J.P.Morgan 2Q23 Investor Results
JPMORGAN CHASE & CO.
CORPORATE & INVESTMENT BANK
FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except where otherwise noted)
BUSINESS METRICS
Advisory
Equity underwriting
Debt underwriting
Total investment banking fees
Client deposits and other third-party liabilities (average) (a)
Merchant processing volume (in billions) (b)
Assets under custody ("AUC") (period-end) (in billions)
95% Confidence Level - Total CIB VaR (average)
CIB trading VaR by risk type: (c)
Fixed income
Foreign exchange
Equities
Commodities and other
Diversification benefit to CIB trading VaR (d)
CIB trading VaR (c)
Credit Portfolio VaR (e)
Diversification benefit to CIB VaR (d)
CIB VaR
$
$
$
2Q23
$
540
318
699
1,557
647,479
$ 30,424
600.1
57
12
8
12
(48)
41
14
(11)
44
$
$
$
$
1Q23
756
235
663
1,654
633,729
558.8
29,725
56
10
7
15
(44)
44
11
(10)
45
$
$
$
4Q22
$
QUARTERLY TRENDS
738
250
479
1,467
649,694
$ 28,635
583.2
66
11
13
18
(50)
58
10
(8)
60
$
$
3Q22
$
848
290
624
1,762
669,215
$ 27,157
545.4
64
9
11
14
(47)
51
10
(8)
53
$
$
$
$
2Q22
664
245
741
1,650
722,388
539.6
28,579
60
8
11
14
(43)
50
17
(15)
52
2Q23 Change
1Q23
(29)%
35
5
(6)
2
7
2
2
20
14
(20)
(9)
(7)
27
(10)
(2)
JPMORGAN CHASE & Co.
2Q22
(19)%
30
(6)
(6)
(10)
11
6
(5)
50
(27)
(14)
(12)
(18)
(18)
27
(15)
$
$
$
2023
SIX MONTHS ENDED JUNE 30,
1,296
553
1,362
3,211
640,642
1,158.9
30,424
$
$
$
2022
1,465
494
1,741
3,700
715,791
1,029.8
28,579
2023 Change
2022
(12)%
12
(22)
(13)
(10)
13
6
(a) Client deposits and other third-party liabilities pertain to the Payments and Securities Services businesses.
(b) Represents Firmwide merchant processing volume.
(c) CIB trading VaR includes substantially all market-making and client-driven activities, as well as certain risk management activities in CIB, including credit spread sensitivity to CVA. Refer to VaR measurement on pages 133-135 of the Firm's 2022 Form 10-K for further information,
and pages 67-69 of the Firm's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 for further information.
(d) Diversification benefit represents the difference between the portfolio VaR and the sum of its individual components. This reflects the non-additive nature of VaR due to imperfect correlation across CIB risks.
(e) Credit Portfolio VaR includes the derivative CVA, hedges of the CVA and hedges of the retained loan portfolio, which are reported in principal transactions revenue. This VaR does not include the retained loan portfolio, which is not reported at fair value. In the first quarter of 2022,
in line with the Firm's internal model governance, the credit risk component of CVA related to certain counterparties was removed from Credit Portfolio VaR due to the widening of the credit spreads for those counterparties to elevated levels. The related hedges were also removed
to maintain consistency. This exposure is now reflected in other sensitivity-based measures.
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