Management’s discussion and analysis Selected metrics As of or for the year ended December 31, (in billions, except ratios and where otherwise noted) 2020 2019 2018 Business Metrics CCB households (in millions) 63.4 62.6  61.7  Number of branches 4,908 4,976  5,036  Active digital customers (in thousands) 55,274 52,453  49,254  Active mobile customers (in thousands) 40,899 37,315  33,260  Debit and credit card  sales volume $ 1,081.2 $ 1,114.4  $ 1,016.9  Consumer & Business Banking Average deposits $ 832.5 $ 683.7  $ 661.7  Deposit margin 1.58 % 2.48 % 2.38 % Business banking  origination volume $ 26.6 $ 6.6  $ 6.7  Client investment assets 590.2 501.4  399.7  Number of client advisors 4,417 4,196  3,929  Home Lending Mortgage origination volume  by channel Retail $ 72.9 $ 51.0  $ 38.3  Correspondent 40.9 54.2  41.1  Total mortgage origination volume $ 113.8 $ 105.2  $ 79.4  Total loans serviced (period-end) $ 626.3 $ 761.4  $ 789.8  Third-party mortgage loans serviced (period-end) 447.3 520.8  519.6  MSR carrying value (period-end) 3.3 4.7  6.1  Ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) 0.74 % 0.90 % 1.17 % MSR revenue multiple 2.55 x 2.65 x 3.34x Credit Card Credit card sales volume, excluding commercial card $ 702.7 $ 762.8  $ 692.4  New accounts opened (in millions) 5.4 $ 7.8  7.8  Net revenue rate 10.92 % 10.48 % 10.17 % Auto Loan and lease  origination volume $ 38.4 $ 34.0  $ 31.8  Average auto operating lease assets 22.0 21.6  18.8  (a) (b) (f) (c) (d) (e) In the fourth quarter of 2020, the Firm realigned certain wealth management clients from AWM to CCB. Prior-period amounts have been revised to conform with the current presentation, including an increase to client investment assets of $143.3 billion and $117.3 billion as of December 31, 2019 and 2018, respectively. (a) Users of all web and/or mobile platforms who have logged in within the past 90 days. (b) Users of all mobile platforms who have logged in within the past 90 days. (c) Firmwide mortgage origination volume was $133.4 billion, $115.9 billion and $86.9 billion for the years ended December 31, 2020, 2019 and 2018, respectively. (d) Represents the ratio of MSR carrying value (period-end) to third-party mortgage loans serviced (period-end) divided by the ratio of loan servicing-related revenue to third- party mortgage loans serviced (average). (e) In the second quarter of 2020, the Firm reclassified certain spend-based credit card reward costs from marketing expense to be a reduction of card income, with no effect on net income. Prior-period amounts have been revised to conform with the current presentation. (f) Included $21.9 billion of origination volume under the PPP for the year ended December 31, 2020. Refer to Credit Portfolio on pages 112-113 for a further discussion of the PPP. 70 JPMorgan Chase & Co./2020 Form 10-K (f) Generally excludes loans under payment deferral programs offered in response to the COVID-19 pandemic. Refer to Consumer Credit Portfolio on pages 114- 116 for further information on consumer payment assistance activity. Includes loans to customers that have exited COVID-19 payment deferral programs and are 90 or more days past due, predominantly all of which were also at least 150 days past due and therefore considered collateral-dependent. Collateral- dependent loans are charged down to the lower of amortized cost or fair value of the underlying collateral less costs to sell. (g) At December 31, 2020, included $19.2 billion of loans in Business Banking under the PPP. Given that PPP loans are guaranteed by the SBA, the Firm does not expect to realize material credit losses on these loans. Refer to Credit Portfolio on pages 112-113 for a further discussion of the PPP. (h) At December 31, 2020, the principal balance of loans in Home Lending, Card and Auto under payment deferral programs offered in response to the COVID-19 pandemic were $9.1 billion, $264 million and $376 million, respectively. Loans that are performing according to their modified terms are generally not considered delinquent. Refer to Consumer Credit Portfolio on pages 114-116 for further information on consumer payment assistance activity.