Document

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, 2016

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, 2016, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2016 third quarter net income of $6.3 billion, or $1.58 per share, compared with net income of $6.8 billion, or $1.68 per share, in the third quarter of 2015. A copy of the 2016 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.

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’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’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2015, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016 and June 30, 2016, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase’s website (http://investor.shareholder.com/jpmorganchase/sec.cfm) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorgan Chase 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 2016 Results
99.2		JPMorgan Chase & Co. Earnings Release Financial Supplement - Third Quarter 2016

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, 2016

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 2016 Results
99.2		JPMorgan Chase & Co. Earnings Release Financial Supplement - Third Quarter 2016

Exhibit

EXHIBIT 12.1

JPMorgan Chase & Co.

Computation of Ratio of Earnings to Fixed Charges



Nine Months ended September 30, (in millions, except ratios)	2016
Excluding interest on deposits
Income before income tax expense	$	25,857
Fixed charges:
Interest expense	6,124
One-third of rents, net of income from subleases (a)	402
Total fixed charges	6,526
Less: Equity in undistributed income of affiliates	106
Income before income tax expense and fixed charges, excluding capitalized interest	$	32,489
Fixed charges, as above	$	6,526
Ratio of earnings to fixed charges	4.98
Including interest on deposits
Fixed charges, as above	$	6,526
Add: Interest on deposits	981
Total fixed charges and interest on deposits	$	7,507
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	32,489
Add: Interest on deposits	981
Total income before income tax expense, fixed charges and interest on deposits	$	33,470
Ratio of earnings to fixed charges	4.46


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

Exhibit

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)	2016
Excluding interest on deposits
Income before income tax expense	$	25,857
Fixed charges:
Interest expense	6,124
One-third of rents, net of income from subleases (a)	402
Total fixed charges	6,526
Less: Equity in undistributed income of affiliates	106
Income before income tax expense and fixed charges, excluding capitalized interest	$	32,489
Fixed charges, as above	$	6,526
Preferred stock dividends (pre-tax)	1,752
Fixed charges including preferred stock dividends	$	8,278
Ratio of earnings to fixed charges and preferred stock dividend requirements	3.92
Including interest on deposits
Fixed charges including preferred stock dividends, as above	$	8,278
Add: Interest on deposits	981
Total fixed charges including preferred stock dividends and interest on deposits	$	9,259
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	32,489
Add: Interest on deposits	981
Total income before income tax expense, fixed charges and interest on deposits	$	33,470
Ratio of earnings to fixed charges and preferred stock dividend requirements	3.61


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

Exhibit



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 2016 NET INCOME OF

$6.3 BILLION, OR $1.58 PER SHARE

13% RETURN ON TANGIBLE COMMON EQUITY¹

THIRD-QUARTER RESULTS²



ROTCE¹ 13%	Common equity Tier 1¹ 11.9%	Net payout LTM^3,4 63%



Firmwide Metrics	n	Reported revenue of $24.7 billion; managed revenue of $25.5 billion¹
	n	Average core loans¹up 15% YoY and 2% QoQ


CCB	n	Average core loans¹up 19%; record growth in average deposits, up $58 billion or 11%
ROE 16%	n	26 million active mobile customers, up 17%
ROE 16%	n	Credit card sales volume⁵ up 10% and Merchant processing volume up 13%

CIB	n	Maintained #1 ranking for Global Investment Banking fees with 8.1% wallet share YTD
ROE 17%	n	Total revenue of $9.5 billion, up 16%; Markets revenue up 33%

CB	n	Record net income of $778 million, up 50%
ROE 18%	n	Average loan balances up 14%
ROE 18%	n	C&I loans up 10%; CRE loans up 19%⁶

AM	n	Record average loan balances, up 5%
ROE 24%	n	80% of mutual fund AUM ranked in the 1^st or 2^nd quartiles over 5 years
ROE 24%

Jamie Dimon, Chairman and CEO, commented on the financial results: “We delivered strong results this quarter with each of our businesses performing well. We had record net income in Commercial Banking and record loan balances in Asset Management. The Corporate & Investment Bank reported its best third quarter revenue. In the Consumer businesses, we grew both loans and deposits double-digits, and our new card product, Sapphire Reserve, has gotten a great response – underscoring our unwavering commitment to enhancing customer engagement.”

Dimon added: “Over the past months we have continued our extraordinary efforts and submitted what we believe is a credible Resolution Plan, as we remain focused on our regulatory and control agenda.”

Dimon concluded: “We delivered a 13% ROTCE and over $6 billion of net income in a third quarter. We have provided credit and raised capital this year totaling $1.7 trillion for our customers, small businesses, clients and governments around the world. It's a testament to the power of our platform and our people. To remain best-in-class, we continue to invest significant resources in talent development, innovation, technology, security and controls.”

FORTRESS PRINCIPLES


n	Tangible book value per share¹ of $51.23, up 8%


n	Basel III common equity Tier 1 capital¹of $181 billion; ratio¹ of 11.9%


n	Firm SLR¹ of 6.6% and Bank SLR¹ of 6.6%


n	HQLA⁷ of $539 billion

OPERATING LEVERAGE


n	Reported expense of $14.5 billion; reported overhead ratio of 59%; Adjusted expense¹ of $14.5 billion; adjusted overhead ratio¹of 57%

CAPITAL RETURN


n	$3.8 billion⁴ returned to shareholders in 3Q16


n	$2.1 billion of net repurchasesand common dividend of $0.48 per share

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES


n	$1.7 trillion of credit and capital⁸ raised YTD


n	$195 billion of credit for consumers


n	$18 billion of credit for U.S. small businesses


n	$555 billion of credit for corporations


n	$895 billion of capital raised for corporate clients and non-U.S. government entities


n	$74 billion of credit and capital raised for nonprofit and U.S. government entities, including states, municipalities, hospitals and universities



Investor Contact: Jason Scott (212) 270-7325 ¹For notes on key performance measures and non-GAAP financial measures, including managed basis reporting, see page 5. For additional notes see page 6.	Media Contact: Joe Evangelisti (212) 270-7438

JPMorgan Chase & Co.

News Release

In the discussion of results below of JPMorgan Chase as a Firm and of its business segments, information is presented on a managed basis. For more information about managed basis, as well as other non-GAAP financial measures and key performance measures used by management to evaluate the performance of each line of business, see page 5. Comparisons noted in the sections below are calculated for the third quarter of 2016 versus the prior-year third quarter, unless otherwise specified.



JPMORGAN CHASE (JPM)

Net revenue on a reported basis totaled $24.7 billion, $24.4 billion, and $22.8 billion for the third quarter of 2016, second quarter of 2016, and third quarter of 2015, respectively.



Results for JPM										2Q16					3Q15
($ millions, except per share data)	3Q16			2Q16			3Q15			$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue - managed	$	25,512		$	25,214		$	23,535		$	298		1	%	$	1,977		8%
Noninterest expense	14,463			13,638			15,368			825			6		(905		)	(6	)
Provision for credit losses	1,271			1,402			682			(131		)	(9	)	589			86
Net income	$	6,286		$	6,200		$	6,804		$	86		1	%	$	(518	)	(8	)%
Earnings per share	$	1.58		$	1.55		$	1.68		$	0.03		2	%	$	(0.10	)	(6	)%
Return on tangible common equity	13		%	13		%	15		%

Discussion of Results:

Net income was $6.3 billion, a decrease of 8%.

Net revenue was $25.5 billion, up 8%. Net interest income was $11.9 billion, up 6%, primarily driven by loan growth and the net impact of higher rates, partially offset by lower investment securities balances. Noninterest revenue was $13.6 billion, up 10%, primarily driven by the Corporate & Investment Bank.

Noninterest expense was $14.5 billion, down 6%, driven by lower legal expense, partially offset by higher compensation expense.

The provision for credit losses was $1.3 billion, up from $682 million, due to reserve increases in the current quarter versus reserve releases in the prior-year quarter, and higher net charge-offs. The Consumer provision reflected an increase in reserves of approximately $225 million, primarily driven by growth in the Card portfolio, including growth in newer vintages which, as expected, have higher loss rates compared to the overall portfolio. The Wholesale provision was a benefit, primarily driven by net reserve releases in the Oil & Gas portfolio of approximately $50 million.

Net income reflects higher income tax expense in the current quarter. The prior-year quarter included tax benefits of $2.2 billion due to the resolution of tax audits and the release of deferred taxes.



CONSUMER & COMMUNITY BANKING (CCB)



Results for CCB							2Q16					3Q15
($ millions)	3Q16		2Q16		3Q15		$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	11,328	$	11,451	$	10,879	$	(123	)	(1	)%	$	449		4	%
Consumer & Business Banking	4,719		4,616		4,555		103			2		164			4
Mortgage Banking	1,874		1,921		1,555		(47		)	(2	)	319			21
Card, Commerce Solutions & Auto	4,735		4,914		4,769		(179		)	(4	)	(34		)	(1	)
Noninterest expense	6,510		6,004		6,237		506			8		273			4
Provision for credit losses	1,294		1,201		389		93			8		905			233
Net income	$	2,204	$	2,656	$	2,630	$	(452	)	(17	)%	$	(426	)	(16	)%

Discussion of Results:

Net income was $2.2 billion, a decrease of 16%. Net revenue was $11.3 billion, up 4% over the prior year.

Consumer & Business Banking net revenue was $4.7 billion, up 4%, reflecting strong deposit growth, partially offset by spread compression. Mortgage Banking net revenue was $1.9 billion, up 21%, driven by higher MSR risk management results, higher

JPMorgan Chase & Co.

News Release

production margins, and portfolio growth. Card, Commerce Solutions & Auto net revenue was $4.7 billion, down 1%, driven by new account origination costs, an increase in the reserve for uncollectible interest and fees, and the impact of renegotiated card co-brand partnership agreements, predominantly offset by higher auto lease and card sales volumes and higher loan balances.

Noninterest expense was $6.5 billion, an increase of 4%, including two items totaling $175 million in the current quarter related to liabilities from a merchant in bankruptcy and a modest increase in reserves for mortgage servicing. The increase in expense also includes higher auto lease depreciation and higher marketing expense together totaling approximately $250 million.

The provision for credit losses was $1.3 billion, an increase of $905 million, primarily reflecting a reserve build of $225 million, including $200 million for Card and $25 million for Auto, compared with a release of $575 million in Mortgage Banking in the prior-year quarter.



CORPORATE & INVESTMENT BANK (CIB)



Results for CIB							2Q16					3Q15
($ millions)	3Q16		2Q16		3Q15		$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	9,455	$	9,165	$	8,168	$	290		3	%	$	1,287		16	%
Banking	2,940		2,661		2,763		279			10		177			6
Markets & Investor Services	6,515		6,504		5,405		11			—		1,110			21
Noninterest expense	4,934		5,078		6,131		(144		)	(3	)	(1,197		)	(20	)
Provision for credit losses	67		235		232		(168		)	(71	)	(165		)	(71	)
Net income	$	2,912	$	2,493	$	1,464	$	419		17	%	$	1,448		99	%

Discussion of Results:

Net income was $2.9 billion, up $1.4 billion, reflecting higher net revenue and lower legal expense.

Banking revenue was $2.9 billion, up 6%, driven by higher Investment Banking revenue, up 14%, reflecting higher debt and equity underwriting fees as well as higher advisory fees. The business continued to rank #1 in Global Investment Banking fees. Treasury Services revenue was $917 million, up 2%. Lending revenue was $283 million, down 15%.

Markets & Investor Services revenue was $6.5 billion, up 21%, driven by higher Markets revenue, up 33%. Fixed Income Markets revenue was up 48% reflecting broad based strength across products. Rates performance was particularly strong, with good client activity, as markets remained active throughout the quarter, post the Brexit vote and in anticipation of Central bank actions as well as money market reform. Credit and Securitized Products revenue was also higher, driven by improving market sentiment across primary and secondary markets which produced robust issuance volumes and strong client trading activity. Equity Markets revenue was up 1%, compared to a strong prior-year quarter reflecting continued strength in Asia and strength in North America derivatives, offset by weakness in cash equities volumes. Securities Services revenue remained flat from the prior year.

Credit Adjustments & Other was a loss of $149 million, primarily driven by derivative valuation adjustments, compared with a $154 million gain in the prior-year quarter which included funding spread gains on fair value elected liabilities.

Noninterest expense was $4.9 billion, down 20%, driven by lower legal expense.

The provision for credit losses was $67 million, down $165 million from the prior year. The current quarter reflected a lower reserve build in the Oil & Gas portfolio when compared with the prior-year quarter.



COMMERCIAL BANKING (CB)



Results for CB									2Q16					3Q15
($ millions)	3Q16			2Q16			3Q15		$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	1,870		$	1,817		$	1,644	$	53		3	%	$	226		14	%
Noninterest expense	746			731			719		15			2		27			4
Provision for credit losses	(121		)	(25		)	82		(96		)	(384	)	(203		)	NM
Net income	$	778		$	696		$	518	$	82		12	%	$	260		50	%

JPMorgan Chase & Co.

News Release

Discussion of Results:

Net income was $778 million, an increase of 50%.

Net revenue was $1.9 billion, up 14%, driven by higher net interest income due to loan growth and higher deposit spreads, and higher investment banking revenue driven by large transactions.

Noninterest expense was $746 million, up 4%, due to investments in technology and increased hiring of bankers and business-related support staff.

The provision for credit losses was a benefit of $121 million, compared to an expense of $82 million in the prior-year quarter, driven by reserve releases, largely in the Oil & Gas portfolio due to loan sales. Other than the Oil & Gas portfolio, credit quality remains strong and the commercial real estate portfolio experienced no net-charge-offs during the quarter.



ASSET MANAGEMENT (AM)



Results for AM									2Q16				3Q15
($ millions)	3Q16		2Q16			3Q15			$ O/(U)		O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,047	$	2,939		$	2,894		$	108	4	%	$	153	5	%
Noninterest expense	2,130		2,098			2,109			32		2		21		1
Provision for credit losses	32		(8		)	(17		)	40		NM		49		NM
Net income	$	557	$	521		$	475		$	36	7	%	$	82	17	%

Discussion of Results:

Net income was $557 million, an increase of 17%.

Net revenue was $3.0 billion, an increase of 5%, driven by higher net interest income due to higher deposit and loan spreads, and loan growth.

Noninterest expense was $2.1 billion, an increase of 1%, driven by higher performance-based compensation.

Assets under management were $1.8 trillion, up 4%, due to the effect of higher market levels and inflows into long-term products.



CORPORATE



Results for Corporate										2Q16					3Q15
($ millions)	3Q16			2Q16			3Q15			$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	(188	)	$	(158	)	$	(50	)	$	(30	)	(19	)%	$	(138	)	(276	)%
Noninterest expense	143			(273		)	172			416			NM		(29		)	(17	)
Provision for credit losses	(1		)	(1		)	(4		)	—			—		3			75	%
Net income/(loss)	$	(165	)	$	(166	)	$	1,717		$	1		1	%	$	(1,882	)	NM

Discussion of Results:

Net loss was $165 million, compared with net income of $1.7 billion in the prior-year quarter, primarily driven by tax benefits of $1.9 billion related to the resolution of tax audits in the prior-year quarter.

JPMorgan Chase & Co.

News Release

1. Notes on key performance measures and non-GAAP financial measures:

Notes on key performance measures

Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) are considered key financial performance 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. For a reconciliation of common stockholders’ equity to TCE, see page 9 of the Earnings Release Financial Supplement. ROTCE measures the Firm’s net income applicable to common equity as a percentage of average TCE. TBVPS represents the Firm's TCE at period-end divided by common shares at period-end. TCE, ROTCE and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.


b.	Core loans include loans considered central to the Firm’s ongoing businesses; core loans exclude loans classified as trading assets, runoff portfolios, discontinued portfolios and portfolios the Firm has an intent to exit. For further information on total loans and core loans, see pages 3, 12, 16, 19, 21 and 23 of the Earnings Release Financial Supplement.

Estimated as of September 30, 2016. Common equity Tier 1 (“CET1”) capital, the CET1 ratio and the supplementary leverage ratio (“SLR”) under the Basel III Advanced Fully Phased-In capital rules, to which the Firm will be subject as of January 1, 2019, are each considered key regulatory capital 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 Capital Management on pages 149-158 of the Firm's Annual Report on Form 10-K for the year ended December 31, 2015, and pages 63-69 of the Firm’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016.

Notes on non-GAAP financial measures

In addition to analyzing the Firm's results on a reported basis, management reviews the Firm's results, including the overhead ratio, and the results of the lines of business, on a “managed” basis, which are non-GAAP financial measures. The Firm's definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the 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 investments and securities. These non-GAAP financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business. For a reconciliation of the Firm’s results from a reported to managed basis, see page 7 of the Earnings Release Financial Supplement.

Adjusted expense and adjusted overhead ratio are non-GAAP financial measures. Adjusted expense excludes Firmwide legal expense (a benefit of $71 million in the third quarter of 2016). The adjusted overhead ratio measures the Firm’s adjusted expense as a percentage of managed net revenue. Management believes this information helps investors understand the effect of these items on reported results and provides an alternate presentation of the Firm’s performance.

JPMorgan Chase & Co.

News Release

Additional notes:

2. Percentage comparisons noted in the bullet points are calculated for the third quarter of 2016 versus the prior-year third quarter, unless otherwise specified.


3.	Last twelve months (“LTM”).


4.	Net of employee issuance.


5.	Excludes Commercial Card.


6.	The Commercial and Industrial (C&I) and Commercial Real Estate (CRE) groupings are generally based on client segments and do not align with regulatory definitions.


7.	High quality liquid assets (“HQLA”) represents the estimated amount of assets that qualify for inclusion in the U.S. liquidity coverage ratio.

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, Commerce Solutions & Auto; and Commercial Banking. The amount of credit provided to nonprofit and U.S. and non-U.S. government entities, including U.S. states, municipalities, hospitals and universities, represents credit provided by the Corporate & Investment Bank and Commercial Banking.

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 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, Events & Presentations.

A replay of the conference call will be available beginning at approximately 12:30 p.m. on October 14, 2016, through midnight, October 28, 2016, by telephone at (800) 585-8367 (U.S. and Canada) or (404) 537-3406 (international); use Conference ID# 30602866. 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, 2015, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016 and June 30, 2016, which have been filed with the Securities and Exchange Commission and are available on JPMorgan Chase & Co.’s website (http://investor.shareholder.com/jpmorganchase/sec.cfm), 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.

Exhibit

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2016



JPMORGAN CHASE & CO.
TABLE OF CONTENTS

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

Business Segment Results
Consumer & Community Banking							11–14
Corporate & Investment Bank							15–17
Commercial Banking							18–19
Asset Management							20–22
Corporate							23

Credit-Related Information							24–27

Non-GAAP Financial Measures, Key Performance Measures and Other Notes							28
Glossary of Terms (a)


(a)	Refer to the Glossary of Terms on pages 311–315 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2015 (the “2015 Annual Report”) and the Glossary of Terms and Line of Business Metrics on pages 169–176 of the Firm’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016.



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

	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q16 Change											2016 Change
SELECTED INCOME STATEMENT DATA	3Q16				2Q16				1Q16			4Q15			3Q15			2Q16		3Q15		2016				2015			2015
Reported Basis
Total net revenue	$	24,673			$	24,380			$	23,239		$	22,885		$	22,780		1	%	8	%	$	72,292			$	70,658		2	%
Total noninterest expense	14,463				13,638				13,837			14,263			15,368			6		(6	)	41,938				44,751			(6	)
Pre-provision profit	10,210				10,742				9,402			8,622			7,412			(5	)	38		30,354				25,907			17
Provision for credit losses	1,271				1,402				1,824			1,251			682			(9	)	86		4,497				2,576			75
NET INCOME	6,286				6,200				5,520			5,434			6,804			1		(8	)	18,006				19,008			(5	)

Managed Basis (a)
Total net revenue	25,512				25,214				24,083			23,747			23,535			1		8		74,809				72,886			3
Total noninterest expense	14,463				13,638				13,837			14,263			15,368			6		(6	)	41,938				44,751			(6	)
Pre-provision profit	11,049				11,576				10,246			9,484			8,167			(5	)	35		32,871				28,135			17
Provision for credit losses	1,271				1,402				1,824			1,251			682			(9	)	86		4,497				2,576			75
NET INCOME	6,286				6,200				5,520			5,434			6,804			1		(8	)	18,006				19,008			(5	)

EARNINGS PER SHARE DATA
Net income: Basic	$	1.60			$	1.56			$	1.36		$	1.34		$	1.70		3		(6	)	$	4.51			$	4.72		(4	)
Diluted	1.58				1.55				1.35			1.32			1.68			2		(6	)	4.48				4.68			(4	)
Average shares: Basic	3,597.4				3,635.8				3,669.9			3,674.2			3,694.4			(1	)	(3	)	3,634.4				3,709.2			(2	)
Diluted	3,629.6				3,666.5				3,696.9			3,704.6			3,725.6			(1	)	(3	)	3,664.3				3,742.2			(2	)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	238,277			$	224,449			$	216,547		$	241,899		$	224,438		6		6		$	238,277			$	224,438		6
Common shares at period-end	3,578.3				3,612.0				3,656.7			3,663.5			3,681.1			(1	)	(3	)	3,578.3				3,681.1			(3	)
Closing share price (b)	$	66.59			$	62.14			$	59.22		$	66.03		$	60.97		7		9		$	66.59			$	60.97		9
Book value per share	63.79				62.67				61.28			60.46			59.67			2		7		63.79				59.67			7
Tangible book value per share (c)	51.23				50.21				48.96			48.13			47.36			2		8		51.23				47.36			8
Cash dividends declared per share	0.48				0.48			(g)	0.44			0.44			0.44			—		9		1.40			(g)	1.28			9

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	10		%		10		%		9		%	9		%	12		%					10		%		11		%
Return on tangible common equity (“ROTCE”) (c)	13				13				12			11			15							13				14
Return on assets	1.01				1.02				0.93			0.90			1.11							0.99				1.02

High quality liquid assets (“HQLA”) (in billions) (e)	$	539		(h)	$	516			$	505		$	496		$	505		4		7		$	539		(h)	$	505		7

CAPITAL RATIOS (f)
Common equity Tier 1 (“CET1”) capital ratio	12.0		%	(h)	12.0		%		11.9		%	11.8		%	11.5		%					12.0		%	(h)	11.5		%
Tier 1 capital ratio	13.6			(h)	13.6				13.5			13.5			13.3							13.6			(h)	13.3
Total capital ratio	15.1			(h)	15.2				15.1			15.1			14.9							15.1			(h)	14.9
Tier 1 leverage ratio	8.5			(h)	8.5				8.6			8.5			8.4							8.5			(h)	8.4

Note: Effective January 1, 2016, the Firm adopted new accounting guidance related to (1) the recognition and measurement of debit valuation adjustments (“DVA”) on financial liabilities where the fair value option has been elected, and (2) the accounting for share-based payments. For additional information, see Notes 1 and 2 on page 28.


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


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


(c)	Tangible book value per share and ROTCE are key financial performance measures. Tangible book value per share represents tangible common equity (“TCE”) divided by common shares at period-end. ROTCE measures the Firm’s annualized earnings as a percentage of average TCE. For further discussion of these measures, see page 28.


(d)	Quarterly ratios are based upon annualized amounts.


(e)	HQLA represents the amount of assets that qualify for inclusion in the liquidity coverage ratio under the U.S. rule (“U.S. LCR”). For additional information on HQLA and LCR, see page 160 of the 2015 Annual Report, and page 70 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016.


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


(g)	On May 17, 2016, the Board of Directors increased the quarterly common stock dividend from $0.44 to $0.48 per share.


(h)	Estimated.

Page 2



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

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,521,029		$	2,466,096		$	2,423,808		$	2,351,698		$	2,416,635		2	%	4	%	$	2,521,029		$	2,416,635		4	%
Loans:
Consumer, excluding credit card loans	363,796			361,305			354,192			344,821			331,969			1		10		363,796			331,969			10
Credit card loans	133,435			131,591			126,090			131,463			126,979			1		5		133,435			126,979			5
Wholesale loans	390,823			379,908			367,031			361,015			350,509			3		12		390,823			350,509			12
Total Loans	888,054			872,804			847,313			837,299			809,457			2		10		888,054			809,457			10
Core loans (a)	795,077			775,813			746,196			732,093			698,988			2		14		795,077			698,988			14
Core loans (average) (a)	779,383			760,721			737,297			715,282			680,224			2		15		759,207			655,753			16

Deposits:
U.S. offices:
Noninterest-bearing	409,912			393,294			383,282			392,721			404,984			4		1		409,912			404,984			1
Interest-bearing	722,294			695,763			695,667			663,004			624,014			4		16		722,294			624,014			16
Non-U.S. offices:
Noninterest-bearing	19,397			20,980			20,913			18,921			20,174			(8	)	(4	)	19,397			20,174			(4	)
Interest-bearing	224,535			220,921			221,954			205,069			223,934			2		—		224,535			223,934			—
Total deposits	1,376,138			1,330,958			1,321,816			1,279,715			1,273,106			3		8		1,376,138			1,273,106			8

Long-term debt (b)	309,418			295,627			290,754			288,651			292,503			5		6		309,418			292,503			6
Common stockholders’ equity	228,263			226,355			224,089			221,505			219,660			1		4		228,263			219,660			4
Total stockholders’ equity	254,331			252,423			250,157			247,573			245,728			1		4		254,331			245,728			4

Loans-to-deposits ratio	65		%	66		%	64		%	65		%	64		%					65		%	64		%

Headcount	242,315			240,046			237,420			234,598			235,678			1		3		242,315			235,678			3

95% CONFIDENCE LEVEL - TOTAL VaR
Average VaR(c)	$	43		$	45		$	54		$	49		$	54		(4	)	(20	)	$	47		$	47		—

LINE OF BUSINESS NET REVENUE (d)
Consumer & Community Banking	$	11,328		$	11,451		$	11,117		$	11,222		$	10,879		(1	)	4		$	33,896		$	32,598		4
Corporate & Investment Bank	9,455			9,165			8,135			7,069			8,168			3		16		26,755			26,473			1
Commercial Banking	1,870			1,817			1,803			1,760			1,644			3		14		5,490			5,125			7
Asset Management	3,047			2,939			2,972			3,045			2,894			4		5		8,958			9,074			(1	)
Corporate	(188		)	(158		)	56			651			(50		)	(19	)	(276	)	(290		)	(384		)	24
TOTAL NET REVENUE	$	25,512		$	25,214		$	24,083		$	23,747		$	23,535		1		8		$	74,809		$	72,886		3

LINE OF BUSINESS NET INCOME
Consumer & Community Banking	$	2,204		$	2,656		$	2,490		$	2,407		$	2,630		(17	)	(16	)	$	7,350		$	7,382		—
Corporate & Investment Bank	2,912			2,493			1,979			1,748			1,464			17		99		7,384			6,342			16
Commercial Banking	778			696			496			550			518			12		50		1,970			1,641			20
Asset Management	557			521			587			507			475			7		17		1,665			1,428			17
Corporate	(165		)	(166		)	(32		)	222			1,717			1		NM		(363		)	2,215			NM
NET INCOME	$	6,286		$	6,200		$	5,520		$	5,434		$	6,804		1		(8	)	$	18,006		$	19,008		(5	)


(a)	Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, see page 28.


(b)	Included unsecured long-term debt of $226.8 billion, $220.6 billion, $216.1 billion, $211.8 billion and $214.6 billion for the periods ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively.

(c)

As part of the Firm’s continuous evaluation and periodic enhancement of its market risk measures, during the third quarter of 2016 the Firm refined the scope of positions included in risk management VaR. In particular, certain private equity positions in CIB, exposure arising from non-U.S. dollar-denominated funding in Corporate, as well as seed capital and co-investments in Asset Management were removed from the VaR calculation. Commencing with the third quarter of 2016, exposure arising from these positions is captured using other sensitivity-based measures, such as a 10% decline in market value or a 1 basis point parallel shift in spreads, as appropriate, and will be separately reported in the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016. The Firm believes this refinement to its reported VaR measures more appropriately captures the risk of its market risk sensitive positions. This refinement resulted in a reduction in average Total VaR of $7 million for the three months ended September 30, 2016. For information regarding CIB VaR, see page 17.


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

Page 3



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

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
REVENUE	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
Investment banking fees	$	1,866		$	1,644		$	1,333		$	1,520		$	1,604		14	%	16	%	$	4,843		$	5,231		(7	)%
Principal transactions	3,451			2,976			2,679			1,552			2,367			16		46		9,106			8,856			3
Lending- and deposit-related fees	1,484			1,403			1,403			1,450			1,463			6		1		4,290			4,244			1
Asset management, administration and commissions	3,597			3,681			3,624			3,842			3,845			(2	)	(6	)	10,902			11,667			(7	)
Securities gains	64			21			51			73			33			205		94		136			129			5
Mortgage fees and related income	624			689			667			556			469			(9	)	33		1,980			1,957			1
Card income	1,202			1,358			1,301			1,431			1,447			(11	)	(17	)	3,861			4,493			(14	)
Other income	782			1,261			801			1,236			628			(38	)	25		2,844			1,796			58
Noninterest revenue	13,070			13,033			11,859			11,660			11,856			—		10		37,962			38,373			(1	)
Interest income	14,070			13,813			13,552			13,155			12,739			2		10		41,435			37,818			10
Interest expense	2,467			2,466			2,172			1,930			1,815			—		36		7,105			5,533			28
Net interest income	11,603			11,347			11,380			11,225			10,924			2		6		34,330			32,285			6
TOTAL NET REVENUE	24,673			24,380			23,239			22,885			22,780			1		8		72,292			70,658			2

Provision for credit losses	1,271			1,402			1,824			1,251			682			(9	)	86		4,497			2,576			75

NONINTEREST EXPENSE
Compensation expense	7,669			7,778			7,660			6,693			7,320			(1	)	5		23,107			23,057			—
Occupancy expense	899			899			883			947			965			—		(7	)	2,681			2,821			(5	)
Technology, communications and equipment expense	1,741			1,665			1,618			1,657			1,546			5		13		5,024			4,536			11
Professional and outside services	1,665			1,700			1,548			1,824			1,776			(2	)	(6	)	4,913			5,178			(5	)
Marketing	825			672			703			771			704			23		17		2,200			1,937			14
Other expense (a)	1,664			924			1,425			2,371			3,057			80		(46	)	4,013			7,222			(44	)
TOTAL NONINTEREST EXPENSE	14,463			13,638			13,837			14,263			15,368			6		(6	)	41,938			44,751			(6	)
Income before income tax expense	8,939			9,340			7,578			7,371			6,730			(4	)	33		25,857			23,331			11
Income tax expense/(benefit) (b)	2,653			3,140			2,058			1,937			(74		)	(16	)	NM		7,851			4,323			82
NET INCOME	$	6,286		$	6,200		$	5,520		$	5,434		$	6,804		1		(8	)	$	18,006		$	19,008		(5	)

NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	1.60		$	1.56		$	1.36		$	1.34		$	1.70		3		(6	)	$	4.51		$	4.72		(4	)
Diluted earnings per share	1.58			1.55			1.35			1.32			1.68			2		(6	)	4.48			4.68			(4	)

FINANCIAL RATIOS
Return on common equity (c)	10		%	10		%	9		%	9		%	12		%					10		%	11		%
Return on tangible common equity (c)(d)	13			13			12			11			15							13			14
Return on assets (c)	1.01			1.02			0.93			0.90			1.11							0.99			1.02
Effective income tax rate (b)	29.7			33.6			27.2			26.3			(1.1		)					30.4			18.5
Overhead ratio	59			56			60			62			67							58			63

See notes 1 and 2 on page 28.


(a)	Included Firmwide legal expense/(benefit) of $(71) million, $(430) million, $(46) million, $644 million and $1.3 billion for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively; and $(547) million and $2.3 billion for the nine months ended September 30, 2016, and 2015, respectively.

(b)

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


(c)	Quarterly ratios are based upon annualized amounts.


(d)	For further discussion of ROTCE, see page 28.

Page 4



JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																Sep 30, 2016
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2016			2016			2016			2015			2015			2016		2015
ASSETS
Cash and due from banks	$	21,390		$	19,710		$	18,212		$	20,490		$	21,258		9	%	1	%
Deposits with banks	396,200			345,595			360,196			340,015			376,196			15		5
Federal funds sold and securities purchased under
resale agreements	232,637			237,267			223,220			212,575			218,467			(2	)	6
Securities borrowed	109,197			103,225			102,937			98,721			105,668			6		3
Trading assets:
Debt and equity instruments	309,258			302,347			295,944			284,162			293,040			2		6
Derivative receivables	65,579			78,446			70,209			59,677			68,668			(16	)	(4	)
Securities	272,401			278,610			285,323			290,827			306,660			(2	)	(11	)
Loans	888,054			872,804			847,313			837,299			809,457			2		10
Less: Allowance for loan losses	14,204			14,227			13,994			13,555			13,466			—		5
Loans, net of allowance for loan losses	873,850			858,577			833,319			823,744			795,991			2		10
Accrued interest and accounts receivable	64,333			64,911			57,649			46,605			57,926			(1	)	11
Premises and equipment	14,208			14,262			14,195			14,362			14,709			—		(3	)
Goodwill	47,302			47,303			47,310			47,325			47,405			—		—
Mortgage servicing rights	4,937			5,072			5,658			6,608			6,716			(3	)	(26	)
Other intangible assets	887			917			940			1,015			1,036			(3	)	(14	)
Other assets	108,850			109,854			108,696			105,572			102,895			(1	)	6
TOTAL ASSETS	$	2,521,029		$	2,466,096		$	2,423,808		$	2,351,698		$	2,416,635		2		4

LIABILITIES
Deposits	$	1,376,138		$	1,330,958		$	1,321,816		$	1,279,715		$	1,273,106		3		8
Federal funds purchased and securities loaned or sold
under repurchase agreements	168,491			166,044			160,999			152,678			180,319			1		(7	)
Commercial paper	12,258			17,279			17,490			15,562			19,656			(29	)	(38	)
Other borrowed funds	24,479			19,945			19,703			21,105			27,174			23		(10	)
Trading liabilities:
Debt and equity instruments	95,126			101,194			87,963			74,107			84,334			(6	)	13
Derivative payables	48,143			57,764			59,319			52,790			57,140			(17	)	(16	)
Accounts payable and other liabilities	190,412			184,635			176,934			177,638			187,986			3		1
Beneficial interests issued by consolidated VIEs	42,233			40,227			38,673			41,879			48,689			5		(13	)
Long-term debt	309,418			295,627			290,754			288,651			292,503			5		6
TOTAL LIABILITIES	2,266,698			2,213,673			2,173,651			2,104,125			2,170,907			2		4

STOCKHOLDERS’ EQUITY
Preferred stock	26,068			26,068			26,068			26,068			26,068			—		—
Common stock	4,105			4,105			4,105			4,105			4,105			—		—
Additional paid-in capital	92,103			91,974			91,782			92,500			92,316			—		—
Retained earnings	157,870			153,749			149,730			146,420			143,050			3		10
Accumulated other comprehensive income	1,474			1,618			782			192			751			(9	)	96
Shares held in RSU Trust, at cost	(21		)	(21		)	(21		)	(21		)	(21		)	—		—
Treasury stock, at cost	(27,268		)	(25,070		)	(22,289		)	(21,691		)	(20,541		)	(9	)	(33	)
TOTAL STOCKHOLDERS’ EQUITY	254,331			252,423			250,157			247,573			245,728			1		4
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,521,029		$	2,466,096		$	2,423,808		$	2,351,698		$	2,416,635		2		4

See notes 1 and 2 on page 28.

Page 5



JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																					3Q16 Change												2016 Change
AVERAGE BALANCES	3Q16				2Q16				1Q16				4Q15				3Q15				2Q16		3Q15		2016				2015				2015
ASSETS
Deposits with banks	$	409,176			$	379,001			$	364,200			$	382,098			$	413,038			8	%	(1	)%	$	384,217			$	443,420			(13	)%
Federal funds sold and securities purchased under
resale agreements	196,657				201,871				204,992				202,205				201,673				(3	)	(2	)	201,157				208,132				(3	)
Securities borrowed	102,790				101,669				103,461				104,672				98,193				1		5		102,640				105,475				(3	)
Trading assets - debt instruments	219,816				215,780				208,315				204,365				202,388				2		9		214,656				207,065				4
Securities	272,993				280,041				284,488				297,648				307,364				(3	)	(11	)	279,152				321,990				(13	)
Loans	874,396				859,727				840,526				823,057				793,584				2		10		858,275				775,274				11
Other assets (a)	40,665				41,436				38,001				37,012				40,650				(2	)	—		40,036				39,417				2
Total interest-earning assets	2,116,493				2,079,525				2,043,983				2,051,057				2,056,890				2		3		2,080,133				2,100,773				(1	)
Trading assets - equity instruments	98,714				99,626				85,280				95,609				96,868				(1	)	2		94,555				108,819				(13	)
Trading assets - derivative receivables	72,520				69,823				70,651				66,043				69,646				4		4		71,004				75,732				(6	)
All other noninterest-earning assets	189,235				192,215				195,007				195,544				197,812				(2	)	(4	)	192,142				204,695				(6	)
TOTAL ASSETS	$	2,476,962			$	2,441,189			$	2,394,921			$	2,408,253			$	2,421,216			1		2		$	2,437,834			$	2,490,019			(2	)
LIABILITIES
Interest-bearing deposits	$	929,122			$	915,295			$	884,082			$	864,878			$	852,219			2		9		$	909,571			$	875,164			4
Federal funds purchased and securities loaned or
sold under repurchase agreements	180,098				176,855				171,246				181,995				188,006				2		(4	)	176,081				196,054				(10	)
Commercial paper	13,798				17,462				17,537				17,952				26,167				(21	)	(47	)	16,257				44,943				(64	)
Trading liabilities - debt, short-term and other liabilities (b)	196,247				200,141				196,233				196,154				198,876				(2	)	(1	)	197,537				211,739				(7	)
Beneficial interests issued by consolidated VIEs	42,462				38,411				39,839				44,774				49,808				11		(15	)	40,245				50,692				(21	)
Long-term debt	300,295				291,726				288,160				290,083				288,413				3		4		293,418				283,207				4
Total interest-bearing liabilities	1,662,022				1,639,890				1,597,097				1,595,836				1,603,489				1		4		1,633,109				1,661,799				(2	)
Noninterest-bearing deposits	408,853				400,671				399,186				412,575				418,742				2		(2	)	402,925				426,802				(6	)
Trading liabilities - equity instruments	22,262				20,747				18,504				16,806				17,595				7		27		20,511				17,442				18
Trading liabilities - derivative payables	54,552				54,048				60,591				57,053				61,754				1		(12	)	56,390				67,298				(16	)
All other noninterest-bearing liabilities	77,116				75,336				71,914				80,366				76,895				2		—		74,797				78,932				(5	)
TOTAL LIABILITIES	2,224,805				2,190,692				2,147,292				2,162,636				2,178,475				2		2		2,187,732				2,252,273				(3	)
Preferred stock	26,068				26,068				26,068				26,068				25,718				—		1		26,068				23,357				12
Common stockholders’ equity	226,089				224,429				221,561				219,549				217,023				1		4		224,034				214,389				4
TOTAL STOCKHOLDERS’ EQUITY	252,157				250,497				247,629				245,617				242,741				1		4		250,102				237,746				5
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,476,962			$	2,441,189			$	2,394,921			$	2,408,253			$	2,421,216			1		2		$	2,437,834			$	2,490,019			(2	)

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.44			%	0.49			%	0.51			%	0.32			%	0.28			%					0.48			%	0.28			%
Federal funds sold and securities purchased under
resale agreements	1.14				1.15				1.09				0.83				0.85								1.13				0.75
Securities borrowed (d)	(0.35		)		(0.38		)		(0.36		)		(0.51		)		(0.48		)						(0.36		)		(0.50		)
Trading assets - debt instruments	3.46				3.50				3.31				3.16				3.04								3.43				3.27
Securities	2.95				2.95				2.98				3.11				2.85								2.96				2.81
Loans	4.23				4.22				4.26				4.20				4.24								4.24				4.24
Other assets (a)	2.14				2.06				2.04				1.71				1.67								2.08				1.67
Total interest-earning assets	2.70				2.73				2.72				2.60				2.51								2.72				2.46

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.15				0.14				0.15				0.13				0.14								0.14				0.15
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.63				0.64				0.61				0.36				0.34								0.63				0.30
Commercial paper	0.97				0.88				0.75				0.49				0.35								0.86				0.26
Trading liabilities - debt, short-term and other liabilities (b)	0.58				0.63				0.47				0.33				0.26								0.56				0.29
Beneficial interests issued by consolidated VIEs	1.26				1.24				1.14				0.99				0.92								1.22				0.85
Long-term debt	1.84				1.92				1.70				1.62				1.50								1.82				1.54
Total interest-bearing liabilities	0.59				0.60				0.55				0.48				0.45								0.58				0.45

INTEREST RATE SPREAD	2.11			%	2.13			%	2.17			%	2.12			%	2.06			%					2.14			%	2.01			%
NET YIELD ON INTEREST-EARNING ASSETS	2.24			%	2.25			%	2.30			%	2.23			%	2.16			%					2.26			%	2.11			%


(a)	Includes margin loans.


(b)	Includes brokerage customer payables.


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


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

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results, including the overhead ratio, and the results of the lines of business on a “managed” basis, which are non-GAAP financial measures. For additional information on managed basis, refer to the notes on Non-GAAP Financial Measures on page 28.

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



	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15				2Q16		3Q15		2016			2015			2015
OTHER INCOME
Other income - reported	$	782		$	1,261		$	801		$	1,236		$	628			(38	)%	25	%	$	2,844		$	1,796		58	%
Fully taxable-equivalent adjustments (a)	540			529			551			575			477				2		13		1,620			1,405			15
Other income - managed	$	1,322		$	1,790		$	1,352		$	1,811		$	1,105			(26	)	20		$	4,464		$	3,201		39

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	13,070		$	13,033		$	11,859		$	11,660		$	11,856			—		10		$	37,962		$	38,373		(1	)
Fully taxable-equivalent adjustments (a)	540			529			551			575			477				2		13		1,620			1,405			15
Total noninterest revenue - managed	$	13,610		$	13,562		$	12,410		$	12,235		$	12,333			—		10		$	39,582		$	39,778		—

NET INTEREST INCOME
Net interest income - reported	$	11,603		$	11,347		$	11,380		$	11,225		$	10,924			2		6		$	34,330		$	32,285		6
Fully taxable-equivalent adjustments (a)	299			305			293			287			278				(2	)	8		897			823			9
Net interest income - managed	$	11,902		$	11,652		$	11,673		$	11,512		$	11,202			2		6		$	35,227		$	33,108		6

TOTAL NET REVENUE
Total net revenue - reported	$	24,673		$	24,380		$	23,239		$	22,885		$	22,780			1		8		$	72,292		$	70,658		2
Fully taxable-equivalent adjustments (a)	839			834			844			862			755				1		11		2,517			2,228			13
Total net revenue - managed	$	25,512		$	25,214		$	24,083		$	23,747		$	23,535			1		8		$	74,809		$	72,886		3

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	10,210		$	10,742		$	9,402		$	8,622		$	7,412			(5	)	38		$	30,354		$	25,907		17
Fully taxable-equivalent adjustments (a)	839			834			844			862			755				1		11		2,517			2,228			13
Pre-provision profit - managed	$	11,049		$	11,576		$	10,246		$	9,484		$	8,167			(5	)	35		$	32,871		$	28,135		17

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	8,939		$	9,340		$	7,578		$	7,371		$	6,730			(4	)	33		$	25,857		$	23,331		11
Fully taxable-equivalent adjustments (a)	839			834			844			862			755				1		11		2,517			2,228			13
Income before income tax expense - managed	$	9,778		$	10,174		$	8,422		$	8,233		$	7,485			(4	)	31		$	28,374		$	25,559		11

INCOME TAX EXPENSE
Income tax expense/(benefit) - reported	$	2,653		$	3,140		$	2,058		$	1,937		$	(74	)		(16	)	NM		$	7,851		$	4,323		82
Fully taxable-equivalent adjustments (a)	839			834			844			862			755				1		11		2,517			2,228			13
Income tax expense - managed	$	3,492		$	3,974		$	2,902		$	2,799		$	681			(12	)	413		$	10,368		$	6,551		58

OVERHEAD RATIO
Overhead ratio - reported	59		%	56		%	60		%	62		%	67			%					58		%	63		%
Overhead ratio - managed	57			54			57			60			65								56			61

See notes 1 and 2 on page 28.


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

Page 7



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


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	11,328		$	11,451		$	11,117		$	11,222		$	10,879		(1	)%	4	%	$	33,896		$	32,598		4	%
Corporate & Investment Bank	9,455			9,165			8,135			7,069			8,168			3		16		26,755			26,473			1
Commercial Banking	1,870			1,817			1,803			1,760			1,644			3		14		5,490			5,125			7
Asset Management	3,047			2,939			2,972			3,045			2,894			4		5		8,958			9,074			(1	)
Corporate	(188		)	(158		)	56			651			(50		)	(19	)	(276	)	(290		)	(384		)	24
TOTAL NET REVENUE	$	25,512		$	25,214		$	24,083		$	23,747		$	23,535		1		8		$	74,809		$	72,886		3

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	6,510		$	6,004		$	6,088		$	6,272		$	6,237		8		4		$	18,602		$	18,637		—
Corporate & Investment Bank	4,934			5,078			4,808			4,436			6,131			(3	)	(20	)	14,820			16,925			(12	)
Commercial Banking	746			731			713			750			719			2		4		2,190			2,131			3
Asset Management	2,130			2,098			2,075			2,196			2,109			2		1		6,303			6,690			(6	)
Corporate	143			(273		)	153			609			172			NM		(17	)	23			368			(94	)
TOTAL NONINTEREST EXPENSE	$	14,463		$	13,638		$	13,837		$	14,263		$	15,368		6		(6	)	$	41,938		$	44,751		(6	)

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,818		$	5,447		$	5,029		$	4,950		$	4,642		(12	)	4		$	15,294		$	13,961		10
Corporate & Investment Bank	4,521			4,087			3,327			2,633			2,037			11		122		11,935			9,548			25
Commercial Banking	1,124			1,086			1,090			1,010			925			3		22		3,300			2,994			10
Asset Management	917			841			897			849			785			9		17		2,655			2,384			11
Corporate	(331		)	115			(97		)	42			(222		)	NM		(49	)	(313		)	(752		)	58
PRE-PROVISION PROFIT	$	11,049		$	11,576		$	10,246		$	9,484		$	8,167		(5	)	35		$	32,871		$	28,135		17

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	1,294		$	1,201		$	1,050		$	1,038		$	389		8		233		$	3,545		$	2,021		75
Corporate & Investment Bank	67			235			459			81			232			(71	)	(71	)	761			251			203
Commercial Banking	(121		)	(25		)	304			117			82			(384	)	NM		158			325			(51	)
Asset Management	32			(8		)	13			17			(17		)	NM		NM		37			(13		)	NM
Corporate	(1		)	(1		)	(2		)	(2		)	(4		)	—		75		(4		)	(8		)	50
PROVISION FOR CREDIT LOSSES	$	1,271		$	1,402		$	1,824		$	1,251		$	682		(9	)	86		$	4,497		$	2,576		75

NET INCOME
Consumer & Community Banking	$	2,204		$	2,656		$	2,490		$	2,407		$	2,630		(17	)	(16	)	$	7,350		$	7,382		—
Corporate & Investment Bank	2,912			2,493			1,979			1,748			1,464			17		99		7,384			6,342			16
Commercial Banking	778			696			496			550			518			12		50		1,970			1,641			20
Asset Management	557			521			587			507			475			7		17		1,665			1,428			17
Corporate	(165		)	(166		)	(32		)	222			1,717			1		NM		(363		)	2,215			NM
TOTAL NET INCOME	$	6,286		$	6,200		$	5,520		$	5,434		$	6,804		1		(8	)	$	18,006		$	19,008		(5	)

See notes 1 and 2 on page 28.

Page 8



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

																	Sep 30, 2016
																	Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,				Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,						2016 Change
	2016				2016			2016			2015			2015			2016		2015		2016		2015		2015
CAPITAL (a)
Risk-based capital metrics
Standardized Transitional
CET1 capital	$	181,606		(f)	$	179,593		$	177,531		$	175,398		$	173,577		1	%	5	%
Tier 1 capital	206,425			(f)	204,390			202,399			200,482			199,211			1		4
Total capital	240,984			(f)	238,999			236,954			234,413			234,377			1		3
Risk-weighted assets	1,483,136			(f)	1,469,430			1,470,741			1,465,262			1,503,370			1		(1	)
CET1 capital ratio	12.2		%	(f)	12.2		%	12.1		%	12.0		%	11.5		%
Tier 1 capital ratio	13.9			(f)	13.9			13.8			13.7			13.3
Total capital ratio	16.2			(f)	16.3			16.1			16.0			15.6

Advanced Transitional
CET1 capital	$	181,606		(f)	179,593			177,531			175,398			173,577			1		5
Tier 1 capital	206,425			(f)	204,390			202,399			200,482			199,211			1		4
Total capital	229,351			(f)	227,865			226,190			224,616			223,877			1		2
Risk-weighted assets	1,514,416			(f)	1,497,509			1,497,870			1,485,336			1,502,685			1		1
CET1 capital ratio	12.0		%	(f)	12.0		%	11.9		%	11.8		%	11.6		%
Tier 1 capital ratio	13.6			(f)	13.6			13.5			13.5			13.3
Total capital ratio	15.1			(f)	15.2			15.1			15.1			14.9

Leverage-based capital metrics
Adjusted average assets (b)	$	2,427,418		(f)	$	2,391,819		$	2,345,926		$	2,358,471		$	2,375,317		1		2
Tier 1 leverage ratio	8.5		%	(f)	8.5		%	8.6		%	8.5		%	8.4		%
SLR leverage exposure (c)	$	3,143,411		(f)	$	3,094,545		3,047,558			3,079,797			3,116,633			2		1
SLR (c)	6.6		%	(f)	6.6		%	6.6		%	6.5		%	6.4		%

TANGIBLE COMMON EQUITY (period-end) (d)
Common stockholders’ equity	$	228,263			$	226,355		$	224,089		$	221,505		$	219,660		1		4
Less: Goodwill	47,302				47,303			47,310			47,325			47,405			—		—
Less: Other intangible assets	887				917			940			1,015			1,036			(3	)	(14	)
Add: Deferred tax liabilities (e)	3,232				3,220			3,205			3,148			3,105			—		4
Total tangible common equity	$	183,306			$	181,355		$	179,044		$	176,313		$	174,324		1		5

TANGIBLE COMMON EQUITY (average) (d)
Common stockholders’ equity	$	226,089			$	224,429		$	221,561		$	219,549		$	217,023		1		4		$	224,034	$	214,389	4
Less: Goodwill	47,302				47,309			47,332			47,377			47,428			—		—		47,314		47,468		—
Less: Other intangible assets	903				928			985			1,030			1,064			(3	)	(15	)	938		1,112		(16	)
Add: Deferred tax liabilities (e)	3,226				3,213			3,177			3,127			2,991			—		8		3,205		2,909		10
Total tangible common equity	$	181,110			$	179,405		$	176,421		$	174,269		$	171,522		1		6		$	178,987	$	168,718	6

INTANGIBLE ASSETS (period-end)
Goodwill	$	47,302			$	47,303		$	47,310		$	47,325		$	47,405		—		—
Mortgage servicing rights	4,937				5,072			5,658			6,608			6,716			(3	)	(26	)
Other intangible assets	887				917			940			1,015			1,036			(3	)	(14	)
Total intangible assets	$	53,126			$	53,292		$	53,908		$	54,948		$	55,157		—		(4	)

See notes 1 and 2 on page 28.

(a)

Basel III presents two comprehensive methodologies for calculating risk-weighted assets: a Standardized approach and an Advanced approach. As required by the Collins Amendment of the Wall Street Reform and Consumer Protection Act, the capital adequacy of the Firm is evaluated against the Basel III approach (Standardized or Advanced) that results, for each quarter, in the lower ratio (the “Collins Floor”). For further discussion of the implementation of Basel III, see Capital Management on pages 149-158 of the 2015 Annual Report, and on pages 63–69 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016.


(b)	Adjusted average assets, for purposes of calculating leverage ratios, includes total quarterly average assets adjusted for on balance sheet assets that are subject to deduction from Tier 1 capital, predominately goodwill and other intangible assets.


(c)	The supplementary leverage ratio (“SLR”) under Basel III is defined as Tier 1 capital divided by the Firm’s total leverage exposure. Total leverage exposure is calculated by taking the Firm’s adjusted average assets as calculated for the Tier 1 leverage ratio, and adding certain off-balance sheet exposures, such as undrawn commitments and derivatives potential future exposure.


(d)	For further discussion of TCE, see page 28.


(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.

Page 9



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

	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q16 Change											2016 Change
	3Q16			2Q16				1Q16			4Q15			3Q15			2Q16		3Q15		2016				2015			2015
EARNINGS PER SHARE
Basic earnings per share
Net income	$	6,286		$	6,200			$	5,520		$	5,434		$	6,804		1	%	(8	)%	$	18,006			$	19,008		(5	)%
Less: Preferred stock dividends	412			411				412			418			393			—		5		1,235				1,097			13
Net income applicable to common equity	5,874			5,789				5,108			5,016			6,411			1		(8	)	16,771				17,911			(6	)
Less: Dividends and undistributed earnings allocated to
participating securities	127			123				117			108			141			3		(10	)	368				413			(11	)
Net income applicable to common stockholders	$	5,747		$	5,666			$	4,991		$	4,908		$	6,270		1		(8	)	$	16,403			$	17,498		(6	)

Total weighted-average basic shares outstanding	3,597.4			3,635.8				3,669.9			3,674.2			3,694.4			(1	)	(3	)	3,634.4				3,709.2			(2	)
Net income per share	$	1.60		$	1.56			$	1.36		$	1.34		$	1.70		3		(6	)	$	4.51			$	4.72		(4	)

Diluted earnings per share
Net income applicable to common stockholders	$	5,747		$	5,666			$	4,991		$	4,908		$	6,270		1		(8	)	$	16,403			$	17,498		(6	)
Total weighted-average basic shares outstanding	3,597.4			3,635.8				3,669.9			3,674.2			3,694.4			(1	)	(3	)	3,634.4				3,709.2			(2	)
Add: Employee stock options, stock appreciation rights (“SARs”), warrants and performance share units (“PSUs”)	32.2			30.7				27.0			30.4			31.2			5		3		29.9				33.0			(9	)
Total weighted-average diluted shares outstanding	3,629.6			3,666.5				3,696.9			3,704.6			3,725.6			(1	)	(3	)	3,664.3				3,742.2			(2	)
Net income per share	$	1.58		$	1.55			$	1.35		$	1.32		$	1.68		2		(6	)	$	4.48			$	4.68		(4	)

COMMON DIVIDENDS
Cash dividends declared per share	$	0.48		$	0.48		(c)	$	0.44		$	0.44		$	0.44		—		9		$	1.40		(c)	$	1.28		9
Dividend payout ratio	30		%	31		%		32		%	33		%	26		%					31		%		27		%

COMMON EQUITY REPURCHASE PROGRAM (a)
Total shares of common stock repurchased	35.6			45.8				29.2			19.0			19.1			(22	)	86		110.6				70.8			56
Average price paid per share of common stock	$	64.46		$	61.93			$	58.17		$	63.92		$	65.30		4		(1	)	$	61.75			$	62.13		(1	)
Aggregate repurchases of common equity	2,295			2,840				1,696			1,219			1,248			(19	)	84		6,831				4,397			55

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans	1.3			1.2				22.3			1.1			1.9			8		(32	)	24.8				32.7			(24	)
Net impact of employee issuances on stockholders’ equity (b)	$	226		$	250			$	366		$	252		$	248		(10	)	(9	)	$	842			$	871		(3	)

See notes 1 and 2 on page 28.


(a)	On June 29, 2016, the Firm announced, in connection with the release of its 2016 CCAR results, that it is authorized to repurchase up to $10.6 billion of common equity between July 1, 2016 and June 30, 2017, under a new equity repurchase program authorized by the Board of Directors.


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


(c)	On May 17, 2016, the Board of Directors increased the quarterly common stock dividend from $0.44 to $0.48 per share.

Page 10



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


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	841		$	780		$	769		$	817		$	836		8	%	1	%	$	2,390		$	2,320		3	%
Asset management, administration and commissions	531			535			530			524			565			(1	)	(6	)	1,596			1,648			(3	)
Mortgage fees and related income	624			689			667			556			469			(9	)	33		1,980			1,955			1
Card income	1,099			1,253			1,191			1,326			1,335			(12	)	(18	)	3,543			4,165			(15	)
All other income	773			881			649			815			524			(12	)	48		2,303			1,466			57
Noninterest revenue	3,868			4,138			3,806			4,038			3,729			(7	)	4		11,812			11,554			2
Net interest income	7,460			7,313			7,311			7,184			7,150			2		4		22,084			21,044			5
TOTAL NET REVENUE	11,328			11,451			11,117			11,222			10,879			(1	)	4		33,896			32,598			4

Provision for credit losses	1,294			1,201			1,050			1,038			389			8		233		3,545			2,021			75

NONINTEREST EXPENSE
Compensation expense	2,453			2,420			2,382			2,349			2,413			1		2		7,255			7,421			(2	)
Noncompensation expense (a)	4,057			3,584			3,706			3,923			3,824			13		6		11,347			11,216			1
TOTAL NONINTEREST EXPENSE	6,510			6,004			6,088			6,272			6,237			8		4		18,602			18,637			—

Income before income tax expense	3,524			4,246			3,979			3,912			4,253			(17	)	(17	)	11,749			11,940			(2	)
Income tax expense	1,320			1,590			1,489			1,505			1,623			(17	)	(19	)	4,399			4,558			(3	)
NET INCOME	$	2,204		$	2,656		$	2,490		$	2,407		$	2,630		(17	)	(16	)	$	7,350		$	7,382		—

REVENUE BY LINE OF BUSINESS
Consumer & Business Banking	$	4,719		$	4,616		$	4,550		$	4,587		$	4,555		2		4		$	13,885		$	13,396		4
Mortgage Banking	1,874			1,921			1,876			1,680			1,555			(2	)	21		5,671			5,137			10
Card, Commerce Solutions & Auto	4,735			4,914			4,691			4,955			4,769			(4	)	(1	)	14,340			14,065			2

MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue	247			261			162			123			176			(5	)	40		670			646			4
Net mortgage servicing revenue (b)	377			428			505			433			293			(12	)	29		1,310			1,309			—
Mortgage fees and related income	$	624		$	689		$	667		$	556		$	469		(9	)	33		$	1,980		$	1,955		1


FINANCIAL RATIOS
ROE	16		%	20		%	19		%	18		%	20		%					18		%	18		%
Overhead ratio	57			52			55			56			57							55			57


(a)	Included operating lease depreciation expense of $504 million, $460 million, $432 million, $401 million, and $372 million for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively, and $1.4 billion and $1.0 billion for the nine months ended September 30, 2016, and 2015, respectively.


(b)	Included MSR risk management of $38 million, $73 million, $129 million, $4 million, and $(123) million for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively, and $240 million and $(121) million for the nine months ended September 30, 2016 and 2015, respectively.

Page 11



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

	QUARTERLY TRENDS														NINE MONTHS ENDED SEPTEMBER 30,
											3Q16 Change								2016 Change
	3Q16		2Q16		1Q16		4Q15		3Q15		2Q16		3Q15		2016		2015		2015
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	521,276	$	519,187	$	505,071	$	502,652	$	484,253	—	%	8	%	$	521,276	$	484,253	8	%

Loans:
Consumer & Business Banking	23,846		23,588		22,889		22,730		22,346		1		7		23,846		22,346		7
Home equity	52,445		54,569		56,627		58,734		60,849		(4	)	(14	)	52,445		60,849		(14	)
Residential mortgage and other	181,564		178,670		172,413		164,500		153,730		2		18		181,564		153,730		18
Mortgage Banking	234,009		233,239		229,040		223,234		214,579		—		9		234,009		214,579		9
Credit Card	133,435		131,591		126,090		131,463		126,979		1		5		133,435		126,979		5
Auto	64,512		64,056		62,937		60,255		57,174		1		13		64,512		57,174		13
Student	7,354		7,614		7,890		8,176		8,462		(3	)	(13	)	7,354		8,462		(13	)
Total loans	463,156		460,088		448,846		445,858		429,540		1		8		463,156		429,540		8
Core loans (a)	371,060		364,007		348,802		341,881		320,415		2		16		371,060		320,415		16

Deposits	605,117		586,074		582,026		557,645		539,182		3		12		605,117		539,182		12
Equity	51,000		51,000		51,000		51,000		51,000		—		—		51,000		51,000		—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	521,882	$	512,434	$	503,231	$	494,306	$	478,914	2		9		$	512,550	$	465,782	10

Loans:
Consumer & Business Banking	23,678		23,223		22,775		22,445		22,069		2		7		23,227		21,709		7
Home equity	53,501		55,615		57,717		59,757		62,025		(4	)	(14	)	55,604		64,442		(14	)
Residential mortgage and other	180,669		175,753		168,694		160,925		146,432		3		23		175,059		133,341		31
Mortgage Banking	234,170		231,368		226,411		220,682		208,457		1		12		230,663		197,783		17
Credit Card	132,713		128,396		127,299		127,620		126,305		3		5		129,481		125,294		3
Auto	64,068		63,661		61,252		58,692		56,412		1		14		62,998		55,744		13
Student	7,490		7,757		8,034		8,326		8,622		(3	)	(13	)	7,759		8,911		(13	)
Total loans	462,119		454,405		445,771		437,765		421,865		2		10		454,128		409,441		11
Core loans (a)	367,999		356,380		343,705		331,296		309,888		3		19		356,072		291,728		22

Deposits	593,671		583,115		562,284		545,734		535,987		2		11		579,741		525,951		10
Equity	51,000		51,000		51,000		51,000		51,000		—		—		51,000		51,000		—

Headcount	132,092		131,815		129,925		127,094		128,601		—		3		132,092		128,601		3


(a)	Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, see page 28.

Page 12



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)	QUARTERLY TRENDS																								NINE MONTHS ENDED SEPTEMBER 30,
																					3Q16 Change											2016 Change
	3Q16				2Q16				1Q16				4Q15				3Q15				2Q16		3Q15		2016			2015				2015
CREDIT DATA AND QUALITY STATISTICS
Nonaccrual loans (a)(b)	$	4,853			$	4,980			$	5,117			$	5,313			$	5,433			(3	)%	(11	)%	$	4,853		$	5,433			(11	)%
Net charge-offs/(recoveries) (c)
Consumer & Business Banking	71				53				56				76				50				34		42		180			177				2
Home equity	42				35				59				45				82				20		(49	)	136			238				(43	)
Residential mortgage and other	7				3				1				14				(41		)		133		NM		11			(12		)		NM
Mortgage Banking	49				38				60				59				41				29		20		147			226				(35	)
Credit Card	838				860				830				774				759				(3	)	10		2,528			2,348				8
Auto	79				46				67				74				57				72		39		192			140				37
Student	32				29				37				55				58				10		(45	)	98			155				(37	)
Total net charge-offs/(recoveries)	$	1,069			$	1,026			$	1,050			$	1,038			$	965			4		11		$	3,145		$	3,046			3
Net charge-off/(recovery) rate (c)
Consumer & Business Banking	1.19		%		0.92		%		0.99		%		1.34		%		0.90			%					1.04		%	1.09			%
Home equity (d)	0.42				0.34				0.55				0.40				0.70								0.44			0.66
Residential mortgage and other (d)	0.02				0.01				—				0.04				(0.14		)						0.01			(0.02		)
Mortgage Banking (d)	0.10				0.08				0.13				0.13				0.10								0.10			0.20
Credit Card (e)	2.51				2.70				2.62				2.42				2.41								2.61			2.54
Auto	0.49				0.29				0.44				0.50				0.40								0.41			0.34
Student	1.70				1.50				1.85				2.62				2.67								1.69			2.33
Total net charge-off/(recovery) rate (d)	1.00				0.99				1.04				1.04				1.02								1.01			1.12

30+ day delinquency rate
Mortgage Banking (f)(g)	1.27			%	1.33			%	1.41			%	1.57			%	1.74			%					1.27		%	1.74			%
Credit Card (h)	1.53				1.40				1.45				1.43				1.38								1.53			1.38
Auto	1.08				1.16				0.94				1.35				1.06								1.08			1.06
Student (i)	1.81				1.43				1.41				1.81				1.99								1.81			1.99
90+ day delinquency rate - Credit Card (h)	0.75				0.70				0.75				0.72				0.66								0.75			0.66

Allowance for loan losses
Consumer & Business Banking	$	703			$	703			$	703			$	703			$	703			—		—		$	703		$	703			—
Mortgage Banking, excluding PCI loans	1,488				1,488				1,588				1,588				1,588				—		(6	)	1,488			1,588				(6	)
Mortgage Banking - PCI loans (c)	2,618				2,654				2,695				2,742				2,788				(1	)	(6	)	2,618			2,788				(6	)
Credit Card	3,884				3,684				3,434				3,434				3,434				5		13		3,884			3,434				13
Auto	474				449				399				399				374				6		27		474			374				27
Student	274				274				299				299				324				—		(15	)	274			324				(15	)
Total allowance for loan losses (c)	$	9,441			$	9,252			$	9,118			$	9,165			$	9,211			2		2		$	9,441		$	9,211			2

Note: CCB provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 28.


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

(b)

At September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, nonaccrual loans excluded loans 90 or more days past due as follows: (1) mortgage loans insured by U.S. government agencies of $5.0 billion, $5.2 billion, $5.7 billion, $6.3 billion and $6.6 billion, respectively; and (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $259 million, $252 million, $269 million, $290 million and $289 million, respectively. These amounts have been excluded based upon the government guarantee.

(c)

Net charge-offs and the net charge-off rates for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, excluded write-offs in the PCI portfolio of $36 million, $41 million, $47 million, $46 million and $52 million, respectively, and for the nine months ended September 30, 2016 and 2015 excluded $124 million and $162 million, respectively. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, see Summary of Changes in the Allowances on page 26.

(d)

Excludes the impact of PCI loans. For the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, the net charge-off/(recovery) rates including the impact of PCI loans were as follows: (1) home equity of 0.31%, 0.25%, 0.41%, 0.30% and 0.52%, respectively; (2) residential mortgage and other of 0.02%, 0.01%, –%, 0.03% and (0.11%), respectively; (3) Mortgage Banking of 0.08%, 0.07%, 0.11%, 0.11% and 0.08%, respectively; and (4) total CCB of 0.92%, 0.91%, 0.95%, 0.94% and 0.91%, respectively. For the nine months ended September 30, 2016 and 2015, the net charge-off rates including the impact of PCI loans were as follows: (1) home equity of 0.33% and 0.49%, respectively; (2) residential mortgage and other of 0.01% and (0.01%), respectively; (3) Mortgage Banking of 0.09% and 0.15%, respectively; and (4) total CCB of 0.93% and 1.00%, respectively.

(e)

Average credit card loans included loans held-for-sale of $87 million, $82 million, $72 million, $717 million and $1.3 billion for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, respectively, and $80 million and $1.9 billion for the nine months ended September 30, 2016, and 2015, respectively. These amounts are excluded when calculating the net charge-off rate.


(f)	At September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, excluded mortgage loans insured by U.S. government agencies of $7.0 billion, $7.2 billion, $7.6 billion, $8.4 billion and $8.5 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.


(g)	Excludes PCI loans. The 30+ day delinquency rate for PCI loans was 10.01%, 10.09%, 10.47%, 11.21% and 11.29% at September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, respectively.


(h)	Period-end credit card loans included loans held-for-sale of $89 million, $84 million, $78 million, $76 million and $1.3 billion at September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, respectively. These amounts are excluded when calculating delinquency rates.


(i)	Excluded student loans insured by U.S government agencies under FFELP of $461 million, $458 million, $471 million, $526 million and $507 million at September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

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,
																					3Q16 Change												2016 Change
	3Q16				2Q16				1Q16				4Q15				3Q15				2Q16		3Q15		2016				2015				2015
BUSINESS METRICS
Number of:
Branches	5,310				5,366				5,385				5,413				5,471				(1	)%	(3	)%	5,310				5,471				(3	)%
Active digital customers (in thousands) (a)	43,657				42,833				42,458				39,242				38,511				2		13		43,657				38,511				13
Active mobile customers (in thousands) (b)	26,047				24,817				23,821				22,810				22,232				5		17		26,047				22,232				17	%


Consumer & Business Banking
Average deposits	$	576,573			$	567,415			$	548,447			$	530,611			$	519,414			2		11		$	564,190			$	510,036			11
Deposit margin	1.79			%	1.80			%	1.86			%	1.83			%	1.86			%					1.82			%	1.92			%
Business banking origination volume	$	1,803			$	2,183			$	1,688			$	1,609			$	1,715			(17	)	5		$	5,674			$	5,166			10
Client investment assets	231,574				224,741				220,004				218,551				213,263				3		9		231,574				213,263				9

Mortgage Banking (in billions)
Mortgage origination volume by channel
Retail	$	11.7			$	11.2			$	8.7			$	8.7			$	9.5			4		23		$	31.6			$	27.4			15
Correspondent	15.4				13.8				13.7				13.8				20.4				12		(25	)	42.9				56.5				(24	)
Total mortgage origination volume (c)	$	27.1			$	25.0			$	22.4			$	22.5			$	29.9			8		(9	)	$	74.5			$	83.9			(11	)
Total loans serviced (period-end)	$	863.3			$	880.3			$	898.7			$	910.1			$	929.0			(2	)	(7	)	$	863.3			$	929.0			(7	)
Third-party mortgage loans serviced (period-end)	609.2				629.9				655.4				674.0				702.6				(3	)	(13	)	609.2				702.6				(13	)
MSR carrying value (period-end)	4.9				5.1				5.7				6.6				6.7				(4	)	(27	)	4.9				6.7				(27	)
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	0.80			%	0.81			%	0.87			%	0.98			%	0.95			%					0.80			%	0.95			%
MSR revenue multiple (d)	2.29		x		2.31		x		2.49		x		2.97		x		2.79		x						2.29		x		2.71		x

Credit Card, excluding Commercial Card
Sales volume (in billions)	$	139.2			$	136.0			$	121.7			$	130.8			$	126.6			2		10		$	396.9			$	365.1			9
New accounts opened	2.7				2.7				2.3				2.5				2.0				—		35		7.7				6.2				24

Card Services
Net revenue rate	11.04			%	12.28			%	11.81			%	12.54			%	12.22			%					11.70			%	12.25			%

Commerce Solutions
Merchant processing volume (in billions)	$	267.2			$	263.8			$	247.5			$	258.2			$	235.8			1		13		$	778.5			$	691.1			13

Auto
Loan and lease origination volume (in billions)	$	9.3			$	8.5			$	9.6			$	9.2			$	8.1			9		15		$	27.4			$	23.2			18
Average Auto operating lease assets	11,418				10,435				9,615				8,794				8,073				9		41		10,493				7,474				40


(a)	Users of all web and/or mobile platforms who have logged in within the past 90 days.


(b)	Users of all mobile platforms who have logged in within the past 90 days.


(c)	Firmwide mortgage origination volume was $30.9 billion, $28.6 billion, $24.4 billion, $24.7 billion and $32.2 billion for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, respectively, and $83.9 billion and $90.5 billion for the nine months ended September 30, 2016 and 2015, respectively.


(d)	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 14



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,855		$	1,636		$	1,321		$	1,538		$	1,612		13	%	15	%	$	4,812		$	5,198		(7	)%
Principal transactions	3,282			2,965			2,470			1,396			2,370			11		38		8,717			8,509			2
Lending- and deposit-related fees	402			385			394			387			389			4		3		1,181			1,186			—
Asset management, administration and commissions	968			1,025			1,069			1,049			1,083			(6	)	(11	)	3,062			3,418			(10	)
All other income	183			464			280			268			294			(61	)	(38	)	927			744			25
Noninterest revenue	6,690			6,475			5,534			4,638			5,748			3		16		18,699			19,055			(2	)
Net interest income	2,765			2,690			2,601			2,431			2,420			3		14		8,056			7,418			9
TOTAL NET REVENUE (a)	9,455			9,165			8,135			7,069			8,168			3		16		26,755			26,473			1

Provision for credit losses	67			235			459			81			232			(71	)	(71	)	761			251			203

NONINTEREST EXPENSE
Compensation expense	2,513			2,737			2,600			1,860			2,434			(8	)	3		7,850			8,113			(3	)
Noncompensation expense	2,421			2,341			2,208			2,576			3,697			3		(35	)	6,970			8,812			(21	)
TOTAL NONINTEREST EXPENSE	4,934			5,078			4,808			4,436			6,131			(3	)	(20	)	14,820			16,925			(12	)

Income before income tax expense	4,454			3,852			2,868			2,552			1,805			16		147		11,174			9,297			20
Income tax expense	1,542			1,359			889			804			341			13		352		3,790			2,955			28
NET INCOME	$	2,912		$	2,493		$	1,979		$	1,748		$	1,464		17		99		$	7,384		$	6,342		16

FINANCIAL RATIOS
ROE	17		%	15		%	11		%	10		%	8		%					14		%	13		%
Overhead ratio	52			55			59			63			75							55			64
Compensation expense as a percent of total net revenue	27			30			32			26			30							29			31

REVENUE BY BUSINESS
Investment Banking	$	1,740		$	1,492		$	1,231		$	1,470		$	1,530		17		14		$	4,463		$	4,906		(9	)
Treasury Services	917			892			884			901			899			3		2		2,693			2,730			(1	)
Lending	283			277			302			390			334			2		(15	)	862			1,071			(20	)
Total Banking	2,940			2,661			2,417			2,761			2,763			10		6		8,018			8,707			(8	)
Fixed Income Markets	4,334			3,959			3,597			2,574			2,933			9		48		11,890			10,018			19
Equity Markets	1,414			1,600			1,576			1,064			1,403			(12	)	1		4,590			4,630			(1	)
Securities Services	916			907			881			933			915			1		—		2,704			2,844			(5	)
Credit Adjustments & Other (b)	(149		)	38			(336		)	(263		)	154			NM		NM		(447		)	274			NM
Total Markets & Investor Services	6,515			6,504			5,718			4,308			5,405			—		21		18,737			17,766			5
TOTAL NET REVENUE	$	9,455		$	9,165		$	8,135		$	7,069		$	8,168		3		16		$	26,755		$	26,473		1

(a)

Included tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bonds of $483 million, $476 million, $498 million, $486 million and $417 million for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively, and $1.5 billion and $1.2 billion for the nine months ended September 30, 2016 and 2015, respectively.

(b)

Effective January 1, 2016, consists primarily of credit valuation adjustments (“CVA”) managed by the credit portfolio group, funding valuation adjustments (“FVA”) and debit valuation adjustments (“DVA”) on derivatives. Prior periods also include DVA on fair value option elected liabilities. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets. Effective January 1, 2016, changes in DVA on fair value option elected liabilities are recognized in other comprehensive income. For additional information, see Note 1 on page 28.

Page 15



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	825,933		$	826,019		$	801,053		$	748,691		$	801,133		—	%	3	%	$	825,933		$	801,133		3	%
Loans:
Loans retained (a)	117,133			112,637			109,132			106,908			101,420			4		15		117,133			101,420			15
Loans held-for-sale and loans at fair value	4,184			5,600			2,381			3,698			3,369			(25	)	24		4,184			3,369			24
Total loans	121,317			118,237			111,513			110,606			104,789			3		16		121,317			104,789			16
Core loans (b)	120,885			117,821			111,050			110,084			104,270			3		16		120,885			104,270			16

Common equity	64,000			64,000			64,000			62,000			62,000			—		3		64,000			62,000			3

SELECTED BALANCE SHEET DATA (average)
Assets	$	811,217		$	815,886		$	797,548		$	797,427		$	789,975		(1	)	3		$	808,228		$	833,233		(3	)
Trading assets - debt and equity instruments	306,431			306,418			285,122			291,958			288,828			—		6		299,350			306,072			(2	)
Trading assets - derivative receivables	63,829			61,457			62,557			59,425			63,561			4		—		62,619			69,904			(10	)
Loans:
Loans retained (a)	110,941			111,668			108,712			101,959			97,518			(1	)	14		110,442			97,108			14
Loans held-for-sale and loans at fair value	3,864			3,169			3,204			4,897			3,827			22		1		3,414			4,463			(24	)
Total loans	114,805			114,837			111,916			106,856			101,345			—		13		113,856			101,571			12
Core loans (b)	114,380			114,421			111,417			106,331			100,809			—		13		113,410			100,730			13

Common equity	64,000			64,000			64,000			62,000			62,000			—		3		64,000			62,000			3

Headcount	49,176			48,805			49,067			49,067			49,384			1		—		49,176			49,384			—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	3		$	90		$	46		$	5		$	2		(97	)	50		$	139		$	(24	)	NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(c)	614			623			650			428			464			(1	)	32		614			464			32
Nonaccrual loans held-for-sale and loans at fair value	26			7			7			10			12			271		117		26			12			117
Total nonaccrual loans	640			630			657			438			476			2		34		640			476			34

Derivative receivables	232			220			212			204			235			5		(1	)	232			235			(1	)
Assets acquired in loan satisfactions	75			75			62			62			56			—		34		75			56			34
Total nonperforming assets	947			925			931			704			767			2		23		947			767			23
Allowance for credit losses:
Allowance for loan losses	1,611			1,669			1,497			1,258			1,205			(3	)	34		1,611			1,205			34
Allowance for lending-related commitments	837			715			744			569			547			17		53		837			547			53
Total allowance for credit losses	2,448			2,384			2,241			1,827			1,752			3		40		2,448			1,752			40

Net charge-off/(recovery) rate (a)	0.01		%	0.32		%	0.17		%	0.02		%	0.01		%					0.17		%	(0.03		)%
Allowance for loan losses to period-end loans retained (a)	1.38			1.48			1.37			1.18			1.19							1.38			1.19
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (d)	2.02			2.23			2.11			1.88			1.85							2.02			1.85
Allowance for loan losses to nonaccrual loans retained (a)(c)	262			268			230			294			260							262			260
Nonaccrual loans to total period-end loans	0.53			0.53			0.59			0.40			0.45							0.53			0.45


(a)	Loans retained includes credit portfolio loans, loans held by consolidated Firm-administered multi-seller conduits, trade finance loans, other held-for-investment loans and overdrafts.


(b)	Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, see page 28.


(c)	Allowance for loan losses of $202 million, $211 million, $233 million, $177 million and $160 million were held against nonaccrual loans at September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively.


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

Page 16



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
BUSINESS METRICS
Advisory	$	542		$	466		$	585		$	622		$	503		16	%	8	%	$	1,593		$	1,511		5	%
Equity underwriting	370			285			205			314			269			30		38		860			1,120			(23	)
Debt underwriting	943			885			531			602			840			7		12		2,359			2,567			(8	)
Total investment banking fees	$	1,855		$	1,636		$	1,321		$	1,538		$	1,612		13		15		$	4,812		$	5,198		(7	)

Assets under custody (“AUC”) (period-end) (in billions)	$	21,224		$	20,470		$	20,283		$	19,943		$	19,691		4		8		$	21,224		$	19,691		8

Client deposits and other third-party liabilities (average) (a)	381,542			373,671			358,926			364,794			372,070			2		3		371,417			405,576			(8	)

Trade finance loans (period-end)	16,957			17,362			18,078			19,255			21,138			(2	)	(20	)	16,957			21,138			(20	)

95% Confidence Level - Total CIB VaR (average)(b)
CIB trading VaR by risk type: (c)
Fixed income	$	49		$	46		$	46		$	42		$	50		7		(2	)	$	47		$	42		12
Foreign exchange	16			12			9			10			9			33		78		13			9			44
Equities	8			14			22			18			20			(43	)	(60	)	15			18			(17	)
Commodities and other	9			9			9			11			10			—		(10	)	9			9			—
Diversification benefit to CIB trading VaR (d)	(42		)	(37		)	(32		)	(31		)	(35		)	(14	)	(20	)	(38		)	(36		)	(6	)
CIB trading VaR (c)	40			44			54			50			54			(9	)	(26	)	46			42			10
Credit portfolio VaR (e)	13			12			12			11			13			8		—		12			15			(20	)
Diversification benefit to CIB VaR (d)	(10		)	(12		)	(11		)	(9		)	(10		)	17		—		(10		)	(9		)	(11	)
CIB VaR (c)	$	43		$	44		$	55		$	52		$	57		(2	)	(25	)	$	48		$	48		—


(a)	Client deposits and other third party liabilities pertain to the Treasury Services and Securities Services businesses.


(b)	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 135–137 of the 2015 Annual Report, and pages 58-60 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016.

(c)

As part of the Firm’s continuous evaluation and periodic enhancement of its market risk measures, during the third quarter of 2016 the Firm refined the scope of positions included in risk management VaR. In particular, certain private equity positions in CIB were removed from the VaR calculation. Commencing with the third quarter of 2016, exposure arising from these positions is captured using other sensitivity-based measures, using a 10% decline in the market value, and will be separately reported in the Firm's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016. The Firm believes this refinement to its reported VaR measures more appropriately captures the risk of its market risk sensitive positions. This refinement resulted in a reduction in average Equities VaR of $5 million, CIB trading VaR of $4 million and CIB VaR of $6 million for the three months ended September 30, 2016.


(d)	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.


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

Page 17



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


	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q16 Change										2016 Change
	3Q16				2Q16				1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	228			$	227			$	232		$	236		$	229		—	%	—	%	$	687		$	708		(3	)%
Asset management, administration and commissions	14				18				22			20			22			(22	)	(36	)	54			68			(21	)
All other income (a)	336				341				302			342			271			(1	)	24		979			991			(1	)
Noninterest revenue	578				586				556			598			522			(1	)	11		1,720			1,767			(3	)
Net interest income	1,292				1,231				1,247			1,162			1,122			5		15		3,770			3,358			12
TOTAL NET REVENUE (b)	1,870				1,817				1,803			1,760			1,644			3		14		5,490			5,125			7

Provision for credit losses	(121		)		(25		)		304			117			82			(384	)	NM		158			325			(51	)

NONINTEREST EXPENSE
Compensation expense	343				322				334			310			311			7		10		999			928			8
Noncompensation expense	403				409				379			440			408			(1	)	(1	)	1,191			1,203			(1	)
TOTAL NONINTEREST EXPENSE	746				731				713			750			719			2		4		2,190			2,131			3

Income before income tax expense	1,245				1,111				786			893			843			12		48		3,142			2,669			18
Income tax expense	467				415				290			343			325			13		44		1,172			1,028			14
NET INCOME	$	778			$	696			$	496		$	550		$	518		12		50		$	1,970		$	1,641		20

Revenue by product
Lending	$	956			$	917			$	928		$	887		$	850		4		12		$	2,801		$	2,542		10
Treasury services	693				680				694			655			633			2		9		2,067			1,926			7
Investment banking (c)	203				207				155			156			130			(2	)	56		565			574			(2	)
Other	18				13				26			62			31			38		(42	)	57			83			(31	)
Total Commercial Banking net revenue	$	1,870			$	1,817			$	1,803		$	1,760		$	1,644		3		14		$	5,490		$	5,125		7

Investment banking revenue, gross (d)	$	600			$	595			$	483		$	455		$	382		1		57		$	1,678		$	1,724		(3	)

Revenue by client segment (e)
Middle Market Banking	$	716			$	698			$	707		$	694		$	668		3		7		$	2,121		$	2,012		5
Corporate Client Banking	612				599				547			520			484			2		26		1,758			1,664			6
Commercial Term Lending	350				342				361			331			318			2		10		1,053			944			12
Real Estate Banking	117				107				104			96			92			9		27		328			262			25
Other	75				71				84			119			82			6		(9	)	230			243			(5	)
Total Commercial Banking net revenue	$	1,870			$	1,817			$	1,803		$	1,760		$	1,644		3		14		$	5,490		$	5,125		7

FINANCIAL RATIOS
ROE	18			%	16			%	11		%	15		%	14		%					15		%	15		%
Overhead ratio	40				40				40			43			44							40			42


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

(b)

Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income related to municipal financing activity of $127 million, $124 million, $120 million, $149 million and $116 million for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, and $371 million and $344 million for nine months ended September 30, 2016 and 2015, respectively.


(c)	Includes total Firm revenue from investment banking products sold to CB clients, net of revenue sharing with the CIB.


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


(e)	Certain clients were transferred from Middle Market Banking to Corporate Client Banking and from Real Estate Banking to Corporate Client Banking effective in the second and third quarter of 2016, respectively. Prior period client segment amounts were revised to conform with the current period presentation.

Page 18



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)	QUARTERLY TRENDS																				NINE MONTHS ENDED SEPTEMBER 30,
																	3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15				2Q16		3Q15		2016			2015			2015
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	212,189		$	208,151		$	204,602		$	200,700		$	201,157			2	%	5	%	$	212,189		$	201,157		5	%
Loans:
Loans retained	185,609			179,164			173,583			167,374			162,269				4		14		185,609			162,269			14
Loans held-for-sale and loans at fair value	191			134			338			267			213				43		(10	)	191			213			(10	)
Total loans	$	185,800		$	179,298		$	173,921		$	167,641		$	162,482			4		14		$	185,800		$	162,482		14
Core loans (a)	185,354			178,809			173,316			166,939			161,662				4		15		185,354			161,662			15
Equity	16,000			16,000			16,000			14,000			14,000				—		14		16,000			14,000			14

Period-end loans by client segment (b)
Middle Market Banking	$	53,584		$	51,951		$	51,644		$	50,502		$	51,067			3		5		$	53,584		$	51,067		5
Corporate Client Banking	43,514			42,372			40,712			37,708			35,163				3		24		43,514			35,163			24
Commercial Term Lending	69,133			66,499			64,292			62,860			60,684				4		14		69,133			60,684			14
Real Estate Banking	13,905			12,872			11,656			11,234			10,457				8		33		13,905			10,457			33
Other	5,664			5,604			5,617			5,337			5,111				1		11		5,664			5,111			11
Total Commercial Banking loans	$	185,800		$	179,298		$	173,921		$	167,641		$	162,482			4		14		$	185,800		$	162,482		14

SELECTED BALANCE SHEET DATA (average)
Total assets	$	208,765		$	205,953		$	202,492		$	200,325		$	197,274			1		6		$	205,748		$	197,319		4
Loans:
Loans retained	180,962			176,229			169,837			165,679			158,845				3		14		175,695			154,595			14
Loans held-for-sale and loans at fair value	517			583			448			188			359				(11	)	44		516			595			(13	)
Total loans	$	181,479		$	176,812		$	170,285		$	165,867		$	159,204			3		14		$	176,211		$	155,190		14
Core loans (a)	181,016			176,251			169,626			165,091			158,364				3		14		175,651			154,240			14
Client deposits and other third-party liabilities	173,696			170,717			173,079			178,637			180,892				2		(4	)	172,502			195,874			(12	)
Equity	16,000			16,000			16,000			14,000			14,000				—		14		16,000			14,000			14

Average loans by client segment (b)
Middle Market Banking	$	52,648		$	51,939		$	50,557		$	50,926		$	50,436			1		4		$	51,718		$	50,136		3
Corporate Client Banking	42,139			41,109			39,348			37,581			34,314				3		23		40,870			33,454			22
Commercial Term Lending	67,696			65,262			63,475			61,574			59,323				4		14		65,486			56,980			15
Real Estate Banking	13,382			12,936			11,464			10,742			10,074				3		33		12,597			9,640			31
Other	5,614			5,566			5,441			5,044			5,057				1		11		5,540			4,980			11
Total Commercial Banking loans	$	181,479		$	176,812		$	170,285		$	165,867		$	159,204			3		14		$	176,211		$	155,190		14

Headcount	8,333			8,127			7,971			7,845			7,735				3		8		8,333			7,735			8

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	44		$	60		$	6		$	16		$	(2	)		(27	)	NM		$	110		$	5		NM
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (c)	1,212			1,258			1,257			375			423				(4	)	187		1,212			423			187
Nonaccrual loans held-for-sale and loans
at fair value	—			—			—			18			16				—		(100	)	—			16			(100	)
Total nonaccrual loans	1,212			1,258			1,257			393			439				(4	)	176		1,212			439			176

Assets acquired in loan satisfactions	1			1			1			8			4				—		(75	)	1			4			(75	)
Total nonperforming assets	1,213			1,259			1,258			401			443				(4	)	174		1,213			443			174
Allowance for credit losses:
Allowance for loan losses	2,858			3,041			3,099			2,855			2,782				(6	)	3		2,858			2,782			3
Allowance for lending-related commitments	244			226			252			198			170				8		44		244			170			44
Total allowance for credit losses	3,102			3,267			3,351			3,053			2,952				(5	)	5		3,102			2,952			5

Net charge-off/(recovery) rate (d)	0.10		%	0.14		%	0.01		%	0.04		%	—			%					0.08		%	—		%
Allowance for loan losses to period-end loans retained	1.54			1.70			1.79			1.71			1.71								1.54			1.71
Allowance for loan losses to nonaccrual loans retained (c)	236			242			247			761			658								236			658
Nonaccrual loans to period-end total loans	0.65			0.70			0.72			0.23			0.27								0.65			0.27


(a)	Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, see page 28.


(b)	Certain clients were transferred from Middle Market Banking to Corporate Client Banking and from Real Estate Banking to Corporate Client Banking effective in the second and third quarter of 2016, respectively. Prior period client segment amounts were revised to conform with the current period presentation.


(c)	Allowance for loan losses of $221 million, $292 million, $278 million, $64 million and $80 million was held against nonaccrual loans retained at September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively.


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

Page 19



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


	QUARTERLY TRENDS																					NINE MONTHS ENDED SEPTEMBER 30,
																		3Q16 Change											2016 Change
	3Q16			2Q16				1Q16			4Q15			3Q15				2Q16		3Q15		2016			2015				2015
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,087		$	2,102			$	2,016		$	2,328		$	2,237			(1	)%	(7	)%	$	6,205		$	6,847			(9	)%
All other income	190			90				229			46			24				111		NM		509			342				49
Noninterest revenue	2,277			2,192				2,245			2,374			2,261				4		1		6,714			7,189				(7	)
Net interest income	770			747				727			671			633				3		22		2,244			1,885				19
TOTAL NET REVENUE	3,047			2,939				2,972			3,045			2,894				4		5		8,958			9,074				(1	)

Provision for credit losses	32			(8		)		13			17			(17		)		NM		NM		37			(13		)		NM

NONINTEREST EXPENSE
Compensation expense	1,279			1,249				1,241			1,307			1,218				2		5		3,769			3,806				(1	)
Noncompensation expense	851			849				834			889			891				—		(4	)	2,534			2,884				(12	)
TOTAL NONINTEREST EXPENSE	2,130			2,098				2,075			2,196			2,109				2		1		6,303			6,690				(6	)

Income before income tax expense	885			849				884			832			802				4		10		2,618			2,397				9
Income tax expense	328			328				297			325			327				—		—		953			969				(2	)
NET INCOME	$	557		$	521			$	587		$	507		$	475			7		17		$	1,665		$	1,428			17

REVENUE BY LINE OF BUSINESS
Global Investment Management	$	1,497		$	1,424			$	1,499		$	1,615		$	1,483			5		1		$	4,420		$	4,686			(6	)
Global Wealth Management	1,550			1,515				1,473			1,430			1,411				2		10		4,538			4,388				3
TOTAL NET REVENUE	$	3,047		$	2,939			$	2,972		$	3,045		$	2,894			4		5		$	8,958		$	9,074			(1	)

FINANCIAL RATIOS
ROE	24		%	22			%	25		%	21		%	20			%					24		%	20			%
Overhead ratio	70			71				70			72			73								70			74
Pretax margin ratio:
Global Investment Management	31			30				33			36			31								31			29
Global Wealth Management	27			28				26			17			24								27			24
Asset Management	29			29				30			27			28								29			26

Headcount	21,142			20,897				20,885			20,975			20,651				1		2		21,142			20,651				2

Number of client advisors	2,560			2,622				2,750			2,778			2,796				(2	)	(8	)	2,560			2,796				(8	)

Page 20



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

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	137,295		$	134,380		$	131,276		$	131,451		$	131,412		2	%	4	%	$	137,295		$	131,412		4	%
Loans (a)	116,043			113,319			111,050			111,007			110,314			2		5		116,043			110,314			5
Core loans (b)	116,043			113,319			111,050			111,007			110,314			2		5		116,043			110,314			5
Deposits	157,274			148,967			152,908			146,766			140,121			6		12		157,274			140,121			12
Equity	9,000			9,000			9,000			9,000			9,000			—		—		9,000			9,000			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	134,920		$	131,529		$	129,790		$	130,980		$	131,100		3		3		$	132,090		$	129,326		2
Loans	114,201			111,704			110,497			110,305			108,741			2		5		112,142			106,446			5
Core loans (b)	114,201			111,704			110,497			110,305			108,741			2		5		112,142			106,446			5
Deposits	153,121			151,214			150,616			145,623			141,896			1		8		151,656			150,840			1
Equity	9,000			9,000			9,000			9,000			9,000			—		—		9,000			9,000			—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	5		$	2		$	9		$	8		$	2		150	%	150		$	16		$	4		300	%
Nonaccrual loans	372			254			335			218			229			46		62		372			229			62
Allowance for credit losses:
Allowance for loan losses	285			258			270			266			258			10		10		285			258			10
Allowance for lending-related commitments	5			4			4			5			4			25		25		5			4			25
Total allowance for credit losses	290			262			274			271			262			11		11		290			262			11
Net charge-off/(recovery) rate	0.02		%	0.01		%	0.03		%	0.03		%	0.01		%					0.02		%	0.01		%
Allowance for loan losses to period-end loans	0.25			0.23			0.24			0.24			0.23							0.25			0.23
Allowance for loan losses to nonaccrual loans	77			102			81			122			113							77			113
Nonaccrual loans to period-end loans	0.32			0.22			0.30			0.20			0.21							0.32			0.21


(a)	Included $30.7 billion, $29.2 billion, $27.7 billion, $26.6 billion, and $25.4 billion of prime mortgage loans reported in the Consumer, excluding credit card, loan portfolio at September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively.


(b)	Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, see page 28.

Page 21



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


																Sep 30, 2016
																Change				NINE MONTHS ENDED SEPTEMBER 30,
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,								2016 Change
CLIENT ASSETS	2016			2016			2016			2015			2015			2016		2015		2016			2015			2015
Assets by asset class
Liquidity	$	447		$	426		$	424		$	464		$	463		5	%	(3	)%	$	447		$	463		(3	)%
Fixed income	393			383			365			342			351			3		12		393			351			12
Equity	357			342			346			353			336			4		6		357			336			6
Multi-asset and alternatives	575			542			541			564			561			6		2		575			561			2
TOTAL ASSETS UNDER MANAGEMENT	1,772			1,693			1,676			1,723			1,711			5		4		1,772			1,711			4
Custody/brokerage/administration/deposits	675			651			647			627			612			4		10		675			612			10
TOTAL CLIENT ASSETS	$	2,447		$	2,344		$	2,323		$	2,350		$	2,323		4		5		$	2,447		$	2,323		5

Memo:
Alternatives client assets (a)	$	157		$	151		$	151		$	172		$	172		4		(9	)	$	157		$	172		(9	)

Assets by client segment
Private Banking	$	433		$	425		$	428		$	437		$	438		2		(1	)	$	433		$	438		(1	)
Institutional	862			811			798			816			816			6		6		862			816			6
Retail	477			457			450			470			457			4		4		477			457			4
TOTAL ASSETS UNDER MANAGEMENT	$	1,772		$	1,693		$	1,676		$	1,723		$	1,711		5		4		$	1,772		$	1,711		4

Private Banking	$	1,089		$	1,058		$	1,057		$	1,050		$	1,037		3		5		$	1,089		$	1,037		5
Institutional	879			827			814			824			823			6		7		879			823			7
Retail	479			459			452			476			463			4		3		479			463			3
TOTAL CLIENT ASSETS	$	2,447		$	2,344		$	2,323		$	2,350		$	2,323		4		5		$	2,447		$	2,323		5

Assets under management rollforward
Beginning balance	$	1,693		$	1,676		$	1,723		$	1,711		$	1,781						$	1,723		$	1,744
Net asset flows:
Liquidity	22			4			(27		)	(1		)	(5		)					(1		)	—
Fixed income	5			10			11			(7		)	(5		)					26			—
Equity	(7		)	(5		)	(5		)	3			(5		)					(17		)	(2		)
Multi-asset and alternatives	21			(2		)	6			(5		)	6							25			27
Market/performance/other impacts	38			10			(32		)	22			(61		)					16			(58		)
Ending balance	$	1,772		$	1,693		$	1,676		$	1,723		$	1,711						$	1,772		$	1,711

Client assets rollforward
Beginning balance	$	2,344		$	2,323		$	2,350		$	2,323		$	2,423						$	2,350		$	2,387
Net asset flows	47			2			(7		)	1			(7		)					42			26
Market/performance/other impacts	56			19			(20		)	26			(93		)					55			(90		)
Ending balance	$	2,447		$	2,344		$	2,323		$	2,350		$	2,323						$	2,447		$	2,323


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

Page 22



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

	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
INCOME STATEMENT
REVENUE
Principal transactions	$	57		$	29		$	97		$	(56	)	$	(70	)	97	%	NM		$	183		$	97		89	%
Securities gains	64			20			51			72			25			220		156		135			118			14
All other income (a)	76			122			121			571			118			(38	)	(36	)	319			(2		)	NM
Noninterest revenue	197			171			269			587			73			15		170		637			213			199
Net interest income	(385		)	(329		)	(213		)	64			(123		)	(17	)	(213	)	(927		)	(597		)	(55	)
TOTAL NET REVENUE (b)	(188		)	(158		)	56			651			(50		)	(19	)	(276	)	(290		)	(384		)	24

Provision for credit losses	(1		)	(1		)	(2		)	(2		)	(4		)	—		75		(4		)	(8		)	50

NONINTEREST EXPENSE (c)	143			(273		)	153			609			172			NM		(17	)	23			368			(94	)
Income/(loss) before income tax expense/(benefit)	(330		)	116			(95		)	44			(218		)	NM		(51	)	(309		)	(744		)	58
Income tax expense/(benefit) (d)	(165		)	282			(63		)	(178		)	(1,935		)	NM		91		54			(2,959		)	NM
NET INCOME/(LOSS)	$	(165	)	$	(166	)	$	(32	)	$	222		$	1,717		1		NM		$	(363	)	$	2,215		NM

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	(211		)	(226		)	(94		)	137			(89		)	7		(137	)	(531		)	(630		)	16
Other Corporate	23			68			150			514			39			(66	)	(41	)	241			246			(2	)
TOTAL NET REVENUE	$	(188	)	$	(158	)	$	56		$	651		$	(50	)	(19	)	(276	)	$	(290	)	$	(384	)	24

NET INCOME/(LOSS)
Treasury and CIO	(208		)	(199		)	(111		)	138			(40		)	(5	)	(420	)	(518		)	(373		)	(39	)
Other Corporate	43			33			79			84			1,757			30		(98	)	155			2,588			(94	)
TOTAL NET INCOME/(LOSS)	$	(165	)	$	(166	)	$	(32	)	$	222		$	1,717		1		NM		$	(363	)	$	2,215		NM

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	824,336		$	778,359		$	781,806		$	768,204		$	798,680		6		3		$	824,336		$	798,680		3
Loans	1,738			1,862			1,983			2,187			2,332			(7	)	(25	)	1,738			2,332			(25	)
Core loans (e)(f)	1,735			1,857			1,978			2,182			2,327			(7	)	(25	)	1,735			2,327			(25	)

Headcount	31,572			30,402			29,572			29,617			29,307			4		8		31,572			29,307			8

SUPPLEMENTAL INFORMATION
TREASURY and CIO
Securities gains	$	64		$	20		$	51		$	72		$	25		220	%	156	%	$	135		$	118		14	%
Investment securities portfolio (average) (g)	271,816			278,962			283,443			296,693			306,370			(3	)	(11	)	278,051			320,905			(13	)
Investment securities portfolio (period-end) (h)	269,207			275,562			282,424			287,777			303,057			(2	)	(11	)	269,207			303,057			(11	)
Mortgage loans (average)	1,722			1,858			2,005			2,221			2,400			(7	)	(28	)	1,861			2,595			(28	)
Mortgage loans (period-end)	1,661			1,798			1,927			2,136			2,293			(8	)	(28	)	1,661			2,293			(28	)

Private equity portfolio
Carrying value	$	1,893		$	1,879		$	2,004		$	2,103		$	2,192		1		(14	)	$	1,893		$	2,192		(14	)
Cost	2,951			2,941			3,512			3,798			3,832			—		(23	)	2,951			3,832			(23	)


(a)	Included revenue related to a legal settlement of $514 million for the three months ended December 31, 2015.

(b)

Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $218 million, $227 million, $218 million, $219 million, and $215 million for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively, and $663 million and $620 million for the nine months ended September 30, 2016, and 2015, respectively.


(c)	Included legal expense/(benefit) of $(85) million, $(467) million, and $407 million for the three months ended September 30, 2016, June 30, 2016, and December 31, 2015, respectively; and $(550) million and $425 million for the nine months ended September 30, 2016, and 2015, respectively. Legal expense/(benefit) for the three months ended March 31, 2016 was not material.


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


(e)	Average core loans were $1.8 billion, $2.0 billion, $2.1 billion, $2.3 billion, and $2.4 billion for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively, and $1.9 billion and $2.6 billion for the nine months ended September 30, 2016 and 2015, respectively.


(f)	Loans considered central to the Firm’s ongoing businesses. For further discussion of core loans, see page 28.


(g)	Average investment securities included held-to-maturity balances of $52.8 billion, $53.4 billion, $48.3 billion, $49.5 billion, and $50.7 billion for the three months ended September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively, and $51.5 billion and $50.2 billion for the nine months ended September 30, 2016, and 2015, respectively.


(h)	Period-end investment securities included held-to-maturity balances of $52.0 billion, $53.8 billion, $47.9 billion, $49.1 billion, and $50.2 billion at September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively.

Page 23



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Sep 30, 2016
											Change
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Sep 30,
	2016		2016		2016		2015		2015		2016		2015
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	326,353	$	322,690	$	314,128	$	303,357	$	289,496	1	%	13	%
Loans - PCI	37,045		38,360		39,743		40,998		42,236		(3	)	(12	)
Total loans retained	363,398		361,050		353,871		344,355		331,732		1		10
Loans held-for-sale	398		255		321		466		237		56		68
Total consumer, excluding credit card loans	363,796		361,305		354,192		344,821		331,969		1		10

Credit card loans
Loans retained	133,346		131,507		126,012		131,387		125,634		1		6
Loans held-for-sale	89		84		78		76		1,345		6		(93	)
Total credit card loans	133,435		131,591		126,090		131,463		126,979		1		5
Total consumer loans	497,231		492,896		480,282		476,284		458,948		1		8

Wholesale loans (b)
Loans retained	386,449		374,174		364,312		357,050		346,927		3		11
Loans held-for-sale and loans at fair value	4,374		5,734		2,719		3,965		3,582		(24	)	22
Total wholesale loans	390,823		379,908		367,031		361,015		350,509		3		12

Total loans	888,054		872,804		847,313		837,299		809,457		2		10

Derivative receivables	65,579		78,446		70,209		59,677		68,668		(16	)	(4	)
Receivables from customers and other (c)	19,163		14,426		16,294		13,497		17,016		33		13
Total credit-related assets	84,742		92,872		86,503		73,174		85,684		(9	)	(1	)

Lending-related commitments
Consumer, excluding credit card	59,990		59,224		60,744		58,478		60,005		1		—
Credit card	549,634		539,105		532,224		515,518		526,433		2		4
Wholesale	368,987		357,145		367,466		366,399		354,348		3		4
Total lending-related commitments	978,611		955,474		960,434		940,395		940,786		2		4

Total credit exposure	$	1,951,407	$	1,921,150	$	1,894,250	$	1,850,868	$	1,835,927	2		6

Memo: Total by category
Consumer exposure (d)	$	1,106,980	$	1,091,363	$	1,073,377	$	1,050,405	$	1,045,505	1		6
Wholesale exposures (e)	844,427		829,787		820,873		800,463		790,422		2		7
Total credit exposure	$	1,951,407	$	1,921,150	$	1,894,250	$	1,850,868	$	1,835,927	2		6

Note: The Firm provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 28.


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


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


(c)	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.


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


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

Page 24



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

																Sep 30, 2016
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2016			2016			2016			2015			2015			2016		2015
NONPERFORMING ASSETS (a)
Consumer nonaccrual loans (b)(c)	$	4,961		$	5,085		$	5,225		$	5,413		$	5,530		(2	)	(10	)

Wholesale nonaccrual loans
Loans retained	2,151			2,093			2,203			988			1,086			3		98
Loans held-for-sale and loans at fair value	26			7			7			28			28			271		(7	)
Total wholesale nonaccrual loans	2,177			2,100			2,210			1,016			1,114			4		95

Total nonaccrual loans	7,138			7,185			7,435			6,429			6,644			(1	)	7

Derivative receivables	232			220			212			204			235			5		(1	)
Assets acquired in loan satisfactions	409			352			376			401			415			16		(1	)
Total nonperforming assets	7,779			7,757			8,023			7,034			7,294			—		7
Wholesale lending-related commitments (d)	503			460			722			193			176			9		186
Total nonperforming exposure	$	8,282		$	8,217		$	8,745		$	7,227		$	7,470		1		11

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.80		%	0.82		%	0.88		%	0.77		%	0.82		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	1.36			1.41			1.48			1.57			1.67
Total wholesale nonaccrual loans to total
wholesale loans	0.56			0.55			0.60			0.28			0.32

(a)

At September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $5.0 billion, $5.2 billion, $5.7 billion, $6.3 billion and $6.6 billion, respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $259 million, $252 million, $269 million, $290 million and $289 million, respectively, that are 90 or more days past due; (3) real estate owned (“REO”) insured by U.S. government agencies of $163 million, $355 million, $360 million, $343 million and $327 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Under this guidance, non-modified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. Moreover, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).


(b)	Included nonaccrual loans held-for-sale of $53 million, $61 million and $98 million at September 30, 2016, March 31, 2016, and December 31, 2015, respectively. There were no nonaccrual loans held-for-sale at June 30, 2016 or September 30, 2015.


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


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

Page 25



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


	QUARTERLY TRENDS																			NINE MONTHS ENDED SEPTEMBER 30,
																3Q16 Change										2016 Change
	3Q16			2Q16			1Q16			4Q15			3Q15			2Q16		3Q15		2016			2015			2015
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	14,227		$	13,994		$	13,555		$	13,466		$	13,915		2	%	2	%	$	13,555		$	14,185		(4	)%
Net charge-offs:
Gross charge-offs	1,375			1,433			1,357			1,300			1,305			(4	)	5		4,165			3,941			6
Gross recoveries	(254		)	(252		)	(247		)	(236		)	(342		)	(1	)	26		(753		)	(919		)	18
Net charge-offs	1,121			1,181			1,110			1,064			963			(5	)	16		3,412			3,022			13
Write-offs of PCI loans and other (a)	36			41			47			46			52			(12	)	(31	)	124			162			(23	)
Provision for loan losses	1,132			1,456			1,596			1,200			567			(22	)	100		4,184			2,463			70
Other	2			(1		)	—			(1		)	(1		)	NM		NM		1			2			(50	)
Ending balance	$	14,204		$	14,227		$	13,994		$	13,555		$	13,466		—		5		$	14,204		$	13,466		5

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	960		$	1,014		$	786		$	735		$	620		(5	)	55		$	786		$	622		26
Provision for lending-related commitments	139			(54		)	228			51			115			NM		21		313			113			177
Other	1			—			—			—			—			NM		NM		1			—			NM
Ending balance	$	1,100		$	960		$	1,014		$	786		$	735		15		50		$	1,100		$	735		50

Total allowance for credit losses	$	15,304		$	15,187		$	15,008		$	14,341		$	14,201		1		8		$	15,304		$	14,201		8

NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (b)	0.26		%	0.19		%	0.25		%	0.31		%	0.25		%					0.23		%	0.30		%
Credit card retained loans	2.51			2.70			2.62			2.42			2.41							2.61			2.54
Total consumer retained loans	0.86			0.85			0.89			0.88			0.85							0.87			0.93
Wholesale retained loans	0.05			0.17			0.07			0.03			—							0.09			(0.01		)
Total retained loans	0.51			0.56			0.53			0.52			0.49							0.53			0.53
Consumer retained loans, excluding credit card and
PCI loans	0.29			0.21			0.29			0.35			0.29							0.26			0.35
Consumer retained loans, excluding PCI loans	0.93			0.92			0.97			0.97			0.94							0.94			1.04
Total retained, excluding PCI loans	0.54			0.58			0.56			0.54			0.51							0.56			0.56

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	362,457		$	357,602		$	348,916		$	339,637		$	323,458		1		12		$	356,347		$	311,527		14
Credit card retained loans	132,626			128,314			127,227			126,903			125,048			3		6		129,401			123,387			5
Total average retained consumer loans	495,083			485,916			476,143			466,540			448,506			2		10		485,748			434,914			12
Wholesale retained loans	374,593			369,706			360,306			350,370			339,172			1		10		368,225			333,038			11
Total average retained loans	$	869,676		$	855,622		$	836,449		$	816,910		$	787,678		2		10		$	853,973		$	767,952		11

Consumer retained, excluding credit card and
PCI loans	$	324,741		$	318,556		$	308,526		$	298,047		$	280,475		2		16		$	317,301		$	267,054		19
Consumer retained, excluding PCI loans	457,367			446,870			435,753			424,950			405,524			2		13		446,702			390,441			14
Total retained, excluding PCI loans	831,956			816,572			796,055			775,316			744,692			2		12		814,923			723,475			13


(a)	Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool (e.g., upon liquidation).


(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 26



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

																Sep 30, 2016
																Change
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,		Sep 30,
	2016			2016			2016			2015			2015			2016		2015
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	352		$	365		$	371		$	364		$	359		(4	)%	(2	)%
Formula-based	2,667			2,627			2,694			2,700			2,702			2		(1	)
PCI	2,618			2,654			2,695			2,742			2,788			(1	)	(6	)
Total consumer, excluding credit card	5,637			5,646			5,760			5,806			5,849			—		(4	)
Credit card
Asset-specific (a)(b)	363			361			427			460			485			1		(25	)
Formula-based	3,521			3,323			3,007			2,974			2,949			6		19
Total credit card	3,884			3,684			3,434			3,434			3,434			5		13
Total consumer	9,521			9,330			9,194			9,240			9,283			2		3
Wholesale
Asset-specific (a)	490			525			565			274			281			(7	)	74
Formula-based	4,193			4,372			4,235			4,041			3,902			(4	)	7
Total wholesale	4,683			4,897			4,800			4,315			4,183			(4	)	12
Total allowance for loan losses	14,204			14,227			13,994			13,555			13,466			—		5
Allowance for lending-related commitments	1,100			960			1,014			786			735			15		50
Total allowance for credit losses	$	15,304		$	15,187		$	15,008		$	14,341		$	14,201		1		8

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.55		%	1.56		%	1.63		%	1.69		%	1.76		%
Credit card allowance to total credit card retained loans	2.91			2.80			2.73			2.61			2.73
Wholesale allowance to total wholesale retained loans	1.21			1.31			1.32			1.21			1.21
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (c)	1.33			1.45			1.47			1.35			1.34
Total allowance to total retained loans	1.61			1.64			1.66			1.63			1.67
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	115			111			112			109			106
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (d)	146			147			143			161			152
Wholesale allowance to wholesale retained nonaccrual loans	218			234			218			437			385
Total allowance to total retained nonaccrual loans	201			198			190			215			204

CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	0.93			0.93			0.98			1.01			1.06
Total allowance to total retained loans	1.37			1.40			1.40			1.37			1.40
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (d)	62			59			59			58			55
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (d)	109			110			107			117			109
Total allowance to total retained nonaccrual loans	164			161			153			172			161


(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 relates to loans that have been modified in a TDR; the Firm calculates such allowance 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 25.

Page 27

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES, KEY PERFORMANCE MEASURES AND OTHER NOTES

Non-GAAP Financial Measures

(a)

In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results, including the overhead ratio, and the results of the lines of business on a “managed” basis, which are non-GAAP financial measures. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on a FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. These non-GAAP financial measures allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income as reported by the Firm as a whole or by the lines of business.

(b)

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


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

Key Performance Measures


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

(b)

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

Other Notes

(1)

Effective January 1, 2016, the Firm adopted new accounting guidance related to the recognition and measurement of financial liabilities where the fair value option has been elected. This guidance requires the portion of the total change in fair value caused by changes in the Firm’s own credit risk (DVA) to be presented separately in other comprehensive income; previously these amounts were recognized in net income. The guidance was required to be applied as of the beginning of the fiscal year of adoption via a cumulative effect adjustment to the Consolidated balance sheet, which resulted in a reclassification from retained earnings to accumulated other comprehensive income. The adoption of this guidance had no material impact on the Firm’s Consolidated Financial Statements.

(2)

Effective January 1, 2016, the Firm adopted new accounting guidance related to share-based payments, including the accounting for income taxes and classification in the statement of cash flows. The guidance requires that all excess tax benefits and tax deficiencies that pertain to share-based payment arrangements be recognized within income tax expense in the Consolidated statements of income; previously such amounts were recognized within additional paid-in capital. The adoption of this guidance had no material impact on the Firm’s Consolidated Financial Statements.

Page 28