1 q2010 supplement

EARNINGS RELEASE FINANCIAL SUPPLEMENT
FIRST QUARTER 2010

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
18
21
23
25
28

Credit-Related Information

30

Market Risk-Related Information

35

Supplemental Detail
Capital, Intangible Assets and Deposits
Per Share-Related Information

36
37

Non-GAAP Financial Measures

38

Glossary of Terms

39

Page 1

CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except per share, ratio and headcount data)
QUARTERLY TRENDS
1Q10 Change
SELECTED INCOME STATEMENT DATA:
Reported Basis
Total net revenue
Total noninterest expense
Preprovision profit (a)
Provision for credit losses
Income before extraordinary gain
Extraordinary gain
NET INCOME
Managed Basis (b)
Total net revenue
Total noninterest expense
Preprovision profit (a)
Extraordinary gain
NET INCOME

1Q10

(d)
(c)
(e)
(f)
(g)
(h)

1Q09

4Q09

1Q09

$

23,164
12,004
11,160
7,284
3,278
3,278

$

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

19
34
3
(4)
1
1

$

28,172
16,124
12,048
7,010
3,326
3,326

$

25,236
12,004
13,232
8,901
3,278
3,278

$

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

12
34
(9)
(21)
1
1

0.75
0.75

0.75
0.75

0.80
0.82

0.28
0.28

0.40
0.40

0.74
0.74
0.05
39.38
44.75
177,897

0.74
0.74
0.05
39.88
41.67
164,261

0.80
0.82
0.05
39.12
43.82
172,596

0.28
0.28
0.05
37.36
34.11
133,852

3,994.7
3,975.4

3,974.1
3,942.0

3,962.0
3,938.7

3,824.1
3,924.1

8
12
0.66

%

8
12
0.65

8
12
0.66
11.5
15.1
9.1

$

Headcount

(a)
(b)
(c)

2Q09

27,671
16,124
11,547
7,010
3,326
3,326

FINANCIAL RATIOS: (d)
Income before extraordinary gain:
Return on common equity ("ROE") (c)
Return on tangible common equity ("ROTCE") (c)(e)
Return on assets ("ROA")
Net income:
ROE (c)
ROTCE (c)(e)
ROA
CAPITAL RATIOS:
Tier 1 capital ratio
Total capital ratio
Tier 1 common capital ratio (f)

LINE OF BUSINESS NET INCOME/(LOSS)
Investment Bank
Card Services
Commercial Banking
Asset Management
Net income

3Q09

$

PER COMMON SHARE:
Basic Earnings
Net income
Diluted Earnings (c)
Net income
Cash dividends declared
Book value
Closing share price
Market capitalization
COMMON SHARES OUTSTANDING:
Weighted-average diluted shares outstanding
Common shares outstanding at period-end

SELECTED BALANCE SHEET DATA (Period-end)
Total assets
Wholesale loans
Consumer loans
Deposits
Common stockholders' equity
Total stockholders' equity

4Q09

2,135,796
214,290
499,509
925,303
156,569
164,721

$

2,471
(131)
(303)
390
279
392
228
3,326

9
13
0.70

%

3
5
0.54

(h) $
(h)
(h)
(h)
(h)

(1)
7
8

85
85
7
68
78

3,758.7
3,757.7

1
1

6
6

5
5
16
(1)
-

3
(12)
7
2
13
(3)

2

3

5
8
0.42

9
14
0.71

3
5
0.54

10.2
13.9
8.2

9.7
13.3
7.7

$

%

5
8
0.42
11.4
15.2
7.3

2,031,989
204,175
429,283
938,367
157,213
165,365

$

222,316
$

5
21
(11)
(30)
55
55

0.40
0.40
0.05
36.78
26.58
99,881

%

%

88
88

11.1
14.8
8.8

(g)
(g)
(g)

11
21
(1)
(18)
55
55

-

8
12
0.65

226,623
$

%

%

1,901
(399)
(306)
224
237
424
1,197
3,278

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
219,569

$

$

1,606
474
(547)
338
308
224
(262)
2,141

30
67
1
74
18
(8)
(81)
1

54
NM
45
15
(9)
75
NM
55

Preprovision profit is total net revenue less noninterest expense. The Firm believes that this financial measure is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
For further discussion of managed basis, see Reconciliation from reported to managed summary on page 6.
The calculation of the second quarter 2009 earnings per share and net income applicable to common equity includes a one-time, noncash reduction of $1.1 billion, or $0.27 per share, resulting from repayment of Troubled Asset Relief Program (“TARP”) preferred capital. Excluding this reduction, the adjusted ROE and ROTCE for
the second quarter 2009 would have been 6% and 10%, respectively. The Firm views the adjusted ROE and ROTCE, both non-GAAP financial measures, as meaningful because they enable the comparability to prior periods.
Quarterly ratios 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.
The calculationare based upon annualized amounts.
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 Firm's use of equity and to facilitate comparisons with competitors.
The Tier 1 common ratio is Tier 1 common capital divided by risk-weighted assets. Tier 1 common capital (“Tier 1 Common”) is defined as Tier 1 capital less elements of capital not in the form of common equity – such as perpetual preferred stock, noncontrolling interest in subsidiaries and trust preferred capital debt securities.
Tier 1 common capital, a non-GAAP financial measure, is used by banking regulators, investors and analysts to assess and compare the quality and composition of the Firm’s capital with the capital of other financial services companies. The Firm uses Tier 1 common capital along with the other capital measures to assess and
monitor its capital position.
Estimated.
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated its Firm-sponsored credit card securitization trusts, Firm-administered multi-seller conduits and certain other
consumer loan securitization entities, primarily mortgage-related, adding $87.6 billion and $92.1 billion of assets and liabilities, respectively, and decreasing stockholders' equity by $4.5 billion.

Page 2

STATEMENTS OF INCOME
(in millions, except per share and ratio data)
QUARTERLY TRENDS
1Q10 Change
REVENUE
Investment banking fees
Principal transactions
Lending- and deposit-related fees
Asset management, administration and commissions
Securities gains
Mortgage fees and related income
Credit card income
Other income
Noninterest revenue
Interest income
Interest expense
Net interest income
TOTAL NET REVENUE
NONINTEREST EXPENSE
Compensation expense
Occupancy expense
Technology, communications and equipment expense
Professional and outside services
Marketing
Other expense (a)
Amortization of intangibles
Merger costs
TOTAL NONINTEREST EXPENSE
Income before income tax expense and extraordinary
gain
Income tax expense (b)
Extraordinary gain (c)
NET INCOME
DILUTED EARNINGS PER SHARE
Income before extraordinary gain (d)
Extraordinary gain
NET INCOME (d)
FINANCIAL RATIOS
Income before extraordinary gain:
ROE (d)
ROTCE (d)
ROA
Net income:
ROE (d)
ROTCE (d)
ROA
Effective income tax rate
Overhead ratio
EXCLUDING IMPACT OF MERGER COSTS (e)
Merger costs (after-tax)
Income before extra. gain excl. merger costs
Diluted Per Share:
Income before extraordinary gain (d)
Merger costs (after-tax)
Income before extra. gain excl. merger costs (d)
(a)
(b)
(c)
(d)

(e)

$

1Q10
1,461
4,548
1,646
3,265
610
658
1,361
412
13,961
16,845
3,135
13,710
27,671
7,010

$

4Q09
1,916
838
1,765
3,361
381
450
1,844
231
10,786
15,615
3,237
12,378
23,164
7,284

$

3Q09
1,679
3,860
1,826
3,158
184
843
1,710
625
13,885
16,260
3,523
12,737
26,622
8,104

$

2Q09
2,106
3,097
1,766
3,124
347
784
1,719
10
12,953
16,549
3,879
12,670
25,623
8,031

$

1Q09
1,386
2,001
1,688
2,897
198
1,601
1,837
50
11,658
17,926
4,559
13,367
25,025
8,596

4Q09

1Q09
(24) %
443
(7)
(3)
60
46
(26)
78
29
8
(3)
11
19
(4)

5 %
127
(2)
13
208
(59)
(26)
NM
20
(6)
(31)
3
11
(18)

7,276
869
1,137
1,575
583
4,441
243
16,124

$
$
$

5,112
944
1,182
1,682
536
2,262
256
30
12,004

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

42
(8)
(4)
(6)
9
96
(5)
NM
34

(4)
(2)
(1)
4
52
223
(12)
NM
21

4,537
1,211
3,326
3,326

3,876
598
3,278
3,278

5,063
1,551
3,512
76
3,588

4,072
1,351
2,721
2,721

3,056
915
2,141
2,141

17
103
1
1

48
32
55
55

0.40
0.40

-

85
85

2,141
127
2,268

1
NM
1

55
NM
47

0.40
0.03
0.43

NM
(1)

85
NM
72

$

0.74
0.74

8
12
0.66

$
$

%

$
$
$
$

3,326
3,326
0.74
0.74

0.74
0.74

8
12
0.65

8
12
0.66
27
58

$
$
$

%

$
$
$
$

3,278
18
3,296
0.74
0.01
0.75

0.80
0.02
0.82

9
13
0.70

8
12
0.65
15
52

$
$
$

%

$
$
$
$

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

$
$
$

%

5 %
8
0.42

3
5
0.54
33
53
$
$
$
$

2,721
89
2,810
0.28
0.02
0.30

5
8
0.42
30
53
$
$
$
$

The second quarter of 2009 included a $675 million FDIC special assessment.
The income tax expense in the first quarter of 2010 and fourth quarter of 2009 includes tax benefits recognized upon the resolution of tax audits.
On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual. The acquisition resulted in negative goodwill, and accordingly, the Firm recognized an extraordinary gain. A preliminary gain of $1.9 billion was
recognized at December 31, 2008. The final total extraordinary gain that resulted from the Washington Mutual transaction was $2.0 billion.
The calculation of the second quarter 2009 earnings per share and net income applicable to common equity includes a one-time, noncash reduction of $1.1 billion, or $0.27 per share, resulting from repayment of TARP preferred capital.
Excluding this reduction, the adjusted ROE and ROTCE for the second quarter of 2009 would have been 6% and 10%, respectively. The Firm views the adjusted ROE and ROTCE, both non-GAAP financial measures, as meaningful because
they enable the comparability to prior periods.
Page 3
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.

CONSOLIDATED BALANCE SHEETS
(in millions)

Mar 31
2010
ASSETS (a)
Cash and due from banks
Deposits with banks
Federal funds sold and securities purchased under
resale agreements
Securities borrowed
Trading assets:
Debt and equity instruments
Derivative receivables
Securities
Loans
Less: Allowance for loan losses
Loans, net of allowance for loan losses
Accrued interest and accounts receivable
Premises and equipment
Goodwill
Mortgage servicing rights
Other intangible assets
Other assets
TOTAL ASSETS
LIABILITIES (a)
Deposits
Federal funds purchased and securities loaned or sold
under repurchase agreements
Commercial paper
Other borrowed funds
Trading liabilities:
Debt and equity instruments
Derivative payables
Accounts payable and other liabilities
(incl. the allowance for lending-related commitments)
Beneficial interests issued by consolidated VIEs
Long-term debt
TOTAL LIABILITIES

$

$

26,206
63,230

Sep 30
2009
$

21,068
59,623

Jun 30
2009
$

25,133
61,882

Mar 31
2009
$

26,681
89,865

230,123
126,741

195,404
119,630

171,007
128,059

159,170
129,263

157,237
127,928

$

346,712
79,416
344,376
713,799
38,186
675,613
53,991
11,123
48,359
15,531
4,383
108,992
2,135,796

$

330,918
80,210
360,390
633,458
31,602
601,856
67,427
11,118
48,357
15,531
4,621
107,091
2,031,989

$

330,370
94,065
372,867
653,144
30,633
622,511
59,948
10,675
48,334
13,663
4,862
103,957
2,041,009

$

298,135
97,491
345,563
680,601
29,072
651,529
61,302
10,668
48,288
14,600
5,082
118,536
2,026,642

$

925,303

$

938,367

$

867,977

$

866,477

STOCKHOLDERS' EQUITY (a)
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 $
(a)

31,422
59,014

Dec 31
2009

March 31, 2010
Change
Dec 31
Mar 31
2009
2009
20 %
(7)

18 %
(34)

18
6

46
(1)

$

298,453
131,247
333,861
708,243
27,381
680,862
52,168
10,336
48,201
10,634
5,349
106,366
2,079,188

5
(1)
(4)
13
21
12
(20)
(5)
2
5

16
(39)
3
1
39
(1)
3
8
46
(18)
2
3

$

906,969

(1)

2

295,171
50,554
48,981

261,413
41,794
55,740

310,219
53,920
50,824

300,931
42,713
73,968

279,837
33,085
112,257

13
21
(12)

5
53
(56)

78,228
62,741

64,946
60,125

65,233
69,214

56,021
67,197

53,786
86,020

20
4

45
(27)

154,185
93,055
262,857
1,971,075

162,696
15,225
266,318
1,866,624

171,386
17,859
272,124
1,878,756

171,685
20,945
271,939
1,871,876

165,521
9,674
261,845
1,908,994

(5)
NM
(1)
6

(7)
NM
3

8,152
4,105
96,450
61,043
761
(68)
(5,722)
164,721
2,135,796

8,152
4,105
97,982
62,481
(91)
(68)
(7,196)
165,365
2,031,989

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

(2)
(2)
NM
20
5

(75)
4
5
10
NM
21
30
(3)
3

$

$

$

$

Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated its
credit card securitization trusts, Firm-administered multi-seller conduits and certain mortgage and other consumer loan securitization entities; adding $87.6 billion and $92.1 billion of assets and liabilities, respectively, and
decreasing stockholders' equity by $4.5 billion, driven predominantly by the establishment of an allowance for loan losses of $7.4 billion (pre-tax) related to the receivables held in the credit card securitization trusts that were
consolidated at the adoption date.

Page 4

CONDENSED AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(in millions, except rates)
QUARTERLY TRENDS
1Q10 Change
AVERAGE BALANCES (a)
ASSETS
Deposits with banks
Federal funds sold and securities purchased
under resale agreements
Securities borrowed
Trading assets - debt instruments
Securities
Loans
Other assets (b)
Total interest-earning assets
Trading assets - equity instruments
Trading assets - derivative receivables
Goodwill
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 (c)
Long-term debt
Total interest-bearing liabilities
Trading liabilities - derivative payables
All other noninterest-bearing liabilities
TOTAL LIABILITIES
Preferred stock
Common stockholders' equity
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY

1Q10

4Q09

$

64,229

$

49,705

$

$

170,036
114,636
248,089
337,441
725,136
27,885
1,687,452
83,674
78,683
48,542
19,462
120,867
2,038,680

$

677,431

$

62,248

156,848
125,453
256,414
374,327
642,406
29,868
1,635,021
74,936
86,415
48,341
18,509
130,003
1,993,225

$

667,269

271,934
37,461
188,475
98,104
262,503
1,535,908
59,053
279,473
1,874,434
8,152
156,094
164,246
$

$

(0.05) (d)
0.19
1.54
1.36
1.95
0.83

INTEREST RATE SPREAD
NET YIELD ON INTEREST-EARNING ASSETS
NET YIELD ON INTEREST-EARNING ASSETS
ADJUSTED FOR SECURITIZATIONS (a)

%

68,001

$

151,705
129,301
250,148
359,451
665,386
24,155
1,642,394
66,790
99,807
48,328
19,368
122,489
1,999,176

$

660,998

$

%

88,587

$

142,226
122,235
245,444
354,216
697,908
36,638
1,666,668
63,507
114,096
48,273
17,474
128,354
2,038,372

$

160,986
120,752
252,098
281,420
726,959
27,411
1,658,213
62,748
142,243
48,071
16,584
139,260
2,067,119

$

672,350

$

736,460

$

%

2,038,372

1.45

1Q09
29
8
(9)
(3)
(10)
13
(7)
3
12
(9)
5
(7)
2

%

(27) %
6
(5)
(2)
20
2
2
33
(45)
1
17
(13)
(1)

$

%

2

(8)

226,110
33,694
236,673
9,757
258,732
1,501,426
94,944
302,299
1,898,669
31,957
136,493
168,450

289,971
37,371
207,489
14,493
274,323
1,495,997
78,155
295,017
1,869,169
28,338
140,865
169,203

1,999,176

0.83

4Q09

$

303,175
42,728
178,985
19,351
271,281
1,476,518
75,458
289,580
1,841,556
8,152
149,468
157,620

1,993,225

0.95

1Q09

$

283,263
42,290
182,422
16,002
268,476
1,459,722
63,423
305,403
1,828,548
8,152
156,525
164,677

2,038,680

0.60

2Q09

$

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 (b)
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 (c)
Long-term debt
Total interest-bearing liabilities

(a)
(b)
(c)
(d)

3Q09

(4)
(11)
3
NM
(2)
5
(7)
(8)
3
-

20
11
(20)
NM
1
2
(38)
(8)
(1)
(74)
14
(2)

2,067,119

2

(1)

2.03

0.97
0.10
4.56
3.54
5.91
1.36
4.07

0.92
0.14
4.63
3.32
5.51
1.42
3.80

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

0.51

0.53

0.65

0.70

0.93

0.08
0.20
1.87
1.32
2.01
0.88

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

3.24%

2.92%

3.00%

2.96%

3.18%

3.32%

3.02%

3.10%

3.07%

3.29%

3.32%

3.33%

3.40%

3.37%

%

1.64
0.29
5.27
4.16
5.87
2.44
4.41

3.60%

Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. For additional information on the effect of the adoption, see page 4, footnote (a).
Includes margin loans and the Firm's investment in asset-backed commercial paper under the Federal Reserve Bank of Boston's AML facility, which declined to zero during the third quarter of 2009.
Includes securities sold but not yet purchased, brokerage customer payables and advances from Federal Home Loan Banks.
Reflects a benefit from the favorable market environment for dollar-roll financings in the first quarter of 2010 and the fourth quarter of 2009.

Page 5

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 analyzes the Firm’s results and the results of the lines of business on a managed basis, which is a non-GAAP financial
measure. For additional information about managed basis, refer to the notes on Non-GAAP Financial Measures on page 38.

QUARTERLY TRENDS
1Q10 Change
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:
Total noninterest revenue - managed
NET INTEREST INCOME
Net interest income - reported
Impact of:
Net interest income - managed
TOTAL NET REVENUE
Total net revenue - reported
Impact of:
Total net revenue - managed
PREPROVISION PROFIT
Total preprovision profit - reported
Impact of:
Total preprovision profit - managed
PROVISION FOR CREDIT LOSSES
Provision for credit losses - reported
Impact of:
Provision for credit losses - managed
INCOME TAX EXPENSE
Income tax expense - reported
Impact of:
Income tax expense - managed

$

1Q10
1,361

4Q09
1,844

$

$

N/A
1,361

$

(375)
1,469

$

(285)
1,425

$

$

412

$

231

$

625

$

10

$

$

411
823

$

397
628

$

371
996

$

335
345

$

13,961

$

10,786

$

13,885

$

12,953

$

N/A
411
14,372

$

(375)
397
10,808

$

(285)
371
13,971

$

13,710

$

12,378

$

12,737

$

N/A
90
13,800

$

1,992
58
14,428

$

27,671

$

23,164

$

N/A
501
28,172

$

11,547

$

3Q09
1,710

$

2Q09
1,719

4Q09

1Q09
(26) %

(26) %

NM
(7)

NM
5

50

78

NM

$

337
387

4
31

22
113

$

11,658

29

20

$

(294)
335
12,994

$

(540)
337
11,455

NM
4
33

NM
22
25

$

12,670

$

13,367

11

3

$

1,983
89
14,809

$

1,958
87
14,715

$

2,004
96
15,467

NM
55
(4)

NM
(6)
(11)

$

26,622

$

25,623

$

25,025

19

11

$

1,617
455
25,236

$

1,698
460
28,780

$

1,664
422
27,709

$

1,464
433
26,922

NM
10
12

NM
16
5

$

11,160

$

13,167

$

12,103

$

11,652

3

(1)

$

N/A
501
12,048

$

1,617
455
13,232

$

1,698
460
15,325

$

1,664
422
14,189

$

1,464
433
13,549

NM
10
(9)

NM
16
(11)

$

7,010

$

7,284

$

8,104

$

8,031

$

8,596

(4)

(18)

$

N/A
7,010

$

1,617
8,901

$

1,698
9,802

$

1,664
9,695

$

1,464
10,060

NM
(21)

NM
(30)

$

1,211

$

598

$

1,551

$

1,351

$

915

103

32

$

501
1,712

$

455
1,053

$

460
2,011

$

422
1,773

$

433
1,348

10
63

16
27

(294)
1,425

$

1Q09
1,837

$

(540)
1,297

N/A: Not applicable.
Page 6

LINE OF BUSINESS FINANCIAL HIGHLIGHTS - MANAGED BASIS
(in millions, except ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
TOTAL NET REVENUE (FTE)
Investment Bank (a)
Card Services
Commercial Banking
Asset Management
Corporate/Private Equity (a)
TOTAL NET REVENUE
TOTAL PREPROVISION PROFIT
Investment Bank (a)
Card Services
Commercial Banking
Asset Management
Corporate/Private Equity (a)
TOTAL PREPROVISION PROFIT
NET INCOME/(LOSS)
Investment Bank
Card Services
Commercial Banking
Asset Management
TOTAL NET INCOME
AVERAGE EQUITY (b)
Investment Bank
Card Services
Commercial Banking
Asset Management
TOTAL AVERAGE EQUITY
RETURN ON EQUITY (b)
Investment Bank
Card Services
Commercial Banking
Asset Management

(a)

(b)

$

$

$

$

$

$

$

$

4Q09

8,319
7,776
4,447
1,416
1,756
2,131
2,327
28,172

$

3,481
3,534
3,045
877
431
689
(9)
12,048

$

2,471
(131)
(303)
390
279
392
228
3,326

$

40,000
28,000
15,000
8,000
6,500
6,500
52,094
156,094

25 %
(2)
(8)
20
17
24

$

$

$

$

$

3Q09

4,929
7,669
5,148
1,406
1,835
2,195
2,054
25,236

$

2,643
3,367
3,752
863
444
725
1,438
13,232

$

1,901
(399)
(306)
224
237
424
1,197
3,278

33,000
25,000
15,000
8,000
5,000
7,000
63,525
156,525

23 %
(6)
(8)
11
19
24

$

$

$

$

$

$

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

$

$

$

$

$

$

4Q09

1Q09

8,371
8,835
5,129
1,402
1,821
1,703
(339)
26,922

69 %
1
(14)
1
(4)
(3)
13
12

(1) %
(12)
(13)
1
(4)
25
NM
5

3,597
4,664
3,783
849
502
405
(251)
13,549

32
5
(19)
2
(3)
(5)
NM
(9)

(3)
(24)
(20)
3
(14)
70
96
(11)

1,606
474
(547)
338
308
224
(262)
2,141

30
67
1
74
18
(8)
(81)
1

54
NM
45
15
(9)
75
NM
55

21
12
30
(7)
(18)
-

21
12
30
(7)
20
14

33,000
25,000
15,000
8,000
5,000
7,000
43,493
136,493

20 %
8
(15)
17
25
13

In the second quarter of 2009, Investment Bank ("IB") began reporting credit reimbursement from TSS as a component of total net revenue, whereas TSS continued 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.
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. Effective January 1, 2010, the Firm enhanced its line of business equity framework to better align equity assigned to each line of business with the anticipated changes in the
business, as well as changes in the competitive and regulatory landscape.
Page 7

INVESTMENT BANK
FINANCIAL HIGHLIGHTS
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
Investment banking fees
All other income (a)
Noninterest revenue
Net interest income
TOTAL NET REVENUE (b)

$


4Q09

1,446
3,931
202
563
49
6,191
2,128
8,319

$

(462)

3Q09

1,892
84
174
608
(14)
2,744
2,185
4,929

$

(181)

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

$

4Q09

1,380
3,515
138
692
(56)
5,669
2,702
8,371

1Q09

(24) %
NM
16
(7)
NM
126
(3)
69

5 %
12
46
(19)
NM
9
(21)
(1)

379

871

1,210

(155)

NM

NONINTEREST EXPENSE
Noncompensation expense

2,928
1,910
4,838

549
1,737
2,286

2,778
1,496
4,274

2,677
1,390
4,067

3,330
1,444
4,774

433
10
112

(12)
32
1

Income before income tax expense
Income tax expense
NET INCOME

3,943
1,472
2,471

2,824
923
1,901

2,855
934
1,921

2,363
892
1,471

2,387
781
1,606

40
59
30

65
88
54

479
308
593
1,380
4,889
1,773
329
8,371

(50)
(25)
(1)
(24)
100
51
92
69

(36)
34
23
5
12
(18)
NM
(1)

4,316
3,073
982
8,371

59
87
70
69

6
(8)
(4)
(1)

$

FINANCIAL RATIOS
ROE
ROA
Overhead ratio
Compensation expense as a percent 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

(a)
(b)

$

25 %
1.48
58
35

$

$

$
$

$

23 %
1.12
46
11

305
413
728
1,446
5,464
1,462
(53)
8,319

$

4,562
2,814
943
8,319

$

$

$

$

23 %
1.12
57
37

611
549
732
1,892
2,735
971
(669)
4,929

$

2,872
1,502
555
4,929

$

$

$

$

18 %
0.83
56
37

384
681
593
1,658
5,011
941
(102)
7,508

$

3,850
2,912
746
7,508

$

$

$

20 %
0.89
57
40

393
1,103
743
2,239
4,929
708
(575)
7,301

$

4,118
2,303
880
7,301

$

$

$

Treasury & Securities Services ("TSS") was charged a credit reimbursement related to certain exposures managed within the Investment Bank (“IB”) credit portfolio on behalf of clients shared with TSS. IB
recognizes this credit reimbursement in its credit portfolio business in all other income.
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 $403 million, $357 million, $371 million, $334 million, and $365 million for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009, and March 31, 2009,
respectively.

Page 8

INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except headcount and ratio data)
QUARTERLY TRENDS
1Q10 Change
1Q10
Loans (a):
Loans retained (b)
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 (a):
Loans retained (b)
Loans held-for-sale & loans at fair value
Total loans
Adjusted assets (c)
Equity

Assets acquired in loan satisfactions
Total nonperforming assets
Allowance for credit losses:
Allowance for loan losses
Allowance for lending-related commitments
Total allowance for credit losses
Net charge-off rate (b)
Allow. for loan losses to period-end loans retained (b)
Allow. for loan losses to average loans retained (b)
Allow. for loan losses to nonperforming loans retained (d)
Nonperforming loans to total period-end loans
Nonperforming loans to total average loans

(a)
(b)
(c)

(d)

3Q09

2Q09

1Q09

4Q09

$

53,010
3,594
56,604
40,000

$

45,544
3,567
49,111
33,000

$

55,703
4,582
60,285
33,000

$

64,500
6,814
71,314
33,000

$

66,506
10,993
77,499
33,000

$

676,122
284,085
66,151

$

674,241
285,363
72,640

$

678,796
270,695
86,651

$

710,825
265,336
100,536

$

1Q09

16 %
1
15
21

(20) %
(67)
(27)
21

733,166
272,998
125,021

(9)

(8)
4
(47)

58,501
3,150
61,651
506,635
40,000

$

51,573
4,158
55,731
519,403
33,000

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

13
(24)
11
(2)
21

(16)
(75)
(25)
(14)
21

24,977

Headcount
CREDIT DATA AND QUALITY STATISTICS
Net charge-offs
Nonperforming assets:
Nonperforming loans:
Nonperforming loans retained (b)
Nonperforming loans held-for-sale and loans
at fair value
Total nonperforming loans

4Q09

24,654

24,828

25,783

26,142

1

(4)

36

2

NM

697

$

685

$

750

$

433

$

2,459

3,196

4,782

3,407

1,738

(23)

41

282
2,741

308
3,504

128
4,910

112
3,519

57
1,795

(8)
(22)

395
53

363
185
3,289

529
203
4,236

624
248
5,782

704
311
4,534

1,010
236
3,041

(31)
(9)
(22)

(64)
(22)
8

2,601
482
3,083

3,756
485
4,241

4,703
401
5,104

5,101
351
5,452

4,682
295
4,977

(31)
(1)
(27)

(44)
63
(38)

4.83 %
4.91
4.45
106
4.84
4.45

5.27 %
8.25
7.28
118
7.13
6.29

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

Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated
its Firm-administered multi-seller conduits. As a result, $15.1 billion of loans were recorded on the Consolidated Balance Sheet.
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.
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 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 AssetBacked Commercial Paper Money Market Mutual Fund Liquidity Facility. The amount of adjusted assets is presented to assist the reader in comparing IB’s 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.
Nonperforming loans excluded distressed loans held-for-sale that were purchased as part of IB's proprietary activities.

Page 9

INVESTMENT BANK
(in millions, except ratio and rankings data)
QUARTERLY TRENDS
1Q10 Change
1Q10
MARKET RISK - AVERAGE TRADING AND CREDIT
PORTFOLIO VAR - 95% CONFIDENCE LEVEL
Trading activities:
Fixed income
Foreign exchange
Equities
Commodities and other
Diversification (a)
Total trading VaR (b)
Credit portfolio VaR (c)
Diversification (a)
Total trading and credit portfolio VaR

$

$

4Q09

69
13
24
15
(49)
72
19
(9)
82

$

3Q09

121
14
21
17
(62)
111
24
(11)
124

$

YTD March 31, 2010
MARKET SHARES AND RANKINGS (d)
Global Investment Banking Fees (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)

(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)

Market Share
8%
7%
9%
7%
9%
18%
12%
21%
11%
20%
29%

Rankings
#1
#1
#1
#3
#1
#5
#2
#1
#2
#1
#3

$

$

2Q09

182
19
19
23
(97)
146
29
(32)
143

$

1Q09

179
16
50
22
(97)
170
68
(60)
178

$

$

$

4Q09

158
23
97
20
(108)
190
86
(63)
213

1Q09

(43) %
(7)
14
(12)
21
(35)

(56) %
(43)
(75)
(25)
55
(62)

(21)
18
(34)

(78)
86
(62)

Full Year 2009
Market Share
9%
9%
8%
8%
12%
25%
15%
22%
14%
16%
37%

Rankings
#1
#1
#1
#1
#1
#3
#1
#1
#1
#2
#2

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.
IB Trading VaR includes predominantly all trading activities in IB, as well as syndicated lending facilities that the Firm intends to distribute; however, particular risk parameters of certain products are not fully captured,
such as correlation risk. IB Trading VaR does not include the debit valuation adjustments ("DVA") taken on derivative and structured liabilities to reflect the credit quality of the Firm.
Credit portfolio VaR includes the derivative credit valuation adjustments ("CVA"), hedges of the CVA and mark-to-market hedges of the retained loan portfolio, which are all reported in principal transactions revenue.
This VaR does not include the retained loan portfolio.
Source: Dealogic. Global Investment Banking fees reflects fee rank and share. Remainder of rankings reflect volume rank and share.
Global IB fees exclude money market, short term debt and shelf deals.
Long-term debt tables include investment grade, high yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities and mortgage-backed securities; exclude money market, short term debt, and
U.S.municipal securities.
Equity and equity-related rankings include rights offerings and Chinese A-Shares.
Global announced M&A is based upon value at announcement; 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%. M&A 1Q10 and 2009 reflects the removal of any withdrawn transactions. U.S. announced M&A represents any U.S. involvement ranking.

Page 10

RETAIL FINANCIAL SERVICES
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
Credit card income
Other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE

$

4Q09

841
452
655
450
354
2,752
5,024
7,776

$

3Q09

972
406
481
441
299
2,599
5,070
7,669

$

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

$

4Q09

1Q09

948
435
1,633
367
214
3,597
5,238
8,835

(13) %
11
36
2
18
6
(1)
1

(11) %
4
(60)
23
65
(23)
(4)
(12)


3,733

4,229

3,988

3,846

3,877

(12)

(4)

NONINTEREST EXPENSE

1,770
2,402
70
4,242

1,722
2,499
81
4,302

1,728
2,385
83
4,196

1,631
2,365
83
4,079

1,631
2,457
83
4,171

3
(4)
(14)
(1)

9
(2)
(16)
2

34
27
7

45
30
15

787
313
474

77
85
67

NM
NM
NM

412,505

(1)

(7)

364,220
12,529
376,749
380,140
25,000

(23)
(1)
1
12

(7)
(10)
(7)
(5)
12

423,472

-

(7)

Income/(loss) before income tax expense (benefit)
Income tax expense/(benefit)
NET INCOME/(LOSS)

$

FINANCIAL RATIOS
ROE
Overhead ratio
Overhead ratio excluding core deposit intangibles (a)
Assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value (b)
Total loans
Deposits
Equity
Assets
Loans:
Loans retained
Loans held-for-sale and loans at fair value (b)
Total loans
Deposits
Equity
Headcount
(a)

(b)

(199)
(68)
(131)

$

(2) %
55
54

$

382,475

393,867

$

(6) %
56
55

$

339,002
11,296
350,298
362,470
28,000

$

(862)
(463)
(399)

387,269

%
51
50

$

340,332
14,612
354,944
357,463
25,000

$

395,045

$

397,673

%
51
50

$

346,765
14,303
361,068
361,046
25,000

$

401,620

$

399,916

8 %
47
46

$

353,934
13,192
367,126
371,241
25,000

$

410,228

$

342,997
17,055
360,052
356,934
28,000

343,411
17,670
361,081
356,464
25,000

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

(3)
12

(7)
3
(6)
(4)
12

112,616

108,971

106,951

103,733

100,677

3

12

Retail Financial Services uses the overhead ratio (excluding the amortization of core deposit intangibles ("CDI")), a non-GAAP financial measure, to evaluate the underlying expense trends of the business.
Including CDI amortization expense in the overhead ratio calculation would result in a higher overhead ratio in the earlier years and a lower overhead ratio in later years; this method would therefore result in an
improving overhead ratio over time, all things remaining equal. The non-GAAP ratio excludes Retail Banking's CDI amortization expense related to prior business combination transactions of $70 million, $80
million, $83 million, $82 million and $83 million for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.
Loans at fair value consist of prime mortgages originated with the intent to sell that are accounted for at fair value and classified as trading assets on the Consolidated Balance Sheets. These loans totaled $8.4
billion, $12.5 billion, $12.8 billion, $11.3 billion and $8.9 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. Average balances of these loans
totaled $14.2 billion, $16.0 billion, $17.7 billion, $16.2 billion and $13.4 billion for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.
Page 11

QUARTERLY TRENDS
1Q10 Change
1Q10
Net charge-offs
Nonperforming loans retained
Nonperforming loans held-for-sale and loans
at fair value
Total nonperforming loans (a) (b) (c)
Nonperforming assets (a) (b) (c)
Net charge-off rate (e)
Net charge-off rate excluding purchased credit-impaired
loans (d) (e)
Allowance for loan losses to ending loans retained (e)
Allowance for loan losses to ending loans retained
excluding purchased credit-impaired loans (d) (e)
Allowance for loan losses to nonperforming loans
retained (a) (d) (e)
Nonperforming loans to total loans
Nonperforming loans to total loans excluding purchased
credit-impaired loans (a)

(a)
(b)
(c)

(d)

(e)

$

4Q09

2,438

$

3Q09

2,738

$

2Q09

2,550

$

1Q09

2,649

$

4Q09

2,176

1Q09

(11) %

12 %

10,769

10,611

10,091

8,792

7,714

1

40

217
10,986
12,191
16,200

234
10,845
12,098
14,776

242
10,333
11,883
13,286

203
8,995
10,554
11,832

264
7,978
9,846
10,619

(7)
1
1
10

(18)
38
24
53

2.88 %

3.16 %

2.89 %

2.96 %

2.41 %

3.76
4.78

4.16
4.34

3.81
3.83

3.89
3.34

3.16
2.92

5.16

5.09

4.63

4.41

3.84

124
3.14

124
3.06

121
2.86

135
2.45

138
2.12

4.05

3.96

3.72

3.19

2.76

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.
Certain of these loans are classified as trading assets on the Consolidated Balance Sheets.
Nonperforming loans and assets exclude: (1) mortgage loans insured by U.S. government agencies of $10.5 billion, $9.0 billion, $7.0 billion, $4.2 billion and $4.2 billion at March 31, 2010, December 31, 2009,
September 30, 2009, June 30, 2009 and March 31, 2009, respectively; (2) real estate owned insured by U.S. government agencies of $707 million, $579 million, $579 million, $508 million and $433 million at
March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, 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 $660 million, $542 million, $511 million, $473 million and $433 million at March 31, 2010, December 31, 2009, September 30, 2009,
June 30, 2009 and March 31, 2009, respectively. These amounts are excluded as reimbursement is proceeding normally.
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 $2.8 billion, $1.6 billion and $1.1 billion was recorded for these loans at March 31,
2010, December 31, 2009 and September 30, 2009, respectively, which has also been excluded from applicable ratios. No allowance for loan losses was recorded at June 30, 2009 and March 31, 2009. To date,
no charge-offs have been recorded for these loans.
Loans held-for-sale and loans accounted for at fair value were excluded when calculating the allowance coverage ratio and net charge-off rate.

Page 12

(in millions, except ratio data and where otherwise noted)
QUARTERLY TRENDS
1Q10 Change
1Q10
RETAIL BANKING
Noninterest revenue
Net interest income
Total net revenue
Noninterest 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
Net charge-offs
Net charge-off rate
Nonperforming assets
RETAIL BRANCH BUSINESS METRICS
Investment sales volume
Number of:
Branches
ATMs
Personal bankers
Sales specialists
Active online customers (in thousands)
Checking accounts (in thousands)

(a)

4Q09

1,702
2,635
4,337
191
2,577
1,569
898

$

$

59 %
58

3Q09

1,804
2,716
4,520
248
2,574
1,698
1,027

$

$

57 %
55

2Q09

1,844
2,732
4,576
208
2,646
1,722
1,043

$

$

58 %
56

1Q09

1,803
2,719
4,522
361
2,557
1,604
970

$

$

57 %
55

4Q09

1,718
2,614
4,332
325
2,580
1,427
863

1Q09
(6) %
(3)
(4)
(23)
(8)
(13)

(1) %
1
(41)
10
4

60 %
58

$

0.9
16.8

$

0.7
17.0

$

0.5
17.4

$

0.6
17.8

$

0.5
18.2

35
(1)

96
(8)

$

123.8
163.4
53.2
340.4
16.9

$

121.9
153.4
58.0
333.3
17.2

$

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

2
7
(8)
2
(2)

9
7
(38)
(4)
(8)

$
$

$

$
$

$

$

$

$

$

119.7
$
158.6
55.6
333.9
3.02 %
28.9
$

116.4
$
153.1
60.3
329.8
3.06 %
28.2
$

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

3
4
(8)
1

9
7
(37)
(3)

2

(4)

191
$
4.58 %
872
$

248
$
5.72 %
839
$

208
$
4.66 %
816
$

211
$
4.70 %
686
$

175
3.86 %
579

(23)

9

4

51

4,398

2

35

5,186
14,159
15,544
5,454
12,882
24,984

1
6
7
5
-

(1)
10
22
16
26
3

5,956

5,155
15,549
19,003
6,315
16,208
25,830

$

5,851

5,154
15,406
17,991
5,912
15,424
25,712

$

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

$

Retail Banking uses the overhead ratio (excluding the amortization of CDI), a non-GAAP financial measure, to evaluate the underlying expense trends of the business. Including CDI amortization expense in the
overhead ratio calculation would result in a higher overhead ratio in the earlier years and a lower overhead ratio in later years; this method would therefore result in an improving overhead ratio over time, all
things remaining equal. The non-GAAP ratio excludes Retail Banking's CDI amortization expense related to prior business combination transactions of $70 million, $80 million, $83 million, $82 million and $83
million for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.

Page 13

QUARTERLY TRENDS
1Q10 Change
1Q10
MORTGAGE BANKING & OTHER CONSUMER LENDING
$
Noninterest revenue (a)
Net interest income
Total net revenue
Noninterest expense
Net income (a)
$
Overhead ratio
End-of-period loans owned:
Auto loans
Mortgage (b)
Student loans and other
Total end-of-period loans owned
Average loans owned:
Auto loans
Mortgage (b)
Total average loans owned (c)
Net charge-offs:
Auto loans
Mortgage
Total net charge-offs

(a)

(b)
(c)
(d)
(e)
(f)

1,018
893
1,911
217
1,246
448
257

$

$

65 %

3Q09

801
802
1,603
242
1,163
198
266

$

$

73 %

2Q09

1,201
834
2,035
222
1,139
674
412

$

$

56 %

1Q09

1,134
721
1,855
366
1,105
384
235

$

$

60 %

4Q09

1,921
808
2,729
405
1,137
1,187
730

1Q09
27 %
11
19
(10)
7
126
(3)

(47) %
11
(30)
(46)
10
(62)
(65)

42 %

$

47.4
13.7
17.4
78.5

$

46.0
11.9
15.8
73.7

$

44.3
10.1
15.6
70.0

$

42.9
8.9
15.7
67.5

$

43.1
8.8
17.4
69.3

3
15
10
7

10
56
13

$

46.9
12.5
18.4
77.8

$

45.3
10.6
15.6
71.5

$

43.3
8.9
15.3
67.5

$

43.1
8.4
16.8
68.3

$

42.5
7.4
17.6
67.5

4
18
18
9

10
69
5
15

$

102
6
64
172

$

148
92
240

$

159
7
60
226

$

146
2
101
249

$

174
5
34
213

(31)
NM
(30)
(28)

(41)
20
88
(19)

10

21

$

Net charge-off rate:
Auto loans
Mortgage
Total net charge-off rate (c)
30+ day delinquency rate (d) (e)
Nonperforming assets (f)

4Q09

$

0.88 %
0.20
1.64
0.93

$

1.47 %
1,006
$

$

$

$

1.30 %
2.59
1.36

1.46 %
0.32
1.66
1.35

1.36 %
0.10
2.79
1.52

1.66 %
0.29
0.92
1.34

1.75 %
912
$

1.76 %
872
$

1.80 %
783
$

1.56 %
830

Losses related to the repurchase of previously-sold loans are recorded as a reduction of production revenue. These losses totaled $432 million, $672 million, $465 million, $255 million and $220 million for the quarters ended March 31, 2010, December
31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. The losses resulted in a negative impact on net income of $252 million, $413 million, $286 million, $157 million and $135 million for the quarters ended March 31, 2010,
December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.
Predominantly represents loans repurchased from Government National Mortgage Association (“GNMA”) pools, which are insured by U.S. government agencies.
Total average loans owned includes loans held-for-sale of $2.9 billion, $1.7 billion, $1.3 billion, $2.8 billion and $3.1 billion for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009,
respectively. These amounts are excluded when calculating the net charge-off rate.
Excludes mortgage loans that are insured by U.S. government agencies of $11.2 billion, $9.7 billion, $7.7 billion, $5.1 billion and $4.9 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively.
These amounts are excluded as reimbursement is proceeding normally.
Excludes 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 $1.0 billion, $942 million, $903 million, $854 million and $770 million at March 31, 2010,
December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. These amounts are excluded as reimbursement is proceeding normally.
Nonperforming loans and assets excludes: (1) mortgage loans insured by U.S. government agencies of $10.5 billion, $9.0 billion, $7.0 billion, $4.2 billion and $4.2 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and
March 31, 2009, respectively; (2) real estate owned insured by U.S. government agencies of $707 million, $579 million, $579 million, $508 million and $433 million at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March
31, 2009, 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 $660 million, $542 million, $511 million, $473 million and
$433 million at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. These amounts are excluded as reimbursement is proceeding normally.

Page 14

(in billions, except ratio data where otherwise noted)
QUARTERLY TRENDS
1Q10 Change
1Q10
MORTGAGE BANKING & OTHER CONSUMER
LENDING (continued)
Origination volume:
Mortgage origination volume by channel
Retail
Wholesale (a)
Correspondent (a)
CNT (negotiated transactions)
Total mortgage origination volume
Student loans
Auto
Application volume:
Mortgage application volume by channel
Retail
Wholesale (a)
Correspondent (a)
Total mortgage application volume

Ratio of annualized loan servicing revenue to third-party
mortgage loans serviced (average)
MSR revenue multiple (c)
(a)
(b)

(c)

3Q09

2Q09

1Q09

4Q09

1Q09

$

11.4
0.4
16.0
3.9
31.7
1.6
6.3

$

12.3
0.6
20.0
1.9
34.8
0.6
5.9

$

13.3
0.7
21.1
2.0
37.1
1.5
6.9

$

14.7
0.7
21.9
3.8
41.1
0.4
5.3

$

13.6
1.6
18.0
4.5
37.7
1.7
5.6

(7) %
(33)
(20)
105
(9)
167
7

(16) %
(75)
(11)
(13)
(16)
(6)
13

$

20.3
0.8
18.2
39.3

$

17.4
0.7
25.3
43.4

$

17.8
1.1
26.6
45.5

$

23.0
1.3
29.7
54.0

$

32.7
1.8
29.2
63.7

17
14
(28)
(9)

(38)
(56)
(38)
(38)

14.0
113.4
1,148.8
1,155.0
10.6

(10)
4
(1)
(1)
-

4
10
(6)
(7)
46

NM

(100)

Average mortgage loans held-for-sale and loans
at fair value (b)
Average assets
Third-party mortgage loans serviced (ending)
Third-party mortgage loans serviced (average)
MSR net carrying value (ending)
Ratio of MSR net carrying value (ending) to third-party
mortgage loans serviced (ending)
SUPPLEMENTAL MORTGAGE FEES AND
RELATED INCOME DETAILS (in millions)
Production revenue
Net mortgage servicing revenue:
Operating revenue:
Loan servicing revenue
Other changes in MSR asset fair value
Total operating revenue
Risk management:
Changes in MSR asset fair value due to inputs or
assumptions in model
Derivative valuation adjustments and other
Total risk management
Total net mortgage servicing revenue

4Q09

14.5
124.8
1,075.0
1,076.4
15.5

16.2
119.5
1,082.1
1,088.8
15.5

1.44 %

$

1

18.0
115.2
1,098.9
1,104.4
13.6

1.43 %

$

(192)

16.7
111.6
1,117.5
1,128.1
14.6

1.24 %

$

(70)

1.31 %

$

284

0.92 %

$

481

1,107
(605)
502

1,221
(657)
564

1,220
(712)
508

1,279
(837)
442

1,222
(1,073)
149

(9)
8
(11)

(9)
44
237

(96)
248
152
654
655

1,762
(1,653)
109
673
481

(1,099)
1,534
435
943
873

3,831
(3,750)
81
523
807

1,310
(307)
1,003
1,152
1,633

NM
NM
39
(3)
36

NM
NM
(85)
(43)
(60)

0.42 %
3.43x

0.44 %
3.25x

0.44 %
2.82x

0.45 %
2.91x

0.43 %
2.14x

Includes rural housing loans sourced through brokers and correspondents, which are underwritten under U.S. Department of Agriculture guidelines. Prior period amounts have been revised to conform with the
current period presentation.
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 $14.2 billion, $16.0 billion, $17.7 billion, $16.2 billion and $13.4 billion for the quarters ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009,
respectively.
Represents the ratio of MSR net carrying value (ending) to third-party mortgage loans serviced (ending) divided by the ratio of annualized loan servicing revenue to third-party mortgage loans serviced (average).
Page 15

QUARTERLY TRENDS
1Q10 Change
1Q10
REAL ESTATE PORTFOLIOS
Noninterest revenue
Net interest income
Total net revenue
Noninterest expense
Income/(loss) before income tax expense/(benefit)
Net income/(loss)

$

$

Overhead ratio
LOANS EXCLUDING PURCHASED CREDIT-IMPAIRED
LOANS (a)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total average loans owned
PURCHASED CREDIT-IMPAIRED LOANS (a)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
TOTAL REAL ESTATE PORTFOLIOS
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Average assets
Home equity origination volume
(a)

4Q09
32
1,496
1,528
3,325
419
(2,216)
(1,286)
27

$

$
%

3Q09
(6)
1,552
1,546
3,739
565
(2,758)
(1,692)
37

$

$
%

2Q09
19
1,588
1,607
3,558
411
(2,362)
(1,448)
26

$

$
%

1Q09
3
1,590
1,593
3,119
417
(1,943)
(1,190)
26

$

$
%

4Q09
(42)
1,816
1,774
3,147
454
(1,827)
(1,119)
26

1Q09
NM %
(4)
(1)
(11)
(26)
20
24

NM %
(18)
(14)
6
(8)
(21)
(15)

%

$

97.7
46.8
13.2
8.6
1.0
167.3

$

101.4
47.5
12.5
8.5
0.7
170.6

$

104.8
50.0
13.3
8.9
0.7
177.7

$

108.2
53.2
13.8
9.0
0.9
185.1

$

111.7
56.6
14.6
9.0
0.9
192.8

(4)
(1)
6
1
43
(2)

(13)
(17)
(10)
(4)
11
(13)

$

99.5
47.9
13.8
8.7
1.1
171.0

$

103.3
48.8
12.8
8.7
0.7
174.3

$

106.6
51.7
13.6
8.9
0.8
181.6

$

110.1
54.9
14.3
9.1
0.9
189.3

$

113.4
58.0
14.9
8.8
0.9
196.0

(4)
(2)
8
57
(2)

(12)
(17)
(7)
(1)
22
(13)

$

26.0
19.2
5.8
28.3
79.3

$

26.5
19.7
6.0
29.0
81.2

$

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

(2)
(3)
(3)
(2)
(2)

(8)
(10)
(12)
(9)
(9)

$

26.2
19.5
5.9
28.6
80.2

$

26.7
20.0
6.1
29.3
82.1

$

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

(2)
(3)
(3)
(2)
(2)

(8)
(10)
(12)
(9)
(9)

$

123.7
66.0
19.0
36.9
1.0
246.6

$

127.9
67.2
18.5
37.5
0.7
251.8

$

131.9
70.2
19.4
38.7
0.7
260.9

$

135.9
74.0
20.2
39.5
0.9
270.5

$

140.1
78.0
21.2
40.2
0.9
280.4

(3)
(2)
3
(2)
43
(2)

(12)
(15)
(10)
(8)
11
(12)

$

125.7
67.4
19.7
37.3
1.1
251.2
240.2
0.3

$

130.0
68.8
18.9
38.0
0.7
256.4
247.3
0.4

$

134.0
72.2
19.8
39.1
0.8
265.9
258.3
0.5

$

138.1
75.9
20.8
40.1
0.9
275.8
269.5
0.6

$

141.8
79.6
21.6
40.2
0.9
284.1
279.9
0.9

(3)
(2)
4
(2)
57
(2)
(3)
(25)

(11)
(15)
(9)
(7)
22
(12)
(14)
(67)

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 lives of the loans as long as cash flows are reasonably estimable, even if the underlying loans are contractually past due.

Page 16

QUARTERLY TRENDS
1Q10 Change
1Q10
REAL ESTATE PORTFOLIOS (continued)
Net charge-offs excluding purchased credit-impaired
loans (a)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total net charge-offs
Net charge-off rate excluding purchased credit-impaired
loans (a)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total net charge-off rate excluding purchased
credit-impaired loans
Net charge-off rate - reported
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Other
Total net charge-off rate - reported
30+ day delinquency rate excluding purchased
credit-impaired loans (b)
Nonperforming assets (c)
excluding purchased credit-impaired loans (a)

(a)

(b)
(c)

$

4Q09

1,126
453
457
23
16
2,075

$

4.59 %
3.84
13.43
1.07
5.90

3Q09

1,177
568
452
29
24
2,250

$

4.52 %
4.62
14.01
1.32
13.60

2Q09

1,142
518
422
15
19
2,116

$

4.25 %
3.98
12.31
0.67
9.42

1Q09

1,265
479
410
15
20
2,189

$

4.61 %
3.50
11.50
0.66
8.91

4Q09

1,098
307
364
4
15
1,788

(4) %
(20)
1
(21)
(33)
(8)

3 %
48
26
475
7
16

3.93 %
2.15
9.91
0.18
6.76

4.92

5.12

4.62

4.64

3.70

3.63
2.73
9.41
0.25
5.90
3.35

$

1Q09

3.59
3.28
9.49
0.30
13.60
3.48

3.38
2.85
8.46
0.15
9.42
3.16

3.67
2.53
7.91
0.15
8.91
3.18

3.14
1.56
6.83
0.04
6.76
2.55

7.28
14,127
$
10,313
5.73 %
6.76

7.73
12,752
$
10,347
5.06 %
6.55

7.46
11,261
$
10,196
4.32 %
5.72

6.46
9,821
$
9,085
3.63 %
5.31

5.87
8,870
8,437
3.16 %

11
-

59
22

4.60

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 $2.8 billion, $1.6 billion and $1.1 billion was recorded for these loans at March 31,
2010, December 31, 2009 and September 30, 2009, respectively, which has also been excluded from applicable ratios. No allowance for losses was recorded at June 30, 2009 and March 31, 2009. To date, no
charge-offs have been recorded for these loans.
The delinquency rate for purchased credit-impaired loans was 28.49%, 27.79%, 25.56%, 23.37% and 21.36% at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009,
respectively.
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 17

CARD SERVICES - MANAGED BASIS
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT (a)
REVENUE
Credit card income
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE

$

4Q09

813
(55)
758
3,689
4,447

$

3Q09

931
(46)
885
4,263
5,148

$

2Q09

916
(85)
831
4,328
5,159

$

1Q09

921
(364)
557
4,311
4,868

$

4Q09

1Q09

844
(197)
647
4,482
5,129

(13) %
(20)
(14)
(13)
(14)

(4) %
72
17
(18)
(13)


3,512

4,239

4,967

4,603

4,653

(17)

(25)

NONINTEREST EXPENSE

330
949
123
1,402

336
938
122
1,396

354
829
123
1,306

329
873
131
1,333

357
850
139
1,346

(2)
1
1
-

(8)
12
(12)
4

$

(1,068)
(396)
(672)

$

(870)
(323)
(547)

4
9
1

46
49
45

$

(268)

$

(180)

NM

NM

Income/(loss) before income tax expense/(benefit)
Income tax expense/(benefit)
NET INCOME/(LOSS)

N/A

$

Memo: Net securitization income/(loss)
FINANCIAL RATIOS (a)
ROE
Overhead ratio
Percentage of average outstandings:
Net interest income
Noninterest revenue
Risk adjusted margin (b)
Noninterest expense
Pretax income/(loss) (ROO) (c)
Net income/(loss)
BUSINESS METRICS
Sales volume (in billions)
New accounts opened (in millions)
Open accounts (in millions)
Merchant acquiring business
Bank card volume (in billions)
Total transactions (in billions)

(a)

(b)
(c)

(467)
(164)
(303)

$

(487)
(181)
(306)

$

(1,114)
(414)
(700)

$

17

$

(43)

(8) %
32

(8) %
27

9.60
9.14
1.97
2.43
3.65
(1.22)
(0.79)

(19) %
25

10.36
10.30
2.15
2.21
3.39
(1.18)
(0.74)

(18) %
27

10.15
11.65
1.95
0.45
3.06
(2.61)
(1.64)

(15) %
26

9.93
10.60
1.28
0.61
3.07
(2.46)
(1.55)

9.91
10.29
1.43
1.05
2.98
(1.92)
(1.21)

$

69.4
2.5
88.9

$

78.8
3.2
93.3

$

74.7
2.4
93.6

$

74.0
2.4
100.3

$

66.6
2.2
105.7

(12)
(22)
(5)

4
14
(16)

$

108.0
4.7

$

110.4
4.9

$

103.5
4.5

$

101.4
4.5

$

94.4
4.1

(2)
(4)

14
15

Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated its
Firm-sponsored credit card securitization trusts. As a result, $84.7 billion of loans and $7.4 billion of allowance for loan losses were recorded on the Consolidated Balance Sheet, while $16.7 billion of retained securitization
interests reported at December 31, 2009 were eliminated upon consolidation. Financial information presented for periods ended after January 1, 2010 are comparable with those previously presented on a managed basis. For
further discussion, see page 38 of this Financial Supplement.
Represents total net revenue less provision for credit losses.
Pretax return on average managed outstandings.

Page 18

CARD SERVICES - MANAGED BASIS
QUARTERLY TRENDS
1Q10 Change
1Q10
Loans:
Loans on balance sheets
Securitized and unconsolidated loans (a)
Total loans

$

Equity
Managed assets
Loans:
Loans on balance sheets
Securitized and unconsolidated loans (a)
Total average loans
Equity

$

$

149,260
N/A
149,260

$

$

$

15,000

$

$

156,968

$

KEY STATS - WASHINGTON MUTUAL ONLY
Loans
Average loans
Net interest income (e)
Risk adjusted margin (e) (f)
Net charge-off rate (g)
30+ day delinquency rate (g)
90+ day delinquency rate (g)
KEY STATS - EXCLUDING WASHINGTON MUTUAL
Loans
Average loans
Net interest income (e)
Risk adjusted margin (e) (f)
Net charge-off rate
30+ day delinquency rate
90+ day delinquency rate
(a)

(b)
(c)
(d)

(e)
(f)
(g)

2Q09

$

$

78,215
87,028
165,243

15,000

$

$

184,535

$

$

155,790
N/A
155,790

$

15,000

$

1Q09

$

$

85,736
85,790
171,526

15,000

$

$

192,141

$

$

77,759
85,452
163,211

$

15,000

22,478

Delinquency rates
30+ day (b)
90+ day (b)
Allowance for loan losses (c)
Allowance for loan losses to period-end loans (c) (d)

3Q09

78,786
84,626
163,412

Headcount
CREDIT QUALITY STATISTICS (a)
Net charge-offs
Net charge-off rate (b)

4Q09

4,512
$
11.75 %
5.62 %
3.15

4Q09

1Q09

$

90,911
85,220
176,131

89 %
NM
(9)

64 %
NM
(15)

15,000

$

15,000

-

-

$

193,310

$

201,200

(15)

(22)

$
$

89,692
84,417
174,109

$

$

83,146
86,017
169,163

$

97,783
85,619
183,402

100
NM
(5)

59
NM
(15)

$

15,000

$

15,000

$

15,000

-

-

23,759

(1)

(5)

18

29

22,676
3,839
$
9.33 %
6.28 %
3.59

22,850
4,392
$
10.30 %
5.99 %
2.76

22,897
4,353
$
10.03 %
5.86 %
3.25

3,493
7.72 %
6.16 %
3.22

$

16,032
$
10.74 %

9,672
$
12.28 %

9,297
$
11.89 %

8,839
$
10.31 %

8,849
9.73 %

66

81

$

17,204
$
18,607
15.06 %
2.47
24.14
10.49
6.32

19,653
$
20,377
17.12 %
(0.66)
20.49
12.72
7.76

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

(12)
(9)

(34)
(33)

$

132,056
$
137,183
8.86 %
2.43
10.54
4.99
2.74

143,759
$
142,834
9.40 %
2.62
8.64
5.52
3.13

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

(8)
(4)

(12)
(12)

Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated its Firmsponsored credit card securitization trusts. As a result, $84.7 billion of loans and $7.4 billion of allowance for loan losses were recorded on the Consolidated Balance Sheet, while $16.7 billion of retained securitization interests reported
at December 31, 2009 were eliminated upon consolidation. Financial information presented for periods ended after January 1, 2010 are comparable with those previously presented on a managed basis. For further discussion, see page
38 of this Financial Supplement.
Results reflect the impact of purchase accounting adjustments related to the Washington Mutual transaction and the consolidation of the Washington Mutual Master Trust. Delinquency rates for March 31, 2010 are not impacted.
Based on loans on balance sheets.
Includes $1.0 billion, $3.0 billion and $5.0 billion of loans at December 31, 2009, September 30, 2009 and June 30, 2009, respectively, held by 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 December 31, 2009, September 30, 2009 and June 30, 2009. Excluding these loans, the allowance for loan
losses to period-end loans would have been 12.43%, 12.36% and 10.95%, respectively.
As a percentage of average managed outstandings.
Represents total net revenue less provision for credit losses.
Excludes the impact of purchase accounting adjustments related to the Washington Mutual transaction and the consolidation of the Washington Mutual Master Trust. Delinquency rates for March 31, 2010 are not impacted.

Page 19

CARD RECONCILIATION OF REPORTED AND MANAGED DATA
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT DATA
Credit card income
Reported
Securitization adjustments (a)
Managed credit card income
Net interest income
Reported
Managed net interest income
Total net revenue
Reported
Managed total net revenue
Reported
Managed provision for credit losses

$
$

$
$

$
$

$
$

BALANCE SHEETS - AVERAGE BALANCES
Total average assets
Reported
Managed average assets

$

CREDIT QUALITY STATISTICS
Net charge-offs
Reported
Managed net charge-offs

$

Net charge-off rates
Reported
Securitized and unconsolidated (a)
Managed net charge-off rate

(a)

$

$

4Q09

813
N/A
813

$

3,689
N/A
3,689

$

4,447
N/A
4,447

$

3,512
N/A
3,512

$

156,968
N/A
156,968

$

4,512
N/A
4,512

$

11.75
N/A
11.75

$

$

$

$

$

$

%

3Q09

1,306
(375)
931

$

2,271
1,992
4,263

$

3,531
1,617
5,148

$

2,622
1,617
4,239

$

102,748
81,787
184,535

$

2,222
1,617
3,839

$

11.34
7.51
9.33

$

$

$

$

$

$

%

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

$

$

$

$

$

$

%

4Q09

1Q09

1,384
(540)
844

(38) %
NM
(13)

(41) %
NM
(4)

2,478
2,004
4,482

62
NM
(13)

49
NM
(18)

3,665
1,464
5,129

26
NM
(14)

21
NM
(13)

3,189
1,464
4,653

34
NM
(17)

10
NM
(25)

118,418
82,782
201,200

53
NM
(15)

33
NM
(22)

2,029
1,464
3,493

103
NM
18

122
NM
29

8.42
6.93
7.72

%

Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm
consolidated its Firm-sponsored credit card securitization trusts. As a result, reported and managed basis are comparable for periods ended after January 1, 2010. For further discussion, see page 38 of this Financial
Supplement.

Page 20

COMMERCIAL BANKING
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
All other income (a)
Noninterest revenue
Net interest income
TOTAL NET REVENUE

$

4Q09

277
37
186
500
916
1,416

$

3Q09

279
35
149
463
943
1,406

$

2Q09

269
35
170
474
985
1,459

$

1Q09

270
36
152
458
995
1,453

$

4Q09

263
34
125
422
980
1,402

1Q09

(1) %
6
25
8
(3)
1

5 %
9
49
18
(7)
1


214

494

355

312

293

(57)

(27)

NONINTEREST EXPENSE

206
324
9
539

183
351
9
543

196
339
10
545

197
327
11
535

200
342
11
553

13
(8)
(1)

3
(5)
(18)
(3)

Income tax expense
NET INCOME

663
273
390

369
145
224

559
218
341

606
238
368

556
218
338

80
88
74

19
25
15

3
(1)
(3)
7
1

(1)
(1)
44
(17)
1

Revenue by product:
Lending
Treasury services
Investment banking
Other
Total Commercial Banking revenue

IB revenue, gross (b)
Revenue by client segment:
Middle Market Banking
Commercial Term Lending
Mid-Corporate Banking
Real Estate Banking
Other
Total Commercial Banking revenue
FINANCIAL RATIOS
ROE
Overhead ratio

(a)
(b)

$

$

$

$

$

658
638
105
15
1,416

$

$

$

$

$

$

639
645
108
14
1,406

311

$

746
229
263
100
78
1,416

$

20
38

$

%

$

$

$

675
672
99
13
1,459

328

$

760
191
277
100
78
1,406

$

11
39

$

%

$

$

$

684
679
114
(24)
1,453

$

665
646
73
18
1,402

301

$

328

$

206

(5)

51

771
232
278
121
57
1,459

$

772
224
305
120
32
1,453

$

752
228
242
120
60
1,402

(2)
20
(5)
1

(1)
9
(17)
30
1

17
37

$

%

18
37

$

%

17
39

%

Revenue from investment banking products sold to Commercial Banking ("CB") clients and commercial card revenue is included in all other income.
Represents the total revenue related to investment banking products sold to CB clients.

Page 21

COMMERCIAL BANKING
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q10 Change
1Q10
Loans:
Loans retained
Loans held-for-sale and loans at fair value
Total loans
Equity
Total assets
Loans:
Loans retained
Total loans
Liability balances (a)
Equity
Average loans by client segment:
Middle Market Banking
Commercial Term Lending
Mid-Corporate Banking
Real Estate Banking
Other
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

(a)
(b)

3Q09

2Q09

1Q09

4Q09

1Q09

$

95,435
294
95,729
8,000

$

97,108
324
97,432
8,000

$

101,608
288
101,896
8,000

$

105,556
296
105,852
8,000

$

110,923
272
111,195
8,000

$

133,013

$

129,948

$

130,316

$

137,283

$

144,298

2

(8)

113,568
297
113,865
114,975
8,000

(3)
(23)
(4)
9
-

(15)
(15)
16
-

40,728
36,814
18,416
13,264
4,643
113,865

(3)
(1)
(9)
(6)
(7)
(4)

(17)
(2)
(33)
(21)
(15)
(15)

13

3

(53)

71

96,317
297
96,614
133,142
8,000

$

$

Headcount
Net charge-offs
Nonperforming loans retained (b)
Nonperforming loans held-for-sale and loans at fair value
Total nonperforming loans
Nonperforming assets

4Q09

99,794
386
100,180
122,471
8,000

33,919
36,057
12,258
10,438
3,942
96,614

$

$

4,701

$

103,752
297
104,049
109,293
8,000

34,794
36,507
13,510
11,133
4,236
100,180

$

$

4,151

229

$

108,750
288
109,038
105,829
8,000

36,200
36,943
14,933
11,547
4,426
104,049

$

$

4,177

483

$

38,193
36,963
17,012
12,347
4,523
109,038

$

$

4,228

291

$

(2) %
(9)
(2)
-

4,545

181

$

134

(14) %
8
(14)
-

2,947
49
2,996
3,186

2,764
37
2,801
2,989

2,284
18
2,302
2,461

2,090
21
2,111
2,255

1,531
1,531
1,651

7
32
7
7

92
NM
96
93

3,007
359
3,366

3,025
349
3,374

3,063
300
3,363

3,034
272
3,306

2,945
240
3,185

(1)
3
-

2
50
6

0.96
3.15
3.12
102
3.13
3.10

%

1.92
3.12
3.03
109
2.87
2.80

%

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

%

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.
Allowance for loan losses of $612 million, $581 million, $496 million, $460 million, and $352 million were held against nonperforming loans retained for the periods ended March 31, 2010, December 31, 2009,
September 30, 2009, June 30, 2009, and March 31, 2009, respectively.

Page 22

TREASURY & SECURITIES SERVICES
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE

$

Credit reimbursement to IB (a)

4Q09

311
659
176
1,146
610
1,756

$

(39)
(30)

3Q09

330
675
212
1,217
618
1,835

$

53
(30)

2Q09

316
620
201
1,137
651
1,788

$

13
(31)

1Q09

314
710
221
1,245
655
1,900

$

(5)
(30)

4Q09

325
626
197
1,148
673
1,821
(6)
(30)

NONINTEREST EXPENSE

657
650
18
1,325

668
704
19
1,391

629
633
18
1,280

618
650
20
1,288

629
671
19
1,319

Income tax expense
NET INCOME

440
161
279

361
124
237

464
162
302

587
208
379

478
170
308

REVENUE BY BUSINESS
Treasury Services
Worldwide Securities Services
TOTAL NET REVENUE

$

$
$

FINANCIAL RATIOS
ROE
Overhead ratio
Pretax margin ratio (b)
Loans (c)
Equity
Total assets
Loans (c)
Liability balances (d)
Equity
Headcount

(a)
(b)
(c)
(d)

882
874
1,756

$

$
$

17 %
75
25

918
917
1,835

$

$
$

19 %
76
20

919
869
1,788

$

$
$

24 %
72
26

934
966
1,900

$

$
$

30 %
68
31

931
890
1,821

1Q09

(6) %
(2)
(17)
(6)
(1)
(4)

(4) %
5
(11)
(9)
(4)

NM
-

NM
-

(2)
(8)
(5)
(5)

4
(3)
(5)
-

22
30
18

(8)
(5)
(9)

(4)
(5)
(4)

(5)
(2)
(4)

25 %
72
26

$

24,066
6,500

$

18,972
5,000

$

19,693
5,000

$

17,929
5,000

$

18,529
5,000

27
30

30
30

$

38,273
19,578
247,905
6,500

$

36,589
18,888
250,695
5,000

$

33,117
17,062
231,502
5,000

$

35,520
17,524
234,163
5,000

$

38,682
20,140
276,486
5,000

5
4
(1)
30

(1)
(3)
(10)
30

26,998

2

1

27,223

26,609

26,389

27,252

IB 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.
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.
Loan balances include wholesale overdrafts, commercial card and trade finance loans.
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 23

TREASURY & SECURITIES SERVICES
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
1Q10 Change
1Q10
TSS FIRMWIDE DISCLOSURES
TS revenue - reported
TS revenue reported in CB
TS revenue reported in other lines of business
TS firmwide revenue (a)
Worldwide Securities Services revenue
TSS firmwide revenue (a)
TS firmwide liability balances (average) (b)
TSS firmwide liability balances (average) (b)

$

$
$

TSS FIRMWIDE FINANCIAL RATIOS
TS firmwide overhead ratio (c)
TSS firmwide overhead ratio (c)
FIRMWIDE BUSINESS METRICS
Assets under custody (in billions)

Net charge-offs rate
Allowance for loan losses to period-end loans
Allowance for loan losses to average loans
Nonperforming loans to period-end loans
Nonperforming loans to average loans
(a)

(b)
(c)
(d)
(e)

882
638
56
1,576
874
2,450

$

305,105
381,047

$

55
65
$

Number of:
US$ ACH transactions originated (in millions)
Total US$ clearing volume (in thousands)
International electronic funds transfer volume
(in thousands) (d)
Wholesale check volume (in millions)
Wholesale cards issued (in thousands) (e)
Net charge-offs
Nonperforming loans

4Q09

$

%

15,283

3Q09

918
645
57
1,620
917
2,537

$

289,024
373,166

$

54
66
$

$

%

14,885

2Q09

919
672
63
1,654
869
2,523

$

261,059
340,795

$

52
62
$

$

%

14,887

1Q09

934
679
63
1,676
966
2,642

$

258,312
339,992

$

51
59
$

$

%

13,748

4Q09

931
646
62
1,639
890
2,529

(4) %
(1)
(2)
(3)
(5)
(3)

289,645
391,461

(5) %
(1)
(10)
(4)
(2)
(3)

6
2

5
(3)

13,532

3

13

53
63
$

1Q09

%

949
28,669

965
28,604

978
28,193

978
27,186

(3)
(3)

(3)
5

55,754
478
27,352

$

975
29,493
53,354
514
27,138

48,533
530
26,977

47,096
572
25,501

44,365
568
23,757

4
(7)
1

26
(16)
15

2
30

-

NM
(53)

51
77
128

(35)
(10)
(23)

12
(1)
4

14

$

57
76
133
0.24
0.29
407
0.06
0.07

14

$

88
84
172
%

0.46
0.47
NM
0.07
0.07

14

$

15
104
119
%

0.08
0.09
107
0.07
0.08

17
14

$

15
92
107
%

0.39
0.08
0.09
107
0.08
0.08

%

0.04
0.28
0.25
170
0.16
0.15

%

TSS firmwide 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 $137 million, $162 million, $154 million, $191 million, and $154 million for the quarters ended March 31, 2010,
December 31, 2009, September 30, 2009, June 30, 2009, and March 31, 2009, respectively.
Firmwide liability balances include liability balances recorded in Commercial Banking.
Overhead ratios have been calculated based on firmwide revenue and TSS and TS expense, respectively, including those allocated to certain other lines of business. FX revenue and expense recorded in IB for
TSS-related FX activity are not included in this ratio.
International electronic funds transfer includes non-U.S. dollar ACH and clearing volume.
Wholesale cards issued and outstanding include domestic commercial, stored value, prepaid and government electronic benefit card products.

Page 24

ASSET MANAGEMENT
(in millions, except ratio, ranking and headcount data)
QUARTERLY TRENDS
1Q10 Change
INCOME STATEMENT
REVENUE
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE
NONINTEREST EXPENSE
Income tax expense
NET INCOME
REVENUE BY CLIENT SEGMENT
Private Bank
Institutional
Retail
Private Wealth Management
JPMorgan Securities (a)
Total net revenue
FINANCIAL RATIOS
ROE
Overhead ratio
Pretax margin ratio (b)
BUSINESS METRICS
Number of:
Client advisors
Retirement planning services participants (in thousands)
JPMorgan Securities brokers (a)
% of customer assets in 4 & 5 Star Funds (c)
% of AUM in 1st and 2nd quartiles: (d)
1 year
3 years
5 years
Loans
Equity
Total assets
Loans
Deposits
Equity
Headcount
Net charge-offs
Nonperforming loans
Net charge-off rate
Allowance for loan losses to period-end loans
Allowance for loan losses to average loans
Nonperforming loans to period-end loans
Nonperforming loans to average loans
(a)
(b)
(c)
(d)

1Q10
$

$
$

$

4Q09
1,508
266
1,774
357
2,131
35

$

910
514
18
1,442
654
262
392

$

698
566
415
343
109
2,131
24
68
31

1,987
1,651
390
43
55
67
77

$

$
%

3Q09
1,632
191
1,823
372
2,195
58

$

907
543
20
1,470
667
243
424

$

723
584
445
331
112
2,195
24
67
30

%

1,934
1,628
376
42

%
%
%

57
62
74

$

$
%

2Q09
1,443
238
1,681
404
2,085
38

$

858
474
19
1,351
696
266
430

$

639
534
471
339
102
2,085
24
65
33

%

1,891
1,620
365
39

%
%
%

60
70
74

$

$
%

1Q09
1,315
253
1,568
414
1,982
59

$

810
525
19
1,354
569
217
352

$

640
487
411
334
110
1,982
20
68
29

%

1,838
1,595
362
45

%
%
%

62
69
80

$

$
%

4Q09

1Q09

1,231
69
1,300
403
1,703
33

(8) %
39
(3)
(4)
(3)
(40)

800
479
19
1,298
372
148
224

(5)
(10)
(2)
(2)
8
(8)

14
7
(5)
11
76
77
75

583
460
253
312
95
1,703

(3)
(3)
(7)
4
(3)
(3)

20
23
64
10
15
25

6
1
9
2

13
76
22

23 %
286
36
(11)
25
6

%

%

1,872
1,628
359
42

%

3
1
4
2

%
%
%

54
62
66

%
%
%

(4)
8
4

2
8
17

$

37,088
6,500

$

37,755
7,000

$

35,925
7,000

$

35,474
7,000

$

33,944
7,000

(2)
(7)

9
(7)

$

62,525
36,602
80,662
6,500
15,321

$

63,036
36,137
77,352
7,000
15,136

$

60,345
34,822
73,649
7,000
14,919

$

59,334
34,292
75,355
7,000
14,840

$

58,227
34,585
81,749
7,000
15,109

(1)
1
4
(7)
1

7
6
(1)
(7)
1

$

28
475

$

35
580

$

17
409

$

46
313

$

19
301

(20)
(18)

47
58

215
4
219
0.22
0.63
0.62
71
0.89
0.87

(3)
44
(1)

21
225
25

261
13
274
0.31
0.70
0.71
55
1.28
1.30

%

269
9
278
0.38
0.71
0.74
46
1.54
1.61

%

251
5
256
0.19
0.70
0.72
61
1.14
1.17

%

226
4
230
0.54
0.64
0.66
72
0.88
0.91

%

%

JPMorgan Sec urities was for merly known as Bear St earns Privat e Client Ser vices prior to Januar y 1, 2010.
Pretax margin represents inc ome bef ore inc ome t ax expense di vided by total net r evenue, which is a measure of pret ax performanc e and anot her basis by which management evaluates its perf ormance and t hat of its competitors.
Derived from Morni ngstar for t he U nited St ates , t he U nited Kingdom, Luxembourg, Franc e, Hong Kong and Tai wan; and Nomura for Japan.
Quartile ranking sourced from Lipper f or the Unit ed States and Tai wan; Morni ngstar for t he United Kingdom, Luxembourg, Franc e and Hong Kong; and Nomura for Japan.

Page 25

ASSET MANAGEMENT
(in billions)

ASSETS UNDER SUPERVISION (a)
Assets by asset class
Liquidity
Fixed income
Equities and multi-asset
Alternatives
TOTAL ASSETS UNDER MANAGEMENT
Custody / brokerage / administration / deposits
TOTAL ASSETS UNDER SUPERVISION

Assets by client segment
Institutional
Private Bank
Retail
JPMorgan Securities (b)
Institutional
Private Bank
Retail
JPMorgan Securities (b)

Assets by geographic region
U.S. / Canada
International
U.S. / Canada
International

Mutual fund assets by asset class
Liquidity
Fixed income
Equities
Alternatives
TOTAL MUTUAL FUND ASSETS

(a)
(b)

Mar 31
2010
$

$

$

$
$

$

$
$
$
$

$

$

Dec 31
2009

521
246
355
97
1,219
488
1,707

$

669
184
282
70
14
1,219

$

670
476
371
133
57
1,707

$

815
404
1,219

$

1,189
518
1,707

$

470
76
150
9
705

$

$

$

$

$

$

$

Sep 30
2009

591
226
339
93
1,249
452
1,701

$

709
187
270
69
14
1,249

$

710
452
355
129
55
1,701

$

837
412
1,249

$

1,182
519
1,701

$

539
67
143
9
758

$

$

$

$

$

$

$

Jun 30
2009

634
215
316
94
1,259
411
1,670

$

737
180
256
71
15
1,259

$

737
414
339
131
49
1,670

$

862
397
1,259

$

1,179
491
1,670

$

576
57
133
10
776

$

$

$

$

$

$

$

March 31, 2010
Change
Dec 31
Mar 31
2009
2009

Mar 31
2009

617
194
264
96
1,171
372
1,543

$

697
179
216
67
12
1,171

$

697
390
289
123
44
1,543

$

814
357
1,171

$

1,103
440
1,543

$

569
48
111
9
737

$

$

$

$

$

$

$

625
180
215
95
1,115
349
1,464

(12) %
9
5
4
(2)
8
-

(17) %
37
65
2
9
40
17

668
181
184
68
14
1,115

(6)
(2)
4
1
(2)

2
53
3
9

669
375
250
120
50
1,464

(6)
5
5
3
4
-

27
48
11
14
17

789
326
1,115

(3)
(2)
(2)

3
24
9

1,066
398
1,464

1
-

12
30
17

570
42
85
8
705

(13)
13
5
(7)

(18)
81
76
13
-

Excludes assets under management of American Century Companies, Inc. in which the Firm has had a 42% ownership in all the periods presented.
JPMorgan Securities was formerly known as Bear Stearns Private Client Services prior to January 1, 2010.

Page 26

ASSET MANAGEMENT
(in billions)
QUARTERLY TRENDS
1Q10
ASSETS UNDER SUPERVISION (continued)
Assets under management rollforward
Beginning balance
Net asset flows:
Liquidity
Fixed income
Equities, multi-asset and alternatives
Market / performance / other impacts
Assets under supervision rollforward
Beginning balance
Net asset flows
Market / performance / other impacts

$

1,249

$

(62)
16
6
10
1,219

$
$

1,701
(10)
16
1,707

4Q09

$

1,259

$

(44)
12
8
14
1,249

$
$

1,670
(11)
42
1,701

3Q09

$

1,171

$

9
13
12
54
1,259

$
$

1,543
45
82
1,670

2Q09

$

1,115

$

(7)
8
2
53
1,171

$
$

1,464
(9)
88
1,543

1Q09

$

1,133

$

19
1
(5)
(33)
1,115

$
$

1,496
25
(57)
1,464

Page 27

CORPORATE/PRIVATE EQUITY
(in millions, except headcount data)
QUARTERLY TRENDS
1Q10 Change
1Q10
INCOME STATEMENT
REVENUE
Securities gains
All other income
Noninterest revenue
Net interest income
TOTAL NET REVENUE

$


NET INCOME/(LOSS)
Private equity
Corporate (d)
TOTAL NET INCOME/(LOSS)
Headcount

(a)
(b)
(c)
(d)

$

$

$
$

$
$

$

1,109
181
273
1,563
1,031
2,594

$

62

1Q09

1,243
366
(209)
1,400
865
2,265

$

9

4Q09

(1,493)
214
(19)
(1,298)
989
(309)

1Q09

(23) %
61
NM
16
10
13

NM %
185
NM
NM
9
NM

-

89

NM

641
345
205
1,191
(1,279)
(88)

(36)
187
NM
92
3
279

(26)
NM
NM
195
8
NM

$

$

55
173
228

$

$

$

768
875
103
1,746
(1,243)
503

655
1,319
143
2,117
(1,253)
864

1,459

115
2,242
2,357

19,307

715
378
13
1,106
978
2,084

2Q09

747
1,058
30
1,835
(1,219)
616

4
(224)
228
228

3Q09

9

475
3,041
3,516
(1,180)
2,336

Income/(loss) before income tax expense (benefit)
and extraordinary gain

MEMO:
TOTAL NET REVENUE
Private equity
Corporate
TOTAL NET REVENUE

547
610
124
1,281
1,076
2,357
17

NONINTEREST EXPENSE
Noncompensation expense (a)
Merger costs
Subtotal
Net expense allocated to other businesses

Income tax expense/(benefit) (b)
Income/(loss) before extraordinary gain
Extraordinary gain (c)
NET INCOME/(LOSS)

4Q09

2,029

1,392

(221)

(100)

NM

262
1,197
1,197

818
1,211
76
1,287

584
808
808

41
(262)
(262)

NM
(81)
(81)

NM
NM
NM

(449)
140
(309)

(61)
25
13

NM
NM
NM

(280)
18
(262)

(61)
(84)
(81)

NM
NM
NM

(4)

(14)

$

296
1,788
2,084

$

141
1,056
1,197

$

20,119

$

$

$

172
2,422
2,594

$

88
1,199
1,287

$

20,747

$

$

$

(1)
2,266
2,265

$

(27)
835
808

$

21,522

$

$

22,339

The first quarter of 2010 includes a $2.3 billion increase reflecting increased litigation reserves, including those for mortgage-related matters. The second quarter of 2009 included a $675 million FDIC special
assessment.
The income tax expense in the first quarter of 2010 and fourth quarter of 2009 includes tax benefits recognized upon the resolution of tax audits.
On September 25, 2008, JPMorgan Chase acquired the banking operations of Washington Mutual. The acquisition resulted in negative goodwill, and accordingly, the Firm recognized an extraordinary gain. A
preliminary gain of $1.9 billion was recognized at December 31, 2008. The final total extraordinary gain that resulted from the Washington Mutual transaction was $2.0 billion.
The 2009 periods included merger costs and extraordinary gain related to the Washington Mutual transaction, as well as items related to the Bear Stearns merger, including merger costs, asset management
liquidation costs and Bear Stearns Private Client Services (which was renamed to JPMorgan Securities effective January 2010) broker retention expense.

Page 28

CORPORATE/PRIVATE EQUITY
QUARTERLY TRENDS
1Q10 Change
1Q10

4Q09

3Q09

2Q09

1Q09

4Q09

1Q09

SUPPLEMENTAL
TREASURY and CIO
Securities gains (a)
Investment securities portfolio (average)
Investment securities portfolio (ending)
Mortgage loans (average)
Mortgage loans (ending)
PRIVATE EQUITY
Private equity gains/(losses)
Direct investments
Realized gains
Unrealized gains/(losses) (b)
Total direct investments
Third-party fund investments
Total private equity gains/(losses) (c)
Private equity portfolio information
Direct investments
Publicly-held securities
Carrying value
Cost
Quoted public value
Privately-held direct securities
Carrying value
Cost
Third-party fund investments (d)
Carrying value
Cost

$

$

$

$

610
330,584
337,442
8,162
8,368

113
(75)
38
98
136

910
813
982

$

378
353,224
340,163
7,794
8,023

$

181
339,745
351,823
7,469
7,665

$

$

12
224
236
37
273

$

57
88
145
10
155

$

$

$

762
743
791

$

$

674
751
720

$

$

374
336,263
326,414
7,228
7,368

25
16
41
(61)
(20)

431
778
477

$

$

$

$

214
265,785
316,498
7,210
7,162

61 %
(6)
(1)
5
4

15
(409)
(394)
(68)
(462)

NM
NM
(84)
165
(50)

305
778
346

19
9
24

185 %
24
7
13
17

NM
82
NM
NM
NM

198
4
184

4,762
5,775

5,104
5,959

4,722
5,823

4,709
5,627

4,708
5,519

(7)
(3)

1
5

1,603
2,134

1,459
2,079

1,440
2,068

1,420
2,055

1,537
2,082

10
3

4
2

Total private equity portfolio - Carrying value

$

7,275

$

7,325

$

6,836

$

6,560

$

6,550

(1)

11

Total private equity portfolio - Cost

$

8,722

$

8,781

$

8,642

$

8,460

$

8,379

(1)

4

(a)
(b)
(c)
(d)

All periods reflect repositioning of the Corporate investment securities portfolio, and exclude gains/losses on securities used to manage risk associated with MSRs.
Unrealized gains (losses) contain reversals of unrealized gains and losses that were recognized in prior periods and have now been realized.
Included in principal transactions revenue in the Consolidated Statements of Income.
Unfunded commitments to third-party private equity funds were $1.4 billion, $1.5 billion, $1.4 billion, $1.5 billion and $1.5 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and
March 31, 2009, respectively.

Page 29

CREDIT-RELATED INFORMATION
(in millions)
March 31, 2010
Change
CREDIT EXPOSURE
WHOLESALE (a)
Loans retained (b)
TOTAL WHOLESALE LOANS - REPORTED
CONSUMER (c)
Home loan portfolio - excluding purchased credit-impaired loans:
Home equity
Prime mortgage (b)
Subprime mortgage (b)
Option ARMs (b)
Total home loan portfolio - excl. purchased credit-impaired loans
Home loan portfolio - purchased credit-impaired loans: (d)
Home equity
Prime mortgage
Subprime mortgage
Option ARMs
Total home loan portfolio - purchased credit-impaired loans
Other consumer:
Auto (b)
Credit card - reported:
Loans excluding those held by the WaMu Master Trust (b)
Loans held by the WaMu Master Trust (e)
Total credit card - reported
Other loans (b)
Loans retained
Loans held-for-sale (f)
TOTAL CONSUMER LOANS - REPORTED
TOTAL LOANS - REPORTED
Credit card - securitized and unconsolidated (b)
TOTAL MANAGED LOANS (b)
Receivables from customers
Interests in purchased receivables (b)
TOTAL CREDIT-RELATED ASSETS
Wholesale lending-related commitments (b)
TOTAL
Memo: Total by category
Total wholesale exposure (g)
Total consumer loans (b) (h)
Total
Risk profile of wholesale credit exposure:
Investment-grade
Noninvestment-grade:
Noncriticized
Criticized performing
Criticized nonperforming
Total noninvestment-grade
Receivables from customers
Interests in purchased receivables (b)
Total wholesale exposure
(a)
(b)

(c)
(d)
(e)
(f)
(g)
(h)

Mar 31
2010
$

Dec 31
2009

210,211
4,079
214,290

$

200,077
4,098
204,175

Sep 30
2009
$

213,718
5,235
218,953

Jun 30
2009
$

Mar 31
2009

224,080
7,545
231,625

$

Dec 31
2009

Mar 31
2009

230,534
11,750
242,284

5

%
-

5

(9) %
(65)
(12)

97,642
68,210
13,219
8,644
187,715

108,229
68,878
13,825
9,034
199,966

111,781
71,731
14,594
8,940
207,046

(4)
2
6
1
(1)

(13)
(5)
(9)
(3)
(9)

26,520
19,693
5,993
29,039
81,245

27,088
20,229
6,135
29,750
83,202

27,729
20,807
6,341
30,529
85,406

28,366
21,398
6,565
31,243
87,572

(2)
(2)
(2)
(3)
(2)

(8)
(10)
(11)
(10)
(9)

47,381

46,031

44,309

42,887

43,065

3

10

149,260
149,260
32,951
496,630
2,879
499,509

$

104,795
67,597
13,270
8,852
194,514

26,012
19,203
5,848
28,260
79,323

$

101,425
66,892
12,526
8,536
189,379

77,784
1,002
78,786
31,700
427,141
2,142
429,283

75,207
3,008
78,215
32,405
432,645
1,546
434,191

80,722
5,014
85,736
33,041
447,036
1,940
448,976

90,911
90,911
33,700
462,294
3,665
465,959

92
NM
89
4
16
34
16

64
64
(2)
7
(21)
7

713,799
N/A
713,799
79,416
16,314
2,579
812,108
326,921
1,139,029

633,458
84,626
718,084
80,210
15,745
2,927
816,966
347,155
1,164,121

653,144
87,028
740,172
94,065
13,148
2,329
849,714
343,135
1,192,849

680,601
85,790
766,391
97,491
12,977
2,972
879,831
343,991
1,223,822

708,243
85,220
793,463
131,247
14,504
939,214
363,013
1,302,227

13
NM
(1)
(1)
4
(12)
(1)
(6)
(2)

1
NM
(10)
(39)
12
NM
(14)
(10)
(13)

(2)
(3)
(2)

(15)
(9)
(13)

$
$

$

639,520
499,509
1,139,029

$

457,471

$
$

$

650,212
513,909
1,164,121

$

460,702

$
$

$

671,630
521,219
1,192,849

$

474,005

$
$

$

689,056
534,766
1,223,822

$

751,048
551,179
1,302,227

$

491,168

$

546,968

(1)

(16)

129,368
23,451
6,258
159,077

$

133,557
26,095
7,088
166,740

141,578
27,217
8,118
176,913

141,408
26,453
6,533
174,394

147,891
25,320
4,615
177,826

(3)
(10)
(12)
(5)

(13)
(7)
36
(11)

4,079
16,314
2,579
639,520

4,098
15,745
2,927
650,212

5,235
13,148
2,329
671,630

7,545
12,977
2,972
689,056

11,750
14,504
751,048

4
(12)
(2)

(65)
12
NM
(15)

$

$

$

$

Includes Investment Bank, Commercial Banking, Treasury & Securities Services and Asset Management.
Effective January 1, 2010, the Firm adopted new FASB guidance which amended the accounting for the transfer of financial assets and the consolidation of VIEs. Upon adoption of the new guidance, the Firm consolidated: $84.7 billion of loans associated with Firm-sponsored credit card
securitization trusts; $17.7 billion of assets associated with Firm-administered multi-seller conduits, of which $2.5 billion related to interests in purchased receivables and $15.1 billion related to wholesale loans; and $4.8 billion of loans associated with certain other consumer loan
securitization entities, primarily mortgage-related. Furthermore, $17.2 billion of net lending-related commitments associated with the conduits were eliminated upon consolidation. As a result of the consolidation of the credit card securitization trusts, reported and managed basis are
equivalent for periods beginning after January 1, 2010. For further discussion, see page 38 of this Financial Supplement.
Includes Retail Financial Services, Card Services and residential mortgage loans reported in the Corporate/Private Equity segment to be risk managed by the Chief Investment Office.
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 lives of the loans as long as cash flows are reasonably estimable, even if the underlying loans are contractually past due.
Represents the remaining balance of loans measured at fair value within the Washington Mutual Master Trust that were consolidated onto the Firm's balance sheet during the second quarter of 2009. No allowance for loan losses was recorded for these loans as of December 31, 2009,
September 30, 2009 and June 30, 2009.
Included loans for prime mortgage of $558 million, $450 million, $187 million, $589 million and $825 million at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively, and other (largely student loans) of $2.3 billion, $1.7 billion, $1.4 billion,
$1.4 billion and $2.8 billion at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively,
Primarily represents total wholesale loans, derivative receivables, wholesale lending-related commitments and receivables from customers.
Represents total consumer loans and excludes consumer lending-related commitments.
Note: The risk profile is based on JPMorgan Chase's internal risk ratings, which generally correspond to the following ratings as defined by Standard & Poor's / Moody's: Investment-Grade: AAA / Aaa to BBB- / Baa3; Noninvestment-Grade: BB+ / Ba1 and below.
N/A: Not Applicable.

Page 30

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