Refer to Note 15 of JPMorganChase’s 2024 Form 10-K for a detailed discussion of goodwill, mortgage servicing rights, and other intangible assets and the related accounting policies.

Goodwill

Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired, and can be adjusted up to one year from the acquisition date as additional information pertaining to facts and circumstances that existed as of the acquisition date is obtained about the fair value of assets acquired and liabilities assumed.

The following table presents goodwill attributed to the reportable business segments and Corporate.


(in millions)	June 30, 2025		December 31, 2024
Consumer & Community Banking	$	32,116	$	32,116
Commercial & Investment Bank	11,259		11,236
Asset & Wealth Management	8,617		8,521
Corporate	755		692
Total goodwill	$	52,747	$	52,565

The following table presents changes in the carrying amount of goodwill.


	Three months ended June 30,				Six months ended June 30,
(in millions)	2025		2024		2025		2024
Balance at beginning of period	$	52,621	$	52,636	$	52,565	$	52,634
Changes during the period from:
Business combinations	—		(5)		—		29
Other(a)	126		(11)		182		(43)
Balance at June 30,	$	52,747	$	52,620	$	52,747	$	52,620

(a)Primarily foreign currency adjustments.

Goodwill impairment testing

Goodwill is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate that there may be an impairment.

Unanticipated declines in business performance, increases in credit losses, increases in capital requirements, as well as deterioration in economic or market conditions, adverse regulatory or legislative changes or increases in the estimated market cost of equity, could cause the estimated fair values of the Firm’s reporting units to decline in the future, which could result in a material impairment charge to earnings in a future period related to some portion of the associated goodwill.

As of June 30, 2025, the Firm reviewed current economic conditions, estimated market cost of equity, as well as actual business results and projections of business performance. Based on such reviews, the Firm has concluded that goodwill was not impaired as of June 30, 2025 or December 31, 2024, nor was goodwill written off due to impairment during the six months ended June 30, 2025 or 2024.

MSRs represent the fair value of expected future cash flows for performing servicing activities for others. The fair value considers estimated future servicing fees and ancillary revenue, offset by estimated costs to service the loans, and generally declines over time as net servicing cash flows are received, effectively amortizing the MSR asset against contractual servicing and ancillary fee income. MSRs are either purchased from third parties or recognized upon sale or securitization of mortgage loans if servicing is retained. Refer to Notes 2 and 15 of JPMorganChase’s 2024 Form 10-K for a further description of the MSR asset, interest rate risk management, and the valuation of MSRs.


	As of or for the three months ended June 30,					As of or for the six months ended June 30,
(in millions, except where otherwise noted)	2025		2024			2025		2024
Fair value at beginning of period	$	9,127	$	8,605		$	9,121	$	8,522
MSR activity:
Originations of MSRs	84		95			195		153
Purchase of MSRs(a)	1		323			280		325
Disposition of MSRs	3		(32)		(e)	7		(27)		(e)
Net additions/(dispositions)	88		386			482		451
Changes due to collection/realization of expected cash flows	(272)		(263)			(533)		(523)
Changes in valuation due to inputs and assumptions:
Changes due to market interest rates and other(b)	59		117			(41)		385
Changes in valuation due to other inputs and assumptions:
Projected cash flows (e.g., cost to service)	—		—			1		7
Discount rates	(1)		—			(1)		—
Prepayment model changes and other(c)	(5)		2			(33)		5
Total changes in valuation due to other inputs and assumptions	(6)		2			(33)		12
Total changes in valuation due to inputs and assumptions	53		119			(74)		397
Fair value at June 30,	$	8,996	$	8,847		$	8,996	$	8,847
Changes in unrealized gains/(losses) included in income related to MSRs held at June 30,	$	53	$	119		$	(74)	$	397
Contractual service fees, late fees and other ancillary fees included in income	412		395			814		794
Third-party mortgage loans serviced at June 30, (in billions)	658		644			658		644
Servicer advances, net of an allowance for uncollectible amounts, at June 30(d)	440		524			440		524

(d)Represents amounts the Firm pays as the servicer (e.g., scheduled principal and interest, taxes and insurance), which will generally be reimbursed within a short period of time after the advance from future cash flows from the trust or the underlying loans. The Firm’s credit risk associated with these servicer advances is minimal because reimbursement of the advances is typically senior to all cash payments to investors. In addition, the Firm maintains the right to stop payment to investors if the collateral is insufficient to cover the advance. However, certain of these servicer advances may not be recoverable if they were not made in accordance with applicable rules and agreements.


	Three months ended June 30,				Six months ended June 30,
(in millions)	2025		2024		2025		2024
CCB mortgage fees and related income
Production revenue	$	151	$	157	$	261	$	287

Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue	420		412		824		817
Changes in MSR asset fair value due to collection/realization of expected cash flows	(271)		(262)		(531)		(522)
Total operating revenue	149		150		293		295
Risk management:
Changes in MSR asset fair value due to market interest rates and other(a)	59		117		(41)		385
Other changes in MSR asset fair value due to other inputs and assumptions in model(b)	(6)		2		(33)		12
Changes in derivative fair value and other	(6)		(80)		130		(359)
Total risk management	47		39		56		38
Total net mortgage servicing revenue	196		189		349		333
Total CCB mortgage fees and related income	347		346		610		620
All other	16		2		31		3
Mortgage fees and related income	$	363	$	348	$	641	$	623

Changes in fair value based on variations in assumptions generally cannot be easily extrapolated, because the relationship of the change in the assumptions to the change in fair value are often highly interrelated and may not be linear. In the following table, the effect that a change in a particular assumption may have on the fair value is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which would either magnify or counteract the impact of the initial change.

The table below outlines the key economic assumptions used to determine the fair value of the Firm’s MSRs at June 30, 2025 and December 31, 2024, and outlines the sensitivities of those fair values to immediate adverse changes in those assumptions, as defined below.


(in millions, except rates)	Jun 30, 2025			Dec 31, 2024
Weighted-average prepayment speed assumption (constant prepayment rate)	6.88		%	6.19		%
Impact on fair value of 10% adverse change	$	(180)		$	(209)
Impact on fair value of 20% adverse change	(351)			(406)
Weighted-average option adjusted spread(a)	6.10		%	5.97		%
Impact on fair value of a 100 basis point adverse change	$	(383)		$	(391)
Impact on fair value of a 200 basis point adverse change	(735)			(751)

(a)Includes the impact of operational risk and regulatory capital.

Other intangible assets

The Firm’s finite-lived and indefinite-lived other intangible assets are initially recorded at their fair value primarily upon completion of a business combination. Finite-lived intangible assets, including core deposit intangibles, customer relationship intangibles, and certain other intangible assets, are amortized over their useful lives, estimated based on the expected future economic benefits. The Firm’s intangible assets with indefinite lives, such as asset management contracts, are not subject to amortization and are assessed periodically for impairment.

As of June 30, 2025 and December 31, 2024, the net carrying values of other intangible assets consisted of finite-lived intangible assets of $1.5 billion and $1.7 billion, respectively, as well as indefinite-lived intangible assets, which are not subject to amortization, of $1.2 billion at both periods.