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0 | JPM | 2015 | JPMorgan Chase & Co., (“JPMorgan Chase” or the “Firm”) 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 United States of America (“U.S.”), with operations worldwide; the Firm had $2.4 trillion in assets an... | [-0.022191030904650688, -0.007693648338317871, 0.013380257412791252, -0.01868186891078949, -0.025573963299393654, 0.022658077999949455, -0.011032400652766228, 0.011322727426886559, -0.008034465834498405, -0.032036881893873215, -0.0012985792709514499, 0.013039439916610718, -0.011291170492768288, -0.006216770503669977, 0... |
1 | JPM | 2015 | 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-issui... | [-0.0018702937522903085, -0.008107268251478672, 0.025350386276841164, -0.00976194255053997, -0.02380431815981865, 0.02979692444205284, -0.006791194435209036, 0.01804170571267605, -0.00603093858808279, -0.03056357055902481, -0.009787498041987419, 0.006101214326918125, -0.00872697215527296, 0.010509421117603779, 0.015358... |
2 | JPM | 2015 | The Firm’s website is www.jpmorganchase.com. JPMorgan Chase makes available free of charge, through its website, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicabl... | [-0.02425365149974823, -0.01625349000096321, 0.005392513237893581, -0.03098796308040619, -0.009228033013641834, 0.01843074895441532, -0.006943177431821823, 0.00987994484603405, -0.006069742143154144, -0.01958267204463482, 0.008114087395370007, 0.011677449569106102, -0.011342000216245651, -0.002438340103253722, -0.00153... |
3 | JPM | 2015 | JPMorgan Chase’s activities are organized, for management reporting purposes, 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”), Co... | [-0.009397266432642937, -0.025989415124058723, 0.005124900955706835, -0.004604983143508434, -0.03516063094139099, 0.014699778519570827, 0.00414965208619833, 0.01901412382721901, -0.018058251589536667, -0.03668485954403877, -0.002874077996239066, 0.032654691487550735, -0.02363848313689232, -0.004049543756991625, 0.00246... |
4 | JPM | 2015 | A description of the Firm’s business segments and the products and services they provide to their respective client bases is provided in the “Business segment results” section of Management’s discussion and analysis of financial condition and results of operations (“MD&A”), beginning on page 68 and in Note 33. | [-0.015551459044218063, 0.0020835872273892164, -0.017760254442691803, -0.02237047255039215, -0.008449926041066647, 0.02145870216190815, -0.02243468165397644, 0.01038904208689928, 0.0008006079588085413, -0.01710532046854496, -0.004282751120626926, 0.04132501780986786, -0.02341066114604473, 0.009027807973325253, -0.00519... |
5 | JPM | 2015 | JPMorgan Chase and its subsidiaries and affiliates operate in a highly competitive environment. Competitors include other banks, brokerage firms, investment banking companies, merchant banks, hedge funds, commodity trading companies, private equity firms, insurance companies, mutual fund companies, investment managers,... | [-0.014069044031202793, -0.01643090695142746, 0.013775407336652279, 0.004573716316372156, -0.015601064078509808, 0.04769686982035637, -0.005531228147447109, 0.028138088062405586, -0.017975693568587303, -0.04047084599733353, -0.010851804167032242, 0.024946382269263268, -0.001373231876641512, -0.013469003140926361, 0.004... |
6 | JPM | 2015 | It is likely that competition in the financial services industry will become even more intense as the Firm’s businesses continue to compete with other financial institutions that may have a stronger local presence in certain geographies or that operate under different rules and regulatory regimes than the Firm, or with... | [-0.019855042919516563, -0.027699822559952736, 0.0064289080910384655, 0.0007136843632906675, -0.011563492938876152, 0.04735776036977768, -0.01787085272371769, 0.01567641831934452, 0.0032505900599062443, -0.04777825251221657, 0.0016310438513755798, 0.024033669382333755, 0.014809155836701393, -0.02404681034386158, -0.010... |
7 | JPM | 2015 | The Firm is subject to regulation under state and federal laws in the U.S., as well as the applicable laws of each of the various jurisdictions outside the U.S. in which the Firm does business. | [0.006131874863058329, -0.035104747861623764, 0.0028670572210103273, -0.029020601883530617, -0.006841479800641537, 0.026882242411375046, -0.015694037079811096, 0.004298994783312082, 0.017985137179493904, -0.034595612436532974, -0.003557569347321987, -0.008527983911335468, 0.0021813183557242155, -0.0020938110537827015, ... |
8 | JPM | 2015 | As a result of regulatory reforms enacted and proposed in the U.S. and abroad, the Firm has been experiencing a period of significant change in regulation which has had and could continue to have significant consequences for how the Firm conducts business. The Firm continues to work diligently in assessing the regulato... | [-0.010547487065196037, -0.030698008835315704, 0.0006018407875671983, -0.020817583426833153, 0.002691359492018819, 0.018875841051340103, -0.01705298200249672, 0.030063971877098083, -0.0035994870122522116, -0.024978457018733025, 0.012700574472546577, -0.007231996860355139, 0.011875004507601261, 0.016286851838231087, 0.0... |
9 | JPM | 2015 | management. The combined effect of numerous rule-makings by multiple governmental agencies and regulators, and the potential conflicts or inconsistencies among such rules, present challenges and risks to the Firm’s business and operations. Given the current status of the regulatory developments, the Firm cannot current... | [-0.013167602010071278, -0.031084174290299416, -0.004765324294567108, -0.02522318623960018, -0.017582967877388, 0.016601774841547012, -0.022894488647580147, 0.026845423504710197, -0.01530660130083561, -0.04202120006084442, -0.003085850039497018, -0.0023810267448425293, 0.005497947800904512, 0.009844630025327206, 0.0020... |
10 | JPM | 2015 | Consolidated supervision by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). As a bank holding company (“BHC”) and a financial holding company, JPMorgan Chase is subject to comprehensive consolidated supervision, regulation and examination by the Federal Reserve. The Federal Reserve acts as... | [-0.018494507297873497, -0.015127123333513737, 0.006773923058062792, -0.01316934172064066, -0.03155943378806114, 0.01897742599248886, -0.003856829134747386, 0.020817739889025688, -0.003886195831000805, -0.02648225426673889, -0.00035464391112327576, -0.008098688907921314, -0.009181994013488293, -0.006937071681022644, -0... |
11 | JPM | 2015 | Scope of permissible business activities. The Bank Holding Company Act generally restricts BHCs from engaging in business activities other than the business of banking and certain closely related activities. Financial holding companies generally can engage in a broader range of financial activities than are otherwise p... | [-0.030079491436481476, -0.020777374505996704, 0.0055918702855706215, -0.02811836078763008, -0.04277383163571358, 0.012734092772006989, -0.019041510298848152, 0.0002486610028427094, 0.0005639904411509633, -0.02801235392689705, 0.013025611639022827, 0.01311174314469099, -0.0068639544770121574, -0.010779588483273983, -0.... |
12 | JPM | 2015 | depository institutions if the deficiencies persist. Federal regulations also provide that if any depository institution controlled by a financial holding company fails to maintain a satisfactory rating under the Community Reinvestment Act, the Federal Reserve must prohibit the financial holding company and its subsidi... | [-0.02302173152565956, -0.018706832081079483, 0.009855927899479866, -0.02543378807604313, -0.034760404378175735, 0.025996601209044456, -0.020341670140624046, 0.005453926045447588, 0.00675710616633296, -0.016857590526342392, 0.01957785338163376, 0.005842534825205803, 0.015289753675460815, 0.0019731956999748945, -0.01687... |
13 | JPM | 2015 | Activities restrictions under the Volcker Rule. Section 619 of the Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) (the “Volcker Rule”) prohibits banking entities, including the Firm, from engaging in certain “proprietary trading” activities, subject to exceptions for underwriting, market-making, ... | [-0.027077315375208855, -0.039223771542310715, 0.007781533524394035, -0.0287318155169487, -0.035107698291540146, 0.024736803025007248, -0.011998492293059826, 0.005111465696245432, -0.014782896265387535, -0.04172569885849953, 0.012590346857905388, 0.014433164149522781, 0.0038403247017413378, -0.005393941421061754, -0.01... |
14 | JPM | 2015 | Capital and liquidity requirements. The Federal Reserve establishes capital and leverage requirements for the Firm and evaluates its compliance with such requirements. The OCC establishes similar capital and leverage requirements for the Firm’s national banking subsidiaries. For more information about the applicable re... | [0.009670301340520382, -0.0011795496102422476, 0.008948537521064281, -0.029244810342788696, -0.010124745778739452, 0.006502559408545494, -0.016560474410653114, -0.005623744800686836, -0.004019824787974358, -0.021666286513209343, 0.028603240847587585, -0.013900640420615673, -0.019166845828294754, -0.0013065265957266092,... |
15 | JPM | 2015 | to the securitization framework. After a proposal is finalized by the Basel Committee, U.S. banking regulators would then need to propose requirements applicable to U.S. financial institutions. | [0.005162266548722982, -0.036013033241033554, 0.009780088439583778, -0.013524806126952171, -0.0022823524195700884, 0.019520338624715805, -0.019785922020673752, 0.0024666006211191416, 0.0011635847622528672, -0.010975210927426815, 0.033091623336076736, -0.009109491482377052, 0.026319259777665138, -0.004558065440505743, -... |
16 | JPM | 2015 | Stress tests. The Federal Reserve has adopted supervisory stress tests for large bank holding companies, including JPMorgan Chase, which form part of the Federal Reserve’s annual Comprehensive Capital Analysis and Review (“CCAR”) framework. Under the framework, the Firm must conduct semi-annual company-run stress tests... | [-0.024889545515179634, 0.003211608389392495, 0.01674923114478588, -0.027794888243079185, -0.01259204838424921, 0.0037187044508755207, -0.013991164974868298, -0.0006497690919786692, -0.023376625031232834, -0.022426029667258263, 0.010536886751651764, 0.018811088055372238, -0.010456554591655731, -0.008776276372373104, -0... |
17 | JPM | 2015 | Enhanced prudential standards. The Financial Stability Oversight Council (“FSOC”), among other things, recommends prudential standards and reporting and disclosure requirements to the Federal Reserve for systemically important financial institutions, such as JPMorgan Chase. The Federal Reserve has adopted several rules... | [-0.0023393540177494287, 0.0008473512134514749, 0.0035156768281012774, -0.02171877585351467, -0.014860214665532112, 0.0039609516970813274, -0.01921992003917694, 0.008473512716591358, -0.005044232122600079, -0.013118990696966648, 0.023167580366134644, -0.007921903394162655, -0.007503211963921785, -0.003718376625329256, ... |
18 | JPM | 2015 | management standards, including a buffer of highly liquid assets based on projected funding needs for 30 days, and their board of directors is required to conduct appropriate oversight of their risk management activities. For information on liquidity measures, see Liquidity Risk Management on pages 159–164. Several add... | [-0.018846986815333366, -0.009939402341842651, -0.007836584933102131, -0.050415363162755966, 0.007111701183021069, 0.006021109409630299, -0.019395548850297928, 0.012140176258981228, 0.015202974900603294, -0.0015909899957478046, 0.0051688808016479015, 0.020414303988218307, -0.017423341050744057, 0.015869084745645523, -0... |
19 | JPM | 2015 | Risk reporting. In January 2013, the Basel Committee issued new regulations relating to risk aggregation and reporting. Under these regulations, the banking institution’s risk governance framework must encompass risk-data aggregation and reporting, and data aggregation must be highly automated and allow for minimal man... | [-0.009705618023872375, -0.02575259655714035, 0.020906461402773857, -0.04795403033494949, -0.02034575305879116, 0.012562567368149757, -0.025912798941135406, -0.0009011406218633056, -0.009351836517453194, -0.04392226040363312, 0.0173553004860878, -0.00705559691414237, -0.006648415233939886, -0.0005824038526043296, -0.00... |
20 | JPM | 2015 | Orderly liquidation authority and resolution and recovery. As a BHC with assets of $50 billion or more, the Firm is required to submit annually to the Federal Reserve and the FDIC a plan for resolution under the Bankruptcy Code in the event of material distress or failure (a “resolution plan”). The FDIC also requires e... | [-0.03038380667567253, 0.0003533390408847481, 0.0009561923216097057, -0.0008624151814728975, -0.031562719494104385, -0.00133716210257262, -0.018768833950161934, 0.002475047716870904, 0.0034798032138496637, -0.004745795391499996, 0.026016470044851303, 0.004866365808993578, -0.010764281265437603, 0.022238589823246002, -0... |
21 | JPM | 2015 | The Firm has a comprehensive recovery plan detailing the actions it would take to avoid failure by remaining well-capitalized and well-funded in the case of an adverse event. JPMorgan Chase has provided the Federal Reserve with comprehensive confidential supervisory information and analyses about the Firm’s businesses,... | [-0.012010830454528332, -0.009613932110369205, -0.004290052689611912, -0.0009029523935168982, -0.021730121225118637, 0.02683999203145504, -0.004662098828703165, 0.006413678172975779, 0.001493122661486268, -0.014170672744512558, 0.023152455687522888, 0.011642077006399632, -0.01355169340968132, 4.208153040963225e-05, -0.... |
22 | JPM | 2015 | OCC has published for comment proposed guidelines establishing standards for recovery planning by insured national banks, including JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A. | [-0.010244572535157204, -0.02203625813126564, 0.024632716551423073, -0.013715485110878944, -0.015619105659425259, 0.019681956619024277, -0.004846496973186731, 0.012134740129113197, -0.026448890566825867, -0.005936202127486467, 0.02320668287575245, 0.010184033773839474, 0.002981554251164198, -0.006127909291535616, -0.00... |
23 | JPM | 2015 | Regulators in the U.S. and abroad continue to be focused on developing measures designed to address the possibility or perception that large financial institutions, including the Firm, may be “too big to fail,” and to provide safeguards so that, if a large financial institution does fail, it can be resolved without the... | [-0.013305619359016418, -0.0023279685992747545, 0.03129119426012039, -0.02658378891646862, -0.020943140611052513, 0.012818410061299801, -0.02390756830573082, 0.01715525984764099, 0.011500885710120201, -0.03266361355781555, 0.030165808275341988, 0.008028660900890827, 0.0012574804713949561, 0.013429136946797371, -0.00043... |
24 | JPM | 2015 | Holding company as source of strength for bank subsidiaries. JPMorgan Chase & Co. is required to serve as a source of financial strength for its depository institution subsidiaries and to commit resources to support those subsidiaries. This support may be required by the Federal Reserve at times when the Firm might oth... | [-0.014507457613945007, -0.02486424334347248, 0.0003885038022417575, 0.0076051433570683, -0.03591059893369675, 0.024625547230243683, -0.004190453793853521, 0.008951127529144287, 0.009335694834589958, -0.03763451799750328, 0.014547239989042282, 0.010999941267073154, 0.015992682427167892, 0.010575591586530209, -0.0168811... |
25 | JPM | 2015 | Regulation of acquisitions. Acquisitions by bank holding companies and their banks are subject to multiple requirements by the Federal Reserve and the OCC. For example, financial holding companies and bank holding companies are required to obtain the approval of the Federal Reserve before they may acquire more than 5% ... | [-0.015172203071415424, -0.0006219391361810267, 0.025300106033682823, -0.034196414053440094, -0.035978298634290695, 0.002777639776468277, -0.03233592212200165, -0.007212692406028509, 0.004084571730345488, -0.011732907965779305, 0.010612680576741695, 0.009394187480211258, 0.007789183408021927, -0.0013904577353969216, -0... |
26 | JPM | 2015 | The Firm’s two primary subsidiary banks, JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A., are FDIC-insured national banks regulated by the OCC. As national banks, the activities of JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A. are limited to those specifically authorized under the National Bank Act and related ... | [-0.008377065882086754, -0.0186736099421978, 0.019690552726387978, -0.002453374210745096, -0.039864156395196915, 0.01995750144124031, -0.007474529091268778, 0.002639284124597907, 0.00039764048415236175, -0.028576090931892395, -0.001736747450195253, 0.0005537570687010884, 0.00343853747472167, -0.0008564564632251859, 0.0... |
27 | JPM | 2015 | FDIC deposit insurance. The FDIC deposit insurance fund provides insurance coverage for certain deposits, which is funded through assessments on banks, such as JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A. Changes in the methodology used to calculate such assessments, resulting from the enactment of the Dodd-Frank... | [-0.01476010587066412, -0.00533759081736207, 0.022127211093902588, -0.02520870789885521, -0.03192843869328499, 0.003049127059057355, -0.029830951243638992, -0.007289420813322067, -0.010940604843199253, -0.009976019151508808, 0.015226214192807674, 0.02289111167192459, 0.004754954949021339, 0.01178866345435381, -0.010345... |
28 | JPM | 2015 | FDIC powers upon a bank insolvency. Upon the insolvency of an insured depository institution, such as JPMorgan Chase Bank, N.A., the FDIC may be appointed as the conservator or receiver under the Federal Deposit Insurance Act (“FDIA”). In addition, where a systemically important financial institution, such as JPMorgan ... | [-0.024180416017770767, -0.014648878946900368, 0.004316536244004965, -0.00025126896798610687, -0.04435029253363609, 0.012982161715626717, -0.03520939499139786, 0.0006937871803529561, 0.005514489021152258, -0.01658904179930687, 0.027761252596974373, 0.013489989563822746, 0.010208641178905964, 0.020195920020341873, -0.00... |
29 | JPM | 2015 | Cross-guarantee. An FDIC-insured depository institution can be held liable for any loss incurred or expected to be incurred by the FDIC if another FDIC-insured institution that is under common control with such institution is in default or is deemed to be “in danger of default” (commonly referred to as “cross-guarantee... | [-0.01733873412013054, -0.0037473193369805813, 0.023363322019577026, -0.01949131116271019, -0.0383525975048542, 0.006113183684647083, -0.017483115196228027, 0.006864616181701422, 0.00405904883518815, -0.020895734429359436, 0.024505237117409706, 0.015409291721880436, 0.00253485469147563, 0.02541089430451393, 0.003079561... |
30 | JPM | 2015 | Prompt corrective action and early remediation. The Federal Deposit Insurance Corporation Improvement Act of 1991 requires the relevant federal banking regulator to take “prompt corrective action” with respect to a depository institution if that institution does not meet certain capital adequacy standards. While these ... | [-0.02396940253674984, -0.011401878669857979, 0.009224669076502323, 0.003404820803552866, -0.03263804689049721, 0.016479801386594772, -0.008320290595293045, 0.00044925883412361145, 0.006866584066301584, -0.01576969586312771, 0.02995840460062027, 0.0190790556371212, -0.010263031348586082, 0.014778228476643562, -0.009914... |
31 | JPM | 2015 | OCC Heightened Standards. The OCC has issued final regulations and guidelines establishing heightened standards for large banks. The guidelines establish minimum standards for the design and implementation of a risk governance framework for banks. While the bank may use certain components of the parent company’s risk g... | [0.018904151394963264, -0.009151267819106579, 0.008676658384501934, -0.03804895281791687, -0.006437304895371199, 0.020722372457385063, -0.01170479878783226, 0.004415202420204878, -0.020668895915150642, -0.021818652749061584, 0.019706308841705322, -0.028984583914279938, 0.0015383019344881177, 0.002628733403980732, -0.00... |
32 | JPM | 2015 | bank’s risk governance framework, providing active oversight of the bank’s risk-taking activities and holding management accountable for adhering to the risk governance framework. | [-0.015541802160441875, -0.0345144085586071, -0.004478747490793467, -0.02288062870502472, -0.020107610151171684, 0.004211118910461664, -0.023461027070879936, 0.008325505070388317, 0.004885027185082436, -0.014651856385171413, 0.008319055661559105, -0.030309738591313362, 0.0004340902669355273, -3.76352654711809e-05, -0.0... |
33 | JPM | 2015 | Restrictions on transactions with affiliates. The bank subsidiaries of JPMorgan Chase (including subsidiaries of those banks) are subject to certain restrictions imposed by federal law on extensions of credit to, investments in stock or securities of, and derivatives, securities lending and certain other transactions w... | [-0.017888514325022697, -0.04008908569812775, 0.007898909039795399, -0.021220559254288673, -0.04505448788404465, 0.035097550600767136, -0.007219433318823576, 0.016150623559951782, -0.009440797381103039, -0.0449238196015358, -0.0006280253292061388, 0.009721734561026096, 0.002977607771754265, -0.0028126388788223267, 0.00... |
34 | JPM | 2015 | Dividend restrictions. Federal law imposes limitations on the payment of dividends by national banks, such as JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A. See Note 27 for the amount of dividends that the Firm’s principal bank subsidiaries could pay, at January 1, 2016, to their respective bank holding companies w... | [-0.0251456405967474, -0.021183453500270844, 0.013142546638846397, -0.019124671816825867, -0.02742454595863819, 0.003447490744292736, -0.029573967680335045, 0.00817039143294096, -0.004039876163005829, -0.04034696891903877, 0.008086226880550385, -0.008798385038971901, -0.002745044184848666, 0.010384554043412209, 0.01147... |
35 | JPM | 2015 | In addition to the dividend restrictions described above, the OCC and the Federal Reserve have authority to prohibit or limit the payment of dividends of the bank subsidiaries they supervise, if, in the banking regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the fin... | [-0.01453905925154686, -0.021704180166125298, 0.006616968661546707, -0.028295045718550682, -0.035133883357048035, 0.0005579396965913475, -0.019159192219376564, 0.001147691742517054, 0.008737792260944843, -0.027068231254816055, 0.02477121539413929, -0.008920509368181229, -0.00211919192224741, 0.0008834044565446675, -0.0... |
36 | JPM | 2015 | Depositor preference. Under federal law, the claims of a receiver of an insured depository institution for administrative expense and the claims of holders of U.S. deposit liabilities (including the FDIC) have priority over the claims of other unsecured creditors of the institution, including public noteholders and dep... | [-0.008106615394353867, -0.029515696689486504, 0.02135467529296875, -0.030767053365707397, -0.01985848695039749, 0.01577797532081604, -0.040968332439661026, -0.009215153753757477, -0.011418630369007587, -0.01972246915102005, 0.018607130274176598, 0.005321666598320007, 0.007487737573683262, 0.019613657146692276, -0.0103... |
37 | JPM | 2015 | CFPB regulation and supervision, and other consumer regulations. JPMorgan Chase and its national bank subsidiaries, including JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A., are subject to supervision and regulation by the CFPB with respect to federal consumer | [-0.0027308822609484196, -0.02286914363503456, 0.017452094703912735, -0.019968979060649872, -0.02470889501273632, 0.01139624323695898, 0.007576202042400837, 0.021106047555804253, -0.0031972085125744343, -0.02846505679190159, 0.010929916985332966, -0.01176036149263382, -0.01533126924186945, -0.015190732665359974, 0.0113... |
38 | JPM | 2015 | protection laws, including laws relating to fair lending and the prohibition of unfair, deceptive or abusive acts or practices in connection with the offer, sale or provision of consumer financial products and services. These laws include the Truth-in-Lending, Equal Credit Opportunity (“ECOA”), Fair Credit Reporting, F... | [-0.022336618974804878, -0.015285001136362553, 0.0053471531718969345, -0.04150455817580223, -0.011941000819206238, 0.003538795979693532, 0.007369786035269499, 0.016596628352999687, -0.014427898451685905, -0.03688139468431473, 0.011707245372235775, 0.0028375298716127872, -0.020596440881490707, -0.02136263996362686, -0.0... |
39 | JPM | 2015 | The Firm conducts securities underwriting, dealing and brokerage activities in the U.S. through J.P. Morgan Securities LLC and other broker-dealer subsidiaries, all of which are subject to regulations of the SEC, the Financial Industry Regulatory Authority and the New York Stock Exchange, among others. The Firm conduct... | [0.0019528133561834693, -0.02722363919019699, 0.006521503906697035, -0.02019946463406086, -0.018903100863099098, 0.04251544177532196, -0.010212171822786331, 0.013453081250190735, 0.010410594753921032, -0.03489599749445915, -0.0009143994539044797, 0.019670337438583374, -3.782438943744637e-05, -0.005608757957816124, 0.00... |
40 | JPM | 2015 | the Dodd-Frank Act and rules proposed by the Department of Labor may impose (among other things) a new standard of care applicable to broker-dealers when dealing with customers. | [-0.015274334698915482, -0.018066981807351112, -0.001194741460494697, -0.04455123469233513, -0.02030896581709385, 0.014081232249736786, -0.015130113810300827, 0.015326778404414654, -0.008305829018354416, -0.02026963233947754, -0.0012078523868694901, 0.03429841995239258, 0.015169446356594563, 0.00461180042475462, -0.010... |
41 | JPM | 2015 | The Firm’s investment management business is subject to significant regulation in numerous jurisdictions around the world relating to, among other things, the safeguarding of client assets, offerings of funds, marketing activities, transactions among affiliates and management of client funds. Certain of the Firm’s subs... | [0.007866905070841312, -0.046466927975416183, -0.01636522449553013, -0.029251229017972946, -0.004812922328710556, 0.030514057725667953, -0.020707808434963226, 0.014200376346707344, 0.005418564658612013, -0.02878733165562153, -0.0011251091491430998, 0.006439780350774527, 0.0017702147597447038, 0.012093514204025269, 0.00... |
42 | JPM | 2015 | The Firm’s asset management business continues to be affected by ongoing rule-making. In July 2013, the SEC adopted amendments to rules that govern money-market funds, requiring a floating net asset value for institutional prime money-market funds, effective October 14, 2016. As noted above, the Department of Labor has... | [-0.010922735556960106, -0.0259855929762125, -0.004699239041656256, -0.031736504286527634, -0.01558869332075119, 0.03684842213988304, -0.032029375433921814, 0.011728129349648952, -0.03264173865318298, -0.013778221793472767, 0.014124341309070587, 0.0035776784643530846, 0.018370961770415306, 0.016001375392079353, -0.0067... |
43 | JPM | 2015 | The Firm is subject to comprehensive regulation of its derivatives businesses. The regulations impose capital and margin requirements, require central clearing of standardized over-the-counter derivatives, require that certain standardized over-the-counter swaps be traded on regulated trading venues, and provide for re... | [-0.008597585372626781, -0.02233913727104664, 0.006718313321471214, -0.015564479865133762, -0.030704714357852936, 0.040754012763500214, -0.01773873344063759, 0.008398720063269138, -0.00378837320022285, -0.03505322337150574, 0.02253800258040428, 0.03107592836022377, -0.0002487880701664835, -0.002603470813483, 0.00706632... |
44 | JPM | 2015 | counterparty collateral, business conduct and documentation standards, record-keeping and reporting obligations, and anti-fraud and anti-manipulation requirements. Further, some of the rules for derivatives apply extraterritorially to U.S. firms doing business with clients outside of the U.S., as well as to the oversea... | [-0.01027639675885439, -0.02588031254708767, 0.01505256351083517, -0.052371762692928314, -0.010807820595800877, 0.01701883040368557, -0.021961066871881485, 0.0057725850492715836, -0.00543712405487895, -0.03143368661403656, 0.008702055551111698, 0.000562146189622581, -0.0057991561479866505, 0.01586298458278179, -0.01550... |
45 | JPM | 2015 | In November 2015, the Firm and other financial institutions agreed to adhere to an updated Resolution Stay Protocol developed by ISDA in response to regulator concerns that the close-out of derivatives transactions during the resolution of a large cross-border financial institution could impede resolution efforts and p... | [-0.014800339005887508, -0.011501300148665905, 0.006730597000569105, 0.007734955754131079, -0.014981681481003761, 0.017855262383818626, -0.02005927264690399, 0.007790753617882729, -0.01402614638209343, -0.020575400441884995, 0.025164760649204254, 0.007288574241101742, 0.02300260029733181, 0.015037478879094124, -0.00356... |
46 | JPM | 2015 | In the U.S., two subsidiaries of the Firm are registered as futures commission merchants, and other subsidiaries are either registered with the CFTC as commodity pool operators and commodity trading advisors or exempt from such registration. These CFTC-registered subsidiaries are also members of the National Futures As... | [0.003875164780765772, -0.026612337678670883, -0.005211085546761751, -0.02853500284254551, -0.024915087968111038, 0.019730523228645325, -0.014267501421272755, 0.009852001443505287, -0.0007868838729336858, -0.010389021597802639, 0.007995635271072388, 0.030550485476851463, -0.0011303945211693645, -0.011224386282265186, 0... |
47 | JPM | 2015 | The Firm and its subsidiaries are subject to federal, state and international laws and regulations concerning the use and protection of certain customer, employee and other personal and confidential information, including those imposed by the Gramm-Leach-Bliley Act and the Fair Credit Reporting Act, as well as the EU D... | [-0.006743237376213074, -0.029616348445415497, 0.007070454303175211, -0.054510507732629776, -0.0016368870856240392, 0.028230488300323486, -0.00231297523714602, 0.008186841383576393, 0.007590151857584715, -0.04878741875290871, 0.006493012420833111, -0.0097202705219388, -0.0012406979221850634, -0.0038656522519886494, 0.0... |
48 | JPM | 2015 | In addition, there are numerous proposals pending before U.S. and non-U.S. legislative and regulatory bodies regarding privacy and data protection. For example, the European Parliament and the European Council have reached agreement on certain data protection reforms proposed by the European Commission which includes n... | [0.005168937612324953, -0.012496969662606716, 0.020585520192980766, -0.0477450005710125, -0.009796489961445332, 0.024929489940404892, -0.011871798895299435, 0.017040736973285675, -0.007527829147875309, -0.032276857644319534, 0.02926057018339634, -0.017595011740922928, 0.008623489178717136, -0.01250341534614563, 0.01475... |
49 | JPM | 2015 | The Bank Secrecy Act (“BSA”) requires all financial institutions, including banks and securities broker-dealers, to, among other things, establish a risk-based system of internal controls reasonably designed to prevent money laundering and the financing of terrorism. The BSA includes a variety of record-keeping and rep... | [-0.02437780797481537, -0.02803845703601837, 0.01866135746240616, -0.030850261449813843, -0.030080994591116905, 0.012805643491446972, -0.013329541310667992, -0.002258063992485404, -0.015106813050806522, -0.021871058270335197, 0.015239445492625237, -0.0011124529410153627, -0.002995830960571766, 0.007480458822101355, -0.... |
50 | JPM | 2015 | The Firm is subject to laws and regulations relating to corrupt and illegal payments to government officials and others in the jurisdictions in which it operates, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act. For more information on a current investigation relating to, among other things, t... | [-0.006044192239642143, -0.030380962416529655, -0.022204486653208733, -0.03680720180273056, -0.0016408462543040514, 0.02711559645831585, -0.015386403538286686, 0.011193674057722092, 0.005959292408078909, -0.035370443016290665, 0.013244323432445526, -0.01784195937216282, 0.0011110407067462802, -5.6990837038028985e-05, -... |
51 | JPM | 2015 | The Firm’s compensation practices are subject to oversight by the Federal Reserve, as well as other agencies. The Federal Reserve has issued guidance jointly with the FDIC and the OCC that is designed to ensure that incentive compensation paid by banking organizations does not encourage imprudent risk-taking that threa... | [-0.018560094758868217, -0.01049106102436781, 0.0026869357097893953, -0.04401770234107971, -0.019126111641526222, 0.010978098958730698, -0.009194486774504185, 0.0007869118708185852, -0.005512084811925888, -0.01866540126502514, 0.012327325530350208, -0.005571319255977869, -0.003991737030446529, 0.0029255186673253775, -0... |
52 | JPM | 2015 | The EU operates a European Systemic Risk Board which monitors financial stability, together with European Supervisory Agencies which set detailed regulatory rules and encourage supervisory convergence across the 28 Member States. The EU has also created a Single Supervisory Mechanism for the euro-zone, under which the ... | [0.001532886060886085, -0.01665855385363102, 0.012224075384438038, -0.03193864971399307, -0.030092032626271248, 0.003963071387261152, -0.013784595765173435, 0.00985728669911623, 0.0030153803527355194, -0.0274131391197443, 0.01040997076779604, -0.01988362893462181, 0.00888196099549532, 0.002807311015203595, 0.0028593284... |
53 | JPM | 2015 | In the EU, there is an extensive and complex program of final and proposed regulatory enhancement which reflects, in part, the EU’s commitments to policies of the Group of Twenty Finance Ministers and Central Bank Governors (“G-20”) together with other plans specific to the EU. This program includes EMIR, which require... | [-0.0035194330848753452, -0.02538972720503807, -0.009706295095384121, -0.031379975378513336, -0.02899436093866825, 0.02019905485212803, -0.0246425848454237, 0.0069864350371062756, -0.004328837152570486, -0.032218869775533676, 0.016070112586021423, 0.005996799562126398, -0.012360616587102413, -0.005154625978320837, -0.0... |
54 | JPM | 2015 | The EU is also currently considering or implementing significant revisions to laws covering: depositary activities; credit rating activities; resolution of banks, investment firms and market infrastructures; anti-money-laundering controls; data security and privacy; corporate governance in financial firms; and implemen... | [0.0026257799472659826, -0.02191729098558426, 0.02336195856332779, -0.0367283821105957, -0.036077629774808884, -0.006884944625198841, -0.019223181530833244, 0.008687525056302547, -0.010789450258016586, -0.04255910962820053, 0.023387989029288292, -0.015019331127405167, -0.009247170761227608, 0.0022125530522316694, 0.003... |
55 | JPM | 2015 | Following the issuance of the Report of the High Level Expert Group on Reforming the Structure of the EU Banking Sector (the “Liikanen Group”), the EU has proposed legislation providing for a proprietary trading ban and mandatory separation of other trading activities within certain banks, while various EU Member State... | [-0.009743539616465569, -0.034949954599142075, 0.00944723654538393, -0.04184071719646454, -0.010763373225927353, 0.010480851866304874, -0.0052163079380989075, 0.015393965877592564, -0.019928088411688805, -0.03842289745807648, 0.011700516566634178, 0.010563540272414684, 0.0013592031318694353, 0.011135473847389221, 0.008... |
56 | JPM | 2015 | structure in Europe, as well as its permitted activities and capital deployment in the EU. | [0.0075663793832063675, -0.031513579189777374, 0.017875896766781807, -0.04441022872924805, -0.026209315285086632, 0.016250815242528915, -0.03278764337301254, 0.01868193782866001, -0.011057054623961449, -0.024038204923272133, -0.007247863337397575, -0.009210961870849133, -0.018915949389338493, -0.003815691452473402, -0.... |
57 | JPM | 2015 | U.K. regulators are introducing a range of policy measures that make significant changes to the regulatory environment in the U.K. Alongside broader recommendations made by the Fair and Effective Markets Review which focused on fixed income currencies and commodities markets, there is a focus by U.K. regulators on rais... | [-0.0031347046606242657, -0.02265763282775879, -0.014972121454775333, -0.03236424922943115, -0.008709359914064407, 0.007978039793670177, -0.01658102497458458, 0.005790727213025093, -0.015956079587340355, -0.018735095858573914, 0.010052329860627651, -0.009453976526856422, -0.013482887297868729, 0.005694325547665358, 0.0... |
58 | JPM | 2015 | The following discussion sets forth the material risk factors that could affect JPMorgan Chase’s financial condition and operations. Readers should not consider any descriptions of such factors to be a complete set of all potential risks that could affect the Firm. | [-0.028604766353964806, -0.019044004380702972, 0.02984508126974106, -0.009948360733687878, -0.028940685093402863, 0.013837264850735664, -0.024444542825222015, 0.01282304897904396, -0.03167971596121788, -0.0263308547437191, -0.006392144598066807, 0.0195608027279377, -0.018230047076940536, -0.0005256804288364947, 0.01368... |
59 | JPM | 2015 | JPMorgan Chase operates within a highly regulated industry, and the Firm’s businesses and results are significantly affected by the laws and regulations to which the Firm is subject. | [-0.0046569728292524815, -0.030339736491441727, 0.01905698888003826, -0.010134279727935791, -0.024736223742365837, 0.02434498816728592, -0.007162146270275116, 0.02715936489403248, -0.013768989592790604, -0.03346962481737137, -0.010531825944781303, 0.002981598488986492, 0.0029011424630880356, -0.012790899723768234, 0.00... |
60 | JPM | 2015 | As a global financial services firm, JPMorgan Chase is subject to extensive and comprehensive regulation under federal and state laws in the U.S. and the laws of the various jurisdictions outside the U.S. in which the Firm does business. The financial services industry has experienced and continues to experience an unp... | [-0.005168741103261709, -0.027358567342162132, 0.007197227794677019, -0.014992599375545979, -0.017658239230513573, 0.012827579863369465, -0.015278668142855167, 0.03505641594529152, -0.017866289243102074, -0.04678523167967796, 9.239327482646331e-05, -0.013848324306309223, 0.006664100103080273, -0.015486718155443668, 0.0... |
61 | JPM | 2015 | The recent legislative and regulatory developments, as well as future legislative or regulatory actions in the U.S. and in the other countries in which the Firm operates, and any required changes to the Firm’s business or operations resulting from such developments and actions, could result in a significant loss of rev... | [-0.014239390380680561, -0.03440089523792267, 0.005556915421038866, -0.014068307355046272, -0.002842613961547613, 0.02160913124680519, -0.008896329440176487, 0.012660160660743713, 0.00363551895134151, -0.030163293704390526, 0.011640241369605064, -0.005316740833222866, 0.007948790676891804, -0.0035532675683498383, -0.00... |
62 | JPM | 2015 | In addition, there can be significant differences in the ways that similar regulatory initiatives affecting the financial services industry are implemented in the U.S. and in different countries and regions in which JPMorgan Chase does business. For example, recent legislative and regulatory initiatives within the EU, ... | [-0.0065134367905557156, -0.03077048808336258, 0.012823225930333138, -0.026224549859762192, -0.028221609070897102, 0.018538495525717735, -0.008632028475403786, 0.03221572935581207, -0.006418182514607906, -0.03699816018342972, -0.0012506258208304644, -0.020456723868846893, 0.0028444963973015547, 0.005846655461937189, 0.... |
63 | JPM | 2015 | Expanded regulatory and governmental oversight of JPMorgan Chase’s businesses may continue to increase the Firm’s costs and risks. | [-0.0030677015893161297, -0.03521072864532471, 0.008352620527148247, -0.015752168372273445, -0.03600495681166649, 0.012701013125479221, -0.0193394273519516, 0.019498271867632866, -0.020557241514325142, -0.013859260827302933, 0.005734980572015047, 0.0029105108696967363, 0.020424870774149895, -0.013534951023757458, 0.009... |
64 | JPM | 2015 | The Firm’s businesses and operations are increasingly subject to heightened governmental and regulatory oversight and scrutiny. The Firm has paid significant fines (or has provided significant monetary and other relief) to resolve a number of investigations or enforcement actions by governmental agencies. The Firm cont... | [0.006427069194614887, -0.031125523149967194, -0.006991084199398756, -0.016440868377685547, -0.016143662855029106, 0.029126141220331192, -0.012198935262858868, 0.008862128481268883, -0.010577814653515816, -0.03644820302724838, 0.020412614569067955, -0.005508434027433395, 0.012300255708396435, 0.00015936802083160728, -0... |
65 | JPM | 2015 | Certain regulators have taken measures in connection with specific enforcement actions against financial institutions (including the Firm) that require admissions of wrongdoing and compliance with other conditions in connection with settling such matters. Such admissions and conditions can lead to, among other things, ... | [-0.0012241383083164692, -0.016920236870646477, 0.01110599935054779, -0.024663623422384262, -0.044290028512477875, 0.029124779626727104, -0.009746217168867588, 0.009478280320763588, 0.004045852459967136, -0.0241545420140028, 0.031268276274204254, 0.004836267326027155, 0.014093499630689621, 0.005305157508701086, -0.0051... |
66 | JPM | 2015 | In addition, U.S. government officials have indicated and demonstrated a willingness to bring criminal actions against financial institutions, including the Firm, and have increasingly sought, and obtained, resolutions that include criminal pleas from those institutions, such as the Firm’s agreement in May 2015 to plea... | [-0.0056013078428804874, -0.029154758900403976, 0.0064566475339233875, -0.013885119929909706, -0.02232535555958748, 0.0144309401512146, -0.0032582771964371204, 0.0016765650361776352, 0.006137143354862928, -0.02992689423263073, 0.033627815544605255, 0.014351063407957554, 0.008766396902501583, -0.010264072567224503, -0.0... |
67 | JPM | 2015 | forbearance of, or the granting of waivers by, applicable regulators). | [-0.014080128632485867, -0.05073632672429085, 0.009745735675096512, 0.000216262589674443, -0.016473351046442986, 0.004061831161379814, -0.010191140696406364, -0.0037394107785075903, 0.01035068929195404, -0.02168525941669941, 0.03927544876933098, -0.003952141851186752, 0.013063008897006512, 0.003272400004789233, 0.00558... |
68 | JPM | 2015 | The Firm expects that it and the financial services industry as a whole will continue to be subject to heightened regulatory scrutiny and governmental investigations and enforcement actions and that violations of law will more frequently be met with formal and punitive enforcement action, including the imposition of si... | [-0.00899926945567131, -0.03171234205365181, -0.005868370179086924, -0.012669066898524761, -0.011055678129196167, 0.023460255935788155, -0.017006700858473778, 0.004195471294224262, -0.0034813485108315945, -0.034198544919490814, 0.017125722020864487, -5.7340588682563975e-05, 0.025166215375065804, -0.005018696188926697, ... |
69 | JPM | 2015 | In addition, if the Firm fails to meet the requirements of the various governmental settlements to which it is subject, or more generally, to maintain risk and control procedures and processes that meet the heightened standards established by its regulators and other government agencies, it could be required to enter i... | [0.011396358720958233, -0.026811819523572922, -0.008832678198814392, -0.012878485955297947, -0.029856190085411072, 0.02677176147699356, -0.026718351989984512, 0.0033097509294748306, 0.0067797317169606686, -0.012664846144616604, 0.012257594615221024, 0.0030393628403544426, 0.010495064780116081, 0.015288611873984337, 0.0... |
70 | JPM | 2015 | Requirements for the orderly resolution of the Firm could require JPMorgan Chase to restructure or reorganize its businesses, and holders of JPMorgan Chase’s debt and equity securities would be at risk of absorbing losses if the Firm were to enter into a resolution. | [-0.025680584833025932, -0.012117259204387665, 0.007585391402244568, -0.009883604012429714, -0.04366603121161461, 0.019960876554250717, -0.02010290138423443, 0.023679332807660103, -0.003135833190754056, -0.01775304414331913, 0.0159196387976408, 0.006581537425518036, 0.0048707895912230015, 0.005464709829539061, 0.007501... |
71 | JPM | 2015 | Under Title I of the Dodd-Frank Act (“Title I”) and Federal Reserve and FDIC rules, the Firm is required to prepare and submit periodically to the Federal Reserve and the FDIC a detailed plan for the orderly resolution of JPMorgan Chase & Co. and certain of its subsidiaries under the U.S. Bankruptcy Code and other appl... | [-0.022686798125505447, -0.0037564928643405437, -0.0139373280107975, 0.004751056432723999, -0.011168678291141987, 0.016181815415620804, -0.021436873823404312, 0.008951070718467236, -0.013735726475715637, -0.010395875200629234, 0.020348230376839638, 0.011760040186345577, 0.003974893596023321, 0.015052851289510727, -0.02... |
72 | JPM | 2015 | leverage or liquidity requirements on the Firm or restrictions on growth, activities or operations of the Firm, and could, if such deficiencies are not remedied within two years after such a determination, require the Firm to restructure, reorganize or divest businesses, legal entities, operational systems and/or inter... | [-0.00026729903765954077, -0.008382360450923443, 0.0012677977792918682, -0.017011260613799095, -0.004208301194012165, 0.0106080686673522, -0.02199684828519821, -0.0011239827144891024, -0.0011111421044915915, -0.021010687574744225, 0.02207902818918228, 0.007088025566190481, -0.0069133928045630455, 0.027228975668549538, ... |
73 | JPM | 2015 | In addition to the Firm’s plan for orderly resolution, the Firm’s resolution plan also recommends to the Federal Reserve and the FDIC its proposed optimal strategy to resolve the Firm under the special resolution procedure provided in Title II of the Dodd-Frank Act (“Title II”). The Firm’s recommendation involves a “si... | [-0.028376583009958267, -0.007080503273755312, -8.590567449573427e-05, -0.005494552198797464, -0.025156931951642036, 0.01934519037604332, -0.017039593309164047, 0.010416115634143353, 0.0005184183246456087, -0.019536186009645462, 0.007687598466873169, 0.020368384197354317, 0.0008697150042280555, 0.026384765282273293, -0... |
74 | JPM | 2015 | JPMorgan Chase’s results of operations have been, and may continue to be, adversely affected by U.S. and global financial market and economic conditions. | [-0.0263818446546793, -0.033071257174015045, 0.02160906046628952, -0.014130447059869766, -0.02583065629005432, 0.017938653007149696, -0.014944701455533504, 0.010572780855000019, -0.01840215176343918, -0.023500636219978333, -0.005226887296885252, 0.023362839594483376, -0.004528507590293884, -0.009332608431577682, 0.0097... |
75 | JPM | 2015 | JPMorgan Chase’s businesses are materially affected by economic and market conditions, including the liquidity of the global financial markets; the level and volatility of debt and equity prices, interest rates, currency and commodities prices (including oil prices) and other market indices; investor, consumer and busi... | [-0.019268307834863663, -0.020772427320480347, 0.023547271266579628, -0.011235523968935013, -0.019410939887166023, 0.008201348595321178, -0.006392513867467642, 0.00541678024455905, -0.016986193135380745, -0.03993700444698334, -0.011559687554836273, 0.017414089292287827, -0.010989159345626831, 0.004544779192656279, 0.00... |
76 | JPM | 2015 | In the Firm’s underwriting and advisory businesses, the above-mentioned factors can affect the volume of transactions that the Firm executes for its clients and customers and, therefore, the revenue that the Firm receives, as well as the willingness of other financial institutions and investors to participate in loan s... | [0.000434223999036476, -0.03285042569041252, 0.022623153403401375, -0.019945858046412468, -0.01214153878390789, 0.0187143012881279, -0.029637670144438744, 0.0035039116628468037, -0.00935715064406395, -0.048673249781131744, 0.026250891387462616, 0.027348581701517105, 0.00501993065699935, -0.00461498973891139, -0.0074562... |
77 | JPM | 2015 | The Firm generally maintains market-making positions in the fixed income, currency, commodities, credit and equity markets to facilitate client demand and provide liquidity to clients. The revenue derived from these positions is affected by many factors, including the Firm’s success in effectively hedging its market an... | [-0.024460548534989357, -0.02948416769504547, -0.0034455182030797005, -0.014834139496088028, -0.005260332953184843, 0.007772142067551613, -0.03871605172753334, 0.00905434787273407, -0.015412775799632072, -0.03463929146528244, 0.008278449065983295, 0.017950886860489845, -0.0012460413854569197, 0.003345243167132139, -0.0... |
78 | JPM | 2015 | The Firm may be adversely affected by declining asset values. This is particularly true for businesses that earn fees for managing third-party assets or receive or post collateral. For example, a higher level of U.S. or non-U.S. interest rates or a downturn in financial markets could affect the valuations of the client... | [-0.018069732934236526, -0.04357296600937843, 0.021246103569865227, -0.023038579151034355, 0.009054635651409626, 0.037510182708501816, -0.033556193113327026, 0.0026640004944056273, -0.0032949913293123245, -0.0385909378528595, 0.015209679491817951, 0.015895038843154907, 0.00718308100476861, 0.025977712124586105, -0.0045... |
79 | JPM | 2015 | Changes in interest rates will affect the level of assets and liabilities held on the Firm’s balance sheet and the revenue that the Firm earns from net interest income. A low interest rate environment may compress net interest margins, | [-0.030191222205758095, -0.02481907419860363, 0.03634176030755043, -0.02032739482820034, 0.017175564542412758, 0.01607816480100155, -0.017634941264986992, -0.015044569037854671, -0.01008075475692749, -0.04634594917297363, 0.03616311401128769, 0.04555480182170868, 0.011522685177624226, 0.013436752371490002, 0.0081347860... |
80 | JPM | 2015 | reducing the amounts that the Firm earns on its investment securities portfolio, or reducing the value of its mortgage servicing rights (“MSR”) asset, thereby reducing the Firm’s net interest income and other revenues. Conversely, increasing or high interest rates may result in increased funding costs, lower levels of ... | [-0.03145545721054077, -0.023253150284290314, 0.006948072928935289, -0.004409736953675747, -0.00968881230801344, 0.025708533823490143, -0.019059088081121445, -0.015701184049248695, -0.007737777661532164, -0.047063738107681274, 0.027420666068792343, 0.03896760568022728, 0.0056009297259151936, 0.017386771738529205, 0.000... |
81 | JPM | 2015 | The Firm’s consumer businesses are particularly affected by U.S. domestic economic conditions, including U.S. interest rates, the rate of unemployment, housing prices, the level of consumer confidence, changes in consumer spending and the number of personal bankruptcies. If the recent positive trends in the U.S. econom... | [-0.016856510192155838, -0.029505467042326927, 0.012570065446197987, -0.014437166973948479, -0.008520294912159443, 0.0068504223600029945, -0.0013945738319307566, 0.004881419241428375, -0.004217414651066065, -0.04339039325714111, 0.0066137476824223995, 0.020406633615493774, 0.0016024861251935363, 0.0028762570582330227, ... |
82 | JPM | 2015 | Widening of credit spreads makes it more expensive for the Firm to borrow on both a secured and unsecured basis, and may adversely affect the credit markets and the Firm’s businesses. Credit spreads widen or narrow not only in response to Firm-specific events and circumstances, but also as a result of general economic ... | [-0.02812630496919155, -0.03099418804049492, 0.03130991756916046, -0.01665477268397808, 0.005913364700973034, 0.020969752222299576, -0.02395603433251381, -0.015168208628892899, -0.016562683507800102, -0.049938004463911057, 0.02327195182442665, 0.022416848689317703, -0.011201847344636917, -0.004009116906672716, 0.014063... |
83 | JPM | 2015 | Sudden and significant volatility in the prices of securities and other assets (including loans and derivatives) may curtail the trading markets for such securities and assets, make it difficult to sell or hedge such securities and assets, adversely affect the Firm’s profitability, capital or liquidity, or increase the... | [-0.0254701878875494, -0.03763466700911522, 0.01884327083826065, -0.0050869048573076725, -0.025081131607294083, 0.01858389936387539, -0.03026854246854782, 0.007729242090135813, -0.011360430158674717, -0.03675280511379242, 0.01513427123427391, 0.03631187602877617, 0.008157203905284405, 0.015678949654102325, 0.0051420209... |
84 | JPM | 2015 | The financial condition of JPMorgan Chase’s customers, clients and counterparties, particularly other financial institutions, could adversely affect the Firm. | [-0.019995838403701782, -0.02229406125843525, 0.01452944427728653, -0.0058234636671841145, -0.018515627831220627, 0.021761706098914146, -0.02129426971077919, 0.02199542336165905, 0.00205963640473783, -0.02509867399930954, 0.007271214388310909, 0.016048608347773552, 0.006398019380867481, -0.009394149295985699, 0.0066609... |
85 | JPM | 2015 | The Firm routinely executes transactions with counterparties in the financial services industry, including brokers and dealers, commercial banks, investment banks, mutual and hedge funds, investment managers and other institutional clients. Many of these transactions expose the Firm to credit risk and, in some cases, d... | [0.0004595883656293154, -0.02630208432674408, -0.008663198910653591, 0.001436940860003233, -0.013257420621812344, 0.03670058399438858, -0.016142938286066055, 0.019613536074757576, 0.01354331336915493, -0.03967918083071709, 0.013097853399813175, 0.01659504696726799, -0.0013047988759353757, 0.00011801365326391533, 0.0045... |
86 | JPM | 2015 | lead to significant liquidity problems for, or losses or defaults by, other institutions, which in turn could adversely affect the Firm. In addition, in recent years the perceived interrelationship among financial institutions has also led to claims by other market participants and regulators that the Firm and other fi... | [-0.021137066185474396, -0.03091011755168438, 0.02012098953127861, -0.013229048810899258, -0.019211867824196815, 0.01615026965737343, -0.029492957517504692, 0.00992011558264494, -0.0060964589938521385, -0.03970720246434212, 0.017300039529800415, -0.0011990705970674753, 0.00683177774772048, 0.002657173899933696, -0.0128... |
87 | JPM | 2015 | As part of providing clearing services, the Firm is a member of a number of central counterparties (“CCPs”), and may be required to pay a portion of the losses incurred by such organizations as a result of the default of other members. As a clearing member, the Firm is also exposed to the risk of non-performance by its... | [-0.00850934162735939, -0.005120310466736555, 0.011116287671029568, -0.03050796128809452, -0.009351585991680622, 0.024572143331170082, -0.019759319722652435, 0.0253742802888155, 0.013863609172403812, -0.018155043944716454, 0.006674452219158411, 0.02796785905957222, -0.01647055521607399, 0.0006279232329688966, 0.0004904... |
88 | JPM | 2015 | During periods of market stress or illiquidity, the Firm’s credit risk also may be further increased when the Firm cannot realize the fair value of the collateral held by it or when collateral is liquidated at prices that are not sufficient to recover the full amount of the loan, derivative or other exposure due to the... | [-0.00915637519210577, -0.028754690662026405, 0.017617495730519295, -0.023179534822702408, -0.005102908238768578, 0.011720946989953518, -0.044522546231746674, 0.007365765981376171, -0.00040009949589148164, -0.03056497685611248, 0.011970189400017262, 0.015820328146219254, -0.01658117212355137, 0.010789568535983562, -0.0... |
89 | JPM | 2015 | Concentration of credit and market risk could increase the potential for significant losses. | [-0.011014880612492561, -0.0267270989716053, 0.028661297634243965, -0.021062662824988365, -0.017772015184164047, -0.008892286568880081, -0.03097228705883026, 0.025471126660704613, -0.0024632764980196953, -0.016352765262126923, 0.007052286993712187, 0.03936218470335007, -0.010531331412494183, -0.00012000426795566455, 0.... |
90 | JPM | 2015 | JPMorgan Chase has exposure to increased levels of risk when customers or counterparties are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes ... | [-0.008508323691785336, -0.02070228010416031, 0.02893614023923874, -0.005002397578209639, -0.018611140549182892, 0.0386338010430336, 0.0018232121365144849, 0.00855406653136015, -0.006776598747819662, -0.044619686901569366, 0.014977785758674145, 0.010886994190514088, -0.010919668711721897, 0.003388299373909831, 0.007207... |
91 | JPM | 2015 | related or dependent industries, wherever located, or about the ability of customers of the Firm’s consumer businesses living in such areas or working in such affected industries or related or dependent industries to meet their obligations to the Firm. As a result, the Firm regularly monitors various segments of its ex... | [-0.01366905402392149, -0.030928784981369972, 0.0054574208334088326, -0.002325779292732477, -0.013431035913527012, 0.032071273773908615, -0.009901563636958599, 0.01090124063193798, 0.016185248270630836, -0.031037593260407448, 0.006280284374952316, 0.008255836553871632, 0.003961305599659681, 0.00650470145046711, -0.0085... |
92 | JPM | 2015 | In addition, disruptions in the liquidity or transparency of the financial markets may result in the Firm’s inability to sell, syndicate or realize the value of its positions, thereby leading to increased concentrations. The inability to reduce the Firm’s positions may not only increase the market and credit risks asso... | [-0.030163191258907318, -0.028331948444247246, 0.016337305307388306, -0.011667635291814804, -0.010752013884484768, 0.016991320997476578, -0.044342245906591415, 0.0094243623316288, -0.004434224683791399, -0.020993895828723907, 0.02610829472541809, 0.023165225982666016, -0.0023495503701269627, 0.03157586604356766, 0.0161... |
93 | JPM | 2015 | If JPMorgan Chase does not effectively manage its liquidity, its business could suffer. | [-0.01681900955736637, -0.019322067499160767, 0.012764313258230686, -0.005261527840048075, -0.02342146262526512, 0.0022843587212264538, -0.030343180522322655, 0.019181590527296066, 0.0074197761714458466, -0.011091352440416813, 0.019526397809386253, 0.019564710557460785, -0.0014742175117135048, 0.014699074439704418, 0.0... |
94 | JPM | 2015 | JPMorgan Chase’s liquidity is critical to its ability to operate its businesses. Some potential conditions that could impair the Firm’s liquidity include markets that become illiquid or are otherwise experiencing disruption, unforeseen cash or capital requirements (including, among others, commitments that may be trigg... | [-0.016825523227453232, -0.012468914501369, 0.01300450973212719, -0.004536229185760021, -0.010600863955914974, 0.019150789827108383, -0.01329843420535326, 0.009497014805674553, -0.01459170039743185, -0.03929439187049866, 0.009190027602016926, 0.020169727504253387, -0.015061978250741959, 0.009431698359549046, 0.01389934... |
95 | JPM | 2015 | If the Firm’s access to stable and low cost sources of funding, such as bank deposits, is reduced, the Firm may need to raise alternative funding which may be more expensive or of limited availability. In addition, the Firm’s cost of funding could be affected by actions that the Firm may take in order to satisfy applic... | [-0.001713322359137237, -0.02172638475894928, 0.023237556219100952, -0.01976451463997364, -0.02794339321553707, 0.01749775931239128, -0.033882025629282, -0.00496432650834322, 0.008397599682211876, -0.01850520633161068, 0.017908692359924316, 0.007158174645155668, -0.004977582488209009, 0.017749622464179993, 0.0006561659... |
96 | JPM | 2015 | As a holding company, JPMorgan Chase & Co. relies on the earnings of its subsidiaries for its cash flow and, consequently, its ability to pay dividends and satisfy its debt and other obligations. These payments by subsidiaries may take the form of dividends, loans or other payments. Several of JPMorgan Chase & Co.’s pr... | [-0.02381058596074581, -0.022214701399207115, 0.00027688583941198885, -0.013443724252283573, -0.032632630318403244, 0.01999323070049286, -0.006951669696718454, 0.020363476127386093, -0.013099013827741146, -0.038122471421957016, 0.014184215106070042, 0.002109758323058486, -0.014631061814725399, 0.0158184003084898, 0.005... |
97 | JPM | 2015 | subject to dividend distribution, capital adequacy or liquidity coverage requirements or other regulatory restrictions on their ability to provide such payments. Limitations in the payments that JPMorgan Chase & Co. receives from its subsidiaries could reduce its ability to pay dividends and satisfy its debt and other ... | [-0.021411757916212082, -0.03387952595949173, -0.001986129442229867, -0.013621004298329353, -0.040465787053108215, 0.019464069977402687, -0.035340290516614914, 0.02744702808558941, -0.006823315750807524, -0.030599208548665047, 0.012858587317168713, 0.007335865404456854, -0.0026412319857627153, 0.003754425561055541, 0.0... |
98 | JPM | 2015 | Proposed banking regulations relating to liquidity, including U.S. rules relating to total loss-absorbing capacity, could require JPMorgan Chase to issue a substantial amount of new debt, and thereby significantly increase its funding costs. | [-0.01908116787672043, -0.02266540192067623, 0.022730570286512375, -0.0026523342821747065, -0.014180539175868034, 0.005320960655808449, -0.02545459009706974, 0.01639624871313572, -0.0073183574713766575, -0.017386801540851593, 0.022104958072304726, 0.014675815589725971, -0.001720433123409748, 0.007611613254994154, -0.00... |
99 | JPM | 2015 | On October 30, 2015, the Federal Reserve issued proposed rules (the “proposed TLAC rules”) that would require the top-tier holding companies of eight U.S. global systemically important bank holding companies (“U.S. GSIB BHCs”), including JPMorgan Chase & Co., among other things, to maintain minimum amounts of eligible ... | [-0.021933939307928085, -0.0053298380225896835, 0.014927644282579422, -0.039333589375019073, -0.025198081508278847, 0.01412185188382864, -0.03236826881766319, 0.008051094599068165, -0.02536197192966938, -0.014340371824800968, 0.018833687528967857, 0.012906334362924099, -0.008474476635456085, -0.005377639550715685, -0.0... |
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