JP Morgan Chase 2010 Annual Report Download - page 293

JPMorgan Chase & Co./2010 Annual Report
293
(table continued from previous page)
Treasury &
Securities Services
Asset
Management Corporate/Private Equity Reconciling items(f)(i)
Total
2010 2009
2008 2010 2009 2008 2010 2009 2008 2010 2009 2008 2010 2009 2008
$ 4,757 $ 4,747 $ 5,196 $ 7,485 $ 6,372 $ 6,066 $ 5,359 $ 2,771 $ (278) $ (1,866) $ (67) $ 1,883 $ 51,693 $ 49,282 $ 28,473
2,624 2,597 2,938 1,499 1,593 1,518 2,063 3,863 347 (403) (8,267) (7,524) 51,001 51,152 38,779
7,381 7,344 8,134 8,984 7,965 7,584 7,422 6,634 69 (2,269) (8,334) (5,641) 102,694 100,434 67,252
(47) 55 82 86 188 85 14 80 1,981
(
g
)(
h
)
— (6,443) (3,612) 16,639 32,015 20,979
(121) (121) (121) — — — — — — 121 121 121 — — —
5,604 5,278 5,223 6,112 5,473 5,298 6,355 1,895 (28) — — — 61,196 52,352 43,500
1,703 1,890 2,708 2,786 2,304 2,201 1,053 4,659 (1,884) (2,148) (1,770) (1,908) 24,859 16,067 2,773
624 664 941 1,076 874 844 (205)
1,705 (535) (2,148) (1,770) (1,908) 7,489 4,415 (926
)
1,079 1,226 1,767 1,710 1,430 1,357 1,258 2,954 (1,349) — — — 17,370 11,652 3,699
— — — — — — — 76 1,906 — — — — 76 1,906
$ 1,079 $ 1,226 $ 1,767 $ 1,710 $ 1,430 $ 1,357 $ 1,258 $ 3,030 $ 557 $ — $ — $ — $ 17,370 $ 11,728 $ 5,605
$ 6,500 $ 5,000 $ 3,751 $ 6,500 $ 7,000 $ 5,645 $ 57,520 $ 52,903 $ 53,034 $ — $ — $ — $ 161,520 $ 145,903 $ 129,116
42,494 35,963 54,563 65,056 60,249 65,550 553,159 575,529 323,227 NA (82,233) (76,904) 2,053,251 2,024,201 1,791,617
17% 25% 47% 26% 20% 24% NM NM NM NM NM NM 10% 6% 4 %
76 72 64 68 69 70 NM NM NM NM NM NM 60 52 65
(h) In November 2008, the Firm transferred $5.8 billion of higher quality credit card loans from the legacy Chase portfolio to a securitization trust previously established by
WMMT. As a result of converting higher credit quality Chase-originated on-book receivables to the Trust’s seller’s interest which has a higher overall loss rate reflective of the
total assets within the Trust, approximately $400 million of incremental provision for credit losses was recorded during the fourth quarter of 2008. This incremental provision
for credit losses was recorded in the Corporate/Private Equity segment as the action related to the acquisition of Washington Mutual’s banking operations. For further discus-
sion of credit card securitizations, see Note 16 on pages 244–259 of this Annual Report.
(i) Segment managed results reflect revenue on a tax-equivalent basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjust-
ments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. Tax-equivalent adjustments for the years ended December 31, 2010, 2009 and
2008 were as follows.
Year ended December 31, (in millions
)
2010
2009
2008
Noninterest revenue
$
1,745
$
1,440
$ 1,329
Net interest income
403
330
579
Income tax expense
2,148
1,770
1,908