3Q14 ERF 8K Cover

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 14, 2014

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)



Delaware	1-5805	13-2624428
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. employer identification no.)

270 Park Avenue, New York, New York		10017
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 270-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On October 14, 2014, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2014 third quarter net income of $5.6 billion, or $1.36 per share compared with a net loss of $0.4 billion, or $(0.17) per share, in the third quarter of 2013. A copy of the 2014 third quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

Each of the Exhibits provided with this Form 8-K shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.

This Current Report on Form 8-K (including the Exhibits hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase and Co.’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2013, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014, and June 30, 2014, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (http://investor.shareholder.com/jpmorganchase) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits




Exhibit No.		Description of Exhibit

12.1		JPMorgan Chase & Co. Computation of Earnings to Fixed Charges
12.2		JPMorgan Chase & Co. Computation of Earnings to Fixed Charges and Preferred Stock Dividend Requirements
99.1		JPMorgan Chase & Co. Earnings Release - Third Quarter 2014 Results
99.2		JPMorgan Chase & Co. Earnings Release Financial Supplement - Third Quarter 2014

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

JPMorgan Chase & Co.

(Registrant)



By:	/s/ Mark W. O’Donovan
	Mark W. O’Donovan
	Managing Director and Corporate Controller
	(Principal Accounting Officer)



Dated:	October 14, 2014

INDEX TO EXHIBITS




Exhibit No.		Description of Exhibit

12.1		JPMorgan Chase & Co. Computation of Earnings to Fixed Charges
12.2		JPMorgan Chase & Co. Computation of Earnings to Fixed Charges and Preferred Stock Dividend Requirements
99.1		JPMorgan Chase & Co. Earnings Release - Third Quarter 2014 Results
99.2		JPMorgan Chase & Co. Earnings Release Financial Supplement - Third Quarter 2014

3Q14 ERF Exhibit 12.1

EXHIBIT 12.1

JPMorgan Chase & Co.

Computation of Ratio of Earnings to Fixed Charges



Nine months ended September 30, (in millions, except ratios)	2014
Excluding interest on deposits
Income before income tax expense	$	23,529
Fixed charges:
Interest expense	4,766
One-third of rents, net of income from subleases (a)	479
Total fixed charges	5,245
Add: Equity in undistributed loss of affiliates	739
Income before income tax expense and fixed charges, excluding capitalized interest	$	29,513
Fixed charges, as above	$	5,245
Ratio of earnings to fixed charges	5.63
Including interest on deposits
Fixed charges, as above	$	5,245
Add: Interest on deposits	1,242
Total fixed charges and interest on deposits	$	6,487
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	29,513
Add: Interest on deposits	1,242
Total income before income tax expense, fixed charges and interest on deposits	$	30,755
Ratio of earnings to fixed charges	4.74


(a)	The proportion deemed representative of the interest factor.

3Q14 ERF Exhibit 12.2

EXHIBIT 12.2

JPMorgan Chase & Co.

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividend Requirements



Nine months ended September 30, (in millions, except ratios)	2014
Excluding interest on deposits
Income before income tax expense	$	23,529
Fixed charges:
Interest expense	4,766
One-third of rents, net of income from subleases (a)	479
Total fixed charges	5,245
Add: Equity in undistributed loss of affiliates	739
Income before income tax expense and fixed charges, excluding capitalized interest	$	29,513
Fixed charges, as above	$	5,245
Preferred stock dividends (pre-tax)	1,117
Fixed charges including preferred stock dividends	$	6,362
Ratio of earnings to fixed charges and preferred stock dividend requirements	4.64
Including interest on deposits
Fixed charges including preferred stock dividends, as above	$	6,362
Add: Interest on deposits	1,242
Total fixed charges including preferred stock dividends and interest on deposits	$	7,604
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	29,513
Add: Interest on deposits	1,242
Total income before income tax expense, fixed charges and interest on deposits	$	30,755
Ratio of earnings to fixed charges and preferred stock dividend requirements	4.04


(a)	The proportion deemed representative of the interest factor.

3Q14 ERF Exhibit 99.1 Narrative



JPMorgan Chase & Co. 270 Park Avenue, New York, NY 10017-2070 NYSE symbol: JPM www.jpmorganchase.com

News release: IMMEDIATE RELEASE

JPMORGAN CHASE REPORTS THIRD-QUARTER 2014 NET INCOME OF

$5.6 BILLION, OR $1.36 PER SHARE, ON REVENUE¹ OF $25.2 BILLION

13% RETURN ON TANGIBLE COMMON EQUITY¹


•	The Firm delivered strong underlying performance for the quarter²


•	Consumer & Community Banking: average Consumer & Business Banking deposits up 9%; credit card sales volume¹ up 12%; record client investment assets up 16%; Business Banking loan originations up 27%


▪	Corporate & Investment Bank: maintained #1 ranking for Global Investment Banking fees with 8.0% wallet share YTD; assets under custody up 8%


▪	Commercial Banking: period-end loan balances up 6%, driven by 13% growth in Commercial Real Estate; record YTD gross investment banking revenue with Commercial Banking clients up 22%


▪	Asset Management: twenty-second consecutive quarter of positive net long-term client flows; assets under management up 11%; average loan balances up 16%


•	Third-quarter results included as a significant item $1.0 billion after-tax Firmwide legal expense³ ($0.26 per share after-tax decrease in earnings; $1.1 billion pretax expense)


•	Approximately $3.0 billion returned to shareholders in 3Q14


▪	Repurchased $1.5 billion of common equity⁴


▪	Common stock dividend of $0.40 per share


•	Maintained fortress balance sheet


▪	Common Equity Tier 1^1,5 of $163 billion, or ratio of 10.1%, up from 9.8% in 2Q14


▪	Strong liquidity – compliant with final U.S. LCR⁶– HQLA⁷ of $572 billion


▪	Firm Supplementary Leverage Ratio ("SLR")¹ of 5.5%


•	Core loans¹ up 7% compared with the prior year


•	JPMorgan Chase supported consumers, businesses and our communities


▪	$1.6 trillion of credit and capital¹ raised for the first nine months of 2014


◦	$145 billion of credit for consumers


◦	$15 billion of credit for U.S. small businesses


◦	$464 billion of credit for corporations


◦	$881 billion of capital raised for clients


◦	$55 billion of credit and capital raised for nonprofit and government entities, including states, municipalities, hospitals and universities


▪	Hired over 7,700 U.S. veterans and service members since 2011



Investor Contact: Sarah Youngwood (212) 270-7325	Media Contact: Joe Evangelisti (212) 270-7438

¹ For notes on non-GAAP financial measures, including managed basis reporting, see page 12.For additional notes on financial measures, see page 13.
²Percentage comparisons noted in the bullet points are calculated versus the prior-year third quarter.
³ Assumes a tax rate of 38% for items that are tax deductible.
⁴ The repurchase amount is presented on a trade-date basis.
⁵Represents the estimated impact of Basel III Advanced fully phased-in capital rules to which the Firm will be subject to commencing January 1, 2019.
⁶In case of U.S. Liquidity Coverage Ratio ("LCR"), based on the Firm's current understanding of the U.S. final LCR rules.
⁷ High Quality Liquid Assets (“HQLA”) is the estimated amount of assets that qualify for inclusion in the final U.S. LCR rules.

JPMorgan Chase & Co.

News Release

New York, October 14, 2014 - JPMorgan Chase & Co. (NYSE: JPM) today reported net income for the third quarter of 2014 of $5.6 billion, compared with a net loss of $0.4 billion in the third quarter of 2013. Earnings per share were $1.36, compared with $(0.17) in the third quarter of 2013. Revenue¹ for the quarter was $25.2 billion, up 5% compared with the prior year. The Firm’s return on tangible common equity¹ for the third quarter of 2014 was 13%. Core loans¹ increased by 7% compared with the prior year. The Firm repurchased $1.5 billion of common equity⁴ in the third quarter.

Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial results: “Our businesses continue to perform well. Consumer & Community Banking deposit growth led the nation as the FDIC reported Chase #1 in deposit growth for the third consecutive year. Our Card business delivered double-digit sales volume growth and Mortgage Banking continues to reposition the business and manage through cyclical-lows.

The Corporate & Investment Bank saw strong performance in fees, maintaining a #1 position in Global IB fees year to date, with particular strength in equity capital markets. In Markets, we saw increased activity and better performance overall, particularly in currencies and emerging markets. In Commercial Banking, strong competition in the industry for quality assets resulted in some spread compression. However, our Commercial Banking clients leveraged the services of our investment bank, generating record investment banking revenues year to date, and growth in Commercial Real Estate remains strong. Lastly, Asset Management saw its twenty-second consecutive quarter of long-term inflows, record net income and strong margins.”

Dimon continued: “While challenges remain in the global economic recovery, the U.S. economy is an exception, showing signs of steady improvement. Corporate America is in good shape with strong balance sheets and employment trends continue to be positive. JPMorgan continued to support the economic recovery. We provided credit and raised capital¹ of $1.6 trillion for our clients during the first nine months of 2014, which included $15 billion for U.S. small businesses."

Dimon concluded: “Despite challenges, we have continued to deliver strong underlying performance, maintain our fortress balance sheet and liquidity, simplify the business and adapt to regulatory changes. We remain very focused on executing the control agenda and investing to protect our customers and the company for the future.”

In the discussion below of the business segments and of JPMorgan Chase as a Firm, information is presented on a managed basis. For more information about managed basis, as well as other non-GAAP financial measures used by management to evaluate the performance of each line of business, see page 12. The following discussion compares the third quarters of 2014 and 2013 unless otherwise noted. Footnotes in the sections that follow are described on page 13.

JPMorgan Chase & Co.

News Release

CONSUMER & COMMUNITY BANKING (CCB)



Results for CCB								2Q14					3Q13
($ millions)	3Q14		2Q14		3Q13			$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net Revenue	$	11,267	$	11,431	$	11,082		$	(164	)	(1	)%	$	185		2	%
Provision for Credit Losses	902		852		(267		)	50			6		1,169			NM
Noninterest Expense	6,305		6,456		6,867			(151		)	(2	)	(562		)	(8	)
Net Income	$	2,468	$	2,443	$	2,702		$	25		1	%	$	(234	)	(9	)%

Discussion of Results:

Net income was $2.5 billion, a decrease of $234 million, or 9%, compared with the prior year, due to higher provision for credit losses, largely offset by lower noninterest expense and higher net revenue.

Net revenue was $11.3 billion, an increase of $185 million, or 2%, compared with the prior year. Net interest income was $7.1 billion, down $68 million, or 1%, driven by spread compression and lower mortgage warehouse balances, predominantly offset by higher deposit balances. Noninterest revenue was $4.2 billion, an increase of $253 million, or 6%, driven by a non-recurring gain in Mortgage Banking, higher mortgage fees and related income and higher investment revenue in Consumer & Business Banking.

The provision for credit losses was $902 million, compared with a benefit of $267 million in the prior year. The current-quarter provision reflected a $200 million reduction in the allowance for loan losses and total net charge-offs of $1.1 billion. The prior-year provision reflected a $1.6 billion reduction in the allowance for loan losses and total net charge-offs of $1.3 billion.

Noninterest expense was $6.3 billion, a decrease of $562 million, or 8%, from the prior year, driven by lower Mortgage Banking expense, partially offset by an accrual related to Home Depot fraud and higher Auto lease depreciation expense.

Key Metrics and Business Updates:

^{(All comparisons refer to the prior-year quarter except as noted)}


▪	Return on equity was 19% on $51.0 billion of average allocated capital¹.


▪	Average total deposits were $492.0 billion, up 8% from the prior year and 1% from the prior quarter. Ranked #1 in deposit growth for the third consecutive year¹.


▪	Record client investment assets were $207.8 billion, up 16% from the prior year and 1% from the prior quarter.


▪	Business Banking originations were $1.6 billion, up 27% from the prior year and down 14% from the prior quarter. Average Business Banking loans were $19.5 billion, up 5% from the prior year and 1% from the prior quarter.


▪	Over $600 billion, or approximately 16% of total U.S. credit and debit purchase volume¹.


▪	Credit card sales volume¹ was $119.5 billion, up 12% from the prior year. General purpose credit card sales volume growth has outperformed the industry for 26 consecutive quarters¹.


▪	Period-end Credit Card loan balances were $127.0 billion, up $3.0 billion, or 2% from the prior year.


▪	Merchant processing volume was $213.3 billion, up 15% from the prior year and 2% from the prior quarter. Total transactions processed were 9.4 billion, up 6% from the prior year.


▪	Auto originations were $6.8 billion, up 6% from the prior year and down 4% from the prior quarter.


▪	Mortgage originations were $21.2 billion, down 48% from the prior year and up 26% from the prior quarter.

JPMorgan Chase & Co.

News Release


▪	Active mobile customers were up 22% over the prior year to 18.4 million, and Chase.com remains the #1 most visited banking portal in the U.S.¹

Consumer & Business Banking net income was $914 million, an increase of $152 million, or 20%, compared with the prior year, predominantly due to higher net revenue.

Net revenue was $4.6 billion, up 5% compared with the prior year. Net interest income was $2.8 billion, up 4% compared with the prior year, driven by higher deposit balances, largely offset by deposit spread compression. Noninterest revenue was $1.9 billion, an increase of 6%, driven by higher investment revenue, reflecting record client investment assets, higher deposit-related fees and higher debit card revenue.

Noninterest expense was $3.0 billion, down 1% from the prior year, reflecting efficiency improvements in the business, offset by increased cost of controls.

Key Metrics and Business Updates:

^{(All comparisons refer to the prior-year quarter except as noted)}


▪	Return on equity was 33% on $11.0 billion of average allocated capital.


▪	Ranked #1 in customer satisfaction among the largest U.S. banks for the second consecutive year, according to American Customer Satisfaction Index ("ACSI").


▪	Average total deposits were $476.2 billion, up 9% from the prior year and 1% from the prior quarter.


▪	Deposit margin was 2.20%, compared with 2.32% in the prior year and 2.23% in the prior quarter.


▪	Households totaled 25.6 million, up 3% from the prior year and flat compared with the prior quarter.

Mortgage Banking net income was $439 million, a decrease of $266 million from the prior year, driven by a lower benefit from the provision for credit losses, largely offset by lower noninterest expense.

Net revenue was $2.0 billion, a decrease of $36 million compared with the prior year. Net interest income was $1.0 billion, a decrease of $127 million, or 11%, driven by lower warehouse balances, spread compression and lower loan balances due to portfolio runoff. Noninterest revenue was $968 million, an increase of $91 million, driven by a non-recurring gain and higher mortgage fees and related income, partially offset by lower revenue from an exited non-core product.

The provision for credit losses was a benefit of $19 million¹, compared with a benefit of $1.0 billion in the prior year. The current quarter reflected a $100 million reduction in the allowance for loan losses, reflecting continued improvement in home prices and delinquencies. The prior year included a $1.3 billion reduction in the allowance for loan losses. Net charge-offs were $81 million, compared with $206 million in the prior year.

Noninterest expense was $1.3 billion, a decrease of $621 million, or 33%, from the prior year, due to lower expense in production and servicing reflecting lower headcount.

Mortgage Production pretax income was $74 million, a decrease of $16 million from the prior year, reflecting lower revenue and lower benefit from repurchase losses, predominantly offset by lower expense. Mortgage production-related revenue, excluding repurchase losses, was $393 million, a decrease of $191 million from the prior year, primarily on lower volumes. Production expense¹ was $381 million, a decrease of $288 million from the prior year, largely due to lower headcount-related expense. Repurchase losses for the current quarter reflected a benefit of $62 million, compared with a benefit of $175 million in the prior year.

JPMorgan Chase & Co.

News Release

Mortgage Servicing pretax income was $138 million, compared with a loss of $406 million in the prior year, reflecting lower expenses and higher MSR risk management income. Mortgage net servicing-related revenue was $639 million, an increase of $7 million from the prior year. MSR risk management income was $76 million, compared with a loss of $180 million in the prior year. Servicing expense¹ was $577 million, a decrease of $281 million from the prior year due to lower expense for foreclosure-related matters and lower headcount-related expense.

Key Metrics and Business Updates:

^{(All comparisons refer to the prior-year quarter except as noted)}


▪	Mortgage originations were $21.2 billion, down 48% from the prior year and up 26% from the prior quarter.


▪	Period-end total third-party mortgage loans serviced were $766.3 billion, down 8% from the prior year and 3% from the prior quarter.

Real Estate Portfolios pretax income was $512 million, down $968 million from the prior year, driven by a lower benefit from the provision for credit losses.

Net revenue was $814 million, an increase of $5 million from the prior year, driven by higher noninterest revenue resulting from a non-recurring gain, offset by lower net interest income resulting from spread compression and lower loan balances due to portfolio runoff.

The provision for credit losses was a benefit of $19 million, compared with a benefit of $1.0 billion in the prior year. The current-quarter provision reflected a $100 million reduction in the non credit-impaired allowance for loan losses, reflecting continued improvement in home prices and delinquencies. The prior-year provision included a $750 million reduction in the purchased credit-impaired allowance for loan losses and $500 million reduction in the non credit-impaired allowance for loan losses. Net charge-offs were $81 million, compared with $204 million in the prior year. Home equity net charge-offs were $95 million (0.70% net charge-off rate¹), compared with $218 million (1.42% net charge-off rate¹) in the prior year. Subprime mortgage net recoveries were $25 million (1.68% net recovery rate¹), compared with net recoveries of $4 million (0.21% net recovery rate¹). Prime mortgage, including option ARMs, net charge-offs were $9 million (0.06% net charge-off rate¹), compared with net recoveries of $11 million (0.09% net recovery rate¹).

Noninterest expense was $321 million, a decrease of $54 million, or 14%, compared with the prior year, driven by lower foreclosed asset expense and lower servicing expense on lower default volumes.

Key Metrics and Business Updates:

^{(All comparisons refer to the prior-year quarter except as noted. Average loans include PCI loans)}


▪	Mortgage Banking return on equity was 10% on $18.0 billion of average allocated capital.


▪	Average home equity loans were $71.4 billion, down $9.3 billion.


▪	Average mortgage loans were $94.5 billion, up $4.8 billion.


▪	Allowance for loan losses was $5.9 billion, compared with $7.7 billion.


▪	Allowance for loan losses to ending loans retained, excluding PCI loans¹, was 1.92%, compared with 2.39%.


▪	Allowance for loan losses, excluding PCI loans¹, to nonaccrual loans retained was 41%, compared with 40%.

JPMorgan Chase & Co.

News Release

Card, Merchant Services & Auto net income was $1.1 billion, a decrease of $120 million, or 10%, compared with the prior year, predominantly driven by higher provision for credit losses.

Net revenue was $4.6 billion, flat compared with the prior year. Net interest income was $3.3 billion, down $43 million compared with the prior year, driven by spread compression, partially offset by higher loan balances. Noninterest revenue was $1.4 billion, up $54 million compared with the prior year, driven by higher Auto lease income, higher net interchange income and higher annual fee income, predominantly offset by higher amortization of new account origination costs.

The provision for credit losses was $846 million, compared with $673 million in the prior year. The current-quarter provision reflected lower net charge-offs and a $100 million reduction in the allowance for loan losses in Auto and Student. The prior-year provision reflected a $351 million reduction in the allowance for loan losses in Credit Card. The Credit Card net charge-off rate was 2.52%, down from 2.86% in the prior year and the 30+ day delinquency rate was 1.43%, down from 1.69% in the prior year. The Auto net charge-off rate was 0.38%, up from 0.35% in the prior year.

Noninterest expense was $2.0 billion, up $77 million, or 4%, from the prior year, predominantly driven by an accrual related to Home Depot fraud and higher Auto lease depreciation expense.

Key Metrics and Business Updates:

^{(All comparisons refer to the prior-year quarter except as noted)}


▪	Return on equity was 23% on $19.0 billion of average allocated capital.


▪	#1 credit card issuer in the U.S. based on loans outstanding¹.


▪	#1 U.S. co-brand credit card issuer¹.


▪	#1 global Visa issuer¹.


▪	Period-end Credit Card loan balances were $127.0 billion, up 2% from the prior year and 1% from the prior quarter. Credit Card average loans were $126.1 billion, up 2% from the prior year and prior quarter.


▪	Card Services net revenue as a percentage of average loans was 12.07%, compared with 12.22% in the prior year and 12.15% in the prior quarter.


▪	Average auto loans were $52.7 billion, up 4% from the prior year and flat compared with the prior quarter.


▪	#1 wholly-owned merchant acquirer with approximately 50% of U.S. eCommerce volume¹.

CORPORATE & INVESTMENT BANK (CIB)



Results for CIB										2Q14					3Q13
($ millions)	3Q14			2Q14			3Q13			$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net Revenue	$	8,787		$	8,991		$	8,189		$	(204	)	(2	)%	$	598		7	%
Provision for Credit Losses	(67		)	(84		)	(218		)	17			(20	)	151			(69	)
Noninterest Expense	6,035			6,058			4,999			(23		)	—		1,036			21
Net Income	$	1,485		$	1,963		$	2,240		$	(478	)	(24	)%	$	(755	)	(34	)%

Discussion of Results:

Net income was $1.5 billion, down 34%, compared with $2.2 billion in the prior year reflecting higher noninterest expense and a lower benefit from the provision for credit losses, largely offset by higher net revenue. Net revenue was $8.8 billion compared with $8.2 billion in the prior year. Excluding the impact of a DVA loss of $397 million in the prior year, net revenue was up 2% from $8.6 billion and net income was down 40% from $2.5 billion.

Banking revenue was $2.7 billion, down 6% from the prior year. Investment banking fees were $1.5 billion, up 2% from the prior year, driven by higher advisory fees of $413 million, up 28% from the prior year, and by higher equity underwriting fees of $414 million, up 24% from the prior year, on higher levels of industry-wide activity. These increases were predominantly offset by lower debt underwriting fees of $715 million, down 16% from a strong prior year. Treasury Services revenue was $1.0 billion, down 2% compared with the prior year, driven by lower trade finance revenue and the impact of business simplification initiatives, predominantly offset by higher net interest income on increased deposits. Lending revenue was $147 million, down from $351 million in the prior year, primarily driven by losses of over $100 million on securities received from restructured loans, compared to modest gains in the prior period.

Markets & Investor Services revenue was $6.1 billion, up 15% from the prior year. Fixed Income Markets revenue of $3.5 billion was up 2% from the prior year with particularly strong performance in currencies and emerging markets. Equity Markets revenue of $1.2 billion was down 1% compared with the prior year, primarily on lower derivatives revenue compared to a strong prior year largely offset by higher prime services revenue. Securities Services revenue was $1.1 billion, up 8% from the prior year primarily driven by higher net interest income on increased deposits and higher fees and commissions. Credit Adjustments & Other revenue was a gain of $240 million, primarily driven by DVA/FVA as a result of credit spread widening and refinements to certain funding assumptions, compared with a loss of $409 million in the prior year which was primarily driven by DVA.

The provision for credit losses was a benefit of $67 million, compared with a benefit of $218 million in the prior year. The ratio of the allowance for loan losses to period-end loans retained was 1.13%, compared with 1.09% in the prior year. Excluding the impact of the consolidation of Firm-administered multi-seller conduits and trade finance loans, the ratio of the allowance for loan losses to period-end loans retained¹ was 1.88%, compared with 2.01% in the prior year.

Noninterest expense was $6.0 billion, up 21% from the prior year, driven by higher legal expense and higher compensation expense. The ratio of compensation expense to total net revenue was 32%.

Key Metrics and Business Updates:

^{(All comparisons refer to the prior-year quarter except as noted, and all rankings are according to Dealogic)}


▪	Return on equity was 10% on $61.0 billion of average allocated capital.


▪	Overhead ratio was 69%.


▪	Ranked #1 in Global Investment Banking fees with 8.0% wallet share for the nine months ended September 30, 2014.


▪	Ranked #1 in Global Debt, Equity and Equity-related with 7.5% wallet share; #1 in Global Long-Term Debt with 7.7% wallet share; #1 in Global Syndicated Loans with 9.5% wallet share; #3 in Global Equity and Equity-related with 7.2% wallet share; and #2 in Global M&A, with 8.1% wallet share, based on revenue, for the nine months ended September 30, 2014.


▪	Average client deposits and other third-party liabilities were $419.6 billion, up 9% from the prior year and up 4% from the prior quarter.


▪	Assets under custody were $21.2 trillion, up 8% from the prior year and down 2% from the prior quarter.


▪	International revenue represented 51% of total revenue.


▪	Period-end total loans were $102.3 billion, down 5% from the prior year and down 6% from the prior quarter; both declines were driven by a reduction in client overdrafts.


▪	Nonaccrual loans were $231 million, down 40% from the prior year and down 17% from the prior quarter.

JPMorgan Chase & Co.

News Release

COMMERCIAL BANKING (CB)



Results for CB										2Q14					3Q13
($ millions)	3Q14			2Q14			3Q13			$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net Revenue	$	1,667		$	1,701		$	1,725		$	(34	)	(2	)%	$	(58	)	(3	)%
Provision for Credit Losses	(79		)	(67		)	(41		)	(12		)	18		(38		)	93
Noninterest Expense	668			675			661			(7		)	(1	)	7			1
Net Income	$	649		$	658		$	665		$	(9	)	(1	)%	$	(16	)	(2	)%

Discussion of Results:

Net income was $649 million, a decrease of $16 million, or 2%, compared with the prior year, reflecting lower net revenue, largely offset by a lower provision for credit losses.

Net revenue was $1.7 billion, a decrease of $58 million, or 3%, compared with the prior year. Net interest income was $1.1 billion, a decrease of $41 million, or 4%, compared with the prior year, reflecting yield compression and lower purchase discounts recognized on loan repayments, largely offset by higher loan balances. Noninterest revenue was $571 million, a decrease of $17 million, or 3%, compared with the prior year, driven by business simplification and lower other fees, partially offset by higher investment banking revenue.

Revenue from Middle Market Banking was $684 million, a decrease of $61 million, or 8%, compared with the prior year. Revenue from Corporate Client Banking was $480 million, an increase of $21 million, or 5%, compared with the prior year. Revenue from Commercial Term Lending was $303 million, a decrease of $8 million, or 3%, compared with the prior year. Revenue from Real Estate Banking was $121 million, an increase of $3 million, or 3%, compared with the prior year.

The provision for credit losses was a benefit of $79 million, compared with a benefit of $41 million in the prior year. Net charge-offs were $5 million (0.01% net charge-off rate), compared with net charge-offs of $16 million (0.05% net charge-off rate) in the prior year and net recoveries of $26 million (0.07% net recovery rate) in the prior quarter. The allowance for loan losses to period-end loans retained was 1.76%, down from 1.99% in the prior year and down from 1.87% in the prior quarter. Nonaccrual loans were $375 million, down $191 million, or 34%, from the prior year, and down $71 million, or 16%, from the prior quarter.

Noninterest expense was $668 million, flat compared with the prior year.

Key Metrics and Business Updates:

^{(All comparisons refer to the prior-year quarter except as noted)}


▪	Return on equity was 18% on $14.0 billion of average allocated capital.


▪	Overhead ratio was 40%, compared with 38% in the prior year.


▪	Gross investment banking revenue (which is shared with the Corporate & Investment Bank) was $501 million, up 12% compared with the prior year and 4% compared with the prior quarter. Record YTD gross investment banking revenue of $1.4 billion, up 22% from the prior year.


▪	Average loan balances were $142.8 billion, up 8% compared with the prior year and 1% compared with the prior quarter.


▪	Period-end loan balances were $143.8 billion, up 6% compared with the prior year and 1% compared with the prior quarter.


▪	Average client deposits and other third-party liabilities were $204.7 billion, up 4% compared with the prior year and 2% compared with the prior quarter.

JPMorgan Chase & Co.

News Release

ASSET MANAGEMENT (AM)



Results for AM							2Q14				3Q13
($ millions)	3Q14		2Q14		3Q13		$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net Revenue	$	3,016	$	2,956	$	2,763	$	60	2	%	$	253	9	%
Provision for Credit Losses	9		1		—		8		NM		9		NM
Noninterest Expense	2,081		2,062		2,003		19		1		78		4
Net Income	$	572	$	552	$	476	$	20	4	%	$	96	20	%

Discussion of Results:

Net income was $572 million, an increase of $96 million, or 20%, from the prior year, reflecting higher net revenue, partially offset by higher noninterest expense.

Net revenue was $3.0 billion, an increase of $253 million, or 9%, from the prior year. Noninterest revenue was $2.4 billion, up $237 million, or 11%, from the prior year, due to net client inflows and the effect of higher market levels. Net interest income was $594 million, up $16 million, or 3%, from the prior year, due to higher loan and deposit balances, partially offset by spread compression.

Revenue from Global Investment Management was $1.6 billion, up 13% compared with the prior year. Revenue from Global Wealth Management was $1.4 billion, up 5%.

Client assets were $2.3 trillion, an increase of $98 billion, or 4%, compared with the prior year. Excluding the sale of Retirement Plan Services, client assets were up 10% compared with the prior year. Assets under management were $1.7 trillion, an increase of $171 billion, or 11%, from the prior year, due to the effect of higher market levels and net inflows to long-term products.

The provision for credit losses was $9 million, compared with a negligible provision for credit losses in the prior year.

Noninterest expense was $2.1 billion, an increase of $78 million, or 4%, from the prior year, as the business continues to invest in both infrastructure and controls.

Key Metrics and Business Updates:

^{(All comparisons refer to the prior-year quarter except as noted)}


▪	Return on equity was 25% on $9.0 billion of average allocated capital.


▪	Pretax margin¹ was 31%, up from 28% in the prior year.


▪	For the 12 months ended September 30, 2014, assets under management reflected net inflows of $84 billion, predominantly driven by long-term products. For the quarter, net inflows were $24 billion, driven by net inflows of $16 billion to long-term products and $8 billion to liquidity products.


▪	Net long-term client flows were positive for the twenty-second consecutive quarter.


▪	Assets under management ranked in the top two quartiles for investment performance were 71% over 5 years, 69% over 3 years and 54% over 1 year.


▪	Customer assets in 4 and 5 Star-rated funds were 49% of all rated mutual fund assets.


▪	Client assets were $2.3 trillion, up 4% from the prior year and down 5% from the prior quarter.


▪	Average loans were $101.4 billion, a record, up 16% from the prior year and 3% from the prior quarter.


▪	Average deposits were $151.2 billion, a record, up 9% from the prior year and 2% from the prior quarter.

JPMorgan Chase & Co.

News Release

CORPORATE/PRIVATE EQUITY



Results for Corporate/Private Equity										2Q14				3Q13
($ millions)	3Q14			2Q14			3Q13			$ O/(U)		O/(U) %		$ O/(U)			O/(U) %
Net Revenue	$	422		$	270		$	121		$	152	56	%	$	301		249	%
Provision for Credit Losses	(8		)	(10		)	(17		)	2		20		9			53
Noninterest Expense	709			180			9,096			529		294		(8,387		)	(92	)%
Net Income	$	398		$	369		$	(6,463	)	$	29	8	%	$	6,861		NM

Discussion of Results:

Net income was $398 million, compared with a net loss of $6.5 billion in the prior year.

Private Equity reported net income of $71 million, compared with net income of $242 million in the prior year, primarily due to lower net valuation gains on investments.

Treasury and CIO reported a net loss of $30 million, compared with a net loss of $193 million in the prior year. Net revenue was $132 million, compared with a loss of $232 million in the prior year. Net interest income was a gain of $36 million, compared with a loss of $261 million in the prior year, primarily reflecting the benefit of higher re-investment yields and higher investment securities balances.

Other Corporate reported net income of $357 million, compared with a net loss of $6.5 billion in the prior year. The current quarter included $512 million (pretax) of legal expense, compared with approximately $9.2 billion (pretax) of legal expense in the prior year. The current quarter also included approximately $400 million of net income benefit from tax adjustments.

JPMORGAN CHASE (JPM)^(*)



Results for JPM								2Q14					3Q13
($ millions)	3Q14		2Q14		3Q13			$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net Revenue	$	25,159	$	25,349	$	23,880		$	(190	)	(1	)%	$	1,279		5	%
Provision for Credit Losses	757		692		(543		)	65			9	%	1,300			NM
Noninterest Expense	15,798		15,431		23,626			367			2		(7,828		)	(33	)
Net Income	$	5,572	$	5,985	$	(380	)	$	(413	)	(7	)%	$	5,952		NM

(*) Presented on a managed basis. See notes on page 12 for further explanation of managed basis. Net revenue on a U.S. GAAP basis totaled $24.2 billion, $24.5 billion, and $23.1 billion for the third quarter of 2014, second quarter of 2014, and third quarter of 2013, respectively.

Discussion of Results:

Net income was $5.6 billion, compared with a loss of $380 million in the prior year. The increase was driven by lower noninterest expense and higher net revenue, partially offset by higher provision for credit losses.

Net revenue was $25.2 billion, up $1.3 billion, or 5%, compared with the prior year. Noninterest revenue was $13.8 billion, up $875 million, or 7%, compared with the prior year. Net interest income was $11.4 billion, up $404 million, or 4%, compared with the prior year, reflecting lower interest expense and higher investment securities yields, partially offset by lower loan yields.

The provision for credit losses was an expense of $757 million, compared with a benefit of $543 million in the prior year. The total consumer provision for credit losses was an expense of $897 million, compared with a benefit of $273 million in the prior year. The current-quarter consumer provision reflected a $200 million reduction in the allowance for loan losses, compared to a $1.6 billion reduction in the prior year. The current-

JPMorgan Chase & Co.

News Release

quarter consumer allowance release primarily reflects the continued improvement in home prices and delinquency trends in the residential real estate portfolio and the run-off of the student loan portfolio. Consumer net charge-offs were $1.1 billion, compared with $1.3 billion in the prior year, resulting in net charge-off rates of 1.19% and 1.47%, respectively.

The wholesale provision for credit losses was a benefit of $140 million, compared with a benefit of $270 million in the prior year. Wholesale net charge-offs were $17 million, compared with $26 million in the prior year, resulting in net charge-rates of 0.02% and 0.03%, respectively.

The Firm’s allowance for loan losses to period-end loans retained¹ was 1.63%, compared with 1.89% in the prior year. The Firm’s allowance for loan losses to nonperforming loans retained¹ was 155%, compared with 140% in the prior year. The Firm’s nonperforming assets totaled $8.4 billion, down from the prior quarter and prior year levels of $9.0 billion and $10.4 billion, respectively.

Noninterest expense was $15.8 billion, down $7.8 billion, or 33%, compared with the prior year, driven by lower legal expense. The current quarter noninterest expense included approximately $1.1 billion of legal expense, compared with approximately $9.3 billion of legal expense in the prior year.

JPMorgan Chase & Co.

News Release

Notes on non-GAAP financial measures:

In addition to analyzing the Firm's results on a reported basis, management reviews the Firm's consolidated results and the results of the lines of business on a “managed” basis, which is a non-GAAP financial measure. The Firm's definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total consolidated net revenue for the Firm (and for each of the business segments) on a fully taxable-equivalent (“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 securities and investments. 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 consolidated net income/(loss) as reported by the Firm or on net income/(loss) as reported by the lines of business.

The ratio of the allowance for loan losses to end-of-period loans retained, and the allowance for loan losses to nonaccrual loans retained, exclude the following: loans accounted for at fair value and loans held-for-sale; purchased credit-impaired (“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.

Tangible common equity (“TCE”) and return on tangible common equity (“ROTCE”) are each non-GAAP financial measures. TCE represents the Firm’s common stockholders’ equity (i.e., total stockholders’ equity less preferred stock) less goodwill and identifiable intangible assets (other than MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s earnings as a percentage of average TCE. TCE and ROTCE are meaningful to management, as well as analysts and investors, in assessing the Firm’s use of equity, as well as facilitating comparisons of the Firm with competitors.

Common Equity Tier 1 (“CET1”) capital and the CET1 ratio under the Basel III Advanced Fully Phased-In rules, and the supplementary leverage ratio (“SLR”) under the U.S. final SLR rule, are each non-GAAP financial measures. These measures are used by management, bank regulators, investors and analysts to assess and monitor the Firm’s capital position. For additional information on these measures, see Regulatory capital on pages 161-165 of JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2013, and on pages 74-78 of the Firm’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.


e.	The CIB provides non-GAAP financial measures, as such measures are used by management to assess the underlying performance of the business and for comparability with peers.


•	The ratio of the allowance for loan losses to end-of-period loans excludes 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.

•

Prior to January 1, 2014, the CIB provided non-GAAP financial measures excluding the impact of FVA (effective fourth quarter 2013) and DVA on net revenue and net income. Beginning in the first quarter 2014, the Firm does not exclude FVA and DVA from its assessment of business performance; however, the Firm continues to present these non-GAAP measures for the periods prior to January 1, 2014, as they reflected how management assessed the underlying business performance of the CIB in those prior periods.

JPMorgan Chase & Co.

News Release

Additional notes on financial measures:


a.	Core loans include loans considered central to the Firm’s ongoing businesses; core loans exclude runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit.

The amount of credit provided to clients represents new and renewed credit, including loans and commitments. The amount of credit provided to small businesses reflects loans and increased lines of credit provided by Consumer & Business Banking; Card, Merchant Services & Auto; and Commercial Banking. The amount of credit provided to nonprofit and government entities, including states, municipalities, hospitals and universities, represents that provided by the Corporate & Investment Bank and Commercial Banking.


c.	Consumer & Community Banking 2014 allocated equity includes $3.0 billion of capital held at the Consumer & Community Banking level related to legacy mortgage servicing matters.


d.	The credit and debit volume metric is based on Nilson data as of 2013.


e.	Consumer & Business Banking deposit rankings are based on FDIC 2014 Summary of Deposits survey per SNL Financial.


f.	Credit card sales volume is presented excluding Commercial Card. Rankings and comparison of general purpose credit card sales volume are based on disclosures by peers and internal estimates. Rankings are as of the second quarter of 2014.


g.	Banking portal ranking is per compete.com, as of August 2014.


h.	Mortgage Banking provision for credit losses is included in Real Estate Portfolios, in production expense in Mortgage Production, and in core servicing expense in Mortgage Servicing.


i.	#1 credit card issuer ranking based on disclosures by peers and internal estimates as of 2Q14.


j.	#1 U.S. co-brand issuer based on Phoenix Credit Card Monitor for the 12-months period ending June 2014; based on card accounts and revolving balance dollars.


k.	Global Visa ranking based on Visa data as of 2Q14 based on consumer and business credit card sales volume.


l.	#1 wholly-owned merchant acquirer based on Nilson data as of 2013; share of U.S. eCommerce volume based on the Internet Retailer Top 500 for 2013 and JPMC internal merchant client data.

JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today at 8:30 a.m. (Eastern) to present third quarter financial results. The general public can access the call by dialing (866) 541-2724 or (866) 786-8836 in the U.S. and Canada, or (706) 634-7246 for international participants. Please dial in 10 minutes prior to the start of the call. The live audio webcast and presentation slides will be available on the Firm's website, www.jpmorganchase.com, under Investor Relations, Investor Presentations.

A replay of the conference call will be available beginning at approximately noon on October 14, 2014, through midnight, October 28, 2014, by telephone at (855) 859-2056 or (800) 585-8367 (U.S. and Canada) or (404) 537-3406 (international); use Conference ID# 92082707. The replay will also be available via webcast on www.jpmorganchase.com under Investor Relations, Investor Presentations. Additional detailed financial, statistical and business-related information is included in a financial supplement. The earnings release and the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorgan Chase & Co.'s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorgan Chase & Co.'s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase & Co.'s Annual Report on Form 10-K for the year ended December 31, 2013, and Quarterly Report on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.'s website (http://investor.shareholder.com/jpmorganchase) and on the Securities and Exchange Commission's website (www.sec.gov). JPMorgan Chase & Co. does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.



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

	QUARTERLY TRENDS																NINE MONTHS ENDED SEPTEMBER 30,
											3Q14 Change													2014 Change
SELECTED INCOME STATEMENT DATA	3Q14			2Q14			3Q13				2Q14			3Q13			2014			2013				2013
Reported Basis
Total net revenue	$	24,246		$	24,454		$	23,117			(1	)	%	5		%	$	71,693		$	73,450			(2	)	%
Total noninterest expense	15,798			15,431			23,626				2			(33	)		45,865			54,915				(16	)
Pre-provision profit/(loss)	8,448			9,023			(509		)		(6	)		NM			25,828			18,535				39
Provision for credit losses	757			692			(543		)		9			NM			2,299			121				NM
NET INCOME/(LOSS)	5,572			5,985			(380		)		(7	)		NM			16,831			12,645				33

Managed Basis (a)
Total net revenue	25,159			25,349			23,880				(1	)		5			74,371			75,686				(2	)
Total noninterest expense	15,798			15,431			23,626				2			(33	)		45,865			54,915				(16	)
Pre-provision profit	9,361			9,918			254				(6	)		NM			28,506			20,771				37
Provision for credit losses	757			692			(543		)		9			NM			2,299			121				NM
NET INCOME/(LOSS)	5,572			5,985			(380		)		(7	)		NM			16,831			12,645				33

EARNINGS PER SHARE DATA
Net income/(loss): Basic	$	1.37		$	1.47		$	(0.17	)		(7	)		NM			$	4.13		$	3.08			34
Diluted	1.36			1.46			(0.17		)		(7	)		NM			4.10			3.05				34

Average shares: Basic	3,755.4			3,780.6			3,767.0				(1	)		—			3,774.4			3,789.2				—
Diluted	3,788.7			3,812.5			3,767.0				(1	)		1			3,808.3			3,820.9				—

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	225,188		$	216,725		$	194,312			4			16			$	225,188		$	194,312			16
Common shares at period-end	3,738.2			3,761.3			3,759.2				(1	)		(1	)		3,738.2			3,759.2				(1	)
Closing share price (b)	$	60.24		$	57.62		$	51.69			5			17			$	60.24		$	51.69			17
Book value per share	56.50			55.53			52.01				2			9			56.50			52.01				9
Tangible book value per share (c)	44.13			43.17			39.51				2			12			44.13			39.51				12
Cash dividends declared	0.40			0.40		(i)	0.38				—			5			1.18		(i)	1.06			(i)	11

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	10		%	11		%	(1		)	%							10		%	8			%
Return on tangible common equity (“ROTCE”) (c)	13			14			(2		)								13			11
Return on assets	0.90			0.99			(0.06		)								0.93			0.71

CAPITAL RATIOS (e)
Common Equity Tier 1 (“CET1”) capital ratio	10.2		(h)	9.8			10.5										10.2		(h)	10.5
Tier 1 capital ratio	11.5		(h)	11.1			11.7										11.5		(h)	11.7
Total capital ratio	12.7		(h)	12.5			14.3										12.7		(h)	14.3

95% CONFIDENCE LEVEL- TOTAL VaR (f)
Average VaR	$	36		$	55		$	47			(35	)		(23	)		$	44		$	55			(20	)

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,527,005		$	2,520,336		$	2,463,309			—			3			$	2,527,005		$	2,463,309			3
Loans:
Consumer, excluding credit card loans	288,860			289,178			288,350				—			—			288,860			288,350				—
Credit card loans	126,959			126,129			123,982				1			2			126,959			123,982				2
Wholesale loans	327,438			331,676			316,347				(1	)		4			327,438			316,347				4
Total Loans	743,257			746,983			728,679				—			2			743,257			728,679				2
Deposits	1,334,534			1,319,751			1,281,102				1			4			1,334,534			1,281,102				4
Long-term debt (g)	268,721			269,929			263,372				—			2			268,721			263,372				2
Common stockholders’ equity	211,214			208,851			195,512				1			8			211,214			195,512				8
Total stockholders’ equity	231,277			227,314			206,670				2			12			231,277			206,670				12

Loans-to-deposits ratio	56		%	57		%	57			%							56		%	57			%

Headcount	242,388			245,192			255,041				(1	)		(5	)		242,388			255,041				(5	)

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	2,468		$	2,443		$	2,702			1			(9	)		$	6,847		$	8,377			(18	)
Corporate & Investment Bank	1,485			1,963			2,240				(24	)		(34	)		5,427			7,688				(29	)
Commercial Banking	649			658			665				(1	)		(2	)		1,885			1,882				—
Asset Management	572			552			476				4			20			1,565			1,463				7
Corporate/Private Equity	398			369			(6,463		)		8			NM			1,107			(6,765		)		NM
NET INCOME/(LOSS)	$	5,572		$	5,985		$	(380	)		(7	)		NM			$	16,831		$	12,645			33


(a)	For a further discussion of managed basis, see Note (a) on page 12.


(b)	Share price shown is from the New York Stock Exchange. The common stock is also listed and traded on the London Stock Exchange and the Tokyo 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 35 of the Earnings Release Financial Supplement.


(d)	Ratios are based upon annualized amounts.

(e)

Basel III Transitional rules became effective on January 1, 2014; all prior period data is based on Basel I rules. As of September 30, 2014, and June 30, 2014, the ratios presented are calculated under the Basel III Advanced Transitional Approach. See footnote (a) on page 33 of the Earnings Release Financial Supplement for additional information on Basel III. CET1 capital under Basel III replaced Tier 1 common capital under Basel I. Prior to Basel III becoming effective on January 1, 2014, Tier 1 common capital under Basel I was a non-GAAP financial measure. For further discussion of Tier 1 common capital, see page 35 of the Earnings Release Financial Supplement.

(f)

The increase in average VaR during the three months ended June 30, 2014 was due to a change in the MSR hedge position in Mortgage Banking in advance of an anticipated update to certain MSR model assumptions. When such updates were implemented, VaR decreased to prior levels. The MSR model and assumptions are continuously evaluated and periodically updated to reflect recent market behavior. Mortgage Banking average VaR was $3 million, $20 million and $10 million for the three months ended September 30, 2014, June 30, 2014 and September 30, 2013, respectively, and $9 million and $15 million for the nine months ended September 30, 2014 and 2013, respectively. For information regarding CIB VaR, see Corporate and Investment Bank on page 21 of the Earnings Release Financial Supplement.


(g)	Included unsecured long-term debt of $204.7 billion, $205.6 billion and $199.2 billion for the periods ended September 30, 2014, June 30, 2014 and September 30, 2013, respectively.


(h)	Estimated.


(i)	On May 20, 2014, the Board of Directors increased the quarterly common stock dividend from $0.38 to $0.40 per share. On May 21, 2013, the Board increased the quarterly common stock dividend from $0.30 to $0.38 per share.

3Q14 ERF Exhibit 99.2 Supplement

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2014



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
Core Net Interest Income										7
Reconciliation from Reported to Managed Summary										8

Business Detail
Line of Business Financial Highlights - Managed Basis										9
Consumer & Community Banking										10-11
Consumer & Business Banking										12
Mortgage Banking										13-16
Card, Merchant Services & Auto										17-18
Corporate & Investment Bank										19-21
Commercial Banking										22-23
Asset Management										24-26
Corporate/Private Equity										27-28
Credit-Related Information										29-32
Supplemental Detail
Capital and Other Selected Balance Sheet Items										33
Earnings Per Share and Related Information										34
Non-GAAP Financial Measures										35
Glossary of Terms (a)


(a)	Refer to the Firm’s Glossary of Terms on pages 341-345 and pages 186-191 of JPMorgan Chase’s 2013 Annual Report and its second quarter 2014 Form 10-Q, respectively.

Page 1



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

	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
SELECTED INCOME STATEMENT DATA	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13			2014			2013			2013
Reported Basis
Total net revenue	$	24,246		$	24,454		$	22,993		$	23,156		$	23,117			(1	)	%	5		%	$	71,693		$	73,450		(2	)	%
Total noninterest expense	15,798			15,431			14,636			15,552			23,626				2			(33	)		45,865			54,915			(16	)
Pre-provision profit/(loss)	8,448			9,023			8,357			7,604			(509		)		(6	)		NM			25,828			18,535			39
Provision for credit losses	757			692			850			104			(543		)		9			NM			2,299			121			NM
NET INCOME/(LOSS)	5,572			5,985			5,274			5,278			(380		)		(7	)		NM			16,831			12,645			33

Managed Basis (a)
Total net revenue	25,159			25,349			23,863			24,112			23,880				(1	)		5			74,371			75,686			(2	)
Total noninterest expense	15,798			15,431			14,636			15,552			23,626				2			(33	)		45,865			54,915			(16	)
Pre-provision profit	9,361			9,918			9,227			8,560			254				(6	)		NM			28,506			20,771			37
Provision for credit losses	757			692			850			104			(543		)		9			NM			2,299			121			NM
NET INCOME/(LOSS)	5,572			5,985			5,274			5,278			(380		)		(7	)		NM			16,831			12,645			33

EARNINGS PER SHARE DATA
Net income/(loss): Basic	$	1.37		$	1.47		$	1.29		$	1.31		$	(0.17	)		(7	)		NM			$	4.13		$	3.08		34
Diluted	1.36			1.46			1.28			1.30			(0.17		)		(7	)		NM			4.10			3.05			34
Average shares: Basic	3,755.4			3,780.6			3,787.2			3,762.1			3,767.0				(1	)		—			3,774.4			3,789.2			—
Diluted	3,788.7			3,812.5			3,823.6			3,797.1			3,767.0				(1	)		1			3,808.3			3,820.9			—

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	225,188		$	216,725		$	229,770		$	219,657		$	194,312			4			16			$	225,188		$	194,312		16
Common shares at period-end	3,738.2			3,761.3			3,784.7			3,756.1			3,759.2				(1	)		(1	)		3,738.2			3,759.2			(1	)
Closing share price (b)	$	60.24		$	57.62		$	60.71		$	58.48		$	51.69			5			17			$	60.24		$	51.69		17
Book value per share	56.50			55.53			54.05			53.25			52.01				2			9			56.50			52.01			9
Tangible book value per share (c)	44.13			43.17			41.73			40.81			39.51				2			12			44.13			39.51			12
Cash dividends declared per share	0.40			0.40		(h)	0.38			0.38			0.38				—			5			1.18		(h)	1.06		(h)	11

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	10		%	11		%	10		%	10		%	(1		)	%							10		%	8		%
Return on tangible common equity (“ROTCE”) (c)	13			14			13			14			(2		)								13			11
Return on assets	0.90			0.99			0.89			0.87			(0.06		)								0.93			0.71

CAPITAL RATIOS (e)
Common Equity Tier 1 (“CET1”) capital ratio	10.2		(g)	9.8			10.9			10.7			10.5										10.2		(g)	10.5
Tier 1 capital ratio	11.5		(g)	11.1			12.1			11.9			11.7										11.5		(g)	11.7
Total capital ratio	12.7		(g)	12.5			14.5			14.4			14.3										12.7		(g)	14.3

95% CONFIDENCE LEVEL- TOTAL VaR (f)
Average VaR	$	36		$	55		$	42		$	44		$	47			(35	)		(23	)		$	44		$	55		(20	)


(a)	For a further discussion of managed basis, see Reconciliation from Reported to Managed Summary on page 8.


(b)	Share price shown is from the New York Stock Exchange. The common stock is also listed and traded on the London Stock Exchange and the Tokyo 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 35.


(d)	Ratios are based upon annualized amounts.

(e)

Basel III Transitional rules became effective on January 1, 2014; all prior period data is based on Basel I rules. As of September 30, 2014, and June 30, 2014, the ratios presented are calculated under the Basel III Advanced Transitional Approach. As of March 31, 2014, the ratios presented are calculated under the Basel III Standardized Transitional Approach. See footnote (a) on page 33 for additional information on Basel III. CET1 capital under Basel III replaced Tier 1 common capital under Basel I. Prior to Basel III becoming effective on January 1, 2014, Tier 1 common capital under Basel I was a non-GAAP financial measure. For further discussion of Tier 1 common capital, see page 35.

(f)

The increase in average VaR during the three months ended June 30, 2014 was due to a change in the MSR hedge position in Mortgage Banking in advance of an anticipated update to certain MSR model assumptions. When such updates were implemented, VaR decreased to prior levels. The MSR model and assumptions are continuously evaluated and periodically updated to reflect recent market behavior. Mortgage Banking average VaR was $3 million, $20 million, $5 million, $6 million and $10 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $9 million and $15 million for the nine months ended September 30, 2014 and 2013, respectively. For information regarding CIB VaR, see Corporate and Investment Bank on page 21.


(g)	Estimated.


(h)	On May 20, 2014, the Board of Directors increased the quarterly common stock dividend from $0.38 to $0.40 per share. On May 21, 2013, the Board increased the quarterly common stock dividend from $0.30 to $0.38 per share.

Page 2



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

	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change													2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13			2014			2013				2013
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,527,005		$	2,520,336		$	2,476,986		$	2,415,689		$	2,463,309			—		%	3		%	$	2,527,005		$	2,463,309			3		%
Loans:
Consumer, excluding credit card loans	288,860			289,178			288,168			289,063			288,350				—			—			288,860			288,350				—
Credit card loans	126,959			126,129			121,816			127,791			123,982				1			2			126,959			123,982				2
Wholesale loans	327,438			331,676			320,987			321,564			316,347				(1	)		4			327,438			316,347				4
Total Loans	743,257			746,983			730,971			738,418			728,679				—			2			743,257			728,679				2
Deposits	1,334,534			1,319,751			1,282,705			1,287,765			1,281,102				1			4			1,334,534			1,281,102				4
Long-term debt (a)	268,721			269,929			274,512			267,889			263,372				—			2			268,721			263,372				2
Common stockholders’ equity	211,214			208,851			204,572			200,020			195,512				1			8			211,214			195,512				8
Total stockholders’ equity	231,277			227,314			219,655			211,178			206,670				2			12			231,277			206,670				12

Loans-to-deposits ratio	56		%	57		%	57		%	57		%	57			%							56		%	57			%

Headcount	242,388			245,192			246,994			251,196			255,041				(1	)		(5	)		242,388			255,041				(5	)

LINE OF BUSINESS NET INCOME/(LOSS)
Consumer & Community Banking	$	2,468		$	2,443		$	1,936		$	2,372		$	2,702			1			(9	)		$	6,847		$	8,377			(18	)
Corporate & Investment Bank	1,485			1,963			1,979			858			2,240				(24	)		(34	)		5,427			7,688				(29	)
Commercial Banking	649			658			578			693			665				(1	)		(2	)		1,885			1,882				—
Asset Management	572			552			441			568			476				4			20			1,565			1,463				7
Corporate/Private Equity	398			369			340			787			(6,463		)		8			NM			1,107			(6,765		)		NM
NET INCOME/(LOSS)	$	5,572		$	5,985		$	5,274		$	5,278		$	(380	)		(7	)		NM			$	16,831		$	12,645			33


(a)	Included unsecured long-term debt of $204.7 billion, $205.6 billion, $206.1 billion, $199.4 billion and $199.2 billion for the periods ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.

Page 3



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

	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																		3Q14 Change												2014 Change
REVENUE	3Q14			2Q14			1Q14			4Q13				3Q13				2Q14			3Q13			2014			2013			2013
Investment banking fees	$	1,538		$	1,751		$	1,420		$	1,685			$	1,507			(12	)	%	2		%	$	4,709		$	4,669		1		%
Principal transactions (a)	2,966			2,908			3,322			(42		)		2,662				2			11			9,196			10,183			(10	)
Lending- and deposit-related fees	1,479			1,463			1,405			1,469				1,519				1			(3	)		4,347			4,476			(3	)
Asset management, administration and commissions	3,978			4,007			3,836			3,975				3,667				(1	)		8			11,821			11,131			6
Securities gains	6			12			30			8				26				(50	)		(77	)		48			659			(93	)
Mortgage fees and related income	903			1,291			514			1,089				841				(30	)		7			2,708			4,116			(34	)
Card income	1,537			1,549			1,408			1,582				1,518				(1	)		1			4,494			4,440			1
Other income	732			675			391			2,483				602				8			22			1,798			1,364			32
Noninterest revenue	13,139			13,656			12,326			12,249				12,342				(4	)		6			39,121			41,038			(5	)
Interest income (b)	12,926			12,861			12,793			13,166				13,066				1			(1	)		38,580			39,503			(2	)
Interest expense (b)	1,819			2,063			2,126			2,259				2,291				(12	)		(21	)		6,008			7,091			(15	)
Net interest income	11,107			10,798			10,667			10,907				10,775				3			3			32,572			32,412			—
TOTAL NET REVENUE	24,246			24,454			22,993			23,156				23,117				(1	)		5			71,693			73,450			(2	)

Provision for credit losses	757			692			850			104				(543		)		9			NM			2,299			121			NM

NONINTEREST EXPENSE
Compensation expense	7,831			7,610			7,859			7,052				7,325				3			7			23,300			23,758			(2	)
Occupancy expense	978			973			952			941				947				1			3			2,903			2,752			5
Technology, communications and equipment expense	1,465			1,433			1,411			1,376				1,356				2			8			4,309			4,049			6
Professional and outside services	1,907			1,932			1,786			2,109				1,897				(1	)		1			5,625			5,532			2
Marketing	610			650			564			745				588				(6	)		4			1,824			1,755			4
Other expense (c)	2,956			2,701			1,933			3,136				11,373				9			(74	)		7,590			16,625			(54	)
Amortization of intangibles	51			132			131			193				140				(61	)		(64	)		314			444			(29	)
TOTAL NONINTEREST EXPENSE	15,798			15,431			14,636			15,552				23,626				2			(33	)		45,865			54,915			(16	)
Income before income tax expense	7,691			8,331			7,507			7,500				34				(8	)		NM			23,529			18,414			28
Income tax expense	2,119			2,346			2,233			2,222				414				(10	)		412			6,698			5,769			16
NET INCOME/(LOSS)	$	5,572		$	5,985		$	5,274		$	5,278			$	(380	)		(7	)		NM			$	16,831		$	12,645		33

NET INCOME PER COMMON SHARE DATA
Basic earnings	$	1.37		$	1.47		$	1.29		$	1.31			$	(0.17	)		(7	)		NM			$	4.13		$	3.08		34
Diluted earnings	1.36			1.46			1.28			1.30				(0.17		)		(7	)		NM			4.10			3.05			34

FINANCIAL RATIOS
Return on common equity (d)	10		%	11		%	10		%	10			%	(1		)	%							10		%	8		%
Return on tangible common equity (d)(e)	13			14			13			14				(2		)								13			11
Return on assets (d)	0.90			0.99			0.89			0.87				(0.06		)								0.93			0.71
Effective income tax rate	28			28			30			30				NM										28			31
Overhead ratio	65			63			64			67				102										64			75


(a)	Included a $(1.5) billion loss in the fourth quarter of 2013 as a result of implementing a funding valuation adjustment (“FVA”) framework for OTC derivatives and structured notes.


(b)	Effective January 1, 2014, prior period amounts were reclassified to conform with current period presentation.


(c)	Included Firmwide legal expense of $1.1 billion, $0.7 billion, $0.8 billion, and $9.3 billion for the three months ended September 30, 2014, June 30, 2014, December 31, 2013 and September 30, 2013, respectively; legal expense for the three months ended March 31, 2014 was not material, and $1.8 billion and $10.3 billion for the nine months ended September 30, 2014 and 2013, respectively.


(d)	Ratios are based upon annualized amounts.


(e)	For further discussion of ROTCE see pages 2 and 35.

Page 4



JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																		Sep 30, 2014
																		Change
	Sep 30,			Jun 30,				Mar 31,				Dec 31,			Sep 30,			Jun 30,			Sep 30,
	2014			2014				2014				2013			2013			2014			2013
ASSETS
Cash and due from banks	$	25,372		$	27,523			$	26,321			$	39,771		$	30,664		(8	)	%	(17	)	%
Deposits with banks	414,312			393,909				372,531				316,051			371,445			5			12
Federal funds sold and securities purchased under
resale agreements	214,336			248,149				265,168				248,116			235,916			(14	)		(9	)
Securities borrowed	118,873			113,967				122,021				111,465			122,438			4			(3	)
Trading assets:
Debt and equity instruments	338,204			330,165				315,932				308,905			316,560			2			7
Derivative receivables	72,453			62,378				59,272				65,759			66,788			16			8
Securities	366,358			361,918				351,850				354,003			356,556			1			3
Loans	743,257			746,983				730,971				738,418			728,679			—			2
Less: Allowance for loan losses	14,889			15,326				15,847				16,264			17,571			(3	)		(15	)
Loans, net of allowance for loan losses	728,368			731,657				715,124				722,154			711,108			—			2
Accrued interest and accounts receivable	75,504			78,677			(a)	74,612			(a)	65,160			66,269			(4	)		14
Premises and equipment	15,177			15,216				14,919				14,891			14,876			—			2
Goodwill	47,970			48,110				48,065				48,081			48,100			—			—
Mortgage servicing rights	8,236			8,347				8,552				9,614			9,490			(1	)		(13	)
Other intangible assets	1,274			1,339				1,489				1,618			1,817			(5	)		(30	)
Other assets	100,568			98,981			(a)	101,130			(a)	110,101			111,282			2			(10	)
TOTAL ASSETS	$	2,527,005		$	2,520,336			$	2,476,986			$	2,415,689		$	2,463,309		—			3

LIABILITIES
Deposits	$	1,334,534		$	1,319,751			$	1,282,705			$	1,287,765		$	1,281,102		1			4
Federal funds purchased and securities loaned or sold
under repurchase agreements	198,746			216,561				217,442				181,163			218,728			(8	)		(9	)
Commercial paper	59,960			63,804				60,825				57,848			53,741			(6	)		12
Other borrowed funds	31,892			34,713				31,951				27,994			30,436			(8	)		5
Trading liabilities:
Debt and equity instruments	84,305			87,861				91,471				80,430			87,334			(4	)		(3	)
Derivative payables	58,951			50,795				49,138				57,314			60,785			16			(3	)
Accounts payable and other liabilities	211,055			203,885				202,499				194,491			212,283			4			(1	)
Beneficial interests issued by consolidated VIEs	47,564			45,723				46,788				49,617			48,858			4			(3	)
Long-term debt	268,721			269,929				274,512				267,889			263,372			—			2
TOTAL LIABILITIES	2,295,728			2,293,022				2,257,331				2,204,511			2,256,639			—			2

STOCKHOLDERS’ EQUITY
Preferred stock	20,063			18,463				15,083				11,158			11,158			9			80
Common stock	4,105			4,105				4,105				4,105			4,105			—			—
Capital surplus	93,060			92,879				92,623				93,828			93,555			—			(1	)
Retained earnings	127,234			123,497				119,318				115,756			112,135			3			13
Accumulated other comprehensive income	3,266			3,438				2,276				1,199			390			(5	)		NM
Shares held in RSU Trust, at cost	(21		)	(21		)		(21		)		(21		)	(21		)	—			—
Treasury stock, at cost	(16,430		)	(15,047		)		(13,729		)		(14,847		)	(14,652		)	(9	)		(12	)
TOTAL STOCKHOLDERS’ EQUITY	231,277			227,314				219,655				211,178			206,670			2			12
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,527,005		$	2,520,336			$	2,476,986			$	2,415,689		$	2,463,309		—			3


(a)	Prior period amounts were reclassified to conform with current period presentation due to the adoption of new accounting guidance. For further information, see footnote (a) on page 30.

Page 5



JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change														2014 Change
AVERAGE BALANCES	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
ASSETS
Deposits with banks	$	362,434			$	334,953			$	319,130			$	329,322			$	321,271			8		%	13		%	$	338,998			$	248,628			36		%
Federal funds sold and securities purchased under
resale agreements	224,088				237,440				245,389				233,149				229,730				(6	)		(2	)		235,561				231,035				2
Securities borrowed	118,014				114,905				118,227				117,730				119,950				3			(2	)		117,048				118,492				(1	)
Trading assets - debt instruments	213,335				204,242				202,387				208,032				212,228				4			1			206,695				234,420				(12	)
Securities	360,365				353,278				348,771				348,223				351,648				2			2			354,180				359,748				(2	)
Loans	741,831				737,613				730,312				729,621				723,538				1			3			736,628				725,381				2
Other assets (a)	41,718				41,514				41,430				39,384				39,048				—			7			41,555				40,655				2
Total interest-earning assets	2,061,785				2,023,945				2,005,646				2,005,461				1,997,413				2			3			2,030,665				1,958,359				4
Trading assets - equity instruments	118,201				121,184				112,525				111,051				103,347				(2	)		14			117,324				113,229				4
Trading assets - derivative receivables	65,786				60,830				64,820				68,709				71,657				8			(8	)		63,815				73,950				(14	)
All other noninterest-earning assets	209,100				214,677				219,713				222,380				217,352				(3	)		(4	)		214,458				225,300				(5	)
TOTAL ASSETS	$	2,454,872			$	2,420,636			$	2,402,704			$	2,407,601			$	2,389,769			1			3			$	2,426,262			$	2,370,838			2
LIABILITIES
Interest-bearing deposits	$	865,041			$	863,163			$	866,759			$	860,067			$	832,192			—			4			$	864,981			$	810,215			7
Federal funds purchased and securities loaned or
sold under repurchase agreements	213,975				212,555				200,918				207,747				231,938				1			(8	)		209,197				248,932				(16	)
Commercial paper	59,359				59,760				58,682				54,098				53,287				(1	)		11			59,270				53,588				11
Trading liabilities - debt, short-term and other liabilities (b)	219,666				221,001				214,810				211,414				213,261				(1	)		3			218,510				200,022				9
Beneficial interests issued by consolidated VIEs	47,336				47,407				49,058				49,866				52,522				—			(10	)		47,927				56,506				(15	)
Long-term debt	266,639				271,194				269,403				265,676				265,396				(2	)		—			269,069				263,547				2
Total interest-bearing liabilities	1,672,016				1,675,080				1,659,630				1,648,868				1,648,596				—			1			1,668,954				1,632,810				2
Noninterest-bearing deposits	404,634				380,836				377,520				381,242				364,495				6			11			387,763				361,346				7
Trading liabilities - equity instruments	17,385				15,505				16,432				15,209				14,696				12			18			16,444				13,884				18
Trading liabilities - derivative payables	51,524				49,487				53,143				60,011				63,378				4			(19	)		51,379				66,083				(22	)
All other noninterest-bearing liabilities	81,090				77,806				80,626				94,753				89,419				4			(9	)		79,842				89,396				(11	)
TOTAL LIABILITIES	2,226,649				2,198,714				2,187,351				2,200,083				2,180,584				1			2			2,204,382				2,163,519				2
Preferred stock	18,602				15,763				13,556				11,158				11,953				18			56			15,992				10,894				47
Common stockholders’ equity	209,621				206,159				201,797				196,360				197,232				2			6			205,888				196,425				5
TOTAL STOCKHOLDERS’ EQUITY	228,223				221,922				215,353				207,518				209,185				3			9			221,880				207,319				7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,454,872			$	2,420,636			$	2,402,704			$	2,407,601			$	2,389,769			1			3			$	2,426,262			$	2,370,838			2

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.33			%	0.33			%	0.33			%	0.32			%	0.33			%							0.33			%	0.35			%
Federal funds sold and securities purchased under
resale agreements	0.71				0.67				0.72				0.77				0.84										0.70				0.86
Securities borrowed (d)	(0.50		)		(0.46		)		(0.30		)		(0.19		)		(0.12		)								(0.42		)		(0.08		)
Trading assets - debt instruments (e)	3.49				3.62				3.59				3.60				3.60										3.57				3.60
Securities	2.73				2.79				2.77				2.61				2.40										2.76				2.23
Loans	4.33				4.40				4.49				4.54				4.57										4.40				4.66
Other assets (a)	1.63				1.66				1.58				1.62				1.54										1.63				1.24
Total interest-earning assets (e)	2.54				2.60				2.63				2.64				2.63										2.59				2.73

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.18				0.19				0.20				0.22				0.25										0.19				0.26
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.25				0.30				0.33				0.28				0.19										0.29				0.23
Commercial paper	0.22				0.23				0.23				0.21				0.21										0.22				0.21
Trading liabilities - debt, short-term and other liabilities (b)(d)(e)	0.12				0.48				0.44				0.56				0.54										0.34				0.54
Beneficial interests issued by consolidated VIEs	0.82				0.89				0.87				0.84				0.85										0.86				0.88
Long-term debt	1.61				1.61				1.76				1.81				1.85										1.66				1.92
Total interest-bearing liabilities (e)	0.43				0.49				0.52				0.54				0.55										0.48				0.58

INTEREST RATE SPREAD (e)	2.11			%	2.11			%	2.11			%	2.10			%	2.08			%							2.11			%	2.15			%
NET YIELD ON INTEREST-EARNING ASSETS	2.19			%	2.19			%	2.20			%	2.20			%	2.18			%							2.19			%	2.25			%


(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 the result of increased client-driven demand for certain securities combined with the impact of low interest rates; the offset of this stock borrow activity is reflected as lower net interest expense reported within trading liabilities - debt, short-term and other liabilities.


(e)	Effective January 1, 2014, prior period amounts were reclassified to conform with current period presentation.

Page 6

JPMORGAN CHASE & CO.

CORE NET INTEREST INCOME

(in millions, except rates)

In addition to reviewing net interest income on a managed basis, management also reviews core net interest income to assess the performance of its core lending, investing (including asset-liability management) and deposit-raising activities. Core net interest income excludes the impact of Corporate & Investment Bank’s (“CIB’s”) market-based activities. Because of the exclusion of CIB’s market-based net interest income and the related assets, the core data presented below are non-GAAP financial measures. Management believes this exclusion provides investors and analysts a more meaningful measure by which to analyze the non-market-related business trends of the Firm and provides a comparable measure to other financial institutions that are primarily focused on core lending, investing and deposit-raising activities. For a further discussion of these measures, see Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 82-83 of the Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Annual Report”).



	QUARTERLY TRENDS																		NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change									2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14	3Q13		2014			2013			2013
CORE NET INTEREST INCOME DATA (a)
Net interest income - managed basis (b)(c)	$	11,360		$	11,042		$	10,893		$	11,096		$	10,956		3	4	%	$	33,295		$	32,920		1		%
Less: Market-based net interest income	1,239			1,030			1,056			1,093			1,109			20	12		3,325			3,886			(14	)
Core net interest income (b)	$	10,121		$	10,012		$	9,837		$	10,003		$	9,847		1	3		$	29,970		$	29,034		3

Average interest-earning assets	$	2,061,785		$	2,023,945		$	2,005,646		$	2,005,461		$	1,997,413		2	3		$	2,030,665		$	1,958,359		4
Less: Average market-based earning assets	513,051			502,413			507,499			501,716			493,780			2	4		507,675			505,062			1
Core average interest-earning assets	$	1,548,734		$	1,521,532		$	1,498,147		$	1,503,745		$	1,503,633		2	3		$	1,522,990		$	1,453,297		5

Net interest yield on interest-earning assets -
managed basis	2.19		%	2.19		%	2.20		%	2.20		%	2.18		%				2.19		%	2.25		%
Net interest yield on market-based activities	0.96			0.82			0.84			0.86			0.89						0.88			1.03
Core net interest yield on core average interest-earning assets	2.59			2.64			2.66			2.64			2.60						2.63			2.67


(a)	Includes core lending, investing and deposit-raising activities on a managed basis across each of the business segments and Corporate/Private Equity; excludes the market-based activities within the CIB.


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


(c)	For a reconciliation of net interest income on a reported and managed basis, see Reconciliation from Reported to Managed Summary on page 8.

Page 7



JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED SUMMARY
(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 35.

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



	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change											2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13		2014			2013			2013
OTHER INCOME
Other income - reported	$	732		$	675		$	391		$	2,483		$	602			8		%	22	%	$	1,798		$	1,364		32		%
Fully taxable-equivalent adjustments (a)	660			651			644			767			582				1			13		1,955			1,728			13
Other income - managed	$	1,392		$	1,326		$	1,035		$	3,250		$	1,184			5			18		$	3,753		$	3,092		21

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	13,139		$	13,656		$	12,326		$	12,249		$	12,342			(4	)		6		$	39,121		$	41,038		(5	)
Fully taxable-equivalent adjustments (a)	660			651			644			767			582				1			13		1,955			1,728			13
Total noninterest revenue - managed	$	13,799		$	14,307		$	12,970		$	13,016		$	12,924			(4	)		7		$	41,076		$	42,766		(4	)

NET INTEREST INCOME
Net interest income - reported	$	11,107		$	10,798		$	10,667		$	10,907		$	10,775			3			3		$	32,572		$	32,412		—
Fully taxable-equivalent adjustments (a)	253			244			226			189			181				4			40		723			508			42
Net interest income - managed	$	11,360		$	11,042		$	10,893		$	11,096		$	10,956			3			4		$	33,295		$	32,920		1

TOTAL NET REVENUE
Total net revenue - reported	$	24,246		$	24,454		$	22,993		$	23,156		$	23,117			(1	)		5		$	71,693		$	73,450		(2	)
Fully taxable-equivalent adjustments (a)	913			895			870			956			763				2			20		2,678			2,236			20
Total net revenue - managed	$	25,159		$	25,349		$	23,863		$	24,112		$	23,880			(1	)		5		$	74,371		$	75,686		(2	)

PRE-PROVISION PROFIT/(LOSS)
Pre-provision profit - reported	$	8,448		$	9,023		$	8,357		$	7,604		$	(509	)		(6	)		NM		$	25,828		$	18,535		39
Fully taxable-equivalent adjustments (a)	913			895			870			956			763				2			20		2,678			2,236			20
Pre-provision profit - managed	$	9,361		$	9,918		$	9,227		$	8,560		$	254			(6	)		NM		$	28,506		$	20,771		37

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	7,691		$	8,331		$	7,507		$	7,500		$	34			(8	)		NM		$	23,529		$	18,414		28
Fully taxable-equivalent adjustments (a)	913			895			870			956			763				2			20		2,678			2,236			20
Income before income tax expense - managed	$	8,604		$	9,226		$	8,377		$	8,456		$	797			(7	)		NM		$	26,207		$	20,650		27

INCOME TAX EXPENSE
Income tax expense - reported	$	2,119		$	2,346		$	2,233		$	2,222		$	414			(10	)		412		$	6,698		$	5,769		16
Fully taxable-equivalent adjustments (a)	913			895			870			956			763				2			20		2,678			2,236			20
Income tax expense - managed	$	3,032		$	3,241		$	3,103		$	3,178		$	1,177			(6	)		158		$	9,376		$	8,005		17

OVERHEAD RATIO
Overhead ratio - reported	65		%	63		%	64		%	67		%	102			%						64		%	75		%
Overhead ratio - managed	63			61			61			64			99									62			73


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

Page 8



JPMORGAN CHASE & CO.
LINE OF BUSINESS FINANCIAL HIGHLIGHTS - MANAGED BASIS
(in millions)


	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	11,267		$	11,431		$	10,460		$	11,314		$	11,082		(1	)	%	2		%	$	33,158		$	34,712		(4	)	%
Corporate & Investment Bank	8,787			8,991			8,606			6,020			8,189			(2	)		7			26,384			28,205			(6	)
Commercial Banking	1,667			1,701			1,651			1,847			1,725			(2	)		(3	)		5,019			5,126			(2	)
Asset Management	3,016			2,956			2,778			3,179			2,763			2			9			8,750			8,141			7
Corporate/Private Equity	422			270			368			1,752			121			56			249			1,060			(498		)	NM
TOTAL NET REVENUE	$	25,159		$	25,349		$	23,863		$	24,112		$	23,880		(1	)		5			$	74,371		$	75,686		(2	)

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	6,305		$	6,456		$	6,437		$	7,321		$	6,867		(2	)		(8	)		$	19,198		$	20,521		(6	)
Corporate & Investment Bank	6,035			6,058			5,604			4,892			4,999			—			21			17,697			16,852			5
Commercial Banking	668			675			686			653			661			(1	)		1			2,029			1,957			4
Asset Management	2,081			2,062			2,075			2,245			2,003			1			4			6,218			5,771			8
Corporate/Private Equity	709			180			(166		)	441			9,096			294			(92	)		723			9,814			(93	)
TOTAL NONINTEREST EXPENSE	$	15,798		$	15,431		$	14,636		$	15,552		$	23,626		2			(33	)		$	45,865		$	54,915		(16	)

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,962		$	4,975		$	4,023		$	3,993		$	4,215		—			18			$	13,960		$	14,191		(2	)
Corporate & Investment Bank	2,752			2,933			3,002			1,128			3,190			(6	)		(14	)		8,687			11,353			(23	)
Commercial Banking	999			1,026			965			1,194			1,064			(3	)		(6	)		2,990			3,169			(6	)
Asset Management	935			894			703			934			760			5			23			2,532			2,370			7
Corporate/Private Equity	(287		)	90			534			1,311			(8,975		)	NM			97			337			(10,312		)	NM
PRE-PROVISION PROFIT	$	9,361		$	9,918		$	9,227		$	8,560		$	254		(6	)		NM			$	28,506		$	20,771		37

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	902		$	852		$	816		$	72		$	(267	)	6			NM			$	2,570		$	263		NM
Corporate & Investment Bank	(67		)	(84		)	49			(19		)	(218		)	(20	)		(69	)		(102		)	(213		)	(52	)
Commercial Banking	(79		)	(67		)	5			43			(41		)	18			93			(141		)	42			NM
Asset Management	9			1			(9		)	21			—			NM			NM			1			44			(98	)
Corporate/Private Equity	(8		)	(10		)	(11		)	(13		)	(17		)	20			53			(29		)	(15		)	(93	)
PROVISION FOR CREDIT LOSSES	$	757		$	692		$	850		$	104		$	(543	)	9			NM			$	2,299		$	121		NM

NET INCOME/(LOSS)
Consumer & Community Banking	$	2,468		$	2,443		$	1,936		$	2,372		$	2,702		1			(9	)		$	6,847		$	8,377		(18	)
Corporate & Investment Bank	1,485			1,963			1,979			858			2,240			(24	)		(34	)		5,427			7,688			(29	)
Commercial Banking	649			658			578			693			665			(1	)		(2	)		1,885			1,882			—
Asset Management	572			552			441			568			476			4			20			1,565			1,463			7
Corporate/Private Equity	398			369			340			787			(6,463		)	8			NM			1,107			(6,765		)	NM
TOTAL NET INCOME/(LOSS)	$	5,572		$	5,985		$	5,274		$	5,278		$	(380	)	(7	)		NM			$	16,831		$	12,645		33

Page 9



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


	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13			2014			2013			2013
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	804		$	750		$	703		$	753		$	780			7		%	3		%	$	2,257		$	2,230		1		%
Asset management, administration and commissions	534			521			503			507			515				2			4			1,558			1,609			(3	)
Mortgage fees and related income	902			1,290			514			1,087			839				(30	)		8			2,706			4,108			(34	)
Card income	1,478			1,486			1,348			1,518			1,460				(1	)		1			4,312			4,267			1
All other income	496			421			366			399			367				18			35			1,283			1,074			19
Noninterest revenue	4,214			4,468			3,434			4,264			3,961				(6	)		6			12,116			13,288			(9	)
Net interest income	7,053			6,963			7,026			7,050			7,121				1			(1	)		21,042			21,424			(2	)
TOTAL NET REVENUE	11,267			11,431			10,460			11,314			11,082				(1	)		2			33,158			34,712			(4	)

Provision for credit losses	902			852			816			72			(267		)		6			NM			2,570			263			NM

NONINTEREST EXPENSE
Compensation expense	2,627			2,637			2,739			2,765			2,949				—			(11	)		8,003			8,921			(10	)
Noncompensation expense	3,656			3,725			3,604			4,458			3,817				(2	)		(4	)		10,985			11,282			(3	)
Amortization of intangibles	22			94			94			98			101				(77	)		(78	)		210			318			(34	)
TOTAL NONINTEREST EXPENSE	6,305			6,456			6,437			7,321			6,867				(2	)		(8	)		19,198			20,521			(6	)

Income before income tax expense	4,060			4,123			3,207			3,921			4,482				(2	)		(9	)		11,390			13,928			(18	)
Income tax expense	1,592			1,680			1,271			1,549			1,780				(5	)		(11	)		4,543			5,551			(18	)
NET INCOME	$	2,468		$	2,443		$	1,936		$	2,372		$	2,702			1			(9	)		$	6,847		$	8,377		(18	)

FINANCIAL RATIOS
ROE	19		%	19		%	15		%	20		%	23			%							18		%	24		%
Overhead ratio	56			56			62			65			62										58			59

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	448,033		$	447,277		$	441,502		$	452,929		$	451,166			—			(1	)		$	448,033		$	451,166		(1	)
Trading assets - loans (a)	10,750			7,409			6,869			6,832			10,309				45			4			10,750			10,309			4
Loans:
Loans retained	390,709			390,211			386,314			393,351			390,345				—			—			390,709			390,345			—
Loans held-for-sale	876			1,472			542			940			449				(40	)		95			876			449			95
Total loans	391,585			391,683			386,856			394,291			390,794				—			—			391,585			390,794			—
Deposits	493,249			488,681			487,674			464,412			458,867				1			7			493,249			458,867			7
Equity (b)	51,000			51,000			51,000			46,000			46,000				—			11			51,000			46,000			11

SELECTED BALANCE SHEET DATA (average)
Total assets	$	447,121		$	443,204		$	450,424		$	450,987		$	453,881			1			(1	)		$	446,904		$	458,315		(2	)
Trading assets - loans (a)	9,346			6,593			7,446			9,297			13,888				42			(33	)		7,802			17,727			(56	)
Loans:
Loans retained	390,129			388,252			388,678			390,368			390,865				—			—			389,024			393,616			(1	)
Loans held-for-sale	876			710			656			585			239				23			267			749			83			NM
Total loans	391,005			388,962			389,334			390,953			391,104				1			—			389,773			393,699			(1	)
Deposits	492,022			486,064			471,581			461,097			456,940				1			8			483,297			450,677			7
Equity (b)	51,000			51,000			51,000			46,000			46,000				—			11			51,000			46,000			11

Headcount	138,686			141,688			145,651			151,333			156,064				(2	)		(11	)		138,686			156,064			(11	)


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


(b)	2014 includes $3.0 billion of capital held at the CCB level related to legacy mortgage servicing matters.

Page 10



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,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (a)	$	1,102		$	1,208		$	1,266		$	1,316		$	1,330		(9	)	%	(17	)	%	$	3,576		$	4,510		(21	)	%
Nonaccrual loans(b)(c)	6,639			7,003			7,301			7,455			8,029			(5	)		(17	)		6,639			8,029			(17	)
Nonperforming assets (b)(c)(d)	7,138			7,555			7,932			8,109			8,673			(6	)		(18	)		7,138			8,673			(18	)
Allowance for loan losses (a)	10,993			11,284			11,686			12,201			13,500			(3	)		(19	)		10,993			13,500			(19	)

Net charge-off rate (a)	1.12		%	1.25		%	1.32		%	1.34		%	1.35		%							1.23		%	1.53		%
Net charge-off rate, excluding purchased credit-impaired
(“PCI”) loans	1.28			1.44			1.53			1.55			1.57									1.41			1.79
Allowance for loan losses to period-end loans retained	2.81			2.89			3.03			3.10			3.46									2.81			3.46
Allowance for loan losses to period-end loans retained,
excluding PCI loans (e)	2.14			2.22			2.27			2.36			2.54									2.14			2.54
Allowance for loan losses to nonaccrual loans
retained, excluding credit card (b)(e)	57			58			55			57			55									57			55
Nonaccrual loans to total period-end loans, excluding
credit card (d)	2.51			2.64			2.75			2.80			3.01									2.51			3.01
Nonaccrual loans to total period-end loans, excluding
credit card and PCI loans (b)(d)	3.07			3.25			3.42			3.49			3.79									3.07			3.79

BUSINESS METRICS
Number of:
Branches	5,613			5,636			5,632			5,630			5,652			—			(1	)		5,613			5,652			(1	)
ATMs (f)	20,513			20,394			20,370			20,290			20,041			1			2			20,513			20,041			2
Active online customers (in thousands)	35,957			35,105			35,038			33,742			32,916			2			9			35,957			32,916			9
Active mobile customers (in thousands)	18,351			17,201			16,405			15,629			14,993			7			22			18,351			14,993			22

Note: CCB provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 35.


(a)	Net charge-offs and the net charge-off rates for the three months ended September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013 excluded $87 million, $48 million, $61 million and $53 million, respectively, and $196 million for the nine months ended September 30, 2014 of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.


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

(c)


(d)	Prior periods were revised to conform with the current presentation.


(e)	The allowance for loan losses for PCI loans was $3.7 billion at both September 30, 2014 and June 30, 2014, $4.1 billion at March 31, 2014, $4.2 billion at December 31, 2013, and $5.0 billion at September 30, 2013; these amounts were also excluded from the applicable ratios.


(f)	Includes eATMs, formerly Express Banking Kiosks (“EBK”). Effective January 1, 2014, prior periods were revised to conform with the current presentation.

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,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
CONSUMER & BUSINESS BANKING
Lending- and deposit-related fees	$	796		$	747		$	691		$	744		$	770		7		%	3		%	$	2,234		$	2,198		2		%
Asset management, administration and commissions	522			507			483			470			465			3			12			1,512			1,345			12
Card income	409			406			376			384			384			1			7			1,191			1,111			7
All other income	127			162			122			122			127			(22	)		—			411			370			11
Noninterest revenue	1,854			1,822			1,672			1,720			1,746			2			6			5,348			5,024			6
Net interest income	2,786			2,770			2,708			2,696			2,684			1			4			8,264			7,870			5
Total net revenue	4,640			4,592			4,380			4,416			4,430			1			5			13,612			12,894			6
Provision for credit losses	75			66			76			108			104			14			(28	)		217			239			(9	)
Noninterest expense	3,032			3,026			3,065			3,029			3,050			—			(1	)		9,123			9,133			—
Income before income tax expense	1,533			1,500			1,239			1,279			1,276			2			20			4,272			3,522			21
Net income	$	914		$	894		$	740		$	780		$	762		2			20			$	2,548		$	2,101		21

ROE	33		%	33		%	27		%	28		%	27		%							31		%	26		%
Overhead ratio	65			66			70			69			69									67			71
Equity (period-end and average)	$	11,000		$	11,000		$	11,000		$	11,000		$	11,000		—			—			$	11,000		$	11,000		—

BUSINESS METRICS
Business banking origination volume	$	1,649		$	1,917		$	1,504		$	1,298		$	1,299		(14	)		27			$	5,070		$	3,850		32
Period-end loans	20,644			20,276			19,589			19,416			19,029			2			8			20,644			19,029			8
Period-end deposits:
Checking	203,839			200,560			199,717			187,182			180,858			2			13			203,839			180,858			13
Savings	251,661			249,175			250,292			238,223			234,315			1			7			251,661			234,315			7
Time and other	23,304			24,421			25,092			26,022			28,277			(5	)		(18	)		23,304			28,277			(18	)
Total period-end deposits	478,804			474,156			475,101			451,427			443,450			1			8			478,804			443,450			8
Average loans	20,382			19,928			19,450			19,021			18,884			2			8			19,923			18,785			6
Average deposits:
Checking	201,473			197,490			189,487			182,272			177,392			2			14			196,194			173,894			13
Savings	250,845			249,240			243,500			236,343			231,982			1			8			247,889			226,982			9
Time and other	23,845			24,832			25,478			27,354			28,728			(4	)		(17	)		24,712			29,856			(17	)
Total average deposits	476,163			471,562			458,465			445,969			438,102			1			9			468,795			430,732			9
Deposit margin	2.20		%	2.23		%	2.27		%	2.29		%	2.32		%							2.24		%	2.33		%
Average assets	$	38,089		$	37,810		$	38,121		$	37,818		$	37,308		1			2			$	38,006		$	36,956		3

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	75		$	69		$	76		$	102		$	100		9			(25	)		$	220		$	235		(6	)
Net charge-off rate	1.46		%	1.39		%	1.58		%	2.13		%	2.10		%							1.48		%	1.67		%
Allowance for loan losses	$	703		$	703		$	707		$	707		$	701		—			—			$	703		$	701		—
Nonperforming assets	304			335			365			391			419			(9	)		(27	)		304			419			(27	)

RETAIL BRANCH BUSINESS METRICS
Net new investment assets	$	4,269		$	4,324		$	4,241		$	3,606		$	3,199		(1	)		33			$	12,834		$	12,400		4
Client investment assets	207,790			205,206			195,706			188,840			178,989			1			16			207,790			178,989			16
% managed accounts	39		%	38		%	37		%	36		%	34		%							39		%	34		%
Number of:
Chase Private Client locations	2,461			2,408			2,244			2,149			1,948			2			26			2,461			1,948			26
Personal bankers	20,965			21,728			22,654			23,588			22,961			(4	)		(9	)		20,965			22,961			(9	)
Sales specialists	4,155			4,405			4,817			5,740			6,269			(6	)		(34	)		4,155			6,269			(34	)
Client advisors	3,099			3,075			3,062			3,044			3,028			1			2			3,099			3,028			2
Chase Private Clients	290,662			262,965			239,665			215,888			192,358			11			51			290,662			192,358			51
Accounts (in thousands) (a)	30,424			30,144			29,819			29,437			29,301			1			4			30,424			29,301			4


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

Page 12



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change														2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
MORTGAGE BANKING
Mortgage fees and related income	$	902			$	1,290			$	514			$	1,087			$	839			(30	)	%	8		%	$	2,706			$	4,108			(34	)	%
All other income	66				(17		)		(3		)		51				38				NM			74			46				232				(80	)
Noninterest revenue	968				1,273				511				1,138				877				(24	)		10			2,752				4,340				(37	)
Net interest income	1,016				1,013				1,058				1,092				1,143				—			(11	)		3,087				3,456				(11	)
Total net revenue	1,984				2,286				1,569				2,230				2,020				(13	)		(2	)		5,839				7,796				(25	)
Provision for credit losses	(19		)		(188		)		(23		)		(782		)		(1,044		)		90			98			(230		)		(1,899		)		88
Noninterest expense	1,279				1,306				1,403				2,062				1,900				(2	)		(33	)		3,988				5,540				(28	)
Income before income tax expense	724				1,168				189				950				1,164				(38	)		(38	)		2,081				4,155				(50	)
Net income	$	439			$	709			$	114			$	562			$	705			(38	)		(38	)		$	1,262			$	2,520			(50	)

ROE	10			%	16			%	3			%	11			%	14			%							9			%	17			%
Overhead ratio	64				57				89				92				94										68				71
Equity (period-end and average)	$	18,000			$	18,000			$	18,000			$	19,500			$	19,500			—			(8	)		$	18,000			$	19,500			(8	)


FUNCTIONAL RESULTS
Mortgage Production
Production revenue & other income (a)	$	275			$	251			$	202			$	383			$	438			10			(37	)		$	728			$	2,590			(72	)
Production-related net interest income (a)	118				88				90				111				146				34			(19	)		296				498				(41	)
Production-related revenue, excluding repurchase (losses)/
benefits	393				339				292				494				584				16			(33	)		1,024				3,088				(67	)
Production expense (b)	381				413				478				989				669				(8	)		(43	)		1,272				2,099				(39	)
Income, excluding repurchase (losses)/benefits	12				(74		)		(186		)		(495		)		(85		)		NM			NM			(248		)		989				NM
Repurchase (losses)/benefits	62				137				128				221				175				(55	)		(65	)		327				110				197
Income/(loss) before income tax expense/(benefit)	74				63				(58		)		(274		)		90				17			(18	)		79				1,099				(93	)

Mortgage Servicing
Loan servicing revenue & other income (a)	$	783			$	864			$	871			$	870			$	841			(9	)		(7	)		$	2,518			$	2,874			(12	)
Servicing-related net interest income (a)	70				66				87				86				75				6			(7	)		223				133				68
Servicing-related revenue	853				930				958				956				916				(8	)		(7	)		2,741				3,007				(9	)
Changes in MSR asset fair value due to collection/realization
of expected cash flows	(214		)		(237		)		(245		)		(267		)		(284		)		10			25			(696		)		(827		)		16
Net servicing-related revenue	639				693				713				689				632				(8	)		1			2,045				2,180				(6	)
Default servicing expense	349				340				364				474				623				3			(44	)		1,053				1,595				(34	)
Core servicing expense (b)	228				212				218				189				235				8			(3	)		658				715				(8	)
Servicing expense	577				552				582				663				858				5			(33	)		1,711				2,310				(26	)
Income/(loss), excluding MSR risk management	62				141				131				26				(226		)		(56	)		NM			334				(130		)		NM
MSR risk management, including related net interest
income/(expense)	76				338				(401		)		(24		)		(180		)		(78	)		NM			13				(244		)		NM
Income/(loss) before income tax expense/(benefit)	138				479				(270		)		2				(406		)		(71	)		NM			347				(374		)		NM

Real Estate Portfolios
Noninterest revenue	$	(14	)		$	(79	)		$	(45	)		$	(45	)		$	(113	)		82			88			$	(138	)		$	(164	)		16
Net interest income	828				858				882				895				922				(3	)		(10	)		2,568				2,826				(9	)
Total net revenue	814				779				837				850				809				4			1			2,430				2,662				(9	)
Provision for credit losses	(19		)		(189		)		(26		)		(783		)		(1,046		)		90			98			(234		)		(1,910		)		88
Noninterest expense	321				342				346				411				375				(6	)		(14	)		1,009				1,142				(12	)
Income before income tax expense	512				626				517				1,222				1,480				(18	)		(65	)		1,655				3,430				(52	)
Mortgage Banking income before income tax
expense	$	724			$	1,168			$	189			$	950			$	1,164			(38	)		(38	)		$	2,081			$	4,155			(50	)
Mortgage Banking net income	$	439			$	709			$	114			$	562			$	705			(38	)		(38	)		$	1,262			$	2,520			(50	)

Overhead ratios
Mortgage Production	84			%	87			%	113			%	138			%	88			%							94			%	65			%
Mortgage Servicing	81				53				186				100				190										83				119
Real Estate Portfolios	39				44				41				48				46										42				43


(a)	Effective April 1, 2014, prior period amounts were revised to conform with the current presentation.


(b)	Includes provision for credit losses.

Page 13



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,
																					3Q14 Change														2014 Change
MORTGAGE BANKING (continued)	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
SUPPLEMENTAL MORTGAGE FEES AND RELATED INCOME DETAILS
Net production revenue:
Production revenue	$	191			$	186			$	161			$	303			$	311			3		%	(39	)	%	$	538			$	2,370			(77	)	%
Repurchase (losses)/benefits	62				137				128				221				175				(55	)		(65	)		327				110				197
Net production revenue	253				323				289				524				486				(22	)		(48	)		865				2,480				(65	)
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	787				867				870				854				817				(9	)		(4	)		2,524				2,698				(6	)
Changes in MSR asset fair value due to collection/
realization of expected cash flows	(214		)		(237		)		(245		)		(267		)		(284		)		10			25			(696		)		(827		)		16
Total operating revenue	573				630				625				587				533				(9	)		8			1,828				1,871				(2	)
Risk management:
Changes in MSR asset fair value due to market interest
rates and other (a)	(101		)		(368		)		(362		)		421				80				73			NM			(831		)		1,698				NM
Other changes in MSR asset fair value due to other inputs
and assumptions in model (b)	44				220				(460		)		(65		)		(173		)		(80	)		NM			(196		)		(446		)		56
Changes in derivative fair value and other	133				485				422				(380		)		(87		)		(73	)		NM			1,040				(1,495		)		NM
Total risk management	76				337				(400		)		(24		)		(180		)		(77	)		NM			13				(243		)		NM
Total net mortgage servicing revenue	649				967				225				563				353				(33	)		84			1,841				1,628				13
Mortgage fees and related income	$	902			$	1,290			$	514			$	1,087			$	839			(30	)		8			$	2,706			$	4,108			(34	)

MORTGAGE PRODUCTION AND MORTGAGE SERVICING
SELECTED BALANCE SHEET DATA (period-end)
Trading assets - loans (c)	$	10,750			$	7,409			$	6,869			$	6,832			$	10,309			45			4			$	10,750			$	10,309			4
Loans:
Prime mortgage, including option ARMs (d)	14,625				14,964				15,290				15,136				15,571				(2	)		(6	)		14,625				15,571				(6	)
Loans held-for-sale	370				822				238				614				138				(55	)		168			370				138				168
SELECTED BALANCE SHEET DATA (average)
Trading assets - loans (c)	9,346				6,593				7,446				9,297				13,888				42			(33	)		7,802				17,727				(56	)
Loans:
Prime mortgage, including option ARMs (d)	15,166				15,489				15,391				15,641				15,878				(2	)		(4	)		15,347				16,782				(9	)
Loans held-for-sale	525				301				341				274				172				74			205			390				60				NM
Average assets	42,750				41,101				45,890				49,742				54,870				4			(22	)		43,236				59,622				(27	)
Repurchase liability (period-end)	362				406				534				651				1,945				(11	)		(81	)		362				1,945				(81	)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Prime mortgage, including option ARMs	$	—			$	1			$	3			$	1			$	2			NM			NM			$	4			$	11			(64	)
Net charge-off rate:
Prime mortgage, including option ARMs	—			%	0.03			%	0.08			%	0.03			%	0.05			%							0.03			%	0.09			%
30+ day delinquency rate (e)	2.06				2.16				2.34				2.75				3.16										2.06				3.16
Nonperforming assets (f)(g)	$	424			$	474			$	500			$	519			$	630			(11	)		(33	)		$	424			$	630			(33	)
BUSINESS METRICS (in billions)
Mortgage origination volume by channel
Retail	$	7.9			$	7.2			$	6.7			$	9.8			$	17.7			10			(55	)		$	21.8			$	67.2			(68	)
Correspondent (h)	13.3				9.6				10.3				13.5				22.8				39			(42	)		33.2				75.0				(56	)
Total mortgage origination volume (i)	$	21.2			$	16.8			$	17.0			$	23.3			$	40.5			26			(48	)		$	55.0			$	142.2			(61	)
Mortgage application volume by channel
Retail	$	12.8			$	15.7			$	14.6			$	15.8			$	20.7			(18	)		(38	)		$	43.1			$	92.2			(53	)
Correspondent (h)	17.1				14.4				11.5				15.5				19.7				19			(13	)		43.0				73.7				(42	)
Total mortgage application volume	$	29.9			$	30.1			$	26.1			$	31.3			$	40.4			(1	)		(26	)		$	86.1			$	165.9			(48	)


(a)	Represents both the impact of changes in estimated future prepayments due to changes in market interest rates, and the difference between actual and expected prepayments.


(b)	Represents the aggregate impact of changes in model inputs and assumptions such as projected cash flows (e.g., cost to service), discount rates and changes in prepayments other than those attributable to changes in market interest rates (e.g., changes in prepayments due to changes in home prices).


(c)	Consists of prime mortgages originated with the intent to sell that are accounted for at fair value.


(d)	Predominantly represents prime mortgage loans repurchased from Government National Mortgage Association (“Ginnie Mae”) pools, which are insured by U.S. government agencies.


(e)	At September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, excluded mortgage loans insured by U.S. government agencies of $9.6 billion, $9.6 billion, $8.8 billion, $9.6 billion, and $10.0 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(f)


(g)	Prior periods were revised to conform with the current presentation.


(h)	Includes rural housing loans sourced through correspondents, and prior to November 2013, through both brokers and correspondents, which are underwritten and closed with pre-funding loan approval from the U.S. Department of Agriculture Rural Development, which acts as the guarantor in the transaction.


(i)	Firmwide mortgage origination volume was $22.7 billion, $18.0 billion, $18.2 billion, $25.1 billion, and $44.2 billion for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively and $58.9 billion and $151.3 billion for the nine months ended September 30, 2014 and 2013, respectively.

Page 14



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,
																					3Q14 Change														2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
MORTGAGE BANKING (continued)

MORTGAGE PRODUCTION AND MORTGAGE SERVICING
(continued)
BUSINESS METRICS (in billions)(continued)
Third-party mortgage loans serviced (period-end)	$	766.3			$	786.2			$	803.1			$	815.5			$	831.1			(3	)	%	(8	)	%	$	766.3			$	831.1			(8	)	%
Third-party mortgage loans serviced (average)	776.3				794.7				809.3				823.3				831.5				(2	)		(7	)		793.3				842.0				(6	)
MSR carrying value (period-end)	8.2				8.3				8.5				9.6				9.5				(1	)		(14	)		8.2				9.5				(14	)
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	1.07			%	1.06			%	1.06			%	1.18			%	1.14			%							1.07			%	1.14			%
Ratio of annualized loan servicing-related revenue to third-party
mortgage loans serviced (average)	0.34				0.35				0.37				0.38				0.38										0.36				0.40
MSR revenue multiple (a)	3.15		x		3.03		x		2.86		x		3.11		x		3.00		x								2.97		x		2.85		x

REAL ESTATE PORTFOLIOS
BUSINESS METRICS
Loans, excluding PCI loans
Period-end loans owned:
Home equity	$	52,679			$	54,485			$	56,131			$	57,863			$	59,825			(3	)		(12	)		$	52,679			$	59,825			(12	)
Prime mortgage, including option ARMs	59,343				54,709				51,520				49,463				47,958				8			24			59,343				47,958				24
Subprime mortgage	5,547				6,636				6,869				7,104				7,376				(16	)		(25	)		5,547				7,376				(25	)
Other	492				510				529				551				568				(4	)		(13	)		492				568				(13	)
Total period-end loans owned	$	118,061			$	116,340			$	115,049			$	114,981			$	115,727			1			2			$	118,061			$	115,727			2
Average loans owned:
Home equity	$	53,560			$	55,329			$	57,015			$	58,838			$	61,005			(3	)		(12	)		$	55,288			$	63,558			(13	)
Prime mortgage, including option ARMs	57,083				53,132				50,735				48,875				46,177				7			24			53,673				43,680				23
Subprime mortgage	5,922				6,754				7,007				7,248				7,529				(12	)		(21	)		6,558				7,834				(16	)
Other	502				520				540				560				579				(3	)		(13	)		521				598				(13	)
Total average loans owned	$	117,067			$	115,735			$	115,297			$	115,521			$	115,290			1			2			$	116,040			$	115,670			—

PCI loans
Period-end loans owned:
Home equity	$	17,572			$	18,070			$	18,525			$	18,927			$	19,411			(3	)		(9	)		$	17,572			$	19,411			(9	)
Prime mortgage	10,887				11,302				11,658				12,038				12,487				(4	)		(13	)		10,887				12,487				(13	)
Subprime mortgage	3,790				3,947				4,062				4,175				4,297				(4	)		(12	)		3,790				4,297				(12	)
Option ARMs	16,238				16,799				17,361				17,915				18,564				(3	)		(13	)		16,238				18,564				(13	)
Total period-end loans owned	$	48,487			$	50,118			$	51,606			$	53,055			$	54,759			(3	)		(11	)		$	48,487			$	54,759			(11	)
Average loans owned:
Home equity	$	17,806			$	18,295			$	18,719			$	19,152			$	19,677			(3	)		(10	)		$	18,270			$	20,218			(10	)
Prime mortgage	11,103				11,487				11,870				12,273				12,705				(3	)		(13	)		11,484				13,124				(12	)
Subprime mortgage	3,843				4,001				4,128				4,234				4,357				(4	)		(12	)		3,989				4,478				(11	)
Option ARMs	16,503				17,074				17,687				18,234				18,890				(3	)		(13	)		17,084				19,573				(13	)
Total average loans owned	$	49,255			$	50,857			$	52,404			$	53,893			$	55,629			(3	)		(11	)		$	50,827			$	57,393			(11	)

Total Real Estate Portfolios
Period-end loans owned:
Home equity	$	70,251			$	72,555			$	74,656			$	76,790			$	79,236			(3	)		(11	)		$	70,251			$	79,236			(11	)
Prime mortgage, including option ARMs	86,468				82,810				80,539				79,416				79,009				4			9			86,468				79,009				9
Subprime mortgage	9,337				10,583				10,931				11,279				11,673				(12	)		(20	)		9,337				11,673				(20	)
Other	492				510				529				551				568				(4	)		(13	)		492				568				(13	)
Total period-end loans owned	$	166,548			$	166,458			$	166,655			$	168,036			$	170,486			—			(2	)		$	166,548			$	170,486			(2	)
Average loans owned:
Home equity	$	71,366			$	73,624			$	75,734			$	77,990			$	80,682			(3	)		(12	)		$	73,558			$	83,776			(12	)
Prime mortgage, including option ARMs	84,689				81,693				80,292				79,382				77,772				4			9			82,241				76,377				8
Subprime mortgage	9,765				10,755				11,135				11,482				11,886				(9	)		(18	)		10,547				12,312				(14	)
Other	502				520				540				560				579				(3	)		(13	)		521				598				(13	)
Total average loans owned	$	166,322			$	166,592			$	167,701			$	169,414			$	170,919			—			(3	)		$	166,867			$	173,063			(4	)
Average assets	163,449				163,583				164,642				162,674				163,001				—			—			163,887				164,310				—
Home equity origination volume	789				802				655				643				580				(2	)		36			2,246				1,481				52


(a)	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 15



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


	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change													2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013			2013
MORTGAGE BANKING (continued)

REAL ESTATE PORTFOLIOS (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries), excluding PCI loans (a)
Home equity	$	95			$	125			$	166			$	179			$	218			(24	)	%	(56	)	%	$	386			$	787		(51	)	%
Prime mortgage, including option ARMs	9				(12		)		(7		)		(8		)		(11		)		NM			NM			(10		)		49			NM
Subprime mortgage	(25		)		(5		)		13				(6		)		(4		)		(400	)		NM			(17		)		96			NM
Other	2				3				2				2				1				(33	)		100			7				8			(13	)
Total net charge-offs/(recoveries), excluding PCI loans	$	81			$	111			$	174			$	167			$	204			(27	)		(60	)		$	366			$	940		(61	)
Net charge-off/(recovery) rate, excluding PCI loans
Home equity	0.70			%	0.91			%	1.18			%	1.21			%	1.42			%							0.93			%	1.66		%
Prime mortgage, including option ARMs	0.06				(0.09		)		(0.06		)		(0.06		)		(0.09		)								(0.02		)		0.15
Subprime mortgage	(1.68		)		(0.30		)		0.75				(0.33		)		(0.21		)								(0.35		)		1.64
Other	1.58				2.31				1.50				1.42				0.69										1.80				1.79
Total net charge-off/(recovery) rate, excluding PCI loans	0.27				0.38				0.61				0.57				0.70										0.42				1.09
Net charge-off/(recovery) rate - reported (a)
Home equity	0.53			%	0.68			%	0.89			%	0.91			%	1.07			%							0.70			%	1.26		%
Prime mortgage, including option ARMs	0.04				(0.06		)		(0.04		)		(0.04		)		(0.06		)								(0.02		)		0.09
Subprime mortgage	(1.02		)		(0.19		)		0.47				(0.21		)		(0.13		)								(0.22		)		1.04
Other	1.58				2.31				1.50				1.42				0.69										1.80				1.79
Total net charge-off/(recovery) rate - reported	0.19				0.27				0.42				0.39				0.47										0.29				0.73


30+ day delinquency rate, excluding PCI loans (b)	2.85			%	3.04			%	3.33			%	3.66			%	3.81			%							2.85			%	3.81		%
Allowance for loan losses, excluding PCI loans	$	2,268			$	2,368			$	2,368			$	2,568			$	2,768			(4	)		(18	)		$	2,268			$	2,768		(18	)
Allowance for PCI loans (a)	3,662				3,749				4,097				4,158				4,961				(2	)		(26	)		3,662				4,961			(26	)
Allowance for loan losses	$	5,930			$	6,117			$	6,465			$	6,726			$	7,729			(3	)		(23	)		$	5,930			$	7,729		(23	)
Nonperforming assets (c)	6,031				6,445				6,796				6,919				7,385				(6	)		(18	)		6,031				7,385			(18	)
Allowance for loan losses to period-end loans retained	3.56			%	3.68			%	3.88			%	4.00			%	4.53			%							3.56			%	4.53		%
Allowance for loan losses to period-end loans retained,
excluding PCI loans	1.92				2.04				2.06				2.23				2.39										1.92				2.39


(a)	Net charge-offs and the net charge-off rates for the three months ended September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013 excluded $87 million, $48 million, $61 million and $53 million, respectively, and $196 million for the nine months ended September 30, 2014 of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.


(b)	The 30+ day delinquency rate for PCI loans was 13.69%, 14.08%, 14.34%, 15.31%, and 16.19%, at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.


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

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,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
CARD, MERCHANT SERVICES & AUTO
Card income	$	1,068		$	1,080		$	972		$	1,134		$	1,075		(1	)	%	(1	)	%	$	3,120		$	3,155		(1	)	%
All other income	324			293			279			272			263			11			23			896			769			17
Noninterest revenue	1,392			1,373			1,251			1,406			1,338			1			4			4,016			3,924			2
Net interest income	3,251			3,180			3,260			3,262			3,294			2			(1	)		9,691			10,098			(4	)
Total net revenue	4,643			4,553			4,511			4,668			4,632			2			—			13,707			14,022			(2	)
Provision for credit losses	846			974			763			746			673			(13	)		26			2,583			1,923			34
Noninterest expense	1,994			2,124			1,969			2,230			1,917			(6	)		4			6,087			5,848			4
Income before income tax expense	1,803			1,455			1,779			1,692			2,042			24			(12	)		5,037			6,251			(19	)
Net income	$	1,115		$	840		$	1,082		$	1,030		$	1,235		33			(10	)		$	3,037		$	3,756		(19	)

ROE	23		%	18		%	23		%	26		%	32		%							21		%	32		%
Overhead ratio	43			47			44			48			41									44			42
Equity (period-end and average)	$	19,000		$	19,000		$	19,000		$	15,500		$	15,500		—			23			$	19,000		$	15,500		23

SELECTED BALANCE SHEET DATA (period-end)
Loans:
Credit Card	$	126,959		$	126,129		$	121,816		$	127,791		$	123,982		1			2			$	126,959		$	123,982		2
Auto	52,778			53,042			52,952			52,757			50,810			—			4			52,778			50,810			4
Student	9,661			9,992			10,316			10,541			10,777			(3	)		(10	)		9,661			10,777			(10	)
Total loans	$	189,398		$	189,163		$	185,084		$	191,089		$	185,569		—			2			$	189,398		$	185,569		2

SELECTED BALANCE SHEET DATA (average)
Total assets	$	202,833		$	200,710		$	201,771		$	200,753		$	198,702		1			2			$	201,775		$	197,427		2
Loans:
Credit Card	126,107			123,679			123,261			124,111			123,912			2			2			124,360			123,445			1
Auto	52,666			52,818			52,741			51,824			50,432			—			4			52,741			50,386			5
Student	9,837			10,155			10,449			10,668			10,907			(3	)		(10	)		10,145			11,178			(9	)
Total loans	$	188,610		$	186,652		$	186,451		$	186,603		$	185,251		1			2			$	187,246		$	185,009		1

BUSINESS METRICS
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	119.5		$	118.0		$	104.5		$	112.6		$	107.0		1			12			$	342.0		$	306.9		11
New accounts opened	2.2			2.1			2.1			2.4			1.7			5			29			6.4			4.9			31
Open accounts	65.5			65.8			65.5			65.3			65.0			—			1			65.5			65.0			1
Accounts with sales activity	32.1			31.8			31.0			32.3			30.0			1			7			32.1			30.0			7
% of accounts acquired online	56		%	54		%	51		%	59		%	53		%							54		%	53		%

Merchant Services (Chase Paymentech Solutions)
Merchant processing volume (in billions)	$	213.3		$	209.0		$	195.4		$	203.4		$	185.9		2			15			$	617.7		$	546.7		13
Total transactions (in billions)	9.4			9.3			9.1			9.6			8.9			1			6			27.8			26.0			7

Auto
Origination volume (in billions)	$	6.8		$	7.1		$	6.7		$	6.4		$	6.4		(4	)		6			$	20.6		$	19.7		5

Page 17



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


	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
CARD, MERCHANT SERVICES & AUTO (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Credit Card	$	798		$	885		$	888		$	891		$	892		(10	)	%	(11	)	%	$	2,571		$	2,988		(14	)	%
Auto	50			29			41			51			44			72			14			120			107			12
Student	98			113			84			104			88			(13	)		11			295			229			29
Total net charge-offs	946			1,027			1,013			1,046			1,024			(8	)		(8	)		2,986			3,324			(10	)
Net charge-off rate:
Credit Card (a)	2.52		%	2.88		%	2.93		%	2.86		%	2.86		%							2.77		%	3.24		%
Auto	0.38			0.22			0.32			0.39			0.35									0.30			0.28
Student	3.95			4.46			3.26			3.87			3.20									3.89			2.74
Total net charge-off rate	1.99			2.21			2.21			2.23			2.19									2.14			2.40

Delinquency rates
30+ day delinquency rate:
Credit Card (b)	1.43			1.41			1.61			1.67			1.69									1.43			1.69
Auto	0.97			0.93			0.92			1.15			0.93									0.97			0.93
Student (c)	2.43			2.67			2.75			2.56			2.60									2.43			2.60
Total 30+ day delinquency rate	1.35			1.34			1.47			1.58			1.53									1.35			1.53
90+ day delinquency rate - Credit Card (b)	0.67			0.69			0.80			0.80			0.79									0.67			0.79

Nonperforming assets (d)	$	379		$	301		$	271		$	280		$	239		26			59			$	379		$	239		59
Allowance for loan losses:
Credit Card	3,590			3,594			3,591			3,795			4,097			—			(12	)		3,590			4,097			(12	)
Auto & Student	750			850			903			953			953			(12	)		(21	)		750			953			(21	)
Total allowance for loan losses	4,340			4,444			4,494			4,748			5,050			(2	)		(14	)		4,340			5,050			(14	)
Allowance for loan losses to period-end loans:
Credit Card (b)	2.84		%	2.86		%	2.96		%	2.98		%	3.31		%							2.84		%	3.31		%
Auto & Student	1.20			1.35			1.43			1.51			1.55									1.20			1.55
Total allowance for loan losses to period-end loans	2.30			2.36			2.43			2.49			2.73									2.30			2.73

CARD SERVICES SUPPLEMENTAL INFORMATION
Noninterest revenue	$	991		$	982		$	884		$	1,051		$	994		1			—			$	2,857		$	2,926		(2	)
Net interest income	2,846			2,764			2,829			2,809			2,824			3			1			8,439			8,657			(3	)
Total net revenue	3,837			3,746			3,713			3,860			3,818			2			—			11,296			11,583			(2	)
Provision for credit losses	798			885			688			591			542			(10	)		47			2,371			1,588			49
Noninterest expense	1,494			1,625			1,465			1,749			1,458			(8	)		2			4,584			4,496			2
Income before income tax expense	1,545			1,236			1,560			1,520			1,818			25			(15	)		4,341			5,499			(21	)
Net income	$	961		$	709		$	952		$	927		$	1,102		36			(13	)		$	2,622		$	3,308		(21	)

Percentage of average loans:
Noninterest revenue	3.12		%	3.18		%	2.91		%	3.36		%	3.18		%							3.07		%	3.17		%
Net interest income	8.95			8.96			9.31			8.98			9.04									9.07			9.38
Total net revenue	12.07			12.15			12.22			12.34			12.22									12.14			12.55

(a)

Average credit card loans included loans held-for-sale of $335 million, $405 million, $315 million, $311 million and $67 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $352 million and $23 million for the nine months ended September 30, 2014 and September 30, 2013, respectively. These amounts are excluded when calculating the net charge-off rate.


(b)	Period-end credit card loans included loans held-for-sale of $395 million, $508 million, $304 million, $326 million and $310 million at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, 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 $640 million, $630 million, $687 million, $737 million and $769 million at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, 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 $354 million, $316 million, $387 million, $428 million and $456 million at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, 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,
																					3Q14 Change														2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,542			$	1,773			$	1,444			$	1,671			$	1,510			(13	)	%	2		%	$	4,759			$	4,660			2		%
Principal transactions (a)	2,567				2,782				2,886				(162		)		2,202				(8	)		17			8,235				9,451				(13	)
Lending- and deposit-related fees	424				449				444				454				471				(6	)		(10	)		1,317				1,430				(8	)
Asset management, administration and commissions	1,141				1,186				1,179				1,129				1,128				(4	)		1			3,506				3,584				(2	)
All other income	468				341				283				487				392				37			19			1,092				1,106				(1	)
Noninterest revenue	6,142				6,531				6,236				3,579				5,703				(6	)		8			18,909				20,231				(7	)
Net interest income	2,645				2,460				2,370				2,441				2,486				8			6			7,475				7,974				(6	)
TOTAL NET REVENUE (b)	8,787				8,991				8,606				6,020				8,189				(2	)		7			26,384				28,205				(6	)

Provision for credit losses	(67		)		(84		)		49				(19		)		(218		)		(20	)		(69	)		(102		)		(213		)		(52	)

NONINTEREST EXPENSE
Compensation expense	2,805				2,757				2,870				2,141				2,330				2			20			8,432				8,694				(3	)
Noncompensation expense	3,230				3,301				2,734				2,751				2,669				(2	)		21			9,265				8,158				14
TOTAL NONINTEREST EXPENSE	6,035				6,058				5,604				4,892				4,999				—			21			17,697				16,852				5

Income before income tax expense	2,819				3,017				2,953				1,147				3,408				(7	)		(17	)		8,789				11,566				(24	)
Income tax expense	1,334				1,054				974				289				1,168				27			14			3,362				3,878				(13	)
NET INCOME	$	1,485			$	1,963			$	1,979			$	858			$	2,240			(24	)		(34	)		$	5,427			$	7,688			(29	)

FINANCIAL RATIOS
ROE (c)	10			%	13			%	13			%	6			%	16			%							12			%	18			%
Overhead ratio (d)	69				67				65				81				61										67				60
Compensation expense as a percent of total net revenue (e)	32				31				33				36				28										32				31

REVENUE BY BUSINESS
Advisory	$	413			$	397			$	383			$	434			$	322			4			28			$	1,193			$	881			35
Equity underwriting	414				477				353				436				333				(13	)		24			1,244				1,063				17
Debt underwriting	715				899				708				801				855				(20	)		(16	)		2,322				2,716				(15	)
Total investment banking fees	1,542				1,773				1,444				1,671				1,510				(13	)		2			4,759				4,660				2
Treasury Services	1,037				1,012				1,009				987				1,053				2			(2	)		3,058				3,148				(3	)
Lending	147				297				284				373				351				(51	)		(58	)		728				1,222				(40	)
Total Banking	2,726				3,082				2,737				3,031				2,914				(12	)		(6	)		8,545				9,030				(5	)
Fixed Income Markets	3,512				3,482				3,760				3,199				3,439				1			2			10,754				12,269				(12	)
Equity Markets	1,231				1,165				1,295				873				1,249				6			(1	)		3,691				3,885				(5	)
Securities Services	1,078				1,137				1,011				1,025				996				(5	)		8			3,226				3,057				6
Credit Adjustments & Other (f)	240				125				(197		)		(2,108		)		(409		)		92			NM			168				(36		)		NM
Total Markets & Investor Services	6,061				5,909				5,869				2,989				5,275				3			15			17,839				19,175				(7	)
TOTAL NET REVENUE	$	8,787			$	8,991			$	8,606			$	6,020			$	8,189			(2	)		7			$	26,384			$	28,205			(6	)

(a)

Included FVA (effective fourth quarter 2013) and debt valuation adjustments (“DVA”) on OTC derivatives and structured notes, measured at fair value. FVA and DVA gains/(losses) were $373 million, $173 million, $(30) million and $(2.0) billion for the three months ended September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013 respectively, and $516 million for the nine months ended September 30, 2014. DVA gains/(losses) were $(397) million and $84 million for the three and nine months ended September 30, 2013, respectively.

(b)

Included tax-equivalent adjustments, predominantly due to income tax credits related to affordable housing and alternative energy investments, as well as tax-exempt income from municipal bond investments of $611 million, $606 million, $600 million, $681 million and $537 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $1.8 billion and $1.6 billion for the nine months ended September 30, 2014 and 2013, respectively.


(c)	Return on equity excluding FVA (effective fourth quarter 2013) and DVA, a non-GAAP financial measure, was 15% and 17% for the three months ended December 31, 2013 and September 30, 2013, respectively, and 18% for the nine months ended September 30, 2013. For additional information on this measure, see non-GAAP financial measures on page 35.


(d)	Overhead ratio excluding FVA (effective fourth quarter 2013) and DVA, a non-GAAP financial measure, was 61% and 58% for the three months ended December 31, 2013 and September 30, 2013, respectively, and 59% for the nine months ended September 30, 2013. For additional information on this measure, see non-GAAP financial measures on page 35.


(e)	Compensation expense as a percentage of total net revenue excluding FVA (effective fourth quarter 2013) and DVA, a non-GAAP financial measure, was 27% for both the three months ended December 31, 2013 and September 30, 2013, and 31% for the nine months ended September 30, 2013. For additional information on this measure, see non-GAAP financial measures on page 35.


(f)	Consists primarily of credit valuation adjustments (“CVA”) managed by the credit portfolio group, and FVA (effective fourth quarter 2013) and DVA on 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,
																					3Q14 Change														2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	874,321			$	873,288			$	879,992			$	843,577			$	867,474			—		%	1		%	$	874,321			$	867,474			1		%
Loans:
Loans retained (a)	95,608				99,733				96,245				95,627				104,269				(4	)		(8	)		95,608				104,269				(8	)
Loans held-for-sale and loans at fair value	6,724				9,048				8,421				11,913				3,687				(26	)		82			6,724				3,687				82
Total loans	102,332				108,781				104,666				107,540				107,956				(6	)		(5	)		102,332				107,956				(5	)
Equity	61,000				61,000				61,000				56,500				56,500				—			8			61,000				56,500				8

SELECTED BALANCE SHEET DATA (average)
Assets	$	853,453			$	846,142			$	851,469			$	849,320			$	838,158			1			2			$	850,362			$	862,357			(1	)
Trading assets - debt and equity instruments	320,380				317,054				306,140				308,374				300,135				1			7			314,577				326,037				(4	)
Trading assets - derivative receivables	63,068				59,560				64,087				67,487				70,814				6			(11	)		62,235				71,319				(13	)
Loans:
Loans retained (a)	95,373				96,750				95,798				101,901				103,179				(1	)		(8	)		95,972				105,862				(9	)
Loans held-for-sale and loans at fair value	8,018				8,891				8,086				4,326				5,113				(10	)		57			8,331				5,438				53
Total loans	103,391				105,641				103,884				106,227				108,292				(2	)		(5	)		104,303				111,300				(6	)

Equity	61,000				61,000				61,000				56,500				56,500				—			8			61,000				56,500				8

Headcount	51,597				51,729				51,837				52,250				52,445				—			(2	)		51,597				52,445				(2	)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(3	)		$	(4	)		$	(1	)		$	(11	)		$	(4	)		25			25			$	(8	)		$	(67	)		88
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(b)	112				111				75				163				176				1			(36	)		112				176				(36	)
Nonaccrual loans held-for-sale and loans at fair value	119				167				176				180				210				(29	)		(43	)		119				210				(43	)
Total nonaccrual loans	231				278				251				343				386				(17	)		(40	)		231				386				(40	)

Derivative receivables	312				361				392				415				431				(14	)		(28	)		312				431				(28	)
Assets acquired in loan satisfactions	67				106				110				80				38				(37	)		76			67				38				76
Total nonperforming assets	610				745				753				838				855				(18	)		(29	)		610				855				(29	)
Allowance for credit losses:
Allowance for loan losses	1,083				1,112				1,187				1,096				1,138				(3	)		(5	)		1,083				1,138				(5	)
Allowance for lending-related commitments	445				479				484				525				490				(7	)		(9	)		445				490				(9	)
Total allowance for credit losses	1,528				1,591				1,671				1,621				1,628				(4	)		(6	)		1,528				1,628				(6	)


Net charge-off/(recovery) rate (a)	(0.01		)	%	(0.02		)	%	—			%	(0.04		)	%	(0.02		)	%							(0.01		)	%	(0.08		)	%
Allowance for loan losses to period-end loans retained (a)	1.13				1.11				1.23				1.15				1.09										1.13				1.09
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (c)	1.88				1.80				2.18				2.02				2.01										1.88				2.01
Allowance for loan losses to nonaccrual loans retained (a)(b)	967				1,002				1,583				672				647										967				647
Nonaccrual loans to total period-end loans	0.23				0.26				0.24				0.32				0.36										0.23				0.36


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


(b)	Allowance for loan losses of $19 million, $22 million, $13 million, $51 million and $56 million were held against these nonaccrual loans at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.


(c)	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,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
BUSINESS METRICS
Assets under custody (“AUC”) (period-end) (in billions)	$	21,245		$	21,659		$	21,135		$	20,485		$	19,736		(2	)	%	8		%	$	21,245		$	19,736		8		%

Client deposits and other third-party liabilities (average)	419,576			403,268			412,551			421,615			385,952			4			9			411,824			370,879			11

Trade finance loans (period-end)	27,510			28,291			32,491			30,752			34,356			(3	)		(20	)		27,510			34,356			(20	)

95% Confidence Level - Total CIB VaR (average)

CIB trading VaR by risk type: (a)
Fixed income	$	28		$	38		$	36		$	39		$	43		(26	)		(35	)		$	34		$	44		(23	)
Foreign exchange	8			8			7			7			7			—			14			8			7			14
Equities	14			14			14			13			13			—			8			14			13			8
Commodities and other	7			9			11			15			13			(22	)		(46	)		9			14			(36	)
Diversification benefit to CIB trading VaR (b)	(26		)	(30		)	(32		)	(36		)	(34		)	13			24			(30		)	(33		)	9
CIB trading VaR (a)	31			39			36			38			42			(21	)		(26	)		35			45			(22	)
Credit portfolio VaR (c)	10			10			13			11			12			—			(17	)		11			13			(15	)
Diversification benefit to CIB VaR (b)	(6		)	(6		)	(7		)	(7		)	(9		)	—			33			(6		)	(9		)	33
CIB VaR (a)	$	35		$	43		$	42		$	42		$	45		(19	)		(22	)		$	40		$	49		(18	)


(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 144-146 of the 2013 Annual Report and on pages 69-71 of the Firm’s second quarter 2014 Form 10-Q.


(b)	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.


(c)	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,
																			3Q14 Change													2014 Change
	3Q14				2Q14				1Q14			4Q13			3Q13				2Q14			3Q13			2014				2013			2013
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	241			$	252			$	246		$	253		$	256			(4	)	%	(6	)	%	$	739			$	780		(5	)	%
Asset management, administration and commissions	21				26				23			26			28				(19	)		(25	)		70				90			(22	)
All other income (a)	309				299				289			345			304				3			2			897				804			12
Noninterest revenue	571				577				558			624			588				(1	)		(3	)		1,706				1,674			2
Net interest income (b)	1,096				1,124				1,093			1,223			1,137				(2	)		(4	)		3,313				3,452			(4	)
TOTAL NET REVENUE (c)	1,667				1,701				1,651			1,847			1,725				(2	)		(3	)		5,019				5,126			(2	)

Provision for credit losses	(79		)		(67		)		5			43			(41		)		18			93			(141		)		42			NM

NONINTEREST EXPENSE
Compensation expense	301				292				307			252			288				3			5			900				863			4
Noncompensation expense	366				378				374			396			367				(3	)		—			1,118				1,076			4
Amortization of intangibles	1				5				5			5			6				(80	)		(83	)		11				18			(39	)
TOTAL NONINTEREST EXPENSE	668				675				686			653			661				(1	)		1			2,029				1,957			4

Income before income tax expense	1,078				1,093				960			1,151			1,105				(1	)		(2	)		3,131				3,127			—
Income tax expense	429				435				382			458			440				(1	)		(3	)		1,246				1,245			—
NET INCOME	$	649			$	658			$	578		$	693		$	665			(1	)		(2	)		$	1,885			$	1,882		—

Revenue by product:
Lending (b)	$	847			$	877			$	863		$	1,009		$	922			(3	)		(8	)		$	2,587			$	2,817		(8	)
Treasury services	612				627				610			612			605				(2	)		1			1,849				1,817			2
Investment banking	166				166				146			170			155				—			7			478				405			18
Other	42				31				32			56			43				35			(2	)		105				87			21
Total Commercial Banking revenue	$	1,667			$	1,701			$	1,651		$	1,847		$	1,725			(2	)		(3	)		$	5,019			$	5,126		(2	)


Investment banking revenue, gross (d)	$	501			$	481			$	447		$	502		$	448			4			12			$	1,429			$	1,174		22

Revenue by client segment:
Middle Market Banking	$	684			$	709			$	698		$	744		$	745			(4	)		(8	)		$	2,091			$	2,275		(8	)
Corporate Client Banking	480				477				446			488			459				1			5			1,403				1,336			5
Commercial Term Lending	303				307				308			298			311				(1	)		(3	)		918				917			—
Real Estate Banking (b)	121				129				116			206			118				(6	)		3			366				343			7
Other	79				79				83			111			92				—			(14	)		241				255			(5	)
Total Commercial Banking revenue	$	1,667			$	1,701			$	1,651		$	1,847		$	1,725			(2	)		(3	)		$	5,019			$	5,126		(2	)

FINANCIAL RATIOS
ROE	18			%	19			%	17		%	20		%	20			%							18			%	19		%
Overhead ratio	40				40				42			35			38										40				38


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


(b)	The fourth quarter of 2013 included proceeds of $98 million from a lending-related workout.

(c)

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 $108 million, $105 million, $104 million, $129 million, and $95 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $317 million and $278 million for the nine months ended September 30, 2014 and 2013, respectively.


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

Page 22



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
	QUARTERLY TRENDS																							NINE MONTHS ENDED SEPTEMBER 30,
																		3Q14 Change													2014 Change
	3Q14			2Q14				1Q14				4Q13			3Q13			2Q14			3Q13			2014				2013			2013
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	191,563		$	192,523			$	191,389			$	190,782		$	192,194		—		%	—		%	$	191,563			$	192,194		—		%
Loans:
Loans retained	143,490			141,181				138,088				135,750			133,090			2			8			143,490				133,090			8
Loans held-for-sale and loans at fair value	353			1,094				848				1,388			2,071			(68	)		(83	)		353				2,071			(83	)
Total loans	$	143,843		$	142,275			$	138,936			$	137,138		$	135,161		1			6			$	143,843			$	135,161		6
Equity	14,000			14,000				14,000				13,500			13,500			—			4			14,000				13,500			4

Period-end loans by client segment:
Middle Market Banking	$	53,015		$	53,247			$	52,496			$	52,289		$	52,214		—			2			$	53,015			$	52,214		2
Corporate Client Banking	21,138			21,585				20,479				20,925			21,425			(2	)		(1	)		21,138				21,425			(1	)
Commercial Term Lending	52,235			50,986				49,973				48,925			47,612			2			10			52,235				47,612			10
Real Estate Banking	12,818			11,903				11,615				11,024			10,057			8			27			12,818				10,057			27
Other	4,637			4,554				4,373				3,975			3,853			2			20			4,637				3,853			20
Total Commercial Banking loans	$	143,843		$	142,275			$	138,936			$	137,138		$	135,161		1			6			$	143,843			$	135,161		6

SELECTED BALANCE SHEET DATA (average)
Total assets	$	190,678		$	192,363			$	192,748			$	189,710		$	185,744		(1	)		3			$	191,922			$	184,450		4
Loans:
Loans retained	142,139			139,848				136,651				134,490			131,019			2			8			139,566				129,958			7
Loans held-for-sale and loans at fair value	649			982				1,039				1,070			599			(34	)		8			889				883			1
Total loans	$	142,788		$	140,830			$	137,690			$	135,560		$	131,618		1			8			$	140,455			$	130,841		7
Client deposits and other third-party liabilities	204,654			199,979				202,944				205,335			196,802			2			4			202,532				196,004			3
Equity	14,000			14,000				14,000				13,500			13,500			—			4			14,000				13,500			4

Average loans by client segment:
Middle Market Banking	$	52,704		$	52,763			$	51,742			$	51,730		$	51,379		—			3			$	52,407			$	51,863		1
Corporate Client Banking	21,752			21,435				20,837				21,012			20,261			1			7			21,345				20,886			2
Commercial Term Lending	51,567			50,451				49,395				48,313			46,656			2			11			50,479				45,206			12
Real Estate Banking	12,268			11,724				11,408				10,675			9,675			5			27			11,803				9,213			28
Other	4,497			4,457				4,308				3,830			3,647			1			23			4,421				3,673			20
Total Commercial Banking loans	$	142,788		$	140,830			$	137,690			$	135,560		$	131,618		1			8			$	140,455			$	130,841		7

Headcount	7,253			7,155				6,976				6,848			6,761			1			7			7,253				6,761			7

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	5		$	(26	)		$	(14	)		$	25		$	16		NM			(69	)		$	(35	)		$	18		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)	361			429				468				471			558			(16	)		(35	)		361				558			(35	)
Nonaccrual loans held-for-sale and loans
at fair value	14			17				17				43			8			(18	)		75			14				8			75
Total nonaccrual loans	375			446				485				514			566			(16	)		(34	)		375				566			(34	)

Assets acquired in loan satisfactions	11			12				20				15			19			(8	)		(42	)		11				19			(42	)
Total nonperforming assets	386			458				505				529			585			(16	)		(34	)		386				585			(34	)
Allowance for credit losses:
Allowance for loan losses	2,529			2,637				2,690				2,669			2,647			(4	)		(4	)		2,529				2,647			(4	)
Allowance for lending-related commitments	178			155				141				142			171			15			4			178				171			4
Total allowance for credit losses	2,707			2,792				2,831				2,811			2,818			(3	)		(4	)		2,707				2,818			(4	)

Net charge-off/(recovery) rate (b)	0.01		%	(0.07		)	%	(0.04		)	%	0.07		%	0.05		%							(0.03		)	%	0.02		%
Allowance for loan losses to period-end loans retained	1.76			1.87				1.95				1.97			1.99									1.76				1.99
Allowance for loan losses to nonaccrual loans retained (a)	701			615				575				567			474									701				474
Nonaccrual loans to total period-end loans	0.26			0.31				0.35				0.37			0.42									0.26				0.42


(a)	Allowance for loan losses of $71 million, $75 million, $86 million, $81 million and $102 million was held against nonaccrual loans retained at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.


(b)	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,
																	3Q14 Change												2014 Change
	3Q14			2Q14			1Q14				4Q13			3Q13			2Q14			3Q13			2014			2013			2013
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,263		$	2,242		$	2,100			$	2,314		$	2,017		1		%	12		%	$	6,605		$	5,918		12		%
All other income	159			138			118				280			168			15			(5	)		415			517			(20	)
Noninterest revenue	2,422			2,380			2,218				2,594			2,185			2			11			7,020			6,435			9
Net interest income	594			576			560				585			578			3			3			1,730			1,706			1
TOTAL NET REVENUE	3,016			2,956			2,778				3,179			2,763			2			9			8,750			8,141			7

Provision for credit losses	9			1			(9		)		21			—			NM			NM			1			44			(98	)

NONINTEREST EXPENSE
Compensation expense	1,278			1,231			1,256				1,343			1,207			4			6			3,765			3,532			7
Noncompensation expense	784			811			799				828			774			(3	)		1			2,394			2,174			10
Amortization of intangibles	19			20			20				74			22			(5	)		(14	)		59			65			(9	)
TOTAL NONINTEREST EXPENSE	2,081			2,062			2,075				2,245			2,003			1			4			6,218			5,771			8

Income before income tax expense	926			893			712				913			760			4			22			2,531			2,326			9
Income tax expense	354			341			271				345			284			4			25			966			863			12
NET INCOME	$	572		$	552		$	441			$	568		$	476		4			20			$	1,565		$	1,463		7

REVENUE BY LINE OF BUSINESS
Global Investment Management	$	1,595		$	1,547		$	1,408			$	1,787		$	1,409		3			13			$	4,550		$	4,128		10
Global Wealth Management	1,421			1,409			1,370				1,392			1,354			1			5			4,200			4,013			5
TOTAL NET REVENUE	$	3,016		$	2,956		$	2,778			$	3,179		$	2,763		2			9			$	8,750		$	8,141		7

FINANCIAL RATIOS
ROE	25		%	25		%	20			%	25		%	21		%							23		%	22		%
Overhead ratio	69			70			75				71			72									71			71
Pretax margin ratio:
Global Investment Management	35			32			26				36			30									31			30
Global Wealth Management	26			28			26				20			25									27			27
Asset Management	31			30			26				29			28									29			29

Headcount	19,653			20,322			20,056				20,048			19,928			(3	)		(1	)		19,653			19,928			(1	)

Number of Client advisors	2,873			2,828			2,925				2,962			2,995			2			(4	)		2,873			2,995			(4	)

Page 24



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

	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
	3Q14			2Q14				1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	130,296		$	128,362			$	124,478		$	122,414		$	117,475		2		%	11		%	$	130,296		$	117,475		11		%
Loans (a)	102,411			100,907				96,934			95,445			90,538			1			13			102,411			90,538			13
Deposits	150,268			145,655				147,760			146,183			139,553			3			8			150,268			139,553			8
Equity	9,000			9,000				9,000			9,000			9,000			—			—			9,000			9,000			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	128,477		$	125,492			$	122,668		$	119,041		$	114,275		2			12			$	125,567		$	111,229		13
Loans	101,427			98,695				95,661			92,712			87,770			3			16			98,615			83,826			18
Deposits	151,240			147,747				149,432			144,027			138,742			2			9			149,480			138,251			8
Equity	9,000			9,000				9,000			9,000			9,000			—			—			9,000			9,000			—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	11		$	(13	)		$	5		$	4		$	9		NM			22			$	3		$	36		(92	)
Nonaccrual loans	184			182				204			167			202			1			(9	)		184			202			(9	)
Allowance for credit losses:
Allowance for loan losses	273			276				263			278			260			(1	)		5			273			260			5
Allowance for lending-related commitments	4			5				5			5			7			(20	)		(43	)		4			7			(43	)
Total allowance for credit losses	277			281				268			283			267			(1	)		4			277			267			4
Net charge-off rate	0.04		%	(0.05		)	%	0.02		%	0.02		%	0.04		%							—		%	0.06		%
Allowance for loan losses to period-end loans	0.27			0.27				0.27			0.29			0.29									0.27			0.29
Allowance for loan losses to nonaccrual loans	148			152				129			166			129									148			129
Nonaccrual loans to period-end loans	0.18			0.18				0.21			0.17			0.22									0.18			0.22

(a)

Included $21.3 billion, $20.4 billion, $19.7 billion, $18.9 billion and $17.5 billion of prime mortgage loans reported in the Consumer, excluding credit card, loan portfolio at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively. For the same periods, excluded $3.0 billion, $3.2 billion, $3.4 billion, $3.7 billion and $4.0 billion of prime mortgage loans reported in the CIO portfolio within the Corporate/Private Equity segment, respectively.

Page 25



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


														Sep 30, 2014
														Change						NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,			Jun 30,			Mar 31,			Dec 31,		Sep 30,		Jun 30,			Sep 30,									2014 Change
CLIENT ASSETS	2014			2014			2014			2013		2013		2014			2013			2014			2013			2013
Assets by asset class
Liquidity	$	440		$	435		$	444		$	451	$	446	1		%	(1	)	%	$	440		$	446		(1	)	%
Fixed income	359			367			340			330		328		(2	)		9			359			328			9
Equity	372			390			373			370		346		(5	)		8			372			346			8
Multi-asset and alternatives	540			515			491			447		420		5			29			540			420			29
TOTAL ASSETS UNDER MANAGEMENT	1,711			1,707			1,648			1,598		1,540		—			11			1,711			1,540			11
Custody/brokerage/administration/deposits	633			766			746			745		706		(17	)		(10	)		633			706			(10	)
TOTAL CLIENT ASSETS	$	2,344		$	2,473		$	2,394		$	2,343	$	2,246	(5	)		4			$	2,344		$	2,246		4

MEMO:
Alternatives client assets (a)	$	166		$	163		$	160		$	158	$	151	2			10			$	166		$	151		10

Assets by client segment
Private Banking	$	429		$	383		$	377		$	361	$	352	12			22			$	429		$	352		22
Institutional	799			798			773			777		752		—			6			799			752			6
Retail	483			526			498			460		436		(8	)		11			483			436			11
TOTAL ASSETS UNDER MANAGEMENT	$	1,711		$	1,707		$	1,648		$	1,598	$	1,540	—			11			$	1,711		$	1,540		11

Private Banking	$	1,052		$	1,012		$	992		$	977	$	935	4			13			$	1,052		$	935		13
Institutional	803			798			773			777		752		1			7			803			752			7
Retail	489			663			629			589		559		(26	)		(13	)		489			559			(13	)
TOTAL CLIENT ASSETS	$	2,344		$	2,473		$	2,394		$	2,343	$	2,246	(5	)		4			$	2,344		$	2,246		4

Assets under management rollforward
Beginning balance	$	1,707		$	1,648		$	1,598		$	1,540	$	1,470							$	1,598		$	1,426
Net asset flows:
Liquidity	8			(11		)	(6		)	7		13								(9		)	(11		)
Fixed income	4			20			5			1		1								29			7
Equity	—			—			3			5		7								3			29
Multi-asset and alternatives	12			14			12			10		11								38			38
Market/performance/other impacts	(20		)	36			36			35		38								52			51
Ending balance	$	1,711		$	1,707		$	1,648		$	1,598	$	1,540							$	1,711		$	1,540

Client assets rollforward
Beginning balance	$	2,473		$	2,394		$	2,343		$	2,246	$	2,157							$	2,343		$	2,095
Net asset flows	35			21			15			25		39								71			55
Market/performance/other impacts	(164		)	58			36			72		50								(70		)	96
Ending balance	$	2,344		$	2,473		$	2,394		$	2,343	$	2,246							$	2,344		$	2,246


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

Page 26



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

	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13				3Q13			2Q14			3Q13			2014			2013			2013
INCOME STATEMENT
REVENUE
Principal transactions	$	310		$	28		$	350		$	54			$	378		NM		%	(18	)	%	$	688		$	509		35		%
Securities gains	6			11			26			7				26			(45	)		(77	)		43			659			(93	)
All other income	134			312			148			1,894			(c)	83			(57	)		61			594			(30		)	NM
Noninterest revenue	450			351			524			1,955				487			28			(8	)		1,325			1,138			16
Net interest income	(28		)	(81		)	(156		)	(203		)		(366		)	65			92			(265		)	(1,636		)	84
TOTAL NET REVENUE (a)	422			270			368			1,752				121			56			249			1,060			(498		)	NM

Provision for credit losses	(8		)	(10		)	(11		)	(13		)		(17		)	20			53			(29		)	(15		)	(93	)

NONINTEREST EXPENSE
Compensation expense	820			693			687			551				551			18			49			2,200			1,748			26
Noncompensation expense (b)	1,468			1,091			683			1,331				9,890			35			(85	)		3,242			11,877			(73	)
Subtotal	2,288			1,784			1,370			1,882				10,441			28			(78	)		5,442			13,625			(60	)
Net expense allocated to other businesses	(1,579		)	(1,604		)	(1,536		)	(1,441		)		(1,345		)	2			(17	)		(4,719		)	(3,811		)	(24	)
TOTAL NONINTEREST EXPENSE	709			180			(166		)	441				9,096			294			(92	)		723			9,814			(93	)

Income/(loss) before income tax expense/(benefit)	(279		)	100			545			1,324				(8,958		)	NM			97			366			(10,297		)	NM
Income tax expense/(benefit)	(677		)	(269		)	205			537				(2,495		)	(152	)		73			(741		)	(3,532		)	79
NET INCOME/(LOSS)	$	398		$	369		$	340		$	787			$	(6,463	)	8			NM			$	1,107		$	(6,765	)	NM

MEMO:
TOTAL NET REVENUE
Private Equity	$	281		$	36		$	363		$	57			$	398		NM			(29	)		$	680		$	532		28
Treasury and Chief Investment Office (“CIO”)	132			87			2			(25		)		(232		)	52			NM			221			(767		)	NM
Other Corporate	9			147			3			1,720				(45		)	(94	)		NM			159			(263		)	NM
TOTAL NET REVENUE	$	422		$	270		$	368		$	1,752			$	121		56			249			$	1,060		$	(498	)	NM

NET INCOME/(LOSS)
Private Equity	$	71		$	7		$	215		$	13			$	242		NM			(71	)		$	293		$	272		8
Treasury and CIO	(30		)	(46		)	(94		)	(78		)		(193		)	35			84			(170		)	(598		)	72
Other Corporate	357			408			219			852				(6,512		)	(13	)		NM			984			(6,439		)	NM
TOTAL NET INCOME/(LOSS)	$	398		$	369		$	340		$	787			$	(6,463	)	8			NM			$	1,107		$	(6,765	)	NM

TOTAL ASSETS (period-end)	$	882,792		$	878,886		$	839,625		$	805,987			$	835,000		—			6			$	882,792		$	835,000		6

Headcount	25,199			24,298			22,474			20,717				19,843			4			27			25,199			19,843			27

(a)

Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $190 million, $180 million, $164 million, $144 million and $128 million for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $534 million and $336 million for the nine months ended September 30, 2014 and 2013, respectively.

(b)

Included legal expense of $0.5 billion, $0.2 billion, $0.4 billion and $9.2 billion for the three months ended September 30, 2014, June 30, 2014, December 31, 2013 and September 30, 2013, respectively; legal expense for the three months ended March 31, 2014 was not material. Included legal expense of $0.7 billion and $9.8 billion for the nine months ended September 30, 2014 and 2013, respectively.


(c)	Included a $1.3 billion gain from the sale of Visa shares and a $493 million gain from the sale of One Chase Manhattan Plaza.

Page 27



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


	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13			2Q14			3Q13			2014			2013			2013
SUPPLEMENTAL INFORMATION

TREASURY and CHIEF INVESTMENT OFFICE (“CIO”)
Securities gains	$	6		$	11		$	26		$	7		$	26		(45	)	%	(77	)	%	$	43		$	652		(93	)	%
Investment securities portfolio (average) (a)	355,577			348,841			345,147			344,949			348,622			2			2			349,893			356,665			(2	)
Investment securities portfolio (period-end) (b)	358,516			353,989			345,021			347,562			350,527			1			2			358,516			350,527			2
Mortgage loans (average)	3,183			3,425			3,670			3,980			4,562			(7	)		(30	)		3,424			5,538			(38	)
Mortgage loans (period-end)	3,048			3,295			3,522			3,779			4,161			(7	)		(27	)		3,048			4,161			(27	)

PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains/(losses)	$	(70	)	$	513		$	459		$	(116	)	$	(142	)	NM			51			$	902		$	(54	)	NM
Unrealized gains/(losses) (c)	365			(467		)	(60		)	199			487			NM			(25	)		(162		)	535			NM
Total direct investments	295			46			399			83			345			NM			(14	)		740			481			54
Third-party fund investments	28			19			(1		)	10			83			47			(66	)		46			127			(64	)
Total private equity gains/(losses) (d)	$	323		$	65		$	398		$	93		$	428		397			(25	)		$	786		$	608		29

Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value	$	617		$	657		$	1,291		$	1,035		$	538		(6	)		15			$	617		$	538		15
Cost	479			373			612			672			345			28			39			479			345			39
Quoted public value	617			673			1,334			1,077			538			(8	)		15			617			538			15
Privately-held direct securities
Carrying value	4,275			4,541			4,675			5,065			6,266			(6	)		(32	)		4,275			6,266			(32	)
Cost	5,049			5,756			5,844			6,022			7,096			(12	)		(29	)		5,049			7,096			(29	)
Third-party fund investments (e)
Carrying value	496			570			990			1,768			1,905			(13	)		(74	)		496			1,905			(74	)
Cost	484			605			1,033			1,797			1,910			(20	)		(75	)		484			1,910			(75	)
Total private equity portfolio
Carrying value	$	5,388		$	5,768		$	6,956		$	7,868		$	8,709		(7	)		(38	)		$	5,388		$	8,709		(38	)
Cost	6,012			6,734			7,489			8,491			9,351			(11	)		(36	)		6,012			9,351			(36	)

(a)

Average investment securities included held-to-maturity balances of $48.3 billion, $47.5 billion, $43.9 billion, $13.8 billion and $1.9 billion for the three months ended September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively, and $46.6 billion for the nine months ended September 30, 2014. The held-to-maturity balance for the nine months ended September 30, 2013, was not material.


(b)	Period-end investment securities included held-to-maturity balances of $48.8 billion, $47.8 billion, $47.3 billion, $24.0 billion and $4.5 billion at September 30, 2014, June, 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.


(c)	Unrealized gains/(losses) contain reversals of unrealized gains and losses that were recognized in prior periods and have now been realized.


(d)	Included in principal transactions revenue in the Consolidated Statements of Income.


(e)	Unfunded commitments to third-party private equity funds were $117 million, $130 million, $160 million, $215 million, and $232 million at September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, respectively.

Page 28



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Sep 30, 2014
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,			Sep 30,
	2014		2014		2014		2013		2013		2014			2013
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	239,892	$	238,096	$	236,324	$	235,394	$	233,452	1		%	3		%
Loans - PCI	48,487		50,118		51,606		53,055		54,759		(3	)		(11	)
Total loans retained	288,379		288,214		287,930		288,449		288,211		—			—
Loans held-for-sale	481		964		238		614		139		(50	)		246
Total consumer, excluding credit card loans	288,860		289,178		288,168		289,063		288,350		—			—

Credit card loans
Loans retained (b)	126,564		125,621		121,512		127,465		123,672		1			2
Loans held-for-sale	395		508		304		326		310		(22	)		27
Total credit card loans	126,959		126,129		121,816		127,791		123,982		1			2
Total consumer loans	415,819		415,307		409,984		416,854		412,332		—			1

Wholesale loans (c)
Loans retained	320,361		321,534		311,718		308,263		310,588		—			3
Loans held-for-sale and loans at fair value	7,077		10,142		9,269		13,301		5,759		(30	)		23
Total wholesale loans	327,438		331,676		320,987		321,564		316,347		(1	)		4

Total loans	743,257		746,983		730,971		738,418		728,679		—			2

Derivative receivables	72,453		62,378		59,272		65,759		66,788		16			8
Receivables from customers and other (d)	29,466		31,732		26,494		26,883		24,618		(7	)		20
Total credit-related assets	101,919		94,110		85,766		92,642		91,406		8			12

Lending-related commitments
Consumer, excluding credit card	54,912		56,410		56,541		56,057		58,787		(3	)		(7	)
Credit card	531,301		533,688		535,614		529,383		532,251		—			—
Wholesale	470,991		451,275		456,531		446,232		449,067		4			5
Total lending-related commitments	1,057,204		1,041,373		1,048,686		1,031,672		1,040,105		2			2

Total credit exposure	$	1,902,380	$	1,882,466	$	1,865,423	$	1,862,732	$	1,860,190	1			2

Memo: Total by category
Consumer exposure (e)	$	1,002,136	$	1,005,509	$	1,002,295	$	1,002,433	$	1,003,499	—			—
Wholesale exposures (f)	900,244		876,957		863,128		860,299		856,691		3			5
Total credit exposure	$	1,902,380	$	1,882,466	$	1,865,423	$	1,862,732	$	1,860,190	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 35.


(a)	Includes loans reported in CCB, and prime mortgage loans reported in the AM business segment and in Corporate/Private Equity.


(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/Private Equity.


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


(f)	Represents total wholesale loans, wholesale 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, 2014
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,
	2014			2014			2014			2013			2013			2014			2013
NONPERFORMING ASSETS (a)
Consumer, excluding credit card loans (b)	$	6,702		$	7,070		$	7,370		$	7,496		$	8,076		(5	)	%	(17	)	%
Credit card loans	—			—			—			—			1			—			NM
Total consumer nonaccrual loans (c)	6,702			7,070			7,370			7,496			8,077			(5	)		(17	)

Wholesale nonaccrual loans
Loans retained	659			727			753			821			950			(9	)		(31	)
Loans held-for-sale and loans at fair value	133			184			193			223			218			(28	)		(39	)
Total wholesale nonaccrual loans	792			911			946			1,044			1,168			(13	)		(32	)

Total nonaccrual loans	7,494			7,981			8,316			8,540			9,245			(6	)		(19	)

Derivative receivables	312			361			392			415			431			(14	)		(28	)
Assets acquired in loan satisfactions	584			675			765			751			704			(13	)		(17	)
Total nonperforming assets	8,390			9,017			9,473			9,706			10,380			(7	)		(19	)
Wholesale lending-related commitments (d)	134			122			95			206			244			10			(45	)
Total nonperforming exposure	$	8,524		$	9,139		$	9,568		$	9,912		$	10,624		(7	)		(20	)

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	1.01		%	1.07		%	1.14		%	1.16		%	1.27		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	2.32			2.44			2.56			2.59			2.80
Total wholesale nonaccrual loans to total
wholesale loans	0.24			0.27			0.29			0.32			0.37

(a)

At September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013 and September 30, 2013, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $7.8 billion, $8.1 billion, $7.7 billion, $8.4 billion, and $8.9 billion, respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the FFELP of $354 million, $316 million, $387 million, $428 million and $456 million, respectively, that are 90 or more days past due; and (3) real estate owned (“REO”) insured by U.S. government agencies of $464 million, $528 million, $618 million, $2.0 billion and $1.9 billion, respectively. These amounts have been excluded based upon the government guarantee. In accordance with new accounting guidance adopted in the third quarter of 2014, effective January 1, 2014, certain REO insured by U.S. government agencies previously reported in Other assets at June 30, 2014 and March 31, 2014 of $1.6 billion and $1.5 billion, respectively, were reclassified and are now being reported in Accrued interest and accounts receivable. 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, nonmodified 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 $120 million and $163 million at September 30, 2014 and June 30, 2014, respectively.


(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)


	QUARTERLY TRENDS																										NINE MONTHS ENDED SEPTEMBER 30,
																					3Q14 Change														2014 Change
	3Q14				2Q14				1Q14				4Q13				3Q13				2Q14			3Q13			2014				2013				2013
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	15,326			$	15,847			$	16,264			$	17,571			$	19,384			(3	)	%	(21	)	%	$	16,264			$	21,936			(26	)	%
Net charge-offs:
Gross charge-offs	1,458				1,511				1,632				1,687				1,792				(4	)		(19	)		4,601				5,780				(20	)
Gross recoveries	(344		)		(353		)		(363		)		(359		)		(446		)		3			23			(1,060		)		(1,306		)		19
Net charge-offs	1,114				1,158				1,269				1,328				1,346				(4	)		(17	)		3,541				4,474				(21	)
Write-offs of PCI loans (a)	87				48				61				53				—				81			NM			196				—				NM
Provision for loan losses	769				682				917				76				(467		)		13			NM			2,368				112				NM
Other	(5		)		3				(4		)		(2		)		—				NM			NM			(6		)		(3		)		(100	)
Ending balance	$	14,889			$	15,326			$	15,847			$	16,264			$	17,571			(3	)		(15	)		$	14,889			$	17,571			(15	)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	648			$	638			$	705			$	677			$	753			2			(14	)		$	705			$	668			6
Provision for lending-related commitments	(12		)		10				(67		)		28				(76		)		NM			84			(69		)		9				NM
Other	1				—				—				—				—				NM			NM			1				—				NM
Ending balance	$	637			$	648			$	638			$	705			$	677			(2	)		(6	)		$	637			$	677			(6	)

Total allowance for credit losses	$	15,526			$	15,974			$	16,485			$	16,969			$	18,248			(3	)		(15	)		$	15,526			$	18,248			(15	)


NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (b)	0.41			%	0.44			%	0.52			%	0.57			%	0.59			%							0.46			%	0.69			%
Credit card retained loans	2.52				2.88				2.93				2.86				2.86										2.77				3.24
Total consumer retained loans	1.05				1.17				1.24				1.26				1.27										1.15				1.45
Wholesale retained loans	0.02				(0.06		)		0.02				0.03				0.03										(0.01		)		—
Total retained loans	0.60				0.64				0.71				0.73				0.74										0.65				0.83
Consumer retained loans, excluding credit card and
PCI loans	0.50				0.54				0.63				0.70				0.73										0.55				0.86
Consumer retained loans, excluding PCI loans	1.19				1.34				1.42				1.44				1.47										1.31				1.68
Total retained, excluding PCI loans	0.65				0.69				0.77				0.79				0.81										0.70				0.90

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	288,309			$	288,341			$	288,547			$	288,751			$	287,729			—			—			$	288,398			$	289,478			-
Credit card retained loans	125,772				123,274				122,946				123,800				123,845				2			2			124,008				123,422				-
Total average retained consumer loans	414,081				411,615				411,493				412,551				411,574				1			1			412,406				412,900				-
Wholesale retained loans	318,207				315,415				309,037				311,090				306,008				1			4			314,253				306,076				3
Total average retained loans	$	732,288			$	727,030			$	720,530			$	723,641			$	717,582			1			2			$	726,659			$	718,976			1

Consumer retained, excluding credit card and
PCI loans	$	239,054			$	237,484			$	236,143			$	234,858			$	232,100			1			3			$	237,571			$	232,085			2
Consumer retained, excluding PCI loans	364,826				360,758				359,089				358,658				355,945				1			2			361,579				355,507				2
Total retained, excluding PCI loans	683,028				676,168				668,120				669,738				661,941				1			3			675,827				661,570				2


(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. Any write-offs of PCI loans are recognized when the underlying loan is removed from a pool (e.g., upon liquidation).


(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, 2014
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,
	2014			2014			2014			2013			2013			2014			2013
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	618		$	598		$	607		$	601		$	689		3		%	(10	)	%
Formula-based	3,178			3,396			3,443			3,697			3,798			(6	)		(16	)
PCI	3,662			3,749			4,097			4,158			4,961			(2	)		(26	)
Total consumer, excluding credit card	7,458			7,743			8,147			8,456			9,448			(4	)		(21	)
Credit card
Asset-specific (a)(b)	500			583			606			971			1,080			(14	)		(54	)
Formula-based	3,090			3,011			2,985			2,824			3,017			3			2
Total credit card	3,590			3,594			3,591			3,795			4,097			—			(12	)
Total consumer	11,048			11,337			11,738			12,251			13,545			(3	)		(18	)
Wholesale
Asset-specific (a)	124			138			144			181			209			(10	)		(41	)
Formula-based	3,717			3,851			3,965			3,832			3,817			(3	)		(3	)
Total wholesale	3,841			3,989			4,109			4,013			4,026			(4	)		(5	)
Total allowance for loan losses	14,889			15,326			15,847			16,264			17,571			(3	)		(15	)
Allowance for lending-related commitments	637			648			638			705			677			(2	)		(6	)
Total allowance for credit losses	$	15,526		$	15,974		$	16,485		$	16,969		$	18,248		(3	)		(15	)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	2.59		%	2.69		%	2.83		%	2.93		%	3.28		%
Credit card allowance to total credit card retained loans	2.84			2.86			2.96			2.98			3.31
Wholesale allowance to total wholesale retained loans	1.20			1.24			1.32			1.30			1.30
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (c)	1.35			1.40			1.51			1.50			1.52
Total allowance to total retained loans	2.02			2.08			2.20			2.25			2.43
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	113			112			111			113			117
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (d)	156			154			151			150			149
Wholesale allowance to wholesale retained nonaccrual loans	583			549			546			489			424
Total allowance to total retained nonaccrual loans	206			201			195			196			195

CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.58			1.68			1.71			1.83			1.92
Total allowance to total retained loans	1.63			1.69			1.75			1.80			1.89
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	58			58			55			57			56
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (d)	105			105			100			100			94
Total allowance to total retained nonaccrual loans	155			152			145			146			140


(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)	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.


(c)	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.


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

Page 32



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

																	Sep 30, 2014
																	Change						NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Sep 30,										2014 Change
	2014				2014			2014			2013			2013			2014			2013			2014				2013			2013
CAPITAL (a)
Transitional Standardized Approach
CET1 capital (b)	$	162,716	(f)		$	160,086		$	156,874		$	148,887		$	144,584		2		%	13		%	$	162,716	(f)		$	144,584		13		%
Tier 1 capital	184,031		(f)(g)		179,884			173,431			165,663			161,345			2			14			184,031		(f)(g)		161,345			14
Total capital	218,670		(f)		213,780			208,430			199,286			196,224			2			11			218,670		(f)		196,224			11
Risk-weighted assets	1,462,465		(f)		1,458,620			1,438,354			1,387,863			1,374,039			—			6			1,462,465		(f)		1,374,039			6
Adjusted average assets (c)	2,408,414		(f)		2,374,025			2,355,690			2,343,713			2,327,427			1			3			2,408,414		(f)		2,327,427			3
CET1 capital ratio (b)	11.1		(f)	%	11.0		%	10.9		%	10.7		%	10.5		%							11.1		(f)	%	10.5		%
Tier 1 capital ratio	12.6		(f)		12.3			12.1			11.9			11.7									12.6		(f)		11.7
Total capital ratio	15.0		(f)		14.7			14.5			14.4			14.3									15.0		(f)		14.3
Tier 1 leverage ratio	7.6		(f)		7.6			7.4			7.1			6.9									7.6		(f)		6.9

Transitional Advanced Approach
CET1 capital	$	162,716	(f)		160,086												2		%				$	162,716	(f)
Tier 1 capital	184,031		(f)(g)		179,884												2						184,031		(f)(g)
Total capital	203,688		(f)		203,076												—						203,688		(f)
Risk-weighted assets	1,601,955		(f)		1,626,427												(2	)					1,601,955		(f)
Adjusted average assets (c)	2,408,414		(f)		2,374,025												1						2,408,414		(f)
CET1 capital ratio	10.2		(f)	%	9.8		%																10.2		(f)	%
Tier 1 capital ratio	11.5		(f)		11.1																		11.5		(f)
Total capital ratio	12.7		(f)		12.5																		12.7		(f)
Tier 1 leverage ratio	7.6		(f)		7.6																		7.6		(f)

TANGIBLE COMMON EQUITY (period-end) (d)
Common stockholders’ equity	$	211,214			$	208,851		$	204,572		$	200,020		$	195,512		1			8			$	211,214			$	195,512		8
Less: Goodwill	47,970				48,110			48,065			48,081			48,100			—			—			47,970				48,100			—
Less: Other intangible assets	1,274				1,339			1,489			1,618			1,817			(5	)		(30	)		1,274				1,817			(30	)
Add: Deferred tax liabilities (e)	2,991				2,969			2,935			2,953			2,921			1			2			2,991				2,921			2
Total tangible common equity	$	164,961			$	162,371		$	157,953		$	153,274		$	148,516		2			11			$	164,961			$	148,516		11

TANGIBLE COMMON EQUITY (average) (d)
Common stockholders’ equity	$	209,621			$	206,159		$	201,797		$	196,360		$	197,232		2			6			$	205,888			$	196,425		5
Less: Goodwill	48,081				48,084			48,054			48,088			48,073			—			—			48,073				48,106			—
Less: Other intangible assets	1,308				1,416			1,548			1,741			1,878			(8	)		(30	)		1,423				2,021			(30	)
Add: Deferred tax liabilities (e)	2,980				2,952			2,944			2,937			2,904			1			3			2,959				2,867			3
Total tangible common equity	$	163,212			$	159,611		$	155,139		$	149,468		$	150,185		2			9			$	159,351			$	149,165		7

INTANGIBLE ASSETS (period-end)
Goodwill	$	47,970			$	48,110		$	48,065		$	48,081		$	48,100		—			—			$	47,970			$	48,100		—
Mortgage servicing rights	8,236				8,347			8,552			9,614			9,490			(1	)		(13	)		8,236				9,490			(13	)
Purchased credit card relationships	38				41			86			131			176			(7	)		(78	)		38				176			(78	)
All other intangibles	1,236				1,298			1,403			1,487			1,641			(5	)		(25	)		1,236				1,641			(25	)
Total intangible assets	$	57,480			$	57,796		$	58,106		$	59,313		$	59,407		(1	)		(3	)		$	57,480			$	59,407		(3	)

DEPOSITS (period-end)
U.S. offices:
Noninterest-bearing	$	440,067			$	417,607		$	384,503		$	389,863		$	399,658		5			10			$	440,067			$	399,658		10
Interest-bearing	619,595				623,781			625,641			626,392			605,305			(1	)		2			619,595				605,305			2
Non-U.S. offices:
Noninterest-bearing	19,134				17,757			13,590			17,611			20,964			8			(9	)		19,134				20,964			(9	)
Interest-bearing	255,738				260,606			258,971			253,899			255,175			(2	)		—			255,738				255,175			—
Total deposits	$	1,334,534			$	1,319,751		$	1,282,705		$	1,287,765		$	1,281,102		1			4			$	1,334,534			$	1,281,102		4

(a)

Basel III Transitional rules became effective on January 1, 2014; all data prior to that date is based on Basel I rules. Basel III presents two comprehensive methodologies for calculating risk-weighted assets: a Standardized approach and an Advanced approach. On February 21, 2014, the Federal Reserve informed the Firm that it had satisfactorily completed the parallel run requirements and is approved to calculate, and publicly disclose commencing with the second quarter of 2014, capital under the transitional Advanced Approach, in addition to the transitional Standardized Approach. As required by the Collins Amendment of the Wall Street Reform and Consumer Protection Act, the capital adequacy of the Firm will be 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 74-78 of the Firm’s second quarter 2014 Form 10-Q.


(b)	CET1 capital under Basel III replaced Tier 1 common capital under Basel I. Prior to Basel III becoming effective on January 1, 2014, Tier 1 common capital was a non-GAAP financial measure. For further discussion of Tier 1 common capital, see page 35.


(c)	Adjusted average assets, for purposes of calculating the 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)	For further discussion of TCE, see page 35.


(e)	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.


(f)	Estimated.


(g)	At September 30, 2014, TruPS included in Basel III Tier 1 capital were $2.7 billion.

Page 33



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

	QUARTERLY TRENDS																						NINE MONTHS ENDED SEPTEMBER 30,
																	3Q14 Change												2014 Change
	3Q14			2Q14			1Q14			4Q13			3Q13				2Q14			3Q13			2014			2013			2013
EARNINGS PER SHARE
Basic earnings per share
Net income/(loss)	$	5,572		$	5,985		$	5,274		$	5,278		$	(380	)		(7	)	%	NM		%	$	16,831		$	12,645		33		%
Less: Preferred stock dividends	304			268			227			190			229				13			33			799			615			30
Net income/(loss) applicable to common equity	5,268			5,717			5,047			5,088			(609		)		(8	)		NM			16,032			12,030			33
Less: Dividends and undistributed earnings allocated to
participating securities	133			144			149			150			41			(g)	(8	)		224			427			374			14
Net income/(loss) applicable to common stockholders	$	5,135		$	5,573		$	4,898		$	4,938		$	(650	)		(8	)		NM			$	15,605		$	11,656		34

Total weighted-average basic shares outstanding	3,755.4			3,780.6			3,787.2			3,762.1			3,767.0				(1	)		—			3,774.4			3,789.2			—
Net income/(loss) per share	$	1.37		$	1.47		$	1.29		$	1.31		$	(0.17	)		(7	)		NM			$	4.13		$	3.08		34

Diluted earnings per share
Net income/(loss) applicable to common stockholders	$	5,135		$	5,573		$	4,898		$	4,938		$	(650	)		(8	)		NM			$	15,605		$	11,656		34
Total weighted-average basic shares outstanding	3,755.4			3,780.6			3,787.2			3,762.1			3,767.0				(1	)		—			3,774.4			3,789.2			—
Add: Employee stock options, SARs and warrants (a)	33.3			31.9			36.4			35.0			—			(h)	4			NM			33.9			31.7			7
Total weighted-average diluted shares outstanding (b)	3,788.7			3,812.5			3,823.6			3,797.1			3,767.0			(h)	(1	)		1			3,808.3			3,820.9			—
Net income/(loss) per share	$	1.36		$	1.46		$	1.28		$	1.30		$	(0.17	)		(7	)		NM			$	4.10		$	3.05		34

COMMON DIVIDENDS
Cash dividends declared per common share	$	0.40		$	0.40	(f)	$	0.38		$	0.38		$	0.38			—			5			$	1.18	(f)	$	1.06	(f)	11
Dividend payout ratio	29		%	27		%	29		%	29		%	NM			%							28		%	34		%

COMMON EQUITY REPURCHASE PROGRAM (c)
Total shares of common stock repurchased	25.5			24.8			6.7			5.5			13.6				3			88			57.0			90.6			(37	)
Average price paid per share of common stock	$	58.37		$	55.53		$	57.31		$	54.27		$	54.30			5			7			$	57.01		$	49.56		15
Aggregate repurchases of common equity:
Settlement-date basis	$	1,488.7		$	1,375.4		$	385.9		$	298.7		$	739.7			8			101			$	3,250.0		$	4,489.9		(28	)
Trade-date basis	1,471.6			1,462.5			399.9			289.7			697.8				1			111			3,334.0			4,498.9			(26	)

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans (d)	2.4			1.4			35.3			2.5			3.8				71			(37	)		39.1			45.8			(15	)
Net impact of employee issuances on stockholders’ equity (e)	$	288		$	335		$	325		$	377		$	298			(14	)		(3	)		$	948		$	815		16

(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 1 million for each of the three months ended September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013, and 1 million and 8 million for the nine months ended September 30, 2014 and 2013, 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 26, 2014, the Firm announced that following the Board of Governors of the Federal Reserve System (“Federal Reserve”) release of the 2014 CCAR results, JPMorgan Chase & Co. is authorized to repurchase $6.5 billion of common equity between April 1, 2014 and March 31, 2015. Such repurchases will be done pursuant to the $15.0 billion common equity (i.e., common stock and warrants) repurchase program previously authorized by the Firm on March 13, 2012.


(d)	Shares issued from treasury stock related to employee stock-based compensation awards and employee stock purchase plans are presented on a settlement-date basis.


(e)	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”).


(f)	On May 20, 2014, the Board of Directors increased the quarterly common stock dividend from $0.38 to $0.40 per share. On May 21, 2013, the Board increased the quarterly common stock dividend from $0.30 to $0.38 per share.


(g)	Due to the net loss applicable to common equity during the three months ended September 30, 2013, dividends were only deemed to be distributed to participating security holders, and such security holders do not share in net losses. Net losses were completely allocated to common stockholders.


(h)	Due to the net loss applicable to common stockholders during the three months ended September 30, 2013, no common equivalent shares have been included in the computation of diluted earnings per share for the period as the effect would be antidilutive.

Page 34

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, (ii) to assess and compare the quality and composition of the Firm’s capital with the capital of other financial services companies, and (iii) 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 consolidated results and the results of the lines of business on a “managed” basis. The definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total consolidated net revenue for the Firm (and total net revenue for each of the 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 consolidated net income/(loss) as reported by the Firm or net income/(loss) as reported 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”), ROTCE, and Tangible book value per share (“TBVPS”) TCE represents 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 consolidated earnings as a percentage of average TCE. TBVPS represents the Firm’s tangible common equity divided by common shares at period-end. TCE, ROTCE, and TBVPS are meaningful to management, as well as investors and analysts, in assessing the Firm’s use of equity and in facilitating comparisons of the Firm with competitors.


(d)	Prior to Basel III becoming effective for the Firm on January 1, 2014, Tier 1 common capital and the Tier 1 common ratio under Basel I were non-GAAP financial measures. For additional information on Basel III, including the transitional provisions, see Regulatory capital on pages 74-78 of JPMorgan Chase’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.


(e)	Corporate & Investment Bank provides certain non-GAAP financial measures, as such measures are used by management to assess the underlying performance of the business and for comparability with peers:


•	The ratio of the allowance for loan losses to end-of-period loans is calculated 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.

•

Prior to January 1, 2014, the CIB provided several non-GAAP financial measures excluding the impact of FVA (effective fourth quarter 2013) and DVA on: net revenue, net income, and compensation, overhead and return on equity ratios. Beginning in the first quarter 2014, the Firm does not exclude FVA and DVA from its assessment of business performance; however, the Firm continues to present these non-GAAP measures for the periods prior to January 1, 2014, as they reflected how management assessed the underlying business performance of the CIB in those prior periods.

Page 35