JPMorgan Chase Reports First-Quarter 2014 Net Income of $5.3 Billion, or $1.28 Per Share, on Revenue1 of $23.9 Billion

  JPMorgan Chase Reports First-Quarter 2014 Net Income of $5.3 Billion, or
  $1.28 Per Share, on Revenue1 of $23.9 Billion

                    13% Return on Tangible Common Equity^1

               Supported Consumers, Businesses and Communities

Business Wire

NEW YORK -- April 11, 2014

JPMorgan Chase & Co. (NYSE:JPM):

  *The Firm had solid underlying performance^2, given industry-wide headwinds
    in Markets and Mortgage

       *Consumer & Community Banking: average Consumer & Business Banking
         deposits up 9%; credit card sales volume^1 up 10%; record client
         investment assets up 16%; Business Banking loan originations up 22%
       *Corporate & Investment Bank: maintained #1ranking for Global
         Investment Banking fees with 8.2% wallet share; assets under custody
         up 10%
       *Commercial Banking: period-end loan balances up 7%, driven by 15%
         growth in Commercial Real Estate; gross investment banking revenue
         with Commercial Banking clients up 31%
       *Asset Management: twentieth consecutive quarter of positive net
         long-term client flows; record client assets up 10%; record average
         loan balances up 20%

  *The Board intends to increase the second quarter common stock dividend
    from the current $0.38 per share to $0.40 per share^3; the Firm
    repurchased $0.4 billion of common equity in the first quarter and is
    authorized to repurchase $6.5 billion of common equity through the first
    quarter of 2015
  *Fortress balance sheet maintained

       *Basel III Tier 1 common^1,4 of $156 billion, or 9.5%
       *Strong liquidity — High Quality Liquid Assets (“HQLA”)^5 of $538
         billion
       *Firm Supplementary Leverage Ratio ("SLR")^1,6 of 5.1% including the
         impact of the U.S. NPR announced this week

  *JPMorgan Chase supported consumers, businesses and our communities

       *$455 billion of credit and capital raised in the first quarter^1

            *$47 billion of credit for consumers
            *$5 billion of credit for U.S. small businesses
            *$138 billion of credit for corporations
            *$253 billion of capital raised for clients
            *$12 billion of credit and capital raised for nonprofit and
              government entities, including states, municipalities, hospitals
              and universities

       *Hired over 6,700 U.S. veterans and service members since 2011

     For notes on non-GAAP financial measures, including managed basis
^1  reporting, see page 12. ^ For additional notes on financial measures, see
     page 13.
^2   Percentage comparisons noted in the bullet points are calculated versus
     the prior-year first quarter.
^3   The Firm’s dividends are subject to the Board’s approval at the customary
     times those dividends are declared.
^4   Represents the estimated impact of Basel III Advanced fully phased-in
     capital rules the Firm will be subject to as of January 1, 2019.
^5   HQLA is the estimated amount of assets that will qualify for inclusion in
     the Basel III Liquidity Coverage Ratio.
^6   Estimated.


JPMorganChase & Co. (NYSE:JPM) today reported net income for the first
quarter of 2014 of $5.3 billion, compared with net income of $6.5 billion in
the first quarter of 2013. Earnings per share were $1.28, compared with $1.59
in the first quarter of 2013. Revenue^1 for the quarter was $23.9 billion,
down 8% compared with the prior year. The Firm’s return on tangible common
equity^1 for the first quarter of 2014 was 13%, compared with 17% in the prior
year.

As previously announced, the Board of Directors intends to increase the
second-quarter common stock dividend to $0.40 per share^3 from the current
$0.38 per share; and the Board has also authorized the Firm to repurchase $6.5
billion of common equity commencing within the second quarter of this year
through the end of the first quarter of 2015. During the first quarter of
2014, the Firm repurchased $0.4 billion of common equity. The Federal Reserve
Board informed the Firm that it does not object to the Firm’s proposed 2014
capital distribution plan.

Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial
results: “JPMorgan Chase had a good start to the year, given there were
industry-wide headwinds in Markets and Mortgage. Consumer & Community Banking
deposit growth and card sales volume both remain above the industry average^2,
and we have made significant progress in Business Banking originations – up
22%. The Corporate & Investment Bank was #1 in Global IB fees, with #1
positions in global debt and equity, global syndicated loans and global
long-term debt. Gross investment banking revenue with Commercial Banking
clients was up 31%. Asset Management had its twentieth consecutive quarter of
positive net long-term client flows and had record loan balances, up 20%.”

Dimon continued: “We have growing confidence in the economy – consumers,
corporations and middle market companies are in increasingly good financial
shape and housing has turned the corner in most markets – and we are doing our
part to support the recovery. JPMorgan Chase provided credit and raised
capital of over $450 billion for our clients during the first quarter of 2014,
which included $5 billion for U.S. small businesses.”

Dimon concluded: “As I said in my letter to shareholders this week, we will
dedicate extraordinary effort in 2014 adapting to the new global financial
architecture, and we will continue to make significant progress on our control
agenda. We face the future with a strong foundation, a fortress balance sheet
and excellent franchises built to serve our clients.”

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


CONSUMER & COMMUNITY BANKING (CCB)
                                                                    
Results for                                          4Q13                1Q13
CCB
($            1Q14         4Q13         1Q13         $ O/(U)   O/(U)    $ O/(U)     O/(U)
millions)                                                               %                       %
Net Revenue   $ 10,460    $ 11,314    $ 11,615    $ (854 )  (8  )%   $ (1,155 )  (10 )%
Provision
for Credit    816         72          549         744      NM       267        49  
Losses
Noninterest   6,437       7,321       6,790       (884   )  (12 )    (353     )  (5  )
Expense
Net Income    $ 1,936     $ 2,372     $ 2,586     $ (436 )  (18 )%   $ (650   )  (25 )%
                                                                                           

Discussion of Results:

Net income was $1.9 billion, a decrease of $650 million, or 25%, compared with
the prior year, due to lower net revenue and higher provision for credit
losses, partially offset by lower noninterest expense.

Net revenue was $10.5 billion, a decrease of $1.2 billion, or 10%, compared
with the prior year. Net interest income was $7.0 billion, down $183 million,
or 3%, driven by spread compression in Credit Card, Auto and Consumer &
Business Banking, and by lower mortgage warehouse balances, largely offset by
higher deposit balances. Noninterest revenue was $3.4billion, a decrease of
$972 million, or 22%, driven by lower mortgage fees and related income.

The provision for credit losses was $816million, compared with $549million
in the prior year and $72million in the prior quarter.The current-quarter
provision reflected a $450 million reduction in the allowance for loan losses
and total net charge-offs of $1.3 billion. The prior-quarter provision
reflected a $1.2billion reduction in the allowance for loan losses and total
net charge-offs of $1.3 billion. The prior-year provision reflected a
$1.2billion reduction in the allowance for loan losses and total net
charge-offs of $1.7 billion.

Noninterest expense was $6.4billion, a decrease of $353million, or 5%, from
the prior year, driven by lower Mortgage Banking expense.

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 February 2014)

  *Return on equity was 15% on $51.0billion of average allocated capital^2.
  *Average total deposits were $471.6billion, up 7% from the prior year and
    2% from the prior quarter.
  *Record client investment assets were $195.7 billion, up 16% from the prior
    year and 4% from the prior quarter.
  *Average Business Banking loans were $18.9billion, up 1% from the prior
    year and 2% from the prior quarter. Originations were $1.5 billion, up 22%
    from the prior year and 16% from the prior quarter.
  *Credit card sales volume^2 was $104.5 billion, up 10% from the prior year.
    General purpose credit card sales volume growth has outperformed the
    industry for 24 consecutive quarters^2.
  *Merchant processing volume was $195.4 billion, up 11% from the prior year.
    Total transactions processed were 9.1billion, up 10% from the prior year.
  *Auto originations were $6.7 billion, up 3% from the prior year and 5% from
    the prior quarter.
  *Mortgage originations were $17.0 billion, down 68% from the prior year and
    27% from the prior quarter.
  *Active mobile customers were up 24% over the prior year to 16.4 million,
    and Chase.com remains the #1 most visited banking portal in the U.S.

Consumer & Business Banking net income was $740 million, an increase of $99
million, or 15%, compared with the prior year, due to higher net revenue,
partially offset by higher noninterest expense and higher provision for credit
losses.

Net revenue was $4.4 billion, up 5% compared with the prior year. Net interest
income was $2.7billion, up 5% compared with the prior year, driven by higher
deposit balances, partially offset by deposit spread compression. Noninterest
revenue was $1.7 billion, an increase of 4%, driven by higher investment
revenue.

The provision for credit losses was $76 million, compared with $61 million in
the prior year and $108 million in the prior quarter.

Noninterest expense was $3.1 billion, up 1% from the prior year.

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

  *Return on equity was 27% on $11.0billion 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 $458.5billion, up 9% from the prior year and
    3% from the prior quarter. Deposit growth is among the highest in the
    industry^2.
  *Deposit margin was 2.27%, compared with 2.36% in the prior year and 2.29%
    in the prior quarter.
  *Households^2 totaled 25.2million, up 3% from the prior year and 1% from
    the prior quarter, reflecting strong customer retention.

Mortgage Banking net income was $114 million, a decrease of $559 million from
the prior year, driven by lower net revenue and lower benefit from the
provision for credit losses, partially offset by lower noninterest expense.

Net revenue was $1.6 billion, a decrease of $1.1 billion compared with the
prior year. Net interest income was $1.1 billion, a decrease of $117 million,
or 10%, driven by lower warehouse balances as well as lower loan balances due
to portfolio runoff. Noninterest revenue was $511 million, a decrease of
$1.0billion, driven by lower mortgage fees and related income.

The provision for credit losses was a benefit of $23 million^2, compared with
a benefit of $198 million in the prior year. The current quarter reflected a
$200 million reduction in the allowance for loan losses, reflecting continued
improvement in home prices and delinquencies. The prior year included a $650
million reduction in the allowance for loan losses. Net charge-offs were $177
million, compared with $452 million in the prior year.

Noninterest expense was $1.4 billion, a decrease of $403 million, or 22%, from
the prior year, due to lower headcount-related expense in production and
servicing.

Mortgage Production pretax loss was $58million, a decrease of $485 million
from the prior year, reflecting lower revenue, partially offset by lower
expense and lower repurchase losses. Mortgage production-related revenue,
excluding repurchase losses, was $292 million, a decrease of $926 million,
from the prior year and $202 million from the prior quarter, largely
reflecting lower volumes. Production expense^2 was $478 million, a decrease of
$232million from the prior year, predominantly due to lower headcount-related
expense; and a decrease of $511 million from the prior quarter, predominantly
due to the absence of non-MBS related legal expense. Repurchase losses for the
current quarter reflected a benefit of $128 million, compared with losses of
$81 million in the prior year.

Mortgage Servicing pretax loss was $270 million, compared with a pretax loss
of $101 million in the prior year, reflecting a higher MSR risk management
loss, largely offset by lower expenses. Mortgage net servicing-related revenue
was $713 million, a decrease of $65 million from the prior year. MSR risk
management was a loss of $401 million, which includes a negative $460 million
fair value adjustment primarily related to higher capital allocated to the
business, compared with a MSR risk management loss of $142 million in the
prior year. Servicing expense^2 was $582 million, a decrease of $155 million
from the prior year, reflecting lower headcount-related expense.

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

  *Mortgage application volumes were $26.1 billion, down 57% from the prior
    year and 17% from the prior quarter.
  *Period-end total third-party mortgage loans serviced were $803.1 billion,
    down 5% from the prior year and 2% from the prior quarter.

Real Estate Portfolios pretax income was $517 million, down $267million from
the prior year, due to a lower benefit from the provision for credit losses
and lower net revenue.

Net revenue was $837 million, a decrease of $108million, or 11%, from the
prior year. This decrease was largely due to lower net interest income
resulting from lower loan balances due to portfolio runoff.

The provision for credit losses was a benefit of $26 million, compared with a
benefit of $202million in the prior year. The current-quarter provision
reflected a $200 million reduction in the non credit-impaired allowance for
loan losses, reflecting continued improvement in home prices and
delinquencies. The prior-year provision included a $650 million reduction in
the allowance for loan losses from the non credit-impaired allowance. Net
charge-offs were $174million, compared with $448 million in the prior year.
Home equity net charge-offs were $166million (1.18% net charge-off rate^1),
compared with $333 million (2.04% net charge-off rate^1) in the prior year.
Subprime mortgage net charge-offs were $13million (0.75% net charge-off
rate^1), compared with net charge-offs of $67million (3.34% net charge-off
rate^1). Net recoveries of prime mortgage, including option ARMs, were
$7million (0.06% net recovery rate^1), compared with net charge-offs of $44
million (0.43% net charge-off rate^1).

Noninterest expense was $346million, a decrease of $17million, or 5%,
compared with the prior year, driven by lower foreclosed asset expense,
partially offset by higher professional fees.

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 3% on $18.0billion of average
    allocated capital.
  *Average home equity loans were $75.7billion, down $11.1 billion.
  *Average mortgage loans were $91.4 billion, up $3.1 billion.
  *Allowance for loan losses was $6.5 billion, compared with $9.9 billion.
  *Allowance for loan losses to ending loans retained, excluding PCI loans^1,
    was 2.06%, compared with 3.66%.

Card, Merchant Services & Auto net income was $1.1 billion, a decrease of $190
million, or 15%, compared with the prior year, driven by lower net revenue and
higher provision for credit losses.

Net revenue was $4.5 billion, down $209 million, or 4%, compared with the
prior year. Net interest income was $3.3billion, down $202 million compared
with the prior year, predominantly driven by spread compression in Credit Card
and Auto. Noninterest revenue was $1.3billion, down 1% from the prior year.

The provision for credit losses was $763 million, compared with $686 million
in the prior year and $746million in the prior quarter. The current-quarter
provision reflected lower net charge-offs and a $250million reduction in the
allowance for loan losses. The prior-year provision included a $500 million
reduction in the allowance for loan losses. The Credit Card net charge-off
rate was 2.93%, down from 3.55% in the prior year and up from 2.86% in the
prior quarter; the 30+ day delinquency rate was 1.61%, down from 1.94% in the
prior year and 1.67% in the prior quarter. The Auto net charge-off rate was
0.32%, flat versus the prior year and down from 0.39% in the prior quarter.

Noninterest expense was $2.0 billion, up $26 million, or 1% from the prior
year.

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

  *Return on equity was 23% on $19.0 billion of average allocated capital.
  *#1 credit card issuer in the U.S. based on outstandings^2; #1 global Visa
    issuer based on consumer and business credit card sales volume^2.
  *Period-end Credit Card loan balances were $121.8 billion, flat compared
    with the prior year and down 5% from the prior quarter, reflecting
    seasonality. Credit Card average loans were $123.3billion, flat compared
    with the prior year and down 1% from the prior quarter.
  *Card Services net revenue as a percentage of average loans was 12.22%,
    compared with 12.83% in the prior year and 12.34% in the prior quarter.
  *Average auto loans were $52.7 billion, up 5% from the prior year and 2%
    from the prior quarter.


CORPORATE & INVESTMENT BANK (CIB)
                                                                  
Results for                                        4Q13                1Q13
CIB
($            1Q14        4Q13        1Q13         $ O/(U)    O/(U)   $ O/(U)     O/(U)
millions)                                                              %                      %
Net Revenue   $ 8,606    $ 6,020    $ 10,140    $ 2,586   43  %   $ (1,534 )  (15 )%
Provision
for Credit    49         (19     )   11          68        NM      38         345 
Losses
Noninterest   5,604      4,892      6,111       712       15     (507     )  (8  )
Expense
Net Income    $ 1,979    $ 858      $ 2,610     $ 1,121   131 %   $ (631   )  (24 )%
                                                                                         

Discussion of Results:

Net income was $2.0billion, down 24% compared with $2.6 billion in the prior
year. These results primarily reflected lower revenue, partially offset by
lower noninterest expense. Net revenue was $8.6 billion, down 15% compared
with $10.1 billion in the prior year. Excluding the impact of a debit
valuation adjustment (“DVA”) gain of $126 million in the prior year, net
revenue was down 14% from $10.0 billion in the prior year, and net income was
down 22% from $2.5 billion in the prior year.

Banking revenue was $2.7 billion, down 8% from the prior year. Investment
banking fees were $1.4 billion, up 1% from the prior year. The increase was
driven by higher advisory fees of $383million, up 50% from the prior year on
strong wallet share of completed transactions, as well as higher equity
underwriting fees of $353 million, up 29% from the prior year on higher
industry-wide wallet levels. These were partially offset by lower debt
underwriting fees of $708 million, down 22% from the prior year reflecting
lower industry-wide volumes of high-yield bond underwriting and loan
syndications. Treasury Services revenue was $1.0 billion, down 3% compared
with the prior year driven by lower trade finance revenue as well as the
impact of business simplification initiatives. Lending revenue was
$284million, a decline from $498 million in the prior year primarily due to
lower gains on securities received from restructured loans.

Markets & Investor Services revenue was $5.9 billion, down 18% from the prior
year. Fixed Income Markets revenue of $3.8 billion was down 21% from the prior
year on weaker performance across most products and lower levels of client
activity compared to a stronger prior year. Equity Markets revenue of $1.3
billion was down 3% compared with the prior year, on lower derivatives
revenue. Securities Services revenue was $1.0 billion, up 4% from the prior
year primarily driven by higher net interest income on higher deposits and
higher asset-based custody fees. Credit Adjustments & Other revenue was a loss
of $197 million driven by losses on net credit valuation adjustments (“CVA”)
as well as losses, net of hedges, related to funding valuation
adjustments/DVA; prior year revenue was a gain of $99 million, mainly driven
by DVA.

The provision for credit losses was $49 million, compared with $11 million in
the prior year. The ratio of the allowance for loan losses to period-end loans
retained was 1.23%, compared with 1.11% 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 2.18%, compared with 2.17% in the prior year.

Noninterest expense was $5.6 billion, down 8% from the prior year, primarily
driven by lower performance-based compensation. The compensation ratio ^ was
33%.

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 13% on $61.0billion of average allocated capital.
  *Overhead ratio was 65%.
  *Ranked #1 in Global Investment Banking Fees for the three months ended
    March 31, 2014.
  *Ranked #1 in Global Debt, Equity and Equity-related; #1 in Global
    Long-Term Debt; #1 in Global Syndicated Loans; #3 in Global Announced M&A
    #3 in U.S. Announced M&A and #3 in Global Equity and Equity-related, based
    on volume, for the three months ended March 31, 2014.
  *Average client deposits and other third-party liabilities were $412.6
    billion, up 15% from the prior year and down 2% from the prior quarter.
  *Assets under custody were $21.1 trillion, up 10% from the prior year and
    3% from the prior quarter.
  *International revenue represented 50% of total revenue.
  *Period-end total loans were $104.7 billion, down 11% from the prior year
    and 3% from the prior quarter. Nonaccrual loans were $251 million, down
    58% from the prior year and 27% from the prior quarter.


COMMERCIAL BANKING (CB)
                                                                 
Results for                                       4Q13                1Q13
CB
($            1Q14        4Q13        1Q13        $ O/(U)   O/(U)    $ O/(U)  O/(U)
millions)                                                            %                    %
Net Revenue   $ 1,651    $ 1,847    $ 1,673    $ (196 )  (11 )%   $ (22 )  (1  )%
Provision
for Credit    5          43         39         (38    )  (88 )    (34   )  (87 )
Losses
Noninterest   686        653        644        33       5       42      7   
Expense
Net Income    $ 578      $ 693      $ 596      $ (115 )  (17 )%   $ (18 )  (3  )%
                                                                                     

Discussion of Results:

Net income was $578 million, a decrease of $18 million, or 3%, compared with
the prior year, reflecting an increase in noninterest expense and lower net
revenue, partially offset by a lower provision for credit losses.

Net revenue was $1.7billion, a decrease of $22 million, or 1%, compared with
the prior year. Net interest income was $1.1 billion, a decrease of $45
million, or 4%, compared with the prior year, reflecting spread compression,
higher funding costs on loan products, and lower purchase discounts recognized
on loan repayments, partially offset by higher loan balances. Noninterest
revenue was $558million, an increase of $23 million, or 4%, compared with the
prior year, driven by higher investment banking fees.

Revenue from Middle Market Banking was $698 million, a decrease of $55
million, or 7%, compared with the prior year. Revenue from Corporate Client
Banking was $446million, an increase of $13 million, or 3%, compared with the
prior year. Revenue from Commercial Term Lending was $308 million, an increase
of $17 million, or 6%, compared with the prior year. Revenue from Real Estate
Banking was $116million, an increase of $4 million, or 4%, compared with the
prior year.

The provision for credit losses was $5 million, compared with $39 million in
the prior year. Net recoveries were $14 million (0.04% net recovery rate),
compared with net recoveries of $7 million (0.02% net recovery rate) in the
prior year and net charge-offs of $25million (0.07% net charge-off rate) in
the prior quarter. The allowance for loan losses to period-end loans retained
was 1.95%, down from 2.05% in the prior year and down from 1.97% in the prior
quarter. Nonaccrual loans were $485million, down $184 million, or 28%, from
the prior year, and down by $29 million, or 6%, from the prior quarter.

Noninterest expense was $686 million, up 7% compared with the prior year,
largely reflecting higher control 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 17% on $14.0 billion of average allocated capital.
  *Overhead ratio was 42%, compared with 38% in the prior year.
  *Gross investment banking revenue (which is shared with the Corporate &
    Investment Bank) was $447 million, up 31% compared with the prior year and
    down 11% compared with the prior quarter.
  *Average loan balances were $137.7 billion, up 6% compared with the prior
    year and 2% compared with the prior quarter.
  *Period-end loan balances were $138.9 billion, up 7% compared with the
    prior year and 1% compared with the prior quarter.
  *Average client deposits and other third-party liabilities were $202.9
    billion, up 4% compared with the prior year and down 1% compared with the
    prior quarter.

                                                                     
ASSET MANAGEMENT (AM)
                                                                 
Results for                                               4Q13                1Q13
AM
($            1Q14        4Q13        1Q13        $ O/(U)   O/(U)    $ O/(U)  O/(U)
millions)                                                            %                    %
Net Revenue   $ 2,778    $ 3,179    $ 2,653    $ (401 )  (13 )%   $ 125   5  %
Provision
for Credit    (9      )   21         21         (30    )  NM       (30   )  NM
Losses
Noninterest   2,075      2,245      1,876      (170   )  (8  )    199     11 
Expense
Net Income    $ 441      $ 568      $ 487      $ (127 )  (22 )%   $ (46 )  (9 )%
                                                                                       

Discussion of Results:

Net income was $441million, a decrease of $46 million, or 9%, from the prior
year, reflecting higher noninterest expense, largely offset by higher net
revenue.

Net revenue was $2.8billion, an increase of $125million, or 5%, from the
prior year. Noninterest revenue was $2.2billion, up $124 million, or 6%, from
the prior year, due to net client inflows and the effect of higher market
levels, partially offset by lower valuations of seed capital investments. Net
interest income was $560million, up $1million, or flat to the prior year,
due to higher loan and deposit balances, predominantly offset by narrower loan
spreads.

Revenue from Private Banking was $1.5 billion, up 4% compared with the prior
year. Revenue from Institutional was $500 million, down 12%. Retail was
$769million, up 20%.

Client assets were $2.4 trillion, an increase of $223billion, or 10%,
compared with the prior year. Assets under management were $1.6 trillion, an
increase of $165 billion, or 11%, from the prior year, due to the effect of
higher market levels and net inflows to long-term products. Custody,
brokerage, administration and deposit balances were $746billion, up
$58billion, or 8%, 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 a benefit of $9 million, compared with a
provision for credit losses of $21 million in the prior year.

Noninterest expense was $2.1 billion, an increase of $199 million, or 11%,
from the prior year, primarily due to 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 20% on $9.0 billion of average allocated capital.
  *Pretax margin^2 was 26%, down from 29% in the prior year.
  *For the 12 months ended March 31, 2014, assets under management reflected
    net inflows of $72 billion, driven by net inflows of $80 billion to
    long-term products and net outflows of $8 billion from liquidity products.
    For the quarter, net inflows were $14 billion, driven by net inflows of
    $20 billion to long-term products and net outflows of $6 billion from
    liquidity products.
  *Net long-term client flows were positive for the twentieth consecutive
    quarter.
  *Assets under management ranked in the top two quartiles for investment
    performance were 67% over 5 years, 68% over 3 years and 65% over 1 year.
  *Customer assets in 4 and 5 Star-rated funds were 47% of all rated mutual
    fund assets.
  *Client assets were $2.4 trillion, a record, up 10% from the prior year and
    2% from the prior quarter.
  *Average loans were $95.7billion, a record, up 20% from the prior year and
    3% from the prior quarter.
  *Period-end loans were $96.9billion, a record, up 19% from the prior year
    and 2% from the prior quarter.
  *Average deposits were $149.4 billion, a record, up 7% from the prior year
    and 4% from the prior quarter.
  *Period-end deposits were $147.8 billion, a record, up 6% from the prior
    year and 1% from the prior quarter.


CORPORATE/PRIVATE EQUITY
                                                                      
Results for
Corporate/Private                                    4Q13                  1Q13
Equity
($ millions)        1Q14      4Q13        1Q13       $ O/(U)     O/(U)    $ O/(U)  O/(U)
                                                                          %                    %
Net Revenue         $ 368    $ 1,752    $ (233 )   $ (1,384 )  (79 )%   $ 601   NM
Provision for       (11   )   (13     )   (3     )   2          15      (8    )  (267 )
Credit Losses
Noninterest         (166  )   441        2         (607     )  NM       (168  )  NM
Expense
Net Income          $ 340    $ 787      $ 250     $ (447   )  (57 )%   $ 90    36   %
                                                                                          

Discussion of Results:

Net income was $340 million, compared with net income of $250 million in the
prior year.

Private Equity reported net income of $215 million, compared with a net loss
of $182 million in the prior year. Net revenue was $363 million, compared with
a loss of $276 million in the prior year, primarily due to net valuation gains
on public and private investments and gains from sales.

Treasury and CIO reported a net loss of $94 million, compared with net income
of $24 million in the prior year. Net revenue was $2 million, compared with
$113 million in the prior year. Current-quarter net interest income was a loss
of $87 million, compared with a loss of $472 million in the prior year,
reflecting the benefit of higher interest rates and reinvestment
opportunities.

Other Corporate reported net income of $219 million, compared with net income
of $408 million in the prior year. The current quarter included an after tax
impact of approximately $90 million for writing down deferred tax assets
following New York State tax law changes enacted March 31, 2014. The prior
year included an after-tax benefit of $227 million for tax adjustments.

                                                                       
JPMORGAN CHASE (JPM)^(*)
                                                                   
Results for                                                  4Q13               1Q13
JPM
($            1Q14         4Q13         1Q13         $ O/(U)   O/(U)   $ O/(U)     O/(U)
millions)                                                               %                      %
Net Revenue   $ 23,863    $ 24,112    $ 25,848    $ (249 )  (1 )%   $ (1,985 )  (8  )%
Provision
for Credit    850         104         617         746      NM      233        38  
Losses
Noninterest   14,636      15,552      15,423      (916   )  (6 )    (787     )  (5  )
Expense
Net Income    $ 5,274     $ 5,278     $ 6,529     $ (4   )  -       $ (1,255 )  (19 )%
                                                                                            

(*) Presented on a managed basis. See notes on page 12 for further explanation
of managed basis. Net revenue on a U.S. GAAP basis totaled $22,993 million,
$23,156 million, and $25,122 million for the first quarter of 2014, fourth
quarter of 2013, and first quarter of 2013, respectively.

Discussion of Results:

Net income was $5.3 billion, down $1.3 billion from the prior year. The
decrease was driven by lower net revenue and higher provision for credit
losses, partially offset by lower noninterest expense.

Net revenue was $23.9 billion, down $2.0 billion, or 8%, compared with the
prior year. Noninterest revenue was $13.0 billion, down $1.8 billion, or 12%,
compared with the prior year. Net interest income was $10.9 billion, down $202
million, or 2%, compared with the prior year, reflecting the impact of lower
loan yields and lower trading and investment securities balances,
predominantly offset by higher investment securities yields, lower long term
debt and deposit interest expense.

The provision for credit losses was $850 million, up $233 million from the
prior year. The total consumer provision for credit losses was $807 million,
compared with $545 million in the prior year. The current-quarter consumer
provision reflected a $449 million reduction in the allowance for loan losses,
compared to a $1.1 billion reduction in the prior year. The current-quarter
consumer allowance release primarily reflects lower estimated losses in the
mortgage and credit card portfolios. Consumer net charge-offs were $1.3
billion, compared with $1.7 billion in the prior year, resulting in net
charge-off rates of 1.42% and 1.92%, respectively. The wholesale provision for
credit losses was $43 million, compared with $72 million in the prior year.
Wholesale net charge-offs were $13 million, compared with net charge-offs of
$35 million in the prior year, resulting in net charge-off rates of 0.02% and
0.05%, respectively. The Firm’s allowance for loan losses to period-end loans
retained^1 was 1.75%, compared with 2.27% in the prior year. The Firm’s
nonperforming assets totaled $9.5 billion, down from the prior quarter and
prior year levels of $9.7 billion and $11.7 billion, respectively.

Noninterest expense was $14.6 billion, down $787 million, or 5%, compared with
the prior year, primarily driven by lower performance-based compensation in
CIB and lower mortgage production and servicing expense.

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

  *Basel III Tier 1 common ratio^1 was 9.5%.
  *Headcount was 246,994, a decrease of 8,904, compared with the prior year.

1.   Notes on non-GAAP financial measures:
       
       In addition to analyzing the Firm's results on a reported basis,
       management reviews the Firm's consolidated results and the results of
       the lines of business on a “managed” basis, which is a non-GAAP
       financial measure. The Firm's definition of managed basis starts with
       the reported U.S. GAAP results and includes certain reclassifications
       to present total consolidated net revenue for the Firm (and for each of
       the business segments) on a fully taxable-equivalent (“FTE”) basis.
a.     Accordingly, revenue from investments that receive tax credits and
       tax-exempt securities is presented in the managed results on a basis
       comparable to taxable securities and investments. This non-GAAP
       financial measure allows management to assess the comparability of
       revenue arising from both taxable and tax-exempt sources. The
       corresponding income tax impact related to tax-exempt items is recorded
       within income tax expense. These adjustments have no impact on
       consolidated net income/(loss) as reported by the Firm or on net
       income/(loss) as reported by the lines of business.
       
       The ratio of the allowance for loan losses to end-of-period loans
       excludes the following: loans accounted for at fair value and loans
b.     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.
       
       Tangible common equity (“TCE”) and return on tangible common equity
       (“ROTCE”) are each non-GAAP financial measures. TCE represents the
       Firm’s common stockholders’ equity (i.e., total stockholders’ equity
       less preferred stock) less goodwill and identifiable intangible assets
c.     (other than MSRs), net of related deferred tax liabilities. ROTCE
       measures the Firm’s earnings as a percentage of TCE. TCE and ROTCE are
       meaningful to the Firm, as well as analysts and investors, in assessing
       the Firm’s use of equity, as well as facilitating comparisons of the
       Firm with competitors.
       
       Tier 1 common capital and the Tier 1 common ratio under the Basel III
       Advanced Fully Phased-In rules are each non-GAAP financial measures.
       Additionally, the supplemental leverage ratio (“SLR”) under Basel III
       rules is a non-GAAP financial measure. These measures are used by
d.     management, bank regulators, investors and analysts to assess and
       monitor the Firm’s capital position. For additional information on Tier
       1 common and the Tier 1 common ratio under the Basel III Advanced Fully
       Phased-In rules, and the SLR under Basel III rules, see Regulatory
       capital on pages 161-165 of JPMorgan Chase & Co.’s Annual Report on
       Form 10-K for the year ended December 31, 2013.
       
       The CIB provides non-GAAP financial measures, as such measures are used
e.     by management to assess the underlying performance of the business and
       for comparability with peers.

  *The ratio for the allowance for loan losses to end-of-period loans is
    calculated excluding the impact of consolidated Firm-administered
    multi-seller conduits and trade finance loans, to provide a more
    meaningful assessment of CIB’s allowance coverage ratio.
  *Prior to January 1, 2014, the CIB provided non-GAAP financial measures
    excluding the impact of FVA (effective fourth quarter 2013) and DVA on net
    revenue and net income. Beginning in the first quarter 2014, the Firm did
    not exclude FVA and DVA from its assessment of business performance;
    however, the Firm continued to present these non-GAAP measures for the
    periods prior to January 1, 2014, as they reflected how management
    assessed the underlying business performance of the CIB in those prior
    periods.

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 allocated equity includes $3.0 billion of
b.     operational risk capital held at the Consumer & Community Banking level
       related to legacy mortgage servicing matters.
       
c.     Consumer & Business Banking deposit rankings are based on the Firm's
       and peer disclosures as of the fourth quarter of 2013.
       
       A household is a collection of individuals or entities aggregated
       together by name, address, tax identifier and phone. Consumer &
d.     Business Banking households are households that have a personal or
       business deposit, personal investment or business credit relationship
       with Chase. Reported on a one-month lag.
       
       Mortgage Banking provision for credit losses is included in the
e.     functional results of Real Estate Portfolios, in production expense in
       Mortgage Production, and in core servicing expense in Mortgage
       Servicing.
       
       Credit card sales volume is presented excluding Commercial Card.
f.     Rankings and comparison of general purpose credit card sales volume are
       based on disclosures by peers and internal estimates. Rankings are as
       of the fourth quarter of 2013.
       
       Asset Management pretax margin represents income before income tax
       expense divided by total net revenue which is, in management's view, a
g.     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 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
h.     provided by Consumer & Business Banking; Card, Merchant Services &
       Auto; and Commercial Banking. The amount of credit provided to
       nonprofit and government entities, including states, municipalities,
       hospitals and universities, represents that provided by the Corporate &
       Investment Bank and Commercial Banking.
       

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services Firm
and one of the largest banking institutions in the United States of America
(U.S.), with operations worldwide; the Firm has $2.5 trillion in assets and
$219.7 billion in stockholders’ equity. 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 U.S. and many of the world’s most
prominent corporate, institutional and government clients under its J.P.
Morgan and Chase brands. Information about J.P. Morgan’s capabilities can be
found at jpmorgan.com and about Chase’s capabilities at chase.com. Information
about the Firm is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today at 8:30 a.m. (Eastern
Time) to present first-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 April 11, 2014 through midnight, April 28, 2013 by telephone at (855)
859-2056 or (800) 585-8367 (U.S. and Canada) or (404) 537-3406
(international); use Conference ID# 2728590. The replay will also be available
via webcast on www.jpmorganchase.com under Investor Relations, Investor
Presentations. Additional detailed financial, statistical and business-related
information is included in a financial supplement. The earnings release and
the financial supplement are available at www.jpmorganchase.com.

This earnings release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on the current beliefs and expectations of JPMorgan Chase & Co.'s
management and are subject to significant risks and uncertainties. Actual
results may differ from those set forth in the forward-looking statements.
Factors that could cause JPMorgan Chase & Co.'s actual results to differ
materially from those described in the forward-looking statements can be found
in JPMorgan Chase & Co.'s Annual Report on Form 10-K for the year ended
December 31, 2013, which has been filed with the Securities and Exchange
Commission and is 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
                                                                                1Q14 Change
SELECTED INCOME       1Q14                4Q13                1Q13              4Q13      1Q13
STATEMENT DATA
Reported Basis
Total net revenue     $ 22,993            $ 23,156            $ 25,122          (1  ) %   (8  ) %
Total noninterest     14,636              15,552              15,423            (6  )     (5  )
expense
Pre-provision         8,357               7,604               9,699             10        (14 )
profit
Provision for         850                 104                 617               NM        38
credit losses
NET INCOME            5,274               5,278               6,529             -         (19 )
                                                                                                
Managed Basis (a)
Total net revenue     23,863              24,112              25,848            (1  )     (8  )
Total noninterest     14,636              15,552              15,423            (6  )     (5  )
expense
Pre-provision         9,227               8,560               10,425            8         (11 )
profit
Provision for         850                 104                 617               NM        38
credit losses
NET INCOME            5,274               5,278               6,529             -         (19 )
                                                                                                
PER COMMON SHARE
DATA
Net income: Basic     1.29                1.31                1.61              (2  )     (20 )
Diluted             1.28                1.30                1.59              (2  )     (19 )
Cash dividends        0.38                0.38          (i)   0.30              -         27
declared
Book value            54.05               53.25               52.02             2         4
Tangible book         41.73               40.81               39.54             2         6
value (b)
                                                                                                
Closing share         60.71               58.48               47.46             4         28
price (c)
Market                229,770             219,657             179,863           5         28
capitalization
                                                                                                
COMMON SHARES
OUTSTANDING
Average: Basic        3,787.2             3,762.1             3,818.2           1         (1  )
Diluted               3,823.6             3,797.1             3,847.0           1         (1  )
Common shares at      3,784.7             3,756.1             3,789.8           1         -
period-end
                                                                                                
FINANCIAL RATIOS
(d)
Return on common      10            %     10            %     13            %
equity ("ROE")
Return on
tangible common       13                  14                  17
equity ("ROTCE")
(b)
Return on assets      0.89                0.87                1.14
Return on
risk-weighted         1.51          (h)   1.52                1.88
assets (e)(f)
                                                                                                
CAPITAL RATIOS
(f)
Tier 1 capital        12.1          (h)   11.9                11.6
ratio
Total capital         14.6          (h)   14.4                14.1
ratio
Tier 1 common         10.9          (h)   10.7                10.2
capital ratio
                                                                                                
SELECTED BALANCE
SHEET DATA
(period-end)
Total assets          $ 2,476,986         $ 2,415,689         $ 2,389,349       3         4
Loans:
Consumer,
excluding credit      288,168             289,063             290,082           -         (1  )
card loans
Credit card loans     121,816             127,791             121,865           (5  )     -
Wholesale loans       320,987            321,564            316,939          -         1
Total Loans           730,971             738,418             728,886           (1  )     -
Deposits              1,282,705           1,287,765           1,202,507         -         7
Long-term debt        274,512             267,889             268,361           2         2
(g)
Common
stockholders'         204,572             200,020             197,128           2         4
equity
Total
stockholders'         219,655             211,178             207,086           4         6
equity
                                                                                                
Loans-to-deposits     57            %     57            %     61            %
ratio
                                                                                                
Headcount             246,994             251,196             255,898           (2  )     (3  )
                                                                                                
LINE OF BUSINESS
NET INCOME
Consumer &            $ 1,936             $ 2,372             $ 2,586           (18 )     (25 )
Community Banking
Corporate &           1,979               858                 2,610             131       (24 )
Investment Bank
Commercial            578                 693                 596               (17 )     (3  )
Banking
Asset Management      441                 568                 487               (22 )     (9  )
Corporate/Private     340                787                250              (57 )     36
Equity
NET INCOME            $ 5,274            $ 5,278            $ 6,529          -         (19 )
                                                                                                

_________________________________________
(a)      For a further discussion of managed basis, see Note (a) on page 12.
           
           Tangible book value per share and ROTCE are non-GAAP financial
           measures. Tangible book value per share represents tangible common
(b)        equity divided 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 35 of
           the Earnings Release Financial Supplement.
           
           Share price shown is from the New York Stock Exchange. The common
(c)        stock 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 risk-weighted assets is annualized earnings divided
           by average risk-weighted assets.
           
           Basel III rules became effective on January 1, 2014; all prior
(f)        period data is based on Basel I rules. For a further discussion,
           see page 33 of the Earnings Release Financial Supplement.
           
           Included unsecured long-term debt of $206.1 billion, $199.4 billion
(g)        and $206.1 billion for the periods ended March 31, 2014, December
           31, 2013 and March 31, 2013, respectively.
           
(h)        Estimated.
           
(i)        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
 
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