JP Morgan Chase 2015 Annual Report Download - page 172

Management’s discussion and analysis
162 JPMorgan Chase & Co./2015 Annual Report
The following table summarizes short-term and long-term funding, excluding deposits, as of December 31, 2015 and 2014,
and average balances for the years ended December 31, 2015 and 2014. For additional information, see the Consolidated
Balance Sheet Analysis on pages 75–76 and Note 21.
Sources of funds (excluding deposits)
2015 2014
As of or for the year ended December 31, Average
(in millions) 2015 2014
Commercial paper:
Wholesale funding $ 15,562 $ 24,052 $ 19,340 $ 19,442
Client cash management —42,292 18,800 40,474
Total commercial paper $ 15,562 $ 66,344 $ 38,140 $ 59,916
Obligations of Firm-administered multi-seller conduits(a) $ 8,724 $ 12,047 $ 11,961 $ 10,427
Other borrowed funds $ 21,105 $ 30,222 $ 28,816 $ 31,721
Securities loaned or sold under agreements to repurchase:
Securities sold under agreements to repurchase $ 129,598 $ 167,077 $ 168,163 $ 181,186
Securities loaned 18,174 21,798 19,493 22,586
Total securities loaned or sold under agreements to repurchase(b)(c)(d) $ 147,772 $ 188,875 $ 187,656 $ 203,772
Senior notes $ 149,964 $ 142,169 $ 147,498 $ 139,388
Trust preferred securities 3,969 5,435 4,341 5,408
Subordinated debt 25,027 29,387 27,310 29,009
Structured notes 32,813 30,021 31,309 30,311
Total long-term unsecured funding $ 211,773 $ 207,012 $ 210,458 $ 204,116
Credit card securitization(a) 27,906 31,197 30,382 28,892
Other securitizations(e) 1,760 2,008 1,909 2,734
FHLB advances 71,581 64,994 70,150 60,667
Other long-term secured funding(f) 5,297 4,373 4,332 5,031
Total long-term secured funding $ 106,544 $ 102,572 $ 106,773 $ 97,324
Preferred stock(g) $ 26,068 $ 20,063 24,040 $ 17,018
Common stockholders’ equity(g) $ 221,505 $ 211,664 215,690 $ 207,400
(a) Included in beneficial interests issued by consolidated variable interest entities on the Firm’s Consolidated balance sheets.
(b) Excludes federal funds purchased.
(c) Excluded long-term structured repurchase agreements of $4.2 billion and $2.7 billion as of December 31, 2015 and 2014, respectively, and average
balances of $3.9 billion and $4.2 billion for the years ended December 31, 2015 and 2014, respectively.
(d) Excluded average long-term securities loaned of $24 million as of December 31, 2014. There was no balance for the other periods presented.
(e) Other securitizations includes securitizations of residential mortgages and student loans. The Firm’s wholesale businesses also securitize loans for client-
driven transactions, which are not considered to be a source of funding for the Firm and are not included in the table.
(f) Includes long-term structured notes which are secured.
(g) For additional information on preferred stock and common stockholders’ equity see Capital Management on pages 149–158, Consolidated statements of
changes in stockholders’ equity, Note 22 and Note 23.