JP Morgan Chase 2015 Annual Report Download - page 86

Management’s discussion and analysis
76 JPMorgan Chase & Co./2015 Annual Report
Accrued interest and accounts receivable
The decrease was due to lower customer receivables related
to client activity in CIB, and a reduction in unsettled
securities transactions.
Mortgage servicing rights
For information on MSRs, see Note 17.
Other assets
Other assets increased modestly as a result of an increase
in income tax receivables, largely associated with the
resolution of certain tax audits, and higher auto operating
lease assets from growth in business volume. These factors
were mostly offset by lower private equity investments
driven by the sale of a portion of the Private Equity business
and other portfolio sales.
Deposits
The decrease was attributable to lower wholesale deposits,
partially offset by higher consumer deposits. The decrease
in wholesale deposits reflected the impact of the Firm’s
actions to reduce non-operating deposits. The increase in
consumer deposits reflected continuing positive growth
from strong customer retention. For more information,
refer to the Liquidity Risk Management discussion on pages
159–164; and Notes 3 and 19.
Federal funds purchased and securities loaned or sold
under repurchase agreements
The decrease was due to a decline in secured financing of
trading assets-debt and equity instruments in CIB and of
investment securities in the Chief Investment Office (“CIO”).
For additional information on the Firm’s Liquidity Risk
Management, see pages 159–164.
Commercial paper
The decrease was associated with the discontinuation of a
cash management product that offered customers the
option of sweeping their deposits into commercial paper
(“customer sweeps”), and lower issuances in the wholesale
markets, consistent with Treasury’s short-term funding
plans. For additional information, see Liquidity Risk
Management on pages 159–164.
Accounts payable and other liabilities
The decrease was due to lower brokerage customer
payables related to client activity in CIB.
Beneficial interests issued by consolidated VIEs
The decrease was predominantly due to a reduction in
commercial paper issued by conduits to third parties and to
maturities of certain municipal bond vehicles in CIB, as well
as net maturities of credit card securitizations. For further
information on Firm-sponsored VIEs and loan securitization
trusts, see Off-Balance Sheet Arrangements on pages 77–
78 and Note 16.
Long-term debt
The increase was due to net issuances, consistent with
Treasury’s long-term funding plans. For additional
information on the Firm’s long-term debt activities, see
Liquidity Risk Management on pages 159–164 and Note 21.
Stockholders’ equity
The increase was due to net income and preferred stock
issuances, partially offset by the declaration of cash
dividends on common and preferred stock, and repurchases
of common stock. For additional information on
accumulated other comprehensive income/(loss) (“AOCI”),
see Note 25; for the Firm’s capital actions, see Capital
Management on page 157 and Notes 22, 23 and 25.