- Total net revenue for JPMorgan Chase & Co. in the third quarter of 2009 was $26.6 billion, up 4% from the previous quarter and up 81% from the third quarter of 2008.
- Net income was $3.6 billion, up 32% from the third quarter of 2008.
- Earnings per share were $0.82, up 193% from the third quarter of 2008.
The document is JPMorgan Chase & Co.'s earnings release for the second quarter of 2009. It reported net income of $2.7 billion for Q2 2009, up 27% from Q1 2009. Total net revenue was $25.6 billion for Q2 2009, up 2% from the previous quarter. The provision for credit losses was $8 billion for Q2 2009, down 7% from Q1 2009.
This document provides financial highlights and performance metrics for JPMorgan Chase & Co. for the second quarter of 2008. Some key details include:
- Net income was $2 billion, down 16% from the previous quarter and 53% from the same quarter last year.
- Total assets grew to $1.78 trillion, up 8% from the previous quarter.
- Total deposits declined slightly to $723 billion.
- The provision for credit losses was $3.5 billion, down 22% from the previous quarter due to higher loss rates.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, the Investment Bank and Commercial Banking saw the largest increases in net income quarter-over-quarter, while Retail Financial Services had a loss in Q1 2010 but profit in Q2 2010.
This document provides financial information for JPMorgan Chase & Co. for the first quarter of 2008, including:
- Net income decreased 20% from the previous quarter to $2.37 billion, due to higher credit costs and lower investment banking fees.
- Total assets grew 5% to $1.64 trillion from the end of 2007, driven by increases in deposits and wholesale loans.
- Net interest income rose 6% from the previous quarter to $7.66 billion, helped by higher interest rates, while noninterest revenue declined 9%.
- The provision for credit losses increased 74% from the previous quarter to $4.42 billion, reflecting deterioration in the credit environment.
Synacor is a digital technology company that enables cable and telecom providers to better engage with consumers through portal experiences, email/collaboration, video platforms, and advertising solutions. The document outlines Synacor's growth strategy focused on recurring and fee-based revenue streams, and targets $300 million in revenue and $30 million in EBITDA by 2019 through winning new customers, expanding existing customer relationships, and growing advertising and open source support offerings. Financial guidance projects 2017 revenue of $160-170 million and adjusted EBITDA of $6-10 million.
- Itaú Unibanco reported a 3.1% increase in recurring net income for the 2nd quarter of 2013 compared to the previous quarter, totaling R$3.6 billion.
- Operational performance was positive, with the credit portfolio growing 2.5% in the quarter. Financial margin with clients grew 3.4% compared to the previous quarter.
- Credit quality improved, with non-performing loans decreasing 30 basis points in the quarter and 100 basis points over 12 months. Loan loss provisions expenses were stable compared to the previous quarter.
This document contains charts showing trends in global IP traffic, mobile data traffic, global IP video traffic, and global data center traffic from 2014 to 2019. It also includes a description of a partnership between AT&T and Digital Realty to provide colocation services and connectivity. Finally, it presents a reconciliation of Telx core EBITDA and non-GAAP financial measures for the third quarter of 2016. In summary, global digital traffic is growing significantly year over year across several metrics, and the partnership combines AT&T's network capabilities with Digital Realty's colocation facilities.
- Discover Financial reported a 31% increase in diluted EPS of $1.14 for the fourth quarter of 2015 compared to the prior year. Revenue increased 8% to $2.2 billion, though was down slightly excluding a one-time charge from 2014. The provision for loan losses rose 6% due to a larger reserve build. Expenses were flat as higher professional fees in 2015 offset one-time charges in 2014.
- For the full year 2015, revenue increased 3% while EPS grew 5% compared to 2014. Loan growth and strong credit performance contributed to results, though expenses grew due to investments in compliance. The company will focus on loan growth, expense management, and capital deployment in 2016 to continue delivering
The document is JPMorgan Chase & Co.'s earnings release for the second quarter of 2009. It reported net income of $2.7 billion for Q2 2009, up 27% from Q1 2009. Total net revenue was $25.6 billion for Q2 2009, up 2% from the previous quarter. The provision for credit losses was $8 billion for Q2 2009, down 7% from Q1 2009.
This document provides financial highlights and performance metrics for JPMorgan Chase & Co. for the second quarter of 2008. Some key details include:
- Net income was $2 billion, down 16% from the previous quarter and 53% from the same quarter last year.
- Total assets grew to $1.78 trillion, up 8% from the previous quarter.
- Total deposits declined slightly to $723 billion.
- The provision for credit losses was $3.5 billion, down 22% from the previous quarter due to higher loss rates.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, the Investment Bank and Commercial Banking saw the largest increases in net income quarter-over-quarter, while Retail Financial Services had a loss in Q1 2010 but profit in Q2 2010.
This document provides financial information for JPMorgan Chase & Co. for the first quarter of 2008, including:
- Net income decreased 20% from the previous quarter to $2.37 billion, due to higher credit costs and lower investment banking fees.
- Total assets grew 5% to $1.64 trillion from the end of 2007, driven by increases in deposits and wholesale loans.
- Net interest income rose 6% from the previous quarter to $7.66 billion, helped by higher interest rates, while noninterest revenue declined 9%.
- The provision for credit losses increased 74% from the previous quarter to $4.42 billion, reflecting deterioration in the credit environment.
Synacor is a digital technology company that enables cable and telecom providers to better engage with consumers through portal experiences, email/collaboration, video platforms, and advertising solutions. The document outlines Synacor's growth strategy focused on recurring and fee-based revenue streams, and targets $300 million in revenue and $30 million in EBITDA by 2019 through winning new customers, expanding existing customer relationships, and growing advertising and open source support offerings. Financial guidance projects 2017 revenue of $160-170 million and adjusted EBITDA of $6-10 million.
- Itaú Unibanco reported a 3.1% increase in recurring net income for the 2nd quarter of 2013 compared to the previous quarter, totaling R$3.6 billion.
- Operational performance was positive, with the credit portfolio growing 2.5% in the quarter. Financial margin with clients grew 3.4% compared to the previous quarter.
- Credit quality improved, with non-performing loans decreasing 30 basis points in the quarter and 100 basis points over 12 months. Loan loss provisions expenses were stable compared to the previous quarter.
This document contains charts showing trends in global IP traffic, mobile data traffic, global IP video traffic, and global data center traffic from 2014 to 2019. It also includes a description of a partnership between AT&T and Digital Realty to provide colocation services and connectivity. Finally, it presents a reconciliation of Telx core EBITDA and non-GAAP financial measures for the third quarter of 2016. In summary, global digital traffic is growing significantly year over year across several metrics, and the partnership combines AT&T's network capabilities with Digital Realty's colocation facilities.
- Discover Financial reported a 31% increase in diluted EPS of $1.14 for the fourth quarter of 2015 compared to the prior year. Revenue increased 8% to $2.2 billion, though was down slightly excluding a one-time charge from 2014. The provision for loan losses rose 6% due to a larger reserve build. Expenses were flat as higher professional fees in 2015 offset one-time charges in 2014.
- For the full year 2015, revenue increased 3% while EPS grew 5% compared to 2014. Loan growth and strong credit performance contributed to results, though expenses grew due to investments in compliance. The company will focus on loan growth, expense management, and capital deployment in 2016 to continue delivering
The document is a 2Q17 institutional presentation that provides an overview of Pine including:
- Pine's history and profile as a specialized bank providing financial solutions for corporate clients with knowledge of Brazil's credit cycles.
- Pine's business strategy focuses on long-term client relationships and specialized, customized products.
- Pine operates in corporate credit, fixed income, currencies and commodities (FICC), and capital markets through Pine Investimentos.
- Pine has strategic partnerships with DEG and PROPARCO and is committed to best corporate governance practices.
- The economic overview section notes the challenging economic scenario in Brazil in recent years with low GDP growth, high inflation and interest rates, and rising government debt.
Discover reported financial results for full year 2016 and 4Q16. Key highlights include:
- 2016 diluted EPS grew 12% to $5.77 driven by loan growth and lower expenses.
- 4Q16 diluted EPS increased 23% to $1.40 due to higher net interest income and lower expenses.
- Loan balances and credit card sales volumes increased year-over-year for both periods. However, provision for loan losses grew due to higher net charge-offs from loan growth and seasoning.
- Discover Financial reported full year 2017 net income of $2.1 billion and diluted EPS of $5.42, with a return on equity of 19%. Excluding non-recurring charges related to tax reform, diluted EPS was $5.98.
- For 4Q17, net income was $387 million and diluted EPS was $0.99. Revenue grew 11% year-over-year to $2.6 billion due to higher net interest income. Credit performance continued to normalize with a total net charge-off rate of 2.85%.
- Total loans grew 9% year-over-year to $84.2 billion as all lending products saw strong origination volumes. The company returned
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
1) Discover Financial Services is a leading direct banking and payment services company that issues credit cards, offers deposit products and unsecured personal loans. It is focused on growing its existing customer base through cross-selling additional products.
2) Discover has generated strong returns through responsible growth in lending while maintaining superior credit quality compared to large bank peers. It aims to further diversify its revenue through partnerships in payments processing.
3) The company's proprietary payment network provides valuable brand recognition and rewards customers with cashback bonuses, driving higher customer loyalty and wallet share than competitors.
Citigroup reported a 60% decline in third quarter net income to $2.21 billion compared to the prior year. Revenues increased 5% to $22.4 billion driven by 29% growth in international revenues, however this was more than offset by a $2.98 billion increase in credit costs. The revenue growth was primarily due to strong international consumer and wealth management results, while fixed income revenues declined significantly due to losses related to dislocations in the mortgage-backed securities and credit markets. Higher credit costs were the primary driver of the net income decline.
- Morgan Stanley Dean Witter reported net income of $1.075 billion for Q1 2001, down 30% from $1.544 billion in Q1 2000. Diluted earnings per share were $0.94, down 30% from $1.34 in Q1 2000.
- Revenues decreased 14% to $6.385 billion due to difficult markets negatively impacting several businesses, though fixed income and equity trading performed well.
- Return on equity was 23% and the company remains focused on reducing expenses while maintaining client services in challenging market conditions.
This document provides an overview of Pine Bank for institutional investors. It includes sections on the bank's profile and history, business strategy, corporate governance, and economic overview. Some key details include:
- Pine Bank has focused on long-term client relationships and specialized services. It has a loan portfolio of R$6.3 billion and shareholders' equity of R$915 million.
- The bank's business lines include corporate credit, financial and capital markets instruments, and asset management.
- It has a majority controlling shareholder and international investors like DEG and Proparco make up over 15% of shares.
- The presentation reviews Brazil's economic indicators and credit market trends to contextualize Pine Bank's operating
- Discover Financial Services reported financial results for 3Q16 with diluted EPS up 13% year-over-year to $1.56 per share.
- Revenue was $2.3 billion, up 5% year-over-year, driven by higher net interest income partially offset by higher rewards expenses.
- Operating expenses increased 1% to $895 million due to investments in marketing and regulatory compliance staff, while credit quality remained stable.
- The company repurchased $582 million in stock and remains well capitalized with a Common Equity Tier 1 Capital Ratio of 13.8% under fully phased-in Basel III rules.
- JPMorgan Chase & Co. reported a net loss of $380 million for the third quarter of 2013 compared to net income of $6.496 billion for the second quarter of 2013.
- Total net revenue was $23.117 billion for the third quarter, down 8% from the prior quarter, driven by lower investment banking and mortgage fees and higher noninterest expense, including legal expense.
- The firm recorded a provision for credit losses of $543 million for the third quarter compared to $47 million in the prior quarter, reflecting a higher allowance for loan losses.
- Bank of America reported third quarter 2006 results with total revenue of $18.961 billion, an 11% increase from third quarter 2005, and net income of $5.416 billion, a 20% increase.
- Net interest income was $8.894 billion, a 1% increase, impacted by the sale of Brazilian operations and prior year FAS 133 impact. Noninterest income increased 20% to $10.067 billion.
- Global Consumer & Small Business Banking reported net income of $2.889 billion, a 13% increase, driven by increases in cards, deposits, and debit purchase volume.
Due Diligence PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
The document provides 3Q19 financial highlights for JPMorgan Chase & Co. Key points include:
- Net income of $9.1B and EPS of $2.68 for 3Q19. Record managed revenue of $30.1B.
- Strong capital return to shareholders with $9.6B distributed, including $6.7B of net share repurchases.
- Basel III CET1 capital of $188B and CET1 ratio of 12.3%.
- Business segments all reported net income, with CCB at $4.3B, CIB at $2.8B, CB at $937MM, and AWM at $668MM
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
Meg Griesmer is an experienced graphic designer with over 20 years of experience designing print and digital materials for companies like Deloitte and her own firm, CleanSlate Graphic Design. She has extensive experience designing magazines, brochures, advertisements, logos, and other materials. She is proficient in programs like Photoshop, Illustrator, and InDesign. Feedback from past clients and colleagues has praised her creativity, work ethic, organizational skills, and ability to meet tight deadlines.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing growth in deposits and mortgage originations. Credit costs declined across most businesses from reduced charge-offs.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
The document is JPMorgan Chase & Co.'s earnings release for the second quarter of 2009. It reported net income of $2.7 billion for Q2 2009, up 27% from Q1 2009. Total net revenue was $25.6 billion for Q2 2009, up 2% from the previous quarter. The provision for credit losses was $8 billion for Q2 2009, down 7% from Q1 2009.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, the Investment Bank and Commercial Banking saw the largest increases in net income quarter-over-quarter, while Retail Financial Services had a loss in Q1 2010 but profit in Q2 2010.
The document is a 2Q17 institutional presentation that provides an overview of Pine including:
- Pine's history and profile as a specialized bank providing financial solutions for corporate clients with knowledge of Brazil's credit cycles.
- Pine's business strategy focuses on long-term client relationships and specialized, customized products.
- Pine operates in corporate credit, fixed income, currencies and commodities (FICC), and capital markets through Pine Investimentos.
- Pine has strategic partnerships with DEG and PROPARCO and is committed to best corporate governance practices.
- The economic overview section notes the challenging economic scenario in Brazil in recent years with low GDP growth, high inflation and interest rates, and rising government debt.
Discover reported financial results for full year 2016 and 4Q16. Key highlights include:
- 2016 diluted EPS grew 12% to $5.77 driven by loan growth and lower expenses.
- 4Q16 diluted EPS increased 23% to $1.40 due to higher net interest income and lower expenses.
- Loan balances and credit card sales volumes increased year-over-year for both periods. However, provision for loan losses grew due to higher net charge-offs from loan growth and seasoning.
- Discover Financial reported full year 2017 net income of $2.1 billion and diluted EPS of $5.42, with a return on equity of 19%. Excluding non-recurring charges related to tax reform, diluted EPS was $5.98.
- For 4Q17, net income was $387 million and diluted EPS was $0.99. Revenue grew 11% year-over-year to $2.6 billion due to higher net interest income. Credit performance continued to normalize with a total net charge-off rate of 2.85%.
- Total loans grew 9% year-over-year to $84.2 billion as all lending products saw strong origination volumes. The company returned
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
1) Discover Financial Services is a leading direct banking and payment services company that issues credit cards, offers deposit products and unsecured personal loans. It is focused on growing its existing customer base through cross-selling additional products.
2) Discover has generated strong returns through responsible growth in lending while maintaining superior credit quality compared to large bank peers. It aims to further diversify its revenue through partnerships in payments processing.
3) The company's proprietary payment network provides valuable brand recognition and rewards customers with cashback bonuses, driving higher customer loyalty and wallet share than competitors.
Citigroup reported a 60% decline in third quarter net income to $2.21 billion compared to the prior year. Revenues increased 5% to $22.4 billion driven by 29% growth in international revenues, however this was more than offset by a $2.98 billion increase in credit costs. The revenue growth was primarily due to strong international consumer and wealth management results, while fixed income revenues declined significantly due to losses related to dislocations in the mortgage-backed securities and credit markets. Higher credit costs were the primary driver of the net income decline.
- Morgan Stanley Dean Witter reported net income of $1.075 billion for Q1 2001, down 30% from $1.544 billion in Q1 2000. Diluted earnings per share were $0.94, down 30% from $1.34 in Q1 2000.
- Revenues decreased 14% to $6.385 billion due to difficult markets negatively impacting several businesses, though fixed income and equity trading performed well.
- Return on equity was 23% and the company remains focused on reducing expenses while maintaining client services in challenging market conditions.
This document provides an overview of Pine Bank for institutional investors. It includes sections on the bank's profile and history, business strategy, corporate governance, and economic overview. Some key details include:
- Pine Bank has focused on long-term client relationships and specialized services. It has a loan portfolio of R$6.3 billion and shareholders' equity of R$915 million.
- The bank's business lines include corporate credit, financial and capital markets instruments, and asset management.
- It has a majority controlling shareholder and international investors like DEG and Proparco make up over 15% of shares.
- The presentation reviews Brazil's economic indicators and credit market trends to contextualize Pine Bank's operating
- Discover Financial Services reported financial results for 3Q16 with diluted EPS up 13% year-over-year to $1.56 per share.
- Revenue was $2.3 billion, up 5% year-over-year, driven by higher net interest income partially offset by higher rewards expenses.
- Operating expenses increased 1% to $895 million due to investments in marketing and regulatory compliance staff, while credit quality remained stable.
- The company repurchased $582 million in stock and remains well capitalized with a Common Equity Tier 1 Capital Ratio of 13.8% under fully phased-in Basel III rules.
- JPMorgan Chase & Co. reported a net loss of $380 million for the third quarter of 2013 compared to net income of $6.496 billion for the second quarter of 2013.
- Total net revenue was $23.117 billion for the third quarter, down 8% from the prior quarter, driven by lower investment banking and mortgage fees and higher noninterest expense, including legal expense.
- The firm recorded a provision for credit losses of $543 million for the third quarter compared to $47 million in the prior quarter, reflecting a higher allowance for loan losses.
- Bank of America reported third quarter 2006 results with total revenue of $18.961 billion, an 11% increase from third quarter 2005, and net income of $5.416 billion, a 20% increase.
- Net interest income was $8.894 billion, a 1% increase, impacted by the sale of Brazilian operations and prior year FAS 133 impact. Noninterest income increased 20% to $10.067 billion.
- Global Consumer & Small Business Banking reported net income of $2.889 billion, a 13% increase, driven by increases in cards, deposits, and debit purchase volume.
Due Diligence PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
The document provides 3Q19 financial highlights for JPMorgan Chase & Co. Key points include:
- Net income of $9.1B and EPS of $2.68 for 3Q19. Record managed revenue of $30.1B.
- Strong capital return to shareholders with $9.6B distributed, including $6.7B of net share repurchases.
- Basel III CET1 capital of $188B and CET1 ratio of 12.3%.
- Business segments all reported net income, with CCB at $4.3B, CIB at $2.8B, CB at $937MM, and AWM at $668MM
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
Meg Griesmer is an experienced graphic designer with over 20 years of experience designing print and digital materials for companies like Deloitte and her own firm, CleanSlate Graphic Design. She has extensive experience designing magazines, brochures, advertisements, logos, and other materials. She is proficient in programs like Photoshop, Illustrator, and InDesign. Feedback from past clients and colleagues has praised her creativity, work ethic, organizational skills, and ability to meet tight deadlines.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing growth in deposits and mortgage originations. Credit costs declined across most businesses from reduced charge-offs.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
The document is JPMorgan Chase & Co.'s earnings release for the second quarter of 2009. It reported net income of $2.7 billion for Q2 2009, up 27% from Q1 2009. Total net revenue was $25.6 billion for Q2 2009, up 2% from the previous quarter. The provision for credit losses was $8 billion for Q2 2009, down 7% from Q1 2009.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, the Investment Bank and Commercial Banking saw the largest increases in net income quarter-over-quarter, while Retail Financial Services had a loss in Q1 2010 but profit in Q2 2010.
- JPMorgan Chase reported financial results for the second quarter of 2010 with net income of $4.8 billion, an increase of 44% compared to the same quarter in the prior year.
- Total net revenue was $25.1 billion for the quarter, a decrease of 2% from the prior year. Noninterest expenses increased 8% to $14.6 billion.
- The provision for credit losses decreased 58% to $3.4 billion from the second quarter of 2009, reflecting improved asset quality.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, the Investment Bank and Commercial Banking saw the largest increases in net income quarter-over-quarter, while Retail Financial Services had a loss in Q1 2010 but profit in Q2 2010.
- JPMorgan Chase & Co. released its financial supplement for the second quarter of 2010 including consolidated results and business detail.
- Total net revenue was $25.1 billion for Q2 2010, down 9% from Q1 2010 but up 2% year-over-year. Net income was $4.8 billion for Q2 2010, up 44% from Q1 2010 and 76% year-over-year.
- By line of business, net income was highest for Investment Bank ($1.4 billion), Retail Financial Services ($1 billion), and Commercial Banking ($693 million) for Q2 2010.
The document is a financial supplement from JPMorgan Chase & Co. for the second quarter of 2011. It includes:
- Consolidated financial highlights such as total net revenue, net income, earnings per share, and capital ratios for the second quarter of 2011 compared to previous quarters.
- Business segment results for the second quarter of 2011 including net income for each line of business.
- Additional financial details such as credit related information, market risk information, and non-GAAP reconciliations.
- The supplement provides investors with JPMorgan Chase's key financial results to allow analysis of performance and comparisons to previous periods. It contains consolidated results, business segment results, and other financial details for
- 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%.
- 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. The Tier 1 common capital ratio was estimated at 10.0% as of March 31, 2011, up from 9.1% a year earlier.
- 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%.
- 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. The Tier 1 common capital ratio was estimated at 10.0% as of March 31, 2011, up from 9.1% a year earlier.
Flextronics International Ltd. earning presentationinvestorrelation
- The company reported financial results for the fourth quarter and fiscal year ended March 31, 2009
- Net sales decreased 28% quarter-over-quarter and 30% year-over-year due to weak demand across all markets
- Gross margin declined to 4.2% from 6.2% due to lower sales and restructuring charges of $128.8 million
- The company announced a restructuring plan to reduce costs through lower depreciation and employee expenses with expected annual savings of $230-260 million to be realized within 2-3 quarters
- JPMorgan Chase & Co. restated its first quarter 2012 financial statements, reducing reported net income by $459 million. This was due to regulatory guidance requiring adjustments to risk-weighted assets and capital ratios.
- Total assets increased slightly to $2.32 trillion from $2.27 trillion in the previous quarter. Deposits increased to $1.13 trillion while loans decreased to $721 billion.
- Reported net income was $4.92 billion compared to $3.73 billion in the previous quarter. Revenue increased 21% to $26.05 billion driven by higher investment banking fees and principal transactions revenue. Expenses increased 26% due to higher litigation expense.
Fiscal Year-ending March 2015 Briefing on the Results for the Second QuarterRicohLease
This document provides an overview of Ricoh Leasing Company's financial performance for the second quarter of fiscal year 2015, ending March 2015. Some key points include:
- Consolidated revenue increased 6.3% year-over-year to 1,284 billion yen.
- Operating income rose 2.5% to 82 billion yen, with gross profit up 4.1% and selling/admin expenses increasing 6%.
- Transaction volumes increased across all business segments, with the lease/installment business up 4.7% to 1,572 billion yen.
- Financial forecasts for the full fiscal year were revised upwards with revenue projected to increase 6.3% to 2,600 billion yen
Presenting, legal investigation PowerPoint presentation slides for assuring that your company is running smoothly and within the law. Through flat designs, we have covered up all major aspects to present the legitimacy of your business. The concept of due diligence of outline, financial due diligence, p&l-kpi's, balance sheets, cash flow statements, financial projections, key financial ratio, liquidity ratio, profitability ratio, activity ratio, solvency ratio, and conclusion sheet have been included. We have inscribed bar and stack graphs for thorough comparisons, wherever required. We have also included technical and intellectual property rights for a thorough investigation of a corporation or business in order to avoid wrongdoing committed by management, employees, or third parties. Further information on target customers and sales can be elaborated, by knowing about top customers, consumer concentration issues or risks, customer satisfaction and focus areas. So be done with your business presentations with respect to preparing regarding legal examination and download our, "Legal Investigation PowerPoint Presentation Slides " for further elaboration.
JPMorgan Chase reported financial results for the first quarter of 2009. Net income was $2.1 billion, up significantly from $702 million in the prior quarter. Total net revenue was $25 billion, a 45% increase from the prior quarter, driven by higher fixed income market revenue and net interest income. The provision for credit losses was $8.6 billion, reflecting continued deterioration in the credit environment. On a managed basis, which excludes the impact of accounting adjustments, net income was also $2.1 billion, up 205% from the prior quarter.
JPMorgan Chase reported financial results for the first quarter of 2009. Net income was $2.1 billion, up significantly from $702 million in the prior quarter. Total net revenue was $25 billion, a 45% increase from the prior quarter, driven by stronger fixed income markets. The provision for credit losses was $8.6 billion, reflecting deterioration in the credit environment. Total noninterest expense was $13.4 billion, a 19% increase from the prior quarter, as compensation costs rose with improved revenue.
- Total net revenue for JPMorgan Chase in Q1 2010 was $27.7 billion, an 11% increase from Q1 2009. Net income was $3.3 billion, up 55% from Q1 2009.
- Noninterest expense increased 34% to $16.1 billion due primarily to a $2.2 billion increase in other expense. Provision for credit losses decreased 4% to $7 billion.
- Key business lines reported the following net income: Investment Bank $2.5 billion, Retail Financial Services -$131 million, Card Services -$303 million, Commercial Banking $390 million.
- WonderApp Ltd. is a company that provides various app-related services and products through four main offerings. It has created a 5-year financial forecast model to project its income statement, cash flows, balance sheet, funding sources and uses of funds.
- In the first 12 months, WonderApp expects to generate $638k in revenue and require $582k in total funding from a mix of equity and debt sources. It plans to use the funds for operating expenses, capital expenditures, payroll and financing costs.
- Over the 5-year forecast period, WonderApp projects its revenue to grow from $623k to $6.1m while its net profit is expected to increase from a $32k loss
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JPMorgan Chase reported third quarter 2011 net income of $4.3 billion, down slightly from $4.4 billion in third quarter 2010. Revenue was $24.4 billion. While the investment banking environment was challenging, JPMorgan maintained its #1 ranking for global investment banking fees year-to-date. Consumer & business banking reported higher revenue and deposits. Credit card sales volume was up 10% and net charge-offs declined as expected. The firm repurchased $4.4 billion in stock and maintained a Basel I Tier 1 ratio of 9.9% and estimated Basel III ratio of 7.7%.
JPMorgan Chase reported third quarter 2011 net income of $4.3 billion, down slightly from $4.4 billion in third quarter 2010. Revenue decreased due to challenging market conditions impacting the Investment Bank. The firm maintained its #1 ranking for Global Investment Banking Fees year-to-date. Consumer & Business Banking reported higher revenues and deposits compared to a year ago. Credit quality improved with lower credit card and wholesale credit losses, while mortgage losses remained elevated. The firm repurchased $4.4 billion in stock and estimated its Basel III Tier 1 ratio was 7.7% at the end of the third quarter.
- In 3Q11, JPMorgan Chase reported net income of $4.3 billion and earnings per share of $1.02. Revenue for the quarter was $24.4 billion.
- The Investment Bank contributed net income of $1.6 billion on revenue of $6.4 billion, which included $1.9 billion in DVA gains.
- Retail Financial Services reported net income of $1.2 billion, with credit costs of $1 billion reflecting continued losses in mortgage and home equity portfolios.
- Mortgage Production and Servicing reported net income of $205 million, with production revenue of $1.3 billion and servicing revenue of $1.2 billion
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion, up 23% from the third quarter of 2009. Revenue was $24.3 billion. The Investment Bank reported solid earnings and maintained its #1 ranking for global investment banking fees and global debt/equity. Retail Financial Services had strong mortgage production and continued branch expansion. Card Services saw increased sales volume and improved credit trends. Commercial Banking reported record revenue. Asset Management had $38 billion in net inflows. Credit costs declined but mortgage and credit card losses remained high. The Firm's capital and credit reserves remained strong.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the commercial bank completing a $3.5 billion loan portfolio purchase. Credit costs declined across most businesses as credit quality continued to improve.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion and earnings per share of $1.01. Key business segments performed well, with the Investment Bank ranked #1 in global fees year-to-date, and Retail Financial Services reporting strong mortgage production. Credit costs declined from reductions to loan loss reserves. However, increases to litigation reserves reduced earnings. Overall, the company delivered solid results with improved credit performance.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion and earnings per share of $1.01. Key business segments performed well, with the Investment Bank ranked #1 in global fees year-to-date, and Retail Financial Services reporting strong mortgage production. Credit costs decreased from reductions to loan loss reserves. However, increases to litigation reserves partially offset these gains. Overall, the company delivered solid results while continuing investments across its businesses.
JPMorgan Chase reported third quarter 2010 net income of $4.4 billion. Key highlights included a $930 million reduction to loan loss reserves in card services and increases of $776 million and $622 million to litigation and mortgage repurchase reserves, respectively. Several business segments reported solid results, with the investment bank ranked number one for the year in global fees and the retail bank seeing increased mortgage production and deposit margins. Credit costs declined across most businesses from reduced net charge-offs.
JPMorgan Chase reported third quarter 2009 net income of $3.6 billion, an increase from $527 million in third quarter 2008. Revenue was $28.8 billion, a record year-to-date. Credit costs remained high at $31.5 billion and the firm added $2 billion to consumer credit reserves. The firm's capital levels were strengthened with Tier 1 Common at $101 billion and ratios of 8.2% and 10.2% respectively. While signs of credit stability emerged, continued uncertainty led to higher reserves. The firm's strong capital position will enable continued investment despite this uncertainty.
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 335% YoY driven by the
impact of the WaMu transaction and wider loan spreads
Middle Market Banking revenue up $729mm YoY due to
the WaMu transaction
Credit costs of $43mm reflect higher net
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 4% YoY driven by growth in
Middle Market Banking and Real Estate Banking, partially
offset by lower Commercial Term Lending revenue
Credit costs of $43mm reflect higher net charge-offs
Expense up 10
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
- JPMorgan Chase reported net income of $6.5 billion for 2Q13, with EPS of $1.60. Revenue was $26.0 billion.
- Key business segments like Consumer & Business Banking and Mortgage Banking remained strong, while the company continued to strengthen its balance sheet.
- The company saw improvements in its Basel III Tier 1 common capital ratio to 9.3% and maintained solid returns on equity and assets.
1. In 2Q11, JPMorgan Chase reported net income of $5.4 billion on revenue of $27.4 billion, with EPS of $1.27 per share.
2. Significant items impacting results included a $1 billion benefit from reduced loan loss reserves in Card Services, $620 million in securities gains in Corporate, a $1 billion expense for estimated foreclosure costs in Retail Financial Services, and $787 million in additional litigation reserves in Corporate.
3. The Investment Bank reported net income of $2.1 billion on revenue of $7.3 billion, with strong performance across most businesses. Retail Financial Services reported a net loss of $454 million due to
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
Retail Financial Services reported net income of $1.0 billion compared to $15 million in the prior year. Mortgage Banking and Other Consumer Lending net income was $364 million, up 55% year-over-year. The Investment Bank reported net income of $1.4 billion on revenue of $6.3 billion with a return on equity of 14%. Card Services reported net income of $343 million compared to a net loss of $672 million in the prior year, with credit costs down year-over-year.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
2. JPMORGAN CHASE & CO.
TABLE OF CONTENTS
Page
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
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
7
8
11
17
20
22
24
27
Credit-Related Information
29
Market Risk-Related Information
34
Supplemental Detail
Capital, Intangible Assets and Deposits
Per Share-Related Information
35
36
Glossary of Terms
37
Page 1
3. JPMORGAN CHASE & CO.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share, ratio and headcount data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
SELECTED INCOME STATEMENT DATA:
Reported Basis
Total net revenue
Total noninterest expense
Pre-provision profit
Provision for credit losses
Income (loss) before extraordinary gain
Extraordinary gain
NET INCOME
Managed Basis (a)
Total net revenue
Total noninterest expense
Pre-provision profit
Provision for credit losses
Income (loss) before extraordinary gain
Extraordinary gain
NET INCOME
2Q09
1Q09
4Q08
3Q08
2Q09
3Q08
2009
2009 Change
2008
2008
$
26,622
13,455
13,167
8,104
3,512
76
3,588
$
25,623
13,520
12,103
8,031
2,721
2,721
$
25,025
13,373
11,652
8,596
2,141
2,141
$
17,226
11,255
5,971
7,313
(623)
1,325
702
$
14,737
11,137
3,600
5,787
(54)
581
527
4 %
9
1
29
NM
32
81 %
21
266
40
NM
(87)
NM
$
77,270
40,348
36,922
24,731
8,374
76
8,450
$
50,026
32,245
17,781
13,666
4,322
581
4,903
54 %
25
108
81
94
(87)
72
$
28,780
13,455
15,325
9,802
3,512
76
3,588
$
27,709
13,520
14,189
9,695
2,721
2,721
$
26,922
13,373
13,549
10,060
2,141
2,141
$
19,108
11,255
7,853
8,541
(623)
1,325
702
$
16,088
11,137
4,951
6,660
(54)
581
527
4
8
1
29
NM
32
79
21
210
47
NM
(87)
NM
$
83,411
40,348
43,063
29,557
8,374
76
8,450
$
53,664
32,245
21,419
16,050
4,322
581
4,903
55
25
101
84
94
(87)
72
PER COMMON SHARE:
Basic Earnings (b)
Income (loss) before extraordinary gain
Net income
0.80
0.82
0.28
0.28
0.40
0.40
(0.29)
0.06
(0.08)
0.09
186
193
NM
NM
1.50
1.52
1.14
1.31
32
16
Diluted Earnings (b) (c)
Income (loss) before extraordinary gain
Net income
0.80
0.82
0.28
0.28
0.40
0.40
(0.29)
0.06
(0.08)
0.09
186
193
NM
NM
1.50
1.51
1.13
1.30
33
16
Cash dividends declared
Book value
Closing share price
Market capitalization
0.05
39.12
43.82
172,596
0.05
37.36
34.11
133,852
0.05
36.78
26.58
99,881
0.38
36.15
31.53
117,695
0.38
36.95
46.70
174,048
5
28
29
(87)
6
(6)
(1)
0.15
39.12
43.82
172,596
1.14
36.95
46.70
174,048
(87)
6
(6)
(1)
COMMON SHARES OUTSTANDING:
Weighted-average diluted shares outstanding (b)
Common shares outstanding at period-end
3,962.0
3,938.7
3,824.1
3,924.1
3,758.7
3,757.7
3,737.5
3,732.8
3,444.6
3,726.9
4
-
15
6
3,848.3
3,938.7
3,446.2
3,726.9
12
6
FINANCIAL RATIOS: (d)
Income (loss) before extraordinary gain:
Return on common equity ("ROE") (e)
Return on tangible common equity ("ROTCE") (e)(f)
Return on assets ("ROA")
Net income:
ROE (e)
ROTCE (e)(f)
ROA
9 %
13
0.70
3 %
5
0.54
5 %
8
0.42
9
14
0.71
3
5
0.54
5
8
0.42
1
1
0.13
1
2
0.12
CAPITAL RATIOS:
Tier 1 common capital ratio
Tier 1 capital ratio
Total capital ratio
8.2 (g)
10.2 (g)
13.8 (g)
7.7
9.7
13.3
7.3
11.4
15.2
7.0
10.9
14.8
6.8
8.9
12.6
SELECTED BALANCE SHEET DATA (Period-end)
Total assets
Wholesale loans
Consumer loans
Deposits
Common stockholders' equity
Total stockholders' equity
$
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
2,041,009
218,953
434,191
867,977
154,101
162,253
$
220,861
$
$
1,921
7
(700)
341
302
430
1,287
3,588
2,026,642
231,625
448,976
866,477
146,614
154,766
$
220,255
$
$
1,471
15
(672)
368
379
352
808
2,721
2,079,188
242,284
465,959
906,969
138,201
170,194
(3) %
(5)
(0.11)
$
219,569
$
$
1,606
474
(547)
338
308
224
(262)
2,141
2,175,052
262,044
482,854
1,009,277
134,945
166,884
(1) %
(1)
(0.01)
$
224,961
$
$
(2,364)
624
(371)
480
533
255
1,545
702
2,251,469
288,445
472,936
969,783
137,691
145,843
228,452
$
$
882
64
292
312
406
351
(1,780)
527
6
9
0.55
%
4
7
0.35
6
9
0.56
1
(5)
(3)
5
5
(9)
(24)
(8)
(10)
12
11
-
(3)
31
(53)
(4)
(7)
(20)
22
59
32
118
(89)
NM
9
(26)
23
NM
NM
$
2,041,009
218,953
434,191
867,977
154,101
162,253
5
8
0.39
$
2,251,469
288,445
472,936
969,783
137,691
145,843
(9)
(24)
(8)
(10)
12
11
228,452
(3)
220,861
$
$
4,998
496
(1,919)
1,047
989
1,006
1,833
8,450
%
$
$
1,189
256
1,151
959
1,234
1,102
(988)
4,903
320
94
NM
9
(20)
(9)
NM
72
(a) For further discussion of managed basis, see Reconciliation from reported to managed summary on page 6.
(b) Effective January 1, 2009, the Firm implemented new FASB guidance for participating securities. Accordingly, prior period amounts have been revised as required. For further discussion of the guidance, see Per share-related information on page 36.
(c) The calculation of second quarter 2009 earnings per share includes a one-time, non-cash reduction of $1.1 billion, or $0.27 per share, resulting from repayment of TARP preferred capital.
(d) Ratios are based upon annualized amounts.
(e) The calculation of second quarter 2009 net income applicable to common equity includes a one-time, non-cash reduction of $1.1 billion resulting from repayment of TARP preferred capital. Excluding this reduction the adjusted ROE
and ROTCE were 6% and 10% for the second quarter 2009, respectively. The Firm views the adjusted ROE and ROTCE, non-GAAP financial measures, as meaningful because it increases the comparability to prior periods.
(f) Net income applicable to common equity divided by total average common stockholders' equity (i.e., total stockholders' equity less preferred stock) less identifiable intangible assets (other than MSRs) and goodwill, net of related deferred tax liabilities.
The Firm uses return on tangible common equity, a non-GAAP financial measure, to evaluate the operating performance of the Firm.
(g) Estimated.
Page 2
4. JPMORGAN CHASE & CO.
STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS
YEAR-TO-DATE
2009 Change
2008
3Q09 Change
3Q09
REVENUE
Investment banking fees
Principal transactions
Lending & 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
2Q09
1,679
3,860
1,826
3,158
184
843
1,710
625
13,885
$
1Q09
2,106
3,097
1,766
3,124
347
784
1,719
10
12,953
$
4Q08
1,386
2,001
1,688
2,897
198
1,601
1,837
50
11,658
$
3Q08
1,382
(7,885)
1,776
3,234
456
1,789
2,049
593
3,394
$
2Q09
1,316
(2,763)
1,168
3,485
424
457
1,771
(115)
5,743
3Q08
(20) %
25
3
1
(47)
8
(1)
NM
7
2009
28 %
NM
56
(9)
(57)
84
(3)
NM
142
$
2008
5,171
8,958
5,280
9,179
729
3,228
5,266
685
38,496
$
4,144
(2,814)
3,312
10,709
1,104
1,678
5,370
1,576
25,079
25 %
NM
59
(14)
(34)
92
(2)
(57)
53
16,260
3,523
12,737
16,549
3,879
12,670
17,926
4,559
13,367
21,631
7,799
13,832
17,326
8,332
8,994
(2)
(9)
1
(6)
(58)
42
50,735
11,961
38,774
51,387
26,440
24,947
(1)
(55)
55
TOTAL NET REVENUE
26,622
25,623
25,025
17,226
14,737
4
81
77,270
50,026
54
Provision for credit losses
8,104
8,031
8,596
7,313
5,787
1
40
24,731
13,666
81
7,311
923
1,140
1,517
440
1,767
254
103
13,455
6,917
914
1,156
1,518
417
2,190
265
143
13,520
7,588
885
1,146
1,515
384
1,375
275
205
13,373
5,024
955
1,207
1,819
501
1,242
326
181
11,255
5,858
766
1,112
1,451
453
1,096
305
96
11,137
6
1
(1)
6
(19)
(4)
(28)
-
25
20
3
5
(3)
61
(17)
7
21
21,816
2,722
3,442
4,550
1,241
5,332
794
451
40,348
17,722
2,083
3,108
4,234
1,412
2,498
937
251
32,245
23
31
11
7
(12)
113
(15)
80
25
5,063
1,551
3,512
76
3,588
4,072
1,351
2,721
2,721
3,056
915
2,141
2,141
(1,342)
(719)
(623)
1,325
702
(2,187)
(2,133)
(54)
581
527
24
15
29
NM
32
NM
NM
NM
(87)
NM
12,191
3,817
8,374
76
8,450
(0.08)
0.17
0.09
186
NM
193
NM
(88)
NM
NONINTEREST EXPENSE
Compensation expense
Occupancy expense
Technology, communications and equipment expense
Professional & outside services
Marketing
Other expense (a)
Amortization of intangibles
Merger costs
TOTAL NONINTEREST EXPENSE
Income (loss) before income tax expense and extraordinary gain
Income tax expense (benefit) (b)
Income (loss) before extraordinary gain
Extraordinary gain (c)
NET INCOME
DILUTED EARNINGS PER SHARE
Income (loss) before extraordinary gain (d)(e)
Extraordinary gain
NET INCOME (d)(e)
$
$
$
FINANCIAL RATIOS
Income (loss) before extraordinary gain:
ROE (f)
ROTCE (f)
ROA
Net income:
ROE (f)
ROTCE (f)
ROA
Effective income tax rate (b)
Overhead ratio
EXCLUDING IMPACT OF MERGER COSTS (g)
Income (loss) before extraordinary gain
Merger costs (after-tax)
Income (loss) before extraordinary gain excluding merger costs
Diluted Per Share:
Income (loss) before extraordinary gain (d)(e)
Merger costs (after-tax)
Income (loss) before extraordinary gain excluding merger costs (d)(e)
$
0.80
0.02
0.82
9
13
0.70
$
$
%
$
$
$
$
3,512
64
3,576
0.80
0.02
0.82
0.28
0.28
3
5
0.54
9
14
0.71
31
51
$
$
$
%
$
$
$
$
2,721
89
2,810
0.28
0.02
0.30
0.40
0.40
5
8
0.42
3
5
0.54
33
53
$
$
$
%
$
$
$
$
$
(3) %
(5)
(0.11)
5
8
0.42
30
53
$
(0.29)
0.35
0.06
$
$
0.40
0.03
0.43
$
$
$
(623)
112
(511)
(0.29)
0.03
(0.26)
$
$
(1) %
(1)
(0.01)
1
1
0.13
54
65
2,141
127
2,268
$
$
$
$
$
(54)
60
6
(0.08)
0.02
(0.06)
1.50
0.01
1.51
6
9
0.55
1
2
0.12
98
76
$
$
$
%
NM
7
NM
186
NM
NM
173
$
$
$
$
8,374
280
8,654
1.50
0.07
1.57
196
NM
94
(87)
72
1.13
0.17
1.30
33
(94)
16
4
7
0.35
6
9
0.56
31
52
29
(28)
27
4,115
(207)
4,322
581
4,903
%
5
8
0.39
(5)
64
$
$
$
$
4,322
156
4,478
94
79
93
1.13
0.05
1.18
33
40
33
(a) Second quarter 2009 includes a $675 million FDIC special assessment.
(b) The income tax benefit in the third quarter of 2008 includes the realization of a benefit from the release of deferred tax liabilities associated with the undistributed earnings of certain non-U.S. subsidiaries that were deemed to be reinvested
indefinitely.
(c) JPMorgan Chase acquired the banking operations of Washington Mutual Bank for $1.9 billion. The fair value of the net assets acquired exceeded the purchase price, which resulted in negative goodwill. In accordance with U.S. GAAP for
business combinations, nonfinancial assets that are not held-for-sale were written down against that negative goodwill. The negative goodwill that remained after writing down nonfinancial assets was recognized as an extraordinary gain.
(d) Effective January 1, 2009, the Firm implemented new FASB guidance for participating securities. Accordingly, prior period amounts have been revised as required. For further discussion of this guidance, see Per share-related information on page 36.
(e) The calculation of second quarter 2009 earnings per share includes a one-time, non-cash reduction of $1.1 billion, or $0.27 per share, resulting from repayment of TARP preferred capital.
(f) The calculation of second quarter 2009 net income applicable to common equity includes a one-time, non-cash reduction of $1.1 billion resulting from repayment of TARP preferred capital. Excluding this reduction the adjusted ROE and ROTCE
were 6% and 10% for the second quarter 2009, respectively. The Firm views the adjusted ROE and ROTCE, non-GAAP financial measures, as meaningful because it increases the comparability to prior periods.
(g) Net income excluding merger costs, a non-GAAP financial measure, is used by the Firm to facilitate comparison of results against the Firm's ongoing operations and with other companies' U.S. GAAP financial statements.
Page 3
5. JPMORGAN CHASE & CO.
CONSOLIDATED BALANCE SHEETS
(in millions)
Sep 30
2009
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
Other intangible assets:
Mortgage servicing rights
Purchased credit card relationships
All other intangibles
Other assets (a)
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
(including the allowance for lending-related commitments)
Beneficial interests issued by consolidated VIEs
Long-term debt
Junior subordinated deferrable interest debentures held by trusts that issued
guaranteed capital debt securities
TOTAL LIABILITIES
STOCKHOLDERS' EQUITY
Preferred stock
Common stock
Capital surplus
Retained earnings
Accumulated other comprehensive income (loss)
Shares held in RSU trust
Treasury stock, at cost
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
21,068
59,623
171,007
128,059
Jun 30
2009
$
25,133
61,882
159,170
129,263
Mar 31
2009
$
26,681
89,865
157,237
127,928
Dec 31
2008
$
26,895
138,139
203,115
124,000
Sep 30
2008
$
54,350
34,372
233,668
152,050
Sep 30, 2009
Change
Jun 30
Sep 30
2009
2008
(16) %
(4)
7
(1)
(61) %
73
(27)
(16)
330,370
94,065
372,867
653,144
30,633
622,511
59,948
10,675
48,334
298,135
97,491
345,563
680,601
29,072
651,529
61,302
10,668
48,288
298,453
131,247
333,861
708,243
27,381
680,862
52,168
10,336
48,201
347,357
162,626
205,943
744,898
23,164
721,734
60,987
10,045
48,027
401,609
118,648
150,779
761,381
19,052
742,329
104,232
9,962
46,121
11
(4)
8
(4)
5
(4)
(2)
-
(18)
(21)
147
(14)
61
(16)
(42)
7
5
$
13,663
1,342
3,520
103,957
2,041,009
$
14,600
1,431
3,651
118,536
2,026,642
$
10,634
1,528
3,821
106,366
2,079,188
$
9,403
1,649
3,932
111,200
2,175,052
$
17,048
1,827
3,653
180,821
2,251,469
(6)
(6)
(4)
(12)
1
(20)
(27)
(4)
(43)
(9)
$
867,977
$
866,477
$
906,969
$
1,009,277
$
969,783
-
(10)
310,219
53,920
50,824
279,837
33,085
112,257
192,546
37,845
132,400
224,075
54,480
167,827
3
26
(31)
38
(1)
(70)
65,233
69,214
56,021
67,197
53,786
86,020
45,274
121,604
76,213
85,816
16
3
(14)
(19)
171,386
17,859
254,413
171,685
20,945
254,226
165,521
9,674
243,569
187,978
10,561
252,094
260,563
11,437
238,034
(15)
-
(34)
56
7
17,711
1,878,756
$
300,931
42,713
73,968
17,713
1,871,876
18,276
1,908,994
18,589
2,008,168
17,398
2,105,626
-
2
(11)
8,152
4,105
97,564
59,573
283
(86)
(7,338)
162,253
2,041,009
8,152
4,105
97,662
56,355
(3,438)
(86)
(7,984)
154,766
2,026,642
31,993
3,942
91,469
55,487
(4,490)
(86)
(8,121)
170,194
2,079,188
31,939
3,942
92,143
54,013
(5,687)
(217)
(9,249)
166,884
2,175,052
8,152
3,942
90,535
55,217
(2,227)
(267)
(9,509)
145,843
2,251,469
6
NM
8
5
1
4
8
8
NM
68
23
11
(9)
$
$
$
$
(a) On September 19, 2008, the Federal Reserve established a special lending facility, the AML Facility, to provide liquidity to eligible money market mutual funds. The Firm participated in the AML Facility and had ABCP investments
totaling $14.5 billion, $6.0 billion, $11.2 billion, and $61.3 billion at June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively. There was no ABCP investment at September 30, 2009.
These ABCP investments were recorded in other assets with the corresponding nonrecourse liability to the Federal Reserve Bank of Boston for the same amounts recorded in other borrowed funds.
Page 4
6. JPMORGAN CHASE & CO.
CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
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
Goodwill
Other intangible assets:
Mortgage servicing rights
All other intangible assets
All other noninterest-earning assets
TOTAL ASSETS
LIABILITIES
Interest-bearing deposits
Federal funds purchased and securities loaned or sold under
repurchase agreements
Commercial paper
Other borrowings and liabilities (b)
Beneficial interests issued by consolidated VIEs
Long-term debt
Total interest-bearing liabilities
Noninterest-bearing liabilities
TOTAL LIABILITIES
Preferred stock
Common stockholders' equity
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
2Q09
62,248
$
1Q09
68,001
$
4Q08
88,587
$
3Q08
106,156
$
2Q09
41,303
3Q08
(8) %
2009
51 %
$
2009 Change
2008
2008
72,849
$
37,378
95 %
151,705
129,301
250,148
359,451
665,386
24,155
1,642,394
66,790
48,328
142,226
122,235
245,444
354,216
697,908
36,638
1,666,668
63,507
48,273
160,986
120,752
252,098
281,420
726,959
27,411
1,658,213
62,748
48,071
205,182
123,523
269,576
174,652
752,524
56,322
1,687,935
72,782
46,838
164,980
134,651
298,760
119,443
536,890
37,237
1,333,264
92,300
45,947
7
6
2
1
(5)
(34)
(1)
5
-
(8)
(4)
(16)
201
24
(35)
23
(28)
5
151,606
124,127
249,223
331,981
696,526
29,389
1,655,701
64,363
48,225
158,195
106,258
307,899
106,392
533,829
17,694
1,267,645
90,220
45,809
(4)
17
(19)
212
30
66
31
(29)
5
$
14,384
4,984
222,296
1,999,176
$
12,256
5,218
242,450
2,038,372
$
11,141
5,443
281,503
2,067,119
$
14,837
5,586
339,887
2,167,865
$
11,811
5,512
267,525
1,756,359
17
(4)
(8)
(2)
22
(10)
(17)
14
$
12,605
5,214
248,532
2,034,640
$
10,017
5,845
245,749
1,665,285
26
(11)
1
22
$
660,998
$
672,350
$
736,460
$
777,604
$
589,348
(2)
12
$
689,660
$
600,554
200,032
47,579
161,821
11,431
261,385
1,271,596
351,023
1,622,619
7,100
126,640
133,740
5
14
(14)
34
(1)
(1)
(2)
(1)
(71)
6
(7)
52
(10)
11
69
4
16
4
13
15
18
18
1,756,359
(2)
14
303,175
42,728
178,985
19,351
271,281
1,476,518
365,038
1,841,556
8,152
149,468
157,620
$
289,971
37,371
207,489
14,493
274,323
1,495,997
373,172
1,869,169
28,338
140,865
169,203
1,999,176
$
226,110
33,694
236,673
9,757
258,732
1,501,426
397,243
1,898,669
31,957
136,493
168,450
2,038,372
$
203,568
40,486
264,236
9,440
248,125
1,543,459
460,894
2,004,353
24,755
138,757
163,512
2,067,119
$
2,167,865
$
273,368
37,964
207,504
14,569
268,158
1,491,223
378,366
1,869,589
22,729
142,322
165,051
$
15
194,446
47,496
127,076
14,490
230,472
1,214,534
320,978
1,535,512
3,895
125,878
129,773
2,034,640
$
41
(20)
63
1
16
23
18
22
484
13
27
1,665,285
22
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 sold
under repurchase agreements
Commercial paper
Other borrowings and liabilities (b)
Beneficial interests issued by consolidated VIEs
Long-term debt
Total interest-bearing liabilities
INTEREST RATE SPREAD
NET YIELD ON INTEREST-EARNING ASSETS
NET YIELD ON INTEREST-EARNING ASSETS
ADJUSTED FOR SECURITIZATIONS
0.83
%
1.45
%
2.03
%
3.34
%
3.04
%
1.50
%
3.66
0.96
(0.09)
4.78
3.62
5.64
2.18
3.95
1.04
(0.32)
4.91
3.64
5.65
0.80
4.00
1.64
0.29
5.27
4.16
5.87
2.44
4.41
2.88
0.92
6.18
5.14
6.44
3.06
5.12
3.76
2.07
6.06
5.09
6.31
3.29
5.22
1.22
(0.04)
4.99
3.78
5.72
1.69
4.12
3.80
2.53
5.80
5.26
6.58
3.49
5.47
0.65
0.70
0.93
1.53
2.26
0.76
2.57
0.20
0.23
1.70
1.43
2.09
0.95
0.23
0.24
1.32
1.59
2.60
1.04
0.36
0.47
1.46
1.57
2.73
1.23
0.95
1.17
2.56
3.79
3.87
2.01
2.63
2.05
2.84
2.87
3.31
2.61
0.25
0.30
1.48
1.52
2.47
1.07
2.87
2.54
3.73
2.90
3.44
2.91
3.00%
3.10%
2.96%
3.07%
3.18%
3.29%
3.11%
3.28%
2.61%
2.73%
3.05%
3.15%
2.56%
2.68%
3.40%
3.37%
3.60%
3.55%
3.06%
3.45%
%
3.02%
(a) Includes margin loans and the Firm's investment in asset-backed commercial paper under the Federal Reserve Bank of Boston's AML facility.
(b) Includes securities sold but not yet purchased, brokerage customer payables and advances from Federal Home Loan Banks.
Page 5
7. 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 United States of America ("U.S. GAAP"). That presentation, which is referred to as "reported basis," provides the reader with an understanding of the Firm's results
that can be tracked consistently from year to year and enables a comparison of the Firm's performance with other companies' U.S. GAAP financial statements.
In addition to analyzing the Firm's results on a reported basis, management reviews the Firm's results and the results of lines of business on a "managed" basis, which is a non-GAAP financial measure. The Firm's definition of managed basis starts with the reported U.S.
GAAP results and includes certain reclassifications that assume credit card loans securitized by Card Services remain on the balance sheet and presents revenue on a fully taxable-equivalent ("FTE") basis. These adjustments do not have any impact on net income as
reported by the lines of business or by the Firm as a whole. The impact of these adjustments are summarized below. For additional information about managed basis, please refer to the Glossary of Terms on page 37.
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
CREDIT CARD INCOME
Credit card income - reported
Impact of:
Credit card securitizations
Credit card income - managed
OTHER INCOME
Other income - reported
Impact of:
Tax-equivalent adjustments
Other income - managed
TOTAL NONINTEREST REVENUE
Total noninterest revenue - reported
Impact of:
Credit card securitizations
Tax-equivalent adjustments
Total noninterest revenue - managed
NET INTEREST INCOME
Net interest income - reported
Impact of:
Credit card securitizations
Tax-equivalent adjustments
Net interest income - managed
TOTAL NET REVENUE
Total net revenue - reported
Impact of:
Credit card securitizations
Tax-equivalent adjustments
Total net revenue - managed
PRE-PROVISION PROFIT
Total pre-provision profit - reported
Impact of:
Credit card securitizations
Tax-equivalent adjustments
Total pre-provision profit - managed
PROVISION FOR CREDIT LOSSES
Provision for credit losses - reported
Impact of:
Credit card securitizations
Provision for credit losses - managed
INCOME TAX EXPENSE
Income tax expense (benefit) - reported
Impact of:
Tax-equivalent adjustments
Income tax expense (benefit) - managed
2Q09
1Q09
4Q08
3Q08
2Q09
1,771
3Q08
(1) %
2009
$
1,710
$
1,719
$
1,837
$
2,049
$
$
(285)
1,425
$
(294)
1,425
$
(540)
1,297
$
(710)
1,339
$
(843)
928
3
-
$
625
$
10
$
50
$
593
$
(115)
NM
$
371
996
$
335
345
$
337
387
$
556
1,149
$
323
208
11
189
15
379
$
13,885
$
12,953
$
11,658
$
3,394
$
5,743
7
142
$
(285)
371
13,971
$
(294)
335
12,994
$
(540)
337
11,455
$
(710)
556
3,240
$
(843)
323
5,223
3
11
8
$
12,737
$
12,670
$
13,367
$
13,832
$
8,994
$
1,983
89
14,809
$
1,958
87
14,715
$
2,004
96
15,467
$
1,938
98
15,868
$
1,716
155
10,865
$
26,622
$
25,623
$
25,025
$
17,226
$
14,737
$
1,698
460
28,780
$
1,664
422
27,709
$
1,464
433
26,922
$
1,228
654
19,108
$
873
478
16,088
$
13,167
$
12,103
$
11,652
$
5,971
$
3,600
9
266
$
1,698
460
15,325
$
1,664
422
14,189
$
1,464
433
13,549
$
1,228
654
7,853
$
873
478
4,951
2
9
8
95
(4)
210
$
8,104
$
8,031
$
8,596
$
7,313
$
5,787
1
$
1,698
9,802
$
1,664
9,695
$
1,464
10,060
$
1,228
8,541
$
873
6,660
$
1,551
$
1,351
$
915
$
(719)
$
$
460
2,011
$
422
1,773
$
433
1,348
$
654
(65)
$
2009 Change
2008
2008
(3) %
$
5,266
$
5,370
66
54
$
(1,119)
4,147
$
(2,623)
2,747
57
51
NM
$
685
$
1,576
(57)
$
1,043
1,728
$
773
2,349
35
(26)
$
38,496
$
25,079
53
66
15
167
$
(1,119)
1,043
38,420
$
(2,623)
773
23,229
57
35
65
1
42
$
38,774
$
24,947
55
1
2
1
16
(43)
36
$
5,945
272
44,991
$
5,007
481
30,435
19
(43)
48
4
81
$
77,270
$
50,026
54
2
9
4
95
(4)
79
$
4,826
1,315
83,411
$
2,384
1,254
53,664
102
5
55
$
36,922
$
17,781
108
$
4,826
1,315
43,063
$
2,384
1,254
21,419
102
5
101
40
$
24,731
$
13,666
81
2
1
95
47
$
4,826
29,557
$
2,384
16,050
102
84
(2,133)
15
NM
$
3,817
$
478
(1,655)
9
13
(4)
NM
$
1,315
5,132
$
(207)
1,254
1,047
(2) %
NM
5
390
Page 6
8. JPMORGAN CHASE & CO.
LINE OF BUSINESS FINANCIAL HIGHLIGHTS - MANAGED BASIS
(in millions, except ratio data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
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
$
$
$
$
$
$
$
$
2Q09
7,508
8,218
5,159
1,459
1,788
2,085
2,563
28,780
3,234
4,022
3,853
914
508
734
2,060
15,325
1,921
7
(700)
341
302
430
1,287
3,588
33,000
25,000
15,000
8,000
5,000
7,000
56,468
149,468
23 %
(19)
17
24
24
$
$
$
$
$
$
$
$
1Q09
7,301
7,970
4,868
1,453
1,900
1,982
2,235
27,709
3,234
3,891
3,535
918
612
628
1,371
14,189
1,471
15
(672)
368
379
352
808
2,721
33,000
25,000
15,000
8,000
5,000
7,000
47,865
140,865
18 %
(18)
18
30
20
$
$
$
$
$
$
$
$
4Q08
8,371
8,835
5,129
1,402
1,821
1,703
(339)
26,922
3,597
4,664
3,783
849
502
405
(251)
13,549
1,606
474
(547)
338
308
224
(262)
2,141
33,000
25,000
15,000
8,000
5,000
7,000
43,493
136,493
20 %
8
(15)
17
25
13
$
$
$
$
$
$
$
$
3Q08
(272)
8,684
4,908
1,479
2,249
1,658
402
19,108
(3,013)
4,638
3,419
980
910
445
474
7,853
(2,364)
624
(371)
480
533
255
1,545
702
33,000
25,000
15,000
8,000
4,500
7,000
46,257
138,757
(28) %
10
(10)
24
47
14
$
$
$
$
$
$
$
$
2Q09
4,066
4,963
3,887
1,125
1,953
1,961
(1,867)
16,088
3Q08
3 %
3
6
(6)
5
15
4
2009
85 %
66
33
30
(8)
6
NM
79
250
2,184
2,693
639
614
599
(2,028)
4,951
3
9
(17)
17
50
8
NM
84
43
43
(17)
23
NM
210
882
64
292
312
406
351
(1,780)
527
31
(53)
(4)
(7)
(20)
22
59
32
118
(89)
NM
9
(26)
23
NM
NM
18
6
27
47
6
14
43
27
5
18
26,000
17,000
14,100
7,000
3,500
5,500
53,540
126,640
13
1
8
18
46
25
%
$
$
$
$
$
$
$
$
2009 Change
2008
2008
23,180
25,023
15,156
4,314
5,509
5,770
4,459
83,411
10,065
12,577
11,171
2,681
1,622
1,767
3,180
43,063
4,998
496
(1,919)
1,047
989
1,006
1,833
8,450
33,000
25,000
15,000
8,000
5,000
7,000
49,322
142,322
20 %
3
(17)
17
26
19
$
$
$
$
$
$
$
$
12,607
14,836
11,566
3,298
5,885
5,926
(454)
53,664
84 %
69
31
31
(6)
(3)
NM
55
1,504
6,805
7,915
1,851
2,001
1,841
(498)
21,419
NM
85
41
45
(19)
(4)
NM
101
1,189
256
1,151
959
1,234
1,102
(988)
4,903
320
94
NM
9
(20)
(9)
NM
72
23,781
17,000
14,100
7,000
3,500
5,190
55,307
125,878
7
2
11
18
47
28
39
47
6
14
43
35
(11)
13
%
(a) In the second quarter of 2009, Investment Bank ("IB") began reporting credit reimbursement from TSS as a component of total net revenue, whereas TSS continues to report its credit reimbursement to IB as a separate line item on its income statement
(not part of total net revenue). Corporate/Private Equity includes an adjustment to offset IB's inclusion of the credit reimbursement in total net revenue. Prior periods have been revised for IB and Corporate/Private Equity to reflect this presentation.
(b) Each business segment is allocated capital by taking into consideration stand-alone peer comparisons, economic risk measures and regulatory capital requirements. The amount of capital assigned to each business is referred to as equity.
Page 7
9. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
INCOME STATEMENT
REVENUE
Investment banking fees
Principal transactions
Lending & 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
2Q09
1,658
2,714
185
633
63
5,253
2,255
7,508
$
1Q09
2,239
1,841
167
717
(108)
4,856
2,445
7,301
$
4Q08
1,380
3,515
138
692
(56)
5,669
2,702
8,371
$
3Q08
1,373
(6,160)
138
764
139
(3,746)
3,474
(272)
$
2Q09
1,593
(922)
118
847
(248)
1,388
2,678
4,066
379
871
1,210
765
234
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
TOTAL NONINTEREST EXPENSE
2,778
1,496
4,274
2,677
1,390
4,067
3,330
1,444
4,774
1,166
1,575
2,741
2,162
1,654
3,816
Income (loss) before income tax expense
Income tax expense (benefit) (c)
NET INCOME (LOSS)
2,855
934
1,921
2,363
892
1,471
2,387
781
1,606
(3,778)
(1,414)
(2,364)
$
FINANCIAL RATIOS
ROE
ROA
Overhead ratio
Compensation expense as a % of total net revenue
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
REVENUE BY REGION (a)
Americas
Europe/Middle East/Africa
Asia/Pacific
Total net revenue
$
23 %
1.12
57
37
$
$
$
$
384
681
593
1,658
5,011
941
(102)
7,508
3,913
2,855
740
7,508
$
18 %
0.83
56
37
$
$
$
$
393
1,103
743
2,239
4,929
708
(575)
7,301
4,177
2,235
889
7,301
$
20 %
0.89
57
40
$
$
$
$
479
308
593
1,380
4,889
1,773
329
8,371
4,800
2,595
976
8,371
$
(28) %
(1.08)
NM
NM
$
$
$
$
579
330
464
1,373
(1,671)
(94)
120
(272)
(2,203)
2,026
(95)
(272)
16
(866)
882
3Q08
(26) %
47
11
(12)
NM
8
(8)
3
2009
4 %
NM
57
(25)
NM
278
(16)
85
$
$
$
$
5,277
8,070
490
2,042
(101)
15,778
7,402
23,180
$
4,534
(882)
325
2,300
(480)
5,797
6,810
12,607
16 %
NM
51
(11)
79
172
9
84
(56)
62
2,460
1,250
97
4
8
5
28
(10)
12
8,785
4,330
13,115
6,535
4,568
11,103
34
(5)
18
21
5
31
NM
NM
118
7,605
2,607
4,998
$
13 %
0.39
94
53
$
2009 Change
2008
2008
$
20 %
0.94
57
38
576
518
499
1,593
815
1,650
8
4,066
(2)
(38)
(20)
(26)
2
33
82
3
(33)
31
19
4
NM
(43)
NM
85
1,072
2,517
477
4,066
(6)
28
(17)
3
265
13
55
85
$
$
$
$
1,256
2,092
1,929
5,277
14,829
3,422
(348)
23,180
12,890
7,685
2,605
23,180
254
(935)
1,189
NM
NM
320
7 %
0.19
88
52
$
$
$
$
1,429
1,419
1,686
4,534
3,628
3,705
740
12,607
(12)
47
14
16
309
(8)
NM
84
4,813
5,684
2,110
12,607
168
35
23
84
(a) Treasury & Securities Services ("TSS") was charged a credit reimbursement related to certain exposures managed within the Investment Bank credit portfolio on behalf of clients shared with TSS. IB recognizes this credit reimbursement
in its credit portfolio business in all other income. Prior periods have been revised to conform with the current presentation.
(b) Total net revenue included tax-equivalent adjustments, predominantly due to income tax credits related to affordable housing and alternative energy investments, as well as, tax-exempt income from municipal bond investments, of $371 million,
$334 million, $365 million, $583 million, and $427 million for the quarters ended September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively, and $1.1 billion for both year-to-date 2009
and 2008.
(c) The income tax benefit in the third quarter of 2008 is predominantly the result of reduced deferred tax liabilities on overseas earnings.
Page 8
10. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
SELECTED BALANCE SHEET DATA (Period-end)
Loans:
Loans retained (a)
Loans held-for-sale & 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 & 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)
Allowance for loan losses to period-end loans retained (a)
Allowance for loan losses to average loans retained (a) (d)
Allowance for loan losses to nonperforming loans retained (c)
Nonperforming loans to total period-end loans
Nonperforming loans to total average loans
1Q09
4Q08
3Q08
2Q09
$
55,703
4,582
60,285
33,000
$
64,500
6,814
71,314
33,000
$
66,506
10,993
77,499
33,000
$
71,357
13,660
85,017
33,000
$
73,347
16,667
90,014
33,000
$
678,796
270,695
86,651
$
710,825
265,336
100,536
$
733,166
272,998
125,021
$
869,159
306,168
153,875
$
3Q08
2009
2009 Change
2008
2008
(14) %
(33)
(15)
-
(24) %
(73)
(33)
-
$
55,703
4,582
60,285
33,000
$
73,347
16,667
90,014
33,000
(24) %
(73)
(33)
-
890,040
360,821
105,462
(5)
2
(14)
(24)
(25)
(18)
$
707,396
269,668
103,929
$
820,497
365,802
98,390
(14)
(26)
6
61,269
4,981
66,250
515,718
33,000
$
68,224
8,934
77,158
531,632
33,000
70,041
12,402
82,443
589,163
33,000
73,110
16,378
89,488
685,242
33,000
69,022
17,612
86,634
694,459
26,000
(10)
(44)
(14)
(3)
-
(11)
(72)
(24)
(26)
27
66,479
8,745
75,224
545,235
33,000
73,107
19,215
92,322
677,945
23,781
(9)
(54)
(19)
(20)
39
24,828
Headcount
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (recoveries)
Nonperforming assets:
Nonperforming loans:
Nonperforming loans retained (a)
Nonperforming loans held-for-sale & loans at fair value
Total nonperforming loans
2Q09
25,783
26,142
27,938
30,993
(4)
(20)
24,828
30,993
(20)
13
73
NM
18
NM
750
$
433
$
36
$
87
$
$
1,219
$
4,782
128
4,910
3,407
112
3,519
1,738
57
1,795
1,143
32
1,175
404
32
436
40
14
40
NM
300
NM
4,782
128
4,910
404
32
436
NM
300
NM
624
248
5,782
704
311
4,534
1,010
236
3,041
1,079
247
2,501
34
113
583
(11)
(20)
28
NM
119
NM
624
248
5,782
34
113
583
NM
119
NM
4,703
401
5,104
5,101
351
5,452
4,682
295
4,977
3,444
360
3,804
2,654
463
3,117
(8)
14
(6)
77
(13)
64
4,703
401
5,104
2,654
463
3,117
77
(13)
64
4.86 %
8.44
7.68
98
8.14
7.41
2.55 %
7.91
7.48
150
4.93
4.56
0.21 %
7.04
6.68
269
2.32
2.18
0.47 %
4.83
4.71
301
1.38
1.31
0.07 %
3.62
3.85
657
0.48
0.50
2.45 %
8.44
7.07
98
8.14
6.53
0.03 %
3.62
3.63
657
0.48
0.47
(a) Loans retained included credit portfolio loans, leveraged leases and other accrual loans, and excluded loans held-for-sale and loans accounted for at fair value.
(b) Adjusted assets, a non-GAAP financial measure, equals total assets minus (1) securities purchased under resale agreements and securities borrowed less securities sold, not yet purchased; (2) assets of consolidated variable interest
entities ("VIEs"); (3) cash and securities segregated and on deposit for regulatory and other purposes; (4) goodwill and intangibles; (5) securities received as collateral; and (6) investments purchased under the Asset-Backed
Commercial Paper Money Market Mutual Fund Liquidity Facility. The amount of adjusted assets is presented to assist the reader in comparing the Investment Bank's ("IB") asset and capital levels to other investment banks in the
securities industry. Asset-to-equity leverage ratios are commonly used as one measure to assess a company’s capital adequacy. IB believes an adjusted asset amount that excludes the assets discussed above, which were considered
to have a low risk profile, provides a more meaningful measure of balance sheet leverage in the securities industry.
(c) Nonperforming loans excluded distressed loans held-for-sale that were purchased as part of IB's proprietary activities.
(d) Excluding the impact of a loan originated in March 2008 to Bear Stearns, the adjusted ratio would be 3.76% for year-to-date 2008. The average balance of the loan extended to Bear Stearns was $2.6 billion for year-to-date 2008.
Page 9
11. JPMORGAN CHASE & CO.
INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and rankings data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
MARKET RISK - AVERAGE TRADING AND CREDIT PORTFOLIO
VAR - 99% CONFIDENCE LEVEL (a)
Trading activities:
Fixed income
$
Foreign exchange
Equities
Commodities and other
Diversification (b)
Total trading VaR (c)
Credit portfolio VaR (d)
Diversification (b)
Total trading and credit portfolio VaR
$
2Q09
243
30
28
38
(134)
205
50
(49)
206
$
$
1Q09
249
26
77
34
(136)
250
133
(116)
267
September 30, 2009 YTD
MARKET SHARES AND RANKINGS (e)
Global debt, equity and equity-related
Global syndicated loans
Global long-term debt (f)
Global equity and equity-related (g)
Global announced M&A (h)
U.S. debt, equity and equity-related
U.S. syndicated loans
U.S. long-term debt (f)
U.S. equity and equity-related (g)
U.S. announced M&A (h)
Market Share
10%
9%
9%
15%
25%
15%
23%
14%
18%
33%
Rankings
#1
#1
#1
#1
#4
#1
#1
#1
#1
#4
$
$
4Q08
218
40
162
28
(159)
289
182
(135)
336
$
3Q08
276
55
87
30
(146)
302
165
(140)
327
$
$
$
2Q09
183
20
80
41
(104)
220
47
(49)
218
3Q08
(2) %
15
(64)
12
1
(18)
(62)
58
(23)
2009
33 %
50
(65)
(7)
(29)
(7)
6
(6)
$
$
2009 Change
2008
2008
237
32
88
34
(144)
247
120
(99)
268
$
$
150
27
47
33
(95)
162
38
(39)
161
58 %
19
87
3
(52)
52
216
(154)
66
Full Year 2008
Market Share
9%
11%
9%
10%
28%
15%
25%
15%
11%
35%
Rankings
#1
#1
#3
#1
#2
#2
#1
#2
#1
#2
(a) Results for year-to-date 2008 include four months of the combined Firm’s (JPMorgan Chase & Co.’s and Bear Stearns’) results and five months of heritage JPMorgan Chase & Co results.
(b) Average VaRs were less than the sum of the VaRs of their market risk components, which was due to risk offsets resulting from portfolio diversification. The diversification effect reflected the fact that the risks were not perfectly correlated.
The risk of a portfolio of positions is usually less than the sum of the risks of the positions themselves.
(c) Trading VaR includes predominantly all trading activities in IB; however, particular risk parameters of certain products are not fully captured, for example, correlation risk. Trading VaR does not include VaR related to held-for-sale funded
loans and unfunded commitments, nor the debit valuation adjustments ("DVA") taken on derivative and structured liabilities to reflect the credit quality of the Firm. Trading VaR also does not include the MSR portfolio or VaR related
to other corporate functions, such as Corporate/Private Equity. Beginning in the fourth quarter of 2008, trading VaR includes the estimated credit spread sensitivity of certain mortgage products.
(d) Includes VaR on derivative credit valuation adjustments ("CVA"), hedges of the CVA and mark-to-market hedges of the retained loan portfolio, which are all reported in principal transactions revenue. This VaR does not include the retained
loan portfolio.
(e) Source: Thomson Reuters. Full year 2008 results are pro forma for the Bear Stearns merger.
(f) Includes asset-backed securities, mortgage-backed securities and municipal securities.
(g) Includes rights offerings; U.S. domiciled equity and equity-related transactions.
(h) Global announced M&A is based upon rank value; all other rankings are based upon 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%.
Global and U.S. announced M&A market share and rankings for 2008 include transactions withdrawn since December 31, 2008. U.S. announced M&A represents any U.S. involvement ranking.
Page 10
12. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
INCOME STATEMENT
REVENUE
Lending & 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
$
2Q09
1,046
408
873
416
321
3,064
5,154
8,218
$
1Q09
1,003
425
807
411
294
2,940
5,030
7,970
$
4Q08
948
435
1,633
367
214
3,597
5,238
8,835
$
3Q08
1,050
412
1,962
367
183
3,974
4,710
8,684
$
2Q09
538
346
438
204
206
1,732
3,231
4,963
3Q08
4 %
(4)
8
1
9
4
2
3
2009
94 %
18
99
104
56
77
60
66
$
2009 Change
2008
2008
2,997
1,268
3,313
1,194
829
9,601
15,422
25,023
$
1,496
1,098
1,659
572
556
5,381
9,455
14,836
100 %
15
100
109
49
78
63
69
Provision for credit losses
3,988
3,846
3,877
3,576
2,056
4
94
11,711
6,329
85
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
1,728
2,385
83
4,196
1,631
2,365
83
4,079
1,631
2,457
83
4,171
1,604
2,345
97
4,046
1,120
1,559
100
2,779
6
1
3
54
53
(17)
51
4,990
7,207
249
12,446
3,464
4,267
300
8,031
44
69
(17)
55
128
64
64
(24)
(10)
(53)
(73)
(58)
(89)
Income before income tax expense
Income tax expense
NET INCOME
$
FINANCIAL RATIOS
ROE
Overhead ratio
Overhead ratio excluding core deposit intangibles (a)
SELECTED BALANCE SHEET DATA (Period-end)
Assets
Loans:
Loans retained
Loans held-for-sale & loans at fair value (b)
Total loans
Deposits
Equity
SELECTED BALANCE SHEET DATA (Average)
Assets
Loans:
Loans retained
Loans held-for-sale & loans at fair value (b)
Total loans
Deposits
Equity
Headcount
34
27
7
$
%
51
50
$
397,673
401,620
$
%
51
50
$
346,765
14,303
361,068
361,046
25,000
$
45
30
15
399,916
410,228
$
8 %
47
46
$
353,934
13,192
367,126
371,241
25,000
$
787
313
474
412,505
423,472
$
10 %
47
45
$
364,220
12,529
376,749
380,140
25,000
$
1,062
438
624
419,831
1 %
56
54
$
423,699
$
866
370
496
476
220
256
$
3 %
50
49
426,435
(1)
(7)
371,153
10,223
381,376
353,660
25,000
368,786
9,996
378,782
360,451
25,000
$
$
(2)
8
(2)
(3)
-
(7)
40
(5)
2
-
265,367
(2)
51
$
397,673
2 %
54
52
$
411,693
$
426,435
(7)
371,153
10,223
381,376
353,660
25,000
346,765
14,303
361,068
361,046
25,000
$
82
68
94
(7)
40
(5)
2
-
264,400
56
349,762
19,025
368,787
366,944
25,000
359,372
19,043
378,415
377,259
25,000
366,925
16,526
383,451
370,278
25,000
369,172
13,848
383,020
358,523
25,000
222,640
16,037
238,677
222,180
17,000
(3)
(3)
(3)
-
57
19
55
65
47
358,623
18,208
376,831
371,482
25,000
219,464
18,116
237,580
224,731
17,000
63
1
59
65
47
106,951
103,733
100,677
102,007
101,826
3
5
106,951
101,826
5
(a) 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 results in a higher overhead ratio in the earlier years and a lower overhead ratio in later years; this method would result in an improving overhead ratio over time, all things remaining equal. This non-GAAP ratio
excludes Retail Banking's core deposit intangibles amortization expense related to the 2006 Bank of New York transaction and the 2004 Bank One merger of $83 million, $82 million, $83 million, $97 million, and $99 million, for the quarters
ending September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively, and $248 million and $297 million for year-to-date 2009 and 2008, respectively.
(b) 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 $12.8 billion, $11.3 billion,
$8.9 billion, $8.0 billion, and $8.6 billion, at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively. Average balances of these loans totaled $17.7 billion, $16.2 billion, $13.4 billion,
$12.0 billion, and $14.5 billion, for the quarters ended September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively, and $15.8 billion and $14.9 billion for year-to-date 2009
and 2008, respectively.
Page 11
13. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonperforming loans:
Nonperforming loans retained
Nonperforming loans held-for-sale and loans at fair value
Total nonperforming loans (a) (b) (c)
Nonperforming assets (a) (b) (c)
Allowance for loan losses
Net charge-off rate
Net charge-off rate excluding purchased credit-impaired loans (d)
Allowance for loan losses to ending loans retained
Allowance for loan losses to ending loans retained excluding purchased credit-impaired loans (d)
Allowance for loan losses to nonperforming loans retained (a) (d)
Nonperforming loans to total loans
Nonperforming loans to total loans excluding purchased credit-impaired loans (a)
$
2Q09
2,550
10,091
242
10,333
11,883
13,286
2.89 %
3.81
3.83
4.63
121
2.86
3.72
$
1Q09
2,649
8,792
203
8,995
10,554
11,832
2.96 %
3.89
3.34
4.41
135
2.45
3.19
$
4Q08
2,176
7,714
264
7,978
9,846
10,619
2.41 %
3.16
2.92
3.84
138
2.12
2.76
$
3Q08
1,701
6,548
236
6,784
9,077
8,918
1.83 %
2.41
2.42
3.19
136
1.79
2.34
$
2Q09
3Q08
2009
1,326
(4) %
92 %
5,517
207
5,724
8,085
7,517
15
19
15
13
12
$
83
17
81
47
77
2.37 %
2.37
2.03
2.56
136
1.50
1.88
2009 Change
2008
2008
7,375
10,091
242
10,333
11,883
13,286
2.75 %
3.62
3.83
4.63
121
2.86
3.72
$
3,176
132 %
5,517
207
5,724
8,085
7,517
83
17
81
47
77
1.93 %
1.93
2.03
2.56
136
1.50
1.88
(a) Excludes purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans are accounted for on a pool basis and the pools are considered to be performing.
(b) Certain of these loans are classified as trading assets on the Consolidated Balance Sheets.
(c) Nonperforming loans and assets excluded: (1) mortgage loans insured by U.S. government agencies of $7.0 billion, $4.2 billion, $4.2 billion, $3.0 billion, and $1.4 billion, at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008,
and September 30, 2008, respectively; and (2) real estate owned insured by U.S. government agencies of $579 million, $508 million, $433 million, $364 million, and $370 million at September 30, 2009, June 30, 2009, March 31, 2009,
December 31, 2008, and September 30, 2008, 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, of $511 million,
$473 million, $433 million, $437 million, and $405 million, at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively. These amounts for mortgage and student loans are excluded,
as reimbursement is proceeding normally.
(d) Excludes the impact of purchased credit-impaired 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 $1.1 billion has been recorded for these loans as of September 30, 2009. No allowance for loan
losses was recorded as of June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively.
Page 12
14. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
2Q09
1Q09
4Q08
3Q08
2Q09
3Q08
2009
2009 Change
2008
2008
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)
Business banking origination volume
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
1,844
2,732
4,576
208
2,646
1,722
1,043
$
$
58 %
56
1,803
2,719
4,522
361
2,557
1,604
970
$
$
57 %
55
1,718
2,614
4,332
325
2,580
1,427
863
$
$
60 %
58
1,834
2,687
4,521
268
2,533
1,720
1,040
$
$
56 %
54
1,089
1,756
2,845
70
1,580
1,195
723
2 %
1
(42)
3
7
8
69 %
56
61
197
67
44
44
$
$
56 %
52
5,365
8,065
13,430
894
7,783
4,753
2,876
$
$
58 %
56
3,117
4,972
8,089
181
4,699
3,209
1,942
72 %
62
66
394
66
48
48
58 %
54
$
0.5
17.4
$
0.6
17.8
$
0.5
18.2
$
0.8
18.4
$
1.2
18.6
(17)
(2)
(58)
(6)
$
1.6
17.4
$
4.7
18.6
(66)
(6)
$
115.5
151.6
66.6
333.7
17.7
$
114.1
150.4
78.9
343.4
18.0
$
113.9
152.4
86.5
352.8
18.4
$
109.2
144.0
89.1
342.3
18.2
$
106.7
146.4
85.8
338.9
16.6
1
1
(16)
(3)
(2)
8
4
(22)
(2)
7
$
115.5
151.6
66.6
333.7
18.0
$
106.7
146.4
85.8
338.9
16.2
8
4
(22)
(2)
11
$
$
$
$
$
$
$
$
$
$
114.0
$
151.2
74.4
339.6
2.99 %
28.1
$
114.2
$
151.2
82.7
348.1
2.92 %
29.1
$
109.4
$
148.2
88.2
345.8
2.85 %
30.2
$
105.8
$
145.3
88.7
339.8
2.94 %
28.7
$
68.0
105.4
36.7
210.1
3.06 %
25.6
(10)
(2)
68
43
103
62
$
(3)
10
$
208
$
4.66 %
816
$
211
$
4.70 %
686
$
175
$
3.86 %
579
$
168
$
3.67 %
424
$
68
1.63 %
380
(1)
206
$
19
115
$
4,389
18
42
$
5,423
14,389
15,491
5,899
11,682
24,490
(1)
6
6
1
(1)
1
(5)
5
9
(6)
19
4
$
112.6
$
150.1
81.8
344.5
2.92 %
29.1
$
67.5
103.9
41.3
212.7
2.86 %
25.6
67
44
98
62
594
$
4.41 %
816
$
178
1.47 %
380
234
14
115
RETAIL BRANCH BUSINESS METRICS
Investment sales volume
Number of:
Branches
ATMs
Personal bankers
Sales specialists
Active online customers (in thousands)
Checking accounts (in thousands)
$
6,243
5,126
15,038
16,941
5,530
13,852
25,546
$
5,292
5,203
14,144
15,959
5,485
13,930
25,252
$
4,398
5,186
14,159
15,544
5,454
12,882
24,984
$
3,956
5,474
14,568
15,825
5,661
11,710
24,499
$
15,933
$
5,126
15,038
16,941
5,530
13,852
25,546
13,684
16
5,423
14,389
15,491
5,899
11,682
24,490
(5)
5
9
(6)
19
4
(a) Retail Banking 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 results in a higher overhead ratio in the earlier years and a lower overhead ratio in later years; this method would result in an improving overhead ratio over time, all things remaining equal. This non-GAAP ratio
excludes Retail Banking's core deposit intangibles amortization expense related to the 2006 Bank of New York transaction and the 2004 Bank One merger of $83 million, $82 million, $83 million, $97 million, and $99 million, for the quarters
ending September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively, and $248 million and $297 million for year-to-date 2009 and 2008, respectively.
Page 13
15. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
2Q09
1Q09
4Q08
3Q08
2Q09
3Q08
2009
2009 Change
2008
2008
CONSUMER LENDING
Noninterest revenue
Net interest income
Total net revenue
Provision for credit losses
Noninterest expense
Income (loss) before income tax expense
Net income (loss)
$
$
Overhead ratio
BUSINESS METRICS (in billions)
LOANS EXCLUDING PURCHASED CREDIT-IMPAIRED LOANS (a)
End-of-period loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Student loans
Auto loans
Other
Total end-of-period loans
Average loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Student loans
Auto loans
Other
Total average loans
PURCHASED CREDIT-IMPAIRED LOANS (a)
End-of-period loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total end-of-period loans
Average loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total average loans
TOTAL CONSUMER LENDING PORTFOLIO
End-of-period loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Student loans
Auto loans
Other
Total end-of-period loans
Average loans owned:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Student loans
Auto loans
Other
Total average loans owned (b)
1,220
2,422
3,642
3,780
1,550
(1,688)
(1,036)
$
$
43 %
1,137
2,311
3,448
3,485
1,522
(1,559)
(955)
$
$
44 %
1,879
2,624
4,503
3,552
1,591
(640)
(389)
$
$
35 %
2,140
2,023
4,163
3,308
1,513
(658)
(416)
$
$
36 %
643
1,475
2,118
1,986
1,199
(1,067)
(659)
7 %
5
6
8
2
(8)
(8)
90 %
64
72
90
29
(58)
(57)
$
$
57 %
4,236
7,357
11,593
10,817
4,663
(3,887)
(2,380)
$
$
40 %
2,264
4,483
6,747
6,148
3,332
(2,733)
(1,686)
87 %
64
72
76
40
(42)
(41)
49 %
$
104.8
60.1
13.3
8.9
15.5
44.3
0.8
247.7
$
108.2
62.1
13.8
9.0
15.6
42.9
1.0
252.6
$
111.7
65.4
14.6
9.0
17.3
43.1
1.0
262.1
$
114.3
65.2
15.3
9.0
15.9
42.6
1.3
263.6
$
116.8
63.0
18.1
19.0
15.3
43.3
1.0
276.5
(3)
(3)
(4)
(1)
(1)
3
(20)
(2)
(10)
(5)
(27)
(53)
1
2
(20)
(10)
$
104.8
60.1
13.3
8.9
15.5
44.3
0.8
247.7
$
116.8
63.0
18.1
19.0
15.3
43.3
1.0
276.5
(10)
(5)
(27)
(53)
1
2
(20)
(10)
$
106.6
60.6
13.6
8.9
15.2
43.3
0.9
249.1
$
110.1
63.3
14.3
9.1
16.7
43.1
1.0
257.6
$
113.4
65.4
14.9
8.8
17.0
42.5
1.5
263.5
$
114.6
65.0
15.7
9.0
15.6
42.9
1.5
264.3
$
94.8
39.7
14.2
14.1
43.9
0.9
207.6
(3)
(4)
(5)
(2)
(9)
(10)
(3)
12
53
(4)
NM
8
(1)
20
$
110.0
63.1
14.3
8.9
16.3
43.0
1.1
256.7
$
95.0
38.4
15.1
12.9
44.0
1.1
206.5
16
64
(5)
NM
26
(2)
24
$
27.1
20.2
6.1
29.8
83.2
$
27.7
20.8
6.4
30.5
85.4
$
28.4
21.4
6.6
31.2
87.6
$
28.6
21.8
6.8
31.6
88.8
$
26.5
24.7
3.9
22.6
77.7
(2)
(3)
(5)
(2)
(3)
2
(18)
56
32
7
$
27.1
20.2
6.1
29.8
83.2
$
26.5
24.7
3.9
22.6
77.7
2
(18)
56
32
7
$
27.4
20.5
6.2
30.2
84.3
$
28.0
21.0
6.5
31.0
86.5
$
28.4
21.6
6.7
31.4
88.1
$
28.2
21.9
6.8
31.6
88.5
$
-
(2)
(2)
(5)
(3)
(3)
NM
NM
NM
NM
NM
$
27.9
21.1
6.5
30.8
86.3
$
-
NM
NM
NM
NM
NM
$
131.9
80.3
19.4
38.7
15.5
44.3
0.8
330.9
$
135.9
82.9
20.2
39.5
15.6
42.9
1.0
338.0
$
140.1
86.8
21.2
40.2
17.3
43.1
1.0
349.7
$
142.9
87.0
22.1
40.6
15.9
42.6
1.3
352.4
$
143.3
87.7
22.0
41.6
15.3
43.3
1.0
354.2
(3)
(3)
(4)
(2)
(1)
3
(20)
(2)
(8)
(8)
(12)
(7)
1
2
(20)
(7)
$
131.9
80.3
19.4
38.7
15.5
44.3
0.8
330.9
$
143.3
87.7
22.0
41.6
15.3
43.3
1.0
354.2
(8)
(8)
(12)
(7)
1
2
(20)
(7)
$
134.0
81.1
19.8
39.1
15.2
43.3
0.9
333.4
$
138.1
84.3
20.8
40.1
16.7
43.1
1.0
344.1
$
141.8
87.0
21.6
40.2
17.0
42.5
1.5
351.6
$
142.8
86.9
22.5
40.6
15.6
42.9
1.5
352.8
$
94.8
39.7
14.2
14.1
43.9
0.9
207.6
(3)
(4)
(5)
(2)
(9)
(10)
(3)
41
104
39
NM
8
(1)
61
$
137.9
84.2
20.8
39.7
16.3
43.0
1.1
343.0
$
95.0
38.4
15.1
12.9
44.0
1.1
206.5
45
119
38
NM
26
(2)
66
(a) Purchased credit-impaired 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 life of the loan when cash flows are reasonably estimable, even if the underlying loans are contractually past due.
(b) Total average loans include loans held-for-sale of $1.3 billion, $2.8 billion, $3.1 billion, $1.8 billion, and $1.5 billion, for the quarters ended September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008,
respectively, and $2.4 billion and $3.2 billion for year-to-date 2009 and 2008, respectively.
Page 14
16. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
YEAR-TO-DATE
2009 Change
2008
3Q09 Change
3Q09
2Q09
1Q09
4Q08
3Q08
2Q09
3Q08
2009
2008
CONSUMER LENDING (continued)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs excluding purchased credit-impaired loans: (a)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Auto loans
Other
Total net charge-offs
Net charge-off rate excluding purchased credit-impaired loans: (a)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Auto loans
Other
Total net charge-off rate excluding purchased credit-impaired loans (b)
Net charge-off rate - reported:
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Auto loans
Other
Total net charge-off rate - reported (b)
$
30+ day delinquency rate excluding purchased credit-impaired loans (c) (d) (e)
Nonperforming assets (f) (g)
$
Allowance for loan losses to ending loans retained
Allowance for loan losses to ending loans retained excluding purchased credit-impaired loans (a)
1,142
525
422
15
159
79
2,342
$
4.25 %
3.45
12.31
0.67
1.46
2.08
3.75
3.38
2.58
8.46
0.15
1.46
2.08
2.80
5.85
11,068
$
3.74 %
4.56
1,265
481
410
15
146
121
2,438
$
4.61 %
3.07
11.50
0.66
1.36
3.15
3.84
3.67
2.30
7.91
0.15
1.36
3.15
2.87
5.22
9,868
$
3.23 %
4.34
1,098
312
364
4
174
49
2,001
$
770
195
319
207
42
1,533
$
663
177
273
124
21
1,258
3.93 %
1.95
9.91
0.18
1.66
1.25
3.12
2.67 %
1.20
8.08
1.92
1.08
2.32
2.15
0.89
5.64
1.92
1.08
1.74
72 %
197
55
NM
28
276
86
$
2.78 %
1.79
7.65
1.12
0.60
2.43
3.14
1.46
6.83
0.04
1.66
1.25
2.33
(10) %
9
3
9
(35)
(4)
2.78
1.79
7.65
1.12
0.60
2.43
4.73
9,267
$
2.83 %
3.79
4.21
8,653
$
2.36 %
3.16
3.16
7,705
1.95 %
2.50
3,505
1,318
1,196
34
479
249
6,781
$
4.26 %
2.81
11.18
0.51
1.49
2.16
3.57
3.40
2.10
7.69
0.11
1.49
2.16
2.66
12
44
$
5.85
11,068
$
3.74 %
4.56
1,621
331
614
361
71
2,998
116 %
298
95
NM
33
251
126
2.28 %
1.16
5.43
1.10
0.84
1.97
2.28
1.16
5.43
1.10
0.84
1.97
3.16
7,705
1.95 %
2.50
(a) Excludes the impact of purchased credit-impaired 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 $1.1 billion has been recorded for these loans as of September 30, 2009. No allowance for loan
losses was recorded as of June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively.
(b) Average loans held-for-sale of $1.3 billion, $2.8 billion, $3.1 billion, $1.8 billion, and $1.5 billion, for the quarters ended September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively,
and $2.4 billion, and $3.2 billion for year-to-date 2009 and 2008, respectively, were excluded when calculating the net charge-off rate.
(c) Excluded mortgage loans that are insured by U.S. government agencies of $7.7 billion, $5.1 billion, $4.9 billion, $3.5 billion, and $2.2 billion, at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and
September 30, 2008, respectively. These amounts are excluded, as reimbursement is proceeding normally.
(d) Excluded loans that are 30 days past due and still accruing, which are insured by U.S. government agencies under the Federal Family Education Loan Program, of $903 million, $854 million, $770 million, $824 million, and $787 million, at
September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively. These amounts are excluded as reimbursement is proceeding normally.
(e) The delinquency rate for purchased credit-impaired loans was 25.56%, 23.37%, 21.36%, 17.89%, and 13.21% at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively.
(f) Nonperforming assets excluded: (1) mortgage loans insured by U.S. government agencies, of $7.0 billion, $4.2 billion, $4.2 billion, $3.0 billion, and $1.4 billion, at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and
September 30, 2008, respectively; and (2) real estate owned insured by U.S. government agencies of $579 million, $508 million, $433 million, $364 million, and $370 million at September 30, 2009, June 30, 2009, March 31, 2009,
December 31, 2008, and September 30, 2008, 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, of $511 million,
$473 million, $433 million, $437 million, and $405 million, at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively. These amounts for mortgage and student loans are excluded,
as reimbursement is proceeding normally.
(g) Excludes purchased credit-impaired loans that were acquired as part of the Washington Mutual transaction. These loans are accounted for on a pool basis and the pools are considered to be performing.
Page 15
44
17. JPMORGAN CHASE & CO.
RETAIL FINANCIAL SERVICES
FINANCIAL HIGHLIGHTS, CONTINUED
(in billions, except where otherwise noted)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
2Q09
1Q09
4Q08
3Q08
2Q09
3Q08
2009
2009 Change
2008
2008
CONSUMER LENDING (continued)
Origination volume:
Mortgage origination volume by channel
Retail
Wholesale (a)
Correspondent
CNT (negotiated transactions)
Total mortgage origination volume
Home equity
Student loans
Auto loans
Application volume:
Mortgage application volume by channel
Retail
Wholesale (a)
Correspondent
Total mortgage application volume
$
13.3
3.4
18.4
2.0
37.1
0.5
1.5
6.9
$
14.7
2.4
20.2
3.8
41.1
0.6
0.4
5.3
$
13.6
2.6
17.0
4.5
37.7
0.9
1.7
5.6
$
7.6
3.8
13.3
3.4
28.1
1.7
1.0
2.8
$
8.4
5.9
13.2
10.2
37.7
2.6
2.6
3.8
(10) %
42
(9)
(47)
(10)
(17)
275
30
58 %
(42)
39
(80)
(2)
(81)
(42)
82
$
41.6
8.4
55.6
10.3
115.9
2.0
3.6
17.8
$
33.5
25.6
42.2
39.6
140.9
14.6
5.9
16.6
24 %
(67)
32
(74)
(18)
(86)
(39)
7
$
17.8
4.7
23.0
45.5
$
23.0
4.3
26.7
54.0
$
32.7
3.7
27.3
63.7
$
24.2
8.8
21.2
54.2
$
17.1
11.7
18.2
47.0
(23)
9
(14)
(16)
4
(60)
26
(3)
$
73.5
12.7
77.0
163.2
$
64.9
54.2
61.3
180.4
13
(77)
26
(10)
14.9
239.8
1,114.8
16.4
8
(2)
(2)
(7)
21
56
(1)
(17)
15.4
238.8
1,114.8
16.4
5
60
(1)
(17)
66
NM
NM
836
(17)
Average mortgage loans held-for-sale & loans at fair value (b)
Average assets
Third-party mortgage loans serviced (ending)
MSR net carrying value (ending)
SUPPLEMENTAL MORTGAGE FEES AND RELATED INCOME
DETAILS (in millions)
Production revenue
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue
Other changes in fair value
Total operating revenue
Risk management:
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
18.0
373.5
1,098.9
13.6
$
(70)
16.7
381.1
1,117.5
14.6
$
284
14.0
393.3
1,148.8
10.6
$
481
12.2
395.0
1,172.6
9.3
$
62
$
16.2
382.6
1,098.9
13.6
$
695
$
1,220
(712)
508
1,279
(837)
442
1,222
(1,073)
149
1,366
(843)
523
654
(390)
264
(5)
15
15
87
(83)
92
3,721
(2,622)
1,099
1,892
(1,209)
683
97
(117)
61
(1,099)
1,534
435
943
873
3,831
(3,750)
81
523
807
1,310
(307)
1,003
1,152
1,633
(6,950)
8,327
1,377
1,900
1,962
(786)
894
108
372
438
NM
NM
437
80
8
(40)
72
303
153
99
4,042
(2,523)
1,519
2,618
3,313
101
39
140
823
1,659
NM
NM
NM
218
100
(a) Includes rural housing loans sourced through brokers and underwritten under U.S. Department of Agriculture guidelines.
(b) 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 $17.7 billion,
$16.2 billion, $13.4 billion, $12.0 billion, and $14.5 billion, for the quarters ended September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively, and $15.8 billion and $14.9 billion for
year-to-date 2009 and 2008, respectively.
Page 16
18. JPMORGAN CHASE & CO.
CARD SERVICES - MANAGED BASIS
FINANCIAL HIGHLIGHTS
(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
INCOME STATEMENT
REVENUE
Credit card income
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
2Q09
916
(85)
831
4,328
5,159
$
1Q09
921
(364)
557
4,311
4,868
$
4Q08
844
(197)
647
4,482
5,129
$
3Q08
862
(272)
590
4,318
4,908
$
2Q09
633
13
646
3,241
3,887
3Q08
(1) %
77
49
6
2009
45 %
NM
29
34
33
$
2009 Change
2008
2008
2,681
(646)
2,035
13,121
15,156
$
1,906
223
2,129
9,437
11,566
41 %
NM
(4)
39
31
Provision for credit losses
4,967
4,603
4,653
3,966
2,229
8
123
14,223
6,093
133
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
354
829
123
1,306
329
873
131
1,333
357
850
139
1,346
335
979
175
1,489
267
773
154
1,194
8
(5)
(6)
(2)
33
7
(20)
9
1,040
2,552
393
3,985
792
2,377
482
3,651
31
7
(18)
9
$
(1,068)
(396)
(672)
(4)
(5)
(4)
NM
NM
NM
$
(3,052)
(1,133)
(1,919)
$
1,822
671
1,151
NM
NM
NM
$
(268)
84
(54)
$
(491)
$
78
NM
Income (loss) before income tax expense
Income tax expense (benefit)
NET INCOME (LOSS)
$
(1,114)
(414)
(700)
Memo: Net securitization income (loss)
$
(43)
FINANCIAL METRICS
ROE
Overhead ratio
% of average managed outstandings:
Net interest income
Provision for credit losses
Noninterest revenue
Risk adjusted margin (a)
Noninterest expense
Pretax income (loss) (ROO) (b)
Net income (loss)
BUSINESS METRICS
Charge volume (in billions)
Net accounts opened (in millions) (c)
Credit cards issued (in millions)
Number of registered internet customers (in millions)
Merchant acquiring business (d)
Bank card volume (in billions)
Total transactions (in billions)
(a)
(b)
(c)
(d)
(19) %
25
$
(870)
(323)
(547)
$
(180)
(18) %
27
10.15
11.65
1.95
0.45
3.06
(2.61)
(1.64)
$
(547)
(176)
(371)
$
464
172
292
$
(261)
$
(28)
(15) %
26
9.93
10.60
1.28
0.61
3.07
(2.46)
(1.55)
(10) %
30
9.91
10.29
1.43
1.05
2.98
(1.92)
(1.21)
8 %
31
9.17
8.42
1.25
2.00
3.16
(1.16)
(0.79)
(17) %
26
8.18
5.63
1.63
4.19
3.01
1.17
0.74
11 %
32
10.00
10.84
1.55
0.71
3.04
(2.32)
(1.46)
8.15
5.26
1.84
4.73
3.15
1.57
0.99
$
82.6
2.4
146.6
31.3
$
82.8
2.4
151.9
30.5
$
76.0
2.2
159.0
33.8
$
96.0
4.3
168.7
35.6
$
93.9
16.6
171.9
34.3
(3)
3
(12)
(86)
(15)
(9)
$
241.4
7.0
146.6
31.3
$
272.9
23.6
171.9
34.3
(12)
(70)
(15)
(9)
$
103.5
4.5
$
101.4
4.5
$
94.4
4.1
$
135.1
4.9
$
197.1
5.7
2
-
(47)
(21)
$
299.3
13.1
$
578.8
16.5
(48)
(21)
Represents total net revenue less provision for credit losses.
Pretax return on average managed outstandings.
Third quarter of 2008 included approximately 13 million credit card accounts acquired by JPMorgan Chase in the Washington Mutual transaction.
The Chase Paymentech Solutions joint venture was dissolved effective November 1, 2008. JPMorgan Chase retained approximately 51% of the business and operates the business under the name Chase Paymentech Solutions. For
the period January 1, 2008, through October 31, 2008, the data presented represents activity for the Chase Paymentech Solutions joint venture and beyond that date, the data presented represents activity for Chase Paymentech Solutions.
Page 17
19. JPMORGAN CHASE & CO.
CARD SERVICES - MANAGED BASIS
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
2Q09
1Q09
4Q08
3Q08
2Q09
3Q08
2009
2009 Change
2008
2008
SELECTED BALANCE SHEET DATA (Period-end)
Loans:
Loans on balance sheets
Securitized loans
Managed loans
$
78,215
87,028
165,243
$
(9) %
1
(4)
(16) %
(7)
(11)
$
78,215
87,028
165,243
$
$
92,881
93,664
186,545
$
$
104,746
85,571
190,317
$
$
90,911
85,220
176,131
$
$
85,736
85,790
171,526
$
$
$
92,881
93,664
186,545
(16) %
(7)
(11)
Equity
$
15,000
$
15,000
$
15,000
$
15,000
$
15,000
-
-
$
15,000
$
15,000
-
$
192,141
$
193,310
$
201,200
$
203,943
$
169,413
(1)
13
$
195,517
$
163,560
20
$
$
(7)
2
(3)
5
10
7
$
90,154
85,352
175,506
$
$
79,183
78,371
157,554
$
$
98,790
88,505
187,295
$
$
97,783
85,619
183,402
$
$
89,692
84,417
174,109
$
$
83,146
86,017
169,163
$
78,090
76,564
154,654
15
11
13
$
15,000
$
15,000
$
15,000
$
15,000
$
14,100
-
6
$
15,000
$
14,100
6
22,283
-
3
22,283
3
SELECTED BALANCE SHEET DATA (Average)
Managed assets
Loans:
Loans on balance sheets
Securitized loans
Managed average loans
Equity
Headcount
MANAGED CREDIT QUALITY STATISTICS
Net charge-offs
Net charge-off rate (a)
22,850
$
Managed delinquency rates
30+ day (a)
90+ day (a)
Allowance for loan losses (b)
Allowance for loan losses to period-end loans (b) (c)
KEY STATS - WASHINGTON MUTUAL ONLY
Managed loans
Managed average loans
Net interest income (d)
Risk adjusted margin (d) (e)
Net charge-off rate (f)
30+ day delinquency rate (f)
90+ day delinquency rate (f)
KEY STATS - EXCLUDING WASHINGTON MUTUAL
Managed loans
Managed average loans
Net interest income (d)
Risk adjusted margin (d) (e)
Net charge-off rate
30+ day delinquency rate
90+ day delinquency rate
4,392
$
10.30 %
5.99 %
2.76
22,897
4,353
$
10.03 %
5.86 %
3.25
23,759
3,493
$
7.72 %
6.16 %
3.22
24,025
2,616
$
5.56 %
4.97 %
2.34
$
9,297
$
11.89 %
8,839
$
10.31 %
8,849
$
9.73 %
7,692
$
7.34 %
$
21,163
$
22,287
17.04 %
(4.45)
21.94
12.44
6.21
23,093
$
24,418
17.90 %
(3.89)
19.17
11.98
6.85
25,908
$
27,578
16.45 %
4.42
14.57
10.89
5.79
28,250
$
27,703
14.87 %
4.18
12.09
9.14
4.39
144,080
$
146,876
9.10 %
1.19
9.41
5.38
2.48
148,433
$
149,691
8.63 %
1.34
8.97
5.27
2.90
150,223
$
155,824
8.75 %
0.46
6.86
5.34
2.78
162,067
$
159,592
8.18 %
1.62
5.29
4.36
2.09
$
1,979
5.00 %
1
122
22,850
$
5,946
6.40 %
27,235
3.91 %
1.77
5
56
$
9,297
$
11.89 %
(8)
(9)
(22)
NM
$
21,163
$
24,742
17.11 %
(1.01)
18.32
12.44
6.21
7.53 %
3.51
159,310
157,554
8.18 %
4.19
5.00
3.69
1.74
5,543
4.79 %
5.99 %
2.76
3.91 %
1.77
12,238
$
9.32 %
(3)
(2)
(10)
(7)
$
144,080
$
150,764
8.83 %
0.99
8.39
5.38
2.48
121
5,946
6.40 %
27,235
56
(22)
NM
7.53 %
3.51
159,310
154,654
8.15 %
4.73
4.79
3.69
1.74
(10)
(3)
(a) Results reflect the impact of purchase accounting adjustments related to the Washington Mutual transaction and the consolidation of the Washington Mutual Master Trust.
(b) Based on loans on balance sheets ("reported basis").
(c) Includes $3.0 billion and $5.0 billion of loans at September 30, 2009, and June 30, 2009, respectively, from the Washington Mutual Master Trust, which were consolidated onto the Card Services balance sheet at fair value during the second quarter
of 2009. No allowance for loan losses was recorded for these loans as of September 30, 2009, or June 30, 2009. Excluding these loans, the allowance for loan losses to period-end loans was 12.36% and 10.95%, respectively.
(d) As a percentage of average managed outstandings.
(e) Represents total net revenue less provision for credit losses.
(f) Excludes the impact of purchase accounting adjustments related to the Washington Mutual transaction and the consolidation of the Washington Mutual Master Trust.
Page 18
20. JPMORGAN CHASE & CO.
CARD RECONCILIATION OF REPORTED AND MANAGED DATA
(in millions)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
INCOME STATEMENT DATA (a)
Credit card income
Reported
Securitization adjustments
Managed credit card income
Net interest income
Reported
Securitization adjustments
Managed net interest income
Total net revenue
Reported
Securitization adjustments
Managed total net revenue
$
$
$
$
$
$
Provision for credit losses
Reported
Securitization adjustments
Managed provision for credit losses
$
BALANCE SHEETS - AVERAGE BALANCES (a)
Total average assets
Reported
Securitization adjustments
Managed average assets
$
CREDIT QUALITY STATISTICS (a)
Net charge-offs
Reported
Securitization adjustments
Managed net charge-offs
Net charge-off rates
Reported
Securitized
Managed net charge-off rate
$
$
$
$
2Q09
1,201
(285)
916
$
2,345
1,983
4,328
$
$
$
3,461
1,698
5,159
$
3,269
1,698
4,967
$
$
109,362
82,779
192,141
$
$
$
2,694
1,698
4,392
12.85
7.83
10.30
$
$
%
1Q09
1,215
(294)
921
$
2,353
1,958
4,311
$
$
$
3,204
1,664
4,868
$
2,939
1,664
4,603
$
$
111,722
81,588
193,310
$
$
$
2,689
1,664
4,353
12.03
7.91
10.03
$
$
%
4Q08
1,384
(540)
844
$
2,478
2,004
4,482
$
$
$
3,665
1,464
5,129
$
3,189
1,464
4,653
$
$
118,418
82,782
201,200
$
$
$
2,029
1,464
3,493
8.42
6.93
7.72
$
$
%
3Q08
1,553
(691)
862
$
2,408
1,910
4,318
$
$
$
3,689
1,219
4,908
$
2,747
1,219
3,966
$
$
118,290
85,653
203,943
$
$
$
1,397
1,219
2,616
5.63
5.48
5.56
$
$
%
2Q09
1,476
(843)
633
3Q08
(1) %
3
(1)
2009
(19) %
66
45
$
$
1,525
1,716
3,241
1
-
54
16
34
$
3,014
873
3,887
8
2
6
15
95
33
$
1,356
873
2,229
11
2
8
141
95
123
$
93,701
75,712
169,413
(2)
1
(1)
17
9
13
1,106
873
1,979
2
1
144
95
122
5.56
4.43
5.00
%
$
$
$
$
$
$
$
3,800
(1,119)
2,681
$
7,176
5,945
13,121
$
$
$
10,330
4,826
15,156
$
9,397
4,826
14,223
$
$
113,134
82,383
195,517
$
$
$
7,412
4,826
12,238
10.99
7.56
9.32
2009 Change
2008
2008
$
$
%
4,529
(2,623)
1,906
(16) %
57
41
4,430
5,007
9,437
62
19
39
9,182
2,384
11,566
13
102
31
3,709
2,384
6,093
153
102
133
89,594
73,966
163,560
26
11
20
3,159
2,384
5,543
135
102
121
5.40
4.16
4.79
%
(a) JPMorgan Chase uses the concept of “managed receivables” to evaluate the credit performance and overall performance of the underlying credit card loans, both sold and not sold; as the same borrower is continuing to use the credit
card for ongoing charges, a borrower’s credit performance will affect both the receivables sold and those not sold. Thus, in its disclosures regarding managed receivables, JPMorgan Chase treats the sold receivables as
if they were still on the balance sheet in order to disclose the credit performance (such as net charge-off rates) of the entire managed credit card portfolio. Managed results exclude the impact of credit card securitizations on total net
revenue, the provision for credit losses, net charge-offs and loan receivables. Securitization does not change reported net income versus managed earnings; however, it does affect the classification of items on the Consolidated
Statements of Income and Consolidated Balance Sheets.
Page 19
21. JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS
(in millions, except ratio data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
INCOME STATEMENT
REVENUE
Lending & deposit-related fees
Asset management, administration and commissions
All other income (a)
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
2Q09
269
35
170
474
985
1,459
$
1Q09
270
36
152
458
995
1,453
$
4Q08
263
34
125
422
980
1,402
$
3Q08
242
32
102
376
1,103
1,479
$
2Q09
212
29
147
388
737
1,125
3Q08
- %
(3)
12
3
(1)
-
Provision for credit losses
355
312
293
190
126
14
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
196
339
10
545
197
327
11
535
200
342
11
553
164
324
11
499
177
298
11
486
(1)
4
(9)
2
Income before income tax expense
Income tax expense
NET INCOME
559
218
341
606
238
368
556
218
338
790
310
480
513
201
312
MEMO:
Revenue by product:
Lending
Treasury services
Investment banking
Other
Total Commercial Banking revenue
IB revenue, gross (b)
Revenue by business:
Middle Market Banking
Commercial Term Lending (c)
Mid-Corporate Banking
Real Estate Banking (c)
Other (c)
Total Commercial Banking revenue
FINANCIAL RATIOS
ROE
Overhead ratio
$
$
$
675
672
99
13
1,459
$
$
$
$
$
684
679
114
(24)
1,453
301
$
771
232
278
121
57
1,459
$
17
37
$
$
$
%
$
665
646
73
18
1,402
328
$
772
224
305
120
32
1,453
$
18
37
$
$
$
%
(8)
(8)
(7)
9
8
9
1,721
674
1,047
1,577
618
959
9
9
9
(1)
(1)
(13)
NM
-
79
5
14
(28)
30
79
6
16
(77)
31
241
$
252
(8)
752
228
242
120
60
1,402
$
796
243
243
131
66
1,479
$
729
236
91
69
1,125
4
(9)
1
78
-
%
18
43
31 %
30
8
23
35
31
12
14
(14)
13
$
24
34
612
81
412
1,105
2,193
3,298
528
882
37
1,447
206
%
$
593
1,008
32
1,633
$
%
182
802
105
447
1,354
2,960
4,314
11
14
(9)
12
$
$
$
274
377
643
87
18
1,125
$
$
27 %
21
16
22
34
30
2009 Change
2008
2008
960
611
759
88
21
1,479
17
39
$
$
2009
$
$
$
$
2,024
1,997
286
7
4,314
$
1,132
1,889
246
31
3,298
19
$
835
$
725
6
NM
18
33
(17)
30
$
2,295
684
825
361
149
4,314
$
2,143
678
282
195
3,298
$
17
38
$
250
$
%
18
44
15
7
NM
22
28
(24)
31
%
(a) Revenue from investment banking products sold to Commercial Banking ("CB") clients and commercial card revenue is included in all other income.
(b) Represents the total revenue related to investment banking products sold to CB clients.
(c) Includes total net revenue on net assets acquired in the Washington Mutual transaction starting in the period ending December 31, 2008.
Page 20
22. JPMORGAN CHASE & CO.
COMMERCIAL BANKING
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
YEAR-TO-DATE
2009 Change
2008
3Q09 Change
3Q09
SELECTED BALANCE SHEET DATA (Period-end)
Loans:
Loans retained
Loans held-for-sale & loans at fair value
Total loans
Equity
SELECTED BALANCE SHEET DATA (Average)
Total assets
Loans:
Loans retained
Loans held-for-sale & loans at fair value
Total loans
Liability balances (a)
Equity
MEMO:
Loans by business:
Middle Market Banking
Commercial Term Lending (b)
Mid-Corporate Banking
Real Estate Banking (b)
Other (b)
Total Commercial Banking loans
Net charge-off rate
Allowance for loan losses to period-end loans retained
Allowance for loan losses to average loans retained
Allowance for loan losses to nonperforming loans retained
Nonperforming loans to total period-end loans
Nonperforming loans to total average loans
1Q09
4Q08
3Q08
2Q09
3Q08
2009
$
101,608
288
101,896
8,000
$
105,556
296
105,852
8,000
$
110,923
272
111,195
8,000
$
115,130
295
115,425
8,000
$
117,316
313
117,629
8,000
(4) %
(3)
(4)
-
$
130,316
$
137,283
$
144,298
$
149,815
$
101,681
(5)
28
71,901
397
72,298
99,410
7,000
(5)
3
(5)
3
-
44
(25)
44
10
14
43,155
16,491
7,513
5,139
72,298
(5)
(12)
(6)
(2)
(5)
(16)
NM
(9)
54
(14)
44
5,298
(1)
(21)
40
61
NM
9
(14)
9
9
171
NM
173
167
1
10
2
14
57
16
103,752
297
104,049
109,293
8,000
$
$
Headcount
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonperforming loans:
Nonperforming loans retained (c)
Nonperforming loans held-for-sale & loans at fair value
Total nonperforming loans:
Nonperforming assets
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
2Q09
108,750
288
109,038
105,829
8,000
36,200
36,943
14,933
11,547
4,426
104,049
$
$
4,177
$
113,568
297
113,865
114,975
8,000
38,193
36,963
17,012
12,347
4,523
109,038
$
$
4,228
291
$
117,351
329
117,680
114,113
8,000
40,728
36,814
18,416
13,264
4,643
113,865
$
$
4,545
181
$
42,613
37,039
18,169
13,529
6,330
117,680
$
$
5,206
134
$
118
$
2,284
18
2,302
2,461
2,090
21
2,111
2,255
1,531
1,531
1,651
1,026
1,026
1,142
844
844
923
3,063
300
3,363
3,034
272
3,306
2,945
240
3,185
2,826
206
3,032
2,698
191
2,889
1.11
3.01
2.95
134
2.26
2.21
%
0.67
2.87
2.79
145
1.99
1.94
%
0.48
2.65
2.59
192
1.38
1.34
%
0.40
2.45
2.41
275
0.89
0.87
%
0.22 %
2.30
2.32 (d)
320
0.72
0.72 (d)
(13) %
(8)
(13)
-
2008
$
101,608
288
101,896
8,000
$
117,316
313
117,629
8,000
$
137,248
$
102,374
34
70,038
432
70,470
99,430
7,000
55
(32)
55
11
14
42,052
15,669
7,490
5,259
70,470
(9)
NM
7
65
(14)
55
5,298
(21)
108,654
294
108,948
110,012
8,000
$
$
38,357
36,907
16,774
12,380
4,530
108,948
$
$
4,177
$
606
170
256
2,284
18
2,302
2,461
844
844
923
171
NM
173
167
3,063
300
3,363
2,698
191
2,889
0.75 %
3.01
2.82
134
2.26
2.11
$
(13) %
(8)
(13)
-
14
57
16
0.32 %
2.30
3.18 (d)
320
0.72
0.99 (d)
(a) Liability balances include deposits and deposits swept to on-balance sheet liabilities such as commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements.
(b) Includes loans acquired in the Washington Mutual transaction starting in the period ended December 31, 2008.
(c) Allowance for loan losses of $496 million, $460 million, $352 million, $208 million and $135 million were held against nonperforming loans retained for the periods ended September 30, 2009, June 30, 2009, March 31, 2009,
December 31, 2008, and September 30, 2008, respectively.
(d) Average loans in the calculation of this ratio were adjusted to include $44.5 billion of loans acquired from Washington Mutual as if the transaction occurred on July 1, 2008. Excluding this adjustment, the unadjusted allowance
for loan losses-to-average loans retained and nonperforming loans-to-total average loans ratios would have been 3.75% and 1.17%, respectively, for the quarter ended September 30, 2008, and 3.85% and 1.20%, respectively, for the
nine months ended September 30, 2008.
Page 21
23. JPMORGAN CHASE & CO.
TREASURY & SECURITIES SERVICES
FINANCIAL HIGHLIGHTS
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
INCOME STATEMENT
REVENUE
Lending & deposit-related fees
Asset management, administration and commissions
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
Provision for credit losses
Credit reimbursement to IB (a)
2Q09
316
620
201
1,137
651
1,788
$
13
(31)
1Q09
314
710
221
1,245
655
1,900
$
(5)
(30)
4Q08
325
626
197
1,148
673
1,821
$
(6)
(30)
3Q08
304
748
268
1,320
929
2,249
$
45
(30)
2Q09
290
719
221
1,230
723
1,953
18
(31)
3Q08
2009
1 %
(13)
(9)
(9)
(1)
(6)
9 %
(14)
(9)
(8)
(10)
(8)
NM
(3)
(28)
-
$
2009 Change
2008
2008
955
1,956
619
3,530
1,979
5,509
$
2
(91)
842
2,385
649
3,876
2,009
5,885
37
(91)
13 %
(18)
(5)
(9)
(1)
(6)
(95)
-
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
629
633
18
1,280
618
650
20
1,288
629
671
19
1,319
628
692
19
1,339
664
661
14
1,339
2
(3)
(10)
(1)
(5)
(4)
29
(4)
1,876
1,954
57
3,887
1,974
1,864
46
3,884
(5)
5
24
-
Income before income tax expense
Income tax expense
NET INCOME
464
162
302
587
208
379
478
170
308
835
302
533
565
159
406
(21)
(22)
(20)
(18)
2
(26)
1,529
540
989
1,873
639
1,234
(18)
(15)
(20)
946
1,007
1,953
(2)
(10)
(6)
(3)
(14)
(8)
2,711
3,174
5,885
3
(14)
(6)
REVENUE BY BUSINESS
Treasury Services (b)
Worldwide Securities Services (b)
TOTAL NET REVENUE
$
$
$
FINANCIAL RATIOS
ROE
Overhead ratio
Pretax margin ratio (c)
SELECTED BALANCE SHEET DATA (Period-end)
Loans (d)
Equity
SELECTED BALANCE SHEET DATA (Average)
Total assets
Loans (d)
Liability balances (e)
Equity
Headcount
919
869
1,788
$
$
$
24 %
72
26
934
966
1,900
$
$
$
30 %
68
31
931
890
1,821
$
$
$
25 %
72
26
1,068
1,181
2,249
$
$
$
47 %
60
37
$
$
$
46 %
69
29
2,784
2,725
5,509
$
$
$
26 %
71
28
47 %
66
32
$
19,693
5,000
$
17,929
5,000
$
18,529
5,000
$
24,508
4,500
$
40,675
4,500
10
-
(52)
11
$
19,693
5,000
$
40,675
4,500
(52)
11
$
33,117
17,062
231,502
5,000
$
35,520
17,524
234,163
5,000
$
38,682
20,140
276,486
5,000
$
55,515
31,283
336,277
4,500
$
49,386
26,650
259,992
3,500
(7)
(3)
(1)
-
(33)
(36)
(11)
43
$
35,753
18,231
247,219
5,000
$
54,243
24,527
260,882
3,500
(34)
(26)
(5)
43
27,592
(3)
(4)
27,592
(4)
26,389
27,252
26,998
27,070
26,389
(a) The Investment Bank credit portfolio group manages certain exposures on behalf of clients shared with TSS. TSS reimburses IB for a portion of the total cost of managing the credit portfolio. IB recognizes this credit
reimbursement as a component of noninterest revenue.
(b) Reflects an internal reorganization for escrow products, from Worldwide Securities Services to Treasury Services revenue of $38 million, $46 million, $45 million, $75 million, and $49 million for the quarters ended September 30, 2009,
June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively, and $129 million and $148 million for year-to-date 2009 and 2008, respectively.
(c) Pretax margin represents income before income tax expense divided by total net revenue, which is a measure of pretax performance and another basis by which management evaluates its performance and that of its competitors.
(d) Loan balances include wholesale overdrafts, commercial card and trade finance loans.
(e) Liability balances include deposits and deposits swept to on-balance sheet liabilities such as commercial paper, federal funds purchased and securities loaned or sold under repurchase agreements.
Page 22
24. 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 the 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
YEAR-TO-DATE
3Q09 Change
3Q09
TSS FIRMWIDE DISCLOSURES
Treasury Services revenue - reported (a)
Treasury Services revenue reported in Commercial Banking
Treasury Services revenue reported in other lines of business
Treasury Services firmwide revenue (a) (b)
Worldwide Securities Services revenue (a)
Treasury & Securities Services firmwide revenue (b)
Treasury Services firmwide liability balances (average) (c) (d)
Treasury & Securities Services firmwide liability balances (average) (c)
$
$
$
TSS FIRMWIDE FINANCIAL RATIOS
Treasury Services firmwide overhead ratio (e)
Treasury & Securities Services firmwide overhead ratio (e)
FIRMWIDE BUSINESS METRICS
Assets under custody (in billions)
Net charge-off (recovery) rate
Allowance for loan losses to period-end loans
Allowance for loan losses to average loans
Allowance for loan losses to nonperforming loans
Nonperforming loans to period-end loans
Nonperforming loans to average loans
919
672
63
1,654
869
2,523
$
$
$
261,059
340,795
52
62
Number of:
US$ ACH transactions originated (in millions)
Total US$ clearing volume (in thousands)
International electronic funds transfer volume (in thousands) (f)
Wholesale check volume (in millions)
Wholesale cards issued (in thousands) (g)
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (recoveries)
Nonperforming loans
Allowance for loan losses
Allowance for lending-related commitments
2Q09
$
%
14,887
$
$
$
258,312
339,992
$
%
13,748
$
%
$
931
646
62
1,639
890
2,529
$
$
289,645
391,461
$
%
13,532
$
%
$
1,068
759
82
1,909
1,181
3,090
$
$
312,559
450,390
$
%
13,205
$
%
$
946
643
76
1,665
1,007
2,672
3Q08
(2) %
(1)
(1)
(10)
(5)
248,075
359,401
1
-
2009
(3) %
5
(17)
(1)
(14)
(6)
5
(5)
$
%
$
$
$
%
14,417
8
3
(1)
1
3
(7)
6
(3)
(2)
16
(11)
23
47
45
NM
13
NM
(68)
131
0.12
0.18
NM
-
%
$
2,784
1,997
188
4,969
2,725
7,694
$
$
269,568
357,231
$
%
14,887
$
3 %
6
(13)
3
(14)
(4)
247,956
360,302
9
(1)
%
$
%
14,417
3
2,994
86,396
123,302
1,836
21,858
19
14
15
104
0.14
0.08
0.08
107
0.07
0.08
2,711
1,889
217
4,817
3,174
7,991
53
59
2,921
83,983
139,994
1,670
26,977
$
2009 Change
2008
2008
52
61
997
29,277
41,831
595
21,858
30
74
63
0.30
0.24
247
0.12
0.10
2Q09
52
60
1,006
29,346
47,734
572
22,784
2
30
51
77
0.04
0.28
0.25
170
0.16
0.15
3Q08
44
52
978
27,186
44,365
568
23,757
17
14
15
92
0.39
0.08
0.09
107
0.08
0.08
4Q08
53
63
978
28,193
47,096
572
25,501
14
15
104
0.08
0.09
107
0.07
0.08
934
679
63
1,676
966
2,642
51
59
965
28,604
48,533
530
26,977
$
1Q09
(2)
(3)
14
(9)
23
(2)
47
45
NM
NM
(68)
131
(0.01) %
0.12
0.19
NM
-
(a) Reflects an internal reorganization for escrow products, from Worldwide Securities Services to Treasury Services revenue, of $38 million, $46 million, $45 million, $75 million, and $49 million, for the quarters ended September 30, 2009,
June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively, and $129 million and $148 million for year-to-date 2009 and 2008, respectively.
(b) TSS firmwide FX revenue includes 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. These amounts were $154 million, $191 million, $154 million, $271 million, and $196 million, for the quarters ended September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008,
and September 30, 2008, respectively, and $499 million and $609 million for year-to-date 2009 and 2008, respectively.
(c) Firmwide liability balances include liability balances recorded in Commercial Banking.
(d) Reflects an internal reorganization for escrow products, from Worldwide Securities Services to Treasury Services liability balances, of $13.9 billion, $14.9 billion, $18.2 billion, $22.3 billion, and $20.3 billion for the quarters ended
September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, respectively, and $15.6 billion and $21.2 billion for year-to-date 2009 and 2008, respectively.
(e) Overhead ratios have been calculated based upon 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.
(f) International electronic funds transfer includes non-US dollar ACH and clearing volume.
(g) Wholesale cards issued include domestic commercial card, stored value card, prepaid card and government electronic benefit card products.
Page 23
25. JPMORGAN CHASE & CO.
ASSET MANAGEMENT
FINANCIAL HIGHLIGHTS
(in millions, except ratio, ranking and headcount data)
QUARTERLY TRENDS
YEAR-TO-DATE
3Q09 Change
3Q09
INCOME STATEMENT
REVENUE
Asset management, administration and commissions
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
$
Provision for credit losses
REVENUE BY CLIENT SEGMENT
Private Bank
Institutional
Retail
Private Wealth Management
Bear Stearns Private Client Services
Total net revenue
1,443
238
1,681
404
2,085
$
1Q09
1,315
253
1,568
414
1,982
$
4Q08
1,231
69
1,300
403
1,703
$
3Q08
1,362
(170)
1,192
466
1,658
$
2Q09
1,538
43
1,581
380
1,961
3Q08
10 %
(6)
7
(2)
5
2009
(6) %
453
6
6
6
38
$
$
$
FINANCIAL RATIOS
ROE
Overhead ratio
Pretax margin ratio (a)
59
33
32
20
(36)
810
525
19
1,354
800
479
19
1,298
689
504
20
1,213
816
525
21
1,362
6
(10)
-
5
(10)
(10)
(1)
22
23
22
20
17
23
10
15
1
(7)
5
1
10
18
(4)
10
6
696
266
430
639
534
471
339
102
2,085
$
$
$
24 %
65
33
BUSINESS METRICS
Number of:
Client advisors (b)
Retirement planning services participants
Bear Stearns brokers
$
90
858
474
19
1,351
NONINTEREST EXPENSE
Compensation expense
Noncompensation expense
Amortization of intangibles
TOTAL NONINTEREST EXPENSE
Income before income tax expense
Income tax expense
NET INCOME
2Q09
569
217
352
640
487
411
334
110
1,982
$
$
$
20 %
68
29
1,891
1,620,000
365
372
148
224
583
460
253
312
95
1,703
$
$
$
13 %
76
22
1,838
1,595,000
362
413
158
255
630
327
265
330
106
1,658
$
$
$
14 %
73
25
1,872
1,628,000
359
579
228
351
631
486
399
352
93
1,961
1,814
1,492,000
323
3,989
560
4,549
1,221
5,770
$
(14) %
141
(7)
16
(3)
2,468
1,478
57
4,003
$
$
$
53
2,527
1,496
62
4,085
(2)
(1)
(8)
(2)
1,788
686
1,102
(8)
(8)
(9)
1,935
1,448
1,355
1,057
131
5,926
(4)
2
(16)
(7)
134
(3)
1,637
631
1,006
1,862
1,481
1,135
985
307
5,770
$
$
$
19 %
69
28
3
2
1
4,642
232
4,874
1,052
5,926
130
25 %
69
30
1,840
1,531,000
324
2009 Change
2008
2008
4
9
13
145
28 %
69
30
1,891
1,620,000
365
1,814
1,492,000
323
4
9
13
% of customer assets in 4 & 5 Star Funds (c)
39 %
45 %
42 %
42 %
39 %
(13)
-
39 %
39 %
-
% of AUM in 1st and 2nd quartiles: (d)
1 year
3 years
5 years
60 %
70 %
74 %
62 %
69 %
80 %
54 %
62 %
66 %
54 %
65 %
76 %
49 %
67 %
77 %
(3)
1
(8)
22
4
(4)
60 %
70 %
74 %
49 %
67 %
77 %
22
4
(4)
SELECTED BALANCE SHEET DATA (Period-end)
Loans
Equity
SELECTED BALANCE SHEET DATA (Average)
Total assets
Loans
Deposits
Equity
$
35,925
7,000
$
35,474
7,000
$
33,944
7,000
$
36,188
7,000
$
39,720
7,000
1
-
(10)
-
$
35,925
7,000
$
39,720
7,000
(10)
-
$
60,345
34,822
73,649
7,000
$
59,334
34,292
75,355
7,000
$
58,227
34,585
81,749
7,000
$
65,648
36,851
76,911
7,000
$
71,189
39,750
65,621
5,500
2
2
(2)
-
(15)
(12)
12
27
$
59,309
34,567
76,888
7,000
$
65,518
38,552
67,918
5,190
(9)
(10)
13
35
15,493
1
(4)
15,493
(4)
Headcount
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs (recoveries)
Nonperforming loans
Allowance for loan losses
Allowance for lending-related commitments
Net charge-off (recovery) rate
Allowance for loan losses to period-end loans
Allowance for loan losses to average loans
Allowance for loan losses to nonperforming loans
Nonperforming loans to period-end loans
Nonperforming loans to average loans
(a)
(b)
(c)
(d)
14,919
$
17
409
251
5
0.19 %
0.70
0.72
61
1.14
1.17
14,840
$
46
313
226
4
0.54 %
0.64
0.66
72
0.88
0.91
15,109
$
19
301
215
4
0.22 %
0.63
0.62
71
0.89
0.87
15,339
$
12
147
191
5
0.13 %
0.53
0.52
130
0.41
0.40
$
(1)
121
170
5
(0.01) %
0.43
0.43
140
0.30
0.30
(63)
31
11
25
NM
238
48
-
14,919
$
82
409
251
5
0.32 %
0.70
0.73
61
1.14
1.18
$
(1)
121
170
5
NM
238
48
-
%
0.43
0.44
140
0.30
0.31
Pretax margin represents income before income tax expense divided by total net revenue, which is a measure of pretax performance and another basis by which management evaluates its performance and that of its competitors.
Prior periods revised to conform with current methodology.
Derived from the following rating services: Morningstar for the United States; Micropal for the United Kingdom, Luxembourg, Hong Kong and Taiwan; and Nomura for Japan.
Derived from the following rating services: Lipper for the United States and Taiwan; Micropal for the United Kingdom, Luxembourg and Hong Kong; and Nomura for Japan.
Page 24