v3.25.2
Business Segments & Corporate
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments & Corporate Business segments & Corporate
The Firm is managed on an LOB basis. There are three reportable business segments – Consumer & Community Banking, Commercial & Investment Bank, and Asset & Wealth Management – with the remaining activities in Corporate.
The business segments are determined based on the products and services provided, or the type of customer served, and they reflect the manner in which financial information is evaluated by the Firm’s Operating Committee, whose members act collectively as the Firm’s chief operating decision maker. Segment results are presented on a managed basis. Refer to JPMorganChase’s 2024 Form 10-K Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on page 67 for a definition of managed basis and Note 32 for a further discussion of the Firm’s business segments.
Description of business segment reporting methodology
Results of the reportable business segments are intended to present each segment as if it were a stand-alone business. The management reporting process that derives business segment results includes the allocation of certain income and expense items. The Firm periodically assesses the assumptions, methodologies and reporting classifications used for segment reporting, and therefore further refinements may be implemented in future periods. The Firm also assesses the level of capital required for each LOB on at least an annual basis. The Firm’s LOBs also provide various business metrics which are utilized by the Firm and its investors and analysts in assessing performance.
Revenue sharing
When business segments or businesses within each segment join efforts to sell products and services to the Firm’s clients and customers, the participating businesses may agree to share revenue from those transactions. Revenue is generally recognized in the segment responsible for the related product or service, with allocations to the other segments or businesses involved in the transaction. The segment and business results reflect these revenue-sharing agreements.
Funds transfer pricing
Funds transfer pricing (“FTP”) is the process by which the Firm allocates interest income and expense to the LOBs and Other Corporate and transfers the primary interest rate risk and liquidity risk to Treasury and CIO.
The funds transfer pricing process considers the interest rate and liquidity risk characteristics of assets and liabilities and off-balance sheet products. Periodically, the methodology and assumptions utilized in the FTP process are adjusted to reflect economic conditions and other factors, which may impact the allocation of net interest income to the segments.
Effective in the fourth quarter of 2024, the Firm updated its FTP with respect to consumer deposits, which resulted in an increase in the funding benefit reflected within CCB’s net interest income that is fully offset in Corporate, with no effect on the Firm’s net interest income.
As a result of lower average interest rates in the current year, the cost of funding for assets and the funding benefit earned for liabilities generally decreased compared with the prior year.
Foreign exchange risk
Foreign exchange risk is transferred from the LOBs and Other Corporate to Treasury and CIO for certain revenues and expenses. Treasury and CIO manages these risks centrally and reports the impact of foreign exchange rate movements related to the transferred risk in its results.
Capital allocation
The amount of capital assigned to each LOB and Corporate is referred to as equity. At least annually, the assumptions, judgments and methodologies used to allocate capital are reassessed and, as a result, the capital allocated to the LOBs and Corporate may change. Refer to Note 32 of JPMorganChase’s 2024 Form 10-K for additional information on capital allocation.



























Segment & Corporate results
The following table provides a summary of the Firm’s segment results as of or for the three and six months ended June 30, 2025 and 2024, 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 an 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. Refer to Note 32 of JPMorganChase’s 2024 Form 10-K for additional information on the Firm’s managed basis.
Segment & Corporate results and reconciliation(a)
As of or for the three months
ended June 30,
(in millions, except ratios)		Consumer &
Community Banking		Commercial &
Investment Bank		Asset & Wealth Management
202520242025202420252024
Noninterest revenue$4,452$3,996$13,792$12,744$4,073$3,633
Net interest income14,39513,7055,7435,1731,6871,619
Total net revenue18,84717,70119,53517,9175,7605,252
Provision for credit losses
2,0822,6436963844620
Compensation expense(b)
4,3364,2405,0144,7522,1121,960
Noncompensation expense(c)(d)
5,5225,1854,6274,4141,6211,583
Total noninterest expense9,8589,4259,6419,1663,7333,543
Income/(loss) before income tax expense/(benefit)
6,9075,6339,1988,3671,9811,689
Income tax expense/(benefit)1,7381,4232,5482,470508426
Net income
$5,169$4,210$6,650$5,897$1,473$1,263
Average equity
$56,000$54,500$149,500$132,000$16,000$15,500
Total assets652,379638,4932,260,8251,939,038268,966247,353
ROE36 %30 %17 %17 %36 %32 %
Overhead ratio52 53 49 51 65 67 
As of or for the three months
ended June 30,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202520242025202420252024
Noninterest revenue$49$7,758
(f)
$(663)$(677)$21,703
(f)
$27,454
Net interest income1,4892,364(105)(115)23,20922,746
Total net revenue1,53810,122(768)(792)44,91250,200
Provision for credit losses
255——2,8493,052
Total noninterest expense(d)
5471,579
(g)
——23,779
(g)
23,713
Income/(loss) before income tax expense/(benefit)9668,538(768)(792)18,28423,435
Income tax expense/(benefit)(729)
(e)
1,759(768)(792)3,2975,286
Net income
$1,695$6,779$—$—$14,987$18,149
Average equity
$108,297$106,763NANA$329,797$308,763
Total assets1,370,3121,318,119NANA4,552,4824,143,003
ROENMNMNMNM18 %23 %
Overhead ratioNMNMNMNM53 47 
As of or for the six months
ended June 30,
(in millions, except ratios)
Consumer &
Community Banking		Commercial &
Investment Bank		Asset & Wealth Management
202520242025202420252024
Noninterest revenue$8,623$7,941$27,614$24,905$8,066$7,147
Net interest income28,53727,41311,58710,5963,4253,214
Total net revenue37,16035,35439,20135,50111,49110,361
Provision for credit losses4,7114,5561,40138536(37)
Compensation expense(b)
8,7848,46910,3449,6484,2083,932
Noncompensation expense(c)(d)
10,93110,2539,1398,2423,2383,071
Noninterest expense19,71518,72219,48317,8907,4467,003
Income/(loss) before income tax expense/(benefit)12,73412,07618,31717,2264,0093,395
Income tax expense/(benefit)3,1403,0354,7254,707953842
Net income
$9,594$9,041$13,592$12,519$3,056$2,553
Average equity$56,000$54,500$149,500$132,000$16,000$15,500
Total assets652,379638,4932,260,8251,939,038268,966247,353
ROE34 %33 %18 %18 %38 %32 %
Overhead ratio53 53 50 50 65 68 
As of or for the six months
ended June 30,
(in millions, except ratios)
Corporate
Reconciling Items(a)
Total
202520242025202420252024
Noninterest revenue$702$7,483
(f)
$(1,265)$(1,170)$43,740
(f)
$46,306
Net interest income3,1404,841(207)(236)46,48245,828
Total net revenue3,84212,324(1,472)(1,406)90,22292,134
Provision for credit losses
632——6,1544,936
Noninterest expense7322,855
(g)
——47,376
(g)
46,470
Income/(loss) before income tax expense/(benefit)3,1049,437(1,472)(1,406)36,69240,728
Income tax expense/(benefit)(284)
(e)
1,982(1,472)(1,406)7,0629,160
Net income
$3,388$7,455$—$—$29,630$31,568
Average equity
$105,586$102,519NANA$327,086$304,519
Total assets1,370,3121,318,119NANA4,552,4824,143,003
ROENMNMNMNM18 %20 %
Overhead ratioNMNMNMNM53 50 
(a)Segment managed results reflect revenue on an FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.
(b)Excludes expense related to services provided by Corporate support units, which is allocated from Corporate to each respective reportable business segment, as applicable, through noncompensation expense.
(c)Reflects occupancy; technology, communications and equipment; professional and outside services; marketing; and other expense. Refer to Note 5 for additional information on other expense.
(d)Certain services are provided by Corporate and used by each of the reportable business segments. The costs of these services, including compensation-related costs, are allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense.
(e)Included a $774 million income tax benefit driven by the resolution of certain tax audits and the impact of tax regulations related to foreign currency translation gains and losses finalized in 2024 and effective for 2025.
(f)Included the net gain related to Visa shares of $7.9 billion recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.
(g)Included a $1.0 billion contribution of Visa shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Notes 2 and 6 of JPMorganChase’s 2024 Form 10-K for additional information.