1Q15 ERF 8K Cover

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (date of earliest event reported): April 14, 2015

JPMorgan Chase & Co.

(Exact name of registrant as specified in its charter)



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

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

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

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



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



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



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



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

Item 2.02 Results of Operations and Financial Condition

On April 14, 2015, JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) reported 2015 first quarter net income of $5.9 billion, or $1.45 per share compared with net income of $5.3 billion, or $1.28 per share, in the first quarter of 2014. A copy of the 2015 first quarter earnings release is attached hereto as Exhibit 99.1, and a copy of the earnings release financial supplement is attached hereto as Exhibit 99.2.

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

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits




Exhibit No.		Description of Exhibit

12.1		JPMorgan Chase & Co. Computation of Earnings to Fixed Charges
12.2		JPMorgan Chase & Co. Computation of Earnings to Fixed Charges and Preferred Stock Dividend Requirements
99.1		JPMorgan Chase & Co. Earnings Release - First Quarter 2015 Results
99.2		JPMorgan Chase & Co. Earnings Release Financial Supplement - First Quarter 2015

SIGNATURE

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

JPMorgan Chase & Co.

(Registrant)



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



Dated:	April 14, 2015

INDEX TO EXHIBITS




Exhibit No.		Description of Exhibit

12.1		JPMorgan Chase & Co. Computation of Earnings to Fixed Charges
12.2		JPMorgan Chase & Co. Computation of Earnings to Fixed Charges and Preferred Stock Dividend Requirements
99.1		JPMorgan Chase & Co. Earnings Release - First Quarter 2015 Results
99.2		JPMorgan Chase & Co. Earnings Release Financial Supplement - First Quarter 2015

1Q15 ERF Exhibit 12.1

EXHIBIT 12.1

JPMorgan Chase & Co.

Computation of Ratio of Earnings to Fixed Charges



Three months ended March 31, (in millions, except ratios)	2015
Excluding interest on deposits
Income before income tax expense	$	8,224
Fixed charges:
Interest expense	1,524
One-third of rents, net of income from subleases (a)	135
Total fixed charges	1,659
Add: Equity in undistributed loss of affiliates	39
Income before income tax expense and fixed charges, excluding capitalized interest	$	9,922
Fixed charges, as above	$	1,659
Ratio of earnings to fixed charges	5.98
Including interest on deposits
Fixed charges, as above	$	1,659
Add: Interest on deposits	364
Total fixed charges and interest on deposits	$	2,023
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	9,922
Add: Interest on deposits	364
Total income before income tax expense, fixed charges and interest on deposits	$	10,286
Ratio of earnings to fixed charges	5.08


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

1Q15 ERF Exhibit 12.2

EXHIBIT 12.2

JPMorgan Chase & Co.

Computation of Ratio of Earnings to Fixed Charges

and Preferred Stock Dividend Requirements



Three months ended March 31, (in millions, except ratios)	2015
Excluding interest on deposits
Income before income tax expense	$	8,224
Fixed charges:
Interest expense	1,524
One-third of rents, net of income from subleases (a)	135
Total fixed charges	1,659
Add: Equity in undistributed loss of affiliates	39
Income before income tax expense and fixed charges, excluding capitalized interest	$	9,922
Fixed charges, as above	$	1,659
Preferred stock dividends (pre-tax)	460
Fixed charges including preferred stock dividends	$	2,119
Ratio of earnings to fixed charges and preferred stock dividend requirements	4.68
Including interest on deposits
Fixed charges including preferred stock dividends, as above	$	2,119
Add: Interest on deposits	364
Total fixed charges including preferred stock dividends and interest on deposits	$	2,483
Income before income tax expense and fixed charges, excluding capitalized interest, as above	$	9,922
Add: Interest on deposits	364
Total income before income tax expense, fixed charges and interest on deposits	$	10,286
Ratio of earnings to fixed charges and preferred stock dividend requirements	4.14


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

1Q15 ERF Exhibit 99.1 Narrative



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

News release: IMMEDIATE RELEASE

JPMORGAN CHASE REPORTS FIRST-QUARTER 2015 NET INCOME OF

$5.9 BILLION, OR $1.45 PER SHARE, ON REVENUE¹ OF $24.8 BILLION

14% RETURN ON TANGIBLE COMMON EQUITY¹



ROTCE¹ 14%	Common equity Tier 1^1,2 10.6%	Overhead ratio¹ 60%	Net payout LTM^3,12 53%

STRONG UNDERLYING PERFORMANCE IN THE FIRST-QUARTER⁴



CCB	n	Consumer & Business Banking average deposits up 9%; record client investment assets, up 12%
ROE of 17%	n	Active mobile customer base up 22%
OH of 58%	n	Credit card sales volume⁵up 8%

CIB	n	Maintained #1 ranking for Global Investment Banking fees with 8.6% wallet share for 1Q15
ROE of 16%	n	Higher Markets activity
OH of 59%

CB	n	Period-end loan balances up 11% YoY, and 3% QoQ; with 4% QoQ growth in C&I⁶ loans and 3% QoQ growth in CRE⁷loans
ROE of 17%
OH of 41%	n	Record gross investment banking revenue with Commercial Banking clients, up 68%

AM	n	Twenty-fourth consecutive quarter of positive net long-term flows to assets under management
ROE of 22%	n	Record assets under management, up 7%
OH of 72%	n	Average loan balances up 8%

Jamie Dimon, Chairman and CEO, commented on the lines of business:

“Consumer & Community Banking saw healthy growth in deposits, investment assets and loans and continued to deepen relationships – winning four TNS Choice Awards in 2015, including #1 in consumer retail banking nationally for the third consecutive year. In Mortgage, we had higher originations and continued to add high-quality loans to our balance sheet while managing expenses.

The Corporate & Investment Bank maintained its #1 ranking in Global IB fees with strong fees across products, and 100 bps of market share gains over the last year. The Markets business saw an increase in activity in both Fixed Income and Equity Markets.

Commercial Banking generated healthy loan growth in both C&I⁶ and CRE⁷ and also delivered an impressive increase in gross investment banking revenue with Commercial Banking clients.

Asset Management had $16 billion of net long-term inflows, generated strong investment performance and continued to grow loan and deposit balances.”

SIGNIFICANT ITEMS


n	First-quarter results included as a significant item $487 million (aftertax)⁸ legal expense ($0.13 per share aftertax decrease in earnings)⁸

FORTRESS PRINCIPLES


n	Tangible book value per share^1,16 of $45.45, up 9% YoY


n	Basel III common equity Tier 1^1,2of $167 billion, or ratio of 10.6%


n	Compliant with U.S. LCR⁹ – HQLA¹⁰ of $614 billion


n	Firm SLR¹ of 5.7% and Bank SLR¹ of 6.0%


n	Core loans¹¹ up 10% compared with the prior year

OPERATING LEVERAGE


n	Adjusted expense¹ of $14.2 billion and adjusted overhead ratio¹ of 57%

CAPITAL RETURN


n	Approximately $3.1 billion returned to shareholders¹² in the first quarter


n	The Board intends to increase the quarterly common stock dividend in the second quarter of 2015 from the current $0.40 per share to $0.44 per share

SUPPORTED CONSUMERS, BUSINESSES & COMMUNITIES


n	$492 billion of credit and capital¹³ raised in the first quarter


n	$54 billion of credit for consumers


n	$5 billion of credit for U.S. small businesses


n	$158 billion of credit for corporations


n	$260 billion of capital raised for clients


n	$16 billion of credit and capital raised for nonprofit and government entities, including states, municipalities, hospitals and universities


n	Hired nearly 8,700 U.S. veterans and service members since 2011

Jamie Dimon concluded: “JPMorgan Chase continues to support consumers, businesses and communities and make a significant positive impact. We have an outstanding franchise which is getting safer and stronger, and is gaining market share over time. We continue to build the company for the long-term, we are investing in controls, infrastructure, systems, technology, new products and bankers. We will continue to navigate challenges and deliver for our clients, shareholders and communities.”



Investor Contact: Sarah Youngwood (212) 270-7325 ¹For notes on non-GAAP financial measures, including managed basis reporting, see page 6. For additional notes see page 7.	Media Contact: Joe Evangelisti (212) 270-7438

JPMorgan Chase & Co.

News Release

In the discussion below of JPMorgan Chase as a Firm and of its business segments, information is presented on a managed

basis. For more information about managed basis, as well as other non-GAAP financial measures used by management to

evaluate the performance of each line of business, see page 6.



JPMORGAN CHASE (JPM)^1,16



Results for JPM										4Q14					1Q14
($ millions, except per share data)	1Q15			4Q14			1Q14			$ O/(U)			O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	24,820		$	23,549		$	23,853		$	1,271		5	%	$	967	4	%
Noninterest expense	14,883			15,409			14,636			(526		)	(3	)	247		2
Provision for credit losses	959			840			850			119			14		109		13
Net income	$	5,914		$	4,931		$	5,269		$	983		20		$	645	12
Earnings per share	1.45			1.19			1.28			0.26			22		0.17		13
Return on tangible common equity	14		%	11		%	13		%

¹Presented on a managed basis. See notes on page 6 for further explanation of managed basis. Net revenue on a U.S. GAAP basis totaled $24.1 billion, $22.8 billion, and $23.2 billion for the first quarter of 2015, fourth quarter of 2014, and first quarter of 2014, respectively.

Discussion of Results:

Net income was $5.9 billion, up $645 million, or 12%, from the prior year predominantly driven by higher revenue.

Net revenue was $24.8 billion, up $967 million compared with the prior year, predominantly driven by strong performance in the Corporate & Investment Bank, both in Markets and Investment Banking. In addition, there was an increase in fee revenue in Asset Management and Mortgage Banking, partially offset by lower gains in Private Equity. Net interest income was $11.0 billion, relatively flat compared with the prior year.

Noninterest expense was $14.9 billion, up $247 million compared with the prior year, driven by higher Firmwide legal expense. On an adjusted expense¹ basis, expense was $14.2 billion down $402 million compared with the prior year, driven by business simplification in the Corporate & Investment Bank and lower noninterest expense in Consumer & Community Banking.

The current quarter also benefited from $177 million in tax adjustments, compared to a tax charge of approximately $90 million in the prior year.

The provision for credit losses was $959 million, $109 million higher than the prior year, despite $217 million of lower net charge-offs, reflecting lower reserve releases of $93 million versus $419 million in the prior year.



CONSUMER & COMMUNITY BANKING (CCB)



Results for CCB							4Q14					1Q14
($ millions)	1Q15		4Q14		1Q14		$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	10,704	$	10,949	$	10,534	$	(245	)	(2	)%	$	170		2	%
Noninterest expense	6,190		6,411		6,437		(221		)	(3	)	(247		)	(4	)
Provision for credit losses	930		950		816		(20		)	(2	)	114			14
Net income	$	2,219	$	2,179	$	1,981	$	40		2	%	$	238		12	%

Discussion of Results:

Net income was $2.2 billion, an increase of $238 million compared with the prior year, driven by both improved net revenue and lower noninterest expense.

Net revenue was $10.7 billion, an increase of $170 million compared with the prior year, driven by higher noninterest revenue across businesses, up $302 million. Net interest income was $7.0 billion, down $132 million, driven by spread compression, largely offset by higher deposit balances in Consumer & Business Banking and higher credit card loans.

Noninterest expense was $6.2 billion, a decrease of $247 million from the prior year, driven by lower Mortgage Banking and Consumer & Business Banking expense.

JPMorgan Chase & Co.

News Release

The provision for credit losses was $930 million, approximately $100 million higher than the prior year, despite lower net charge-offs, reflecting lower reserve releases.

Consumer & Business Banking net income was $828 million, an increase of $77 million compared with the prior year, driven by lower noninterest expense.

Net revenue was $4.4 billion, relatively flat compared with the prior year, reflecting lower net interest income, down $117 million, due to deposit spread compression; this was offset by higher noninterest revenue, up $77 million, driven by higher investment revenue and debit card revenue.

Noninterest expense was $3.0 billion, a decrease of $107 million from the prior year, primarily driven by branch efficiencies.

Mortgage Banking net income was $326 million, an increase of $194 million from the prior year.

Net revenue was $1.7 billion, an increase of $151 million compared with the prior year, driven by lower MSR risk management losses, partially offset by lower servicing revenue.

MSR risk management was a loss of $68 million, compared with a loss of $400 million in the prior year, which included a negative $460 million fair value adjustment primarily related to higher capital allocated to the business.

Noninterest expense was $1.2 billion, a decrease of $184 million from the prior year, reflecting lower compensation expense.

The provision for credit losses was $4 million, slightly higher than the prior year, despite lower net charge-offs of $104 million, offset by a reduction in the non credit-impaired allowance for loan losses of $100 million as home prices and delinquency trends continued to improve.

Card, Commerce Solutions & Auto¹⁴ net income was $1.1 billion, a decrease of $33 million compared with the prior year.

Net revenue was $4.6 billion, relatively flat compared with the prior year, driven by higher noninterest revenue on higher Auto lease income and net interchange income, largely offset by higher amortization of new account originations. Net interest income was $3.3 billion, flat compared with the prior year.

Noninterest expense was $2.0 billion, up $44 million from the prior year, primarily driven by higher Auto lease depreciation.

The provision for credit losses was $866 million, an increase of $103 million from the prior year despite lower net charge-offs, reflecting lower reserve releases. The current quarter provision reflected a release of $25 million in Student as compared with a release of $250 million in the prior year for Credit Card and Student.



CORPORATE & INVESTMENT BANK (CIB)¹⁶



Results for CIB									4Q14				1Q14
($ millions)	1Q15			4Q14			1Q14		$ O/(U)		O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	9,582		$	7,383		$	8,842	$	2,199	30	%	$	740		8	%
Noninterest expense	5,657			5,576			5,604		81		1		53			1
Provision for credit losses	(31		)	(59		)	49		28		47		(80		)	NM
Net income	$	2,537		$	972		$	2,125	$	1,565	161	%	$	412		19	%

Discussion of Results:

Net income was $2.5 billion, up $412 million, compared with $2.1 billion in the prior year, driven by higher net revenue.

Banking revenue was $3.1 billion, up 12% from the prior year, on strong performance in investment banking fees across products. Treasury Services revenue was $1.0 billion, down 2% compared with the prior year, driven by lower net interest income and lower trade finance revenue. Lending revenue was $353 million, up 9% from the prior year, largely reflecting higher gains on securities received from restructurings.

Markets & Investor Services revenue was $6.5 billion, up 7% from the prior year, despite the impact of business simplification, driven by higher Markets revenue. Excluding the revenue decline related to business simplification, Total Markets and Fixed Income Markets would each have been up 20%¹. Equity Markets revenue was up 22%. Macro events drove robust client activity in Fixed Income Markets including in Currencies & Emerging Markets, and Rates, as well as in Equity Markets.

Noninterest expense was $5.7 billion, up 1% from the prior year, driven by higher legal expense and performance-based compensation expense, largely offset by the impact of business simplification.

The provision for credit losses was a benefit of $31 million, down $80 million from the prior year, driven by higher reserve releases.



COMMERCIAL BANKING (CB)



Results for CB								4Q14					1Q14
($ millions)	1Q15		4Q14			1Q14		$ O/(U)			O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	1,742	$	1,770		$	1,678	$	(28	)	(2	)%	$	64	4	%
Noninterest expense	709		666			686		43			6		23		3
Provision for credit losses	61		(48		)	5		109			NM		56		NM
Net income	$	598	$	693		$	594	$	(95	)	(14	)%	$	4	1	%

Discussion of Results:

Net income was $598 million, relatively flat compared with the prior year.

Net revenue was $1.7 billion, an increase of $64 million compared with the prior year, driven by higher noninterest revenue on record gross investment banking revenue. Net interest income was $1.1 billion, down slightly compared with the prior year, reflecting spread compression on loan and liability products, largely offset by higher balances.

Noninterest expense was $709 million, up $23 million compared with the prior year, driven by higher investment in controls.

The provision for credit losses was $61 million, $56 million higher than the prior year, driven by higher reserve build predominantly related to Oil & Gas exposures and net charge-offs in the current period compared with net recoveries in the prior year.



ASSET MANAGEMENT (AM)



Results for AM								4Q14					1Q14
($ millions)	1Q15		4Q14		1Q14			$ O/(U)			O/(U) %		$ O/(U)		O/(U) %
Net revenue	$	3,005	$	3,200	$	2,800		$	(195	)	(6	)%	$	205	7	%
Noninterest expense	2,175		2,320		2,075			(145		)	(6	)	100		5
Provision for credit losses	4		3		(9		)	1			33		13		NM
Net income	$	502	$	540	$	454		$	(38	)	(7	)%	$	48	11	%

Discussion of Results:

Net income was $502 million, an increase of $48 million from the prior year, reflecting higher revenue, largely offset by higher noninterest expense.

Net revenue was $3.0 billion, an increase of $205 million from the prior year, driven by higher noninterest revenue on net client inflows and higher market levels, and higher net interest income on higher deposit and loan balances.

Noninterest expense was $2.2 billion, an increase of $100 million from the prior year, driven by continued investment in both infrastructure and controls.

Assets under management were $1.8 trillion, an increase of $111 billion from the prior year, due to net inflows to long-term and liquidity products and the effect of higher market levels.

JPMorgan Chase & Co.

News Release



CORPORATE¹⁵



Results for Corporate										4Q14					1Q14
($ millions)	1Q15			4Q14			1Q14			$ O/(U)			O/(U) %		$ O/(U)			O/(U) %
Net revenue	$	(213	)	$	247		$	(1	)	$	(460	)	NM		$	(212	)	NM
Noninterest expense	152			436			(166		)	(284		)	(65	)%	318			NM
Provision for credit losses	(5		)	(6		)	(11		)	1			17		6			55	%
Net income	$	58		$	547		$	115		$	(489	)	(89	)%	$	(57	)	(50	)%

Discussion of Results:

Net income was $58 million, compared with net income of $115 million in the prior year. Lower net revenue and higher expense were largely offset by a benefit from tax adjustments of $177 million versus a tax charge of approximately $90 million in the prior year. Treasury & CIO reported a net loss of $221 million, which included a $173 million pre-tax loss associated with the amortization of cash flow hedges, primarily related to the exit of certain non-operational deposits.

Net revenue was a loss of $213 million, compared with a loss of $1 million in the prior year, driven by lower private equity gains.

Noninterest expense was $152 million, an increase of $318 million from the prior year, driven by higher legal expense.

JPMorgan Chase & Co.

News Release

1. Notes on non-GAAP financial measures:

In addition to analyzing the Firm's results on a reported basis, management reviews the Firm's results, including the overhead ratio, and the results of the lines of business, on a “managed” basis, which 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 net revenue for the Firm (and each of the business segments) on a fully taxable-equivalent (“FTE”) basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. 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 as reported by the Firm as a whole or by the lines of business.

Tangible common equity (“TCE”), return on tangible common equity (“ROTCE”) and tangible book value per share (“TBVPS”) 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. TBVPS represents the Firm's TCE at period-end divided by common shares at period-end. TCE, ROTCE and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.


c)	Adjusted expense and adjusted overhead ratio are each non-GAAP financial measures, and exclude Firmwide legal expense. Management believes this information helps investors understand the effect of these items on reported results and provides an alternate presentation of the Firm’s performance.

Estimated as of 1Q15. Common equity Tier 1 (“CET1”) capital, the CET1 ratio and the supplementary leverage ratio (“SLR”) under the Basel III Advanced Fully Phased-In rules, are each non-GAAP financial measures. These measures are used by management, bank regulators, investors and analysts to assess and monitor the Firm’s capital position. For additional information on these measures, see Regulatory capital on pages 146–153 of JPMorgan Chase & Co.’s Annual Report on Form 10-K for the year ended December 31, 2014.


e)	The CIB provides the change in Total Markets and Fixed Income Markets revenue excluding the revenue related to business simplification, a non-GAAP financial measure, to provide a more meaningful assessment of the underlying performance of the business.

Additional notes:


2.	Represents the estimated impact of Basel III Advanced Fully Phased-In capital rules to which the Firm will be subject commencing January 1, 2019.


3.	Last twelve months (“LTM”).


4.	Percentage comparisons noted in the bullet points are calculated for the first quarter of 2015 versus the prior-year first quarter.


5.	Excludes Commercial Card.


6.	CB’s Commercial and Industrial ("C&I") grouping is internally defined to include certain client segments (Middle Market, which includes Nonprofit Clients and Corporate Client Banking) and does not align with regulatory definitions.


7.	CB's Commercial Real Estate ("CRE") grouping is internally defined to include certain client segments (Real Estate Banking, Commercial Term Lending and Community Development Banking) and does not align with regulatory definitions.


8.	Assumes a tax rate of 38% for items that are tax deductible.


9.	Represents the estimated liquidity coverage ratio ("LCR") based on the Firm's current understanding of the U.S. LCR rules which became effective January 1, 2015.


10.	High quality liquid assets (“HQLA”) is the estimated amount of assets that qualify for inclusion in the U.S. LCR, which became effective January 1, 2015.


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


12.	Net of employee issuance.

13.

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


14.	Chase Commerce Solutions, formerly known as Merchant Services, includes Chase Paymentech, ChaseNet and Chase Offers businesses.


15.	Effective with the first quarter of 2015, the Firm began including the results of Private Equity in the Other Corporate line within the Corporate segment. Prior period amounts have been revised to conform with the current period presentation. The Corporate segment’s balance sheets and results of operations were not impacted by this reporting change.

16.

Effective January 1, 2015, the Firm adopted new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit. The guidance was required to be applied retrospectively and accordingly, certain prior period amounts have been revised to conform with the current period presentation. For further discussion, see page 2 of the Earnings Release Financial Supplement.

JPMorgan Chase & Co.

News Release

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

JPMorgan Chase & Co. will host a conference call today at 8:30 a.m. (Eastern) to present 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 14, 2015, through midnight, April 28, 2015, by telephone at (855) 859-2056 or (800) 585-8367 (U.S. and Canada) or (404) 537-3406 (international); use Conference ID# 87540697. 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 presentation 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, 2014, 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.

1Q15 ERF Exhibit 99.2 Supplement

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2015



JPMORGAN CHASE & CO.
TABLE OF CONTENTS

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

Business Segment Results
Consumer & Community Banking										11–12
Consumer & Business Banking										13
Mortgage Banking										14–16
Card, Commerce Solutions & Auto										17–18
Corporate & Investment Bank										19–21
Commercial Banking										22–23
Asset Management										24–26
Corporate										27–28

Credit-Related Information										29–32

Non-GAAP Financial Measures										33
Glossary of Terms (a)


(a)	Refer to the Glossary of Terms on pages 309–313 of JPMorgan Chase & Co.’s (the “Firm’s”) Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Annual Report”).



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

	QUARTERLY TRENDS
																1Q15 Change
SELECTED INCOME STATEMENT DATA	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
Reported Basis
Total net revenue	$	24,066		$	22,750		$	24,469		$	24,678		$	23,215		6		%	4		%
Total noninterest expense	14,883			15,409			15,798			15,431			14,636			(3	)		2
Pre-provision profit	9,183			7,341			8,671			9,247			8,579			25			7
Provision for credit losses	959			840			757			692			850			14			13
NET INCOME	5,914			4,931			5,565			5,980			5,269			20			12

Managed Basis (a)
Total net revenue	24,820			23,549			25,146			25,337			23,853			5			4
Total noninterest expense	14,883			15,409			15,798			15,431			14,636			(3	)		2
Pre-provision profit	9,937			8,140			9,348			9,906			9,217			22			8
Provision for credit losses	959			840			757			692			850			14			13
NET INCOME	5,914			4,931			5,565			5,980			5,269			20			12

EARNINGS PER SHARE DATA
Net income: Basic	$	1.46		$	1.20		$	1.37		$	1.47		$	1.29		22			13
Diluted	1.45			1.19			1.35			1.46			1.28			22			13
Average shares: Basic	3,725.3			3,730.9			3,755.4			3,780.6			3,787.2			—			(2	)
Diluted	3,757.5			3,765.2			3,788.7			3,812.5			3,823.6			—			(2	)

MARKET AND PER COMMON SHARE DATA
Market capitalization	$	224,818		$	232,472		$	225,188		$	216,725		$	229,770		(3	)		(2	)
Common shares at period-end	3,711.1			3,714.8			3,738.2			3,761.3			3,784.7			—			(2	)
Closing share price (b)	$	60.58		$	62.58		$	60.24		$	57.62		$	60.71		(3	)		—
Book value per share	57.77			56.98			56.41			55.44			53.97			1			7
Tangible book value per share (c)	45.45			44.60			44.04			43.08			41.65			2			9
Cash dividends declared per share	0.40			0.40			0.40			0.40		(g)	0.38			—			5

FINANCIAL RATIOS (d)
Return on common equity (“ROE”)	11		%	9		%	10		%	11		%	10		%
Return on tangible common equity (“ROTCE”) (c)	14			11			13			14			13
Return on assets	0.94			0.78			0.90			0.99			0.89

CAPITAL RATIOS (e)
Common equity Tier 1 (“CET1”) capital ratio	10.7		(f)	10.2			10.2			9.8			10.9
Tier 1 capital ratio	12.1		(f)	11.6			11.5			11.0			12.0
Total capital ratio	13.6		(f)	13.1			12.8			12.5			14.5

95% CONFIDENCE LEVEL- TOTAL VaR
Average VaR	$	43		$	40		$	36		$	55		$	42		8			2

Note: Effective January 1, 2015, the Firm adopted new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit, which impacted the Tax Oriented Investments (“TOI”) business of the Corporate & Investment Bank (“CIB”). As a result of the adoption of this new guidance, the Firm made an accounting policy election to amortize the initial cost of its qualifying investments in proportion to the tax credits and other benefits received, and to present the amortization as a component of income tax expense (previously such amounts were predominantly presented in other income). The guidance was required to be applied retrospectively, and accordingly certain prior period amounts have been revised to conform with the current period presentation. The cumulative effect on retained earnings was a reduction of $338 million as of January 1, 2015, inclusive of a $321 million reduction of retained earnings as of January 1, 2014; and the amount of amortization of such investments reported in income tax expense under the current period presentation was $274 million, $270 million, $268 million, $267 million and $264 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively. For additional information on the impact to the effective tax rate as a result of this adoption, see page 4. The impact on net income and earnings per share in prior periods was not material. The adoption of the guidance did not materially change the Firm’s results of operations on a managed basis as the Firm had previously presented and will continue to present the revenue from such investments on a fully taxable-equivalent ("FTE") basis for purposes of managed basis reporting.


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


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


(c)	Tangible book value per share and ROTCE are non-GAAP financial measures. Tangible book value per share represents tangible common equity divided by common shares at period-end. ROTCE measures the Firm’s annualized earnings as a percentage of tangible common equity. For further discussion of these measures, see page 33.


(d)	Ratios are based upon annualized amounts.


(e)	As of March 31, 2015, December 31, 2014, September 30, 2014, and June 30, 2014, the ratios presented are calculated under Basel III Advanced Transitional. As of March 31, 2014, the ratios presented are calculated under Basel III Standardized Transitional. See footnote (a) on page 9 for additional information on Basel III.


(f)	Estimated.


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

Page 2



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

	QUARTERLY TRENDS
																				1Q15 Change
	1Q15				4Q14			3Q14				2Q14				1Q14				4Q14			1Q14
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	2,577,148			$	2,572,773		$	2,526,655			$	2,519,995			$	2,476,650			—		%	4		%
Loans:
Consumer, excluding credit card loans	305,215				295,374			288,860				289,178				288,168				3			6
Credit card loans	123,257				131,048			126,959				126,129				121,816				(6	)		1
Wholesale loans	335,713				330,914			327,438				331,676				320,987				1			5
Total Loans	764,185				757,336			743,257				746,983				730,971				1			5
Deposits:
U.S. offices:
Noninterest-bearing	441,245				437,558			440,067				417,607				384,503				1			15
Interest-bearing	644,228				643,350			619,595				623,781				625,641				—			3
Non-U.S. offices:
Noninterest-bearing	18,484				19,078			19,134				17,757				13,590				(3	)		36
Interest-bearing	263,930				263,441			255,738				260,606				258,971				—			2
Total deposits	1,367,887				1,363,427			1,334,534				1,319,751				1,282,705				—			7

Long-term debt (a)	280,608				276,836			268,721				269,929				274,512				1			2
Common stockholders’ equity	214,371				211,664			210,876				208,520				204,246				1			5
Total stockholders’ equity	235,864				231,727			230,939				226,983				219,329				2			8

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

Headcount	241,145				241,359			242,388				245,192				246,994				—			(2	)

LINE OF BUSINESS NET REVENUE (b)
Consumer & Community Banking	$	10,704			$	10,949		$	11,367			$	11,518			$	10,534			(2	)		2
Corporate & Investment Bank	9,582				7,383			9,105				9,265				8,842				30			8
Commercial Banking	1,742				1,770			1,703				1,731				1,678				(2	)		4
Asset Management	3,005				3,200			3,046				2,982				2,800				(6	)		7
Corporate	(213		)		247			(75		)		(159		)		(1		)		NM			NM
TOTAL NET REVENUE	$	24,820			$	23,549		$	25,146			$	25,337			$	23,853			5			4

LINE OF BUSINESS NET INCOME
Consumer & Community Banking	$	2,219			$	2,179		$	2,529			$	2,496			$	1,981			2			12
Corporate & Investment Bank	2,537				972			1,680				2,131				2,125				161			19
Commercial Banking	598				693			671				677				594				(14	)		1
Asset Management	502				540			590				569				454				(7	)		11
Corporate	58				547			95				107				115				(89	)		(50	)
NET INCOME	$	5,914			$	4,931		$	5,565			$	5,980			$	5,269			20			12


(a)	Included unsecured long-term debt of $209.5 billion, $207.5 billion, $204.7 billion, $205.6 billion and $206.1 billion for the periods ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.


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

Page 3



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

	QUARTERLY TRENDS
																1Q15 Change
REVENUE	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
Investment banking fees	$	1,794		$	1,833		$	1,538		$	1,751		$	1,420		(2	)	%	26		%
Principal transactions	3,655			1,335			2,966			2,908			3,322			174			10
Lending- and deposit-related fees	1,363			1,454			1,479			1,463			1,405			(6	)		(3	)
Asset management, administration and commissions	3,807			4,110			3,978			4,007			3,836			(7	)		(1	)
Securities gains	52			29			6			12			30			79			73
Mortgage fees and related income	705			855			903			1,291			514			(18	)		37
Card income	1,431			1,526			1,537			1,549			1,408			(6	)		2
Other income	582			546			955			899			613			7			(5	)
Noninterest revenue	13,389			11,688			13,362			13,880			12,548			15			7
Interest income	12,565			12,951			12,926			12,861			12,793			(3	)		(2	)
Interest expense	1,888			1,889			1,819			2,063			2,126			—			(11	)
Net interest income	10,677			11,062			11,107			10,798			10,667			(3	)		—
TOTAL NET REVENUE	24,066			22,750			24,469			24,678			23,215			6			4

Provision for credit losses	959			840			757			692			850			14			13

NONINTEREST EXPENSE
Compensation expense	8,043			6,860			7,831			7,610			7,859			17			2
Occupancy expense	933			1,006			978			973			952			(7	)		(2	)
Technology, communications and equipment expense	1,491			1,495			1,465			1,433			1,411			—			6
Professional and outside services	1,634			2,080			1,907			1,932			1,786			(21	)		(9	)
Marketing	591			726			610			650			564			(19	)		5
Other expense (a)	2,191			3,242			3,007			2,833			2,064			(32	)		6
TOTAL NONINTEREST EXPENSE	14,883			15,409			15,798			15,431			14,636			(3	)		2
Income before income tax expense	8,224			6,501			7,914			8,555			7,729			27			6
Income tax expense	2,310			1,570			2,349			2,575			2,460			47			(6	)
NET INCOME	$	5,914		$	4,931		$	5,565		$	5,980		$	5,269		20			12

NET INCOME PER COMMON SHARE DATA
Basic earnings per share	$	1.46		$	1.20		$	1.37		$	1.47		$	1.29		22			13
Diluted earnings per share	1.45			1.19			1.35			1.46			1.28			22			13

FINANCIAL RATIOS
Return on common equity (b)	11		%	9		%	10		%	11		%	10		%
Return on tangible common equity (b)(c)	14			11			13			14			13
Return on assets (b)	0.94			0.78			0.90			0.99			0.89
Effective income tax rate	28			24			30			30			32
Overhead ratio	62			68			65			63			63

Note: As discussed on page 2, effective January 1, 2015, the Firm adopted new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit. The guidance was required to be applied retrospectively and accordingly, certain prior period amounts have been revised to conform with the current period presentation. Prior to the adoption of this accounting guidance, the effective tax rate was 21%, 28%, 28% and 30% for the three months ended December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.


(a)	Included Firmwide legal expense of $687 million, $1.1 billion, $1.1 billion and $669 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014 and June 30, 2014, respectively; legal expense for the three months ended March 31, 2014 was not material.


(b)	Ratios are based upon annualized amounts.


(c)	For further discussion of ROTCE see pages 2 and 33.

Page 4



JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
																Mar 31, 2015
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2015			2014			2014			2014			2014			2014			2014
ASSETS
Cash and due from banks	$	22,821		$	27,831		$	25,372		$	27,523		$	26,321		(18	)	%	(13	)	%
Deposits with banks	506,383			484,477			414,312			393,909			372,531			5			36
Federal funds sold and securities purchased under
resale agreements	219,344			215,803			214,336			248,149			265,168			2			(17	)
Securities borrowed	108,376			110,435			118,873			113,967			122,021			(2	)		(11	)
Trading assets:
Debt and equity instruments	317,407			320,013			338,204			330,165			315,932			(1	)		—
Derivative receivables	81,574			78,975			72,453			62,378			59,272			3			38
Securities	331,136			348,004			366,358			361,918			351,850			(5	)		(6	)
Loans	764,185			757,336			743,257			746,983			730,971			1			5
Less: Allowance for loan losses	14,065			14,185			14,889			15,326			15,847			(1	)		(11	)
Loans, net of allowance for loan losses	750,120			743,151			728,368			731,657			715,124			1			5
Accrued interest and accounts receivable	70,006			70,079			75,504			78,677			74,612			—			(6	)
Premises and equipment	14,963			15,133			15,177			15,216			14,919			(1	)		—
Goodwill	47,453			47,647			47,970			48,110			48,065			—			(1	)
Mortgage servicing rights	6,641			7,436			8,236			8,347			8,552			(11	)		(22	)
Other intangible assets	1,128			1,192			1,274			1,339			1,489			(5	)		(24	)
Other assets	99,796			102,597			100,218			98,640			100,794			(3	)		(1	)
TOTAL ASSETS	$	2,577,148		$	2,572,773		$	2,526,655		$	2,519,995		$	2,476,650		—			4

LIABILITIES
Deposits	$	1,367,887		$	1,363,427		$	1,334,534		$	1,319,751		$	1,282,705		—			7
Federal funds purchased and securities loaned or sold
under repurchase agreements	196,578			192,101			198,746			216,561			217,442			2			(10	)
Commercial paper	55,655			66,344			59,960			63,804			60,825			(16	)		(8	)
Other borrowed funds	29,035			30,222			31,892			34,713			31,951			(4	)		(9	)
Trading liabilities:
Debt and equity instruments	84,437			81,699			84,305			87,861			91,471			3			(8	)
Derivative payables	73,836			71,116			58,951			50,795			49,138			4			50
Accounts payable and other liabilities	202,157			206,939			211,043			203,875			202,489			(2	)		—
Beneficial interests issued by consolidated VIEs	51,091			52,362			47,564			45,723			46,788			(2	)		9
Long-term debt	280,608			276,836			268,721			269,929			274,512			1			2
TOTAL LIABILITIES	2,341,284			2,341,046			2,295,716			2,293,012			2,257,321			—			4

STOCKHOLDERS’ EQUITY
Preferred stock	21,493			20,063			20,063			18,463			15,083			7			42
Common stock	4,105			4,105			4,105			4,105			4,105			—			—
Additional paid-in capital	92,245			93,270			93,060			92,879			92,623			(1	)		—
Retained earnings	134,048			129,977			126,896			123,166			118,992			3			13
Accumulated other comprehensive income	2,430			2,189			3,266			3,438			2,276			11			7
Shares held in RSU Trust, at cost	(21		)	(21		)	(21		)	(21		)	(21		)	—			—
Treasury stock, at cost	(18,436		)	(17,856		)	(16,430		)	(15,047		)	(13,729		)	(3	)		(34	)
TOTAL STOCKHOLDERS’ EQUITY	235,864			231,727			230,939			226,983			219,329			2			8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,577,148		$	2,572,773		$	2,526,655		$	2,519,995		$	2,476,650		—			4

Page 5



JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
	QUARTERLY TRENDS
																					1Q15 Change
AVERAGE BALANCES	1Q15				4Q14				3Q14				2Q14				1Q14				4Q14			1Q14
ASSETS
Deposits with banks	$	480,182			$	414,672			$	362,434			$	334,953			$	319,130			16		%	50		%
Federal funds sold and securities purchased under
resale agreements	217,546				215,439				224,088				237,440				245,389				1			(11	)
Securities borrowed	111,197				115,033				118,014				114,905				118,227				(3	)		(6	)
Trading assets - debt instruments	210,069				222,223				213,335				204,242				202,387				(5	)		4
Securities	334,967				350,804				360,365				353,278				348,771				(5	)		(4	)
Loans	757,638				746,735				741,831				737,613				730,312				1			4
Other assets (a)	37,202				38,873				41,718				41,514				41,430				(4	)		(10	)
Total interest-earning assets	2,148,801				2,103,779				2,061,785				2,023,945				2,005,646				2			7
Trading assets - equity instruments	112,118				114,652				118,201				121,184				112,525				(2	)		—
Trading assets - derivative receivables	83,901				76,937				65,786				60,830				64,820				9			29
All other noninterest-earning assets	212,190				216,076				209,100				214,677				219,713				(2	)		(3	)
TOTAL ASSETS	$	2,557,010			$	2,511,444			$	2,454,872			$	2,420,636			$	2,402,704			2			6
LIABILITIES
Interest-bearing deposits	$	904,325			$	880,283			$	865,041			$	863,163			$	866,759			3			4
Federal funds purchased and securities loaned or
sold under repurchase agreements	200,236				206,671				213,975				212,555				200,918				(3	)		—
Commercial paper	60,013				61,833				59,359				59,760				58,682				(3	)		2
Trading liabilities - debt, short-term and other liabilities (b)	223,361				224,967				219,666				221,001				214,810				(1	)		4
Beneficial interests issued by consolidated VIEs	50,718				48,281				47,336				47,407				49,058				5			3
Long-term debt	279,318				273,829				266,639				271,194				269,403				2			4
Total interest-bearing liabilities	1,717,971				1,695,864				1,672,016				1,675,080				1,659,630				1			4
Noninterest-bearing deposits	432,188				418,313				404,634				380,836				377,520				3			14
Trading liabilities - equity instruments	18,210				15,659				17,385				15,505				16,432				16			11
Trading liabilities - derivative payables	76,049				64,784				51,524				49,487				53,143				17			43
All other noninterest-bearing liabilities	79,415				84,874				81,090				77,806				80,626				(6	)		(2	)
TOTAL LIABILITIES	2,323,833				2,279,494				2,226,649				2,198,714				2,187,351				2			6
Preferred stock	20,825				20,063				18,602				15,763				13,556				4			54
Common stockholders’ equity	212,352				211,887				209,621				206,159				201,797				—			5
TOTAL STOCKHOLDERS’ EQUITY	233,177				231,950				228,223				221,922				215,353				1			8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,557,010			$	2,511,444			$	2,454,872			$	2,420,636			$	2,402,704			2			6

AVERAGE RATES (c)
INTEREST-EARNING ASSETS
Deposits with banks	0.29			%	0.31			%	0.33			%	0.33			%	0.33			%
Federal funds sold and securities purchased under
resale agreements	0.74				0.75				0.71				0.67				0.72
Securities borrowed (d)	(0.44		)		(0.45		)		(0.50		)		(0.46		)		(0.30		)
Trading assets - debt instruments	3.39				3.35				3.49				3.62				3.59
Securities	2.82				2.77				2.73				2.79				2.77
Loans	4.28				4.32				4.33				4.40				4.49
Other assets (a)	1.59				1.61				1.63				1.66				1.58
Total interest-earning assets	2.42				2.49				2.54				2.60				2.63

INTEREST-BEARING LIABILITIES
Interest-bearing deposits	0.16				0.18				0.18				0.19				0.20
Federal funds purchased and securities loaned or
sold under repurchase agreements	0.29				0.28				0.25				0.30				0.33
Commercial paper	0.23				0.22				0.22				0.23				0.23
Trading liabilities - debt, short-term and other liabilities (b)(d)(e)	0.28				0.26				0.12				0.48				0.44
Beneficial interests issued by consolidated VIEs	0.79				0.80				0.82				0.89				0.87
Long-term debt	1.59				1.55				1.61				1.61				1.76
Total interest-bearing liabilities	0.45				0.44				0.43				0.49				0.52

INTEREST RATE SPREAD	1.97			%	2.05			%	2.11			%	2.11			%	2.11			%
NET YIELD ON INTEREST-EARNING ASSETS	2.07			%	2.14			%	2.19			%	2.19			%	2.20			%


(a)	Includes margin loans.


(b)	Includes brokerage customer payables.


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


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

Page 6

JPMORGAN CHASE & CO.

RECONCILIATION FROM REPORTED TO MANAGED BASIS

(in millions, except ratios)

The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the U.S. (“U.S. GAAP”). That presentation, which is referred to as “reported” basis, provides the reader with an understanding of the Firm’s results that can be tracked consistently from year-to-year and enables a comparison of the Firm’s performance with other companies’ U.S. GAAP financial statements. In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results and the results of the lines of business on a “managed” basis, which is a non-GAAP financial measure. For additional information on managed basis, refer to the notes on Non-GAAP Financial Measures on page 33.

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



	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
OTHER INCOME
Other income - reported	$	582		$	546		$	955		$	899		$	613		7		%	(5	)	%
Fully taxable-equivalent adjustments (a)	481			537			424			415			412			(10	)		17
Other income - managed	$	1,063		$	1,083		$	1,379		$	1,314		$	1,025		(2	)		4

TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported	$	13,389		$	11,688		$	13,362		$	13,880		$	12,548		15			7
Fully taxable-equivalent adjustments (a)	481			537			424			415			412			(10	)		17
Total noninterest revenue - managed	$	13,870		$	12,225		$	13,786		$	14,295		$	12,960		13			7

NET INTEREST INCOME
Net interest income - reported	$	10,677		$	11,062		$	11,107		$	10,798		$	10,667		(3	)		—
Fully taxable-equivalent adjustments (a)	273			262			253			244			226			4			21
Net interest income - managed	$	10,950		$	11,324		$	11,360		$	11,042		$	10,893		(3	)		1

TOTAL NET REVENUE
Total net revenue - reported	$	24,066		$	22,750		$	24,469		$	24,678		$	23,215		6			4
Fully taxable-equivalent adjustments (a)	754			799			677			659			638			(6	)		18
Total net revenue - managed	$	24,820		$	23,549		$	25,146		$	25,337		$	23,853		5			4

PRE-PROVISION PROFIT
Pre-provision profit - reported	$	9,183		$	7,341		$	8,671		$	9,247		$	8,579		25			7
Fully taxable-equivalent adjustments (a)	754			799			677			659			638			(6	)		18
Pre-provision profit - managed	$	9,937		$	8,140		$	9,348		$	9,906		$	9,217		22			8

INCOME BEFORE INCOME TAX EXPENSE
Income before income tax expense - reported	$	8,224		$	6,501		$	7,914		$	8,555		$	7,729		27			6
Fully taxable-equivalent adjustments (a)	754			799			677			659			638			(6	)		18
Income before income tax expense - managed	$	8,978		$	7,300		$	8,591		$	9,214		$	8,367		23			7

INCOME TAX EXPENSE
Income tax expense - reported	$	2,310		$	1,570		$	2,349		$	2,575		$	2,460		47			(6	)
Fully taxable-equivalent adjustments (a)	754			799			677			659			638			(6	)		18
Income tax expense - managed	$	3,064		$	2,369		$	3,026		$	3,234		$	3,098		29			(1	)

OVERHEAD RATIO
Overhead ratio - reported	62		%	68		%	65		%	63		%	63		%
Overhead ratio - managed	60			65			63			61			61


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

Page 7



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


	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
TOTAL NET REVENUE (fully taxable-equivalent (“FTE”))
Consumer & Community Banking	$	10,704		$	10,949		$	11,367		$	11,518		$	10,534		(2	)	%	2		%
Corporate & Investment Bank	9,582			7,383			9,105			9,265			8,842			30			8
Commercial Banking	1,742			1,770			1,703			1,731			1,678			(2	)		4
Asset Management	3,005			3,200			3,046			2,982			2,800			(6	)		7
Corporate	(213		)	247			(75		)	(159		)	(1		)	NM			NM
TOTAL NET REVENUE	$	24,820		$	23,549		$	25,146		$	25,337		$	23,853		5			4

TOTAL NONINTEREST EXPENSE
Consumer & Community Banking	$	6,190		$	6,411		$	6,305		$	6,456		$	6,437		(3	)		(4	)
Corporate & Investment Bank	5,657			5,576			6,035			6,058			5,604			1			1
Commercial Banking	709			666			668			675			686			6			3
Asset Management	2,175			2,320			2,081			2,062			2,075			(6	)		5
Corporate	152			436			709			180			(166		)	(65	)		NM
TOTAL NONINTEREST EXPENSE	$	14,883		$	15,409		$	15,798		$	15,431		$	14,636		(3	)		2

PRE-PROVISION PROFIT/(LOSS)
Consumer & Community Banking	$	4,514		$	4,538		$	5,062		$	5,062		$	4,097		(1	)		10
Corporate & Investment Bank	3,925			1,807			3,070			3,207			3,238			117			21
Commercial Banking	1,033			1,104			1,035			1,056			992			(6	)		4
Asset Management	830			880			965			920			725			(6	)		14
Corporate	(365		)	(189		)	(784		)	(339		)	165			(93	)		NM
PRE-PROVISION PROFIT	$	9,937		$	8,140		$	9,348		$	9,906		$	9,217		22			8

PROVISION FOR CREDIT LOSSES
Consumer & Community Banking	$	930		$	950		$	902		$	852		$	816		(2	)		14
Corporate & Investment Bank	(31		)	(59		)	(67		)	(84		)	49			47			NM
Commercial Banking	61			(48		)	(79		)	(67		)	5			NM			NM
Asset Management	4			3			9			1			(9		)	33			NM
Corporate	(5		)	(6		)	(8		)	(10		)	(11		)	17			55
PROVISION FOR CREDIT LOSSES	$	959		$	840		$	757		$	692		$	850		14			13

NET INCOME
Consumer & Community Banking	$	2,219		$	2,179		$	2,529		$	2,496		$	1,981		2			12
Corporate & Investment Bank	2,537			972			1,680			2,131			2,125			161			19
Commercial Banking	598			693			671			677			594			(14	)		1
Asset Management	502			540			590			569			454			(7	)		11
Corporate	58			547			95			107			115			(89	)		(50	)
TOTAL NET INCOME	$	5,914		$	4,931		$	5,565		$	5,980		$	5,269		20			12

Page 8



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

																	Mar 31, 2015
																	Change
	Mar 31,				Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2015				2014			2014			2014			2014			2014			2014
CAPITAL (a)
Risk-based capital metrics
Standardized Transitional
CET1 capital	$	167,142	(g)		$	164,426		$	162,462		$	159,755		$	156,548		2		%	7		%
Tier 1 capital	188,791		(g)(h)		186,294			183,777			179,553			173,105			1			9
Total capital	223,256		(g)		221,225			218,416			213,449			208,104			1			7
Risk-weighted assets (b)	1,540,181		(g)		1,472,602			1,462,240			1,458,620			1,438,354			5			7
CET1 capital ratio	10.9		(g)	%	11.2		%	11.1		%	11.0		%	10.9		%
Tier 1 capital ratio	12.3		(g)		12.7			12.6			12.3			12.0
Total capital ratio	14.5		(g)		15.0			14.9			14.6			14.5

Advanced Transitional
CET1 capital	$	167,142	(g)		164,426			162,462			159,755						2		%
Tier 1 capital	188,791		(g)(h)		186,294			183,777			179,553						1
Total capital	213,359		(g)		210,684			204,235			202,745						1
Risk-weighted assets	1,563,473		(g)		1,608,240			1,598,788			1,626,427						(3	)
CET1 capital ratio	10.7		(g)	%	10.2		%	10.2		%	9.8		%
Tier 1 capital ratio	12.1		(g)		11.6			11.5			11.0
Total capital ratio	13.6		(g)		13.1			12.8			12.5

Leverage-based capital metrics
Adjusted average assets (c)	$	2,510,897	(g)		$	2,465,414		$	2,408,498		$	2,374,025		$	2,355,690		2			7
Tier 1 leverage ratio	7.5		(g)	%	7.6			7.6			7.6			7.3
SLR leverage exposure (d)	$	3,302,501	(g)
SLR (d)	5.7		(g)	%

TANGIBLE COMMON EQUITY (period-end) (e)
Common stockholders’ equity	$	214,371			$	211,664		$	210,876		$	208,520		$	204,246		1			5
Less: Goodwill	47,453				47,647			47,970			48,110			48,065			—			(1	)
Less: Other intangible assets	1,128				1,192			1,274			1,339			1,489			(5	)		(24	)
Add: Deferred tax liabilities (f)	2,870				2,853			2,991			2,969			2,935			1			(2	)
Total tangible common equity	$	168,660			$	165,678		$	164,623		$	162,040		$	157,627		2			7

TANGIBLE COMMON EQUITY (average) (e)
Common stockholders’ equity	$	212,352			$	211,887		$	209,621		$	206,159		$	201,797		—			5
Less: Goodwill	47,491				47,900			48,081			48,084			48,054			(1	)		(1	)
Less: Other intangible assets	1,162				1,241			1,308			1,416			1,548			(6	)		(25	)
Add: Deferred tax liabilities (f)	2,862				2,922			2,980			2,952			2,944			(2	)		(3	)
Total tangible common equity	$	166,561			$	165,668		$	163,212		$	159,611		$	155,139		1			7

INTANGIBLE ASSETS (period-end)
Goodwill	$	47,453			$	47,647		$	47,970		$	48,110		$	48,065		—			(1	)
Mortgage servicing rights	6,641				7,436			8,236			8,347			8,552			(11	)		(22	)
Other intangible assets	1,128				1,192			1,274			1,339			1,489			(5	)		(24	)
Total intangible assets	$	55,222			$	56,275		$	57,480		$	57,796		$	58,106		(2	)		(5	)

(a)

Basel III presents two comprehensive methodologies for calculating risk-weighted assets: a Standardized approach and an Advanced approach. On February 21, 2014, the Federal Reserve informed the Firm that it had satisfactorily completed the parallel run requirements and was approved to calculate, and publicly disclose commencing with the second quarter of 2014, capital under the transitional Advanced approach, in addition to the transitional Standardized approach. As required by the Collins Amendment of the Wall Street Reform and Consumer Protection Act, the capital adequacy of the Firm is evaluated against the Basel III approach (Standardized or Advanced) that results, for each quarter, in the lower ratio (the “Collins Floor”). For further discussion of the implementation of Basel III, see Regulatory capital on pages 146-–153 of the 2014 Annual Report.


(b)	Effective January 1, 2015, Basel III Standardized Transitional RWA is calculated under the Basel III definition of the Standardized approach. Prior periods were based on Basel I with 2.5.

(c)

Adjusted average assets, for purposes of calculating the Tier 1 leverage ratio, includes total quarterly average assets adjusted for unrealized gains/(losses) on securities, less deductions for disallowed goodwill and other intangible assets, investments in certain subsidiaries, and the total adjusted carrying value of nonfinancial equity investments that are subject to deductions from Tier 1 capital.

(d)

Beginning with the first quarter of 2015, the Firm is required to calculate a supplementary leverage ratio (“SLR”). The SLR is defined as Tier 1 capital divided by the Firm’s total leverage exposure. Total leverage exposure is calculated by taking the Firm’s adjusted average assets as calculated for the Tier 1 leverage ratio, and adding certain off-balance sheet exposures, such as undrawn commitments and derivatives potential future exposure.


(e)	For further discussion of TCE, see page 33.


(f)	Represents deferred tax liabilities related to tax-deductible goodwill and to identifiable intangibles created in non-taxable transactions, which are netted against goodwill and other intangibles when calculating TCE.


(g)	Estimated.


(h)	At March 31, 2015, TruPS included in Basel III Tier 1 capital were $1.0 billion.

Page 9



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

	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
EARNINGS PER SHARE
Basic earnings per share
Net income	$	5,914		$	4,931		$	5,565		$	5,980		$	5,269		20		%	12		%
Less: Preferred stock dividends	324			326			304			268			227			(1	)		43
Net income applicable to common equity	5,590			4,605			5,261			5,712			5,042			21			11
Less: Dividends and undistributed earnings allocated to
participating securities	138			117			133			144			149			18			(7	)
Net income applicable to common stockholders	$	5,452		$	4,488		$	5,128		$	5,568		$	4,893		21			11

Total weighted-average basic shares outstanding	3,725.3			3,730.9			3,755.4			3,780.6			3,787.2			—			(2	)
Net income per share	$	1.46		$	1.20		$	1.37		$	1.47		$	1.29		22			13

Diluted earnings per share
Net income applicable to common stockholders	$	5,452		$	4,488		$	5,128		$	5,568		$	4,893		21			11
Total weighted-average basic shares outstanding	3,725.3			3,730.9			3,755.4			3,780.6			3,787.2			—			(2	)
Add: Employee stock options, SARs and warrants (a)	32.2			34.3			33.3			31.9			36.4			(6	)		(12	)
Total weighted-average diluted shares outstanding (b)	3,757.5			3,765.2			3,788.7			3,812.5			3,823.6			—			(2	)
Net income per share	$	1.45		$	1.19		$	1.35		$	1.46		$	1.28		22			13

COMMON DIVIDENDS
Cash dividends declared per share	$	0.40		$	0.40		$	0.40		$	0.40	(f)	$	0.38		—			5
Dividend payout ratio	27		%	33		%	29		%	27		%	29		%

COMMON EQUITY REPURCHASE PROGRAM (c)
Total shares of common stock repurchased	32.5			25.3			25.5			24.8			6.7			28			385
Average price paid per share of common stock	$	58.40		$	59.80		$	58.37		$	55.53		$	57.31		(2	)		2
Aggregate repurchases of common equity:
Settlement-date basis	$	1,899.9		$	1,509.7		$	1,488.7		$	1,375.4		$	385.9		26			392
Trade-date basis	1,855.7			1,499.9			1,471.6			1,462.5			399.9			24			364

EMPLOYEE ISSUANCE
Shares issued from treasury stock related to employee
stock-based compensation awards and employee stock
purchase plans (d)	28.8			1.8			2.4			1.4			35.3			NM			(18	)
Net impact of employee issuances on stockholders’ equity (e)	$	333		$	295		$	288		$	335		$	325		13			2


(a)	Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was 1 million for each of the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.


(b)	Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method.


(c)	On March 11, 2015, the Firm announced, following the release by the Board of Governors of the Federal Reserve System (“Federal Reserve”) of the 2015 CCAR results, that it is authorized to repurchase up to $6.4 billion of common equity between April 1, 2015, and June 30, 2016.


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


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


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

Page 10



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


	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	718		$	782		$	804		$	750		$	703		(8	)	%	2		%
Asset management, administration and commissions	530			538			534			521			503			(1	)		5
Mortgage fees and related income	704			854			902			1,290			514			(18	)		37
Card income	1,324			1,467			1,478			1,486			1,348			(10	)		(2	)
All other income	460			180			496			421			366			156			26
Noninterest revenue	3,736			3,821			4,214			4,468			3,434			(2	)		9
Net interest income	6,968			7,128			7,153			7,050			7,100			(2	)		(2	)
TOTAL NET REVENUE	10,704			10,949			11,367			11,518			10,534			(2	)		2

Provision for credit losses	930			950			902			852			816			(2	)		14

NONINTEREST EXPENSE
Compensation expense	2,530			2,535			2,627			2,637			2,739			—			(8	)
Noncompensation expense	3,660			3,876			3,678			3,819			3,698			(6	)		(1	)
TOTAL NONINTEREST EXPENSE	6,190			6,411			6,305			6,456			6,437			(3	)		(4	)

Income before income tax expense	3,584			3,588			4,160			4,210			3,281			—			9
Income tax expense	1,365			1,409			1,631			1,714			1,300			(3	)		5
NET INCOME	$	2,219		$	2,179		$	2,529		$	2,496		$	1,981		2			12

FINANCIAL RATIOS
ROE	17		%	16		%	19		%	19		%	15		%
Overhead ratio	58			59			55			56			61

SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	455,624		$	455,634		$	448,033		$	447,277		$	441,502		—			3
Trading assets - loans (a)	6,756			8,423			10,750			7,409			6,869			(20	)		(2	)
Loans:
Loans retained	398,314			396,288			390,709			390,211			386,314			1			3
Loans held-for-sale	2,720			3,416			876			1,472			542			(20	)		402
Total loans	401,034			399,704			391,585			391,683			386,856			—			4
Deposits	531,027			502,520			493,249			488,681			487,674			6			9
Equity (b)	51,000			51,000			51,000			51,000			51,000			—			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	454,763		$	450,260		$	447,121		$	443,204		$	450,424		1			1
Trading assets - loans (a)	7,992			8,746			9,346			6,593			7,446			(9	)		7
Loans:
Loans retained	395,084			392,764			390,129			388,252			388,678			1			2
Loans held-for-sale	2,984			1,417			876			710			656			111			355
Total loans	398,068			394,181			391,005			388,962			389,334			1			2
Deposits	512,157			497,667			492,022			486,064			471,581			3			9
Equity (b)	51,000			51,000			51,000			51,000			51,000			—			—

Headcount	135,908			137,186			138,686			141,688			145,651			(1	)		(7	)


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


(b)	Includes $5.0 billion as of March 31, 2015, and $3.0 billion for the 2014 periods, of capital held at the CCB level related to legacy mortgage servicing matters.

Page 11



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (a)	$	1,054		$	1,197		$	1,102		$	1,208		$	1,266		(12	)	%	(17	)	%
Nonaccrual loans (b)(c)	6,143			6,401			6,639			7,003			7,301			(4	)		(16	)
Nonperforming assets (b)(c)	6,569			6,872			7,138			7,555			7,932			(4	)		(17	)
Allowance for loan losses (a)	10,219			10,404			10,993			11,284			11,686			(2	)		(13	)

Net charge-off rate (a)	1.08		%	1.21		%	1.12		%	1.25		%	1.32		%
Net charge-off rate, excluding purchased credit-impaired
(“PCI”) loans	1.22			1.38			1.28			1.44			1.53
Allowance for loan losses to period-end loans retained	2.57			2.63			2.81			2.89			3.03
Allowance for loan losses to period-end loans retained,
excluding PCI loans (d)	1.97			2.02			2.14			2.22			2.27
Allowance for loan losses to nonaccrual loans
retained, excluding credit card (b)(d)	57			58			57			58			55
Nonaccrual loans to total period-end loans, excluding
credit card	2.21			2.38			2.51			2.64			2.75
Nonaccrual loans to total period-end loans, excluding
credit card and PCI loans (b)	2.64			2.88			3.07			3.25			3.42

BUSINESS METRICS
Number of:
Branches	5,570			5,602			5,613			5,636			5,632			(1	)		(1	)
ATMs	18,298			18,056			20,513			20,394			20,370			1			(10	)
Active online customers (in thousands)	37,696			36,396			35,957			35,105			35,038			4			8
Active mobile customers (in thousands)	19,962			19,084			18,351			17,201			16,405			5			22

Note: CCB provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 33.

(a)

Net charge-offs and the net charge-off rates for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, excluded $55 million, $337 million, $87 million, $48 million and $61 million, respectively, of write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans. For further information on PCI write-offs, see summary of changes in the allowances on page 31.


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

(c)


(d)	The allowance for loan losses for PCI loans was $3.3 billion at both March 31, 2015, and December 31, 2014, $3.7 billion at both September 30, 2014 and June 30, 2014, and $4.1 billion at March 31, 2014; these amounts were also excluded from the applicable ratios.

Page 12



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
CONSUMER & BUSINESS BANKING

INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	711		$	776		$	796		$	747		$	691		(8	)	%	3		%
Asset management, administration and commissions	512			513			522			507			483			—			6
Card income	404			414			409			406			376			(2	)		7
All other income	122			123			127			162			122			(1	)		—
Noninterest revenue	1,749			1,826			1,854			1,822			1,672			(4	)		5
Net interest income	2,609			2,733			2,807			2,786			2,726			(5	)		(4	)
Total net revenue	4,358			4,559			4,661			4,608			4,398			(4	)		(1	)
Provision for credit losses	60			88			75			66			76			(32	)		(21	)
Noninterest expense	2,958			3,026			3,032			3,026			3,065			(2	)		(3	)
Income before income tax expense	1,340			1,445			1,554			1,516			1,257			(7	)		7
Net income	$	828		$	861		$	927		$	904		$	751		(4	)		10

ROE	28		%	31		%	33		%	33		%	27		%
Overhead ratio	68			66			65			66			70
Equity (period-end and average)	$	11,500		$	11,000		$	11,000		$	11,000		$	11,000		5			5

BUSINESS METRICS
Business banking origination volume	$	1,540		$	1,529		$	1,649		$	1,917		$	1,504		1			2
Period-end loans	21,608			21,200			20,644			20,276			19,589			2			10
Period-end deposits:
Checking	227,382			213,049			203,839			200,560			199,717			7			14
Savings	267,696			255,148			251,661			249,175			250,292			5			7
Time and other	20,329			21,349			23,304			24,421			25,092			(5	)		(19	)
Total period-end deposits	515,407			489,546			478,804			474,156			475,101			5			8
Average loans	21,317			20,830			20,382			19,928			19,450			2			10
Average deposits:
Checking	216,312			207,312			201,473			197,490			189,487			4			14
Savings	260,461			253,412			250,845			249,240			243,500			3			7
Time and other	20,837			22,113			23,845			24,832			25,478			(6	)		(18	)
Total average deposits	497,610			482,837			476,163			471,562			458,465			3			9
Deposit margin	1.99		%	2.11		%	2.20		%	2.23		%	2.27		%
Average assets	$	41,774		$	39,163		$	38,089		$	37,810		$	38,121		7			10

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	59		$	85		$	75		$	69		$	76		(31	)		(22	)
Net charge-off rate	1.12		%	1.62		%	1.46		%	1.39		%	1.58		%
Allowance for loan losses	$	703		$	703		$	703		$	703		$	707		—			(1	)
Nonperforming assets	274			286			304			335			365			(4	)		(25	)

RETAIL BRANCH BUSINESS METRICS
Net new investment assets	$	3,821		$	3,254		$	4,269		$	4,324		$	4,241		17			(10	)
Client investment assets	219,192			213,459			207,790			205,206			195,706			3			12
% managed accounts	40		%	39		%	39		%	38		%	37		%
Number of:
Chase Private Client locations	2,573			2,514			2,461			2,408			2,244			2			15
Personal bankers	20,503			21,039			20,965			21,728			22,654			(3	)		(9	)
Sales specialists	3,842			3,994			4,155			4,405			4,817			(4	)		(20	)
Client advisors	3,065			3,090			3,099			3,075			3,062			(1	)		—
Chase Private Clients	358,115			325,653			290,662			262,965			239,665			10			49
Accounts (in thousands) (a)	30,755			30,481			30,424			30,144			29,819			1			3


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

Page 13



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
	QUARTERLY TRENDS
																					1Q15 Change
	1Q15				4Q14				3Q14				2Q14				1Q14				4Q14			1Q14
MORTGAGE BANKING

INCOME STATEMENT
REVENUE
Mortgage fees and related income	$	704			$	854			$	902			$	1,290			$	514			(18	)	%	37		%
All other income	(11		)		(9		)		66				(17		)		(3		)		(22	)		(267	)
Noninterest revenue	693				845				968				1,273				511				(18	)		36
Net interest income	1,056				1,030				1,059				1,053				1,087				3			(3	)
Total net revenue	1,749				1,875				2,027				2,326				1,598				(7	)		9
Provision for credit losses	4				13				(19		)		(188		)		(23		)		(69	)		NM
Noninterest expense	1,219				1,296				1,279				1,306				1,403				(6	)		(13	)
Income before income tax expense	526				566				767				1,208				218				(7	)		141
Net income	$	326			$	338			$	465			$	733			$	132			(4	)		147

ROE	7			%	7			%	10			%	16			%	3			%
Overhead ratio	70				69				63				56				88
Equity (period-end and average)	$	16,000			$	18,000			$	18,000			$	18,000			$	18,000			(11	)		(11	)

SUPPLEMENTAL INFORMATION
MORTGAGE FEES AND RELATED INCOME DETAILS:
Net production revenue (a)	$	237			$	325			$	253			$	323			$	289			(27	)		(18	)
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	749				779				787				867				870				(4	)		(14	)
Changes in MSR asset fair value due to collection/
realization of expected cash flows	(214		)		(209		)		(214		)		(237		)		(245		)		(2	)		13
Total operating revenue	535				570				573				630				625				(6	)		(14	)
Risk management:
Changes in MSR asset fair value due to market interest
rates and other (b)	(476		)		(775		)		(101		)		(368		)		(362		)		39			(31	)
Other changes in MSR asset fair value due to other inputs
and assumptions in model (c)	(102		)		(22		)		44				220				(460		)		(364	)		78
Changes in derivative fair value and other	510				756				133				485				422				(33	)		21
Total risk management	(68		)		(41		)		76				337				(400		)		(66	)		83
Total net mortgage servicing revenue	467				529				649				967				225				(12	)		108
Mortgage fees and related income	$	704			$	854			$	902			$	1,290			$	514			(18	)		37

NET INTEREST INCOME:
Mortgage Production and Mortgage Servicing	$	158			$	172			$	204			$	171			$	189			(8	)		(16	)
Real Estate Portfolios	898				858				855				882				898				5			-
Total net interest income	$	1,056			$	1,030			$	1,059			$	1,053			$	1,087			3			(3	)

NONINTEREST EXPENSE:
Mortgage Production	$	421			$	373			$	381			$	414			$	476			13			(12	)
Mortgage Servicing	582				559				577				550				581				4			-
Real Estate Portfolios	216				364				321				342				346				(41	)		(38	)
Total noninterest expense	$	1,219			$	1,296			$	1,279			$	1,306			$	1,403			(6	)		(13	)


(a)	Included repurchase (losses)/benefits of $33 million, $131 million, $62 million, $137 million, and $128 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014, and March 31, 2014, respectively.


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


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

Page 14



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)
	QUARTERLY TRENDS
											1Q15 Change
	1Q15		4Q14		3Q14		2Q14		1Q14		4Q14			1Q14
MORTGAGE BANKING (continued)

SELECTED BALANCE SHEET DATA
Trading assets - loans (period-end) (a)	$	6,756	$	8,423	$	10,750	$	7,409	$	6,869	(20	)	%	(2	)	%
Trading assets - loans (average) (a)	7,992		8,746		9,346		6,593		7,446		(9	)		7

Loans, excluding PCI loans
Period-end loans owned
Home equity	$	49,067	$	50,899	$	52,679	$	54,485	$	56,131	(4	)		(13	)
Prime mortgage, including option ARMs	91,956		80,414		74,338		70,495		67,048		14			37
Subprime mortgage	4,828		5,083		5,547		6,636		6,869		(5	)		(30	)
Other	454		477		492		510		529		(5	)		(14	)
Total period-end loans owned	$	146,305	$	136,873	$	133,056	$	132,126	$	130,577	7			12
Average loans owned
Home equity	$	50,007	$	51,803	$	53,560	$	55,329	$	57,015	(3	)		(12	)
Prime mortgage, including option ARMs (combined)	86,111		77,663		72,774		68,922		66,467		11			30
Subprime mortgage	4,968		5,365		5,922		6,754		7,007		(7	)		(29	)
Other	466		484		502		520		540		(4	)		(14	)
Total average loans owned	$	141,552	$	135,315	$	132,758	$	131,525	$	131,029	5			8

PCI loans
Period-end loans owned
Home equity	$	16,638	$	17,095	$	17,572	$	18,070	$	18,525	(3	)		(10	)
Prime mortgage	9,916		10,220		10,887		11,302		11,658		(3	)		(15	)
Subprime mortgage	3,559		3,673		3,790		3,947		4,062		(3	)		(12	)
Option ARMs	15,243		15,708		16,238		16,799		17,361		(3	)		(12	)
Total period-end loans owned	$	45,356	$	46,696	$	48,487	$	50,118	$	51,606	(3	)		(12	)
Average loans owned
Home equity	$	16,847	$	17,319	$	17,806	$	18,295	$	18,719	(3	)		(10	)
Prime mortgage	10,063		10,584		11,103		11,487		11,870		(5	)		(15	)
Subprime mortgage	3,604		3,717		3,843		4,001		4,128		(3	)		(13	)
Option ARMs	15,446		15,934		16,503		17,074		17,687		(3	)		(13	)
Total average loans owned	$	45,960	$	47,554	$	49,255	$	50,857	$	52,404	(3	)		(12	)

Total Mortgage Banking
Period-end loans owned
Home equity	$	65,705	$	67,994	$	70,251	$	72,555	$	74,656	(3	)		(12	)
Prime mortgage, including option ARMs	117,115		106,342		101,463		98,596		96,067		10			22
Subprime mortgage	8,387		8,756		9,337		10,583		10,931		(4	)		(23	)
Other	454		477		492		510		529		(5	)		(14	)
Total period-end loans owned	$	191,661	$	183,569	$	181,543	$	182,244	$	182,183	4			5
Average loans owned
Home equity	$	66,854	$	69,122	$	71,366	$	73,624	$	75,734	(3	)		(12	)
Prime mortgage, including option ARMs	111,620		104,181		100,380		97,483		96,024		7			16
Subprime mortgage	8,572		9,082		9,765		10,755		11,135		(6	)		(23	)
Other	466		484		502		520		540		(4	)		(14	)
Total average loans owned	$	187,512	$	182,869	$	182,013	$	182,382	$	183,433	3			2


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

Page 15



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

	QUARTERLY TRENDS
																					1Q15 Change
	1Q15				4Q14				3Q14				2Q14				1Q14				4Q14			1Q14
MORTGAGE BANKING (continued)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries), excluding PCI loans (a)
Home equity	$	87			$	87			$	95			$	125			$	166			—		%	(48	)	%
Prime mortgage, including option ARMs	14				34				9				(11		)		(4		)		(59	)		NM
Subprime mortgage	1				(10		)		(25		)		(5		)		13				NM			(92	)
Other	2				2				2				3				2				—			—
Total net charge-offs/(recoveries), excluding PCI loans	$	104			$	113			$	81			$	112			$	177			(8	)		(41	)
Net charge-off/(recovery) rate, excluding PCI loans
Home equity	0.71			%	0.67			%	0.70			%	0.91			%	1.18			%
Prime mortgage, including option ARMs	0.07				0.17				0.05				(0.06		)		(0.02		)
Subprime mortgage	0.08				(0.74		)		(1.68		)		(0.30		)		0.75
Other	1.74				1.64				1.58				2.31				1.50
Total net charge-off/(recovery) rate, excluding PCI loans	0.30				0.33				0.24				0.34				0.55
Net charge-off/(recovery) rate - reported (a)
Home equity	0.53			%	0.50			%	0.53			%	0.68			%	0.89			%
Prime mortgage, including option ARMs	0.05				0.13				0.04				(0.05		)		(0.02		)
Subprime mortgage	0.05				(0.44		)		(1.02		)		(0.19		)		0.47
Other	1.74				1.64				1.58				2.31				1.50
Total net charge-off/(recovery) rate - reported	0.23				0.25				0.18				0.25				0.39

30+ day delinquency rate, excluding PCI loans (b)(c)	2.30			%	2.61			%	2.76			%	2.94			%	3.21			%
Allowance for loan losses, excluding PCI loans	$	2,088			$	2,188			$	2,288			$	2,388			$	2,388			(5	)		(13	)
Allowance for PCI loans (a)	3,270				3,325				3,662				3,749				4,097				(2	)		(20	)
Allowance for loan losses	$	5,358			$	5,513			$	5,950			$	6,137			$	6,485			(3	)		(17	)
Nonperforming assets (d)(e)	5,910				6,175				6,455				6,919				7,296				(4	)		(19	)
Allowance for loan losses to period-end loans retained	2.80			%	3.01			%	3.29			%	3.39			%	3.56			%
Allowance for loan losses to period-end loans retained,
excluding PCI loans	1.43				1.60				1.73				1.82				1.83

BUSINESS METRICS (in billions)
Mortgage origination volume by channel
Retail	$	8.1			$	7.7			$	7.9			$	7.2			$	6.7			5			21
Correspondent	16.6				15.3				13.3				9.6				10.3				8			61
Total mortgage origination volume (f)	$	24.7			$	23.0			$	21.2			$	16.8			$	17.0			7			45

Total loans serviced (period-end)	$	924.3			$	948.8			$	963.4			$	980.4			$	998.1			(3	)		(7	)
Third-party mortgage loans serviced (period-end)	723.5				751.5				766.3				786.2				803.1				(4	)		(10	)
Third-party mortgage loans serviced (average)	737.5				758.9				776.3				794.7				809.3				(3	)		(9	)
MSR carrying value (period-end)	6.6				7.4				8.2				8.3				8.5				(11	)		(22	)
Ratio of MSR carrying value (period-end) to third-party mortgage
loans serviced (period-end)	0.91			%	0.98			%	1.07			%	1.06			%	1.06			%
Ratio of annualized loan servicing-related revenue to third-party
mortgage loans serviced (average)	0.36				0.35				0.35				0.36				0.37
MSR revenue multiple (g)	2.53		x		2.80		x		3.06		x		2.94		x		2.86		x

(a)


(b)	At March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, excluded mortgage loans insured by U.S. government agencies of $9.2 billion, $9.7 billion, $9.6 billion, $9.6 billion and $8.8 billion, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.


(c)	The 30+ day delinquency rate for PCI loans was 12.25%, 13.33%, 13.69%, 14.08% and 14.34%, at March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.

(d)


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


(f)	Firmwide mortgage origination volume was $26.6 billion, $24.4 billion, $22.7 billion, $18.0 billion and $18.2 billion for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.


(g)	Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of annualized loan servicing-related revenue to third-party mortgage loans serviced (average).

Page 16



JPMORGAN CHASE & CO.
CONSUMER & COMMUNITY BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
CARD, COMMERCE SOLUTIONS & AUTO

INCOME STATEMENT
REVENUE
Card income	$	920		$	1,053		$	1,068		$	1,080		$	972		(13	)	%	(5	)	%
All other income	374			97			324			293			279			286			34
Noninterest revenue	1,294			1,150			1,392			1,373			1,251			13			3
Net interest income	3,303			3,365			3,287			3,211			3,287			(2	)		—
Total net revenue	4,597			4,515			4,679			4,584			4,538			2			1
Provision for credit losses	866			849			846			974			763			2			13
Noninterest expense (a)	2,013			2,089			1,994			2,124			1,969			(4	)		2
Income before income tax expense	1,718			1,577			1,839			1,486			1,806			9			(5	)
Net income	$	1,065		$	980		$	1,137		$	859		$	1,098		9			(3	)

ROE	22		%	20		%	23		%	18		%	23		%
Overhead ratio	44			46			43			46			43
Equity (period-end and average)	$	18,500		$	19,000		$	19,000		$	19,000		$	19,000		(3	)		(3	)

SELECTED BALANCE SHEET DATA (period-end)
Loans:
Credit Card	$	123,257		$	131,048		$	126,959		$	126,129		$	121,816		(6	)		1
Auto	55,455			54,536			52,778			53,042			52,952			2			5
Student	9,053			9,351			9,661			9,992			10,316			(3	)		(12	)
Total loans	$	187,765		$	194,935		$	189,398		$	189,163		$	185,084		(4	)		1

SELECTED BALANCE SHEET DATA (average)
Total assets	$	203,925		$	205,081		$	202,833		$	200,710		$	201,771		(1	)		1
Loans:
Credit Card	125,025			127,351			126,107			123,679			123,261			(2	)		1
Auto	55,005			53,612			52,666			52,818			52,741			3			4
Student	9,209			9,519			9,837			10,155			10,449			(3	)		(12	)
Total loans	$	189,239		$	190,482		$	188,610		$	186,652		$	186,451		(1	)		1

BUSINESS METRICS
Credit Card, excluding Commercial Card
Sales volume (in billions)	$	112.8		$	123.6		$	119.5		$	118.0		$	104.5		(9	)		8
New accounts opened	2.1			2.4			2.2			2.1			2.1			(13	)		—
Open accounts	64.9			64.6			65.5			65.8			65.5			—			(1	)
Accounts with sales activity	32.5			34.0			32.1			31.8			31.0			(4	)		5
% of accounts acquired online	62		%	62		%	56		%	54		%	51		%

Commerce Solutions (Chase Paymentech Solutions)
Merchant processing volume (in billions)	$	221.2		$	230.2		$	213.3		$	209.0		$	195.4		(4	)		13
Total transactions (in billions)	9.8			10.3			9.4			9.3			9.1			(5	)		8

Auto
Origination volume (in billions)	$	7.3		$	6.9		$	6.8		$	7.1		$	6.7		6			9

Note: Chase Commerce Solutions, formerly known as Merchant Services, includes Chase Paymentech, ChaseNet and Chase Offers businesses.


(a)	Included operating lease depreciation expense of $326 million,,$303 million, $293 million, $284 million and $274 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.

Page 17



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


	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
CARD, COMMERCE SOLUTIONS & AUTO (continued)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Credit Card	$	789		$	858		$	798		$	885		$	888		(8	)	%	(11	)	%
Auto	51			61			50			29			41			(16	)		24
Student	51			80			98			113			84			(36	)		(39	)
Total net charge-offs	891			999			946			1,027			1,013			(11	)		(12	)
Net charge-off rate:
Credit Card (a)	2.62		%	2.69		%	2.52		%	2.88		%	2.93		%
Auto	0.38			0.45			0.38			0.22			0.32
Student	2.25			3.33			3.95			4.46			3.26
Total net charge-off rate	1.94			2.09			1.99			2.21			2.21

Delinquency rates
30+ day delinquency rate:
Credit Card (b)	1.41			1.44			1.43			1.41			1.61
Auto	0.90			1.23			0.97			0.93			0.92
Student (c)	1.77			2.35			2.43			2.67			2.75
Total 30+ day delinquency rate	1.27			1.42			1.35			1.34			1.47
90+ day delinquency rate - Credit Card (b)	0.73			0.70			0.67			0.69			0.80

Nonperforming assets (d)	$	385		$	411		$	379		$	301		$	271		(6	)		42
Allowance for loan losses:
Credit Card	3,434			3,439			3,590			3,594			3,591			—			(4	)
Auto & Student	724			749			750			850			903			(3	)		(20	)
Total allowance for loan losses	4,158			4,188			4,340			4,444			4,494			(1	)		(7	)
Allowance for loan losses to period-end loans:
Credit Card (b)	2.84		%	2.69		%	2.84		%	2.86		%	2.96		%
Auto & Student	1.12			1.17			1.20			1.35			1.43
Total allowance for loan losses to period-end loans	2.24			2.18			2.30			2.36			2.43

CARD SERVICES SUPPLEMENTAL INFORMATION
Noninterest revenue	$	858		$	736		$	991		$	982		$	884		17			(3	)
Net interest income	2,901			2,947			2,876			2,789			2,850			(2	)		2
Total net revenue	3,759			3,683			3,867			3,771			3,734			2			1
Provision for credit losses	789			708			798			885			688			11			15
Noninterest expense	1,462			1,568			1,494			1,625			1,465			(7	)		—
Income before income tax expense	1,508			1,407			1,575			1,261			1,581			7			(5	)
Net income	$	935		$	879		$	979		$	724		$	965		6			(3	)

Percentage of average loans:
Noninterest revenue	2.78		%	2.29		%	3.12		%	3.18		%	2.91		%
Net interest income	9.41			9.18			9.05			9.04			9.38
Total net revenue	12.19			11.47			12.17			12.23			12.29


(a)	Average credit card loans included loans held-for-sale of $2.7 billion, $976 million, $335 million, $405 million and $315 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively. These amounts are excluded when calculating the net charge-off rate.


(b)	Period-end credit card loans included loans held-for-sale of $2.4 billion, $3.0 billion, $395 million, $508 million and $304 million at March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively. These amounts are excluded when calculating delinquency rates and the allowance for loan losses to period-end loans.


(c)	Excluded student loans insured by U.S. government agencies under the FFELP of $596 million, $654 million, $640 million, $630 million and $687 million at March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively, that are 30 or more days past due. These amounts have been excluded based upon the government guarantee.

(d)

Nonperforming assets excluded student loans insured by U.S. government agencies under the FFELP of $346 million, $367 million, $354 million, $316 million and $387 million at March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively, that are 90 or more days past due. These amounts have been excluded from nonaccrual loans based upon the government guarantee.

Page 18



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
	QUARTERLY TRENDS
																					1Q15 Change
	1Q15				4Q14				3Q14				2Q14				1Q14				4Q14			1Q14
INCOME STATEMENT
REVENUE
Investment banking fees	$	1,761			$	1,811			$	1,542			$	1,773			$	1,444			(3	)	%	22		%
Principal transactions	3,482				712				2,567				2,782				2,886				389			21
Lending- and deposit-related fees	397				425				424				449				444				(7	)		(11	)
Asset management, administration and commissions	1,154				1,181				1,141				1,186				1,179				(2	)		(2	)
All other income	280				417				455				329				273				(33	)		3
Noninterest revenue	7,074				4,546				6,129				6,519				6,226				56			14
Net interest income	2,508				2,837				2,976				2,746				2,616				(12	)		(4	)
TOTAL NET REVENUE (a)	9,582				7,383				9,105				9,265				8,842				30			8

Provision for credit losses	(31		)		(59		)		(67		)		(84		)		49				47			NM

NONINTEREST EXPENSE
Compensation expense	3,023				2,017				2,805				2,757				2,870				50			5
Noncompensation expense	2,634				3,559				3,230				3,301				2,734				(26	)		(4	)
TOTAL NONINTEREST EXPENSE	5,657				5,576				6,035				6,058				5,604				1			1

Income before income tax expense	3,956				1,866				3,137				3,291				3,189				112			24
Income tax expense	1,419				894				1,457				1,160				1,064				59			33
NET INCOME	$	2,537			$	972			$	1,680			$	2,131			$	2,125			161			19

FINANCIAL RATIOS
ROE	16			%	5			%	10			%	13			%	13			%
Overhead ratio	59				76				66				65				63
Compensation expense as a percent of total net revenue	32				27				31				30				32

REVENUE BY BUSINESS
Advisory	$	542			$	434			$	413			$	397			$	383			25			42
Equity underwriting	399				327				414				477				353				22			13
Debt underwriting	820				1,050				715				899				708				(22	)		16
Total investment banking fees	1,761				1,811				1,542				1,773				1,444				(3	)		22
Treasury Services	1,012				1,031				1,054				1,028				1,032				(2	)		(2	)
Lending	353				264				199				342				325				34			9
Total Banking	3,126				3,106				2,795				3,143				2,801				1			12
Fixed Income Markets	4,065				2,530				3,730				3,661				3,889				61			5
Equity Markets	1,609				1,105				1,252				1,189				1,315				46			22
Securities Services	934				1,094				1,088				1,147				1,022				(15	)		(9	)
Credit Adjustments & Other (b)	(152		)		(452		)		240				125				(185		)		66			18
Total Markets & Investor Services	6,456				4,277				6,310				6,122				6,041				51			7
TOTAL NET REVENUE	$	9,582			$	7,383			$	9,105			$	9,265			$	8,842			30			8

(a)

Included tax-equivalent adjustments, predominantly due to income tax credits related to alternative energy investments; income tax credits and amortization of the cost of investments in affordable housing projects; as well as tax-exempt income from municipal bond investments of $432 million, $453 million, $374 million, $371 million and $368 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.

(b)

Consists primarily of credit valuation adjustments (“CVA”) managed by the credit portfolio group, and funding valuation adjustments (“FVA”) and debit valuation adjustments (“DVA”) on over-the-counter (“OTC”) derivatives and structured notes. Results are presented net of associated hedging activities and net of CVA and FVA amounts allocated to Fixed Income Markets and Equity Markets.

Page 19



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
	QUARTERLY TRENDS
																					1Q15 Change
	1Q15				4Q14				3Q14				2Q14				1Q14				4Q14			1Q14
SELECTED BALANCE SHEET DATA (period-end)
Assets	$	854,275			$	861,466			$	873,971			$	872,947			$	879,656			(1	)	%	(3	)	%
Loans:
Loans retained (a)	98,625				96,409				95,608				99,733				96,245				2			2
Loans held-for-sale and loans at fair value	3,987				5,567				6,724				9,048				8,421				(28	)		(53	)
Total loans	102,612				101,976				102,332				108,781				104,666				1			(2	)
Equity	62,000				61,000				61,000				61,000				61,000				2			2

SELECTED BALANCE SHEET DATA (average)
Assets	$	865,327			$	867,618			$	853,453			$	846,142			$	851,469			—			2
Trading assets - debt and equity instruments	312,260				326,312				320,380				317,054				306,140				(4	)		2
Trading assets - derivative receivables	77,353				72,543				63,068				59,560				64,087				7			21
Loans:
Loans retained (a)	99,113				95,146				95,373				96,750				95,798				4			3
Loans held-for-sale and loans at fair value	4,061				5,428				8,018				8,891				8,086				(25	)		(50	)
Total loans	103,174				100,574				103,391				105,641				103,884				3			(1	)

Equity	62,000				61,000				61,000				61,000				61,000				2			2

Headcount	50,799				51,129				51,597				51,729				51,837				(1	)		(2	)

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	(11	)		$	(4	)		$	(3	)		$	(4	)		$	(1	)		(175	)		NM
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(b)	251				110				112				111				75				128			235
Nonaccrual loans held-for-sale and loans at fair value	12				11				119				167				176				9			(93	)
Total nonaccrual loans	263				121				231				278				251				117			5

Derivative receivables	249				275				312				361				392				(9	)		(36	)
Assets acquired in loan satisfactions	63				67				67				106				110				(6	)		(43	)
Total nonperforming assets	575				463				610				745				753				24			(24	)
Allowance for credit losses:
Allowance for loan losses	1,047				1,034				1,083				1,112				1,187				1			(12	)
Allowance for lending-related commitments	411				439				445				479				484				(6	)		(15	)
Total allowance for credit losses	1,458				1,473				1,528				1,591				1,671				(1	)		(13	)


Net charge-off/(recovery) rate (a)	(0.05		)	%	(0.02		)	%	(0.01		)	%	(0.02		)	%	—			%
Allowance for loan losses to period-end loans retained (a)	1.06				1.07				1.13				1.11				1.23
Allowance for loan losses to period-end loans retained,
excluding trade finance and conduits (c)	1.64				1.82				1.88				1.80				2.18
Allowance for loan losses to nonaccrual loans retained (a)(b)	417				940				967				1,002				1,583
Nonaccrual loans to total period-end loans	0.26				0.12				0.23				0.26				0.24


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


(b)	Allowance for loan losses of $51 million, $18 million, $19 million, $22 million and $13 million were held against these nonaccrual loans at March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.


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

Page 20



JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except rankings data and where otherwise noted)
	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
BUSINESS METRICS
Assets under custody (“AUC”) (period-end) (in billions)	$	20,561		$	20,549		$	21,245		$	21,659		$	21,135		—		%	(3	)	%

Client deposits and other third-party liabilities (average)	444,171			433,822			419,576			403,268			412,551			2			8

Trade finance loans (period-end)	22,853			25,713			27,510			28,291			32,491			(11	)		(30	)

95% Confidence Level - Total CIB VaR (average)

CIB trading VaR by risk type: (a)
Fixed income	$	35		$	33		$	28		$	38		$	36		6			(3	)
Foreign exchange	9			8			8			8			7			13			29
Equities	18			16			14			14			14			13			29
Commodities and other	8			6			7			9			11			33			(27	)
Diversification benefit to CIB trading VaR (b)	(36		)	(30		)	(26		)	(30		)	(32		)	(20	)		(13	)
CIB trading VaR (a)	34			33			31			39			36			3			(6	)
Credit portfolio VaR (c)	18			17			10			10			13			6			38
Diversification benefit to CIB VaR (b)	(9		)	(10		)	(6		)	(6		)	(7		)	10			(29	)
CIB VaR (a)	$	43		$	40		$	35		$	43		$	42		8			2


(a)	CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. For further information, see VaR measurement on pages 133–135 of the 2014 Annual Report.


(b)	Average portfolio VaR was less than the sum of the VaR of the components described above, which is due to portfolio diversification. The diversification effect reflects the fact that the risks were not perfectly correlated.


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

Page 21



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


	QUARTERLY TRENDS
																			1Q15 Change
	1Q15			4Q14				3Q14				2Q14				1Q14			4Q14			1Q14
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees	$	237		$	239			$	241			$	252			$	246		(1	)	%	(4	)	%
Asset management, administration and commissions	24			22				21				26				23			9			4
All other income (a)	375			382				309				299				289			(2	)		30
Noninterest revenue	636			643				571				577				558			(1	)		14
Net interest income	1,106			1,127				1,132				1,154				1,120			(2	)		(1	)
TOTAL NET REVENUE (b)	1,742			1,770				1,703				1,731				1,678			(2	)		4

Provision for credit losses	61			(48		)		(79		)		(67		)		5			NM			NM

NONINTEREST EXPENSE
Compensation expense	309			303				301				292				307			2			1
Noncompensation expense	400			363				367				383				379			10			6
TOTAL NONINTEREST EXPENSE	709			666				668				675				686			6			3

Income before income tax expense	972			1,152				1,114				1,123				987			(16	)		(2	)
Income tax expense	374			459				443				446				393			(19	)		(5	)
NET INCOME	$	598		$	693			$	671			$	677			$	594		(14	)		1

Revenue by product:
Lending	$	878		$	896			$	883			$	907			$	890		(2	)		(1	)
Treasury services	589			599				612				627				610			(2	)		(3	)
Investment banking	248			206				166				166				146			20			70
Other	27			69				42				31				32			(61	)		(16	)
Total Commercial Banking net revenue	$	1,742		$	1,770			$	1,703			$	1,731			$	1,678		(2	)		4


Investment banking revenue, gross (c)	$	753		$	557			$	501			$	481			$	447		35			68

Revenue by client segment:
Middle Market Banking (d)	$	677		$	692			$	686			$	713			$	700		(2	)		(3	)
Corporate Client Banking (d)	564			524				502				494				462			8			22
Commercial Term Lending	308			313				312				313				314			(2	)		(2	)
Real Estate Banking	116			120				124				132				119			(3	)		(3	)
Other	77			121				79				79				83			(36	)		(7	)
Total Commercial Banking net revenue	$	1,742		$	1,770			$	1,703			$	1,731			$	1,678		(2	)		4

FINANCIAL RATIOS
ROE	17		%	19			%	18			%	19			%	17		%
Overhead ratio	41			38				39				39				41


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

(b)

Total net revenue included tax-equivalent adjustments from income tax credits related to equity investments in designated community development entities that provide loans to qualified businesses in low-income communities, as well as tax-exempt income from municipal bond activity of $113 million, $145 million, $108 million, $105 million and $104 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014, and March 31, 2014, respectively,


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


(d)	Effective January 1, 2015, mortgage warehouse lending clients were transferred from Middle Market Banking to Corporate Client Banking. Prior period revenue, period-end loans, and average loans by client segment were revised to conform with the current period presentation.

Page 22



JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
	QUARTERLY TRENDS
																		1Q15 Change
	1Q15			4Q14			3Q14			2Q14				1Q14				4Q14			1Q14
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	197,931		$	195,267		$	191,563		$	192,523			$	191,389			1		%	3		%
Loans:
Loans retained	153,173			147,661			143,490			141,181				138,088				4			11
Loans held-for-sale and loans at fair value	507			845			353			1,094				848				(40	)		(40	)
Total loans	$	153,680		$	148,506		$	143,843		$	142,275			$	138,936			3			11
Equity	14,000			14,000			14,000			14,000				14,000				—			—

Period-end loans by client segment:
Middle Market Banking (a)	$	51,071		$	51,009		$	50,909		$	51,435			$	51,006			—			—
Corporate Client Banking (a)	28,379			25,321			23,244			23,397				21,969				12			29
Commercial Term Lending	55,824			54,038			52,235			50,986				49,973				3			12
Real Estate Banking	13,537			13,298			12,818			11,903				11,615				2			17
Other	4,869			4,840			4,637			4,554				4,373				1			11
Total Commercial Banking loans	$	153,680		$	148,506		$	143,843		$	142,275			$	138,936			3			11

SELECTED BALANCE SHEET DATA (average)
Total assets	$	195,927		$	191,664		$	190,678		$	192,363			$	192,748			2			2
Loans:
Loans retained	149,731			145,184			142,139			139,848				136,651				3			10
Loans held-for-sale and loans at fair value	557			467			649			982				1,039				19			(46	)
Total loans	$	150,288		$	145,651		$	142,788		$	140,830			$	137,690			3			9
Client deposits and other third-party liabilities	210,046			208,424			204,654			199,979				202,944				1			3
Equity	14,000			14,000			14,000			14,000				14,000				—			—

Average loans by client segment:
Middle Market Banking (a)	$	50,538		$	50,778		$	50,955		$	51,352			$	50,673			—			—
Corporate Client Banking (a)	26,653			24,169			23,501			22,846				21,906				10			22
Commercial Term Lending	54,754			53,024			51,567			50,451				49,395				3			11
Real Estate Banking	13,472			12,901			12,268			11,724				11,408				4			18
Other	4,871			4,779			4,497			4,457				4,308				2			13
Total Commercial Banking loans	$	150,288		$	145,651		$	142,788		$	140,830			$	137,690			3			9

Headcount	7,324			7,262			7,253			7,155				6,976				1			5

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)	$	11		$	28		$	5		$	(26	)		$	(14	)		(61	)		NM
Nonperforming assets
Nonaccrual loans:
Nonaccrual loans retained (b)	304			317			361			429				468				(4	)		(35	)
Nonaccrual loans held-for-sale and loans
at fair value	12			14			14			17				17				(14	)		(29	)
Total nonaccrual loans	316			331			375			446				485				(5	)		(35	)

Assets acquired in loan satisfactions	5			10			11			12				20				(50	)		(75	)
Total nonperforming assets	321			341			386			458				505				(6	)		(36	)
Allowance for credit losses:
Allowance for loan losses	2,519			2,466			2,529			2,637				2,690				2			(6	)
Allowance for lending-related commitments	162			165			178			155				141				(2	)		15
Total allowance for credit losses	2,681			2,631			2,707			2,792				2,831				2			(5	)

Net charge-off/(recovery) rate (c)	0.03		%	0.08		%	0.01		%	(0.07		)	%	(0.04		)	%
Allowance for loan losses to period-end loans retained	1.64			1.67			1.76			1.87				1.95
Allowance for loan losses to nonaccrual loans retained (b)	829			778			701			615				575
Nonaccrual loans to total period-end loans	0.21			0.22			0.26			0.31				0.35


(a)	Effective January 1, 2015, mortgage warehouse lending clients were transferred from Middle Market Banking to Corporate Client Banking. Prior period revenue, period-end loans, and average loans by client segment were revised to conform with the current period presentation.


(b)	Allowance for loan losses of $29 million, $45 million, $71 million, $75 million and $86 million was held against nonaccrual loans retained at March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.


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

Page 23



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


	QUARTERLY TRENDS
																	1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14				4Q14			1Q14
INCOME STATEMENT
REVENUE
Asset management, administration and commissions	$	2,229		$	2,419		$	2,263		$	2,242		$	2,100			(8	)	%	6		%
All other income	155			149			159			138			118				4			31
Noninterest revenue	2,384			2,568			2,422			2,380			2,218				(7	)		7
Net interest income	621			632			624			602			582				(2	)		7
TOTAL NET REVENUE	3,005			3,200			3,046			2,982			2,800				(6	)		7

Provision for credit losses	4			3			9			1			(9		)		33			NM

NONINTEREST EXPENSE
Compensation expense	1,289			1,317			1,278			1,231			1,256				(2	)		3
Noncompensation expense	886			1,003			803			831			819				(12	)		8
TOTAL NONINTEREST EXPENSE	2,175			2,320			2,081			2,062			2,075				(6	)		5

Income before income tax expense	826			877			956			919			734				(6	)		13
Income tax expense	324			337			366			350			280				(4	)		16
NET INCOME	$	502		$	540		$	590		$	569		$	454			(7	)		11

REVENUE BY LINE OF BUSINESS
Global Investment Management	$	1,533		$	1,740		$	1,609		$	1,560		$	1,418			(12	)		8
Global Wealth Management	1,472			1,460			1,437			1,422			1,382				1			7
TOTAL NET REVENUE	$	3,005		$	3,200		$	3,046		$	2,982		$	2,800			(6	)		7

FINANCIAL RATIOS
ROE	22		%	23		%	25		%	25		%	20			%
Overhead ratio	72			73			68			69			74
Pretax margin ratio:
Global Investment Management	30			31			35			32			26
Global Wealth Management	25			24			27			29			26
Asset Management	27			27			31			31			26

Headcount	20,095			19,735			19,653			20,322			20,056				2			—

Number of client advisors	2,803			2,836			2,873			2,828			2,925				(1	)		(4	)

Page 24



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

	QUARTERLY TRENDS
																	1Q15 Change
	1Q15			4Q14			3Q14			2Q14				1Q14			4Q14			1Q14
SELECTED BALANCE SHEET DATA (period-end)
Total assets	$	126,233		$	128,701		$	130,296		$	128,362			$	124,478		(2	)	%	1		%
Loans (a)	104,165			104,279			102,411			100,907				96,934			—			7
Deposits	155,347			155,247			150,268			145,655				147,760			—			5
Equity	9,000			9,000			9,000			9,000				9,000			—			—

SELECTED BALANCE SHEET DATA (average)
Total assets	$	126,276		$	129,029		$	128,477		$	125,492			$	122,668		(2	)		3
Loans	103,286			103,336			101,427			98,695				95,661			—			8
Deposits	158,240			152,022			151,240			147,747				149,432			4			6
Equity	9,000			9,000			9,000			9,000				9,000			—			—

CREDIT DATA AND QUALITY STATISTICS
Net charge-offs	$	3		$	3		$	11		$	(13	)		$	5		—			(40	)
Nonaccrual loans	175			218			184			182				204			(20	)		(14	)
Allowance for credit losses:
Allowance for loan losses	271			271			273			276				263			—			3
Allowance for lending-related commitments	5			5			4			5				5			—			—
Total allowance for credit losses	276			276			277			281				268			—			3
Net charge-off/(recovery) rate	0.01		%	0.01		%	0.04		%	(0.05		)	%	0.02		%
Allowance for loan losses to period-end loans	0.26			0.26			0.27			0.27				0.27
Allowance for loan losses to nonaccrual loans	155			124			148			152				129
Nonaccrual loans to period-end loans	0.17			0.21			0.18			0.18				0.21

(a)

Included $23.0 billion, $22.1 billion, $21.3 billion, $20.4 billion and $19.7 billion of prime mortgage loans reported in the Consumer, excluding credit card, loan portfolio at March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 respectively. For the same periods, excluded $2.6 billion, $2.7 billion, $3.0 billion, $3.2 billion and $3.4 billion of prime mortgage loans reported in the CIO portfolio within Corporate, respectively.

Page 25



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


																Mar 31, 2015
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
CLIENT ASSETS	2015			2014			2014			2014			2014			2014			2014
Assets by asset class
Liquidity	$	454		$	461		$	440		$	435		$	444		(2	)	%	2		%
Fixed income	359			359			359			367			340			—			6
Equity	380			375			372			390			373			1			2
Multi-asset and alternatives	566			549			540			515			491			3			15
TOTAL ASSETS UNDER MANAGEMENT	1,759			1,744			1,711			1,707			1,648			1			7
Custody/brokerage/administration/deposits	646			643			633			766			746			—			(13	)
TOTAL CLIENT ASSETS	$	2,405		$	2,387		$	2,344		$	2,473		$	2,394		1			—

MEMO:
Alternatives client assets (a)	$	168		$	166		$	166		$	163		$	160		1			5

Assets by client segment
Private Banking	$	440		$	428		$	429		$	383		$	377		3			17
Institutional	825			827			799			798			773			—			7
Retail	494			489			483			526			498			1			(1	)
TOTAL ASSETS UNDER MANAGEMENT	$	1,759		$	1,744		$	1,711		$	1,707		$	1,648		1			7

Private Banking	$	1,073		$	1,057		$	1,052		$	1,012		$	992		2			8
Institutional	833			835			803			798			773			—			8
Retail	499			495			489			663			629			1			(21	)
TOTAL CLIENT ASSETS	$	2,405		$	2,387		$	2,344		$	2,473		$	2,394		1			—

Assets under management rollforward
Beginning balance	$	1,744		$	1,711		$	1,707		$	1,648		$	1,598
Net asset flows:
Liquidity	(1		)	27			8			(11		)	(6		)
Fixed income	2			4			4			20			5
Equity	4			2			—			—			3
Multi-asset and alternatives	10			4			12			14			12
Market/performance/other impacts	—			(4		)	(20		)	36			36
Ending balance	$	1,759		$	1,744		$	1,711		$	1,707		$	1,648

Client assets rollforward
Beginning balance	$	2,387		$	2,344		$	2,473		$	2,394		$	2,343
Net asset flows	17			47			35			21			15
Market/performance/other impacts	1			(4		)	(164		)	58			36
Ending balance	$	2,405		$	2,387		$	2,344		$	2,473		$	2,394


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

Page 26



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

	QUARTERLY TRENDS
																1Q15 Change
	1Q15			4Q14			3Q14			2Q14			1Q14			4Q14			1Q14
INCOME STATEMENT
REVENUE
Principal transactions	$	100		$	509		$	310		$	28		$	350		(80	)	%	(71	)	%
Securities gains	53			28			6			11			26			89			104
All other income	(113		)	110			134			312			148			NM			NM
Noninterest revenue	40			647			450			351			524			(94	)		(92	)
Net interest income	(253		)	(400		)	(525		)	(510		)	(525		)	37			52
TOTAL NET REVENUE (a)	(213		)	247			(75		)	(159		)	(1		)	NM			NM

Provision for credit losses	(5		)	(6		)	(8		)	(10		)	(11		)	17			55

NONINTEREST EXPENSE
Compensation expense	892			688			820			693			687			30			30
Noncompensation expense (b)	946			1,347			1,468			1,091			683			(30	)		39
Subtotal	1,838			2,035			2,288			1,784			1,370			(10	)		34
Net expense allocated to other businesses	(1,686		)	(1,599		)	(1,579		)	(1,604		)	(1,536		)	(5	)		(10	)
TOTAL NONINTEREST EXPENSE	152			436			709			180			(166		)	(65	)		NM

Income/(loss) before income tax expense/(benefit)	(360		)	(183		)	(776		)	(329		)	176			(97	)		NM
Income tax expense/(benefit)	(418		)	(730		)	(871		)	(436		)	61			43			NM
NET INCOME/(LOSS)	$	58		$	547		$	95		$	107		$	115		(89	)		(50	)

MEMO:
TOTAL NET REVENUE
Treasury and Chief Investment Office (“CIO”)	(378		)	(243		)	(365		)	(342		)	(367		)	(56	)		(3	)
Other Corporate (c)	165			490			290			183			366			(66	)		(55	)
TOTAL NET REVENUE	$	(213	)	$	247		$	(75	)	$	(159	)	$	(1	)	NM			NM

NET INCOME/(LOSS)
Treasury and CIO	(221		)	(205		)	(333		)	(308		)	(319		)	(8	)		31
Other Corporate (c)	279			752			428			415			434			(63	)		(36	)
TOTAL NET INCOME/(LOSS)	$	58		$	547		$	95		$	107		$	115		(89	)		(50	)

TOTAL ASSETS (period-end)	$	943,085		$	931,705		$	882,792		$	878,886		$	839,625		1			12

Headcount	27,019			26,047			25,199			24,298			22,474			4			20


(a)	Included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $203 million, $196 million, $190 million, $180 million and $164 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 respectively.


(b)	Included legal expense of $305 million, $84 million, $512 million and $227 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014 and June 30, 2014, respectively; legal expense for the three months ended March 31, 2014 was not material.


(c)	Effective with the first quarter of 2015, the Firm began including the results of Private Equity in the Other Corporate line within the Corporate segment. Prior period amounts have been revised to conform with the current period presentation. The Corporate segment’s balance sheets and results of operations were not impacted by this reporting change.

Page 27



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


	QUARTERLY TRENDS
											1Q15 Change
	1Q15		4Q14		3Q14		2Q14		1Q14		4Q14			1Q14
SUPPLEMENTAL INFORMATION

TREASURY and CHIEF INVESTMENT OFFICE (“CIO”)
Securities gains	$	53	$	28	$	6	$	11	$	26	89		%	104		%
Investment securities portfolio (average) (a)	333,692		347,480		355,577		348,841		345,147		(4	)		(3	)
Investment securities portfolio (period-end) (b)	327,859		343,146		358,516		353,989		345,021		(4	)		(5	)
Mortgage loans (average)	2,790		2,962		3,183		3,425		3,670		(6	)		(24	)
Mortgage loans (period-end)	2,664		2,834		3,048		3,295		3,522		(6	)		(24	)

Private equity portfolio
Carrying value	$	3,064	$	5,866	$	5,388	$	5,768	$	6,956	(48	)		(56	)
Cost	4,485		6,281		6,012		6,734		7,489		(29	)		(40	)


(a)	Average investment securities included held-to-maturity balances of $49.3 billion, $49.0 billion, $48.3 billion, $47.5 billion and $43.9 billion for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 respectively.


(b)	Period-end investment securities included held-to-maturity balances of $49.3 billion, $49.3 billion, $48.8 billion, $47.8 billion and $47.3 billion at March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.

Page 28



JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
											Mar 31, 2015
											Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,			Mar 31,
	2015		2014		2014		2014		2014		2014			2014
CREDIT EXPOSURE
Consumer, excluding credit card loans (a)
Loans retained, excluding PCI loans	$	259,561	$	248,283	$	239,892	$	238,096	$	236,324	5		%	10		%
Loans - PCI	45,356		46,696		48,487		50,118		51,606		(3	)		(12	)
Total loans retained	304,917		294,979		288,379		288,214		287,930		3			6
Loans held-for-sale	298		395		481		964		238		(25	)		25
Total consumer, excluding credit card loans	305,215		295,374		288,860		289,178		288,168		3			6

Credit card loans
Loans retained (b)	120,835		128,027		126,564		125,621		121,512		(6	)		(1	)
Loans held-for-sale	2,422		3,021		395		508		304		(20	)		NM
Total credit card loans	123,257		131,048		126,959		126,129		121,816		(6	)		1
Total consumer loans	428,472		426,422		415,819		415,307		409,984		—			5

Wholesale loans (c)
Loans retained	331,219		324,502		320,361		321,534		311,718		2			6
Loans held-for-sale and loans at fair value	4,494		6,412		7,077		10,142		9,269		(30	)		(52	)
Total wholesale loans	335,713		330,914		327,438		331,676		320,987		1			5

Total loans	764,185		757,336		743,257		746,983		730,971		1			5

Derivative receivables	81,574		78,975		72,453		62,378		59,272		3			38
Receivables from customers and other (d)	22,777		29,080		29,466		31,732		26,494		(22	)		(14	)
Total credit-related assets	104,351		108,055		101,919		94,110		85,766		(3	)		22

Lending-related commitments
Consumer, excluding credit card	60,151		58,153		54,912		56,410		56,541		3			6
Credit card	533,511		525,963		531,301		533,688		535,614		1			—
Wholesale (e)	355,504		366,881		367,445		349,594		353,892		(3	)		—
Total lending-related commitments	949,166		950,997		953,658		939,692		946,047		—			—

Total credit exposure	$	1,817,702	$	1,816,388	$	1,798,834	$	1,780,785	$	1,762,784	—			3

Memo: Total by category
Consumer exposure (f)	$	1,022,239	$	1,010,646	$	1,002,136	$	1,005,509	$	1,002,295	1			2
Wholesale exposures (g)	795,463		805,742		796,698		775,276		760,489		(1	)		5
Total credit exposure	$	1,817,702	$	1,816,388	$	1,798,834	$	1,780,785	$	1,762,784	—			3

Note: The Firm provides several non-GAAP financial measures which exclude the impact of PCI loans. For further discussion of these measures, see page 33.


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


(b)	Includes accrued interest and fees net of an allowance for the uncollectible portion of accrued interest and fee income.


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


(d)	Predominantly includes receivables from customers, which represent margin loans to prime and retail brokerage customers; these are classified in accrued interest and accounts receivable on the Consolidated balance sheets.

(e)

Effective January 1, 2015, the Firm no longer includes unused advised lines of credit in wholesale lending-related commitments as the Firm may cancel these facilities at any time by providing the borrower notice or, in some cases without notice, as permitted by law. This presentation is consistent with U.S. bank regulatory filings. Prior period amounts have been revised to conform with the current period presentation.


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


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

Page 29



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

																Mar 31, 2015
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2015			2014			2014			2014			2014			2014			2014
NONPERFORMING ASSETS (a)
Consumer, excluding credit card loans (b)	$	6,241		$	6,509		$	6,702		$	7,070		$	7,370		(4	)	%	(15	)	%
Credit card loans	—			—			—			—			—			—			—
Total consumer nonaccrual loans (c)	6,241			6,509			6,702			7,070			7,370			(4	)		(15	)

Wholesale nonaccrual loans
Loans retained	696			599			659			727			753			16			(8	)
Loans held-for-sale and loans at fair value	24			25			133			184			193			(4	)		(88	)
Total wholesale nonaccrual loans	720			624			792			911			946			15			(24	)

Total nonaccrual loans	6,961			7,133			7,494			7,981			8,316			(2	)		(16	)

Derivative receivables	249			275			312			361			392			(9	)		(36	)
Assets acquired in loan satisfactions	504			559			584			675			765			(10	)		(34	)
Total nonperforming assets	7,714			7,967			8,390			9,017			9,473			(3	)		(19	)
Wholesale lending-related commitments (d)	131			103			134			122			95			27			38
Total nonperforming exposure	$	7,845		$	8,070		$	8,524		$	9,139		$	9,568		(3	)		(18	)

NONACCRUAL LOAN-RELATED RATIOS
Total nonaccrual loans to total loans	0.91		%	0.94		%	1.01		%	1.07		%	1.14		%
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans	2.04			2.20			2.32			2.44			2.56
Total wholesale nonaccrual loans to total
wholesale loans	0.21			0.19			0.24			0.27			0.29

(a)

At March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of $7.5 billion, $7.8 billion, $7.8 billion, $8.1 billion and $7.7 billion, respectively, that are 90 or more days past due; (2) student loans insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”) of $346 million, $367 million, $354 million, $316 million and $387 million, respectively, that are 90 or more days past due; (3) real estate owned (“REO”) insured by U.S. government agencies of $469 million, $462 million, $464 million, $528 million and $618 million, respectively. These amounts have been excluded based upon the government guarantee. In addition, the Firm’s policy is generally to exempt credit card loans from being placed on nonaccrual status as permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”). Under this guidance, nonmodified credit card loans are charged off by the end of the month in which the account becomes 180 days past due, while modified credit card loans are charged off when the account becomes 120 days past due. Moreover, all credit card loans must be charged off within 60 days of receiving notification about certain specified events (e.g., bankruptcy of the borrower).


(b)	Includes loans held-for-sale of $16 million, $91 million, $120 million and $163 million at March 31, 2015, December 31, 2014, September 30, 2014 and June 30, 2014, respectively.


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


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

Page 30



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


	QUARTERLY TRENDS
																					1Q15 Change
	1Q15				4Q14				3Q14				2Q14				1Q14				4Q14			1Q14
SUMMARY OF CHANGES IN THE ALLOWANCES
ALLOWANCE FOR LOAN LOSSES
Beginning balance	$	14,185			$	14,889			$	15,326			$	15,847			$	16,264			(5	)	%	(13	)	%
Net charge-offs:
Gross charge-offs	1,352				1,513				1,458				1,511				1,632				(11	)		(17	)
Gross recoveries	(300		)		(295		)		(344		)		(353		)		(363		)		(2	)		17
Net charge-offs	1,052				1,218				1,114				1,158				1,269				(14	)		(17	)
Write-offs of PCI loans and other (a)	55				337				87				48				61				(84	)		(10	)
Provision for loan losses	988				856				769				682				917				15			8
Other	(1		)		(5		)		(5		)		3				(4		)		80			75
Ending balance	$	14,065			$	14,185			$	14,889			$	15,326			$	15,847			(1	)		(11	)

ALLOWANCE FOR LENDING-RELATED COMMITMENTS
Beginning balance	$	622			$	637			$	648			$	638			$	705			(2	)		(12	)
Provision for lending-related commitments	(29		)		(16		)		(12		)		10				(67		)		(81	)		57
Other	—				1				1				—				—				NM			—
Ending balance	$	593			$	622			$	637			$	648			$	638			(5	)		(7	)

Total allowance for credit losses	$	14,658			$	14,807			$	15,526			$	15,974			$	16,485			(1	)		(11	)


NET CHARGE-OFF/(RECOVERY) RATES
Consumer retained, excluding credit card loans (b)	0.36			%	0.45			%	0.41			%	0.44			%	0.52			%
Credit card retained loans	2.62				2.69				2.52				2.88				2.93
Total consumer retained loans	1.01				1.13				1.05				1.17				1.24
Wholesale retained loans	—				0.03				0.02				(0.06		)		0.02
Total retained loans	0.57				0.65				0.60				0.64				0.71
Consumer retained loans, excluding credit card and
PCI loans	0.42				0.54				0.50				0.54				0.63
Consumer retained loans, excluding PCI loans	1.14				1.28				1.19				1.34				1.42
Total retained, excluding PCI loans	0.61				0.70				0.65				0.69				0.77

Memo: Average retained loans
Consumer retained, excluding credit card loans	$	299,789			$	291,628			$	288,309			$	288,341			$	288,547			3			4
Credit card retained loans	122,352				126,375				125,772				123,274				122,946				(3	)		—
Total average retained consumer loans	422,141				418,003				414,081				411,615				411,493				1			3
Wholesale retained loans	327,895				321,421				318,207				315,415				309,037				2			6
Total average retained loans	$	750,036			$	739,424			$	732,288			$	727,030			$	720,530			1			4

Consumer retained, excluding credit card and
PCI loans	$	253,829			$	244,074			$	239,054			$	237,484			$	236,143			4			7
Consumer retained, excluding PCI loans	376,181				370,449				364,826				360,758				359,089				2			5
Total retained, excluding PCI loans	704,072				691,865				683,028				676,168				668,120				2			5

(a)

Write-offs of PCI loans are recorded against the allowance for loan losses when actual losses for a pool exceed estimated losses that were recorded as purchase accounting adjustments at the time of acquisition. A write-off of a PCI loan is recognized when the underlying loan is removed from a pool (e.g., upon liquidation). During the fourth quarter of 2014, the Firm recorded a $291 million adjustment to reduce the PCI allowance and the recorded investment in the Firm’s PCI loan portfolio, primarily reflecting the cumulative effect of interest forgiveness modifications. This adjustment had no impact to the Firm’s Consolidated statements of income.


(b)	The net charge-off rates exclude the write-offs in the PCI portfolio. These write-offs decreased the allowance for loan losses for PCI loans.

Page 31



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

																Mar 31, 2015
																Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Mar 31,
	2015			2014			2014			2014			2014			2014			2014
ALLOWANCE COMPONENTS AND RATIOS
ALLOWANCE FOR LOAN LOSSES
Consumer, excluding credit card
Asset-specific (a)	$	537		$	539		$	618		$	598		$	607		—		%	(12	)	%
Formula-based	3,065			3,186			3,178			3,396			3,443			(4	)		(11	)
PCI (b)	3,270			3,325			3,662			3,749			4,097			(2	)		(20	)
Total consumer, excluding credit card	6,872			7,050			7,458			7,743			8,147			(3	)		(16	)
Credit card
Asset-specific (a)(c)	458			500			500			583			606			(8	)		(24	)
Formula-based	2,976			2,939			3,090			3,011			2,985			1			—
Total credit card	3,434			3,439			3,590			3,594			3,591			—			(4	)
Total consumer	10,306			10,489			11,048			11,337			11,738			(2	)		(12	)
Wholesale
Asset-specific (a)	115			87			124			138			144			32			(20	)
Formula-based	3,644			3,609			3,717			3,851			3,965			1			(8	)
Total wholesale	3,759			3,696			3,841			3,989			4,109			2			(9	)
Total allowance for loan losses	14,065			14,185			14,889			15,326			15,847			(1	)		(11	)
Allowance for lending-related commitments	593			622			637			648			638			(5	)		(7	)
Total allowance for credit losses	$	14,658		$	14,807		$	15,526		$	15,974		$	16,485		(1	)		(11	)

CREDIT RATIOS
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	2.25		%	2.39		%	2.59		%	2.69		%	2.83		%
Credit card allowance to total credit card retained loans	2.84			2.69			2.84			2.86			2.96
Wholesale allowance to total wholesale retained loans	1.13			1.14			1.20			1.24			1.32
Wholesale allowance to total wholesale retained loans,
excluding trade finance and conduits (d)	1.26			1.29			1.35			1.40			1.51
Total allowance to total retained loans	1.86			1.90			2.02			2.08			2.20
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	110			110			113			112			111
Total allowance, excluding credit card allowance, to retained
nonaccrual loans, excluding credit card nonaccrual loans (e)	154			153			156			154			151
Wholesale allowance to wholesale retained nonaccrual loans	540			617			583			549			546
Total allowance to total retained nonaccrual loans	203			202			206			201			195

CREDIT RATIOS, excluding PCI loans
Consumer, excluding credit card allowance, to total
consumer, excluding credit card retained loans	1.39			1.50			1.58			1.68			1.71
Total allowance to total retained loans	1.52			1.55			1.63			1.69			1.75
Consumer, excluding credit card allowance, to consumer,
excluding credit card retained nonaccrual loans (e)	58			58			58			58			55
Allowance, excluding credit card allowance, to retained non-
accrual loans, excluding credit card nonaccrual loans (e)	106			106			105			105			100
Total allowance to total retained nonaccrual loans	156			155			155			152			145


(a)	Includes risk-rated loans that have been placed on nonaccrual status and loans that have been modified in a troubled debt restructuring (“TDR”).


(b)	During the fourth quarter of 2014, the Firm recorded a $291 million adjustment to reduce the PCI allowance. For further information, see summary of changes in the allowances on page 31.


(c)	The asset-specific credit card allowance for loan losses is related to loans that have been modified in a TDR; such allowance is calculated based on the loans’ original contractual interest rates and does not consider any incremental penalty rates.


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


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

Page 32

JPMORGAN CHASE & CO.

NON-GAAP FINANCIAL MEASURES

The following are several of the non-GAAP financial measures that the Firm uses for various reasons, including: (i) to allow management to assess the comparability of revenue arising from both taxable and tax-exempt sources, and (ii) more generally, to provide a more meaningful measure of certain metrics that enables comparability with prior periods, as well as with competitors.

(a)

In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s results and the results of the lines of business on a “managed” basis. The Firm's definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications to present total net revenue for the Firm (and each of the reportable business segments) on a FTE basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented in the managed results on a basis comparable to taxable investments and securities. 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 net income as reported by the Firm as a whole or by the lines of business.

(b)

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

(c)

Tangible common equity (“TCE”), Return on tangible common equity ("ROTCE"), and Tangible book value per share (“TBVPS”). 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. TBVPS represents the Firm’s TCE at period-end divided by common shares at period-end. TCE, ROTCE, and TBVPS are meaningful to the Firm, as well as investors and analysts, in assessing the Firm’s use of equity.


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

Page 33