JPMORGAN CHASE & CO

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• Chase announced on January 7, 2026 that it will become the new issuer of Apple Card under a forward purchase commitment (dated December 30, 2025) to acquire the Apple credit card portfolio, with an expected closing approximately 24 months out. The Apple Card transaction's estimated risk-weighted asset impact decreased from ~$110 billion at December 31, 2025 to ~$30 billion at March 31, 2026 following completion of required modeling steps; the allowance for lending-related commitments includes $2.2 billion related to the transaction.
• CIB ranked #1 in Global Investment Banking fees with a 9.8% wallet share in 1Q26 (vs. 8.5% in 1Q25), with advisory fees up 82% and equity underwriting up 46%; Markets revenue rose 20% (Fixed Income Markets +21%, Equity Markets +17%) and CIB total net revenue grew 19% to $23.4 billion, driving CIB net income up 30% to $9.0 billion.
• In March 2026, the Federal Reserve, OCC, and FDIC released the U.S. Basel III Re-Proposal (replacing dual Advanced/Standardized RWA calculations with a single expanded risk-based approach and adding an Operational Risk RWA component) and a concurrent GSIB Surcharge Re-Proposal; the Firm estimates the combined effect would increase its required CET1 capital by approximately 4% versus current-rule requirements effective January 1, 2028. The Firm early-adopted the enhanced SLR final rule on January 1, 2026, and the Federal Reserve confirmed in February 2026 that Stress Capital Buffer requirements will remain at current levels (2.5%) through September 30, 2027.
• Firmwide operating scale expanded materially: total assets reached $4.9 trillion; average loans grew 11% YoY to ~$1.5 trillion (driven by CIB and AWM client demand); average deposits grew 7% to ~$2.6 trillion; AWM AUM rose 16% to $4.8 trillion and client assets to $7.1 trillion; CCB debit/credit card sales volume increased 9% and mortgage origination volume rose 46% to $13.7 billion. Total credit provided and capital raised for clients in the quarter was approximately $855 billion.
• Credit metrics showed mixed signals: total nonperforming assets rose 10% to $10.0 billion (consumer nonaccruals higher partly due to California wildfire forbearance conversions; wholesale nonaccruals up on net downgrades in Consumer & Retail and Oil & Gas); wholesale criticized exposure increased to $51.4 billion from $48.5 billion. However, the provision for credit losses declined 24% YoY to $2.5 billion (consumer allowance reduced $139 million on home price improvements; wholesale added $327 million on credit-quality changes), and the total allowance for credit losses was $31.4 billion with an ALLL/retained loans ratio of 1.82%.
• Post-quarter (April 13, 2026), Visa commenced an exchange offer for Class B-1 and B-2 shares expiring May 8, 2026; the Firm tendered its 18.6 million Visa B-2 shares pending Visa's acceptance. Upon acceptance, the Visa C shares received would be recognized at fair value, expected to produce a gain recordable as early as Q2 2026. Separately, in Q1 2026 the Firm centralized Risk functions previously aligned with business segments into Corporate, revising prior-period segment presentations accordingly.

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