v3.26.3
Business Segments & Corporate
 9 Months Ended
Sep. 30, 2026
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 2025 Form 10-K Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures on page 59 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.
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 2025 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 nine months ended September 30, 2026 and 2025, 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 2025 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 September 30,
(in millions, except ratios)		Consumer &
Community Banking		Commercial &
Investment Bank		Asset & Wealth Management
202620252026202520262025
Noninterest revenue$5,352$4,617$13,984$13,798$5,002$4,337
Net interest income15,81914,8568,7506,0801,9071,729
Total net revenue21,17119,47322,73419,8786,9096,066
Provision for credit losses
2,0262,5386638098459
Compensation expense(b)
4,7154,357
(g)
5,0664,662
(g)
2,4062,125
(g)
Noncompensation expense(c)(d)
6,8655,939
(g)
5,7055,060
(g)
1,9521,693
(g)
Total noninterest expense11,58010,29610,7719,7224,3583,818
Income/(loss) before income tax expense/(benefit)
7,5656,63911,3009,3472,4672,189
Income tax expense/(benefit)1,8951,6303,0532,446624531
Net income$5,670$5,009$8,247$6,901$1,843$1,658
Average equity
$61,500$56,000$175,000$149,500$16,000$16,000
Total assets674,011652,2752,760,8332,328,000338,451282,322
ROE36 %35 %18 %18 %45 %40 %
Overhead ratio55 53 47 49 63 63 
As of or for the three months
ended September 30,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202620252026202520262025
Noninterest revenue$(576)$297$(626)$(588)$23,136$22,461
Net interest income6691,406(109)(105)27,03623,966
Total net revenue931,703(735)(693)50,17246,427
Provision for credit losses
(30)(3)——2,7433,403
Total noninterest expense(d)
586445
(g)
——27,29524,281
Income/(loss) before income tax expense/(benefit)(463)1,261(735)(693)20,13418,743
Income tax expense/(benefit)(8)436(735)(693)4,8294,350
Net income/(loss)$(455)$825$—$—$15,305$14,393
Average equity
$98,860$114,835NANA$351,360$336,335
Total assets1,318,2501,297,608NANA5,091,5454,560,205
ROENMNMNMNM17 %17 %
Overhead ratioNMNMNMNM54 52 
As of or for the nine months
ended September 30,
(in millions, except ratios)		Consumer &
Community Banking		Commercial &
Investment Bank		Asset & Wealth Management
202620252026202520262025
Noninterest revenue$15,362$13,240$46,328$41,412$14,692$12,403
Net interest income45,64943,39324,63817,6675,4425,154
Total net revenue61,01156,63370,96659,07920,13417,557
Provision for credit losses6,2327,2491,5012,2107395
Compensation expense(b)
14,01912,992
(g)
16,35014,604
(g)
7,0676,275
(g)
Noncompensation expense(c)(d)
19,64817,019
(g)
16,94714,601
(g)
5,6654,989
(g)
Total noninterest expense33,66730,01133,29729,20512,73211,264
Income/(loss) before income tax expense/(benefit)21,11219,37336,16827,6647,3296,198
Income tax expense/(benefit)5,1554,7709,1997,1711,7541,484
Net income
$15,957$14,603$26,969$20,493$5,575$4,714
Average equity$61,500$56,000$171,264
(f)
$149,500$16,000$16,000
Total assets674,011652,2752,760,8332,328,000338,451282,322
ROE34 %34 %20 %18 %46 %39 %
Overhead ratio55 53 47 49 63 64 
As of or for the nine months
ended September 30,
(in millions, except ratios)		Corporate
Reconciling Items(a)
Total
202620252026202520262025
Noninterest revenue$4,837
(e)
$999$(1,777)$(1,853)$79,442$66,201
Net interest income2,5174,546(333)(312)77,91370,448
Total net revenue7,3545,545(2,110)(2,165)157,355136,649
Provision for credit losses
(41)3——7,7659,557
Total noninterest expense(d)
1,7651,177
(g)
——81,46171,657
Income/(loss) before income tax expense/(benefit)5,6304,365(2,110)(2,165)68,12955,435
Income tax expense/(benefit)1,177152(2,110)(2,165)15,17511,412
Net income
$4,453$4,213$—$—$52,954$44,023
Average equity
$96,459
(f)
$108,703NANA$345,223$330,203
Total assets1,318,2501,297,608NANA5,091,5454,560,205
ROENMNMNMNM20 %17 %
Overhead ratioNMNMNMNM52 52 
(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 recorded in and 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 expense, are recorded in and allocated from Corporate to the respective reportable business segments, with the allocations recorded in noncompensation expense. For the three months ended September 30, 2026 and 2025, compensation expense allocated from Corporate to CCB was $827 million and $787 million, to CIB was $1.2 billion and $1.1 billion, and to AWM was $289 million and $279 million, respectively; and for the nine months ended September 30, 2026 and 2025, the expense allocation to CCB was $2.5 billion and $2.4 billion, to CIB was $3.6 billion and $3.5 billion, and to AWM was $876 million and $820 million, respectively.
(e)Included a $4.6 billion net gain related to Visa shares and $763 million of gains on certain equity investments, both recorded in the second quarter of 2026. Refer to Note 5 for additional information.
(f)During the three months ended June 30, 2026, the capital allocated to CIB from Corporate was increased by $8.5 billion, compared with the capital allocated in the first quarter of 2026, in connection with growth in the business.
(g)In the first quarter of 2026, Risk functions that were previously aligned with the LOBs were centralized into Corporate. As a result, the employees and compensation expense related to those functions are now reflected in Corporate, and a corresponding expense allocation from Corporate is reflected in noncompensation expense of the respective LOBs. These adjustments had no impact on total noninterest expense of the LOBs or Corporate. Prior periods have been revised to conform with the current presentation.