Investor Day 2023
Notes on non-GAAP financial measures
1. The CIB provides certain non-GAAP financial measures. These measures should be viewed in addition to, and not as a substitute for, the CIB's reported results. The non-GAAP financial measures on slides 2 and 5
exclude the impact of legal expense. Adjusted ROE on slide 2 is calculated as net income after preferred stock costs excluding the impact of legal expense divided by average equity. CIB average equity was $70B,
$70B, $80B, $80B, $83B and $103B for 2017, 2018, 2019, 2020, 2021 and 2022, respectively. The table below provides a reconciliation of reported results to these non-GAAP financial measures
Reconciliation of reported to adjusted results excluding the impact of legal expense
Year ended December 31,
(in millions, except where otherwise noted)
2017
(1) Revenue
(2) Expense
Reported/ Adjusted
$
35,667 $
2018
37,549 $
2019
39,436 $
2020
49,451 $
2021
51,942 $
2022
48,102
Reported
20,259 $
22,094 $
22,662 $
23,773 $
25,553 $
27,350
Adjustments:
Legal Expenses
$
18 $
(205) $
(381) $
Adjusted
$
20,277 $
21,890 $
22,281 $
(796) $
22,977 $
(252) $
25,302 $
(117)
27,232
(3) Net Income
Reported
$
10,976 $
11,760 $
11,919 $
17,043 $
21,107 $
14,925
Adjustments:
Legal Expenses
$
(17) $
Adjusted
$
10,959 $
184 $
11,944 $
347 $
12,266 $
732 $
17,775 $
224 $
21,331 $
86
15,011
(4) ROE
Reported
15%
16%
14%
20%
25%
14%
Adjusted
15%
16%
14%
21%
25%
14%
JPMORGAN CHASE & CO.
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