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      "text": "(b) Ratios are based upon annualized amounts.",
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      "text": "(d) Included a $2.9 billion special assessment from the FDIC on certain banks to recover losses to the DIF arising from the protection of uninsured depositors resulting from bank resolutions in 2023.",
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      "text": "(c) Refer to page 29 for further discussion of ROTCE.",
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      "text": "(e) Included an income tax benefit of $463 million and $428 million for the three months and full year ended December 31, 2023, respectively, related to the finalization of certain income tax regulations. The benefit resulted in a reduction in the Firm's effective tax rate of 4.1 percentage\npoints in the fourth quarter of 2023.",
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      "text": "(a) Included Firmwide legal expense of $175 million, $665 million, $420 million, $176 million and $27 million for the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and $1.4 billion and $266 million\nfor the full year 2023 and 2022, respectively.",
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      "text": "On May 1, 2023, JPMorgan Chase acquired certain assets and assumed certain liabilities of First Republic Bank from the FDIC. Refer to page 30 for additional information.",
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      "text": "(f) Income taxes associated with the First Republic acquisition are reflected in the estimated bargain purchase gain, resulting in a reduction in the Firm's effective tax rate of 3.4 percentage points in the second quarter of 2023.",
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      "text": "(in millions, except per share and ratio data)",
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      "text": "JPMORGAN CHASE & Co. QUARTERLY TRENDS FULL YEAR 4Q23 Change 2023 Change REVENUE 4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022 Investment banking fees $ 1,635 $ 1,722 $ 1,513 $ 1,649 $ 1,418 (5)% 15% $ 6,519 $ 6,686 (2)% Principal transactions 3,725 6,210 6,910 7,615 4,434 (40) (16) 24,460 19,912 23 Lending- and deposit-related fees 1,926 2,039 1,828 1,620 1,655 (6) 16 7,413 7,098 4 Asset management fees 4,077 3,904 3,774 3,465 3,432 4 19 15,220 14,096 8 Commissions and other fees 1,697 1,705 1,739 1,695 1,574 8 6,836 6,581 4 Investment securities losses (743) (669) (900) (868) (874) (11) 15 (3,180) (2,380) (34) Mortgage fees and related income 263 414 278 221 98 (36) 168 1,176 1,250 (6) Card income 1,247 1,209 1,094 1,234 1,226 3 2 4,784 4,420 8 Other income 696 614 3,292 1,007 1,392 13 (50) 5,609 4,322 30 Noninterest revenue 14,523 17,148 19,528 17,638 14,355 (15) 1 68,837 61,985 11 Interest income 47,384 44,556 41,644 37,004 33,054 6 43 170,588 92,807 84 Interest expense 23,333 21,830 19,865 16,293 12,862 7 81 81,321 26,097 212 Net interest income 24,051 22,726 21,779 20,711 20,192 6 19 89,267 66,710 34 TOTAL NET REVENUE 38,574 39,874 41,307 38,349 34,547 (3) 12 158,104 128,695 23 Provision for credit losses 2,762 1,384 2,899 2,275 2,288 100 21 9,320 6,389 46 NONINTEREST EXPENSE Compensation expense 11,847 11,726 11,216 11,676 10,009 1 18 46,465 41,636 12 Occupancy expense 1,208 1,197 1,070 1,115 1,271 1 (5) 4,590 4,696 (2) Technology, communications and equipment expense 2,409 2,386 2,267 2,184 2,256 1 7 9,246 9,358 (1) Professional and outside services 2,606 2,620 2,561 2,448 2,652 (1) (2) 10,235 10,174 1 Marketing 1,298 1,126 1,122 1,045 1,093 15 19 4,591 3,911 17 Other expense (a) 5,118 (d) 2,702 2,586 1,639 1,741 89 194 12,045 (d) 6,365 89 TOTAL NONINTEREST EXPENSE 24,486 21,757 20,822 20,107 19,022 13 29 87,172 76,140 14 Income before income tax expense 11,326 16,733 17,586 15,967 13,237 (32) (14) 61,612 46,166 33 Income tax expense 2,019 (e) 3,582 3,114 (f) 3,345 2,229 (44) (9) 12,060 (e)(f) 8,490 42 NET INCOME $ 9,307 $ 13,151 $ 14,472 $ 12,622 $ 11,008 (29) (15) $ 49,552 $ 37,676 32 NET INCOME PER COMMON SHARE DATA Basic earnings per share $ 3.04 $ 4.33 $ 4.76 $ 4.11 $ 3.58 (30) (15) $ 16.25 $ 12.10 34 Diluted earnings per share 3.04 4.33 4.75 4.10 3.57 (30) (15) 16.23 12.09 34 FINANCIAL RATIOS Return on common equity (b) 12% 18% 20% 18% 16% 17% 14% Return on tangible common equity (b)(c) 15 22 25 23 20 21 18 Return on assets (b) 0.95 1.36 1.51 1.38 1.16 1.30 0.98 Effective income tax rate 17.8 (e) 21.4 17.7 (f) 20.9 16.8 19.6 18.4 Overhead ratio 63 55 50 52 55 55 59",
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