- The document is JPMorgan Chase's earnings release and financial supplement for the first quarter of 2011. It provides key financial highlights and performance metrics for major business lines on a quarterly basis. - For the first quarter of 2011, net income was $5.6 billion, an increase of 67% from the first quarter of 2010. Revenue decreased 8% to $25.2 billion compared to a year earlier. - Return on equity was 13% in the first quarter of 2011, up from 8% in the same quarter last year. Capital ratios remained strong with the Tier 1 common ratio at 10.0%.

1. EARNINGS RELEASE FINANCIAL SUPPLEMENT
FIRST QUARTER 2011

2. JPMORGAN CHASE & CO.
TABLE OF CONTENTS
Page(s)
Consolidated Results
Consolidated Financial Highlights
Statements of Income
Consolidated Balance Sheets
Condensed Average Balance Sheets and Annualized Yields
Reconciliation from Reported to Managed Summary
2-3
4
5
6
7
Business Detail
Line of Business Financial Highlights - Managed Basis
Investment Bank
Retail Financial Services
Card Services - Managed Basis
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
8
9-12
13-19
20-21
22-23
24-25
26-30
31-32
Credit-Related Information
33-38
Market Risk-Related Information
39
Supplemental Detail
Capital and Other Selected Balance Sheet Items
Mortgage Loan Repurchase Liability
Per Share-Related Information
40
41
42
Non-GAAP Financial Measures
43
Glossary of Terms
44-47
Page 1

3. JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share and ratio data )
QUARTERLY TRENDS
SELECTED INCOME STATEMENT DATA
Reported Basis
Total net revenue
Total noninterest expense
Pre-provision profit
Provision for credit losses
NET INCOME
Managed Basis (a)
Total net revenue
Total noninterest expense
Pre-provision profit
Provision for credit losses
NET INCOME
PER COMMON SHARE DATA
Basic Earnings
Diluted Earnings
1Q11
4Q10
3Q10
2Q10
1Q10
1Q11 Change
4Q10
1Q10
$
25,221
15,995
9,226
1,169
5,555
$
26,098
16,043
10,055
3,043
4,831
$
23,824
14,398
9,426
3,223
4,418
$
25,101
14,631
10,470
3,363
4,795
$
27,671
16,124
11,547
7,010
3,326
(3) %
(8)
(62)
15
(9) %
(1)
(20)
(83)
67
$
25,791
15,995
9,796
1,169
5,555
$
26,722
16,043
10,679
3,043
4,831
$
24,335
14,398
9,937
3,223
4,418
$
25,613
14,631
10,982
3,363
4,795
$
28,172
16,124
12,048
7,010
3,326
(3)
(8)
(62)
15
(8)
(1)
(19)
(83)
67
1.29
1.28
1.13
1.12
1.02
1.01
1.10
1.09
0.75
0.74
14
14
72
73
0.25
43.34
0.05
43.04
0.05
42.29
0.05
40.99
0.05
39.38
400
1
400
10
Closing share price (b)
Market capitalization
46.10
183,783
42.42
165,875
38.06
149,418
36.61
145,554
44.75
177,897
9
11
3
3
COMMON SHARES OUTSTANDING
Average: Basic
Diluted
Common shares at period-end
3,981.6
4,014.1
3,986.6
3,917.0
3,935.2
3,910.3
3,954.3
3,971.9
3,925.8
3,983.5
4,005.6
3,975.8
3,970.5
3,994.7
3,975.4
2
2
2
-
Cash dividends declared
Book value
FINANCIAL RATIOS (c)
Return on common equity ("ROE")
Return on tangible common equity ("ROTCE") (d)
Return on assets ("ROA")
13 %
18
1.07
11 %
16
0.92
10 %
15
0.86
12 %
17
0.94
8 %
12
0.66
CAPITAL RATIOS
Tier 1 capital ratio
Total capital ratio
Tier 1 common capital ratio (e)
12.3 (f)
15.6 (f)
10.0 (f)
12.1
15.5
9.8
11.9
15.4
9.5
12.1
15.8
9.6
11.5
15.1
9.1
(a)
(b)
(c)
(d)
(e)
(f)
For further discussion of managed basis, see Reconciliation from Reported to Managed Summary on page 7.
Share prices shown for JPMorgan Chase’s common stock are from the New York Stock Exchange. JPMorgan Chase’s common stock is also listed and traded on the London
Stock Exchange and the Tokyo Stock Exchange.
Quarterly ratios are based upon annualized amounts.
The Firm uses ROTCE, a non-GAAP financial measure, to evaluate the Firm's use of equity and to facilitate comparisons with competitors. For further discussion of ROTCE, see
page 43.
Tier 1 common capital ratio is Tier 1 common capital divided by risk-weighted assets. The Firm uses Tier 1 common capital along with the other capital measures to assess and
monitor its capital position. For further discussion of Tier 1 common capital ratio, see page 43.
Estimated.
Page 2

4. JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q11
SELECTED BALANCE SHEET DATA (Period-end)
Total assets
Wholesale loans
Consumer loans
Deposits
Common stockholders' equity
Total stockholders' equity
4Q10
3Q10
2Q10
1Q10
$ 2,198,161
236,007
449,989
995,829
172,798
180,598
$ 2,117,605
227,633
465,294
930,369
168,306
176,106
$ 2,141,595
220,597
469,934
903,138
166,030
173,830
$ 2,014,019
216,826
482,657
887,805
162,968
171,120
$ 2,135,796
214,290
499,509
925,303
156,569
164,721
Deposits-to-loans ratio
145 %
Headcount
LINE OF BUSINESS NET INCOME/(LOSS)
Investment Bank
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
NET INCOME
134 %
242,929
$
$
2,370
(208)
1,343
546
316
466
722
5,555
131 %
239,831
$
$
1,501
708
1,299
530
257
507
29
4,831
127 %
236,810
$
$
1,286
907
735
471
251
420
348
4,418
$
1,381
1,042
343
693
292
391
653
4,795
4 %
4
(3)
7
3
3
3 %
10
(10)
8
10
10
130 %
232,939
$
1Q11 Change
4Q10
1Q10
226,623
$
$
2,471
(131)
(303)
390
279
392
228
3,326
1
58
NM
3
3
23
(8)
NM
15
7
(4)
(59)
NM
40
13
19
217
67
Page 3

5. JPMORGAN CHASE & CO.
STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS
REVENUE
Investment banking fees
Principal transactions
Lending- and deposit-related fees
Asset management, administration and commissions
Securities gains
Mortgage fees and related income
Credit card income
Other income
Noninterest revenue
Interest income
Interest expense
Net interest income
TOTAL NET REVENUE
Provision for credit losses
NONINTEREST EXPENSE
Compensation expense
Occupancy expense
Technology, communications and equipment expense
Professional and outside services
Marketing
Other expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
Income before income tax expense
Income tax expense (a)
NET INCOME
PER COMMON SHARE DATA
Basic earnings
Diluted earnings
FINANCIAL RATIOS
Return on equity
Return on tangible common equity (b)
Return on assets
Effective income tax rate (a)
Overhead ratio
(a)
(b)
1Q11
$
1,793
4,745
1,546
3,606
102
(487)
1,437
574
13,316
15,643
3,738
11,905
25,221
1,169
$
$
4Q10
$
1,832
1,915
1,545
3,697
1,253
1,617
1,558
579
13,996
15,612
3,510
12,102
26,098
3,043
8,263
978
1,200
1,735
659
2,943
217
15,995
8,057
2,502
5,555
2Q10
$
1,421
2,090
1,586
3,349
1,000
888
1,495
585
12,414
15,719
3,032
12,687
25,101
3,363
6,571
1,045
1,198
1,789
584
4,616
240
16,043
7,012
2,181
4,831
6,661
884
1,184
1,718
651
3,082
218
14,398
6,203
1,785
4,418
7,616
883
1,165
1,685
628
2,419
235
14,631
7,107
2,312
4,795
7,276
869
1,137
1,575
583
4,441
243
16,124
4,537
1,211
3,326
$
%
1Q11 Change
4Q10
1Q10
(2) %
23 %
148
4
(6)
(2)
10
(92)
(83)
NM
NM
(8)
6
(1)
39
(5)
(5)
(7)
6
19
(2)
(13)
(3)
(9)
(62)
(83)
1Q10
$
1,461
4,548
1,646
3,265
610
658
1,361
412
13,961
16,845
3,135
13,710
27,671
7,010
$
1.29
1.28
13
18
1.07
31
63
3Q10
$
1,476
2,341
1,563
3,188
102
707
1,477
468
11,322
15,606
3,104
12,502
23,824
3,223
$
1.13
1.12
11
16
0.92
31
61
$
%
$
1.02
1.01
10
15
0.86
29
60
$
%
$
1.10
1.09
12
17
0.94
33
58
$
%
26
(6)
(3)
13
(36)
(10)
15
15
15
14
14
0.75
0.74
8
12
0.66
27
58
14
13
6
10
13
(34)
(11)
(1)
78
107
67
72
73
%
The income tax expense in the first quarter of 2010 included tax benefits recognized upon the resolution of tax audits.
The Firm uses return on tangible common equity, a non-GAAP financial measure, to evaluate the Firm's use of equity and to facilitate comparisons with competitors. For further
discussion of ROTCE, see page 43.
Page 4

6. JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
Mar 31
2011
ASSETS
Cash and due from banks
Deposits with banks
Federal funds sold and securities purchased under
resale agreements
Securities borrowed
Trading assets:
Debt and equity instruments
Derivative receivables
Securities
Loans
Less: Allowance for loan losses
Loans, net of allowance for loan losses
Accrued interest and accounts receivable
Premises and equipment
Goodwill
Mortgage servicing rights
Other intangible assets
Other assets
TOTAL ASSETS
LIABILITIES
Deposits
Federal funds purchased and securities loaned or sold
under repurchase agreements
Commercial paper
Other borrowed funds (a)
Trading liabilities:
Debt and equity instruments
Derivative payables
Accounts payable and other liabilities
Beneficial interests issued by consolidated VIEs
Long-term debt (a)
TOTAL LIABILITIES
STOCKHOLDERS' EQUITY
Preferred stock
Common stock
Capital surplus
Retained earnings
Accumulated other comprehensive income
Shares held in RSU Trust, at cost
Treasury stock, at cost
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
(a)
$
23,469
80,842
Dec 31
2010
$
27,567
21,673
Sep 30
2010
$
23,960
31,077
Jun 30
2010
$
32,806
39,430
Mar 31
2010
$
31,422
59,014
March 31, 2011
Change
Dec 31
Mar 31
2010
2010
(15) %
273
(25) %
37
217,356
119,000
222,554
123,587
235,390
127,365
199,024
122,289
230,123
126,741
(2)
(4)
(6)
(6)
422,404
78,744
334,800
685,996
29,750
656,246
79,236
13,422
48,856
13,093
3,857
106,836
$ 2,198,161
409,411
80,481
316,336
692,927
32,266
660,661
70,147
13,355
48,854
13,649
4,039
105,291
$ 2,117,605
$
378,222
97,293
340,168
690,531
34,161
656,370
63,224
11,316
48,736
10,305
3,982
114,187
2,141,595
$
317,293
80,215
312,013
699,483
35,836
663,647
61,295
11,267
48,320
11,853
4,178
110,389
2,014,019
$
346,712
79,416
344,376
713,799
38,186
675,613
53,991
11,123
48,359
15,531
4,383
108,992
2,135,796
3
(2)
6
(1)
(8)
(1)
13
1
(4)
(5)
1
4
22
(1)
(3)
(4)
(22)
(3)
47
21
1
(16)
(12)
(2)
3
$
$
$
903,138
$
887,805
$
925,303
7
8
3
30
7
(3)
(9)
11
995,829
930,369
285,444
46,022
36,704
276,644
35,363
34,325
314,161
38,611
35,736
237,455
41,082
32,607
295,171
50,554
33,153
80,031
61,362
171,638
70,917
269,616
2,017,563
76,947
69,219
170,330
77,649
270,653
1,941,499
82,919
74,902
169,365
77,438
271,495
1,967,765
74,745
60,137
160,478
88,148
260,442
1,842,899
78,228
62,741
154,185
93,055
278,685
1,971,075
4
(11)
1
(9)
4
2
(2)
11
(24)
(3)
2
7,800
4,105
96,938
69,531
3,096
(68)
(7,572)
173,830
2,141,595
8,152
4,105
96,745
65,465
2,404
(68)
(5,683)
171,120
2,014,019
8,152
4,105
96,450
61,043
761
(68)
(5,722)
164,721
2,135,796
(3)
6
(29)
39
3
4
(4)
(2)
28
(6)
22
13
10
3
7,800
4,105
94,660
78,342
712
(53)
(4,968)
180,598
$ 2,198,161
7,800
4,105
97,415
73,998
1,001
(53)
(8,160)
176,106
$ 2,117,605
$
$
$
Effective January 1, 2011, the long-term portion of advances from Federal Home Loan Banks (“FHLB”) was reclassified to long-term debt. Prior periods have been revised to conform with the
current presentation.
Page 5

7. JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS
AVERAGE BALANCES
ASSETS
Deposits with banks
Federal funds sold and securities purchased under
resale agreements
Securities borrowed
Trading assets - debt instruments
Securities
Loans
Other assets (a)
Total interest-earning assets
Trading assets - equity instruments
Trading assets - derivative receivables
All other noninterest-earning assets
TOTAL ASSETS
LIABILITIES
Interest-bearing deposits
Federal funds purchased and securities loaned or
sold under repurchase agreements
Commercial paper
Trading liabilities - debt instruments
Other borrowings and liabilities (b)(c)
Beneficial interests issued by consolidated VIEs
Long-term debt (c)
Total interest-bearing liabilities
Noninterest-bearing deposits
Trading liabilities - equity instruments
Trading liabilities - derivative payables
All other noninterest-bearing liabilities
TOTAL LIABILITIES
Preferred stock
Common stockholders' equity
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
AVERAGE RATES
INTEREST-EARNING ASSETS
Deposits with banks
Federal funds sold and securities purchased under
resale agreements
Securities borrowed
Trading assets - debt instruments
Securities
Loans
Other assets (a)
Total interest-earning assets
INTEREST-BEARING LIABILITIES
Interest-bearing deposits
Federal funds purchased and securities loaned or
sold under repurchase agreements
Commercial paper
Trading liabilities - debt instruments
Other borrowings and liabilities (b)(c)
Beneficial interests issued by consolidated VIEs
Long-term debt (c)
Total interest-bearing liabilities
INTEREST RATE SPREAD
NET YIELD ON INTEREST-EARNING ASSETS
(a)
(b)
(c)
(d)
1Q11
$
4Q10
37,155
$
3Q10
29,213
$
2Q10
38,747
202,481
114,589
275,512
318,936
688,133
49,887
1,686,693
141,951
85,437
190,371
$ 2,104,452
201,489
119,973
273,929
328,126
690,529
42,583
1,685,842
122,827
87,569
192,906
$ 2,089,144
$
$
$
669,346
278,250
36,838
75,047
118,767
72,932
269,156
1,551,911
229,461
7,872
71,288
66,705
1,927,237
7,800
169,415
177,215
287,493
34,507
77,096
119,744
78,114
273,066
1,539,366
225,966
7,166
71,727
70,307
1,914,532
7,800
166,812
174,612
$ 2,104,452
$ 2,089,144
1.11
%
1.02
64,229
189,573
113,650
245,532
327,425
705,189
34,429
1,674,535
95,080
79,409
194,623
2,043,647
$
170,036
114,636
248,089
337,441
725,136
27,885
1,687,452
83,674
78,683
188,871
2,038,680
$
659,027
700,921
$
$
192,099
121,302
251,790
327,798
693,791
36,912
1,662,439
96,200
92,857
189,617
2,041,113
$
$
58,737
668,953
$
677,431
281,171
34,523
73,278
114,732
83,928
267,556
1,514,215
213,700
6,560
69,350
65,335
1,869,160
7,991
163,962
171,953
$
%
$
%
2,043,647
0.63
27 %
(42) %
(4)
1
(3)
17
16
(2)
(1)
1
19
11
(5)
(5)
79
70
9
1
3
$
%
5
3
271,934
37,461
65,154
104,080
98,104
281,744
1,535,908
200,075
5,728
59,053
73,670
1,874,434
8,152
156,094
164,246
273,614
37,557
72,276
117,550
90,085
270,085
1,530,120
209,615
5,216
62,547
68,928
1,876,426
8,152
159,069
167,221
2,041,113
0.85
1Q11 Change
4Q10
1Q10
1Q10
(3)
7
(3)
(1)
(7)
(1)
1
2
10
(1)
(5)
1
2
1
2
(2)
15
14
(26)
(4)
1
15
37
21
(9)
3
(4)
9
8
2,038,680
1
3
0.60
1.09
0.17
4.59
2.89
5.62
1.20
3.79
1.05
0.16
4.29
2.44
5.71
1.54
3.70
0.92
0.22
4.37
2.67
5.71
1.57
3.75
0.84
0.11
4.25
3.14
5.68
1.60
3.79
0.97
0.10
4.56
3.54
5.91
1.36
4.07
0.53
0.50
0.51
0.53
0.51
0.17
0.21
3.85
0.57
1.19
2.39
0.98
0.12
0.21
2.30
1.11
1.13
2.25
0.90
2.81%
2.89%
2.80%
2.88%
%
(0.28) (d)
0.20
2.64
0.39
1.36
2.30
0.81
(0.07) (d)
0.19
2.49
0.27
1.36
2.00
0.79
(0.05) (d)
0.19
3.39
0.12
1.36
2.01
0.83
2.94%
3.01%
3.00%
3.06%
3.24%
3.32%
Includes margin loans.
Includes brokerage customer payables and short-term advances from FHLB.
Effective January 1, 2011, the long-term portion of the advances from FHLB was reclassified to long-term debt. Prior periods have been revised to conform with the current presentation.
Reflects a benefit from the favorable market environments for dollar-roll financings.
Page 6

8. JPMORGAN CHASE & CO.
RECONCILIATION FROM REPORTED TO MANAGED SUMMARY
(in millions)
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.
1Q11
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 43.
The following summary table provides a reconciliation from the Firm’s reported U.S. GAAP results to managed basis.
QUARTERLY TRENDS
1Q11
OTHER INCOME
Other income - reported
Fully tax-equivalent adjustments
Other income - managed
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported
Fully tax-equivalent adjustments
Total noninterest revenue - managed
NET INTEREST INCOME
Net interest income - reported
Fully tax-equivalent adjustments
Net interest income - managed
TOTAL NET REVENUE
Total net revenue - reported
Fully tax-equivalent adjustments
Total net revenue - managed
PRE-PROVISION PROFIT
Total pre-provision profit - reported
Fully tax-equivalent adjustments
Total pre-provision profit - managed
INCOME TAX EXPENSE
Income tax expense - reported
Fully tax-equivalent adjustments
Income tax expense - managed
$
$
$
$
$
$
$
$
$
$
$
$
4Q10
574
451
1,025
$
13,316
451
13,767
$
11,905
119
12,024
$
25,221
570
25,791
$
9,226
570
9,796
$
2,502
570
3,072
$
$
$
$
$
$
$
3Q10
579
503
1,082
$
13,996
503
14,499
$
12,102
121
12,223
$
26,098
624
26,722
$
10,055
624
10,679
$
2,181
624
2,805
$
$
$
$
$
$
$
2Q10
468
415
883
$
11,322
415
11,737
$
12,502
96
12,598
$
23,824
511
24,335
$
9,426
511
9,937
$
1,785
511
2,296
$
$
$
$
$
$
$
1Q10
585
416
1,001
$
12,414
416
12,830
$
12,687
96
12,783
$
25,101
512
25,613
$
10,470
512
10,982
$
2,312
512
2,824
$
$
$
$
$
$
$
412
411
823
1Q11 Change
4Q10
1Q10
(1) %
(10)
(5)
39 %
10
25
13,961
411
14,372
(5)
(10)
(5)
(5)
10
(4)
13,710
90
13,800
(2)
(2)
(2)
(13)
32
(13)
27,671
501
28,172
(3)
(9)
(3)
(9)
14
(8)
11,547
501
12,048
(8)
(9)
(8)
(20)
14
(19)
1,211
501
1,712
15
(9)
10
107
14
79
Page 7

9. JPMORGAN CHASE & CO.
LINE OF BUSINESS FINANCIAL HIGHLIGHTS - MANAGED BASIS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q11
TOTAL NET REVENUE (FTE)
Investment Bank (a)
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity (a)
TOTAL NET REVENUE
TOTAL PRE-PROVISION PROFIT
Investment Bank (a)
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity (a)
TOTAL PRE-PROVISION PROFIT
NET INCOME/(LOSS)
Investment Bank
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
TOTAL NET INCOME
AVERAGE EQUITY (b)
Investment Bank
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity
TOTAL AVERAGE EQUITY
RETURN ON EQUITY (b)
Investment Bank
Retail Financial Services
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
JPMORGAN CHASE
(a)
(b)
$
$
$
$
$
$
$
$
4Q10
8,233
6,275
3,982
1,516
1,840
2,406
1,539
25,791
$
3,217
1,013
2,427
953
463
746
977
9,796
$
2,370
(208)
1,343
546
316
466
722
5,555
$
40,000
28,000
13,000
8,000
7,000
6,500
66,915
169,415
24 %
(3)
42
28
18
29
13
$
$
$
$
$
3Q10
6,213
8,525
4,246
1,611
1,913
2,613
1,601
26,722
$
2,012
3,701
2,732
1,053
443
836
(98)
10,679
$
1,501
708
1,299
530
257
507
29
4,831
$
40,000
28,000
15,000
8,000
6,500
6,500
62,812
166,812
$
15
10
34
26
16
31
11
$
$
$
$
%
2Q10
5,353
7,646
4,253
1,527
1,831
2,172
1,553
24,335
$
1,649
3,129
2,808
967
421
684
279
9,937
$
1,286
907
735
471
251
420
348
4,418
$
40,000
28,000
15,000
8,000
6,500
6,500
59,962
163,962
$
13
13
19
23
15
26
10
$
$
$
$
%
1Q11 Change
4Q10
1Q10
1Q10
6,332
7,809
4,217
1,486
1,881
2,068
1,820
25,613
$
1,810
3,528
2,781
944
482
663
774
10,982
$
1,381
1,042
343
693
292
391
653
4,795
$
40,000
28,000
15,000
8,000
6,500
6,500
55,069
159,069
$
14
15
9
35
18
24
12
$
$
$
$
%
8,319
7,776
4,447
1,416
1,756
2,131
2,327
28,172
33 %
(26)
(6)
(6)
(4)
(8)
(4)
(3)
(1) %
(19)
(10)
7
5
13
(34)
(8)
3,481
3,534
3,045
877
431
689
(9)
12,048
60
(73)
(11)
(9)
5
(11)
NM
(8)
(8)
(71)
(20)
9
7
8
NM
(19)
2,471
(131)
(303)
390
279
392
228
3,326
58
NM
3
3
23
(8)
NM
15
(4)
(59)
NM
40
13
19
217
67
(13)
8
7
2
(13)
8
28
9
40,000
28,000
15,000
8,000
6,500
6,500
52,094
156,094
25 %
(2)
(8)
20
17
24
8
Corporate/Private Equity includes an adjustment to offset IB's inclusion of a credit allocation income/expense to/from TSS in total net revenue; TSS reports the credit allocation as a
separate line on its income statement (not within total net revenue).
Equity for a line of business represents the amount the Firm believes the business would require if it were operating independently, incorporating sufficient capital to address
economic risk measures, regulatory capital requirements and capital levels for similarly rated peers. Capital is also allocated to each line of business for, among other things,
goodwill and other intangibles associated with acquisitions effected by the line of business. Return on common equity is measured and internal targets for expected returns are
established as key measures of a business segment’s performance. Effective January 1, 2011, capital allocated to Card Services was reduced by $2.0 billion, to $13.0 billion, which
largely reflects portfolio runoff and the improving risk profile of the business; capital allocated to Treasury & Securities Services was increased by $500 million, to $7.0 billion.
Page 8

10. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q11
INCOME STATEMENT
REVENUE
Investment banking fees
Principal transactions
Lending- and deposit-related fees
Asset management, administration and commissions
All other income (a)
Noninterest revenue
Net interest income
TOTAL NET REVENUE (b)
$
Provision for credit losses
1,779
3,398
214
619
166
6,176
2,057
8,233
4Q10
$
(429)
1,833
1,289
209
652
185
4,168
2,045
6,213
3Q10
$
(271)
1,502
1,129
205
565
61
3,462
1,891
5,353
2Q10
$
(142)
1,405
2,105
203
633
86
4,432
1,900
6,332
1Q10
$
(325)
1,446
3,931
202
563
49
6,191
2,128
8,319
(462)
1Q11 Change
4Q10
1Q10
(3) %
164
2
(5)
(10)
48
1
33
23 %
(14)
6
10
239
(3)
(1)
(58)
7
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
TOTAL NONINTEREST EXPENSE
3,294
1,722
5,016
1,845
2,356
4,201
2,031
1,673
3,704
2,923
1,599
4,522
2,928
1,910
4,838
79
(27)
19
13
(10)
4
Income before income tax expense
Income tax expense
NET INCOME
3,646
1,276
2,370
2,283
782
1,501
1,791
505
1,286
2,135
754
1,381
3,943
1,472
2,471
60
63
58
(8)
(13)
(4)
1
(22)
6
(3)
82
25
NM
33
41
(8)
33
23
(4)
(4)
(258)
(1)
$
FINANCIAL RATIOS
ROE
ROA
Overhead ratio
Compensation expense as a percent of total net revenue (c)
REVENUE BY BUSINESS
Investment banking fees:
Advisory
Equity underwriting
Debt underwriting
Total investment banking fees
Fixed income markets
Equity markets
Credit portfolio (a)
Total net revenue
(a)
(b)
(c)
$
24 %
1.18
61
40
$
$
429
379
971
1,779
5,238
1,406
(190)
8,233
$
15 %
0.75
68
30
$
$
424
489
920
1,833
2,875
1,128
377
6,213
$
13 %
0.68
69
38
$
$
385
333
784
1,502
3,123
1,135
(407)
5,353
$
14 %
0.78
71
46
$
$
355
354
696
1,405
3,563
1,038
326
6,332
25 %
1.48
58
35
$
$
305
413
728
1,446
5,464
1,462
(53)
8,319
IB manages credit exposures related to the Global Corporate Bank ("GCB") on behalf of IB and TSS. Effective January 1, 2011, IB and TSS will share the economics related to the
Firm’s GCB clients. IB recognizes this sharing arrangement within all other income. Prior-year periods reflected the reimbursement from TSS for a portion of the total costs of
managing the credit portfolio on behalf of TSS.
Total net revenue included tax-equivalent adjustments, predominantly due to income tax credits related to affordable housing and alternative energy investments, as well as taxexempt income from municipal bond investments of $438 million, $475 million, $390 million, $401 million and $403 million for the quarters ended March 31, 2011, December 31,
2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.
The compensation expense as a percentage of total net revenue ratio for the second quarter of 2010 excluding the payroll tax expense related to the U.K. Bank Payroll Tax on
certain compensation awarded from December 9, 2009 to April 5, 2010 to relevant banking employees, which is a non-GAAP financial measure, was 37%. IB excludes this tax from
the ratio because it enables comparability with prior periods.
Page 9

11. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
1Q11
SELECTED BALANCE SHEET DATA (period-end)
Loans:
Loans retained (a)
Loans held-for-sale and loans at fair value
Total loans
Equity
SELECTED BALANCE SHEET DATA (average)
Total assets
Trading assets - debt and equity instruments
Trading assets - derivative receivables
Loans:
Loans retained (a)
Loans held-for-sale and loans at fair value
Total loans
Adjusted assets (b)
Equity
Derivative receivables
Assets acquired in loan satisfactions
Total nonperforming assets
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
Net charge-off/(recovery) rate (a)(d)
Allow. for loan losses to period-end loans retained (a)(d)
Allow. for loan losses to nonaccrual loans retained (a)(c)(d)
Nonaccrual loans to total period-end loans
(a)
(b)
(c)
(d)
3Q10
2Q10
1Q10
$
52,712
5,070
57,782
40,000
$
53,145
3,746
56,891
40,000
$
51,299
2,252
53,551
40,000
$
54,049
3,221
57,270
40,000
$
53,010
3,594
56,604
40,000
$
815,828
368,956
67,462
$
792,703
346,990
72,491
$
746,926
300,517
76,530
$
710,005
296,031
65,847
$
1Q11 Change
4Q10
1Q10
(1) %
35
2
-
(1) %
41
2
-
676,122
284,085
66,151
3
6
(7)
21
30
2
53,370
3,835
57,205
611,038
40,000
$
52,502
3,504
56,006
587,307
40,000
53,331
2,678
56,009
539,459
40,000
53,351
3,530
56,881
527,520
40,000
58,501
3,150
61,651
506,635
40,000
2
9
2
4
-
(9)
22
(7)
21
-
26,494
Headcount
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs/(recoveries)
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (a)(c)
Nonaccrual loans held-for-sale and loans
at fair value
Total nonaccrual loans
4Q10
26,314
26,373
26,279
24,977
1
6
697
NM
(82)
123
$
(23)
$
33
$
28
$
2,388
3,159
2,025
1,926
2,459
(24)
(3)
259
2,647
460
3,619
361
2,386
334
2,260
282
2,741
(44)
(27)
(8)
(3)
21
73
2,741
34
117
3,770
255
148
2,789
315
151
2,726
363
185
3,289
(38)
(38)
(27)
(94)
(61)
(17)
1,330
424
1,754
1,863
447
2,310
1,976
570
2,546
2,149
564
2,713
2,601
482
3,083
(29)
(5)
(24)
(49)
(12)
(43)
0.93 %
2.52
56
4.58
(0.17) %
3.51
59
6.36
0.25 %
3.85
98
4.46
0.21 %
3.98
112
3.95
4.83 %
4.91
106
4.84
Loans retained included credit portfolio loans, leveraged leases and other accrual loans, and excluded loans held-for-sale and loans at fair value.
Adjusted assets, a non-GAAP financial measure, is presented to assist the reader in comparing IB’s asset and capital levels to other investment banks in the securities
industry. For further discussion of adjusted assets, see page 43.
Allowance for loan losses of $567 million, $1.1 billion, $603 million, $617 million and $811 million were held against these nonaccrual loans at March 31, 2011, December 31,
2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.
Loans held-for-sale and loans at fair value were excluded when calculating the allowance coverage ratio and net charge-off/(recovery) rate.
Page 10

12. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and rankings data)
QUARTERLY TRENDS
1Q11
MARKET RISK - AVERAGE TRADING AND CREDIT
PORTFOLIO VAR - 95% CONFIDENCE LEVEL
Trading activities:
Fixed income
Foreign exchange
Equities
Commodities and other
Diversification (a)
Total trading VaR (b)
Credit portfolio VaR (c)
Diversification (a)
Total trading and credit portfolio VaR
MARKET SHARES AND RANKINGS (d)
Global investment banking fees (e)
Debt, equity and equity-related
Global
U.S.
Syndicated loans
Global
U.S.
Long-term debt (f)
Global
U.S.
Equity and equity-related
Global (g)
U.S.
Announced M&A (h)
Global
U.S.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
$
$
4Q10
49
11
29
13
(38)
64
26
(7)
83
$
53
10
23
14
(38)
62
26
(10)
78
$
March 31, 2011 YTD
Market
Share
Rankings
8.6 %
#1
3Q10
$
$
2Q10
72
9
21
13
(38)
77
30
(8)
99
$
64
10
20
20
(42)
72
27
(9)
90
$
1Q11 Change
4Q10
1Q10
1Q10
$
$
69
13
24
15
(49)
72
19
(9)
82
(8) %
10
26
(7)
3
30
6
(29) %
(15)
21
(13)
22
(11)
37
22
1
Full Year 2010
Market
Share
Rankings
7.6 %
#1
6.6
11.8
3
1
7.2
11.1
1
1
12.3
24.5
1
1
8.5
19.3
1
2
6.7
11.8
3
1
7.2
10.9
2
2
5.7
9.5
7
4
7.3
12.6
3
2
26.8
44.5
1
1
16.3
23.0
3
3
Average value-at-risk (“ 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. The risk of a portfolio of positions is therefore usually less than the sum of the risks of the positions themselves.
Trading VaR includes substantially all trading activities in IB, including the credit spread sensitivity of certain mortgage products and syndicated lending facilities that the Firm
intends to distribute; however, particular risk parameters of certain products are not fully captured, for example, correlation risk. Trading VaR does not include the debit valuation
adjustments ("DVA") taken on derivative and structured liabilities to reflect the credit quality of the Firm.
Credit portfolio VaR includes the derivative credit valuation adjustments ("CVA"), hedges of the CVA and mark-to-market (“MTM”) hedges of the retained loan portfolio, which are all
reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not MTM.
Source: Dealogic. Global Investment Banking fees reflects the ranking of fees and market share. Remainder of rankings reflects transaction volume rank and market share.
Global IB fees exclude money market, short-term debt and shelf deals.
Long-term debt tables include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities and mortgage-backed securities; and
exclude money market, short-term debt, and U.S. municipal securities.
Equity and equity-related rankings include rights offerings and Chinese A-Shares.
Global announced M&A is based on transaction value at announcement; all other rankings are based on transaction proceeds, with full credit to each book manager/equal if joint.
Because of joint assignments, market share of all participants will add up to more than 100%. M&A for the first quarter 2011 and full year 2010 reflects the removal of any
withdrawn transactions. U.S. announced M&A represents any U.S. involvement ranking.
Page 11

13. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
QUARTERLY TRENDS
INTERNATIONAL METRICS
Total net revenue: (in millions) (a)
Asia/Pacific
Latin America/Caribbean
Europe/Middle East/Africa
North America
Total net revenue
Loans (period-end): (in millions) (b)
Asia/Pacific
Latin America/Caribbean
Europe/Middle East/Africa
North America
Total loans
(a)
(b)
1Q11
$
$
$
$
4Q10
1,122
327
2,592
4,192
8,233
$
5,472
2,190
14,059
30,991
52,712
$
$
$
3Q10
927
172
1,423
3,691
6,213
$
5,924
2,200
13,961
31,060
53,145
$
$
$
2Q10
993
167
1,538
2,655
5,353
$
5,595
1,545
12,781
31,378
51,299
$
$
$
1Q10
901
248
1,544
3,639
6,332
$
5,697
1,763
12,959
33,630
54,049
$
$
$
988
310
2,875
4,146
8,319
6,195
2,035
12,510
32,270
53,010
1Q11 Change
4Q10
1Q10
21 %
90
82
14
33
14 %
5
(10)
1
(1)
(8)
1
(1)
(12)
8
12
(4)
(1)
Regional revenues are based primarily on the domicile of the client and/or location of the trading desk.
Includes retained loans based on the domicile of the customer. Excludes loans held-for-sale and loans at fair value.
Page 12

14. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q11
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees
Asset management, administration and commissions
Mortgage fees and related income
Credit card income
Other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE (a)
$
4Q10
746
487
(489)
537
364
1,645
4,630
6,275
$
3Q10
737
456
1,609
524
370
3,696
4,829
8,525
$
2Q10
759
443
705
502
379
2,788
4,858
7,646
$
1Q11 Change
4Q10
1Q10
1Q10
780
433
886
480
413
2,992
4,817
7,809
$
841
452
655
450
354
2,752
5,024
7,776
1 %
7
NM
2
(2)
(55)
(4)
(26)
(11) %
8
NM
19
3
(40)
(8)
(19)
Provision for credit losses
1,326
2,456
1,548
1,715
3,733
(46)
(64)
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
1,971
3,231
60
5,262
1,905
2,851
68
4,824
1,915
2,533
69
4,517
1,842
2,369
70
4,281
1,770
2,402
70
4,242
3
13
(12)
9
11
35
(14)
24
1,245
537
708
1,581
674
907
1,813
771
1,042
NM
NM
NM
(57)
(54)
(59)
Income/(loss) before income tax expense/(benefit)
Income tax expense/(benefit)
NET INCOME/(LOSS)
$
FINANCIAL RATIOS
ROE
Overhead ratio
Overhead ratio excluding core deposit intangibles (b)
SELECTED BALANCE SHEET DATA (period-end)
Assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value (c)
Total loans
Deposits
Equity
SELECTED BALANCE SHEET DATA (average)
Assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value (c)
Total loans
Deposits
Equity
Headcount
(a)
(b)
(c)
(313)
(105)
(208)
$
(3) %
84
83
$
355,394
10
57
56
$
366,841
$
%
13
59
58
$
367,675
$
%
15
55
54
$
375,329
$
%
(199)
(68)
(131)
(2) %
55
54
$
382,475
(3)
(7)
308,827
12,234
321,061
380,494
28,000
316,725
14,863
331,588
370,819
28,000
323,481
13,071
336,552
364,186
28,000
330,329
12,599
342,928
359,974
28,000
339,002
11,296
350,298
362,470
28,000
(2)
(18)
(3)
3
-
(9)
8
(8)
5
-
364,266
373,883
375,968
381,906
393,867
(3)
(8)
312,543
17,519
330,062
372,634
28,000
320,407
18,883
339,290
367,920
28,000
326,905
15,683
342,588
362,559
28,000
335,308
14,426
349,734
362,010
28,000
342,997
17,055
360,052
356,934
28,000
(2)
(7)
(3)
1
-
(9)
3
(8)
4
-
123,550
121,876
119,424
116,879
112,616
1
10
Total net revenue included tax-equivalent adjustments associated with tax-exempt loans to municipalities and other qualified entities of $3 million, $1 million, $4 million, $5
million and $5 million for the quarters ended March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.
Retail Financial Services uses the overhead ratio (excluding the amortization of core deposit intangibles ("CDI")), a non-GAAP financial measure, to evaluate the underlying
expense trends of the business. Including CDI amortization expense in the overhead ratio calculation would result in a higher overhead ratio in the earlier years and a lower
overhead ratio in later years; this method would therefore result in an improving overhead ratio over time, all things remaining equal. The non-GAAP ratio excludes Retail
Banking's CDI amortization expense related to prior business combination transactions of $60 million, $68 million, $69 million, $69 million and $70 million for the quarters ended
March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.
Loans at fair value consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as trading assets on the Consolidated Balance
Sheets. These loans totaled $12.0 billion, $14.7 billion, $12.6 billion, $12.2 billion and $8.4 billion at March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010
and March 31, 2010, respectively. Average balances of these loans totaled $17.4 billion, $18.7 billion, $15.3 billion, $12.5 billion and $14.2 billion for the quarters ended March
31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.
Page 13

15. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q11
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonaccrual loans:
Nonaccrual loans retained
Nonaccrual loans held-for-sale and loans
at fair value
Total nonaccrual loans (a)(b)(c)
Nonperforming assets (a)(b)(c)
Allowance for loan losses
Net charge-off rate (d)
Net charge-off rate excluding purchased credit-impaired
("PCI") loans (d)(e)
Allowance for loan losses to ending loans retained (d)
Allowance for loan losses to ending loans retained
excluding PCI loans (d)(e)
Allowance for loan losses to nonaccrual loans
retained (a)(d)(e)
Nonaccrual loans to total loans
Nonaccrual loans to total loans excluding PCI loans (a)
(a)
(b)
(c)
(d)
(e)
$
1,326
4Q10
$
2,159
3Q10
$
1,548
2Q10
$
1,761
1Q10
$
2,438
1Q11 Change
4Q10
1Q10
(39) %
(46) %
8,499
8,768
9,801
10,457
10,769
(3)
(21)
150
8,649
9,905
16,453
145
8,913
10,266
16,453
166
9,967
11,421
16,154
176
10,633
11,907
16,152
217
10,986
12,191
16,200
3
(3)
(4)
-
(31)
(21)
(19)
2
1.72 %
2.67 %
1.88 %
2.11 %
2.88 %
2.23
5.33
3.47
5.19
2.44
4.99
2.75
4.89
3.76
4.78
4.84
4.72
5.36
5.26
5.16
135
2.69
3.46
131
2.69
3.44
136
2.96
3.81
128
3.10
4.00
124
3.14
4.05
Excludes PCI loans that were acquired as part of the Washington Mutual transaction, which are accounted for on a pool basis. Since each pool is accounted for as a single asset
with a single composite interest rate and an aggregate expectation of cash flows, the past-due status of the pools, or that of the individual loans within the pools, is not
meaningful. Because the Firm is recognizing interest income on each pool of loans, they are all considered to be performing.
Certain of these loans are classified as trading assets on the Consolidated Balance Sheets.
At March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, nonperforming assets excluded: (1) mortgage loans insured by U.S.
government agencies of $9.8 billion, $10.5 billion, $10.2 billion, $10.1 billion and $10.5 billion, respectively, that are 90 days past due and accruing at the guaranteed
reimbursement rate; (2) real estate owned insured by U.S. government agencies of $2.3 billion, $1.9 billion, $1.7 billion, $1.4 billion and $707 million, respectively; and (3)
student loans that are 90 days past due and still accruing, which are insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”), of
$615 million, $625 million, $572 million, $447 million and $581 million, respectively. These amounts are excluded as reimbursement of insured amounts is proceeding normally.
Loans held-for-sale and loans accounted for at fair value were excluded when calculating the allowance coverage ratio and the net charge-off rate.
Excludes the impact of PCI loans that were acquired as part of the Washington Mutual transaction. These loans were accounted for at fair value on the acquisition date, which
incorporated management's estimate, as of that date, of credit losses over the remaining life of the portfolio. An allowance for loan losses of $4.9 billion, $4.9 billion, $2.8 billion,
$2.8 billion and $2.8 billion was recorded for these loans at March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively, which
has also been excluded from the applicable ratios. To date, no charge-offs have been recorded for these loans.
Page 14

16. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q11
RETAIL BANKING
Noninterest revenue
Net interest income
Total net revenue
Provision for credit losses
Noninterest expense
Income before income tax expense
Net income
$
$
Overhead ratio
Overhead ratio excluding core deposit intangibles (a)
BUSINESS METRICS (in billions, except where otherwise noted)
Business banking origination volume (in millions)
End-of-period loans owned
End-of-period deposits:
Checking
Savings
Time and other
Total end-of-period deposits
Average loans owned
Average deposits:
Checking
Savings
Time and other
Total average deposits
Deposit margin
Average assets
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Net charge-off rate
Nonperforming assets
4Q10
1,756
2,659
4,415
119
2,802
1,494
891
$
$
63 %
62
$
1,425
17.0
3Q10
1,715
2,693
4,408
73
2,668
1,667
954
$
$
61 %
59
$
1,435
16.8
2Q10
1,691
2,745
4,436
175
2,779
1,482
848
$
$
63 %
61
$
1,126
16.6
1,684
2,712
4,396
168
2,633
1,595
914
$
$
60 %
58
$
1Q11 Change
4Q10
1Q10
1Q10
1,222
16.6
1,702
2,635
4,337
191
2,577
1,569
898
2 %
(1)
63
5
(10)
(7)
3 %
1
2
(38)
9
(5)
(1)
59 %
58
$
905
16.8
(1)
1
57
1
137.4
176.3
44.0
357.7
16.9
131.7
166.6
45.9
344.2
16.6
124.2
162.4
48.9
335.5
16.6
123.5
161.8
50.5
335.8
16.7
123.8
163.4
53.2
340.4
16.9
4
6
(4)
4
2
11
8
(17)
5
-
126.6
164.7
47.4
338.7
3.00 %
28.3
$
123.5
162.2
49.8
335.5
3.08 %
27.7
$
123.6
162.8
51.4
337.8
3.05 %
28.4
$
119.7
158.6
55.6
333.9
3.02 %
28.9
4
4
(5)
3
10
8
(19)
4
$
132.0
171.1
45.0
348.1
2.92 %
28.7
$
1
(1)
173
4.13 %
846
$
175
4.18 %
913
$
168
4.04 %
920
$
191
4.58 %
872
(31)
(38)
$
119
2.86 %
822
$
(3)
(6)
RETAIL BRANCH BUSINESS METRICS
Investment sales volume
6,584
6,069
5,798
5,756
5,956
8
11
Number of:
Branches
ATMs
Personal bankers
Sales specialists
Active online customers (in thousands)
Checking accounts (in thousands)
5,292
16,265
21,875
7,336
18,318
26,622
5,268
16,145
21,715
7,196
17,744
27,252
5,192
15,815
21,438
7,123
17,167
27,014
5,159
15,654
20,170
6,785
16,584
26,351
5,155
15,549
19,003
6,315
16,208
25,830
1
1
2
3
(2)
3
5
15
16
13
3
(a)
Retail Banking uses the overhead ratio (excluding the amortization of CDI), a non-GAAP financial measure, to evaluate the underlying expense trends of the business. Including
CDI amortization expense in the overhead ratio calculation would result in a higher overhead ratio in the earlier years and a lower overhead ratio in later years; this method would
therefore result in an improving overhead ratio over time, all things remaining equal. The non-GAAP ratio excludes Retail Banking's CDI amortization expense related to prior
business combination transactions of $60 million, $68 million, $69 million, $69 million and $70 million for the quarters ended March 31, 2011, December 31, 2010, September 30,
2010, June 30, 2010 and March 31, 2010, respectively.
Page 15

17. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q11
MORTGAGE BANKING, AUTO & OTHER CONSUMER LENDING
Noninterest revenue
Net interest income
Total net revenue
Provision for credit losses
Noninterest expense
Income/(loss) before income tax expense/(benefit)
Net income/(loss)
$
$
Overhead ratio
BUSINESS METRICS (in billions)
End-of-period loans owned:
Auto
Prime mortgage, including option ARMs (a)
Student and other
Total end-of-period loans owned
Average loans owned:
Auto
Prime mortgage, including option ARMs (a)
Student and other
Total average loans owned (b)
(119)
815
696
131
2,105
(1,540)
(937)
302
$
4Q10
$
$
%
47.4
14.1
14.3
75.8
3Q10
1,971
817
2,788
46
1,743
999
577
63
$
$
$
%
48.4
14.2
14.4
77.0
2Q10
1,076
809
1,885
176
1,348
361
207
72
$
$
$
%
48.2
13.8
14.6
76.6
1,256
792
2,048
175
1,243
630
364
61
$
1Q11 Change
4Q10
1Q10
1Q10
$
$
%
47.5
13.2
15.1
75.8
1,018
893
1,911
217
1,246
448
257
65
$
NM %
(75)
185
21
NM
NM
NM %
(9)
(64)
(40)
69
NM
NM
%
47.4
13.7
17.4
78.5
(2)
(1)
(1)
(2)
3
(18)
(3)
47.7
14.0
14.4
76.1
48.3
13.9
14.6
76.8
47.7
13.6
14.8
76.1
47.5
13.6
16.7
77.8
46.9
12.5
18.4
77.8
(1)
1
(1)
(1)
2
12
(22)
(2)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs:
Auto
Prime mortgage, including option ARMs
Student and other
Total net charge-offs
47
4
80
131
71
12
114
197
67
10
82
159
58
13
150
221
102
6
64
172
(34)
(67)
(30)
(34)
(54)
(33)
25
(24)
Net charge-off rate:
Auto
Prime mortgage, including option ARMs
Student and other
Total net charge-off rate (b)
0.40
0.12
2.25
0.70
(7)
(7)
30+ day delinquency rate (c)(d)(e)
Nonperforming assets (f)(g)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
$
1.59
931
%
0.58
0.35
3.10
1.02
$
1.68
996
%
0.56
0.30
2.21
0.83
$
1.55
1,052
%
0.49
0.39
4.04
1.17
$
1.43
1,013
%
0.88
0.20
1.64
0.93
$
1.52
1,006
%
Predominantly represents prime loans repurchased from Government National Mortgage Association (“Ginnie Mae”) pools, which are insured by U.S. government agencies.
Total average loans owned includes loans held-for-sale of $133 million, $192 million, $338 million, $1.9 billion and $2.9 billion for the quarters ended March 31, 2011,
December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively. These amounts are excluded when calculating the net charge-off rate.
Total end-of-period loans owned includes loans held-for-sale of $188 million, $154 million, $467 million, $434 million and $2.9 billion for the quarters ended March 31, 2011,
December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively. These amounts are excluded when calculating the 30+ day delinquency rate.
Excludes mortgage loans that are insured by U.S. government agencies of $10.4 billion, $11.4 billion, $11.1 billion, $10.9 billion and $11.2 billion at March 31, 2011,
December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively. These amounts are excluded as reimbursement of insured amounts is
proceeding normally.
Excludes loans that are 30 days past due and still accruing, which are insured by U.S. government agencies under the FFELP, of $1.0 billion, $1.1 billion, $1.0 billion, $988
million and $965 million at March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively. These amounts are excluded as
reimbursement of insured amounts is proceeding normally.
At March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, nonperforming assets excluded: (1) mortgage loans insured by U.S.
government agencies of $9.8 billion, $10.5 billion, $10.2 billion, $10.1 billion and $10.5 billion, respectively, that are 90 days past due and accruing at the guaranteed
reimbursement rate; (2) real estate owned insured by U.S. government agencies of $2.3 billion, $1.9 billion, $1.7 billion, $1.4 billion and $707 million, respectively; and (3)
student loans that are 90 days past due and still accruing, which are insured by U.S. government agencies under the FFELP, of $615 million, $625 million, $572 million, $447
million and $581 million, respectively. These amounts are excluded as reimbursement of insured amounts is proceeding normally.
During the third quarter of 2010, $147 million of nonperforming assets pertaining to the second quarter of 2010 were reclassified from Real Estate Portfolios to Mortgage
Banking, Auto & Other Consumer Lending.
Page 16

18. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q11
MORTGAGE BANKING, AUTO & OTHER CONSUMER
LENDING (continued)
Origination volume:
Mortgage origination volume by channel
Retail
Wholesale (a)
Correspondent (a)
CNT (negotiated transactions)
Total mortgage origination volume
Student
Auto
$
Application volume:
Mortgage application volume by channel
Retail
Wholesale (a)
Correspondent (a)
Total mortgage application volume
(a)
(b)
(c)
21.0
0.2
13.5
1.5
36.2
0.1
4.8
$
3Q10
22.9
0.3
25.5
2.1
50.8
4.8
$
2Q10
19.2
0.2
19.1
2.4
40.9
0.2
6.1
$
1Q11 Change
4Q10
1Q10
1Q10
15.3
0.4
14.7
1.8
32.2
0.1
5.8
$
11.4
0.4
16.0
3.9
31.7
1.6
6.3
(8) %
(33)
(47)
(29)
(29)
NM
-
84 %
(50)
(16)
(62)
14
(94)
(24)
31.3
0.3
13.6
45.2
32.4
0.4
24.9
57.7
34.6
0.6
30.7
65.9
27.8
0.6
23.5
51.9
20.3
0.8
18.2
39.3
(3)
(25)
(45)
(22)
54
(63)
(25)
15
17.5
128.4
3.2
955.0
958.7
13.1
Average mortgage loans held-for-sale and loans
at fair value (b)
Average assets
Repurchase reserve (ending)
Third-party mortgage loans serviced (ending)
Third-party mortgage loans serviced (average)
MSR net carrying value (ending)
Ratio of MSR net carrying value (ending) to third-party
mortgage loans serviced (ending)
Ratio of annualized loan servicing revenue to third-party
mortgage loans serviced (average)
MSR revenue multiple (c)
SUPPLEMENTAL MORTGAGE FEES AND
RELATED INCOME DETAILS (in millions)
Net production revenue:
Production revenue
Repurchase losses
Net production revenue
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue
Other changes in MSR asset fair value
Total operating revenue
Risk management:
Changes in MSR asset fair value due to inputs or
assumptions in model
Derivative valuation adjustments and other
Total risk management
Total net mortgage servicing revenue
Mortgage fees and related income
4Q10
18.9
130.3
3.0
967.5
981.7
13.6
15.6
125.8
3.0
1,012.7
1,028.6
10.3
12.6
123.2
2.0
1,055.2
1,063.7
11.8
14.5
124.8
1.6
1,075.0
1,076.4
15.5
(7)
(1)
7
(1)
(2)
(4)
21
3
100
(11)
(11)
(15)
433
(432)
1
(38)
(20)
(65)
57
3
NM
(7)
(1)
(15)
1.37
%
1.41
0.45
3.04x
$
679
(420)
259
%
1.02
0.46
3.07x
$
1,098
(349)
749
%
1.12
0.44
2.32x
$
1,233
(1,464)
(231)
%
1.44
0.45
2.49x
$
676
(667)
9
$
1,052
(563)
489
$
1,129
(555)
574
1,153
(604)
549
1,186
(620)
566
1,107
(605)
502
(751)
(486)
(1,237)
(748)
(489)
2,909
(2,623)
286
860
1,609
(1,497)
1,884
387
936
705
(3,584)
3,895
311
877
886
(96)
248
152
654
655
$
$
$
%
0.42
3.43x
$
NM
81
NM
NM
NM
(5)
7
(3)
NM
NM
NM
NM
NM
Includes rural housing loans sourced through brokers and correspondents, which are underwritten under U.S. Department of Agriculture guidelines.
Loans at fair value consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as trading assets on the Consolidated Balance
Sheets. Average balances of these loans totaled $17.4 billion, $18.7 billion, $15.3 billion, $12.5 billion and $14.2 billion for the quarters ended March 31, 2011, December 31,
2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.
Represents the ratio of MSR net carrying value (ending) to third-party mortgage loans serviced (ending) divided by the ratio of annualized loan servicing revenue to third-party
mortgage loans serviced (average).
Page 17

19. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q11
REAL ESTATE PORTFOLIOS
Noninterest revenue
Net interest income
Total net revenue
Provision for credit losses
Noninterest expense
Income/(loss) before income tax expense/(benefit)
Net income/(loss)
$
$
Overhead ratio
BUSINESS METRICS (in billions)
LOANS EXCLUDING PCI LOANS (a)
End-of-period loans owned:
Home equity
Prime mortgage, including option ARMs
Subprime mortgage
Other
Total end-of-period loans owned
Average loans owned:
Home equity
Prime mortgage, including option ARMs
Subprime mortgage
Other
Total average loans owned
PCI LOANS (a)
End-of-period loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total end-of-period loans owned
Average loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total average loans owned
TOTAL REAL ESTATE PORTFOLIOS
End-of-period loans owned:
Home equity
Prime mortgage, including option ARMs
Subprime mortgage
Other
Total end-of-period loans owned
Average loans owned:
Home equity
Prime mortgage, including option ARMs
Subprime mortgage
Other
Total average loans owned
Average assets
Home equity origination volume
(a)
4Q10
8
1,156
1,164
1,076
355
(267)
(162)
30
$
85.3
48.5
10.8
0.8
145.4
$
$
%
3Q10
10
1,319
1,329
2,337
413
(1,421)
(823)
31
$
88.4
49.8
11.3
0.8
150.3
$
$
%
2Q10
21
1,304
1,325
1,197
390
(262)
(148)
29
$
91.7
51.3
12.0
0.9
155.9
$
$
%
52
1,313
1,365
1,372
405
(412)
(236)
30
$
1Q11 Change
4Q10
1Q10
1Q10
94.8
53.1
12.6
1.0
161.5
$
$
%
32
1,496
1,528
3,325
419
(2,216)
(1,286)
27
$
(20) %
(12)
(12)
(54)
(14)
81
80
(75) %
(23)
(24)
(68)
(15)
88
87
%
97.7
55.4
13.2
1.0
167.3
(4)
(3)
(4)
(3)
(13)
(12)
(18)
(20)
(13)
86.9
49.3
11.1
0.8
148.1
90.2
50.7
11.8
0.9
153.6
93.3
52.2
12.3
1.0
158.8
96.3
54.3
13.1
1.0
164.7
99.5
56.6
13.8
1.1
171.0
(4)
(3)
(6)
(11)
(4)
(13)
(13)
(20)
(27)
(13)
24.0
16.7
5.3
24.8
70.8
24.5
17.3
5.4
25.6
72.8
25.0
17.9
5.5
26.4
74.8
25.5
18.5
5.6
27.3
76.9
26.0
19.2
5.8
28.3
79.3
(2)
(3)
(2)
(3)
(3)
(8)
(13)
(9)
(12)
(11)
24.2
17.0
5.3
25.1
71.6
24.7
17.6
5.4
25.9
73.6
25.2
18.2
5.6
26.7
75.7
25.7
18.8
5.8
27.7
78.0
26.2
19.5
5.9
28.6
80.2
(2)
(3)
(2)
(3)
(3)
(8)
(13)
(10)
(12)
(11)
109.3
90.0
16.1
0.8
216.2
112.9
92.7
16.7
0.8
223.1
116.7
95.6
17.5
0.9
230.7
120.3
98.9
18.2
1.0
238.4
123.7
102.9
19.0
1.0
246.6
(3)
(3)
(4)
(3)
(12)
(13)
(15)
(20)
(12)
111.1
91.4
16.4
0.8
219.7
207.2
0.2
114.9
94.2
17.2
0.9
227.2
215.3
0.3
118.5
97.1
17.9
1.0
234.5
222.5
0.3
122.0
100.8
18.9
1.0
242.7
230.3
0.3
125.7
104.7
19.7
1.1
251.2
240.2
0.3
(3)
(3)
(5)
(11)
(3)
(4)
(33)
(12)
(13)
(17)
(27)
(13)
(14)
(33)
PCI loans represent loans acquired in the Washington Mutual transaction for which a deterioration in credit quality occurred between the origination date and JPMorgan Chase’s
acquisition date. These loans were initially recorded at fair value and accrete interest income over the estimated lives of the loans as long as cash flows are reasonably estimable,
even if the underlying loans are contractually past due.
Page 18

20. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q11
REAL ESTATE PORTFOLIOS (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs excluding PCI loans (a)(b)
Home equity
Prime mortgage, including option ARMs
Subprime mortgage
Other
Total net charge-offs
Net charge-off rate excluding PCI loans (a)(b)
Home equity
Prime mortgage, including option ARMs
Subprime mortgage
Other
Total net charge-off rate excluding PCI loans
Net charge-off rate - reported
Home equity
Prime mortgage, including option ARMs
Subprime mortgage
Other
Total net charge-off rate - reported
30+ day delinquency rate excluding PCI loans (c)
Allowance for loan losses
Nonperforming assets (d)(e)
Allowance for loan losses to ending loans retained
Allowance for loan losses to ending loans retained
excluding PCI loans (a)
(a)
(b)
(c)
(d)
(e)
$
720
161
186
9
1,076
4Q10
$
3.36 %
1.32
6.80
4.56
2.95
2.63
0.71
4.60
4.56
1.99
$
6.22
14,659
$
8,152
6.78 %
6.68
792
558
429
10
1,789
3Q10
$
3.48 %
4.37
14.42
4.41
4.62
2.73
2.35
9.90
4.41
3.12
6.45
14,659
$
8,424
6.57 %
6.47
730
266
206
12
1,214
2Q10
$
796
273
282
21
1,372
3.10 %
2.02
6.64
4.76
3.03
$
3.32 %
2.02
8.63
8.42
3.34
2.44
1.09
4.57
4.76
2.05
1Q10
2.62
1.09
5.98
8.42
2.27
6.77
14,111
$
9,456
6.12 %
7.25
6.88
14,127
$
9,974
5.93 %
7.01
1,126
476
457
16
2,075
1Q11 Change
4Q10
1Q10
(9) %
(71)
(57)
(10)
(40)
(36) %
(66)
(59)
(44)
(48)
4.59 %
3.41
13.43
5.90
4.92
3.63
1.84
9.41
5.90
3.35
7.28
14,127
10,313
5.73 %
(3)
4
(21)
6.76
Excludes the impact of PCI loans that were acquired as part of the Washington Mutual transaction. These loans were accounted for at fair value on the acquisition date, which
incorporated management's estimate, as of that date, of credit losses over the remaining life of the portfolio. An allowance for loan losses of $4.9 billion, $4.9 billion, $2.8 billion,
$2.8 billion and $2.8 billion was recorded for these loans at March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively, which has
also been excluded from the applicable ratios. To date, no charge-offs have been recorded for these loans.
Net charge-offs and net charge-off rates for the fourth quarter of 2010 include the effect of $632 million of charge-offs related to an adjustment of the estimated net realizable value
of the collateral underlying delinquent residential home loans. Excluding this adjustment, net charge-offs for the fourth quarter of 2010 were $725 million, $240 million and $182
million for the home equity, prime mortgage including option ARMs and subprime mortgage portfolios, respectively. Net charge-off rates excluding this adjustment and excluding
PCI loans were 3.19%, 1.88% and 6.12% for the home equity, prime mortgage including option ARMs and subprime mortgage portfolios, respectively.
The delinquency rate for PCI loans was 27.36%, 28.20%, 28.07%, 27.91% and 28.49% at March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31,
2010, respectively.
Excludes PCI loans that were acquired as part of the Washington Mutual transaction, which are accounted for on a pool basis. Since each pool is accounted for as a single asset
with a single composite interest rate and an aggregate expectation of cash flows, the past-due status of the pools, or that of the individual loans within the pools, is not meaningful.
Because the Firm is recognizing interest income on each pool of loans, they are all considered to be performing.
During the third quarter of 2010, $147 million of nonperforming assets pertaining to the second quarter of 2010 were reclassified from Real Estate Portfolios to Mortgage Banking,
Auto & Other Consumer Lending.
Page 19

21. JPMORGAN CHASE & CO.
CARD SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q11
INCOME STATEMENT (a)
REVENUE
Credit card income
All other income (b)
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
Provision for credit losses
4Q10
898
(116)
782
3,200
3,982
$
3Q10
928
(76)
852
3,394
4,246
$
2Q10
864
(58)
806
3,447
4,253
$
1Q11 Change
4Q10
1Q10
1Q10
908
(47)
861
3,356
4,217
$
813
(55)
758
3,689
4,447
(3) %
(53)
(8)
(6)
(6)
10 %
(111)
3
(13)
(10)
226
671
1,633
2,221
3,512
(66)
(94)
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
364
1,085
106
1,555
318
1,082
114
1,514
316
1,023
106
1,445
327
986
123
1,436
330
949
123
1,402
14
(7)
3
10
14
(14)
11
Income/(loss) before income tax expense/(benefit)
Income tax expense/(benefit)
NET INCOME/(LOSS)
2,201
858
1,343
2,061
762
1,299
1,175
440
735
560
217
343
7
13
3
NM
NM
NM
$
FINANCIAL RATIOS (a)
ROE
Overhead ratio
Percentage of average loans:
Net interest income
Provision for credit losses
Noninterest revenue
Risk adjusted margin (c)
Noninterest expense
Pretax income/(loss) (ROO)
Net income/(loss)
BUSINESS METRICS, EXCLUDING COMMERCIAL CARD
Sales volume (in billions)
New accounts opened
Open accounts
Merchant acquiring business
Bank card volume (in billions)
Total transactions (in billions)
(a)
(b)
(c)
$
42 %
39
$
34 %
36
9.79
0.69
2.39
11.49
4.76
6.73
4.11
$
19 %
34
9.93
1.96
2.49
10.46
4.43
6.03
3.80
$
9 %
34
9.76
4.63
2.28
7.42
4.09
3.33
2.08
(467)
(164)
(303)
(8) %
32
9.20
6.09
2.36
5.47
3.94
1.54
0.94
9.60
9.14
1.97
2.43
3.65
(1.22)
(0.79)
$
77.5
2.6
91.9
$
85.9
3.4
90.7
$
79.6
2.7
89.0
$
78.1
2.7
88.9
$
69.4
2.5
88.9
(10)
(24)
1
12
4
3
$
125.7
5.6
$
127.2
5.6
$
117.0
5.2
$
117.1
5.0
$
108.0
4.7
(1)
-
16
19
Effective January 1, 2011, the commercial card loan portfolio that was previously in TSS was transferred to CS. There is no material impact on the financial data; prior-year
periods were not revised. The commercial card portfolio is excluded from business metrics and supplemental information where noted.
Includes the impact of revenue sharing agreements with other JPMorgan Chase business segments.
Represents total net revenue less provision for credit losses.
Page 20

22. JPMORGAN CHASE & CO.
CARD SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
1Q11
SELECTED BALANCE SHEET DATA (period-end) (a)
Loans (b)
Equity
$
SELECTED BALANCE SHEET DATA (average) (a)
Total assets
Loans (c)
Equity
SUPPLEMENTAL INFORMATION (a)(f)
Chase, excluding Washington Mutual portfolio
Loans (period-end)
Average loans
Net interest income (g)
Risk adjusted margin (g)(h)
Net charge-off rate
30+ day delinquency rate
90+ day delinquency rate
Chase, excluding Washington Mutual and
Commercial Card portfolios
Loans (period-end)
Average loans
Net interest income (g)
Risk adjusted margin (g)(h)
Net charge-off rate
30+ day delinquency rate
90+ day delinquency rate
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
137,676
15,000
$
136,436
15,000
2Q10
$
142,994
15,000
1Q10
$
1Q11 Change
4Q10
1Q10
149,260
15,000
(6) %
(13)
(14) %
(13)
$
138,443
135,585
15,000
141,029
140,059
15,000
146,816
146,302
15,000
156,968
155,790
15,000
(2)
(13)
(12)
(15)
(13)
21,774
Delinquency rates (b)
30+ day
90+ day
Allowance for loan losses
Allowance for loan losses to period-end loans (b)
$
3Q10
138,113
132,537
13,000
Headcount (d)
CREDIT QUALITY STATISTICS (a)
Net charge-offs
Net charge-off rate (c)(e)
128,803
13,000
4Q10
20,739
21,398
21,529
22,478
5
(3)
(17)
(51)
2,226
$
6.97 %
3.57
1.93
2,671
$
7.85 %
4.14
2.25
3,133
$
8.87 %
4.57
2.41
3,721
$
10.20 %
4.96
2.76
4,512
11.75 %
5.62
3.15
$
9,041
$
7.24 %
11,034
$
8.14 %
13,029
$
9.55 %
14,524
$
10.16 %
16,032
10.74 %
(18)
(44)
$
116,395
$
119,411
9.09 %
10.28
6.13
3.22
1.71
123,943
$
121,493
9.16 %
10.26
7.08
3.66
1.98
121,932
$
124,933
8.98 %
6.76
8.06
4.13
2.16
127,379
$
129,847
8.47 %
4.21
9.02
4.48
2.47
132,056
137,183
8.86 %
2.43
10.54
4.99
2.74
(6)
(2)
(12)
(13)
$
115,016
$
118,145
9.25 %
10.21
6.20
3.25
1.73
123,943
$
121,493
9.16 %
10.26
7.08
3.66
1.98
121,932
$
124,933
8.98 %
6.76
8.06
4.13
2.16
127,379
$
129,847
8.47 %
4.21
9.02
4.48
2.47
132,056
137,183
8.86 %
2.43
10.54
4.99
2.74
(7)
(3)
(13)
(14)
Effective January 1, 2011, the commercial card loan portfolio that was previously in TSS was transferred to CS. There is no material impact on the financial data; prior-year
periods were not revised. The commercial card portfolio is excluded from business metrics and supplemental information where noted.
Total period-end loans include loans held-for-sale of $4.0 billion and $2.2 billion at March 31, 2011 and December 31, 2010, respectively. No allowance for loan losses was
recorded for these loans. The held-for-sale loans are excluded when calculating the allowance for loan losses to period-end loans and delinquency rates. The 30+ day
delinquency rate including loans held-for-sale, which is a non-GAAP financial measure, was 3.55% and 4.07% at March 31, 2011 and December 31, 2010, respectively. The
90+ day delinquency rate including loans held-for-sale, which is a non-GAAP financial measure, was 1.92% and 2.22% at March 31, 2011 and December 31, 2010,
respectively.
Total average loans include loans held-for-sale of $3.0 billion and $586 million for the quarters ended March 31, 2011 and December 31, 2010, respectively. These amounts
are excluded when calculating the net charge-off rate. The net charge-off rate including loans held-for-sale, which is a non-GAAP financial measure, was 6.81% and 7.82%
for the quarters ended March 31, 2011 and December 31, 2010, respectively.
The first quarter of 2011 headcount includes 1,274 employees related to the transfer of the commercial card business from TSS to CS.
Results for the quarter ended March 31, 2010 reflect the impact of fair value accounting adjustments related to the consolidation of the Washington Mutual Master Trust
(“WMMT”) in the second quarter of 2009.
Supplemental information is provided for Chase, excluding Washington Mutual and Commercial Card portfolios and including loans held for sale, to provide more meaningful
measures that enable comparability with prior periods.
As a percentage of average loans.
Represents total net revenue less provision for credit losses.
Page 21

23. JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q11
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees
Asset management, administration and commissions
All other income (a)
Noninterest revenue
Net interest income
TOTAL NET REVENUE (b)
$
Provision for credit losses
4Q10
264
35
203
502
1,014
1,516
$
3Q10
273
35
299
607
1,004
1,611
$
2Q10
269
36
242
547
980
1,527
$
1Q11 Change
4Q10
1Q10
1Q10
280
36
230
546
940
1,486
$
277
37
186
500
916
1,416
(3) %
(32)
(17)
1
(6)
(5) %
(5)
9
11
7
47
152
166
(235)
214
(69)
(78)
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
223
332
8
563
208
342
8
558
210
341
9
560
196
337
9
542
206
324
9
539
7
(3)
1
8
2
(11)
4
Income before income tax expense
Income tax expense
NET INCOME
906
360
546
901
371
530
801
330
471
1,179
486
693
663
273
390
1
(3)
3
37
32
40
12
(18)
(13)
(65)
(6)
27
(15)
5
80
7
Revenue by product:
Lending (c)
Treasury services (c)
Investment banking
Other
Total Commercial Banking revenue
IB revenue, gross (d)
Revenue by client segment:
Middle Market Banking
Commercial Term Lending
Corporate Client Banking (e)
Real Estate Banking
Other
Total Commercial Banking revenue
FINANCIAL RATIOS
ROE
Overhead ratio
(a)
(b)
(c)
(d)
(e)
$
$
$
$
$
837
542
110
27
1,516
$
$
$
$
$
$
749
659
126
77
1,611
309
$
755
286
290
88
97
1,516
$
28
37
$
%
$
$
$
693
670
120
44
1,527
347
$
781
301
302
117
110
1,611
$
26
35
$
%
$
$
$
649
665
115
57
1,486
$
658
638
105
15
1,416
344
$
333
$
311
(11)
(1)
766
256
304
118
83
1,527
$
767
237
285
125
72
1,486
$
746
229
263
100
78
1,416
(3)
(5)
(4)
(25)
(12)
(6)
1
25
10
(12)
24
7
23
37
$
%
35
36
$
%
20
38
%
Commercial Banking (“CB”) client revenue from investment banking products and commercial card transactions is included in all other income.
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 $65 million, $85 million, $59 million, $49 million and $45
million for quarters ended March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010, and March 31, 2010, respectively.
Effective January 1, 2011, product revenue from commercial card and standby letters of credit transactions is included in lending. For the period ending March 31, 2011, the
impact of the change was $107 million. In prior-year quarters, it was reported in treasury services.
Represents the total revenue related to investment banking products sold to CB clients.
Corporate Client Banking was known as Mid-Corporate Banking prior to January 1, 2011.
Page 22

24. JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
1Q11
SELECTED BALANCE SHEET DATA (period-end)
Loans:
Loans retained
Loans held-for-sale and loans at fair value
Total loans
Equity
SELECTED BALANCE SHEET DATA (average)
Total assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value
Total loans
Liability balances
Equity
Average loans by client segment:
Middle Market Banking
Commercial Term Lending
Corporate Client Banking (a)
Real Estate Banking
Other
Total Commercial Banking loans
Assets acquired in loan satisfactions
Total nonperforming assets
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
Net charge-off rate
Allowance for loan losses to period-end loans retained
Allowance for loan losses to nonaccrual loans retained
Nonaccrual loans to total period-end loans
(a)
(b)
3Q10
2Q10
1Q11 Change
4Q10
1Q10
1Q10
$
99,334
835
100,169
8,000
$
97,900
1,018
98,918
8,000
$
97,738
399
98,137
8,000
$
95,090
446
95,536
8,000
$
95,435
294
95,729
8,000
$
140,400
$
138,041
$
130,237
$
133,309
$
133,013
2
6
96,317
297
96,614
133,142
8,000
1
24
1
6
-
3
155
3
17
-
33,919
36,057
12,258
10,438
3,942
96,614
5
(1)
5
(7)
1
13
5
1
(27)
(9)
3
4,701
1
5
229
(89)
(86)
98,829
756
99,585
156,200
8,000
$
$
Headcount
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonperforming assets:
Nonaccrual loans:
Nonaccrual loans retained (b)
Nonaccrual loans held-for-sale and loans
at fair value
Total nonaccrual loans
4Q10
97,823
612
98,435
147,534
8,000
38,207
37,810
12,374
7,607
3,587
99,585
$
$
4,941
$
96,657
384
97,041
137,853
8,000
36,561
38,358
11,771
8,169
3,576
98,435
$
$
4,881
31
$
95,521
391
95,912
136,770
8,000
35,299
37,509
11,807
8,983
3,443
97,041
$
$
4,805
286
$
34,424
35,956
11,875
9,814
3,843
95,912
$
$
4,808
218
$
176
$
1 %
(18)
1
-
4 %
184
5
-
1,925
1,964
2,898
3,036
2,947
(2)
(35)
30
1,955
36
2,000
48
2,946
41
3,077
49
2,996
(17)
(2)
(39)
(35)
179
2,134
197
2,197
281
3,227
208
3,285
190
3,186
(9)
(3)
(6)
(33)
2,577
206
2,783
2,552
209
2,761
2,661
241
2,902
2,686
267
2,953
3,007
359
3,366
1
(1)
1
(14)
(43)
(17)
0.13
2.59
134
1.95
%
1.16
2.61
130
2.02
%
0.89
2.72
92
3.00
%
0.74
2.82
88
3.22
%
0.96
3.15
102
3.13
%
Corporate Client Banking was known as Mid-Corporate Banking prior to January 1, 2011.
Allowance for loan losses of $360 million, $340 million, $535 million, $586 million and $612 million were held against nonaccrual loans retained at March 31, 2011, December 31,
2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.
Page 23

25. JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q11
INCOME STATEMENT
REVENUE
Lending- and deposit-related fees
Asset management, administration and commissions
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
4Q10
303
695
139
1,137
703
1,840
$
3Q10
314
689
209
1,212
701
1,913
$
318
644
210
1,172
659
1,831
$
313
705
209
1,227
654
1,881
$
(4) %
1
(33)
(6)
(4)
(3) %
5
(21)
(1)
15
5
(60)
NM
NM
NM
5
(15)
(46)
(6)
9
(17)
4
21
16
23
10
6
13
882
874
1,756
(7)
(1)
(4)
1
9
5
219
45
569
923
1,756
2
(16)
1
(8)
(4)
26
69
11
(7)
5
7,679
2,881
2,163
996
13,719
23
11
19
32
21
90
39
168
9
86
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
715
647
15
1,377
679
763
28
1,470
701
693
16
1,410
697
684
18
1,399
657
650
18
1,325
Income before income tax expense
Income tax expense
NET INCOME
486
170
316
403
146
257
392
141
251
468
176
292
440
161
279
REVENUE BY BUSINESS
Treasury Services
Worldwide Securities Services
TOTAL NET REVENUE
REVENUE BY GEOGRAPHIC REGION (b)
Asia/Pacific
Latin America/Caribbean
Europe/Middle East/Africa
North America
TOTAL NET REVENUE
$
891
949
1,840
276
76
630
858
1,840
$
$
$
TRADE FINANCE LOANS BY GEOGRAPHIC REGION (period-end) (b)
Asia/Pacific
$
Latin America/Caribbean
Europe/Middle East/Africa
North America
TOTAL TRADE FINANCE LOANS
$
FINANCIAL RATIOS
ROE
Overhead ratio
Pretax margin ratio
SELECTED BALANCE SHEET DATA (period-end)
Loans (c)
Equity
SELECTED BALANCE SHEET DATA (average)
Total assets
Loans (c)
Liability balances
Equity
Headcount
(a)
(b)
(c)
$
$
14,607
4,014
5,794
1,084
25,499
$
$
$
$
18 %
75
26
$
953
960
1,913
$
270
91
624
928
1,913
$
11,834
3,628
4,874
820
21,156
$
$
$
$
16 %
77
21
(16)
(30)
311
659
176
1,146
610
1,756
4
27
$
(2)
(31)
1Q11 Change
4Q10
1Q10
1Q10
Provision for credit losses
Credit allocation income/(expense) (a)
$
10
(30)
2Q10
$
937
894
1,831
$
256
50
579
946
1,831
$
10,238
3,357
3,391
820
17,806
$
$
$
$
15 %
77
21
(39)
(30)
$
926
955
1,881
$
233
71
617
960
1,881
$
9,802
3,008
2,898
693
16,401
$
$
$
$
18 %
74
25
17 %
75
25
$
31,020
7,000
$
27,168
6,500
$
26,899
6,500
$
24,513
6,500
$
24,066
6,500
14
8
29
8
$
47,873
29,290
265,720
7,000
$
46,301
26,941
256,661
6,500
$
42,445
24,337
242,517
6,500
$
42,868
22,137
246,690
6,500
$
38,273
19,578
247,905
6,500
3
9
4
8
25
50
7
8
27,223
(4)
3
28,040
29,073
28,544
27,943
IB manages credit exposures related to the GCB on behalf of IB and TSS. Effective January 1, 2011, IB and TSS will share the economics related to the Firm’s GCB clients.
Included within this allocation are net revenues, provision for credit losses, as well as expenses. Prior-year periods reflected a reimbursement to IB for a portion of the total costs of
managing the credit portfolio. IB recognizes this credit allocation as a component of all other income.
Revenue and trade finance loans are based on TSS management’s view of the domicile of clients.
Loan balances include wholesale overdrafts, commercial card and trade finance loans. Effective January 1, 2011, the commercial card loan portfolio (of approximately $1.2 billion)
that was previously in TSS was transferred to CS. There is no material impact on the financial data; prior-year periods were not revised.
Page 24

26. JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
TSS firmwide metrics include revenue recorded in the CB, Retail Banking and Asset Management ("AM") lines of business and excludes FX revenue recorded in IB for TSS-related
FX activity. In order to capture the firmwide impact of Treasury Services ("TS") and TSS products and revenue, management reviews firmwide metrics such as liability balances, revenue
and overhead ratios in assessing financial performance for TSS. Firmwide metrics are necessary in order to understand the aggregate TSS business.
QUARTERLY TRENDS
1Q11
TSS FIRMWIDE DISCLOSURES
TS revenue - reported
TS revenue reported in CB (a)
TS revenue reported in other lines of business
TS firmwide revenue (b)
Worldwide Securities Services revenue
TSS firmwide revenue (b)
TS firmwide liability balances (average) (c)
TSS firmwide liability balances (average) (c)
$
$
$
TSS FIRMWIDE FINANCIAL RATIOS
TS firmwide overhead ratio (a)(d)
TSS firmwide overhead ratio (a)(d)
FIRMWIDE BUSINESS METRICS
Assets under custody (in billions)
Net charge-offs rate
Allowance for loan losses to period-end loans
Allowance for loan losses to nonaccrual loans
Nonaccrual loans to period-end loans
(a)
(b)
(c)
(d)
(e)
(f)
891
542
63
1,496
949
2,445
$
339,240
421,920
$
56
67
$
Number of:
U.S.$ ACH transactions originated
Total U.S.$ clearing volume (in thousands)
International electronic funds transfer volume
(in thousands) (e)
Wholesale check volume
Wholesale cards issued (in thousands) (f)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonaccrual loans
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
4Q10
$
%
16,619
3Q10
953
659
65
1,677
960
2,637
$
320,745
404,195
$
54
66
$
$
%
16,120
2Q10
937
670
64
1,671
894
2,565
$
302,921
380,370
$
55
65
$
$
%
15,863
926
665
62
1,653
955
2,608
$
303,224
383,460
$
54
64
$
1Q11 Change
4Q10
1Q10
1Q10
$
%
14,857
882
638
56
1,576
874
2,450
305,105
381,047
1 %
(15)
13
(5)
9
-
6
4
11
11
15,283
3
9
55
65
$
(7) %
(18)
(3)
(11)
(1)
(7)
%
992
30,971
978
30,779
970
30,531
949
28,669
(4)
5
8
60,942
532
23,170
$
995
32,144
60,882
525
29,785
57,333
531
28,404
58,484
526
28,066
55,754
478
27,352
1
(22)
9
11
(15)
14
(8)
(21)
57
76
133
6
(6)
1
21
(37)
(12)
11
$
69
48
117
0.22
NM
0.04
12
$
65
51
116
%
0.24
NM
0.04
1
14
$
54
52
106
%
0.02
0.20
386
0.05
14
$
48
68
116
%
0.20
343
0.06
%
0.24
407
0.06
%
Effective January 1, 2011, certain CB revenues were excluded in the TS firmwide metrics; they are instead directly captured within CB’s lending revenue by product. For the
quarter ended March 31, 2011, the impact of this change was $107 million. In prior-year periods, these revenues were included in CB’s treasury services revenue by product.
TSS firmwide revenue includes foreign exchange (“FX”) revenue recorded in TSS and FX revenue associated with TSS customers who are FX customers of IB. However, some of
the FX revenue associated with TSS customers who are FX customers of IB is not included in TS and TSS firmwide revenue. The total FX revenue generated was $160 million,
$181 million, $143 million, $175 million, and $137 million for the quarters ended March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010,
respectively.
Firmwide liability balances include liability balances recorded in CB.
Overhead ratios have been calculated based on firmwide revenue and TSS and TS expense, respectively, including those allocated to certain other lines of business. FX revenue
and expense recorded in IB for TSS-related FX activity are not included in this ratio.
International electronic funds transfer includes non-U.S. dollar Automated Clearing House (“ACH”) and clearing volume.
Wholesale cards issued and outstanding include U.S. domestic commercial, stored value, prepaid and government electronic benefit card products. Effective January 1, 2011, the
commercial card portfolio was transferred from TSS to CS.
Page 25

27. JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q11
INCOME STATEMENT
REVENUE
Asset management, administration and commissions
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
Provision for credit losses
4Q10
1,707
313
2,020
386
2,406
$
3Q10
1,846
386
2,232
381
2,613
$
2Q10
1,498
282
1,780
392
2,172
$
1Q11 Change
4Q10
1Q10
1Q10
1,522
177
1,699
369
2,068
$
1,508
266
1,774
357
2,131
(8) %
(19)
(9)
1
(8)
13 %
18
14
8
13
5
23
23
5
35
(78)
(86)
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
1,039
599
22
1,660
1,078
679
20
1,777
914
557
17
1,488
861
527
17
1,405
910
514
18
1,442
(4)
(12)
10
(7)
14
17
22
15
Income before income tax expense
Income tax expense
NET INCOME
741
275
466
813
306
507
661
241
420
658
267
391
654
262
392
(9)
(10)
(8)
13
5
19
1,150
544
437
2,131
(4)
(19)
(4)
(8)
15
1
24
13
REVENUE BY CLIENT SEGMENT
Private Banking (a)
Institutional
Retail
TOTAL NET REVENUE
$
$
$
FINANCIAL RATIOS
ROE
Overhead ratio
Pretax margin ratio
SELECTED BALANCE SHEET DATA (period-end)
Loans
Equity
SELECTED BALANCE SHEET DATA (average)
Total assets
Loans
Deposits
Equity
Headcount
(a)
1,317
549
540
2,406
$
$
$
29 %
69
31
1,376
675
562
2,613
$
$
$
31 %
68
31
1,181
506
485
2,172
$
$
$
26 %
69
30
1,153
455
460
2,068
$
$
$
24 %
68
32
24 %
68
31
$
46,454
6,500
$
44,084
6,500
$
41,408
6,500
$
38,744
6,500
$
37,088
6,500
5
-
25
-
$
68,918
44,948
95,250
6,500
$
69,290
42,296
89,314
6,500
$
64,911
39,417
87,841
6,500
$
63,426
37,407
86,453
6,500
$
62,525
36,602
80,662
6,500
(1)
6
7
-
10
23
18
-
15,321
2
12
17,203
16,918
16,510
16,019
Private Banking is a combination of the previously disclosed client segments: Private Bank, Private Wealth Management and JPMorgan Securities.
Page 26

28. JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q11
BUSINESS METRICS
Number of:
Client advisors (a)
Retirement planning services participants (in thousands)
JPMorgan Securities brokers (a)
% of customer assets in 4 & 5 Star Funds (b)
% of AUM in 1st and 2nd quartiles: (c)
1 year
3 years
5 years
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonaccrual loans
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
Net charge-off rate
Allowance for loan losses to period-end loans
Allowance for loan losses to nonaccrual loans
Nonaccrual loans to period-end loans
(a)
(b)
(c)
4Q10
3Q10
2Q10
1Q11 Change
4Q10
1Q10
1Q10
2,288
1,604
431
46 %
2,244
1,665
419
42 %
2,083
1,653
403
43 %
1,998
1,651
391
43 %
57 %
70 %
77 %
$
2,281
1,580
415
49 %
67 %
72 %
80 %
67 %
65 %
74 %
58 %
67 %
78 %
55 %
67 %
77 %
11
254
257
4
261
0.10 %
0.55
101
0.55
$
8
375
267
4
271
0.08 %
0.61
71
0.85
$
13
294
257
3
260
0.13 %
0.62
87
0.71
$
27
309
250
3
253
0.29 %
0.65
81
0.80
$
28
475
261
13
274
0.31 %
0.70
55
1.28
- %
2
4
(6)
15 %
(3)
10
7
(15)
(3)
(4)
4
4
-
38
(32)
(61)
(47)
(4)
(4)
(2)
(69)
(5)
Effective January 1, 2011, the methodology used to determine client advisors was revised, and the prior-year periods have been revised.
Derived from Morningstar for the U.S., the U.K., Luxembourg, France, Hong Kong and Taiwan; and Nomura for Japan.
Quartile ranking sourced from: Lipper for the U.S. and Taiwan; Morningstar for the U.K., Luxembourg, France and Hong Kong; and Nomura for Japan.
Page 27

29. JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
March 31, 2011
Change
ASSETS UNDER SUPERVISION (a)
Assets by asset class
Liquidity
Fixed income
Equities and multi-asset
Alternatives
TOTAL ASSETS UNDER MANAGEMENT
Custody/brokerage/administration/deposits
TOTAL ASSETS UNDER SUPERVISION
Assets by client segment
Private Banking (b)
Institutional
Retail
TOTAL ASSETS UNDER MANAGEMENT
Private Banking (b)
Institutional
Retail
TOTAL ASSETS UNDER SUPERVISION
Mutual fund assets by asset class
Liquidity
Fixed income
Equities and multi-asset
Alternatives
TOTAL MUTUAL FUND ASSETS
(a)
(b)
Mar 31
2011
$
$
$
$
$
$
$
$
Dec 31
2010
490
305
421
114
1,330
578
1,908
$
293
696
341
1,330
$
773
697
438
1,908
$
436
99
173
8
716
$
$
$
$
$
Sep 30
2010
497
289
404
108
1,298
542
1,840
$
284
686
328
1,298
$
731
687
422
1,840
$
446
92
169
7
714
$
$
$
$
$
Jun 30
2010
521
277
362
97
1,257
513
1,770
$
276
677
304
1,257
$
698
678
394
1,770
$
466
88
151
7
712
$
$
$
$
$
Mar 31
2010
489
259
322
91
1,161
479
1,640
$
258
634
269
1,161
$
653
636
351
1,640
$
440
79
133
8
660
$
$
$
$
$
521
246
355
97
1,219
488
1,707
Dec 31
2010
Mar 31
2010
(1) %
6
4
6
2
7
4
(6) %
24
19
18
9
18
12
268
669
282
1,219
3
1
4
2
9
4
21
9
666
670
371
1,707
6
1
4
4
16
4
18
12
(2)
8
2
14
-
(7)
30
15
(11)
2
470
76
150
9
705
Excludes assets under management of American Century Companies, Inc. in which the Firm had a 40% ownership in the first quarter of 2011, 41% in the fourth and third quarters
of 2010, and 42% in all other prior periods presented.
Private Banking is a combination of the previously disclosed client segments: Private Bank, Private Wealth Management and JPMorgan Securities.
Page 28

30. JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions)
1Q11
ASSETS UNDER SUPERVISION (continued)
Assets under management rollforward
Beginning balance
Net asset flows:
Liquidity
Fixed income
Equities, multi-asset and alternatives
Market/performance/other impacts
Ending balance
Assets under supervision rollforward
Beginning balance
Net asset flows
Market/performance/other impacts
Ending balance
$
1,298
$
(9)
16
11
14
1,330
$
$
1,840
31
37
1,908
4Q10
$
1,257
$
(25)
10
13
43
1,298
$
$
1,770
1
69
1,840
3Q10
$
1,161
$
27
12
(1)
58
1,257
$
$
1,640
41
89
1,770
2Q10
$
1,219
$
(29)
12
1
(42)
1,161
$
$
1,707
(4)
(63)
1,640
1Q10
$
1,249
$
(62)
16
6
10
1,219
$
$
1,701
(10)
16
1,707
Page 29

31. JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS, CONTINUED
QUARTERLY TRENDS
INTERNATIONAL METRICS
Total net revenue: (in millions) (a)
Asia/Pacific
Latin America/Caribbean
Europe/Middle East/Africa
North America
Total net revenue
Assets under management: (in billions)
Asia/Pacific
Latin America/Caribbean
Europe/Middle East/Africa
North America
Total assets under management
Assets under supervision: (in billions)
Asia/Pacific
Latin America/Caribbean
Europe/Middle East/Africa
North America
Total assets under supervision
(a)
1Q11
$
$
$
$
$
$
4Q10
246
165
439
1,556
2,406
$
115
35
300
880
1,330
$
155
88
353
1,312
1,908
$
$
$
$
3Q10
263
168
481
1,701
2,613
$
111
35
282
870
1,298
$
147
84
331
1,278
1,840
$
$
$
$
2Q10
226
125
395
1,426
2,172
$
107
27
258
865
1,257
$
139
74
307
1,250
1,770
$
$
$
$
1Q10
214
124
381
1,349
2,068
$
95
24
239
803
1,161
$
127
68
282
1,163
1,640
$
$
$
$
222
124
385
1,400
2,131
1Q11 Change
4Q10
1Q10
(6) %
(2)
(9)
(9)
(8)
11
33
14
11
13
102
26
265
826
1,219
4
6
1
2
13
35
13
7
9
131
66
310
1,200
1,707
5
5
7
3
4
%
18
33
14
9
12
Regional revenue is based on the domicile of clients.
Page 30

32. JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS
(in millions, except headcount data)
QUARTERLY TRENDS
1Q11
INCOME STATEMENT
REVENUE
Principal transactions
Securities gains
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE (a)
$
Provision for credit losses
MEMO:
TOTAL NET REVENUE
Private equity
Corporate
TOTAL NET REVENUE
NET INCOME/(LOSS)
Private equity
Corporate
TOTAL NET INCOME
Headcount
(a)
(b)
(c)
$
(10)
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense (b)
Subtotal
Net expense allocated to other businesses
TOTAL NONINTEREST EXPENSE
Income/(loss) before income tax expense/(benefit)
Income tax expense/(benefit) (c)
NET INCOME
1,298
102
78
1,478
34
1,512
4Q10
$
$
$
$
$
$
2Q10
1,143
99
(29)
1,213
371
1,584
$
$
(69)
990
182
1,103
747
1,850
$
383
339
722
$
$
$
(3)
574
1,927
2,501
(1,227)
1,274
770
1,468
2,238
(1,192)
1,046
(70)
(99)
29
313
(35)
348
$
(2)
355
1,276
1,631
178
(149)
29
20,030
$
$
$
$
$
$
721
863
1,584
$
344
4
348
$
19,756
$
$
1Q11 Change
4Q10
1Q10
1Q10
538
2,352
2,890
(1,191)
1,699
699
813
1,512
20,927
587
1,199
(24)
1,762
(131)
1,631
2
657
1,143
1,800
(1,238)
562
960
238
722
3Q10
806
153
653
121 %
(91)
NM
(16)
NM
(7)
137 %
(83)
(37)
15
(97)
(36)
NM
NM
22
(51)
(38)
(4)
(67)
38
(62)
(49)
(5)
(76)
NM
NM
NM
NM
NM
217
97
(36)
(7)
NM
(64)
(36)
55
173
228
115
NM
NM
NM
96
217
19,307
4
8
17
475
3,041
3,516
(1,180)
2,336
$
48
1,802
1,850
$
11
642
653
$
19,482
547
610
124
1,281
1,076
2,357
$
$
4
(224)
228
115
2,242
2,357
Total net revenue included tax-equivalent adjustments, predominantly due to tax-exempt income from municipal bond investments of $64 million, $63 million, $58 million, $57
million and $48 million for the quarters ended March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.
Includes litigation expense of $0.4 billion, $1.5 billion, $1.3 billion, $0.7 billion and $2.3 billion for the quarters ending March 31, 2011, December 31, 2010, September 30, 2010,
June 30, 2010 and March 31, 2010, respectively.
Income tax expense/(benefit) in the third quarter of 2010 and the first quarter of 2010 included tax benefits recognized upon the resolution of tax audits.
Page 31

33. JPMORGAN CHASE & CO.
CORPORATE/PRIVATE EQUITY
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions)
QUARTERLY TRENDS
1Q11
4Q10
3Q10
2Q10
1Q10
1Q11 Change
4Q10
1Q10
SUPPLEMENTAL INFORMATION
TREASURY and CHIEF INVESTMENT OFFICE ("CIO")
Securities gains (a)
Investment securities portfolio (average)
Investment securities portfolio (ending)
Mortgage loans (average)
Mortgage loans (ending)
PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains
Unrealized gains/(losses) (b)
Total direct investments
Third-party fund investments
Total private equity gains/(losses) (c)
Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value
Cost
Quoted public value
Privately-held direct securities
Carrying value
Cost
Third-party fund investments (d)
Carrying value
Cost
Total private equity portfolio
Carrying value
Cost
(a)
(b)
(c)
(d)
$
102
313,319
328,013
11,418
12,171
$
$
171
370
541
186
727
$
$
$
731
649
785
$
$
1,199
322,218
310,801
10,117
10,739
1,039
(781)
258
129
387
875
732
935
$
99
321,428
334,140
9,174
9,550
$
$
179
561
740
10
750
$
$
$
1,152
985
1,249
$
$
989
320,578
305,288
8,539
8,900
78
(7)
71
4
75
873
901
974
$
$
$
$
610
330,584
337,442
8,162
8,368
(91) %
(3)
6
13
13
(83) %
(5)
(3)
40
45
113
(75)
38
98
136
(84)
NM
110
44
88
51
NM
NM
90
435
890
793
982
(16)
(11)
(16)
(18)
(18)
(20)
7,212
7,731
6,388
6,646
5,464
6,507
4,782
5,795
23
12
51
33
2,179
2,461
$
$
5,882
6,887
1,980
2,404
1,814
2,356
1,782
2,315
1,603
2,134
10
2
36
15
7,275
8,722
16
8
39
24
10,122
10,841
$
$
8,737
10,023
$
$
9,354
9,987
$
$
8,119
9,723
$
$
Reflects repositioning of the Corporate investment securities portfolio.
Unrealized gains/(losses) contain reversals of unrealized gains and losses that were recognized in prior periods and have now been realized.
Included in principal transactions revenue in the Consolidated Statements of Income.
Unfunded commitments to third-party private equity funds were $0.9 billion, $1.0 billion, $1.1 billion, $1.2 billion and $1.4 billion at March 31, 2011, December 31, 2010, September
30, 2010, June 30, 2010 and March 31, 2010, respectively.
Page 32

34. JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION
(in millions)
Mar 31
2011
CREDIT EXPOSURE
Wholesale
Loans retained
Loans held-for-sale and loans at fair value
Total wholesale loans (a)(b)
$
Consumer, excluding credit card
Loans, excluding PCI loans and held-for sale loans
Home equity
Prime mortgage, including option ARMs
Subprime mortgage
Auto
Business banking
Student and other
Total loans, excluding PCI loans and loans held-for-sale
Loans - PCI: (c)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total loans - PCI
Total loans - retained
Loans held-for-sale (d)
Total consumer, excluding credit card loans
229,648
6,359
236,007
Dec 31
2010
$
222,510
5,123
227,633
Sep 30
2010
$
217,582
3,015
220,597
Jun 30
2010
$
212,987
3,839
216,826
Mar 31
2010
$
March 31, 2011
Change
Dec 31
Mar 31
2010
2010
210,211
4,079
214,290
3
24
4
%
9
56
10
85,253
74,682
10,841
47,411
16,957
15,089
250,233
88,385
74,539
11,287
48,367
16,812
15,311
254,701
91,728
74,205
12,009
48,186
16,568
15,583
258,279
94,761
75,023
12,597
47,548
16,604
15,795
262,328
97,642
76,854
13,219
47,381
16,799
16,152
268,047
(4)
(4)
(2)
1
(1)
(2)
(13)
(3)
(18)
1
(7)
(7)
23,973
16,725
5,276
24,791
70,765
320,998
188
321,186
24,459
17,322
5,398
25,584
72,763
327,464
154
327,618
24,982
17,904
5,496
26,370
74,752
333,031
467
333,498
25,471
18,512
5,662
27,256
76,901
339,229
434
339,663
26,012
19,203
5,848
28,260
79,323
347,370
2,879
350,249
(2)
(3)
(2)
(3)
(3)
(2)
22
(2)
(8)
(13)
(10)
(12)
(11)
(8)
(93)
(8)
Credit card
Loans retained
Loans held-for-sale
Total credit card (b)
Total consumer loans (e)
124,791
4,012
128,803
449,989
135,524
2,152
137,676
465,294
136,436
136,436
469,934
142,994
142,994
482,657
149,260
149,260
499,509
(8)
86
(6)
(3)
(16)
NM
(14)
(10)
Total loans
685,996
692,927
690,531
699,483
713,799
(1)
(4)
78,744
38,053
177
116,974
355,561
$ 1,158,531
80,481
32,541
391
113,413
346,079
$ 1,152,419
97,293
25,274
751
123,318
338,612
$ 1,152,461
$
80,215
22,966
1,836
105,017
324,552
1,129,052
79,416
16,314
2,579
98,309
326,921
1,139,029
(2)
17
(55)
3
3
1
(1)
133
(93)
19
9
2
$
$
$
$
639,520
499,509
1,139,029
3
(3)
1
%
11
(10)
2
Derivative receivables
Receivables from customers (f)
Interests in purchased receivables
Total credit-related assets
Wholesale lending-related commitments
Total
Memo: Total by category
Total wholesale exposure (g)
Total consumer loans (h)
Total
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
708,542
449,989
$ 1,158,531
687,125
465,294
$ 1,152,419
682,527
469,934
$ 1,152,461
$
646,395
482,657
1,129,052
$
$
$
Includes IB, CB, TSS, AM and Corporate/Private Equity.
Effective January 1, 2011, the commercial card loan portfolio that was previously in TSS was transferred to CS. There is no material impact on the financial data; prior-year periods
were not revised.
PCI loans represent loans acquired in the Washington Mutual transaction for which a deterioration in credit quality occurred between the origination date and JPMorgan Chase's
acquisition date. These loans were initially recorded at fair value and accrete interest income over the estimated lives of the underlying loans as long as cash flows are reasonably
estimable, even if the underlying loans are contractually past due.
Included prime mortgages of $188 million, $154 million, $428 million, $185 million and $558 million at March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and
March 31, 2010, respectively, and student loans of zero, zero, $39 million, $249 million and $2.3 billion at March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010
and March 31, 2010, respectively.
Includes RFS, CS and Corporate/Private Equity.
Represents primarily margin loans to prime and retail brokerage customers, which are included in accrued interest and accounts receivable on the Consolidated Balance Sheets.
Primarily represents total wholesale loans, derivative receivables, wholesale lending-related commitments and receivables from customers.
Represents total consumer loans and excludes consumer lending-related commitments.
Page 33

35. JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
Mar 31
2011
NONPERFORMING ASSETS AND RATIOS
Wholesale
Loans retained
Loans held-for-sale and loans at fair value
Total wholesale loans
$
Consumer, excluding credit card
Home equity
Prime mortgage, including option ARMs
Subprime mortgage
Auto
Business banking
Student and other
Total consumer, excluding credit card
Dec 31
2010
4,578
289
4,867
$
Sep 30
2010
5,510
496
6,006
$
Jun 30
2010
5,231
409
5,640
$
March 31, 2011
Change
Dec 31
Mar 31
2010
2010
Mar 31
2010
5,285
375
5,660
$
5,895
331
6,226
1,263
4,166
2,106
120
810
107
8,572
1,263
4,320
2,210
141
832
67
8,833
1,251
4,857
2,649
145
895
64
9,861
1,211
5,062
3,115
155
905
68
10,516
2
2
3
3
Total consumer nonaccrual loans (a)(b)
Total nonaccrual loans
8,574
13,441
8,835
14,841
9,863
15,503
10,519
16,179
Derivative receivables
Assets acquired in loan satisfactions
Total nonperforming assets (a)
21
1,524
14,986
34
1,682
16,557
255
1,898
17,656
315
1,662
18,156
Total credit card
$
Total nonaccrual loans to total loans
Total wholesale nonaccrual loans to total
wholesale loans
Total consumer, excluding credit card nonaccrual loans to
total consumer, excluding credit card loans
NONPERFORMING ASSETS BY LOB
Investment Bank
Retail Financial Services (b)
Card Services
Commercial Banking
Treasury & Securities Services
Asset Management
Corporate/Private Equity (c)
TOTAL
(a)
(b)
(c)
1.96
$
%
2.14
$
%
2.25
$
%
2.31
10,824
17,050
$
%
(33)
(3)
(9)
(21)
(21)
363
1,606
19,019
(38)
(9)
(9)
(94)
(5)
(21)
(27)
(4)
(3)
(8)
(31)
10
(9)
(17)
(19)
(33)
(33)
(21)
(47)
45
(21)
2.39
2.64
2.56
2.61
2.70
2.96
3.10
%
2.91
2.67
$
(11)
(15)
(37)
(31)
(6)
4
(21)
-
2.06
$
(22) %
(13)
(22)
(4)
(5)
(15)
(3)
60
(3)
1,427
4,927
3,331
174
859
103
10,821
2
(17) %
(42)
(19)
3.09
2,741
9,755
2
2,134
11
263
80
14,986
$
$
3,770
10,121
2
2,197
12
382
73
16,557
$
$
2,789
11,255
2
3,227
14
299
70
17,656
$
$
2,726
11,731
3
3,285
14
337
60
18,156
$
$
3,289
11,974
3
3,186
14
498
55
19,019
At March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies of
$9.8 billion, $10.5 billion, $10.2 billion, $10.1 billion and $10.5 billion, respectively, that are 90 days past due and accruing at the guaranteed reimbursement rate; (2) real estate owned insured
by U.S. government agencies of $2.3 billion, $1.9 billion, $1.7 billion, $1.4 billion and $707 million, respectively; and (3) student loans that are 90 days past due and still accruing, which are
insured by U.S. government agencies under the Federal Family Education Loan Program (“FFELP”), of $615 million, $625 million, $572 million, $447 million and $581 million, respectively.
These amounts are excluded as reimbursement of insured amounts is proceeding normally. 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. Credit card loans are charged off by the end of the month in which the
account becomes 180 days past due or within 60 days from receiving notification about a specified event (e.g., bankruptcy of the borrower), whichever is earlier.
Excludes PCI loans acquired as part of the Washington Mutual transaction, which are accounted for on a pool basis. Since each pool is accounted for as a single asset with a single composite
interest rate and an aggregate expectation of cash flows, the past-due status of the pools, or that of the individual loans within the pools, is not meaningful. Because the Firm is recognizing
interest income on each pool of loans, they are all considered to be performing. Also excludes loans held-for-sale and loans at fair value.
Predominantly relates to retained prime mortgage loans.
Page 34

36. JPMORGAN CHASE & CO.
CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
1Q11
GROSS CHARGE-OFFS
Wholesale loans
Consumer loans, excluding credit card
Credit card loans
Total loans
RECOVERIES
Wholesale loans
Consumer loans, excluding credit card
Credit card loans
Total loans
NET CHARGE-OFFS
Wholesale loans
Consumer loans, excluding credit card
Credit card loans
Total loans
$
$
$
$
$
$
NET CHARGE-OFF RATES
Wholesale retained loans
Consumer retained loans, excluding credit card
Credit card retained loans
Total retained loans
Consumer retained loans, excluding credit card and
PCI loans
Total retained loans - excluding PCI loans
Memo: Average Retained Loans
Wholesale loans
Consumer retained loans, excluding credit card
Credit card retained loans
Total loans - retained
(a)
4Q10
253
1,460
2,631
4,344
$
88
131
405
624
$
165
1,329
2,226
3,720
$
0.30
1.66
6.97
2.22
$
$
$
%
$
226,544
323,961
129,535
680,040
414
2,277
2,980
5,671
$
143
115
309
567
$
271
2,162
2,671
5,104
$
$
$
(a)
(a) $
$
31
131
352
514
$
266
1,546
3,133
4,945
$
$
%
(a)
(a)
0.49
1.83
8.87
2.84
3.34
3.31
$
2Q10
297
1,677
3,485
5,459
0.49
2.60
7.85
2.95
2.14
2.48
$
3Q10
(a)
(a)
$
$
$
2.36
3.19
219,750
330,524
134,999
685,273
$
$
213,979
336,078
140,059
690,116
%
264
1,874
4,063
6,201
$
33
112
342
487
$
231
1,762
3,721
5,714
$
0.44
2.06
10.20
3.28
$
$
$
%
$
209,016
343,847
146,302
699,165
1,014
2,555
4,882
8,451
(39) %
(36)
(12)
(23)
(75) %
(43)
(46)
(49)
55
116
370
541
(38)
14
31
10
60
13
9
15
959
2,439
4,512
7,910
(39)
(39)
(17)
(27)
(83)
(46)
(51)
(53)
1.84
2.82
11.75
4.46
2.66
3.69
$
1Q11 Change
4Q10
1Q10
1Q10
%
3.65
5.03
$
$
211,599
351,159
155,790
718,548
Net charge-offs and net charge-off rates for the fourth quarter of 2010 include the effect of $632 million of charge-offs related to an adjustment of the estimated net
realizable value of the collateral underlying delinquent residential home loans. Excluding this adjustment, net charge-offs for the fourth quarter of 2010 were $1.5 billion
for total consumer, excluding credit card loans, and $4.5 billion for total loans. Net charge-off rates excluding this adjustment were 1.84% for total consumer, excluding
credit card, 2.59% for total retained loans, 2.36% for total consumer, excluding credit card and PCI loans, and 2.90% for total retained loans, excluding PCI loans.
Page 35