JPMORGAN CHASE & CO | 2013 | FY | 3

The following tables provide a summary of the Firm’s segment results for 2013, 2012 and 2011 on a managed basis. Total net revenue (noninterest revenue and net interest income) for each of the segments is presented on a fully taxable-equivalent (“FTE”) basis. Accordingly, revenue from investments that receive tax credits and tax-exempt securities is presented on a basis comparable to taxable investments and securities; this non-GAAP financial measure allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense/(benefit).
The increase in equity levels for the lines of businesses since December 31, 2012, is largely driven by the evolving regulatory requirements and higher capital targets the firm has established under Basel III Advanced approach.

Segment results and reconciliation(a) 
As of or the year ended
December 31,
(in millions, except ratios)
Consumer & Community Banking(b)
 
Corporate & Investment Bank
 
Commercial Banking
2013
2012
2011
 
2013
2012
2011
 
2013
2012
2011
Noninterest revenue
$
17,552

$
20,813

$
15,314

 
$
23,810

$
23,104

$
22,523

 
$
2,298

$
2,283

$
2,195

Net interest income
28,474

29,071

30,305

 
10,415

11,222

11,461

 
4,675

4,542

4,223

Total net revenue
46,026

49,884

45,619

 
34,225

34,326

33,984

 
6,973

6,825

6,418

Provision for credit losses
335

3,774

7,620

 
(232
)
(479
)
(285
)
 
85

41

208

Noninterest expense
27,842

28,827

27,637

 
21,744

21,850

21,979

 
2,610

2,389

2,278

Income/(loss) before income tax expense/(benefit)
17,849

17,283

10,362

 
12,713

12,955

12,290

 
4,278

4,395

3,932

Income tax expense/(benefit)
7,100

6,732

4,257

 
4,167

4,549

4,297

 
1,703

1,749

1,565

Net income/(loss)
$
10,749

$
10,551

$
6,105

 
$
8,546

$
8,406

$
7,993

 
$
2,575

$
2,646

$
2,367

Average common equity
$
46,000

$
43,000

$
41,000

 
$
56,500

$
47,500

$
47,000

 
$
13,500

$
9,500

$
8,000

Total assets
452,929

467,282

486,697

 
843,577

876,107

845,095

 
190,782

181,502

158,040

Return on average common equity
23
%
25
%
15
%
 
15
%
18
%
17
%
 
19
%
28
%
30
%
Overhead ratio
60

58

61

 
64

64

65

 
37

35

35

(a)
Managed basis starts with the reported U.S. GAAP results and includes certain reclassifications as discussed below that do not have any impact on net income as reported by the lines of business or by the Firm as a whole.
(b)
The 2012 and 2011 data for certain income statement line items (predominantly net interest income, compensation and noncompensation expense) and balance sheet items were revised to reflect the transfer of certain technology and operations, as well as real estate-related functions and staff, from Corporate/Private Equity to CCB, effective January 1, 2013.
(c)
Segment managed results reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.
(table continued from previous page)










Asset Management
 
Corporate/Private Equity(b) 
 
Reconciling Items(c)
 
Total
2013
2012
2011
 
2013
2012
2011
 
2013
2012
2011
 
2013
2012
2011
$
9,029

$
7,847

$
7,895

 
$
3,093

$
190

$
3,621

 
$
(2,495
)
$
(2,116
)
$
(2,003
)
 
$
53,287

$
52,121

$
49,545

2,291

2,099

1,648

 
(1,839
)
(1,281
)
582

 
(697
)
(743
)
(530
)
 
43,319

44,910

47,689

11,320

9,946

9,543

 
1,254

(1,091
)
4,203

 
(3,192
)
(2,859
)
(2,533
)
 
96,606

97,031

97,234

65

86

67

 
(28
)
(37
)
(36
)
 
—

—

—

 
225

3,385

7,574

8,016

7,104

7,002

 
10,255

4,559

4,015

 
—

—

—

 
70,467

64,729

62,911

3,239

2,756

2,474

 
(8,973
)
(5,613
)
224

 
(3,192
)
(2,859
)
(2,533
)
 
25,914

28,917

26,749

1,208

1,053

882

 
(2,995
)
(3,591
)
(695
)
 
(3,192
)
(2,859
)
(2,533
)
 
7,991

7,633

7,773

$
2,031

$
1,703

$
1,592

 
$
(5,978
)
$
(2,022
)
$
919

 
$
—

$
—

$
—

 
$
17,923

$
21,284

$
18,976

$
9,000

$
7,000

$
6,500

 
$
71,409

$
77,352

$
70,766

 
$
—

$
—

$
—

 
$
196,409

$
184,352

$
173,266

122,414

108,999

86,242

 
805,987

725,251

689,718

 
NA

NA

NA

 
2,415,689

2,359,141

2,265,792

23
%
24
%
25
%
 
NM

NM

NM

 
NM

NM

NM

 
9
%
11
%
11
%
71

71

73

 
NM

NM

NM

 
NM

NM

NM

 
73

67

65

us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock