for MSRs are reported in mortgage fees and related income. (f) Realized (gains)/losses due to DVA for fair value option elected liabilities are reported in principal transactions revenue, and were not material for the years ended December 31, 2023, 2022 and 2021. Unrealized (gains)/losses are reported in OCI, and were $(158) million, $(529) million and $258 million for the years ended December 31, 2023, 2022 and 2021, respectively. (g) Loan originations are included in purchases. (h) Includes financial assets and liabilities that have matured, been partially or fully repaid, impacts of modifications, deconsolidations associated with beneficial interests in VIEs and other items. |
Impact of credit adjustments on earnings | The following table provides the impact of credit and funding adjustments on principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities. The FVA presented below includes the impact of the Firm’s own credit quality on the inception value of liabilities as well as the impact of changes in the Firm’s own credit quality over time. Year ended December 31, 2023 2022 2021 Credit and funding adjustments: Derivatives CVA $ 221 $ 22 $ 362 Derivatives FVA 114 42 47 |
Assets and liabilities measured at fair value on a nonrecurring basis | The following tables present the assets and liabilities held as of December 31, 2023 and 2022 , for which nonrecurring fair value adjustments were recorded during the years ended December 31, 2023 and 2022 , by major product category and fair value hierarchy. December 31, 2023 Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Loans $ — $ 599 $ 1,156 $ 1,755 Other assets (a) — 52 1,334 1,386 Total assets measured at fair value on a nonrecurring basis $ — $ 651 $ 2,490 $ 3,141 Accounts payable and other liabilities — — — — Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ — $ — December 31, 2022 Fair value hierarchy Total fair value Level 1 Level 2 Level 3 Loans $ — $ 643 $ 627 $ 1,270 Other assets — 36 1,352 1,388 Total assets measured at fair value on a nonrecurring basis $ — $ 679 $ 1,979 $ 2,658 Accounts payable and other liabilities — — 84 84 Total liabilities measured at fair value on a nonrecurring basis $ — $ — $ 84 $ 84 (a) Included impairments on certain equity method investments, as well as equity securities without readily determinable fair values that were adjusted based on observable price changes in orderly transactions from an identical or similar investment of the same issuer (measurement alternative). Of the $1.3 billion in level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2023, $412 million related to equity securities adjusted based on the measurement alternative. These equity securities are classified as level 3 due to the infrequency of the observable prices and/or the restrictions on the shares. The following table presents the total change in value of assets and liabilities for which fair value adjustments have been recognized for the years ended December 31, 2023, 2022 and 2021, related to assets and liabilities held at those dates. December 31, (in millions) 2023 2022 2021 Loans $ (276) $ (55) $ (72) Other assets (a) (789) (409) 344 Accounts payable and other liabilities — (83) 5 Total nonrecurring fair value gains/(losses) $ (1,065) $ (547) $ 277 (a) Included $(232) million, $(338) million and $379 million for the years ended December 31, 2023, 2022 and 2021, respectively, of net gains/(losses) as a result of the measurement alternative. The current period also included impairments on certain equity method investments. |
Carrying value of equity securities without readily determinable fair values | The following table presents the carrying value of equity securities without readily determinable fair values held as of December 31, 2023 and 2022, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. As of or for the year ended December 31, (in millions) 2023 2022 Other assets Carrying value (a) $ 4,457 $ 4,096 Upward carrying value changes (b) 93 488 Downward carrying value changes/impairment (c) (325) (826) (a) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. (b) The cumulative upward carrying value changes between January 1, 2018 and December 31, 2023 were $1.2 billion. (c) The cumulative downward carrying value changes/impairment between January 1, 2018 and December 31, 2023 were $(1.2) billion |
Carrying value and estimated fair value of financial assets and liabilities | The following table presents, by fair value hierarchy classification, the carrying values and estimated fair values at December 31, 2023 and 2022, 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 hierarchy. December 31, 2023 December 31, 2022 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying Level 1 Level 2 Level 3 Total estimated Carrying Level 1 Level 2 Level 3 Total estimated Financial assets Cash and due from banks $ 29.1 $ 29.1 $ — $ — $ 29.1 $ 27.7 $ 27.7 $ — $ — $ 27.7 Deposits with banks 595.1 594.6 0.5 — 595.1 539.5 539.3 0.2 — 539.5 Accrued interest and accounts receivable 107.1 — 107.0 0.1 107.1 124.7 — 124.6 0.1 124.7 Federal funds sold and securities purchased under resale agreements 16.3 — 16.3 — 16.3 3.7 — 3.7 — 3.7 Securities borrowed 130.3 — 130.3 — 130.3 115.3 — 115.3 — 115.3 Investment securities, held-to-maturity 369.8 160.6 182.2 — 342.8 425.3 189.1 199.5 — 388.6 Loans, net of allowance for loan losses (a) 1,262.5 — 285.6 964.6 1,250.2 1,073.9 — 194.0 853.9 1,047.9 Other 76.1 — 74.9 1.4 76.3 101.2 — 99.6 1.7 101.3 Financial liabilities Deposits $ 2,322.3 $ — $ 2,322.6 $ — $ 2,322.6 $ 2,311.6 $ — $ 2,311.5 $ — $ 2,311.5 Federal funds purchased and securities loaned or sold under repurchase agreements 47.5 — 47.5 — 47.5 50.6 — 50.6 — 50.6 Short-term borrowings (b) 24.7 — 24.7 — 24.7 28.2 — 28.2 — 28.2 Accounts payable and other liabilities 241.8 — 233.3 8.1 241.4 257.5 — 251.2 5.6 256.8 Beneficial interests issued by consolidated VIEs 23.0 — 23.0 — 23.0 12.6 — 12.6 — 12.6 Long-term debt (b) 303.9 — 252.2 51.3 303.5 223.6 — 216.5 2.8 219.3 (a) Fair value is typically estimated using a discounted cash flow model that incorporates the characteristics of the underlying loans (including principal, contractual interest rate and contractual fees) and other key inputs, including expected lifetime credit losses, interest rates, prepayment rates, and primary origination or secondary market spreads. For certain loans, the fair value is measured based on the value of the underlying collateral. Carrying value of the loan takes into account the loan’s allowance for loan losses, which represents the loan’s expected credit losses over its remaining expected life. The difference between the estimated fair value and carrying value of a loan is generally attributable to changes in market interest rates, including credit spreads, market liquidity premiums and other factors that affect the fair value of a loan but do not affect its carrying value. (b) Includes FHLB advances in level 2 of Long-term debt and Short-term borrowings and the Purchase Money Note in level 3 of Long-term debt associated with First Republic. Refer to Notes 20 and 34 for additional information. |
The carrying value and estimated fair value of wholesale lending- related commitments | The majority of the Firm’s lending-related commitments are not carried at fair value on a recurring basis on the Consolidated balance sheets. The carrying value and the estimated fair value of these wholesale lending-related commitments were as follows for the periods indicated. December 31, 2023 December 31, 2022 Estimated fair value hierarchy Estimated fair value hierarchy (in billions) Carrying value (a)(b)(c) Level 1 Level 2 Level 3 Total estimated fair value Carrying value (a)(b) Level 1 Level 2 Level 3 Total estimated fair value Wholesale lending-related commitments $ 3.0 $ — $ — $ 4.8 $ 4.8 $ 2.3 $ — $ — $ 3.2 $ 3.2 (a) Excludes the current carrying values of the guarantee liability and the offsetting asset, each of which is recognized at fair value at the inception of the guarantees. (b) Includes the wholesale allowance for lending-related commitments. (c) As of December 31, 2023, includes fair value adjustments associated with First Republic for other unfunded commitments to extend credit totaling $1.1 billion recorded in accounts payable and other liabilities on the Consolidated balance sheets. Refer to Notes 28 and 34 for additional information. |
Fair Value Option (Tables)
Fair Value Option (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Changes in fair value under the fair value option election | The following table presents the changes in fair value included in the Consolidated statements of income for the years ended December 31, 2023, 2022 and 2021, for items for which the fair value option was elected. The profit and loss information presented below only includes the financial instruments that were elected to be measured at fair value; related risk management instruments, which are required to be measured at fair value, are not included in the table. 2023 2022 2021 December 31, (in millions) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Principal transactions All other income Total changes in fair value recorded (e) Federal funds sold and securities purchased under resale agreements $ 300 $ — $ 300 $ (384) $ — $ (384) $ (112) $ — $ (112) Securities borrowed 164 — 164 (499) — (499) (200) — (200) Trading assets: Debt and equity instruments, excluding loans 3,656 — 3,656 (1,703) — (1,703) (2,171) (1) (c) (2,172) Loans reported as trading assets: Changes in instrument-specific credit risk 248 — 248 (136) — (136) 353 — 353 Other changes in fair value 3 5 (c) 8 (59) — (59) (8) — (8) Loans: Changes in instrument-specific credit risk 322 (4) (c) 318 (242) 21 (c) (221) 589 (7) (c) 582 Other changes in fair value 427 216 (c) 643 (1,421) (794) (c) (2,215) (139) 2,056 (c) 1,917 Other assets 282 (4) (d) 278 39 (6) (d) 33 12 (26) (d) (14) Deposits (a) (2,582) — (2,582) 901 — 901 (183) — (183) Federal funds purchased and securities loaned or sold under repurchase agreements (121) — (121) 181 — 181 69 — 69 Short-term borrowings (a) (567) — (567) 473 — 473 (366) — (366) Trading liabilities (24) — (24) 43 — 43 7 — 7 Beneficial interests issued by consolidated VIEs — — — (1) — (1) — — — Other liabilities (16) — (16) (11) — (11) (17) — (17) Long-term debt (a)(b) (5,875) (78) (c)(d) (5,953) 8,990 98 (c)(d) 9,088 (980) 4 (c)(d) (976) (a) Unrealized gains/(losses) due to instrument-specific credit risk (DVA) for liabilities for which the fair value option has been elected are recorded in OCI, while realized gains/(losses) are recorded in principal transactions revenue. Realized gains/(losses) due to instrument-specific credit risk recorded in principal transactions revenue were not material for the years ended December 31, 2023, 2022 and 2021. (b) Long-term debt measured at fair value predominantly relates to structured notes. Although the risk associated with the structured notes is actively managed, the gains/(losses) reported in this table do not include the income statement impact of the risk management instruments used to manage such risk. (c) Reported in mortgage fees and related income. (d) Reported in other income. (e) Changes in fair value exclude contractual interest, which is included in interest income and interest expense for all instruments other than certain hybrid financial instruments in CIB. Refer to Note 7 for further information regarding interest income and interest expense. |
Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding | The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of December 31, 2023 and 2022, for loans, long-term debt and long-term beneficial interests for which the fair value option has been elected. 2023 2022 December 31, (in millions) Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Contractual principal outstanding Fair value Fair value over/(under) contractual principal outstanding Loans Nonaccrual loans Loans reported as trading assets $ 2,987 $ 588 $ (2,399) $ 2,517 $ 368 $ (2,149) Loans 838 732 (106) 967 829 (138) Subtotal 3,825 1,320 (2,505) 3,484 1,197 (2,287) 90 or more days past due and government guaranteed Loans (a) 65 59 (6) 124 115 (9) All other performing loans (b) Loans reported as trading assets 9,547 7,968 (1,579) 7,823 6,135 (1,688) Loans 38,948 38,060 (888) 42,588 41,135 (1,453) Subtotal 48,495 46,028 (2,467) 50,411 47,270 (3,141) Total loans $ 52,385 $ 47,407 $ (4,978) $ 54,019 $ 48,582 $ (5,437) Long-term debt Principal-protected debt $ 47,768 (d) $ 38,882 $ (8,886) $ 41,341 (d) $ 31,105 $ (10,236) Nonprincipal-protected debt (c) NA 49,042 NA NA 41,176 NA Total long-term debt NA $ 87,924 NA NA $ 72,281 NA Long-term beneficial interests Nonprincipal-protected debt (c) NA $ 1 NA NA $ 5 NA Total long-term beneficial interests NA $ 1 NA NA $ 5 NA (a) These balances are excluded from nonaccrual loans as the loans are insured and/or guaranteed by U.S. government agencies. (b) There were no performing loans that were ninety days or more past due as of December 31, 2023 and 2022. (c) Remaining contractual principal is not applicable to nonprincipal-protected structured notes and long-term beneficial interests. Unlike principal-protected structured notes and long-term beneficial interests, for which the Firm is obligated to return a stated amount of principal at maturity, nonprincipal-protected structured notes and long-term beneficial interests do not obligate the Firm to return a stated amount of principal at maturity, but for structured notes to return an amount based on the performance of an underlying variable or derivative feature embedded in the note. However, investors are exposed to the credit risk of the Firm as issuer for both nonprincipal-protected and principal-protected notes. (d) Where the Firm issues principal-protected zero-coupon or discount notes, the balance reflects the contractual principal payment at maturity or, if applicable, the contractual principal payment at the Firm’s next call date. |
Fair value option, structured notes by balance sheet classification and primary embedded derivative risk | The following table presents the fair value of structured notes, by balance sheet classification and the primary risk type. December 31, 2023 December 31, 2022 (in millions) Long-term debt Short-term borrowings Deposits Total Long-term debt Short-term borrowings Deposits Total Risk exposure Interest rate $ 38,604 $ 654 $ 74,526 $ 113,784 $ 31,973 $ 260 $ 24,655 $ 56,888 Credit 5,444 350 — 5,794 4,105 170 — 4,275 Foreign exchange 2,605 941 187 3,733 2,674 788 50 3,512 Equity 38,685 5,483 2,905 47,073 30,864 4,272 3,545 38,681 Commodity 1,862 11 1 (a) 1,874 1,655 16 2 (a) 1,673 Total structured notes $ 87,200 $ 7,439 $ 77,619 $ 172,258 $ 71,271 $ 5,506 $ 28,252 $ 105,029 (a) Excludes deposits linked to precious metals for which the fair value option has not been elected of $627 million and $602 million for the years ended December 31, 2023 and 2022, respectively. |
Credit Risk Concentrations (Tab
Credit Risk Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations of credit exposure | The table below presents both on–balance sheet and off–balance sheet consumer and wholesale credit exposure by the Firm’s three credit portfolio segments as of December 31, 2023 and 2022. The wholesale industry of risk category is generally based on the client or counterparty’s primary business activity. 2023 2022 Credit exposure (h)(i) On-balance sheet Off-balance sheet (k) Credit exposure (h) On-balance sheet Off-balance sheet (k) December 31, (in millions) Loans Derivatives Loans Derivatives Consumer, excluding credit card $ 455,496 $ 410,093 $ — $ 45,403 $ 344,893 $ 311,375 (j) $ — $ 33,518 Credit card (a) 1,126,781 211,123 — 915,658 1,006,459 185,175 — 821,284 Total consumer (a) 1,582,277 621,216 — 961,061 1,351,352 496,550 — 854,802 Wholesale (b) Real Estate 208,261 166,372 420 41,469 170,857 131,681 249 38,927 Individuals and Individual Entities (c) 145,849 126,339 725 18,785 130,815 120,424 434 9,957 Asset Managers 129,574 52,178 9,925 67,471 95,656 40,511 16,397 38,748 Consumer & Retail 127,086 46,274 2,013 78,799 120,555 45,867 1,650 73,038 Technology, Media & 77,296 22,450 2,451 52,395 72,286 21,622 2,950 47,714 Industrials 75,092 26,548 1,335 47,209 72,483 26,960 1,770 43,753 Healthcare 65,025 23,169 1,577 40,279 62,613 22,970 1,683 37,960 Banks & Finance Companies 57,177 33,941 2,898 20,338 51,816 32,172 3,246 16,398 Utilities 36,061 7,067 3,396 25,598 36,218 9,107 3,269 23,842 State & Municipal Govt (d) 35,986 20,019 442 15,525 33,847 18,147 585 15,115 Oil & Gas 34,475 8,480 705 25,290 38,668 9,632 5,121 23,915 Automotive 33,977 17,459 428 16,090 33,287 14,735 529 18,023 Chemicals & Plastics 20,773 6,458 441 13,874 20,030 5,771 407 13,852 Insurance 20,501 2,535 7,138 10,828 21,045 2,387 8,081 10,577 Central Govt 17,704 5,463 10,669 1,572 19,095 3,167 12,955 2,973 Transportation 16,060 5,080 555 10,425 15,009 5,005 567 9,437 Metals & Mining 15,508 4,655 274 10,579 15,915 5,398 475 10,042 Securities Firms 8,689 865 3,285 4,539 8,066 556 3,387 4,123 Financial Markets Infrastructure 4,251 86 2,155 2,010 4,962 13 3,050 1,899 All other (e) 134,777 97,034 4,032 33,711 123,307 87,545 4,075 31,687 Subtotal 1,264,122 672,472 54,864 536,786 1,146,530 603,670 70,880 471,980 Loans held-for-sale and loans at fair value 30,018 30,018 — — 35,427 35,427 — — Receivables from customers (f) 47,625 — — — 49,257 — — — Total wholesale 1,341,765 702,490 54,864 536,786 1,231,214 639,097 70,880 471,980 Total exposure (g)(h) $ 2,924,042 $ 1,323,706 $ 54,864 $ 1,497,847 $ 2,582,566 $ 1,135,647 $ 70,880 $ 1,326,782 (a) Also includes commercial card lending-related commitments primarily in CB and CIB. (b) The industry rankings presented in the table as of December 31, 2022, are based on the industry rankings of the corresponding exposures at December 31, 2023, not actual rankings of such exposures at December 31, 2022. (c) Individuals and Individual Entities predominantly consists of Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB, and includes exposure to personal investment companies and personal and testamentary trusts. (d) In addition to the credit risk exposure to states and municipal governments (both U.S. and non-U.S.) at December 31, 2023 and 2022, noted above, the Firm held: $5.9 billion and $6.6 billion, respectively, of trading assets; $21.4 billion and $6.8 billion, respectively, of AFS securities; and $9.9 billion and $19.7 billion , respectively, of HTM securities, issued by U.S. state and municipal governments. Refer to Note 2 and Note 10 for further information. (e) All other includes: SPEs and Private education and civic organizations, representing approximately 94% and 6%, respectively, at December 31, 2023 and 95% and 5%, respectively, at December 31, 2022. Refer to Note 14 for more information on exposures to SPEs. (f) 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). (g) Excludes cash placed with banks of $614.1 billion and $556.6 billion, at December 31, 2023 and 2022, respectively, which is predominantly placed with various central banks, primarily Federal Reserve Banks. (h) Credit exposure is net of risk participations and excludes the benefit of credit derivatives used in credit portfolio management activities held against derivative receivables or loans and liquid securities and other cash collateral held against derivative receivables. (i) Included credit exposure associated with First Republic consisting of $102.2 billion in the Consumer, excluding credit card portfolio, and $90.6 billion in the Wholesale portfolio predominantly in Real Estate, Asset Managers, and Individuals and Individual Entities . (j) At December 31, 2023 and 2022, included $94 million and $350 million of loans in Business Banking under the PPP, respectively. PPP loans are guaranteed by the SBA. Other than in certain limited circumstances, the Firm typically does not recognize charge-offs, classify as nonaccrual nor record an allowance for loan losses on these loans. (k) Represents lending-related financial instruments. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of uses and disclosure of derivatives | The following table outlines the Firm’s primary uses of derivatives and the related hedge accounting designation or disclosure category. Type of Derivative Use of Derivative Designation and disclosure Affected segment or unit Page reference Manage specifically identified risk exposures in qualifying hedge accounting relationships: • Interest rate Hedge fixed rate assets and liabilities Fair value hedge Corporate 211-212 • Interest rate Hedge floating-rate assets and liabilities Cash flow hedge Corporate 213 • Foreign exchange Hedge foreign currency-denominated assets and liabilities Fair value hedge Corporate 211-212 • Foreign exchange Hedge foreign currency-denominated forecasted revenue and expense Cash flow hedge Corporate 213 • Foreign exchange Hedge the value of the Firm’s investments in non-U.S. dollar functional currency entities Net investment hedge Corporate 213 • Commodity Hedge commodity inventory Fair value hedge CIB, AWM 211-212 Manage specifically identified risk exposures not designated in qualifying hedge accounting relationships: • Interest rate Manage the risk associated with mortgage commitments, warehouse loans and MSRs Specified risk management CCB 214 • Credit Manage the credit risk associated with wholesale lending exposures Specified risk management CIB, AWM 214 • Interest rate and foreign exchange Manage the risk associated with certain other specified assets and liabilities Specified risk management Corporate, CIB 214 Market-making derivatives and other activities: • Various Market-making and related risk management Market-making and other CIB 214 • Various Other derivatives Market-making and other CIB, AWM, Corporate 214 |
Notional amount of derivative contracts | The following table summarizes the notional amount of free-standing derivative contracts outstanding as of December 31, 2023 and 2022. Notional amounts (b) December 31, (in billions) 2023 2022 Interest rate contracts Swaps $ 23,251 $ 24,491 Futures and forwards 2,690 2,636 Written options 3,370 3,047 Purchased options 3,362 2,992 Total interest rate contracts 32,673 33,166 Credit derivatives (a) 1,045 1,132 Foreign exchange contracts Cross-currency swaps 4,721 4,196 Spot, futures and forwards 6,957 7,017 Written options 830 775 Purchased options 798 759 Total foreign exchange contracts 13,306 12,747 Equity contracts Swaps 639 618 Futures and forwards 157 110 Written options 778 636 Purchased options 698 580 Total equity contracts 2,272 1,944 Commodity contracts Swaps 115 136 Spot, futures and forwards 157 136 Written options 130 117 Purchased options 115 98 Total commodity contracts 517 487 Total derivative notional amounts $ 49,813 $ 49,476 (a) Refer to the Credit derivatives discussion on pages 214–216 for more information on volumes and types of credit derivative contracts. (b) Represents the sum of gross long and gross short third-party notional derivative contracts. |
Impact of derivatives on the Consolidated Balance Sheets | The following table summarizes information on derivative receivables and payables (before and after netting adjustments) that are reflected on the Firm’s Consolidated balance sheets as of December 31, 2023 and 2022, by accounting designation (e.g., whether the derivatives were designated in qualifying hedge accounting relationships or not) and contract type. Free-standing derivative receivables and payables (a) Gross derivative receivables Gross derivative payables December 31, 2023 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 250,689 $ 2 $ 250,691 $ 26,324 $ 240,482 $ — $ 240,482 $ 11,896 Credit 9,654 — 9,654 551 12,038 — 12,038 1,089 Foreign exchange 205,010 765 205,775 18,019 210,623 1,640 212,263 12,620 Equity 57,689 — 57,689 4,928 65,811 — 65,811 9,368 Commodity 15,228 211 15,439 5,042 16,286 92 16,378 5,874 Total fair value of trading assets and liabilities $ 538,270 $ 978 $ 539,248 $ 54,864 $ 545,240 $ 1,732 $ 546,972 $ 40,847 Gross derivative receivables Gross derivative payables December 31, 2022 Not designated as hedges Designated as hedges Total derivative receivables Net derivative receivables (b) Not designated as hedges Designated as hedges Total derivative payables Net derivative payables (b) Trading assets and liabilities Interest rate $ 300,411 $ 4 $ 300,415 $ 28,419 $ 290,291 $ — $ 290,291 $ 15,970 Credit 10,329 — 10,329 1,090 9,971 — 9,971 754 Foreign exchange 239,946 1,633 241,579 23,365 248,911 2,610 251,521 18,856 Equity 61,913 — 61,913 9,139 62,461 — 62,461 8,804 Commodity 23,652 1,705 25,357 8,867 20,758 2,511 23,269 6,757 Total fair value of trading assets and liabilities $ 636,251 $ 3,342 $ 639,593 $ 70,880 $ 632,392 $ 5,121 $ 637,513 $ 51,141 (a) Balances exclude structured notes for which the fair value option has been elected. Refer to Note 3 for further information. (b) As permitted under U.S. GAAP, the Firm has elected to net derivative receivables and derivative payables and the related cash collateral receivables and payables when a legally enforceable master netting agreement exists. |
Offsetting assets | The following tables present, as of December 31, 2023 and 2022, gross and net derivative receivables and payables by contract and settlement type. Derivative receivables and payables, as well as the related cash collateral from the same counterparty, have been netted on the Consolidated balance sheets where the Firm has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the Consolidated balance sheets, and those derivative receivables and payables are shown separately in the tables below. In addition to the cash collateral received and transferred that is presented on a net basis with derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash). These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments, but are not eligible for net presentation: • collateral that consists of liquid securities and other cash collateral held at third-party custodians, which are shown separately as " Collateral not nettable on the Consolidated balance sheets " in the tables below, up to the fair value exposure amount. For the purpose of this disclosure, the definition of liquid securities is consistent with the definition of high quality liquid assets as defined in the LCR rule; • the amount of collateral held or transferred that exceeds the fair value exposure at the individual counterparty level, as of the date presented, which is excluded from the tables below; and • collateral held or transferred that relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained with respect to the master netting agreement, which is excluded from the tables below. 2023 2022 December 31, (in millions) Gross derivative receivables Amounts netted on the Consolidated balance sheets Net derivative receivables Gross derivative receivables Amounts netted on the Consolidated balance sheets Net U.S. GAAP nettable derivative receivables Interest rate contracts: OTC $ 176,901 $ (152,703) $ 24,198 $ 203,922 $ (178,261) $ 25,661 OTC–cleared 71,419 (71,275) 144 93,800 (93,424) 376 Exchange-traded (a) 402 (389) 13 559 (311) 248 Total interest rate contracts 248,722 (224,367) 24,355 298,281 (271,996) 26,285 Credit contracts: OTC 7,637 (7,226) 411 8,474 (7,535) 939 OTC–cleared 1,904 (1,877) 27 1,746 (1,704) 42 Total credit contracts 9,541 (9,103) 438 10,220 (9,239) 981 Foreign exchange contracts: OTC 203,624 (187,295) 16,329 237,941 (216,796) 21,145 OTC–cleared 469 (459) 10 1,461 (1,417) 44 Exchange-traded (a) 6 (2) 4 15 (1) 14 Total foreign exchange contracts 204,099 (187,756) 16,343 239,417 (218,214) 21,203 Equity contracts: OTC 25,001 (23,677) 1,324 30,323 (25,665) 4,658 Exchange-traded (a) 30,462 (29,084) 1,378 28,467 (27,109) 1,358 Total equity contracts 55,463 (52,761) 2,702 58,790 (52,774) 6,016 Commodity contracts: OTC 8,049 (5,084) 2,965 14,430 (7,633) 6,797 OTC–cleared 133 (123) 10 120 (112) 8 Exchange-traded (a) 5,214 (5,190) 24 9,103 (8,745) 358 Total commodity contracts 13,396 (10,397) 2,999 23,653 (16,490) 7,163 Derivative receivables with appropriate legal opinion 531,221 (484,384) 46,837 (d) 630,361 (568,713) 61,648 (d) Derivative receivables where an appropriate legal opinion has not been either sought or obtained 8,027 8,027 9,232 9,232 Total derivative receivables recognized on the Consolidated balance sheets $ 539,248 $ 54,864 $ 639,593 $ 70,880 Collateral not nettable on the Consolidated balance sheets (b)(c) (22,461) (23,014) Net amounts $ 32,403 $ 47,866 |
Offsetting liabilities | 2023 2022 December 31, (in millions) Gross derivative payables Amounts netted on the Consolidated balance sheets Net derivative payables Gross derivative payables Amounts netted on the Consolidated balance sheets Net U.S. GAAP nettable derivative payables Interest rate contracts: OTC $ 161,901 $ (152,467) $ 9,434 $ 190,108 $ (176,890) $ 13,218 OTC–cleared 76,007 (75,729) 278 97,417 (97,126) 291 Exchange-traded (a) 436 (390) 46 327 (305) 22 Total interest rate contracts 238,344 (228,586) 9,758 287,852 (274,321) 13,531 Credit contracts: OTC 10,332 (9,313) 1,019 8,054 (7,572) 482 OTC–cleared 1,639 (1,636) 3 1,674 (1,645) 29 Total credit contracts 11,971 (10,949) 1,022 9,728 (9,217) 511 Foreign exchange contracts: OTC 209,386 (199,173) 10,213 246,457 (231,248) 15,209 OTC–cleared 552 (470) 82 1,488 (1,417) 71 Exchange-traded (a) 6 — 6 20 — 20 Total foreign exchange contracts 209,944 (199,643) 10,301 247,965 (232,665) 15,300 Equity contracts: OTC 29,999 (27,360) 2,639 29,833 (26,554) 3,279 Exchange-traded (a) 33,137 (29,083) 4,054 28,291 (27,103) 1,188 Total equity contracts 63,136 (56,443) 6,693 58,124 (53,657) 4,467 Commodity contracts: OTC 8,788 (5,192) 3,596 11,954 (7,642) 4,312 OTC–cleared 120 (120) — 112 (112) — Exchange-traded (a) 5,376 (5,192) 184 9,021 (8,758) 263 Total commodity contracts 14,284 (10,504) 3,780 21,087 (16,512) 4,575 Derivative payables with appropriate legal opinion 537,679 (506,125) 31,554 (d) 624,756 (586,372) 38,384 (d) Derivative payables where an appropriate legal opinion has not been either sought or obtained 9,293 9,293 12,757 12,757 Total derivative payables recognized on the Consolidated balance sheets $ 546,972 $ 40,847 $ 637,513 $ 51,141 Collateral not nettable on the Consolidated balance sheets (b)(c) (4,547) (3,318) Net amounts $ 36,300 $ 47,823 (a) Exchange-traded derivative balances that relate to futures contracts are settled daily. (b) Includes liquid securities and other cash collateral held at third-party custodians related to derivative instruments where an appropriate legal opinion has been obtained. For some counterparties, the collateral amounts of financial instruments may exceed the derivative receivables and derivative payables balances. Where this is the case, the total amount reported is limited to the net derivative receivables and net derivative payables balances with that counterparty. (c) Derivative collateral relates only to OTC and OTC-cleared derivative instruments. (d) Net derivatives receivable included cash collateral netted of $48.3 billion and $51.5 billion at December 31, 2023 and 2022, respectively. Net derivatives payable included cash collateral netted of $70.0 billion and $69.2 billion at December 31, 2023 and 2022, respectively. Derivative cash collateral relates to OTC and OTC-cleared derivative instruments. |
Current credit risk of derivative receivables and liquidity risk of derivative payables | The following table shows the aggregate fair value of net derivative payables related to OTC and OTC-cleared derivatives that contain contingent collateral or termination features that may be triggered upon a ratings downgrade, and the associated collateral the Firm has posted in the normal course of business, at December 31, 2023 and 2022. OTC and OTC-cleared derivative payables containing downgrade triggers (in millions) December 31, 2023 December 31, 2022 Aggregate fair value of net derivative payables $ 14,655 $ 16,023 Collateral posted 14,673 15,505 The following table shows the impact of a single-notch and two-notch downgrade of the long-term issuer ratings of JPMorgan Chase & Co. and its subsidiaries, predominantly JPMorgan Chase Bank, N.A., at December 31, 2023 and 2022, related to OTC and OTC-cleared derivative contracts with contingent collateral or termination features that may be triggered upon a ratings downgrade. Derivatives contracts generally require additional collateral to be posted or terminations to be triggered when the predefined rating threshold is breached. A downgrade by a single rating agency that does not result in a rating lower than a preexisting corresponding rating provided by another major rating agency will generally not result in additional collateral (except in certain instances in which additional initial margin may be required upon a ratings downgrade), nor in termination payment requirements. The liquidity impact in the table is calculated based upon a downgrade below the lowest current rating of the rating agencies referred to in the derivative contract. Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives December 31, 2023 December 31, 2022 (in millions) Single-notch downgrade Two-notch downgrade Single-notch downgrade Two-notch downgrade Amount of additional collateral to be posted upon downgrade (a) $ 75 $ 1,153 $ 128 $ 1,293 Amount required to settle contracts with termination triggers upon downgrade (b) 93 592 88 925 (a) Includes the additional collateral to be posted for initial margin. (b) Amounts represent fair values of derivative payables, and do not reflect collateral posted. |
Fair value hedge gains and losses | The following tables present derivative instruments, by contract type, used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the years ended December 31, 2023, 2022 and 2021, respectively. The Firm includes gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the related hedged item. Gains/(losses) recorded in income Income statement impact of (e) OCI impact Year ended December 31, 2023 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ 1,554 $ (1,248) $ 306 $ — $ 157 $ — Foreign exchange (c) 722 (483) 239 (601) 239 (134) Commodity (d) 1,227 (706) 521 — 525 — Total $ 3,503 $ (2,437) $ 1,066 $ (601) $ 921 $ (134) Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Year ended December 31, 2022 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (14,352) $ 14,047 $ (305) $ — $ (262) $ — Foreign exchange (c) (1,317) 1,423 106 (528) 106 130 Commodity (d) 106 (70) 36 — 48 — Total $ (15,563) $ 15,400 $ (163) $ (528) $ (108) $ 130 Gains/(losses) recorded in income Income statement impact of excluded components (e) OCI impact Year ended December 31, 2021 Derivatives Hedged items Income statement impact Amortization approach Changes in fair value Derivatives - Gains/(losses) recorded in OCI (f) Contract type Interest rate (a)(b) $ (4,323) $ 3,765 $ (558) $ — $ (439) $ — Foreign exchange (c) (1,317) 1,349 32 (286) 32 (26) Commodity (d) (9,609) 9,710 101 — 72 — Total $ (15,249) $ 14,824 $ (425) $ (286) $ (335) $ (26) (a) Primarily consists of hedges of the benchmark (e.g., Secured Overnight Financing Rate (“SOFR”)) interest rate risk of fixed-rate long-term debt and AFS securities. Gains and losses were recorded in net interest income. (b) Includes the amortization of income/expense associated with the inception hedge accounting adjustment applied to the hedged item. Excludes the accrual of interest on interest rate swaps and the related hedged items. (c) Primarily consists of hedges of the foreign currency risk of long-term debt and AFS securities for changes in spot foreign currency rates. Gains and losses related to the derivatives and the hedged items due to changes in foreign currency rates and the income statement impact of excluded components were recorded primarily in principal transactions revenue and net interest income. (d) Consists of overall fair value hedges of physical commodities inventories that are generally carried at the lower of cost or net realizable value (net realizable value approximates fair value). Gains and losses were recorded in principal transactions revenue. (e) The assessment of hedge effectiveness excludes certain components of the changes in fair values of the derivatives and hedged items such as forward points on foreign exchange forward contracts, time values and cross-currency basis spreads. Excluded components may impact earnings either through amortization of the initial amount over the life of the derivative or through fair value changes recognized in the current period. (f) Represents the change in value of amounts excluded from the assessment of effectiveness under the amortization approach, predominantly cross-currency basis spreads. The amount excluded at inception of the hedge is recognized in earnings over the life of the derivative. |
Schedule of amounts recorded on Consolidated Balance Sheets related to certain cumulative fair value hedge basis adjustments | As of December 31, 2023 and 2022, the following amounts were recorded on the Consolidated balance sheets related to certain cumulative fair value hedge basis adjustments that are expected to reverse through the income statement in future periods as an adjustment to yield. Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2023 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 151,752 (c) $ 549 $ (2,010) $ (1,461) Liabilities Long-term debt $ 195,455 $ (2,042) $ (9,727) $ (11,769) Carrying amount of the hedged items (a)(b) Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: December 31, 2022 Active hedging relationships (d) Discontinued hedging relationships (d)(e) Total Assets Investment securities - AFS $ 84,073 (c) $ (4,149) $ (1,542) $ (5,691) Liabilities Long-term debt $ 175,257 $ (11,879) $ (3,313) $ (15,192) (a) Excludes physical commodities with a carrying value of $5.6 billion and $26.0 billion at December 31, 2023 and 2022, respectively, to which the Firm applies fair value hedge accounting. As a result of the application of hedge accounting, these inventories are carried at fair value, thus recognizing unrealized gains and losses in current periods. Since the Firm exits these positions at fair value, there is no incremental impact to net income in future periods. (b) Excludes hedged items where only foreign currency risk is the designated hedged risk, as basis adjustments related to foreign currency hedges will not reverse through the income statement in future periods. At December 31, 2023 and 2022, the carrying amount excluded for AFS securities is $19.3 billion and $20.3 billion, respectively, and for long-term debt is zero and $221 million, respectively. (c) Carrying amount represents the amortized cost, net of allowance if applicable. Effective January 1, 2023, the Firm adopted the portfolio layer method hedge accounting guidance. At December 31, 2023, the amortized cost of the portfolio layer method closed portfolios was $83.9 billion, of which $68.0 billion was designated as hedged. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio, which includes both spot starting and forward starting layers. The cumulative amount of basis adjustments was $(165) million, which is comprised of $73 million and $(238) million for active and discontinued hedging relationships, respectively. Refer to Note 1 and Note 10 for additional information. (d) Positive (negative) amounts related to assets represent cumulative fair value hedge basis adjustments that will reduce (increase) net interest income in future periods. Positive (negative) amounts related to liabilities represent cumulative fair value hedge basis adjustments that will increase (reduce) net interest income in future periods. (e) Represents basis adjustments existing on the balance sheet date associated with hedged items that have been de-designated from qualifying fair value hedging relationships. |
Cash flow hedge gains and losses | The following tables present derivative instruments, by contract type, used in cash flow hedge accounting relationships, and the pre-tax gains/(losses) recorded on such derivatives, for the years ended December 31, 2023, 2022 and 2021, respectively. The Firm includes the gains/(losses) on the hedging derivative in the same line item in the Consolidated statements of income as the change in cash flows on the related hedged item. Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Year ended December 31, 2023 Amounts reclassified Amounts recorded Total change in OCI for period Contract type Interest rate (a) $ (1,839) $ 274 $ 2,113 Foreign exchange (b) 64 209 145 Total $ (1,775) $ 483 $ 2,258 Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Year ended December 31, 2022 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ (153) $ (7,131) $ (6,978) Foreign exchange (b) (267) (342) (75) Total $ (420) $ (7,473) $ (7,053) Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) Year ended December 31, 2021 Amounts reclassified Amounts recorded Total change Contract type Interest rate (a) $ 1,032 $ (2,370) $ (3,402) Foreign exchange (b) 190 67 (123) Total $ 1,222 $ (2,303) $ (3,525) (a) Primarily consists of hedges of SOFR-indexed floating-rate assets. Gains and losses were recorded in net interest income. (b) Primarily consists of hedges of the foreign currency risk of non-U.S. dollar-denominated revenue and expense. The income statement classification of gains and losses follows the hedged item – primarily noninterest revenue and compensation expense. |
Net investment hedge gains and losses | The following table presents hedging instruments, by contract type, that were used in net investment hedge accounting relationships, and the pre-tax gains/(losses) recorded on such instruments for the years ended December 31, 2023, 2022 and 2021. 2023 2022 2021 Year ended December 31, Amounts recorded in income (a)(b) Amounts recorded in Amounts recorded in income (a)(b) Amounts recorded in Amounts recorded in income (a)(b) Amounts recorded in Foreign exchange derivatives $384 $(1,732) $(123) $3,591 $(228) $2,452 (a) Certain components of hedging derivatives are permitted to be excluded from the assessment of hedge effectiveness, such as forward points on foreign exchange forward contracts. The Firm elects to record changes in fair value of these amounts directly in other income. (b) Excludes amounts reclassified from AOCI to income on the sale or liquidation of hedged entities. During the year ended December 31, 2023, the Firm reclassified a net pre-tax loss of $(35) million to other revenue including the impact of the acquisition of CIFM. The Firm reclassified net pre-tax gains of $38 million to other income/expense related to the liquidation of certain legal entities during the year ended December 31, 2022. The amount reclassified for the year ended December 31, 2021 was not material. Refer to Note 24 for further information. |
Risk management derivatives gains and losses (not designated as hedging instruments) | The following table presents pre-tax gains/(losses) recorded on a limited number of derivatives, not designated in hedge accounting relationships, that are used to manage risks associated with certain specified assets and liabilities, including certain risks arising from mortgage commitments, warehouse loans, MSRs, wholesale lending exposures, and foreign currency denominated assets and liabilities. Derivatives gains/(losses) Year ended December 31, 2023 2022 2021 Contract type Interest rate (a) $ (135) $ (827) $ 1,078 Credit (b) (441) 51 (94) Foreign exchange (c) (2) (48) 94 Total $ (578) $ (824) $ 1,078 (a) Primarily represents interest rate derivatives used to hedge the interest rate risk inherent in mortgage commitments, warehouse loans and MSRs, as well as written commitments to originate warehouse loans. Gains and losses were recorded predominantly in mortgage fees and related income. (b) Relates to credit derivatives used to mitigate credit risk associated with lending exposures in the Firm’s wholesale businesses. These derivatives do not include credit derivatives used to mitigate counterparty credit risk arising from derivative receivables, which is included in gains and losses on derivatives related to market-making activities and other derivatives. Gains and losses were recorded in principal transactions revenue. (c) Primarily relates to derivatives used to mitigate foreign exchange risk of specified foreign currency-denominated assets and liabilities. Gains and losses were recorded in principal transactions revenue. |
Credit derivatives and credit-related notes | Total credit derivatives and credit-related notes Maximum payout/Notional amount Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e) December 31, 2023 Credit derivatives Credit default swaps $ (450,172) $ 473,823 $ 23,651 $ 7,517 Other credit derivatives (a) (38,846) 45,416 6,570 29,206 Total credit derivatives (489,018) 519,239 30,221 36,723 Credit-related notes (b) — — — 9,788 Total $ (489,018) $ 519,239 $ 30,221 $ 46,511 Maximum payout/Notional amount Protection sold Protection purchased with identical underlyings (c) Net protection (sold)/purchased (d) Other protection purchased (e) December 31, 2022 Credit derivatives Credit default swaps $ (495,557) $ 509,846 $ 14,289 $ 2,917 Other credit derivatives (a) (47,165) 65,029 17,864 11,746 Total credit derivatives (542,722) 574,875 32,153 14,663 Credit-related notes (b) — — — 7,863 Total $ (542,722) $ 574,875 $ 32,153 $ 22,526 (a) Other credit derivatives predominantly consist of credit swap options and total return swaps. (b) Predominantly represents Other protection purchased by CIB. (c) Represents the total notional amount of protection purchased where the underlying reference instrument is identical to the reference instrument on protection sold; the notional amount of protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. (d) Does not take into account the fair value of the reference obligation at the time of settlement, which would generally reduce the amount the seller of protection pays to the buyer of protection in determining settlement value. (e) Represents protection purchased by the Firm on referenced instruments (single-name, portfolio or index) where the Firm has not sold any protection on the identical reference instrument. |
Protection sold - credit derivatives and credit-related notes ratings/maturity profile | The following tables summarize the notional amounts by the ratings, maturity profile, and total fair value, of credit derivatives as of December 31, 2023 and 2022, where JPMorgan Chase is the seller of protection. The maturity profile is based on the remaining contractual maturity of the credit derivative contracts. The ratings profile is based on the rating of the reference entity on which the credit derivative contract is based. The ratings and maturity profile of credit derivatives where JPMorgan Chase is the purchaser of protection are comparable to the profile reflected below. Protection sold – credit derivatives ratings (a) /maturity profile December 31, 2023 <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (89,981) $ (263,834) $ (29,470) $ (383,285) $ 3,659 $ (1,144) $ 2,515 Noninvestment-grade (31,419) (69,515) (4,799) (105,733) 2,466 (1,583) 883 Total $ (121,400) $ (333,349) $ (34,269) $ (489,018) $ 6,125 $ (2,727) $ 3,398 December 31, 2022 <1 year 1–5 years >5 years Total notional amount Fair value of receivables (b) Fair value of payables (b) Net fair value Risk rating of reference entity Investment-grade $ (90,484) $ (294,791) $ (30,822) $ (416,097) $ 2,324 $ (1,495) $ 829 Noninvestment-grade (33,244) (87,011) (6,370) (126,625) 1,267 (3,209) (1,942) Total $ (123,728) $ (381,802) $ (37,192) $ (542,722) $ 3,591 $ (4,704) $ (1,113) (a) The ratings scale is primarily based on external credit ratings defined by S&P and Moody’s. (b) Amounts are shown on a gross basis, before the benefit of legally enforceable master netting agreements including cash collateral netting. |
Noninterest Revenue and Nonin_2
Noninterest Revenue and Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Noninterest Income (Expense) [Abstract] | |
Components of investment banking fees | The following table presents the components of investment banking fees. Year ended December 31, 2023 2022 2021 Underwriting Equity $ 1,149 $ 975 $ 3,969 Debt 2,610 2,732 4,853 Total underwriting 3,759 3,707 8,822 Advisory 2,760 2,979 4,394 Total investment banking fees $ 6,519 $ 6,686 $ 13,216 |
Principal transactions revenue | The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and fund deployment activities in Treasury and CIO. Refer to Note 7 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual LOB. Year ended December 31, 2023 2022 2021 Trading revenue by instrument type Interest rate (a) $ 5,607 $ 3,010 $ 1,646 Credit (b) 1,434 1,412 (c) 2,691 Foreign exchange 5,082 5,119 2,787 Equity 10,229 8,068 7,773 Commodity 2,202 2,348 1,428 Total trading revenue 24,554 19,957 16,325 Private equity losses (94) (45) (21) Principal transactions $ 24,460 $ 19,912 $ 16,304 (a) Includes the impact of changes in funding valuation adjustments on derivatives. (b) Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities. (c) Includes net markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio. |
Components of lending and deposit-related fees | The following table presents the components of lending- and deposit-related fees. Year ended December 31, 2023 2022 2021 Lending-related fees $ 2,365 (a) $ 1,468 $ 1,472 Deposit-related fees 5,048 5,630 5,560 Total lending- and deposit-related fees $ 7,413 $ 7,098 $ 7,032 (a) Includes the amortization of the purchase discount on certain acquired lending-related commitments associated with First Republic, predominantly in AWM and CB. The discount is deferred in other liabilities and recognized on a straight-line basis over the commitment period and was largely recognized in the current year as the commitments are generally short term. Re fer to Note 34 for additional information. |
Components of asset management fees | The following table presents the components of asset management fees. Year ended December 31, 2023 2022 2021 Asset management fees Investment management fees $ 14,908 (a) $ 13,765 $ 14,027 All other asset management fees 312 331 378 Total asset management fees $ 15,220 $ 14,096 $ 14,405 (a) Includes the impact of First Republic. Refer to Note 34 for additional information. |
Components of commissions and other fees | The following table presents the components of commissions and other fees. Year ended December 31, 2023 2022 2021 Commissions and other fees Brokerage commissions $ 2,820 $ 2,831 $ 3,046 Administration fees 2,310 2,348 2,554 All other commissions and fees (a) 1,706 1,402 1,024 Total commissions and other fees $ 6,836 $ 6,581 $ 6,624 (a) |
Components of card income | The following table presents the components of card income: Year ended December 31, 2023 2022 2021 Interchange and merchant processing income $ 31,021 $ 28,085 $ 23,592 Reward costs and partner payments (24,601) (22,162) (17,868) All other (a) (1,636) (1,503) (622) Total card income $ 4,784 $ 4,420 $ 5,102 (a) |
Components of other income | The following table presents certain components of other income: Year ended December 31, 2023 2022 2021 Operating lease income $ 2,843 $ 3,654 $ 4,914 Losses on tax-oriented investments (1,538) (1,491) (1,570) Estimated bargain purchase gain associated with the First Republic acquisition 2,775 (a) — — Gain related to the acquisition of CIFM 339 (b) — — Gain on sale of Visa B shares — 914 — (a) Refer to Note 34 for additional information on the First Republic acquisition. (b) Gain on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% of the entity. |
Components of noninterest expense | Other expense on the Firm’s Consolidated statements of income included: Year ended December 31, 2023 2022 2021 Legal expense $ 1,436 $ 266 $ 426 FDIC-related expense 4,203 (a) 860 730 First Republic-related expense 1,060 (b) — (a) Included the $2.9 billion FDIC special assessment. (b) Included payments to the FDIC in the second quarter of 2023 with respect to First Republic individuals who were not employees of the Firm until July 2, 2023, as well as $360 million restructuring and integration costs. Refer to Note 34 for additional information on the First Republic acquisition. |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interest Income (Expense), Net [Abstract] | |
Details of interest income and interest expense | The following table presents the components of interest income and interest expense: Year ended December 31, 2023 2022 2021 Interest income Loans $ 83,384 (e) $ 52,736 $ 41,537 Taxable securities 17,390 10,372 6,460 Non-taxable securities (a) 1,336 975 1,063 Total investment securities 18,726 (e) 11,347 7,523 Trading assets - debt instruments 15,950 9,053 6,825 Federal funds sold and securities purchased under resale agreements 15,079 4,632 958 Securities borrowed (b) 7,983 2,237 (385) Deposits with banks 21,797 9,039 512 All other interest-earning assets (c) 7,669 3,763 894 Total interest income $ 170,588 $ 92,807 $ 57,864 Interest expense Interest bearing deposits $ 40,016 $ 10,082 $ 531 Federal funds purchased and securities loaned or sold under repurchase agreements 13,259 3,721 274 Short-term borrowings 1,894 747 126 Trading liabilities - debt and all other interest-bearing liabilities (d) 9,396 3,246 257 Long-term debt 15,803 8,075 4,282 Beneficial interest issued by consolidated VIEs 953 226 83 Total interest expense $ 81,321 $ 26,097 $ 5,553 Net interest income $ 89,267 $ 66,710 $ 52,311 Provision for credit losses 9,320 6,389 (9,256) Net interest income after provision for credit losses $ 79,947 $ 60,321 $ 61,567 (a) Represents securities that are tax-exempt for U.S. federal income tax purposes. (b) Negative interest and rates reflect the net impact of interest earned offset by fees paid on client-driven prime brokerage securities borrowed transactions. (c) Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated balance sheets. (d) All other interest-bearing liabilities includes interest expense on brokerage-related customer payables. (e) Includes the accretion of the purchase discount on certain acquired loans and investment securities associated with First Republic. Refer to Note 34 for additional information. |
Pension and Other Postretirem_2
Pension and Other Postretirement Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Summary of benefit obligations, plan assets, net funded status and amounts recorded in AOCI | The following table presents the pretax benefit obligations, plan assets, the net funded status, and the amounts recorded in AOCI on the Consolidated balance sheets for the Firm’s significant defined benefit pension and OPEB plans. As of or for the year ended December 31, Defined benefit (in millions) 2023 2022 Projected benefit obligations $ (14,740) $ (13,545) Fair value of plan assets 22,013 19,890 Net funded status 7,273 6,345 Accumulated other comprehensive income/(loss) (1,517) (1,916) |
Components of net periodic benefit costs reported in the Consolidated statements of income and other comprehensive income | The following table presents the net periodic benefit costs reported in the Consolidated statements of income for the Firm’s defined benefit pension, defined contribution and OPEB plans, and in other comprehensive income for the defined benefit pension and OPEB plans. Pension and OPEB plans Year ended December 31, (in millions) 2023 2022 2021 Total net periodic defined benefit plan cost/(credit) (a) $ (393) $ (192) (b) $ (201) (b) Total defined contribution plans 1,609 1,408 1,333 Total pension and OPEB cost included in noninterest expense $ 1,216 $ 1,216 $ 1,132 Total recognized in other comprehensive (income)/loss $ (421) $ 1,459 $ (1,129) (a) The service cost component of net periodic defined benefit cost is reported in compensation expense; all other components of net periodic defined benefit costs are reported in other expense in the Consolidated statements of income. (b) |
Weighted-average actuarial assumptions | The following table presents the weighted-average actuarial assumptions used to determine the net periodic benefit costs for the defined benefit pension and OPEB plans. Defined benefit pension and OPEB plans Year ended December 31, 2023 2022 2021 Discount rate 5.14 % 2.54 % 2.17 % Expected long-term rate of return on plan assets 5.74 % 3.68 % 2.97 % |
Pension and OPEB plan assets and liabilities measured at fair value | Pension plan assets and liabilities measured at fair value Defined benefit pension and OPEB plans 2023 2022 December 31 , (in millions) Level 1 (a) Level 2 (b) Level 3 (c) Total fair value Level 1 (a) Level 2 (b) Level 3 (c) Total fair value Assets measured at fair value classified in the fair value hierarchy $ 6,521 $ 10,713 $ 3,124 $ 20,358 $ 5,308 $ 9,617 $ 2,613 $ 17,538 Assets measured at fair value using NAV as a practical expedient 2,097 2,593 Net defined benefit pension plan payables (442) (241) Total fair value of plan assets $ 22,013 $ 19,890 (a) Consists predominantly of equity securities, U.S. federal, state, and local and non-U.S. government debt securities, and cash equivalents. (b) Consists predominantly of corporate debt securities and U.S. federal, state, and local and non-U.S. government debt securities. (c) Consists of corporate-owned life insurance policies, fund investments, and participating annuity contracts in 2023, and corporate-owned life insurance policies and participating annuity contracts in 2022. |
Estimated future benefit payments | The following table presents benefit payments expected to be paid for the defined benefit pension and OPEB plans for the years indicated. Year ended December 31, Defined benefit pension and OPEB plans 2024 $ 1,142 2025 1,125 2026 1,113 2027 1,077 2028 1,063 Years 2029–2033 5,143 |
Employee Share-Based Incentiv_2
Employee Share-Based Incentives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of RSUs, PSUs, and SARs and stock options activity | The following table summarizes JPMorgan Chase’s RSUs, PSUs and SARs activity for 2023. RSUs/PSUs SARs Year ended December 31, 2023 Number of Weighted-average grant Number of awards Weighted-average exercise price Weighted-average remaining contractual life Aggregate intrinsic value (in thousands, except weighted-average data, and where otherwise stated) Outstanding, January 1 47,726 $ 139.90 2,511 $ 141.19 Granted 23,758 139.39 — — Exercised or vested (17,773) 134.86 (261) 46.58 Forfeited (1,468) 142.11 — — Canceled NA NA — — Outstanding, December 31 52,243 $ 141.31 2,250 $ 152.19 7.7 $ 40,444 Exercisable, December 31 NA NA — — — — |
Noncash compensation expense related to employee share-based incentive plans | The Firm recognized the following noncash compensation expense related to its various employee share-based incentive plans in its Consolidated statements of income. Year ended December 31, (in millions) 2023 2022 2021 Cost of prior grants of RSUs, PSUs and SARs that are amortized over their applicable vesting periods $ 1,510 $ 1,253 $ 1,161 Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees 1,607 1,541 1,768 Total noncash compensation expense related to employee share-based incentive plans $ 3,117 $ 2,794 $ 2,929 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale amortized costs and estimated fair values | The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. 2023 2022 December 31, (in millions) Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 88,377 $ 870 $ 4,077 $ 85,170 $ 77,194 $ 479 $ 6,170 $ 71,503 Residential: U.S. 2,086 10 68 2,028 1,576 1 111 1,466 Non-U.S. 1,608 4 1 1,611 3,176 5 27 3,154 Commercial 2,930 12 139 2,803 2,113 — 155 1,958 Total mortgage-backed securities 95,001 896 4,285 91,612 84,059 485 6,463 78,081 U.S. Treasury and government agencies 58,051 276 522 57,805 95,217 302 3,459 92,060 Obligations of U.S. states and municipalities 21,243 390 266 21,367 7,103 86 403 6,786 Non-U.S. government debt securities 21,387 254 359 21,282 20,360 14 678 19,696 Corporate debt securities 128 — 28 100 381 — 24 357 Asset-backed securities: Collateralized loan obligations 6,769 11 28 6,752 5,916 1 125 5,792 Other 2,804 8 26 2,786 3,152 2 69 3,085 Unallocated portfolio layer fair value basis adjustments (a) 73 (73) — NA NA NA NA NA Total available-for-sale securities 205,456 1,762 5,514 201,704 (e) 216,188 890 11,221 205,857 Held-to-maturity securities (b) Mortgage-backed securities: U.S. GSEs and government agencies 105,614 39 11,643 94,010 113,492 35 13,709 99,818 U.S. Residential 9,709 4 970 8,743 10,503 3 1,244 9,262 Commercial 10,534 13 581 9,966 10,361 10 734 9,637 Total mortgage-backed securities 125,857 56 13,194 112,719 134,356 48 15,687 118,717 U.S. Treasury and government agencies 173,666 — 13,074 160,592 207,463 — 18,363 189,100 Obligations of U.S. states and municipalities 9,945 74 591 9,428 19,747 53 1,080 18,720 Asset-backed securities: Collateralized loan obligations 58,565 47 352 58,260 61,414 4 1,522 59,896 Other 1,815 1 61 1,755 2,325 — 110 2,215 Total held-to-maturity securities 369,848 178 27,272 342,754 425,305 105 36,762 388,648 Total investment securities, net of allowance for credit losses $ 575,304 $ 1,940 $ 32,786 $ 544,458 $ 641,493 $ 995 $ 47,983 $ 594,505 (a) Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 1 and Note 5 for additional information. (b) The Firm purchased $4.1 billion, $33.7 billion and $111.8 billion of HTM securities for the years ended December 31, 2023, 2022 and 2021, respectively. (c) The amortized cost of investment securities is reported net of allowance for credit losses of $128 million and $96 million at December 31, 2023 and 2022, respectively. (d) Excludes $2.8 billion and $2.5 billion of accrued interest receivable at December 31, 2023 and 2022, respectively, included in accrued interest and accounts receivable on the Consolidated balance sheets. The Firm generally does not recognize an allowance for credit losses on accrued interest receivable, consistent with its policy to write them off no later than 90 days past due by reversing interest income. The Firm did not reverse through interest income any accrued interest receivable for the years ended December 31, 2023 and 2022. (e) As of December 31, 2023, included $24.2 billion of AFS securities associated with First Republic. Refer to Note 34 for additional information. |
Held-to-maturity securities amortized costs and estimated fair values | The amortized costs and estimated fair values of the investment securities portfolio were as follows for the dates indicated. 2023 2022 December 31, (in millions) Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair Amortized cost (c)(d) Gross unrealized gains Gross unrealized losses Fair Available-for-sale securities Mortgage-backed securities: U.S. GSEs and government agencies $ 88,377 $ 870 $ 4,077 $ 85,170 $ 77,194 $ 479 $ 6,170 $ 71,503 Residential: U.S. 2,086 10 68 2,028 1,576 1 111 1,466 Non-U.S. 1,608 4 1 1,611 3,176 5 27 3,154 Commercial 2,930 12 139 2,803 2,113 — 155 1,958 Total mortgage-backed securities 95,001 896 4,285 91,612 84,059 485 6,463 78,081 U.S. Treasury and government agencies 58,051 276 522 57,805 95,217 302 3,459 92,060 Obligations of U.S. states and municipalities 21,243 390 266 21,367 7,103 86 403 6,786 Non-U.S. government debt securities 21,387 254 359 21,282 20,360 14 678 19,696 Corporate debt securities 128 — 28 100 381 — 24 357 Asset-backed securities: Collateralized loan obligations 6,769 11 28 6,752 5,916 1 125 5,792 Other 2,804 8 26 2,786 3,152 2 69 3,085 Unallocated portfolio layer fair value basis adjustments (a) 73 (73) — NA NA NA NA NA Total available-for-sale securities 205,456 1,762 5,514 201,704 (e) 216,188 890 11,221 205,857 Held-to-maturity securities (b) Mortgage-backed securities: U.S. GSEs and government agencies 105,614 39 11,643 94,010 113,492 35 13,709 99,818 U.S. Residential 9,709 4 970 8,743 10,503 3 1,244 9,262 Commercial 10,534 13 581 9,966 10,361 10 734 9,637 Total mortgage-backed securities 125,857 56 13,194 112,719 134,356 48 15,687 118,717 U.S. Treasury and government agencies 173,666 — 13,074 160,592 207,463 — 18,363 189,100 Obligations of U.S. states and municipalities 9,945 74 591 9,428 19,747 53 1,080 18,720 Asset-backed securities: Collateralized loan obligations 58,565 47 352 58,260 61,414 4 1,522 59,896 Other 1,815 1 61 1,755 2,325 — 110 2,215 Total held-to-maturity securities 369,848 178 27,272 342,754 425,305 105 36,762 388,648 Total investment securities, net of allowance for credit losses $ 575,304 $ 1,940 $ 32,786 $ 544,458 $ 641,493 $ 995 $ 47,983 $ 594,505 (a) Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under U.S. GAAP portfolio layer method basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses in the table for the types of securities being hedged. Refer to Note 1 and Note 5 for additional information. (b) The Firm purchased $4.1 billion, $33.7 billion and $111.8 billion of HTM securities for the years ended December 31, 2023, 2022 and 2021, respectively. (c) The amortized cost of investment securities is reported net of allowance for credit losses of $128 million and $96 million at December 31, 2023 and 2022, respectively. (d) Excludes $2.8 billion and $2.5 billion of accrued interest receivable at December 31, 2023 and 2022, respectively, included in accrued interest and accounts receivable on the Consolidated balance sheets. The Firm generally does not recognize an allowance for credit losses on accrued interest receivable, consistent with its policy to write them off no later than 90 days past due by reversing interest income. The Firm did not reverse through interest income any accrued interest receivable for the years ended December 31, 2023 and 2022. (e) As of December 31, 2023, included $24.2 billion of AFS securities associated with First Republic. Refer to Note 34 for additional information. |
Securities impairment | The following tables present the fair value and gross unrealized losses by aging category for AFS securities at December 31, 2023 and 2022. The tables exclude U.S. Treasury and government agency securities and U.S. GSE and government agency MBS with unrealized losses of $4.6 billion and $9.6 billion, at December 31, 2023 and 2022, respectively; changes in the value of these securities are generally driven by changes in interest rates rather than changes in their credit profile given the explicit or implicit guarantees provided by the U.S. government. Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more Year ended December 31, 2023 Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 81 $ — $ 1,160 $ 68 $ 1,241 $ 68 Non-U.S. — — 722 1 722 1 Commercial 228 3 1,775 136 2,003 139 Total mortgage-backed securities 309 3 3,657 205 3,966 208 Obligations of U.S. states and municipalities 2,134 20 2,278 246 4,412 266 Non-U.S. government debt securities 7,145 23 4,987 336 12,132 359 Corporate debt securities 9 — 79 28 88 28 Asset-backed securities: Collateralized loan obligations 932 2 3,744 26 4,676 28 Other 208 1 1,288 25 1,496 26 Total available-for-sale securities with gross unrealized losses $ 10,737 (a) $ 49 $ 16,033 $ 866 $ 26,770 $ 915 Available-for-sale securities with gross unrealized losses Less than 12 months 12 months or more Year ended December 31, 2022 Fair value Gross Fair value Gross Total fair value Total gross unrealized losses Available-for-sale securities Mortgage-backed securities: Residential: U.S. $ 1,187 $ 71 $ 260 $ 40 $ 1,447 $ 111 Non-U.S. 2,848 25 70 2 2,918 27 Commercial 1,131 74 813 81 1,944 155 Total mortgage-backed securities 5,166 170 1,143 123 6,309 293 Obligations of U.S. states and municipalities 3,051 241 364 162 3,415 403 Non-U.S. government debt securities 6,941 321 3,848 357 10,789 678 Corporate debt securities 150 2 207 22 357 24 Asset-backed securities: Collateralized loan obligations 3,010 61 2,701 64 5,711 125 Other 2,586 51 256 18 2,842 69 Total available-for-sale securities with gross unrealized losses $ 20,904 $ 846 $ 8,519 $ 746 $ 29,423 $ 1,592 (a) Includes the impact of First Republic, primarily obligations of U.S. states and municipalities. Refer to Note 34 for additional information. |
Securities gains and losses and provision for credit loss | Year ended December 31, 2023 2022 2021 Realized gains $ 622 $ 198 $ 595 Realized losses (3,802) (2,578) (940) Investment securities losses $ (3,180) $ (2,380) $ (345) Provision for credit losses $ 38 $ 54 $ (36) |
Amortized cost and estimated fair value by contractual maturity | The following table presents the amortized cost and estimated fair value at December 31, 2023, of JPMorgan Chase’s investment securities portfolio by contractual maturity. By remaining maturity Due in one Due after one year through five years Due after five years through 10 years Due after 10 years (c) Total Available-for-sale securities Mortgage-backed securities Amortized cost $ — $ 5,166 $ 5,660 $ 84,175 $ 95,001 Fair value — 5,072 5,662 80,878 91,612 (d) Average yield (a) — % 5.27 % 6.15 % 4.96 % 5.05 % U.S. Treasury and government agencies Amortized cost $ 1 $ 27,430 $ 23,884 $ 6,736 $ 58,051 Fair value 1 27,212 23,933 6,659 57,805 Average yield (a) 5.44 % 5.84 % 6.15 % 6.60 % 6.06 % Obligations of U.S. states and municipalities Amortized cost $ 10 $ 55 $ 531 $ 20,647 $ 21,243 Fair value 10 54 533 20,770 21,367 (d) Average yield (a) 3.70 % 3.03 % 4.51 % 5.93 % 5.89 % Non-U.S. government debt securities Amortized cost $ 8,841 $ 4,553 $ 3,658 $ 4,335 $ 21,387 Fair value 8,814 4,537 3,470 4,461 21,282 Average yield (a) 3.68 % 4.35 % 2.00 % 3.79 % 3.55 % Corporate debt securities Amortized cost $ 81 $ 67 $ 14 $ — $ 162 Fair value 20 66 14 — 100 Average yield (a) 15.37 % 6.25 % 4.10 % — % 10.62 % Asset-backed securities Amortized cost $ 23 $ 869 $ 3,506 $ 5,175 $ 9,573 Fair value 23 861 3,503 5,151 9,538 (d) Average yield (a) 6.13 % 3.72 % 6.48 % 6.82 % 6.41 % Total available-for-sale securities Amortized cost (b) $ 8,956 $ 38,140 $ 37,253 $ 121,068 $ 205,417 Fair value 8,868 37,802 37,115 117,919 201,704 (d) Average yield (a) 3.79 % 5.53 % 5.75 % 5.25 % 5.33 % Held-to-maturity securities Mortgage-backed securities Amortized cost $ — $ 5,868 $ 8,382 $ 111,649 $ 125,899 Fair value — 5,480 7,448 99,791 112,719 Average yield (a) — % 2.56 % 2.58 % 3.02 % 2.97 % U.S. Treasury and government agencies Amortized cost $ 63,974 $ 60,763 $ 48,929 $ — $ 173,666 Fair value 63,012 56,064 41,516 — 160,592 Average yield (a) 0.63 % 0.97 % 1.26 % — % 0.93 % Obligations of U.S. states and municipalities Amortized cost $ — $ — $ 283 $ 9,714 $ 9,997 Fair value — — 254 9,174 9,428 Average yield (a) — % — % 3.21 % 3.94 % 3.92 % Asset-backed securities Amortized cost $ — $ 16 $ 20,345 $ 40,019 $ 60,380 Fair value — 16 20,262 39,737 60,015 Average yield (a) — % 6.86 % 6.36 % 6.58 % 6.50 % Total held-to-maturity securities Amortized cost (b) $ 63,974 $ 66,647 $ 77,939 $ 161,382 $ 369,942 Fair value 63,012 61,560 69,480 148,702 342,754 Average yield (a) 0.63 % 1.11 % 2.74 % 3.96 % 2.61 % (a) Average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts, and the effect of related hedging derivatives, including closed portfolio hedges. Taxable-equivalent amounts are used where applicable. The effective yield excludes unscheduled principal prepayments; and accordingly, actual maturities of securities may differ from their contractual or expected maturities as certain securities may be prepaid. However, for certain callable debt securities, the average yield is calculated to the earliest call date. (b) For purposes of this table, the amortized cost of available-for-sale securities excludes the allowance for credit losses of $34 million and the portfolio layer fair value hedge basis adjustments of $73 million at December 31, 2023. The amortized cost of held-to-maturity securities also excludes the allowance for credit losses of $94 million at December 31, 2023. (c) Substantially all of the Firm’s U.S. residential MBS and collateralized mortgage obligations are due in 10 years or more, based on contractual maturity. The estimated weighted-average life, which reflects anticipated future prepayments, is approximately seven years for agency residential MBS, seven years for agency residential collateralized mortgage obligations, and six years for nonagency residential collateralized mortgage obligations. (d) Includes AFS securities associated with First Republic, primarily due after 10 years. Refer to Note 34 for additional information. |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Securities Financing Transactions Disclosures [Abstract] | |
Schedule of securities sold under repurchase agreements, netting & securities loaned | The table below summarizes the gross and net amounts of the Firm’s securities financing agreements, as of December 31, 2023 and 2022. When the Firm has obtained an appropriate legal opinion with respect to a master netting agreement with a counterparty and where other relevant netting criteria under U.S. GAAP are met, the Firm nets, on the Consolidated balance sheets, the balances outstanding under its securities financing agreements with the same counterparty. In addition, the Firm exchanges securities and/or cash collateral with its counterparty to reduce the economic exposure with the counterparty, but such collateral is not eligible for net Consolidated balance sheet presentation. Where the Firm has obtained an appropriate legal opinion with respect to the counterparty master netting agreement, such collateral, along with securities financing balances that do not meet all these relevant netting criteria under U.S. GAAP, is presented in the table below as “Amounts not nettable on the Consolidated balance sheets,” and reduces the “Net amounts” presented. Where a legal opinion has not been either sought or obtained, the securities financing balances are presented gross in the “Net amounts” below. In transactions where the Firm is acting as the lender in a securities-for-securities lending agreement and receives securities that can be pledged or sold as collateral, the Firm recognizes the securities received at fair value within other assets and the obligation to return those securities within accounts payable and other liabilities on the Consolidated balance sheets. December 31, 2023 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 523,308 $ (247,181) $ 276,127 $ (267,582) $ 8,545 Securities borrowed 244,046 (43,610) 200,436 (144,543) 55,893 Liabilities Securities sold under repurchase agreements $ 459,985 $ (247,181) $ 212,804 $ (182,011) $ 30,793 Securities loaned and other (a) 52,142 (43,610) 8,532 (8,501) 31 December 31, 2022 (in millions) Gross amounts Amounts netted on the Consolidated balance sheets Amounts presented on the Consolidated balance sheets Amounts not nettable on the Consolidated balance sheets (b) Net amounts (c) Assets Securities purchased under resale agreements $ 597,912 $ (282,411) $ 315,501 $ (304,120) $ 11,381 Securities borrowed 228,279 (42,910) 185,369 (131,578) 53,791 Liabilities Securities sold under repurchase agreements $ 480,793 $ (282,411) $ 198,382 $ (167,427) $ 30,955 Securities loaned and other (a) 52,443 (42,910) 9,533 (9,527) 6 (a) Includes securities-for-securities lending agreements of $5.6 billion and $7.0 billion at December 31, 2023 and 2022, respectively, accounted for at fair value, where the Firm is acting as lender. (b) In some cases, collateral exchanged with a counterparty exceeds the net asset or liability balance with that counterparty. In such cases, the amounts reported in this column are limited to the related net asset or liability with that counterparty. (c) |
Schedule of types of assets pledged in secured financing transactions | The tables below present as of December 31, 2023 and 2022 the types of financial assets pledged in securities financing agreements and the remaining contractual maturity of the securities financing agreements. Gross liability balance 2023 2022 December 31, (in millions) Securities sold under repurchase agreements Securities loaned and other Securities sold under repurchase agreements Securities loaned and other Mortgage-backed securities: U.S. GSEs and government agencies $ 71,064 $ — $ 58,050 $ — Residential - nonagency 2,292 — 2,414 — Commercial - nonagency 2,669 — 2,007 — U.S. Treasury, GSEs and government agencies 216,467 1,034 191,254 1,464 Obligations of U.S. states and municipalities 2,323 — 1,735 5 Non-U.S. government debt 97,400 1,455 155,156 1,259 Corporate debt securities 39,247 2,025 37,121 461 Asset-backed securities 2,703 — 2,981 — Equity securities 25,820 47,628 30,075 49,254 Total $ 459,985 $ 52,142 $ 480,793 $ 52,443 Remaining contractual maturity of the agreements December 31, 2023 (in millions) Overnight and continuous Greater than Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 259,048 $ 102,941 $ 20,960 $ 77,036 $ 459,985 Total securities loaned and other 49,610 1,544 — 988 52,142 Remaining contractual maturity of the agreements December 31, 2022 Overnight and continuous Greater than Up to 30 days 30 – 90 days Total Total securities sold under repurchase agreements $ 205,235 $ 170,696 $ 37,120 $ 67,742 $ 480,793 Total securities loaned and other 50,138 1,285 3 1,017 52,443 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loan portfolio segment descriptions | The Firm’s loan portfolio is divided into three portfolio segments, which are the same segments used by the Firm to determine the allowance for loan losses: Consumer, excluding credit card; Credit card; and Wholesale. Within each portfolio segment the Firm monitors and assesses the credit risk in the following classes of loans, based on the risk characteristics of each loan class. Consumer, excluding credit card Credit card Wholesale (c)(d) • Residential real estate (a) • Auto and other (b) • Credit card loans • Secured by real estate • Commercial and industrial • Other (e) (a) Includes scored mortgage and home equity loans held in CCB and AWM, and scored mortgage loans held in CIB. (b) Includes scored auto, business banking and consumer unsecured loans as well as overdrafts, primarily in CCB. (c) Includes loans held in CIB, CB, AWM, Corporate, and risk-rated exposure held in CCB, for which the wholesale methodology is applied when determining the allowance for loan losses. (d) The wholesale portfolio segment's classes align with loan classifications as defined by the bank regulatory agencies, based on the loan's collateral, purpose, and type of borrower. (e) Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 for more information on SPEs. |
Schedule of loans by portfolio segment | The following tables summarize the Firm’s loan balances by portfolio segment. December 31, 2023 Consumer, excluding credit card Credit card Wholesale Total (b)(c) (in millions) Retained $ 397,275 (a) $ 211,123 $ 672,472 (a) $ 1,280,870 Held-for-sale 487 — 3,498 3,985 At fair value 12,331 (a) — 26,520 38,851 Total $ 410,093 $ 211,123 $ 702,490 $ 1,323,706 December 31, 2022 Consumer, excluding credit card Credit card Wholesale Total (b)(c) (in millions) Retained $ 300,753 $ 185,175 $ 603,670 $ 1,089,598 Held-for-sale 618 — 3,352 3,970 At fair value 10,004 — 32,075 42,079 Total $ 311,375 $ 185,175 $ 639,097 $ 1,135,647 (a) Includes loans associated with First Republic consisting of $90.7 billion of retained loans and $1.9 billion of loans at fair value in consumer, excluding credit card and $53.9 billion of retained loans in wholesale . (b) Excludes $6.8 billion and $5.2 billion of accrued interest receivable at December 31, 2023 and 2022, respectively. The Firm wrote off accrued interest receivable of $49 million and $39 million for the years ended December 31, 2023 and 2022, respectively. (c) Loans (other than those for which the fair value option has been elected) are presented net of unamortized discounts and premiums and net deferred loan fees or costs. These amounts were not material as of December 31, 2023 and 2022. The following table provides information about retained consumer loans, excluding credit card, by class. December 31, (in millions) 2023 2022 Residential real estate $ 326,409 (a) $ 237,561 Auto and other 70,866 63,192 Total retained loans $ 397,275 $ 300,753 (a) |
Schedule of retained loans purchased, sold and reclassified to held-for-sale | The following tables provide information about the carrying value of retained loans purchased, sold and reclassified to held-for-sale during the periods indicated. Loans that were reclassified to held-for-sale and sold in a subsequent period are excluded from the sales line of this table. 2023 Year ended December 31, Consumer, excluding Credit card Wholesale Total Purchases $ 92,205 (b)(c)(d) $ — $ 60,300 (d) $ 152,505 Sales 2,202 — 43,949 46,151 Retained loans reclassified to held-for-sale (a) 274 — 1,486 1,760 2022 Year ended December 31, Consumer, excluding Credit card Wholesale Total Purchases $ 1,625 (b)(c) $ — $ 1,088 $ 2,713 Sales 2,884 — 41,934 44,818 Retained loans reclassified to held-for-sale (a) 229 — 1,055 1,284 2021 Year ended December 31, Consumer, excluding Credit card Wholesale Total Purchases $ 515 (b)(c) $ — $ 1,122 $ 1,637 Sales 799 — 31,022 31,821 Retained loans reclassified to held-for-sale (a) 1,225 — 2,178 3,403 (a) Reclassifications of loans to held-for-sale are non-cash transactions. (b) Includes purchases of residential real estate loans, including the Firm’s voluntary repurchases of certain delinquent loans from loan pools as permitted by Government National Mortgage Association (“Ginnie Mae”) guidelines for the years ended December 31, 2023, 2022 and 2021. The Firm typically elects to repurchase these delinquent loans as it continues to service them and/or manage the foreclosure process in accordance with applicable requirements of Ginnie Mae, FHA, RHS, and/or VA. (c) Excludes purchases of retained loans of $5.1 billion, $12.4 billion and $25.8 billion for the years ended December 31, 2023, 2022 and 2021, respectively, which are predominantly sourced through the correspondent origination channel and underwritten in accordance with the Firm’s standards. (d) Includes loans acquired in the First Republic acquisition consisting of $91.9 billion in Consumer, excluding credit card and $59.2 billion in Wholesale . Refer to Note 34 for additional information. |
Schedule of financing receivable credit quality indicators | The following tables provide information on delinquency and gross charge-offs for the year ended December 31, 2023 . (in millions, except ratios) December 31, 2023 Term loans by origination year (f) Revolving loans Total 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current (c) $ 23,216 $ 64,366 $ 84,496 $ 55,546 $ 21,530 $ 59,563 $ 7,479 $ 8,151 $ 324,347 30–149 days past due 33 74 89 70 41 801 49 223 1,380 150 or more days past due 1 10 17 8 21 456 5 164 682 Total retained loans $ 23,250 $ 64,450 $ 84,602 $ 55,624 $ 21,592 $ 60,820 $ 7,533 $ 8,538 $ 326,409 % of 30+ days past due to total retained loans (d)(e) 0.15 % 0.13 % 0.13 % 0.14 % 0.29 % 2.04 % 0.72 % 4.53 % 0.63 % Gross charge-offs $ — $ — $ — $ — $ 4 $ 167 $ 26 $ 7 $ 204 (in millions, except ratios) December 31, 2022 Term loans by origination year (f) Revolving loans Total 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Loan delinquency (a)(b) Current $ 39,934 $ 66,072 $ 43,315 $ 15,397 $ 6,339 $ 49,632 $ 5,589 $ 9,685 $ 235,963 30–149 days past due 29 11 14 20 20 597 15 208 914 150 or more days past due 1 1 6 10 7 480 4 175 684 Total retained loans $ 39,964 $ 66,084 $ 43,335 $ 15,427 $ 6,366 $ 50,709 $ 5,608 $ 10,068 $ 237,561 % of 30+ days past due to total retained loans (d) 0.08 % 0.02 % 0.05 % 0.19 % 0.42 % 2.07 % 0.34 % 3.80 % 0.66 % (a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies which were not material at December 31, 2023 and 2022. (b) At December 31, 2023 and 2022, loans under payment deferral programs offered in response to the COVID-19 pandemic which are still within their deferral period and performing according to their modified terms are generally not considered delinquent. (c) Included $6.4 billion, $26.3 billion, $21.9 billion, $14.8 billion, $7.4 billion, and $10.9 billion of term loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, and $2.5 billion of revolving loans within the revolving period associated with First Republic . (d) Excludes mortgage loans that are 30 or more days past due insured by U.S. government agencies which were not material at December 31, 2023 and 2022. These amounts have been excluded based upon the government guarantee. (e) Included $343 million of 30 or more days past due loans associated with First Republic . (f) Purchased loans are included in the year in which they were originated. The following table provides information on nonaccrual and other credit quality indicators for retained residential real estate loans. (in millions, except weighted-average data) December 31, 2023 December 31, 2022 Nonaccrual loans (a)(b)(c)(d)(e) $ 3,466 $ 3,745 Current estimated LTV ratios (f)(g)(h) Greater than 125% and refreshed FICO scores: Equal to or greater than 660 $ 72 $ 2 Less than 660 — — 101% to 125% and refreshed FICO scores: Equal to or greater than 660 223 174 Less than 660 4 6 80% to 100% and refreshed FICO scores: Equal to or greater than 660 6,491 (l) 12,034 Less than 660 102 184 Less than 80% and refreshed FICO scores: Equal to or greater than 660 309,251 (l) 215,096 Less than 660 9,277 (l) 8,659 No FICO/LTV available (i) 989 1,406 Total retained loans $ 326,409 (m) $ 237,561 Weighted average LTV ratio (f)(j) 49 % 51 % Weighted average FICO (g)(j) 770 769 Geographic region (i)(k) California $ 127,072 (n) $ 73,112 New York 48,815 (n) 34,471 Florida 22,778 (n) 18,870 Texas 15,506 14,968 Massachusetts 14,213 (n) 6,380 Illinois 10,856 11,296 Colorado 10,800 9,968 Washington 9,923 9,060 New Jersey 8,050 7,108 Connecticut 7,163 5,432 All other 51,233 46,896 Total retained loans $ 326,409 $ 237,561 (a) Includes collateral-dependent residential real estate loans that are charged down to the fair value of the underlying collateral less costs to sell. The Firm reports, in accordance with regulatory guidance, residential real estate loans that have been discharged under Chapter 7 bankruptcy and not reaffirmed by the borrower (“Chapter 7 loans”) as collateral-dependent nonaccrual loans, regardless of their delinquency status. At December 31, 2023, approximately 9% of Chapter 7 residential real estate loans were 30 days or more past due. (b) Mortgage loans insured by U.S. government agencies excluded from nonaccrual loans were not material at December 31, 2023 and 2022. (c) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative. (d) Interest income on nonaccrual loans recognized on a cash basis was $180 million and $175 million for the years ended December 31, 2023 and 2022, respectively. (e) Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. (f) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly, based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where actual data is not available. Current estimated combined LTV for junior lien home equity loans considers all available lien positions, as well as unused lines, related to the property. (g) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis. (h) Includes residential real estate loans, primarily held in LLCs in AWM that did not have a refreshed FICO score. These loans have been included in a FICO band based on management’s estimation of the borrower’s credit quality. (i) Included U.S. government-guaranteed loans as of December 31, 2023 and 2022. (j) Excludes loans with no FICO and/or LTV data available. (k) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at December 31, 2023. (l) Included $1.1 billion in equal to or greater than 660 FICO scores within 80% to 100% LTV ratio, and $87.9 billion and $1.1 billion in equal to or greater than 660 and less than 660 FICO scores, respectively, within less than 80% LTV ratio associated with First Republic. (m) Included $90.7 billion of loans associated with First Republic. (n) Included $54.9 billion, $14.9 billion, $3.5 billion, and $7.8 billion in California, New York, Florida and Massachusetts, respectively, associated with First Republic. December 31, 2023 (in millions, except ratios) Term loans by origination year Revolving loans 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Total Loan delinquency Current $ 30,328 $ 14,797 $ 12,825 $ 6,538 $ 1,777 $ 511 $ 2,984 $ 102 $ 69,862 30–119 days past due 276 279 231 78 43 17 19 24 967 120 or more days past due 1 1 7 8 — — 3 17 37 Total retained loans $ 30,605 $ 15,077 $ 13,063 $ 6,624 $ 1,820 $ 528 $ 3,006 $ 143 $ 70,866 % of 30+ days past due to total retained loans (a) 0.91 % 1.86 % 1.75 % 1.15 % 2.36 % 3.22 % 0.73 % 28.67 % 1.39 % Gross charge-offs $ 333 $ 297 $ 161 $ 53 $ 35 $ 64 $ — $ 4 $ 947 December 31, 2022 (in millions, except ratios) Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loan delinquency Current $ 22,187 $ 20,212 $ 11,401 $ 3,991 $ 1,467 $ 578 $ 2,342 $ 118 $ 62,296 30–119 days past due 263 308 100 68 33 17 12 10 811 120 or more days past due — 53 24 — — 1 2 5 85 Total retained loans $ 22,450 $ 20,573 $ 11,525 $ 4,059 $ 1,500 $ 596 $ 2,356 $ 133 $ 63,192 % of 30+ days past due to total retained loans (a) 1.17 % 1.15 % 0.83 % 1.68 % 2.20 % 3.02 % 0.59 % 11.28 % 1.18 % (a) At December 31, 2023 and 2022, auto and other loans excluded $20 million and $153 million, respectively, of PPP loans guaranteed by the SBA that are 30 or more days past due. These amounts have been excluded based upon the SBA guarantee. The following table provides information on nonaccrual and other credit quality indicators for retained auto and other consumer loans. (in millions) Total Auto and other December 31, 2023 December 31, 2022 Nonaccrual loans (a)(b)(c) $ 177 $ 129 Geographic region (d) California $ 10,959 $ 9,689 Texas 8,502 7,216 Florida 5,684 4,847 New York 4,938 4,345 Illinois 3,147 2,839 New Jersey 2,609 2,219 Georgia 1,912 1,708 Pennsylvania 1,900 1,822 Arizona 1,779 1,551 North Carolina 1,714 1,481 All other 27,722 25,475 Total retained loans $ 70,866 $ 63,192 (a) At December 31, 2023 and 2022, nonaccrual loans excluded $15 million and $101 million, respectively, of PPP loans 90 or more days past due and guaranteed by the SBA, of which $15 million and $76 million, respectively, were no longer accruing interest based on the guidelines set by the SBA. Typically the principal balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting the guidelines set by the SBA. There were no loans that were not guaranteed by the SBA that are 90 or more days past due and still accruing interest at December 31, 2023 and 2022. (b) Generally, all consumer nonaccrual loans have an allowance. In accordance with regulatory guidance, certain nonaccrual loans that are considered collateral-dependent have been charged down to the lower of amortized cost or the fair value of their underlying collateral less costs to sell. If the value of the underlying collateral improves subsequent to charge down, the related allowance may be negative. (c) Interest income on nonaccrual loans recognized on a cash basis was not material for the years ended December 31, 2023 and 2022. (d) The geographic regions presented in this table are ordered based on the magnitude of the corresponding loan balances at December 31, 2023. The following tables provide information on delinquency and gross charge-offs for the year ended December 31, 2023. (in millions, except ratios) December 31, 2023 Within the revolving period Converted to term loans Total Loan delinquency Current and less than 30 days past due $ 205,731 $ 882 $ 206,613 30–89 days past due and still accruing 2,217 84 2,301 90 or more days past due and still accruing 2,169 40 2,209 Total retained loans $ 210,117 $ 1,006 $ 211,123 Loan delinquency ratios % of 30+ days past due to total retained loans 2.09 % 12.33 % 2.14 % % of 90+ days past due to total retained loans 1.03 3.98 1.05 Gross charge-offs $ 5,325 $ 166 $ 5,491 (in millions, except ratios) December 31, 2022 Within the revolving period Converted to term loans Total Loan delinquency Current and less than 30 days past due $ 181,793 $ 696 $ 182,489 30–89 days past due and still accruing 1,356 64 1,420 90 or more days past due and still accruing 1,230 36 1,266 Total retained loans $ 184,379 $ 796 $ 185,175 Loan delinquency ratios % of 30+ days past due to total retained loans 1.40 % 12.56 % 1.45 % % of 90+ days past due to total retained loans 0.67 4.52 0.68 The following table provides information on other credit quality indicators for retained credit card loans. (in millions, except ratios) December 31, 2023 December 31, 2022 Geographic region (a) California $ 32,652 $ 28,154 Texas 22,086 19,171 New York 16,915 15,046 Florida 15,103 12,905 Illinois 11,364 10,089 New Jersey 8,688 7,643 Ohio 6,424 5,792 Colorado 6,307 5,493 Pennsylvania 6,088 5,517 Arizona 5,209 4,487 All other 80,287 70,878 Total retained loans $ 211,123 $ 185,175 Percentage of portfolio based on carrying value with estimated refreshed FICO scores Equal to or greater than 660 85.8 % 86.8 % Less than 660 14.0 13.0 No FICO available 0.2 0.2 (a) The geographic regions presented in the table are ordered based on the magnitude of the corresponding loan balances at December 31, 2023. Internal risk rating is the primary credit quality indicator for retained wholesale loans. The following tables provide information on internal risk rating and gross charge-offs for the year ended December 31, 2023 . December 31, Secured by real estate Commercial and industrial Other (b) Total retained loans 2023 2022 2023 2022 2023 2022 2023 2022 Loans by risk ratings Investment-grade $ 120,405 $ 99,552 $ 72,624 $ 76,275 $ 265,809 $ 249,585 $ 458,838 $ 425,412 Noninvestment- grade: Noncriticized 34,241 23,272 80,637 81,393 75,178 57,888 190,056 162,553 Criticized performing 7,291 3,662 12,684 8,974 1,257 1,106 21,232 13,742 Criticized nonaccrual 401 246 1,221 1,018 724 699 2,346 1,963 Total noninvestment- grade 41,933 27,180 94,542 91,385 77,159 59,693 213,634 178,258 Total retained loans (a) $ 162,338 $ 126,732 $ 167,166 $ 167,660 $ 342,968 $ 309,278 $ 672,472 $ 603,670 % of investment-grade to total retained loans 74.17 % 78.55 % 43.44 % 45.49 % 77.50 % 80.70 % 68.23 % 70.47 % % of total criticized to total retained loans 4.74 3.08 8.32 5.96 0.58 0.58 3.51 2.60 % of criticized nonaccrual to total retained loans 0.25 0.19 0.73 0.61 0.21 0.23 0.35 0.33 (a) As of December 31, 2023 included $33.8 billion of Secured by real estate loans, $3.0 billion of Commercial and industrial loans, and $17.1 billion of Other loans associated with First Republic. (b) Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. As of December 31, 2023, predominantly consisted of $106.9 billion to individuals and individual entities, $91.2 billion to SPEs, and $87.5 billion to financial institutions, Refer to Note 14 for more information on SPEs. Secured by real estate (in millions) December 31, 2023 Term loans by origination year Revolving loans 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 10,687 $ 28,874 $ 25,784 $ 16,820 $ 15,677 $ 21,108 $ 1,455 $ — $ 120,405 Noninvestment-grade 4,477 12,579 7,839 3,840 3,987 7,918 1,291 2 41,933 Total retained loans (a) $ 15,164 $ 41,453 $ 33,623 $ 20,660 $ 19,664 $ 29,026 $ 2,746 $ 2 $ 162,338 Gross charge-offs $ 20 $ 48 $ 22 $ — $ 23 $ 78 $ — $ 1 $ 192 Secured by real estate (in millions) December 31, 2022 Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 24,134 $ 22,407 $ 14,773 $ 14,666 $ 5,277 $ 17,289 $ 1,006 $ — $ 99,552 Noninvestment-grade 6,072 5,602 3,032 3,498 2,395 5,659 920 2 27,180 Total retained loans $ 30,206 $ 28,009 $ 17,805 $ 18,164 $ 7,672 $ 22,948 $ 1,926 $ 2 $ 126,732 (a) As of December 31, 2023 included $3.3 billion, $11.2 billion, $6.2 billion, $4.3 billion, $2.9 billion, and $5.1 billion of retained loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, and $838 million of revolving loans within the revolving period associated with First Republic. Commercial and industrial (in millions) December 31, 2023 Term loans by origination year Revolving loans 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 14,875 $ 10,642 $ 4,276 $ 2,291 $ 1,030 $ 1,115 $ 38,394 $ 1 $ 72,624 Noninvestment-grade 18,890 16,444 9,299 1,989 1,144 1,006 45,696 74 94,542 Total retained loans (a) $ 33,765 $ 27,086 $ 13,575 $ 4,280 $ 2,174 $ 2,121 $ 84,090 $ 75 $ 167,166 Gross charge-offs $ 25 $ 8 $ 110 $ 55 $ 2 $ 12 $ 259 $ 8 $ 479 Commercial and industrial (in millions) December 31, 2022 Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 21,072 $ 8,338 $ 3,045 $ 1,995 $ 748 $ 989 $ 40,087 $ 1 $ 76,275 Noninvestment-grade 24,088 12,444 3,459 2,506 525 1,014 47,267 82 91,385 Total retained loans $ 45,160 $ 20,782 $ 6,504 $ 4,501 $ 1,273 $ 2,003 $ 87,354 $ 83 $ 167,660 (a) As of December 31, 2023, included $364 million, $568 million, $471 million, $212 million, $53 million, and $121 million of retained loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, and $1.2 billion of revolving loans within the revolving period and $12 million converted to term loans associated with First Republic. Other (a) (in millions) December 31, 2023 Term loans by origination year Revolving loans 2023 2022 2021 2020 2019 Prior to 2019 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 38,338 $ 18,034 $ 10,033 $ 10,099 $ 3,721 $ 6,662 $ 176,728 $ 2,194 $ 265,809 Noninvestment-grade 14,054 8,092 6,169 2,172 811 2,001 43,801 59 77,159 Total retained loans (b) $ 52,392 $ 26,126 $ 16,202 $ 12,271 $ 4,532 $ 8,663 $ 220,529 $ 2,253 $ 342,968 Gross charge-offs $ 5 $ 298 $ 8 $ 8 $ — $ 8 $ 13 $ — $ 340 Other (a) (in millions) December 31, 2022 Term loans by origination year Revolving loans 2022 2021 2020 2019 2018 Prior to 2018 Within the revolving period Converted to term loans Total Loans by risk ratings Investment-grade $ 32,121 $ 15,864 $ 13,015 $ 4,529 $ 2,159 $ 7,251 $ 171,049 $ 3,597 $ 249,585 Noninvestment-grade 16,829 7,096 1,821 699 451 475 32,240 82 59,693 Total retained loans $ 48,950 $ 22,960 $ 14,836 $ 5,228 $ 2,610 $ 7,726 $ 203,289 $ 3,679 $ 309,278 (a) Includes loans to SPEs, financial institutions, personal investment companies and trusts, individuals and individual entities (predominantly Global Private Bank clients within AWM and J.P. Morgan Wealth Management within CCB), states and political subdivisions, as well as loans to nonprofits. Refer to Note 14 for more information on SPEs. (b) As of December 31, 2023, included $610 million, $1.0 billion, $820 million, $1.1 billion, $244 million, and $1.4 billion of retained loans originated in 2023, 2022, 2021, 2020, 2019 and prior to 2019, respectively, and $11.8 billion of revolving loans within the revolving period and $56 million converted to term loans associated with First Republic. The following table presents additional information on retained loans secured by real estate within the Wholesale portfolio, which consists of loans secured wholly or substantially by a lien or liens on real property at origination. Multifamily lending includes financing for acquisition, leasing and construction of apartment buildings. Other commercial lending largely includes financing for acquisition, leasing and construction, largely for office, retail and industrial real estate. Included in secured by real estate loans is $10.2 billion and $6.4 billion as of December 31, 2023 and 2022, respectively, of construction and development loans made to finance land development and on-site construction of commercial, industrial, residential, or farm buildings . December 31, Multifamily Other Commercial Total retained loans secured by real estate 2023 2022 2023 2022 2023 2022 Retained loans secured by real estate $ 100,725 $ 79,139 $ 61,613 $ 47,593 $ 162,338 (a) $ 126,732 Criticized 3,596 1,916 4,096 1,992 7,692 3,908 % of criticized to total retained loans secured by real estate 3.57 % 2.42 % 6.65 % 4.19 % 4.74 % 3.08 % Criticized nonaccrual $ 76 $ 51 $ 325 $ 195 $ 401 $ 246 % of criticized nonaccrual loans to total retained loans secured by real estate 0.08 % 0.06 % 0.53 % 0.41 % 0.25 % 0.19 % (a) Included $20.7 billion and $13.1 billion of Multifamily and Other commercial loans, respectively, associated with First Republic. Geographic distribution and delinquency The following table provides information on the geographic distribution and delinquency for retained wholesale loans. Secured by real estate Commercial Other Total December 31, 2023 2022 2023 2022 2023 2022 2023 2022 Loans by geographic distribution (a)(b) Total U.S. $ 159,499 $ 123,740 $ 127,638 $ 125,324 $ 262,499 $ 230,525 $ 549,636 $ 479,589 Total non-U.S. 2,839 2,992 39,528 42,336 80,469 78,753 122,836 124,081 Total retained loans $ 162,338 $ 126,732 $ 167,166 $ 167,660 $ 342,968 $ 309,278 $ 672,472 $ 603,670 Loan delinquency Current and less than 30 days past due and still accruing $ 161,314 $ 126,083 $ 164,899 $ 165,415 $ 341,128 $ 307,511 $ 667,341 $ 599,009 30–89 days past due and still accruing 473 402 884 1,127 1,090 1,015 2,447 2,544 90 or more days past due and still accruing (c) 150 1 162 100 26 53 338 154 Criticized nonaccrual (c) 401 246 1,221 1,018 724 699 2,346 1,963 Total retained loans $ 162,338 $ 126,732 $ 167,166 $ 167,660 $ 342,968 $ 309,278 $ 672,472 $ 603,670 (a) The U.S. and non-U.S. distribution is determined based predominantly on the domicile of the borrower. (b) Borrowers associated with First Republic are predominantly domiciled in the U.S. (c) Represents loans that are considered well-collateralized and therefore still accruing interest. |
Troubled debt restructuring on financing receivables nature and extent of modifications | The following table provides information about how residential real estate loans were modified in TDRs during the period presented. This table excludes loans with short-term or other insignificant modifications that are not considered concessions. Year ended December 31, 2022 2021 Number of loans approved for a trial modification 3,902 6,246 Number of loans permanently modified 4,182 4,588 Concession granted: (a) Interest rate reduction 54 % 74 % Term or payment extension 67 53 Principal and/or interest deferred 10 23 Principal forgiveness 1 2 Other (b) 37 36 (a) Represents concessions granted in permanent modifications as a percentage of the number of loans permanently modified. The sum of the percentages exceeds 100% because predominantly all of the modifications include more than one type of concession. Concessions offered on trial modifications are generally consistent with those granted on permanent modifications. (b) |
Troubled debt restructuring on financing receivables, financial effects of modifications and re-defaults | The following table provides information about the financial effects of the various concessions granted in modifications of residential real estate loans and about redefaults of certain loans modified in TDRs for the periods presented. The following table presents only the financial effects of permanent modifications and does not include temporary concessions offered through trial modifications. This table also excludes loans with short-term or other insignificant modifications that were not considered concessions. Year ended December 31, 2022 2021 Weighted-average interest rate of loans with interest rate reductions – before TDR 4.75 % 4.54 % Weighted-average interest rate of loans with interest rate reductions – after TDR 3.35 2.92 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR 22 23 Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR 38 38 Charge-offs recognized upon permanent modification $ 1 $ — Principal deferred 16 28 Principal forgiven 2 1 Balance of loans that redefaulted within one year of permanent modification (a) $ 147 $ 160 (a) Represents loans permanently modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The dollar amounts presented represent the balance of such loans at the end of the reporting period in which such loans defaulted. The following table provides information about the financial effects of the concessions granted on credit card loans modified in TDRs and redefaults for the periods presented. For all periods disclosed, new enrollments were less than 1% of total retained credit card loans. Year ended December 31, 2022 2021 Balance of new TDRs (a) $ 418 $ 393 Weighted-average interest rate of loans – before TDR 19.86 % 17.75 % Weighted-average interest rate of loans – after TDR 4.13 5.14 Balance of loans that redefaulted within one year of modification (b) $ 34 $ 57 (a) Represents the outstanding balance prior to modification. (b) Represents loans modified in TDRs that experienced a payment default in the periods presented, and for which the payment default occurred within one year of the modification. The amounts presented represent the balance of such loans as of the end of the quarter in which they defaulted. |
Schedule of loan modifications | The following table provides information on credit card loan modifications considered FDMs. Year ended December 31, 2023 Amortized % of loan modifications to total retained credit card loans Financial effect of loan modification Loan modification Term extension and interest rate reduction (a)(b) $ 648 0.31 % Term extension with a reduction in the weighted average contractual interest rate from 23.19% to 3.64% Total $ 648 (a) Term extension includes credit card loans whose terms have been modified under long-term programs by placing the customer’s credit card account on a fixed payment plan. (b) The interest rates represent weighted average at enrollment. The following table provides information on the payment status of FDMs during the year ended December 31, 2023. Year ended December 31, 2023 Amortized cost basis Current and less than 30 days past due and still accruing $ 558 30-89 days past due and still accruing 59 90 or more days past due and still accruing 31 Total $ 648 The following tables provide information by loan class about modifications considered FDMs . (in millions) Secured by real estate Year ended December 31, 2023 Amortized cost basis % of loan modifications to total retained Real Estate loans Financial effect of loan modification Loan modification Single modifications Term extension $ 149 0.09 % Extended loans by a weighted average of 14 months Other-than-insignificant payment deferral 3 — % Provided payment deferrals with delayed amounts primarily re-amortized over the remaining life of the loan Multiple modifications Interest rate reduction and term extension 3 — % Reduced weighted average contractual interest by 350 bps and extended loans by a weighted average of 3 months Other-than-insignificant payment deferral and interest rate reduction 5 — % Provided payment deferrals with delayed amounts primarily recaptured at maturity and reduced weighted average contractual interest by 184 bps Total $ 160 (in millions) Commercial and industrial Year ended December 31, 2023 Amortized cost basis % of loan modifications to total retained Commercial and industrial loans Financial effect of loan modification Loan modification Single modifications Term extension $ 916 0.55 % Extended loans by a weighted average of 17 months Other-than-insignificant payment deferral 402 0.24 % Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period Multiple modifications Other-than-insignificant payment deferral and term extension $ 35 0.02 % Provided payment deferrals with delayed amounts primarily re-amortized over the remaining life of the loan and extended loans by a weighted-average of 7 months Other-than-insignificant payment deferral and interest rate reduction and term extension 2 — % Provided payment deferrals with delayed amounts primarily re-amortized over the remaining life of the loan, reduced weighted average contractual interest by 75 bps and extended loans by a weighted average of 29 months Term extension and principal forgiveness 7 — % Extended loans by a weighted average of 76 months and reduced amortized cost basis of the loans by $5 million Interest rate reduction and term extension 1 — % Reduced weighted average contractual interest rate over the life of the loan as a result of converting from variable to fixed rate and extended loans by a weighted average of 16 months $ 1,363 (in millions) Other Year ended December 31, 2023 Amortized cost basis % of loan modifications to total retained Other loans Financial effect of loan modification Loan modification Single modifications Interest rate reduction $ 9 — % Reduced weighted average contractual interest by 654 bps Term extension 355 0.10 % Extended loans by a weighted average of 23 months Multiple modifications Other-than-insignificant payment deferral and term extension 245 0.07 % Provided payment deferrals with delayed amounts primarily recaptured at the end of the deferral period and extended loans by a weighted average of 137 months Total (a) $ 609 (a) Includes loans to nonprofits, financial institutions, and personal investment companies and trusts. The following table provides information by loan class about the payment status of FDMs during the year ended December 31, 2023. Amortized cost basis Secured by real estate Commercial and industrial Other (in millions) Year ended December 31, 2023 Year ended December 31, 2023 Year ended December 31, 2023 Current and less than 30 days past due and still accruing $ 118 $ 947 $ 400 30-89 days past due and still accruing 2 42 — Criticized nonaccrual 40 374 209 Total $ 160 $ 1,363 $ 609 |
Schedule of nonaccrual loans | The following table provides information on retained wholesale nonaccrual loans. December 31, Secured by real estate Commercial Other Total 2023 2022 2023 2022 2023 2022 2023 2022 Nonaccrual loans With an allowance $ 129 $ 172 $ 776 $ 686 $ 492 $ 487 $ 1,397 $ 1,345 Without an allowance (a) 272 74 445 332 232 212 949 618 Total nonaccrual loans (b) $ 401 $ 246 $ 1,221 $ 1,018 $ 724 $ 699 $ 2,346 $ 1,963 (a) When the discounted cash flows or collateral value equals or exceeds the amortized cost of the loan, the loan does not require an allowance. This typically occurs when the loans have been partially charged off and/or there have been interest payments received and applied to the loan balance. (b) Interest income on nonaccrual loans recognized on a cash basis were not material for the years ended December 31, 2023 and 2022. |
Subsequent default of loan modifications | The following table provides information by loan class about FDMs that re-defaulted during the year ended December 31, 2023. (in millions) Amortized cost basis Secured by real estate Commercial and industrial Other Year ended December 31, 2023 Year ended December 31, 2023 Year ended December 31, 2023 Loan modification Term extension $ 1 $ 49 $ 31 Other-than-insignificant payment deferral 2 — — Interest rate reduction and term extension 3 1 — Total (a) $ 6 $ 50 $ 31 (a) Represents FDMs that were 30 days or more past due. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Allowance for credit losses on financing receivables | The table below summarizes information about the allowances for credit losses, and includes a breakdown of loans and lending-related commitments by impairment methodology. Refer to Note 10 for further information on the allowance for credit losses on investment securities. (Table continued on next page) 2023 Year ended December 31, Consumer, Credit card Wholesale Total Allowance for loan losses Beginning balance at January 1, $ 2,040 $ 11,200 $ 6,486 $ 19,726 Cumulative effect of a change in accounting principle (a) (489) (100) 2 (587) Gross charge-offs 1,151 5,491 1,011 7,653 Gross recoveries collected (519) (793) (132) (1,444) Net charge-offs 632 4,698 879 6,209 Provision for loan losses 936 6,048 2,484 9,468 Other 1 — 21 22 Ending balance at December 31, $ 1,856 $ 12,450 $ 8,114 $ 22,420 Allowance for lending-related commitments Beginning balance at January 1, $ 76 $ — $ 2,306 $ 2,382 Cumulative effect of a change in accounting principle (a) — NA — NA Provision for lending-related commitments (1) — (407) (408) Other — — — — Ending balance at December 31, $ 75 $ — $ 1,899 $ 1,974 Total allowance for investment securities NA NA NA $ 128 Total allowance for credit losses (b)(c) $ 1,931 $ 12,450 $ 10,013 $ 24,522 Allowance for loan losses by impairment methodology Asset-specific (d) $ (876) $ — $ 392 $ (484) Portfolio-based 2,732 12,450 7,722 22,904 Total allowance for loan losses $ 1,856 $ 12,450 $ 8,114 $ 22,420 Loans by impairment methodology Asset-specific (d) $ 3,287 $ — $ 2,338 $ 5,625 Portfolio-based 393,988 211,123 670,134 1,275,245 Total retained loans $ 397,275 $ 211,123 $ 672,472 $ 1,280,870 Collateral-dependent loans Net charge-offs $ 6 $ — $ 180 $ 186 Loans measured at fair value of collateral less cost to sell 3,216 — 1,012 4,228 Allowance for lending-related commitments by impairment methodology Asset-specific $ — $ — $ 89 $ 89 Portfolio-based 75 — 1,810 1,885 Total allowance for lending-related commitments (e) $ 75 $ — $ 1,899 $ 1,974 Lending-related commitments by impairment methodology Asset-specific $ — $ — $ 464 $ 464 Portfolio-based (f) 28,248 — 516,577 544,825 Total lending-related commitments $ 28,248 $ — $ 517,041 $ 545,289 (a) Represents the impact to the allowance for loan losses upon the adoption of the Financial Instruments - Credit Losses: Troubled Debt Restructurings accounting guidance. Refer to Note 1 for further information. (b) At December 31, 2023 and 2022, in addition to the allowance for credit losses in the table above, the Firm also had an allowance for credit losses of $243 million and $21 million, respectively, associated with certain accounts receivable in CIB. (c) As of December 31, 2023, i ncluded the allowance for credit losses associated with First Republic. (d) Includes collateral-dependent loans, including those for which foreclosure is deemed probable, and nonaccrual risk-rated loans for all periods presented. Prior periods also include non collateral-dependent TDRs or reasonably expected TDRs and modified PCD loans. (e) The allowance for lending-related commitments is reported in accounts payable and other liabilities on the Consolidated balance sheets. (f) At December 31, 2023, 2022 and 2021, lend ing-related commitments excluded $17.2 billion, $13.1 billion and $15.7 billion, respectively, for the consumer, excluding credit card portfolio segment; $915.7 billion, $821.3 billion and $730.5 billion, respectively, for the credit card portfolio segment; and $19.7 billion, $9.8 billion and $32.1 billion, respectively, for the wholesale portfolio segment, which were not subject to the allowance for lending-related commitments. (table continued from previous page) 2022 2021 Consumer, Credit card Wholesale Total Consumer, Credit card Wholesale Total $ 1,765 $ 10,250 $ 4,371 $ 16,386 $ 3,636 $ 17,800 $ 6,892 $ 28,328 NA NA NA NA NA NA NA NA 812 3,192 322 4,326 630 3,651 283 4,564 (543) (789) (141) (1,473) (619) (939) (141) (1,699) 269 2,403 181 2,853 11 2,712 142 2,865 543 3,353 2,293 6,189 (1,858) (4,838) (2,375) (9,071) 1 — 3 4 (2) — (4) (6) $ 2,040 $ 11,200 $ 6,486 $ 19,726 $ 1,765 $ 10,250 $ 4,371 $ 16,386 $ 113 $ — $ 2,148 $ 2,261 $ 187 $ — $ 2,222 $ 2,409 NA NA NA NA NA NA NA NA (37) — 157 120 (75) — (74) (149) — — 1 1 1 — — 1 $ 76 $ — $ 2,306 $ 2,382 $ 113 $ — $ 2,148 $ 2,261 NA NA NA $ 96 NA NA NA $ 42 $ 2,116 $ 11,200 $ 8,792 $ 22,204 $ 1,878 $ 10,250 $ 6,519 $ 18,689 $ (624) $ 223 $ 467 $ 66 $ (665) $ 313 $ 263 $ (89) 2,664 10,977 6,019 19,660 2,430 9,937 4,108 16,475 $ 2,040 $ 11,200 $ 6,486 $ 19,726 $ 1,765 $ 10,250 $ 4,371 $ 16,386 $ 11,978 $ 796 $ 2,189 $ 14,963 $ 13,919 $ 987 $ 2,255 $ 17,161 288,775 184,379 601,481 1,074,635 281,637 153,309 558,099 993,045 $ 300,753 $ 185,175 $ 603,670 $ 1,089,598 $ 295,556 $ 154,296 $ 560,354 $ 1,010,206 $ (33) $ — $ 16 $ (17) $ 33 $ — $ 38 $ 71 3,585 — 464 4,049 4,472 — 617 5,089 $ — $ — $ 90 $ 90 $ — $ — $ 167 $ 167 76 — 2,216 2,292 113 — 1,981 2,094 $ 76 $ — $ 2,306 $ 2,382 $ 113 $ — $ 2,148 $ 2,261 $ — $ — $ 455 $ 455 $ — $ — $ 764 $ 764 20,423 — 461,688 482,111 29,588 — 453,571 483,159 $ 20,423 $ — $ 462,143 $ 482,566 $ 29,588 $ — $ 454,335 $ 483,923 |
U.S. unemployment rates and cumulative change in U.S. real GDP | The following table presents the Firm’s central case assumptions for the periods presented: Central case assumptions 2Q24 4Q24 2Q25 U.S. unemployment rate (a) 4.1 % 4.4 % 4.1 % YoY growth in U.S. real GDP (b) 1.8 % 0.7 % 1.0 % Central case assumptions 2Q23 4Q23 2Q24 U.S. unemployment rate (a) 3.8 % 4.3 % 5.0 % YoY growth in U.S. real GDP (b) 1.5 % 0.4 % — % (a) Reflects quarterly average of forecasted U.S. unemployment rate. (b) The year over year growth in U.S. real GDP in the forecast horizon of the central scenario is calculated as the percentage change in U.S. real GDP levels from the prior year. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
Schedule of significant types of variable interest entities by business segment | The following table summarizes the most significant types of Firm-sponsored VIEs by business segment. The Firm considers a “Firm-sponsored” VIE to include any entity where: (1) JPMorgan Chase is the primary beneficiary of the structure; (2) the VIE is used by JPMorgan Chase to securitize Firm assets; (3) the VIE issues financial instruments with the JPMorgan Chase name; or (4) the entity is a JPMorgan Chase–administered asset-backed commercial paper conduit. Line of Business Transaction Type Activity 2023 Form 10-K CCB Credit card securitization trusts Securitization of originated credit card receivables pages 261–262 Mortgage securitization trusts Servicing and securitization of both originated and purchased residential mortgages pages 262–264 CIB Mortgage and other securitization trusts Securitization of both originated and purchased residential and commercial mortgages, and other consumer loans pages 262–264 Multi-seller conduits Assisting clients in accessing the financial markets in a cost-efficient manner and structuring transactions to meet investor needs page 264 Municipal bond vehicles Financing of municipal bond investments pages 264–265 |
Firm-sponsored mortgage and other consumer securitization trusts | The following tables present the total unpaid principal amount of assets held in Firm-sponsored private-label securitization entities, including those in which the Firm has continuing involvement, and those that are consolidated by the Firm. Continuing involvement includes servicing the loans, holding senior interests or subordinated interests (including amounts required to be held pursuant to credit risk retention rules), recourse or guarantee arrangements, and derivative contracts. In certain instances, the Firm’s only continuing involvement is servicing the loans. The Firm’s maximum loss exposure from retained and purchased interests is the carrying value of these interests. Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2023 Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 58,570 $ 675 $ 39,319 $ 595 $ 1,981 $ 60 $ 2,636 Subprime 8,881 — 1,312 3 — — 3 Commercial and other (b) 168,042 — 120,262 831 5,638 1,354 7,823 Total $ 235,493 $ 675 $ 160,893 $ 1,429 $ 7,619 $ 1,414 $ 10,462 Principal amount outstanding JPMorgan Chase interest in securitized assets in nonconsolidated VIEs (c)(d)(e) December 31, 2022 Total assets held by securitization VIEs Assets Assets held in nonconsolidated securitization VIEs with continuing involvement Trading assets Investment securities Other financial assets Total interests held by JPMorgan Chase Securitization-related (a) Residential mortgage: Prime/Alt-A and option ARMs $ 55,362 $ 754 $ 37,058 $ 744 $ 1,918 $ — $ 2,662 Subprime 9,709 — 1,743 10 — — 10 Commercial and other (b) 164,915 — 127,037 888 5,373 670 6,931 Total $ 229,986 $ 754 $ 165,838 $ 1,642 $ 7,291 $ 670 $ 9,603 (a) Excludes U.S. GSEs and government agency securitizations and re-securitizations, which are not Firm-sponsored. (b) Consists of securities backed by commercial real estate loans and non-mortgage-related consumer receivables. (c) Excludes the following: retained servicing; securities retained from loan sales and securitization activity related to U.S. GSEs and government agencies; interest rate and foreign exchange derivatives primarily used to manage interest rate and foreign exchange risks of securitization entities; senior securities of $52 million and $134 million at December 31, 2023 and 2022, respectively, and subordinated securities were not material for both December 31, 2023 and 2022, which the Firm purchased in connection with CIB’s secondary market-making activities. (d) Includes interests held in re-securitization transactions. (e) As of December 31, 2023 and 2022, 77% and 84%, respectively, of the Firm’s retained securitization interests, which are predominantly carried at fair value and include amounts required to be held pursuant to credit risk retention rules, were risk-rated “A” or better, on an S&P-equivalent basis. The retained interests in prime residential mortgages consisted of $2.5 billion and $2.6 billion of investment-grade retained interests at December 31, 2023 and 2022, respectively, and $88 million and $27 million of noninvestment-grade retained interests at December 31, 2023 and 2022, respectively. The retained interests in commercial and other securitization trusts consisted of $6.1 billion and $5.8 billion of investment-grade retained interests, and $1.7 billion and $1.1 billion of noninvestment-grade retained interests at December 31, 2023 and 2022, respectively. |
Schedule of re-securitizations | The following table presents the principal amount of securities transferred to re-securitization VIEs. Year ended December 31, 2023 2022 2021 Transfers of securities to VIEs U.S. GSEs and government agencies $ 18,864 $ 16,128 $ 53,923 The following table presents information on the Firm's interests in nonconsolidated re-securitization VIEs. Nonconsolidated December 31, 2023 2022 U.S. GSEs and government agencies Interest in VIEs $ 3,371 $ 2,580 |
Information on assets and liabilities related to VIEs that are consolidated by the Firm | The following table presents information on assets and liabilities related to VIEs consolidated by the Firm as of December 31, 2023 and 2022. Assets Liabilities December 31, 2023 Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total VIE program type Firm-sponsored credit card trusts $ — $ 9,460 $ 117 $ 9,577 $ 2,998 $ 6 $ 3,004 Firm-administered multi-seller conduits 1 27,372 194 27,567 17,781 30 17,811 Municipal bond vehicles 2,056 — 22 2,078 2,116 11 2,127 Mortgage securitization entities (a) — 693 8 701 125 57 182 Other 113 86 250 449 — 159 159 Total $ 2,170 $ 37,611 $ 591 $ 40,372 $ 23,020 $ 263 $ 23,283 Assets Liabilities December 31, 2022 Trading assets Loans Other (b) Total assets (c) Beneficial interests in VIE assets (d) Other (e) Total VIE program type Firm-sponsored credit card trusts $ — $ 9,699 $ 100 $ 9,799 $ 1,999 $ 2 $ 2,001 Firm-administered multi-seller conduits — 22,819 170 22,989 9,236 39 9,275 Municipal bond vehicles 2,089 — 7 2,096 1,232 10 1,242 Mortgage securitization entities (a) — 781 10 791 143 67 210 Other 62 1,112 (f) 263 1,437 — 161 161 Total $ 2,151 $ 34,411 $ 550 $ 37,112 $ 12,610 $ 279 $ 12,889 (a) Includes residential mortgage securitizations. (b) Includes assets classified as cash and other assets on the Consolidated balance sheets. (c) The assets of the consolidated VIEs included in the program types above are used to settle the liabilities of those entities. The assets and liabilities include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. (d) The interest-bearing beneficial interest liabilities issued by consolidated VIEs are classified in the line item on the Consolidated balance sheets titled, “Beneficial interests issued by consolidated VIEs”. The holders of these beneficial interests generally do not have recourse to the general credit of JPMorgan Chase. Included in beneficial interests in VIE assets are long-term beneficial interests of $3.1 billion and $2.1 billion at December 31, 2023 and 2022, respectively. (e) Includes liabilities classified as accounts payable and other liabilities on the Consolidated balance sheets. (f) Primarily includes purchased supply chain finance receivables and purchased auto loan securitizations in CIB. |
Securitization activities | The following table provides information related to the Firm’s securitization activities for the years ended December 31, 2023, 2022 and 2021, related to assets held in Firm-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved at the time of the securitization. 2023 2022 2021 Year ended December 31, Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Residential mortgage (d) Commercial and other (e) Principal securitized $ 7,678 $ 3,901 $ 10,218 $ 9,036 $ 23,876 $ 14,917 All cash flows during the period: (a) Proceeds received from loan sales as financial instruments (b)(c) $ 7,251 $ 3,896 $ 9,783 $ 8,921 $ 24,450 $ 15,044 Servicing fees collected 24 5 62 2 153 1 Cash flows received on interests 325 425 489 285 578 273 (a) Excludes re-securitization transactions. (b) Predominantly includes Level 2 assets. (c) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. (d) Represents prime mortgages. Excludes loan securitization activity related to U.S. GSEs and government agencies. (e) Includes commercial mortgage and other consumer loans. Key assumptions used to value retained interests originated during the year are shown in the table below. Year ended December 31, 2023 2022 2021 Residential mortgage retained interest: Weighted-average life (in years) 9.6 10.8 3.9 Weighted-average discount rate 4.8 % 4.0 % 3.3 % Commercial mortgage retained interest: Weighted-average life (in years) 3.0 5.9 6.0 Weighted-average discount rate 4.6 % 2.9 % 1.2 % |
Summary of loan sale activities | The following table summarizes the activities related to loans sold to the U.S. GSEs, and loans in securitization transactions pursuant to Ginnie Mae guidelines. Year ended December 31, 2023 2022 2021 Carrying value of loans sold $ 19,906 $ 48,891 $ 105,035 Proceeds received from loan sales as cash $ 300 $ 22 $ 161 Proceeds from loan sales as securities (a)(b) 19,389 48,096 103,286 Total proceeds received from loan sales (c) $ 19,689 $ 48,118 $ 103,447 Gains/(losses) on loan sales (d)(e) $ — $ (25) $ 9 (a) Includes securities from U.S. GSEs and Ginnie Mae that are generally sold shortly after receipt or retained as part of the Firm’s investment securities portfolio. (b) Included in level 2 assets. (c) Excludes the value of MSRs retained upon the sale of loans. (d) Gains/(losses) on loan sales include the value of MSRs. (e) The carrying value of the loans accounted for at fair value approximated the proceeds received upon loan sale. |
Schedule of loans repurchased and options to repurchase delinquent loans | The following table presents loans the Firm repurchased or had an option to repurchase, real estate owned, and foreclosed government-guaranteed residential mortgage loans recognized on the Firm’s Consolidated balance sheets as of December 31, 2023 and 2022. Substantially all of the loans and real estate owned are insured or guaranteed by U.S. government agencies. December 31, 2023 2022 Loans repurchased or option to repurchase (a) $ 597 $ 839 Real estate owned 8 10 Foreclosed government-guaranteed residential mortgage loans (b) 22 27 (a) Predominantly all of these amounts relate to loans that have been repurchased from Ginnie Mae loan pools. (b) Relates to voluntary repurchases of loans, which are included in accrued interest and accounts receivable. |
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets | The table below includes information about components of and delinquencies related to nonconsolidated securitized financial assets held in Firm-sponsored private-label securitization entities, in which the Firm has continuing involvement as of December 31, 2023 and 2022. As of or for the year ended December 31, Securitized assets 90 days past due Net liquidation losses / (recoveries) 2023 2022 2023 2022 2023 2022 Securitized loans Residential mortgage: Prime/ Alt-A & option ARMs $ 39,319 $ 37,058 $ 440 $ 511 $ 14 $ (29) Subprime 1,312 1,743 131 212 5 (1) Commercial and other 120,262 127,037 2,874 948 60 50 Total loans securitized $ 160,893 $ 165,838 $ 3,445 $ 1,671 $ 79 $ 20 |
Goodwill, Mortgage Servicing _2
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill attributed to the business segments | The following table presents goodwill attributed to the reportable business segments and Corporate. December 31, (in millions) 2023 2022 2021 Consumer & Community Banking $ 32,116 $ 32,121 $ 31,474 Corporate & Investment Bank 8,266 8,008 7,906 Commercial Banking 2,985 2,985 2,986 Asset & Wealth Management 8,582 7,902 7,222 Corporate 685 646 727 Total goodwill $ 52,634 $ 51,662 $ 50,315 The following table presents changes in the carrying amount of goodwill. Year ended December 31, (in millions) 2023 2022 2021 Balance at beginning of period $ 51,662 $ 50,315 $ 49,248 Changes during the period from: Business combinations (a) 917 1,426 1,073 Other (b) 55 (79) (6) Balance at December 31, $ 52,634 $ 51,662 $ 50,315 (a) For 2023, predominantly represents estimated goodwill associated with the acquisition of the remaining 51% interest in CIFM in AWM and the acquisition of Aumni Inc. in CIB. For 2022, represents estimated goodwill associated with the acquisitions of Global Shares PLC in AWM, Frosch Travel Group, LLC and Figg, Inc. in CCB, and Renovite Technologies, Inc. and Volkswagen Payments S.A. in CIB. For 2021, represents goodwill associated with the acquisitions of Nutmeg in Corporate, OpenInvest and Campbell Global in AWM, and Frank and The Infatuation in CCB. (b) Predominantly foreign currency adjustments. |
Mortgage servicing rights activity | The following table summarizes MSR activity for the years ended December 31, 2023, 2022 and 2021. As of or for the year ended December 31, (in millions, except where otherwise noted) 2023 2022 2021 Fair value at beginning of period $ 7,973 $ 5,494 $ 3,276 MSR activity: Originations of MSRs 253 798 1,659 Purchase of MSRs (a) 1,028 1,400 1,363 Disposition of MSRs (b) (188) (822) (114) Net additions/(dispositions) 1,093 1,376 2,908 Changes due to collection/realization of expected cash flows (1,011) (936) (788) Changes in valuation due to inputs and assumptions: Changes due to market interest rates and other (c) 424 2,022 404 Changes in valuation due to other inputs and assumptions: Projected cash flows (e.g., cost to service) (22) 14 109 Discount rates 14 — — Prepayment model changes and other (d) 51 3 (415) Total changes in valuation due to other inputs and assumptions 43 17 (306) Total changes in valuation due to inputs and assumptions 467 2,039 98 Fair value at December 31, $ 8,522 $ 7,973 $ 5,494 Change in unrealized gains/(losses) included in income related to MSRs held at December 31, $ 467 $ 2,039 $ 98 Contractual service fees, late fees and other ancillary fees included in income 1,590 1,535 1,298 Third-party mortgage loans serviced at December 31, (in billions) 632 584 520 Servicer advances, net of an allowance for uncollectible amounts, at December 31 (e) 659 758 1,611 (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”). In each transaction, a portion of the SMBS was acquired by third parties at the transaction date; the Firm acquired the remaining balance of those SMBS as trading securities . (c) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (d) Represents changes in prepayments other than those attributable to changes in market interest rates. (e) 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 is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements. |
CCB mortgage fees and related income | The following table presents the components of mortgage fees and related income (including the impact of MSR risk management activities) for the years ended December 31, 2023, 2022 and 2021. Year ended December 31, 2023 2022 2021 CCB mortgage fees and related income Production revenue $ 421 $ 497 $ 2,215 Net mortgage servicing revenue: Operating revenue: Loan servicing revenue 1,634 1,582 1,257 Changes in MSR asset fair value due to collection/realization of expected cash flows (1,011) (936) (788) Total operating revenue 623 646 469 Risk management: Changes in MSR asset fair value due to market interest rates and other (a) 424 2,022 404 Other changes in MSR asset fair value due to other inputs and assumptions in model (b) 43 17 (306) Change in derivative fair value and other (336) (1,946) (623) Total risk management 131 93 (525) Total net mortgage servicing revenue 754 739 (56) Total CCB mortgage fees and related income 1,175 1,236 2,159 All other 1 14 11 Mortgage fees and related income $ 1,176 $ 1,250 $ 2,170 (a) Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments. (b) Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices). |
Key economic assumptions used to determine the fair value of the Firm's Mortgage Servicing Rights (MSRs) | The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at December 31, 2023 and 2022, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below. December 31, 2023 2022 Weighted-average prepayment speed assumption (constant prepayment rate) 6.29 % 6.12 % Impact on fair value of 10% adverse change $ (206) $ (183) Impact on fair value of 20% adverse change (401) (356) Weighted-average option adjusted spread (a) 6.10 % 5.77 % Impact on fair value of 100 basis points adverse change $ (369) $ (341) Impact on fair value of 200 basis points adverse change (709) (655) (a) Includes the impact of operational risk and regulatory capital. |
Schedule of future amortization expense | The following table presents estimated future amortization expense. December 31, (millions) Finite-lived intangible assets 2024 $ 330 2025 294 2026 290 2027 288 2028 272 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Components of premises and equipment | The following table presents certain components of Premises and equipment. December 31, (in millions) 2023 2022 Land, buildings and leasehold improvements $ 14,862 $ 13,486 Right-of-use assets (a) 7,917 7,432 Other premises and equipment (b) 7,378 6,816 Total premises and equipment $ 30,157 $ 27,734 (a) Excluded $514 million and $350 million of right-of-use assets that were recorded in Other assets at December 31, 2023 and 2022, respectively. (b) Other premises and equipment is comprised of internal-use software and furniture and equipment. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Noninterest-bearing and interest-bearing deposits | As of December 31, 2023 and 2022, noninterest-bearing and interest-bearing deposits were as follows. December 31, (in millions) 2023 2022 U.S. offices Noninterest-bearing (included $75,393 and $26,363 at fair value) (a) $ 643,748 $ 644,902 Interest-bearing (included $573 and $586 at fair value) (a) 1,303,100 1,276,346 Total deposits in U.S. offices 1,946,848 1,921,248 Non-U.S. offices Noninterest-bearing (included $1,737 and $1,398 at fair value) (a) 23,097 27,005 Interest-bearing (included $681 and $273 at fair value) (a) 430,743 391,926 Total deposits in non-U.S. offices 453,840 418,931 Total deposits $ 2,400,688 $ 2,340,179 (a) Includes structured notes classified as deposits for which the fair value option has been elected. Refer to Note 3 for further discussion. |
Time deposits $250,000 or more | As of December 31, 2023 and 2022, time deposits in denominations that met or exceeded the insured limit were as follows. December 31, (in millions) 2023 2022 U.S. offices $ 132,654 $ 64,622 Non-U.S. offices (a) 90,187 77,907 Total $ 222,841 $ 142,529 (a) |
Time deposits, by maturity | As of December 31, 2023, the remaining maturities of interest-bearing time deposits were as follows. December 31, (in millions) U.S. Non-U.S. Total 2024 $ 194,895 $ 86,971 $ 281,866 2025 742 180 922 2026 243 21 264 2027 140 35 175 2028 136 992 1,128 After 5 years 475 251 726 Total $ 196,631 $ 88,450 $ 285,081 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of information related to operating leases | The carrying values of the Firm’s operating leases were as follows: December 31, 2023 2022 Right-of-use assets $ 8,431 (a) $ 7,782 Lease liabilities 8,833 (b) 8,183 Weighted average remaining lease term (in years) 8.4 8.4 Weighted average discount rate 4.01 % 3.55 % Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 1,662 $ 1,613 Supplemental non-cash information Right-of-use assets obtained in exchange for operating lease obligations $ 2,094 $ 1,435 (a) Included $647 million of right-of-use assets associated with First Republic. (b) Included $712 million of lease liabilities associated with First Republic. Year ended December 31, 2023 2022 Rental expense Gross rental expense $ 2,079 $ 2,079 Sublease rental income (72) (119) Net rental expense $ 2,007 $ 1,960 |
Schedule of future payments under operating leases | The following table presents future payments under operating leases as of December 31, 2023: Year ended December 31, (in millions) 2024 $ 1,685 2025 1,576 2026 1,318 2027 1,169 2028 1,015 After 2028 3,767 Total future minimum lease payments 10,530 Less: Imputed interest (1,697) Total $ 8,833 |
Schedule of carrying value of assets subject to leases | The following table presents the carrying value of assets subject to leases reported on the Consolidated balance sheets: December 31, 2023 2022 Carrying value of assets subject to operating leases, net of accumulated depreciation $ 10,663 $ 12,302 Accumulated depreciation 3,288 4,282 |
Schedule of operating lease income and related depreciation expense | The following table presents the Firm’s operating lease income and the related depreciation expense on the Consolidated statements of income: Year ended December 31, (in millions) 2023 2022 2021 Operating lease income $ 2,843 $ 3,654 $ 4,914 Depreciation expense 1,778 2,475 3,380 |
Schedule of future receipts under operating leases | The following table presents future receipts under operating leases as of December 31, 2023: Year ended December 31, (in millions) 2024 $ 1,868 2025 1,158 2026 451 2027 32 2028 9 After 2028 8 Total future minimum lease receipts $ 3,526 |
Accounts Payable and Other Li_2
Accounts Payable and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Components of accounts payable and other liabilities | The following table presents the components of accounts payable and other liabilities. December 31, (in millions) 2023 2022 Brokerage payables $ 161,960 $ 188,692 Other payables and liabilities (a) 128,347 111,449 Total accounts payable and other liabilities $ 290,307 $ 300,141 (a) Includes credit card rewards liability of $13.2 billion and $11.3 billion at December 31, 2023 and 2022, respectively. |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2023. By remaining maturity at 2023 2022 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 5,981 $ 86,113 $ 108,890 $ 200,984 $ 194,515 Variable rate 131 5,989 1,985 8,105 11,565 Interest rates (f) 2.52 % 2.91 % 3.72 % 3.32 % 3.06 % Subordinated debt: Fixed rate $ 2,976 $ 5,886 $ 8,863 $ 17,725 $ 19,693 Variable rate — — — — — Interest rates (f) 3.88 % 4.88 % 4.69 % 4.62 % 4.50 % Subtotal $ 9,088 $ 97,988 $ 119,738 $ 226,814 $ 225,773 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 13,940 $ 9,269 $ 37 $ 23,246 (g) $ 93 Variable rate 4,000 14,000 — 18,000 11,000 Interest rates (f) 4.59 % 5.12 % 6.06 % 4.89 % 4.32 % Purchase Money Note (a) : Fixed rate $ — $ 48,989 $ — $ 48,989 NA Interest rates (f) — % 3.40 % — % 3.40 % NA Senior debt: Fixed rate $ 2,958 $ 11,551 $ 6,236 $ 20,745 $ 15,383 Variable rate 20,933 25,336 5,779 52,048 41,506 Interest rates (f) 4.28 % 5.41% 1.48 % 3.91 % 2.02 % Subordinated debt: Fixed rate $ 255 $ — $ — $ 255 $ 262 Variable rate — — — — — Interest rates (f) 8.25 % — % — % 8.25 % 8.25 % Subtotal $ 42,086 $ 109,145 $ 12,052 $ 163,283 $ 68,244 Junior subordinated debt: Fixed rate $ — $ — $ 518 $ 518 $ 550 Variable rate — 420 790 1,210 1,298 Interest rates (f) — % 6.18 % 7.45 % 7.14 % 6.33 % Subtotal $ — $ 420 $ 1,308 $ 1,728 $ 1,848 Total long-term debt (b)(c)(d) $ 51,174 $ 207,553 $ 133,098 $ 391,825 (h)(i) $ 295,865 Long-term beneficial interests: Fixed rate $ — $ 2,998 $ — $ 2,998 $ 1,999 Variable rate — — 125 125 143 Interest rates (f) — % 4.74 % 3.45 % 4.69 % 2.81 % Total long-term beneficial interests (e) $ — $ 2,998 $ 125 $ 3,123 $ 2,142 (a) Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 34 for additional information. (b) Included long-term debt of $93.0 billion and $13.8 billion secured by assets totaling $218.5 billion and $208.3 billion at December 31, 2023 and 2022, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $87.9 billion and $72.3 billion of long-term debt accounted for at fair value at December 31, 2023 and 2022, respectively. (d) Included $12.5 billion and $10.3 billion of outstanding zero-coupon notes at December 31, 2023 and 2022, respectively. The aggregate principal amount of these notes at their respective maturities is $47.9 billion and $45.3 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included amounts accounted for at fair value which were not material as of December 31, 2023 and 2022. Excluded short-term commercial paper and other short-term beneficial interests of $19.9 billion and $10.5 billion at December 31, 2023 and 2022, respectively. (f) The interest rates shown are the weighted average of contractual rates in effect at December 31, 2023 and 2022, respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The interest rates shown exclude structured notes accounted for at fair value. (g) As of December 31, 2023, included $23.2 billion of FHLB advances associated with First Republic. Refer to Note 34 for additional information. (h) As of December 31, 2023, long-term debt in the aggregate of $208.2 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (i) The aggregate carrying values of debt that matures in each of the five years subsequent to 2023 is $51.2 billion in 2024, $53.5 billion in 2025, $48.7 billion in 2026, $26.2 billion in 2027 and $79.0 billion in 2028. |
Schedule of maturities of long-term debt | The following table is a summary of long-term debt carrying values (including unamortized premiums and discounts, issuance costs, valuation adjustments and fair value adjustments, where applicable) by remaining contractual maturity as of December 31, 2023. By remaining maturity at 2023 2022 Under 1 year 1-5 years After 5 years Total Total Parent company Senior debt: Fixed rate $ 5,981 $ 86,113 $ 108,890 $ 200,984 $ 194,515 Variable rate 131 5,989 1,985 8,105 11,565 Interest rates (f) 2.52 % 2.91 % 3.72 % 3.32 % 3.06 % Subordinated debt: Fixed rate $ 2,976 $ 5,886 $ 8,863 $ 17,725 $ 19,693 Variable rate — — — — — Interest rates (f) 3.88 % 4.88 % 4.69 % 4.62 % 4.50 % Subtotal $ 9,088 $ 97,988 $ 119,738 $ 226,814 $ 225,773 Subsidiaries Federal Home Loan Banks advances: Fixed rate $ 13,940 $ 9,269 $ 37 $ 23,246 (g) $ 93 Variable rate 4,000 14,000 — 18,000 11,000 Interest rates (f) 4.59 % 5.12 % 6.06 % 4.89 % 4.32 % Purchase Money Note (a) : Fixed rate $ — $ 48,989 $ — $ 48,989 NA Interest rates (f) — % 3.40 % — % 3.40 % NA Senior debt: Fixed rate $ 2,958 $ 11,551 $ 6,236 $ 20,745 $ 15,383 Variable rate 20,933 25,336 5,779 52,048 41,506 Interest rates (f) 4.28 % 5.41% 1.48 % 3.91 % 2.02 % Subordinated debt: Fixed rate $ 255 $ — $ — $ 255 $ 262 Variable rate — — — — — Interest rates (f) 8.25 % — % — % 8.25 % 8.25 % Subtotal $ 42,086 $ 109,145 $ 12,052 $ 163,283 $ 68,244 Junior subordinated debt: Fixed rate $ — $ — $ 518 $ 518 $ 550 Variable rate — 420 790 1,210 1,298 Interest rates (f) — % 6.18 % 7.45 % 7.14 % 6.33 % Subtotal $ — $ 420 $ 1,308 $ 1,728 $ 1,848 Total long-term debt (b)(c)(d) $ 51,174 $ 207,553 $ 133,098 $ 391,825 (h)(i) $ 295,865 Long-term beneficial interests: Fixed rate $ — $ 2,998 $ — $ 2,998 $ 1,999 Variable rate — — 125 125 143 Interest rates (f) — % 4.74 % 3.45 % 4.69 % 2.81 % Total long-term beneficial interests (e) $ — $ 2,998 $ 125 $ 3,123 $ 2,142 (a) Reflects the Purchase Money Note associated with the First Republic acquisition. Refer to Note 34 for additional information. (b) Included long-term debt of $93.0 billion and $13.8 billion secured by assets totaling $218.5 billion and $208.3 billion at December 31, 2023 and 2022, respectively. The amount of long-term debt secured by assets does not include amounts related to hybrid instruments. (c) Included $87.9 billion and $72.3 billion of long-term debt accounted for at fair value at December 31, 2023 and 2022, respectively. (d) Included $12.5 billion and $10.3 billion of outstanding zero-coupon notes at December 31, 2023 and 2022, respectively. The aggregate principal amount of these notes at their respective maturities is $47.9 billion and $45.3 billion, respectively. The aggregate principal amount reflects the contractual principal payment at maturity, which may exceed the contractual principal payment at the Firm’s next call date, if applicable. (e) Included on the Consolidated balance sheets in beneficial interests issued by consolidated VIEs. Also included amounts accounted for at fair value which were not material as of December 31, 2023 and 2022. Excluded short-term commercial paper and other short-term beneficial interests of $19.9 billion and $10.5 billion at December 31, 2023 and 2022, respectively. (f) The interest rates shown are the weighted average of contractual rates in effect at December 31, 2023 and 2022, respectively, including non-U.S. dollar fixed- and variable-rate issuances, which excludes the effects of the associated derivative instruments used in hedge accounting relationships, if applicable. The interest rates shown exclude structured notes accounted for at fair value. (g) As of December 31, 2023, included $23.2 billion of FHLB advances associated with First Republic. Refer to Note 34 for additional information. (h) As of December 31, 2023, long-term debt in the aggregate of $208.2 billion was redeemable at the option of JPMorgan Chase, in whole or in part, prior to maturity, based on the terms specified in the respective instruments. (i) The aggregate carrying values of debt that matures in each of the five years subsequent to 2023 is $51.2 billion in 2024, $53.5 billion in 2025, $48.7 billion in 2026, $26.2 billion in 2027 and $79.0 billion in 2028. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock by class | The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of December 31, 2023 and 2022, and the quarterly dividend declarations for the years ended December 31, 2023, 2022 and 2021. Shares (a) Carrying value Issue date Contractual rate in effect at December 31, 2023 Earliest redemption date (b) Floating annualized rate (c) Dividend declared per share (d) December 31, December 31, Year ended December 31, 2023 2022 2023 2022 2023 2022 2021 Fixed-rate: Series AA — — $ — $ — 6/4/2015 — % 9/1/2020 NA $ — $ — $ 305.00 Series BB — — — — 7/29/2015 — 9/1/2020 NA — — 307.50 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 575.00 575.00 575.00 Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 600.00 600.00 600.00 Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 475.00 475.00 475.00 Series JJ 150,000 150,000 1,500 1,500 3/17/2021 4.550 6/1/2026 NA 455.00 455.00 321.03 (e) Series LL 185,000 185,000 1,850 1,850 5/20/2021 4.625 6/1/2026 NA 462.52 462.52 245.39 (e) Series MM 200,000 200,000 2,000 2,000 7/29/2021 4.200 9/1/2026 NA 420.00 420.00 142.33 (e) Fixed-to-floating rate: Series I — — $ — $ — 4/23/2008 — % 4/30/2018 — % $ — $ 375.03 $ 370.38 Series Q 150,000 150,000 1,500 1,500 4/23/2013 SOFR + 3.25 5/1/2023 SOFR + 3.25 801.41 515.00 515.00 (f) Series R 150,000 150,000 1,500 1,500 7/29/2013 SOFR + 3.30 8/1/2023 SOFR + 3.30 756.73 600.00 600.00 (g) Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 SOFR + 3.78 675.00 675.00 675.00 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 SOFR + 3.33 612.50 612.50 612.50 Series V — — — — 6/9/2014 — 7/1/2019 — — 340.91 353.65 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 SOFR + 3.33 610.00 610.00 610.00 Series Z — — — — 4/21/2015 — 5/1/2020 — — — 401.44 Series CC 125,750 125,750 1,258 1,258 10/20/2017 SOFR + 2.58 11/1/2022 SOFR + 2.58 804.08 526.27 462.50 (h) Series FF 225,000 225,000 2,250 2,250 7/31/2019 5.000 8/1/2024 SOFR + 3.38 500.00 500.00 500.00 Series HH 300,000 300,000 3,000 3,000 1/23/2020 4.600 2/1/2025 SOFR + 3.125 460.00 460.00 460.00 Series II 150,000 150,000 1,500 1,500 2/24/2020 4.000 4/1/2025 SOFR + 2.745 400.00 400.00 400.00 Series KK 200,000 200,000 2,000 2,000 5/12/2021 3.650 6/1/2026 CMT + 2.85 365.00 365.00 201.76 (e) Total preferred stock 2,740,375 2,740,375 $ 27,404 $ 27,404 (a) Represented by depositary shares. (b) Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date. (c) Effective June 30, 2023, CME Term SOFR became the replacement reference rate for fixed-to-floating rate preferred stock issued by the Firm that formerly referenced U.S. dollar LIBOR. References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spreads noted. The reference to “CMT” means a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spread noted. (d) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends are declared quarterly. Dividends are payable quarterly on fixed-rate preferred stock. Dividends are payable semiannually on fixed-to-floating rate preferred stock while at a fixed rate, and payable quarterly after converting to a floating rate. (e) The initial dividend declared is prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate. (f) The dividend rate for Series Q preferred stock became floating and payable quarterly starting on May 1, 2023; prior to which the dividend rate was fixed at 5.15% or $257.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.25%. (g) The dividend rate for Series R preferred stock became floating and payable quarterly starting on August 1, 2023; prior to which the dividend rate was fixed at 6.00% or $300.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.30% . (h) The dividend rate for Series CC preferred stock became floating and payable quarterly starting on November 1, 2022; prior to which the dividend rate was fixed at 4.625% or $231.25 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 2.58%. Common shares issued which were reissued from treasury by the Firm during the years ended December 31, 2023, 2022 and 2021 were as follows. Year ended December 31, 2023 2022 2021 Total issued – balance at January 1 4,104.9 4,104.9 4,104.9 Treasury – balance at January 1 (1,170.7) (1,160.8) (1,055.5) Repurchase (69.5) (23.1) (119.7) Reissuance: Employee benefits and compensation plans 10.9 12.0 13.5 Employee stock purchase plans 1.0 1.2 0.9 Total reissuance 11.9 13.2 14.4 Total treasury – balance at December 31 (1,228.3) (1,170.7) (1,160.8) Outstanding at December 31 2,876.6 2,934.2 2,944.1 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock by class | The following is a summary of JPMorgan Chase’s non-cumulative preferred stock outstanding as of December 31, 2023 and 2022, and the quarterly dividend declarations for the years ended December 31, 2023, 2022 and 2021. Shares (a) Carrying value Issue date Contractual rate in effect at December 31, 2023 Earliest redemption date (b) Floating annualized rate (c) Dividend declared per share (d) December 31, December 31, Year ended December 31, 2023 2022 2023 2022 2023 2022 2021 Fixed-rate: Series AA — — $ — $ — 6/4/2015 — % 9/1/2020 NA $ — $ — $ 305.00 Series BB — — — — 7/29/2015 — 9/1/2020 NA — — 307.50 Series DD 169,625 169,625 1,696 1,696 9/21/2018 5.750 12/1/2023 NA 575.00 575.00 575.00 Series EE 185,000 185,000 1,850 1,850 1/24/2019 6.000 3/1/2024 NA 600.00 600.00 600.00 Series GG 90,000 90,000 900 900 11/7/2019 4.750 12/1/2024 NA 475.00 475.00 475.00 Series JJ 150,000 150,000 1,500 1,500 3/17/2021 4.550 6/1/2026 NA 455.00 455.00 321.03 (e) Series LL 185,000 185,000 1,850 1,850 5/20/2021 4.625 6/1/2026 NA 462.52 462.52 245.39 (e) Series MM 200,000 200,000 2,000 2,000 7/29/2021 4.200 9/1/2026 NA 420.00 420.00 142.33 (e) Fixed-to-floating rate: Series I — — $ — $ — 4/23/2008 — % 4/30/2018 — % $ — $ 375.03 $ 370.38 Series Q 150,000 150,000 1,500 1,500 4/23/2013 SOFR + 3.25 5/1/2023 SOFR + 3.25 801.41 515.00 515.00 (f) Series R 150,000 150,000 1,500 1,500 7/29/2013 SOFR + 3.30 8/1/2023 SOFR + 3.30 756.73 600.00 600.00 (g) Series S 200,000 200,000 2,000 2,000 1/22/2014 6.750 2/1/2024 SOFR + 3.78 675.00 675.00 675.00 Series U 100,000 100,000 1,000 1,000 3/10/2014 6.125 4/30/2024 SOFR + 3.33 612.50 612.50 612.50 Series V — — — — 6/9/2014 — 7/1/2019 — — 340.91 353.65 Series X 160,000 160,000 1,600 1,600 9/23/2014 6.100 10/1/2024 SOFR + 3.33 610.00 610.00 610.00 Series Z — — — — 4/21/2015 — 5/1/2020 — — — 401.44 Series CC 125,750 125,750 1,258 1,258 10/20/2017 SOFR + 2.58 11/1/2022 SOFR + 2.58 804.08 526.27 462.50 (h) Series FF 225,000 225,000 2,250 2,250 7/31/2019 5.000 8/1/2024 SOFR + 3.38 500.00 500.00 500.00 Series HH 300,000 300,000 3,000 3,000 1/23/2020 4.600 2/1/2025 SOFR + 3.125 460.00 460.00 460.00 Series II 150,000 150,000 1,500 1,500 2/24/2020 4.000 4/1/2025 SOFR + 2.745 400.00 400.00 400.00 Series KK 200,000 200,000 2,000 2,000 5/12/2021 3.650 6/1/2026 CMT + 2.85 365.00 365.00 201.76 (e) Total preferred stock 2,740,375 2,740,375 $ 27,404 $ 27,404 (a) Represented by depositary shares. (b) Each series of fixed-to-floating rate preferred stock converts to a floating rate at the earliest redemption date. (c) Effective June 30, 2023, CME Term SOFR became the replacement reference rate for fixed-to-floating rate preferred stock issued by the Firm that formerly referenced U.S. dollar LIBOR. References in the table to “SOFR” mean a floating annualized rate equal to three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spreads noted. The reference to “CMT” means a floating annualized rate equal to the five-year Constant Maturity Treasury (“CMT”) rate plus the spread noted. (d) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends are declared quarterly. Dividends are payable quarterly on fixed-rate preferred stock. Dividends are payable semiannually on fixed-to-floating rate preferred stock while at a fixed rate, and payable quarterly after converting to a floating rate. (e) The initial dividend declared is prorated based on the number of days outstanding for the period. Dividends were declared quarterly thereafter at the contractual rate. (f) The dividend rate for Series Q preferred stock became floating and payable quarterly starting on May 1, 2023; prior to which the dividend rate was fixed at 5.15% or $257.50 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.25%. (g) The dividend rate for Series R preferred stock became floating and payable quarterly starting on August 1, 2023; prior to which the dividend rate was fixed at 6.00% or $300.00 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 3.30% . (h) The dividend rate for Series CC preferred stock became floating and payable quarterly starting on November 1, 2022; prior to which the dividend rate was fixed at 4.625% or $231.25 per share payable semiannually. The dividend rate for each quarterly dividend period commencing on August 1, 2023 is three-month term SOFR (plus a spread adjustment of 0.26% per annum) plus the spread of 2.58%. Common shares issued which were reissued from treasury by the Firm during the years ended December 31, 2023, 2022 and 2021 were as follows. Year ended December 31, 2023 2022 2021 Total issued – balance at January 1 4,104.9 4,104.9 4,104.9 Treasury – balance at January 1 (1,170.7) (1,160.8) (1,055.5) Repurchase (69.5) (23.1) (119.7) Reissuance: Employee benefits and compensation plans 10.9 12.0 13.5 Employee stock purchase plans 1.0 1.2 0.9 Total reissuance 11.9 13.2 14.4 Total treasury – balance at December 31 (1,228.3) (1,170.7) (1,160.8) Outstanding at December 31 2,876.6 2,934.2 2,944.1 |
Schedule of common equity repurchases | The following table sets forth the Firm’s repurchases of common stock for the years ended December 31, 2023, 2022 and 2021. Year ended December 31, 2023 2022 (b) 2021 (c) Total number of shares of common stock repurchased 69.5 23.1 119.7 Aggregate purchase price of common stock repurchases (a) $ 9,898 $ 3,122 $ 18,448 (a) Excludes excise tax and commissions. As part of the Inflation Reduction Act of 2022, a 1% excise tax was imposed on net share repurchases effective January 1, 2023 . (b) In the second half of 2022, the Firm temporarily suspended share repurchases, which it resumed under its current common share repurchase program in the first quarter of 2023. (c) As directed by the Federal Reserve, total net repurchases and common stock dividends in the first and second quarter of 2021 were restricted and could not exceed the average of the Firm’s net income for the four preceding calendar quarters. Effective July 1, 2021, the Firm became subject to the normal capital distribution restrictions provided under the regulatory capital framework. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share basic and diluted | The following table presents the calculation of net income applicable to common stockholders and basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021. Year ended December 31, 2023 2022 2021 Basic earnings per share Net income $ 49,552 $ 37,676 $ 48,334 Less: Preferred stock dividends 1,501 1,595 1,600 Net income applicable to common equity 48,051 36,081 46,734 Less: Dividends and undistributed earnings allocated to participating securities 291 189 231 Net income applicable to common stockholders $ 47,760 $ 35,892 $ 46,503 Total weighted-average basic shares outstanding 2,938.6 2,965.8 3,021.5 Net income per share $ 16.25 $ 12.10 $ 15.39 Diluted earnings per share Net income applicable to common stockholders $ 47,760 $ 35,892 $ 46,503 Total weighted-average basic shares outstanding 2,938.6 2,965.8 3,021.5 Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs 4.5 4.2 5.1 Total weighted-average diluted shares outstanding 2,943.1 2,970.0 3,026.6 Net income per share $ 16.23 $ 12.09 $ 15.36 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income/(loss) | AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), fair value changes of excluded components on fair value hedges, cash flow hedging activities, net gain/(loss) related to the Firm’s defined benefit pension and OPEB plans, and fair value option-elected liabilities arising from changes in the Firm’s own credit risk (DVA). Year ended December 31, Unrealized Translation adjustments, net of hedges Fair value Cash flow hedges Defined benefit pension and OPEB plans DVA on fair value option elected liabilities Accumulated other comprehensive income/(loss) Balance at December 31, 2020 $ 8,180 $ (473) $ (112) $ 2,383 $ (1,132) $ (860) $ 7,986 Net change (5,540) (461) (19) (2,679) 922 (293) (8,070) Balance at December 31, 2021 $ 2,640 (a) $ (934) $ (131) $ (296) $ (210) $ (1,153) $ (84) Net change (11,764) (611) 98 (5,360) (1,241) 1,621 (17,257) Balance at December 31, 2022 $ (9,124) (a) $ (1,545) $ (33) $ (5,656) $ (1,451) $ 468 $ (17,341) Net change 5,381 329 (101) 1,724 373 (808) 6,898 Balance at December 31, 2023 $ (3,743) (a) $ (1,216) $ (134) $ (3,932) $ (1,078) $ (340) $ (10,443) (a) As of December 31, 2023 includes after-tax net unamortized unrealized gains/(losses) of $(29) million related to HTM securities that have been transferred to AFS as permitted by the new hedge accounting guidance adopted on January 1, 2023. Includes after-tax net unamortized unrealized gains/(losses) of $(895) million, $(1.3) billion, and $2.4 billion related to AFS securities that have been transferred to HTM for the years ended 2023, 2022 and 2021, respectively. Refer to Note 10 for further information. |
Changes of the components of accumulated other comprehensive income (loss) | The following table presents the pre-tax and after-tax changes in the components of OCI. 2023 2022 2021 Year ended December 31, (in millions) Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Unrealized gains/(losses) on investment securities: Net unrealized gains/(losses) arising during the period $ 3,891 $ (922) $ 2,969 $ (17,862) $ 4,290 $ (13,572) $ (7,634) $ 1,832 $ (5,802) Reclassification adjustment for realized (gains)/losses included in net income (a) 3,180 (768) 2,412 2,380 (572) 1,808 345 (83) 262 Net change 7,071 (1,690) 5,381 (15,482) 3,718 (11,764) (7,289) 1,749 (5,540) Translation adjustments (b) : Translation 1,714 (95) 1,619 (3,574) 265 (3,309) (2,447) 125 (2,322) Hedges (1,697) 407 (1,290) 3,553 (855) 2,698 2,452 (591) 1,861 Net change 17 312 329 (21) (590) (611) 5 (466) (461) Fair value hedges, net change (c) : (134) 33 (101) 130 (32) 98 (26) 7 (19) Cash flow hedges: Net unrealized gains/(losses) arising during the period 483 (114) 369 (7,473) 1,794 (5,679) (2,303) 553 (1,750) Reclassification adjustment for realized (gains)/losses included in net income (d) 1,775 (420) 1,355 420 (101) 319 (1,222) 293 (929) Net change 2,258 (534) 1,724 (7,053) 1,693 (5,360) (3,525) 846 (2,679) Defined benefit pension and OPEB plans, net change (e) : 421 (48) 373 (1,459) 218 (1,241) 1,129 (207) 922 DVA on fair value option elected liabilities, net change: (1,066) 258 (808) 2,141 (520) 1,621 (393) 100 (293) Total other comprehensive income/(loss) $ 8,567 $ (1,669) $ 6,898 $ (21,744) $ 4,487 $ (17,257) $ (10,099) $ 2,029 $ (8,070) (a) The pre-tax amount is reported in Investment securities gains/(losses) in the Consolidated statements of income. (b) Reclassifications of pre-tax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. During the year ended December 31, 2023, the Firm reclassified a net pre-tax loss of $(3) million to other revenue, $(35) million related to the net investment hedge loss, and a $32 million gain related to cumulative translation adjustment, including the impact of the acquisition of CIFM. During the year ended December 31, 2022, the Firm reclassified a net pre-tax loss of $(8) million. During the year ended December 31, 2021, the Firm reclassified a net pre-tax loss of $(7) million. (c) Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. The initial cost of cross-currency basis spreads is recognized in earnings as part of the accrual of interest on the cross-currency swaps. (d) The pre-tax amounts are primarily recorded in noninterest revenue, net interest income and compensation expense in the Consolidated statements of income. (e) During the year ended December 31, 2022, a remeasurement of the Firm’s U.S. principal defined benefit plan in the third quarter, was required as a result of a pension settlement. The remeasurement resulted in a net decrease of $1.4 billion in pre-tax AOCI. Refer to Note 8 for further information. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of the applicable statutory U.S. income tax rate to the effective tax rate the effective tax rate | The following table presents a reconciliation of the applicable statutory U.S. federal income tax rate to the effective tax rate. Effective tax rate Year ended December 31, 2023 2022 2021 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increase/(decrease) in tax rate resulting from: U.S. state and local income taxes, net of U.S. federal income tax benefit 2.8 3.5 3.0 Tax-exempt income (0.9) (0.9) (0.9) Non-U.S. earnings 1.5 0.4 0.1 Business tax credits (4.4) (5.4) (4.2) Other, net (0.4) (0.2) (0.1) Effective tax rate 19.6 % (a) 18.4 % 18.9 % (a) Income tax expense associated with the First Republic acquisition was reflected in the estimated bargain purchase gain, which resulted in a reduction in the Firm’s effective tax rate. |
Components of income tax expense/(benefit) included in the Consolidated Statements of Income | The following table reflects the components of income tax expense/(benefit) included in the Consolidated statements of income. Income tax expense/(benefit) Year ended December 31, 2023 2022 2021 Current income tax expense/(benefit) U.S. federal $ 8,973 $ 5,606 $ 2,865 Non-U.S. 4,355 2,992 2,718 U.S. state and local 3,266 2,630 1,897 Total current income tax expense/(benefit) 16,594 11,228 7,480 Deferred income tax expense/(benefit) U.S. federal (3,475) (2,004) 3,460 Non-U.S. 35 (154) (101) U.S. state and local (1,094) (580) 389 Total deferred income tax (4,534) (2,738) 3,748 Total income tax expense $ 12,060 $ 8,490 $ 11,228 |
U.S. and non-U.S. components of income before income tax expense/(benefit) | The following table presents the U.S. and non-U.S. components of income before income tax expense. Year ended December 31, 2023 2022 2021 U.S. $ 46,868 $ 34,626 $ 50,126 Non-U.S. (a) 14,744 11,540 9,436 Income before income tax expense $ 61,612 $ 46,166 $ 59,562 (a) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. |
Significant components of deferred tax assets and liabilities | The significant components of deferred tax assets and liabilities are reflected in the following table, the net deferred tax assets are reflected in other assets on the Firm’s Consolidated balance sheets. December 31, (in millions) 2023 2022 Deferred tax assets Allowance for loan losses $ 5,809 $ 5,193 Employee benefits 1,247 1,342 Accrued expenses and other 9,887 (a) 8,577 Non-U.S. operations 860 1,148 Tax attribute carryforwards 290 365 Gross deferred tax assets 18,093 16,625 Valuation allowance (183) (198) Deferred tax assets, net of valuation allowance $ 17,910 $ 16,427 Deferred tax liabilities Depreciation and amortization $ 779 $ 2,044 Mortgage servicing rights, net of hedges 1,794 1,864 Leasing transactions 2,254 2,843 Other, net 2,935 3,801 Gross deferred tax liabilities 7,762 10,552 Net deferred tax assets $ 10,148 $ 5,875 (a) Includes the estimated net deferred tax asset associated with the First Republic acquisition. The allocation of the tax basis to individual assets may be refined during the measurement period, which could result in an impact to the gross deferred tax assets and liabilities. |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits. Year ended December 31, 2023 2022 2021 Balance at January 1, $ 5,043 $ 4,636 $ 4,250 Increases based on tax positions related to the current period 1,440 1,234 798 Increases based on tax positions related to prior periods 37 123 393 Decreases based on tax positions related to prior periods (1,110) (824) (657) Decreases related to cash settlements with taxing authorities (9) (126) (148) Balance at December 31, $ 5,401 $ 5,043 $ 4,636 |
Tax examination status | The following table summarizes the status of tax years that remain subject to income tax examination of JPMorgan Chase and its consolidated subsidiaries by significant jurisdictions as of December 31, 2023. Periods under examination Status JPMorgan Chase – U.S. 2011 – 2013 Field examination of amended returns; certain matters at Appellate level JPMorgan Chase – U.S. 2014 - 2020 Field examination of original and amended returns; certain matters at Appellate level JPMorgan Chase – New York State 2012 - 2014 Field Examination JPMorgan Chase – New York City 2015 - 2017 Field Examination JPMorgan Chase – U.K. 2011 – 2020 Field examination of certain select entities |
Restricted Cash, Other Restri_2
Restricted Cash, Other Restricted Assets and Intercompany Funds Transfers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Components of restricted cash | The following table presents the components of the Firm’s restricted cash: December 31, (in billions) 2023 2022 Segregated for the benefit of securities and cleared derivative customers 10.3 18.7 Cash reserves at non-U.S. central banks and held for other general purposes 9.3 8.1 Total restricted cash (a) $ 19.6 $ 26.8 (a) Comprises $18.2 billion and $25.4 billion in deposits with banks, and $1.4 billion and $1.4 billion in cash and due from banks on the Consolidated balance sheets as of December 31, 2023 and 2022, respectively. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Banking Regulation [Abstract] | |
Reconciliation of the Firm's regulatory capital, assets and risk-based capital ratios | The following table presents the risk-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of December 31, 2023 and 2022. Standardized capital ratio requirements Advanced capital ratio requirements Well-capitalized ratios BHC (a)(b) IDI (c) BHC (a)(b) IDI (c) BHC (d) IDI (e) Risk-based capital ratios CET1 capital 11.4 % 7.0 % 11.0 % 7.0 % NA 6.5 % Tier 1 capital 12.9 8.5 12.5 8.5 6.0 % 8.0 Total capital 14.9 10.5 14.5 10.5 10.0 10.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject. (a) Represents the regulatory capital ratio requirements applicable to the Firm. The CET1, Tier 1 and Total capital ratio requirements each include a respective minimum requirement plus a GSIB surcharge of 4.0% as calculated under Method 2; plus a 2.9% SCB for Basel III Standardized ratios and a fixed 2.5% capital conservation buffer for Basel III Advanced ratios. The countercyclical buffer is currently set to 0% by the federal banking agencies. (b) For the period ended December 31, 2022, the CET1, Tier 1, and Total capital ratio requirements under Basel III Standardized applicable to the Firm were 12.0%, 13.5% and 15.5%, respectively; the Basel III Advanced CET1, Tier 1, and Total capital ratio requirements applicable to the Firm were 10.5%, 12.0%, and 14.0%, respectively. SCB for Basel III Standardized ratio for 2022 was 4.0%. (c) Represents requirements for JPMorgan Chase Bank, N.A. The CET1, Tier 1 and Total capital ratio requirements include a fixed capital conservation buffer requirement of 2.5% that is applicable to JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is not subject to the GSIB surcharge. (d) Represents requirements for bank holding companies pursuant to regulations issued by the Federal Reserve. (e) Represents requirements for JPMorgan Chase Bank, N.A. pursuant to regulations issued under the FDIC Improvement Act. The following table presents the leverage-based regulatory capital ratio requirements and well-capitalized ratios to which the Firm and JPMorgan Chase Bank, N.A. were subject as of December 31, 2023 and 2022. Capital ratio requirements (a) Well-capitalized ratios BHC IDI BHC (b) IDI Leverage-based capital ratios Tier 1 leverage 4.0 % 4.0 % NA 5.0 % SLR 5.0 6.0 NA 6.0 Note: The table above is as defined by the regulations issued by the Federal Reserve, OCC and FDIC and to which the Firm and JPMorgan Chase Bank, N.A. are subject. (a) Represents minimum SLR requirement of 3.0%, as well as supplementary leverage buffer requirements of 2.0% and 3.0% for BHC and JPMorgan Chase Bank, N.A., respectively. (b) The Federal Reserve's regulations do not establish well-capitalized thresholds for these measures for BHCs. The following tables present risk-based capital metrics under both the Basel III Standardized and Basel III Advanced approaches and leverage-based capital metrics for JPMorgan Chase and JPMorgan Chase Bank, N.A. As of December 31, 2023 and 2022, JPMorgan Chase and JPMorgan Chase Bank, N.A. were well-capitalized and met all capital requirements to which each was subject. December 31, 2023 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. Risk-based capital metrics: (a) CET1 capital $ 250,585 $ 262,030 $ 250,585 $ 262,030 Tier 1 capital 277,306 262,032 277,306 262,032 Total capital 308,497 281,308 295,417 (b) 268,392 Risk-weighted assets 1,671,995 1,621,789 1,669,156 (b) 1,526,952 CET1 capital ratio 15.0 % 16.2 % 15.0 % 17.2 % Tier 1 capital ratio 16.6 16.2 16.6 17.2 Total capital ratio 18.5 17.3 17.7 17.6 December 31, 2022 Basel III Standardized Basel III Advanced JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. JPMorgan Chase & Co. JPMorgan Chase Bank, N.A. Risk-based capital metrics: (a) CET1 capital $ 218,934 $ 269,668 $ 218,934 $ 269,668 Tier 1 capital 245,631 269,672 245,631 269,672 Total capital 277,769 288,433 264,583 275,255 Risk-weighted assets 1,653,538 1,597,072 1,609,773 1,475,602 CET1 capital ratio 13.2 % 16.9 % 13.6 % 18.3 % Tier 1 capital ratio 14.9 16.9 15.3 18.3 Total capital ratio 16.8 18.1 16.4 18.7 (a) The capital metrics reflect the CECL capital transition provisions. (b) Includes the impacts of certain assets associated with First Republic to which the Standardized approach has been applied as permitted by the transition provisions in the U.S. capital rules. Three months ended December 31, 2023 December 31, 2022 JPMorgan JPMorgan JPMorgan JPMorgan Leverage-based capital metrics: (a) Adjusted average assets (b) $ 3,831,200 $ 3,337,842 $ 3,703,873 $ 3,249,912 Tier 1 leverage ratio 7.2 % 7.9 % 6.6 % 8.3 % Total leverage exposure $ 4,540,465 $ 4,038,739 $ 4,367,092 $ 3,925,502 SLR 6.1 % 6.5 % 5.6 % 6.9 % (a) The capital metrics reflect the CECL capital transition provisions. (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. |
Off-balance Sheet Lending-rel_2
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |
Off-balance sheet lending related financial instruments, guarantees and other commitments | The following table summarizes the contractual amounts and carrying values of off-balance sheet lending-related financial instruments, guarantees and other commitments at December 31, 2023 and 2022. The amounts in the table below for credit card and home equity lending-related commitments represent the total available credit for these products. The Firm has not experienced, and does not anticipate, that all available lines of credit for these products will be utilized at the same time. The Firm can reduce or cancel credit card lines of credit by providing the borrower notice or, in some cases as permitted by law, without notice. In addition, the Firm typically closes credit card lines when the borrower is 60 days or more past due. The Firm may reduce or close HELOCs when there are significant decreases in the value of the underlying property, or when there has been a demonstrable decline in the creditworthiness of the borrower. Off–balance sheet lending-related financial instruments, guarantees and other commitments Contractual amount Carrying value (h)(i) 2023 2022 2023 2022 By remaining maturity as of December 31, Expires in 1 year or less Expires after Expires after Expires after 5 years Total Total Lending-related Consumer, excluding credit card: Residential Real Estate (a) $ 6,917 $ 7,175 $ 6,493 $ 9,540 $ 30,125 $ 21,287 678 (j) 75 Auto and other 12,247 159 — 2,872 15,278 12,231 148 (j) — Total consumer, excluding credit card 19,164 7,334 6,493 12,412 45,403 33,518 826 75 Credit card (b) 915,658 — — — 915,658 821,284 — — Total consumer (c) 934,822 7,334 6,493 12,412 961,061 854,802 826 75 Wholesale: Other unfunded commitments to extend credit (d) 125,478 175,190 179,046 23,812 503,526 440,407 2,797 (j)(k) 2,328 (k) Standby letters of credit and other financial guarantees (d) 13,775 10,478 3,628 991 28,872 27,439 479 408 Other letters of credit (d) 4,084 222 82 — 4,388 4,134 37 6 Total wholesale (c) 143,337 185,890 182,756 24,803 536,786 471,980 3,313 2,742 Total lending-related $ 1,078,159 $ 193,224 $ 189,249 $ 37,215 $ 1,497,847 $ 1,326,782 $ 4,139 $ 2,817 Other guarantees and commitments Securities lending indemnification agreements and guarantees (e) $ 283,664 $ — $ — $ — $ 283,664 $ 283,386 $ — $ — Derivatives qualifying as guarantees 1,693 364 11,657 40,848 54,562 59,180 89 649 Unsettled resale and securities borrowed agreements 94,920 186 — — 95,106 116,975 — (2) Unsettled repurchase and securities loaned agreements 60,170 554 — — 60,724 66,407 — (7) Loan sale and securitization-related indemnifications: Mortgage repurchase liability NA NA NA NA NA NA 76 76 Loans sold with recourse NA NA NA NA 803 820 24 28 Exchange & clearing house guarantees and commitments (f) 265,887 — — — 265,887 191,068 — — Other guarantees and commitments (g) 9,216 1,516 314 4,028 15,074 8,634 38 53 (a) Includes certain commitments to purchase loans from correspondents. (b) Also includes commercial card lending-related commitments primarily in CB and CIB. (c) Predominantly all consumer and wholesale lending-related commitments are in the U.S. (d) As of December 31, 2023 and 2022, reflected the contractual amount net of risk participations totaling $88 million and $71 million, respectively, for other unfunded commitments to extend credit; $8.2 billion at both periods for standby letters of credit and other financial guarantees; and $589 million and $512 million, respectively, for other letters of credit. In regulatory filings with the Federal Reserve these commitments are shown gross of risk participations. (e) As of December 31, 2023 and 2022, collateral held by the Firm in support of securities lending indemnification agreements was $300.3 billion and $298.5 billion, respectively. Securities lending collateral primarily consists of cash, G7 government securities, and securities issued by U.S. GSEs and government agencies. (f) As of December 31, 2023 and 2022, includes guarantees to the Fixed Income Clearing Corporation under the sponsored member repo program and commitments and guarantees associated with the Firm’s membership in certain clearing houses. (g) As of December 31, 2023 and 2022, primarily includes unfunded commitments related to certain tax-oriented equity investments, other equity investment commitments. and unfunded commitments to purchase secondary market loans. (h) For lending-related products, the carrying value includes the allowance for lending-related commitments and the guarantee liability; for derivative-related products, and lending-related commitments for which the fair value option was elected, the carrying value represents the fair value. (i) For lending-related commitments, the carrying value also includes fees and any purchase discounts or premiums that are deferred and recognized in accounts payable and other liabilities on the Consolidated balance sheets. Deferred amounts for revolving commitments and commitments not expected to fund, are amortized to lending- and deposit-related fees on a straight line basis over the commitment period. For all other commitments the deferred amounts remain deferred until the commitment funds or is sold. (j) As of December 31, 2023, includes fair value adjustments associated with First Republic for residential real estate lending-related commitments totaling $630 million, for auto and other lending-related commitments totaling $148 million and for other unfunded commitments to extend credit totaling $1.1 billion. Refer to Note 34 for additional information. (k) As of December 31, 2022, included net markdowns on held-for-sale positions related to unfunded commitments in the bridge financing portfolio. |
Standby letters of credit, other financial guarantees and other letters of credit | The following table summarizes the contractual amount and carrying value of standby letters of credit and other financial guarantees and other letters of credit arrangements as of December 31, 2023 and 2022. Standby letters of credit, other financial guarantees and other letters of credit 2023 2022 December 31, Standby letters of credit and Other letters Standby letters of credit and Other letters Investment-grade (a) $ 19,694 $ 3,552 $ 19,205 $ 3,040 Noninvestment-grade (a) 9,178 836 8,234 1,094 Total contractual amount $ 28,872 $ 4,388 $ 27,439 $ 4,134 Allowance for lending-related commitments $ 110 $ 37 $ 82 $ 6 Guarantee liability 369 — 326 — Total carrying value $ 479 $ 37 $ 408 $ 6 Commitments with collateral $ 16,861 $ 539 $ 15,296 $ 795 (a) The ratings scale is based on the Firm’s internal risk ratings. Refer to Note 12 for further information on internal risk ratings. |
Schedule of derivatives qualifying as guarantees | The following table summarizes the derivatives qualifying as guarantees as of December 31, 2023 and 2022. (in millions) December 31, 2023 December 31, 2022 Notional amounts Derivative guarantees $ 54,562 $ 59,180 Stable value contracts with contractually limited exposure 32,488 31,820 Maximum exposure of stable value contracts with contractually limited exposure 1,652 2,063 Fair value Derivative payables 89 649 |
Pledged Assets and Collateral (
Pledged Assets and Collateral (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of pledged assets | The following table presents the Firm’s pledged assets. December 31, (in billions) 2023 2022 Assets that may be sold or repledged or otherwise used by secured parties $ 145.0 $ 110.8 Assets that may not be sold or repledged or otherwise used by secured parties (a) 244.2 114.8 Assets pledged at Federal Reserve banks and FHLBs 675.6 567.6 Total pledged assets $ 1,064.8 $ 793.2 (a) As of December 31, 2023, included $88.4 billion of assets pledged to the FDIC associated with the First Republic acquisition. Refer to Note 34 for additional information. December 31, (in billions) 2023 2022 Investment securities $ 108.6 $ 104.4 Loans 681.7 485.9 Trading assets and other 274.5 202.9 Total pledged assets $ 1,064.8 $ 793.2 |
Schedule of collateral received | The following table presents the fair value of collateral accepted. December 31, (in billions) 2023 2022 Collateral permitted to be sold or repledged, delivered, or otherwise used $ 1,303.9 $ 1,346.9 Collateral sold, repledged, delivered or otherwise used 982.8 1,019.4 |
International Operations (Table
International Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segments, Geographical Areas [Abstract] | |
Schedule of revenue from external customers attributed to foreign countries by geographic area | The following table presents income statement and balance sheet-related information for JPMorgan Chase by major international geographic area. The Firm defines international activities for purposes of this footnote presentation as business transactions that involve clients residing outside of the U.S., and the information presented below is based predominantly on the domicile of the client, the location from which the client relationship is managed, booking location or the location of the trading desk. However, many of the Firm’s U.S. operations serve international businesses. As the Firm’s operations are highly integrated, estimates and subjective assumptions have been made to apportion revenue and expense between U.S. and international operations. These estimates and assumptions are consistent with the allocations used for the Firm’s segment reporting as set forth in Note 32. The Firm’s long-lived assets for the periods presented are not considered by management to be significant in relation to total assets. The majority of the Firm’s long-lived assets are located in the U.S. As of or for the year ended December 31, Revenue (c) Expense (d) Income before income tax Net income Total assets 2023 Europe/Middle East/Africa $ 20,974 $ 11,947 $ 9,027 $ 6,402 $ 529,335 (e) Asia-Pacific 10,605 6,550 4,055 2,709 251,588 Latin America/Caribbean 3,294 1,971 1,323 994 83,003 Total international 34,873 20,468 14,405 10,105 863,926 North America (a)(b) 123,231 76,024 47,207 39,447 3,011,467 Total $ 158,104 $ 96,492 $ 61,612 $ 49,552 $ 3,875,393 2022 Europe/Middle East/Africa $ 18,765 $ 11,754 $ 7,011 $ 5,158 $ 558,430 (e) Asia-Pacific 10,025 6,763 3,262 2,119 281,479 Latin America/Caribbean 3,178 1,697 1,481 1,156 78,673 Total international 31,968 20,214 11,754 8,433 918,582 North America (a) 96,727 62,315 34,412 29,243 2,747,161 Total $ 128,695 $ 82,529 $ 46,166 $ 37,676 $ 3,665,743 2021 Europe/Middle East/Africa $ 16,561 $ 10,833 $ 5,728 $ 4,202 $ 517,904 (e) Asia-Pacific 9,654 6,372 3,282 2,300 277,897 Latin America/Caribbean 2,756 1,589 1,167 878 65,040 Total international 28,971 18,794 10,177 7,380 860,841 North America (a) 92,678 43,293 49,385 40,954 2,882,726 Total $ 121,649 $ 62,087 $ 59,562 $ 48,334 $ 3,743,567 (a) Substantially reflects the U.S. (b) Includes the impact of First Republic. Refer to Note 34 for additional information. (c) Revenue is composed of net interest income and noninterest revenue. (d) Expense is composed of noninterest expense and the provision for credit losses. (e) Total assets for the U.K. were approximately $352 billion, $357 billion and $365 billion at December 31, 2023, 2022 and 2021, respectively. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment results and reconciliation | The following table provides a summary of the Firm’s segment results as of or for the years ended December 31, 2023, 2022 and 2021, on a managed basis. The Firm’s definition of managed basis starts 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. This allows 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/(benefit). These adjustments have no impact on net income as reported by the Firm as a whole or by the LOBs. Capital allocation Each business segment 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 a business segment’s performance. The Firm’s current allocation methodology incorporates Basel III Standardized RWA and the GSIB surcharge, both under rules currently in effect, as well as a simulation of capital in a severe stress environment. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs may change. Segment results and reconciliation (a) (Table continued on next page) As of or for the year ended Consumer & Community Banking Corporate & Investment Bank Commercial Banking Asset & Wealth Management 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Noninterest revenue $ 15,118 $ 14,886 (b) $ 17,092 (b) $ 40,315 $ 36,202 (b) $ 38,403 (b) $ 3,494 $ 3,336 $ 3,929 $ 13,560 $ 12,507 $ 13,071 Net interest income 55,030 39,928 32,787 8,492 11,900 13,540 12,052 8,197 6,079 6,267 5,241 3,886 Total net revenue 70,148 54,814 49,879 48,807 48,102 51,943 15,546 11,533 10,008 19,827 17,748 16,957 Provision for credit losses 6,899 3,813 (6,989) 121 1,158 (1,174) 1,970 1,268 (947) 159 128 (227) Noninterest expense 34,819 31,208 (b) 29,028 (b) 28,594 27,350 (b) 25,553 (b) 5,378 4,719 4,041 12,780 11,829 10,919 Income/(loss) before income tax expense/(benefit) 28,430 19,793 27,840 20,092 19,594 27,564 8,198 5,546 6,914 6,888 5,791 6,265 Income tax expense/(benefit) 7,198 4,877 (b) 6,883 (b) 5,963 4,669 (b) 6,457 (b) 2,055 1,333 1,668 1,661 1,426 1,528 Net income/(loss) $ 21,232 $ 14,916 $ 20,957 $ 14,129 $ 14,925 $ 21,107 $ 6,143 $ 4,213 $ 5,246 $ 5,227 $ 4,365 $ 4,737 Average equity $ 54,349 $ 50,000 $ 50,000 $ 108,000 $ 103,000 $ 83,000 $ 29,507 $ 25,000 $ 24,000 $ 16,671 $ 17,000 $ 14,000 Total assets 642,951 514,085 500,370 1,338,168 1,334,296 1,259,896 300,325 257,106 230,776 245,512 232,037 234,425 Return on equity 38 % 29 % 41 % 13 % 14 % 25 % 20 % 16 % 21 % 31 % 25 % 33 % Overhead ratio 50 57 58 59 57 49 35 41 40 64 67 64 (Table continued from previous page) As of or for the year ended Corporate Reconciling Items (a) Total 2023 2022 2021 2023 2022 2021 2023 2022 2021 Noninterest revenue $ 132 $ (1,798) $ 68 $ (3,782) $ (3,148) $ (3,225) $ 68,837 $ 61,985 $ 69,338 Net interest income 7,906 1,878 (3,551) (480) (434) (430) 89,267 66,710 52,311 Total net revenue 8,038 80 (3,483) (4,262) (3,582) (3,655) 158,104 128,695 121,649 Provision for credit losses 171 22 81 — — — 9,320 6,389 (9,256) Noninterest expense 5,601 1,034 1,802 — — — 87,172 76,140 71,343 Income/(loss) before income tax expense/(benefit) 2,266 (976) (5,366) (4,262) (3,582) (3,655) 61,612 46,166 59,562 Income tax expense/(benefit) (555) (233) (1,653) (4,262) (3,582) (3,655) 12,060 8,490 11,228 Net income/(loss) $ 2,821 $ (743) $ (3,713) $ — $ — $ — $ 49,552 $ 37,676 $ 48,334 Average equity $ 73,529 $ 58,068 $ 79,968 $ — $ — $ — $ 282,056 $ 253,068 $ 250,968 Total assets 1,348,437 1,328,219 1,518,100 NA NA NA 3,875,393 3,665,743 3,743,567 Return on equity NM NM NM NM NM NM 17 % 14 % 19 % Overhead ratio NM NM NM NM NM NM 55 59 59 (a) Segment results on a managed basis reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. (b) In the first quarter of 2023, the allocations of revenue and expense to CCB associated with a Merchant Services revenue sharing agreement were discontinued and are now retained in Payments in CIB. Prior-period amounts have been revised to conform with the current presentation. |
Parent Company (Tables)
Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed financial information of Parent Company-only | The following tables present Parent Company-only financial statements. Statements of income and comprehensive income Year ended December 31, 2023 2022 2021 Income Dividends from subsidiaries and affiliates: Bank and bank holding company $ 61,000 $ 40,500 $ 10,000 Non-bank — — — Interest income from subsidiaries 1,166 498 32 Other income/(expense) from subsidiaries: Bank and bank holding company 1,801 (3,497) 859 Non-bank 250 335 366 Other income/(expense) (654) 5,271 1,137 Total income 63,563 43,107 12,394 Expense Interest expense/(income) to subsidiaries and affiliates (a) 2,258 22,731 5,353 Other interest expense/(income) (a) 11,714 (14,658) (1,349) Noninterest expense 3,431 2,817 2,637 Total expense 17,403 10,890 6,641 Income before income tax benefit and undistributed net income of subsidiaries 46,160 32,217 5,753 Income tax benefit 1,525 1,260 1,329 Equity in undistributed net income of subsidiaries 1,867 4,199 41,252 Net income $ 49,552 $ 37,676 $ 48,334 Other comprehensive income/(loss), net 6,898 (17,257) (8,070) Comprehensive income $ 56,450 $ 20,419 $ 40,264 Balance sheets December 31, (in millions) 2023 2022 Assets Cash and due from banks $ 42 $ 41 Deposits with banking subsidiaries 9,804 9,806 Trading assets 3,198 2,727 Advances to, and receivables from, subsidiaries: Bank and bank holding company 152 136 Non-bank 21 46 Investments (at equity) in subsidiaries and affiliates: Bank and bank holding company 568,472 532,759 Non-bank 1,045 1,064 Other assets 8,962 9,108 Total assets $ 591,696 $ 555,687 Liabilities and stockholders’ equity Borrowings from, and payables to, subsidiaries and affiliates $ 22,777 $ 24,164 Short-term borrowings 999 1,130 Other liabilities 11,500 10,440 Long-term debt (b)(c) 228,542 227,621 Total liabilities (c) 263,818 263,355 Total stockholders’ equity 327,878 292,332 Total liabilities and stockholders’ equity $ 591,696 $ 555,687 Statements of cash flows Year ended December 31, 2023 2022 2021 Operating activities Net income $ 49,552 $ 37,676 $ 48,334 Less: Net income of subsidiaries and affiliates 62,868 44,699 51,252 Parent company net loss (13,316) (7,023) (2,918) Cash dividends from subsidiaries and affiliates 61,000 40,500 10,000 Other operating adjustments 9,412 (23,747) (12,677) Net cash provided by/(used in) operating activities 57,096 9,730 (5,595) Investing activities Net change in: Advances to and investments in subsidiaries and affiliates, net (25,000) — (3,000) All other investing activities, net 25 31 31 Net cash provided by/(used in) investing activities (24,975) 31 (2,969) Financing activities Net change in: Borrowings from subsidiaries and affiliates (2,249) (4,491) 2,647 Short-term borrowings — — — Proceeds from long-term borrowings 19,398 41,389 49,169 Payments of long-term borrowings (25,105) (18,294) (15,543) Proceeds from issuance of preferred stock — — 7,350 Redemption of preferred stock — (7,434) (2,575) Treasury stock repurchased (9,824) (3,162) (18,408) Dividends paid (13,463) (13,562) (12,858) All other financing activities, net (879) (1,205) (1,238) Net cash provided by/(used in) financing activities (32,122) (6,759) 8,544 Net increase/(decrease) in cash and due from banks and deposits with banking subsidiaries (1) 3,002 (20) Cash and due from banks and deposits with banking subsidiaries at the beginning of the year 9,847 6,845 6,865 Cash and due from banks and deposits with banking subsidiaries at the end of the year $ 9,846 $ 9,847 $ 6,845 Cash interest paid $ 13,742 $ 7,462 $ 4,065 Cash income taxes paid, net (d) 10,291 6,941 15,259 (a) Includes interest expense for intercompany derivative hedges on the Firm’s LTD and related fair value adjustments, which is offset by related amounts in Other interest expense/(income). (b) At December 31, 2023, long-term debt that contractually matures in 2024 through 2028 totaled $9.1 billion, $27.5 billion, $29.1 billion, $20.1 billion, and $21.8 billion, respectively. (c) Refer to Notes 20 and 28 for information regarding the Parent Company’s guarantees of its subsidiaries’ obligations. (d) Represents payments, net of refunds, made by the Parent Company to various taxing authorities and includes taxes paid on behalf of certain of its subsidiaries that are subsequently reimbursed. The reimbursements were $13.2 billion, $11.3 billion, and $13.9 billion for the years ended December 31, 2023, 2022 and 2021, respectively. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Computation of purchase price and fair value of the assets acquired net of liabilities assumed | The computation of the purchase price, the estimated fair values of the assets acquired and liabilities assumed as part of the First Republic acquisition and the related estimated bargain purchase gain are presented below, and reflect the adjustments made through December 31, 2023 to the acquisition-date fair value of the net assets acquired. Fair value purchase (in millions) Purchase price consideration Amounts paid/due to the FDIC, net of cash acquired (a) $ 13,524 Purchase Money Note (at fair value) 48,848 Settlement of First Republic deposit and other related party transactions (b) 5,447 Contingent consideration - Shared-loss agreements 15 Purchase price consideration $ 67,834 Assets Securities $ 30,285 Loans (c) 153,242 Core deposit and customer relationship intangibles 1,455 Indemnification assets - Shared-loss agreements 675 Accounts receivable and other assets (c)(d) 6,574 Total assets acquired $ 192,231 Liabilities Deposits $ 87,572 FHLB advances 27,919 Lending-related commitments 2,614 Accounts payable and other liabilities (c)(d) 2,793 Deferred tax liabilities 724 Total liabilities assumed $ 121,622 Fair value of net assets acquired $ 70,609 Estimated gain on acquisition, after-tax $ 2,775 (a) Includes $10.6 billion of cash paid to the FDIC at acquisition and $3.6 billion payable to the FDIC, less cash acquired of $680 million. (b) Includes $447 million of securities financing transactions with First Republic Bank that were effectively settled on the acquisition date. (c) In the fourth quarter, certain assets and liabilities were reclassified resulting in a $762 million increase to loans, an $870 million decrease to accounts receivable and other assets and a $30 million increase to accounts payable and other liabilities. (d) Other assets include $1.2 billion in tax-oriented investments and $683 million of lease right-of-use assets. Other liabilities include the related tax-oriented investment liabilities of $669 million and lease liabilities of $748 million. Refer to Note 14 and Note 18 for additional information. The following table presents the unpaid principal balance ("UPB") and estimated fair values of the loans acquired as of May 1, 2023, and reflects adjustments to the acquisition-date fair value of the loans acquired through December 31, 2023. May 1, 2023 (in millions) UPB Fair value Residential real estate $ 106,240 $ 92,053 Auto and other 3,093 2,030 Total consumer 109,333 94,083 Secured by real estate 37,117 33,602 Commercial & industrial 4,332 3,932 Other (a) 23,499 21,625 Total wholesale 64,948 59,159 Total loans $ 174,281 $ 153,242 (a) In the fourth quarter, certain assets and liabilities were reclassified resulting in a $900 million increase to the UPB and a $762 million increase to the fair value of Other wholesale loans. |
Unaudited pro forma information | The following table presents certain unaudited pro forma financial information for the year ended December 31, 2023 and 2022 as if the First Republic acquisition had occurred on January 1, 2022, including recognition of the estimated bargain purchase gain of $2.8 billion and the provision for credit losses of $1.2 billion. Additional adjustments include the interest on the Purchase Money Note and the impact of amortizing and accreting certain estimated fair value adjustments related to intangible assets, loans and lending-related commitments. The Firm expects to achieve operating cost savings and other business synergies resulting from the acquisition that are not reflected in the pro forma amounts. The pro forma information is not necessarily indicative of the historical results of operations had the acquisition occurred on January 1, 2022, nor is it indicative of the results of operations in future periods, particularly in light of recent changes in market and economic conditions. Year ended December 31, (in millions) 2023 2022 Noninterest revenue $ 65,816 $ 66,510 Net interest income 90,856 71,005 Net income 48,665 41,089 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to allowance for credit losses | $ (22,420) | $ (19,726) | $ (16,386) | $ (28,328) |
Increase to retained earnings | 327,878 | 292,332 | 294,127 | |
Retained earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase to retained earnings | $ 332,901 | 296,456 | $ 272,268 | $ 236,990 |
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Decrease to allowance for credit losses | 587 | |||
Cumulative effect of change in accounting principles | Retained earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase to retained earnings | 449 | |||
Cumulative effect of change in accounting principles | Retained earnings | Accounting Standards Update 2022-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase to retained earnings | $ 446 |
Fair Value Measurement - Recurr
Fair Value Measurement - Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | $ 539,248 | $ 639,593 | ||
Derivative netting adjustments | (484,384) | (568,713) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 54,864 | 70,880 | ||
Trading assets | 540,607 | 453,799 | ||
Available-for-sale securities | 201,704 | 205,857 | ||
Loans | 38,851 | 42,079 | ||
Mortgage servicing rights | 8,522 | 7,973 | $ 5,494 | $ 3,276 |
Derivative payables, gross | 546,972 | 637,513 | ||
Derivative netting adjustments | (506,125) | (586,372) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 40,847 | 51,141 | ||
Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 250,691 | 300,415 | ||
Derivative netting adjustments | (224,367) | (271,996) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 26,324 | 28,419 | ||
Derivative payables, gross | 240,482 | 290,291 | ||
Derivative netting adjustments | (228,586) | (274,321) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 11,896 | 15,970 | ||
Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 9,654 | 10,329 | ||
Derivative netting adjustments | (9,103) | (9,239) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 551 | 1,090 | ||
Derivative payables, gross | 12,038 | 9,971 | ||
Derivative netting adjustments | (10,949) | (9,217) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 1,089 | 754 | ||
Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 205,775 | 241,579 | ||
Derivative netting adjustments | (187,756) | (218,214) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 18,019 | 23,365 | ||
Derivative payables, gross | 212,263 | 251,521 | ||
Derivative netting adjustments | (199,643) | (232,665) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 12,620 | 18,856 | ||
Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 57,689 | 61,913 | ||
Derivative netting adjustments | (52,761) | (52,774) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 4,928 | 9,139 | ||
Derivative payables, gross | 65,811 | 62,461 | ||
Derivative netting adjustments | (56,443) | (53,657) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 9,368 | 8,804 | ||
Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 15,439 | 25,357 | ||
Derivative netting adjustments | (10,397) | (16,490) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 5,042 | 8,867 | ||
Derivative payables, gross | 16,378 | 23,269 | ||
Derivative netting adjustments | (10,504) | (16,512) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 5,874 | 6,757 | ||
Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 91,612 | 78,081 | ||
Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 2,803 | 1,958 | ||
U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 57,805 | 92,060 | ||
Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 5,900 | 6,600 | ||
Available-for-sale securities | 21,367 | 6,786 | ||
Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 21,282 | 19,696 | ||
Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 100 | 357 | ||
Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 9,538 | |||
Asset-backed securities, collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 6,752 | 5,792 | ||
Fair Value Measured at Net Asset Value Per Share | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets | 42 | 43 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Alternative investments, net asset value, fair value | 1,000 | 950 | ||
Other assets | 984 | 907 | ||
Recurring | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 259,813 | 311,883 | ||
Securities borrowed | 70,086 | 70,041 | ||
Trading assets, debt and equity instruments | 485,701 | 382,876 | ||
Derivative netting adjustments | (484,384) | (568,713) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 54,864 | 70,880 | ||
Trading assets | 540,565 | 453,756 | ||
Available-for-sale securities | 201,704 | 205,857 | ||
Loans | 38,851 | 42,079 | ||
Mortgage servicing rights | 8,522 | 7,973 | ||
Total assets measured at fair value on a recurring basis | 1,130,863 | 1,105,603 | ||
Deposits | 78,384 | 28,620 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 169,003 | 151,999 | ||
Short-term borrowings | 20,042 | 15,792 | ||
Trading liabilities, Debt and equity instruments | 139,581 | 126,835 | ||
Derivative netting adjustments | (506,125) | (586,372) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 40,847 | 51,141 | ||
Trading liabilities | 180,428 | 177,976 | ||
Accounts payable and other liabilities | 5,637 | 7,038 | ||
Beneficial interests issued by consolidated VIEs | 1 | 5 | ||
Long-term debt | 87,924 | 72,281 | ||
Total liabilities measured at fair value on a recurring basis | 541,419 | 453,711 | ||
Recurring | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other assets | 11,322 | 14,014 | ||
Fair value assets and liabilities measured on recurring basis - supplemental data | ||||
Other assets | 12,306 | 14,921 | ||
Recurring | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (224,367) | (271,996) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 26,324 | 28,419 | ||
Derivative netting adjustments | (228,586) | (274,321) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 11,896 | 15,970 | ||
Recurring | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (9,103) | (9,239) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 551 | 1,090 | ||
Derivative netting adjustments | (10,949) | (9,217) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 1,089 | 754 | ||
Recurring | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (187,756) | (218,214) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 18,019 | 23,365 | ||
Derivative netting adjustments | (199,643) | (232,665) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 12,620 | 18,856 | ||
Recurring | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (52,761) | (52,774) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 4,928 | 9,139 | ||
Derivative netting adjustments | (56,443) | (53,657) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 9,368 | 8,804 | ||
Recurring | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative netting adjustments | (10,397) | (16,490) | ||
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 5,042 | 8,867 | ||
Derivative netting adjustments | (10,504) | (16,512) | ||
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 5,874 | 6,757 | ||
Recurring | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 353,198 | 253,188 | ||
Recurring | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 77,898 | 72,879 | ||
Available-for-sale securities | 91,612 | 78,081 | ||
Recurring | Mortgage-backed securities, U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 74,598 | 68,921 | ||
Available-for-sale securities | 85,170 | 71,503 | ||
Recurring | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 1,926 | 2,503 | ||
Available-for-sale securities | 3,639 | 4,620 | ||
Recurring | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 1,374 | 1,455 | ||
Available-for-sale securities | 2,803 | 1,958 | ||
Recurring | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 143,995 | 69,737 | ||
Available-for-sale securities | 57,805 | 92,060 | ||
Recurring | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 5,868 | 6,615 | ||
Available-for-sale securities | 21,367 | 6,786 | ||
Recurring | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 756 | 2,009 | ||
Recurring | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 80,582 | 66,797 | ||
Available-for-sale securities | 21,282 | 19,696 | ||
Recurring | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 33,338 | 26,089 | ||
Available-for-sale securities | 100 | 357 | ||
Recurring | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 8,556 | 6,503 | ||
Recurring | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 2,205 | 2,559 | ||
Recurring | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 108,732 | 85,208 | ||
Recurring | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 5,791 | 26,270 | ||
Recurring | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 17,980 | 18,210 | ||
Recurring | Asset-backed securities, collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 6,752 | 5,792 | ||
Recurring | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 2,786 | 3,085 | ||
Recurring | US GSE obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 78,500 | 73,800 | ||
Recurring | Residential mortgage | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 10,200 | 9,700 | ||
Recurring | Commercial mortgage | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 6,000 | 6,800 | ||
Recurring | Residential conforming mortgage intended for sale to government agency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 2,900 | 2,400 | ||
Recurring | Level 1 | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Trading assets, debt and equity instruments | 269,248 | 171,482 | ||
Derivative receivables, gross | 2,964 | 3,559 | ||
Trading assets | 272,212 | 175,041 | ||
Available-for-sale securities | 70,778 | 102,654 | ||
Loans | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 349,625 | 285,239 | ||
Deposits | 0 | 0 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Trading liabilities, Debt and equity instruments | 107,292 | 98,719 | ||
Derivative payables, gross | 4,556 | 2,803 | ||
Trading liabilities | 111,848 | 101,522 | ||
Accounts payable and other liabilities | 3,968 | 5,702 | ||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Total liabilities measured at fair value on a recurring basis | 115,816 | 107,224 | ||
Recurring | Level 1 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other assets | 6,635 | 7,544 | ||
Recurring | Level 1 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 2,815 | 3,390 | ||
Derivative payables, gross | 4,409 | 2,643 | ||
Recurring | Level 1 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 0 | 0 | ||
Derivative payables, gross | 0 | 0 | ||
Recurring | Level 1 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 149 | 169 | ||
Derivative payables, gross | 147 | 160 | ||
Recurring | Level 1 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 0 | 0 | ||
Derivative payables, gross | 0 | 0 | ||
Recurring | Level 1 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 0 | 0 | ||
Derivative payables, gross | 0 | 0 | ||
Recurring | Level 1 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 158,843 | 79,404 | ||
Recurring | Level 1 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 3 | ||
Recurring | Level 1 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 3 | ||
Recurring | Level 1 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 133,997 | 61,191 | ||
Available-for-sale securities | 57,683 | 92,060 | ||
Recurring | Level 1 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 1 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 24,846 | 18,213 | ||
Available-for-sale securities | 13,095 | 10,591 | ||
Recurring | Level 1 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 1 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 107,926 | 82,483 | ||
Recurring | Level 1 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 2,479 | 9,595 | ||
Recurring | Level 1 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities, collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 1 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 2 | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 259,813 | 311,883 | ||
Securities borrowed | 70,086 | 70,041 | ||
Trading assets, debt and equity instruments | 214,080 | 208,485 | ||
Derivative receivables, gross | 527,360 | 625,352 | ||
Trading assets | 741,440 | 833,837 | ||
Available-for-sale securities | 130,926 | 102,964 | ||
Loans | 35,772 | 40,661 | ||
Mortgage servicing rights | 0 | 0 | ||
Total assets measured at fair value on a recurring basis | 1,241,966 | 1,365,451 | ||
Deposits | 76,551 | 26,458 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 169,003 | 151,999 | ||
Short-term borrowings | 18,284 | 14,391 | ||
Trading liabilities, Debt and equity instruments | 32,252 | 28,032 | ||
Derivative payables, gross | 531,640 | 624,701 | ||
Trading liabilities | 563,892 | 652,733 | ||
Accounts payable and other liabilities | 1,617 | 1,283 | ||
Beneficial interests issued by consolidated VIEs | 1 | 5 | ||
Long-term debt | 60,198 | 48,189 | ||
Total liabilities measured at fair value on a recurring basis | 889,546 | 895,058 | ||
Recurring | Level 2 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other assets | 3,929 | 6,065 | ||
Recurring | Level 2 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 243,578 | 292,956 | ||
Derivative payables, gross | 232,277 | 284,280 | ||
Recurring | Level 2 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 8,644 | 9,722 | ||
Derivative payables, gross | 11,293 | 9,377 | ||
Recurring | Level 2 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 204,737 | 240,207 | ||
Derivative payables, gross | 211,289 | 250,647 | ||
Recurring | Level 2 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 55,167 | 57,485 | ||
Derivative payables, gross | 60,887 | 57,649 | ||
Recurring | Level 2 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 15,234 | 24,982 | ||
Derivative payables, gross | 15,894 | 22,748 | ||
Recurring | Level 2 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 192,217 | 171,606 | ||
Recurring | Level 2 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 77,123 | 72,108 | ||
Available-for-sale securities | 91,612 | 78,078 | ||
Recurring | Level 2 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 73,840 | 68,162 | ||
Available-for-sale securities | 85,170 | 71,500 | ||
Recurring | Level 2 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 1,921 | 2,498 | ||
Available-for-sale securities | 3,639 | 4,620 | ||
Recurring | Level 2 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 1,362 | 1,448 | ||
Available-for-sale securities | 2,803 | 1,958 | ||
Recurring | Level 2 | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 9,998 | 8,546 | ||
Available-for-sale securities | 122 | 0 | ||
Recurring | Level 2 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 5,858 | 6,608 | ||
Available-for-sale securities | 21,367 | 6,786 | ||
Recurring | Level 2 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 756 | 2,009 | ||
Recurring | Level 2 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 55,557 | 48,429 | ||
Available-for-sale securities | 8,187 | 9,105 | ||
Recurring | Level 2 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 32,854 | 25,626 | ||
Available-for-sale securities | 100 | 118 | ||
Recurring | Level 2 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 7,872 | 5,744 | ||
Recurring | Level 2 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 2,199 | 2,536 | ||
Recurring | Level 2 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 679 | 2,060 | ||
Recurring | Level 2 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 3,305 | 16,673 | ||
Recurring | Level 2 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 17,879 | 18,146 | ||
Recurring | Level 2 | Asset-backed securities, collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 6,752 | 5,792 | ||
Recurring | Level 2 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 2,786 | 3,085 | ||
Recurring | Level 3 | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Federal funds sold and securities purchased under resale agreements | 0 | 0 | ||
Securities borrowed | 0 | 0 | ||
Trading assets, debt and equity instruments | 2,373 | 2,909 | ||
Derivative receivables, gross | 8,924 | 10,682 | ||
Trading assets | 11,297 | 13,591 | ||
Available-for-sale securities | 0 | 239 | ||
Loans | 3,079 | 1,418 | ||
Mortgage servicing rights | 8,522 | 7,973 | ||
Total assets measured at fair value on a recurring basis | 23,656 | 23,626 | ||
Deposits | 1,833 | 2,162 | ||
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 | ||
Short-term borrowings | 1,758 | 1,401 | ||
Trading liabilities, Debt and equity instruments | 37 | 84 | ||
Derivative payables, gross | 10,776 | 10,009 | ||
Trading liabilities | 10,813 | 10,093 | ||
Accounts payable and other liabilities | 52 | 53 | ||
Beneficial interests issued by consolidated VIEs | 0 | 0 | ||
Long-term debt | 27,726 | 24,092 | ||
Total liabilities measured at fair value on a recurring basis | 42,182 | 37,801 | ||
Recurring | Level 3 | Other assets | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Other assets | 758 | 405 | ||
Recurring | Level 3 | Interest rate | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 4,298 | 4,069 | ||
Derivative payables, gross | 3,796 | 3,368 | ||
Recurring | Level 3 | Credit | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 1,010 | 607 | ||
Derivative payables, gross | 745 | 594 | ||
Recurring | Level 3 | Foreign exchange | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 889 | 1,203 | ||
Derivative payables, gross | 827 | 714 | ||
Recurring | Level 3 | Equity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 2,522 | 4,428 | ||
Derivative payables, gross | 4,924 | 4,812 | ||
Recurring | Level 3 | Commodity | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Derivative receivables, gross | 205 | 375 | ||
Derivative payables, gross | 484 | 521 | ||
Recurring | Level 3 | Total debt instruments | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 2,138 | 2,178 | ||
Recurring | Level 3 | Total mortgage-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 775 | 771 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Mortgage-backed securities, U.S. GSEs and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 758 | 759 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Mortgage-backed securities, Residential - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 5 | 5 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Mortgage-backed securities, Commercial - nonagency | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 12 | 7 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | U.S. Treasury and government agencies | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Obligations of U.S. states and municipalities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 10 | 7 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Certificates of deposit, bankers’ acceptances and commercial paper | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 0 | 0 | ||
Recurring | Level 3 | Non-U.S. government debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 179 | 155 | ||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Corporate debt securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 484 | 463 | ||
Available-for-sale securities | 0 | 239 | ||
Recurring | Level 3 | Loans | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 684 | 759 | ||
Recurring | Level 3 | Asset-backed securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 6 | 23 | ||
Recurring | Level 3 | Equity securities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 127 | 665 | ||
Recurring | Level 3 | Physical commodities | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 7 | 2 | ||
Recurring | Level 3 | Other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Trading assets, debt and equity instruments | 101 | 64 | ||
Recurring | Level 3 | Asset-backed securities, collateralized loan obligations | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | 0 | 0 | ||
Recurring | Level 3 | Asset-backed securities, other | ||||
Assets and liabilities measured at fair value on a recurring basis [Abstract] | ||||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurement - Level
Fair Value Measurement - Level 3 Inputs (Details) $ in Millions | Dec. 31, 2023 USD ($) $ / bbl $ / shares $ / MMBTU | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | $ 38,851 | $ 42,079 | ||
MSRs | 8,522 | 7,973 | $ 5,494 | $ 3,276 |
Equity securities without readily determinable fair values | $ 4,457 | 4,096 | ||
Assumed par value for price input (in dollars per share) | $ / shares | $ 100 | |||
Level 3 | Discounted cash flows | Yield | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.05 | |||
Level 3 | Discounted cash flows | Yield | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.20 | |||
Level 3 | Discounted cash flows | Yield | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.12 | |||
Level 3 | Discounted cash flows | Loss severity | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0 | |||
Level 3 | Discounted cash flows | Loss severity | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 1 | |||
Level 3 | Discounted cash flows | Loss severity | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.50 | |||
Level 3 | Discounted cash flows | Credit correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.35 | |||
Level 3 | Discounted cash flows | Credit correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.70 | |||
Level 3 | Discounted cash flows | Credit correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.51 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Yield | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Yield | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.72 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Yield | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.07 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Prepayment speed | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.03 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Prepayment speed | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.12 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Prepayment speed | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.09 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Conditional default rate | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Conditional default rate | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.06 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Conditional default rate | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Loss severity | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Loss severity | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 1.10 | |||
Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | Loss severity | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | 0.03 | |||
Level 3 | Discounted cash flows | Net interest rate derivatives | Prepayment speed | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0 | |||
Level 3 | Discounted cash flows | Net interest rate derivatives | Prepayment speed | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.20 | |||
Level 3 | Discounted cash flows | Net interest rate derivatives | Prepayment speed | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.05 | |||
Level 3 | Discounted cash flows | Net credit derivatives | Credit correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.35 | |||
Level 3 | Discounted cash flows | Net credit derivatives | Credit correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.70 | |||
Level 3 | Discounted cash flows | Net credit derivatives | Credit correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.51 | |||
Level 3 | Discounted cash flows | Net credit derivatives | Credit spread | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0 | |||
Level 3 | Discounted cash flows | Net credit derivatives | Credit spread | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.3617 | |||
Level 3 | Discounted cash flows | Net credit derivatives | Credit spread | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0384 | |||
Level 3 | Discounted cash flows | Net credit derivatives | Recovery rate | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.10 | |||
Level 3 | Discounted cash flows | Net credit derivatives | Recovery rate | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.90 | |||
Level 3 | Discounted cash flows | Net credit derivatives | Recovery rate | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.55 | |||
Level 3 | Discounted cash flows | Net foreign exchange derivatives | Prepayment speed | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.11 | |||
Level 3 | Discounted cash flows | Net foreign exchange derivatives | Prepayment speed | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.11 | |||
Level 3 | Discounted cash flows | Net foreign exchange derivatives | Prepayment speed | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.11 | |||
Level 3 | Discounted cash flows | Net foreign exchange derivatives | Interest rate curve | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.02 | |||
Level 3 | Discounted cash flows | Net foreign exchange derivatives | Interest rate curve | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.17 | |||
Level 3 | Discounted cash flows | Net foreign exchange derivatives | Interest rate curve | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.07 | |||
Level 3 | Market comparables | Commercial mortgage-backed securities and loans | Price | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | $ / shares | 0 | |||
Level 3 | Market comparables | Commercial mortgage-backed securities and loans | Price | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | $ / shares | 90 | |||
Level 3 | Market comparables | Commercial mortgage-backed securities and loans | Price | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans, measurement input | $ / shares | 80 | |||
Level 3 | Market comparables | Corporate debt securities | Price | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 0 | |||
Level 3 | Market comparables | Corporate debt securities | Price | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 242 | |||
Level 3 | Market comparables | Corporate debt securities | Price | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 98 | |||
Level 3 | Market comparables | Loans | Price | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | $ / shares | 0 | |||
Level 3 | Market comparables | Loans | Price | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | $ / shares | 108 | |||
Level 3 | Market comparables | Loans | Price | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans, measurement input | $ / shares | 79 | |||
Level 3 | Market comparables | Non-U.S. government debt securities | Price | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 2 | |||
Level 3 | Market comparables | Non-U.S. government debt securities | Price | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 109 | |||
Level 3 | Market comparables | Non-U.S. government debt securities | Price | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading, measurement input | $ / shares | 91 | |||
Level 3 | Market comparables | Net credit derivatives | Price | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / shares | 0 | |||
Level 3 | Market comparables | Net credit derivatives | Price | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / shares | 115 | |||
Level 3 | Market comparables | Net credit derivatives | Price | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / shares | 73 | |||
Level 3 | Option pricing | Interest rate volatility | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0025 | |||
Level 3 | Option pricing | Interest rate volatility | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0420 | |||
Level 3 | Option pricing | Interest rate volatility | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.0117 | |||
Level 3 | Option pricing | Interest rate correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.82) | |||
Level 3 | Option pricing | Interest rate correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.90 | |||
Level 3 | Option pricing | Interest rate correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.19 | |||
Level 3 | Option pricing | IR-FX correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.35) | |||
Level 3 | Option pricing | IR-FX correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.60 | |||
Level 3 | Option pricing | IR-FX correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.05 | |||
Level 3 | Option pricing | Equity correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.15 | |||
Level 3 | Option pricing | Equity correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 1 | |||
Level 3 | Option pricing | Equity correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.57 | |||
Level 3 | Option pricing | Equity-FX correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.88) | |||
Level 3 | Option pricing | Equity-FX correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.65 | |||
Level 3 | Option pricing | Equity-FX correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.30) | |||
Level 3 | Option pricing | Equity-IR correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | (0.19) | |||
Level 3 | Option pricing | Equity-IR correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.20 | |||
Level 3 | Option pricing | Equity-IR correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.12 | |||
Level 3 | Option pricing | Bermudan switch value | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0 | |||
Level 3 | Option pricing | Bermudan switch value | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.54 | |||
Level 3 | Option pricing | Bermudan switch value | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits, measurement inputs | 0.19 | |||
Level 3 | Option pricing | Net interest rate derivatives | Interest rate volatility | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0025 | |||
Level 3 | Option pricing | Net interest rate derivatives | Interest rate volatility | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0420 | |||
Level 3 | Option pricing | Net interest rate derivatives | Interest rate volatility | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0117 | |||
Level 3 | Option pricing | Net interest rate derivatives | Interest rate spread volatility | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0037 | |||
Level 3 | Option pricing | Net interest rate derivatives | Interest rate spread volatility | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0077 | |||
Level 3 | Option pricing | Net interest rate derivatives | Interest rate spread volatility | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.0064 | |||
Level 3 | Option pricing | Net interest rate derivatives | Interest rate correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.82) | |||
Level 3 | Option pricing | Net interest rate derivatives | Interest rate correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.90 | |||
Level 3 | Option pricing | Net interest rate derivatives | Interest rate correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.19 | |||
Level 3 | Option pricing | Net interest rate derivatives | IR-FX correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.35) | |||
Level 3 | Option pricing | Net interest rate derivatives | IR-FX correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.60 | |||
Level 3 | Option pricing | Net interest rate derivatives | IR-FX correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.05 | |||
Level 3 | Option pricing | Net interest rate derivatives | Bermudan switch value | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0 | |||
Level 3 | Option pricing | Net interest rate derivatives | Bermudan switch value | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.54 | |||
Level 3 | Option pricing | Net interest rate derivatives | Bermudan switch value | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.19 | |||
Level 3 | Option pricing | Net foreign exchange derivatives | IR-FX correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.40) | |||
Level 3 | Option pricing | Net foreign exchange derivatives | IR-FX correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.60 | |||
Level 3 | Option pricing | Net foreign exchange derivatives | IR-FX correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.20 | |||
Level 3 | Option pricing | Net equity derivatives | Forward equity price | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.19) | |||
Level 3 | Option pricing | Net equity derivatives | Forward equity price | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.20 | |||
Level 3 | Option pricing | Net equity derivatives | Forward equity price | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.12 | |||
Level 3 | Option pricing | Net equity derivatives | Equity volatility | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.74 | |||
Level 3 | Option pricing | Net equity derivatives | Equity volatility | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1.48 | |||
Level 3 | Option pricing | Net equity derivatives | Equity volatility | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1 | |||
Level 3 | Option pricing | Net equity derivatives | Equity correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.03 | |||
Level 3 | Option pricing | Net equity derivatives | Equity correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1.45 | |||
Level 3 | Option pricing | Net equity derivatives | Equity correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.28 | |||
Level 3 | Option pricing | Net equity derivatives | Equity-FX correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.15 | |||
Level 3 | Option pricing | Net equity derivatives | Equity-FX correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 1 | |||
Level 3 | Option pricing | Net equity derivatives | Equity-FX correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.57 | |||
Level 3 | Option pricing | Net equity derivatives | Equity-IR correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.88) | |||
Level 3 | Option pricing | Net equity derivatives | Equity-IR correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.65 | |||
Level 3 | Option pricing | Net equity derivatives | Equity-IR correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.30) | |||
Level 3 | Option pricing | Net commodity derivatives | Oil commodity forward | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / bbl | 84 | |||
Level 3 | Option pricing | Net commodity derivatives | Oil commodity forward | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / bbl | 270 | |||
Level 3 | Option pricing | Net commodity derivatives | Oil commodity forward | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / bbl | 177 | |||
Level 3 | Option pricing | Net commodity derivatives | Natural gas commodity forward | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / MMBTU | 2 | |||
Level 3 | Option pricing | Net commodity derivatives | Natural gas commodity forward | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / MMBTU | 6 | |||
Level 3 | Option pricing | Net commodity derivatives | Natural gas commodity forward | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | $ / MMBTU | 4 | |||
Level 3 | Option pricing | Net commodity derivatives | Commodity volatility | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.17 | |||
Level 3 | Option pricing | Net commodity derivatives | Commodity volatility | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.20 | |||
Level 3 | Option pricing | Net commodity derivatives | Commodity volatility | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.18 | |||
Level 3 | Option pricing | Net commodity derivatives | Commodity correlation | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | (0.35) | |||
Level 3 | Option pricing | Net commodity derivatives | Commodity correlation | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.98 | |||
Level 3 | Option pricing | Net commodity derivatives | Commodity correlation | Average | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability), measurement inputs | 0.31 | |||
Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | $ 38,851 | 42,079 | ||
MSRs | 8,522 | 7,973 | ||
Long-term debt, short-term borrowings, and deposits | 541,419 | 453,711 | ||
Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 3,079 | 1,418 | ||
MSRs | 8,522 | 7,973 | ||
Long-term debt, short-term borrowings, and deposits | 42,182 | $ 37,801 | ||
Other level 3 assets and liabilities, net | 920 | |||
Equity securities without readily determinable fair values | 671 | |||
Recurring | Level 3 | Other assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Equity securities without readily determinable fair values | 544 | |||
Recurring | Level 3 | Discounted cash flows | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
MSRs | 8,522 | |||
Long-term debt, short-term borrowings, and deposits | 1,239 | |||
Recurring | Level 3 | Discounted cash flows | Residential mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 1,743 | |||
Recurring | Level 3 | Discounted cash flows | Non-trading loans | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 980 | |||
Recurring | Level 3 | Discounted cash flows | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 7 | |||
Recurring | Level 3 | Discounted cash flows | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 233 | |||
Recurring | Level 3 | Discounted cash flows | Net foreign exchange derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (66) | |||
Recurring | Level 3 | Discounted cash flows | Mortgage-backed securities, U.S. GSEs and government agencies | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 758 | |||
Recurring | Level 3 | Discounted cash flows | Residential mortgage-backed securities | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 5 | |||
Recurring | Level 3 | Market comparables | Commercial mortgage-backed securities and loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 1,460 | |||
Recurring | Level 3 | Market comparables | Corporate debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading | 484 | |||
Recurring | Level 3 | Market comparables | Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 1,335 | |||
Recurring | Level 3 | Market comparables | Trading loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 619 | |||
Recurring | Level 3 | Market comparables | Trading loans | Commercial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 65 | |||
Recurring | Level 3 | Market comparables | Non-trading loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Loans | 716 | |||
Recurring | Level 3 | Market comparables | Non-trading loans | Commercial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 1,400 | |||
Recurring | Level 3 | Market comparables | Non-U.S. government debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities, trading | 179 | |||
Recurring | Level 3 | Market comparables | Net credit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 32 | |||
Recurring | Level 3 | Market comparables | Commercial | Commercial | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt securities and loans | 12 | |||
Recurring | Level 3 | Option pricing | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Long-term debt, short-term borrowings, and deposits | 30,078 | |||
Recurring | Level 3 | Option pricing | Net interest rate derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 495 | |||
Recurring | Level 3 | Option pricing | Net foreign exchange derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | 128 | |||
Recurring | Level 3 | Option pricing | Net equity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | (2,402) | |||
Recurring | Level 3 | Option pricing | Net commodity derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net derivative asset (liability) | $ (279) |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Level 3 Recurring Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net derivative receivables: | |||
Beginning balance | $ 673 | $ (4,894) | $ (4,993) |
Total realized/unrealized gains/(losses) | 1,023 | 6,726 | 502 |
Purchases | 1,329 | 1,893 | 1,662 |
Sales | (2,645) | (3,467) | (3,620) |
Settlements | (843) | 587 | 1,031 |
Transfers into level 3 | (269) | 89 | 445 |
Transfers (out of) level 3 | (1,120) | (261) | 79 |
Ending balance | (1,852) | 673 | (4,894) |
Change in unrealized gains/(losses) related to financial instruments held | $ (221) | $ 4,765 | $ (145) |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Principal Transactions Revenue, Net | Principal Transactions Revenue, Net | Principal Transactions Revenue, Net |
Level 3 Rollforward Supplemental Data [Abstract] | |||
Level 3 assets as a percentage of total firm assets at fair value | 2% | 2% | 2% |
Level 3 liabilities as a percentage of total firm liabilities at fair value | 8% | 8% | 10% |
Deposits | |||
Liabilities: | |||
Beginning balance | $ 2,162 | $ 2,317 | $ 2,913 |
Total realized/unrealized (gains)/losses | 95 | (292) | (80) |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 940 | 531 | 431 |
Settlements | (1,043) | (114) | (467) |
Transfers into level 3 | 0 | 0 | 2 |
Transfers (out of) level 3 | (321) | (280) | (482) |
Ending balance | 1,833 | 2,162 | 2,317 |
Change in unrealized (gains)/losses related to financials instruments held | 73 | (76) | (77) |
Short-term borrowings | |||
Liabilities: | |||
Beginning balance | 1,401 | 2,481 | 2,420 |
Total realized/unrealized (gains)/losses | 201 | (358) | (1,391) |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 4,522 | 3,963 | 6,823 |
Settlements | (4,345) | (4,685) | (5,308) |
Transfers into level 3 | 3 | 15 | 9 |
Transfers (out of) level 3 | (24) | (15) | (72) |
Ending balance | 1,758 | 1,401 | 2,481 |
Change in unrealized (gains)/losses related to financials instruments held | 14 | 90 | (83) |
Total debt and equity instruments | |||
Liabilities: | |||
Beginning balance | 84 | 30 | 51 |
Total realized/unrealized (gains)/losses | (21) | (31) | (8) |
Purchases | (32) | (41) | (101) |
Sales | 9 | 77 | 38 |
Issuances | 0 | 0 | 0 |
Settlements | (2) | 0 | 0 |
Transfers into level 3 | 19 | 57 | 64 |
Transfers (out of) level 3 | (20) | (8) | (14) |
Ending balance | 37 | 84 | 30 |
Change in unrealized (gains)/losses related to financials instruments held | 0 | 101 | (157) |
Accounts payable and other liabilities | |||
Liabilities: | |||
Beginning balance | 53 | 69 | 68 |
Total realized/unrealized (gains)/losses | (4) | (16) | 8 |
Purchases | (16) | (37) | 0 |
Sales | 24 | 42 | 1 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into level 3 | 8 | 1 | 0 |
Transfers (out of) level 3 | (13) | (6) | (8) |
Ending balance | 52 | 53 | 69 |
Change in unrealized (gains)/losses related to financials instruments held | (4) | (16) | 8 |
Long-term debt | |||
Liabilities: | |||
Beginning balance | 24,092 | 24,374 | 23,397 |
Total realized/unrealized (gains)/losses | 3,010 | (3,869) | 369 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 12,679 | 12,714 | 13,505 |
Settlements | (11,555) | (8,876) | (12,191) |
Transfers into level 3 | 229 | 793 | 103 |
Transfers (out of) level 3 | (729) | (1,044) | (809) |
Ending balance | 27,726 | 24,092 | 24,374 |
Change in unrealized (gains)/losses related to financials instruments held | 2,870 | (3,447) | 87 |
DVA for fair value option elected liabilities | |||
Level 3 Rollforward Supplemental Data [Abstract] | |||
Unrealized (gains)/losses on liabilities recorded in OCI | (158) | (529) | 258 |
Interest rate | |||
Net derivative receivables: | |||
Beginning balance | 701 | (16) | 258 |
Total realized/unrealized gains/(losses) | 556 | 187 | 1,789 |
Purchases | 251 | 325 | 116 |
Sales | (255) | (483) | (192) |
Settlements | 654 | 329 | (2,011) |
Transfers into level 3 | (1,117) | 732 | 112 |
Transfers (out of) level 3 | (288) | (373) | (88) |
Ending balance | 502 | 701 | (16) |
Change in unrealized gains/(losses) related to financial instruments held | 419 | 332 | 282 |
Credit | |||
Net derivative receivables: | |||
Beginning balance | 13 | 74 | (224) |
Total realized/unrealized gains/(losses) | 304 | 226 | 130 |
Purchases | (60) | 17 | 6 |
Sales | (25) | (9) | (12) |
Settlements | 47 | (271) | 146 |
Transfers into level 3 | 15 | 5 | 34 |
Transfers (out of) level 3 | (29) | (29) | (6) |
Ending balance | 265 | 13 | 74 |
Change in unrealized gains/(losses) related to financial instruments held | 230 | 170 | 141 |
Foreign exchange | |||
Net derivative receivables: | |||
Beginning balance | 489 | (419) | (434) |
Total realized/unrealized gains/(losses) | 31 | 726 | (209) |
Purchases | 151 | 215 | 110 |
Sales | (144) | (114) | (110) |
Settlements | (187) | 83 | 222 |
Transfers into level 3 | 144 | 3 | (12) |
Transfers (out of) level 3 | (422) | (5) | 14 |
Ending balance | 62 | 489 | (419) |
Change in unrealized gains/(losses) related to financial instruments held | (80) | 459 | 13 |
Equity | |||
Net derivative receivables: | |||
Beginning balance | (384) | (3,626) | (3,862) |
Total realized/unrealized gains/(losses) | 191 | 5,016 | (480) |
Purchases | 928 | 1,226 | 1,285 |
Sales | (1,931) | (2,530) | (2,813) |
Settlements | (1,306) | 96 | 1,758 |
Transfers into level 3 | 700 | (656) | 315 |
Transfers (out of) level 3 | (600) | 90 | 171 |
Ending balance | (2,402) | (384) | (3,626) |
Change in unrealized gains/(losses) related to financial instruments held | (646) | 3,435 | (155) |
Commodity | |||
Net derivative receivables: | |||
Beginning balance | (146) | (907) | (731) |
Total realized/unrealized gains/(losses) | (59) | 571 | (728) |
Purchases | 59 | 110 | 145 |
Sales | (290) | (331) | (493) |
Settlements | (51) | 350 | 916 |
Transfers into level 3 | (11) | 5 | (4) |
Transfers (out of) level 3 | 219 | 56 | (12) |
Ending balance | (279) | (146) | (907) |
Change in unrealized gains/(losses) related to financial instruments held | (144) | 369 | (426) |
Federal funds sold and securities purchased under resale agreements | |||
Assets: | |||
Fair value, beginning balance | 0 | 0 | 0 |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 |
Purchases | 0 | 1 | 0 |
Sales | 0 | (1) | 0 |
Settlements | 0 | (1) | 0 |
Transfers into level 3 | 0 | 1 | 0 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Fair value, ending balance | 0 | 0 | 0 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 |
Total mortgage-backed securities | |||
Assets: | |||
Fair value, beginning balance | 771 | 303 | 480 |
Total realized/unrealized gains/(losses) | 16 | 30 | (23) |
Purchases | 249 | 680 | 59 |
Sales | (139) | (131) | (98) |
Settlements | (109) | (96) | (132) |
Transfers into level 3 | 9 | 7 | 19 |
Transfers (out of) level 3 | (22) | (22) | (2) |
Fair value, ending balance | 775 | 771 | 303 |
Change in unrealized gains/(losses) related to financial instruments held | 9 | 29 | (36) |
Mortgage-backed securities, U.S. GSEs and government agencies | |||
Assets: | |||
Fair value, beginning balance | 759 | 265 | 449 |
Total realized/unrealized gains/(losses) | 4 | 31 | (28) |
Purchases | 249 | 673 | 21 |
Sales | (133) | (125) | (67) |
Settlements | (107) | (84) | (110) |
Transfers into level 3 | 0 | 4 | 1 |
Transfers (out of) level 3 | (14) | (5) | (1) |
Fair value, ending balance | 758 | 759 | 265 |
Change in unrealized gains/(losses) related to financial instruments held | 1 | 29 | (31) |
Mortgage-backed securities, Residential - nonagency | |||
Assets: | |||
Fair value, beginning balance | 5 | 28 | 28 |
Total realized/unrealized gains/(losses) | 6 | (1) | 0 |
Purchases | 0 | 7 | 26 |
Sales | (6) | (5) | (24) |
Settlements | (1) | (12) | (5) |
Transfers into level 3 | 1 | 0 | 4 |
Transfers (out of) level 3 | 0 | (12) | (1) |
Fair value, ending balance | 5 | 5 | 28 |
Change in unrealized gains/(losses) related to financial instruments held | 1 | 0 | (3) |
Mortgage-backed securities, Commercial - nonagency | |||
Assets: | |||
Fair value, beginning balance | 7 | 10 | 3 |
Total realized/unrealized gains/(losses) | 6 | 0 | 5 |
Purchases | 0 | 0 | 12 |
Sales | 0 | (1) | (7) |
Settlements | (1) | 0 | (17) |
Transfers into level 3 | 8 | 3 | 14 |
Transfers (out of) level 3 | (8) | (5) | 0 |
Fair value, ending balance | 12 | 7 | 10 |
Change in unrealized gains/(losses) related to financial instruments held | 7 | 0 | (2) |
Total debt and equity instruments | |||
Assets: | |||
Fair value, beginning balance | 2,909 | 2,279 | 2,623 |
Total realized/unrealized gains/(losses) | 0 | (1,082) | (33) |
Purchases | 2,135 | 2,762 | 2,503 |
Sales | (1,315) | (1,653) | (1,855) |
Settlements | (984) | (654) | (531) |
Transfers into level 3 | 728 | 2,445 | 1,000 |
Transfers (out of) level 3 | (1,100) | (1,188) | (1,428) |
Fair value, ending balance | 2,373 | 2,909 | 2,279 |
Change in unrealized gains/(losses) related to financial instruments held | (302) | (992) | (388) |
Total debt instruments | |||
Assets: | |||
Fair value, beginning balance | 2,178 | 1,457 | 2,098 |
Total realized/unrealized gains/(losses) | 111 | (138) | (30) |
Purchases | 1,823 | 2,249 | 1,892 |
Sales | (1,076) | (1,276) | (1,687) |
Settlements | (593) | (431) | (433) |
Transfers into level 3 | 535 | 1,378 | 831 |
Transfers (out of) level 3 | (840) | (1,061) | (1,214) |
Fair value, ending balance | 2,138 | 2,178 | 1,457 |
Change in unrealized gains/(losses) related to financial instruments held | 148 | (197) | (84) |
Obligations of U.S. states and municipalities | |||
Assets: | |||
Fair value, beginning balance | 7 | 7 | 8 |
Total realized/unrealized gains/(losses) | 0 | 0 | 0 |
Purchases | 1 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | (1) | 0 | (1) |
Transfers into level 3 | 3 | 0 | 0 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Fair value, ending balance | 10 | 7 | 7 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 0 | 0 |
Non-U.S. government debt securities | |||
Assets: | |||
Fair value, beginning balance | 155 | 81 | 182 |
Total realized/unrealized gains/(losses) | 74 | (92) | (14) |
Purchases | 217 | 494 | 359 |
Sales | (254) | (338) | (332) |
Settlements | 0 | (4) | (7) |
Transfers into level 3 | 22 | 84 | 0 |
Transfers (out of) level 3 | (35) | (70) | (107) |
Fair value, ending balance | 179 | 155 | 81 |
Change in unrealized gains/(losses) related to financial instruments held | 74 | (153) | (10) |
Corporate debt securities | |||
Assets: | |||
Fair value, beginning balance | 463 | 332 | 507 |
Total realized/unrealized gains/(losses) | 36 | (30) | (23) |
Purchases | 322 | 404 | 404 |
Sales | (172) | (178) | (489) |
Settlements | (41) | (100) | (4) |
Transfers into level 3 | 114 | 357 | 162 |
Transfers (out of) level 3 | (238) | (322) | (225) |
Fair value, ending balance | 484 | 463 | 332 |
Change in unrealized gains/(losses) related to financial instruments held | 35 | (48) | (16) |
Loans | |||
Assets: | |||
Fair value, beginning balance | 759 | 708 | 893 |
Total realized/unrealized gains/(losses) | (15) | (51) | 2 |
Purchases | 1,027 | 652 | 994 |
Sales | (499) | (605) | (669) |
Settlements | (441) | (230) | (287) |
Transfers into level 3 | 382 | 925 | 648 |
Transfers (out of) level 3 | (529) | (640) | (873) |
Fair value, ending balance | 684 | 759 | 708 |
Change in unrealized gains/(losses) related to financial instruments held | 30 | (26) | (20) |
Asset-backed securities | |||
Assets: | |||
Fair value, beginning balance | 23 | 26 | 28 |
Total realized/unrealized gains/(losses) | 0 | 5 | 28 |
Purchases | 7 | 19 | 76 |
Sales | (12) | (24) | (99) |
Settlements | (1) | (1) | (2) |
Transfers into level 3 | 5 | 5 | 2 |
Transfers (out of) level 3 | (16) | (7) | (7) |
Fair value, ending balance | 6 | 23 | 26 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 1 | (2) |
Equity securities | |||
Assets: | |||
Fair value, beginning balance | 665 | 662 | 476 |
Total realized/unrealized gains/(losses) | (53) | (1,036) | (77) |
Purchases | 164 | 473 | 378 |
Sales | (239) | (377) | (168) |
Settlements | (384) | (2) | 0 |
Transfers into level 3 | 192 | 1,066 | 164 |
Transfers (out of) level 3 | (218) | (121) | (111) |
Fair value, ending balance | 127 | 665 | 662 |
Change in unrealized gains/(losses) related to financial instruments held | (422) | (840) | (335) |
Physical commodities | |||
Assets: | |||
Fair value, beginning balance | 2 | 0 | 0 |
Total realized/unrealized gains/(losses) | 0 | (1) | 0 |
Purchases | 7 | 3 | 0 |
Sales | 0 | 0 | 0 |
Settlements | (2) | 0 | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Fair value, ending balance | 7 | 2 | 0 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | (1) | 0 |
Other | |||
Assets: | |||
Fair value, beginning balance | 64 | 160 | 49 |
Total realized/unrealized gains/(losses) | (58) | 93 | 74 |
Purchases | 141 | 37 | 233 |
Sales | 0 | 0 | 0 |
Settlements | (5) | (221) | (98) |
Transfers into level 3 | 1 | 1 | 5 |
Transfers (out of) level 3 | (42) | (6) | (103) |
Fair value, ending balance | 101 | 64 | 160 |
Change in unrealized gains/(losses) related to financial instruments held | (28) | 46 | 31 |
Total available-for-sale securities | |||
Assets: | |||
Fair value, beginning balance | 239 | 161 | 0 |
Total realized/unrealized gains/(losses) | 24 | 5 | (1) |
Purchases | 0 | 88 | 162 |
Sales | (225) | 0 | 0 |
Settlements | 0 | (15) | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | (38) | 0 | 0 |
Fair value, ending balance | 0 | 239 | 161 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 5 | (1) |
Corporate debt securities | |||
Assets: | |||
Fair value, beginning balance | 239 | 161 | 0 |
Total realized/unrealized gains/(losses) | 24 | 5 | (1) |
Purchases | 0 | 88 | 162 |
Sales | (225) | 0 | 0 |
Settlements | 0 | (15) | 0 |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | (38) | 0 | 0 |
Fair value, ending balance | 0 | 239 | 161 |
Change in unrealized gains/(losses) related to financial instruments held | 0 | 5 | (1) |
Loans | |||
Assets: | |||
Fair value, beginning balance | 1,418 | 1,933 | 2,305 |
Total realized/unrealized gains/(losses) | 289 | (158) | (87) |
Purchases | 2,398 | 568 | 612 |
Sales | (120) | (261) | (439) |
Settlements | (1,147) | (886) | (965) |
Transfers into level 3 | 1,306 | 1,053 | 1,301 |
Transfers (out of) level 3 | (1,065) | (831) | (794) |
Fair value, ending balance | 3,079 | 1,418 | 1,933 |
Change in unrealized gains/(losses) related to financial instruments held | 293 | (76) | (59) |
Mortgage servicing rights | |||
Assets: | |||
Fair value, beginning balance | 7,973 | 5,494 | 3,276 |
Total realized/unrealized gains/(losses) | 467 | 2,039 | 98 |
Purchases | 1,281 | 2,198 | 3,022 |
Sales | (188) | (822) | (114) |
Settlements | (1,011) | (936) | (788) |
Transfers into level 3 | 0 | 0 | 0 |
Transfers (out of) level 3 | 0 | 0 | 0 |
Fair value, ending balance | 8,522 | 7,973 | 5,494 |
Change in unrealized gains/(losses) related to financial instruments held | 467 | 2,039 | 98 |
Other assets | |||
Assets: | |||
Fair value, beginning balance | 405 | 306 | 538 |
Total realized/unrealized gains/(losses) | (36) | 194 | 16 |
Purchases | 525 | 50 | 9 |
Sales | (20) | (38) | (17) |
Settlements | (147) | (103) | (239) |
Transfers into level 3 | 45 | 2 | 0 |
Transfers (out of) level 3 | (14) | (6) | (1) |
Fair value, ending balance | 758 | 405 | 306 |
Change in unrealized gains/(losses) related to financial instruments held | $ (82) | $ 191 | $ 11 |
Fair Value Measurement - Leve_2
Fair Value Measurement - Level 3 Analysis (Details) - Recurring - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Level 3 Analysis - Supplemental Data [Abstract] | ||
Assets fair value | $ 1,130,863 | $ 1,105,603 |
Non-trading loans | ||
Level 3 Analysis - Supplemental Data [Abstract] | ||
Increase (decrease) in level 3 assets | 1,700 | |
Non-trading loans | First Republic | ||
Level 3 Analysis - Supplemental Data [Abstract] | ||
Increase (decrease) in level 3 assets | 1,100 | |
Derivative receivables | ||
Level 3 Analysis - Supplemental Data [Abstract] | ||
Increase (decrease) in level 3 assets | (1,800) | |
Mortgage servicing rights | ||
Level 3 Analysis - Supplemental Data [Abstract] | ||
Increase (decrease) in level 3 assets | 549 | |
Level 3 | ||
Level 3 Analysis - Supplemental Data [Abstract] | ||
Assets fair value | 23,656 | $ 23,626 |
Increase (decrease) in level 3 assets | $ 30 |
Fair Value Measurement - Transf
Fair Value Measurement - Transfers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-term debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, liabilities | $ 229 | $ 793 | $ 103 |
Transfers from level 3 into level 2, liabilities | 729 | 1,044 | 809 |
Realized/unrealized gains (losses), liabilities | (3,010) | 3,869 | (369) |
Non-trading loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 1,306 | 1,053 | 1,301 |
Transfers from Level 3 into level 2, assets | 1,065 | 831 | 794 |
Realized/unrealized gains (losses), assets | 289 | (158) | (87) |
Total debt and equity instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 728 | 2,445 | 1,000 |
Transfers from Level 3 into level 2, assets | 1,100 | 1,188 | 1,428 |
Realized/unrealized gains (losses), assets | 0 | (1,082) | (33) |
Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 192 | 1,066 | 164 |
Transfers from Level 3 into level 2, assets | 218 | 121 | 111 |
Realized/unrealized gains (losses), assets | (53) | (1,036) | (77) |
Trading loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 382 | 925 | 648 |
Transfers from Level 3 into level 2, assets | 529 | 640 | 873 |
Realized/unrealized gains (losses), assets | (15) | (51) | 2 |
Recurring | Derivative payables | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, liabilities | 2,100 | 878 | |
Transfers from level 3 into level 2, liabilities | 807 | ||
Recurring | Derivative payables | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, liabilities | 829 | 2,300 | 1,200 |
Transfers from level 3 into level 2, liabilities | 1,700 | 2,300 | 2,100 |
Recurring | Long-term debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, liabilities | 793 | ||
Transfers from level 3 into level 2, liabilities | 1,000 | 809 | |
Recurring | Derivative receivables | Interest rate contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 951 | 1,600 | |
Transfers from Level 3 into level 2, assets | 921 | 1,200 | |
Recurring | Derivative receivables | Equity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 1,500 | 1,600 | 1,500 |
Transfers from Level 3 into level 2, assets | 2,300 | 2,200 | 1,900 |
Recurring | Non-trading loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 1,300 | 1,100 | 1,300 |
Transfers from Level 3 into level 2, assets | 1,100 | 831 | 794 |
Recurring | Total debt and equity instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 2,400 | 1,000 | |
Transfers from Level 3 into level 2, assets | 1,100 | 1,200 | 1,400 |
Recurring | Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 1,100 | ||
Recurring | Trading loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 into level 3, assets | 925 | ||
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Realized/unrealized gains (losses), assets | 1,800 | 7,700 | 495 |
Realized/unrealized gains (losses), liabilities | $ (3,300) | $ 4,600 | $ 1,100 |
Fair Value Measurement - Impact
Fair Value Measurement - Impact of Credit Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit and funding adjustments: | |||
Derivatives CVA | $ 221 | $ 22 | $ 362 |
Derivatives FVA | $ 114 | $ 42 | $ 47 |
Fair Value Measurement - Nonrec
Fair Value Measurement - Nonrecurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity securities without readily determinable fair values | $ 4,457 | $ 4,096 | |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 3,141 | 2,658 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 84 | |
Total nonrecurring fair value gains/(losses) | (1,065) | (547) | $ 277 |
Nonrecurring | Accounts payable and other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities measured at fair value on a nonrecurring basis | 0 | 84 | |
Total nonrecurring fair value gains/(losses) | 0 | (83) | 5 |
Nonrecurring | Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 1,755 | 1,270 | |
Total nonrecurring fair value gains/(losses) | (276) | (55) | (72) |
Nonrecurring | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 1,386 | 1,388 | |
Total nonrecurring fair value gains/(losses) | (789) | (409) | 344 |
Nonrecurring | Other assets using measurement alternative | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total nonrecurring fair value gains/(losses) | (232) | (338) | $ 379 |
Nonrecurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 1 | Accounts payable and other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 1 | Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 1 | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 651 | 679 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 2 | Accounts payable and other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities measured at fair value on a nonrecurring basis | 0 | 0 | |
Nonrecurring | Level 2 | Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 599 | 643 | |
Nonrecurring | Level 2 | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 52 | 36 | |
Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 2,490 | 1,979 | |
Total liabilities measured at fair value on a nonrecurring basis | 0 | 84 | |
Nonrecurring | Level 3 | Accounts payable and other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities measured at fair value on a nonrecurring basis | 0 | 84 | |
Nonrecurring | Level 3 | Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 1,156 | 627 | |
Nonrecurring | Level 3 | Other assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets measured at fair value on a nonrecurring basis | 1,334 | $ 1,352 | |
Equity securities without readily determinable fair values | $ 412 |
Fair Value Measurement - Equity
Fair Value Measurement - Equity Securities Without Readily Determinable Fair Values (Details) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | ||
Carrying value | $ 4,457 | $ 4,096 |
Upward carrying value changes | 93 | 488 |
Downward carrying value changes/impairment | (325) | $ (826) |
Cumulative upward carrying value changes | 1,200 | |
Cumulative downward carrying value changes/impairment | $ (1,200) | |
VISA | Class B common | ||
Equity Securities without Readily Determinable Fair Value [Line Items] | ||
Interest owned in equity securities without readily determinable fair value (in shares) | shares | 37 | |
Conversion rate | 1.5875 | |
Interest sold in equity securities without readily determinable fair value, subject to derivative instrument (in shares) | shares | 23 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Cash and due from banks | $ 29,066 | $ 27,697 |
Deposits with banks | 595,085 | 539,537 |
Federal funds sold and securities purchased under resale agreements | 276,152 | 315,592 |
Investment securities, held-to-maturity | 342,754 | 388,648 |
Loans, net of allowance for loan losses | 38,851 | 42,079 |
Financial liabilities | ||
Beneficial interests issued by consolidated VIEs | 23,020 | 12,610 |
Carrying value | ||
Financial assets | ||
Cash and due from banks | 29,100 | 27,700 |
Deposits with banks | 595,100 | 539,500 |
Accrued interest and accounts receivable | 107,100 | 124,700 |
Federal funds sold and securities purchased under resale agreements | 16,300 | 3,700 |
Securities borrowed | 130,300 | 115,300 |
Investment securities, held-to-maturity | 369,800 | 425,300 |
Loans, net of allowance for loan losses | 1,262,500 | 1,073,900 |
Other | 76,100 | 101,200 |
Financial liabilities | ||
Deposits | 2,322,300 | 2,311,600 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 47,500 | 50,600 |
Short-term borrowings | 24,700 | 28,200 |
Accounts payable and other liabilities | 241,800 | 257,500 |
Beneficial interests issued by consolidated VIEs | 23,000 | 12,600 |
Long-term debt | 303,900 | 223,600 |
Wholesale lending-related commitments | 3,000 | 2,300 |
Carrying value | First Republic | ||
Financial liabilities | ||
Wholesale lending-related commitments | 1,100 | |
Fair value | ||
Financial assets | ||
Cash and due from banks | 29,100 | 27,700 |
Deposits with banks | 595,100 | 539,500 |
Accrued interest and accounts receivable | 107,100 | 124,700 |
Federal funds sold and securities purchased under resale agreements | 16,300 | 3,700 |
Securities borrowed | 130,300 | 115,300 |
Investment securities, held-to-maturity | 342,800 | 388,600 |
Loans, net of allowance for loan losses | 1,250,200 | 1,047,900 |
Other | 76,300 | 101,300 |
Financial liabilities | ||
Deposits | 2,322,600 | 2,311,500 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 47,500 | 50,600 |
Short-term borrowings | 24,700 | 28,200 |
Accounts payable and other liabilities | 241,400 | 256,800 |
Beneficial interests issued by consolidated VIEs | 23,000 | 12,600 |
Long-term debt | 303,500 | 219,300 |
Wholesale lending-related commitments | 4,800 | 3,200 |
Fair value | Level 1 | ||
Financial assets | ||
Cash and due from banks | 29,100 | 27,700 |
Deposits with banks | 594,600 | 539,300 |
Accrued interest and accounts receivable | 0 | 0 |
Federal funds sold and securities purchased under resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Investment securities, held-to-maturity | 160,600 | 189,100 |
Loans, net of allowance for loan losses | 0 | 0 |
Other | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accounts payable and other liabilities | 0 | 0 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt | 0 | 0 |
Wholesale lending-related commitments | 0 | 0 |
Fair value | Level 2 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 500 | 200 |
Accrued interest and accounts receivable | 107,000 | 124,600 |
Federal funds sold and securities purchased under resale agreements | 16,300 | 3,700 |
Securities borrowed | 130,300 | 115,300 |
Investment securities, held-to-maturity | 182,200 | 199,500 |
Loans, net of allowance for loan losses | 285,600 | 194,000 |
Other | 74,900 | 99,600 |
Financial liabilities | ||
Deposits | 2,322,600 | 2,311,500 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 47,500 | 50,600 |
Short-term borrowings | 24,700 | 28,200 |
Accounts payable and other liabilities | 233,300 | 251,200 |
Beneficial interests issued by consolidated VIEs | 23,000 | 12,600 |
Long-term debt | 252,200 | 216,500 |
Wholesale lending-related commitments | 0 | 0 |
Fair value | Level 3 | ||
Financial assets | ||
Cash and due from banks | 0 | 0 |
Deposits with banks | 0 | 0 |
Accrued interest and accounts receivable | 100 | 100 |
Federal funds sold and securities purchased under resale agreements | 0 | 0 |
Securities borrowed | 0 | 0 |
Investment securities, held-to-maturity | 0 | 0 |
Loans, net of allowance for loan losses | 964,600 | 853,900 |
Other | 1,400 | 1,700 |
Financial liabilities | ||
Deposits | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accounts payable and other liabilities | 8,100 | 5,600 |
Beneficial interests issued by consolidated VIEs | 0 | 0 |
Long-term debt | 51,300 | 2,800 |
Wholesale lending-related commitments | $ 4,800 | $ 3,200 |
Fair Value Option - Changes in
Fair Value Option - Changes in Fair Value Under the Fair Value Option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal funds sold and securities purchased under resale agreements | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | $ 300 | $ (384) | $ (112) |
Federal funds sold and securities purchased under resale agreements | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 300 | (384) | (112) |
Federal funds sold and securities purchased under resale agreements | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Securities borrowed | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 164 | (499) | (200) |
Securities borrowed | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 164 | (499) | (200) |
Securities borrowed | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Debt and equity instruments, excluding loans | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 3,656 | (1,703) | (2,172) |
Debt and equity instruments, excluding loans | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 3,656 | (1,703) | (2,171) |
Debt and equity instruments, excluding loans | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | (1) |
Loans reported as trading assets: Changes in instrument-specific credit risk | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 248 | (136) | 353 |
Loans reported as trading assets: Changes in instrument-specific credit risk | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 248 | (136) | 353 |
Loans reported as trading assets: Changes in instrument-specific credit risk | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Loans reported as trading assets: Other changes in fair value | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 8 | (59) | (8) |
Loans reported as trading assets: Other changes in fair value | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 3 | (59) | (8) |
Loans reported as trading assets: Other changes in fair value | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 5 | 0 | 0 |
Loans: Changes in instrument-specific credit risk | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 318 | (221) | 582 |
Loans: Changes in instrument-specific credit risk | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 322 | (242) | 589 |
Loans: Changes in instrument-specific credit risk | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (4) | 21 | (7) |
Loans: Other changes in fair value | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 643 | (2,215) | 1,917 |
Loans: Other changes in fair value | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 427 | (1,421) | (139) |
Loans: Other changes in fair value | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 216 | (794) | 2,056 |
Other assets | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 278 | 33 | (14) |
Other assets | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 282 | 39 | 12 |
Other assets | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (4) | (6) | (26) |
Deposits | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (2,582) | 901 | (183) |
Deposits | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (2,582) | 901 | (183) |
Deposits | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Federal funds purchased and securities loaned or sold under repurchase agreements | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (121) | 181 | 69 |
Federal funds purchased and securities loaned or sold under repurchase agreements | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (121) | 181 | 69 |
Federal funds purchased and securities loaned or sold under repurchase agreements | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Short-term borrowings | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (567) | 473 | (366) |
Short-term borrowings | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (567) | 473 | (366) |
Short-term borrowings | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Trading liabilities | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (24) | 43 | 7 |
Trading liabilities | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (24) | 43 | 7 |
Trading liabilities | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Long-term beneficial interests | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | (1) | 0 |
Long-term beneficial interests | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | (1) | 0 |
Long-term beneficial interests | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Other liabilities | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (16) | (11) | (17) |
Other liabilities | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (16) | (11) | (17) |
Other liabilities | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | 0 | 0 | 0 |
Long-term debt | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (5,953) | 9,088 | (976) |
Long-term debt | Principal transactions | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | (5,875) | 8,990 | (980) |
Long-term debt | All other income | |||
Changes in fair value under the fair value option election | |||
Fair value option, changes in fair value gain (loss) | $ (78) | $ 98 | $ 4 |
Fair Value Option - Aggregate D
Fair Value Option - Aggregate Differences (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term beneficial interests | ||
Performing loans, ninety days or more past due | $ 0 | $ 0 |
Lending-related commitments, fair value option elected | ||
Long-term beneficial interests | ||
Contractual amount of lending-related commitments | 9,700,000,000 | 7,600,000,000 |
Other guarantees and commitments, Carrying value | 97,000,000 | 24,000,000 |
Contractual principal outstanding | ||
Loans | ||
Nonaccrual loans | 3,825,000,000 | 3,484,000,000 |
All other performing loans | 48,495,000,000 | 50,411,000,000 |
Total loans | 52,385,000,000 | 54,019,000,000 |
Contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 47,768,000,000 | 41,341,000,000 |
Contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 2,987,000,000 | 2,517,000,000 |
All other performing loans | 9,547,000,000 | 7,823,000,000 |
Contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans | 838,000,000 | 967,000,000 |
90 or more days past due and government guaranteed | 65,000,000 | 124,000,000 |
All other performing loans | 38,948,000,000 | 42,588,000,000 |
Fair value | ||
Loans | ||
Nonaccrual loans | 1,320,000,000 | 1,197,000,000 |
All other performing loans | 46,028,000,000 | 47,270,000,000 |
Total loans | 47,407,000,000 | 48,582,000,000 |
Long-term debt | ||
Total long-term debt | 87,924,000,000 | 72,281,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 1,000,000 | 5,000,000 |
Fair value | Principal-protected debt | ||
Long-term debt | ||
Total long-term debt | 38,882,000,000 | 31,105,000,000 |
Fair value | Nonprincipal-protected debt | ||
Long-term debt | ||
Total long-term debt | 49,042,000,000 | 41,176,000,000 |
Long-term beneficial interests | ||
Total long-term beneficial interests | 1,000,000 | 5,000,000 |
Fair value | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans | 588,000,000 | 368,000,000 |
All other performing loans | 7,968,000,000 | 6,135,000,000 |
Fair value | Loans | ||
Loans | ||
Nonaccrual loans | 732,000,000 | 829,000,000 |
90 or more days past due and government guaranteed | 59,000,000 | 115,000,000 |
All other performing loans | 38,060,000,000 | 41,135,000,000 |
Fair value over/(under) contractual principal outstanding | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,505,000,000) | (2,287,000,000) |
All other performing loans | (2,467,000,000) | (3,141,000,000) |
Total loans | (4,978,000,000) | (5,437,000,000) |
Fair value over/(under) contractual principal outstanding | Principal-protected debt | ||
Long-term debt | ||
Long-term debt, Fair value over/(under) contractual principal outstanding | (8,886,000,000) | (10,236,000,000) |
Fair value over/(under) contractual principal outstanding | Loans reported as trading assets | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (2,399,000,000) | (2,149,000,000) |
All other performing loans | (1,579,000,000) | (1,688,000,000) |
Fair value over/(under) contractual principal outstanding | Loans | ||
Loans | ||
Nonaccrual loans, Fair value over/(under) contractual principal outstanding | (106,000,000) | (138,000,000) |
90 or more days past due and government guaranteed, Fair value over/(under) contractual principal outstanding | (6,000,000) | (9,000,000) |
All other performing loans | $ (888,000,000) | $ (1,453,000,000) |
Fair Value Option - Structured
Fair Value Option - Structured Note Products by Balance Sheet Classification and Risk Component (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | $ 172,258 | $ 105,029 |
Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 113,784 | 56,888 |
Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,794 | 4,275 |
Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 3,733 | 3,512 |
Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 47,073 | 38,681 |
Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 1,874 | 1,673 |
Long-term debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 87,200 | 71,271 |
Long-term debt | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 38,604 | 31,973 |
Long-term debt | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,444 | 4,105 |
Long-term debt | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 2,605 | 2,674 |
Long-term debt | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 38,685 | 30,864 |
Long-term debt | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 1,862 | 1,655 |
Short-term borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 7,439 | 5,506 |
Short-term borrowings | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 654 | 260 |
Short-term borrowings | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 350 | 170 |
Short-term borrowings | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 941 | 788 |
Short-term borrowings | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 5,483 | 4,272 |
Short-term borrowings | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 11 | 16 |
Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 77,619 | 28,252 |
Deposits | Interest rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 74,526 | 24,655 |
Deposits | Credit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 0 | 0 |
Deposits | Foreign exchange | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 187 | 50 |
Deposits | Equity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 2,905 | 3,545 |
Deposits | Commodity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total structured notes | 1 | 2 |
Excluded amount of deposits linked to precious metals for which fair value option was not elected | $ 627 | $ 602 |
Credit Risk Concentrations (Det
Credit Risk Concentrations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | ||
Credit exposure | $ 2,924,042 | $ 2,582,566 |
On-balance sheet, Loans | 1,323,706 | 1,135,647 |
On-balance sheet, Derivatives | 54,864 | 70,880 |
Off-balance sheet | 1,497,847 | 1,326,782 |
Available-for-sale securities | 201,704 | 205,857 |
Held-to-maturity securities | 369,848 | 425,305 |
Cash placed with banks | 614,100 | 556,600 |
First Republic | ||
Concentration Risk [Line Items] | ||
Available-for-sale securities | 24,200 | |
Obligations of U.S. states and municipalities | ||
Concentration Risk [Line Items] | ||
Trading assets | 5,900 | 6,600 |
Available-for-sale securities | 21,367 | 6,786 |
Held-to-maturity securities | 9,945 | 19,747 |
Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 54,864 | 70,880 |
Consumer | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,582,277 | 1,351,352 |
On-balance sheet, Loans | 621,216 | 496,550 |
Off-balance sheet | 961,061 | 854,802 |
Consumer, excluding credit card | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 410,093 | 311,375 |
Consumer, excluding credit card | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 455,496 | 344,893 |
On-balance sheet, Loans | 410,093 | 311,375 |
Off-balance sheet | 45,403 | 33,518 |
Consumer, excluding credit card | Credit Concentration Risk | Paycheck Protection Program (PPP) | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 94 | 350 |
Consumer, excluding credit card | Credit Concentration Risk | First Republic | ||
Concentration Risk [Line Items] | ||
Credit exposure | 102,200 | |
Credit card | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 211,123 | 185,175 |
Credit card | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,126,781 | 1,006,459 |
On-balance sheet, Loans | 211,123 | 185,175 |
Off-balance sheet | 915,658 | 821,284 |
Wholesale | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Loans | 702,490 | 639,097 |
Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,341,765 | 1,231,214 |
On-balance sheet, Loans | 702,490 | 639,097 |
Off-balance sheet | 536,786 | 471,980 |
Wholesale | Credit Concentration Risk | First Republic | ||
Concentration Risk [Line Items] | ||
Credit exposure | 90,600 | |
Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 54,864 | 70,880 |
Wholesale | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 1,264,122 | 1,146,530 |
On-balance sheet, Loans | 672,472 | 603,670 |
Off-balance sheet | 536,786 | 471,980 |
Real Estate | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 420 | 249 |
Real Estate | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 208,261 | 170,857 |
On-balance sheet, Loans | 166,372 | 131,681 |
Off-balance sheet | 41,469 | 38,927 |
Individuals and Individual Entities | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 725 | 434 |
Individuals and Individual Entities | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 145,849 | 130,815 |
On-balance sheet, Loans | 126,339 | 120,424 |
Off-balance sheet | 18,785 | 9,957 |
Asset Managers | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 9,925 | 16,397 |
Asset Managers | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 129,574 | 95,656 |
On-balance sheet, Loans | 52,178 | 40,511 |
Off-balance sheet | 67,471 | 38,748 |
Consumer & Retail | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,013 | 1,650 |
Consumer & Retail | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 127,086 | 120,555 |
On-balance sheet, Loans | 46,274 | 45,867 |
Off-balance sheet | 78,799 | 73,038 |
Technology, Media & Telecommunications | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,451 | 2,950 |
Technology, Media & Telecommunications | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 77,296 | 72,286 |
On-balance sheet, Loans | 22,450 | 21,622 |
Off-balance sheet | 52,395 | 47,714 |
Industrials | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 1,335 | 1,770 |
Industrials | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 75,092 | 72,483 |
On-balance sheet, Loans | 26,548 | 26,960 |
Off-balance sheet | 47,209 | 43,753 |
Healthcare | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 1,577 | 1,683 |
Healthcare | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 65,025 | 62,613 |
On-balance sheet, Loans | 23,169 | 22,970 |
Off-balance sheet | 40,279 | 37,960 |
Banks & Finance Companies | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,898 | 3,246 |
Banks & Finance Companies | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 57,177 | 51,816 |
On-balance sheet, Loans | 33,941 | 32,172 |
Off-balance sheet | 20,338 | 16,398 |
Utilities | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 3,396 | 3,269 |
Utilities | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 36,061 | 36,218 |
On-balance sheet, Loans | 7,067 | 9,107 |
Off-balance sheet | 25,598 | 23,842 |
State & Municipal Govt | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 442 | 585 |
State & Municipal Govt | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 35,986 | 33,847 |
On-balance sheet, Loans | 20,019 | 18,147 |
Off-balance sheet | 15,525 | 15,115 |
Oil & Gas | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 705 | 5,121 |
Oil & Gas | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 34,475 | 38,668 |
On-balance sheet, Loans | 8,480 | 9,632 |
Off-balance sheet | 25,290 | 23,915 |
Automotive | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 428 | 529 |
Automotive | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 33,977 | 33,287 |
On-balance sheet, Loans | 17,459 | 14,735 |
Off-balance sheet | 16,090 | 18,023 |
Chemicals & Plastics | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 441 | 407 |
Chemicals & Plastics | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 20,773 | 20,030 |
On-balance sheet, Loans | 6,458 | 5,771 |
Off-balance sheet | 13,874 | 13,852 |
Insurance | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 7,138 | 8,081 |
Insurance | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 20,501 | 21,045 |
On-balance sheet, Loans | 2,535 | 2,387 |
Off-balance sheet | 10,828 | 10,577 |
Central Govt | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 10,669 | 12,955 |
Central Govt | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 17,704 | 19,095 |
On-balance sheet, Loans | 5,463 | 3,167 |
Off-balance sheet | 1,572 | 2,973 |
Transportation | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 555 | 567 |
Transportation | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 16,060 | 15,009 |
On-balance sheet, Loans | 5,080 | 5,005 |
Off-balance sheet | 10,425 | 9,437 |
Metals & Mining | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 274 | 475 |
Metals & Mining | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 15,508 | 15,915 |
On-balance sheet, Loans | 4,655 | 5,398 |
Off-balance sheet | 10,579 | 10,042 |
Securities Firms | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 3,285 | 3,387 |
Securities Firms | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 8,689 | 8,066 |
On-balance sheet, Loans | 865 | 556 |
Off-balance sheet | 4,539 | 4,123 |
Financial Markets Infrastructure | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 2,155 | 3,050 |
Financial Markets Infrastructure | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 4,251 | 4,962 |
On-balance sheet, Loans | 86 | 13 |
Off-balance sheet | 2,010 | 1,899 |
All other | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
On-balance sheet, Derivatives | 4,032 | 4,075 |
All other | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | 134,777 | 123,307 |
On-balance sheet, Loans | 97,034 | 87,545 |
Off-balance sheet | $ 33,711 | $ 31,687 |
All other | Wholesale | Credit Concentration Risk | SPEs and Private education | ||
Concentration Risk [Line Items] | ||
Percentage of exposure secured | 94% | 95% |
All other | Wholesale | Credit Concentration Risk | Civic organizations | ||
Concentration Risk [Line Items] | ||
Percentage of exposure secured | 6% | 5% |
Loans held-for-sale and loans at fair value | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | $ 30,018 | $ 35,427 |
On-balance sheet, Loans | 30,018 | 35,427 |
Receivables from customers | Wholesale | Credit Concentration Risk | ||
Concentration Risk [Line Items] | ||
Credit exposure | $ 47,625 | $ 49,257 |
Derivative Instruments - Notion
Derivative Instruments - Notional Amount of Derivative Contracts (Details) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 49,813 | $ 49,476 |
Interest rate contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 32,673 | 33,166 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 23,251 | 24,491 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 2,690 | 2,636 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,370 | 3,047 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 3,362 | 2,992 |
Net credit derivatives | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 1,045 | 1,132 |
Foreign exchange contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 13,306 | 12,747 |
Cross-currency swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 4,721 | 4,196 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 6,957 | 7,017 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 830 | 775 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 798 | 759 |
Equity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 2,272 | 1,944 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 639 | 618 |
Futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 157 | 110 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 778 | 636 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 698 | 580 |
Commodity contracts | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 517 | 487 |
Swaps | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 115 | 136 |
Spot, futures and forwards | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 157 | 136 |
Options | Written options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | 130 | 117 |
Options | Purchased options | ||
Notional amount of derivative contracts outstanding [Abstract] | ||
Derivative notional amounts | $ 115 | $ 98 |
Derivative Instruments - Impact
Derivative Instruments - Impact on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | $ 539,248 | $ 639,593 |
Net derivative receivables | 54,864 | 70,880 |
Gross derivative payables | 546,972 | 637,513 |
Net derivative payables | 40,847 | 51,141 |
Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 250,691 | 300,415 |
Net derivative receivables | 26,324 | 28,419 |
Gross derivative payables | 240,482 | 290,291 |
Net derivative payables | 11,896 | 15,970 |
Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 9,654 | 10,329 |
Net derivative receivables | 551 | 1,090 |
Gross derivative payables | 12,038 | 9,971 |
Net derivative payables | 1,089 | 754 |
Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 205,775 | 241,579 |
Net derivative receivables | 18,019 | 23,365 |
Gross derivative payables | 212,263 | 251,521 |
Net derivative payables | 12,620 | 18,856 |
Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 57,689 | 61,913 |
Net derivative receivables | 4,928 | 9,139 |
Gross derivative payables | 65,811 | 62,461 |
Net derivative payables | 9,368 | 8,804 |
Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 15,439 | 25,357 |
Net derivative receivables | 5,042 | 8,867 |
Gross derivative payables | 16,378 | 23,269 |
Net derivative payables | 5,874 | 6,757 |
Not designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 538,270 | 636,251 |
Gross derivative payables | 545,240 | 632,392 |
Not designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 250,689 | 300,411 |
Gross derivative payables | 240,482 | 290,291 |
Not designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 9,654 | 10,329 |
Gross derivative payables | 12,038 | 9,971 |
Not designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 205,010 | 239,946 |
Gross derivative payables | 210,623 | 248,911 |
Not designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 57,689 | 61,913 |
Gross derivative payables | 65,811 | 62,461 |
Not designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 15,228 | 23,652 |
Gross derivative payables | 16,286 | 20,758 |
Designated as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 978 | 3,342 |
Gross derivative payables | 1,732 | 5,121 |
Designated as hedges | Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 2 | 4 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Credit | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Foreign exchange | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 765 | 1,633 |
Gross derivative payables | 1,640 | 2,610 |
Designated as hedges | Equity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 0 | 0 |
Gross derivative payables | 0 | 0 |
Designated as hedges | Commodity | ||
Derivatives, Fair Value [Line Items] | ||
Gross derivative receivables | 211 | 1,705 |
Gross derivative payables | $ 92 | $ 2,511 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Netting (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | $ 531,221 | $ 630,361 |
Amounts netted on the Consolidated balance sheets | (484,384) | (568,713) |
Net derivative receivables | 46,837 | 61,648 |
Derivative receivables where an appropriate legal opinion has not been either sought or obtained | 8,027 | 9,232 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 539,248 | 639,593 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 54,864 | 70,880 |
Collateral not nettable on the Consolidated balance sheets, Net derivative receivables | (22,461) | (23,014) |
Net amounts, Net derivative receivables | 32,403 | 47,866 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 537,679 | 624,756 |
Amounts netted on the Consolidated balance sheets | (506,125) | (586,372) |
Net derivative payables | 31,554 | 38,384 |
Derivative payables where an appropriate legal opinion has not been either sought or obtained | $ 9,293 | $ 12,757 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Trading Liabilities | Trading Liabilities |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | $ 546,972 | $ 637,513 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 40,847 | 51,141 |
Collateral not nettable on the Consolidated balance sheets, Net derivative payables | (4,547) | (3,318) |
Net amounts, Net derivative payables | 36,300 | 47,823 |
Net cash collateral receivables | 48,300 | 51,500 |
Netted cash collateral payables | 70,000 | 69,200 |
Interest rate contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 248,722 | 298,281 |
Amounts netted on the Consolidated balance sheets | (224,367) | (271,996) |
Net derivative receivables | 24,355 | 26,285 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 250,691 | 300,415 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 26,324 | 28,419 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 238,344 | 287,852 |
Amounts netted on the Consolidated balance sheets | (228,586) | (274,321) |
Net derivative payables | 9,758 | 13,531 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 240,482 | 290,291 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 11,896 | 15,970 |
Interest rate contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 176,901 | 203,922 |
Amounts netted on the Consolidated balance sheets | (152,703) | (178,261) |
Net derivative receivables | 24,198 | 25,661 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 161,901 | 190,108 |
Amounts netted on the Consolidated balance sheets | (152,467) | (176,890) |
Net derivative payables | 9,434 | 13,218 |
Interest rate contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 71,419 | 93,800 |
Amounts netted on the Consolidated balance sheets | (71,275) | (93,424) |
Net derivative receivables | 144 | 376 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 76,007 | 97,417 |
Amounts netted on the Consolidated balance sheets | (75,729) | (97,126) |
Net derivative payables | 278 | 291 |
Interest rate contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 402 | 559 |
Amounts netted on the Consolidated balance sheets | (389) | (311) |
Net derivative receivables | 13 | 248 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 436 | 327 |
Amounts netted on the Consolidated balance sheets | (390) | (305) |
Net derivative payables | 46 | 22 |
Credit contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 9,541 | 10,220 |
Amounts netted on the Consolidated balance sheets | (9,103) | (9,239) |
Net derivative receivables | 438 | 981 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 9,654 | 10,329 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 551 | 1,090 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 11,971 | 9,728 |
Amounts netted on the Consolidated balance sheets | (10,949) | (9,217) |
Net derivative payables | 1,022 | 511 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 12,038 | 9,971 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 1,089 | 754 |
Credit contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 7,637 | 8,474 |
Amounts netted on the Consolidated balance sheets | (7,226) | (7,535) |
Net derivative receivables | 411 | 939 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 10,332 | 8,054 |
Amounts netted on the Consolidated balance sheets | (9,313) | (7,572) |
Net derivative payables | 1,019 | 482 |
Credit contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 1,904 | 1,746 |
Amounts netted on the Consolidated balance sheets | (1,877) | (1,704) |
Net derivative receivables | 27 | 42 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 1,639 | 1,674 |
Amounts netted on the Consolidated balance sheets | (1,636) | (1,645) |
Net derivative payables | 3 | 29 |
Foreign exchange contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 204,099 | 239,417 |
Amounts netted on the Consolidated balance sheets | (187,756) | (218,214) |
Net derivative receivables | 16,343 | 21,203 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 205,775 | 241,579 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 18,019 | 23,365 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 209,944 | 247,965 |
Amounts netted on the Consolidated balance sheets | (199,643) | (232,665) |
Net derivative payables | 10,301 | 15,300 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 212,263 | 251,521 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 12,620 | 18,856 |
Foreign exchange contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 203,624 | 237,941 |
Amounts netted on the Consolidated balance sheets | (187,295) | (216,796) |
Net derivative receivables | 16,329 | 21,145 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 209,386 | 246,457 |
Amounts netted on the Consolidated balance sheets | (199,173) | (231,248) |
Net derivative payables | 10,213 | 15,209 |
Foreign exchange contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 469 | 1,461 |
Amounts netted on the Consolidated balance sheets | (459) | (1,417) |
Net derivative receivables | 10 | 44 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 552 | 1,488 |
Amounts netted on the Consolidated balance sheets | (470) | (1,417) |
Net derivative payables | 82 | 71 |
Foreign exchange contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 6 | 15 |
Amounts netted on the Consolidated balance sheets | (2) | (1) |
Net derivative receivables | 4 | 14 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 6 | 20 |
Amounts netted on the Consolidated balance sheets | 0 | 0 |
Net derivative payables | 6 | 20 |
Equity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 55,463 | 58,790 |
Amounts netted on the Consolidated balance sheets | (52,761) | (52,774) |
Net derivative receivables | 2,702 | 6,016 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 57,689 | 61,913 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 4,928 | 9,139 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 63,136 | 58,124 |
Amounts netted on the Consolidated balance sheets | (56,443) | (53,657) |
Net derivative payables | 6,693 | 4,467 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 65,811 | 62,461 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 9,368 | 8,804 |
Equity contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 25,001 | 30,323 |
Amounts netted on the Consolidated balance sheets | (23,677) | (25,665) |
Net derivative receivables | 1,324 | 4,658 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 29,999 | 29,833 |
Amounts netted on the Consolidated balance sheets | (27,360) | (26,554) |
Net derivative payables | 2,639 | 3,279 |
Equity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 30,462 | 28,467 |
Amounts netted on the Consolidated balance sheets | (29,084) | (27,109) |
Net derivative receivables | 1,378 | 1,358 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 33,137 | 28,291 |
Amounts netted on the Consolidated balance sheets | (29,083) | (27,103) |
Net derivative payables | 4,054 | 1,188 |
Commodity contracts | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 13,396 | 23,653 |
Amounts netted on the Consolidated balance sheets | (10,397) | (16,490) |
Net derivative receivables | 2,999 | 7,163 |
Total derivative receivables recognized on the Consolidated balance sheets, Gross derivate receivables | 15,439 | 25,357 |
Total derivative receivables recognized on the Consolidated balance sheets, Net derivative receivables | 5,042 | 8,867 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 14,284 | 21,087 |
Amounts netted on the Consolidated balance sheets | (10,504) | (16,512) |
Net derivative payables | 3,780 | 4,575 |
Total derivative payables recognized on the Consolidated balance sheets, Gross derivative payables | 16,378 | 23,269 |
Total derivative payables recognized on the Consolidated balance sheets, Net derivative payables | 5,874 | 6,757 |
Commodity contracts | OTC | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 8,049 | 14,430 |
Amounts netted on the Consolidated balance sheets | (5,084) | (7,633) |
Net derivative receivables | 2,965 | 6,797 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 8,788 | 11,954 |
Amounts netted on the Consolidated balance sheets | (5,192) | (7,642) |
Net derivative payables | 3,596 | 4,312 |
Commodity contracts | OTC–cleared | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 133 | 120 |
Amounts netted on the Consolidated balance sheets | (123) | (112) |
Net derivative receivables | 10 | 8 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 120 | 112 |
Amounts netted on the Consolidated balance sheets | (120) | (112) |
Net derivative payables | 0 | 0 |
Commodity contracts | Exchange-traded | ||
Gross and Net Derivative Receivables by Contract and Settlement Type: | ||
Gross derivative receivables | 5,214 | 9,103 |
Amounts netted on the Consolidated balance sheets | (5,190) | (8,745) |
Net derivative receivables | 24 | 358 |
Gross and Net Derivative Payables by Contract and Settlement Type: | ||
Gross derivative payables | 5,376 | 9,021 |
Amounts netted on the Consolidated balance sheets | (5,192) | (8,758) |
Net derivative payables | $ 184 | $ 263 |
Derivative Instruments - Liquid
Derivative Instruments - Liquidity Risk and Credit-Related Contingent Features (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
OTC and OTC-cleared derivative payables containing downgrade triggers | ||
Aggregate fair value of net derivative payables | $ 14,655 | $ 16,023 |
Collateral posted | 14,673 | 15,505 |
Single-notch downgrade | ||
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives | ||
Amount of additional collateral to be posted upon downgrade | 75 | 128 |
Amount required to settle contracts with termination triggers upon downgrade | 93 | 88 |
Two-notch downgrade | ||
Liquidity impact of downgrade triggers on OTC and OTC-cleared derivatives | ||
Amount of additional collateral to be posted upon downgrade | 1,153 | 1,293 |
Amount required to settle contracts with termination triggers upon downgrade | $ 592 | $ 925 |
Derivative Instruments - Impa_2
Derivative Instruments - Impact on Statements of Income, Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gains/(losses) recorded in income | |||
Derivatives | $ 3,503 | $ (15,563) | $ (15,249) |
Hedged items | (2,437) | 15,400 | 14,824 |
Income statement impact | 1,066 | (163) | (425) |
Income statement impact of excluded components | |||
Amortization approach | (601) | (528) | (286) |
Changes in fair value | 921 | (108) | (335) |
OCI impact | |||
Derivatives - Gains/(losses) recorded in OCI | (134) | 130 | (26) |
Interest rate | |||
Gains/(losses) recorded in income | |||
Derivatives | 1,554 | (14,352) | (4,323) |
Hedged items | (1,248) | 14,047 | 3,765 |
Income statement impact | 306 | (305) | (558) |
Income statement impact of excluded components | |||
Amortization approach | 0 | 0 | 0 |
Changes in fair value | 157 | (262) | (439) |
OCI impact | |||
Derivatives - Gains/(losses) recorded in OCI | 0 | 0 | 0 |
Foreign exchange | |||
Gains/(losses) recorded in income | |||
Derivatives | 722 | (1,317) | (1,317) |
Hedged items | (483) | 1,423 | 1,349 |
Income statement impact | 239 | 106 | 32 |
Income statement impact of excluded components | |||
Amortization approach | (601) | (528) | (286) |
Changes in fair value | 239 | 106 | 32 |
OCI impact | |||
Derivatives - Gains/(losses) recorded in OCI | (134) | 130 | (26) |
Commodity | |||
Gains/(losses) recorded in income | |||
Derivatives | 1,227 | 106 | (9,609) |
Hedged items | (706) | (70) | 9,710 |
Income statement impact | 521 | 36 | 101 |
Income statement impact of excluded components | |||
Amortization approach | 0 | 0 | 0 |
Changes in fair value | 525 | 48 | 72 |
OCI impact | |||
Derivatives - Gains/(losses) recorded in OCI | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Cumula
Derivative Instruments - Cumulative Fair Value Hedging Adjustments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Cumulative basis adjustments for active hedging relationships | $ 73 | |
Commodity | ||
Assets | ||
Carrying amount of the hedged items | 5,600 | $ 26,000 |
Long-term debt | ||
Liabilities | ||
Carrying amount of the hedged items | 195,455 | 175,257 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | (2,042) | (11,879) |
Discontinued hedging relationships | (9,727) | (3,313) |
Total | (11,769) | (15,192) |
Long-term debt | Not designated as hedges | ||
Liabilities | ||
Carrying amount of the hedged items | 0 | 221 |
Investment securities - AFS | ||
Assets | ||
Carrying amount of the hedged items | 151,752 | 84,073 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Active hedging relationships | 549 | (4,149) |
Discontinued hedging relationships | (2,010) | (1,542) |
Total | (1,461) | (5,691) |
Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged items: | ||
Amortized cost of the closed portfolio | 83,900 | |
Designated hedged items in active hedging relationships | 68,000 | |
Cumulative basis adjustments | (165) | |
Cumulative basis adjustments for active hedging relationships | 73 | |
Cumulative basis adjustments for discontinued hedging relationships | (238) | |
Investment securities - AFS | Not designated as hedges | ||
Assets | ||
Carrying amount of the hedged items | $ 19,300 | $ 20,300 |
Derivative Instruments - Impa_3
Derivative Instruments - Impact on Statements of Income, Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Recognition of net losses related to cash flow hedges in Income | $ (1,600) | ||
Maximum length of time hedged in forecasted transactions, terminated cash flow hedges | 6 years | ||
Maximum length of time hedged in forecasted transactions, open cash flow hedges | 7 years | ||
Cash Flow Hedging | |||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Amounts reclassified from AOCI to income | $ (1,775) | $ (420) | $ 1,222 |
Amounts recorded in OCI | 483 | (7,473) | (2,303) |
Total change in OCI for period | 2,258 | (7,053) | (3,525) |
Cash Flow Hedging | Interest rate | |||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Amounts reclassified from AOCI to income | (1,839) | (153) | 1,032 |
Amounts recorded in OCI | 274 | (7,131) | (2,370) |
Total change in OCI for period | 2,113 | (6,978) | (3,402) |
Cash Flow Hedging | Foreign exchange | |||
Derivatives gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Amounts reclassified from AOCI to income | 64 | (267) | 190 |
Amounts recorded in OCI | 209 | (342) | 67 |
Total change in OCI for period | $ 145 | $ (75) | $ (123) |
Derivative Instruments - Impa_4
Derivative Instruments - Impact on Statements of Income, Net Investment Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Translation adjustments, net of hedges | |||
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Reclassification of pre-tax gains (losses) related to net investment hedges | $ (35) | $ 38 | $ 0 |
Net Investment Hedging | Foreign exchange contracts | |||
Gains/(losses) recorded in income and other comprehensive income/(loss) | |||
Amounts recorded in income | 384 | (123) | (228) |
Amounts recorded in OCI | $ (1,732) | $ 3,591 | $ 2,452 |
Derivative Instruments - Impa_5
Derivative Instruments - Impact on Statements of Income, Risk Management Derivatives (Details) - Risk Management Activities - Not designated as hedges - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | $ (578) | $ (824) | $ 1,078 |
Interest rate | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | (135) | (827) | 1,078 |
Credit | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | (441) | 51 | (94) |
Foreign exchange | |||
Gain (Loss) on Derivative Instruments, Net, Pretax [Abstract] | |||
Derivatives gains/(losses) recorded in income | $ (2) | $ (48) | $ 94 |
Derivative Instruments - Credit
Derivative Instruments - Credit Derivatives (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Credit Derivatives - supplemental information | ||
Tranche credit default swap realized credit loss protection | $ 1,000,000 | |
Tranche credit default swap portfolio of exposure | 10,000,000 | |
Maximum payout/Notional amount | ||
Protection sold | (489,018,000,000) | $ (542,722,000,000) |
Protection purchased with identical underlyings | 519,239,000,000 | 574,875,000,000 |
Net protection (sold)/purchased | 30,221,000,000 | 32,153,000,000 |
Other protection purchased | 46,511,000,000 | 22,526,000,000 |
Total credit derivatives | ||
Maximum payout/Notional amount | ||
Protection sold | (489,018,000,000) | (542,722,000,000) |
Protection purchased with identical underlyings | 519,239,000,000 | 574,875,000,000 |
Net protection (sold)/purchased | 30,221,000,000 | 32,153,000,000 |
Other protection purchased | 36,723,000,000 | 14,663,000,000 |
Credit default swaps | ||
Maximum payout/Notional amount | ||
Protection sold | (450,172,000,000) | (495,557,000,000) |
Protection purchased with identical underlyings | 473,823,000,000 | 509,846,000,000 |
Net protection (sold)/purchased | 23,651,000,000 | 14,289,000,000 |
Other protection purchased | 7,517,000,000 | 2,917,000,000 |
Other credit derivatives | ||
Maximum payout/Notional amount | ||
Protection sold | (38,846,000,000) | (47,165,000,000) |
Protection purchased with identical underlyings | 45,416,000,000 | 65,029,000,000 |
Net protection (sold)/purchased | 6,570,000,000 | 17,864,000,000 |
Other protection purchased | 29,206,000,000 | 11,746,000,000 |
Credit-related notes | ||
Maximum payout/Notional amount | ||
Protection sold | 0 | 0 |
Protection purchased with identical underlyings | 0 | 0 |
Net protection (sold)/purchased | 0 | 0 |
Other protection purchased | $ 9,788,000,000 | $ 7,863,000,000 |
Derivative Instruments - Cred_2
Derivative Instruments - Credit Derivatives, Protection Sold, Notional and Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Protection sold credit derivatives ratings/maturity profile | ||
Less than 1 year | $ (121,400) | $ (123,728) |
From 1-5 years | (333,349) | (381,802) |
More than 5 years | (34,269) | (37,192) |
Total notional amount | (489,018) | (542,722) |
Fair value of receivables | 6,125 | 3,591 |
Fair value of payables | (2,727) | (4,704) |
Net fair value | 3,398 | (1,113) |
Investment-grade | ||
Protection sold credit derivatives ratings/maturity profile | ||
Less than 1 year | (89,981) | (90,484) |
From 1-5 years | (263,834) | (294,791) |
More than 5 years | (29,470) | (30,822) |
Total notional amount | (383,285) | (416,097) |
Fair value of receivables | 3,659 | 2,324 |
Fair value of payables | (1,144) | (1,495) |
Net fair value | 2,515 | 829 |
Noninvestment-grade | ||
Protection sold credit derivatives ratings/maturity profile | ||
Less than 1 year | (31,419) | (33,244) |
From 1-5 years | (69,515) | (87,011) |
More than 5 years | (4,799) | (6,370) |
Total notional amount | (105,733) | (126,625) |
Fair value of receivables | 2,466 | 1,267 |
Fair value of payables | (1,583) | (3,209) |
Net fair value | $ 883 | $ (1,942) |
Noninterest Revenue and Nonin_3
Noninterest Revenue and Noninterest Expense - Investment Banking Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Non interest Revenue [Line Items] | |||
Underwriting | $ 3,759 | $ 3,707 | $ 8,822 |
Advisory | 2,760 | 2,979 | 4,394 |
Total investment banking fees | 6,519 | 6,686 | 13,216 |
Equity | |||
Schedule of Non interest Revenue [Line Items] | |||
Underwriting | 1,149 | 975 | 3,969 |
Debt | |||
Schedule of Non interest Revenue [Line Items] | |||
Underwriting | $ 2,610 | $ 2,732 | $ 4,853 |
Noninterest Revenue and Nonin_4
Noninterest Revenue and Noninterest Expense - Principal Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Principal transactions revenue | |||
Total trading revenue | $ 24,554 | $ 19,957 | $ 16,325 |
Private equity losses | (94) | (45) | (21) |
Principal transactions | 24,460 | 19,912 | 16,304 |
Interest rate | |||
Principal transactions revenue | |||
Total trading revenue | 5,607 | 3,010 | 1,646 |
Credit | |||
Principal transactions revenue | |||
Total trading revenue | 1,434 | 1,412 | 2,691 |
Foreign exchange | |||
Principal transactions revenue | |||
Total trading revenue | 5,082 | 5,119 | 2,787 |
Equity | |||
Principal transactions revenue | |||
Total trading revenue | 10,229 | 8,068 | 7,773 |
Commodity | |||
Principal transactions revenue | |||
Total trading revenue | $ 2,202 | $ 2,348 | $ 1,428 |
Noninterest Revenue and Nonin_5
Noninterest Revenue and Noninterest Expense - Lending and Deposit-Related Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noninterest Income (Expense) [Abstract] | |||
Lending-related fees | $ 2,365 | $ 1,468 | $ 1,472 |
Deposit-related fees | 5,048 | 5,630 | 5,560 |
Total lending- and deposit-related fees | $ 7,413 | $ 7,098 | $ 7,032 |
Noninterest Revenue and Nonin_6
Noninterest Revenue and Noninterest Expense - Asset Management Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noninterest Income (Expense) [Abstract] | |||
Investment management fees | $ 14,908 | $ 13,765 | $ 14,027 |
All other asset management fees | 312 | 331 | 378 |
Total asset management fees | $ 15,220 | $ 14,096 | $ 14,405 |
Noninterest Revenue and Nonin_7
Noninterest Revenue and Noninterest Expense - Commissions and Other Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noninterest Income (Expense) [Abstract] | |||
Brokerage commissions | $ 2,820 | $ 2,831 | $ 3,046 |
Administration fees | 2,310 | 2,348 | 2,554 |
All other commissions and fees | 1,706 | 1,402 | 1,024 |
Total commissions and other fees | $ 6,836 | $ 6,581 | $ 6,624 |
Noninterest Revenue and Nonin_8
Noninterest Revenue and Noninterest Expense - Card Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Credit cost amortization period | 12 months | ||
Direct loan origination costs amortization period | 12 months | ||
Total card income | $ 4,784 | $ 4,420 | $ 5,102 |
Interchange and merchant processing income | |||
Disaggregation of Revenue [Line Items] | |||
Total card income | 31,021 | 28,085 | 23,592 |
Reward costs and partner payments | |||
Disaggregation of Revenue [Line Items] | |||
Total card income | (24,601) | (22,162) | (17,868) |
All other | |||
Disaggregation of Revenue [Line Items] | |||
Total card income | $ (1,636) | $ (1,503) | $ (622) |
Deferred revenues, recognition period | 12 months | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Credit card revenue sharing agreement terms | 5 years | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Credit card revenue sharing agreement terms | 10 years |
Noninterest Revenue and Nonin_9
Noninterest Revenue and Noninterest Expense - Other Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Non interest Revenue [Line Items] | |||
Operating lease income | $ 2,843 | $ 3,654 | $ 4,914 |
Losses on tax-oriented investments | (1,538) | (1,491) | (1,570) |
Estimated bargain purchase gain | 2,775 | 0 | 0 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | $ 339 | 0 | 0 |
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other income | ||
CIFM | |||
Schedule of Non interest Revenue [Line Items] | |||
Percentage interest acquired | 51% | ||
VISA | Class B common | |||
Schedule of Non interest Revenue [Line Items] | |||
Gain on sale of Visa B shares | $ 0 | $ 914 | $ 0 |
Noninterest Revenue and Noni_10
Noninterest Revenue and Noninterest Expense - Noninterest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noninterest Income (Expense) [Abstract] | |||
Legal expense | $ 1,436 | $ 266 | $ 426 |
FDIC-related expense | 4,203 | 860 | $ 730 |
First Republic-related expense | 1,060 | $ 0 | |
FDIC special assessment | 2,900 | ||
Restructuring and integration related costs | $ 360 |
Interest Income and Interest _3
Interest Income and Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | |||
Loans | $ 83,384 | $ 52,736 | $ 41,537 |
Taxable securities | 17,390 | 10,372 | 6,460 |
Non-taxable securities | 1,336 | 975 | 1,063 |
Total investment securities | 18,726 | 11,347 | 7,523 |
Trading assets - debt instruments | 15,950 | 9,053 | 6,825 |
Federal funds sold and securities purchased under resale agreements | 15,079 | 4,632 | 958 |
Securities borrowed | 7,983 | 2,237 | (385) |
Deposits with banks | 21,797 | 9,039 | 512 |
All other interest-earning assets | 7,669 | 3,763 | 894 |
Total interest income | 170,588 | 92,807 | 57,864 |
Interest expense | |||
Interest bearing deposits | 40,016 | 10,082 | 531 |
Federal funds purchased and securities loaned or sold under repurchase agreements | 13,259 | 3,721 | 274 |
Short-term borrowings | 1,894 | 747 | 126 |
Trading liabilities – debt and all other interest-bearing liabilities | 9,396 | 3,246 | 257 |
Long-term debt | 15,803 | 8,075 | 4,282 |
Beneficial interest issued by consolidated VIEs | 953 | 226 | 83 |
Total interest expense | 81,321 | 26,097 | 5,553 |
Net interest income | 89,267 | 66,710 | 52,311 |
Provision for credit losses | 9,320 | 6,389 | (9,256) |
Net interest income after provision for credit losses | $ 79,947 | $ 60,321 | $ 61,567 |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefit Plans - Defined Benefit Pension and OPEB Plans (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Projected benefit obligations | $ (14,740) | $ (13,545) |
Fair value of plan assets | 22,013 | 19,890 |
Net funded status | 7,273 | 6,345 |
Accumulated other comprehensive income/(loss) | $ (1,517) | $ (1,916) |
Weighted-average actuarial assumptions used to value benefit obligations | ||
Discount rate | 5.16% | 5.14% |
Pension and Other Postretirem_4
Pension and Other Postretirement Employee Benefit Plans - Gains and Losses (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Decrease in plan assets as a result of settlement and remeasurement of the plan | $ 4 | |
Decrease in benefit obligation as a result of settlement and remeasurement of the plan | 2.6 | |
Decrease in accumulated other comprehensive income as a result of settlement and remeasurement of the plan | $ 1.4 | |
Defined benefit pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percent above which amortization of net gains and losses is included in annual net periodic benefit cost | 10% |
Pension and Other Postretirem_5
Pension and Other Postretirement Employee Benefit Plans - Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension and OPEB plans | |||
Total net periodic defined benefit plan cost/(credit) | $ (393) | $ (192) | $ (201) |
Total defined contribution plans | 1,609 | 1,408 | 1,333 |
Total pension and OPEB cost included in noninterest expense | 1,216 | 1,216 | 1,132 |
Total recognized in other comprehensive (income)/loss | $ (421) | 1,459 | (1,129) |
Defined benefit pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension settlement loss | $ 92 | $ 33 |
Pension and Other Postretirem_6
Pension and Other Postretirement Employee Benefit Plans - Actuarial Assumptions to Determine Net Periodic Benefit Costs (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Discount rate | 5.14% | 2.54% | 2.17% |
Expected long-term rate of return on plan assets | 5.74% | 3.68% | 2.97% |
Pension and Other Postretirem_7
Pension and Other Postretirement Employee Benefit Plans - Investment Strategy and Weighted Average Asset Allocation (Details) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments sponsored or managed by affiliates | $ 1.8 | $ 1.7 |
Defined benefit pension plans | Debt securities | Minimum | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 42% | |
Defined benefit pension plans | Debt securities | Maximum | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 100% | |
Defined benefit pension plans | Equity securities | Minimum | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 0% | |
Defined benefit pension plans | Equity securities | Maximum | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 40% | |
Defined benefit pension plans | Real estate | Minimum | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 0% | |
Defined benefit pension plans | Real estate | Maximum | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 2% | |
Defined benefit pension plans | Alternatives | Minimum | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 0% | |
Defined benefit pension plans | Alternatives | Maximum | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation | 10% |
Pension and Other Postretirem_8
Pension and Other Postretirement Employee Benefit Plans - Fair Value Measurement of the Plans' Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 22,013 | $ 19,890 |
Total fair value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 20,358 | 17,538 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6,521 | 5,308 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,713 | 9,617 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,124 | 2,613 |
Assets measured at fair value using net asset value per share as practical expedient | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,097 | 2,593 |
Defined benefit pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net defined benefit pension plan payables | $ (442) | $ (241) |
Pension and Other Postretirem_9
Pension and Other Postretirement Employee Benefit Plans - Changes In Level 3 Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments classified in level 3 of the valuation hierarchy | $ 22,013 | $ 19,890 |
Unrealized gains (losses) | 400 | (501) |
Transfers into Level 3 | 173 | |
Decrease for settlements | 59 | 54 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments classified in level 3 of the valuation hierarchy | $ 3,124 | $ 2,613 |
Pension and Other Postretire_10
Pension and Other Postretirement Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Defined benefit pension and OPEB plans | |
2024 | $ 1,142 |
2025 | 1,125 |
2026 | 1,113 |
2027 | 1,077 |
2028 | 1,063 |
Years 2029–2033 | $ 5,143 |
Employee Share-Based Incentiv_3
Employee Share-Based Incentives - Employee Share-Based Awards (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-Term Incentive Plan | |||
Employee stock-based awards general disclosures | |||
Shares of common stock available for issuance (in shares) | 54,000,000 | ||
PSUs | |||
Employee stock-based awards general disclosures | |||
Award vesting period | 3 years | ||
PSUs | Minimum | |||
Employee stock-based awards general disclosures | |||
Award vesting percentage | 0% | ||
Combined vesting and holding period | 5 years | ||
PSUs | Maximum | |||
Employee stock-based awards general disclosures | |||
Award vesting percentage | 150% | ||
Combined vesting and holding period | 8 years | ||
SARs | |||
Employee stock-based awards general disclosures | |||
Award expiration period | 10 years | ||
Awards granted (in shares) | 0 | 0 | |
SARs | Chairman and CEO | |||
Employee stock-based awards general disclosures | |||
Awards granted (in shares) | 1,500,000 | ||
SARs | President and Chief Operating Officer | |||
Employee stock-based awards general disclosures | |||
Awards granted (in shares) | 750,000 | ||
1st 50% | RSUs | |||
Employee stock-based awards general disclosures | |||
Award vesting period | 2 years | ||
2nd 50% | RSUs | |||
Employee stock-based awards general disclosures | |||
Award vesting period | 3 years |
Employee Share-Based Incentiv_4
Employee Share-Based Incentives - RSUs, PSUs and SARS Activities (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RSUs/PSUs | |||
RSUs/PSUs Number of Units: | |||
Outstanding, January 1 (in shares) | 47,726,000 | ||
Granted (in shares) | 23,758,000 | ||
Exercised or vested (in shares) | (17,773,000) | ||
Forfeited (in shares) | (1,468,000) | ||
Outstanding, December 31 (in shares) | 52,243,000 | 47,726,000 | |
RSUs/PSUs Weighted-Average Grant Date Fair Value: | |||
Outstanding, January 1 (in dollars per share) | $ 139.90 | ||
Granted (in dollars per share) | 139.39 | ||
Exercised or vested (in dollars per share) | 134.86 | ||
Forfeited (in dollars per share) | 142.11 | ||
Outstanding, December 31 (in dollars per share) | $ 141.31 | $ 139.90 | |
Total fair value of RSUs that vested | $ 2,500,000 | $ 3,200,000 | $ 2,900,000 |
SARs | |||
RSUs/PSUs Number of Units: | |||
Outstanding, January 1 (in shares) | 2,511,000 | ||
Granted (in shares) | 0 | 0 | |
Exercised or vested (in shares) | (261,000) | ||
Forfeited (in shares) | 0 | ||
Canceled (in shares) | 0 | ||
Outstanding, December 31 (in shares) | 2,250,000 | 2,511,000 | |
Exercisable, December 31 (in shares) | 0 | ||
RSUs/PSUs Weighted-Average Grant Date Fair Value: | |||
Outstanding, January 1 (in dollars per share) | $ 141.19 | ||
Granted (in dollars per share) | 0 | ||
Exercised or vested (in dollars per share) | 46.58 | ||
Forfeited (in dollars per share) | 0 | ||
Canceled (in dollars per share) | 0 | ||
Outstanding, December 31 (in dollars per share) | 152.19 | $ 141.19 | |
Exercisable, December 31 (in dollars per share) | $ 0 | ||
Weighted-average remaining contractual life, Outstanding | 7 years 8 months 12 days | ||
Aggregate intrinsic value, Outstanding | $ 40,444 | ||
Aggregate intrinsic value, Exercisable | 0 | ||
Stock options | |||
RSUs/PSUs Weighted-Average Grant Date Fair Value: | |||
Total intrinsic value of options exercised | $ 24,000 | $ 75,000 | $ 232,000 |
Employee Share-Based Incentiv_5
Employee Share-Based Incentives - Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncash compensation expense related to employee stock-based incentive plans | |||
Cost of prior grants of RSUs, PSUs and SARs that are amortized over their applicable vesting periods | $ 1,510 | $ 1,253 | $ 1,161 |
Accrual of estimated costs of share-based awards to be granted in future periods, predominantly those to full-career eligible employees | 1,607 | 1,541 | 1,768 |
Total noncash compensation expense related to employee share-based incentive plans | 3,117 | $ 2,794 | $ 2,929 |
Compensation cost related to unvested awards not charged to net income | $ 1,000 | ||
Weighted-average period for cost expected to be amortized into compensation expense | 1 year 8 months 12 days |
Employee Share-Based Incentiv_6
Employee Share-Based Incentives - Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Tax benefit from compensation expense | $ 836 | $ 901 | $ 957 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2021 | |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amount of collateralized loan obligations transferred from AFS to HTM for capital management purposes | $ 78,300 | |||
Approximate percentage rated at least AA+ | 98% | 99% | ||
Allowance for credit losses on investment securities | $ 96 | $ 128 | $ 42 | |
Accounting Standards Update 2022-01 | Obligations of U.S. states and municipalities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amount of investment securities transferred from HTM to AFS | $ 7,100 | |||
Pre-tax unrealized losses recognized within AOCI for transfer of securities from HTM to AFS | $ 38 | |||
Unrealized gains/(losses) on investment securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Pretax unrealized losses included in AOCI on the securities at the date of transfer | $ 4,800 |
Investment Securities - Amortiz
Investment Securities - Amortized Costs and Estimated Fair Values (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Available-for-sale securities | |||
Amortized cost | $ 205,456,000,000 | $ 216,188,000,000 | |
Unallocated portfolio layer fair value basis adjustments, Amortized cost | 73,000,000 | ||
Gross unrealized gains | 1,762,000,000 | 890,000,000 | |
Unallocated portfolio layer fair value basis adjustments, Gross unrealized gains | (73,000,000) | ||
Gross unrealized losses | 5,514,000,000 | 11,221,000,000 | |
Fair value | 201,704,000,000 | 205,857,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 369,848,000,000 | 425,305,000,000 | |
Gross unrealized gains | 178,000,000 | 105,000,000 | |
Gross unrealized losses | 27,272,000,000 | 36,762,000,000 | |
Fair value | 342,754,000,000 | 388,648,000,000 | |
Total investment securities, net of allowance for credit losses | |||
Amortized cost | 575,304,000,000 | 641,493,000,000 | |
Gross unrealized gains | 1,940,000,000 | 995,000,000 | |
Gross unrealized losses | 32,786,000,000 | 47,983,000,000 | |
Fair value | 544,458,000,000 | 594,505,000,000 | |
HTM securities purchased | 4,100,000,000 | 33,700,000,000 | $ 111,800,000,000 |
Allowance for credit losses on investment securities | 128,000,000 | 96,000,000 | $ 42,000,000 |
Accrued interest receivables on investment securities | 2,800,000,000 | 2,500,000,000 | |
Accrued interest receivables reversed through interest income on AFS securities | 0 | 0 | |
Accrued interest receivables reversed through interest income on HTM securities | 0 | 0 | |
First Republic | |||
Available-for-sale securities | |||
Fair value | 24,200,000,000 | ||
Total mortgage-backed securities | |||
Available-for-sale securities | |||
Amortized cost | 95,001,000,000 | 84,059,000,000 | |
Gross unrealized gains | 896,000,000 | 485,000,000 | |
Gross unrealized losses | 4,285,000,000 | 6,463,000,000 | |
Fair value | 91,612,000,000 | 78,081,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 125,857,000,000 | 134,356,000,000 | |
Gross unrealized gains | 56,000,000 | 48,000,000 | |
Gross unrealized losses | 13,194,000,000 | 15,687,000,000 | |
Fair value | 112,719,000,000 | 118,717,000,000 | |
U.S. GSEs and government agencies | |||
Available-for-sale securities | |||
Amortized cost | 88,377,000,000 | 77,194,000,000 | |
Gross unrealized gains | 870,000,000 | 479,000,000 | |
Gross unrealized losses | 4,077,000,000 | 6,170,000,000 | |
Fair value | 85,170,000,000 | 71,503,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 105,614,000,000 | 113,492,000,000 | |
Gross unrealized gains | 39,000,000 | 35,000,000 | |
Gross unrealized losses | 11,643,000,000 | 13,709,000,000 | |
Fair value | 94,010,000,000 | 99,818,000,000 | |
Residential: U.S. | |||
Available-for-sale securities | |||
Amortized cost | 2,086,000,000 | 1,576,000,000 | |
Gross unrealized gains | 10,000,000 | 1,000,000 | |
Gross unrealized losses | 68,000,000 | 111,000,000 | |
Fair value | 2,028,000,000 | 1,466,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 9,709,000,000 | 10,503,000,000 | |
Gross unrealized gains | 4,000,000 | 3,000,000 | |
Gross unrealized losses | 970,000,000 | 1,244,000,000 | |
Fair value | 8,743,000,000 | 9,262,000,000 | |
Residential: Non-U.S. | |||
Available-for-sale securities | |||
Amortized cost | 1,608,000,000 | 3,176,000,000 | |
Gross unrealized gains | 4,000,000 | 5,000,000 | |
Gross unrealized losses | 1,000,000 | 27,000,000 | |
Fair value | 1,611,000,000 | 3,154,000,000 | |
Commercial | |||
Available-for-sale securities | |||
Amortized cost | 2,930,000,000 | 2,113,000,000 | |
Gross unrealized gains | 12,000,000 | 0 | |
Gross unrealized losses | 139,000,000 | 155,000,000 | |
Fair value | 2,803,000,000 | 1,958,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 10,534,000,000 | 10,361,000,000 | |
Gross unrealized gains | 13,000,000 | 10,000,000 | |
Gross unrealized losses | 581,000,000 | 734,000,000 | |
Fair value | 9,966,000,000 | 9,637,000,000 | |
U.S. Treasury and government agencies | |||
Available-for-sale securities | |||
Amortized cost | 58,051,000,000 | 95,217,000,000 | |
Gross unrealized gains | 276,000,000 | 302,000,000 | |
Gross unrealized losses | 522,000,000 | 3,459,000,000 | |
Fair value | 57,805,000,000 | 92,060,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 173,666,000,000 | 207,463,000,000 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 13,074,000,000 | 18,363,000,000 | |
Fair value | 160,592,000,000 | 189,100,000,000 | |
Obligations of U.S. states and municipalities | |||
Available-for-sale securities | |||
Amortized cost | 21,243,000,000 | 7,103,000,000 | |
Gross unrealized gains | 390,000,000 | 86,000,000 | |
Gross unrealized losses | 266,000,000 | 403,000,000 | |
Fair value | 21,367,000,000 | 6,786,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 9,945,000,000 | 19,747,000,000 | |
Gross unrealized gains | 74,000,000 | 53,000,000 | |
Gross unrealized losses | 591,000,000 | 1,080,000,000 | |
Fair value | 9,428,000,000 | 18,720,000,000 | |
Non-U.S. government debt securities | |||
Available-for-sale securities | |||
Amortized cost | 21,387,000,000 | 20,360,000,000 | |
Gross unrealized gains | 254,000,000 | 14,000,000 | |
Gross unrealized losses | 359,000,000 | 678,000,000 | |
Fair value | 21,282,000,000 | 19,696,000,000 | |
Corporate debt securities | |||
Available-for-sale securities | |||
Amortized cost | 128,000,000 | 381,000,000 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 28,000,000 | 24,000,000 | |
Fair value | 100,000,000 | 357,000,000 | |
Asset-backed securities: Collateralized loan obligations | |||
Available-for-sale securities | |||
Amortized cost | 6,769,000,000 | 5,916,000,000 | |
Gross unrealized gains | 11,000,000 | 1,000,000 | |
Gross unrealized losses | 28,000,000 | 125,000,000 | |
Fair value | 6,752,000,000 | 5,792,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 58,565,000,000 | 61,414,000,000 | |
Gross unrealized gains | 47,000,000 | 4,000,000 | |
Gross unrealized losses | 352,000,000 | 1,522,000,000 | |
Fair value | 58,260,000,000 | 59,896,000,000 | |
Asset-backed securities: Other | |||
Available-for-sale securities | |||
Amortized cost | 2,804,000,000 | 3,152,000,000 | |
Gross unrealized gains | 8,000,000 | 2,000,000 | |
Gross unrealized losses | 26,000,000 | 69,000,000 | |
Fair value | 2,786,000,000 | 3,085,000,000 | |
Held-to-maturity securities | |||
Amortized cost | 1,815,000,000 | 2,325,000,000 | |
Gross unrealized gains | 1,000,000 | 0 | |
Gross unrealized losses | 61,000,000 | 110,000,000 | |
Fair value | $ 1,755,000,000 | $ 2,215,000,000 |
Investment Securities - Fair Va
Investment Securities - Fair Value and Gross Unrealized Losses by Aging Category (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale securities | ||
Less than 12 months, Fair value | $ 10,737 | $ 20,904 |
Less than 12 months, Gross unrealized losses | 49 | 846 |
12 months or more, Fair value | 16,033 | 8,519 |
12 months or more, Gross unrealized losses | 866 | 746 |
Total fair value | 26,770 | 29,423 |
Total gross unrealized losses | 915 | 1,592 |
Total mortgage-backed securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 309 | 5,166 |
Less than 12 months, Gross unrealized losses | 3 | 170 |
12 months or more, Fair value | 3,657 | 1,143 |
12 months or more, Gross unrealized losses | 205 | 123 |
Total fair value | 3,966 | 6,309 |
Total gross unrealized losses | 208 | 293 |
U.S. GSEs and government agencies | ||
Available-for-sale securities | ||
Total fair value | 4,600 | 9,600 |
Residential: U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 81 | 1,187 |
Less than 12 months, Gross unrealized losses | 0 | 71 |
12 months or more, Fair value | 1,160 | 260 |
12 months or more, Gross unrealized losses | 68 | 40 |
Total fair value | 1,241 | 1,447 |
Total gross unrealized losses | 68 | 111 |
Residential: Non-U.S. | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 0 | 2,848 |
Less than 12 months, Gross unrealized losses | 0 | 25 |
12 months or more, Fair value | 722 | 70 |
12 months or more, Gross unrealized losses | 1 | 2 |
Total fair value | 722 | 2,918 |
Total gross unrealized losses | 1 | 27 |
Commercial | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 228 | 1,131 |
Less than 12 months, Gross unrealized losses | 3 | 74 |
12 months or more, Fair value | 1,775 | 813 |
12 months or more, Gross unrealized losses | 136 | 81 |
Total fair value | 2,003 | 1,944 |
Total gross unrealized losses | 139 | 155 |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 2,134 | 3,051 |
Less than 12 months, Gross unrealized losses | 20 | 241 |
12 months or more, Fair value | 2,278 | 364 |
12 months or more, Gross unrealized losses | 246 | 162 |
Total fair value | 4,412 | 3,415 |
Total gross unrealized losses | 266 | 403 |
Non-U.S. government debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 7,145 | 6,941 |
Less than 12 months, Gross unrealized losses | 23 | 321 |
12 months or more, Fair value | 4,987 | 3,848 |
12 months or more, Gross unrealized losses | 336 | 357 |
Total fair value | 12,132 | 10,789 |
Total gross unrealized losses | 359 | 678 |
Corporate debt securities | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 9 | 150 |
Less than 12 months, Gross unrealized losses | 0 | 2 |
12 months or more, Fair value | 79 | 207 |
12 months or more, Gross unrealized losses | 28 | 22 |
Total fair value | 88 | 357 |
Total gross unrealized losses | 28 | 24 |
Asset-backed securities: Collateralized loan obligations | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 932 | 3,010 |
Less than 12 months, Gross unrealized losses | 2 | 61 |
12 months or more, Fair value | 3,744 | 2,701 |
12 months or more, Gross unrealized losses | 26 | 64 |
Total fair value | 4,676 | 5,711 |
Total gross unrealized losses | 28 | 125 |
Asset-backed securities: Other | ||
Available-for-sale securities | ||
Less than 12 months, Fair value | 208 | 2,586 |
Less than 12 months, Gross unrealized losses | 1 | 51 |
12 months or more, Fair value | 1,288 | 256 |
12 months or more, Gross unrealized losses | 25 | 18 |
Total fair value | 1,496 | 2,842 |
Total gross unrealized losses | $ 26 | $ 69 |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses and Provision for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Securities gains and losses | |||
Realized gains | $ 622 | $ 198 | $ 595 |
Realized losses | (3,802) | (2,578) | (940) |
Investment securities losses | (3,180) | (2,380) | (345) |
Provision for credit losses | $ 38 | $ 54 | $ (36) |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 8,956 | |
Due after one year through five years | 38,140 | |
Due after five years through 10 years | 37,253 | |
Due after 10 years | 121,068 | |
Total | 205,417 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 8,868 | |
Due after one year through five years | 37,802 | |
Due after five years through 10 years | 37,115 | |
Due after 10 years | 117,919 | |
Total | $ 201,704 | $ 205,857 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 3.79% | |
Due after one year through five years | 5.53% | |
Due after five years through 10 years | 5.75% | |
Due after 10 years | 5.25% | |
Average yield | 5.33% | |
Held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 63,974 | |
Due after one year through five years | 66,647 | |
Due after five years through 10 years | 77,939 | |
Due after 10 years | 161,382 | |
Total | 369,942 | |
Held-to-maturity securities, Fair value | ||
Due in one year or less | 63,012 | |
Due after one year through five years | 61,560 | |
Due after five years through 10 years | 69,480 | |
Due after 10 years | 148,702 | |
Total | $ 342,754 | 388,648 |
Held-to-maturity securities, Average yield | ||
Due in one year or less | 0.63% | |
Due after one year through five years | 1.11% | |
Due after five years through 10 years | 2.74% | |
Due after 10 years | 3.96% | |
Average yield | 2.61% | |
Supplemental information | ||
Available for sale securities allowance for credit losses | $ 34 | |
Unallocated portfolio layer fair value hedge basis adjustments | 73 | |
Held-to-maturity securities allowance for credit losses | $ 94 | |
Agency residential MBS estimated duration | 7 years | |
Agency residential collateralized mortgage obligations estimated duration | 7 years | |
Nonagency residential collateralized mortgage obligations estimated duration | 6 years | |
Minimum | ||
Supplemental information | ||
Due period of mortgage-backed securities and collateralized mortgage obligations | 10 years | |
Total mortgage-backed securities | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 5,166 | |
Due after five years through 10 years | 5,660 | |
Due after 10 years | 84,175 | |
Total | 95,001 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 5,072 | |
Due after five years through 10 years | 5,662 | |
Due after 10 years | 80,878 | |
Total | $ 91,612 | 78,081 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 0% | |
Due after one year through five years | 5.27% | |
Due after five years through 10 years | 6.15% | |
Due after 10 years | 4.96% | |
Average yield | 5.05% | |
Held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 5,868 | |
Due after five years through 10 years | 8,382 | |
Due after 10 years | 111,649 | |
Total | 125,899 | |
Held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 5,480 | |
Due after five years through 10 years | 7,448 | |
Due after 10 years | 99,791 | |
Total | $ 112,719 | 118,717 |
Held-to-maturity securities, Average yield | ||
Due in one year or less | 0% | |
Due after one year through five years | 2.56% | |
Due after five years through 10 years | 2.58% | |
Due after 10 years | 3.02% | |
Average yield | 2.97% | |
U.S. Treasury and government agencies | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 1 | |
Due after one year through five years | 27,430 | |
Due after five years through 10 years | 23,884 | |
Due after 10 years | 6,736 | |
Total | 58,051 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 1 | |
Due after one year through five years | 27,212 | |
Due after five years through 10 years | 23,933 | |
Due after 10 years | 6,659 | |
Total | $ 57,805 | 92,060 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 5.44% | |
Due after one year through five years | 5.84% | |
Due after five years through 10 years | 6.15% | |
Due after 10 years | 6.60% | |
Average yield | 6.06% | |
Held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 63,974 | |
Due after one year through five years | 60,763 | |
Due after five years through 10 years | 48,929 | |
Due after 10 years | 0 | |
Total | 173,666 | |
Held-to-maturity securities, Fair value | ||
Due in one year or less | 63,012 | |
Due after one year through five years | 56,064 | |
Due after five years through 10 years | 41,516 | |
Due after 10 years | 0 | |
Total | $ 160,592 | 189,100 |
Held-to-maturity securities, Average yield | ||
Due in one year or less | 0.63% | |
Due after one year through five years | 0.97% | |
Due after five years through 10 years | 1.26% | |
Due after 10 years | 0% | |
Average yield | 0.93% | |
Obligations of U.S. states and municipalities | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 10 | |
Due after one year through five years | 55 | |
Due after five years through 10 years | 531 | |
Due after 10 years | 20,647 | |
Total | 21,243 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 10 | |
Due after one year through five years | 54 | |
Due after five years through 10 years | 533 | |
Due after 10 years | 20,770 | |
Total | $ 21,367 | 6,786 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 3.70% | |
Due after one year through five years | 3.03% | |
Due after five years through 10 years | 4.51% | |
Due after 10 years | 5.93% | |
Average yield | 5.89% | |
Held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 283 | |
Due after 10 years | 9,714 | |
Total | 9,997 | |
Held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 0 | |
Due after five years through 10 years | 254 | |
Due after 10 years | 9,174 | |
Total | $ 9,428 | 18,720 |
Held-to-maturity securities, Average yield | ||
Due in one year or less | 0% | |
Due after one year through five years | 0% | |
Due after five years through 10 years | 3.21% | |
Due after 10 years | 3.94% | |
Average yield | 3.92% | |
Non-U.S. government debt securities | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 8,841 | |
Due after one year through five years | 4,553 | |
Due after five years through 10 years | 3,658 | |
Due after 10 years | 4,335 | |
Total | 21,387 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 8,814 | |
Due after one year through five years | 4,537 | |
Due after five years through 10 years | 3,470 | |
Due after 10 years | 4,461 | |
Total | $ 21,282 | 19,696 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 3.68% | |
Due after one year through five years | 4.35% | |
Due after five years through 10 years | 2% | |
Due after 10 years | 3.79% | |
Average yield | 3.55% | |
Corporate debt securities | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 81 | |
Due after one year through five years | 67 | |
Due after five years through 10 years | 14 | |
Due after 10 years | 0 | |
Total | 162 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 20 | |
Due after one year through five years | 66 | |
Due after five years through 10 years | 14 | |
Due after 10 years | 0 | |
Total | $ 100 | $ 357 |
Available-for-sale securities, Average yield | ||
Due in one year or less | 15.37% | |
Due after one year through five years | 6.25% | |
Due after five years through 10 years | 4.10% | |
Due after 10 years | 0% | |
Average yield | 10.62% | |
Asset-backed securities | ||
Available-for-sale securities, Amortized Cost: | ||
Due in one year or less | $ 23 | |
Due after one year through five years | 869 | |
Due after five years through 10 years | 3,506 | |
Due after 10 years | 5,175 | |
Total | 9,573 | |
Available-for-sale securities, Fair value | ||
Due in one year or less | 23 | |
Due after one year through five years | 861 | |
Due after five years through 10 years | 3,503 | |
Due after 10 years | 5,151 | |
Total | $ 9,538 | |
Available-for-sale securities, Average yield | ||
Due in one year or less | 6.13% | |
Due after one year through five years | 3.72% | |
Due after five years through 10 years | 6.48% | |
Due after 10 years | 6.82% | |
Average yield | 6.41% | |
Held-to-maturity securities, Amortized cost | ||
Due in one year or less | $ 0 | |
Due after one year through five years | 16 | |
Due after five years through 10 years | 20,345 | |
Due after 10 years | 40,019 | |
Total | 60,380 | |
Held-to-maturity securities, Fair value | ||
Due in one year or less | 0 | |
Due after one year through five years | 16 | |
Due after five years through 10 years | 20,262 | |
Due after 10 years | 39,737 | |
Total | $ 60,015 | |
Held-to-maturity securities, Average yield | ||
Due in one year or less | 0% | |
Due after one year through five years | 6.86% | |
Due after five years through 10 years | 6.36% | |
Due after 10 years | 6.58% | |
Average yield | 6.50% |
Securities Financing Activiti_3
Securities Financing Activities - Gross and Net Amounts of Securities Financing Agreements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Securities purchased under resale agreements, Gross amounts | $ 523,308 | $ 597,912 |
Securities purchased under resale agreements, Amounts netted on the Consolidated balance sheets | (247,181) | (282,411) |
Securities purchased under resale agreements, Amounts presented on the Consolidated balance sheets | 276,127 | 315,501 |
Securities purchased under resale agreements, Amounts not nettable on the Consolidated balance sheets | (267,582) | (304,120) |
Securities purchased under resale agreements, Net amounts | 8,545 | 11,381 |
Securities borrowed, Gross amounts | 244,046 | 228,279 |
Securities borrowed, Amounts netted on the Consolidated balance sheets | (43,610) | (42,910) |
Securities borrowed, Amounts presented on the Consolidated balance sheets | 200,436 | 185,369 |
Securities borrowed, Amounts not nettable on the Consolidated balance sheets | (144,543) | (131,578) |
Securities borrowed, Net amounts | 55,893 | 53,791 |
Liabilities | ||
Securities sold under repurchase agreements, Gross amounts | 459,985 | 480,793 |
Securities sold under repurchase agreements, Amounts netted on the Consolidated balance sheets | (247,181) | (282,411) |
Securities sold under repurchase agreements, Amounts presented on the Consolidated balance sheets | 212,804 | 198,382 |
Securities sold under repurchase agreements, Amounts not nettable on the Consolidated balance sheets | (182,011) | (167,427) |
Securities sold under repurchase agreements, Net amounts | 30,793 | 30,955 |
Securities loaned and other, Gross amounts | 52,142 | 52,443 |
Securities loaned and other, Amounts netted on the Consolidated balance sheets | (43,610) | (42,910) |
Securities loaned and other, Amounts presented in the Consolidated balance sheets | 8,532 | 9,533 |
Securities loaned and other, Amounts not nettable on the Consolidated balance sheets | (8,501) | (9,527) |
Securities loaned and other, Net amounts | 31 | 6 |
Securities purchased under resale agreements | 7,100 | 6,000 |
Securities borrowed | 50,700 | 49,000 |
Securities sold under agreements to repurchase | 30,000 | 29,100 |
Securities-For-Securities | ||
Liabilities | ||
Securities loaned and other, Amounts presented in the Consolidated balance sheets | $ 5,600 | $ 7,000 |
Securities Financing Activiti_4
Securities Financing Activities - Types of Financial Assets Pledged and Remaining Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | $ 459,985 | $ 480,793 |
Securities loaned and other | 52,142 | 52,443 |
Overnight and continuous | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 259,048 | 205,235 |
Securities loaned and other | 49,610 | 50,138 |
Up to 30 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 102,941 | 170,696 |
Securities loaned and other | 1,544 | 1,285 |
30 – 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 20,960 | 37,120 |
Securities loaned and other | 0 | 3 |
Greater than 90 days | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 77,036 | 67,742 |
Securities loaned and other | 988 | 1,017 |
Mortgage-backed securities, U.S. GSEs and government agencies | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 71,064 | 58,050 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Residential - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 2,292 | 2,414 |
Securities loaned and other | 0 | 0 |
Mortgage-backed securities, Commercial - nonagency | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 2,669 | 2,007 |
Securities loaned and other | 0 | 0 |
U.S. Treasury, GSEs and government agencies(a) | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 216,467 | 191,254 |
Securities loaned and other | 1,034 | 1,464 |
Obligations of U.S. states and municipalities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 2,323 | 1,735 |
Securities loaned and other | 0 | 5 |
Non-U.S. government debt | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 97,400 | 155,156 |
Securities loaned and other | 1,455 | 1,259 |
Corporate debt securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 39,247 | 37,121 |
Securities loaned and other | 2,025 | 461 |
Asset-backed securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 2,703 | 2,981 |
Securities loaned and other | 0 | 0 |
Equity securities | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under repurchase agreements | 25,820 | 30,075 |
Securities loaned and other | $ 47,628 | $ 49,254 |
Securities Financing Activiti_5
Securities Financing Activities - Transfers Not Qualifying for Sale Accounting (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Securities Financing Transactions Disclosures [Abstract] | ||
Transfers not qualifying for sale accounting | $ 505 | $ 692 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) loan_payment loan_segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of portfolio segments | loan_segment | 3 | ||
Net gains/(losses) on sales of loans and lending-related commitments | $ 56 | $ (186) | $ 261 |
Net gains (losses) on sales of loans | $ 62 | $ (48) | $ 253 |
Residential real estate | Maximum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of months before updating exterior opinion on home valuation | 12 months | ||
Commercial real estate | Minimum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of months before updating collateral values on commercial real estate loans | 6 months | ||
Commercial real estate | Maximum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of months before updating collateral values on commercial real estate loans | 12 months | ||
180 or more days past due | Residential real estate loans, unmodified credit card loans, and business banking loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 180 days | ||
120 or more days past due | Scored auto and modified credit card loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans, charge-off criteria, period past due | 120 days | ||
Less than 60 days until charge-off | Residential real estate and auto loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 60 days | ||
Consumer, excluding credit card | Minimum | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of months the borrower has performed under modified terms | 6 months | ||
Number of payments under modified terms to recognize interest on cash basis | loan_payment | 6 | ||
Consumer, excluding credit card | 90 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 90 days | ||
Consumer, excluding credit card | 30 or more days past due | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Period past due, credit analysis factors, charge off criteria | 30 days |
Loans - By Portfolio Segment (D
Loans - By Portfolio Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loan balances by portfolio segment: | |||
Retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Held-for-sale | 3,985 | 3,970 | |
At fair value | 38,851 | 42,079 | |
Total | 1,323,706 | 1,135,647 | |
Accrued interest receivables | 6,800 | 5,200 | |
Accrued interest receivables written off | 49 | 39 | |
Consumer, excluding credit card | |||
Loan balances by portfolio segment: | |||
Retained loans | 397,275 | 300,753 | 295,556 |
Held-for-sale | 487 | 618 | |
At fair value | 12,331 | 10,004 | |
Total | 410,093 | 311,375 | |
Consumer, excluding credit card | First Republic | |||
Loan balances by portfolio segment: | |||
Retained loans | 90,700 | ||
At fair value | 1,900 | ||
Credit card | |||
Loan balances by portfolio segment: | |||
Retained loans | 211,123 | 185,175 | |
Held-for-sale | 0 | 0 | |
At fair value | 0 | 0 | |
Total | 211,123 | 185,175 | |
Wholesale | |||
Loan balances by portfolio segment: | |||
Retained loans | 672,472 | 603,670 | $ 560,354 |
Held-for-sale | 3,498 | 3,352 | |
At fair value | 26,520 | 32,075 | |
Total | 702,490 | $ 639,097 | |
Wholesale | First Republic | |||
Loan balances by portfolio segment: | |||
Retained loans | $ 53,900 |
Loans - Purchased, Sold and Rec
Loans - Purchased, Sold and Reclassified to Held-for-Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Purchases | $ 152,505 | $ 2,713 | $ 1,637 |
Sales | 46,151 | 44,818 | 31,821 |
Retained loans reclassified to held-for-sale | 1,760 | 1,284 | 3,403 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Purchases | 92,205 | 1,625 | 515 |
Sales | 2,202 | 2,884 | 799 |
Retained loans reclassified to held-for-sale | 274 | 229 | 1,225 |
Excluded purchases of retained loans predominantly sourced through the correspondent origination channel and underwritten in accordance with Firm standards | 5,100 | 12,400 | 25,800 |
Consumer, excluding credit card | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Purchases | 91,900 | ||
Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Retained loans reclassified to held-for-sale | 0 | 0 | 0 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Purchases | 60,300 | 1,088 | 1,122 |
Sales | 43,949 | 41,934 | 31,022 |
Retained loans reclassified to held-for-sale | 1,486 | $ 1,055 | $ 2,178 |
Wholesale | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Purchases | $ 59,200 |
Loans - Consumer, Excluding Cre
Loans - Consumer, Excluding Credit Card Loan Portfolio (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 397,275 | 300,753 | $ 295,556 |
Consumer, excluding credit card | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 90,700 | ||
Consumer, excluding credit card | Residential real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 326,409 | 237,561 | |
Consumer, excluding credit card | Residential real estate | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 90,700 | ||
Consumer, excluding credit card | Auto and other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 70,866 | $ 63,192 |
Loans - Consumer, Excluding C_2
Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans by origination year | |||
Total retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 7,653 | 4,326 | 4,564 |
Consumer, excluding credit card | |||
Loans by origination year | |||
Total retained loans | 397,275 | 300,753 | 295,556 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 1,151 | 812 | $ 630 |
Consumer, excluding credit card | First Republic | |||
Loans by origination year | |||
Total retained loans | 90,700 | ||
Consumer, excluding credit card | Residential real estate | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 23,250 | 39,964 | |
Term loans originated in 2022/2021 | 64,450 | 66,084 | |
Term loans originated in 2021/2020 | 84,602 | 43,335 | |
Term loans originated in 2020/2019 | 55,624 | 15,427 | |
Term loans originated in 2019/2018 | 21,592 | 6,366 | |
Term loans originated prior to 2019/2018 | 60,820 | 50,709 | |
Revolving loans within revolving period | 7,533 | 5,608 | |
Revolving loans converted to term loans | 8,538 | 10,068 | |
Total retained loans | $ 326,409 | $ 237,561 | |
% of 30+ days past due to total retained loans by origination year | |||
% of 30 plus days past due to total retained loans, Term loans originated in 2023/2022 | 0.15% | 0.08% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2022/2021 | 0.13% | 0.02% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020 | 0.13% | 0.05% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019 | 0.14% | 0.19% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018 | 0.29% | 0.42% | |
% of 30 plus days past due to total retained loans, Term loans originated prior to 2019/2018 | 2.04% | 2.07% | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 0.72% | 0.34% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 4.53% | 3.80% | |
% of 30 plus days past due to total retained loans | 0.63% | 0.66% | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | $ 0 | ||
Gross charge-offs originated in 2022 | 0 | ||
Gross charge-offs originated in 2021 | 0 | ||
Gross charge-offs originated in 2020 | 0 | ||
Gross charge-offs originated in 2019 | 4 | ||
Gross charge-offs originated prior to 2019 | 167 | ||
Gross charge-offs originated within the revolving period | 26 | ||
Gross charge-offs originated converted to term loans | 7 | ||
Total gross charge-offs | 204 | ||
Consumer, excluding credit card | Residential real estate | First Republic | |||
Loans by origination year | |||
Total retained loans | $ 90,700 | ||
Consumer, excluding credit card | Residential real estate | Senior lien | |||
Gross charge-offs by origination year | |||
Percentage of total revolving loans that are senior lien loans | 37% | ||
Consumer, excluding credit card | Residential real estate | Current | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | $ 23,216 | $ 39,934 | |
Term loans originated in 2022/2021 | 64,366 | 66,072 | |
Term loans originated in 2021/2020 | 84,496 | 43,315 | |
Term loans originated in 2020/2019 | 55,546 | 15,397 | |
Term loans originated in 2019/2018 | 21,530 | 6,339 | |
Term loans originated prior to 2019/2018 | 59,563 | 49,632 | |
Revolving loans within revolving period | 7,479 | 5,589 | |
Revolving loans converted to term loans | 8,151 | 9,685 | |
Total retained loans | 324,347 | 235,963 | |
Consumer, excluding credit card | Residential real estate | Current | First Republic | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 6,400 | ||
Term loans originated in 2022/2021 | 26,300 | ||
Term loans originated in 2021/2020 | 21,900 | ||
Term loans originated in 2020/2019 | 14,800 | ||
Term loans originated in 2019/2018 | 7,400 | ||
Term loans originated prior to 2019/2018 | 10,900 | ||
Revolving loans within revolving period | 2,500 | ||
Consumer, excluding credit card | Residential real estate | 30 or more days past due | First Republic | |||
Loans by origination year | |||
Total retained loans | 343 | ||
Consumer, excluding credit card | Residential real estate | 30–149 days past due | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 33 | 29 | |
Term loans originated in 2022/2021 | 74 | 11 | |
Term loans originated in 2021/2020 | 89 | 14 | |
Term loans originated in 2020/2019 | 70 | 20 | |
Term loans originated in 2019/2018 | 41 | 20 | |
Term loans originated prior to 2019/2018 | 801 | 597 | |
Revolving loans within revolving period | 49 | 15 | |
Revolving loans converted to term loans | 223 | 208 | |
Total retained loans | 1,380 | 914 | |
Consumer, excluding credit card | Residential real estate | 150 or more days past due | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 1 | 1 | |
Term loans originated in 2022/2021 | 10 | 1 | |
Term loans originated in 2021/2020 | 17 | 6 | |
Term loans originated in 2020/2019 | 8 | 10 | |
Term loans originated in 2019/2018 | 21 | 7 | |
Term loans originated prior to 2019/2018 | 456 | 480 | |
Revolving loans within revolving period | 5 | 4 | |
Revolving loans converted to term loans | 164 | 175 | |
Total retained loans | $ 682 | $ 684 |
Loans - Consumer, Excluding C_3
Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate, Nonaccrual Loans and Other Credit Quality Indicators (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Consumer, excluding credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 397,275 | 300,753 | $ 295,556 |
Consumer, excluding credit card | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 90,700 | ||
Consumer, excluding credit card | Residential real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Nonaccrual loans | 3,466 | 3,745 | |
Retained loans | $ 326,409 | $ 237,561 | |
Weighted average LTV ratio | 49% | 51% | |
Weighted average FICO | 770 | 769 | |
Approximate percentage of Chapter 7 loans 30 days or more past due | 9% | ||
Interest income on nonaccrual loans recognized on a cash basis | $ 180 | $ 175 | |
Consumer, excluding credit card | Residential real estate | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 90,700 | ||
Consumer, excluding credit card | Residential real estate | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 127,072 | 73,112 | |
Consumer, excluding credit card | Residential real estate | California | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 54,900 | ||
Consumer, excluding credit card | Residential real estate | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 48,815 | 34,471 | |
Consumer, excluding credit card | Residential real estate | New York | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 14,900 | ||
Consumer, excluding credit card | Residential real estate | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 22,778 | 18,870 | |
Consumer, excluding credit card | Residential real estate | Florida | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 3,500 | ||
Consumer, excluding credit card | Residential real estate | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 15,506 | 14,968 | |
Consumer, excluding credit card | Residential real estate | Massachusetts | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 14,213 | 6,380 | |
Consumer, excluding credit card | Residential real estate | Massachusetts | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 7,800 | ||
Consumer, excluding credit card | Residential real estate | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 10,856 | 11,296 | |
Consumer, excluding credit card | Residential real estate | Colorado | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 10,800 | 9,968 | |
Consumer, excluding credit card | Residential real estate | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 9,923 | 9,060 | |
Consumer, excluding credit card | Residential real estate | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 8,050 | 7,108 | |
Consumer, excluding credit card | Residential real estate | Connecticut | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 7,163 | 5,432 | |
Consumer, excluding credit card | Residential real estate | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 51,233 | 46,896 | |
Consumer, excluding credit card | Residential real estate | No FICO/LTV available | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 989 | 1,406 | |
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 72 | 2 | |
Consumer, excluding credit card | Residential real estate | Greater than 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 0 | 0 | |
Consumer, excluding credit card | Residential real estate | 101% to 125% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 223 | 174 | |
Consumer, excluding credit card | Residential real estate | 101% to 125% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 4 | 6 | |
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 6,491 | 12,034 | |
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Equal to or greater than 660 | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 1,100 | ||
Consumer, excluding credit card | Residential real estate | 80% to 100% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 102 | 184 | |
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 309,251 | 215,096 | |
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Equal to or greater than 660 | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 87,900 | ||
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Less than 660 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 9,277 | $ 8,659 | |
Consumer, excluding credit card | Residential real estate | Lower than 80% and refreshed FICO scores | Less than 660 | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 1,100 |
Loans - Consumer, Excluding C_4
Loans - Consumer, Excluding Credit Card Loan Portfolio, Residential Real Estate, Loan Modifications, Narrative (Details) - Consumer, excluding credit card - Residential real estate - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Modified [Line Items] | |||
Amortized cost basis of FDM's modified in the period | $ 136,000,000 | ||
Weighted-average term loan extensions | 20 years | ||
Weighted average contractual interest rate | 7.21% | 4.44% | |
Additional commitments to lend to borrowers whose loans have been modified as FDM's | $ 0 | ||
Loans subject to a trial modification | 69,000,000 | ||
Chapter 7 loans | 9,000,000 | ||
New TDRs | $ 362,000,000 | $ 866,000,000 | |
30 or more days past due | |||
Financing Receivable, Modified [Line Items] | |||
Amortized cost basis of FDMs in the 12 months after modification | 29,000,000 | ||
FDMs that re-defaulted | $ 17,000,000 |
Loans - Consumer, Excluding C_5
Loans - Consumer, Excluding Credit Card Loan Portfolio, Loan Modifications, Nature and Extent of TDRs (Details) - Consumer, excluding credit card - Residential real estate - loan | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Percentage, sum of items by type, may exceed | 100% | |
Trial Modification | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans modified | 3,902 | 6,246 |
Permanent Modification | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans modified | 4,182 | 4,588 |
Interest rate reduction | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 54% | 74% |
Term or payment extension | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 67% | 53% |
Principal and/or interest deferred | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 10% | 23% |
Principal forgiveness | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 1% | 2% |
Other | ||
Financing Receivable, Impaired [Line Items] | ||
Concession granted | 37% | 36% |
Loans - Consumer, Excluding C_6
Loans - Consumer, Excluding Credit Card Loan Portfolio, Financial Effects of TDRs and Redefaults (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Financing Receivable, Impaired [Line Items] | |||
Carrying value | $ 1,089,598 | $ 1,010,206 | $ 1,280,870 |
Consumer, excluding credit card | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying value | 300,753 | $ 295,556 | 397,275 |
Consumer, excluding credit card | Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying value | 237,561 | 326,409 | |
Consumer, excluding credit card | Residential real estate | In Process of Active or Suspended Foreclosure | |||
Financing Receivable, Impaired [Line Items] | |||
Carrying value | $ 565 | $ 566 | |
Consumer, excluding credit card | Residential real estate | Maximum | |||
Financing Receivable, Impaired [Line Items] | |||
Number of years before payment default under a modified loan | 1 year | ||
Consumer, excluding credit card | Residential real estate | Permanent Modification | |||
Financing Receivable, Impaired [Line Items] | |||
Weighted-average interest rate of loans with interest rate reductions – before TDR | 4.75% | 4.54% | |
Weighted-average interest rate of loans with interest rate reductions – after TDR | 3.35% | 2.92% | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – before TDR | 22 years | 23 years | |
Weighted-average remaining contractual term (in years) of loans with term or payment extensions – after TDR | 38 years | 38 years | |
Charge-offs recognized upon permanent modification | $ 1 | $ 0 | |
Principal deferred | 16 | 28 | |
Principal forgiven | 2 | 1 | |
Balance of loans that redefaulted within one year of permanent modification | $ 147 | $ 160 |
Loans - Consumer, Excluding C_7
Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans by origination year | |||
Total retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 7,653 | 4,326 | 4,564 |
Consumer, excluding credit card | |||
Loans by origination year | |||
Total retained loans | 397,275 | 300,753 | 295,556 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 1,151 | 812 | $ 630 |
Consumer, excluding credit card | Auto and other | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 30,605 | 22,450 | |
Term loans originated in 2022/2021 | 15,077 | 20,573 | |
Term loans originated in 2021/2020 | 13,063 | 11,525 | |
Term loans originated in 2020/2019 | 6,624 | 4,059 | |
Term loans originated in 2019/2018 | 1,820 | 1,500 | |
Term loans originated prior to 2019/2018 | 528 | 596 | |
Revolving loans within revolving period | 3,006 | 2,356 | |
Revolving loans converted to term loans | 143 | 133 | |
Total retained loans | $ 70,866 | $ 63,192 | |
% of 30+ days past due to total retained loans by origination year | |||
% of 30 plus days past due to total retained loans, Term loans originated in 2023/2022 | 0.91% | 1.17% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2022/2021 | 1.86% | 1.15% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2021/2020 | 1.75% | 0.83% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2020/2019 | 1.15% | 1.68% | |
% of 30 plus days past due to total retained loans, Term loans originated in 2019/2018 | 2.36% | 2.20% | |
% of 30 plus days past due to total retained loans, Term loans originated prior to 2019/2018 | 3.22% | 3.02% | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 0.73% | 0.59% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 28.67% | 11.28% | |
% of 30 plus days past due to total retained loans | 1.39% | 1.18% | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | $ 333 | ||
Gross charge-offs originated in 2022 | 297 | ||
Gross charge-offs originated in 2021 | 161 | ||
Gross charge-offs originated in 2020 | 53 | ||
Gross charge-offs originated in 2019 | 35 | ||
Gross charge-offs originated prior to 2019 | 64 | ||
Gross charge-offs originated within the revolving period | 0 | ||
Gross charge-offs originated converted to term loans | 4 | ||
Total gross charge-offs | 947 | ||
Consumer, excluding credit card | Auto and other | Current | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 30,328 | $ 22,187 | |
Term loans originated in 2022/2021 | 14,797 | 20,212 | |
Term loans originated in 2021/2020 | 12,825 | 11,401 | |
Term loans originated in 2020/2019 | 6,538 | 3,991 | |
Term loans originated in 2019/2018 | 1,777 | 1,467 | |
Term loans originated prior to 2019/2018 | 511 | 578 | |
Revolving loans within revolving period | 2,984 | 2,342 | |
Revolving loans converted to term loans | 102 | 118 | |
Total retained loans | 69,862 | 62,296 | |
Consumer, excluding credit card | Auto and other | 30 or more days past due | Paycheck Protection Program (PPP) | |||
Loans by origination year | |||
Total retained loans | 20 | 153 | |
Consumer, excluding credit card | Auto and other | 30–119 days past due | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 276 | 263 | |
Term loans originated in 2022/2021 | 279 | 308 | |
Term loans originated in 2021/2020 | 231 | 100 | |
Term loans originated in 2020/2019 | 78 | 68 | |
Term loans originated in 2019/2018 | 43 | 33 | |
Term loans originated prior to 2019/2018 | 17 | 17 | |
Revolving loans within revolving period | 19 | 12 | |
Revolving loans converted to term loans | 24 | 10 | |
Total retained loans | 967 | 811 | |
Consumer, excluding credit card | Auto and other | 120 or more days past due | |||
Loans by origination year | |||
Term loans originated in 2023/2022 | 1 | 0 | |
Term loans originated in 2022/2021 | 1 | 53 | |
Term loans originated in 2021/2020 | 7 | 24 | |
Term loans originated in 2020/2019 | 8 | 0 | |
Term loans originated in 2019/2018 | 0 | 0 | |
Term loans originated prior to 2019/2018 | 0 | 1 | |
Revolving loans within revolving period | 3 | 2 | |
Revolving loans converted to term loans | 17 | 5 | |
Total retained loans | $ 37 | $ 85 |
Loans - Consumer, Excluding C_8
Loans - Consumer, Excluding Credit Card Loan Portfolio, Auto and Other, Nonaccrual Loans and Other Credit Quality Indicators and Loan Modifications (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | $ 1,280,870,000,000 | $ 1,089,598,000,000 | $ 1,010,206,000,000 |
Consumer, excluding credit card | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 397,275,000,000 | 300,753,000,000 | $ 295,556,000,000 |
Consumer, excluding credit card | Auto and other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Nonaccrual loans | 177,000,000 | 129,000,000 | |
Retained loans | 70,866,000,000 | 63,192,000,000 | |
90 or more days past due and still accruing | 0 | ||
Consumer, excluding credit card | Auto and other | Paycheck Protection Program (PPP) | 90 or more days past due | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Nonaccrual loans | 15,000,000 | 76,000,000 | |
Retained loans | 15,000,000 | 101,000,000 | |
Consumer, excluding credit card | Auto and other | Not U.S. government-guaranteed | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
90 or more days past due and still accruing | 0 | ||
Consumer, excluding credit card | Auto and other | California | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 10,959,000,000 | 9,689,000,000 | |
Consumer, excluding credit card | Auto and other | Texas | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 8,502,000,000 | 7,216,000,000 | |
Consumer, excluding credit card | Auto and other | Florida | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 5,684,000,000 | 4,847,000,000 | |
Consumer, excluding credit card | Auto and other | New York | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 4,938,000,000 | 4,345,000,000 | |
Consumer, excluding credit card | Auto and other | Illinois | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 3,147,000,000 | 2,839,000,000 | |
Consumer, excluding credit card | Auto and other | New Jersey | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 2,609,000,000 | 2,219,000,000 | |
Consumer, excluding credit card | Auto and other | Georgia | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 1,912,000,000 | 1,708,000,000 | |
Consumer, excluding credit card | Auto and other | Pennsylvania | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 1,900,000,000 | 1,822,000,000 | |
Consumer, excluding credit card | Auto and other | Arizona | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 1,779,000,000 | 1,551,000,000 | |
Consumer, excluding credit card | Auto and other | North Carolina | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | 1,714,000,000 | 1,481,000,000 | |
Consumer, excluding credit card | Auto and other | All other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Retained loans | $ 27,722,000,000 | $ 25,475,000,000 |
Loans - Credit Card Loan Portfo
Loans - Credit Card Loan Portfolio, Delinquency Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Total gross charge-offs | 7,653 | 4,326 | $ 4,564 |
Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Revolving loans within revolving period | 210,117 | 184,379 | |
Revolving loans converted to term loans | 1,006 | 796 | |
Total retained loans | $ 211,123 | $ 185,175 | |
% of 30 plus days past due to total retained loans, Revolving loans within the revolving period | 2.09% | 1.40% | |
% of 30 plus days past due to total retained loans, Revolving loans converted to term loans | 12.33% | 12.56% | |
% of 30 plus days past due to total retained loans | 2.14% | 1.45% | |
% of 90 plus days past due to total retained loans, Revolving loans within the revolving period | 1.03% | 0.67% | |
% of 90 plus days past due to total retained loans, Revolving loans converted to term loans | 3.98% | 4.52% | |
% of 90 plus days past due to total retained loans | 1.05% | 0.68% | |
Gross charge-offs originated within the revolving period | $ 5,325 | ||
Gross charge-offs originated converted to term loans | 166 | ||
Total gross charge-offs | 5,491 | ||
Credit card | Current and less than 30 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Revolving loans within revolving period | 205,731 | $ 181,793 | |
Revolving loans converted to term loans | 882 | 696 | |
Total retained loans | 206,613 | 182,489 | |
Credit card | 30–89 days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Revolving loans within revolving period | 2,217 | 1,356 | |
Revolving loans converted to term loans | 84 | 64 | |
Total retained loans | 2,301 | 1,420 | |
Credit card | 90 or more days past due and still accruing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Revolving loans within revolving period | 2,169 | 1,230 | |
Revolving loans converted to term loans | 40 | 36 | |
Total retained loans | $ 2,209 | $ 1,266 |
Loans - Credit Card Loan Port_2
Loans - Credit Card Loan Portfolio, Other Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Credit card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 211,123 | $ 185,175 | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Equal to or greater than 660 | 85.80% | 86.80% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, Less than 660 | 14% | 13% | |
Percentage of portfolio based on carrying value with estimated refreshed FICO scores, No FICO available | 0.20% | 0.20% | |
Credit card | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 32,652 | $ 28,154 | |
Credit card | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 22,086 | 19,171 | |
Credit card | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 16,915 | 15,046 | |
Credit card | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 15,103 | 12,905 | |
Credit card | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 11,364 | 10,089 | |
Credit card | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 8,688 | 7,643 | |
Credit card | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 6,424 | 5,792 | |
Credit card | Colorado | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 6,307 | 5,493 | |
Credit card | Pennsylvania | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 6,088 | 5,517 | |
Credit card | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 5,209 | 4,487 | |
Credit card | All other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 80,287 | $ 70,878 |
Loans - Credit Card Loan Port_3
Loans - Credit Card Loan Portfolio, Loan Modifications, Narrative (Details) - Credit card $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) loan_payment | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | ||
Fixed payment plan period | 60 months | 60 months |
Loans subject to a trial modification | $ 27 | |
FDMs that re-defaulted | $ 50 | |
Modified loans, payment default, number of payments past due | loan_payment | 2 |
Loans - Credit Card Loan Port_4
Loans - Credit Card Loan Portfolio, Financial Effects of FDMs (Details) - Credit card - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | $ 648 | |
Term extension and interest rate reduction | ||
Financing Receivable, Modified [Line Items] | ||
Amortized cost basis | $ 648 | |
% of loan modifications to total retained credit card loans | 0.31% | |
Weighted average contractual interest rate | 3.64% | 23.19% |
Loans - Credit Card Loan Port_5
Loans - Credit Card Loan Portfolio, Payment Status of FDMs (Details) - Credit card $ in Millions | Dec. 31, 2023 USD ($) |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 648 |
Current | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 558 |
30–89 days past due and still accruing | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 59 |
90 or more days past due and still accruing | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 31 |
Loans - Credit Card Loan Port_6
Loans - Credit Card Loan Portfolio, Financial Effects of TDRs and Redefaults (Details) - Credit card - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Modified [Line Items] | ||
New enrollments, percent of total retained credit card loans (less than) | 1% | |
Balance of new TDRs | $ 418 | $ 393 |
Weighted-average interest rate of loans – before TDR | 19.86% | 17.75% |
Weighted-average interest rate of loans – after TDR | 4.13% | 5.14% |
Balance of loans that redefaulted within one year of modification | $ 34 | $ 57 |
Number of years before payment default under a modified loan | 1 year |
Loans - Wholesale Loan Portfoli
Loans - Wholesale Loan Portfolio, Internal Risk Ratings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Loans by origination year | |||
Total retained loans | 1,280,870 | 1,089,598 | 1,010,206 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 7,653 | 4,326 | 4,564 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 672,472 | $ 603,670 | 560,354 |
% of investment-grade to total retained loans | 68.23% | 70.47% | |
% of total criticized to total retained loans | 3.51% | 2.60% | |
% of criticized nonaccrual to total retained loans | 0.35% | 0.33% | |
Loans by origination year | |||
Total retained loans | $ 672,472 | $ 603,670 | 560,354 |
Gross charge-offs by origination year | |||
Total gross charge-offs | 1,011 | 322 | $ 283 |
Wholesale | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 53,900 | ||
Loans by origination year | |||
Total retained loans | 53,900 | ||
Wholesale | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 458,838 | 425,412 | |
Loans by origination year | |||
Total retained loans | 458,838 | 425,412 | |
Wholesale | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 213,634 | 178,258 | |
Loans by origination year | |||
Total retained loans | 213,634 | 178,258 | |
Wholesale | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 190,056 | 162,553 | |
Loans by origination year | |||
Total retained loans | 190,056 | 162,553 | |
Wholesale | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 21,232 | 13,742 | |
Loans by origination year | |||
Total retained loans | 21,232 | 13,742 | |
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 2,346 | 1,963 | |
Loans by origination year | |||
Total retained loans | 2,346 | 1,963 | |
Wholesale | Secured by real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 162,338 | $ 126,732 | |
% of investment-grade to total retained loans | 74.17% | 78.55% | |
% of total criticized to total retained loans | 4.74% | 3.08% | |
% of criticized nonaccrual to total retained loans | 0.25% | 0.19% | |
Loans by origination year | |||
Term loans originated in 2023/2022 | $ 15,164 | $ 30,206 | |
Term loans originated in 2022/2021 | 41,453 | 28,009 | |
Term loans originated in 2021/2020 | 33,623 | 17,805 | |
Term loans originated in 2020/2019 | 20,660 | 18,164 | |
Term loans originated in 2019/2018 | 19,664 | 7,672 | |
Term loans originated prior to 2019/2018 | 29,026 | 22,948 | |
Revolving loans within revolving period | 2,746 | 1,926 | |
Revolving loans converted to term loans | 2 | 2 | |
Total retained loans | 162,338 | 126,732 | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | 20 | ||
Gross charge-offs originated in 2022 | 48 | ||
Gross charge-offs originated in 2021 | 22 | ||
Gross charge-offs originated in 2020 | 0 | ||
Gross charge-offs originated in 2019 | 23 | ||
Gross charge-offs originated prior to 2019 | 78 | ||
Gross charge-offs originated within the revolving period | 0 | ||
Gross charge-offs originated converted to term loans | 1 | ||
Total gross charge-offs | 192 | ||
Wholesale | Secured by real estate | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 33,800 | ||
Loans by origination year | |||
Term loans originated in 2023/2022 | 3,300 | ||
Term loans originated in 2022/2021 | 11,200 | ||
Term loans originated in 2021/2020 | 6,200 | ||
Term loans originated in 2020/2019 | 4,300 | ||
Term loans originated in 2019/2018 | 2,900 | ||
Term loans originated prior to 2019/2018 | 5,100 | ||
Revolving loans within revolving period | 838 | ||
Total retained loans | 33,800 | ||
Wholesale | Secured by real estate | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 120,405 | 99,552 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 10,687 | 24,134 | |
Term loans originated in 2022/2021 | 28,874 | 22,407 | |
Term loans originated in 2021/2020 | 25,784 | 14,773 | |
Term loans originated in 2020/2019 | 16,820 | 14,666 | |
Term loans originated in 2019/2018 | 15,677 | 5,277 | |
Term loans originated prior to 2019/2018 | 21,108 | 17,289 | |
Revolving loans within revolving period | 1,455 | 1,006 | |
Revolving loans converted to term loans | 0 | 0 | |
Total retained loans | 120,405 | 99,552 | |
Wholesale | Secured by real estate | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 41,933 | 27,180 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 4,477 | 6,072 | |
Term loans originated in 2022/2021 | 12,579 | 5,602 | |
Term loans originated in 2021/2020 | 7,839 | 3,032 | |
Term loans originated in 2020/2019 | 3,840 | 3,498 | |
Term loans originated in 2019/2018 | 3,987 | 2,395 | |
Term loans originated prior to 2019/2018 | 7,918 | 5,659 | |
Revolving loans within revolving period | 1,291 | 920 | |
Revolving loans converted to term loans | 2 | 2 | |
Total retained loans | 41,933 | 27,180 | |
Wholesale | Secured by real estate | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 34,241 | 23,272 | |
Loans by origination year | |||
Total retained loans | 34,241 | 23,272 | |
Wholesale | Secured by real estate | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 7,291 | 3,662 | |
Loans by origination year | |||
Total retained loans | 7,291 | 3,662 | |
Wholesale | Secured by real estate | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 401 | $ 246 | |
% of criticized nonaccrual to total retained loans | 0.25% | 0.19% | |
Loans by origination year | |||
Total retained loans | $ 401 | $ 246 | |
Wholesale | Commercial and industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 167,166 | $ 167,660 | |
% of investment-grade to total retained loans | 43.44% | 45.49% | |
% of total criticized to total retained loans | 8.32% | 5.96% | |
% of criticized nonaccrual to total retained loans | 0.73% | 0.61% | |
Loans by origination year | |||
Term loans originated in 2023/2022 | $ 33,765 | $ 45,160 | |
Term loans originated in 2022/2021 | 27,086 | 20,782 | |
Term loans originated in 2021/2020 | 13,575 | 6,504 | |
Term loans originated in 2020/2019 | 4,280 | 4,501 | |
Term loans originated in 2019/2018 | 2,174 | 1,273 | |
Term loans originated prior to 2019/2018 | 2,121 | 2,003 | |
Revolving loans within revolving period | 84,090 | 87,354 | |
Revolving loans converted to term loans | 75 | 83 | |
Total retained loans | 167,166 | 167,660 | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | 25 | ||
Gross charge-offs originated in 2022 | 8 | ||
Gross charge-offs originated in 2021 | 110 | ||
Gross charge-offs originated in 2020 | 55 | ||
Gross charge-offs originated in 2019 | 2 | ||
Gross charge-offs originated prior to 2019 | 12 | ||
Gross charge-offs originated within the revolving period | 259 | ||
Gross charge-offs originated converted to term loans | 8 | ||
Total gross charge-offs | 479 | ||
Wholesale | Commercial and industrial | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 3,000 | ||
Loans by origination year | |||
Term loans originated in 2023/2022 | 364 | ||
Term loans originated in 2022/2021 | 568 | ||
Term loans originated in 2021/2020 | 471 | ||
Term loans originated in 2020/2019 | 212 | ||
Term loans originated in 2019/2018 | 53 | ||
Term loans originated prior to 2019/2018 | 121 | ||
Revolving loans within revolving period | 1,200 | ||
Revolving loans converted to term loans | 12 | ||
Total retained loans | 3,000 | ||
Wholesale | Commercial and industrial | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 72,624 | 76,275 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 14,875 | 21,072 | |
Term loans originated in 2022/2021 | 10,642 | 8,338 | |
Term loans originated in 2021/2020 | 4,276 | 3,045 | |
Term loans originated in 2020/2019 | 2,291 | 1,995 | |
Term loans originated in 2019/2018 | 1,030 | 748 | |
Term loans originated prior to 2019/2018 | 1,115 | 989 | |
Revolving loans within revolving period | 38,394 | 40,087 | |
Revolving loans converted to term loans | 1 | 1 | |
Total retained loans | 72,624 | 76,275 | |
Wholesale | Commercial and industrial | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 94,542 | 91,385 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 18,890 | 24,088 | |
Term loans originated in 2022/2021 | 16,444 | 12,444 | |
Term loans originated in 2021/2020 | 9,299 | 3,459 | |
Term loans originated in 2020/2019 | 1,989 | 2,506 | |
Term loans originated in 2019/2018 | 1,144 | 525 | |
Term loans originated prior to 2019/2018 | 1,006 | 1,014 | |
Revolving loans within revolving period | 45,696 | 47,267 | |
Revolving loans converted to term loans | 74 | 82 | |
Total retained loans | 94,542 | 91,385 | |
Wholesale | Commercial and industrial | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 80,637 | 81,393 | |
Loans by origination year | |||
Total retained loans | 80,637 | 81,393 | |
Wholesale | Commercial and industrial | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 12,684 | 8,974 | |
Loans by origination year | |||
Total retained loans | 12,684 | 8,974 | |
Wholesale | Commercial and industrial | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 1,221 | 1,018 | |
Loans by origination year | |||
Total retained loans | 1,221 | 1,018 | |
Wholesale | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 342,968 | $ 309,278 | |
% of investment-grade to total retained loans | 77.50% | 80.70% | |
% of total criticized to total retained loans | 0.58% | 0.58% | |
% of criticized nonaccrual to total retained loans | 0.21% | 0.23% | |
Loans by origination year | |||
Term loans originated in 2023/2022 | $ 52,392 | $ 48,950 | |
Term loans originated in 2022/2021 | 26,126 | 22,960 | |
Term loans originated in 2021/2020 | 16,202 | 14,836 | |
Term loans originated in 2020/2019 | 12,271 | 5,228 | |
Term loans originated in 2019/2018 | 4,532 | 2,610 | |
Term loans originated prior to 2019/2018 | 8,663 | 7,726 | |
Revolving loans within revolving period | 220,529 | 203,289 | |
Revolving loans converted to term loans | 2,253 | 3,679 | |
Total retained loans | 342,968 | 309,278 | |
Gross charge-offs by origination year | |||
Gross charge-offs originated in 2023 | 5 | ||
Gross charge-offs originated in 2022 | 298 | ||
Gross charge-offs originated in 2021 | 8 | ||
Gross charge-offs originated in 2020 | 8 | ||
Gross charge-offs originated in 2019 | 0 | ||
Gross charge-offs originated prior to 2019 | 8 | ||
Gross charge-offs originated within the revolving period | 13 | ||
Gross charge-offs originated converted to term loans | 0 | ||
Total gross charge-offs | 340 | ||
Wholesale | Other | Individuals and individual entities | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 106,900 | ||
Loans by origination year | |||
Total retained loans | 106,900 | ||
Wholesale | Other | SPEs | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 91,200 | ||
Loans by origination year | |||
Total retained loans | 91,200 | ||
Wholesale | Other | Financial institutions | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 87,500 | ||
Loans by origination year | |||
Total retained loans | 87,500 | ||
Wholesale | Other | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 17,100 | ||
Loans by origination year | |||
Term loans originated in 2023/2022 | 610 | ||
Term loans originated in 2022/2021 | 1,000 | ||
Term loans originated in 2021/2020 | 820 | ||
Term loans originated in 2020/2019 | 1,100 | ||
Term loans originated in 2019/2018 | 244 | ||
Term loans originated prior to 2019/2018 | 1,400 | ||
Revolving loans within revolving period | 11,800 | ||
Revolving loans converted to term loans | 56 | ||
Total retained loans | 17,100 | ||
Wholesale | Other | Investment-grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 265,809 | 249,585 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 38,338 | 32,121 | |
Term loans originated in 2022/2021 | 18,034 | 15,864 | |
Term loans originated in 2021/2020 | 10,033 | 13,015 | |
Term loans originated in 2020/2019 | 10,099 | 4,529 | |
Term loans originated in 2019/2018 | 3,721 | 2,159 | |
Term loans originated prior to 2019/2018 | 6,662 | 7,251 | |
Revolving loans within revolving period | 176,728 | 171,049 | |
Revolving loans converted to term loans | 2,194 | 3,597 | |
Total retained loans | 265,809 | 249,585 | |
Wholesale | Other | Total noninvestment- grade | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 77,159 | 59,693 | |
Loans by origination year | |||
Term loans originated in 2023/2022 | 14,054 | 16,829 | |
Term loans originated in 2022/2021 | 8,092 | 7,096 | |
Term loans originated in 2021/2020 | 6,169 | 1,821 | |
Term loans originated in 2020/2019 | 2,172 | 699 | |
Term loans originated in 2019/2018 | 811 | 451 | |
Term loans originated prior to 2019/2018 | 2,001 | 475 | |
Revolving loans within revolving period | 43,801 | 32,240 | |
Revolving loans converted to term loans | 59 | 82 | |
Total retained loans | 77,159 | 59,693 | |
Wholesale | Other | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 75,178 | 57,888 | |
Loans by origination year | |||
Total retained loans | 75,178 | 57,888 | |
Wholesale | Other | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 1,257 | 1,106 | |
Loans by origination year | |||
Total retained loans | 1,257 | 1,106 | |
Wholesale | Other | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 724 | 699 | |
Loans by origination year | |||
Total retained loans | $ 724 | $ 699 |
Loans - Wholesale Loan Portfo_2
Loans - Wholesale Loan Portfolio, Loans Secured by Real Estate (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Wholesale | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 672,472 | $ 603,670 | $ 560,354 |
% of criticized to total retained loans secured by real estate | 3.51% | 2.60% | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.35% | 0.33% | |
Wholesale | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 53,900 | ||
Wholesale | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 2,346 | $ 1,963 | |
Wholesale | Secured by real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 162,338 | $ 126,732 | |
% of criticized to total retained loans secured by real estate | 4.74% | 3.08% | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.25% | 0.19% | |
Wholesale | Secured by real estate | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 33,800 | ||
Wholesale | Secured by real estate | Commercial construction and development | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 10,200 | $ 6,400 | |
Wholesale | Secured by real estate | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 100,725 | 79,139 | |
Wholesale | Secured by real estate | Multifamily | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 20,700 | ||
Wholesale | Secured by real estate | Other Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 61,613 | 47,593 | |
Wholesale | Secured by real estate | Other Commercial | First Republic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | 13,100 | ||
Wholesale | Secured by real estate | Criticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 7,692 | $ 3,908 | |
% of criticized to total retained loans secured by real estate | 4.74% | 3.08% | |
Wholesale | Secured by real estate | Criticized | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 3,596 | $ 1,916 | |
% of criticized to total retained loans secured by real estate | 3.57% | 2.42% | |
Wholesale | Secured by real estate | Criticized | Other Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 4,096 | $ 1,992 | |
% of criticized to total retained loans secured by real estate | 6.65% | 4.19% | |
Wholesale | Secured by real estate | Criticized nonaccrual | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 401 | $ 246 | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.25% | 0.19% | |
Wholesale | Secured by real estate | Criticized nonaccrual | Multifamily | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 76 | $ 51 | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.08% | 0.06% | |
Wholesale | Secured by real estate | Criticized nonaccrual | Other Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Retained loans | $ 325 | $ 195 | |
% of criticized nonaccrual loans to total retained loans secured by real estate | 0.53% | 0.41% |
Loans - Wholesale Loan Portfo_3
Loans - Wholesale Loan Portfolio, Geographic Distribution and Delinquency (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | |||
Retained loans | $ 1,280,870 | $ 1,089,598 | $ 1,010,206 |
Wholesale | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 672,472 | 603,670 | $ 560,354 |
Wholesale | Criticized nonaccrual | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 2,346 | 1,963 | |
Wholesale | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 667,341 | 599,009 | |
Wholesale | 30–89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 2,447 | 2,544 | |
Wholesale | 90 or more days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 338 | 154 | |
Wholesale | U.S. offices | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 549,636 | 479,589 | |
Wholesale | Non-U.S. offices | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 122,836 | 124,081 | |
Secured by real estate | Wholesale | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 162,338 | 126,732 | |
Secured by real estate | Wholesale | Criticized nonaccrual | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 401 | 246 | |
Secured by real estate | Wholesale | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 161,314 | 126,083 | |
Secured by real estate | Wholesale | 30–89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 473 | 402 | |
Secured by real estate | Wholesale | 90 or more days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 150 | 1 | |
Secured by real estate | Wholesale | U.S. offices | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 159,499 | 123,740 | |
Secured by real estate | Wholesale | Non-U.S. offices | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 2,839 | 2,992 | |
Commercial and industrial | Wholesale | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 167,166 | 167,660 | |
Commercial and industrial | Wholesale | Criticized nonaccrual | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 1,221 | 1,018 | |
Commercial and industrial | Wholesale | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 164,899 | 165,415 | |
Commercial and industrial | Wholesale | 30–89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 884 | 1,127 | |
Commercial and industrial | Wholesale | 90 or more days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 162 | 100 | |
Commercial and industrial | Wholesale | U.S. offices | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 127,638 | 125,324 | |
Commercial and industrial | Wholesale | Non-U.S. offices | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 39,528 | 42,336 | |
Other | Wholesale | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 342,968 | 309,278 | |
Other | Wholesale | Criticized nonaccrual | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 724 | 699 | |
Other | Wholesale | Current | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 341,128 | 307,511 | |
Other | Wholesale | 30–89 days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 1,090 | 1,015 | |
Other | Wholesale | 90 or more days past due and still accruing | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 26 | 53 | |
Other | Wholesale | U.S. offices | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | 262,499 | 230,525 | |
Other | Wholesale | Non-U.S. offices | |||
Financing Receivable, Past Due [Line Items] | |||
Retained loans | $ 80,469 | $ 78,753 |
Loans - Wholesale Loan Portfo_4
Loans - Wholesale Loan Portfolio, Nonaccrual Loans (Details) - Wholesale - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | $ 1,397 | $ 1,345 |
Without an allowance | 949 | 618 |
Total nonaccrual loans | 2,346 | 1,963 |
Secured by real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 129 | 172 |
Without an allowance | 272 | 74 |
Total nonaccrual loans | 401 | 246 |
Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 776 | 686 |
Without an allowance | 445 | 332 |
Total nonaccrual loans | 1,221 | 1,018 |
Other | ||
Financing Receivable, Nonaccrual [Line Items] | ||
With an allowance | 492 | 487 |
Without an allowance | 232 | 212 |
Total nonaccrual loans | $ 724 | $ 699 |
Loans - Wholesale Loan Portfo_5
Loans - Wholesale Loan Portfolio, Financial Effect of FDMs (Details) - Wholesale $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Secured by real estate | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 160 |
Secured by real estate | Term extension | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 149 |
% of loan modifications to total retained credit card loans | 0.09% |
Weighted-average term loan extensions | 14 months |
Secured by real estate | Other-than-insignificant payment deferral | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 3 |
% of loan modifications to total retained credit card loans | 0% |
Secured by real estate | Interest rate reduction and term extension | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 3 |
% of loan modifications to total retained credit card loans | 0% |
Weighted-average contractual interest rate reduction | 3.50% |
Weighted-average term loan extensions | 3 months |
Secured by real estate | Other-than-insignificant payment deferral and interest rate reduction | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 5 |
% of loan modifications to total retained credit card loans | 0% |
Weighted-average contractual interest rate reduction | 1.84% |
Commercial and industrial | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 1,363 |
Commercial and industrial | Term extension | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 916 |
% of loan modifications to total retained credit card loans | 0.55% |
Weighted-average term loan extensions | 17 months |
Commercial and industrial | Other-than-insignificant payment deferral | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 402 |
% of loan modifications to total retained credit card loans | 0.24% |
Commercial and industrial | Other-than-insignificant payment deferral and term extension | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 35 |
% of loan modifications to total retained credit card loans | 0.02% |
Weighted-average term loan extensions | 7 months |
Commercial and industrial | Other-than-insignificant payment deferral and interest rate reduction and term extension | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 2 |
% of loan modifications to total retained credit card loans | 0% |
Weighted-average contractual interest rate reduction | 0.75% |
Weighted-average term loan extensions | 29 months |
Commercial and industrial | Term extension and principal forgiveness | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 7 |
% of loan modifications to total retained credit card loans | 0% |
Weighted-average term loan extensions | 76 months |
Reduction in amortized cost basis | $ 5 |
Commercial and industrial | Interest rate reduction and term extension | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 1 |
% of loan modifications to total retained credit card loans | 0% |
Weighted-average term loan extensions | 16 months |
Other | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 609 |
Other | Interest rate reduction | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 9 |
% of loan modifications to total retained credit card loans | 0% |
Weighted-average contractual interest rate reduction | 6.54% |
Other | Term extension | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 355 |
% of loan modifications to total retained credit card loans | 0.10% |
Weighted-average term loan extensions | 23 months |
Other | Other-than-insignificant payment deferral and term extension | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 245 |
% of loan modifications to total retained credit card loans | 0.07% |
Weighted-average term loan extensions | 137 months |
Loans - Wholesale Loan Portfo_6
Loans - Wholesale Loan Portfolio, Payment Status of FDMs (Details) - Wholesale $ in Millions | Dec. 31, 2023 USD ($) |
Secured by real estate | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 160 |
Secured by real estate | Criticized nonaccrual | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 40 |
Secured by real estate | Current | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 118 |
Secured by real estate | 30–89 days past due and still accruing | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 2 |
Commercial and industrial | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 1,363 |
Commercial and industrial | Criticized nonaccrual | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 374 |
Commercial and industrial | Current | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 947 |
Commercial and industrial | 30–89 days past due and still accruing | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 42 |
Other | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 609 |
Other | Criticized nonaccrual | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 209 |
Other | Current | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | 400 |
Other | 30–89 days past due and still accruing | |
Financing Receivable, Modified [Line Items] | |
Amortized cost basis | $ 0 |
Loans - Wholesale Loan Portfo_7
Loans - Wholesale Loan Portfolio, FDMs that Re-defaulted (Details) - Wholesale - 30 or more days past due $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Secured by real estate | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | $ 6 |
Secured by real estate | Term extension | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 1 |
Secured by real estate | Other-than-insignificant payment deferral | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 2 |
Secured by real estate | Term extension and interest rate reduction | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 3 |
Commercial and industrial | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 50 |
Commercial and industrial | Term extension | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 49 |
Commercial and industrial | Other-than-insignificant payment deferral | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 0 |
Commercial and industrial | Term extension and interest rate reduction | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 1 |
Other | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 31 |
Other | Term extension | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 31 |
Other | Other-than-insignificant payment deferral | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | 0 |
Other | Term extension and interest rate reduction | |
Financing Receivable, Modified [Line Items] | |
FDMs that re-defaulted | $ 0 |
Loans - Wholesale Loan Portfo_8
Loans - Wholesale Loan Portfolio, Loan Modifications, Narrative (Details) - Wholesale - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | |||
New TDRs | $ 801,000,000 | $ 881,000,000 | |
Commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Additional commitments to lend to borrowers whose loans have been modified as FDM's | $ 1,800,000,000 | ||
Other | |||
Financing Receivable, Impaired [Line Items] | |||
Additional commitments to lend to borrowers whose loans have been modified as FDM's | 4,000,000 | ||
Secured by real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Additional commitments to lend to borrowers whose loans have been modified as FDM's | $ 0 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Decrease to allowance for credit losses | $ (22,420) | $ (19,726) | $ (16,386) | $ (28,328) |
Increase to retained earnings | 327,878 | 292,332 | 294,127 | |
Allowance for credit losses | 24,800 | |||
Net addition (reduction) to the allowance for credit losses | 3,100 | |||
First Republic | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Net addition (reduction) to the allowance for credit losses | 1,200 | |||
Wholesale and Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Net addition (reduction) to the allowance for credit losses | 1,900 | |||
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Net addition (reduction) to the allowance for credit losses | 1,300 | |||
Consumer | Card Services | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Net addition (reduction) to the allowance for credit losses | 1,400 | |||
Consumer | Home Lending | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Net addition (reduction) to the allowance for credit losses | (200) | |||
Wholesale | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Decrease to allowance for credit losses | (8,114) | (6,486) | (4,371) | (6,892) |
Net addition (reduction) to the allowance for credit losses | 675 | |||
Retained earnings | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Increase to retained earnings | $ 332,901 | 296,456 | $ 272,268 | $ 236,990 |
Cumulative effect of change in accounting principles | Retained earnings | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Increase to retained earnings | 449 | |||
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Decrease to allowance for credit losses | 587 | |||
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | Wholesale | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Decrease to allowance for credit losses | (2) | |||
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | Retained earnings | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Increase to retained earnings | $ 446 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for loan losses | |||
Beginning balance | $ 19,726 | $ 16,386 | $ 28,328 |
Gross charge-offs | 7,653 | 4,326 | 4,564 |
Gross recoveries collected | (1,444) | (1,473) | (1,699) |
Net charge-offs | 6,209 | 2,853 | 2,865 |
Provision for loan losses | 9,468 | 6,189 | (9,071) |
Other | 22 | 4 | (6) |
Ending balance | 22,420 | 19,726 | 16,386 |
Allowance for lending-related commitments | |||
Beginning balance | 2,382 | 2,261 | 2,409 |
Provision for lending-related commitments | (408) | 120 | (149) |
Other | 0 | 1 | 1 |
Ending balance | 1,974 | 2,382 | 2,261 |
Total allowance for investment securities | 128 | 96 | 42 |
Total allowance for credit losses | 24,522 | 22,204 | 18,689 |
Allowance for loan losses by impairment methodology | |||
Asset-specific | (484) | 66 | (89) |
Portfolio-based | 22,904 | 19,660 | 16,475 |
Total allowance for loan losses | 22,420 | 19,726 | 16,386 |
Loans by impairment methodology | |||
Asset-specific | 5,625 | 14,963 | 17,161 |
Portfolio-based | 1,275,245 | 1,074,635 | 993,045 |
Total retained loans | 1,280,870 | 1,089,598 | 1,010,206 |
Collateral-dependent loans | |||
Net charge-offs | 6,209 | 2,853 | 2,865 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 89 | 90 | 167 |
Portfolio-based | 1,885 | 2,292 | 2,094 |
Total allowance for lending-related commitments | 1,974 | 2,382 | 2,261 |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |||
Asset-specific | 464 | 455 | 764 |
Portfolio-based | 544,825 | 482,111 | 483,159 |
Total lending-related commitments | 545,289 | 482,566 | 483,923 |
CIB | |||
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |||
Allowance for credit losses associated with accounts receivable | 243 | 21 | |
Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs | 186 | (17) | 71 |
Collateral-dependent loans | |||
Net charge-offs | 186 | (17) | 71 |
Loans measured at fair value of collateral less cost to sell | 4,228 | 4,049 | 5,089 |
Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | |||
Allowance for loan losses | |||
Beginning balance | (587) | ||
Ending balance | (587) | ||
Allowance for loan losses by impairment methodology | |||
Total allowance for loan losses | (587) | ||
Consumer, excluding credit card | |||
Allowance for loan losses | |||
Beginning balance | 2,040 | 1,765 | 3,636 |
Gross charge-offs | 1,151 | 812 | 630 |
Gross recoveries collected | (519) | (543) | (619) |
Net charge-offs | 632 | 269 | 11 |
Provision for loan losses | 936 | 543 | (1,858) |
Other | 1 | 1 | (2) |
Ending balance | 1,856 | 2,040 | 1,765 |
Allowance for lending-related commitments | |||
Beginning balance | 76 | 113 | 187 |
Provision for lending-related commitments | (1) | (37) | (75) |
Other | 0 | 0 | 1 |
Ending balance | 75 | 76 | 113 |
Total allowance for credit losses | 1,931 | 2,116 | 1,878 |
Allowance for loan losses by impairment methodology | |||
Asset-specific | (876) | (624) | (665) |
Portfolio-based | 2,732 | 2,664 | 2,430 |
Total allowance for loan losses | 1,856 | 2,040 | 1,765 |
Loans by impairment methodology | |||
Asset-specific | 3,287 | 11,978 | 13,919 |
Portfolio-based | 393,988 | 288,775 | 281,637 |
Total retained loans | 397,275 | 300,753 | 295,556 |
Collateral-dependent loans | |||
Net charge-offs | 632 | 269 | 11 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | 0 |
Portfolio-based | 75 | 76 | 113 |
Total allowance for lending-related commitments | 75 | 76 | 113 |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |||
Asset-specific | 0 | 0 | 0 |
Portfolio-based | 28,248 | 20,423 | 29,588 |
Total lending-related commitments | 28,248 | 20,423 | 29,588 |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 17,200 | 13,100 | 15,700 |
Consumer, excluding credit card | Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs | 6 | (33) | 33 |
Collateral-dependent loans | |||
Net charge-offs | 6 | (33) | 33 |
Loans measured at fair value of collateral less cost to sell | 3,216 | 3,585 | 4,472 |
Consumer, excluding credit card | Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | |||
Allowance for loan losses | |||
Beginning balance | (489) | ||
Ending balance | (489) | ||
Allowance for loan losses by impairment methodology | |||
Total allowance for loan losses | (489) | ||
Credit card | |||
Allowance for loan losses | |||
Beginning balance | 11,200 | 10,250 | 17,800 |
Gross charge-offs | 5,491 | 3,192 | 3,651 |
Gross recoveries collected | (793) | (789) | (939) |
Net charge-offs | 4,698 | 2,403 | 2,712 |
Provision for loan losses | 6,048 | 3,353 | (4,838) |
Other | 0 | 0 | 0 |
Ending balance | 12,450 | 11,200 | 10,250 |
Allowance for lending-related commitments | |||
Beginning balance | 0 | 0 | 0 |
Provision for lending-related commitments | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Total allowance for credit losses | 12,450 | 11,200 | 10,250 |
Allowance for loan losses by impairment methodology | |||
Asset-specific | 0 | 223 | 313 |
Portfolio-based | 12,450 | 10,977 | 9,937 |
Total allowance for loan losses | 12,450 | 11,200 | 10,250 |
Loans by impairment methodology | |||
Asset-specific | 0 | 796 | 987 |
Portfolio-based | 211,123 | 184,379 | 153,309 |
Total retained loans | 211,123 | 185,175 | 154,296 |
Collateral-dependent loans | |||
Net charge-offs | 4,698 | 2,403 | 2,712 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 0 | 0 | 0 |
Portfolio-based | 0 | 0 | 0 |
Total allowance for lending-related commitments | 0 | 0 | 0 |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |||
Asset-specific | 0 | 0 | 0 |
Portfolio-based | 0 | 0 | 0 |
Total lending-related commitments | 0 | 0 | 0 |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 915,700 | 821,300 | 730,500 |
Credit card | Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs | 0 | 0 | 0 |
Collateral-dependent loans | |||
Net charge-offs | 0 | 0 | 0 |
Loans measured at fair value of collateral less cost to sell | 0 | 0 | 0 |
Credit card | Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | |||
Allowance for loan losses | |||
Beginning balance | (100) | ||
Ending balance | (100) | ||
Allowance for loan losses by impairment methodology | |||
Total allowance for loan losses | (100) | ||
Wholesale | |||
Allowance for loan losses | |||
Beginning balance | 6,486 | 4,371 | 6,892 |
Gross charge-offs | 1,011 | 322 | 283 |
Gross recoveries collected | (132) | (141) | (141) |
Net charge-offs | 879 | 181 | 142 |
Provision for loan losses | 2,484 | 2,293 | (2,375) |
Other | 21 | 3 | (4) |
Ending balance | 8,114 | 6,486 | 4,371 |
Allowance for lending-related commitments | |||
Beginning balance | 2,306 | 2,148 | 2,222 |
Provision for lending-related commitments | (407) | 157 | (74) |
Other | 0 | 1 | 0 |
Ending balance | 1,899 | 2,306 | 2,148 |
Total allowance for credit losses | 10,013 | 8,792 | 6,519 |
Allowance for loan losses by impairment methodology | |||
Asset-specific | 392 | 467 | 263 |
Portfolio-based | 7,722 | 6,019 | 4,108 |
Total allowance for loan losses | 8,114 | 6,486 | 4,371 |
Loans by impairment methodology | |||
Asset-specific | 2,338 | 2,189 | 2,255 |
Portfolio-based | 670,134 | 601,481 | 558,099 |
Total retained loans | 672,472 | 603,670 | 560,354 |
Collateral-dependent loans | |||
Net charge-offs | 879 | 181 | 142 |
Allowance for lending-related commitments by impairment methodology | |||
Asset-specific | 89 | 90 | 167 |
Portfolio-based | 1,810 | 2,216 | 1,981 |
Total allowance for lending-related commitments | 1,899 | 2,306 | 2,148 |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |||
Asset-specific | 464 | 455 | 764 |
Portfolio-based | 516,577 | 461,688 | 453,571 |
Total lending-related commitments | 517,041 | 462,143 | 454,335 |
Credit card lending-related commitments not permitted to have an allowance for credit losses | 19,700 | 9,800 | 32,100 |
Wholesale | Collateral-dependent loans | |||
Allowance for loan losses | |||
Net charge-offs | 180 | 16 | 38 |
Collateral-dependent loans | |||
Net charge-offs | 180 | 16 | 38 |
Loans measured at fair value of collateral less cost to sell | 1,012 | 464 | $ 617 |
Wholesale | Cumulative effect of change in accounting principles | Accounting Standards Update 2022-02 | |||
Allowance for loan losses | |||
Beginning balance | $ 2 | ||
Ending balance | 2 | ||
Allowance for loan losses by impairment methodology | |||
Total allowance for loan losses | $ 2 |
Variable Interest Entities - Cr
Variable Interest Entities - Credit Card Securitizations (Details) - Firm-sponsored credit card trusts - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | ||
Minimum undivided interest in credit card trusts | 65% | 62% |
Undivided interests in Firm-sponsored credit card securitization trusts | $ 4,900,000,000 | $ 6,100,000,000 |
Senior securities | ||
Variable Interest Entity [Line Items] | ||
Undivided interests in Firm-sponsored credit card securitization trusts | 0 | 0 |
Subordinated securities | ||
Variable Interest Entity [Line Items] | ||
Undivided interests in Firm-sponsored credit card securitization trusts | $ 1,500,000,000 | $ 1,500,000,000 |
Minimum | ||
Variable Interest Entity [Line Items] | ||
Minimum undivided interest in credit card trusts | 5% |
Variable Interest Entities - Fi
Variable Interest Entities - Firm Sponsored Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | $ 235,493 | $ 229,986 |
Retained securitization interests, risk-rated 'A' or better, at fair value | 77% | 84% |
Corporate & Investment Bank | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Senior securities purchased in connection with CIB's secondary market-making activities | $ 52 | $ 134 |
Residential mortgage | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 2,500 | 2,600 |
Residential mortgage | Noninvestment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 88 | 27 |
Residential mortgage | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 58,570 | 55,362 |
Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 8,881 | 9,709 |
Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Total assets held by securitization VIEs | 168,042 | 164,915 |
Commercial and other | Investment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 6,100 | 5,800 |
Commercial and other | Noninvestment-grade | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Fair value of retained interests | 1,700 | 1,100 |
VIEs consolidated by the Firm | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 675 | 754 |
VIEs consolidated by the Firm | Residential mortgage | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 675 | 754 |
VIEs consolidated by the Firm | Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 0 | 0 |
VIEs consolidated by the Firm | Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in consolidated securitization VIEs | 0 | 0 |
Nonconsolidated entities | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 160,893 | 165,838 |
Interest in securitized assets in nonconsolidated VIEs | 10,462 | 9,603 |
Nonconsolidated entities | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 1,429 | 1,642 |
Nonconsolidated entities | Investment securities - AFS | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 7,619 | 7,291 |
Nonconsolidated entities | Other financial assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 1,414 | 670 |
Nonconsolidated entities | Residential mortgage | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 39,319 | 37,058 |
Interest in securitized assets in nonconsolidated VIEs | 2,636 | 2,662 |
Nonconsolidated entities | Residential mortgage | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 1,312 | 1,743 |
Interest in securitized assets in nonconsolidated VIEs | 3 | 10 |
Nonconsolidated entities | Residential mortgage | Trading assets | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 595 | 744 |
Nonconsolidated entities | Residential mortgage | Trading assets | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 3 | 10 |
Nonconsolidated entities | Residential mortgage | Investment securities - AFS | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 1,981 | 1,918 |
Nonconsolidated entities | Residential mortgage | Investment securities - AFS | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Residential mortgage | Other financial assets | Prime/Alt-A and option ARMs | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 60 | 0 |
Nonconsolidated entities | Residential mortgage | Other financial assets | Subprime | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 0 | 0 |
Nonconsolidated entities | Commercial and other | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Assets held in nonconsolidated securitization VIEs with continuing involvement | 120,262 | 127,037 |
Interest in securitized assets in nonconsolidated VIEs | 7,823 | 6,931 |
Nonconsolidated entities | Commercial and other | Trading assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 831 | 888 |
Nonconsolidated entities | Commercial and other | Investment securities - AFS | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | 5,638 | 5,373 |
Nonconsolidated entities | Commercial and other | Other financial assets | ||
Firm-sponsored mortgage and other consumer securitization trusts | ||
Interest in securitized assets in nonconsolidated VIEs | $ 1,354 | $ 670 |
Variable Interest Entities - Re
Variable Interest Entities - Re-securitizations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Transfers of securities to VIEs | |||
U.S. GSEs and government agencies | $ 18,864,000,000 | $ 16,128,000,000 | $ 53,923,000,000 |
Private label securities transferred to re-securitization VIEs | 0 | 0 | $ 0 |
U.S. GSEs and government agencies | Nonconsolidated re-securitization VIEs | |||
Variable Interest Entity [Line Items] | |||
Interest in VIEs | $ 3,371,000,000 | $ 2,580,000,000 |
Variable Interest Entities - Mu
Variable Interest Entities - Multi-seller Conduits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | ||
Off-balance sheet lending-related financial commitments, contractual amount | $ 1,497,847 | $ 1,326,782 |
Firm-administered multi-seller conduits | ||
Variable Interest Entity [Line Items] | ||
Commercial paper eliminated in consolidation | 9,800 | 13,800 |
Firm-administered multi-seller conduits | Commercial and other | ||
Variable Interest Entity [Line Items] | ||
Off-balance sheet lending-related financial commitments, contractual amount | $ 10,800 | $ 10,600 |
Maximum | ||
Variable Interest Entity [Line Items] | ||
Program-wide credit enhancement required amount | 10% |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | $ 540,607 | $ 453,799 | ||||
Loans | 1,301,286 | 1,115,921 | ||||
Other | 159,308 | 182,884 | ||||
Total assets | 3,875,393 | [1] | 3,665,743 | [1] | $ 3,743,567 | |
Beneficial interests in VIE assets | 23,020 | 12,610 | ||||
Total liabilities | [1] | 3,547,515 | 3,373,411 | |||
VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 2,170 | 2,151 | ||||
Loans | 37,611 | 34,411 | ||||
Other | 591 | 550 | ||||
Total assets | 40,372 | 37,112 | ||||
Beneficial interests in VIE assets | 23,020 | 12,610 | ||||
Other | 263 | 279 | ||||
Total liabilities | 23,283 | 12,889 | ||||
Beneficial interests in VIE assets, long term | 3,100 | 2,100 | ||||
Firm-sponsored credit card trusts | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 0 | 0 | ||||
Loans | 9,460 | 9,699 | ||||
Other | 117 | 100 | ||||
Total assets | 9,577 | 9,799 | ||||
Beneficial interests in VIE assets | 2,998 | 1,999 | ||||
Other | 6 | 2 | ||||
Total liabilities | 3,004 | 2,001 | ||||
Firm-administered multi-seller conduits | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 1 | 0 | ||||
Loans | 27,372 | 22,819 | ||||
Other | 194 | 170 | ||||
Total assets | 27,567 | 22,989 | ||||
Beneficial interests in VIE assets | 17,781 | 9,236 | ||||
Other | 30 | 39 | ||||
Total liabilities | 17,811 | 9,275 | ||||
Municipal bond vehicles | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 2,056 | 2,089 | ||||
Loans | 0 | 0 | ||||
Other | 22 | 7 | ||||
Total assets | 2,078 | 2,096 | ||||
Beneficial interests in VIE assets | 2,116 | 1,232 | ||||
Other | 11 | 10 | ||||
Total liabilities | 2,127 | 1,242 | ||||
Mortgage securitization entities | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 0 | 0 | ||||
Loans | 693 | 781 | ||||
Other | 8 | 10 | ||||
Total assets | 701 | 791 | ||||
Beneficial interests in VIE assets | 125 | 143 | ||||
Other | 57 | 67 | ||||
Total liabilities | 182 | 210 | ||||
Other | VIEs consolidated by the Firm | ||||||
Information on assets and liabilities related to VIEs that are consolidated by the Firm [Abstract] | ||||||
Trading assets | 113 | 62 | ||||
Loans | 86 | 1,112 | ||||
Other | 250 | 263 | ||||
Total assets | 449 | 1,437 | ||||
Beneficial interests in VIE assets | 0 | 0 | ||||
Other | 159 | 161 | ||||
Total liabilities | $ 159 | $ 161 | ||||
[1] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2023 and 2022. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2023 2022 Assets Trading assets $ 2,170 $ 2,151 Loans 37,611 34,411 All other assets 591 550 Total assets $ 40,372 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 23,020 $ 12,610 All other liabilities 263 279 Total liabilities $ 23,283 $ 12,889 |
Variable Interest Entities - VI
Variable Interest Entities - VIEs Sponsored by Third Parties (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Variable Interest Entity [Line Items] | |||||
Fair value of assets held by VIE | $ 3,875,393 | [1] | $ 3,665,743 | [1] | $ 3,743,567 |
Tax credit vehicles | Nonconsolidated entities | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure | 35,100 | 30,200 | |||
Unfunded commitments | 14,700 | 10,600 | |||
Municipal bond vehicles | Nonconsolidated entities | |||||
Variable Interest Entity [Line Items] | |||||
Maximum exposure | 5,100 | 5,800 | |||
Fair value of assets held by VIE | $ 7,300 | $ 8,200 | |||
[1] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2023 and 2022. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2023 2022 Assets Trading assets $ 2,170 $ 2,151 Loans 37,611 34,411 All other assets 591 550 Total assets $ 40,372 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 23,020 $ 12,610 All other liabilities 263 279 Total liabilities $ 23,283 $ 12,889 |
Variable Interest Entities - Se
Variable Interest Entities - Securitization Activity (Details) - Nonconsolidated entities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Residential mortgage | |||
Securitization activity [Abstract] | |||
Principal securitized | $ 7,678 | $ 10,218 | $ 23,876 |
All cash flows during the period: | |||
Proceeds received from loan sales as financial instruments | 7,251 | 9,783 | 24,450 |
Servicing fees collected | 24 | 62 | 153 |
Cash flows received on interests | $ 325 | $ 489 | $ 578 |
Weighted-average life (in years) | 9 years 7 months 6 days | 10 years 9 months 18 days | 3 years 10 months 24 days |
Weighted-average discount rate | 4.80% | 4% | 3.30% |
Commercial and other | |||
Securitization activity [Abstract] | |||
Principal securitized | $ 3,901 | $ 9,036 | $ 14,917 |
All cash flows during the period: | |||
Proceeds received from loan sales as financial instruments | 3,896 | 8,921 | 15,044 |
Servicing fees collected | 5 | 2 | 1 |
Cash flows received on interests | $ 425 | $ 285 | $ 273 |
Weighted-average life (in years) | 3 years | 5 years 10 months 24 days | 6 years |
Weighted-average discount rate | 4.60% | 2.90% | 1.20% |
Variable Interest Entities - Lo
Variable Interest Entities - Loans Sold to Third-Party Sponsored Securitization Entities (Details) - Nonconsolidated entities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of loan sale activities [Abstract] | |||
Carrying value of loans sold | $ 19,906 | $ 48,891 | $ 105,035 |
Proceeds received from loan sales as cash | 300 | 22 | 161 |
Proceeds from loan sales as securities | 19,389 | 48,096 | 103,286 |
Total proceeds received from loan sales | 19,689 | 48,118 | 103,447 |
Gains/(losses) on loan sales | $ 0 | $ (25) | $ 9 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Options to Repurchase Delinquent Loans (Details) - Nonconsolidated entities - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Loans repurchased or option to repurchase | $ 597 | $ 839 |
Real estate acquired through foreclosure | 8 | 10 |
Residential mortgage | ||
Variable Interest Entity [Line Items] | ||
Real estate acquired through foreclosure | $ 22 | $ 27 |
Variable Interest Entities - _2
Variable Interest Entities - Loan Delinquencies and Liquidation Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Securitized loans | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
90 days past due | $ 3,445 | $ 1,671 |
Net liquidation losses / (recoveries) | 79 | 20 |
Commercial and other | Securitized loans | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
90 days past due | 2,874 | 948 |
Net liquidation losses / (recoveries) | 60 | 50 |
Nonconsolidated entities | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | 160,893 | 165,838 |
Nonconsolidated entities | Commercial and other | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | 120,262 | 127,037 |
Prime/Alt-A and option ARMs | Residential mortgage | Securitized loans | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
90 days past due | 440 | 511 |
Net liquidation losses / (recoveries) | 14 | (29) |
Prime/Alt-A and option ARMs | Nonconsolidated entities | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | 39,319 | 37,058 |
Subprime | Residential mortgage | Securitized loans | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
90 days past due | 131 | 212 |
Net liquidation losses / (recoveries) | 5 | (1) |
Subprime | Nonconsolidated entities | Residential mortgage | ||
Information about delinquencies, net charge-offs, and components of off-balance sheet securitized financial assets [Abstract] | ||
Securitized assets | $ 1,312 | $ 1,743 |
Goodwill, Mortgage Servicing _3
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets - Goodwill by Business Segment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||||
Total goodwill | $ 52,634 | $ 51,662 | $ 50,315 | $ 49,248 |
Corporate | ||||
Goodwill [Line Items] | ||||
Total goodwill | 685 | 646 | 727 | |
Consumer & Community Banking | Operating Segments | ||||
Goodwill [Line Items] | ||||
Total goodwill | 32,116 | 32,121 | 31,474 | |
Corporate & Investment Bank | Operating Segments | ||||
Goodwill [Line Items] | ||||
Total goodwill | 8,266 | 8,008 | 7,906 | |
Commercial Banking | Operating Segments | ||||
Goodwill [Line Items] | ||||
Total goodwill | 2,985 | 2,985 | 2,986 | |
Asset & Wealth Management | Operating Segments | ||||
Goodwill [Line Items] | ||||
Total goodwill | $ 8,582 | $ 7,902 | $ 7,222 |
Goodwill, Mortgage Servicing _4
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets - Goodwill Changes During Period (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | |||
Balance at beginning of period | $ 51,662 | $ 50,315 | $ 49,248 |
Changes during the period from: | |||
Business combinations | 917 | 1,426 | 1,073 |
Other | 55 | (79) | (6) |
Balance at end of period | $ 52,634 | $ 51,662 | $ 50,315 |
CIFM | |||
Business Acquisition [Line Items] | |||
Percentage interest acquired | 51% |
Goodwill, Mortgage Servicing _5
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets - Mortgage Servicing Rights (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage servicing rights activity | |||
Fair value at beginning of period | $ 7,973 | $ 5,494 | $ 3,276 |
MSR activity: | |||
Originations of MSRs | 253 | 798 | 1,659 |
Purchase of MSRs | 1,028 | 1,400 | 1,363 |
Disposition of MSRs | (188) | (822) | (114) |
Net additions/(dispositions) | 1,093 | 1,376 | 2,908 |
Changes due to collection/realization of expected cash flows | (1,011) | (936) | (788) |
Changes in valuation due to inputs and assumptions: | |||
Changes due to market interest rates and other | 424 | 2,022 | 404 |
Changes in valuation due to other inputs and assumptions: | |||
Projected cash flows (e.g., cost to service) | (22) | 14 | 109 |
Discount rates | 14 | 0 | 0 |
Prepayment model changes and other | 51 | 3 | (415) |
Total changes in valuation due to other inputs and assumptions | 43 | 17 | (306) |
Total changes in valuation due to inputs and assumptions | 467 | 2,039 | 98 |
Fair value at December 31, | 8,522 | 7,973 | 5,494 |
Change in unrealized gains/(losses) included in income related to MSRs held at December 31, | $ 467 | $ 2,039 | $ 98 |
Contractually Specified Servicing Fee Income Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag | Contractual service fees, late fees and other ancillary fees included in income | Contractual service fees, late fees and other ancillary fees included in income | Contractual service fees, late fees and other ancillary fees included in income |
Contractual service fees, late fees and other ancillary fees included in income | $ 1,590 | $ 1,535 | $ 1,298 |
Third-party mortgage loans serviced at December 31, | 632,000 | 584,000 | 520,000 |
Servicer advances, net of an allowance for uncollectible amounts, at December 31, | $ 659 | $ 758 | $ 1,611 |
Goodwill, Mortgage Servicing _6
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets - Mortgage Fees and Related Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Risk management: | |||
All other | $ 1 | $ 14 | $ 11 |
Mortgage fees and related income | 1,176 | 1,250 | 2,170 |
Consumer & Community Banking | |||
CCB mortgage fees and related income | |||
Production revenue | 421 | 497 | 2,215 |
Operating revenue: | |||
Loan servicing revenue | 1,634 | 1,582 | 1,257 |
Changes in MSR asset fair value due to collection/realization of expected cash flows | (1,011) | (936) | (788) |
Total operating revenue | 623 | 646 | 469 |
Risk management: | |||
Changes in MSR asset fair value due to market interest rates and other | 424 | 2,022 | 404 |
Other changes in MSR asset fair value due to other inputs and assumptions in model | 43 | 17 | (306) |
Change in derivative fair value and other | (336) | (1,946) | (623) |
Total risk management | 131 | 93 | (525) |
Total net mortgage servicing revenue | 754 | 739 | (56) |
Mortgage fees and related income | $ 1,175 | $ 1,236 | $ 2,159 |
Goodwill, Mortgage Servicing _7
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets - Key Economic Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Weighted-average prepayment speed assumption (constant prepayment rate) | 6.29% | 6.12% |
Impact on fair value of 10% adverse change | $ (206) | $ (183) |
Impact on fair value of 20% adverse change | $ (401) | $ (356) |
Weighted-average option adjusted spread | 6.10% | 5.77% |
Impact on fair value of 100 basis points adverse change | $ (369) | $ (341) |
Impact on fair value of 200 basis points adverse change | $ (709) | $ (655) |
Goodwill, Mortgage Servicing _8
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross carrying values of other intangible assets | $ 4,200 | $ 1,900 |
Accumulated amortization for other intangible assets | 994 | 679 |
Carrying value of finite-lived intangible assets | 2,000 | 707 |
Carrying value of indefinite-lived intangible assets | 1,200 | 517 |
Business Acquisition [Line Items] | ||
Amortization expense for other intangible assets | $ 315 | $ 145 |
CIFM | ||
Business Acquisition [Line Items] | ||
Percentage interest acquired | 51% |
Goodwill, Mortgage Servicing _9
Goodwill, Mortgage Servicing Rights, and Other Intangible Assets - Future Amortization Expense (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 330 |
2025 | 294 |
2026 | 290 |
2027 | 288 |
2028 | $ 272 |
Premises and Equipment - Compon
Premises and Equipment - Components (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Right-of-use assets | $ 8,431 | $ 7,782 |
Total premises and equipment | 30,157 | 27,734 |
Premises and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Right-of-use assets | 7,917 | 7,432 |
Other assets | ||
Property, Plant and Equipment [Line Items] | ||
Right-of-use assets | 514 | 350 |
Land, buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, excluding Right-of-use assets | 14,862 | 13,486 |
Other premises and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, excluding Right-of-use assets | $ 7,378 | $ 6,816 |
Premises and Equipment - Narrat
Premises and Equipment - Narrative (Details) | Dec. 31, 2023 |
Building and leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Building and leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 50 years |
Internal-use software and furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Internal-use software and furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Deposits - Noninterest and Inte
Deposits - Noninterest and Interest-bearing (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. offices | ||
Noninterest-bearing (included $75,393 and $26,363 at fair value) | $ 643,748 | $ 644,902 |
Interest-bearing (included $573 and $586 at fair value) | 1,303,100 | 1,276,346 |
Total deposits in U.S. offices | 1,946,848 | 1,921,248 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,737 and $1,398 at fair value) | 23,097 | 27,005 |
Interest-bearing (included $681 and $273 at fair value) | 430,743 | 391,926 |
Total deposits in non-U.S. offices | 453,840 | 418,931 |
Total deposits | 2,400,688 | 2,340,179 |
Fair value | ||
U.S. offices | ||
Noninterest-bearing (included $75,393 and $26,363 at fair value) | 75,393 | 26,363 |
Interest-bearing, fair value | 573 | 586 |
Non-U.S. offices | ||
Noninterest-bearing (included $1,737 and $1,398 at fair value) | 1,737 | 1,398 |
Interest-bearing, fair value | $ 681 | $ 273 |
Deposits - Time Deposits (Detai
Deposits - Time Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposit Liability [Line Items] | ||
Total | $ 222,841 | $ 142,529 |
U.S. offices | ||
Deposit Liability [Line Items] | ||
Total | 132,654 | 64,622 |
Non-U.S. offices | ||
Deposit Liability [Line Items] | ||
Total | $ 90,187 | $ 77,907 |
Deposits - Maturities of Intere
Deposits - Maturities of Interest-Bearing Time Deposits (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Maturities of interest bearing time deposits | |
2024 | $ 281,866 |
2025 | 922 |
2026 | 264 |
2027 | 175 |
2028 | 1,128 |
After 5 years | 726 |
Total | 285,081 |
U.S. | |
Maturities of interest bearing time deposits | |
2024 | 194,895 |
2025 | 742 |
2026 | 243 |
2027 | 140 |
2028 | 136 |
After 5 years | 475 |
Total | 196,631 |
Non-U.S. | |
Maturities of interest bearing time deposits | |
2024 | 86,971 |
2025 | 180 |
2026 | 21 |
2027 | 35 |
2028 | 992 |
After 5 years | 251 |
Total | $ 88,450 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
Operating lease, general lease terms (or less) | 20 years |
Additional future operating lease commitments not yet commenced | $ 420 |
Operating leases not yet commenced, lease terms (up to) | 21 years |
Leases - Information Related to
Leases - Information Related to Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Right-of-use assets | $ 8,431 | $ 7,782 |
Lease liabilities | $ 8,833 | $ 8,183 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other, Total premises and equipment | Other, Total premises and equipment |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Weighted average remaining lease term (in years) | 8 years 4 months 24 days | 8 years 4 months 24 days |
Weighted average discount rate | 4.01% | 3.55% |
Supplemental cash flow information | ||
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows | $ 1,662 | $ 1,613 |
Supplemental non-cash information | ||
Right-of-use assets obtained in exchange for operating lease obligations | 2,094 | 1,435 |
Rental expense | ||
Gross rental expense | 2,079 | 2,079 |
Sublease rental income | (72) | (119) |
Net rental expense | 2,007 | 1,960 |
First Republic | ||
Business Acquisition [Line Items] | ||
Right-of-use assets | $ 647 | |
Lease liabilities | $ 712 |
Leases - Future Payments Under
Leases - Future Payments Under Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 1,685 | |
2025 | 1,576 | |
2026 | 1,318 | |
2027 | 1,169 | |
2028 | 1,015 | |
After 2028 | 3,767 | |
Total future minimum lease payments | 10,530 | |
Less: Imputed interest | (1,697) | |
Total | $ 8,833 | $ 8,183 |
Leases - Carrying Value of Asse
Leases - Carrying Value of Assets Subject to Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Carrying value of assets subject to operating leases, net of accumulated depreciation | $ 10,663 | $ 12,302 |
Accumulated depreciation | $ 3,288 | $ 4,282 |
Leases - Operating Lease Income
Leases - Operating Lease Income and Related Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease income | $ 2,843 | $ 3,654 | $ 4,914 |
Depreciation expense | $ 1,778 | $ 2,475 | $ 3,380 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other income | Other income | Other income |
Leases - Future Receipts Under
Leases - Future Receipts Under Operating Leases (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 1,868 |
2025 | 1,158 |
2026 | 451 |
2027 | 32 |
2028 | 9 |
After 2028 | 8 |
Total future minimum lease receipts | $ 3,526 |
Accounts Payable and Other Li_3
Accounts Payable and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Brokerage payables | $ 161,960 | $ 188,692 |
Other payables and liabilities | 128,347 | 111,449 |
Total accounts payable and other liabilities | 290,307 | 300,141 |
Credit card rewards liability | $ 13,200 | $ 11,300 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 51,174 | |
1-5 years | 207,553 | |
After 5 years | 133,098 | |
Long-term debt | 391,825 | $ 295,865 |
Long Term Debt - Supplemental Information | ||
Collateral used to secure Long-term debt | 218,500 | 208,300 |
Zero-coupon notes | 12,500 | 10,300 |
Zero-coupon notes - aggregate principal amount at maturity | 47,900 | $ 45,300 |
Redeemable long-term debt | 208,200 | |
Long term debt maturing in 2024 | 51,174 | |
Long term debt maturing in 2025 | 53,500 | |
Long term debt maturing in 2026 | 48,700 | |
Long term debt maturing in 2027 | 26,200 | |
Long term debt maturing in 2028 | $ 79,000 | |
Weighted-average contractual interest rates for long term debt | 3.65% | 3.26% |
Modified weighted-average interest rates total long-term debt | 5.20% | 4.89% |
Guarantee of Indebtedness of Others | ||
Long Term Debt - Supplemental Information | ||
Guarantee liability | $ 41,100 | $ 28,200 |
Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 2,998 | |
After 5 years | 125 | |
Long-term debt | $ 3,123 | 2,142 |
Under 1 year, Minimum | 0% | |
1-5 years, Minimum | 4.74% | |
After 5 years, Minimum | 3.45% | |
Long Term Debt - Supplemental Information | ||
Commercial paper and other short-term beneficial interests | $ 19,900 | 10,500 |
Long term debt maturing in 2024 | 0 | |
Recurring | ||
Long Term Debt - Supplemental Information | ||
Long-term debt accounted for at fair value | $ 87,924 | $ 72,281 |
Weighted average | Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 4.69% | 2.81% |
Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 0 | |
1-5 years | 420 | |
After 5 years | 1,308 | |
Long-term debt | $ 1,728 | $ 1,848 |
Under 1 year, Minimum | 0% | |
1-5 years, Minimum | 6.18% | |
After 5 years, Minimum | 7.45% | |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | $ 0 | |
Junior subordinated debt | Weighted average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 7.14% | 6.33% |
Secured debt | ||
Long Term Debt - Supplemental Information | ||
Long-term debt | $ 93,000 | $ 13,800 |
Fixed rate | Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 2,998 | |
After 5 years | 0 | |
Long-term debt | 2,998 | 1,999 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 0 | |
Fixed rate | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 518 | |
Long-term debt | 518 | 550 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 0 | |
Variable rate | Long-term beneficial interests | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 125 | |
Long-term debt | 125 | 143 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 0 | |
Variable rate | Junior subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 420 | |
After 5 years | 790 | |
Long-term debt | 1,210 | 1,298 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 0 | |
Parent company | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 9,088 | |
1-5 years | 97,988 | |
After 5 years | 119,738 | |
Long-term debt | 226,814 | 225,773 |
Long Term Debt - Supplemental Information | ||
Long-term debt | 228,542 | $ 227,621 |
Long term debt maturing in 2024 | 9,088 | |
Long term debt maturing in 2025 | 27,500 | |
Long term debt maturing in 2026 | 29,100 | |
Long term debt maturing in 2027 | 20,100 | |
Long term debt maturing in 2028 | $ 21,800 | |
Parent company | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 2.52% | |
1-5 years, Minimum | 2.91% | |
After 5 years, Minimum | 3.72% | |
Parent company | Senior debt | Weighted average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 3.32% | 3.06% |
Parent company | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 3.88% | |
1-5 years, Minimum | 4.88% | |
After 5 years, Minimum | 4.69% | |
Parent company | Subordinated debt | Weighted average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 4.62% | 4.50% |
Parent company | Fixed rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 5,981 | |
1-5 years | 86,113 | |
After 5 years | 108,890 | |
Long-term debt | 200,984 | $ 194,515 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 5,981 | |
Parent company | Fixed rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 2,976 | |
1-5 years | 5,886 | |
After 5 years | 8,863 | |
Long-term debt | 17,725 | 19,693 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 2,976 | |
Parent company | Variable rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 131 | |
1-5 years | 5,989 | |
After 5 years | 1,985 | |
Long-term debt | 8,105 | 11,565 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 131 | |
Parent company | Variable rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 0 | |
Long-term debt | 0 | 0 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 0 | |
Subsidiaries | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 42,086 | |
1-5 years | 109,145 | |
After 5 years | 12,052 | |
Long-term debt | 163,283 | $ 68,244 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | $ 42,086 | |
Subsidiaries | Federal Home Loan Banks advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 4.59% | |
1-5 years, Minimum | 5.12% | |
After 5 years, Minimum | 6.06% | |
Subsidiaries | Federal Home Loan Banks advances | Weighted average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 4.89% | 4.32% |
Subsidiaries | Purchase Money Note | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 0% | |
1-5 years, Minimum | 3.40% | |
After 5 years, Minimum | 0% | |
Subsidiaries | Purchase Money Note | Weighted average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 3.40% | |
Subsidiaries | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 4.28% | |
1-5 years, Minimum | 5.41% | |
After 5 years, Minimum | 1.48% | |
Subsidiaries | Senior debt | Weighted average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 3.91% | 2.02% |
Subsidiaries | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year, Minimum | 8.25% | |
1-5 years, Minimum | 0% | |
After 5 years, Minimum | 0% | |
Subsidiaries | Subordinated debt | Weighted average | ||
Long-term debt carrying values by contractual maturity | ||
Interest rate | 8.25% | 8.25% |
Subsidiaries | Fixed rate | Federal Home Loan Banks advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | $ 13,940 | |
1-5 years | 9,269 | |
After 5 years | 37 | |
Long-term debt | 23,246 | $ 93 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 13,940 | |
Subsidiaries | Fixed rate | Federal Home Loan Banks advances | First Republic | ||
Long-term debt carrying values by contractual maturity | ||
Long-term debt | 23,200 | |
Subsidiaries | Fixed rate | Purchase Money Note | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 48,989 | |
After 5 years | 0 | |
Long-term debt | 48,989 | |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 0 | |
Subsidiaries | Fixed rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 2,958 | |
1-5 years | 11,551 | |
After 5 years | 6,236 | |
Long-term debt | 20,745 | 15,383 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 2,958 | |
Subsidiaries | Fixed rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 255 | |
1-5 years | 0 | |
After 5 years | 0 | |
Long-term debt | 255 | 262 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 255 | |
Subsidiaries | Variable rate | Federal Home Loan Banks advances | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 4,000 | |
1-5 years | 14,000 | |
After 5 years | 0 | |
Long-term debt | 18,000 | 11,000 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 4,000 | |
Subsidiaries | Variable rate | Senior debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 20,933 | |
1-5 years | 25,336 | |
After 5 years | 5,779 | |
Long-term debt | 52,048 | 41,506 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | 20,933 | |
Subsidiaries | Variable rate | Subordinated debt | ||
Long-term debt carrying values by contractual maturity | ||
Under 1 year | 0 | |
1-5 years | 0 | |
After 5 years | 0 | |
Long-term debt | 0 | $ 0 |
Long Term Debt - Supplemental Information | ||
Long term debt maturing in 2024 | $ 0 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||
Aug. 01, 2023 | Jul. 31, 2023 | Apr. 30, 2023 | Oct. 31, 2022 | Oct. 03, 2022 | Feb. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares of preferred stock authorized to issue, in one or more series (in shares) | 200,000,000 | 200,000,000 | |||||||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |||||||
Shares (in shares) | 2,740,375 | 2,740,375 | |||||||
Carrying value | $ 27,404 | $ 27,404 | |||||||
Liquidation value and redemption price per share (in dollars per share) | $ 10,000 | ||||||||
Aggregate liquidation value | $ 27,700 | ||||||||
Series AA | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 0 | 0 | |||||||
Carrying value | $ 0 | $ 0 | |||||||
Issue date | Jun. 04, 2015 | ||||||||
Dividend declared per share (in dollars per share) | $ 0 | $ 0 | $ 305 | ||||||
Series AA | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Sep. 01, 2020 | ||||||||
Series BB | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 0 | 0 | |||||||
Carrying value | $ 0 | $ 0 | |||||||
Issue date | Jul. 29, 2015 | ||||||||
Dividend declared per share (in dollars per share) | $ 0 | $ 0 | 307.50 | ||||||
Series BB | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Sep. 01, 2020 | ||||||||
Series DD | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 169,625 | 169,625 | |||||||
Carrying value | $ 1,696 | $ 1,696 | |||||||
Issue date | Sep. 21, 2018 | ||||||||
Contractual rate in effect | 5.75% | ||||||||
Dividend declared per share (in dollars per share) | $ 575 | $ 575 | 575 | ||||||
Series DD | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Dec. 01, 2023 | ||||||||
Series EE | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 185,000 | 185,000 | |||||||
Carrying value | $ 1,850 | $ 1,850 | |||||||
Issue date | Jan. 24, 2019 | ||||||||
Contractual rate in effect | 6% | ||||||||
Dividend declared per share (in dollars per share) | $ 600 | $ 600 | 600 | ||||||
Series EE | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Mar. 01, 2024 | ||||||||
Series GG | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 90,000 | 90,000 | |||||||
Carrying value | $ 900 | $ 900 | |||||||
Issue date | Nov. 07, 2019 | ||||||||
Contractual rate in effect | 4.75% | ||||||||
Dividend declared per share (in dollars per share) | $ 475 | $ 475 | 475 | ||||||
Series GG | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Dec. 01, 2024 | ||||||||
Series JJ | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 150,000 | 150,000 | |||||||
Carrying value | $ 1,500 | $ 1,500 | |||||||
Issue date | Mar. 17, 2021 | ||||||||
Contractual rate in effect | 4.55% | ||||||||
Dividend declared per share (in dollars per share) | $ 455 | $ 455 | 321.03 | ||||||
Series JJ | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Jun. 01, 2026 | ||||||||
Series LL | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 185,000 | 185,000 | |||||||
Carrying value | $ 1,850 | $ 1,850 | |||||||
Issue date | May 20, 2021 | ||||||||
Contractual rate in effect | 4.625% | ||||||||
Dividend declared per share (in dollars per share) | $ 462.52 | $ 462.52 | 245.39 | ||||||
Series LL | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Jun. 01, 2026 | ||||||||
Series MM | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 200,000 | 200,000 | |||||||
Carrying value | $ 2,000 | $ 2,000 | |||||||
Issue date | Jul. 29, 2021 | ||||||||
Contractual rate in effect | 4.20% | ||||||||
Dividend declared per share (in dollars per share) | $ 420 | $ 420 | 142.33 | ||||||
Series MM | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Sep. 01, 2026 | ||||||||
Series I | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 0 | 0 | |||||||
Carrying value | $ 0 | $ 0 | |||||||
Issue date | Apr. 23, 2008 | ||||||||
Dividend declared per share (in dollars per share) | $ 0 | $ 375.03 | 370.38 | ||||||
Preferred stock, shares redeemed | $ 2,900 | ||||||||
Series I | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Apr. 30, 2018 | ||||||||
Series Q | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 150,000 | 150,000 | |||||||
Carrying value | $ 1,500 | $ 1,500 | |||||||
Issue date | Apr. 23, 2013 | ||||||||
Contractual rate in effect | 5.15% | ||||||||
Dividend declared per share (in dollars per share) | $ 257.50 | $ 801.41 | $ 515 | 515 | |||||
Series Q | Term SOFR | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 3.25% | 3.25% | |||||||
Series Q | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | May 01, 2023 | ||||||||
Series R | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 150,000 | 150,000 | |||||||
Carrying value | $ 1,500 | $ 1,500 | |||||||
Issue date | Jul. 29, 2013 | ||||||||
Contractual rate in effect | 6% | ||||||||
Dividend declared per share (in dollars per share) | $ 300 | $ 756.73 | $ 600 | 600 | |||||
Series R | Term SOFR | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 3.30% | 3.30% | |||||||
Series R | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Aug. 01, 2023 | ||||||||
Series S | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 200,000 | 200,000 | |||||||
Carrying value | $ 2,000 | $ 2,000 | |||||||
Issue date | Jan. 22, 2014 | ||||||||
Contractual rate in effect | 6.75% | ||||||||
Dividend declared per share (in dollars per share) | $ 675 | $ 675 | 675 | ||||||
Series S | Term SOFR | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 3.78% | ||||||||
Series S | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Feb. 01, 2024 | ||||||||
Series U | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 100,000 | 100,000 | |||||||
Carrying value | $ 1,000 | $ 1,000 | |||||||
Issue date | Mar. 10, 2014 | ||||||||
Contractual rate in effect | 6.125% | ||||||||
Dividend declared per share (in dollars per share) | $ 612.50 | $ 612.50 | 612.50 | ||||||
Series U | Term SOFR | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 3.33% | ||||||||
Series U | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Apr. 30, 2024 | ||||||||
Series V | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 0 | 0 | |||||||
Carrying value | $ 0 | $ 0 | |||||||
Issue date | Jun. 09, 2014 | ||||||||
Dividend declared per share (in dollars per share) | $ 0 | $ 340.91 | 353.65 | ||||||
Preferred stock, shares redeemed | $ 2,500 | ||||||||
Series V | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Jul. 01, 2019 | ||||||||
Series X | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 160,000 | 160,000 | |||||||
Carrying value | $ 1,600 | $ 1,600 | |||||||
Issue date | Sep. 23, 2014 | ||||||||
Contractual rate in effect | 6.10% | ||||||||
Dividend declared per share (in dollars per share) | $ 610 | $ 610 | 610 | ||||||
Series X | Term SOFR | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 3.33% | ||||||||
Series X | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Oct. 01, 2024 | ||||||||
Series Z | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 0 | 0 | |||||||
Carrying value | $ 0 | $ 0 | |||||||
Issue date | Apr. 21, 2015 | ||||||||
Dividend declared per share (in dollars per share) | $ 0 | $ 0 | 401.44 | ||||||
Preferred stock, shares redeemed | $ 2,000 | ||||||||
Series Z | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | May 01, 2020 | ||||||||
Series CC | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 125,750 | 125,750 | |||||||
Carrying value | $ 1,258 | $ 1,258 | |||||||
Issue date | Oct. 20, 2017 | ||||||||
Contractual rate in effect | 4.625% | ||||||||
Dividend declared per share (in dollars per share) | $ 231.25 | $ 804.08 | $ 526.27 | 462.50 | |||||
Series CC | Term SOFR | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 2.58% | 2.58% | |||||||
Series CC | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Nov. 01, 2022 | ||||||||
Series FF | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 225,000 | 225,000 | |||||||
Carrying value | $ 2,250 | $ 2,250 | |||||||
Issue date | Jul. 31, 2019 | ||||||||
Contractual rate in effect | 5% | ||||||||
Dividend declared per share (in dollars per share) | $ 500 | $ 500 | 500 | ||||||
Series FF | Term SOFR | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 3.38% | ||||||||
Series FF | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Aug. 01, 2024 | ||||||||
Series HH | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 300,000 | 300,000 | |||||||
Carrying value | $ 3,000 | $ 3,000 | |||||||
Issue date | Jan. 23, 2020 | ||||||||
Contractual rate in effect | 4.60% | ||||||||
Dividend declared per share (in dollars per share) | $ 460 | $ 460 | 460 | ||||||
Series HH | Term SOFR | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 3.125% | ||||||||
Series HH | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Feb. 01, 2025 | ||||||||
Series II | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 150,000 | 150,000 | |||||||
Carrying value | $ 1,500 | $ 1,500 | |||||||
Issue date | Feb. 24, 2020 | ||||||||
Contractual rate in effect | 4% | ||||||||
Dividend declared per share (in dollars per share) | $ 400 | $ 400 | 400 | ||||||
Series II | Term SOFR | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 2.745% | ||||||||
Series II | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Apr. 01, 2025 | ||||||||
Series KK | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Shares (in shares) | 200,000 | 200,000 | |||||||
Carrying value | $ 2,000 | $ 2,000 | |||||||
Issue date | May 12, 2021 | ||||||||
Contractual rate in effect | 3.65% | ||||||||
Dividend declared per share (in dollars per share) | $ 365 | $ 365 | $ 201.76 | ||||||
Series KK | Five-year CMT | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Preferred stock dividend rate, variable, basis spread | 2.85% | ||||||||
Series KK | Minimum | |||||||||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||||||
Earliest redemption date | Jun. 01, 2026 |
Common Stock - Narrative (Detai
Common Stock - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | May 01, 2022 |
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 9,000,000,000 | 9,000,000,000 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Stock repurchase program, authorized amount | $ 30,000,000,000 | ||
Common stock | |||
Class of Stock [Line Items] | |||
Common stock capital shares reserved for future issuance (in shares) | 61,600,000 |
Common Stock - Shares Issued (D
Common Stock - Shares Issued (Details) - shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Common Stock Shares | ||||
Total issued - balance at January 1 (in shares) | 4,104,933,895 | 4,104,933,895 | 4,104,900,000 | 4,104,900,000 |
Total outstanding - balance at December 31 (in shares) | 2,876,600,000 | 2,934,200,000 | 2,944,100,000 | |
Increase (Decrease) in Treasury Stock Shares | ||||
Treasury - balance at January 1 (in shares) | (1,170,676,094) | |||
Total treasury - balance at December 31 (in shares) | (1,228,275,301) | (1,170,676,094) | ||
Treasury stock | ||||
Increase (Decrease) in Treasury Stock Shares | ||||
Treasury - balance at January 1 (in shares) | (1,170,700,000) | (1,160,800,000) | (1,055,500,000) | |
Repurchase (in shares) | (69,500,000) | (23,100,000) | (119,700,000) | |
Reissuance: Employee benefits and compensation plans (in shares) | 10,900,000 | 12,000,000 | 13,500,000 | |
Reissuance: Employee stock purchase plans (in shares) | 1,000,000 | 1,200,000 | 900,000 | |
Total reissuance | 11,900,000 | 13,200,000 | 14,400,000 | |
Total treasury - balance at December 31 (in shares) | (1,228,300,000) | (1,170,700,000) | (1,160,800,000) |
Common Stock - Repurchases (Det
Common Stock - Repurchases (Details) - Common stock - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Total number of shares of common stock repurchased (in shares) | 69.5 | 23.1 | 119.7 |
Aggregate purchase price of common stock repurchases | $ 9,898 | $ 3,122 | $ 18,448 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic earnings per share | |||
Net income | $ 49,552 | $ 37,676 | $ 48,334 |
Less: Preferred stock dividends | 1,501 | 1,595 | 1,600 |
Net income applicable to common equity | 48,051 | 36,081 | 46,734 |
Less: Dividends and undistributed earnings allocated to participating securities | 291 | 189 | 231 |
Net income applicable to common stockholders | $ 47,760 | $ 35,892 | $ 46,503 |
Total weighted-average basic shares outstanding (in shares) | 2,938.6 | 2,965.8 | 3,021.5 |
Net income per share (in dollars per share) | $ 16.25 | $ 12.10 | $ 15.39 |
Diluted earnings per share | |||
Net income applicable to common stockholders | $ 47,760 | $ 35,892 | $ 46,503 |
Total weighted-average basic shares outstanding (in shares) | 2,938.6 | 2,965.8 | 3,021.5 |
Add: Dilutive impact of unvested PSUs, nondividend-earning RSUs and SARs (in shares) | 4.5 | 4.2 | 5.1 |
Total weighted-average diluted shares outstanding (in shares) | 2,943.1 | 2,970 | 3,026.6 |
Net income per share (in dollars per share) | $ 16.23 | $ 12.09 | $ 15.36 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) - Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 292,332 | $ 294,127 | |
Net change | 6,898 | (17,257) | $ (8,070) |
Ending balance | 327,878 | 292,332 | 294,127 |
Accumulated other comprehensive income/(loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (17,341) | (84) | 7,986 |
Net change | 6,898 | (17,257) | (8,070) |
Ending balance | (10,443) | (17,341) | (84) |
Unrealized gains/(losses) on investment securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (9,124) | 2,640 | 8,180 |
Net change | 5,381 | (11,764) | (5,540) |
Ending balance | (3,743) | (9,124) | 2,640 |
After-tax unrealized gains/ (losses) related to HTM securities that have been transferred to AFS | (29) | ||
After-tax unamortized unrealized gains/(losses) related to transfer of AFS securities to HTM | (895) | (1,300) | 2,400 |
Translation adjustments, net of hedges | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,545) | (934) | (473) |
Net change | 329 | (611) | (461) |
Ending balance | (1,216) | (1,545) | (934) |
Fair value hedges | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (33) | (131) | (112) |
Net change | (101) | 98 | (19) |
Ending balance | (134) | (33) | (131) |
Cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (5,656) | (296) | 2,383 |
Net change | 1,724 | (5,360) | (2,679) |
Ending balance | (3,932) | (5,656) | (296) |
Defined benefit pension and OPEB plans | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,451) | (210) | (1,132) |
Net change | 373 | (1,241) | 922 |
Ending balance | (1,078) | (1,451) | (210) |
DVA on fair value option elected liabilities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 468 | (1,153) | (860) |
Net change | (808) | 1,621 | (293) |
Ending balance | $ (340) | $ 468 | $ (1,153) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income/(Loss) - Components of Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrealized gains/(losses) on AFS securities: | |||
Net change, Pre-tax | $ 8,567 | $ (21,744) | $ (10,099) |
Net change, Tax effect | (1,669) | 4,487 | 2,029 |
Total other comprehensive income/(loss), after–tax | 6,898 | (17,257) | (8,070) |
Decrease in accumulated other comprehensive income as a result of settlement and remeasurement of the plan | 1,400 | ||
Unrealized gains/(losses) on investment securities | |||
Unrealized gains/(losses) on AFS securities: | |||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 3,891 | (17,862) | (7,634) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (922) | 4,290 | 1,832 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 2,969 | (13,572) | (5,802) |
Reclassification, Pre-tax | 3,180 | 2,380 | 345 |
Reclassification, Tax effect | (768) | (572) | (83) |
Reclassification, After-tax | 2,412 | 1,808 | 262 |
Net change, Pre-tax | 7,071 | (15,482) | (7,289) |
Net change, Tax effect | (1,690) | 3,718 | 1,749 |
Total other comprehensive income/(loss), after–tax | 5,381 | (11,764) | (5,540) |
Translation adjustments | |||
Unrealized gains/(losses) on AFS securities: | |||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 1,714 | (3,574) | (2,447) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (95) | 265 | 125 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 1,619 | (3,309) | (2,322) |
Reclassification, Pre-tax | (1,697) | 3,553 | 2,452 |
Reclassification, Tax effect | 407 | (855) | (591) |
Reclassification, After-tax | (1,290) | 2,698 | 1,861 |
Net change, Pre-tax | 17 | (21) | 5 |
Net change, Tax effect | 312 | (590) | (466) |
Total other comprehensive income/(loss), after–tax | 329 | (611) | (461) |
Reclassification of net pre-tax losses | (3) | (8) | (7) |
Reclassification of pre-tax losses related to net investment hedges | (35) | 38 | 0 |
Reclassification of pre-tax gains related to cumulative translation adjustments | 32 | ||
Fair value hedges, net of change | |||
Unrealized gains/(losses) on AFS securities: | |||
Net change, Pre-tax | (134) | 130 | (26) |
Net change, Tax effect | 33 | (32) | 7 |
Total other comprehensive income/(loss), after–tax | (101) | 98 | (19) |
Cash flow hedges | |||
Unrealized gains/(losses) on AFS securities: | |||
Net unrealized gains/(losses) arising during the period/Translation, Pre-tax | 483 | (7,473) | (2,303) |
Net unrealized gains/(losses) arising during the period/Translation, Tax effect | (114) | 1,794 | 553 |
Net unrealized gains/(losses) arising during the period/Translation, After-tax | 369 | (5,679) | (1,750) |
Reclassification, Pre-tax | 1,775 | 420 | (1,222) |
Reclassification, Tax effect | (420) | (101) | 293 |
Reclassification, After-tax | 1,355 | 319 | (929) |
Net change, Pre-tax | 2,258 | (7,053) | (3,525) |
Net change, Tax effect | (534) | 1,693 | 846 |
Total other comprehensive income/(loss), after–tax | 1,724 | (5,360) | (2,679) |
Defined benefit pension and OPEB plans | |||
Unrealized gains/(losses) on AFS securities: | |||
Net change, Pre-tax | 421 | (1,459) | 1,129 |
Net change, Tax effect | (48) | 218 | (207) |
Total other comprehensive income/(loss), after–tax | 373 | (1,241) | 922 |
DVA on fair value option elected liabilities, net change | |||
Unrealized gains/(losses) on AFS securities: | |||
Net change, Pre-tax | (1,066) | 2,141 | (393) |
Net change, Tax effect | 258 | (520) | 100 |
Total other comprehensive income/(loss), after–tax | $ (808) | $ 1,621 | $ (293) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of the applicable statutory U.S. income tax rate to the effective tax rate | |||
Statutory U.S. federal tax rate | 21% | 21% | 21% |
Increase/(decrease) in tax rate resulting from: | |||
U.S. state and local income taxes, net of U.S. federal income tax benefit | 2.80% | 3.50% | 3% |
Tax-exempt income | (0.90%) | (0.90%) | (0.90%) |
Non-U.S. earnings | 1.50% | 0.40% | 0.10% |
Business tax credits | (4.40%) | (5.40%) | (4.20%) |
Other, net | (0.40%) | (0.20%) | (0.10%) |
Effective tax rate | 19.60% | 18.40% | 18.90% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current income tax expense/(benefit) | |||
U.S. federal | $ 8,973 | $ 5,606 | $ 2,865 |
Non-U.S. | 4,355 | 2,992 | 2,718 |
U.S. state and local | 3,266 | 2,630 | 1,897 |
Total current income tax expense/(benefit) | 16,594 | 11,228 | 7,480 |
Deferred income tax expense/(benefit) | |||
U.S. federal | (3,475) | (2,004) | 3,460 |
Non-U.S. | 35 | (154) | (101) |
U.S. state and local | (1,094) | (580) | 389 |
Total deferred income tax expense/(benefit) | (4,534) | (2,738) | 3,748 |
Total income tax expense | 12,060 | 8,490 | 11,228 |
Components of income tax expense/(benefit), supplemental information | |||
Tax expense (benefits) recorded as a result of tax audit resolutions | $ (68) | $ (331) | $ 69 |
Income Taxes - Results from Non
Income Taxes - Results from Non-U.S. Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 46,868 | $ 34,626 | $ 50,126 |
Non-U.S. | 14,744 | 11,540 | 9,436 |
Income/(loss) before income tax expense/(benefit) | $ 61,612 | $ 46,166 | $ 59,562 |
Income Taxes - Affordable Housi
Income Taxes - Affordable Housing Tax Credits (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax credit and other tax benefits | $ 2 | $ 1.8 | $ 1.7 |
Amount of amortization reported in income tax expense | 1.6 | 1.4 | $ 1.3 |
Carrying value of investments, reported in other assets | 14.6 | 12.1 | |
Amount of commitments, reported in account payable and other liabilities | $ 6.8 | $ 5.4 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Allowance for loan losses | $ 5,809 | $ 5,193 |
Employee benefits | 1,247 | 1,342 |
Accrued expenses and other | 9,887 | 8,577 |
Non-U.S. operations | 860 | 1,148 |
Tax attribute carryforwards | 290 | 365 |
Gross deferred tax assets | 18,093 | 16,625 |
Valuation allowance | (183) | (198) |
Deferred tax assets, net of valuation allowance | 17,910 | 16,427 |
Deferred tax liabilities | ||
Depreciation and amortization | 779 | 2,044 |
Mortgage servicing rights, net of hedges | 1,794 | 1,864 |
Leasing transactions | 2,254 | 2,843 |
Other, net | 2,935 | 3,801 |
Gross deferred tax liabilities | 7,762 | 10,552 |
Net deferred tax assets | 10,148 | $ 5,875 |
State and local | Capital loss carryforward | ||
Deferred tax liabilities | ||
Tax credit carryforwards | 1,200 | |
U.S. federal | ||
Deferred tax liabilities | ||
NOL carryforwards | 586 | |
U.S. federal | Other tax attributes | ||
Deferred tax liabilities | ||
Tax credit carryforwards | 118 | |
Non-U.S. | ||
Deferred tax liabilities | ||
NOL carryforwards | $ 570 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | $ 5,401 | $ 5,043 | $ 4,636 |
Unrecognized tax benefits that would impact effective tax rate | 3,900 | 3,800 | 3,400 |
Amount of potential increase or decrease in gross balance of unrecognized tax benefits | 1,100 | ||
Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
Balance at January 1, | 5,043 | 4,636 | 4,250 |
Increases based on tax positions related to the current period | 1,440 | 1,234 | 798 |
Increases based on tax positions related to prior periods | 37 | 123 | 393 |
Decreases based on tax positions related to prior periods | (1,110) | (824) | (657) |
Decreases related to cash settlements with taxing authorities | (9) | (126) | (148) |
Balance at December 31, | 5,401 | 5,043 | 4,636 |
Income tax expense, penalties and interest expense | |||
Penalties and interest expense/(benefit) | 229 | 141 | $ 174 |
Penalties and interest accrued | $ 1,600 | $ 1,300 |
Restricted Cash, Other Restri_3
Restricted Cash, Other Restricted Assets and Intercompany Funds Transfers (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Total restricted cash | $ 19.6 | $ 26.8 | |
Cash and securities pledged with clearing organizations for benefit of customers | 40.5 | 42.4 | |
Fair value of securities restricted in relation to customer activity | $ 20.5 | 31.7 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |||
Percentage of total capital loans limited to | 10% | ||
Percentage of total capital (limited to) for aggregate covered transactions | 20% | ||
Deposits with banks | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Total restricted cash | $ 18.2 | 25.4 | |
Cash and due from banks | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Total restricted cash | 1.4 | 1.4 | |
Segregated for the benefit of securities and cleared derivative customers | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Total restricted cash | 10.3 | 18.7 | |
Cash reserves at non-U.S. central banks and held for other general purposes | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Total restricted cash | $ 9.3 | $ 8.1 | |
Bank and Bank Holding Company Subsidiaries | |||
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |||
Aggregate dividends payable | $ 20 |
Regulatory Capital (Details)
Regulatory Capital (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Cumulative effect of change in accounting principles | |||
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
Capital transition provisions, CECL capital benefit recognized | $ 2,900 | ||
Capital transition provisions, CECL capital benefit recognized, excluding amount phased out | $ 1,400 | ||
JPMorgan Chase & Co. | |||
Leverage-based capital metrics: | |||
Adjusted average assets | $ 3,831,200 | $ 3,703,873 | |
Tier 1 leverage ratio | 0.072 | 0.066 | |
Total leverage exposure | $ 4,540,465 | $ 4,367,092 | |
SLR | 0.061 | 0.056 | |
Basel III Standardized | JPMorgan Chase & Co. | |||
Risk-based capital metrics: | |||
CET1 capital | $ 250,585 | $ 218,934 | |
Tier 1 capital | 277,306 | 245,631 | |
Total capital | 308,497 | 277,769 | |
Risk-weighted assets | $ 1,671,995 | $ 1,653,538 | |
CET1 capital ratio | 15% | 13.20% | |
Tier 1 capital ratio | 0.166 | 0.149 | |
Total capital ratio | 0.185 | 0.168 | |
Basel III Advanced | JPMorgan Chase & Co. | |||
Risk-based capital metrics: | |||
CET1 capital | $ 250,585 | $ 218,934 | |
Tier 1 capital | 277,306 | 245,631 | |
Total capital | 295,417 | 264,583 | |
Risk-weighted assets | $ 1,669,156 | $ 1,609,773 | |
CET1 capital ratio | 15% | 13.60% | |
Tier 1 capital ratio | 0.166 | 0.153 | |
Total capital ratio | 0.177 | 0.164 | |
BHC | Basel III | |||
Well capitalized risk-based capital ratios | |||
Tier 1 capital | 0.060 | 0.060 | |
Total capital | 0.100 | 0.100 | |
Minimum leverage-based capital ratios | |||
Tier 1 leverage | 0.040 | 0.040 | |
SLR | 5% | 5% | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
GSIB surcharge | 4% | ||
Countercyclical buffer | 0 | ||
SLR, minimum requirement | 0.030 | 0.030 | |
SLR, supplementary leverage buffer | 2% | 2% | |
BHC | Basel III Standardized | |||
Minimum risk-based capital ratios | |||
CET1 capital | 0.114 | 0.120 | |
Tier 1 capital | 0.129 | 0.135 | |
Total capital | 0.149 | 0.155 | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
SCB | 2.90% | 4% | |
BHC | Basel III Advanced | |||
Minimum risk-based capital ratios | |||
CET1 capital | 0.110 | 0.105 | |
Tier 1 capital | 0.125 | 0.120 | |
Total capital | 0.145 | 0.140 | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
Capital conservation buffer | 2.50% | ||
IDI | Basel III | |||
Well capitalized risk-based capital ratios | |||
CET1 capital | 0.065 | 0.065 | |
Tier 1 capital | 0.080 | 0.080 | |
Total capital | 0.100 | 0.100 | |
Minimum leverage-based capital ratios | |||
Tier 1 leverage | 0.040 | 0.040 | |
SLR | 6% | 6% | |
Well capitalized leverage-based capital ratios | |||
Tier 1 leverage | 0.050 | 0.050 | |
SLR | 0.060 | 0.060 | |
Adjustments to Capital for Deferred Tax Liabilities [Abstract] | |||
Capital conservation buffer | 2.50% | 2.50% | |
SLR, minimum requirement | 0.030 | 0.030 | |
SLR, supplementary leverage buffer | 3% | 3% | |
IDI | Basel III Standardized | |||
Minimum risk-based capital ratios | |||
CET1 capital | 0.070 | 0.070 | |
Tier 1 capital | 0.085 | 0.085 | |
Total capital | 0.105 | 0.105 | |
IDI | Basel III Advanced | |||
Minimum risk-based capital ratios | |||
CET1 capital | 0.070 | 0.070 | |
Tier 1 capital | 0.085 | 0.085 | |
Total capital | 0.105 | 0.105 | |
JPMorgan Chase Bank, N.A. | |||
Leverage-based capital metrics: | |||
Adjusted average assets | $ 3,337,842 | $ 3,249,912 | |
Tier 1 leverage ratio | 0.079 | 0.083 | |
Total leverage exposure | $ 4,038,739 | $ 3,925,502 | |
SLR | 0.065 | 0.069 | |
JPMorgan Chase Bank, N.A. | Basel III Standardized | |||
Risk-based capital metrics: | |||
CET1 capital | $ 262,030 | $ 269,668 | |
Tier 1 capital | 262,032 | 269,672 | |
Total capital | 281,308 | 288,433 | |
Risk-weighted assets | $ 1,621,789 | $ 1,597,072 | |
CET1 capital ratio | 16.20% | 16.90% | |
Tier 1 capital ratio | 0.162 | 0.169 | |
Total capital ratio | 0.173 | 0.181 | |
JPMorgan Chase Bank, N.A. | Basel III Advanced | |||
Risk-based capital metrics: | |||
CET1 capital | $ 262,030 | $ 269,668 | |
Tier 1 capital | 262,032 | 269,672 | |
Total capital | 268,392 | 275,255 | |
Risk-weighted assets | $ 1,526,952 | $ 1,475,602 | |
CET1 capital ratio | 17.20% | 18.30% | |
Tier 1 capital ratio | 0.172 | 0.183 | |
Total capital ratio | 0.176 | 0.187 |
Off-balance Sheet Lending-rel_3
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | $ 1,497,847 | $ 1,326,782 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 1,078,159 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 193,224 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 189,249 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 37,215 | |
Off-balance sheet lending-related financial commitments, Carrying value | 4,139 | 2,817 |
Total consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | 961,061 | 854,802 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 934,822 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 7,334 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 6,493 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 12,412 | |
Off-balance sheet lending-related financial commitments, Carrying value | 826 | 75 |
Total consumer, excluding credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | 45,403 | 33,518 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 19,164 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 7,334 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 6,493 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 12,412 | |
Off-balance sheet lending-related financial commitments, Carrying value | 826 | 75 |
Residential real estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | 30,125 | 21,287 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 6,917 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 7,175 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 6,493 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 9,540 | |
Off-balance sheet lending-related financial commitments, Carrying value | 678 | 75 |
Residential real estate | First Republic | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet lending-related financial commitments, Carrying value | 630 | |
Auto and other | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | 15,278 | 12,231 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 12,247 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 159 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 2,872 | |
Off-balance sheet lending-related financial commitments, Carrying value | 148 | 0 |
Auto and other | First Republic | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet lending-related financial commitments, Carrying value | 148 | |
Credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | 915,658 | 821,284 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 915,658 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 0 | |
Off-balance sheet lending-related financial commitments, Carrying value | 0 | 0 |
Total wholesale | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | 536,786 | 471,980 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 143,337 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 185,890 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 182,756 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 24,803 | |
Off-balance sheet lending-related financial commitments, Carrying value | 3,313 | 2,742 |
Other unfunded commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | 503,526 | 440,407 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 125,478 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 175,190 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 179,046 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 23,812 | |
Off-balance sheet lending-related financial commitments, Carrying value | 2,797 | 2,328 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Risk participations for other unfunded commitments to extend credit | 88 | 71 |
Other unfunded commitments to extend credit | First Republic | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet lending-related financial commitments, Carrying value | 1,100 | |
Standby letters of credit and other financial guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | 28,872 | 27,439 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 13,775 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 10,478 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 3,628 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 991 | |
Off-balance sheet lending-related financial commitments, Carrying value | 479 | 408 |
Other guarantees and commitments, Carrying value | 369 | 326 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Risk participations for standby letters of credit and other financial guarantees | 8,200 | 8,200 |
Other letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total lending-related commitments/ contractual amount | 4,388 | 4,134 |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring in 1 year or less | 4,084 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 1 year through 3 years | 222 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 3 years through 5 years | 82 | |
Off-balance sheet lending-related financial commitments, Contractual amount, Expiring after 5 years | 0 | |
Off-balance sheet lending-related financial commitments, Carrying value | 37 | 6 |
Other guarantees and commitments, Carrying value | 0 | 0 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Risk participations for other letters of credit | 589 | 512 |
Securities lending indemnification agreements and guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 283,664 | 283,386 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 283,664 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | |
Other guarantees and commitments, Carrying value | 0 | 0 |
Off balance sheet lending related financial instruments guarantees and other commitments - supplemental information [Abstract] | ||
Indemnification agreement securities lending guarantees collateral held in support of | 300,300 | 298,500 |
Derivatives qualifying as guarantees | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 54,562 | 59,180 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 1,693 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 364 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 11,657 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 40,848 | |
Other guarantees and commitments, Carrying value | 89 | 649 |
Unsettled resale and securities borrowed agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 95,106 | 116,975 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 94,920 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 186 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | |
Other guarantees and commitments, Carrying value | 0 | (2) |
Unsettled repurchase and securities loaned agreements | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 60,724 | 66,407 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 60,170 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 554 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | |
Other guarantees and commitments, Carrying value | 0 | (7) |
Mortgage repurchase liability | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan sale and securitization-related indemnifications, Mortgage repurchase liability, Carrying value | 76 | 76 |
Loans sold with recourse | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan sale and securitization-related indemnifications, Loans sold with recourse, Contractual amount | 803 | 820 |
Loan sale and securitization-related indemnifications, Loans sold with recourse, Carrying value | 24 | 28 |
Exchange & clearing house guarantees and commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 265,887 | 191,068 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 265,887 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 0 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 0 | |
Other guarantees and commitments, Carrying value | 0 | 0 |
Other guarantees and commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Other guarantees and commitments, Contractual amount | 15,074 | 8,634 |
Other guarantees and commitments, Contractual amount, Expiring in 1 year or less | 9,216 | |
Other guarantees and commitments, Contractual amount, Expiring after 1 year through 3 years | 1,516 | |
Other guarantees and commitments, Contractual amount, Expiring after 3 years through 5 years | 314 | |
Other guarantees and commitments, Contractual amount, Expiring after 5 years | 4,028 | |
Other guarantees and commitments, Carrying value | $ 38 | $ 53 |
Days Past Due, 60 or More | Credit card | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Line of credit close criteria, period past due | 60 days |
Off-balance Sheet Lending-rel_4
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Standby Letters of Credit, Other Financial Guarantees and Other Letters of Credit (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Total lending-related commitments/ contractual amount | $ 1,497,847 | $ 1,326,782 | ||
Allowance for lending-related commitments | 1,974 | 2,382 | $ 2,261 | $ 2,409 |
Total carrying value | 4,139 | 2,817 | ||
Standby letters of credit and other financial guarantees | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Investment-grade | 19,694 | 19,205 | ||
Noninvestment-grade | 9,178 | 8,234 | ||
Total lending-related commitments/ contractual amount | 28,872 | 27,439 | ||
Allowance for lending-related commitments | 110 | 82 | ||
Guarantee liability | 369 | 326 | ||
Total carrying value | 479 | 408 | ||
Commitments with collateral | 16,861 | 15,296 | ||
Other letters of credit | ||||
Standby letters of credit and other financial guarantees and other letters of credit [Abstract] | ||||
Investment-grade | 3,552 | 3,040 | ||
Noninvestment-grade | 836 | 1,094 | ||
Total lending-related commitments/ contractual amount | 4,388 | 4,134 | ||
Allowance for lending-related commitments | 37 | 6 | ||
Guarantee liability | 0 | 0 | ||
Total carrying value | 37 | 6 | ||
Commitments with collateral | $ 539 | $ 795 |
Off-balance Sheet Lending-rel_5
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Securities Lending Indemnifications (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Off-Balance Sheet Lending-Related Financial Instruments, Guarantees and Other Commitments [Abstract] | |
Percentage exceeding value of securities for obtaining cash or other highly liquid collateral | 100% |
Percentage exceeding value of resale agreements for obtaining collateral | 100% |
Off-balance Sheet Lending-rel_6
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Derivatives Qualifying as Guarantees (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notional amounts | ||
Stable value contracts with contractually limited exposure | $ 49,813,000 | $ 49,476,000 |
Derivatives qualifying as guarantees | ||
Notional amounts | ||
Derivative guarantees | 54,562 | 59,180 |
Stable value contracts with contractually limited exposure | 32,488 | 31,820 |
Maximum exposure of stable value contracts with contractually limited exposure | 1,652 | 2,063 |
Fair value | ||
Derivative payables | $ 89 | $ 649 |
Maximum | Put option | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Term of written put option | 5 years |
Off-balance Sheet Lending-rel_7
Off-balance Sheet Lending-related Financial Instruments, Guarantees, and Other Commitments - Other Off-Balance Sheet Arrangements (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
JPMorgan Chase Financial Company LLC | |||
Other off-balance sheet arrangements - supplemental information [Abstract] | |||
Direct-owned and consolidated finance subsidiary ownership | 100% | ||
Merchant Services | |||
Other off-balance sheet arrangements - supplemental information [Abstract] | |||
Aggregate volume processed by electronic payment services business | $ 2,411 | $ 2,158.4 | $ 1,886.7 |
Pledged Assets and Collateral -
Pledged Assets and Collateral - Pledged Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Pledged assets | $ 3,875,393 | [1] | $ 3,665,743 | [1] | $ 3,743,567 |
Assets that may be sold or repledged or otherwise used by secured parties | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Pledged assets | 145,000 | 110,800 | |||
Assets that may not be sold or repledged or otherwise used by secured parties | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Pledged assets | 244,200 | 114,800 | |||
Assets that may not be sold or repledged or otherwise used by secured parties | First Republic | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Pledged assets | 88,400 | ||||
Asset pledged | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Pledged assets | 1,064,800 | 793,200 | |||
Asset pledged | Assets pledged at Federal Reserve banks and FHLBs | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Pledged assets | $ 675,600 | $ 567,600 | |||
[1] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2023 and 2022. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2023 2022 Assets Trading assets $ 2,170 $ 2,151 Loans 37,611 34,411 All other assets 591 550 Total assets $ 40,372 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 23,020 $ 12,610 All other liabilities 263 279 Total liabilities $ 23,283 $ 12,889 |
Pledged Assets and Collateral_2
Pledged Assets and Collateral - Components of Pledged Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Investment securities | $ 571,552 | $ 631,162 | |||
Loans | 1,323,706 | 1,135,647 | |||
Total assets | 3,875,393 | [1] | 3,665,743 | [1] | $ 3,743,567 |
Asset pledged | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Investment securities | 108,600 | 104,400 | |||
Loans | 681,700 | 485,900 | |||
Trading assets and other | 274,500 | 202,900 | |||
Total assets | $ 1,064,800 | $ 793,200 | |||
[1] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2023 and 2022. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2023 2022 Assets Trading assets $ 2,170 $ 2,151 Loans 37,611 34,411 All other assets 591 550 Total assets $ 40,372 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 23,020 $ 12,610 All other liabilities 263 279 Total liabilities $ 23,283 $ 12,889 |
Pledged Assets and Collateral_3
Pledged Assets and Collateral - Collateral (Details) - USD ($) $ in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Collateral permitted to be sold or repledged, delivered, or otherwise used | $ 1,303.9 | $ 1,346.9 |
Collateral sold, repledged, delivered or otherwise used | $ 982.8 | $ 1,019.4 |
Litigation (Details)
Litigation (Details) | 1 Months Ended | 12 Months Ended | 36 Months Ended | 64 Months Ended | |||||
Jun. 30, 2023 USD ($) | Aug. 31, 2021 USD ($) | May 31, 2021 USD ($) | Sep. 30, 2018 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2012 fund | Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |||||||||
Legal expense | $ 1,436,000,000 | $ 266,000,000 | $ 426,000,000 | ||||||
Threatened or Pending Litigation | Minimum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency range of possible loss | 0 | $ 0 | |||||||
Threatened or Pending Litigation | Maximum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency range of possible loss | $ 1,300,000,000 | 1,300,000,000 | |||||||
1MDB Litigation, 2009 | J.P. Morgan (Suisse) SA | |||||||||
Loss Contingencies [Line Items] | |||||||||
Amount of claim | $ 300,000,000 | ||||||||
1MDB Litigation, 2010 | J.P. Morgan (Suisse) SA | |||||||||
Loss Contingencies [Line Items] | |||||||||
Amount of claim | $ 500,000,000 | ||||||||
Amrapali Litigation | JPMorgan India Private Limited | |||||||||
Loss Contingencies [Line Items] | |||||||||
Amount of claim | $ 31,500,000 | ||||||||
Number of offshore funds formerly managed by JPMorgan Chase entities | fund | 2 | ||||||||
Foreign Exchange Investigations and Litigation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency disqualification period | 10 years | ||||||||
Interchange Litigation | The Defendants | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement amount | $ 6,200,000,000 | ||||||||
Payments for legal settlement | $ 700,000,000 | ||||||||
Settlements with merchants who opted out, percentage of combined card sales volume | 70% | 70% | |||||||
Jeffrey Epstein Litigation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Payments for legal settlement | $ 290,000,000 | ||||||||
Trading Venues Investigations | |||||||||
Loss Contingencies [Line Items] | |||||||||
Expected civil penalties | $ 350,000,000 | $ 350,000,000 |
International Operations (Detai
International Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | $ 158,104 | $ 128,695 | $ 121,649 | ||
Expense | 96,492 | 82,529 | 62,087 | ||
Income/(loss) before income tax expense/(benefit) | 61,612 | 46,166 | 59,562 | ||
Net income | 49,552 | 37,676 | 48,334 | ||
Total assets | 3,875,393 | [1] | 3,665,743 | [1] | 3,743,567 |
Total international | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 34,873 | 31,968 | 28,971 | ||
Expense | 20,468 | 20,214 | 18,794 | ||
Income/(loss) before income tax expense/(benefit) | 14,405 | 11,754 | 10,177 | ||
Net income | 10,105 | 8,433 | 7,380 | ||
Total assets | 863,926 | 918,582 | 860,841 | ||
Europe/Middle East/Africa | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 20,974 | 18,765 | 16,561 | ||
Expense | 11,947 | 11,754 | 10,833 | ||
Income/(loss) before income tax expense/(benefit) | 9,027 | 7,011 | 5,728 | ||
Net income | 6,402 | 5,158 | 4,202 | ||
Total assets | 529,335 | 558,430 | 517,904 | ||
U.K. | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total assets | 352,000 | 357,000 | 365,000 | ||
Asia-Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 10,605 | 10,025 | 9,654 | ||
Expense | 6,550 | 6,763 | 6,372 | ||
Income/(loss) before income tax expense/(benefit) | 4,055 | 3,262 | 3,282 | ||
Net income | 2,709 | 2,119 | 2,300 | ||
Total assets | 251,588 | 281,479 | 277,897 | ||
Latin America/Caribbean | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 3,294 | 3,178 | 2,756 | ||
Expense | 1,971 | 1,697 | 1,589 | ||
Income/(loss) before income tax expense/(benefit) | 1,323 | 1,481 | 1,167 | ||
Net income | 994 | 1,156 | 878 | ||
Total assets | 83,003 | 78,673 | 65,040 | ||
North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenue | 123,231 | 96,727 | 92,678 | ||
Expense | 76,024 | 62,315 | 43,293 | ||
Income/(loss) before income tax expense/(benefit) | 47,207 | 34,412 | 49,385 | ||
Net income | 39,447 | 29,243 | 40,954 | ||
Total assets | $ 3,011,467 | $ 2,747,161 | $ 2,882,726 | ||
[1] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2023 and 2022. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2023 2022 Assets Trading assets $ 2,170 $ 2,151 Loans 37,611 34,411 All other assets 591 550 Total assets $ 40,372 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 23,020 $ 12,610 All other liabilities 263 279 Total liabilities $ 23,283 $ 12,889 |
Business Segments - Narrative (
Business Segments - Narrative (Details) $ in Trillions | 12 Months Ended |
Dec. 31, 2023 USD ($) segment | |
Segment Reporting Information [Line Items] | |
Number of major reportable business segments | 4 |
Commercial Banking | |
Segment Reporting Information [Line Items] | |
Number of primary client segments | 3 |
Asset & Wealth Management | |
Segment Reporting Information [Line Items] | |
AWM client assets | $ | $ 5 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 68,837 | $ 61,985 | $ 69,338 | ||
Net interest income | 89,267 | 66,710 | 52,311 | ||
Total net revenue | 158,104 | 128,695 | 121,649 | ||
Provision for credit losses | 9,320 | 6,389 | (9,256) | ||
Noninterest expense | 87,172 | 76,140 | 71,343 | ||
Income/(loss) before income tax expense/(benefit) | 61,612 | 46,166 | 59,562 | ||
Income tax expense/(benefit) | 12,060 | 8,490 | 11,228 | ||
Net income/(loss) | 49,552 | 37,676 | 48,334 | ||
Average equity | 282,056 | 253,068 | 250,968 | ||
Total assets | $ 3,875,393 | [1] | $ 3,665,743 | [1] | $ 3,743,567 |
Return on equity | 17% | 14% | 19% | ||
Overhead ratio | 55% | 59% | 59% | ||
Operating Segments | Consumer & Community Banking | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 15,118 | $ 14,886 | $ 17,092 | ||
Net interest income | 55,030 | 39,928 | 32,787 | ||
Total net revenue | 70,148 | 54,814 | 49,879 | ||
Provision for credit losses | 6,899 | 3,813 | (6,989) | ||
Noninterest expense | 34,819 | 31,208 | 29,028 | ||
Income/(loss) before income tax expense/(benefit) | 28,430 | 19,793 | 27,840 | ||
Income tax expense/(benefit) | 7,198 | 4,877 | 6,883 | ||
Net income/(loss) | 21,232 | 14,916 | 20,957 | ||
Average equity | 54,349 | 50,000 | 50,000 | ||
Total assets | $ 642,951 | $ 514,085 | $ 500,370 | ||
Return on equity | 38% | 29% | 41% | ||
Overhead ratio | 50% | 57% | 58% | ||
Operating Segments | Corporate & Investment Bank | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 40,315 | $ 36,202 | $ 38,403 | ||
Net interest income | 8,492 | 11,900 | 13,540 | ||
Total net revenue | 48,807 | 48,102 | 51,943 | ||
Provision for credit losses | 121 | 1,158 | (1,174) | ||
Noninterest expense | 28,594 | 27,350 | 25,553 | ||
Income/(loss) before income tax expense/(benefit) | 20,092 | 19,594 | 27,564 | ||
Income tax expense/(benefit) | 5,963 | 4,669 | 6,457 | ||
Net income/(loss) | 14,129 | 14,925 | 21,107 | ||
Average equity | 108,000 | 103,000 | 83,000 | ||
Total assets | $ 1,338,168 | $ 1,334,296 | $ 1,259,896 | ||
Return on equity | 13% | 14% | 25% | ||
Overhead ratio | 59% | 57% | 49% | ||
Operating Segments | Commercial Banking | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 3,494 | $ 3,336 | $ 3,929 | ||
Net interest income | 12,052 | 8,197 | 6,079 | ||
Total net revenue | 15,546 | 11,533 | 10,008 | ||
Provision for credit losses | 1,970 | 1,268 | (947) | ||
Noninterest expense | 5,378 | 4,719 | 4,041 | ||
Income/(loss) before income tax expense/(benefit) | 8,198 | 5,546 | 6,914 | ||
Income tax expense/(benefit) | 2,055 | 1,333 | 1,668 | ||
Net income/(loss) | 6,143 | 4,213 | 5,246 | ||
Average equity | 29,507 | 25,000 | 24,000 | ||
Total assets | $ 300,325 | $ 257,106 | $ 230,776 | ||
Return on equity | 20% | 16% | 21% | ||
Overhead ratio | 35% | 41% | 40% | ||
Operating Segments | Asset & Wealth Management | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 13,560 | $ 12,507 | $ 13,071 | ||
Net interest income | 6,267 | 5,241 | 3,886 | ||
Total net revenue | 19,827 | 17,748 | 16,957 | ||
Provision for credit losses | 159 | 128 | (227) | ||
Noninterest expense | 12,780 | 11,829 | 10,919 | ||
Income/(loss) before income tax expense/(benefit) | 6,888 | 5,791 | 6,265 | ||
Income tax expense/(benefit) | 1,661 | 1,426 | 1,528 | ||
Net income/(loss) | 5,227 | 4,365 | 4,737 | ||
Average equity | 16,671 | 17,000 | 14,000 | ||
Total assets | $ 245,512 | $ 232,037 | $ 234,425 | ||
Return on equity | 31% | 25% | 33% | ||
Overhead ratio | 64% | 67% | 64% | ||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | $ 132 | $ (1,798) | $ 68 | ||
Net interest income | 7,906 | 1,878 | (3,551) | ||
Total net revenue | 8,038 | 80 | (3,483) | ||
Provision for credit losses | 171 | 22 | 81 | ||
Noninterest expense | 5,601 | 1,034 | 1,802 | ||
Income/(loss) before income tax expense/(benefit) | 2,266 | (976) | (5,366) | ||
Income tax expense/(benefit) | (555) | (233) | (1,653) | ||
Net income/(loss) | 2,821 | (743) | (3,713) | ||
Average equity | 73,529 | 58,068 | 79,968 | ||
Total assets | 1,348,437 | 1,328,219 | 1,518,100 | ||
Reconciling Items | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest revenue | (3,782) | (3,148) | (3,225) | ||
Net interest income | (480) | (434) | (430) | ||
Total net revenue | (4,262) | (3,582) | (3,655) | ||
Provision for credit losses | 0 | 0 | 0 | ||
Noninterest expense | 0 | 0 | 0 | ||
Income/(loss) before income tax expense/(benefit) | (4,262) | (3,582) | (3,655) | ||
Income tax expense/(benefit) | (4,262) | (3,582) | (3,655) | ||
Net income/(loss) | 0 | 0 | 0 | ||
Average equity | $ 0 | $ 0 | $ 0 | ||
[1] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2023 and 2022. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2023 2022 Assets Trading assets $ 2,170 $ 2,151 Loans 37,611 34,411 All other assets 591 550 Total assets $ 40,372 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 23,020 $ 12,610 All other liabilities 263 279 Total liabilities $ 23,283 $ 12,889 |
Parent Company - Statements of
Parent Company - Statements of Income and Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income | |||
Other income/(expense) | $ 68,837 | $ 61,985 | $ 69,338 |
Total income | 158,104 | 128,695 | 121,649 |
Expense | |||
Other interest expense/(income) | (89,267) | (66,710) | (52,311) |
Noninterest expense | 12,045 | 6,365 | 5,469 |
Income tax benefit | (12,060) | (8,490) | (11,228) |
Net income/(loss) | 49,552 | 37,676 | 48,334 |
Other comprehensive income/(loss), net | 6,898 | (17,257) | (8,070) |
Comprehensive income | 56,450 | 20,419 | 40,264 |
JPMorgan Chase & Co. | |||
Income | |||
Interest income from subsidiaries | 1,166 | 498 | 32 |
Other income/(expense) | (654) | 5,271 | 1,137 |
Total income | 63,563 | 43,107 | 12,394 |
Expense | |||
Interest expense/(income) to subsidiaries and affiliates | 2,258 | 22,731 | 5,353 |
Other interest expense/(income) | 11,714 | (14,658) | (1,349) |
Noninterest expense | 3,431 | 2,817 | 2,637 |
Total expense | 17,403 | 10,890 | 6,641 |
Income before income tax benefit and undistributed net income of subsidiaries | 46,160 | 32,217 | 5,753 |
Income tax benefit | 1,525 | 1,260 | 1,329 |
Equity in undistributed net income of subsidiaries | 1,867 | 4,199 | 41,252 |
Net income/(loss) | 49,552 | 37,676 | 48,334 |
Other comprehensive income/(loss), net | 6,898 | (17,257) | (8,070) |
Comprehensive income | 56,450 | 20,419 | 40,264 |
Bank and bank holding company | JPMorgan Chase & Co. | |||
Income | |||
Dividends from subsidiaries and affiliates | 61,000 | 40,500 | 10,000 |
Other income/(expense) from subsidiaries | 1,801 | (3,497) | 859 |
Non-bank | JPMorgan Chase & Co. | |||
Income | |||
Dividends from subsidiaries and affiliates | 0 | 0 | 0 |
Other income/(expense) from subsidiaries | $ 250 | $ 335 | $ 366 |
Parent Company - Balance Sheets
Parent Company - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Assets | ||||||
Cash and due from banks | $ 29,066 | $ 27,697 | ||||
Trading assets | 540,607 | 453,799 | ||||
Other assets | 159,308 | 182,884 | ||||
Total assets | 3,875,393 | [1] | 3,665,743 | [1] | $ 3,743,567 | |
Liabilities and stockholders’ equity | ||||||
Short-term borrowings | 44,712 | 44,027 | ||||
Total liabilities | [1] | 3,547,515 | 3,373,411 | |||
Total stockholders’ equity | 327,878 | 292,332 | $ 294,127 | |||
Total liabilities and stockholders’ equity | 3,875,393 | 3,665,743 | ||||
JPMorgan Chase & Co. | ||||||
Assets | ||||||
Cash and due from banks | 42 | 41 | ||||
Deposits with banking subsidiaries | 9,804 | 9,806 | ||||
Trading assets | 3,198 | 2,727 | ||||
Other assets | 8,962 | 9,108 | ||||
Total assets | 591,696 | 555,687 | ||||
Liabilities and stockholders’ equity | ||||||
Borrowings from, and payables to, subsidiaries and affiliates | 22,777 | 24,164 | ||||
Short-term borrowings | 999 | 1,130 | ||||
Other liabilities | 11,500 | 10,440 | ||||
Long-term debt | 228,542 | 227,621 | ||||
Total liabilities | 263,818 | 263,355 | ||||
Total stockholders’ equity | 327,878 | 292,332 | ||||
Total liabilities and stockholders’ equity | 591,696 | 555,687 | ||||
Bank and bank holding company | JPMorgan Chase & Co. | ||||||
Assets | ||||||
Advances to, and receivables from, subsidiaries | 152 | 136 | ||||
Investments (at equity) in subsidiaries and affiliates | 568,472 | 532,759 | ||||
Non-bank | JPMorgan Chase & Co. | ||||||
Assets | ||||||
Advances to, and receivables from, subsidiaries | 21 | 46 | ||||
Investments (at equity) in subsidiaries and affiliates | $ 1,045 | $ 1,064 | ||||
[1] The following table presents information on assets and liabilities related to VIEs that are consolidated by the Firm at December 31, 2023 and 2022. The assets of the consolidated VIEs are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2023 2022 Assets Trading assets $ 2,170 $ 2,151 Loans 37,611 34,411 All other assets 591 550 Total assets $ 40,372 $ 37,112 Liabilities Beneficial interests issued by consolidated VIEs $ 23,020 $ 12,610 All other liabilities 263 279 Total liabilities $ 23,283 $ 12,889 |
Parent Company - Statements o_2
Parent Company - Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income/(loss) | $ 49,552 | $ 37,676 | $ 48,334 |
Other operating adjustments | 4,581 | 2,339 | (398) |
Net cash provided by operating activities | 12,974 | 107,119 | 78,084 |
Investing activities | |||
All other investing activities, net | (16,740) | (11,932) | (11,044) |
Net cash provided by/(used in) investing activities | 67,643 | (137,819) | (129,344) |
Financing activities | |||
Net change in: Short-term borrowings | (1,934) | (8,984) | |
Proceeds from long-term borrowings | 75,417 | 78,442 | 82,409 |
Payments of long-term borrowings | (64,880) | (45,556) | (54,932) |
Proceeds from issuance of preferred stock | 0 | 0 | 7,350 |
Redemption of preferred stock | 0 | (7,434) | (2,575) |
Treasury stock repurchased | (9,824) | (3,162) | (18,408) |
Dividends paid | (13,463) | (13,562) | (12,858) |
All other financing activities, net | (1,521) | 234 | (1,477) |
Net cash provided by/(used in) financing activities | (25,571) | (126,257) | 275,993 |
Net increase/(decrease) in cash and due from banks and deposits with banks | 56,917 | (173,600) | 213,225 |
Cash and due from banks and deposits with banks at the beginning of the period | 567,234 | 740,834 | 527,609 |
Cash and due from banks and deposits with banks at the end of the period | 624,151 | 567,234 | 740,834 |
Cash interest paid | 77,114 | 23,143 | 5,142 |
Cash income taxes paid, net | 9,908 | 4,355 | 18,737 |
JPMorgan Chase & Co. | |||
Operating activities | |||
Net income/(loss) | 49,552 | 37,676 | 48,334 |
Less: Net income of subsidiaries and affiliates | 62,868 | 44,699 | 51,252 |
Parent company net loss | (13,316) | (7,023) | (2,918) |
Cash dividends from subsidiaries and affiliates | 61,000 | 40,500 | 10,000 |
Other operating adjustments | 9,412 | (23,747) | (12,677) |
Net cash provided by operating activities | 57,096 | 9,730 | (5,595) |
Investing activities | |||
Net change in: Advances to and investments in subsidiaries and affiliates, net | (25,000) | 0 | (3,000) |
All other investing activities, net | 25 | 31 | 31 |
Net cash provided by/(used in) investing activities | (24,975) | 31 | (2,969) |
Financing activities | |||
Net change in: Borrowings from subsidiaries and affiliates | (2,249) | (4,491) | 2,647 |
Net change in: Short-term borrowings | 0 | 0 | 0 |
Proceeds from long-term borrowings | 19,398 | 41,389 | 49,169 |
Payments of long-term borrowings | (25,105) | (18,294) | (15,543) |
Proceeds from issuance of preferred stock | 0 | 0 | 7,350 |
Redemption of preferred stock | 0 | (7,434) | (2,575) |
Treasury stock repurchased | (9,824) | (3,162) | (18,408) |
Dividends paid | (13,463) | (13,562) | (12,858) |
All other financing activities, net | (879) | (1,205) | (1,238) |
Net cash provided by/(used in) financing activities | (32,122) | (6,759) | 8,544 |
Net increase/(decrease) in cash and due from banks and deposits with banks | (1) | 3,002 | (20) |
Cash and due from banks and deposits with banks at the beginning of the period | 9,847 | 6,845 | 6,865 |
Cash and due from banks and deposits with banks at the end of the period | 9,846 | 9,847 | 6,845 |
Cash interest paid | 13,742 | 7,462 | 4,065 |
Cash income taxes paid, net | $ 10,291 | $ 6,941 | $ 15,259 |
Parent Company - Footnote Infor
Parent Company - Footnote Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Long term debt maturing in 2024 | $ 51,174 | ||
Long term debt maturing in 2025 | 53,500 | ||
Long term debt maturing in 2026 | 48,700 | ||
Long term debt maturing in 2027 | 26,200 | ||
Long term debt maturing in 2028 | 79,000 | ||
Reimbursements from income taxes paid on behalf of certain subsidiaries | 13,200 | $ 11,300 | $ 13,900 |
JPMorgan Chase & Co. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Long term debt maturing in 2024 | 9,088 | ||
Long term debt maturing in 2025 | 27,500 | ||
Long term debt maturing in 2026 | 29,100 | ||
Long term debt maturing in 2027 | 20,100 | ||
Long term debt maturing in 2028 | $ 21,800 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Millions | 8 Months Ended | 12 Months Ended | |||||
May 09, 2023 USD ($) | May 01, 2023 USD ($) agreement | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 16, 2023 USD ($) | |
Business Acquisition [Line Items] | |||||||
Estimated bargain purchase gain | $ 2,775 | $ 0 | $ 0 | ||||
Deposits with banks | $ 595,085 | 595,085 | 539,537 | ||||
Provision for credit losses | 9,320 | $ 6,389 | $ (9,256) | ||||
First Republic | |||||||
Business Acquisition [Line Items] | |||||||
Deposits with banks | $ 5,000 | ||||||
First Republic | Consortium of large U.S. banks | |||||||
Business Acquisition [Line Items] | |||||||
Deposits with banks | $ 30,000 | ||||||
First Republic | |||||||
Business Acquisition [Line Items] | |||||||
Estimated bargain purchase gain | $ 2,700 | 2,775 | 2,800 | ||||
Increase to estimated bargain purchase gain | 63 | ||||||
Number of shared-loss agreements | agreement | 2 | ||||||
Consideration transferred, effective settlement of deposit | 5,000 | ||||||
Settlement of securities financing transaction | 447 | ||||||
Consideration transferred, amounts payable | 3,600 | ||||||
Net income attributable to the acquisition since the acquisition date | 4,100 | ||||||
Provision for credit losses | $ 1,200 | ||||||
First Republic | Noninterest revenue | |||||||
Business Acquisition [Line Items] | |||||||
Revenue attributable to the acquisition since the acquisition date | 4,400 | ||||||
First Republic | Net interest income | |||||||
Business Acquisition [Line Items] | |||||||
Revenue attributable to the acquisition since the acquisition date | $ 3,700 | ||||||
First Republic | Core deposits | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | 1,300 | ||||||
Estimated period of future cash flows | 7 years | ||||||
First Republic | Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets acquired | $ 180 | ||||||
Estimated period of future cash flows | 7 years | ||||||
First Republic | Consortium of large U.S. banks | |||||||
Business Acquisition [Line Items] | |||||||
Deposits repaid | $ 25,000 | ||||||
First Republic | Purchase Money Note | |||||||
Business Acquisition [Line Items] | |||||||
Term of FDIC Purchase Money Note | 5 years | ||||||
Face amount of notes | $ 50,000 | ||||||
Fixed rate of FDCI Purchase Money Note | 3.40% | ||||||
First Republic | Commercial loans and other real estate | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of credit losses covered under shared-loss agreement | 80% | ||||||
Term of shared-loss agreement | 5 years | ||||||
Recover period for shared-loss agreement | 3 years | ||||||
First Republic | Secured by mortgages on real property or cooperative shares that are a primary residence | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of credit losses covered under shared-loss agreement | 80% | ||||||
Term of shared-loss agreement | 7 years |
Business Combinations - Computa
Business Combinations - Computation of Purchase Price and the Assets Acquired Net of Liabilities Assumed (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||
May 01, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liabilities | ||||||
Estimated gain on acquisition, after-tax | $ 2,775 | $ 0 | $ 0 | |||
First Republic | ||||||
Purchase price consideration | ||||||
Amounts paid/due to the FDIC, net of cash acquired | $ 13,524 | |||||
Purchase Money Note (at fair value) | 48,848 | |||||
Settlement of First Republic deposit and other related party transactions | 5,447 | |||||
Contingent consideration - Shared-loss agreements | 15 | |||||
Purchase price consideration | 67,834 | |||||
Assets | ||||||
Securities | $ 30,285 | 30,285 | 30,285 | |||
Loans | 153,242 | 153,242 | 153,242 | |||
Core deposit and customer relationship intangibles | 1,455 | 1,455 | 1,455 | |||
Indemnification assets - Shared-loss agreements | 675 | 675 | 675 | |||
Accounts receivable and other assets | 6,574 | 6,574 | 6,574 | |||
Total assets acquired | 192,231 | 192,231 | 192,231 | |||
Liabilities | ||||||
Deposits | 87,572 | 87,572 | 87,572 | |||
FHLB advances | 27,919 | 27,919 | 27,919 | |||
Lending-related commitments | 2,614 | 2,614 | 2,614 | |||
Accounts payable and other liabilities | 2,793 | 2,793 | 2,793 | |||
Deferred tax liabilities | 724 | 724 | 724 | |||
Total liabilities assumed | 121,622 | 121,622 | 121,622 | |||
Fair value of net assets acquired | 70,609 | 70,609 | 70,609 | |||
Estimated gain on acquisition, after-tax | $ 2,700 | 2,775 | 2,800 | |||
Cash paid at acquisition | 10,600 | |||||
Amounts payable | 3,600 | |||||
Cash acquired from acquisition | 680 | |||||
Consideration transferred for settlement of securities financing transaction | 447 | |||||
Reclassification resulting in an increase to loans | 762 | |||||
Reclassification resulting in a decrease to accounts receivable and other assets | 870 | |||||
Reclassification resulting in an increase to accounts payable and other liabilities | 30 | |||||
Tax-oriented investments acquired | 1,200 | 1,200 | 1,200 | |||
Right-of-use assets acquired | 683 | 683 | 683 | |||
Tax-oriented investment liability assumed | 669 | 669 | 669 | |||
Lease liabilities assumed | $ 748 | $ 748 | $ 748 |
Business Combinations - Loans A
Business Combinations - Loans Acquired (Details) - First Republic $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |
UPB | $ 174,281 |
Fair value | 153,242 |
Reclassification resulting in an increase to the fair value of loans | 762 |
Consumer | |
Business Acquisition [Line Items] | |
UPB | 109,333 |
Fair value | 94,083 |
Consumer, excluding credit card | Residential real estate | |
Business Acquisition [Line Items] | |
UPB | 106,240 |
Fair value | 92,053 |
Consumer, excluding credit card | Auto and other | |
Business Acquisition [Line Items] | |
UPB | 3,093 |
Fair value | 2,030 |
Wholesale | |
Business Acquisition [Line Items] | |
UPB | 64,948 |
Fair value | 59,159 |
Wholesale | Secured by real estate | |
Business Acquisition [Line Items] | |
UPB | 37,117 |
Fair value | 33,602 |
Wholesale | Commercial and industrial | |
Business Acquisition [Line Items] | |
UPB | 4,332 |
Fair value | 3,932 |
Wholesale | Other | |
Business Acquisition [Line Items] | |
UPB | 23,499 |
Fair value | 21,625 |
Reclassification resulting in an increase to the UPB | 900 |
Reclassification resulting in an increase to the fair value of loans | $ 762 |
Business Combinations - Unaudit
Business Combinations - Unaudited Pro Forma Information (Details) - First Republic - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Net income | $ 48,665 | $ 41,089 |
Noninterest revenue | ||
Business Acquisition [Line Items] | ||
Revenue | 65,816 | 66,510 |
Net interest income | ||
Business Acquisition [Line Items] | ||
Revenue | $ 90,856 | $ 71,005 |