JP Morgan Chase 2008 Annual Report Download - page 226

Notes to consolidated financial statements
224 JPMorgan Chase & Co./ 2008 Annual Report
Note 35 – International operations
The following table presents income statement information of JPMorgan Chase by major international geographic area. The Firm defines interna-
tional activities as business transactions that involve customers residing outside of the U.S., and the information presented below is based prima-
rily upon the domicile of the customer or the location from which the customer relationship is managed. However, many of the Firm’s U.S. opera-
tions serve international businesses.
As the Firm’s operations are highly integrated, estimates and subjective assumptions have been made to apportion revenue and expense between
U.S. and international operations. These estimates and assumptions are consistent with the allocations used for the Firm’s segment reporting as
set forth in Note 37 on pages 226–227 of this Annual Report.
The Firm’s long-lived assets for the periods presented are not considered by management to be significant in relation to total assets. The majority of the
Firm’s long-lived assets are located in the United States.
Income (loss) from
continuing operations before
Year ended December 31, (in millions) Revenue(a) Expense(b) income tax expense (benefit) Net income
2008
Europe/Middle East and Africa $ 11,449 $ 8,403 $ 3,046 $ 2,483
Asia and Pacific 4,097 3,580 517 672
Latin America and the Caribbean 1,353 903 450 274
Other 499 410 89 21
Total international 17,398 13,296 4,102 3,450
Total U.S. 49,854 51,183 (1,329) 2,155
Total $ 67,252 $ 64,479 $ 2,773 $ 5,605
2007
Europe/Middle East and Africa $ 12,070 $ 8,445 $ 3,625 $ 2,585
Asia and Pacific 4,730 3,117 1,613 945
Latin America and the Caribbean 2,028 975 1,053 630
Other 407 289 118 79
Total international 19,235 12,826 6,409 4,239
Total U.S. 52,137 35,741 16,396 11,126
Total $ 71,372 $ 48,567 $ 22,805 $ 15,365
2006
Europe/Middle East and Africa $ 11,342 $ 7,471 $ 3,871 $ 2,774
Asia and Pacific 3,227 2,649 578 400
Latin America and the Caribbean 1,342 820 522 333
Other 381 240 141 90
Total international 16,292 11,180 5,112 3,597
Total U.S. 45,707 30,933 14,774 10,847
Total $ 61,999 $ 42,113 $ 19,886 $ 14,444
(a) Revenue is composed of net interest income and noninterest revenue.
(b) Expense is composed of noninterest expense and provision for credit losses.