JPMORGAN CHASE & CO (JPM)

JPMorgan Chase & Co. (JPMorganChase or the Firm, NYSE: JPM) is a financial holding company incorporated under Delaware law in 1968 and a leading U.S.-based financial services firm with operations worldwide. As of December 31, 2025, it had $4.4 trillion in assets and $362.4 billion in stockholders' equity. The Firm describes itself as a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management, operating under the J.P. Morgan and Chase brands.

For management reporting purposes, the Firm has three reportable business segments: Consumer & Community Banking (CCB), its consumer segment; and Commercial & Investment Bank (CIB) and Asset & Wealth Management (AWM), its wholesale segments. Remaining activities are reported in Corporate. The text refers to the Management's discussion and analysis and Note 32 for detailed descriptions of each segment's products and services, which are not included here.

JPMorganChase serves millions of customers, predominantly in the U.S., as well as many of the world's most prominent corporate, institutional and government clients globally. Consumers and small businesses are served mainly through CCB, while corporate, institutional and government clients are served through the wholesale segments.

The Firm's principal bank subsidiary is JPMorgan Chase Bank, N.A., a national banking association with U.S. branches in 48 states and Washington, D.C. Its principal non-bank subsidiary is J.P. Morgan Securities LLC, a U.S. broker-dealer. Its subsidiaries operate nationally and through overseas branches, subsidiaries, representative offices and subsidiary foreign banks. The principal operating subsidiaries outside the U.S. are J.P. Morgan Securities plc, based in the United Kingdom, and J.P. Morgan SE, based in Germany, both subsidiaries of JPMorgan Chase Bank, N.A. The Firm is a bank holding company and financial holding company supervised by the Federal Reserve, with its bank, broker-dealer and foreign subsidiaries also regulated by authorities such as the OCC, FDIC, SEC, FINRA, CFTC, the U.K. PRA and FCA, and the ECB. It competes with banks, brokerage firms, investment banks, hedge funds, private equity firms, insurers, asset managers, credit card companies, mortgage lenders, fintech and digital asset companies, and internet-based and other new entrants. Competition is based on product quality and variety, transaction execution, innovation, reputation and price, and occurs on a global, national or regional basis depending on the product and geography.