JP Morgan Chase 2015 Annual Report Download - page 78

Management’s discussion and analysis
68 JPMorgan Chase & Co./2015 Annual Report
This section of JPMorgan Chase’s Annual Report for the year ended December 31, 2015 (“Annual Report”), provides Management’s
discussion and analysis of the financial condition and results of operations (“MD&A”) of JPMorgan Chase. See the Glossary of Terms
on pages 311–315 for definitions of terms used throughout this Annual Report. The MD&A included in this Annual Report contains
statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements
are based on the current beliefs and expectations of JPMorgan Chase’s management and are subject to significant risks and
uncertainties. These risks and uncertainties could cause the Firm’s actual results to differ materially from those set forth in such
forward-looking statements. Certain of such risks and uncertainties are described herein (see Forward-looking Statements on page
173) and in JPMorgan Chase’s Annual Report on Form 10-K for the year ended December 31, 2015 (“2015 Form 10-K”), in Part I,
Item 1A: Risk factors; reference is hereby made to both.
INTRODUCTION
JPMorgan Chase & Co., a financial holding company
incorporated under Delaware law in 1968, is a leading
global financial services firm and one of the largest banking
institutions in the U.S., with operations worldwide; the Firm
had $2.4 trillion in assets and $247.6 billion in
stockholders’ equity as of December 31, 2015. The Firm is
a leader in investment banking, financial services for
consumers and small businesses, commercial banking,
financial transaction processing and asset management.
Under the J.P. Morgan and Chase brands, the Firm serves
millions of customers in the U.S. and many of the world’s
most prominent corporate, institutional and government
clients.
JPMorgan Chase’s principal bank subsidiaries are JPMorgan
Chase Bank, National Association (“JPMorgan Chase Bank,
N.A.”), a national banking association with U.S. branches in
23 states, and Chase Bank USA, National Association
(“Chase Bank USA, N.A.”), a national banking association
that is the Firm’s credit card-issuing bank. JPMorgan Chase’s
principal nonbank subsidiary is J.P. Morgan Securities LLC
(“JPMorgan Securities”), the Firm’s U.S. investment banking
firm. The bank and nonbank subsidiaries of JPMorgan Chase
operate nationally as well as through overseas branches
and subsidiaries, representative offices and subsidiary
foreign banks. One of the Firm’s principal operating
subsidiaries in the United Kingdom (“U.K.”) is J.P. Morgan
Securities plc, a subsidiary of JPMorgan Chase Bank, N.A.
For management reporting purposes, the Firm’s activities
are organized into four major reportable business
segments, as well as a Corporate segment. The Firm’s
consumer business is the Consumer & Community Banking
(“CCB”) segment. The Firm’s wholesale business segments
are Corporate & Investment Bank (“CIB”), Commercial
Banking (“CB”), and Asset Management (“AM”). For a
description of the Firm’s business segments, and the
products and services they provide to their respective client
bases, refer to Business Segment Results on pages 83–106,
and Note 33.