Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,501.65 0.00 0.00%
S&P 500 1,878.61 3.22 0.17%
NASDAQ 4,148.34 21.37 0.52%
Ticker Volume Price Price Delta
STOXX 50 3,165.90 -23.91 -0.75%
FTSE 100 6,682.49 -20.51 -0.31%
DAX 9,455.85 -92.83 -0.97%
Ticker Volume Price Price Delta
NIKKEI 14,429.26 24.27 0.17%
TOPIX 1,169.99 5.09 0.44%
HANG SENG 22,223.53 -339.27 -1.50%

JPMorgan Chase Reports Fourth-Quarter 2013 Net Income of $5.3 Billion, or $1.30 Per Share, on Revenue1 of $24.1 Billion



  JPMorgan Chase Reports Fourth-Quarter 2013 Net Income of $5.3 Billion, or
  $1.30 Per Share, on Revenue1 of $24.1 Billion

                    14% Return on Tangible Common Equity^1

 Full-Year 2013 Net Income of $17.9 Billion, or $4.35 Per Share, on Revenue^1
                               of $99.8 Billion

Business Wire

NEW YORK -- January 14, 2014

JPMorgan Chase & Co. (NYSE:JPM):

  * Strong performance across our businesses^2

       * Consumer & Community Banking: average deposits up 8%; record client
         investment assets up 19%; record credit card sales volume up 11%;
         merchant processing volume up 14%; auto originations up 16%
       * Corporate & Investment Bank: maintained #1 ranking for Global
         Investment Banking fees; average client deposits up 15%; record
         assets under custody up 9%
       * Commercial Banking: record gross investment banking revenue^3 up 13%;
         average loan balances up 8%
       * Asset Management: nineteenth consecutive quarter of positive net
         long-term client flows; record client assets up 12%; record average
         loan balances up 21%

  * Fourth-quarter results included the following significant items; excluding
    these items, EPS and ROTCE^1 would have been $1.40 and 15%, respectively

       * An increase of $812 million after-tax ($0.21 per share) from gain on
         sale of Visa shares
       * An increase of $306 million after-tax ($0.08 per share) from gain on
         sale of One Chase Manhattan Plaza (“1CMP”)
       * A decrease of $1.1 billion after-tax ($0.27 per share) for legal
         expense, including announced Madoff settlements
       * An increase of $775 million after-tax ($0.20 per share) from reduced
         reserves in Real Estate Portfolios & Card Services
       * A decrease of $1.2 billion after-tax ($0.32 per share) from funding
         valuation adjustments^1 (“FVA”) and debit valuation adjustments^1
         (“DVA”)

  * Fortress balance sheet maintained

       * Basel I Tier 1 common^1 of $149 billion, and ratio of 10.7%
       * Estimated Basel III Tier 1 common^1,4 ratio of 9.5%
       * Strong liquidity – High Quality Liquid Assets^1,5 ("HQLA") of $522
         billion

  * JPMorgan Chase supported consumers, businesses and our communities in 2013

       * Provided $274 billion of credit to consumers; originated more than
         800,000 mortgages
       * Provided $19 billion of credit to U.S. small businesses
       * Provided over $589 billion of credit to corporations
       * Raised nearly $1.1 trillion of capital for clients
       * $79 billion of capital raised and credit provided for nonprofit and
         government entities

  * The Firm has hired over 6,300 military veterans since 2011 as a proud
    founding member of the 100,000 Jobs Mission

     For notes on non-GAAP financial measures, including managed basis
^1   reporting, see pages 12 and 13. ^ For additional notes on financial
     measures, see page 14.
^2   Percentage comparisons noted in the bullet points are calculated versus
     the prior-year fourth quarter.
^3   Represents the total revenue from investment banking products sold to CB
     clients.
^4   Includes the impact of Basel III interim final rules.
     HQLA is the estimated amount of assets the Firm believes will qualify for
^5   inclusion in the LCR based on the Firm's current understanding of the
     Basel III rules
      

JPMorgan Chase & Co. (NYSE:JPM) today reported net income for the fourth
quarter of 2013 of $5.3 billion, compared with net income of $5.7 billion in
the fourth quarter of 2012. Earnings per share were $1.30, compared with $1.39
in the fourth quarter of 2012. Revenue for the quarter was $24.1 billion, down
1% compared with the prior year. The Firm’s return on tangible common equity^1
for the fourth quarter of 2013 was 14%, compared with 15% in the prior year.

Adjusted for the significant items disclosed in our earnings press releases
this quarter and in the fourth quarter of 2012, EPS would have been $1.40 this
year compared with $1.35 in the prior year and ROTCE would have been 15% this
year, flat compared with the prior year.

Net income for full-year 2013 was $17.9 billion, compared with $21.3 billion
for the prior year. Earnings per share were $4.35 for 2013, compared with
$5.20 for 2012. Revenue for 2013 was $99.8 billion, flat compared with 2012
revenue of $99.9 billion.

Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial
results: “We are pleased to have made progress on our control, regulatory and
litigation agendas and to have put some significant issues behind us this
quarter. We reached several important resolutions – Global RMBS, Gibbs &
Bruns, and Madoff. It was in the best interests of our company and
shareholders for us to accept responsibility, resolve these issues and move
forward. This will allow us to focus on what we are here for: serving our
clients and communities around the world. We remained focused on building our
four leading franchises, which all continued to deliver strong underlying
performance, for the quarter and the year.”

Dimon continued, “The Corporate & Investment Bank was #1 in global IB fees in
2013, with #1 positions in global debt and equity, syndicated loans, and U.S.
announced M&A, and we gained share in Banking and Markets. Consumer &
Community Banking deposits were up 8% for the fourth quarter of 2013; client
investment assets were up 19%; and general purpose credit card sales volume
growth has outperformed the industry for 23 consecutive quarters. Gross
investment banking revenue^3 was a record $1.7 billion for the year, up 5%.
Asset Management also had excellent performance with positive net long-term
client flows of $90 billion for the full year 2013 and record loan balances,
up 21%.”

Dimon added: “During the course of 2013, JPMorgan Chase continued to make a
significant positive impact on our communities. In 2013, the Firm provided
credit and raised capital of over $2.1 trillion for our clients. The Firm has
hired over 6,300 military veterans since 2011 as a proud founding member of
the 100,000 Jobs Mission.”

Dimon concluded: “I am proud of this Company, our employees and what we do
every day to serve our clients, customers and communities. We are increasingly
optimistic about the future of the U.S. economy and will continue to do our
part to support growth, economic development and the creation of new jobs
around the world.”

In the discussion below of the business segments and of JPMorgan Chase as a
Firm, information is presented on a managed basis. For more information about
managed basis, as well as other non-GAAP financial measures used by management
to evaluate the performance of each line of business, see pages 12 and 13. The
following discussion compares the fourth quarters of 2013 and 2012 unless
otherwise noted. Footnotes in the sections that follow are described on page
14.

 
CONSUMER & COMMUNITY BANKING (CCB)
                                                                                        
Results for                                                    3Q13                    4Q12
CCB
($                4Q13           3Q13           4Q12           $ O/(U)      O/(U)      $ O/(U)        O/(U)
millions)                                                                   %                         %
Net Revenue       $ 11,314       $ 11,082       $ 12,362       $ 232        2   %      $ (1,048 )     (8  )%
Provision
for Credit        72             (267     )     1,091          339          NM         (1,019   )     (93 )
Losses
Noninterest       7,321          6,867          7,989          454          7          (668     )     (8  )
Expense
Net Income        $ 2,372        $ 2,702        $ 1,989        $ (330 )     (12 )%     $ 383          19  %
                                                                                                     

Discussion of Results:

Net income was $2.4 billion, an increase of $383 million, or 19%, compared
with the prior year, due to lower provision for credit losses and lower
noninterest expense, largely offset by lower net revenue.

Net revenue was $11.3 billion, a decrease of $1.0 billion, or 8%, compared
with the prior year. Net interest income was $7.1 billion, down $199 million,
or 3%, driven by spread compression in Credit Card, lower deposit margins and
lower loan balances due to portfolio runoff, partially offset by higher
deposit balances. Noninterest revenue was $4.3 billion, a decrease of $849
million, or 17%, driven by lower mortgage fees and related income, partially
offset by higher investment sales revenue.

The provision for credit losses was $72 million, compared with $1.1 billion in
the prior year and a benefit of $267 million in the prior quarter. The
current-quarter provision reflected a $1.2 billion reduction in the allowance
for loan losses and total net charge-offs of $1.3 billion. The prior-quarter
provision reflected a $1.6 billion reduction in the allowance for loan losses
and total net charge-offs of $1.3 billion. The prior-year provision reflected
a $700 million reduction in the allowance for loan losses and total net
charge-offs of $1.8 billion.

Noninterest expense was $7.3 billion, a decrease of $668 million, or 8%, from
the prior year, driven by lower mortgage servicing expense, partially offset
by higher non-MBS related legal expense in Mortgage Production and costs
related to the control agenda.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted; banking
portal ranking is per compete.com, as of November 2013)

  * Return on equity was 20% on $46.0 billion of average allocated capital.
  * Average total deposits were $461.1 billion, up 8% from the prior year and
    1% from the prior quarter. According to the FDIC 2013 Summary of Deposits
    survey, Chase grew deposits more than any other bank for the second year
    in a row, with a growth rate more than twice the industry average^2.
  * Active mobile customers were up 26% over the prior year to 15.6 million,
    and Chase.com remains the #1 most visited banking portal in the U.S.
  * Record client investment assets were $188.8 billion, up 19% from the prior
    year and 6% from the prior quarter.
  * Record credit card sales volume^2 was $112.6 billion, up 11% from the
    prior year and 5% from the prior quarter. General purpose credit card
    sales volume growth has outperformed the industry for 23 consecutive
    quarters^2.
  * Merchant processing volume was $203.4 billion, up 14% from the prior year
    and 9% from the prior quarter. Total transactions processed were
    9.6 billion, up 17% from the prior year and 8% from the prior quarter.
  * Auto originations were $6.4 billion, up 16% from the prior year.
  * Mortgage originations were $23.3 billion, down 54% from the prior year and
    42% from the prior quarter. Purchase originations of $13.0 billion were up
    6% from the prior year and down 35% from the prior quarter.

Consumer & Business Banking net income was $780 million, an increase of $49
million, or 7%, compared with the prior year, due to higher net revenue,
largely offset by higher noninterest expense.

Net revenue was $4.4 billion, up 4% compared with the prior year. Net interest
income was $2.7 billion, up 3% compared with the prior year, driven by higher
deposit balances, largely offset by lower deposit margins. Noninterest revenue
was $1.7 billion, an increase of 4%, driven by higher investment sales revenue
and debit card revenue, partially offset by lower deposit-related fees.

The provision for credit losses was $108 million, compared with $110 million
in the prior year and $104 million in the prior quarter.

Noninterest expense was $3.0 billion, up 3% from the prior year, due to costs
related to the control agenda.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  * Return on equity was 28% on $11.0 billion of average allocated capital.
  * Ranked #1 in customer satisfaction among the largest banks for the second
    year in a row by American Customer Satisfaction Index (ACSI).
  * Ranked #1 in small business banking customer satisfaction in three of the
    four regions (West, Midwest and South) by J.D. Power.
  * Average total deposits were $446.0 billion, up 10% from the prior year and
    2% from the prior quarter.
  * Deposit margin was 2.29%, compared with 2.44% in the prior year and 2.32%
    in the prior quarter.
  * Accounts^2 totaled 29.4 million, up 5% from the prior year and flat
    compared with the prior quarter, reflecting higher customer retention.
  * Average Business Banking loans were $18.6 billion, up 1% from the prior
    year and flat compared with the prior quarter. Originations were $1.3
    billion, flat compared with the prior quarter and down 15% from the prior
    year.
  * Chase Private Client locations totaled 2,149, an increase of 931 from the
    prior year and 201 from the prior quarter.

Mortgage Banking net income was $562 million, an increase of $144 million, or
34%, compared with the prior year, driven by lower noninterest expense and
provision for credit losses, predominantly offset by lower net revenue.

Net revenue was $2.2 billion, a decrease of $1.1 billion compared with the
prior year. Net interest income was $1.1 billion, a decrease of $58 million,
or 5%, driven by lower loan balances due to portfolio runoff. Noninterest
revenue was $1.1 billion, a decrease of $1.0 billion, driven by lower mortgage
fees and related income.

The provision for credit losses was a benefit of $782 million^2, compared with
a benefit of $269 million in the prior year. The current quarter reflected a
$950 million reduction in the allowance for loan losses due to continued
improvement in delinquencies and home prices. The prior year included a $700
million reduction in the allowance for loan losses. Net charge-offs were $168
million, compared with $431 million in the prior year.

Noninterest expense was $2.1 billion, a decrease of $809 million, or 28%, from
the prior year, due to lower servicing expense.

Mortgage Production pretax loss was $274 million, a decrease of $1.1 billion
from the prior year, reflecting lower volumes, lower margins and higher legal
expense, partially offset by lower repurchase losses. Mortgage
production-related revenue, excluding repurchase losses, was $494 million, a
decrease of $1.1 billion, or 69%, from the prior year, largely reflecting
lower volumes and lower margins. Production expense^2 was $989 million, an
increase of $113 million from the prior year, due to higher non-MBS related
legal expense, partially offset by lower compensation-related expense.
Repurchase losses for the current quarter reflected a benefit of $221 million,
compared with a benefit of $53 million in the prior year and a benefit of $175
million in the prior quarter. The current quarter reflected a $1.2 billion
reduction in repurchase liability primarily as a result of the settlement with
the GSEs for claims associated with loans sold to the GSEs from 2000 to 2008,
compared with a $249 million reduction in repurchase liability in the prior
year and a $300 million reduction in repurchase liability in the prior
quarter.

Mortgage Servicing pretax income was $2 million, compared with a pretax loss
of $913 million in the prior year, reflecting lower expense and higher
revenue. Mortgage net servicing-related revenue was $689 million, an increase
of $71 million. MSR risk management was a loss of $24 million, compared with
income of $42 million in the prior year. Servicing expense was $663 million, a
decrease of $910 million from the prior year, reflecting lower costs
associated with the Independent Foreclosure Review and lower servicing
headcount.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  * Mortgage application volumes were $31.3 billion, down 52% from the prior
    year and 23% from the prior quarter.
  * Period-end total third-party mortgage loans serviced were $815.5 billion,
    down 5% from the prior year and 2% from the prior quarter.

Real Estate Portfolios pretax income was $1.2 billion, up $410 million from
the prior year, due to a higher benefit from the provision for credit losses,
partially offset by lower net revenue.

Net revenue was $850 million, a decrease of $115 million, or 12%, from the
prior year. This decrease was due to lower noninterest revenue due to higher
loan retention and lower net interest income resulting from lower loan
balances due to portfolio runoff.

The provision for credit losses was a benefit of $783 million, compared with a
benefit of $283 million in the prior year. The current-quarter provision
reflected a $950 million reduction in the allowance for loan losses, $750
million from the purchased credit-impaired allowance and $200 million from the
non credit-impaired allowance, reflecting continued improvement in
delinquencies and home prices. The prior-year provision included a $700
million reduction in the allowance for loan losses from the non
credit-impaired allowance. Net charge-offs were $167 million, compared with
$417 million in the prior year. Home equity net charge-offs were $179 million
(1.21% net charge-off rate^1), compared with $257 million (1.49% net
charge-off rate^1) in the prior year. Subprime mortgage net recoveries were
$6 million (0.33% net recovery rate^1), compared with net charge-offs of
$92 million (4.35% net charge-off rate^1). Net recoveries of prime mortgage,
including option ARMs, were $8 million (0.06% net recovery rate^1), compared
with net charge-offs of $66 million (0.63% net charge-off rate^1).

Noninterest expense was $411 million, a decrease of $25 million, or 6%,
compared with the prior year.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted. Average
loans include PCI loans)

  * Mortgage Banking return on equity was 11% on $19.5 billion of average
    allocated capital.
  * Average home equity loans were $78.0 billion, down $11.7 billion.
  * Average mortgage loans were $90.9 billion, up $1.8 billion.
  * Allowance for loan losses was $6.7 billion, compared with $10.6 billion.
  * Allowance for loan losses to ending loans retained, excluding PCI loans^1,
    was 2.23%, compared with 4.14%.

Card, Merchant Services & Auto net income was $1.0 billion, an increase of
$190 million, or 23%, compared with the prior year, driven by lower provision
for credit losses, partially offset by lower net revenue.

Net revenue was $4.7 billion, down $140 million, or 3%, compared with the
prior year. Net interest income was $3.3 billion, down $222 million compared
with the prior year, primarily driven by spread compression in Credit Card.
Noninterest revenue was $1.4 billion, up $82 million compared with the prior
year, primarily driven by higher net interchange income, auto lease income and
merchant servicing revenue, partially offset by lower revenue from an exited
non-core product.

The provision for credit losses was $746 million, compared with $1.3 billion
in the prior year and $673 million in the prior quarter. The current-quarter
provision reflected lower net charge-offs and a $300 million reduction in the
allowance for loan losses reflecting improved delinquency trends and a
decrease in restructured loan volume.

The Credit Card net charge-off rate^1 was 2.85%, down from 3.50% in the prior
year and 2.86% in the prior quarter; the 30+ day delinquency rate^1 was 1.67%,
down from 2.10% in the prior year and 1.68% in the prior quarter. The Auto net
charge-off rate was 0.39%, up from 0.36% in the prior year and 0.35% in the
prior quarter.

Noninterest expense was $2.2 billion, up $59 million, or 3% from the prior
year, driven by higher marketing expense, payments to customers required by a
regulatory consent order and higher auto lease depreciation, predominantly
offset by the write-off of intangible assets in the prior year.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  * Return on equity was 26% on $15.5 billion of average allocated capital.
  * #1 credit card issuer in the U.S. based on outstandings^2; #1 global Visa
    issuer based on consumer and business credit card sales volume^2.
  * Period-end Credit Card loan balances were $127.8 billion, flat compared
    with the prior year and up 3% from the prior quarter. Credit Card average
    loans were $124.1 billion, flat compared with the prior year and the prior
    quarter.
  * Card Services net revenue as a percentage of average loans was 12.34%,
    compared with 12.82% in the prior year and 12.22% in the prior quarter.
  * Average auto loans were $51.8 billion, up 5% from the prior year and 3%
    from the prior quarter.

 
CORPORATE & INVESTMENT BANK (CIB)
                                                                                       
Results for                                                 3Q13                      4Q12
CIB
($                4Q13          3Q13          4Q12          $ O/(U)        O/(U)      $ O/(U)        O/(U)
millions)                                                                  %                         %
Net Revenue       $ 6,020       $ 8,189       $ 7,642       $ (2,169 )     (26 )%     $ (1,622 )     (21 )%
Provision
for Credit        (19     )     (218    )     (445    )     199            91         426            96   
Losses
Noninterest       4,892         4,999         4,996         (107     )     (2  )      (104     )     (2  )
Expense
Net Income        $ 858         $ 2,240       $ 2,005       $ (1,382 )     (62 )%     $ (1,147 )     (57 )%
                                                                                                    

Discussion of Results:

Net income was $858 million, down 57% compared with the prior year. These
results primarily reflected lower revenue and a lower benefit from the
provision for credit losses, partially offset by slightly lower noninterest
expense. Net revenue was $6.0 billion compared with $7.6 billion in the prior
year. Net revenue included a $1.5 billion loss as a result of implementing a
funding valuation adjustment^1 (“FVA”) framework for OTC derivatives and
structured notes. This change reflects an industry migration towards
incorporating the cost or benefit of funding into their valuation; the
majority of this adjustment relates to uncollateralized derivatives. Net
revenue also included a $536 million loss from debit valuation adjustments^1
(“DVA”) on structured notes and derivative liabilities, compared with a loss
from DVA of $567 million in the prior year. Excluding the impact of both FVA^1
and DVA^1, net income was $2.1 billion, down 11% compared with the prior year,
and net revenue was $8.0 billion, down 2% compared with the prior year.

Banking revenue was $3.0 billion, down 4% from the prior year. Investment
banking fees were $1.7 billion, down 3% from the prior year, driven by lower
debt underwriting fees of $801 million, down 19% from a record prior year, and
by lower advisory fees of $434 million, down 7% from the prior year. This was
predominantly offset by higher equity underwriting fees of $436 million, up
65% from the prior year, on strong market issuance and improved market share.
Treasury Services revenue was $1.0 billion, down 7% compared with the prior
year, driven by lower trade finance revenue. Lending revenue was $373 million,
primarily reflecting net interest income on retained loans, fees on
lending-related commitments, and gains on securities received from
restructured loans.

Markets & Investor Services revenue was $3.0 billion, down 33% from the prior
year. Combined Fixed Income and Equity Markets revenue was $4.1 billion, flat
compared with the prior year. In the prior year, Fixed Income Markets also
included a modest loss from the synthetic credit portfolio. Securities
Services revenue was $1.0 billion, up 3% from the prior year, primarily driven
by higher custody and fund services revenue, due largely to higher assets
under custody and higher deposits. Credit Adjustments & Other revenue was a
loss of $2.1 billion, driven by the impact of both FVA^1 and DVA^1, compared
with a loss of $586 million in the prior year, predominantly driven by DVA^1.

The provision for credit losses was a benefit of $19 million, compared with a
benefit of $445 million in the prior year. The prior year included recoveries
and a reduction in the allowance for credit losses, both related to certain
restructured nonperforming loans. The ratio of the allowance for loan losses
to period-end loans retained was 1.15%, compared with 1.19% in the prior year.
Excluding the impact of the consolidation of Firm-administered multi-seller
conduits and trade finance loans, the ratio of the allowance for loan losses
to period-end loans retained^1 was 2.02%, compared with 2.52% in the prior
year.

Noninterest expense was $4.9 billion, down 2% from the prior year, primarily
due to lower compensation expense. The compensation ratio ^ was 27%, excluding
the impact of FVA^1 and DVA^1.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted, and all
rankings are according to Dealogic)

  * Return on equity was 6% on $56.5 billion of average allocated capital (15%
    excluding FVA^1 and DVA^1).
  * Ranked #1 in Global Investment Banking Fees for the year ended December
    31, 2013.
  * Ranked #1 in Global Debt, Equity and Equity-related; #1 in Global
    Long-Term Debt; #1 in Global Syndicated Loans; #2 in Global Announced M&A;
    #1 in U.S. Announced M&A; and #2 in Global Equity and Equity-related,
    based on volume, for the year ended December 31, 2013.
  * Average client deposits and other third-party liabilities were a record
    $421.6 billion, up 15% from the prior year and 9% from the prior quarter.
  * Assets under custody were a record $20.5 trillion, up 9% from the prior
    year and 4% from the prior quarter.
  * International revenue represented 45% of total revenue (47% of total
    revenue excluding FVA^1 and DVA^1).
  * Period-end total loans were $107.5 billion, down 7% from the prior year
    and flat from the prior quarter. Nonaccrual loans were $343 million, down
    57% from the prior year and 11% from the prior quarter.
  * Overhead ratio was 81% (61% excluding FVA^1 and DVA^1).

                                                                                 
COMMERCIAL BANKING (CB)
                                                                                   
Results for                                                 3Q13                  4Q12
CB
($                4Q13          3Q13          4Q12          $ O/(U)     O/(U)     $ O/(U)     O/(U)
millions)                                                               %                     %
Net Revenue       $ 1,847       $ 1,725       $ 1,745       $ 122       7   %     $ 102       6  %
Provision
for Credit        43            (41     )     (3      )     84          NM        46          NM
Losses
Noninterest       653           661           599           (8    )     (1  )     54          9   
Expense
Net Income        $ 693         $ 665         $ 692         $ 28        4   %     $ 1         -
                                                                                             

Discussion of Results:

Net income was $693 million, flat compared with the prior year, reflecting an
increase in noninterest expense and a higher provision for credit losses,
offset by higher net revenue.

Net revenue was $1.8 billion, an increase of $102 million, or 6%, compared
with the prior year. Net interest income was $1.2 billion, an increase of $56
million, or 5%, compared with the prior year, reflecting the one-time proceeds
from a lending-related workout and higher loan and liability balances,
partially offset by loan spread compression and lower purchase discounts
recognized on loan repayments. Noninterest revenue was $624 million, an
increase of $46 million, or 8%, compared with the prior year, reflecting
higher community development-related revenue.

Revenue from Middle Market Banking was $744 million, flat compared with the
prior year. Revenue from Corporate Client Banking was $488 million, flat
compared with the prior year. Revenue from Commercial Term Lending was
$298 million, a decrease of $14 million, or 4%, compared with the prior year.
Revenue from Real Estate Banking was $206 million, an increase of $93 million,
or 82%, compared with the prior year, driven by the one-time proceeds from a
lending-related workout.

The provision for credit losses was $43 million, compared with a benefit of $3
million in the prior year. Net charge-offs were $25 million (0.07% net
charge-off rate), compared with net charge-offs of $50 million (0.16% net
charge-off rate) in the prior year and net charge-offs of $16 million (0.05%
net charge-off rate) in the prior quarter. The allowance for loan losses to
period-end loans retained was 1.97%, down from 2.06% in the prior year and
down from 1.99% in the prior quarter. Nonaccrual loans were $514 million, down
$159 million, or 24%, from the prior year, and down by $52 million, or 9%,
from the prior quarter.

Noninterest expense was $653 million, up 9% compared with the prior year,
reflecting higher product- and headcount-related^2 expense.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  * Return on equity was 20% on $13.5 billion of average allocated capital.
  * Overhead ratio was 35%, compared with 34% in the prior year.
  * Gross investment banking revenue (which is shared with the Corporate &
    Investment Bank) was a record $502 million, up 13% compared with the prior
    year and up 12% compared with the prior quarter.
  * Average loan balances were $135.6 billion^2, up 8% compared with the prior
    year and up 3% compared with the prior quarter.
  * Period-end loan balances were $137.1 billion^2, up 7% compared with the
    prior year and up 1% compared with the prior quarter.
  * Average client deposits and other third-party liabilities were $205.3
    billion, up 3% compared with the prior year and up 4% compared with the
    prior quarter.

 
ASSET MANAGEMENT (AM)
                                                                                   
Results for                                                 3Q13                  4Q12
AM
($                4Q13          3Q13          4Q12          $ O/(U)     O/(U)     $ O/(U)     O/(U)
millions)                                                               %                     %
Net Revenue       $ 3,179       $ 2,763       $ 2,753       $ 416       15  %     $ 426       15  %
Provision
for Credit        21            —             19            21          NM        2           11   
Losses
Noninterest       2,245         2,003         1,943         242         12        302         16   
Expense
Net Income        $ 568         $ 476         $ 483         $ 92        19  %     $ 85        18  %
                                                                                             

Discussion of Results:

Net income was $568 million, an increase of $85 million, or 18%, from the
prior year, reflecting higher net revenue, largely offset by higher
noninterest expense.

Net revenue was $3.2 billion, an increase of $426 million, or 15%, from the
prior year. Noninterest revenue was $2.6 billion, up $393 million, or 18%,
from the prior year, due to net client inflows, higher valuations of seed
capital investments and the effect of higher market levels. Net interest
income was $585 million, up $33 million, or 6%, from the prior year, due to
higher loan and deposit balances, partially offset by narrower loan spreads.

Revenue from Private Banking was $1.6 billion, up 11% compared with the prior
year. Revenue from Institutional was $806 million, up 11%. Retail was
$770 million, up 32%.

Client assets were $2.3 trillion, an increase of $248 billion, or 12%,
compared with the prior year. Assets under management were $1.6 trillion, an
increase of $172 billion, or 12%, from the prior year, due to net inflows to
long-term products and the effect of higher market levels. Custody, brokerage,
administration and deposit balances were $745 billion, up $76 billion, or 11%,
from the prior year, due to the effect of higher market levels and custody
inflows, partially offset by brokerage outflows.

The provision for credit losses was $21 million, compared with $19 million in
the prior year.

Noninterest expense was $2.2 billion, an increase of $302 million, or 16%,
from the prior year, primarily due to higher performance-based compensation,
higher headcount-related^2 expense and costs related to the control agenda.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  * Return on equity was 25% on $9.0 billion of average allocated capital.
  * Pretax margin^2 was 29%, flat to the prior year.
  * For the 12 months ended December 31, 2013, assets under management
    reflected net inflows of $86 billion, driven by net inflows of $90 billion
    to long-term products and net outflows of $4 billion from liquidity
    products. For the quarter, net inflows were $23 billion, driven by net
    inflows of $16 billion to long-term products and net inflows of $7 billion
    to liquidity products.
  * Net long-term client flows were positive for the nineteenth consecutive
    quarter.
  * Assets under management ranked in the top two quartiles for investment
    performance were 69% over 5 years, 68% over 3 years and 68% over 1 year.
  * Customer assets in 4 and 5 Star-rated funds were 49% of all rated mutual
    fund assets.
  * Client assets were $2.3 trillion, a record, up 12% from the prior year and
    4% from the prior quarter.
  * Average loans were $92.7 billion, a record, up 21% from the prior year and
    6% from the prior quarter.
  * Period-end loans were $95.4 billion, a record, up 19% from the prior year
    and 5% from the prior quarter.
  * Average deposits were $144.0 billion, a record, up 8% from the prior year
    and 4% from the prior quarter.
  * Period-end deposits were $146.2 billion, a record, up 1% from the prior
    year and 5% from the prior quarter.

 
CORPORATE/PRIVATE EQUITY
                                                                                           
Results for
                                                                  3Q13                    4Q12
Corporate/Private
Equity
($ millions)            4Q13          3Q13           4Q12         $ O/(U)       O/(U)     $ O/(U)     O/(U)
                                                                                %                     %
Net Revenue             $ 1,752       $ 121          $ (124 )     $ 1,631       NM        $ 1,876     NM
Provision for           (13     )     (17      )     (6     )     4             24        (7      )   (117 )
Credit Losses
Noninterest             441           9,096          520          (8,655  )     (95 )     (79     )   (15  )
Expense
Net Income/(Loss)       $ 787         $ (6,463 )     $ 523        $ 7,250       NM        $ 264       50   %
                                                                                                     

Discussion of Results:

Net income was $787 million, compared with net income of $523 million in the
prior year.

Private Equity reported net income of $13 million, compared with net income of
$50 million in the prior year. Net revenue was $57 million, compared with net
revenue of $72 million in the prior year.

Treasury and CIO reported a net loss of $78 million, compared with a net loss
of $157 million in the prior year. Net revenue was a loss of $25 million,
compared with a loss of $110 million in the prior year. Current-quarter net
interest income was a loss of $96 million reflecting the benefit of higher
interest rates and reinvestment opportunities.

Other Corporate reported net income of $852 million, compared with net income
of $630 million in the prior year. The current quarter included a $1.3 billion
gain on the sale of Visa shares and a $0.5 billion gain on the sale of One
Chase Manhattan Plaza. The current quarter also included approximately $0.4
billion of pretax legal expense ($0.8 billion after-tax) compared with $0.2
billion of pretax legal expense ($0.1 billion after-tax) in the prior year,
and a benefit of $0.3 billion for tax adjustments compared to $0.6 billion in
the prior year.

 
JPMORGAN CHASE (JPM)^(*)
                                                                                        
Results for                                                    3Q13                    4Q12
JPM
($                4Q13           3Q13           4Q12           $ O/(U)       O/(U)     $ O/(U)      O/(U)
millions)                                                                    %                      %
Net Revenue       $ 24,112       $ 23,880       $ 24,378       $ 232         1   %     $ (266 )     (1  )%
Provision
for Credit        104            (543     )     656            647           NM        (552   )     (84 )
Losses
Noninterest       15,552         23,626         16,047         (8,074  )     (34 )     (495   )     (3  )
Expense
Net Income        $ 5,278        $ (380   )     $ 5,692        $ 5,658       NM        $ (414 )     (7  )%

(*) Presented on a managed basis. See notes on pages 12 and 13 for further
explanation of managed basis. Net revenue on a U.S. GAAP basis totaled $23,156
million, $23,117 million, and $23,653 million for the fourth quarter of 2013,
third quarter of 2013, and fourth quarter of 2012, respectively.

Discussion of Results:

Net income was $5.3 billion, down $414 million from the prior year. The
decrease was driven by lower net revenue and higher taxes resulting from
non-deductible penalties incurred and a lower benefit related to tax
adjustments, which were partially offset by lower provision for credit losses
and lower noninterest expense.

Net revenue was $24.1 billion, down $266 million, or 1%, compared with the
prior year. Noninterest revenue was $13.0 billion, flat compared with the
prior year. The current-quarter included a $1.5 billion loss as a result of
implementing a funding valuation adjustment^1 (“FVA”) framework for OTC
derivatives and structured notes, and a $536 million loss from debit valuation
adjustments^1 (“DVA”) on structured notes and derivative liabilities. Net
interest income was $11.1 billion, down $203 million, or 2%, compared with the
prior year, reflecting the impact of lower loan yields and lower trading and
investment securities balances, partially offset by higher investment
securities yields and lower financing costs.

The provision for credit losses was $104 million, down $552 million from the
prior year. The total consumer provision for credit losses was $65 million,
compared with $1.1 billion in the prior year. The current-quarter provision
reflected a $1.2 billion reduction in the allowance for loan losses, compared
to a $700 million reduction in the prior year, due to favorable delinquency
trends and lower estimated losses in mortgage and credit card portfolios.
Consumer net charge-offs were $1.3 billion, compared with $1.8 billion in the
prior year, resulting in net charge-off rates of 1.44% and 1.99%,
respectively. The decrease in consumer net charge-offs was primarily due to
improved delinquency trends. The wholesale provision for credit losses was an
expense of $39 million, compared with a benefit of $430 million in the prior
year. Wholesale net charge-offs were $22 million, compared with net recoveries
of $158 million in the prior year, resulting in a net charge-off rate of 0.03%
and a net recovery rate of 0.21%, respectively. The Firm’s allowance for loan
losses to period-end loans retained^1 was 1.80%, compared with 2.43% in the
prior year. The Firm’s nonperforming assets totaled $9.7 billion, down from
the prior quarter and prior year levels of $10.4 billion and $11.9 billion,
respectively.

Noninterest expense was $15.6 billion, down $495 million, or 3%, compared with
the prior year, primarily driven by lower servicing expense. The current
quarter included approximately $847 million of legal expense, compared with
$1.2 billion of legal expense in the prior year.

Key Metrics and Business Updates:
^(All comparisons refer to the prior-year quarter except as noted)

  * Basel I Tier 1 common ratio^1 was 10.7%
  * Headcount was 251,196, a decrease of 7,557, compared with the prior year.

    
1.   Notes on non-GAAP financial measures:
      
     The Firm presents below net income and earnings per share excluding
     certain reported significant items. These measures should be viewed in
     addition to, and not as a substitute for, the Firm’s reported results.
a.   Management believes this information helps investors understand the
     effect of these items on reported results and provides an additional
     presentation of the Firm's performance. The tables below provide a
     reconciliation of reported results to these non-GAAP measures.
      

Three months ended
                                             In billions     Per-share amounts
December 31, 2013
Reported: Net income                         $   5.3         $    1.30
Adjustments:
Gain on sale of Visa shares                  (0.8     )      (0.21        )
Gain on sale of One Chase Manhattan          (0.3     )      (0.08        )
Plaza
Firmwide legal expense                       1.1             0.27
Reduced reserves in Real Estate              (0.8     )      (0.20        )
Portfolios & Card Services
FVA and DVA                                  1.2             0.32          
As adjusted: Net income                      $   5.7         $    1.40     

Three months ended
                                             In billions     Per-share amounts
December 31, 2012
Reported: Net income                         $   5.7         $    1.39     
Adjustments:
DVA                                          0.3             0.09
Reduced reserves in Real Estate              (0.4     )      (0.11        )
Portfolios
Expense for mortgage-related matters,        0.5             0.14
predominantly IFR^1
Benefit for tax adjustments                  (0.6     )      (0.16        )
As adjusted: Net income                      $   5.5         $    1.35     
^1 Independent Foreclosure Review
 

Twelve months ended
                                             In billions     Per-share amounts
December 31, 2013
Reported: Net income                         $  17.9         $    4.35
Adjustments:
Gain on sale of Visa shares                  (0.8     )      (0.21        )
Gain on sale of One Chase Manhattan          (0.3     )      (0.08        )
Plaza
Firmwide legal expense^1                     1.1             0.27
Corporate legal expense^2                    7.6             1.92
Reduced reserves in CCB                      (3.4     )      (0.86        )
FVA and DVA                                  1.2             0.31          
As adjusted: Net income                      $  23.3         $    5.70     
^1 4Q13

^2 2Q13 and 3Q13

    
     In addition to analyzing the Firm's results on a reported basis,
     management reviews the Firm's consolidated results and the results of the
     lines of business on a “managed” basis, which is a non-GAAP financial
     measure. The Firm's definition of managed basis starts with the reported
     U.S. GAAP results and includes certain reclassifications to present total
     consolidated net revenue for the Firm (and for each of the business
     segments) on a fully taxable-equivalent (“FTE”) basis. Accordingly,
b.   revenue from investments that receive tax credits and tax-exempt
     securities is presented in the managed results on a basis comparable to
     taxable securities and investments. This non-GAAP financial measure
     allows management to assess the comparability of revenue arising from
     both taxable and tax-exempt sources. The corresponding income tax impact
     related to tax-exempt items is recorded within income tax expense. These
     adjustments have no impact on consolidated net income/(loss) as reported
     by the Firm or on net income/(loss) as reported by the lines of business.
      
     The ratio of the allowance for loan losses to end-of-period loans
     excludes the following: loans accounted for at fair value and loans
     held-for-sale; purchased credit-impaired (“PCI”) loans; and the allowance
     for loan losses related to PCI loans. Additionally, Real Estate
     Portfolios net charge-offs and net charge-off rates exclude the impact of
     PCI loans. The allowance for loan losses related to the PCI portfolio
c.   totaled $4.2 billion at December 31, 2013, $5.0 billion at September 30,
     2013, and $5.7 billion at December 31, 2012. In Corporate & Investment
     Bank, the ratio of the allowance for loan losses to end-of-period loans
     is calculated excluding the impact of trade finance loans and
     consolidated Firm-administered multi-seller conduits, as well as their
     related allowances, to provide a more meaningful assessment of the CIB's
     allowance coverage.
      
     Tangible common equity (“TCE”), return on tangible common equity
     (“ROTCE”), tangible book value per share (“TBVS”), Tier 1 common under
     Basel I and III rules, and the supplementary leverage ratio (“SLR”) are
     each non-GAAP financial measures. TCE represents the Firm’s common
     stockholders’ equity (i.e., total stockholders’ equity less preferred
     stock) less goodwill and identifiable intangible assets (other than
     MSRs), net of related deferred tax liabilities. ROTCE measures the Firm’s
     earnings as a percentage of average TCE. TBVS represents the Firm’s
     tangible common equity divided by period-end common shares. Tier 1 common
d.   under Basel I and III rules, and SLR are used by management, bank
     regulators, investors and analysts to assess and monitor the Firm’s
     capital position and liquidity. TCE, ROTCE, and TBVS are meaningful to
     the Firm, as well as analysts and investors, in assessing the Firm’s use
     of equity. For additional information on Tier 1 common under Basel I and
     III, see Regulatory capital on pages 117-119 of JPMorgan Chase & Co.’s
     Annual Report on Form 10-K for the year ended December 31, 2012, and on
     pages 61-65 of the Firm’s Quarterly Report on Form 10-Q for the quarter
     ended September 30, 2013. All of the aforementioned measures are useful
     to the Firm, as well as analysts and investors, in facilitating
     comparisons of the Firm with competitors.
      
     In Consumer & Community Banking, supplemental information is provided for
e.   Card Services to enable comparability with prior periods. The net
     charge-off and 30+ day delinquency rates presented include loans
     held-for-sale.
      
     Corporate & Investment Bank provides several measures which exclude the
     impact of funding valuation adjustments ("FVA") (effective 4Q13) and
f.   debit valuation adjustments (“DVA”) on: net revenue, net income,
     compensation ratio, overhead ratio and return on equity. These measures
     are used by management to assess the underlying performance of the
     business and for comparability with peers.

    
2.   Additional notes on financial measures:
      
     Headcount-related expense includes salary and benefits (excluding
a.   performance-based incentives), and other noncompensation costs related to
     employees.
      
     Consumer & Community Banking deposit rankings are based on the FDIC 2013
b.   Summary of Deposits survey per SNL Financial. Accounts include checking
     accounts and Chase Liquid^SM cards.
      
     Mortgage Banking provision for credit losses is included in the
c.   functional results of Real Estate Portfolios and in production expense of
     Mortgage Production.
      
     Credit card sales volume is presented excluding Commercial Card. Rankings
d.   and comparison of general purpose credit card sales volume are based on
     disclosures by peers and internal estimates. Rankings are as of the third
     quarter of 2013.
      
     In Commercial Banking, effective January 1, 2013, whole loan financing
     agreements, previously reported as other assets, were reclassified as
     loans. For the three months ended December 31, 2013, September 30, 2013,
e.   June 30, 2013 and March 31, 2013, the impact on period-end loans was $1.6
     billion, $1.6 billion, $2.1 billion and $1.7 billion, respectively, and
     the impact on average loans was $1.3 billion, $1.7 billion, $1.8 billion
     and $1.6 billion, respectively.
      
     Asset Management pretax margin represents income before income tax
     expense divided by total net revenue which is, in management's view, a
f.   comprehensive measure of pretax performance derived by measuring earnings
     after all costs are taken into consideration. It is, therefore, another
     basis that management uses to evaluate the performance of Asset
     Management against the performance of its respective peers.
      
     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
g.   Consumer & Business Banking; Card, Merchant Services & Auto; and
     Commercial Banking. The amount of credit provided to nonprofit and
     government entities, including states, municipalities, hospitals and
     universities, represents that provided by the Corporate & Investment Bank
     and Commercial Banking.
      

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $2.4 trillion and operations worldwide. The Firm is a leader in
investment banking, financial services for consumers and small businesses,
commercial banking, financial transaction processing, asset management and
private equity. 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
Time) to present fourth-quarter financial results. The general public can
access the call by dialing (866) 541-2724 or (866) 786-8836 in the U.S. and
Canada, or (706) 634-7246 for international participants. Please dial in 10
minutes prior to the start of the call. The live audio webcast and
presentation slides will be available on the Firm's website,
www.jpmorganchase.com, under Investor Relations, Investor Presentations.

A replay of the conference call will be available beginning at approximately
noon on January 14, 2014 through midnight, January 28, 2013 by telephone at
(855) 859-2056 or (800) 585-8367 (U.S. and Canada) or (404) 537-3406
(international); use Conference ID# 15872405. 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, 2012 and Quarterly Report on Form 10-Q for the quarters ended
March 31, 2013, June 30, 2013, and September 30, 2013, which have been filed
with the Securities and Exchange Commission and are available on JPMorgan
Chase & Co.'s website (http://investor.shareholder.com/jpmorganchase) and on
the Securities and Exchange Commission's website (www.sec.gov). JPMorgan Chase
& Co. does not undertake to update the forward-looking statements to reflect
the impact of circumstances or events that may arise after the date of the
forward-looking statements.

                                         
JPMORGAN CHASE & CO.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except per share, ratio and headcount data)
                                                                                                                                       
                    QUARTERLY TRENDS                                                              FULL YEAR
                                                                            4Q13 Change                                                 2013
                                                                                                                                        Change
SELECTED INCOME     4Q13                3Q13              4Q12              3Q13      4Q12        2013                2012              2012
STATEMENT DATA
Reported Basis
Total net revenue   $ 23,156            $ 23,117          $ 23,653          -     %   (2  ) %     $ 96,606            $ 97,031          -      %
Total noninterest   15,552              23,626            16,047            (34 )     (3  )       70,467              64,729            9
expense
Pre-provision       7,604               (509        )     7,606             NM        -           26,139              32,302            (19  )
profit/(loss)
Provision for       104                 (543        )     656               NM        (84 )       225                 3,385             (93  )
credit losses
NET INCOME/(LOSS)   5,278               (380        )     5,692             NM        (7  )       17,923              21,284            (16  )
                                                                                                                                                
Managed Basis (a)
Total net revenue   24,112              23,880            24,378            1         (1  )       99,798              99,890            -
Total noninterest   15,552              23,626            16,047            (34 )     (3  )       70,467              64,729            9
expense
Pre-provision       8,560               254               8,331             NM        3           29,331              35,161            (17  )
profit
Provision for       104                 (543        )     656               NM        (84 )       225                 3,385             (93  )
credit losses
NET INCOME/(LOSS)   5,278               (380        )     5,692             NM        (7  )       17,923              21,284            (16  )
                                                                                                                                                
PER COMMON SHARE
DATA
Net
income/(loss):      1.31                (0.17       )     1.40              NM        (6  )       4.39                5.22              (16  )
Basic
     Diluted        1.30                (0.17       )     1.39              NM        (6  )       4.35                5.20              (16  )
Cash dividends      0.38                0.38              0.30              -         27          1.44          (l)   1.20              20
declared
Book value          53.25               52.01             51.27             2         4           53.25               51.27             4
Tangible book       40.81               39.51             38.75             3         5           40.81               38.75             5
value (b)
                                                                                                                                                
Closing share       58.48               51.69             43.97             13        33          58.48               43.97             33
price (c)
Market              219,657             194,312           167,260           13        31          219,657             167,260           31
capitalization
                                                                                                                                                
COMMON SHARES
OUTSTANDING
Average: Basic      3,762.1             3,767.0           3,806.7           -         (1  )       3,782.4             3,809.4           (1   )
Diluted             3,797.1             3,767.0           3,820.9           1         (1  )       3,814.9             3,822.2           -
Common shares at    3,756.1             3,759.2           3,804.0           -         (1  )       3,756.1             3,804.0           (1   )
period-end
                                                                                                                                                
FINANCIAL RATIOS
(d)
Return on common    10            %     (1          ) %   11            %                         9             %     11            %
equity ("ROE")
Return on
tangible common     14                  (2          )     15                                      11                  15
equity ("ROTCE")
(b)
Return on assets    0.87                (0.06       )     0.98                                    0.75                0.94
Return on
risk-weighted       1.51          (k)   (0.11       )     1.76                                    1.28          (k)   1.65
assets (e)(f)
                                                                                                                                                
CAPITAL RATIOS
(f)
Tier 1 capital      11.9          (k)   11.7              12.6                                    11.9          (k)   12.6
ratio
Total capital       14.3          (k)   14.3              15.3                                    14.3          (k)   15.3
ratio
Tier 1 common       10.7          (k)   10.5              11.0                                    10.7          (k)   11.0
capital ratio (g)
                                                                                                                                                
SELECTED BALANCE
SHEET DATA
(period-end)
Total assets        $ 2,415,689         $ 2,463,309       $ 2,359,141       (2  )     2           $ 2,415,689         $ 2,359,141       2
Loans:
Consumer,
excluding credit    289,063             288,350           292,620           -         (1  )       289,063             292,620           (1   )
card loans
Credit card loans   127,791             123,982           127,993           3         -           127,791             127,993           -
Wholesale loans     321,564             316,347           313,183           2         3           321,564             313,183           3
Total Loans         738,418             728,679           733,796           1         1           738,418             733,796           1
Deposits            1,287,765           1,281,102         1,193,593         1         8           1,287,765           1,193,593         8
Long-term debt      267,889             263,372           249,024           2         8           267,889             249,024           8
(h)
Common
stockholders'       200,020             195,512           195,011           2         3           200,020             195,011           3
equity
Total
stockholders'       211,178             206,670           204,069           2         3           211,178             204,069           3
equity
                                                                                                                                                
Loans-to-deposits   57            %     57            %   61            %                         57            %     61            %
ratio
                                                                                                                                                
Headcount (i)       251,196             255,041           258,753           (2  )     (3  )       251,196             258,753           (3   )
                                                                                                                                                
LINE OF BUSINESS
NET INCOME/(LOSS)
(j)
Consumer &          $ 2,372             $ 2,702           $ 1,989           (12 )     19          $ 10,749            $ 10,551          2
Community Banking
Corporate &         858                 2,240             2,005             (62 )     (57 )       8,546               8,406             2
Investment Bank
Commercial          693                 665               692               4         -           2,575               2,646             (3   )
Banking
Asset Management    568                 476               483               19        18          2,031               1,703             19
Corporate/Private   787                 (6,463      )     523               NM        50          (5,978      )       (2,022      )     (196 )
Equity
NET INCOME/(LOSS)   $ 5,278             $ (380      )     $ 5,692           NM        (7  )       $ 17,923            $ 21,284          (16  )
                   

(a)   For a further discussion of managed basis, see Note (b) on page 12.
      Tangible book value per share and ROTCE are non-GAAP financial measures.
      Tangible book value per share represents tangible common equity divided
(b)   by period-end common shares. ROTCE measures the Firm's annualized
      earnings as a percentage of tangible common equity. For further
      discussion of these measures, see page 42 of the Earnings Release
      Financial Supplement.
      Share price shown is from the New York Stock Exchange. The common stock
(c)   is also listed and traded on the London Stock Exchange and the Tokyo
      Stock Exchange.
(d)   Ratios are based upon annualized amounts.
(e)   Return on Basel I risk-weighted assets is annualized earnings divided by
      average risk-weighted assets.
      Basel 2.5 rules became effective on January 1, 2013. The implementation
      of these rules in the first quarter of 2013 resulted in an increase of
      approximately $150 billion in risk-weighted assets compared with the
(f)   Basel I rules. The implementation of these rules also resulted in
      decreases of Tier 1 capital, Total capital and Tier 1 common capital
      ratios by 140 basis points, 160 basis points and 120 basis points,
      respectively, at March 31, 2013. For further discussion of Basel 2.5,
      see Regulatory capital on pages 61-65 of the 3Q13 Form 10-Q.
      Basel I Tier 1 common capital ratio (“Tier 1 common ratio”) is Tier 1
      common capital (“Tier 1 common”) divided by risk-weighted assets. The
(g)   Firm uses Tier 1 common capital along with the other capital measures to
      assess and monitor its capital position. For further discussion of the
      Tier 1 common capital ratio, see page 42 of the Earnings Release
      Financial Supplement.
      Included unsecured long-term debt of $199.4 billion, $199.2 billion and
(h)   $200.6 billion for the periods ended December 31, 2013, September 30,
      2013 and December 31, 2012 , respectively.
      Effective January 1, 2013, interns are excluded from the firmwide and
(i)   business segment headcount metrics. Prior periods were revised to
      conform with this presentation.
      In the second quarter of 2013, the 2012 net income/(loss) data of
      Consumer & Community Banking ("CCB") and Corporate/Private Equity were
      revised to reflect the transfer of certain technology and operations, as
(j)   well as real estate-related functions and staff, from Corporate/Private
      Equity to CCB, effective January 1, 2013. For further information on
      this transfer, see CCB on page 10, Consumer & Business Banking on page
      12 and Corporate/Private Equity on page 30 of the Earnings Release
      Financial Supplement.
(k)   Estimated.
(l)   On May 21, 2013, the Board of Directors increased the quarterly common
      stock dividend from $0.30 to $0.38 per share.

Contact:

JPMorgan Chase & Co.
Investor Contact:
Sarah Youngwood, 212-270-7325
or
Media Contact:
Joe Evangelisti, 212-270-7438
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement