JPM 10-K & 10-Q changes, risk factors and insider trading
JPMorgan Chase & Co. (also JPM-PC, AMJB, JPM-PD, JPM-PJ, JPM-PK, JPM-PL, JPM-PM, VYLD) · NYSE · National Commercial Banks · CIK 19617 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Legal and Regulatory”
New heading “JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.”
New heading “JPMorganChase faces significant legal risks from civil and governmental proceedings, including litigation, investigations and enforcement actions.”
New heading “JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.”
New heading “JPMorganChase’s liquidity and cost of funding could be adversely affected by downgrades in its credit ratings.”
New heading “JPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.”
New heading “JPMorganChase’s interconnectedness with clients, customers and other external parties could be a source of significant operational risk.”
New heading “JPMorganChase could incur losses arising from any significant inadequacy or lapse in its risk management framework and control environment.”
New heading “Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.”
New heading “JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.”
Removed heading “Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.”
Removed heading “Reductions in JPMorganChase’s credit ratings may adversely affect its liquidity and cost of funding.”
Removed heading “Maintaining the required level and composition of capital may impact JPMorganChase’s ability to support business activities, meet evolving regulatory requirements and distribute capital to shareholders.”
Removed heading “JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.”
Removed heading “JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.”
Removed heading “JPMorganChase’s ability to attract and retain qualified employees is critical to its success.”
Removed heading “Unfavorable changes in immigration or travel policies could adversely affect JPMorganChase’s businesses and operations.”
Removed heading “JPMorganChase faces significant legal risks from litigation and formal and informal regulatory and government investigations.”
Largest changes
“JPMorganChase is named as a defendant or is otherwise involved in many legal proceedings, including class actions, derivative actions and other litigation or disputes with third parties, as well as criminal proceedings. Actions currently pending against JPMorganChase may result in judgments, settlements, fines, penalties or other sanctions adverse to JPMorganChase. Any of these matters could materially and adversely affect JPMorganChase’s business, financial condition or results of operations, or cause serious reputational harm. …”see in full comparison
“JPMorganChase expects its employees to conduct themselves ethically and in compliance with JPMorganChase’s Code of Conduct, as well as with internal policies and applicable laws and regulations. Notwithstanding these expectations, employees of JPMorganChase have in the past engaged and could in the future engage in improper or illegal conduct. …”see in full comparison
“The consequences of any failure by one or more employees to conduct themselves in accordance with JPMorganChase’s expectations, policies or practices could include litigation, or regulatory or other governmental investigations or enforcement actions. Any of these proceedings or actions could result in judgments, settlements, fines, penalties or other sanctions, or lead to:”see in full comparison
“Concerns regarding the effectiveness of JPMorganChase’s measures to safeguard personal information, or the perception that those measures are inadequate, could cause JPMorganChase to lose existing or potential clients and customers or employees, and thereby reduce JPMorganChase’s revenues. …”see in full comparison
“JPMorganChase’s liquidity and cost of funding could be adversely affected by downgrades in its credit ratings.”see in full comparison
•significant exposure tosee in full comparisonlitigationlitigation, investigations by governmental authorities andregulatory fines, penalties or other sanctions,penalties, and
Full comparison: every changed paragraph (713)
The principal risk factors include:
The principal risk factors that could adversely affect JPMorganChase’s business, results of operations, financial condition, capital position, liquidity, competitive position or reputation include:
•Legal and Regulatory risks, including the impact thatof applicableextensive laws, rulessupervision and regulations in the highly-regulated and supervised financial services industry,regulation, as well as changes to or in the application, interpretation or enforcement of thoseapplicable laws,law rulesor andexecutive regulations,branch can haveactions, on JPMorganChase’s business and operations, including JPMorganChase incurring additional costs associated with assessments, levies or other governmental chargesoperations; the ways in which differences in financialregulatory services regulation and supervisionimplementation in different jurisdictions or with respect to certain competitors cancould negatively impact JPMorganChase’s business; the ways in which governmental policies that discourage or penalize business relationships with clients in certain industries, or require specific business practices, cancould negatively affect JPMorganChase's businesses; the penalties and collateralother consequences, and higher compliance and operational costs,repercussions that JPMorganChase maycould incurface when resolving alitigation regulatoryor investigationinvestigations by governmental authorities; the ways in which less predictable legal and regulatory frameworks in certain jurisdictions cancould negatively impact JPMorganChase’s operations and financial results; and the losses that security holders and other unsecured creditors will absorb if JPMorganChase were to enter into a resolution.
•Political risks, including the potential negative effects on JPMorganChase’s businesses due to economic uncertainty orresulting instability caused byfrom political developments.
•Market risks, including the effects that unfavorable economic and market events and conditions, political developments, changes in interest rates and credit spreads, and market fluctuations cancould have on JPMorganChase’s consumerbusinesses, and wholesale businesses and its investmentinvestments and market-making positions, as well as on its earnings and liquidity and capital levels.
positions and on JPMorganChase’s earnings and its liquidity and capital levels.
•Credit risks, including potential negativethe effects from adverse changes in the financial condition of clients, customers, counterparties, custodianscentral counterparties and centralother counterpartiesmarket participants; the potential for losses due to declines in the value of collateral in stressed market conditions; and potential negative impacts from concentrations of credit risk with respect to clients, customers, counterparties and other market participants.
credit risk with respect to clients, customers, counterparties and other market participants.
•Liquidity risks, including the risk that JPMorganChase’s liquidityability to operate could be impaired by market-wide illiquidity or disruption, unforeseenconstrained liquidity or capital requirements, the inability to sell assets, default by a significant market participant, unanticipated outflows of cash or collateral, or lack of market or customer confidence in JPMorganChase; the dependence of JPMorgan Chase & Co. on the cash flows of its subsidiaries for funding; and the potential adverse effects that any downgrade in anydowngrades of JPMorganChase’s credit ratings maycould have on its liquidity and cost of funding.
•Capital risks, including the risk that any failure by or inability of JPMorganChase to maintain the required level and composition of capital, or unfavorable changes in applicable capital requirements, could limit JPMorganChase’s ability to distribute capital to shareholders or to support its business activities.activities could be limited if it does not satisfy applicable regulatory capital requirements.
•Operational risks, including risks associated with JPMorganChase’s dependence on its operational systems and its employees, as well as the systems and employees of thirdacquired parties, market participantsbusinesses and service providers; the potential negative effects of failing to identify and address operational risks related to the failure of internal or external operational systems, the introduction of or changes to products, services and delivery platforms or the adoption of new technologies; risks related to safeguarding personal informationparties; the harm that could be caused by a successful cyber attack affecting JPMorganChase or by other extraordinary events; the adverse effects of failing to identify and address operational risks associated with the introduction of or changes to products, services and delivery platforms or technologies, as well as risks related to data management processes; risks related to safeguarding personal information; potential adverse effects of failing to comply with applicable standards for the oversight of vendors and other service providers; and risks associated with JPMorganChase’s risk management framework and control environment, its models and estimations and associated judgments used in its stress testing and financial statements, and controls over disclosure and financial reporting; and potential adverse effects of failing to comply with applicable standards for the oversight of vendors and other service providers.reporting.
•Strategic risks, including the damage to JPMorganChase’s competitive standing and results that could occurresult iffrom management fails to develop and execute effectiveineffective business strategies; risks associated with the significant and increasing competition that JPMorganChase faces; and the potential adverse impacts of climate change on theJPMorganChase’s business and operations and those of its clients and customers.
effectiveness of JPMorganChase’s existing business strategies with respect to its operations, clients and customers.
•Conduct risks, including the negative impact that cancould result from the actions or misconduct of employees, including any failure of employees to conduct themselves in accordance with JPMorganChase’s expectations, policies and practices.employees.
•Reputation risks, including the potential adversenegative effectscommercial on JPMorganChase’s relationships with its clients, customers, shareholders, regulators and other stakeholdersimpacts that couldcan arise from employeeJPMorganChase’s misconduct,decisions securityrelated breaches,to inadequate risk management, compliance or operational failures, litigationclients and regulatorybusiness investigations, failure to satisfy expectations concerning environmental, socialactivities; and governance concerns,the failure to effectively manage conflicts of interest or to satisfy fiduciary obligations, or other factors that could damage JPMorganChase’s reputation.
•Country risks, including potential impacts on JPMorganChase’s businesses from an outbreak or escalation of hostilities between countries or within a country or region; and the potential adverse effects of local economic, political, regulatory and social factors on JPMorganChase’s business and revenues in certain countries in which it operates.
of local economic, political, regulatory and social factors on JPMorganChase’s business in certain countries in which it operates.
•People risks, including the criticality of attracting and retaining qualified employees; and the potential adverse effects of unfavorable changes in immigration or travel policies on JPMorganChase’s workforce.employees.
•Legal risks, including those relating to litigation and regulatory and government investigations.
The following terms which are used in the risk factors set forth below have these meanings:
Regulatory
JPMorganChase’s“applicable businesseslaw” are highly regulated, andmeans the laws, rules and regulations that apply to JPMorganChaseJPMorganChase’s havebusinesses ain significantthe impactjurisdictions onin itswhich businessit and operations.operates.
“extraordinary events” include any of the events or circumstances mentioned in the risk factor entitled “JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.”
“governmental authorities” means governmental and regulatory agencies, legislative and judicial bodies and other governmental entities and authorities in the countries, states, municipalities, territories, regions and other jurisdictions in which JPMorganChase does business.
JPMorganChase is a financial services firm with operations worldwide. JPMorganChase must comply with the laws, rules and regulations that apply to its operations in all of the jurisdictions around the world in which it does business, and financial services firms such as JPMorganChase are subject to extensive and constantly-evolving regulation and supervision.
The regulation and supervision of JPMorganChase significantly affects the way that it conducts its business and structures its operations, and JPMorganChase could be required to make changes to its business and operations in response to supervisory expectations or decisions or to new or changed laws,
rules and regulations. These types of developments could result in JPMorganChase incurring additional costs or experiencing a reduction in revenues to comply with applicable laws, rules and regulations, which could reduce its profitability. Furthermore, JPMorganChase’s entry into or acquisition of a new business or an increase in its principal investments may require JPMorganChase to comply with additional laws, rules, and regulations.
Additionally, JPMorganChase’s ability to execute certain business initiatives could become more challenging due to increased regulation in the financial services industry, such as limitations on late payment, overdraft and interchange fees. This could adversely affect JPMorganChase’s earnings from its consumer businesses, prompting the reevaluation or adjustment of certain businesses or product offerings, as well as the reallocation of resources and incurrence of restructuring costs, which could impact revenue and profitability in the affected lines of business.
In response to new and existing laws, rules and regulations and expanded supervision, JPMorganChase has in the past been and could in the future be, required to:
•limit the products and services that it offers
•reduce the liquidity that it can provide through its market-making activities
•refrain from engaging in business opportunities that it might otherwise pursue
•pay higher taxes (including as part of any minimum global tax regime), assessments, levies or other governmental charges, including in connection with the resolution of tax examinations
•incur losses, including with respect to fraudulent transactions perpetrated against its customers
•dispose of certain assets, and do so at times or prices that are disadvantageous
•impose restrictions on certain business activities, or
•increase the prices that it charges for products and services, which could reduce the demand for them.
Any failure by JPMorganChase to comply with the laws, rules and regulations to which it is subject could result in:
•increased regulatory and supervisory scrutiny
•regulatory and governmental enforcement actions
•the“penalties” imposition ofmeans fines, penalties or other sanctions imposed by governmental authorities.
Legal and Regulatory
JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
JPMorganChase must comply with applicable law in all of the jurisdictions around the world where it does business. Like other financial services firms, JPMorganChase is subject to extensive supervision and regulation that significantly affects the way that it conducts its business and structures its operations. The supervisory and regulatory framework also imposes requirements for JPMorganChase to implement and maintain compliance programs, and the complexity of these programs can increase its risks of non-compliance. In addition, entering into or acquiring a new business or expanding current business could increase the scope of applicable law or supervision and regulation to which JPMorganChase is subject.
JPMorganChase has in the past and could in the future be required to modify its business and operations in response to changes in applicable law, regulatory decisions or supervisory expectations, such as:
•limiting the products and services that it offers
•increasing the prices that it charges for products and services, which could reduce the demand for them
•reducing the liquidity that it provides through market-making activities
•paying higher taxes or other governmental charges
•absorbing losses arising from fraudulent transactions perpetrated against its clients and customers
•disposing of certain assets, and doing so at disadvantageous times or prices
•forgoing business opportunities that it might otherwise pursue, or
•otherwise restricting its business activities.
These types of changes could increase JPMorganChase’s costs or reduce its revenues. In addition, any failure by JPMorganChase to comply with applicable law or meet supervisory expectations could result in:
•increased regulatory scrutiny
•enforcement actions by governmental authorities
•the imposition of penalties
Furthermore, regulators or governmental authorities could adopt new interpretations of applicable law or supervisory expectations, and in certain circumstances, JPMorganChase could be required to demonstrate that prior conduct complies with these new interpretations. This situation could increase the risks associated with non-compliance and result in the imposition of penalties or enforcement actions. In addition, the business or operations of financial services firms such as JPMorganChase may be negatively affected by executive orders or other executive branch actions that seek to regulate those businesses or operations.
•harm to its reputation.
Differences in the supervision and inconsistenciesregulation inof financial services regulationfirms andcould supervisionrequire canJPMorganChase negativelyto impactmodify JPMorganChase’s businesses,its operations and financialincur results.higher operational and compliance costs.
Management's Discussion & Analysis (MD&A)
New heading “Enhanced SLR Final Rule”
New heading “Enhanced Transparency and Public Accountability of the Supervisory Stress Test”
New heading “SCB Volatility Reduction”
New heading “Organization and management”
New heading “Organization and management”
New heading “Organization and management”
New heading “Income taxes paid”
Removed heading “Business Developments”
Removed heading “First Republic acquisition”
Removed heading “Subordinated Debt”
Removed heading “Derivatives executed in contemplation of a sale of the underlying financial asset”
Removed heading “Nature and extent of TDRs”
Removed heading “Financial effects of TDRs and defaults”
Removed heading “Financial effects of TDRs and defaults”
Removed heading “Nature and extent of TDRs”
Removed heading “Origination date LTV ratio”
Removed heading “Current estimated LTV ratio”
Removed heading “Combined LTV ratio”
Largest changes
“Rate (“EURIBOR”). The Swiss Competition Commission’s investigation relating to EURIBOR, to which the Firm and one other bank remain subject, continues. The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the European Commission, but exercised its discretion to re-impose a fine in an identical amount. …”see in full comparison
“In addition, the Firm has been named as a defendant along with other banks in various individual and putative class actions related to benchmark rates, including U.S. dollar LIBOR. In actions related to U.S. dollar LIBOR during the period that it was administered by the BBA, the United States District Court for the Southern District of New York granted class certification of antitrust claims related to bonds and interest rate swaps sold directly by the defendants, including the Firm. …”see in full comparison
“The types of events that may result in reputation risk are wide-ranging and can be introduced by the Firm’s employees, business strategies and activities, clients, customers and counterparties with which the Firm does business. These events could contribute to financial losses, litigation, regulatory enforcement actions, fines, penalties or other sanctions, as well as other harm to the Firm.”see in full comparison
LIBOR and Other Benchmark Rate Investigations and Litigation. JPMorganChase has responded to inquiries from various governmental agencies and entities around the world relating primarily to the British Bankers Association’s (“BBA”) London Interbank Offered Rate (“LIBOR”) for various currencies and the European Banking Federation’s Euro Interbank Offered Rate (“EURIBOR”). The Firm appealed a December 2016 decision by the European Commission against the Firm and other banks finding an infringement of European antitrust rules relating to EURIBOR. In December 2023, the European General Court annulled the fine imposed by the Europeansee in full comparison
Full comparison: every changed paragraph (1138)
(c)TheAs ratiosof reflectJanuary 1, 2025, the benefit from the Current Expected Credit Losses (“CECL”) capital transition provision had been fully phased out. For the years ended December 31, 2024 and 2023, the ratios reflected the CECL capital transition provisions. Refer to Note 27 for additional information.
(d)ReflectsAs of December 31, 2025, the Firm’sAdvanced risk-based ratios underbecame more binding on the BaselFirm IIIthan the Standardized approach.risk-based ratios. Refer to Capital Risk Management on pages 9789–10799 for additional information.
(e)Includes a provision for lending-related commitments of $2.2 billion related to the Apple Card transaction. Refer to Executive Overview on page 47 for additional information.
(f)Includes a decrease of approximately 25 basis points under the Standardized approach related to the Apple Card transaction. Refer to Capital Risk Management on pages 89–99 for additional information.
(eg)Total net revenue included a $7.9 billion net gain related to Visa shares, and total noninterest expense included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation, both recorded in the second quarter of 2024. Refer to Executive Overview on pages 54–58, and Notes 2 andNote 6 for additional information on the exchange offer for Visa Class B-1 common stock.information.
This Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorganChase’s management, speak only as of the date of this Form 10-K and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 167160 and Part 1, Item 1A: Risk Factors in this Form 10-K on pages 10-379–31 for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase’s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements.
BusinessFor segmentsmanagement &reporting Corporate: Effective in the second quarter of 2024, the Firm reorganized its reportable business segments by combining the former Corporate & Investment Bank and Commercial Banking business segments to form one reportable segment, the Commercial & Investment Bank. As a result of the reorganization,purposes, the Firm has three reportable business segments – Consumer & Community Banking (“CCB”), Commercial & Investment Bank (“CIB”) and Asset & Wealth Management (“AWM”) – with the remaining activities in Corporate. The Firm’sFirm's consumer business segment is CCB, and the Firm’sFirm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 62–82 and Note 32 for a description of the Firm’s reportable business segments and the products and services that they provide to their respective client bases, as well as a description of Corporate activities.
A description of each of the Firm’s reportable business segments, and the products and services that they provide to their respective client bases, as well as a description of Corporate activities, is provided in the Management’s discussion and analysis of financial condition and results of operations section of this Form 10-K (“Management’s discussion and analysis” or “MD&A”) under the heading “Business Segment & Corporate Results,” which begins on page 70, and in Note 32.
First Republic: On May 1, 2023, JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank (the “First Republic acquisition”) from the Federal Deposit Insurance Corporation (“FDIC”). References in this Form 10-K to “associated with First Republic,” “impact of First Republic” or similar expressions refer to the relevant effects of the First Republic acquisition, as well as subsequent related business and activities, as applicable. Refer to Note 34 for additional information.
(a) TheAs of January 1, 2025, the benefit from the CECL capital transition provision had been fully phased out. For the year ended December 31, 2024, the ratios reflectreflected the CECL capital transition provisions. Refer to Note 27 for additional information.
(b) ReflectsAs of December 31, 2025, the Firm’sAdvanced risk-based ratios underbecame more binding on the BaselFirm IIIthan the Standardized approach.risk-based ratios. Refer to Capital Risk Management on pages 9789–10799 for additional information.
(c) NII and NIR refer to net interest income and noninterest revenue, respectively. Markets consists of CIB's Fixed Income Markets and Equity Markets businesses.
(d) Markets consists of CIB's Fixed Income Markets and Equity Markets businesses.The Firm assesses the performance of its Markets business on a total net revenue basis, as revenues in NII generally have offsets across other revenue lines, primarily Principal transactions revenue.
Apple Card transaction: On January 7, 2026, JPMorganChase announced that Chase will become the new issuer of Apple Card. The Firm entered into a forward purchase commitment on December 30, 2025 to acquire the Apple credit card portfolio, with an expected closing in approximately 24 months (the “Apple Card transaction”).
Refer to CCB segment results on pages 65–68, Capital Risk Management on pages 89–99 and Notes 4, 13, 27 and 28 for additional information.
Visa shares: On April 8, 2024, Visa Inc. commenced an initial exchange offer for its Class B-1 common shares. On May 6, 2024, the Firm announced that Visa had accepted the Firm’s tender of its 37.2 million Visa Class B-1 common shares in exchange for a combination of Visa Class B-2 common shares and Visa Class C common shares (“Visa C shares”), resulting in a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024. As of September 30, 2024, the Firm had disposed of all of its Visa C shares through sales and through a contribution to the Firm’s Foundation. Refer to Market Risk Management on pages 141–149, and Notes 2 and 6 for additional information.
First Republic: JPMorganChase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC on May 1, 2023. As a result, the year-to-date results include the twelve-month impact of First Republic compared with eight months in the prior-year period. Where meaningful to the results, this is referred to in this Form 10-K as the "timing impact" of First Republic. Refer to Notes 6 and 34 for additional information.
JPMorganChase reported net income of $58.5$57.0 billion for 2024,2025, updown 18%,2%, earnings per share of $19.75,$20.02, ROE of 18%17% and ROTCE of 22%.20%.
–Net interest income (“NII”) of $92.6$95.4 billion, up 4%,3%, driven by thehigher impactMarkets ofnet balanceinterest sheet actions, primarily reinvestments in the investment securities portfolio,income, higher revolving balances in Card Services, the timing impact of First Republic, higher wholesale deposit balances, and higherthe Marketsimpact netof interestinvestment income,securities activity. These factors were largely offset by deposit margin compression acrossand the linesimpact of business and lower average deposit balances in CCB.rates. NII excluding Markets was $92.4$92.6 billion, upflat 3%.when compared with the prior year.
–Noninterest revenue (“NIR”) was $87.0 billion, up 2%, reflecting higher Markets noninterest revenue, higher asset management fees in AWM and CCB, higher auto operating lease income, lower net investment securities losses in Treasury and CIO, higher Payments fees, higher investment banking fees, and a $588 million First Republic-related gain recorded in the first quarter of 2025. These increases were predominantly offset by the absence of the $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024, as well as lower card income in the current year.
•Noninterest expense was $95.6 billion, up 4%, driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees. The increase in expense was also driven by higher brokerage expense and distribution fees, higher auto lease depreciation, and continued investments in technology and marketing, as well as higher occupancy expense. These factors were partially offset by FDIC special assessment accrual releases of $763 million compared with an increase of $725 million in the prior year, as well as the absence of a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024.
–Noninterest revenue (“NIR”) was $85.0 billion, up 23%, predominantly driven by a $7.9 billion net gain related to Visa shares recorded in the second quarter of 2024, higher asset management fees in AWM and CCB, higher investment banking fees, and lower net investment securities losses in Treasury and CIO.
The prior year included the estimated bargain purchase gain of $2.8 billion associated with First Republic.
•Noninterest expense was $91.8 billion, up 5%, driven by higher compensation expense, including higher revenue-related compensation and growth in the number of employees, as well as a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024, partially offset by lower FDIC-related expense, reflecting a $2.9 billion special assessment recognized in the fourth quarter of 2023, compared with a $725 million increase to the FDIC special assessment recognized in the first quarter of 2024.
•The provision for credit losses was $10.7 billion, reflecting $8.6 billion of net charge-offs and a net addition to the allowance for credit losses of $2.0$14.2 billion. Net charge-offs increasedwere by $2.4$9.8 billion, up $1.2 billion, predominantly driven by Card Services, reflecting the seasoning of vintages originated in recent years, credit normalization,Wholesale and balanceCard growth.Services. The net addition to the allowance for credit losses includedwas a$4.4 netbillion additionand consisted of $2.1$3.3 billion in consumer, drivenwhich byincluded $2.2 billion related to the Apple Card Services,transaction, and a$1.1 net reduction of $19 millionbillion in wholesale.
The provision inIn the prior yearyear, the provision was $9.3$10.7 billion, reflecting $6.2 billion of net charge-offs were $8.6 billion and a $3.1 billionthe net addition to the allowance for credit losses.losses was $2.0 billion.
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 51–54 and pages 55–57, respectively, for a further discussion of the Firm's results, including the provision for credit losses.
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis, are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 59–61 for a further discussion of each of these measures.
•The Firm’s nonperforming assets totaled $10.4 billion at December 31, 2025, up 11%, driven by:
–higher consumer nonaccrual loans, predominantly due to the impact of the wildfires in California in January 2025, as well as higher loans at fair value in CIB, and
–higher wholesale nonaccrual loans, reflecting downgrades to exposures in certain industries, predominantly offset by net portfolio activity and upgrades.
•The Firm’s nonperforming assets totaled $9.3 billion at December 31, 2024, up 22%, driven by higher wholesale nonaccrual loans, which reflected downgrades in Real Estate, concentrated in Office, partially offset by lower consumer nonaccrual loans, which included loan sales. Refer to Wholesale Credit Portfolio and Consumer Credit Portfolio on pages 126–136 and pages 120–125, respectively, for additional information.
•Firmwide average loans of $1.3 trillion were up 6%, driven by higher loans across the lines of business.
•Firmwide average deposits of $2.4 trillion were up 1%, reflecting:
–net inflows in Payments and net issuances of structured notes in Markets,
–the timing impact of First Republic, and
–growth in balances in new and existing client accounts in AWM,
–a decline in CCB primarily driven by a decrease in balances in existing accounts due to increased customer spending.
Refer to LiquidityWholesale RiskCredit ManagementPortfolio and Consumer Credit Portfolio on pages 108118–115128 and pages 112–117, respectively, for additional information.
•Firmwide average loans of $1.4 trillion were up 6%, predominantly driven by higher loans in CIB and AWM.
•Firmwide average deposits of $2.5 trillion were up 5%, reflecting:
–net inflows related to client-driven activities in Payments and Securities Services, and
–growth in both new accounts and balances in existing accounts in AWM,
–a decrease in CCB primarily driven by increased customer spending.
Refer to Liquidity Risk Management on pages 100–107 for additional information.
•As of December 31, 2024,2025, the Firm had eligible end-of-period High Quality Liquid Assets (“HQLA”) of approximately $834$915 billion and unencumbered marketable securities with a fair value of approximately $594$548 billion, resulting in approximately $1.4$1.5 trillion of liquidity sources. Refer to Liquidity Risk Management on pages 108–115 for additional information.
Refer to Capital Risk Management and Liquidity Risk Management on pages 89–99 and pages 100–107, respectively, for additional information.
Refer to Consolidated Results of Operations and Consolidated Balance Sheets Analysis on pages 59–62 and pages 63–65, respectively, for a further discussion of the Firm's results, including the provision for credit losses, and Note 34 for additional information on the First Republic acquisition.
Pre-provision profit, ROTCE, TCE, TBVPS, NII and NIR excluding Markets, and total net revenue on a managed basis are non-GAAP financial measures. Refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on pages 67–69 for a further discussion of each of these measures.
(a) Excludes Commercial Card.
(b) Users of all mobile platforms who have logged in within the past 90 days.
(c)On January 1, 2025, $5.6 billion of loans were realigned from Global Corporate Banking to Fixed Income Markets.
(c) Reflects the reorganization of the Firm's business segments. Refer to Business Segment & Corporate Results on pages 70–90 for additional information.
(d) Represents client deposits and other third-party liabilities pertaining to the Payments and Securities Services businesses.
(e) In the fourth quarter of 2023, CCB transferred certain deposits associated with First Republic to AWM and CIB.
(a) Includes Individuals and Individual Entities primarily consisting of Global Private Bank clients within AWM.
(b) Includes states, municipalities, hospitals and universities.
•On December 8, 2025, JPMorganChase announced that Todd A. Combs had resigned from the Firm’s Board of Directors and would join the Firm as the head of the Strategic Investment Group within the Firm’s Security and Resiliency Initiative.
•On January 14, 2025, JPMorganChase announced new responsibilities for several of its senior executives:
–Daniel Pinto, President and Chief Operating Officer (“COO”), will retire at the end of 2026. Mr. Pinto will relinquish his responsibilities as President and COO as of June 30, 2025. He will continue to serve the Firm as Vice Chairman through the end of 2026.
What changed in the latest 10-Q
Risk Factors
Refer to Part I, Item 1A: Risk Factors on pages 9–31 of JPMorganChase’s 2025 Form 10-K and Forward-Looking Statements on page 92 of this Form 10-Q for a discussion of certain risk factors affecting the Firm.
Supervision and regulation
Refer to the Supervision and regulation section on pages 2-6 of JPMorganChase’s 2025 Form 10-K for information on Supervision and Regulation.
No wording changes found in this section (only numbers or dates changed in 1 paragraph).
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
Not available: the section could not be located automatically in both filings (non-standard layout or incorporated by reference). See the original filing. Open the filing on SEC.gov.
JPM insider buying and selling (Form 4)
Form 4 filings since 2026-04-11: 0 open-market purchases and 19 open-market sales (about $70.8M; 19 reported as made under a Rule 10b5-1 trading plan), across 29 filings with stock transactions. Awards, option exercises, tax withholding and gifts are listed but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-30 | Rometty Virginia M |
Grant/award | 121 | $330.83 | $40.0K |
| 2026-09-30 | Novakovic Phebe N |
Grant/award | 121 | $330.83 | $40.0K |
| 2026-09-30 | Hobson Mellody L |
Grant/award | 136 | $330.83 | $45.0K |
| 2026-09-30 | Burke Stephen B |
Grant/award | 170 | $330.83 | $56.2K |
| 2026-09-10 | Leopold Robin |
Open-market sale |
2,500 | $352.81 | $882.0K |
| 2026-08-11 | Leopold Robin |
Open-market sale |
2,500 | $361.41 | $903.5K |
| 2026-07-27 | Friedman Stacey |
Gift | 166 | — | — |
| 2026-07-24 | Petno Douglas B |
Gift | 864 | — | — |
| 2026-06-30 | Rometty Virginia M |
Grant/award | 122 | $327.33 | $40.0K |
| 2026-06-30 | Novakovic Phebe N |
Grant/award | 122 | $327.33 | $40.0K |
| 2026-06-30 | Hobson Mellody L |
Grant/award | 137 | $327.33 | $45.0K |
| 2026-06-30 | Burke Stephen B |
Grant/award | 172 | $327.33 | $56.2K |
| 2026-06-22 | Friedman Stacey |
Open-market sale |
5,467 | $330.73 | $1.8M |
| 2026-05-20 | Friedman Stacey |
Open-market sale |
5,468 | $300.27 | $1.6M |
| 2026-05-15 | Erdoes Mary E. |
Open-market sale |
6,648 | $298.36 | $2.0M |
| 2026-05-15 | Lake Marianne |
Open-market sale |
6,427 | $298.36 | $1.9M |
| 2026-05-15 | Petno Douglas B |
Open-market sale |
5,659 | $300.05 | $1.7M |
| 2026-05-15 | Beer Lori A |
Open-market sale |
3,165 | $300.05 | $949.7K |
| 2026-05-14 | Petno Douglas B |
Gift |
135,027 | — | — |
| 2026-05-14 | Petno Douglas B |
Gift |
135,027 | — | — |
| 2026-05-05 | Barnum Jeremy |
Open-market sale |
3,022 | $309.41 | $935.0K |
| 2026-05-05 | Bacon Ashley |
Open-market sale |
4,070 | $309.42 | $1.3M |
| 2026-05-05 | Piepszak Jennifer |
Open-market sale |
4,919 | $309.42 | $1.5M |
| 2026-04-15 | Piepszak Jennifer |
Open-market sale |
9,136 | $306.56 | $2.8M |
| 2026-04-15 | Petno Douglas B |
Open-market sale |
5,660 | $306.58 | $1.7M |
| 2026-04-15 | Lake Marianne |
Open-market sale |
6,427 | $306.57 | $2.0M |
| 2026-04-15 | Erdoes Mary E. |
Open-market sale |
12,345 | $306.57 | $3.8M |
| 2026-04-15 | Beer Lori A |
Open-market sale |
3,166 | $306.59 | $970.7K |
| 2026-04-15 | Barnum Jeremy |
Open-market sale |
5,611 | $306.55 | $1.7M |
| 2026-04-15 | Bacon Ashley |
Open-market sale |
7,558 | $306.55 | $2.3M |
| 2026-04-15 | Dimon James |
Open-market sale |
130,488 | $306.56 | $40.0M |
Well-known investors holding JPM (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| PRIMECAP Management | 2026-06-30 | 3,382,627 | $1.1B | 0.65% | Reduced 1% |
| Two Sigma Investments | 2026-06-30 | 2,957,516 | $968.1M | 0.73% | Reduced 11% |
| Viking Global Investors (Andreas Halvorsen) | 2026-06-30 | 2,899,386 | $949.1M | 2.71% | Added 7% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 2,842,230 | $930.3M | 0.32% | Added 74% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 2,214,465 | $724.9M | 0.42% | Reduced 9% |
| D. E. Shaw & Co. | 2026-06-30 | 1,413,451 | $462.7M | 0.29% | Reduced 59% |
| Millennium Management (Israel Englander) | 2026-06-30 | 1,042,612 | $341.3M | 0.23% | Reduced 15% |
| Davis Selected Advisers (Chris Davis) | 2026-06-30 | 476,389 | $155.9M | 0.67% | Reduced 14% |
| Renaissance Technologies | 2026-06-30 | 385,678 | $126.2M | 0.17% | Reduced 44% |
| Markel Group (Tom Gayner) | 2026-06-30 | 252,550 | $82.7M | 0.63% | No change |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 239,772 | $78.5M | 0.12% | New position |
| Soros Fund Management | 2026-06-30 | 118,358 | $38.7M | 0.51% | No change |
| Dodge & Cox | 2026-06-30 | 117,130 | $38.3M | 0.02% | Reduced 1% |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 100,082 | $32.8M | 0.08% | Reduced 12% |
| Gardner Russo & Quinn (Tom Russo) | 2026-06-30 | 24,719 | $8.1M | 0.09% | Reduced 83% |
| Bridgewater Associates | 2026-06-30 | 23,548 | $7.7M | 0.03% | New position |
| Harris Associates (Oakmark Funds) | 2026-06-30 | 6,215 | $2.0M | 0.0% | Added 7% |