JPMORGAN CHASE & CO - FORM 8-K - EX-99.2 - EARNINGS RELEASE FINANCIAL SUPPLEMENT - 3Q15

Attached files

file	filename
8-K - 8-K - JPMORGAN CHASE & CO	a3q15erf8kcover.htm
EX-99.1 - EARNINGS RELEASE - 3Q15 - JPMORGAN CHASE & CO	a3q15erfexhibit991narrative.htm
EX-12.1 - RATIO OF EARNINGS TO FIXED CHARGES - 3Q15 - JPMORGAN CHASE & CO	a3q15erfexhibit121.htm
EX-12.2 - RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS - 3Q15 - JPMORGAN CHASE & CO	a3q15erfexhibit122.htm

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2015



JPMORGAN CHASE & CO.
TABLE OF CONTENTS

										Page(s)
Consolidated Results
Consolidated Financial Highlights										2–3
Consolidated Statements of Income										4
Consolidated Balance Sheets										5
Condensed Average Balance Sheets and Annualized Yields										6
Reconciliation from Reported to Managed Basis										7
Segment Results - Managed Basis										8
Capital and Other Selected Balance Sheet Items										9
Earnings Per Share and Related Information										10

Business Segment Results
Consumer & Community Banking										11–12
Consumer & Business Banking										13
Mortgage Banking										14–16
Card, Commerce Solutions & Auto										17–18
Corporate & Investment Bank										19–21
Commercial Banking										22–23
Asset Management										24–26
Corporate										27–28

Credit-Related Information										29–32

Non-GAAP Financial Measures										33
Glossary of Terms (a)


(a)	Refer to the Glossary of Terms on pages 309–313 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Annual Report”) and the Glossary of Terms and Line of Business Metrics on pages 176–182 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015.



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

	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q15 Change											2015 Change
SELECTED INCOME STATEMENT DATA	3Q15				2Q15				1Q15			4Q14			3Q14			2Q15		3Q14		2015				2014			2014
Reported Basis
Total net revenue	$	22,780			$	23,812			$	24,066		$	22,750		$	24,469		(4	)%	(7	)%	$	70,658			$	72,362		(2	)%
Total noninterest expense	15,368				14,500				14,883			15,409			15,798			6		(3	)	44,751				45,865			(2	)
Pre-provision profit	7,412				9,312				9,183			7,341			8,671			(20	)	(15	)	25,907				26,497			(2	)
Provision for credit losses	682				935				959			840			757			(27	)	(10	)	2,576				2,299			12
NET INCOME	6,804				6,290				5,914			4,931			5,565			8		22		19,008				16,814			13

Managed Basis (a)
Total net revenue	23,535				24,531				24,820			23,549			25,146			(4	)	(6	)	72,886				74,336			(2	)
Total noninterest expense	15,368				14,500				14,883			15,409			15,798			6		(3	)	44,751				45,865			(2	)
Pre-provision profit	8,167				10,031				9,937			8,140			9,348			(19	)	(13	)	28,135				28,471			(1	)
Provision for credit losses	682				935				959			840			757			(27	)	(10	)	2,576				2,299			12
NET INCOME	6,804				6,290				5,914			4,931			5,565			8		22		19,008				16,814			13

EARNINGS PER SHARE DATA
Net income: Basic	$	1.70			$	1.56			$	1.46		$	1.20		$	1.37		9		24		$	4.72			$	4.13		14
Diluted	1.68				1.54				1.45			1.19			1.35			9		24		4.68				4.09			14
Average shares: Basic	3,694.4				3,707.8				3,725.3			3,730.9			3,755.4			—		(2	)	3,709.2				3,774.4			(2	)
Diluted	3,725.6				3,743.6				3,757.5			3,765.2			3,788.7			—		(2	)	3,742.2				3,808.3			(2	)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	224,438			$	250,581			$	224,818		$	232,472		$	225,188		(10	)	—		$	224,438			$	225,188		—
Common shares at period-end	3,681.1				3,698.1				3,711.1			3,714.8			3,738.2			—		(2	)	3,681.1				3,738.2			(2	)
Closing share price (b)	$	60.97			$	67.76			$	60.58		$	62.58		$	60.24		(10	)	1		$	60.97			$	60.24		1
Book value per share	59.67				58.49				57.77			56.98			56.41			2		6		59.67				56.41			6
Tangible book value per share (c)	47.36				46.13				45.45			44.60			44.04			3		8		47.36				44.04			8
Cash dividends declared per share	0.44				0.44			(g)	0.40			0.40			0.40			—		10		1.28			(g)	1.18			8

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	12		%		11		%		11		%	9		%	10		%					11		%		10		%
Return on tangible common equity (“ROTCE”) (c)	15				14				14			11			13							14				13
Return on assets	1.11				1.01				0.94			0.78			0.90							1.02				0.93

High quality liquid assets (“HQLA”) (in billions) (e)	$	505		(h)	$	532			$	614		$	600		$	572						$	505		(h)	$	572

CAPITAL RATIOS (f)
Common equity Tier 1 (“CET1”) capital ratio	11.5		%	(h)	11.2		%		10.7		%	10.2		%	10.2		%					11.5		%	(h)	10.2		%
Tier 1 capital ratio	13.2			(h)	12.8				12.1			11.6			11.5							13.2			(h)	11.5
Total capital ratio	14.9			(h)	14.4				13.7			13.1			12.8							14.9			(h)	12.8

Note: Effective January 1, 2015, the Firm adopted new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit, which impacted the Corporate & Investment Bank (“CIB”). As a result of the adoption of this new guidance, the Firm made an accounting policy election to amortize the initial cost of its qualifying investments in proportion to the tax credits and other benefits received, and to present the amortization as a component of income tax expense (previously such amounts were predominantly presented in other income). The guidance was required to be applied retrospectively and accordingly, certain prior period amounts have been revised to conform with the current period presentation. The cumulative effect on retained earnings was a reduction of $321 million as of January 1, 2014; and the amount of amortization of such investments reported in income tax expense under the current period presentation was $274 million, $281 million, $274 million, $270 million and $268 million for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, September 30, 2014, respectively, and $829 million and $799 million for the nine months ended September 30, 2015, and 2014, respectively. For additional information on the impact to the effective tax rate as a result of this adoption, see page 4. The impact on net income and earnings per share in prior periods was not material. The adoption of the guidance did not materially change the Firm’s results of operations on a managed basis as the Firm had previously presented and will continue to present the revenue from such investments on a fully taxable-equivalent ("FTE") basis for purposes of managed basis reporting.


(a)	For a further discussion of managed basis, see Reconciliation from Reported to Managed Basis on page 7.


(b)	Share price shown is from the New York Stock Exchange.


(c)	Tangible book value per share and ROTCE are non-GAAP financial measures. Tangible book value per share represents tangible common equity divided by common shares at period-end. ROTCE measures the Firm’s annualized earnings as a percentage of tangible common equity. For further discussion of these measures, see page 33.


(d)	Ratios are based upon annualized amounts.

(e)

HQLA represents the amount of assets that qualify for inclusion in the liquidity coverage ratio under the final U.S. rule (“U.S. LCR”) for 3Q15, 2Q15 and 1Q15 as well as the estimated amount as of 4Q14 and 3Q14, prior to the effective date of the final rule. For additional information on HQLA and LCR, see pages 156-157 of the Firm's 2014 Annual Report, and page 74 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015.


(f)	Ratios presented are calculated under the transitional Basel III rules and represent the Collins Floor. See footnote (a) on page 9 for additional information on Basel III and the Collins Floor.


(g)	On May 19, 2015, the Board of Directors increased the quarterly common stock dividend from $0.40 to $0.44 per share.


(h)	Estimated.

Page 2



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

	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																				3Q15 Change												2015 Change
	3Q15				2Q15				1Q15				4Q14			3Q14				2Q15		3Q14		2015				2014				2014
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,417,121			$	2,449,599			$	2,577,148			$	2,572,773		$	2,526,655			(1	)%	(4	)%	$	2,417,121			$	2,526,655			(4	)%
Loans:
Consumer, excluding credit card loans	331,969				318,286				305,215				295,374			288,860				4		15		331,969				288,860				15
Credit card loans	126,979				126,025				123,257				131,048			126,959				1		—		126,979				126,959				—
Wholesale loans	350,509				346,936				335,713				330,914			327,438				1		7		350,509				327,438				7
Total Loans	809,457				791,247				764,185				757,336			743,257				2		9		809,457				743,257				9
Core loans (a)	698,988				674,767				641,285				628,785			607,617				4		15		698,988				607,617				15

Deposits:
U.S. offices:
Noninterest-bearing	404,984				432,052				441,245				437,558			440,067				(6	)	(8	)	404,984				440,067				(8	)
Interest-bearing	624,014				611,438				644,228				643,350			619,595				2		1		624,014				619,595				1
Non-U.S. offices:
Noninterest-bearing	20,174				21,777				18,484				19,078			19,134				(7	)	5		20,174				19,134				5
Interest-bearing	223,934				222,065				263,930				263,441			255,738				1		(12	)	223,934				255,738				(12	)
Total deposits	1,273,106				1,287,332				1,367,887				1,363,427			1,334,534				(1	)	(5	)	1,273,106				1,334,534				(5	)

Long-term debt (b)	292,945				286,693				280,608				276,836			268,721				2		9		292,945				268,721				9
Common stockholders’ equity	219,660				216,287				214,371				211,664			210,876				2		4		219,660				210,876				4
Total stockholders’ equity	245,728				241,205				235,864				231,727			230,939				2		6		245,728				230,939				6

Loans-to-deposits ratio	64			%	61			%	56			%	56		%	56			%					64			%	56			%

Headcount	235,678				237,459				241,145				241,359			242,388				(1	)	(3	)	235,678				242,388				(3	)

95% CONFIDENCE LEVEL- TOTAL VaR (c)
Average VaR	$	54			$	42			$	43			$	40		$	36			29		50		$	47			$	44			7

LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking	$	10,879			$	11,015			$	10,704			$	10,949		$	11,367			(1	)	(4	)	$	32,598			$	33,419			(2	)
Corporate & Investment Bank	8,168				8,723				9,582				7,383			9,105				(6	)	(10	)	26,473				27,212				(3	)
Commercial Banking	1,644				1,739				1,742				1,770			1,703				(5	)	(3	)	5,125				5,112				—
Asset Management	2,894				3,175				3,005				3,200			3,046				(9	)	(5	)	9,074				8,828				3
Corporate	(50		)		(121		)		(213		)		247			(75		)		59		33		(384		)		(235		)		(63	)
TOTAL NET REVENUE	$	23,535			$	24,531			$	24,820			$	23,549		$	25,146			(4	)	(6	)	$	72,886			$	74,336			(2	)

LINE OF BUSINESS NET INCOME
Consumer & Community Banking	$	2,630			$	2,533			$	2,219			$	2,179		$	2,529			4		4		$	7,382			$	7,006			5
Corporate & Investment Bank	1,464				2,341				2,537				972			1,680				(37	)	(13	)	6,342				5,936				7
Commercial Banking	518				525				598				693			671				(1	)	(23	)	1,641				1,942				(15	)
Asset Management	475				451				502				540			590				5		(19	)	1,428				1,613				(11	)
Corporate	1,717				440				58				547			95				290		NM		2,215				317				NM
NET INCOME	$	6,804			$	6,290			$	5,914			$	4,931		$	5,565			8		22		$	19,008			$	16,814			13


(a)	Loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.


(b)	Included unsecured long-term debt of $215.1 billion, $209.6 billion, $209.5 billion, $207.5 billion and $204.7 billion for the periods ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively.

(c)

As part of the Firm’s continuous evaluation and periodic enhancement of its VaR model calculations, during the second quarter of 2015 the Firm refined the historical proxy time series inputs to certain VaR models to more appropriately reflect the risk exposure from certain asset-backed products. Had these new time series been used as inputs into these VaR models in the first quarter of 2015, the Firm estimates they would have resulted in a reduction to average total VaR of $3 million. The impact of this refinement on all other periods presented was not material. The Firm expects in subsequent quarters to continue to refine the VaR model calculations and times series inputs related to these products. For information regarding CIB VaR, see Corporate & Investment Bank on page 21.


(d)	For a further discussion of managed basis, see Reconciliation from Reported to Managed Basis on page 7.

Page 3



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

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
REVENUE	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
Investment banking fees	$	1,604		$	1,833		$	1,794		$	1,833		$	1,538		(12	)%	4	%	$	5,231		$	4,709		11	%
Principal transactions	2,367			2,834			3,655			1,335			2,966			(16	)	(20	)	8,856			9,196			(4	)
Lending- and deposit-related fees	1,463			1,418			1,363			1,454			1,479			3		(1	)	4,244			4,347			(2	)
Asset management, administration and commissions	3,845			4,015			3,807			4,110			3,978			(4	)	(3	)	11,667			11,821			(1	)
Securities gains	33			44			52			29			6			(25	)	450		129			48			169
Mortgage fees and related income	469			783			705			855			903			(40	)	(48	)	1,957			2,708			(28	)
Card income	1,447			1,615			1,431			1,526			1,537			(10	)	(6	)	4,493			4,494			—
Other income	628			586			582			546			955			7		(34	)	1,796			2,467			(27	)
Noninterest revenue	11,856			13,128			13,389			11,688			13,362			(10	)	(11	)	38,373			39,790			(4	)
Interest income	12,739			12,514			12,565			12,951			12,926			2		(1	)	37,818			38,580			(2	)
Interest expense	1,815			1,830			1,888			1,889			1,819			(1	)	—		5,533			6,008			(8	)
Net interest income	10,924			10,684			10,677			11,062			11,107			2		(2	)	32,285			32,572			(1	)
TOTAL NET REVENUE	22,780			23,812			24,066			22,750			24,469			(4	)	(7	)	70,658			72,362			(2	)

Provision for credit losses	682			935			959			840			757			(27	)	(10	)	2,576			2,299			12

NONINTEREST EXPENSE
Compensation expense	7,320			7,694			8,043			6,860			7,831			(5	)	(7	)	23,057			23,300			(1	)
Occupancy expense	965			923			933			1,006			978			5		(1	)	2,821			2,903			(3	)
Technology, communications and equipment expense	1,546			1,499			1,491			1,495			1,465			3		6		4,536			4,309			5
Professional and outside services	1,776			1,768			1,634			2,080			1,907			—		(7	)	5,178			5,625			(8	)
Marketing	704			642			591			726			610			10		15		1,937			1,824			6
Other expense (a)	3,057			1,974			2,191			3,242			3,007			55		2		7,222			7,904			(9	)
TOTAL NONINTEREST EXPENSE	15,368			14,500			14,883			15,409			15,798			6		(3	)	44,751			45,865			(2	)
Income before income tax expense	6,730			8,377			8,224			6,501			7,914			(20	)	(15	)	23,331			24,198			(4	)
Income tax expense/(benefit) (b)	(74		)	2,087			2,310			1,570			2,349			NM		NM		4,323			7,384			(41	)
NET INCOME	$	6,804		$	6,290		$	5,914		$	4,931		$	5,565		8		22		$	19,008		$	16,814		13

NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	1.70		$	1.56		$	1.46		$	1.20		$	1.37		9		24		$	4.72		$	4.13		14
Diluted earnings per share	1.68			1.54			1.45			1.19			1.35			9		24		4.68			4.09			14

FINANCIAL RATIOS
Return on common equity (c)	12		%	11		%	11		%	9		%	10		%					11		%	10		%
Return on tangible common equity (c)(d)	15			14			14			11			13							14			13
Return on assets (c)	1.11			1.01			0.94			0.78			0.90							1.02			0.93
Effective income tax rate (b)	(1.1		)	24.9			28.1			24.2			29.7							18.5			30.5
Overhead ratio	67			61			62			68			65							63			63

Note: As discussed on page 2, effective January 1, 2015, the Firm adopted new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit. The guidance was required to be applied retrospectively and accordingly, certain prior period amounts have been revised to conform with the current period presentation. Prior to the adoption of this accounting guidance, the effective tax rate was 21.3% and 27.6% for the three months ended December 31, 2014 and September 30, 2014, respectively, and 28.5% for the nine months ended September 30, 2014.


(a)	Included Firmwide legal expense of $1.3 billion, $291 million, $687 million, $1.1 billion and $1.1 billion for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively; and $2.3 billion and $1.8 billion for the nine months ended September 30, 2015, and 2014, respectively.

(b)

The three and nine months ended September 30, 2015 reflected tax benefits of $2.2 billion and $2.7 billion, respectively, which reduced the Firm’s effective tax rate by 32.0% and 11.7%, respectively. The recognition of tax benefits in 2015 resulted from the resolution of various tax audits, as well as the release of U.S. deferred taxes associated with the restructuring of certain non-U.S. entities.


(c)	Ratios are based upon annualized amounts.


(d)	For further discussion of ROTCE see pages 2 and 33.

Page 4



JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																Sep 30, 2015
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2015			2015			2015			2014			2014			2015		2014
ASSETS
Cash and due from banks	$	21,258		$	24,095		$	22,821		$	27,831		$	25,372		(12	)%	(16	)%
Deposits with banks	376,196			398,807			506,383			484,477			414,312			(6	)	(9	)
Federal funds sold and securities purchased under
resale agreements	218,467			212,850			219,344			215,803			214,336			3		2
Securities borrowed	105,668			98,528			108,376			110,435			118,873			7		(11	)
Trading assets:
Debt and equity instruments	293,040			310,419			317,407			320,013			338,204			(6	)	(13	)
Derivative receivables	68,668			67,451			81,574			78,975			72,453			2		(5	)
Securities	306,660			317,795			331,136			348,004			366,358			(4	)	(16	)
Loans	809,457			791,247			764,185			757,336			743,257			2		9
Less: Allowance for loan losses	13,466			13,915			14,065			14,185			14,889			(3	)	(10	)
Loans, net of allowance for loan losses	795,991			777,332			750,120			743,151			728,368			2		9
Accrued interest and accounts receivable	57,926			69,642			70,006			70,079			75,504			(17	)	(23	)
Premises and equipment	14,709			15,073			14,963			15,133			15,177			(2	)	(3	)
Goodwill	47,405			47,476			47,453			47,647			47,970			—		(1	)
Mortgage servicing rights	6,716			7,571			6,641			7,436			8,236			(11	)	(18	)
Other intangible assets	1,036			1,091			1,128			1,192			1,274			(5	)	(19	)
Other assets	103,381			101,469			99,796			102,597			100,218			2		3
TOTAL ASSETS	$	2,417,121		$	2,449,599		$	2,577,148		$	2,572,773		$	2,526,655		(1	)	(4	)

LIABILITIES
Deposits	$	1,273,106		$	1,287,332		$	1,367,887		$	1,363,427		$	1,334,534		(1	)	(5	)
Federal funds purchased and securities loaned or sold
under repurchase agreements	180,319			180,897			196,578			192,101			198,746			—		(9	)
Commercial paper	19,656			42,238			55,655			66,344			59,960			(53	)	(67	)
Other borrowed funds	27,174			30,061			29,035			30,222			31,892			(10	)	(15	)
Trading liabilities:
Debt and equity instruments	84,334			80,396			84,437			81,699			84,305			5		—
Derivative payables	57,140			59,026			73,836			71,116			58,951			(3	)	(3	)
Accounts payable and other liabilities	187,986			191,749			202,157			206,939			211,043			(2	)	(11	)
Beneficial interests issued by consolidated VIEs	48,733			50,002			51,091			52,362			47,564			(3	)	2
Long-term debt	292,945			286,693			280,608			276,836			268,721			2		9
TOTAL LIABILITIES	2,171,393			2,208,394			2,341,284			2,341,046			2,295,716			(2	)	(5	)

STOCKHOLDERS’ EQUITY
Preferred stock	26,068			24,918			21,493			20,063			20,063			5		30
Common stock	4,105			4,105			4,105			4,105			4,105			—		—
Additional paid-in capital	92,316			92,204			92,245			93,270			93,060			—		(1	)
Retained earnings	143,050			138,294			134,048			129,977			126,896			3		13
Accumulated other comprehensive income	751			1,102			2,430			2,189			3,266			(32	)	(77	)
Shares held in RSU Trust, at cost	(21		)	(21		)	(21		)	(21		)	(21		)	—		—
Treasury stock, at cost	(20,541		)	(19,397		)	(18,436		)	(17,856		)	(16,430		)	(6	)	(25	)
TOTAL STOCKHOLDERS’ EQUITY	245,728			241,205			235,864			231,727			230,939			2		6
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,417,121		$	2,449,599		$	2,577,148		$	2,572,773		$	2,526,655		(1	)	(4	)

Page 5



JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																					3Q15 Change												2015 Change
AVERAGE BALANCES	3Q15				2Q15				1Q15				4Q14				3Q14				2Q15		3Q14		2015				2014				2014
ASSETS
Deposits with banks	$	413,038			$	437,776			$	480,182			$	414,672			$	362,434			(6	)%	14	%	$	443,420			$	338,998			31	%
Federal funds sold and securities purchased under
resale agreements	201,673				205,352				217,546				215,439				224,088				(2	)	(10	)	208,132				235,561				(12	)
Securities borrowed	98,193				107,178				111,197				115,033				118,014				(8	)	(17	)	105,475				117,048				(10	)
Trading assets - debt instruments	202,388				208,823				210,069				222,223				213,335				(3	)	(5	)	207,065				206,695				—
Securities	307,364				323,941				334,967				350,804				360,365				(5	)	(15	)	321,990				354,180				(9	)
Loans	793,584				774,205				757,638				746,735				741,831				3		7		775,274				736,628				5
Other assets (a)	40,650				40,362				37,202				38,873				41,718				1		(3	)	39,417				41,555				(5	)
Total interest-earning assets	2,056,890				2,097,637				2,148,801				2,103,779				2,061,785				(2	)	—		2,100,773				2,030,665				3
Trading assets - equity instruments	96,868				117,638				112,118				114,652				118,201				(18	)	(18	)	108,819				117,324				(7	)
Trading assets - derivative receivables	69,646				73,805				83,901				76,937				65,786				(6	)	6		75,732				63,815				19
All other noninterest-earning assets	198,304				205,246				212,190				216,076				209,100				(3	)	(5	)	205,195				214,458				(4	)
TOTAL ASSETS	$	2,421,708			$	2,494,326			$	2,557,010			$	2,511,444			$	2,454,872			(3	)	(1	)	$	2,490,519			$	2,426,262			3
LIABILITIES
Interest-bearing deposits	$	852,219			$	869,523			$	904,325			$	880,283			$	865,041			(2	)	(1	)	$	875,164			$	864,981			1
Federal funds purchased and securities loaned or
sold under repurchase agreements	188,006				200,054				200,236				206,671				213,975				(6	)	(12	)	196,054				209,197				(6	)
Commercial paper	26,167				49,020				60,013				61,833				59,359				(47	)	(56	)	44,943				59,270				(24	)
Trading liabilities - debt, short-term and other liabilities (b)	198,876				213,246				223,361				224,967				219,666				(7	)	(9	)	211,739				218,510				(3	)
Beneficial interests issued by consolidated VIEs	49,855				51,648				50,718				48,281				47,336				(3	)	5		50,737				47,927				6
Long-term debt	288,858				282,707				279,318				273,829				266,639				2		8		283,662				269,069				5
Total interest-bearing liabilities	1,603,981				1,666,198				1,717,971				1,695,864				1,672,016				(4	)	(4	)	1,662,299				1,668,954				—
Noninterest-bearing deposits	418,742				429,622				432,188				418,313				404,634				(3	)	3		426,802				387,763				10
Trading liabilities - equity instruments	17,595				16,528				18,210				15,659				17,385				6		1		17,442				16,444				6
Trading liabilities - derivative payables	61,754				64,249				76,049				64,784				51,524				(4	)	20		67,298				51,379				31
All other noninterest-bearing liabilities	76,895				80,515				79,415				84,874				81,090				(4	)	(5	)	78,932				79,842				(1	)
TOTAL LIABILITIES	2,178,967				2,257,112				2,323,833				2,279,494				2,226,649				(3	)	(2	)	2,252,773				2,204,382				2
Preferred stock	25,718				23,476				20,825				20,063				18,602				10		38		23,357				15,992				46
Common stockholders’ equity	217,023				213,738				212,352				211,887				209,621				2		4		214,389				205,888				4
TOTAL STOCKHOLDERS’ EQUITY	242,741				237,214				233,177				231,950				228,223				2		6		237,746				221,880				7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,421,708			$	2,494,326			$	2,557,010			$	2,511,444			$	2,454,872			(3	)	(1	)	$	2,490,519			$	2,426,262			3

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.28			%	0.29			%	0.29			%	0.31			%	0.33			%					0.28			%	0.33			%
Federal funds sold and securities purchased under
resale agreements	0.85				0.66				0.74				0.75				0.71								0.75				0.70
Securities borrowed (d)	(0.48		)		(0.59		)		(0.44		)		(0.45		)		(0.50		)						(0.50		)		(0.42		)
Trading assets - debt instruments	3.04				3.37				3.39				3.35				3.49								3.27				3.57
Securities	2.85				2.77				2.82				2.77				2.73								2.81				2.76
Loans	4.24				4.21				4.28				4.32				4.33								4.24				4.40
Other assets (a)	1.67				1.74				1.59				1.61				1.63								1.67				1.63
Total interest-earning assets	2.51				2.44				2.42				2.49				2.54								2.46				2.59

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.14				0.14				0.16				0.18				0.18								0.15				0.19
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.34				0.29				0.29				0.28				0.25								0.30				0.29
Commercial paper	0.35				0.25				0.23				0.22				0.22								0.26				0.22
Trading liabilities - debt, short-term and other liabilities (b)	0.26				0.32				0.28				0.26				0.12								0.29				0.34
Beneficial interests issued by consolidated VIEs	0.92				0.85				0.79				0.80				0.82								0.85				0.86
Long-term debt	1.50				1.52				1.59				1.55				1.61								1.53				1.66
Total interest-bearing liabilities	0.45				0.44				0.45				0.44				0.43								0.45				0.48

INTEREST RATE SPREAD	2.06			%	2.00			%	1.97			%	2.05			%	2.11			%					2.01			%	2.11			%
NET YIELD ON INTEREST-EARNING ASSETS	2.16			%	2.09			%	2.07			%	2.14			%	2.19			%					2.11			%	2.19			%


(a)	Includes margin loans.


(b)	Includes brokerage customer payables.


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


(d)	Negative yield is a result of increased client-driven demand for certain securities combined with the impact of low interest rates; this is matched book activity and the negative interest expense on the corresponding securities loaned is recognized in interest expense and reported within trading liabilities - debt, short-term and other liabilities.

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results and the results of the lines of business on a “managed” basis, which is a non-GAAP financial measure. For additional information on managed basis, refer to the notes on Non-GAAP Financial Measures on page 33.

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



	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q15 Change										2015 Change
	3Q15				2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
OTHER INCOME
Other income - reported	$	628			$	586		$	582		$	546		$	955		7	%	(34	)%	$	1,796		$	2,467		(27	)%
Fully taxable-equivalent adjustments (a)	477				447			481			537			424			7		13		1,405			1,251			12
Other income - managed	$	1,105			$	1,033		$	1,063		$	1,083		$	1,379		7		(20	)	$	3,201		$	3,718		(14	)

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	11,856			$	13,128		$	13,389		$	11,688		$	13,362		(10	)	(11	)	$	38,373		$	39,790		(4	)
Fully taxable-equivalent adjustments (a)	477				447			481			537			424			7		13		1,405			1,251			12
Total noninterest revenue - managed	$	12,333			$	13,575		$	13,870		$	12,225		$	13,786		(9	)	(11	)	$	39,778		$	41,041		(3	)

NET INTEREST INCOME
Net interest income - reported	$	10,924			$	10,684		$	10,677		$	11,062		$	11,107		2		(2	)	$	32,285		$	32,572		(1	)
Fully taxable-equivalent adjustments (a)	278				272			273			262			253			2		10		823			723			14
Net interest income - managed	$	11,202			$	10,956		$	10,950		$	11,324		$	11,360		2		(1	)	$	33,108		$	33,295		(1	)

TOTAL NET REVENUE
Total net revenue - reported	$	22,780			$	23,812		$	24,066		$	22,750		$	24,469		(4	)	(7	)	$	70,658		$	72,362		(2	)
Fully taxable-equivalent adjustments (a)	755				719			754			799			677			5		12		2,228			1,974			13
Total net revenue - managed	$	23,535			$	24,531		$	24,820		$	23,549		$	25,146		(4	)	(6	)	$	72,886		$	74,336		(2	)

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	7,412			$	9,312		$	9,183		$	7,341		$	8,671		(20	)	(15	)	$	25,907		$	26,497		(2	)
Fully taxable-equivalent adjustments (a)	755				719			754			799			677			5		12		2,228			1,974			13
Pre-provision profit - managed	$	8,167			$	10,031		$	9,937		$	8,140		$	9,348		(19	)	(13	)	$	28,135		$	28,471		(1	)

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	6,730			$	8,377		$	8,224		$	6,501		$	7,914		(20	)	(15	)	$	23,331		$	24,198		(4	)
Fully taxable-equivalent adjustments (a)	755				719			754			799			677			5		12		2,228			1,974			13
Income before income tax expense - managed	$	7,485			$	9,096		$	8,978		$	7,300		$	8,591		(18	)	(13	)	$	25,559		$	26,172		(2	)

INCOME TAX EXPENSE
Income tax expense/(benefit) - reported	$	(74	)		$	2,087		$	2,310		$	1,570		$	2,349		NM		NM		$	4,323		$	7,384		(41	)
Fully taxable-equivalent adjustments (a)	755				719			754			799			677			5		12		2,228			1,974			13
Income tax expense - managed	$	681			$	2,806		$	3,064		$	2,369		$	3,026		(76	)	(77	)	$	6,551		$	9,358		(30	)

OVERHEAD RATIO
Overhead ratio - reported	67			%	61		%	62		%	68		%	65		%					63		%	63		%
Overhead ratio - managed	65				59			60			65			63							61			62


(a)	Predominantly recognized in the CIB and Commercial Banking (“CB”) business segments and Corporate.

Page 7



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


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	10,879		$	11,015		$	10,704		$	10,949		$	11,367		(1	)%	(4	)%	$	32,598		$	33,419		(2	)%
Corporate & Investment Bank	8,168			8,723			9,582			7,383			9,105			(6	)	(10	)	26,473			27,212			(3	)
Commercial Banking	1,644			1,739			1,742			1,770			1,703			(5	)	(3	)	5,125			5,112			—
Asset Management	2,894			3,175			3,005			3,200			3,046			(9	)	(5	)	9,074			8,828			3
Corporate	(50		)	(121		)	(213		)	247			(75		)	59		33		(384		)	(235		)	(63	)
TOTAL NET REVENUE	$	23,535		$	24,531		$	24,820		$	23,549		$	25,146		(4	)	(6	)	$	72,886		$	74,336		(2	)

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	6,237		$	6,210		$	6,190		$	6,411		$	6,305		—		(1	)	$	18,637		$	19,198		(3	)
Corporate & Investment Bank	6,131			5,137			5,657			5,576			6,035			19		2		16,925			17,697			(4	)
Commercial Banking	719			703			709			666			668			2		8		2,131			2,029			5
Asset Management	2,109			2,406			2,175			2,320			2,081			(12	)	1		6,690			6,218			8
Corporate	172			44			152			436			709			291		(76	)	368			723			(49	)
TOTAL NONINTEREST EXPENSE	$	15,368		$	14,500		$	14,883		$	15,409		$	15,798		6		(3	)	$	44,751		$	45,865		(2	)

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,642		$	4,805		$	4,514		$	4,538		$	5,062		(3	)	(8	)	$	13,961		$	14,221		(2	)
Corporate & Investment Bank	2,037			3,586			3,925			1,807			3,070			(43	)	(34	)	9,548			9,515			—
Commercial Banking	925			1,036			1,033			1,104			1,035			(11	)	(11	)	2,994			3,083			(3	)
Asset Management	785			769			830			880			965			2		(19	)	2,384			2,610			(9	)
Corporate	(222		)	(165		)	(365		)	(189		)	(784		)	(35	)	72		(752		)	(958		)	22
PRE-PROVISION PROFIT	$	8,167		$	10,031		$	9,937		$	8,140		$	9,348		(19	)	(13	)	$	28,135		$	28,471		(1	)

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	389		$	702		$	930		$	950		$	902		(45	)	(57	)	$	2,021		$	2,570		(21	)
Corporate & Investment Bank	232			50			(31		)	(59		)	(67		)	364		NM		251			(102		)	NM
Commercial Banking	82			182			61			(48		)	(79		)	(55	)	NM		325			(141		)	NM
Asset Management	(17		)	—			4			3			9			NM		NM		(13		)	1			NM
Corporate	(4		)	1			(5		)	(6		)	(8		)	NM		50		(8		)	(29		)	72
PROVISION FOR CREDIT LOSSES	$	682		$	935		$	959		$	840		$	757		(27	)	(10	)	$	2,576		$	2,299		12

NET INCOME
Consumer & Community Banking	$	2,630		$	2,533		$	2,219		$	2,179		$	2,529		4		4		$	7,382		$	7,006		5
Corporate & Investment Bank	1,464			2,341			2,537			972			1,680			(37	)	(13	)	6,342			5,936			7
Commercial Banking	518			525			598			693			671			(1	)	(23	)	1,641			1,942			(15	)
Asset Management	475			451			502			540			590			5		(19	)	1,428			1,613			(11	)
Corporate	1,717			440			58			547			95			290		NM		2,215			317			NM
TOTAL NET INCOME	$	6,804		$	6,290		$	5,914		$	4,931		$	5,565		8		22		$	19,008		$	16,814		13

Page 8



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

																	Sep 30, 2015
																	Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,						2015 Change
	2015				2015			2015			2014			2014			2015		2014		2015		2014		2014
CAPITAL (a)
Risk-based capital metrics
Standardized Transitional
CET1 capital	$	173,571		(g)	$	169,769		$	167,142		$	164,426		$	162,462		2	%	7	%
Tier 1 capital	198,967			(g)(h)	194,725			188,791			186,294			183,777			2		8
Total capital	234,207			(g)	228,390			223,256			221,225			218,416			3		7
Risk-weighted assets (b)	1,503,311			(g)	1,499,638			1,536,688			1,472,602			1,462,240			—		3
CET1 capital ratio	11.5		%	(g)	11.3		%	10.9		%	11.2		%	11.1		%
Tier 1 capital ratio	13.2			(g)	13.0			12.3			12.7			12.6
Total capital ratio	15.6			(g)	15.2			14.5			15.0			14.9

Advanced Transitional
CET1 capital	$	173,571		(g)	169,769			167,142			164,426			162,462			2		7
Tier 1 capital	198,967			(g)(h)	194,725			188,791			186,294			183,777			2		8
Total capital	223,563			(g)	218,811			213,366			210,684			204,235			2		9
Risk-weighted assets	1,504,418			(g)	1,520,140			1,562,570			1,608,240			1,598,788			(1	)	(6	)
CET1 capital ratio	11.5		%	(g)	11.2		%	10.7		%	10.2		%	10.2		%
Tier 1 capital ratio	13.2			(g)	12.8			12.1			11.6			11.5
Total capital ratio	14.9			(g)	14.4			13.7			13.1			12.8

Leverage-based capital metrics
Adjusted average assets (c)	$	2,375,554		(g)	$	2,448,357		$	2,510,897		$	2,465,414		$	2,408,498		(3	)	(1	)
Tier 1 leverage ratio	8.4		%	(g)	8.0		%	7.5		%	7.6		%	7.6		%
SLR leverage exposure (d)	$	3,117,798		(g)	$	3,223,844		3,300,819									(3	)
SLR (d)	6.4		%	(g)	6.0		%	5.7		%

TANGIBLE COMMON EQUITY (period-end) (e)
Common stockholders’ equity	$	219,660			$	216,287		$	214,371		$	211,664		$	210,876		2		4
Less: Goodwill	47,405				47,476			47,453			47,647			47,970			—		(1	)
Less: Other intangible assets	1,036				1,091			1,128			1,192			1,274			(5	)	(19	)
Add: Deferred tax liabilities (f)	3,105				2,876			2,870			2,853			2,991			8		4
Total tangible common equity	$	174,324			$	170,596		$	168,660		$	165,678		$	164,623		2		6

TANGIBLE COMMON EQUITY (average) (e)
Common stockholders’ equity	$	217,023			$	213,738		$	212,352		$	211,887		$	209,621		2		4		$	214,389	$	205,888	4
Less: Goodwill	47,428				47,485			47,491			47,900			48,081			—		(1	)	47,468		48,073		(1	)
Less: Other intangible assets	1,064				1,113			1,162			1,241			1,308			(4	)	(19	)	1,112		1,423		(22	)
Add: Deferred tax liabilities (f)	2,991				2,873			2,862			2,922			2,980			4		—		2,909		2,959		(2	)
Total tangible common equity	$	171,522			$	168,013		$	166,561		$	165,668		$	163,212		2		5		$	168,718	$	159,351	6

INTANGIBLE ASSETS (period-end)
Goodwill	$	47,405			$	47,476		$	47,453		$	47,647		$	47,970		—		(1	)
Mortgage servicing rights	6,716				7,571			6,641			7,436			8,236			(11	)	(18	)
Other intangible assets	1,036				1,091			1,128			1,192			1,274			(5	)	(19	)
Total intangible assets	$	55,157			$	56,138		$	55,222		$	56,275		$	57,480		(2	)	(4	)

(a)

Basel III presents two comprehensive methodologies for calculating risk-weighted assets: a Standardized approach and an Advanced approach. As required by the Collins Amendment of the Wall Street Reform and Consumer Protection Act, the capital adequacy of the Firm is evaluated against the Basel III approach (Standardized or Advanced) that results, for each quarter, in the lower ratio (the “Collins Floor”). For further discussion of the implementation of Basel III, see Regulatory capital on pages 146-153 of JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2014, and on pages 67–71 of the Firm’s Form 10-Q for the quarter ended June 30, 2015.


(b)	Effective January 1, 2015, Basel III Standardized Transitional RWA is calculated under the Basel III definition of the Standardized approach. Prior periods were based on Basel I with 2.5.

(c)

Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for unrealized gains/(losses) on securities, less deductions for disallowed goodwill and other intangible assets, investments in certain subsidiaries, and the total adjusted carrying value of nonfinancial equity investments that are subject to deductions from Tier 1 capital.

(d)

Beginning with the first quarter of 2015, the Firm is required to calculate a supplementary leverage ratio (“SLR”). The SLR is defined as Tier 1 capital divided by the Firm’s total leverage exposure. Total leverage exposure is calculated by taking the Firm’s adjusted average assets as calculated for the Tier 1 leverage ratio, and adding certain off-balance sheet exposures, such as undrawn commitments and derivatives potential future exposure.


(e)	For further discussion of TCE, see page 33.


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


(g)	Estimated.


(h)	At September 30, 2015, trust preferred securities included in Basel III Tier 1 capital were $999 million.

Page 9



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

	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q15 Change											2015 Change
	3Q15			2Q15				1Q15			4Q14			3Q14			2Q15		3Q14		2015				2014			2014
EARNINGS PER SHARE
Basic earnings per share
Net income	$	6,804		$	6,290			$	5,914		$	4,931		$	5,565		8	%	22	%	$	19,008			$	16,814		13	%
Less: Preferred stock dividends	393			380				324			326			304			3		29		1,097				799			37
Net income applicable to common equity	6,411			5,910				5,590			4,605			5,261			8		22		17,911				16,015			12
Less: Dividends and undistributed earnings allocated to
participating securities	141			134				138			117			133			5		6		413				427			(3	)
Net income applicable to common stockholders	$	6,270		$	5,776			$	5,452		$	4,488		$	5,128		9		22		$	17,498			$	15,588		12

Total weighted-average basic shares outstanding	3,694.4			3,707.8				3,725.3			3,730.9			3,755.4			—		(2	)	3,709.2				3,774.4			(2	)
Net income per share	$	1.70		$	1.56			$	1.46		$	1.20		$	1.37		9		24		$	4.72			$	4.13		14

Diluted earnings per share
Net income applicable to common stockholders	$	6,270		$	5,776			$	5,452		$	4,488		$	5,128		9		22		$	17,498			$	15,588		12
Total weighted-average basic shares outstanding	3,694.4			3,707.8				3,725.3			3,730.9			3,755.4			—		(2	)	3,709.2				3,774.4			(2	)
Add: Employee stock options, SARs and warrants (a)	31.2			35.8				32.2			34.3			33.3			(13	)	(6	)	33.0				33.9			(3	)
Total weighted-average diluted shares outstanding (b)	3,725.6			3,743.6				3,757.5			3,765.2			3,788.7			—		(2	)	3,742.2				3,808.3			(2	)
Net income per share	$	1.68		$	1.54			$	1.45		$	1.19		$	1.35		9		24		$	4.68			$	4.09		14

COMMON DIVIDENDS
Cash dividends declared per share	$	0.44		$	0.44		(e)	$	0.40		$	0.40		$	0.40		—		10		$	1.28		(e)	$	1.18		8
Dividend payout ratio	26		%	28		%		27		%	33		%	29		%					27		%		28		%

COMMON EQUITY REPURCHASE PROGRAM (c)
Total shares of common stock repurchased	19.1			19.2				32.5			25.3			25.5			(1	)	(25	)	70.8				57.0			24
Average price paid per share of common stock	$	65.30		$	65.32			$	58.40		$	59.80		$	58.37		—		12		$	62.13			$	57.01		9
Aggregate repurchases of common equity	1,248			1,249				1,900			1,510			1,489			—		(16	)	4,397				3,250			35

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	1.9			2.0				28.8			1.8			2.4			(5	)	(21	)	32.7				39.1			(16	)
Net impact of employee issuances on stockholders’ equity (d)	$	248		$	290			$	333		$	295		$	288		(14	)	(14	)	$	871			$	948		(8	)

(a)

Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was not material for the each of the three months ended September 30, 2015 and June 30, 2015, and the nine months ended September 30, 2015; and 1 million for each of the three months ended March 31, 2015, December 31, 2014, and September 30, 2014, and the nine months ended September 30, 2014, respectively.


(b)	Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method.


(c)	On March 11, 2015, the Firm announced, following the release by the Board of Governors of the Federal Reserve System (“Federal Reserve”) of the 2015 CCAR results, that it is authorized to repurchase up to $6.4 billion of common equity between April 1, 2015, and June 30, 2016.


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


(e)	On May 19, 2015, the Board of Directors increased the quarterly common stock dividend from $0.40 to $0.44 per share.

Page 10



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


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	836		$	766		$	718		$	782		$	804		9	%	4	%	$	2,320		$	2,257		3	%
Asset management, administration and commissions	565			553			530			538			534			2		6		1,648			1,558			6
Mortgage fees and related income	469			782			704			854			902			(40	)	(48	)	1,955			2,706			(28	)
Card income	1,335			1,506			1,324			1,467			1,478			(11	)	(10	)	4,165			4,312			(3	)
All other income	524			482			460			180			496			9		6		1,466			1,283			14
Noninterest revenue	3,729			4,089			3,736			3,821			4,214			(9	)	(12	)	11,554			12,116			(5	)
Net interest income	7,150			6,926			6,968			7,128			7,153			3		—		21,044			21,303			(1	)
TOTAL NET REVENUE	10,879			11,015			10,704			10,949			11,367			(1	)	(4	)	32,598			33,419			(2	)

Provision for credit losses	389			702			930			950			902			(45	)	(57	)	2,021			2,570			(21	)

NONINTEREST EXPENSE
Compensation expense	2,413			2,478			2,530			2,535			2,627			(3	)	(8	)	7,421			8,003			(7	)
Noncompensation expense	3,824			3,732			3,660			3,876			3,678			2		4		11,216			11,195			—
TOTAL NONINTEREST EXPENSE	6,237			6,210			6,190			6,411			6,305			—		(1	)	18,637			19,198			(3	)

Income before income tax expense	4,253			4,103			3,584			3,588			4,160			4		2		11,940			11,651			2
Income tax expense	1,623			1,570			1,365			1,409			1,631			3		—		4,558			4,645			(2	)
NET INCOME	$	2,630		$	2,533		$	2,219		$	2,179		$	2,529		4		4		$	7,382		$	7,006		5

FINANCIAL RATIOS
ROE	20		%	19		%	17		%	16		%	19		%					18		%	18		%
Overhead ratio	57			56			58			59			55							57			57

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	484,253		$	472,181		$	455,624		$	455,634		$	448,033		3		8		$	484,253		$	448,033		8
Trading assets - loans (a)	6,633			6,700			6,756			8,423			10,750			(1	)	(38	)	6,633			10,750			(38	)
Loans:
Loans retained	427,958			413,363			398,314			396,288			390,709			4		10		427,958			390,709			10
Loans held-for-sale	1,582			2,825			2,720			3,416			876			(44	)	81		1,582			876			81
Total loans	429,540			416,188			401,034			399,704			391,585			3		10		429,540			391,585			10
Core loans	320,415			301,154			280,252			273,494			259,943			6		23		320,415			259,943			23

Deposits	539,182			530,767			531,027			502,520			493,249			2		9		539,182			493,249			9
Equity (b)	51,000			51,000			51,000			51,000			51,000			—		—		51,000			51,000			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	478,914		$	463,404		$	454,763		$	450,260		$	447,121		3		7		$	465,782		$	446,904		4
Trading assets - loans (a)	8,468			7,068			7,992			8,746			9,346			20		(9	)	7,845			7,802			1
Loans:
Loans retained	419,741			406,029			395,084			392,764			390,129			3		8		407,042			389,024			5
Loans held-for-sale	2,124			2,100			2,984			1,417			876			1		142		2,399			749			220
Total loans	421,865			408,129			398,068			394,181			391,005			3		8		409,441			389,773			5
Deposits	535,987			529,448			512,157			497,667			492,022			1		9		525,951			483,297			9
Equity (b)	51,000			51,000			51,000			51,000			51,000			—		—		51,000			51,000			—

Headcount	128,601			132,302			135,908			137,186			138,686			(3	)	(7	)	128,601			138,686			(7	)


(a)	Predominantly consists of prime mortgages originated with the intent to sell that are accounted for at fair value.


(b)	Equity is allocated to the sub-business segments with $5.0 billion and $3.0 billion of capital in 2015 and 2014, respectively, held at the CCB level related to legacy mortgage servicing matters.

Page 11



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (a)	$	965		$	1,027		$	1,054		$	1,197		$	1,102		(6	)%	(12	)%	$	3,046		$	3,576		(15	)%
Nonaccrual loans (b)(c)	5,433			5,876			6,143			6,401			6,639			(8	)	(18	)	5,433			6,639			(18	)
Nonperforming assets (b)(c)	5,778			6,250			6,569			6,872			7,138			(8	)	(19	)	5,778			7,138			(19	)
Allowance for loan losses (a)	9,211			9,838			10,219			10,404			10,993			(6	)	(16	)	9,211			10,993			(16	)

Net charge-off rate (a)	0.91		%	1.01		%	1.08		%	1.21		%	1.12		%					1.00		%	1.23		%
Net charge-off rate, excluding purchased credit-impaired
(“PCI”) loans	1.02			1.14			1.22			1.38			1.28							1.12			1.41
Allowance for loan losses to period-end loans retained	2.15			2.38			2.57			2.63			2.81							2.15			2.81
Allowance for loan losses to period-end loans retained,
excluding PCI loans (d)	1.67			1.79			1.97			2.02			2.14							1.67			2.14
Allowance for loan losses to nonaccrual loans
retained, excluding credit card (b)(d)	55			56			57			58			57							55			57
Nonaccrual loans to total period-end loans, excluding
credit card	1.80			2.03			2.21			2.38			2.51							1.80			2.51
Nonaccrual loans to total period-end loans, excluding
credit card and PCI loans (b)	2.09			2.39			2.64			2.88			3.07							2.09			3.07

BUSINESS METRICS
Number of:
Branches	5,471			5,504			5,570			5,602			5,613			(1	)	(3	)	5,471			5,613			(3	)
ATMs	18,623			18,050			18,298			18,056			20,513			3		(9	)	18,623			20,513			(9	)
Active online customers (in thousands) (e)	38,511			37,878			37,696			36,396			35,957			2		7		38,511			35,957			7
Active mobile customers (in thousands)	22,232			21,001			19,962			19,084			18,351			6		21		22,232			18,351			21

Note: CCB provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 33.

(a)

Net charge-offs and the net charge-off rates for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, excluded $52 million, $55 million, $55 million, $337 million and $87 million, respectively, and for the nine months ended September 30, 2015, and 2014, excluded $162 million and $196 million, respectively, of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, see summary of changes in the allowances on page 31.


(b)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.

(c)


(d)	The allowance for loan losses for PCI loans was $2.8 billion at September 30, 2015, $3.2 billion at June 30, 2015, $3.3 billion at both March 31, 2015, and December 31, 2014, and $3.7 billion at September 30, 2014; these amounts were also excluded from the applicable ratios.


(e)	Users of all internet browsers and mobile platforms (mobile smartphone, tablet and SMS) who have logged in within the past 90 days.

Page 12



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																					3Q15 Change												2015 Change
	3Q15				2Q15				1Q15				4Q14				3Q14				2Q15		3Q14		2015				2014				2014
CONSUMER & BUSINESS BANKING

INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	829			$	760			$	711			$	776			$	796			9	%	4	%	$	2,300			$	2,234			3	%
Asset management, administration and commissions	546				534				512				513				522				2		5		1,592				1,512				5
Card income	440				435				404				414				409				1		8		1,279				1,191				7
All other income	135				135				122				123				127				—		6		392				411				(5	)
Noninterest revenue	1,950				1,864				1,749				1,826				1,854				5		5		5,563				5,348				4
Net interest income	2,605				2,619				2,609				2,733				2,807				(1	)	(7	)	7,833				8,319				(6	)
Total net revenue	4,555				4,483				4,358				4,559				4,661				2		(2	)	13,396				13,667				(2	)
Provision for credit losses	50				68				60				88				75				(26	)	(33	)	178				217				(18	)
Noninterest expense	2,956				3,056				2,958				3,026				3,032				(3	)	(3	)	8,970				9,123				(2	)
Income before income tax expense	1,549				1,359				1,340				1,445				1,554				14		—		4,248				4,327				(2	)
Net income	$	954			$	831			$	828			$	861			$	927			15		3		$	2,613			$	2,582			1

ROE	32		%		28		%		28		%		31		%		33		%						29		%		31		%
Overhead ratio	65				68				68				66				65								67				67
Equity (period-end and average)	$	11,500			$	11,500			$	11,500			$	11,000			$	11,000			—		5		$	11,500			$	11,000			5

BUSINESS METRICS
Business banking origination volume	$	1,715			$	1,911			$	1,540			$	1,529			$	1,649			(10	)	4		$	5,166			$	5,070			2
Period-end loans	22,346				21,940				21,608				21,200				20,644				2		8		22,346				20,644				8
Period-end deposits:
Checking	231,968				226,888				227,382				213,049				203,839				2		14		231,968				203,839				14
Savings	273,468				268,777				267,696				255,148				251,661				2		9		273,468				251,661				9
Time and other	18,547				19,317				20,329				21,349				23,304				(4	)	(20	)	18,547				23,304				(20	)
Total period-end deposits	523,983				514,982				515,407				489,546				478,804				2		9		523,983				478,804				9
Average loans	22,069				21,732				21,317				20,830				20,382				2		8		21,709				19,923				9
Average deposits:
Checking	229,003				225,803				216,312				207,312				201,473				1		14		223,753				196,194				14
Savings	271,526				267,212				260,461				253,412				250,845				2		8		266,440				247,889				7
Time and other	18,885				19,829				20,837				22,113				23,845				(5	)	(21	)	19,843				24,712				(20	)
Total average deposits	519,414				512,844				497,610				482,837				476,163				1		9		510,036				468,795				9
Deposit margin	1.86			%	1.92			%	1.99			%	2.11			%	2.20			%					1.92			%	2.24			%
Average assets	$	40,991			$	41,290			$	41,774			$	39,163			$	38,089			(1	)	8		$	41,348			$	38,006			9

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	50			$	68			$	59			$	85			$	75			(26	)	(33	)	$	177			$	220			(20	)
Net charge-off rate	0.90		%		1.26		%		1.12		%		1.62		%		1.46		%						1.09		%		1.48		%
Allowance for loan losses	$	703			$	703			$	703			$	703			$	703			—		—		$	703			$	703			—
Nonperforming assets	242				246				274				286				304				(2	)	(20	)	242				304				(20	)

RETAIL BRANCH BUSINESS METRICS
Net new investment assets	$	2,783			$	3,362			$	3,821			$	3,254			$	4,269			(17	)	(35	)	$	9,966			$	12,834			(22	)
Client investment assets	213,263				221,490				219,192				213,459				207,790				(4	)	3		213,263				207,790				3
% managed accounts	41			%	41			%	40			%	39			%	39			%					41			%	39			%
Number of:
Chase Private Client locations	2,740				2,661				2,573				2,514				2,461				3		11		2,740				2,461				11
Personal bankers	18,554				19,735				20,503				21,039				20,965				(6	)	(12	)	18,554				20,965				(12	)
Sales specialists	3,600				3,763				3,842				3,994				4,155				(4	)	(13	)	3,600				4,155				(13	)
Client advisors	2,965				2,996				3,065				3,090				3,099				(1	)	(4	)	2,965				3,099				(4	)
Chase Private Clients	418,258				390,220				358,115				325,653				290,662				7		44		418,258				290,662				44
Accounts (in thousands) (a)	31,277				31,041				30,755				30,481				30,424				1		3		31,277				30,424				3


(a)	Includes checking accounts and Chase Liquid® cards.

Page 13



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																					3Q15 Change												2015 Change
	3Q15				2Q15				1Q15				4Q14				3Q14				2Q15		3Q14		2015				2014				2014
MORTGAGE BANKING

INCOME STATEMENT
REVENUE
Mortgage fees and related income	$	469			$	782			$	704			$	854			$	902			(40	)%	(48	)%	$	1,955			$	2,706			(28	)%
All other income	(26		)		(5		)		(11		)		(9		)		66				(420	)	NM		(42		)		46				NM
Noninterest revenue	443				777				693				845				968				(43	)	(54	)	1,913				2,752				(30	)
Net interest income	1,112				1,056				1,056				1,030				1,059				5		5		3,224				3,199				1
Total net revenue	1,555				1,833				1,749				1,875				2,027				(15	)	(23	)	5,137				5,951				(14	)
Provision for credit losses	(534		)		(219		)		4				13				(19		)		(144	)	NM		(749		)		(230		)		(226	)
Noninterest expense	1,118				1,110				1,219				1,296				1,279				1		(13	)	3,447				3,988				(14	)
Income before income tax expense	971				942				526				566				767				3		27		2,439				2,193				11
Net income	$	602			$	584			$	326			$	338			$	465			3		29		$	1,512			$	1,330			14

ROE	14			%	14			%	7			%	7			%	10			%					12			%	9			%
Overhead ratio	72				61				70				69				63								67				67
Equity (period-end and average)	$	16,000			$	16,000			$	16,000			$	18,000			$	18,000			—		(11	)	$	16,000			$	18,000			(11	)

SUPPLEMENTAL INFORMATION
MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue (a)	$	176			$	233			$	237			$	325			$	253			(24	)	(30	)	$	646			$	865			(25	)
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	648				707				749				779				787				(8	)	(18	)	2,104				2,524				(17	)
Changes in MSR asset fair value due to collection/
realization of expected cash flows	(232		)		(228		)		(214		)		(209		)		(214		)		(2	)	(8	)	(674		)		(696		)		3
Total operating revenue	416				479				535				570				573				(13	)	(27	)	1,430				1,828				(22	)
Risk management:
Changes in MSR asset fair value due to market interest
rates and other (b)	(677		)		815				(476		)		(775		)		(101		)		NM		NM		(338		)		(831		)		59
Other changes in MSR asset fair value due to other inputs
and assumptions in model (c)	(88		)		(22		)		(102		)		(22		)		44				(300	)	NM		(212		)		(196		)		(8	)
Changes in derivative fair value and other	642				(723		)		510				756				133				NM		383		429				1,040				(59	)
Total risk management	(123		)		70				(68		)		(41		)		76				NM		NM		(121		)		13				NM
Total net mortgage servicing revenue	293				549				467				529				649				(47	)	(55	)	1,309				1,841				(29	)
Mortgage fees and related income	$	469			$	782			$	704			$	854			$	902			(40	)	(48	)	$	1,955			$	2,706			(28	)

NET INTEREST INCOME:
Mortgage Production and Mortgage Servicing	$	147			$	139			$	158			$	172			$	204			6		(28	)	$	444			$	564			(21	)
Real Estate Portfolios	965				917				898				858				855				5		13		2,780				2,635				6
Total net interest income	$	1,112			$	1,056			$	1,056			$	1,030			$	1,059			5		5		$	3,224			$	3,199			1

NONINTEREST EXPENSE:
Mortgage Production	$	374			$	360			$	421			$	373			$	381			4		(2	)	$	1,155			$	1,271			(9	)
Mortgage Servicing	453				466				582				559				577				(3	)	(21	)	1,501				1,708				(12	)
Real Estate Portfolios	291				284				216				364				321				2		(9	)	791				1,009				(22	)
Total noninterest expense	$	1,118			$	1,110			$	1,219			$	1,296			$	1,279			1		(13	)	$	3,447			$	3,988			(14	)


(a)	Included repurchase (losses)/benefits of $44 million, $28 million, $33 million, $131 million, and $62 million for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, respectively, and $105 million and $327 million for the nine months ended September 30, 2015, and 2014, respectively.


(b)	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.


(c)	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).

Page 14



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)
	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q15 Change								2015 Change
	3Q15		2Q15		1Q15		4Q14		3Q14		2Q15		3Q14		2015		2014		2014
MORTGAGE BANKING (continued)

SELECTED BALANCE SHEET DATA
Trading assets - loans (period-end) (a)	$	6,633	$	6,700	$	6,756	$	8,423	$	10,750	(1	)%	(38	)%	$	6,633	$	10,750	(38	)%
Trading assets - loans (average) (a)	8,468		7,068		7,992		8,746		9,346		20		(9	)	7,845		7,802		1

Loans, excluding PCI loans
Period-end loans owned
Home equity	$	45,359	$	47,228	$	49,067	$	50,899	$	52,679	(4	)	(14	)	$	45,359	$	52,679	(14	)
Prime mortgage, including option ARMs	122,714		107,001		91,956		80,414		74,338		15		65		122,714		74,338		65
Subprime mortgage	3,853		4,660		4,828		5,083		5,547		(17	)	(31	)	3,853		5,547		(31	)
Other	417		435		454		477		492		(4	)	(15	)	417		492		(15	)
Total period-end loans owned	$	172,343	$	159,324	$	146,305	$	136,873	$	133,056	8		30		$	172,343	$	133,056	30
Average loans owned
Home equity	$	46,250	$	48,148	$	50,007	$	51,803	$	53,560	(4	)	(14	)	$	48,121	$	55,288	(13	)
Prime mortgage, including option ARMs	114,537		99,315		86,111		77,663		72,774		15		57		100,091		69,410		44
Subprime mortgage	4,261		4,735		4,968		5,365		5,922		(10	)	(28	)	4,652		6,558		(29	)
Other	426		445		466		484		502		(4	)	(15	)	446		521		(14	)
Total average loans owned	$	165,474	$	152,643	$	141,552	$	135,315	$	132,758	8		25		$	153,310	$	131,777	16

PCI loans
Period-end loans owned
Home equity	$	15,490	$	16,088	$	16,638	$	17,095	$	17,572	(4	)	(12	)	$	15,490	$	17,572	(12	)
Prime mortgage	9,196		9,553		9,916		10,220		10,887		(4	)	(16	)	9,196		10,887		(16	)
Subprime mortgage	3,329		3,449		3,559		3,673		3,790		(3	)	(12	)	3,329		3,790		(12	)
Option ARMs	14,221		14,716		15,243		15,708		16,238		(3	)	(12	)	14,221		16,238		(12	)
Total period-end loans owned	$	42,236	$	43,806	$	45,356	$	46,696	$	48,487	(4	)	(13	)	$	42,236	$	48,487	(13	)
Average loans owned
Home equity	$	15,775	$	16,354	$	16,847	$	17,319	$	17,806	(4	)	(11	)	$	16,321	$	18,270	(11	)
Prime mortgage	9,372		9,724		10,063		10,584		11,103		(4	)	(16	)	9,717		11,484		(15	)
Subprime mortgage	3,385		3,490		3,604		3,717		3,843		(3	)	(12	)	3,492		3,989		(12	)
Option ARMs	14,451		14,940		15,446		15,934		16,503		(3	)	(12	)	14,943		17,084		(13	)
Total average loans owned	$	42,983	$	44,508	$	45,960	$	47,554	$	49,255	(3	)	(13	)	$	44,473	$	50,827	(13	)

Total Mortgage Banking
Period-end loans owned
Home equity	$	60,849	$	63,316	$	65,705	$	67,994	$	70,251	(4	)	(13	)	$	60,849	$	70,251	(13	)
Prime mortgage, including option ARMs	146,131		131,270		117,115		106,342		101,463		11		44		146,131		101,463		44
Subprime mortgage	7,182		8,109		8,387		8,756		9,337		(11	)	(23	)	7,182		9,337		(23	)
Other	417		435		454		477		492		(4	)	(15	)	417		492		(15	)
Total period-end loans owned	$	214,579	$	203,130	$	191,661	$	183,569	$	181,543	6		18		$	214,579	$	181,543	18
Average loans owned
Home equity	$	62,025	$	64,502	$	66,854	$	69,122	$	71,366	(4	)	(13	)	$	64,442	$	73,558	(12	)
Prime mortgage, including option ARMs	138,360		123,979		111,620		104,181		100,380		12		38		124,751		97,978		27
Subprime mortgage	7,646		8,225		8,572		9,082		9,765		(7	)	(22	)	8,144		10,547		(23	)
Other	426		445		466		484		502		(4	)	(15	)	446		521		(14	)
Total average loans owned	$	208,457	$	197,151	$	187,512	$	182,869	$	182,013	6		15		$	197,783	$	182,604	8


(a)	Predominantly consists of prime mortgages originated with the intent to sell that are accounted for at fair value.

Page 15



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

	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																					3Q15 Change												2015 Change
	3Q15				2Q15				1Q15				4Q14				3Q14				2Q15		3Q14		2015				2014				2014
MORTGAGE BANKING (continued)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries), excluding PCI loans (a)
Home equity	$	82			$	69			$	87			$	87			$	95			19	%	(14	)%	$	238			$	386			(38	)%
Prime mortgage, including option ARMs	9				11				14				34				9				(18	)	—		34				(6		)		NM
Subprime mortgage	(51		)		(1		)		1				(10		)		(25		)		NM		(104	)	(51		)		(17		)		(200	)
Other	1				2				2				2				2				(50	)	(50	)	5				7				(29	)
Total net charge-offs/(recoveries), excluding PCI loans	$	41			$	81			$	104			$	113			$	81			(49	)	(49	)	$	226			$	370			(39	)
Net charge-off/(recovery) rate, excluding PCI loans
Home equity	0.70			%	0.57			%	0.71			%	0.67			%	0.70			%					0.66			%	0.93			%
Prime mortgage, including option ARMs	0.03				0.04				0.07				0.17				0.05								0.05				(0.01		)
Subprime mortgage	(5.17		)		(0.08		)		0.08				(0.74		)		(1.68		)						(1.51		)		(0.35		)
Other	0.93				1.80				1.74				1.64				1.58								1.50				1.80
Total net charge-off/(recovery) rate, excluding PCI loans	0.10				0.21				0.30				0.33				0.24								0.20				0.38
Net charge-off/(recovery) rate - reported (a)
Home equity	0.52			%	0.43			%	0.53			%	0.50			%	0.53			%					0.49			%	0.70			%
Prime mortgage, including option ARMs	0.03				0.04				0.05				0.13				0.04								0.04				(0.01		)
Subprime mortgage	(2.77		)		(0.05		)		0.05				(0.44		)		(1.02		)						(0.85		)		(0.22		)
Other	0.93				1.80				1.74				1.64				1.58								1.50				1.80
Total net charge-off/(recovery) rate - reported	0.08				0.17				0.23				0.25				0.18								0.15				0.27

30+ day delinquency rate, excluding PCI loans (b)(c)	1.74			%	1.95			%	2.30			%	2.61			%	2.76			%					1.74			%	2.76			%
Allowance for loan losses, excluding PCI loans	$	1,588			$	1,788			$	2,088			$	2,188			$	2,288			(11	)	(31	)	$	1,588			$	2,288			(31	)
Allowance for PCI loans (a)	2,788				3,215				3,270				3,325				3,662				(13	)	(24	)	2,788				3,662				(24	)
Allowance for loan losses	$	4,376			$	5,003			$	5,358			$	5,513			$	5,950			(13	)	(26	)	$	4,376			$	5,950			(26	)
Nonperforming assets (d)(e)	5,143				5,630				5,910				6,175				6,455				(9	)	(20	)	5,143				6,455				(20	)
Allowance for loan losses to period-end loans retained	2.04			%	2.48			%	2.80			%	3.01			%	3.29			%					2.04			%	3.29			%
Allowance for loan losses to period-end loans retained,
excluding PCI loans	0.92				1.13				1.43				1.60				1.73								0.92				1.73

BUSINESS METRICS (in billions)
Mortgage origination volume by channel
Retail	$	9.5			$	9.8			$	8.1			$	7.7			$	7.9			(3	)	20		$	27.4			$	21.8			26
Correspondent	20.4				19.5				16.6				15.3				13.3				5		53		56.5				33.2				70
Total mortgage origination volume (f)	$	29.9			$	29.3			$	24.7			$	23.0			$	21.2			2		41		$	83.9			$	55.0			53

Total loans serviced (period-end)	$	929.0			$	917.0			$	924.3			$	948.8			$	963.4			1		(4	)	$	929.0			$	963.4			(4	)
Third-party mortgage loans serviced (period-end)	702.6				723.4				723.5				751.5				766.3				(3	)	(8	)	$	702.6			766.3				(8	)
Third-party mortgage loans serviced (average)	713.0				723.5				737.5				758.9				776.3				(1	)	(8	)	724.6				793.3				(9	)
MSR carrying value (period-end)	6.7				7.6				6.6				7.4				8.2				(12	)	(18	)	6.7				8.2				(18	)
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	0.95			%	1.05			%	0.91			%	0.98			%	1.07			%					0.95			%	1.07			%
Ratio of annualized loan servicing-related revenue to third-party
mortgage loans serviced (average)	0.34				0.35				0.36				0.35				0.35								0.35				0.36
MSR revenue multiple (g)	2.79		x		3.00		x		2.53		x		2.80		x		3.06		x						2.71		x		2.97		x

(a)


(b)	At September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, excluded mortgage loans insured by U.S. government agencies of $8.5 billion, $8.8 billion, $9.2 billion, $9.7 billion and $9.6 billion respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.


(c)	The 30+ day delinquency rate for PCI loans was 11.29%, 11.65%, 12.25%, 13.33% and 13.69%, at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively.

(d)


(e)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.


(f)	Firmwide mortgage origination volume was $32.2 billion, $31.7 billion, $26.6 billion, $24.4 billion and $22.7 billion for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively, and $90.5 billion and $58.9 billion for the nine months ended September 30, 2015, and 2014, respectively.


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

Page 16



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
CARD, COMMERCE SOLUTIONS & AUTO

INCOME STATEMENT
REVENUE
Card income	$	895		$	1,070		$	920		$	1,053		$	1,068		(16	)%	(16	)%	$	2,885		$	3,120		(8	)%
All other income	441			378			374			97			324			17		36		1,193			896			33
Noninterest revenue	1,336			1,448			1,294			1,150			1,392			(8	)	(4	)	4,078			4,016			2
Net interest income	3,433			3,251			3,303			3,365			3,287			6		4		9,987			9,785			2
Total net revenue	4,769			4,699			4,597			4,515			4,679			1		2		14,065			13,801			2
Provision for credit losses	873			853			866			849			846			2		3		2,592			2,583			—
Noninterest expense (a)	2,163			2,044			2,013			2,089			1,994			6		8		6,220			6,087			2
Income before income tax expense	1,733			1,802			1,718			1,577			1,839			(4	)	(6	)	5,253			5,131			2
Net income	$	1,074		$	1,118		$	1,065		$	980		$	1,137		(4	)	(6	)	$	3,257		$	3,094		5

ROE	22		%	23		%	22		%	20		%	23		%					23		%	21		%
Overhead ratio	45			43			44			46			43							44			44
Equity (period-end and average)	$	18,500		$	18,500		$	18,500		$	19,000		$	19,000		—		(3	)	$	18,500		$	19,000		(3	)

SELECTED BALANCE SHEET DATA (period-end)
Loans:
Credit Card	$	126,979		$	126,025		$	123,257		$	131,048		$	126,959		1		—		$	126,979		$	126,959		—
Auto	57,174			56,330			55,455			54,536			52,778			1		8		57,174			52,778			8
Student	8,462			8,763			9,053			9,351			9,661			(3	)	(12	)	8,462			9,661			(12	)
Total loans	$	192,615		$	191,118		$	187,765		$	194,935		$	189,398		1		2		$	192,615		$	189,398		2
Auto operating lease assets	8,428			7,742			7,123			6,690			6,431			9		31		8,428			6,431			31

SELECTED BALANCE SHEET DATA (average)
Total assets	$	206,653		$	204,596		$	203,925		$	205,081		$	202,833		1		2		$	205,068		$	201,775		2
Loans:
Credit Card	126,305			124,539			125,025			127,351			126,107			1		—		125,294			124,360			1
Auto	56,412			55,800			55,005			53,612			52,666			1		7		55,744			52,741			6
Student	8,622			8,907			9,209			9,519			9,837			(3	)	(12	)	8,911			10,145			(12	)
Total loans	$	191,339		$	189,246		$	189,239		$	190,482		$	188,610		1		1		$	189,949		$	187,246		1
Auto operating lease assets	8,073			7,437			6,899			6,553			6,269			9		29		7,474			5,956			25

BUSINESS METRICS
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	126.6		$	125.7		$	112.8		$	123.6		$	119.5		1		6		$	365.1		$	342.0		7
New accounts opened	2.0			2.1			2.1			2.4			2.2			(5	)	(9	)	6.2			6.4			(3	)
Open accounts	62.9			62.8			64.9			64.6			65.5			—		(4	)	62.9			65.5			(4	)
Accounts with sales activity	33.0			32.6			32.5			34.0			32.1			1		3		33.0			32.1			3
% of accounts acquired online	69		%	62		%	62		%	62		%	56		%					65		%	54		%

Commerce Solutions (Chase Paymentech Solutions)
Merchant processing volume (in billions)	$	235.8		$	234.1		$	221.2		$	230.2		$	213.3		1		11		$	691.1		$	617.7		12
Total transactions (in billions)	10.4			10.1			9.8			10.3			9.4			3		11		30.3			27.8			9

Auto
Loan and lease origination volume (in billions)	$	8.1		$	7.8		$	7.3		$	6.9		$	6.8		4		19		$	23.2		$	20.6		13

Note: Chase Commerce Solutions, formerly known as Merchant Services, includes Chase Paymentech, ChaseNet and Chase Offers businesses.


(a)	Included operating lease depreciation expense of $372 million, $348 million, $326 million,,$303 million and $293 million for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively, and $1.0 billion and $851 million for the nine months ended September 30, 2015, and 2014, respectively.

Page 17



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


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
CARD, COMMERCE SOLUTIONS & AUTO (continued)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Credit Card	$	759		$	800		$	789		$	858		$	798		(5	)%	(5	)%	$	2,348		$	2,571		(9	)%
Auto	57			32			51			61			50			78		14		140			120			17
Student	58			46			51			80			98			26		(41	)	155			295			(47	)
Total net charge-offs	874			878			891			999			946			—		(8	)	2,643			2,986			(11	)
Net charge-off rate:
Credit Card (a)	2.41		%	2.61		%	2.62		%	2.69		%	2.52		%					2.54		%	2.77		%
Auto	0.40			0.23			0.38			0.45			0.38							0.34			0.30
Student	2.67			2.07			2.25			3.33			3.95							2.33			3.89
Total net charge-off rate	1.82			1.88			1.94			2.09			1.99							1.88			2.14

Delinquency rates
30+ day delinquency rate:
Credit Card (b)	1.38			1.29			1.41			1.44			1.43							1.38			1.43
Auto	1.06			0.95			0.90			1.23			0.97							1.06			0.97
Student (c)	1.99			2.00			1.77			2.35			2.43							1.99			2.43
Total 30+ day delinquency rate	1.31			1.22			1.27			1.42			1.35							1.31			1.35
90+ day delinquency rate - Credit Card (b)	0.66			0.63			0.73			0.70			0.67							0.66			0.67

Nonperforming assets (d)	$	393		$	374		$	385		$	411		$	379		5		4		$	393		$	379		4
Allowance for loan losses:
Credit Card	3,434			3,434			3,434			3,439			3,590			—		(4	)	3,434			3,590			(4	)
Auto & Student	698			698			724			749			750			—		(7	)	698			750			(7	)
Total allowance for loan losses	4,132			4,132			4,158			4,188			4,340			—		(5	)	4,132			4,340			(5	)
Allowance for loan losses to period-end loans:
Credit Card (b)	2.73		%	2.75		%	2.84		%	2.69		%	2.84		%					2.73		%	2.84		%
Auto & Student	1.06			1.07			1.12			1.17			1.20							1.06			1.20
Total allowance for loan losses to period-end loans	2.16			2.18			2.24			2.18			2.30							2.16			2.30

CARD SERVICES SUPPLEMENTAL INFORMATION
Noninterest revenue	$	838		$	980		$	858		$	736		$	991		(14	)	(15	)	$	2,676		$	2,857		(6	)
Net interest income	3,051			2,855			2,901			2,947			2,876			7		6		8,807			8,515			3
Total net revenue	3,889			3,835			3,759			3,683			3,867			1		1		11,483			11,372			1
Provision for credit losses	759			800			789			708			798			(5	)	(5	)	2,348			2,371			(1	)
Noninterest expense	1,581			1,478			1,462			1,568			1,494			7		6		4,521			4,584			(1	)
Income before income tax expense	1,549			1,557			1,508			1,407			1,575			(1	)	(2	)	4,614			4,417			4
Net income	$	961		$	965		$	935		$	879		$	979		—		(2	)	$	2,861		$	2,668		7

Percentage of average loans:
Noninterest revenue	2.63		%	3.16		%	2.78		%	2.29		%	3.12		%					2.86		%	3.07		%
Net interest income	9.58			9.20			9.41			9.18			9.05							9.40			9.15
Total net revenue	12.22			12.35			12.19			11.47			12.17							12.25			12.23

(a)

Average credit card loans included loans held-for-sale of $1.3 billion, $1.8 billion, $2.7 billion, $976 million and $335 million for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively, and $1.9 billion and $352 million for the nine months ended September 30, 2015, and 2014, respectively. These amounts are excluded when calculating the net charge-off rate.


(b)	Period-end credit card loans included loans held-for-sale of $1.3 billion, $1.3 billion, $2.4 billion, $3.0 billion and $395 million at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively. These amounts are excluded when calculating delinquency rates and the allowance for loan losses to period-end loans.


(c)	Excluded student loans insured by U.S. government agencies under the FFELP of $507 million, $546 million, $596 million, $654 million and $640 million at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d)

Nonperforming assets excluded student loans insured by U.S. government agencies under the FFELP of $289 million, $282 million, $346 million, $367 million and $354 million at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively, that are 90 or more days past due. These amounts have been excluded from nonaccrual loans based upon the government guarantee.

Page 18



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,612		$	1,825		$	1,761		$	1,811		$	1,542		(12	)%	5	%	$	5,198		$	4,759		9	%
Principal transactions	2,370			2,657			3,482			712			2,567			(11	)	(8	)	8,509			8,235			3
Lending- and deposit-related fees	389			400			397			425			424			(3	)	(8	)	1,186			1,317			(10	)
Asset management, administration and commissions	1,083			1,181			1,154			1,181			1,141			(8	)	(5	)	3,418			3,506			(3	)
All other income	294			170			280			417			455			73		(35	)	744			1,057			(30	)
Noninterest revenue	5,748			6,233			7,074			4,546			6,129			(8	)	(6	)	19,055			18,874			1
Net interest income	2,420			2,490			2,508			2,837			2,976			(3	)	(19	)	7,418			8,338			(11	)
TOTAL NET REVENUE (a)	8,168			8,723			9,582			7,383			9,105			(6	)	(10	)	26,473			27,212			(3	)

Provision for credit losses	232			50			(31		)	(59		)	(67		)	364		NM		251			(102		)	NM

NONINTEREST EXPENSE
Compensation expense	2,434			2,656			3,023			2,017			2,805			(8	)	(13	)	8,113			8,432			(4	)
Noncompensation expense	3,697			2,481			2,634			3,559			3,230			49		14		8,812			9,265			(5	)
TOTAL NONINTEREST EXPENSE	6,131			5,137			5,657			5,576			6,035			19		2		16,925			17,697			(4	)

Income before income tax expense	1,805			3,536			3,956			1,866			3,137			(49	)	(42	)	9,297			9,617			(3	)
Income tax expense	341			1,195			1,419			894			1,457			(71	)	(77	)	2,955			3,681			(20	)
NET INCOME	$	1,464		$	2,341		$	2,537		$	972		$	1,680		(37	)	(13	)	$	6,342		$	5,936		7

FINANCIAL RATIOS
ROE	8		%	14		%	16		%	5		%	10		%					13		%	12		%
Overhead ratio	75			59			59			76			66							64			65
Compensation expense as a percent of total net revenue	30			30			32			27			31							31			31

REVENUE BY BUSINESS
Investment banking revenue (b)	$	1,530		$	1,746		$	1,630		$	1,650		$	1,451		(12	)	5		$	4,906		$	4,472		10
Treasury Services (c)	899			901			930			937			940			—		(4	)	2,730			2,791			(2	)
Lending (c)	334			302			435			358			313			11		7		1,071			1,189			(10	)
Total Banking (b)	2,763			2,949			2,995			2,945			2,704			(6	)	2		8,707			8,452			3
Fixed Income Markets (b)	2,933			2,931			4,154			2,653			3,787			—		(23	)	10,018			11,422			(12	)
Equity Markets (b)	1,403			1,576			1,651			1,143			1,286			(11	)	9		4,630			3,901			19
Securities Services	915			995			934			1,094			1,088			(8	)	(16	)	2,844			3,257			(13	)
Credit Adjustments & Other (d)	154			272			(152		)	(452		)	240			(43	)	(36	)	274			180			52
Total Markets & Investor Services (b)	5,405			5,774			6,587			4,438			6,401			(6	)	(16	)	17,766			18,760			(5	)
TOTAL NET REVENUE	$	8,168		$	8,723		$	9,582		$	7,383		$	9,105		(6	)	(10	)	$	26,473		$	27,212		(3	)

(a)

Included tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bond investments of $417 million, $396 million, $432 million, $453 million and $374 million for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively, and $1.2 billion and $1.1 billion for the nine months ended September 30, 2015, and 2014, respectively.

(b)

Effective in the second quarter of 2015, Investment banking revenue (formerly Investment banking fees) incorporates all revenue associated with investment banking activities, and is reported net of investment banking revenue shared with other lines of business; previously such shared revenue had been reported in Fixed Income Markets and Equity Markets. Prior periods have been revised to conform with the current period presentation.


(c)	Effective in the second quarter of 2015, Trade Finance revenue was transferred from Treasury Services to Lending. Prior periods have been revised to conform with the current period presentation.

(d)

Consists primarily of credit valuation adjustments (“CVA”) managed by the credit portfolio group, and funding valuation adjustments (“FVA”) and debit valuation adjustments (“DVA”) on over-the-counter (“OTC”) derivatives and structured notes. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 19



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	801,133		$	819,745		$	854,275		$	861,466		$	873,971		(2	)%	(8	)%	$	801,133		$	873,971		(8	)%
Loans:
Loans retained (a)	101,420			96,579			98,625			96,409			95,608			5		6		101,420			95,608			6
Loans held-for-sale and loans at fair value	3,369			7,211			3,987			5,567			6,724			(53	)	(50	)	3,369			6,724			(50	)
Total loans	104,789			103,790			102,612			101,976			102,332			1		2		104,789			102,332			2
Core loans	104,270			103,235			101,537			100,772			99,653			1		5		104,270			99,653			5
Equity	62,000			62,000			62,000			61,000			61,000			—		2		62,000			61,000			2

SELECTED BALANCE SHEET DATA (average)
Assets	$	789,975		$	845,225		$	865,327		$	867,618		$	853,453		(7	)	(7	)	$	833,233		$	850,362		(2	)
Trading assets - debt and equity instruments	288,828			317,385			312,260			326,312			320,380			(9	)	(10	)	306,072			314,577			(3	)
Trading assets - derivative receivables	63,561			68,949			77,353			72,543			63,068			(8	)	1		69,904			62,235			12
Loans:
Loans retained (a)	97,518			94,711			99,113			95,146			95,373			3		2		97,108			95,972			1
Loans held-for-sale and loans at fair value	3,827			5,504			4,061			5,428			8,018			(30	)	(52	)	4,463			8,331			(46	)
Total loans	101,345			100,215			103,174			100,574			103,391			1		(2	)	101,571			104,303			(3	)

Equity	62,000			62,000			62,000			61,000			61,000			—		2		62,000			61,000			2

Headcount (b)	49,384			49,367			50,634			50,965			51,437			—		(4	)	49,384			51,437			(4	)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	2		$	(15	)	$	(11	)	$	(4	)	$	(3	)	NM		NM		$	(24	)	$	(8	)	(200	)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(c)	464			324			251			110			112			43		314		464			112			314
Nonaccrual loans held-for-sale and loans at fair value	12			12			12			11			119			—		(90	)	12			119			(90	)
Total nonaccrual loans	476			336			263			121			231			42		106		476			231			106

Derivative receivables	235			256			249			275			312			(8	)	(25	)	235			312			(25	)
Assets acquired in loan satisfactions	56			60			63			67			67			(7	)	(16	)	56			67			(16	)
Total nonperforming assets	767			652			575			463			610			18		26		767			610			26
Allowance for credit losses:
Allowance for loan losses	1,205			1,086			1,047			1,034			1,083			11		11		1,205			1,083			11
Allowance for lending-related commitments	547			437			411			439			445			25		23		547			445			23
Total allowance for credit losses	1,752			1,523			1,458			1,473			1,528			15		15		1,752			1,528			15


Net charge-off/(recovery) rate (a)	0.01		%	(0.06		)%	(0.05		)%	(0.02		)%	(0.01		)%					(0.03		)%	(0.01		)%
Allowance for loan losses to period-end loans retained (a)	1.19			1.12			1.06			1.07			1.13							1.19			1.13
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (d)	1.85			1.73			1.64			1.82			1.88							1.85			1.88
Allowance for loan losses to nonaccrual loans retained (a)(c)	260			335			417			940			967							260			967
Nonaccrual loans to total period-end loans	0.45			0.32			0.26			0.12			0.23							0.45			0.23


(a)	Loans retained includes credit portfolio loans, trade finance loans, other held-for-investment loans and overdrafts.

(b)

Effective in the second quarter of 2015, certain technology staff were transferred from CIB to CB; previously reported headcount has been revised to conform with the current presentation. As the related expense for these staff is not material, prior period expenses have not been revised. Prior to the second quarter of 2015 compensation expense related to this headcount was recorded in the CIB, with an allocation to CB (reported in noncompensation expense); commencing with the second quarter, such expense will be recorded as compensation expense in CB and accordingly total noninterest expense related to this headcount in both CB and CIB will remain unchanged.


(c)	Allowance for loan losses of $160 million, $64 million, $51 million, $18 million, and $19 million were held against these nonaccrual loans at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively.


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

Page 20



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except rankings data and where otherwise noted)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
BUSINESS METRICS
Advisory	$	503		$	466		$	542		$	434		$	413		8	%	22	%	$	1,511		$	1,193		27	%
Equity underwriting	269			452			399			327			414			(40	)	(35	)	1,120			1,244			(10	)
Debt underwriting	840			907			820			1,050			715			(7	)	17		2,567			2,322			11
Total investment banking fees	$	1,612		$	1,825		$	1,761		$	1,811		$	1,542		(12	)	5		$	5,198		$	4,759		9

Assets under custody (“AUC”) (period-end) (in billions)	$	19,691		$	20,497		$	20,561		$	20,549		$	21,245		(4	)	(7	)	$	19,691		$	21,245		(7	)

Client deposits and other third-party liabilities (average)	372,070			401,280			444,171			433,822			419,576			(7	)	(11	)	405,576			411,824			(2	)

Trade finance loans (period-end)	21,138			21,195			22,853			25,713			27,510			—		(23	)	21,138			27,510			(23	)

95% Confidence Level - Total CIB VaR (average)

CIB trading VaR by risk type: (a)
Fixed income (b)	$	50		$	41		$	35		$	33		$	28		22		79		$	42		$	34		24
Foreign exchange	9			9			9			8			8			—		13		9			8			13
Equities	20			16			18			16			14			25		43		18			14			29
Commodities and other	10			9			8			6			7			11		43		9			9			—
Diversification benefit to CIB trading VaR (c)	(35		)	(37		)	(36		)	(30		)	(26		)	5		(35	)	(36		)	(30		)	(20	)
CIB trading VaR (a)	54			38			34			33			31			42		74		42			35			20
Credit portfolio VaR (d)	13			15			18			17			10			(13	)	30		15			11			36
Diversification benefit to CIB VaR (c)	(10		)	(10		)	(9		)	(10		)	(6		)	—		(67	)	(9		)	(6		)	(50	)
CIB VaR (a)(b)	$	57		$	43		$	43		$	40		$	35		33		63		$	48		$	40		20


(a)	CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. For further information, see VaR measurement on pages 133–135 of the 2014 Annual Report.

(b)

As part of the Firm’s continuous evaluation and periodic enhancement of its VaR model calculations, during the second quarter of 2015 the Firm refined the historical proxy time series inputs to certain VaR models to more appropriately reflect the risk exposure from certain asset-backed products. Had these new time series been used as inputs into these VaR models in the first quarter of 2015, the Firm estimates they would have resulted in a reduction to average Fixed income VaR of $3 million and average CIB VaR of $2 million. The impact of this refinement on all other periods presented was not material. The Firm expects in subsequent quarters to continue to refine the VaR model calculations and times series inputs related to these products.


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


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

Page 21



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


	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q15 Change											2015 Change
	3Q15			2Q15			1Q15			4Q14				3Q14				2Q15		3Q14		2015			2014				2014
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	229		$	242		$	237		$	239			$	241			(5	)%	(5	)%	$	708		$	739			(4	)%
Asset management, administration and commissions	22			22			24			22				21				—		5		68			70				(3	)
All other income (a)	271			345			375			382				309				(21	)	(12	)	991			897				10
Noninterest revenue	522			609			636			643				571				(14	)	(9	)	1,767			1,706				4
Net interest income	1,122			1,130			1,106			1,127				1,132				(1	)	(1	)	3,358			3,406				(1	)
TOTAL NET REVENUE (b)	1,644			1,739			1,742			1,770				1,703				(5	)	(3	)	5,125			5,112				—

Provision for credit losses	82			182			61			(48		)		(79		)		(55	)	NM		325			(141		)		NM

NONINTEREST EXPENSE
Compensation expense	311			308			309			303				301				1		3		928			900				3
Noncompensation expense	408			395			400			363				367				3		11		1,203			1,129				7
TOTAL NONINTEREST EXPENSE	719			703			709			666				668				2		8		2,131			2,029				5

Income before income tax expense	843			854			972			1,152				1,114				(1	)	(24	)	2,669			3,224				(17	)
Income tax expense	325			329			374			459				443				(1	)	(27	)	1,028			1,282				(20	)
NET INCOME	$	518		$	525		$	598		$	693			$	671			(1	)	(23	)	$	1,641		$	1,942			(15	)

Revenue by product:
Lending (c)	$	850		$	867		$	825		$	843			$	828			(2	)	3		$	2,542		$	2,515			1
Treasury services (c)	633			646			647			657				670				(2	)	(6	)	1,926			2,024				(5	)
Investment banking	130			196			248			206				166				(34	)	(22	)	574			478				20
Other (c)	31			30			22			64				39				3		(21	)	83			95				(13	)
Total Commercial Banking net revenue	$	1,644		$	1,739		$	1,742		$	1,770			$	1,703			(5	)	(3	)	$	5,125		$	5,112			—


Investment banking revenue, gross (d)	$	382		$	589		$	753		$	557			$	501			(35	)	(24	)	$	1,724		$	1,429			21

Revenue by client segment:
Middle Market Banking (e)	$	675		$	688		$	677		$	692			$	686			(2	)	(2	)	$	2,040		$	2,099			(3	)
Corporate Client Banking (e)	446			532			564			524				502				(16	)	(11	)	1,542			1,458				6
Commercial Term Lending	318			318			308			313				312				—		2		944			939				1
Real Estate Banking	123			117			116			120				124				5		(1	)	356			375				(5	)
Other	82			84			77			121				79				(2	)	4		243			241				1
Total Commercial Banking net revenue	$	1,644		$	1,739		$	1,742		$	1,770			$	1,703			(5	)	(3	)	$	5,125		$	5,112			—

FINANCIAL RATIOS
ROE	14		%	14		%	17		%	19			%	18			%					15		%	18			%
Overhead ratio	44			40			41			38				39								42			40


(a)	Includes revenue from investment banking products and commercial card transactions.

(b)

Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income from municipal bond activity of $116 million, $115 million, $113 million, $145 million, and $108 million for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively, and $344 million and $317 million for nine months ended September 30, 2015, and 2014, respectively.


(c)	Effective in the second quarter of 2015, Commercial Card and Chase Commerce Solutions/Paymentech product revenue was transferred from Lending and Other, respectively, to Treasury Services. Prior period amounts were revised to conform with the current period presentation.


(d)	Represents the total revenue from investment banking products sold to CB clients.


(e)	Effective in the first quarter of 2015, mortgage warehouse lending clients were transferred from Middle Market Banking to Corporate Client Banking. Prior period revenue, period-end loans, and average loans by client segment were revised to conform with the current period presentation.

Page 22



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q15 Change											2015 Change
	3Q15				2Q15				1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014				2014
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	201,157			$	201,377			$	197,931		$	195,267		$	191,563		—	%	5	%	$	201,157		$	191,563			5	%
Loans:
Loans retained	162,269				157,947				153,173			147,661			143,490			3		13		162,269			143,490				13
Loans held-for-sale and loans at fair value	213				1,506				507			845			353			(86	)	(40	)	213			353				(40	)
Total loans	$	162,482			$	159,453			$	153,680		$	148,506		$	143,843		2		13		$	162,482		$	143,843			13
Core loans	161,662				158,568				152,659			147,392			142,548			2		13		161,662			142,548				13
Equity	14,000				14,000				14,000			14,000			14,000			—		—		14,000			14,000				—

Period-end loans by client segment:
Middle Market Banking (a)	$	51,985			$	51,713			$	51,071		$	51,009		$	50,909		1		2		$	51,985		$	50,909			2
Corporate Client Banking (a)	29,634				30,171				28,379			25,321			23,244			(2	)	27		29,634			23,244				27
Commercial Term Lending	60,684				58,314				55,824			54,038			52,235			4		16		60,684			52,235				16
Real Estate Banking	15,068				14,231				13,537			13,298			12,818			6		18		15,068			12,818				18
Other	5,111				5,024				4,869			4,840			4,637			2		10		5,111			4,637				10
Total Commercial Banking loans	$	162,482			$	159,453			$	153,680		$	148,506		$	143,843		2		13		$	162,482		$	143,843			13

SELECTED BALANCE SHEET DATA (average)
Total assets	$	197,274			$	198,740			$	195,927		$	191,664		$	190,678		(1	)	3		$	197,319		$	191,922			3
Loans:
Loans retained	158,845				155,110				149,731			145,184			142,139			2		12		154,595			139,566				11
Loans held-for-sale and loans at fair value	359				870				557			467			649			(59	)	(45	)	595			889				(33	)
Total loans	$	159,204			$	155,980			$	150,288		$	145,651		$	142,788		2		11		$	155,190		$	140,455			10
Client deposits and other third-party liabilities	180,892				197,004				210,046			208,424			204,654			(8	)	(12	)	195,874			202,532				(3	)
Equity	14,000				14,000				14,000			14,000			14,000			—		—		14,000			14,000				—

Average loans by client segment:
Middle Market Banking (a)	$	51,373			$	51,440			$	50,538		$	50,778		$	50,955		—		1		$	51,120		$	50,995			—
Corporate Client Banking (a)	28,964				28,986				26,653			24,169			23,501			—		23		28,209			22,757				24
Commercial Term Lending	59,323				56,814				54,754			53,024			51,567			4		15		56,980			50,479				13
Real Estate Banking	14,487				13,732				13,472			12,901			12,268			5		18		13,901			11,803				18
Other	5,057				5,008				4,871			4,779			4,497			1		12		4,980			4,421				13
Total Commercial Banking loans	$	159,204			$	155,980			$	150,288		$	145,651		$	142,788		2		11		$	155,190		$	140,455			10

Headcount (b)	7,735				7,568				7,489			7,426			7,413			2		4		7,735			7,413				4

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(2	)		$	(4	)		$	11		$	28		$	5		50		NM		$	5		$	(35	)		NM
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (c)	423				384				304			317			361			10		17		423			361				17
Nonaccrual loans held-for-sale and loans
at fair value	16				14				12			14			14			14		14		16			14				14
Total nonaccrual loans	439				398				316			331			375			10		17		439			375				17

Assets acquired in loan satisfactions	4				5				5			10			11			(20	)	(64	)	4			11				(64	)
Total nonperforming assets	443				403				321			341			386			10		15		443			386				15
Allowance for credit losses:
Allowance for loan losses	2,782				2,705				2,519			2,466			2,529			3		10		2,782			2,529				10
Allowance for lending-related commitments	170				163				162			165			178			4		(4	)	170			178				(4	)
Total allowance for credit losses	2,952				2,868				2,681			2,631			2,707			3		9		2,952			2,707				9

Net charge-off/(recovery) rate (d)	—			%	(0.01		)	%	0.03		%	0.08		%	0.01		%					—		%	(0.03		)	%
Allowance for loan losses to period-end loans retained	1.71				1.71				1.64			1.67			1.76							1.71			1.76
Allowance for loan losses to nonaccrual loans retained (c)	658				704				829			778			701							658			701
Nonaccrual loans to period-end total loans	0.27				0.25				0.21			0.22			0.26							0.27			0.26


(a)	Effective in the first quarter of 2015, mortgage warehouse lending clients were transferred from Middle Market Banking to Corporate Client Banking. Prior period revenue, period-end loans, and average loans by client segment were revised to conform with the current period presentation.

(b)


(c)	Allowance for loan losses of $80 million, $42 million, $29 million, $45 million, and $71 million was held against nonaccrual loans retained at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively.


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

Page 23



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


	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q15 Change											2015 Change
	3Q15				2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015				2014			2014
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,237			$	2,381		$	2,229		$	2,419		$	2,263		(6	)%	(1	)%	$	6,847			$	6,605		4	%
All other income	24				163			155			149			159			(85	)	(85	)	342				415			(18	)
Noninterest revenue	2,261				2,544			2,384			2,568			2,422			(11	)	(7	)	7,189				7,020			2
Net interest income	633				631			621			632			624			—		1		1,885				1,808			4
TOTAL NET REVENUE	2,894				3,175			3,005			3,200			3,046			(9	)	(5	)	9,074				8,828			3

Provision for credit losses	(17		)		—			4			3			9			NM		NM		(13		)		1			NM

NONINTEREST EXPENSE
Compensation expense	1,218				1,299			1,289			1,317			1,278			(6	)	(5	)	3,806				3,765			1
Noncompensation expense	891				1,107			886			1,003			803			(20	)	11		2,884				2,453			18
TOTAL NONINTEREST EXPENSE	2,109				2,406			2,175			2,320			2,081			(12	)	1		6,690				6,218			8

Income before income tax expense	802				769			826			877			956			4		(16	)	2,397				2,609			(8	)
Income tax expense	327				318			324			337			366			3		(11	)	969				996			(3	)
NET INCOME	$	475			$	451		$	502		$	540		$	590		5		(19	)	$	1,428			$	1,613		(11	)

REVENUE BY LINE OF BUSINESS
Global Investment Management	$	1,483			$	1,670		$	1,533		$	1,740		$	1,609		(11	)	(8	)	$	4,686			$	4,587		2
Global Wealth Management	1,411				1,505			1,472			1,460			1,437			(6	)	(2	)	4,388				4,241			3
TOTAL NET REVENUE	$	2,894			$	3,175		$	3,005		$	3,200		$	3,046		(9	)	(5	)	$	9,074			$	8,828		3

FINANCIAL RATIOS
ROE	20			%	19		%	22		%	23		%	25		%					20			%	23		%
Overhead ratio	73				76			72			73			68							74				70
Pretax margin ratio:
Global Investment Management	31				26			30			31			35							29				31
Global Wealth Management	24				22			25			24			27							24				27
Asset Management	28				24			27			27			31							26				30

Headcount	20,651				20,237			20,095			19,735			19,653			2		5		20,651				19,653			5

Number of client advisors	2,796				2,746			2,803			2,836			2,873			2		(3	)	2,796				2,873			(3	)

Page 24



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

	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q15 Change										2015 Change
	3Q15			2Q15				1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	131,412		$	134,059			$	126,233		$	128,701		$	130,296		(2	)%	1	%	$	131,412		$	130,296		1	%
Loans (a)	110,314			109,336				104,165			104,279			102,411			1		8		110,314			102,411			8
Core loans	110,314			109,336				104,165			104,279			102,411			1		8		110,314			102,411			8
Deposits	140,121			141,179				155,347			155,247			150,268			(1	)	(7	)	140,121			150,268			(7	)
Equity	9,000			9,000				9,000			9,000			9,000			—		—		9,000			9,000			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	131,100		$	130,548			$	126,276		$	129,029		$	128,477		—		2		$	129,326		$	125,567		3
Loans	108,741			107,250				103,286			103,336			101,427			1		7		106,446			98,615			8
Deposits	141,896			152,563				158,240			152,022			151,240			(7	)	(6	)	150,840			149,480			1
Equity	9,000			9,000				9,000			9,000			9,000			—		—		9,000			9,000			—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	2		$	(1	)		$	3		$	3		$	11		NM		(82	)	$	4		$	3		33	%
Nonaccrual loans	229			209				175			218			184			10		24		229			184			24
Allowance for credit losses:
Allowance for loan losses	258			273				271			271			273			(5	)	(5	)	258			273			(5	)
Allowance for lending-related commitments	4			5				5			5			4			(20	)	—		4			4			—
Total allowance for credit losses	262			278				276			276			277			(6	)	(5	)	262			277			(5	)
Net charge-off/(recovery) rate	0.01		%	—			%	0.01		%	0.01		%	0.04		%					0.01		%	—		%
Allowance for loan losses to period-end loans	0.23			0.25				0.26			0.26			0.27							0.23			0.27
Allowance for loan losses to nonaccrual loans	113			131				155			124			148							113			148
Nonaccrual loans to period-end loans	0.21			0.19				0.17			0.21			0.18							0.21			0.18

(a)

Included $25.4 billion, $24.0 billion, $23.0 billion, $22.1 billion, and $21.3 billion of prime mortgage loans reported in the Consumer, excluding credit card, loan portfolio at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively. For the same periods, excluded $2.2 billion, $2.4 billion, $2.6 billion, $2.7 billion, and $3.0 billion of prime mortgage loans reported in the CIO portfolio within Corporate, respectively.

Page 25



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


																Sep 30, 2015
																Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,								2015 Change
CLIENT ASSETS	2015			2015			2015			2014			2014			2015		2014		2015			2014			2014
Assets by asset class
Liquidity	$	463		$	466		$	454		$	461		$	440		(1	)%	5	%	$	463		$	440		5	%
Fixed income	351			357			359			359			359			(2	)	(2	)	351			359			(2	)
Equity	336			380			380			375			372			(12	)	(10	)	336			372			(10	)
Multi-asset and alternatives	561			578			566			549			540			(3	)	4		561			540			4
TOTAL ASSETS UNDER MANAGEMENT	1,711			1,781			1,759			1,744			1,711			(4	)	—		1,711			1,711			—
Custody/brokerage/administration/deposits	612			642			646			643			633			(5	)	(3	)	612			633			(3	)
TOTAL CLIENT ASSETS	$	2,323		$	2,423		$	2,405		$	2,387		$	2,344		(4	)	(1	)	$	2,323		$	2,344		(1	)

MEMO:
Alternatives client assets (a)	$	172		$	173		$	168		$	166		$	166		(1	)	4		$	172		$	166		4

Assets by client segment
Private Banking	$	438		$	452		$	440		$	428		$	429		(3	)	2		$	438		$	429		2
Institutional	816			830			825			827			799			(2	)	2		816			799			2
Retail	457			499			494			489			483			(8	)	(5	)	457			483			(5	)
TOTAL ASSETS UNDER MANAGEMENT	$	1,711		$	1,781		$	1,759		$	1,744		$	1,711		(4	)	—		$	1,711		$	1,711		—

Private Banking	$	1,037		$	1,080		$	1,073		$	1,057		$	1,052		(4	)	(1	)	$	1,037		$	1,052		(1	)
Institutional	823			838			833			835			803			(2	)	2		823			803			2
Retail	463			505			499			495			489			(8	)	(5	)	463			489			(5	)
TOTAL CLIENT ASSETS	$	2,323		$	2,423		$	2,405		$	2,387		$	2,344		(4	)	(1	)	$	2,323		$	2,344		(1	)

Assets under management rollforward
Beginning balance	$	1,781		$	1,759		$	1,744		$	1,711		$	1,707						$	1,744		$	1,598
Net asset flows:
Liquidity	(5		)	6			(1		)	27			8							—			(9		)
Fixed income	(5		)	3			2			4			4							—			29
Equity	(5		)	(1		)	4			2			—							(2		)	3
Multi-asset and alternatives	6			11			10			4			12							27			38
Market/performance/other impacts	(61		)	3			—			(4		)	(20		)					(58		)	52
Ending balance	$	1,711		$	1,781		$	1,759		$	1,744		$	1,711						$	1,711		$	1,711

Client assets rollforward
Beginning balance	$	2,423		$	2,405		$	2,387		$	2,344		$	2,473						$	2,387		$	2,343
Net asset flows	(7		)	16			17			47			35							26			71
Market/performance/other impacts	(93		)	2			1			(4		)	(164		)					(90		)	(70		)
Ending balance	$	2,323		$	2,423		$	2,405		$	2,387		$	2,344						$	2,323		$	2,344


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

Page 26



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

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
INCOME STATEMENT
REVENUE
Principal transactions	$	(70	)	$	67		$	100		$	509		$	310		NM		NM		$	97		$	688		(86	)%
Securities gains	25			40			53			28			6			(38	)	317		118			43			174
All other income	118			(7		)	(113		)	110			134			NM		(12	)	(2		)	594			NM
Noninterest revenue	73			100			40			647			450			(27	)	(84	)	213			1,325			(84	)
Net interest income	(123		)	(221		)	(253		)	(400		)	(525		)	44		77		(597		)	(1,560		)	62
TOTAL NET REVENUE (a)	(50		)	(121		)	(213		)	247			(75		)	59		33		(384		)	(235		)	(63	)

Provision for credit losses	(4		)	1			(5		)	(6		)	(8		)	NM		50		(8		)	(29		)	72

NONINTEREST EXPENSE
Compensation expense	944			953			892			688			820			(1	)	15		2,789			2,200			27
Noncompensation expense (b)	960			791			946			1,347			1,468			21		(35	)	2,697			3,242			(17	)
Subtotal	1,904			1,744			1,838			2,035			2,288			9		(17	)	5,486			5,442			1
Net expense allocated to other businesses	(1,732		)	(1,700		)	(1,686		)	(1,599		)	(1,579		)	(2	)	(10	)	(5,118		)	(4,719		)	(8	)
TOTAL NONINTEREST EXPENSE	172			44			152			436			709			291		(76	)	368			723			(49	)

Income/(loss) before income tax expense/(benefit)	(218		)	(166		)	(360		)	(183		)	(776		)	(31	)	72		(744		)	(929		)	20
Income tax expense/(benefit) (c)	(1,935		)	(606		)	(418		)	(730		)	(871		)	(219	)	(122	)	(2,959		)	(1,246		)	(137	)
NET INCOME/(LOSS)	$	1,717		$	440		$	58		$	547		$	95		290		NM		$	2,215		$	317		NM

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	(89		)	(163		)	(378		)	(243		)	(365		)	45		76		(630		)	(1,074		)	41
Other Corporate (d)	39			42			165			490			290			(7	)	(87	)	246			839			(71	)
TOTAL NET REVENUE	$	(50	)	$	(121	)	$	(213	)	$	247		$	(75	)	59		33		$	(384	)	$	(235	)	(63	)

NET INCOME/(LOSS)
Treasury and CIO	(40		)	(112		)	(221		)	(205		)	(333		)	64		88		(373		)	(960		)	61
Other Corporate (d)	1,757			552			279			752			428			218		311		2,588			1,277			103
TOTAL NET INCOME/(LOSS)	$	1,717		$	440		$	58		$	547		$	95		290		NM		$	2,215		$	317		NM

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	799,166		$	822,237		$	943,085		$	931,705		$	882,792		(3	)	(9	)	$	799,166		$	882,792		(9	)
Loans	2,332			2,480			2,694			2,871			3,086			(6	)	(24	)	2,332			3,086			(24	)
Core loans	2,327			2,474			2,672			2,848			3,062			(6	)	(24	)	2,327			3,062			(24	)

Headcount	29,307			27,985			27,019			26,047			25,199			5		16		29,307			25,199			16

(a)

Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $215 million, $202 million, $203 million, $196 million, and $190 million for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively, and $620 million and $534 million for the nine months ended September 30, 2015, and 2014, respectively.


(b)	Included legal expense of $102 million, $18 million, $305 million, $84 million, and $512 million for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively. Included legal expense of $425 million and $737 million for the nine months ended September 30, 2015, and 2014, respectively.


(c)	The three and nine months ended September 30, 2015 reflected tax benefits of $1.9 billion and $2.4 billion, respectively, due to the resolution of various tax audits.


(d)	Effective with the first quarter of 2015, the Firm began including the results of Private Equity in the Other Corporate line within the Corporate segment. Prior period amounts have been revised to conform with the current period presentation. The Corporate segment’s balance sheets and results of operations were not impacted by this reporting change.

Page 27



JPMORGAN CHASE & CO.
CORPORATE
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)


	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q15 Change								2015 Change
	3Q15		2Q15		1Q15		4Q14		3Q14		2Q15		3Q14		2015		2014		2014
SUPPLEMENTAL INFORMATION

TREASURY and CHIEF INVESTMENT OFFICE (“CIO”)
Securities gains	$	25	$	40	$	53	$	28	$	6	(38	)%	317	%	$	118	$	43	174	%
Investment securities portfolio (average) (a)	306,370		322,954		333,692		347,480		355,577		(5	)	(14	)	320,905		349,893		(8	)
Investment securities portfolio (period-end) (b)	303,057		314,048		327,859		343,146		358,516		(3	)	(15	)	303,057		358,516		(15	)
Mortgage loans (average)	2,400		2,599		2,790		2,962		3,183		(8	)	(25	)	2,595		3,424		(24	)
Mortgage loans (period-end)	2,293		2,455		2,664		2,834		3,048		(7	)	(25	)	2,293		3,048		(25	)

Private equity portfolio
Carrying value	$	2,192	$	2,718	$	3,064	$	5,866	$	5,388	(19	)	(59	)	$	2,192	$	5,388	(59	)
Cost	3,832		4,252		4,485		6,281		6,012		(10	)	(36	)	3,832		6,012		(36	)


(a)	Average investment securities included held-to-maturity balances of $50.7 billion, $50.7 billion, $49.3 billion, $49.0 billion, and $48.3 billion for the three months ended September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively, and $50.2 billion and $46.6 billion for the nine months ended September 30, 2015, and 2014, respectively.


(b)	Period-end investment securities included held-to-maturity balances of $50.2 billion, $51.6 billion, $49.3 billion , $49.3 billion, and $48.8 billion at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively.

Page 28



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Sep 30, 2015
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,
	2015		2015		2015		2014		2014		2015		2014
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	289,496	$	272,975	$	259,561	$	248,283	$	239,892	6	%	21	%
Loans - PCI	42,236		43,806		45,356		46,696		48,487		(4	)	(13	)
Total loans retained	331,732		316,781		304,917		294,979		288,379		5		15
Loans held-for-sale	237		1,505		298		395		481		(84	)	(51	)
Total consumer, excluding credit card loans	331,969		318,286		305,215		295,374		288,860		4		15

Credit card loans
Loans retained (b)	125,634		124,705		120,835		128,027		126,564		1		(1	)
Loans held-for-sale	1,345		1,320		2,422		3,021		395		2		241
Total credit card loans	126,979		126,025		123,257		131,048		126,959		1		—
Total consumer loans	458,948		444,311		428,472		426,422		415,819		3		10

Wholesale loans (c)
Loans retained	346,927		338,219		331,219		324,502		320,361		3		8
Loans held-for-sale and loans at fair value	3,582		8,717		4,494		6,412		7,077		(59	)	(49	)
Total wholesale loans	350,509		346,936		335,713		330,914		327,438		1		7

Total loans	809,457		791,247		764,185		757,336		743,257		2		9

Derivative receivables	68,668		67,451		81,574		78,975		72,453		2		(5	)
Receivables from customers and other (d)	17,016		22,591		22,777		29,080		29,466		(25	)	(42	)
Total credit-related assets	85,684		90,042		104,351		108,055		101,919		(5	)	(16	)

Lending-related commitments
Consumer, excluding credit card	60,005		59,817		60,151		58,153		54,912		—		9
Credit card	526,433		523,717		533,511		525,963		531,301		1		(1	)
Wholesale (e)	354,348		352,048		355,504		366,881		367,445		1		(4	)
Total lending-related commitments	940,786		935,582		949,166		950,997		953,658		1		(1	)

Total credit exposure	$	1,835,927	$	1,816,871	$	1,817,702	$	1,816,388	$	1,798,834	1		2

Memo: Total by category
Consumer exposure (f)	$	1,045,505	$	1,027,958	$	1,022,239	$	1,010,646	$	1,002,136	2		4
Wholesale exposures (g)	790,422		788,913		795,463		805,742		796,698		—		(1	)
Total credit exposure	$	1,835,927	$	1,816,871	$	1,817,702	$	1,816,388	$	1,798,834	1		2

Note: The Firm provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 33.


(a)	Includes loans reported in CCB, prime mortgage and home equity loans reported in AM, and prime mortgage loans reported in Corporate.


(b)	Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income.


(c)	Includes loans reported in CIB, CB and AM business segments and Corporate.


(d)	Predominantly includes receivables from customers, which represent margin loans to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.

(e)

Effective January 1, 2015, the Firm no longer includes unused advised lines of credit in wholesale lending-related commitments as the Firm may cancel these facilities at any time by providing the borrower notice or, in some cases without notice, as permitted by law. This presentation is consistent with U.S. bank regulatory filings. Prior period amounts have been revised to conform with the current period presentation.


(f)	Represents total consumer loans and lending-related commitments.


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

Page 29



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

																Sep 30, 2015
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2015			2015			2015			2014			2014			2015		2014
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans (b)(c)	$	5,530		$	5,984		$	6,241		$	6,509		$	6,702		(8	)	(17	)

Wholesale nonaccrual loans
Loans retained	1,086			873			696			599			659			24		65
Loans held-for-sale and loans at fair value	28			26			24			25			133			8		(79	)
Total wholesale nonaccrual loans	1,114			899			720			624			792			24		41

Total nonaccrual loans	6,644			6,883			6,961			7,133			7,494			(3	)	(11	)

Derivative receivables	235			256			249			275			312			(8	)	(25	)
Assets acquired in loan satisfactions	415			449			504			559			584			(8	)	(29	)
Total nonperforming assets	7,294			7,588			7,714			7,967			8,390			(4	)	(13	)
Wholesale lending-related commitments (d)	176			133			131			103			134			32		31
Total nonperforming exposure	$	7,470		$	7,721		$	7,845		$	8,070		$	8,524		(3	)	(12	)

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.82		%	0.87		%	0.91		%	0.94		%	1.01		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.67			1.88			2.04			2.20			2.32
Total wholesale nonaccrual loans to total
wholesale loans	0.32			0.26			0.21			0.19			0.24

(a)

At September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $6.6 billion, $7.0 billion, $7.5 billion, $7.8 billion, and $7.8 billion, respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $289 million, $282 million, $346 million, $367 million and $354 million, respectively, that are 90 or more days past due; (3) real estate owned (“REO”) insured by U.S. government agencies of $327 million, $384 million, $469 million, $462 million, and $464 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Under this guidance, non modified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. Moreover, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).


(b)	Includes loans held-for-sale of $212 million, $16 million, $91 million, and $120 million at June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively. There were no loans held-for-sale at September 30, 2015.


(c)	Excludes PCI loans. The Firm is recognizing interest income on each pool of PCI loans as they are all performing.


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

Page 30



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


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q15 Change										2015 Change
	3Q15			2Q15			1Q15			4Q14			3Q14			2Q15		3Q14		2015			2014			2014
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	13,915		$	14,065		$	14,185		$	14,889		$	15,326		(1	)%	(9	)%	$	14,185		$	16,264		(13	)%
Net charge-offs:
Gross charge-offs	1,305			1,284			1,352			1,513			1,458			2		(10	)	3,941			4,601			(14	)
Gross recoveries	(342		)	(277		)	(300		)	(295		)	(344		)	(23	)	1		(919		)	(1,060		)	13
Net charge-offs	963			1,007			1,052			1,218			1,114			(4	)	(14	)	3,022			3,541			(15	)
Write-offs of PCI loans and other (a)	52			55			55			337			87			(5	)	(40	)	162			196			(17	)
Provision for loan losses	567			908			988			856			769			(38	)	(26	)	2,463			2,368			4
Other	(1		)	4			(1		)	(5		)	(5		)	NM		80		2			(6		)	NM
Ending balance	$	13,466		$	13,915		$	14,065		$	14,185		$	14,889		(3	)	(10	)	$	13,466		$	14,889		(10	)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	620		$	593		$	622		$	637		$	648		5		(4	)	$	622		$	705		(12	)
Provision for lending-related commitments	115			27			(29		)	(16		)	(12		)	326		NM		113			(69		)	NM
Other	—			—			—			1			1			—		(100	)	—			1			(100	)
Ending balance	$	735		$	620		$	593		$	622		$	637		19		15		$	735		$	637		15

Total allowance for credit losses	$	14,201		$	14,535		$	14,658		$	14,807		$	15,526		(2	)	(9	)	$	14,201		$	15,526		(9	)


NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (b)	0.25		%	0.29		%	0.36		%	0.45		%	0.41		%					0.30		%	0.46		%
Credit card retained loans	2.41			2.61			2.62			2.69			2.52							2.54			2.77
Total consumer retained loans	0.85			0.95			1.01			1.13			1.05							0.93			1.15
Wholesale retained loans	—			(0.02		)	—			0.03			0.02							(0.01		)	(0.01		)
Total retained loans	0.49			0.53			0.57			0.65			0.60							0.53			0.65
Consumer retained loans, excluding credit card and
PCI loans	0.29			0.34			0.42			0.54			0.50							0.35			0.55
Consumer retained loans, excluding PCI loans	0.94			1.06			1.14			1.28			1.19							1.04			1.31
Total retained, excluding PCI loans	0.51			0.56			0.61			0.70			0.65							0.56			0.70

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	323,458		$	311,074		$	299,789		$	291,628		$	288,309		4		12		$	311,527		$	288,398		8
Credit card retained loans	125,048			122,732			122,352			126,375			125,772			2		(1	)	123,387			124,008			(1	)
Total average retained consumer loans	448,506			433,806			422,141			418,003			414,081			3		8		434,914			412,406			5
Wholesale retained loans	339,172			331,924			327,895			321,421			318,207			2		7		333,038			314,253			6
Total average retained loans	$	787,678		$	765,730		$	750,036		$	739,424		$	732,288		3		8		$	767,952		$	726,659		6

Consumer retained, excluding credit card and
PCI loans	$	280,475		$	266,567		$	253,829		$	244,074		$	239,054		5		17		$	267,054		$	237,571		12
Consumer retained, excluding PCI loans	405,524			389,299			376,181			370,449			364,826			4		11		390,441			361,579			8
Total retained, excluding PCI loans	744,692			721,219			704,072			691,865			683,028			3		9		723,475			675,827			7

(a)

Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool (e.g., upon liquidation). During the fourth quarter of 2014, the Firm recorded a $291 million adjustment to reduce the PCI allowance and the recorded investment in the Firm’s PCI loan portfolio, primarily reflecting the cumulative effect of interest forgiveness modifications. This adjustment had no impact to the Firm’s Consolidated statements of income.


(b)	The net charge-off rates exclude the write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

Page 31



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

																Sep 30, 2015
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2015			2015			2015			2014			2014			2015		2014
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	359		$	436		$	537		$	539		$	618		(18	)%	(42	)%
Formula-based	2,702			2,841			3,065			3,186			3,178			(5	)	(15	)
PCI (b)	2,788			3,215			3,270			3,325			3,662			(13	)	(24	)
Total consumer, excluding credit card	5,849			6,492			6,872			7,050			7,458			(10	)	(22	)
Credit card
Asset-specific (a)(c)	485			518			458			500			500			(6	)	(3	)
Formula-based	2,949			2,916			2,976			2,939			3,090			1		(5	)
Total credit card	3,434			3,434			3,434			3,439			3,590			—		(4	)
Total consumer	9,283			9,926			10,306			10,489			11,048			(6	)	(16	)
Wholesale
Asset-specific (a)	281			147			115			87			124			91		127
Formula-based	3,902			3,842			3,644			3,609			3,717			2		5
Total wholesale	4,183			3,989			3,759			3,696			3,841			5		9
Total allowance for loan losses	13,466			13,915			14,065			14,185			14,889			(3	)	(10	)
Allowance for lending-related commitments	735			620			593			622			637			19		15
Total allowance for credit losses	$	14,201		$	14,535		$	14,658		$	14,807		$	15,526		(2	)	(9	)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.76		%	2.05		%	2.25		%	2.39		%	2.59		%
Credit card allowance to total credit card retained loans	2.73			2.75			2.84			2.69			2.84
Wholesale allowance to total wholesale retained loans	1.21			1.18			1.13			1.14			1.20
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)	1.34			1.30			1.26			1.29			1.35
Total allowance to total retained loans	1.67			1.78			1.86			1.90			2.02
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	106			112			110			110			113
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (e)	152			158			154			153			156
Wholesale allowance to wholesale retained nonaccrual loans	385			457			540			617			583
Total allowance to total retained nonaccrual loans	204			209			203			202			206

CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.06			1.20			1.39			1.50			1.58
Total allowance to total retained loans	1.40			1.45			1.52			1.55			1.63
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	55			57			58			58			58
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (e)	109			109			106			106			105
Total allowance to total retained nonaccrual loans	161			161			156			155			155


(a)	Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).


(b)	During the fourth quarter of 2014, the Firm recorded a $291 million adjustment to reduce the PCI allowance. For further information, see summary of changes in the allowances on page 31.


(c)	The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.


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


(e)	For information on the Firm’s nonaccrual policy for credit card loans, see footnote (a) on page 30.

Page 32

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

The following are several of the non-GAAP financial measures that the Firm uses for various reasons, including: (i) to allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources, and (ii) more generally, to provide a more meaningful measure of certain metrics that enables comparability with prior periods, as well as with competitors.

(a)

In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results and the results of the lines of business 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 a FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. This non-GAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b)

The ratios of the allowance for loan losses to period-end loans retained, the allowance for loan losses to nonaccrual loans retained, and nonaccrual loans to total period-end loans excluding credit card and PCI loans, exclude the following: loans accounted for at fair value and loans held-for-sale; PCI loans; and the allowance for loan losses related to PCI loans. Additionally, net charge-offs and net charge-off rates exclude the impact of PCI loans. The ratio of the wholesale allowance for loan losses to period-end loans retained, excluding trade finance and conduits, is calculated excluding loans accounted for at fair value, loans held-for-sale, CIB’s trade finance loans and consolidated Firm-administered multi-seller conduits, as well as their related allowances, to provide a more meaningful assessment of the wholesale allowance coverage ratio.

(c)

Tangible common equity (“TCE”), Return on tangible common equity ("ROTCE"), and Tangible book value per share (“TBVPS”). TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s earnings as a percentage of average TCE. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.


(d)	Corporate & Investment Bank calculates the ratio of the allowance for loan losses to end-of-period loans excluding the impact of consolidated Firm-administered multi-seller conduits and trade finance loans, to provide a more meaningful assessment of CIB’s allowance coverage ratio.

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