JPM

JP모건
JPMORGAN CHASE & CO · CIK 19617
JPM 리스크 변화 알림 받기
이번 보고서
2025 연차보고서
10-K · 기간 말 2025. 12. 31. · 제출 2026. 2. 13.
비교 기준
2024 연차보고서
10-K · 기간 말 2024. 12. 31.
SEC 원문 ↗
19
새 리스크 항목
199
신규 문단
226
수정 문단
281
삭제
-18%
분량 변화
AI 한국어 요약

한 줄 요약

AI 리스크 항목이 생성형·에이전틱 AI까지 넓어졌고, 사모신용(private credit) 확대와 담보 사기가 새 신용 리스크로 들어갔어요.

주목할 변화

  • 강화AI 리스크 확대생성형·에이전틱 AI 관련 위험을 따로 길게 적었어요. AI 에이전트가 고객 관계를 대신 차지할 수 있다는 점("disintermediation of direct customer relationships if AI agents autonomously manage... financial decisions")도 새로 들어갔어요. AI에 너무 기대거나 반대로 도입이 늦어서 인력 계획이 어긋날 위험도 추가됐어요.
  • 신규사모신용 확대 위험사모신용이 크게 늘어 비은행 대출기관과 차주의 손실이 커질 수 있다고 처음 적었어요("significant expansion of private credit could worsen losses among non-bank lenders"). 이 경우 자사 시장조성 포지션에서도 손실이 날 수 있다고 했어요.
  • 신규담보 관련 차주 사기차주나 거래상대방이 담보를 허위로 보고해 손실을 본 적이 있다고 밝혔어요("fraudulent activity related to the accounting, reporting or representation of collateral"). 담보 리스크 제목에서도 "in stressed market conditions"라는 조건이 빠졌어요.
  • 신규행정명령과 소급 해석행정부 조치("executive orders or other executive branch actions")가 사업에 영향을 줄 수 있다는 문장이 생겼어요. 당국이 새 법 해석을 내놓으면 과거 행위까지 그 기준에 맞는지 입증해야 할 수 있다는 내용도 추가됐어요.
  • 삭제ESG·DEI 관련 평판 리스크행동주의자 비판, ESG 목표 미달, DEI 정책 관련 비판을 다루던 문단이 빠졌어요. 대신 고객과 거래할지 말지에 대한 결정 자체가 평판을 해칠 수 있다는 표현으로 바뀌었어요("decisions to engage or not engage with a client").
  • 신규자본 버퍼 사용 가능성스트레스 상황에서 규제 자본 버퍼를 써서 자본비율이 기준 아래로 내려갈 수 있다고 적었어요. 그러면 배당 같은 자본 배분과 임원 재량 보너스가 제한된다고 했어요. 반면 바젤III 최종안·GSIB 서차지 개정 제안을 다루던 문단은 삭제됐어요.
  • 강화스테이블코인·토큰화 증권 경쟁경쟁 분야 목록에 "cryptocurrency, including stablecoins"와 "tokenized securities"가 새로 들어갔어요. 비은행 경쟁사가 규제 면제를 요구하면 전통 금융사가 크게 불리해질 수 있다는 문장도 추가됐어요.
  • 신규양자내성 암호 전환 부담양자내성 암호로 옮기려면 큰 기술 투자가 필요할 수 있다고 적었어요("quantum-resistant encryption"). 위협이 현실화되기 전에 전환이 끝나지 않을 수 있다는 점도 함께 적었어요.

참고

직전 보고서에서 따로 있던 '규제(Regulatory)'와 '법률(Legal)' 리스크가 이번에 '법률 및 규제(Legal and Regulatory)' 하나로 합쳐졌어요. 별도 항목이던 이민·여행 정책 리스크는 인력 리스크 항목 안의 한 문장으로 옮겨졌어요.

원문 비교
  1. 신규Summary
    The principal risk factors include:
  2. 신규Summary
    •Liquidity risks, including the risk that JPMorganChase’s ability to operate could be impaired by constrained liquidity; the dependence of JPMorgan Chase & Co. on its subsidiaries for funding; and the potential adverse effects that any downgrades of JPMorganChase’s credit ratings could have on its liquidity and cost of funding.
  3. 신규Summary
    •Capital risks, including the risk that JPMorganChase’s ability to distribute capital to shareholders or to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.
  4. 신규Summary
    •Operational risks, including risks associated with JPMorganChase’s dependence on its operational systems and its employees, as well as the systems and employees of acquired businesses and external parties; the harm that could be caused by a successful cyber attack affecting JPMorganChase or by other extraordinary events; the adverse effects of failing to identify and address operational risks associated with the introduction of or changes to products, services and delivery platforms or technologies, as well as risks related to data management processes; risks related to safeguarding personal information; potential adverse effects of failing to comply with applicable standards for the oversight of vendors and other service providers; and risks associated with JPMorganChase’s risk management framework and control environment, its models and estimations and associated judgments used in its stress testing and financial statements, and controls over disclosure and financial reporting.
  5. 신규Summary
    •Conduct risks, including the negative impact that could result from misconduct of JPMorganChase’s employees.
  6. 신규Summary
    •Reputation risks, including the potential negative commercial impacts that can arise from JPMorganChase’s decisions related to clients and business activities; and the failure to effectively manage conflicts of interest or to satisfy fiduciary obligations, or other factors that could damage JPMorganChase’s reputation.
  7. 신규Summary
    •People risks, including the criticality of attracting and retaining qualified employees.
  8. 신규The above summary is subject in its entirety to the discussion of the risk factors set forth below.
    The following terms which are used in the risk factors set forth below have these meanings:
  9. 신규The above summary is subject in its entirety to the discussion of the risk factors set forth below.
    “applicable law” means the laws, rules and regulations that apply to JPMorganChase’s businesses in the jurisdictions in which it operates.
  10. 신규The above summary is subject in its entirety to the discussion of the risk factors set forth below.
    “extraordinary events” include any of the events or circumstances mentioned in the risk factor entitled “JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.”
  11. 신규The above summary is subject in its entirety to the discussion of the risk factors set forth below.
    “governmental authorities” means governmental and regulatory agencies, legislative and judicial bodies and other governmental entities and authorities in the countries, states, municipalities, territories, regions and other jurisdictions in which JPMorganChase does business.
  12. 신규The above summary is subject in its entirety to the discussion of the risk factors set forth below.
    “penalties” means fines, penalties or other sanctions imposed by governmental authorities.
  13. 새 리스크 항목
    Legal and Regulatory
  14. 새 리스크 항목
    JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
  15. 신규JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    JPMorganChase must comply with applicable law in all of the jurisdictions around the world where it does business. Like other financial services firms, JPMorganChase is subject to extensive supervision and regulation that significantly affects the way that it conducts its business and structures its operations. The supervisory and regulatory framework also imposes requirements for JPMorganChase to implement and maintain compliance programs, and the complexity of these programs can increase its risks of non-compliance. In addition, entering into or acquiring a new business or expanding current business could increase the scope of applicable law or supervision and regulation to which JPMorganChase is subject.
  16. 신규JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    JPMorganChase has in the past and could in the future be required to modify its business and operations in response to changes in applicable law, regulatory decisions or supervisory expectations, such as:
  17. 신규JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •paying higher taxes or other governmental charges
  18. 신규JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •absorbing losses arising from fraudulent transactions perpetrated against its clients and customers
  19. 신규JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •otherwise restricting its business activities.
  20. 신규JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    These types of changes could increase JPMorganChase’s costs or reduce its revenues. In addition, any failure by JPMorganChase to comply with applicable law or meet supervisory expectations could result in:
  21. 신규JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •enforcement actions by governmental authorities
  22. 신규JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    Furthermore, regulators or governmental authorities could adopt new interpretations of applicable law or supervisory expectations, and in certain circumstances, JPMorganChase could be required to demonstrate that prior conduct complies with these new interpretations. This situation could increase the risks associated with non-compliance and result in the imposition of penalties or enforcement actions. In addition, the business or operations of financial services firms such as JPMorganChase may be negatively affected by executive orders or other executive branch actions that seek to regulate those businesses or operations.
  23. 새 리스크 항목
    Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
  24. 신규Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •certain competitors, such as financial technology companies, may not be subject to banking regulation, or may be subject to less stringent oversight, or
  25. 신규Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    A highly-regulated financial services firm such as JPMorganChase can be vulnerable to competition from firms that are less regulated or unregulated. In addition, differences in regulatory implementation between the U.S. and other countries could adversely affect JPMorganChase’s businesses. For example, a national financial services regulator may impose requirements that are stricter than a global standard, which could create competitive disadvantages for those firms, such as JPMorganChase, that are subject to the enhanced regulations. Furthermore, certain authorities outside the U.S. have adopted applicable law that could conflict with or prohibit JPMorganChase from complying with applicable law in other jurisdictions, which could create conflict of law issues and could increase risks associated with non-compliance.
  26. 신규Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •implementing processes within locally-based subsidiaries for complying with applicable law
  27. 신규Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •governance, control, conduct of business and compensation standards.
  28. 신규Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •incur higher operational, compliance, capital and liquidity costs
  29. 신규Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •become subject to penalties
  30. 신규Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •limit the products and services that it offers, or change the prices that it charges for those products and services, or
  31. 새 리스크 항목
    JPMorganChase faces significant legal risks from civil and governmental proceedings, including litigation, investigations and enforcement actions.
  32. 새 리스크 항목
    Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
  33. 신규Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    JPMorganChase has in the past incurred significant penalties and experienced collateral consequences and other repercussions in connection with resolving investigations and enforcement actions by governmental authorities, and it could face similar investigations, actions and resolutions in the future. JPMorganChase typically incurs higher operational and compliance costs when addressing the requirements of such resolutions, including devoting substantial resources to remediation.
  34. 신규Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    JPMorganChase expects that the following trends will continue:
  35. 신규Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •it will be subject to heightened regulatory scrutiny and pervasive investigations and enforcement actions by governmental authorities, as well as criticism or litigation from clients or customers who claim that they have been harmed by actions taken by JPMorganChase in order to comply with applicable law
  36. 신규Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •governmental authorities will forgo opportunities to resolve investigations with informal supervisory actions, and will pursue formal and punitive enforcement actions with respect to actual or deemed violations of law
  37. 신규Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •resolutions of investigations and enforcement actions will result in the imposition of significant penalties, and
  38. 새 리스크 항목
    JPMorganChase’s compliance risk and operating costs could be higher in jurisdictions with less predictable legal, regulatory and judicial frameworks.
  39. 신규JPMorganChase’s compliance risk and operating costs could be higher in jurisdictions with less predictable legal, regulatory and judicial frameworks.
    •applicable law or judicial orders that are ambiguous, conflicting, or inconsistently applied or interpreted
  40. 새 리스크 항목
    Changes in the requirements for the regulatory evaluation of JPMorganChase’s resolution plan could increase its funding or operational costs or require restructuring or curtailment of its businesses.
  41. 새 리스크 항목
    JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
  42. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •monetary policies and actions taken by central banks, including any sustained large-scale asset purchases, any suspension or reversal of those actions, and changes in interest rate levels
  43. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •foreign policies that emphasize national interests
  44. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •requirements to relocate business activities or operations
  45. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •deployment of the military
  46. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •actions or inactions by a government related to emergencies.
  47. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    These types of political developments, as well as heightened geopolitical tensions, could:
  48. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •the formation of or changes in political or economic alliances or treaties.
  49. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    These risks could become highly correlated or combine in unexpected ways under certain circumstances, including geopolitically challenging situations in regions such as Russia, the Middle East and China.
  50. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    Any of the foregoing potential outcomes could cause JPMorganChase to:
  51. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •suffer losses on its market-making positions or in its investment portfolio
  52. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •reduce its liquidity and capital levels
  53. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •increase the allowance for credit losses or recognize higher net charge-offs
  54. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •hamper its ability to deliver products and services to its clients and customers
  55. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •weaken its results of operations and financial condition or credit ratings, or
  56. 신규JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •become subject to prolonged litigation.
  57. 신규Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    •investor, consumer and business sentiment, or confidence in the financial markets
  58. 신규Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    •inflation, deflation, recession or employment
  59. 신규Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    •economic and geopolitical effects of extraordinary events beyond JPMorganChase’s control.
  60. 신규Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    •unexpected credit events, credit rating downgrades and large counterparty losses
  61. 신규Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    •disruption of trade routes and supply chains globally
  62. 신규JPMorganChase’s consumer businesses could be negatively affected by adverse economic conditions and adverse impacts of governmental policies.
    •the distribution of personal and household income
  63. 신규Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    •losses on underwriting exposures or increases in client-specific downgrades
  64. 신규Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    •increased financing costs for clients, which could lead to an increase in the allowance for credit losses and higher net charge-offs
  65. 신규Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    •the loss of deposits, including where customers transition to higher-yielding products
  66. 신규Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    •compressed net interest margins, which could result in lower earnings on JPMorganChase’s investment securities portfolio
  67. 신규JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    JPMorganChase routinely executes transactions with clients and counterparties such as corporations, financial institutions, asset managers, hedge funds, securities exchanges and government entities globally. Many of these transactions expose JPMorganChase to the credit risk of its clients and counterparties, and JPMorganChase could incur losses and become involved in disputes and litigation in connection with a default by a client or counterparty. JPMorganChase could also face losses or liability if a financial institution providing custodial services for client assets becomes insolvent.
  68. 신규JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    •incur losses
  69. 신규JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    •become involved in disputes and litigation with CCPs, the client’s bankruptcy estate and other creditors, or
  70. 신규JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    •be subject to investigations by governmental authorities.
  71. 신규JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    In addition, JPMorganChase has in the past, and could in the future, experience instances in which borrowers or other counterparties engage in fraudulent activity related to the accounting, reporting or representation of collateral. Such practices have resulted and could in the future result in losses for JPMorganChase potentially undermining the effectiveness of collateral requirements and negatively affecting JPMorganChase's financial condition and results of operations.
  72. 신규JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    Furthermore, the interconnectivity across credit markets increases the risk that the significant expansion of private credit could worsen losses among non-bank lenders and their borrowers, particularly if stress or defaults spread to broader funding and credit markets. Such developments could impair asset valuations, reduce market-wide liquidity, disrupt borrowers’ ability to refinance, and increase default rates, especially if non-bank lenders have weaker underwriting standards, loans are less liquid, or transparency is limited. These outcomes could adversely affect JPMorganChase’s results of operations and lead to losses on market-making positions in its wholesale businesses.
  73. 신규JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    JPMorganChase’s liquidity could be impacted by factors such as:
  74. 신규JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •actions by governmental authorities, including changes in regulatory requirements relating to liquidity or capital
  75. 신규JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •unexpected loss of deposits, including due to deposit pricing or migration to other investment products
  76. 신규JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •liquidity and funding
  77. 신규JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •its resolution plan, or
  78. 신규JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •the pre-positioning of liquidity in certain subsidiaries outside the U.S.
  79. 신규JPMorgan Chase & Co. is a holding company and depends on its subsidiaries for funding to make payments on its outstanding securities.
    The capital and liquidity thresholds to which JPMorgan Chase Bank, N.A. and the IHC are subject could result in the Parent Company seeking protection under bankruptcy laws or otherwise entering into resolution proceedings sooner than if such limitations did not exist.
  80. 새 리스크 항목
    JPMorganChase’s liquidity and cost of funding could be adversely affected by downgrades in its credit ratings.
  81. 신규JPMorganChase’s liquidity and cost of funding could be adversely affected by downgrades in its credit ratings.
    A downgrade in JPMorganChase’s credit ratings could curtail its business activities and its profitability, including by:
  82. 새 리스크 항목
    JPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.
  83. 신규JPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.
    •actions by banking regulators, as well as changes in applicable law or how applicable law is implemented by banking regulators
  84. 신규JPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.
    Although more likely in times of stress, JPMorganChase may use its regulatory capital buffers allowing capital ratios to decline below regulatory requirements, subjecting it to restrictions on capital distributions and discretionary bonus payments to its executive officers.
  85. 새 리스크 항목
    JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
  86. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •properly design, install, maintain, and train its employees on the use of its systems
  87. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •populate its systems with accurate, complete, up-to-date and uncorrupted information
  88. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •upgrade its systems on a regular and timely basis in line with technological advancements and evolving security requirements
  89. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •maintain the security and operational continuity of its systems, including by carefully managing any changes introduced to its systems
  90. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •prevent unauthorized access and the misuse of access to its systems, and
  91. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •adhere to applicable law relating to its systems, particularly in regions where JPMorganChase may face a heightened risk of malicious activity.
  92. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    JPMorganChase has experienced and expects that it will continue to experience failures and disruptions in the stability of its operational systems, including:
  93. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •degraded performance of data processing systems
  94. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •data quality issues
  95. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •disruptions of network connectivity
  96. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •malfunctioning software
  97. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •disruptions in its ability to access and use the operational systems of third parties, and
  98. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •interruptions in service from third-party service providers.
  99. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    These incidents have resulted in various negative effects for customers, including:
  100. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •the inability to access account information or transact through ATM, internet or mobile channels
  101. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •the exfiltration of customer personal data
  102. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •the recording of duplicative transactions, and
  103. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •extended delays for call center services.
  104. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •failures in synchronization or encryption software, or degraded performance of microprocessors, which could cause disruptions in operational systems or in the ability of systems to communicate with each other, and
  105. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    JPMorganChase also depends on its ability to access and use the operational systems of third parties, including:
  106. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •custodians
  107. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •vendors, including providers of security, technology and data and cloud computing services, and
  108. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •other market participants, such as clearing and payment systems, CCPs and securities exchanges.
  109. 신규JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    The inaccessibility, failure or other disruption of an internal or external operational system upon which JPMorganChase’s businesses depend could adversely affect JPMorganChase and its clients and customers, and result in unfavorable ripple effects in the financial markets, including:
  110. 새 리스크 항목
    JPMorganChase’s interconnectedness with clients, customers and other external parties could be a source of significant operational risk.
  111. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    JPMorganChase experiences numerous cyber attacks on its computer systems, software, networks and other technology assets. Cyber attacks could take many forms, and may be designed to:
  112. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •introduce computer viruses or malicious code (i.e., “malware”) into JPMorganChase’s systems.
  113. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •disrupt, sabotage or degrade service on JPMorganChase’s systems and websites, including those that provide online banking and other services
  114. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    Threat actors that perpetrate cyber attacks include individuals or groups that are:
  115. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •sponsored by, or acting on behalf of, hostile countries or terrorist organizations
  116. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •cyber-criminals, or
  117. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •engaged in using technology to promote a political or social agenda (i.e., “hacktivists”).
  118. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    JPMorganChase cannot guarantee that it will always detect cybersecurity threats to its systems or implement effective preventive measures against those threats. The reasons for this include:
  119. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •cyber attacks can originate from a wide variety of sources, including certain threat actors that are well-resourced and can sustain malicious activities for extended periods, and
  120. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    The cybersecurity risks that JPMorganChase faces could be intensified by factors such as:
  121. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •technological advances which may counteract or nullify existing information security protections, including cryptographic protections, potentially exposing data.
  122. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    In addition, JPMorganChase could be required to make significant investments in technology in order to transition effectively to more robust security protections, including quantum-resistant encryption. Any such transition may not be completed before relevant threats become operational, and JPMorganChase’s interconnectedness with third parties who may be slower to adopt such protections could further increase its vulnerability to data compromise.
  123. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    JPMorganChase could become increasingly vulnerable to cyber attacks if it does not, in a timely manner, identify and address emerging threats, known vulnerabilities or shortcomings in its cybersecurity controls, or if it fails to prioritize or complete enhancements to address them particularly in jurisdictions that could pose a heightened risk to its operations, including enhancements relating to:
  124. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •appropriate oversight of third-party vendors in support of the secure development and maintenance of internal software and systems
  125. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    Any of the above cybersecurity risks to which JPMorganChase may be exposed could also affect JPMorganChase’s vendors or other third parties with which it does business or is interconnected, including governmental entities and other market participants. A successful circumvention of JPMorganChase’s systems of any of those third parties could cause serious negative consequences, including:
  126. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •significant disruption of or loss of access to JPMorganChase’s operational systems and those of its clients, customers and counterparties
  127. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •financial loss to JPMorganChase outside of cyber insurance policy coverage, or losses to its clients, customers, counterparties or employees
  128. 신규A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •significant exposure to litigation, investigations by governmental authorities and penalties, and
  129. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    JPMorganChase may not always identify or recognize the full extent of operational risks that could arise from:
  130. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    •the introduction of a new product or service, including platforms for the delivery or distribution of products or services
  131. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    •the acquisition or integration of, or investment in, a new business, product or portfolio, including the development of any related technological capabilities
  132. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    •the adoption of a new technology, or
  133. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    •changes to existing products, services, delivery platforms, businesses and technologies.
  134. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    Any significant failure by JPMorganChase to identify the operational risks associated with these types of changes, or to implement adequate controls to mitigate those risks, has resulted and could in the future result in:
  135. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    •hindering JPMorganChase’s ability to operate its businesses
  136. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    •regulatory intervention
  137. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    •losses from fraudulent transactions
  138. 신규JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    •higher litigation costs and penalties, or
  139. 신규JPMorganChase’s business and operations rely on appropriate staffing and on the competence, trustworthiness, health and safety of employees.
    •any failure by employees to adhere to controls designed to mitigate operational risks
  140. 신규JPMorganChase’s business and operations rely on appropriate staffing and on the competence, trustworthiness, health and safety of employees.
    •the possibility that significant portions of JPMorganChase’s workforce are unable to work effectively, including due to health emergencies or other extraordinary events beyond JPMorganChase’s control
  141. 신규JPMorganChase’s business and operations rely on appropriate staffing and on the competence, trustworthiness, health and safety of employees.
    •theft, fraud or other unlawful conduct by employees, or
  142. 신규JPMorganChase’s business and operations rely on appropriate staffing and on the competence, trustworthiness, health and safety of employees.
    •other negative outcomes caused by human error or misconduct
  143. 신규JPMorganChase’s business and operations rely on appropriate staffing and on the competence, trustworthiness, health and safety of employees.
    JPMorganChase’s operations could also be impaired if the measures that it takes to protect the health and safety of employees, or actions taken by governmental authorities or other external parties on which it relies are ineffective.
  144. 신규JPMorganChase faces substantial legal and operational risks related to the processing and safeguarding of personal information.
    JPMorganChase’s businesses and operations are subject to applicable law globally related to the collection, use, sharing, storage and protection of personal information of individuals. Complying with these applicable laws could:
  145. 신규JPMorganChase faces substantial legal and operational risks related to the processing and safeguarding of personal information.
    •hinder development, curtail offerings or affect pricing and delivery methods of products and services
  146. 신규JPMorganChase faces substantial legal and operational risks related to the processing and safeguarding of personal information.
    •restrict JPMorganChase from transferring information across national borders or sharing information among affiliates or with third parties such as vendors, thereby increasing compliance costs and operational risk
  147. 신규JPMorganChase faces substantial legal and operational risks related to the processing and safeguarding of personal information.
    •present situations where the applicable law of one country conflicts with that of another, and
  148. 신규JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    JPMorganChase does business, to comply with applicable law
  149. 신규JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •natural disasters, severe weather conditions or the effects of climate change
  150. 신규JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •health emergencies, or
  151. 신규JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •events arising from any outbreak or escalation of civil unrest, hostilities, terrorist acts or other violence or criminal activity.
  152. 새 리스크 항목
    Any failure to maintain adequate data management processes could adversely affect JPMorganChase’s ability to effectively manage its businesses, comply with applicable law or make informed business decisions.
  153. 신규Any failure to maintain adequate data management processes could adversely affect JPMorganChase’s ability to effectively manage its businesses, comply with applicable law or make informed business decisions.
    •business activities, including managing JPMorganChase’s market-making positions and liquidity and capital levels
  154. 신규Any failure to maintain adequate data management processes could adversely affect JPMorganChase’s ability to effectively manage its businesses, comply with applicable law or make informed business decisions.
    In addition, if a third-party, whether authorized or unauthorized, obtains and misappropriates data from JPMorganChase’s systems, JPMorganChase and its clients and customers could experience negative outcomes, including a heightened risk of fraudulent transactions using JPMorganChase’s systems, losses from fraudulent transactions and reputational harm from perceived system insecurity.
  155. 신규Enhanced regulatory and other standards for the oversight of JPMorganChase’s vendors and other service providers could result in higher costs and other potential exposures.
    •the imposition of penalties, or
  156. 새 리스크 항목
    JPMorganChase could incur losses arising from any significant inadequacy or lapse in its risk management framework and control environment.
  157. 신규JPMorganChase could incur losses arising from any significant inadequacy or lapse in its risk management framework and control environment.
    •lead to inaccurate or delayed identification of risks
  158. 신규JPMorganChase could incur losses arising from any significant inadequacy or lapse in its risk management framework and control environment.
    •harm customers or clients, and cause JPMorganChase to incur associated liabilities
  159. 신규JPMorganChase could incur losses arising from any significant inadequacy or lapse in its risk management framework and control environment.
    •lead to non-compliance with applicable law, or attract heightened regulatory scrutiny
  160. 신규JPMorganChase could incur losses arising from any significant inadequacy or lapse in its risk management framework and control environment.
    •expose JPMorganChase to litigation, investigations by governmental authorities or penalties, or
  161. 새 리스크 항목
    A significant inadequacy in disclosure or financial reporting controls could negatively affect JPMorganChase’s business, operations and reputation.
  162. 신규A significant inadequacy in disclosure or financial reporting controls could negatively affect JPMorganChase’s business, operations and reputation.
    •expose it to litigation and penalties, and
  163. 신규JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •appropriately address concerns of clients, customers, investors, employees, regulators and other stakeholders
  164. 신규JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •maintain an effective risk management framework
  165. 신규JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •appropriately balance workforce planning and training as new technologies, such as AI, are adopted and integrated, or
  166. 새 리스크 항목
    Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
  167. 신규Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
    •lending and other extensions of credit to consumers
  168. 신규Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
    •payments processing
  169. 신규Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
    •cryptocurrency, including stablecoins
  170. 신규Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
    •tokenized securities, and
  171. 신규Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
    •online automated algorithmic-based investment advice.
  172. 새 리스크 항목
    JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
  173. 신규JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
    The rapid development and deployment of advanced technologies, including generative and agentic AI systems, present a range of risks to JPMorganChase’s businesses and operations, including:
  174. 신규JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
    •AI system failures, inappropriate use of AI systems, lack of transparency in AI systems, or inaccurate or biased output from AI systems resulting from rapid deployment, insufficient testing, erroneous data, ineffective model design or insufficient controls, which could disrupt operations, cause erroneous transactions, compromise data privacy, infringe on intellectual property, harm clients and customers, or impair JPMorganChase’s ability to make sound business decisions
  175. 신규JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
    •increased exposure to cyber attacks, system manipulation, or data loss if AI systems, particularly agentic systems, are not designed and implemented with appropriate safeguards to prevent systems from accessing sensitive data sources or system resources and taking actions
  176. 신규JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
    •intensified AI-enabled cyber threats, which may allow malicious actors to exploit vulnerabilities, reverse-engineer security patches, and conduct sophisticated social engineering attacks, potentially resulting in unauthorized access to sensitive information and data breaches, especially if JPMorganChase fails to adequately maintain, secure and upgrade its technological infrastructure in response to rapidly evolving technological advances
  177. 신규JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
    •regulatory and compliance challenges arising from rapidly evolving applicable law, including differences, inconsistencies and conflicts in international standards, which could increase costs, lead to fines and sanctions, and restrict JPMorganChase’s use of AI technologies
  178. 신규JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
    •competitive disadvantage if competitors are able to deploy AI more quickly or effectively, potentially gaining advantages in cost efficiency, client and customer experience, or product innovation, which could result in a loss of market share to competitors, or
  179. 신규JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
    •replacement or disintermediation of direct customer relationships if AI agents autonomously manage or intermediate financial decisions and product selection or other services for customers.
  180. 신규JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
    It is also possible that JPMorganChase could miscalibrate its workforce planning and employee training efforts either because of over-reliance on AI or the failure to appropriately adopt AI. Over-reliance on AI could cause JPMorganChase to experience shortages in qualified staff due to reduced hiring or retention of employees, or could hinder the development or enhancement of important skills among its employees, including critical thinking, problem-solving, judgment, creativity and adaptability. On the other hand, any efficiencies or competitive advantages that AI may offer could be squandered if JPMorganChase fails to adopt AI in a timely and judicious manner and to make related adjustments to its workforce.
  181. 신규The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    Both physical risks and transition risks associated with climate change could negatively impact JPMorganChase and its clients and customers. Physical risks include the increased frequency or severity of acute weather events and shifting climate patterns, which may lead to lower asset values, increased insurance costs, and business and supply chain disruptions. Transition risks, including evolving regulatory requirements, carbon taxes and the adoption of new technologies to support lower-carbon operations, may increase compliance and operational costs, contribute to commodity price volatility and impact the profitability of clients and customers that are adapting to a low-carbon economy. Any of these impacts could have a negative effect on the financial condition of JPMorganChase, the financial condition or creditworthiness of JPMorganChase’s clients and customers, JPMorganChase’s exposure to affected companies and markets, or the effectiveness of JPMorganChase’s existing business strategy.
  182. 새 리스크 항목
    Conduct failure by JPMorganChase employees could trigger litigation and regulatory actions and harm JPMorganChase’s reputation.
  183. 신규Damage to JPMorganChase’s reputation could negatively affect its business, results and prospects.
    Maintaining the trust, affinity and goodwill of clients, customers, employees and investors is critical to JPMorganChase’s ability to operate its business successfully. JPMorganChase’s reputation could be harmed by its decisions to engage or not engage with a client or in a business activity that lead to negative commercial impacts, and could also be compromised by:
  184. 신규Damage to JPMorganChase’s reputation could negatively affect its business, results and prospects.
    •inaccurate or misleading information about JPMorganChase or its clients, including results generated by AI, that is rapidly and broadly disseminated through any form of media, including social networking sites, and
  185. 신규Damage to JPMorganChase’s reputation could negatively affect its business, results and prospects.
    •concerns that JPMorganChase has treated certain clients or customers unfairly
  186. 신규Damage to JPMorganChase’s reputation could negatively affect its business, results and prospects.
    Events or circumstances that damage JPMorganChase’s reputation could also negatively affect its business, results of operations and prospects, and could result in:
  187. 신규An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    Conflicts and hostilities between countries or other antagonists could expand in unpredictable ways, including:
  188. 신규An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •intensified cyber attacks
  189. 신규An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •drawing in other adversaries
  190. 신규An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •armed conflict, or
  191. 신규An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •escalation into full-scale war, which could have catastrophic consequences.
  192. 신규An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •sustained disruption to or destruction of infrastructure, including energy and power facilities and undersea cables
  193. 신규An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •disruption of global trade, including retaliatory countermeasures
  194. 신규An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •changes in economic alliances or treaties, including the potential fragmentation of trade and economic activity that may result from the formation or hardening of national or regional alliances
  195. 신규An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •economic sanctions or other regulatory requirements.
  196. 신규JPMorganChase’s business and operations in certain countries could be adversely affected by local economic, political, regulatory and social factors.
    •price, capital or exchange controls
  197. 신규JPMorganChase’s business and operations in certain countries could be adversely affected by local economic, political, regulatory and social factors.
    •confiscation, expropriation, nationalization or blocking access to property, including client assets and intellectual property, and
  198. 신규JPMorganChase’s business and operations in certain countries could be adversely affected by local economic, political, regulatory and social factors.
    •changes in applicable law.
  199. 새 리스크 항목
    Various factors could impact JPMorganChase’s workforce.
  200. 수정Summary
    •Regulatory •Legal and Regulatory risks, including the impact that applicable laws, rules of extensive supervision and regulations in the highly-regulated and supervised financial services industry, regulation, as well as changes to or in the application, interpretation or enforcement of those laws, rules and regulations, can have applicable law or executive branch actions, on JPMorganChase’s business and operations, including JPMorganChase incurring additional costs associated with assessments, levies or other governmental charges; operations; the ways in which differences in financial services regulation and supervision regulatory implementation in different jurisdictions or with respect to certain competitors can could negatively impact JPMorganChase’s business; the ways in which governmental policies that discourage or penalize business relationships with clients in certain industries, or require specific business practices, can could negatively affect JPMorganChase's businesses; the penalties and collateral consequences, and higher compliance and operational costs, other repercussions that JPMorganChase may incur could face when resolving a regulatory investigation; litigation or investigations by governmental authorities; the ways in which less predictable legal and regulatory frameworks in certain jurisdictions can could negatively impact JPMorganChase’s operations and financial results; and the losses that security holders and other unsecured creditors will absorb if JPMorganChase were to enter into a resolution.
  201. 수정Summary
    •Political risks, including the potential negative effects on JPMorganChase’s businesses due to economic uncertainty or instability caused by resulting from political developments.
  202. 수정Summary
    •Market risks, including the effects that unfavorable economic and market events and conditions, political developments, changes in interest rates and credit spreads, and market fluctuations can could have on JPMorganChase’s consumer and wholesale businesses and its investment businesses, investments and market-making positions and positions, as well as on JPMorganChase’s its earnings and its liquidity and capital levels.
  203. 수정Summary
    •Credit risks, including potential negative the effects from adverse changes in the financial condition of clients, customers, counterparties, custodians central counterparties and central counterparties; other market participants; the potential for losses due to declines in the value of collateral in stressed market conditions; collateral; and potential negative impacts from concentrations of credit risk with respect to clients, customers, counterparties and other market participants.
  204. 수정Summary
    •Strategic risks, including the damage to JPMorganChase’s competitive standing and results that could occur if management fails to develop and execute effective result from ineffective business strategies; risks associated with the significant and increasing competition that JPMorganChase faces; and the potential adverse impacts of climate change on the effectiveness JPMorganChase’s business and operations and those of JPMorganChase’s existing business strategies with respect to its operations, clients and customers.
  205. 수정JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •limit •limiting the products and services that it offers
  206. 수정JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •increase •increasing the prices that it charges for products and services, which could reduce the demand for them. them
  207. 수정JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •reduce •reducing the liquidity that it can provide provides through its market-making activities
  208. 수정JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •dispose •disposing of certain assets, and do doing so at disadvantageous times or prices that are disadvantageous
  209. 수정JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •refrain from engaging in •forgoing business opportunities that it might otherwise pursue pursue, or
  210. 수정JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •increased regulatory and supervisory scrutiny
  211. 수정JPMorganChase’s businesses are highly regulated and are significantly affected by applicable law and supervisory expectations.
    •the imposition of fines, penalties or other sanctions
  212. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    Various factors could influence the scope of applicable law and supervision for a firm that provides financial services, such as the size of the firm, the businesses in which it engages and its jurisdiction of organization. For example:
  213. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •larger firms such as JPMorganChase are often subject to face more stringent supervision, supervision and regulation and regulatory scrutiny
  214. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •the financial services regulatory and supervisory framework in a particular jurisdiction may favor financial institutions that are based in that jurisdiction. locally-based firms.
  215. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    Legislative and regulatory Regulatory initiatives outside the U.S. have required and could in the future require JPMorganChase to make significant modifications to significantly modify its operations and or legal entity structure in the relevant countries or regions places in order to comply with which those requirements. initiatives are implemented, such as requirements for:
  216. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •the establishment of •establishing locally-based intermediate holding companies or operating subsidiaries
  217. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •requirements to maintain •maintaining minimum amounts of capital or liquidity in locally-based subsidiaries
  218. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •the separation •separating (or “ring fencing”) of core banking products and services from markets activities
  219. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •requirements for the •the orderly resolution of financial institutions
  220. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •requirements for executing •executing or settling transactions on exchanges or through central counterparties (“CCPs”), or for depositing funds with other financial institutions or clearing and settlement systems systems, and
  221. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    These types of differences, Differences, inconsistencies and conflicts in applicable law related to financial services regulation have required and could in the future require JPMorganChase to:
  222. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •maintain higher levels of capital and liquidity, or absorb increased capital and liquidity costs
  223. 수정Differences in the supervision and regulation of financial services firms could require JPMorganChase to modify its operations and incur higher operational and compliance costs.
    •curtail other •forgo business opportunities, including acquisitions or principal investments, that it otherwise would have pursued pursued.
  224. 수정JPMorganChase faces significant legal risks from civil and governmental proceedings, including litigation, investigations and enforcement actions.
    JPMorganChase is named as a defendant or is otherwise involved in many civil and governmental legal proceedings, including class actions, derivative actions and other litigation or disputes with third parties, as well as investigations and enforcement actions by U.S. and non-U.S. governmental authorities, including criminal proceedings. Actions currently pending against JPMorganChase could result in judgments, settlements or penalties adverse to JPMorganChase, and any such resolution of legal proceedings could materially and adversely affect JPMorganChase’s business, financial condition or results of operations, or cause serious reputational harm. In addition, the extent of JPMorganChase’s exposure to legal and regulatory matters can be is unpredictable and could, in some cases, exceed the amount of reserves that JPMorganChase has established for those matters.
  225. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    Regulators Governmental authorities conduct both routine and other government agencies conduct targeted examinations of JPMorganChase and its subsidiaries both on a routine basis and in targeted exams, subsidiaries, and JPMorganChase’s businesses and operations are subject to heightened regulatory oversight. This heightened regulatory scrutiny, or the results of such an investigation or examination, may could lead to additional regulatory legal proceedings, including investigations or enforcement actions. actions by governmental authorities. Furthermore, a single event involving a potential violation of applicable law could give rise to numerous and overlapping proceedings, including by multiple governmental authorities in the U.S. as well as non-U.S. authorities. In addition, if another financial institution violates a applicable law or regulation relating to a particular business activity or practice, this will often give rise to an investigation by regulators and other governmental agencies of legal proceedings related to the same or similar activity or practice by JPMorganChase.
  226. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    In connection with resolving specific regulatory investigations or enforcement actions, certain regulators governmental authorities have required JPMorganChase and other financial institutions to admit wrongdoing with respect to the activities that gave rise to the resolution. These types of admissions could lead to negative consequences such as:
  227. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •disqualification from doing business with certain clients or customers, or in specific jurisdictions, or jurisdictions
  228. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •greater exposure in litigation litigation, and
  229. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    Furthermore, government officials in the U.S. and other countries globally have demonstrated a willingness to bring increasingly brought criminal actions against financial institutions and have required that those institutions to plead guilty to criminal offenses or admit other wrongdoing in connection with resolving regulatory investigations or enforcement actions. actions by governmental authorities. Resolutions of this type can These resolutions could have significant collateral consequences for the subject financial institution, including:
  230. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •losing •loss of permission to operate certain businesses, either temporarily or permanently.
  231. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •governmental authorities will be more likely to pursue bring formal enforcement actions and resolutions against JPMorganChase to the extent that if it has previously been subject to other governmental investigations or enforcement actions. actions by governmental authorities.
  232. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    When resolving an investigation or enforcement action by a governmental authority, the subject financial institution typically must satisfy new or enhanced regulatory requirements or restrictions. If JPMorganChase fails to meet the requirements of any resolution of a governmental investigation or enforcement action, such resolution, or to maintain risk and control processes that meet the heightened standards and expectations of its regulators, it could be required to, among other things:
  233. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •enter into further resolutions of investigations or enforcement actions
  234. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •pay •incur additional regulatory penalties or enter into judgments, or
  235. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    •accept material regulatory restrictions on, or changes in the management of, its businesses.
  236. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    In these circumstances, JPMorganChase could also become subject to other sanctions, or to prosecution or civil litigation with respect to the conduct matters that gave rise to an investigation or enforcement action. In addition, JPMorganChase can be subject to could incur higher costs or requests for additional capital in connection with the resolution of governmental when resolving investigations and enforcement actions involving newly-acquired businesses, companies in which JPMorganChase has made principal investments, parties to joint ventures with JPMorganChase, and vendors with which JPMorganChase does business.
  237. 수정Resolving an investigation by a governmental authority could subject JPMorganChase to significant penalties and other repercussions.
    As a participant in the financial services industry, it is likely that JPMorganChase will continue to experience a high level of litigation and regulatory and government investigations by governmental authorities related to its businesses and operations. In addition, JPMorganChase could become subject to a significant regulatory investigation by governmental authorities and be unable to disclose specific information concerning that investigation to the public if such a disclosure would violate JPMorganChase’s obligations under applicable rules and regulations law to maintain the confidentiality of confidential supervisory information, confidentiality, even if the resolution of that investigation could have a material adverse effect on JPMorganChase’s business, operations, results or financial condition.
  238. 수정JPMorganChase’s compliance risk and operating costs could be higher in jurisdictions with less predictable legal, regulatory and judicial frameworks.
    JPMorganChase conducts existing and new business in certain countries, states, municipalities, territories and other jurisdictions in which the application of the rule of law is inconsistent, extralegal or less predictable, including with respect to:
  239. 수정JPMorganChase’s compliance risk and operating costs could be higher in jurisdictions with less predictable legal, regulatory and judicial frameworks.
    •the absence of a statutory statutory, regulatory or regulatory interpretative basis or guidance for engaging in specific types of business or transactions
  240. 수정JPMorganChase’s compliance risk and operating costs could be higher in jurisdictions with less predictable legal, regulatory and judicial frameworks.
    •actions by or at the direction of government governmental authorities or officials or agencies
  241. 수정JPMorganChase’s compliance risk and operating costs could be higher in jurisdictions with less predictable legal, regulatory and judicial frameworks.
    •difficulty in •challenges associated with competing in economies in which the government controls or protects all or a portion of the local economy or specific businesses, or where graft or corruption may be pervasive
  242. 수정JPMorganChase’s compliance risk and operating costs could be higher in jurisdictions with less predictable legal, regulatory and judicial frameworks.
    •the threat of regulatory investigations, investigations by governmental authorities, civil litigations or criminal prosecutions that are arbitrary or otherwise contrary to established legal principles in other parts of the world, and
  243. 수정JPMorganChase’s compliance risk and operating costs could be higher in jurisdictions with less predictable legal, regulatory and judicial frameworks.
    •the termination of licenses or other permissions required to operate in the local market relevant jurisdiction, or the suspension of business relationships with governmental bodies. entities, leading to lost revenue.
  244. 수정JPMorganChase’s compliance risk and operating costs could be higher in jurisdictions with less predictable legal, regulatory and judicial frameworks.
    If the application of the laws, rules, regulations and legal, regulatory or judicial precedents framework in any a particular jurisdiction is susceptible to producing outcomes that are inconsistent, unexpected or contrary to established legal principles, this can could create a more difficult business environment in which for JPMorganChase conducts its business and could negatively affect JPMorganChase’s its operations and reduce its earnings with respect to that jurisdiction. In addition, conducting business in a jurisdiction with a less predictable legal, regulatory or judicial framework could require JPMorganChase to devote significant additional resources to understanding, and operating its businesses in compliance with, applicable law and judicial precedents in that jurisdiction, and there can be no assurance that JPMorganChase will always be successful in doing so.
  245. 수정JPMorganChase's business and operations could be negatively affected by governmental policies that discourage or penalize doing business with certain industries or that require specific business practices.
    JPMorganChase's businesses may business and operations could be negatively impacted affected by governmental policies that either discourage or penalize doing business with certain industries or that require specific business practices.
  246. 수정JPMorganChase's business and operations could be negatively affected by governmental policies that discourage or penalize doing business with certain industries or that require specific business practices.
    JPMorganChase's JPMorganChase’s businesses and results of operations may could be adversely affected by actions or initiatives by national, state or local governmental authorities or officials that:
  247. 수정JPMorganChase's business and operations could be negatively affected by governmental policies that discourage or penalize doing business with certain industries or that require specific business practices.
    •mandate specific business practices that for companies operating in the relevant jurisdiction must adopt. jurisdiction.
  248. 수정JPMorganChase's business and operations could be negatively affected by governmental policies that discourage or penalize doing business with certain industries or that require specific business practices.
    Because governmental Governmental policies in one jurisdiction may differ or conflict with those in other across jurisdictions, JPMorganChase may face which could lead to negative consequences for JPMorganChase regardless of the course of action that it takes or elects not to take, including:
  249. 수정JPMorganChase's business and operations could be negatively affected by governmental policies that discourage or penalize doing business with certain industries or that require specific business practices.
    •restrictions •prohibitions or prohibitions restrictions on doing business within a particular jurisdiction, or with governmental entities in a jurisdiction
  250. 수정JPMorganChase's business and operations could be negatively affected by governmental policies that discourage or penalize doing business with certain industries or that require specific business practices.
    •the threat of enforcement actions, including under antitrust or other anti-competition laws, rules and regulations, and
  251. 수정Changes in the requirements for the regulatory evaluation of JPMorganChase’s resolution plan could increase its funding or operational costs or require restructuring or curtailment of its businesses.
    JPMorganChase is required under must periodically submit a detailed resolution plan to the Federal Reserve and the FDIC rules to prepare and submit periodically to those agencies a detailed plan for its rapid and orderly resolution in bankruptcy, without extraordinary government support, in the event of material financial distress or failure. The regulatory requirements concerning resolution plans and the evaluation of JPMorganChase’s resolution plan by the banking regulators could change over time.
  252. 수정Changes in the requirements for the regulatory evaluation of JPMorganChase’s resolution plan could increase its funding or operational costs or require restructuring or curtailment of its businesses.
    Any such determinations or modifications changes could result in JPMorganChase needing to make making changes to its legal entity structure or to certain of its internal or external activities, which could increase its funding or operational costs, or hamper its ability to serve clients and customers.
  253. 수정Changes in the requirements for the regulatory evaluation of JPMorganChase’s resolution plan could increase its funding or operational costs or require restructuring or curtailment of its businesses.
    If the Federal Reserve and the FDIC were both to determine that a resolution plan submitted by JPMorganChase has deficiencies, they could jointly impose more stringent capital, leverage or liquidity requirements, or restrictions on JPMorganChase’s growth, activities or operations. The agencies banking regulators could also require that JPMorganChase restructure, reorganize or divest assets or businesses in ways that could materially and adversely affect JPMorganChase’s operations and strategy.
  254. 수정Holders of JPMorgan Chase & Co.’s debt and equity securities will absorb losses if it were to enter into a resolution.
    Federal Reserve rules require that JPMorgan Chase & Co. (the “Parent Company”) to maintain minimum levels of unsecured external long-term debt and other loss-absorbing capacity with specific terms (“eligible LTD”) for purposes of recapitalizing to recapitalize JPMorganChase’s operating subsidiaries if the Parent Company were to enter into a resolution either: either in a bankruptcy proceeding under Chapter 11 of the U.S. Bankruptcy Code, or in a receivership administered by the FDIC under Title II of the Dodd-Frank Act (“Title II”). If the Parent Company were to enter into a resolution, holders of eligible LTD, other unsecured creditors and holders of equity securities of the Parent Company will absorb the losses of the Parent Company and its subsidiaries.
  255. 수정JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    Political developments in the U.S. and other countries can could cause uncertainty in the economic environment and market conditions in which JPMorganChase operates its businesses. operates. Certain governmental policy initiatives, as well as heightened geopolitical tensions, policies or actions could significantly affect U.S. and global economic growth and cause higher volatility in the financial markets, including:
  256. 수정JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •the implementation of tariffs and other protectionist trade policies
  257. 수정JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •provoke retaliatory countermeasures by other countries and or otherwise heighten tensions in regulatory, enforcement trade or diplomatic relations
  258. 수정JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •increase concerns about whether the U.S. government will be funded, funded and will be able to service its outstanding debt serviced, at any particular time
  259. 수정JPMorganChase’s businesses could be negatively affected by economic uncertainty resulting from political and geopolitical developments.
    •cause JPMorganChase to refrain from engaging in forgo business opportunities that it might otherwise pursue.
  260. 수정Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    Economic Adverse economic and market events and conditions can materially could negatively affect JPMorganChase’s businesses results of operations and investment and market-making positions.
  261. 수정Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    JPMorganChase’s results of operations can could be negatively affected by the occurrence or persistence of adverse changes in any of the following:
  262. 수정Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    •the state of the U.S. and global economies. economies
  263. 수정Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    •levels and volatility of interest rates, credit spreads and or market prices for of currencies, debt and equity securities and commodities, as well as and the duration of any such changes changes, and
  264. 수정Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    All of these are The above factors could be affected by global economic, market and political events and conditions, including the regulatory environment, monetary policies policies, trade policies, and actions taken by central banks or other governmental authorities, as well as by the regulatory environment. authorities.
  265. 수정Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    In addition, JPMorganChase’s investment portfolio and market-making businesses can could suffer losses due to unanticipated market events, events and conditions, including:
  266. 수정Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    •unforeseen events •events or conditions that may cause previously uncorrelated market factors to become correlated (and vice versa)
  267. 수정Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    •other market risks that may not have been appropriately taken into account in the development, adequately considered when developing, structuring or pricing of a financial instrument.
  268. 수정Adverse economic and market events and conditions could negatively affect JPMorganChase’s results of operations and investment and market-making positions.
    If JPMorganChase experiences Any significant losses in its JPMorganChase’s investment portfolio or from market-making activities, this activities could reduce JPMorganChase’s its profitability and its liquidity and capital levels, and thereby constrain the growth of its businesses.
  269. 수정JPMorganChase’s consumer businesses could be negatively affected by adverse economic conditions and adverse impacts of governmental policies.
    JPMorganChase’s consumer businesses can could be negatively affected by adverse economic conditions and adverse impacts of governmental policies.
  270. 수정JPMorganChase’s consumer businesses could be negatively affected by adverse economic conditions and adverse impacts of governmental policies.
    •consumer and small business confidence levels, and levels
  271. 수정JPMorganChase’s consumer businesses could be negatively affected by adverse economic conditions and adverse impacts of governmental policies.
    •changes in the value of collateral such as residential real estate and vehicles vehicles, and
  272. 수정JPMorganChase’s consumer businesses could be negatively affected by adverse economic conditions and adverse impacts of governmental policies.
    High unemployment levels could reduce personal and household income, which could degrade consumer credit performance if consumers struggle to service their debts. Adverse economic conditions could also lead to an increase in delinquencies, additions to an increase in the allowance for credit losses and or higher net charge-offs, which can could reduce JPMorganChase’s earnings. These consequences could be significantly worse if high levels of consumer debt, such as outstanding student loans, impair the ability of customers to pay their other consumer loan obligations, or in certain geographies where declining industrial or manufacturing activity has resulted in or could result in higher levels of unemployment. In addition, JPMorganChase’s earnings from its consumer businesses could be adversely affected if customer demand for the products and services offered by its consumer businesses is diminished by sustained low growth, low or negative interest rates, inflationary pressures, or recessionary conditions. Furthermore, governmental policies and actions, including those relating to pricing of products, taxation, medical insurance, education, immigration, and housing, or those that impact employment status, could reduce consumer disposable income and decrease JPMorganChase's earnings from its consumer businesses.
  273. 수정Unfavorable market and economic conditions could adversely affect JPMorganChase’s wholesale businesses.
    Unfavorable market and economic conditions can have an adverse effect on could adversely affect JPMorganChase’s wholesale businesses.
  274. 수정Unfavorable market and economic conditions could adversely affect JPMorganChase’s wholesale businesses.
    Market and economic factors can affect the volume of transactions and advisory engagements for which JPMorganChase is engaged and the related revenue from those activities. These factors can could also influence the willingness of other financial institutions and investors to participate in capital markets transactions that JPMorganChase manages, such as loan syndications or securities underwriting. manages.
  275. 수정Unfavorable market and economic conditions could adversely affect JPMorganChase’s wholesale businesses.
    •earn less Furthermore, any significant and sustained deterioration in market conditions could reduce fee revenue due to lower transaction volumes, including when clients are unwilling or unable to refinance their outstanding debt obligations in unfavorable market conditions, or obligations. •dispose Additionally, the profitability of JPMorganChase’s capital markets activities could be impacted if it needs to dispose of portions of credit commitments at a loss, loss or hold larger residual positions in credit commitments that cannot be sold at favorable prices.
  276. 수정Unfavorable market and economic conditions could adversely affect JPMorganChase’s wholesale businesses.
    The fees that JPMorganChase earns from managing client assets or holding assets under custody for clients could be diminished by declining asset values or other adverse macroeconomic conditions. For example, higher interest rates or a market downturn in financial markets could affect the valuation of client assets that JPMorganChase manages or holds under custody, which, resulting in turn, could affect JPMorganChase’s lower revenue from fees that are based on the amount of assets under management or custody. Similarly, adverse macroeconomic or market conditions could prompt outflows from JPMorganChase funds or accounts, or cause clients to invest in products that generate lower revenue. Substantial and unexpected withdrawals from a JPMorganChase fund can could also hamper the investment performance of the fund, particularly if the outflows create the need for the fund to dispose of fund assets at disadvantageous times or prices, and could lead to further withdrawals based on the weaker investment performance.
  277. 수정Unfavorable market and economic conditions could adversely affect JPMorganChase’s wholesale businesses.
    An adverse change in market conditions in particular segments of the economy, such as a sudden and severe downturn in oil and gas prices or an increase in commodity prices, severe declines in commercial real estate values, or sustained changes in consumer behavior that affect specific economic sectors, could have a material adverse effect on clients of JPMorganChase whose operations or financial condition are directly or indirectly dependent on significantly impacted by the health or stability of those market segments or economic sectors, as well as clients that are engaged in related businesses. JPMorganChase could incur credit losses on its loans and other commitments to clients that operate in, or are dependent on, significantly impacted by, any sector of the economy that is or comes under stress.
  278. 수정Unfavorable market and economic conditions could adversely affect JPMorganChase’s wholesale businesses.
    An economic downturn or sustained changes in consumer behavior that results result in shifts in consumer and business spending could also have a negative impact on certain of JPMorganChase’s wholesale clients, and thereby diminish JPMorganChase’s earnings from its wholesale operations. For example, clients that rely on rental income from commercial real estate properties could be negatively affected by sustained adverse economic conditions or circumstances (such as hybrid work models) that reduce tenancies. These types of developments could depress property values, impair the ability of clients to service or refinance their loans and lead to an increase in foreclosures. These consequences could result in JPMorganChase experiencing increases an increase in the allowance for credit losses, higher delinquencies, defaults and charge-offs within its commercial real estate loan portfolio and incurring higher costs for servicing a larger volume of delinquent loans in that portfolio. An increase in foreclosures could also result in higher operational risk associated with JPMorganChase owning and managing real property, and any inadequacy in governance or control over the foreclosed properties could result in regulatory scrutiny and reputational harm.
  279. 수정Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    Changes in interest rates and credit spreads can could adversely affect JPMorganChase’s earnings, earnings or its liquidity or its and capital levels.
  280. 수정Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    JPMorganChase may generally be expected to earn higher net interest income when interest rates are high or increasing. However, higher interest rates can could also lead to: result in:
  281. 수정Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    All of these outcomes could adversely affect JPMorganChase’s earnings or its liquidity and capital levels, and any negative outcomes could be with more severe impacts in a prolonged period of high interest rates.
  282. 수정Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    Higher interest rates can could also negatively affect the payment performance on loans within JPMorganChase’s consumer and wholesale loan portfolios that are linked to variable interest rates. If borrowers of variable rate loans are unable to afford higher interest payments, those borrowers may reduce or stop making payments, thereby causing payments at higher interest rates, JPMorganChase to could incur losses and as well as increased operational costs related to servicing a higher volume of delinquent loans. On the other hand, a low or negative interest rate environment may could cause:
  283. 수정Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    •unanticipated •adverse or adverse unanticipated changes in depositor behavior, which could negatively affect JPMorganChase’s broader asset and liability management strategy, strategies, and
  284. 수정Changes in interest rates and credit spreads could adversely affect JPMorganChase’s earnings or its liquidity and capital levels.
    JPMorganChase’s credit spreads may could widen or narrow not only in response due to events and circumstances that are specific to JPMorganChase but also as a result of general economic and geopolitical events and conditions. Changes in JPMorganChase’s credit spreads will affect, positively or negatively, JPMorganChase’s could negatively affect its earnings on certain liabilities, such as derivatives, that are recorded at fair value.
  285. 수정JPMorganChase’s results could be materially affected by market fluctuations and significant changes in the valuation of financial instruments.
    JPMorganChase’s results may could be materially affected by market fluctuations and significant changes in the valuation of financial instruments.
  286. 수정JPMorganChase’s results could be materially affected by market fluctuations and significant changes in the valuation of financial instruments.
    The value of securities, derivatives and other financial instruments which that JPMorganChase owns or in which it makes markets can could be materially affected by market fluctuations. Market volatility, illiquid market conditions and other disruptions fluctuations in the financial markets may could make it extremely difficult to value certain financial instruments. Subsequent valuations of financial instruments in future periods, in light of factors then prevailing, may could result in significant changes in the value of these instruments. In addition, when JPMorganChase disposes of a financial instrument, the price that it realizes will depend on demand and liquidity in the market at the time of disposition, and that price could be materially lower than the current fair value of the instrument. Any of these factors could cause a decline in the value of financial instruments that JPMorganChase owns or in which it makes markets, which may could have an adverse effect on JPMorganChase’s its results of operations. However, Furthermore, JPMorganChase’s hedging and other risk management strategies may not always be effective, and it could incur significant losses, if extreme market events were to occur.
  287. 수정JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    JPMorganChase can could be negatively affected by adverse changes in the financial condition of clients, counterparties, custodians CCPs and CCPs. other market participants.
  288. 수정JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    If a CCP through which JPMorganChase executes contracts suffers a financial or operational failure or otherwise defaults, JPMorganChase would be required to replace the relevant contracts, which would increase its operational costs and potentially result in losses. In addition, JPMorganChase can be exposed to losses if a member of a CCP in which JPMorganChase is also a member defaults on its obligations to the CCP because of CCP, JPMorganChase could incur losses due to requirements that each member of the CCP absorb a portion of those losses. Furthermore, JPMorganChase can could be subject to bearing its share of non-default losses incurred by a CCP, including losses from custodial, settlement or investment activities or due to cyber or other security breaches.
  289. 수정JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    As part of its clearing services activities, JPMorganChase is exposed to the risk of nonperformance by its clients, which it seeks to mitigate by requiring clients to provide adequate collateral. JPMorganChase is also exposed to intra-day credit risk of its clients in connection with providing cash management, clearing, custodial and other transaction services to those clients. services. If such a client becomes bankrupt or insolvent, JPMorganChase could:
  290. 수정JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    All of the foregoing events can could increase JPMorganChase’s operational and litigation costs, and JPMorganChase may could suffer losses to the extent that the realized value of any collateral that it has received is insufficient to cover those losses.
  291. 수정JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    Transactions with government entities, including national, state, provincial, municipal and local authorities, governmental entities can expose JPMorganChase to enhanced sovereign, credit, operational operational, legal and reputation risks. Government Governmental entities may, among other things, may claim that actions taken by government officials were beyond the legal authority of those officials or repudiate transactions authorized by a previous incumbent government. These types of actions have in the past caused, and could in the future cause, JPMorganChase to suffer losses or hamper its ability to conduct business in the relevant jurisdiction. In addition, JPMorganChase could incur losses if applicable law limits its ability to resolve disputes and litigation when a client in that jurisdiction defaults or otherwise fails to make agreed-upon payments.
  292. 수정JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    Disputes may could arise with counterparties to derivatives contracts with regard to concerning the terms, the settlement procedures or the value of underlying collateral. The disposition resolution of those disputes could cause JPMorganChase to incur losses, including unexpected transaction, operational and legal costs, or result in credit losses. costs. These consequences can could also impair JPMorganChase’s ability to effectively manage its credit risk exposure from its market activities, or cause harm to JPMorganChase’s reputation. reputational harm.
  293. 수정JPMorganChase could be negatively affected by adverse changes in the financial condition of clients, counterparties, CCPs and other market participants.
    The financial or operational failure of a significant market participant, such as a major financial institution or a CCP, or concerns about the creditworthiness or operational sustainability of such a one or more market participant or its ability to fulfill its obligations, can participants, could cause substantial and cascading disruption within the financial markets, including in circumstances where coordinated action by multiple other market participants is required to address the failure or disruption. problem. JPMorganChase’s businesses could be significantly disrupted by such an event, especially if it has significant interrelationships with, and credit exposure to, the faltering market participant, or if the event causes other market participants to default, incur significant losses or experience liquidity issues.
  294. 수정JPMorganChase could suffer losses if the value of collateral declines.
    JPMorganChase may could suffer losses if the value of collateral declines in stressed market conditions. declines.
  295. 수정JPMorganChase could suffer losses if the value of collateral declines.
    During periods of market stress or illiquidity, JPMorganChase’s credit risk may be further increased could increase when:
  296. 수정JPMorganChase could suffer losses if the value of collateral declines.
    •collateral is liquidated at prices that are not sufficient insufficient to recover the full amount owed to it, or
  297. 수정JPMorganChase could suffer losses if the value of collateral declines.
    •counterparties are unable to post collateral, whether collateral for operational or other reasons.
  298. 수정JPMorganChase could suffer losses if the value of collateral declines.
    Furthermore, borrowers may under-maintain or misrepresent the condition or existence of collateral, or at liquidation, collateral could be subject to competing claims, limiting JPMorganChase's ability to recover amounts owed, or disputes with counterparties concerning the valuation of collateral could increase during significant market stress, volatility or illiquidity. Furthermore, disputes with counterparties concerning the valuation of collateral may increase in times of significant market stress, volatility or illiquidity, and JPMorganChase could suffer losses during in these periods situations if it is unable to realize the fair value of collateral or to manage declines in the value of collateral.
  299. 수정JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    JPMorganChase is could be exposed to greater credit and market risk to the extent that if groupings of its clients or counterparties, or obligors on securities and other financial instruments:
  300. 수정JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    •engage in similar or related businesses, businesses or in businesses in related industries
  301. 수정JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    •do business •operate in the same geographic region, or
  302. 수정JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    •have business profiles, models or strategies profiles that could cause their ability to meet their obligations to be similarly affected by changes in economic conditions.
  303. 수정JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    For example, a significant deterioration in the credit quality of a counterparty, borrower or other obligor could lead to concerns about the creditworthiness of other counterparties, borrowers or obligors parties in similar, related or dependent industries. This type of interrelationship could exacerbate JPMorganChase’s credit, liquidity and market risk exposure, potentially causing losses. In addition, JPMorganChase may could be required to increase the allowance for credit losses or establish other reserves with respect to certain clients, industries or country exposures in order to align with regulatory directives or expectations of its banking regulators. expectations.
  304. 수정JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    Similarly, challenging economic conditions that affect a particular industry or geographic area could lead to concerns about the credit quality of counterparties, borrowers or other obligors not only in that particular industry or geography but also in related or dependent industries, wherever located. These conditions could also heighten concerns about the ability of customers of JPMorganChase’s consumer businesses who live in those areas or work in those affected industries or related or dependent industries to meet their obligations to JPMorganChase. obligations.
  305. 수정JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    JPMorganChase’s consumer businesses can could also be harmed by an excessive expansion of consumer credit by bank or non-bank competitors. Heightened competition for certain types of consumer loans could prompt industry-wide reactions such as lead to significant price reductions in the pricing or margins of for those loans or the making of providing loans to less-creditworthy borrowers. If large numbers of consumers subsequently default on their loans, whether due to weak credit profiles, an economic downturn or other factors, this could impair their ability to repay obligations owed to JPMorganChase and result in an increase in the allowance for credit losses and higher charge-offs and other credit-related losses. charge-offs.
  306. 수정JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    More broadly, widespread defaults on consumer debt could lead to recessionary conditions in the U.S. economy, and JPMorganChase’s consumer businesses may could earn lower revenues in such an environment.
  307. 수정JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •actions taken by the U.S. government or by the Federal Reserve to reduce its balance sheet, which may could reduce deposits held by JPMorganChase and other financial institutions
  308. 수정JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •inability to sell assets, or to sell assets at favorable times or prices
  309. 수정JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •unexpected loss of deposits or higher •higher than anticipated draws on lending-related commitments, and
  310. 수정JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    A reduction in JPMorganChase’s liquidity may could be caused by events over which it has little or no beyond its control. For example, JPMorganChase’s funding costs could increase and its access to traditional sources of liquidity could be limited during periods of market stress, low investor confidence or significant market illiquidity.
  311. 수정JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    JPMorganChase may need to raise funding from alternative sources if its access to stable and lower-cost sources of funding, such as deposits and borrowings from Federal Home Loan Banks, is reduced. Alternative sources of funding could be more expensive or limited in availability. limited. JPMorganChase’s funding costs could also be negatively affected by actions that JPMorganChase it may take in order to satisfy regulatory requirements, including those relating to:
  312. 수정JPMorgan Chase & Co. is a holding company and depends on its subsidiaries for funding to make payments on its outstanding securities.
    JPMorgan Chase & Co. is a holding company and depends on the cash flows of its subsidiaries for funding to make payments on its outstanding securities.
  313. 수정JPMorgan Chase & Co. is a holding company and depends on its subsidiaries for funding to make payments on its outstanding securities.
    The Parent Company, JPMorgan Chase & Co. Co., is a holding company that holds the stock of JPMorgan Chase Bank, N.A. and an intermediate holding company, JPMorgan Chase Holdings LLC (the “IHC”). The In addition to holding the stock of other JPMorganChase subsidiaries, the IHC also owns other assets and provides intercompany lending to the Parent Company. The Parent Company must contribute to the IHC substantially all the net proceeds that it receives from securities issuances.
  314. 수정JPMorgan Chase & Co. is a holding company and depends on its subsidiaries for funding to make payments on its outstanding securities.
    The ability of JPMorgan Chase Bank, N.A. and the IHC to make payments to the Parent Company is also limited. The JPMorgan Chase Bank, N.A. is subject to regulatory restrictions and requirements relating to the dividends that it can pay to the Parent Company, and the IHC is prohibited from paying dividends or extending credit to the Parent Company if certain capital or liquidity thresholds are breached, or if limits are otherwise imposed by the Parent Company’s management or Board of Directors.
  315. 수정JPMorgan Chase & Co. is a holding company and depends on its subsidiaries for funding to make payments on its outstanding securities.
    As a result of these arrangements, the ability of the Parent Company to make various payments is generally dependent on its receiving dividends from JPMorgan Chase Bank, N.A. and dividends and borrowings from the IHC. IHC in order to:
  316. 수정JPMorganChase’s liquidity and cost of funding could be adversely affected by downgrades in its credit ratings.
    JPMorgan Chase & Co. and certain of its principal subsidiaries are rated by credit rating agencies. agencies, which evaluate general, firm-specific and industry-specific factors when determining credit ratings, including:
  317. 수정JPMorganChase’s liquidity and cost of funding could be adversely affected by downgrades in its credit ratings.
    However, JPMorganChase has experienced credit ratings downgrades in the past, and there is no assurance that JPMorganChase’s credit ratings will not be downgraded in the future. Furthermore, any such downgrade could occur at a time of broader market instability, limiting JPMorganChase’s options for responding.
  318. 수정JPMorganChase’s liquidity and cost of funding could be adversely affected by downgrades in its credit ratings.
    Any rating reduction downgrade could also increase the credit spreads charged by the market participants for taking credit risk on JPMorgan Chase & Co. and its subsidiaries. This could, in turn, adversely affect the value of debt and other obligations of JPMorgan Chase & Co. and its subsidiaries.
  319. 수정JPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.
    The JPMorganChase is subject to various regulatory capital requirements, and the amount of capital that JPMorganChase it is required to hold in order to satisfy these leverage- and risk-based under those requirements could increase at any given time due to factors such as:
  320. 수정JPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.
    •increases in estimated stress losses as determined by the Federal Reserve under the Comprehensive Capital Analysis and Review, CCAR, which could increase JPMorganChase’s SCB.
  321. 수정JPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.
    Any failure by or inability of JPMorganChase to maintain the required level and composition of capital, any decision by JPMorgan Chase to use its regulatory buffers allowing capital ratios to decline below regulatory requirements or unfavorable changes in applicable capital requirements, could have an adverse impact on JPMorganChase’s shareholders, such as: shareholders by:
  322. 수정JPMorganChase’s ability to distribute capital to shareholders, and to support its business activities could be limited if it does not satisfy applicable regulatory capital requirements.
    •constraining the amount of dividends that may can be paid on common stock, or
  323. 수정JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    If the operational systems on which JPMorganChase’s businesses depend, including those of acquired businesses and external parties, are unable to meet the JPMorganChase’s operational requirements of JPMorganChase’s businesses and operations or bank regulatory standards, or if they fail or have other significant shortcomings, JPMorganChase could be materially and adversely affected. JPMorganChase’s businesses rely on its operational systems to process, record, monitor and report large amounts of information continuously, accurately, securely, and in a timely manner. These operational systems include financial, accounting, transaction execution, reporting and settlement, data processing and other systems, as well as supporting devices. The effective functioning of these operational systems depends on a variety of factors, including JPMorganChase’s ability to:
  324. 수정JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •JPMorganChase’s ability to effectively maintain •challenges in maintaining and upgrade upgrading systems and infrastructure can become more challenging as the speed, frequency, volume, interconnectivity and complexity of transactions and other information flows continue to increase
  325. 수정JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •attempts by third parties to defraud JPMorganChase or and its clients and customers customers, which continue to increase, evolve and become more complex, and as well as increased volumes of these attempts during periods of market disruption or economic uncertainty, these attempts can be expected to further increase in volume uncertainty
  326. 수정JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •failure to detect weaknesses •weaknesses or shortcomings in operational systems that may not be detected in a timely manner
  327. 수정JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •isolated or seemingly insignificant errors in operational systems that could compound, or migrate to other systems over time, to become systems, becoming larger issues
  328. 수정JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •attempts by third •third parties that may try to block the use of key technology solutions by claiming that the use infringes on their intellectual property rights.
  329. 수정JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •the possibility that erroneous execution of funds transfers, capital markets trades or other transactions are executed erroneously
  330. 수정JPMorganChase’s businesses could be adversely affected by the failure or disruption of operational systems on which they depend.
    •significant exposure to litigation and regulatory fines, penalties or other sanctions, penalties, and
  331. 수정JPMorganChase’s interconnectedness with clients, customers and other external parties could be a source of significant operational risk.
    JPMorganChase could be exposed to operational risk if it is unable to access and use external operational systems, including during failures or cyber attacks related to those systems or other third-party systems. Similarly, retailers, payment systems and processors, data aggregators aggregators, and other external parties with which JPMorganChase’s customers do business can could increase JPMorganChase’s operational risk. This is particularly the case where activities of customers or other parties are beyond JPMorganChase’s security and control systems, including through the use of the internet, cloud computing services, and personal smart phones and other mobile devices or services.
  332. 수정JPMorganChase’s interconnectedness with clients, customers and other external parties could be a source of significant operational risk.
    As JPMorganChase’s interconnectivity with clients, customers and other external parties continues to expand, JPMorganChase increasingly faces which increases the risk of operational failure or cyber attacks with respect to the systems of those parties. Security breaches affecting JPMorganChase’s clients or customers, or Any systems breakdowns or failures, failure, security breaches breach, or human error or misconduct affecting other that affects clients, customers or external parties, may parties could require JPMorganChase to take steps to protect the integrity of its own operational systems or to safeguard confidential information, including restricting the access of its customers to their accounts. These actions can could increase JPMorganChase’s operational costs and potentially diminish customer satisfaction and confidence in JPMorganChase.
  333. 수정JPMorganChase’s interconnectedness with clients, customers and other external parties could be a source of significant operational risk.
    Furthermore, the widespread and expanding interconnectivity among financial institutions, clearing banks, CCPs, payments processors, financial technology companies, securities exchanges, clearing houses houses, financial messaging networks and other financial market infrastructures increases the risk that the disruption of an operational system involving one institution or entity, including due to a cyber attack, may entity could cause industry-wide operational disruptions that could materially affect JPMorganChase’s ability to conduct business. In addition, the risks associated with the disruption of an operational system of a third party third-party could be exacerbated to the extent that if the services provided by that system are widely used by a significant number or proportion of market participants.
  334. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
  335. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •obtain unauthorized access to JPMorganChase's JPMorganChase’s systems or to confidential information belonging to JPMorganChase or its clients, customers, counterparties or employees
  336. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •financial loss to JPMorganChase or to its clients, customers, counterparties or employees
  337. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •manipulate or destroy data
  338. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    JPMorganChase has experienced security breaches due to cyber attacks in the past, and it is inevitable that additional future breaches will occur in the future. are inevitable. Any such breach could result in serious and harmful consequences for JPMorganChase or its clients and customers.
  339. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •the techniques used in cyber attacks evolve frequently and increase in sophistication, and therefore a cyber attack may not be recognized until launched or may go undetected for extended periods
  340. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •it is possible that a third party, third-party, after establishing a foothold on an internal network without being detected, may gain access to other networks and systems. systems
  341. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •JPMorganChase does not have control over the cybersecurity of the systems of the large number of numerous clients, customers, counterparties and third-party service providers with which it does business, and business.
  342. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •a higher •increased volume and complexity of cyber attacks against the backdrop during periods of heightened geopolitical tensions, and tensions
  343. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •advances in artificial intelligence, •technological advances such as the use of machine learning, generative artificial intelligence (“AI”) and quantum computing by that may enable malicious actors to develop more advanced social engineering attacks, including targeted phishing attacks attacks, and
  344. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    In addition, Furthermore, a third party third-party could misappropriate confidential information obtained by intercepting signals or communications from mobile devices used by JPMorganChase’s employees.
  345. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •preventing unauthorized access and protecting against the misuse of access, including the maintenance and enhancement of controls related to secure software development practices and identity and access management, such as those including controls relating to the management of administrative access to systems
  346. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •detecting, escalating and effectively addressing effectively and in a timely manner any vulnerabilities that may be present either in internally-developed software or externally-provided software or services, including vulnerabilities that could allow the attackers to exploit unknown security flaws in software and hardware (“zero-day (i.e., “zero-day vulnerabilities”)
  347. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •maintaining and enhancing controls •controls related to technology asset management and inventory systems to prevent the risk of undetected vulnerabilities that could undermine JPMorganChase’s ability to operate an effective control process
  348. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •upgrading the coverage and capabilities of systems and controls to protect JPMorganChase and its clients and customers from the impact of distributed denial-of-service attacks, or to recover from outages that could be caused by a malware or ransomware attack
  349. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •the continuing migration of technology systems of customer and client-facing services services, including digital banking and other internet-based products, to the cloud, and modernization of those services
  350. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •integrating acquired businesses businesses, including where system integration may be complex or may require extensive and lengthy remediation or enhancement of controls.
  351. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •misappropriation of confidential information of JPMorganChase or that of its clients, customers, counterparties, employees employees, regulators or regulators other parties
  352. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    •the inability, or extended delays in the ability, to fully recover and restore data that has been stolen, manipulated or destroyed, affected data, or the inability to prevent systems from processing fraudulent transactions
  353. 수정A successful cyber attack could cause significant harm to JPMorganChase and its clients and customers.
    The extent of a particular cyber attack, the methods and tools used by various threat actors, and the steps that JPMorganChase may need to take to investigate the attack may not be immediately clear, and it may could take a significant amount of time before such an investigation can be completed. While such an investigation is ongoing, JPMorganChase may not necessarily know the full extent of the harm caused by the cyber attack, and that damage may could continue to spread. These factors may could inhibit JPMorganChase’s ability to provide rapid, full and reliable information about the cyber attack to its clients, customers, counterparties and regulators, as well as the public. Furthermore, it may not be clear how best to contain and remediate the harm caused by the cyber attack, and certain errors or actions could be repeated or compounded before they are discovered and remediated. Any or all of these factors could further increase the costs and consequences of a cyber attack.
  354. 수정JPMorganChase’s businesses could be adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services, delivery platforms or technologies.
    JPMorganChase can JPMorganChase’s businesses could be negatively adversely affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services and services, delivery platforms or the adoption of new technologies.
  355. 수정JPMorganChase’s business and operations rely on appropriate staffing and on the competence, trustworthiness, health and safety of employees.
    JPMorganChase’s business and operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, appropriate staffing and on the competence, trustworthiness, health and safety of employees.
  356. 수정JPMorganChase faces substantial legal and operational risks related to the processing and safeguarding of personal information.
    JPMorganChase faces substantial legal and operational risks in related to the processing and safeguarding of personal information.
  357. 수정JPMorganChase faces substantial legal and operational risks related to the processing and safeguarding of personal information.
    •require JPMorganChase to structure its businesses, operations and systems in less efficient ways. or more costly ways, including with respect to the local storage and processing of data.
  358. 수정JPMorganChase faces substantial legal and operational risks related to the processing and safeguarding of personal information.
    JPMorganChase could face legal proceedings, including governmental investigations or enforcement actions, if personal information is mishandled, including if unauthorized parties receive, intercept, or compromise it, if JPMorganChase fails or is perceived to have failed to comply with applicable law, or if JPMorganChase or its third-party vendors fail to protect personal information appropriately. These actions could require JPMorganChase to modify or cease operations or could result in other penalties. Concerns Furthermore, concerns regarding the effectiveness of JPMorganChase’s measures to safeguard personal information, or the perception that those measures are inadequate, could cause JPMorganChase to lose existing or potential clients and clients, customers or employees, and thereby reduce JPMorganChase’s revenues. Any of these factors could damage JPMorganChase’s reputation cause reputational harm and otherwise adversely affect its JPMorganChase’s businesses.
  359. 수정JPMorganChase faces substantial legal and operational risks related to the processing and safeguarding of personal information.
    The increasing growing sophistication of artificial intelligence technologies technology poses a greater heightened risk of identity fraud, as malicious actors may exploit artificial intelligence technology to create convincing false identities or manipulate verification processes. Failure to manage these risks or to implement effective countermeasures could lead to unauthorized transactions, financial losses, reputational damage and increased regulatory scrutiny. scrutiny and reputational harm. In addition, greater government scrutiny of practices related to the handling of personal information has in some cases resulted in, and could in the future lead to, the adoption of applicable law in the U.S. and elsewhere that is stricter and could result in JPMorganChase incurring higher compliance costs or constraining its ability to offer certain products and services to customers.
  360. 수정JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    JPMorganChase’s business and operational systems operations could be seriously disrupted, and its reputation could be harmed, by events or contributing factors that are wholly or partially beyond its control, including material instances of:
  361. 수정JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •power, •utility or telecommunications or failures, internet outages, outages or shutdowns of mass transit
  362. 수정JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •interruption of service from third-party service providers providers, including financial market infrastructures
  363. 수정JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •failure or perceived failure to comply with laws, rules by clients, customers or regulations counterparties of JPMorganChase, or by JPMorganChase or its clients, customers, counterparties or other parties, including newly-acquired businesses, companies in which JPMorganChase has made principal investments, parties to joint ventures with JPMorganChase, JPMorganChase and vendors with which JPMorganChase does business.
  364. 수정JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    There can be no assurance that JPMorganChase’s Firmwide resiliency framework will fully mitigate all potential resiliency risks to JPMorganChase, its clients, clients and customers customers, and the third parties parties, including service providers with which it does business, or that its the resiliency framework will be adequate able to anticipate or defend against every form of disruption or adequately address the effects of simultaneous occurrences of multiple or extended disruption events. prolonged disruptions. In addition, JPMorganChase’s ability to respond effectively to a disruption event could be hampered to the extent that the members of its workforce, physical assets, systems and other support infrastructure, or those of its third-party service providers, that are needed to address the event are geographically dispersed, or conversely, if such an event were to occur in an area in which they are concentrated. Further, should extraordinary events or the factors that cause or contribute to those events become more chronic, the disruptive effects of those events on JPMorganChase’s business and operations, and on its clients, customers, counterparties and employees, could become more significant and long-lasting. persistent.
  365. 수정JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    Any significant failure or disruption of JPMorganChase’s operations or operational systems, business and operations, or the occurrence of one or more extraordinary events that are beyond its control, could:
  366. 수정JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •cause it to incur losses or liabilities, including from loss of revenue, damage to or loss of property, property damage, or injuries
  367. 수정JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •expose it to litigation or regulatory fines, penalties or other sanctions, penalties, and
  368. 수정JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    The occurrence of one or more extraordinary events could also negatively impact the financial condition or creditworthiness of JPMorganChase’s clients and customers, and could lead to an increase in delinquencies, additions to the allowance for credit losses and higher net charge-offs, which can could reduce JPMorganChase’s earnings.
  369. 수정Any failure to maintain adequate data management processes could adversely affect JPMorganChase’s ability to effectively manage its businesses, comply with applicable law or make informed business decisions.
    •developing or maintaining models and other analytical and judgment-based estimations, including those that use machine learning or artificial intelligence estimations
  370. 수정Any failure to maintain adequate data management processes could adversely affect JPMorganChase’s ability to effectively manage its businesses, comply with applicable law or make informed business decisions.
    Any deficiencies in JPMorganChase’s data management processes, including with respect to the accuracy or completeness of data, the timeliness of data collection, the analysis or validation of data, or the safeguarding of data could undermine the reliability and effectiveness of its JPMorganChase’s operations, including: such as:
  371. 수정Any failure to maintain adequate data management processes could adversely affect JPMorganChase’s ability to effectively manage its businesses, comply with applicable law or make informed business decisions.
    •delivery •completion of regulatory reporting or internal or external financial reporting
  372. 수정Any failure to maintain adequate data management processes could adversely affect JPMorganChase’s ability to effectively manage its businesses, comply with applicable law or make informed business decisions.
    •compliance practices, such as those relating to transaction monitoring, customer screening, blocking and rejecting transactions, recordkeeping or reporting
  373. 수정Any failure to maintain adequate data management processes could adversely affect JPMorganChase’s ability to effectively manage its businesses, comply with applicable law or make informed business decisions.
    •providing services to clients and customers, including transaction processing, lending services, account management and customer support, or and
  374. 수정Any failure to maintain adequate data management processes could adversely affect JPMorganChase’s ability to effectively manage its businesses, comply with applicable law or make informed business decisions.
    Any or all of these factors deficiencies could impair the JPMorganChase’s ability of JPMorganChase to make sound business decisions, cause it to incur higher operational and compliance costs, result in operational breakdowns or failure to meet its regulatory requirements, negatively affect clients and customers, or lead to cause reputational harm.
  375. 수정Enhanced regulatory and other standards for the oversight of JPMorganChase’s vendors and other service providers could result in higher costs and other potential exposures.
    Enhanced regulatory and other standards for the oversight of JPMorganChase’s vendors and other service providers can could result in higher costs and other potential exposures.
  376. 수정Enhanced regulatory and other standards for the oversight of JPMorganChase’s vendors and other service providers could result in higher costs and other potential exposures.
    JPMorganChase must comply with enhanced regulatory and other standards associated with when doing business with vendors and other service providers, including standards those relating to the outsourcing of functions as well as the performance of significant banking and other functions by subsidiaries. JPMorganChase’s failure to appropriately assess and manage these relationships, especially those involving significant banking functions, shared services or other critical activities, could materially and adversely affect JPMorganChase. Specifically, any such failure could result in:
  377. 수정Enhanced regulatory and other standards for the oversight of JPMorganChase’s vendors and other service providers could result in higher costs and other potential exposures.
    •increased operational and compliance costs
  378. 수정JPMorganChase could incur losses arising from any significant inadequacy or lapse in its risk management framework and control environment.
    JPMorganChase’s financial condition or results of operations could be materially and adversely affected by any significant inadequacy or lapse in its risk management framework, governance structure, practices, models, reporting systems or controls. Any such inadequacy or lapse could:
  379. 수정JPMorganChase could incur losses arising from any significant inadequacy or lapse in its risk management framework and control environment.
    •lead to business decisions that have negative outcomes for JPMorganChase
  380. 수정JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.
    JPMorganChase has developed and uses a variety of various models and other analytical and judgment-based estimations to measure, monitor and implement controls over related to its market, credit, capital, liquidity, operational and other risks. risks, as well as to prepare its financial statements under U.S. generally accepted accounting principles (“U.S. GAAP”). These models and estimations are based on a variety of historical trends and other assumptions and historical trends, and that are periodically reviewed and modified as necessary. modified. The models and estimations that JPMorganChase uses, including those that use machine learning or artificial intelligence, uses may not be effective in all cases to identify, observe and mitigate risk due to a variety because of factors, factors such as:
  381. 수정JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.
    •reliance •their reliance on historical trends that may not persist in the future, persist, including assumptions underlying the models and estimations such as correlations among certain market indicators or asset prices
  382. 수정JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.
    •sudden illiquidity in markets or declines in prices of certain loans and securities may could make it more difficult to value certain financial instruments
  383. 수정JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.
    JPMorganChase may experience could incur unexpected losses if models, estimates or judgments models and estimations used or applied in connection with its risk management activities or the preparation of its financial statements are inadequate or incorrect. For example, where quoted market prices are not available for certain financial instruments that require a determination of their fair value, JPMorganChase may make fair value determinations based on internally developed models or other means which ultimately rely to some degree on management estimates and judgment. In addition, the reliability of JPMorganChase’s models and estimations could become more uncertain if assets differ from those used to develop those models and estimations, which could also result in unexpected losses.
  384. 수정JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.
    Similarly, JPMorganChase establishes an allowance for expected credit losses related to its credit exposures which requires significant judgments, including forecasts of how macroeconomic conditions might impair the ability of JPMorganChase’s clients and customers to repay their loans or other obligations. These types of estimates and judgments may not prove to be accurate inaccurate due to a variety of factors, including when if the current and forecasted environments are significantly different from the historical environments upon which the models were developed. The increased Any heightened uncertainty associated with these estimates may necessitate a greater degree of judgment and analytics to inform any adjustments that JPMorganChase may make to model outputs than would otherwise be the case. outputs.
  385. 수정JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.
    These reviews are required Some models and estimations used by JPMorganChase for managing risks require regulatory review and approval before JPMorganChase may use those the models and estimations for calculating market risk RWA, credit risk RWA and operational risk RWA under Basel III. If JPMorganChase’s models or and estimations are not approved by its regulators, it may could be subject to higher capital charges, which could adversely affect its financial results or limit the its ability to expand its businesses.
  386. 수정A significant inadequacy in disclosure or financial reporting controls could negatively affect JPMorganChase’s business, operations and reputation.
    JPMorganChase is subject to complex global financial reporting obligations that require continuous enhancements to disclosures in its financial statements and regulatory reports. JPMorganChase’s disclosure and financial reporting controls may not always be effective, and a material weakness or significant deficiency in internal control over financial reporting could occur. Any such significant lapse, weakness or deficiency could result in inaccurate financial reporting which, in turn, could:
  387. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    The development ability of JPMorganChase’s management to develop and execution of execute effective business strategies by JPMorganChase’s management, along with strategies, and the ability to anticipate and respond to shifts in the competitive environment, are critical to JPMorganChase's JPMorganChase’s competitive standing and to achieving its strategic objectives. These strategies relate to:
  388. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •the technologies that it adopts or in which it invests, which may include new and currently unproven technologies, and
  389. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •the methods, distribution channels and third party third-party service providers by or through which it offers products and services.
  390. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    If The values and growth prospects of JPMorganChase’s businesses could suffer and its earnings could decline if management makes strategic choices about these strategies and goals that prove to be incorrect, are based on incomplete, inaccurate or fraudulent information, do not accurately assess the competitive landscape and industry trends, or fail to address changing regulatory and market environments or the expectations of clients, customers, investors, employees and other stakeholders, then the franchise values and growth prospects of JPMorganChase’s businesses may suffer and its earnings could decline. stakeholders.
  391. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    JPMorganChase’s growth prospects also depend on management’s ability to develop and execute effective business plans to address these strategic priorities, both in the over near term and over longer time horizons. Management’s effectiveness in this regard will affect JPMorganChase’s ability to develop and enhance its resources, control expenses and return capital to shareholders. Each of these objectives could be adversely affected by any failure on the part of by management to:
  392. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •offer products and services that meet changing expectations of clients and customers
  393. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •allocate capital in a manner that promotes long-term stability to enable JPMorganChase to build and invest in market-leading businesses, even in a highly stressed environment businesses
  394. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •appropriately assess and monitor principal investments made to enhance or accelerate JPMorganChase's business strategies
  395. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •react quickly to changes in market conditions or market structures, or structures
  396. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    •develop and enhance the operational, technology, risk, financial and managerial resources and capabilities necessary to grow and manage JPMorganChase’s businesses.
  397. 수정JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies and to anticipate changes affecting those strategies.
    Furthermore, any expenses that JPMorganChase may incur costs in connection with disposing of assets, including excess properties, premises and facilities, and those costs or exiting businesses or products could be material to its results of operations.
  398. 수정Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
    JPMorganChase operates in a highly competitive environment in which it must evolve and constantly adapt to changes in financial regulation, technological advances, increased public scrutiny advances and changes in economic conditions. JPMorganChase expects that competition in the financial services industry will remain intense, with new competitors in the financial services industry continuing to emerge. For example, technological advances and the growth of e-commerce have made it possible for non-depository institutions to offer products and services that traditionally were banking products. These advances have also allowed financial institutions and other companies to provide electronic and internet-based financial solutions, including:
  399. 수정Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
    Furthermore, both financial institutions and their non-banking competitors face the risk of disruption to payments processing and other products and services from the use of new technologies that may not require intermediation, such as tokenized securities or other products that leverage distributed ledger technology. New technologies have required and could require JPMorganChase to spend more increase expenditures to modify or adapt its products to attract and retain clients and customers or to match products and services offered by its competitors, including technology companies. If JPMorganChase does not keep pace with rapidly changing technological advances, including the adoption of generative AI, it risks losing clients and market share to competitors, which could negatively impact revenues, operating costs and its competitive position. Competition could be intensified as the feasibility, capability and scalability of new technologies improves. In addition, new technologies (including generative AI) could be used by customers or bad actors in unexpected or disruptive ways, or could be breached or infiltrated by third parties, which could increase JPMorganChase’s compliance expenses and reduce its income related to the offering of products and services through those technologies.
  400. 수정Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
    Ongoing or increased competition may Actions by competitors could put pressure on the pricing for JPMorganChase’s products and services or may could cause JPMorganChase it to lose market share, particularly with respect to investment products and traditional banking products. In addition, advocacy by non-banking competitors for exemptions from regulatory requirements could significantly disadvantage traditional financial institutions.
  401. 수정Competition in the financial services industry could lead to negative effects on JPMorganChase’s results of operations.
    The failure of any of JPMorganChase’s businesses to meet the expectations of clients and customers, whether due to general market conditions, under-performance, a decision not to offer a particular product or service, changes in client and customer expectations or other factors, could affect JPMorganChase’s ability to attract or retain clients and customers. Any of these impacts could, in turn, reduce JPMorganChase’s revenues. Increased competition also may could require JPMorganChase to make additional capital investments in its businesses, or to extend more of its capital on behalf of its clients to remain competitive. Furthermore, regulatory uncertainty regarding new technologies, including inconsistent regulatory approaches within and across jurisdictions, could require JPMorganChase to modify or restrict its product and service offerings, incur higher operational or compliance costs or forgo business opportunities.
  402. 수정JPMorganChase’s operations, results, and competitive standing could be adversely affected by the development of advanced technologies such as AI.
    Any of these matters factors could materially and adversely affect JPMorganChase’s business, financial condition or business and operations, results of operations, competitive position or cause serious reputational harm. reputation.
  403. 수정Conduct failure by JPMorganChase employees could trigger litigation and regulatory actions and harm JPMorganChase’s reputation.
    JPMorganChase expects its employees to conduct themselves ethically and in compliance with JPMorganChase’s Code of Conduct, as well as with internal policies and applicable laws and regulations. Notwithstanding these expectations, employees of JPMorganChase have in the past engaged and could in the future engage in improper or illegal conduct. These instances of misconduct have resulted and could in litigation, the future result in litigation and resolutions of governmental investigations or enforcement actions by governmental authorities involving consent orders, deferred prosecution agreements, non-prosecution agreements and other civil or criminal sanctions. sanctions and penalties. In addition, employee misconduct could lead to higher operational and compliance costs, harm JPMorganChase’s reputation and result in collateral consequences for its business and operations. The foregoing risks could be heightened with respect to newly-acquired businesses if JPMorganChase fails to successfully integrate employees of those businesses or any of those employees do not conduct themselves engage in accordance with JPMorganChase's expectations, policies and practices. misconduct.
  404. 수정Damage to JPMorganChase’s reputation could negatively affect its business, results and prospects.
    Damage to JPMorganChase’s reputation could harm negatively affect its businesses. business, results and prospects.
  405. 수정Damage to JPMorganChase’s reputation could negatively affect its business, results and prospects.
    •greater scrutiny from governmental authorities or regulatory bodies, or further criticism from politicians and other members of the public, politicians, including in the form of investigations by governmental or regulatory investigations authorities or litigation
  406. 수정Damage to JPMorganChase’s reputation could negatively affect its business, results and prospects.
    •unfavorable media coverage or commentary in the media, commentary, including through social media campaigns
  407. 수정Damage to JPMorganChase’s reputation could negatively affect its business, results and prospects.
    •certain clients and customers ceasing doing to do business with JPMorganChase, and encouraging others to do so
  408. 수정Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations could result in litigation and enforcement actions and cause reputational harm.
    Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations can could result in litigation and enforcement actions, as well as damage JPMorganChase’s reputation. actions and cause reputational harm.
  409. 수정Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations could result in litigation and enforcement actions and cause reputational harm.
    JPMorganChase’s ability to manage Managing potential conflicts of interest is highly complex for JPMorganChase due to the its broad range of its business activities which encompass a variety of transactions, obligations and interests with and among JPMorganChase’s clients and customers. JPMorganChase can become subject to could face litigation, enforcement actions, actions and heightened regulatory scrutiny, and its reputation can could be damaged, by the failure or perceived failure to:
  410. 수정Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations could result in litigation and enforcement actions and cause reputational harm.
    •adequately address or appropriately disclose actual or potential conflicts of interest, including potential conflicts of interest those that may arise in connection with providing multiple products and services in, or having one or more investments related to, the same transaction
  411. 수정Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations could result in litigation and enforcement actions and cause reputational harm.
    •identify and address any conflict of interest that a third party third-party with which it is does business may have with respect to a transaction involving JPMorganChase
  412. 수정Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations could result in litigation and enforcement actions and cause reputational harm.
    •treat •deliver appropriate standards of service and quality, and to treat clients and customers fairly and with the appropriate standard of care
  413. 수정Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations could result in litigation and enforcement actions and cause reputational harm.
    •provide fiduciary products or services in accordance with the applicable legal and regulatory standards, law, or
  414. 수정Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations could result in litigation and enforcement actions and cause reputational harm.
    •handle or use confidential information of customers or clients appropriately and in compliance with applicable data protection and privacy laws, rules and regulations. law.
  415. 수정Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations could result in litigation and enforcement actions and cause reputational harm.
    A failure or perceived failure to appropriately address conflicts of interest or fiduciary obligations could result in customer dissatisfaction, litigation and regulatory fines, penalties or other sanctions, and penalties, as well as heightened regulatory scrutiny and enforcement actions, all of which can could lead to lost revenue and revenue, higher operating costs and cause serious harm to JPMorganChase’s reputation. reputational harm.
  416. 수정JPMorganChase’s business and operations in certain countries could be adversely affected by local economic, political, regulatory and social factors.
    JPMorganChase’s business and operations in certain countries can could be adversely affected by local economic, political, regulatory and social factors.
  417. 수정JPMorganChase’s business and operations in certain countries could be adversely affected by local economic, political, regulatory and social factors.
    Some of the countries in which where JPMorganChase conducts business have economies or markets that are less developed and more volatile or may have political, legal and regulatory regimes that are unpredictable or less established or predictable than other countries in which JPMorganChase operates. established. In addition, in some jurisdictions in which places where JPMorganChase conducts business, the local economy and business activities are subject to substantial government influence or control. Some of these countries have in the past experienced economic disruptions, including:
  418. 수정JPMorganChase’s business and operations in certain countries could be adversely affected by local economic, political, regulatory and social factors.
    The governments in these countries have sometimes reacted to these developments by imposing restrictive policies that adversely affect the local and regional business environment, such as:
  419. 수정JPMorganChase’s business and operations in certain countries could be adversely affected by local economic, political, regulatory and social factors.
    The impact of these actions could be accentuated in trading markets that are smaller, less liquid and more volatile than more-developed markets. These types of government actions can negatively affect JPMorganChase’s operations in the relevant country, either directly or by suppressing the local business activities of local clients or multi-national clients that conduct business in the jurisdiction. clients.
  420. 수정JPMorganChase’s business and operations in certain countries could be adversely affected by local economic, political, regulatory and social factors.
    •an outbreak •outbreaks or escalation escalations of hostilities, or other geopolitical instabilities
  421. 수정JPMorganChase’s business and operations in certain countries could be adversely affected by local economic, political, regulatory and social factors.
    These economic, political, regulatory and social types of developments have in the past resulted in, and in the future could lead to, conditions that can could adversely affect JPMorganChase’s operations in those the affected countries and impair the revenues, growth and profitability of those operations. In addition, any of these events or circumstances in one country can could affect JPMorganChase’s operations and investments in another country or countries, country, including in the U.S.
  422. 수정Various factors could impact JPMorganChase’s workforce.
    •the emerging need for more-skilled workers in an evolving labor and workplace environment, including due to changes in technology and
  423. 수정Various factors could impact JPMorganChase’s workforce.
    •targeted recruitment of JPMorganChase employees by competitors, and competitors.
  424. 수정Various factors could impact JPMorganChase’s workforce.
    JPMorganChase's JPMorganChase’s performance and competitive position could be materially and adversely affected if it is unable to attract or retain qualified employees for its workforce or to devise and execute effective effectively manage succession planning for key leadership roles, such as the Chief Executive Officer, members of the Operating Committee and other senior leaders. In addition, restrictive immigration or travel policies in the U.S. and other countries could inhibit JPMorganChase’s ability to attract and retain qualified employees, or necessitate adjustments to operating models that could reduce operational efficiency or increase costs.
  425. 수정Various factors could impact JPMorganChase’s workforce.
    Advances in technology, such as automation, AI and data science, could lead to workforce displacement. This could require JPMorganChase to invest in additional employee training, manage impacts on morale and retention, and compete for employment candidates who possess more advanced technological skills, all of which could have a negative impact on JPMorganChase’s business and operations.
  426. 삭제Summary
    The principal risk factors that could adversely affect JPMorganChase’s business, results of operations, financial condition, capital position, liquidity, competitive position or reputation include:
  427. 삭제Summary
    •Liquidity risks, including the risk that JPMorganChase’s liquidity could be impaired by market-wide illiquidity or disruption, unforeseen liquidity or capital requirements, the inability to sell assets, default by a significant market participant, unanticipated outflows of cash or collateral, or lack of market or customer confidence in JPMorganChase; the dependence of JPMorgan Chase & Co. on the cash flows of its subsidiaries; and the potential adverse effects that any downgrade in any of JPMorganChase’s credit ratings may have on its liquidity and cost of funding.
  428. 삭제Summary
    •Capital risks, including the risk that any failure by or inability of JPMorganChase to maintain the required level and composition of capital, or unfavorable changes in applicable capital requirements, could limit JPMorganChase’s ability to distribute capital to shareholders or to support its business activities.
  429. 삭제Summary
    •Operational risks, including risks associated with JPMorganChase’s dependence on its operational systems and its employees, as well as the systems and employees of third parties, market participants and service providers; the potential negative effects of failing to identify and address operational risks related to the failure of internal or external operational systems, the introduction of or changes to products, services and delivery platforms or the adoption of new technologies; risks related to safeguarding personal information; the harm that could be caused by a successful cyber attack affecting JPMorganChase or by other extraordinary events; risks associated with JPMorganChase’s risk management framework and control environment, its models and estimations and associated judgments used in its stress testing and financial statements, and controls over disclosure and financial reporting; and potential adverse effects of failing to comply with applicable standards for the oversight of vendors and other service providers.
  430. 삭제Summary
    •Conduct risks, including the negative impact that can result from the actions or misconduct of employees, including any failure of employees to conduct themselves in accordance with JPMorganChase’s expectations, policies and practices.
  431. 삭제Summary
    •Reputation risks, including the potential adverse effects on JPMorganChase’s relationships with its clients, customers, shareholders, regulators and other stakeholders that could arise from employee misconduct, security breaches, inadequate risk management, compliance or operational failures, litigation and regulatory investigations, failure to satisfy expectations concerning environmental, social and governance concerns, failure to effectively manage conflicts of interest or to satisfy fiduciary obligations, or other factors that could damage JPMorganChase’s reputation.
  432. 삭제Summary
    •People risks, including the criticality of attracting and retaining qualified employees; and the potential adverse effects of unfavorable changes in immigration or travel policies on JPMorganChase’s workforce.
  433. 삭제Summary
    •Legal risks, including those relating to litigation and regulatory and government investigations.
  434. 삭제된 항목
    Regulatory
  435. 삭제된 항목
    JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
  436. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    JPMorganChase is a financial services firm with operations worldwide. JPMorganChase must comply with the laws, rules and regulations that apply to its operations in all of the jurisdictions around the world in which it does business, and financial services firms such as JPMorganChase are subject to extensive and constantly-evolving regulation and supervision.
  437. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    The regulation and supervision of JPMorganChase significantly affects the way that it conducts its business and structures its operations, and JPMorganChase could be required to make changes to its business and operations in response to supervisory expectations or decisions or to new or changed laws, rules and regulations. These types of developments could result in JPMorganChase incurring additional costs or experiencing a reduction in revenues to comply with applicable laws, rules and regulations, which could reduce its profitability. Furthermore, JPMorganChase’s entry into or acquisition of a new business or an increase in its principal investments may require JPMorganChase to comply with additional laws, rules, and regulations.
  438. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    Additionally, JPMorganChase’s ability to execute certain business initiatives could become more challenging due to increased regulation in the financial services industry, such as limitations on late payment, overdraft and interchange fees. This could adversely affect JPMorganChase’s earnings from its consumer businesses, prompting the reevaluation or adjustment of certain businesses or product offerings, as well as the reallocation of resources and incurrence of restructuring costs, which could impact revenue and profitability in the affected lines of business.
  439. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    In response to new and existing laws, rules and regulations and expanded supervision, JPMorganChase has in the past been and could in the future be, required to:
  440. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    •pay higher taxes (including as part of any minimum global tax regime), assessments, levies or other governmental charges, including in connection with the resolution of tax examinations
  441. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    •incur losses, including with respect to fraudulent transactions perpetrated against its customers
  442. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    •impose restrictions on certain business activities, or
  443. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    Any failure by JPMorganChase to comply with the laws, rules and regulations to which it is subject could result in:
  444. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    •regulatory and governmental enforcement actions
  445. 삭제JPMorganChase’s businesses are highly regulated, and the laws, rules and regulations that apply to JPMorganChase have a significant impact on its business and operations.
    •harm to its reputation.
  446. 삭제된 항목
    Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
  447. 문장 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    The content and application of laws, rules and regulations affecting financial services firms can vary according to factors such as the size of the firm, the jurisdiction in which it is organized or operates, and other criteria.
  448. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •financial technology companies and other non-traditional competitors may not be subject to banking regulation, or may be supervised by a national or state regulatory agency that does not have the same resources or regulatory priorities as the regulatory agencies that supervise more diversified financial services firms, or
  449. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    These types of differences in the regulatory and supervisory framework can result in JPMorganChase losing market share to competitors that are less regulated or not subject to regulation, especially with respect to unregulated financial products.
  450. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    There can also be significant differences in the ways that similar regulatory initiatives affecting the financial services industry are implemented in the U.S. and in other countries and regions in which JPMorganChase does business. For example, when adopting rules that are intended to implement a global regulatory or supervisory standard, a national regulator may introduce additional or more restrictive requirements, which can create competitive disadvantages for financial services firms, such as JPMorganChase, that may be subject to those enhanced regulations.
  451. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    In addition, certain national and multi-national bodies and governmental agencies outside the U.S. have adopted laws, rules or regulations that may conflict with or prohibit JPMorganChase from complying with laws, rules and regulations to which it is otherwise subject, creating conflict of law issues that also increase its risk of non-compliance in those jurisdictions.
  452. 문장 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    These include laws, rules and regulations that have been adopted or proposed, as well as regulatory expectations, relating to:
  453. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •the implementation of processes within locally-based subsidiaries to comply with local regulatory requirements or expectations
  454. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •position limits and reporting rules for derivatives
  455. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •governance and accountability regimes
  456. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •conduct of business and control requirements, and
  457. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •restrictions on compensation.
  458. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •incur higher operational and compliance costs
  459. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •change the prices that it charges for its products and services
  460. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •curtail the products and services that it offers to its customers and clients
  461. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •become subject to regulatory fines, penalties or other sanctions, or
  462. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    •incur higher costs for complying with different legal and regulatory frameworks.
  463. 삭제Differences and inconsistencies in financial services regulation and supervision can negatively impact JPMorganChase’s businesses, operations and financial results.
    Any or all of these factors could harm JPMorganChase’s ability to compete against other firms that are not subject to the same laws, rules and regulations or supervisory oversight, or harm JPMorganChase’s businesses, results of operations and profitability.
  464. 삭제된 항목
    Resolving regulatory investigations can subject JPMorganChase to significant penalties and collateral consequences, and could result in higher compliance costs or restrictions on its operations.
  465. 삭제Resolving regulatory investigations can subject JPMorganChase to significant penalties and collateral consequences, and could result in higher compliance costs or restrictions on its operations.
    JPMorganChase is subject to heightened oversight and scrutiny from regulatory authorities in many jurisdictions. JPMorganChase has paid significant fines, provided other monetary relief, incurred other penalties and experienced other repercussions in connection with resolving investigations and enforcement actions by governmental agencies. JPMorganChase could become subject to similar regulatory or governmental resolutions or other actions in the future, and addressing the requirements of any such resolutions or actions could result in JPMorganChase incurring higher operational and compliance costs, including devoting substantial resources to the required remediation or needing to comply with other restrictions.
  466. 문장 삭제Resolving regulatory investigations can subject JPMorganChase to significant penalties and collateral consequences, and could result in higher compliance costs or restrictions on its operations.
    These types of admissions can lead to:
  467. 삭제Resolving regulatory investigations can subject JPMorganChase to significant penalties and collateral consequences, and could result in higher compliance costs or restrictions on its operations.
    •damage to JPMorganChase’s reputation
  468. 삭제Resolving regulatory investigations can subject JPMorganChase to significant penalties and collateral consequences, and could result in higher compliance costs or restrictions on its operations.
    •other direct and indirect adverse effects.
  469. 삭제Resolving regulatory investigations can subject JPMorganChase to significant penalties and collateral consequences, and could result in higher compliance costs or restrictions on its operations.
    JPMorganChase expects that:
  470. 삭제Resolving regulatory investigations can subject JPMorganChase to significant penalties and collateral consequences, and could result in higher compliance costs or restrictions on its operations.
    •it and other financial services firms will continue to be subject to heightened regulatory scrutiny and governmental investigations and enforcement actions
  471. 삭제Resolving regulatory investigations can subject JPMorganChase to significant penalties and collateral consequences, and could result in higher compliance costs or restrictions on its operations.
    •governmental authorities will continue to require that financial institutions be penalized for actual or deemed violations of law with formal and punitive enforcement actions, including the imposition of significant monetary and other sanctions, rather than resolving these matters through informal supervisory actions, and
  472. 삭제된 항목
    JPMorganChase’s operations and financial results can be negatively impacted in jurisdictions with less predictable legal and regulatory frameworks.
  473. 삭제JPMorganChase’s operations and financial results can be negatively impacted in jurisdictions with less predictable legal and regulatory frameworks.
    •conflicting or ambiguous laws, rules, regulations and judicial orders, or the inconsistent application or interpretation of existing laws, rules, regulations and judicial precedents
  474. 문장 삭제JPMorganChase’s operations and financial results can be negatively impacted in jurisdictions with less predictable legal and regulatory frameworks.
    For example, JPMorganChase has faced actual and threatened litigation in Russia with respect to payments that JPMorganChase cannot make under, and is contractually excused from paying as a result of, relevant economic sanctions laws. That litigation has also resulted in the seizure of assets. In addition, conducting business in jurisdictions with less predictable legal and regulatory frameworks could require JPMorganChase to devote significant additional resources to understanding local laws, rules and regulations, as well as structuring its operations to comply with local laws, rules and regulations and implementing and administering related internal policies and procedures.
  475. 삭제JPMorganChase’s operations and financial results can be negatively impacted in jurisdictions with less predictable legal and regulatory frameworks.
    There can be no assurance that JPMorganChase will always be successful in its efforts to fully understand and to conduct its business in compliance with the laws, rules and regulations of all of the jurisdictions in which it operates, and the risk of non-compliance, or of interference with JPMorganChase's businesses, can be greater in jurisdictions that have less predictable legal and regulatory frameworks.
  476. 삭제JPMorganChase's businesses may be negatively impacted by governmental policies that either discourage or penalize business with certain industries or require specific business practices.
    •harm to its reputation arising from public criticism, including from politicians, activists and other stakeholders.
  477. 삭제JPMorganChase's businesses may be negatively impacted by governmental policies that either discourage or penalize business with certain industries or require specific business practices.
    JPMorganChase has been prohibited from engaging in certain business activities in specific jurisdictions as a result of these types of governmental actions, and there is no assurance that it will not face similar restrictions on its business and operations in the future.
  478. 삭제된 항목
    Requirements for the orderly resolution of JPMorganChase could result in JPMorganChase having to restructure or reorganize its businesses and could increase its funding or operational costs or curtail its businesses.
  479. 문장 삭제Requirements for the orderly resolution of JPMorganChase could result in JPMorganChase having to restructure or reorganize its businesses and could increase its funding or operational costs or curtail its businesses.
    The evaluation of JPMorganChase’s resolution plan by these agencies may change, and the requirements for resolution plans may be modified from time to time.
  480. 삭제Holders of JPMorgan Chase & Co.’s debt and equity securities will absorb losses if it were to enter into a resolution.
    •in a bankruptcy proceeding under Chapter 11 of the U.S. Bankruptcy Code, or
  481. 삭제Holders of JPMorgan Chase & Co.’s debt and equity securities will absorb losses if it were to enter into a resolution.
    •in a receivership administered by the FDIC under Title II of the Dodd-Frank Act (“Title II”).
  482. 삭제된 항목
    Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.
  483. 삭제Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.
    •monetary policies and actions taken by the Federal Reserve and other central banks or governmental authorities, including changes in interest rate levels and any sustained large-scale asset purchases or any suspension or reversal of those actions
  484. 삭제Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.
    •isolationist foreign policies
  485. 삭제Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.
    •actions that the government takes or fails to take in response to the effects of health emergencies, the spread of infectious diseases, epidemics or pandemics.
  486. 삭제Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.
    These types of political developments, and uncertainty about the possible outcomes of these developments, could:
  487. 삭제Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.
    •the possible departure of a country from, or the dissolution or formation of, a political or economic alliance or treaty.
  488. 삭제Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.
    Under certain circumstances, such as geopolitically challenging situations in regions like Russia, the Middle East and China, these various risks could become highly correlated or combine in unprecedented ways.
  489. 삭제Economic uncertainty or instability caused by political and geopolitical developments can negatively impact JPMorganChase’s businesses.
    Any of these potential outcomes could cause JPMorganChase to suffer losses on its market-making positions or in its investment portfolio, reduce its liquidity and capital levels, increase the allowance for credit losses or lead to higher net charge-offs, hamper its ability to deliver products and services to its clients and customers, and weaken its results of operations and financial condition or credit rating.
  490. 삭제Economic and market events and conditions can materially affect JPMorganChase’s businesses and investment and market-making positions.
    •investor, consumer and business sentiment
  491. 삭제Economic and market events and conditions can materially affect JPMorganChase’s businesses and investment and market-making positions.
    •events that reduce confidence in the financial markets
  492. 삭제Economic and market events and conditions can materially affect JPMorganChase’s businesses and investment and market-making positions.
    •inflation, deflation or recession
  493. 삭제Economic and market events and conditions can materially affect JPMorganChase’s businesses and investment and market-making positions.
    •high unemployment or, conversely, a tightening labor market
  494. 삭제Economic and market events and conditions can materially affect JPMorganChase’s businesses and investment and market-making positions.
    •the economic effects of an outbreak or escalation of war, hostilities, terrorism or other geopolitical instabilities, cyber attacks, climate change, natural disasters, severe weather conditions, health emergencies, the spread of infectious diseases, epidemics or pandemics or other extraordinary events beyond JPMorganChase’s control, and
  495. 삭제Economic and market events and conditions can materially affect JPMorganChase’s businesses and investment and market-making positions.
    •unexpected credit events
  496. 삭제JPMorganChase’s consumer businesses can be negatively affected by adverse economic conditions and governmental policies.
    •personal and household income distribution
  497. 삭제JPMorganChase’s consumer businesses can be negatively affected by adverse economic conditions and governmental policies.
    Heightened levels of unemployment or underemployment that result in reduced personal and household income could negatively affect consumer credit performance to the extent that consumers are less able to service their debts. In addition, sustained low growth, low or negative interest rates, inflationary pressures or recessionary conditions could diminish customer demand for the products and services offered by JPMorganChase’s consumer businesses.
  498. 문장 삭제JPMorganChase’s consumer businesses can be negatively affected by adverse economic conditions and governmental policies.
    These consequences could be significantly worse in certain geographies, including where declining industrial or manufacturing activity has resulted in or could result in higher levels of unemployment, or where high levels of consumer debt, such as outstanding student loans, could impair the ability of customers to pay their other consumer loan obligations.
  499. 삭제JPMorganChase’s consumer businesses can be negatively affected by adverse economic conditions and governmental policies.
    JPMorganChase’s earnings from its consumer businesses could also be adversely affected by governmental policies and actions that affect consumers, including:
  500. 삭제JPMorganChase’s consumer businesses can be negatively affected by adverse economic conditions and governmental policies.
    •policies and initiatives relating to medical insurance, education, immigration and housing, or that may impact employment status
  501. 삭제JPMorganChase’s consumer businesses can be negatively affected by adverse economic conditions and governmental policies.
    •laws, rules and regulations relating specifically to the financial services industry, such as limitations on late payment, overdraft and interchange fees, and
  502. 삭제JPMorganChase’s consumer businesses can be negatively affected by adverse economic conditions and governmental policies.
    •policies aimed at the economy more broadly, such as higher taxes and increased regulation, which could result in reductions in consumer disposable income.
  503. 문장 삭제Unfavorable market and economic conditions can have an adverse effect on JPMorganChase’s wholesale businesses.
    In JPMorganChase’s wholesale businesses, market and economic factors can affect the volume of transactions that JPMorganChase executes for its clients or for which it advises clients, and, therefore, the revenue that JPMorganChase receives from those transactions. Furthermore, if a significant and sustained deterioration in market conditions were to occur, the profitability of JPMorganChase’s businesses engaged in capital markets activities, including loan syndication, securities underwriting and leveraged lending activities, could be reduced to the extent that those businesses:
  504. 문장 삭제Unfavorable market and economic conditions can have an adverse effect on JPMorganChase’s wholesale businesses.
    For example, the businesses of certain of JPMorganChase’s wholesale clients are dependent on consistent streams of rental income from commercial real estate properties, including offices, which are owned or being built by those clients. Sustained adverse economic conditions or hybrid work models could result in reductions in the rental cash flows that owners or developers receive from their tenants which, in turn, could depress the values of the properties, impair the ability of borrowers to service or refinance their commercial real estate loans and lead to an increase in foreclosures.
  505. 문장 삭제Changes in interest rates and credit spreads can adversely affect JPMorganChase’s earnings, its liquidity or its capital levels.
    When interest rates are high or increasing, JPMorganChase can generally be expected to earn higher net interest income.
  506. 삭제Changes in interest rates and credit spreads can adversely affect JPMorganChase’s earnings, its liquidity or its capital levels.
    •losses on underwriting exposures or incremental client-specific downgrades, or increases in the allowance for credit losses and net charge-offs due to higher financing costs for clients
  507. 삭제Changes in interest rates and credit spreads can adversely affect JPMorganChase’s earnings, its liquidity or its capital levels.
    •the loss of deposits, particularly if customers withdraw deposits because they believe that interest rates offered by JPMorganChase are lower than those of competitors or if JPMorganChase makes incorrect assumptions about depositor behavior
  508. 삭제Changes in interest rates and credit spreads can adversely affect JPMorganChase’s earnings, its liquidity or its capital levels.
    •lower net interest income if central banks introduce interest rate increases more quickly than anticipated and this results in a misalignment in the pricing of short-term and long-term borrowings
  509. 삭제Changes in interest rates and credit spreads can adversely affect JPMorganChase’s earnings, its liquidity or its capital levels.
    •net interest margins to be compressed, which could reduce the amounts that JPMorganChase earns on its investment securities portfolio to the extent that it is unable to reinvest contemporaneously in higher-yielding instruments
  510. 문장 삭제JPMorganChase’s results may be materially affected by market fluctuations and significant changes in the valuation of financial instruments.
    In addition, at the time of any disposition of these financial instruments, the price that JPMorganChase ultimately realizes will depend on the demand and liquidity in the market at that time and may be materially lower than their current fair value.
  511. 문장 삭제JPMorganChase’s results may be materially affected by market fluctuations and significant changes in the valuation of financial instruments.
    JPMorganChase’s risk management and monitoring processes, including its stress testing framework, seek to quantify and manage JPMorganChase’s exposure to more extreme market moves.
  512. 삭제JPMorganChase can be negatively affected by adverse changes in the financial condition of clients, counterparties, custodians and CCPs.
    JPMorganChase routinely executes transactions with clients and counterparties such as corporations, financial institutions, asset managers, hedge funds, securities exchanges and government entities within and outside the U.S. Many of these transactions expose JPMorganChase to the credit risk of its clients and counterparties, and can involve JPMorganChase in disputes and litigation if a client or counterparty defaults. JPMorganChase can also be subject to losses or liability where a financial institution that it has appointed to provide custodial services for client assets or funds becomes insolvent as a result of fraud or the failure to abide by existing laws and obligations, or where clients are unable to access assets held by JPMorganChase as custodian due to governmental actions or other factors.
  513. 문장 삭제JPMorganChase can be negatively affected by adverse changes in the financial condition of clients, counterparties, custodians and CCPs.
    A default by, or the financial or operational failure of, a CCP through which JPMorganChase executes contracts would require JPMorganChase to replace those contracts, thereby increasing its operational costs and potentially resulting in losses.
  514. 문장 삭제JPMorganChase can be negatively affected by adverse changes in the financial condition of clients, counterparties, custodians and CCPs.
    If a client for which JPMorganChase provides these services becomes bankrupt or insolvent, JPMorganChase may incur losses, become involved in disputes and litigation with one or more CCPs, the client’s bankruptcy estate and other creditors, or be subject to regulatory investigations.
  515. 삭제JPMorganChase can be negatively affected by adverse changes in the financial condition of clients, counterparties, custodians and CCPs.
    In addition, local laws, rules and regulations could limit JPMorganChase’s ability to resolve disputes and litigation in the event of a counterparty default or unwillingness to make previously agreed-upon payments, which could subject JPMorganChase to losses.
  516. 문장 삭제JPMorganChase can be negatively affected by adverse changes in the financial condition of clients, counterparties, custodians and CCPs.
    JPMorganChase’s businesses could be significantly disrupted by such an event, particularly if it leads to other market participants incurring significant losses, experiencing liquidity issues or defaulting, and JPMorganChase is likely to have significant interrelationships with, and credit exposure to, such a significant market participant.
  517. 문장 삭제JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    This type of interrelationship could exacerbate JPMorganChase’s credit, liquidity and market risk exposure and potentially cause it to incur losses, including fair value losses in its market-making businesses and investment portfolios.
  518. 문장 삭제JPMorganChase could incur significant losses arising from concentrations of credit and market risk.
    JPMorganChase regularly monitors various segments of its credit and market risk exposures to assess the potential risks of concentration or contagion, but its ability to diversify or hedge its exposure against those risks may be limited.
  519. 삭제JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    JPMorganChase’s liquidity can be impacted at any given time as a result of factors such as:
  520. 삭제JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •changes in liquidity or capital requirements resulting from changes in laws, rules and regulations, including those in response to economic effects of systemic events
  521. 문장 삭제JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    For example, periods of market stress, low investor confidence and significant market illiquidity could result in higher funding costs for JPMorganChase and could limit its access to some of its traditional sources of liquidity.
  522. 삭제JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •satisfy applicable liquidity coverage ratio and net stable funding ratio requirements
  523. 삭제JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •address obligations under its resolution plan, or
  524. 삭제JPMorganChase’s ability to operate its businesses could be impaired if its liquidity is constrained.
    •satisfy regulatory requirements in jurisdictions outside the U.S. relating to the pre-positioning of liquidity in subsidiaries that are material legal entities.
  525. 문장 삭제JPMorgan Chase & Co. is a holding company and depends on the cash flows of its subsidiaries to make payments on its outstanding securities.
    The IHC in turn generally holds the stock of JPMorganChase’s subsidiaries other than JPMorgan Chase Bank, N.A. and its subsidiaries.
  526. 삭제JPMorgan Chase & Co. is a holding company and depends on the cash flows of its subsidiaries to make payments on its outstanding securities.
    The Parent Company is obligated to contribute to the IHC substantially all the net proceeds received from securities issuances (including issuances of senior and subordinated debt securities and of preferred and common stock).
  527. 문장 삭제JPMorgan Chase & Co. is a holding company and depends on the cash flows of its subsidiaries to make payments on its outstanding securities.
    JPMorgan Chase Bank, N.A. is subject to regulatory restrictions on its dividend distributions, as well as capital adequacy requirements, such as the Supplementary Leverage Ratio (“SLR”), and liquidity requirements and other regulatory restrictions on its ability to make payments to the Parent Company.
  528. 문장 삭제JPMorgan Chase & Co. is a holding company and depends on the cash flows of its subsidiaries to make payments on its outstanding securities.
    These limitations could affect the Parent Company’s ability to:
  529. 삭제JPMorgan Chase & Co. is a holding company and depends on the cash flows of its subsidiaries to make payments on its outstanding securities.
    These arrangements could also result in the Parent Company seeking protection under bankruptcy laws or otherwise entering into resolution proceedings at a time earlier than would have been the case absent the existence of the capital and liquidity thresholds to which JPMorgan Chase Bank, N.A. and the IHC are subject.
  530. 삭제된 항목
    Reductions in JPMorganChase’s credit ratings may adversely affect its liquidity and cost of funding.
  531. 문장 삭제Reductions in JPMorganChase’s credit ratings may adversely affect its liquidity and cost of funding.
    Rating agencies evaluate general, firm-specific and industry-specific factors when determining credit ratings for a particular financial institution, including:
  532. 문장 삭제Reductions in JPMorganChase’s credit ratings may adversely affect its liquidity and cost of funding.
    JPMorganChase closely monitors and manages, to the extent that it is able, factors that could influence its credit ratings. Furthermore, any such downgrade could occur at times of broader market instability when JPMorganChase’s options for responding to events may be more limited and general investor confidence is low.
  533. 삭제Reductions in JPMorganChase’s credit ratings may adversely affect its liquidity and cost of funding.
    A reduction in JPMorganChase’s credit ratings could curtail JPMorganChase’s business activities and reduce its profitability in a number of ways, including:
  534. 삭제된 항목
    Maintaining the required level and composition of capital may impact JPMorganChase’s ability to support business activities, meet evolving regulatory requirements and distribute capital to shareholders.
  535. 문장 삭제Maintaining the required level and composition of capital may impact JPMorganChase’s ability to support business activities, meet evolving regulatory requirements and distribute capital to shareholders.
    JPMorganChase is subject to various regulatory capital requirements, including leverage- and risk-based capital requirements. In addition, as a Global Systemically Important Bank (“GSIB”), JPMorganChase is required to hold additional capital buffers, including a GSIB surcharge, a Stress Capital Buffer (“SCB”), and a countercyclical buffer, each of which is reassessed at least annually.
  536. 삭제Maintaining the required level and composition of capital may impact JPMorganChase’s ability to support business activities, meet evolving regulatory requirements and distribute capital to shareholders.
    •actions by banking regulators, including changes in laws, rules and regulations
  537. 삭제Maintaining the required level and composition of capital may impact JPMorganChase’s ability to support business activities, meet evolving regulatory requirements and distribute capital to shareholders.
    In 2023, U.S. banking regulators released a proposal to implement the final Basel III reforms which would have significantly revised the risk-based capital requirements for banks with assets of $100 billion or more, including JPMorganChase. In addition, in 2023 the Federal Reserve released a proposal to amend the calculation of the GSIB surcharge. Uncertainty remains regarding the content of the final versions of these rule proposals and how they might ultimately apply to JPMorganChase. However, it is possible that the final rules could impact JPMorganChase’s decisions concerning the business activities in which it will engage and its levels of capital distributions to its shareholders.
  538. 삭제된 항목
    JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
  539. 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    JPMorganChase’s businesses rely on the ability of JPMorganChase’s financial, accounting, transaction execution, data processing and other operational systems, including devices supporting those systems, to process, record, monitor and report a large number of transactions on a continuous basis, and to do so accurately, quickly and securely. In addition to proper design, installation, maintenance and training, the effective functioning of JPMorganChase’s operational systems depends on:
  540. 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    •the quality of the information contained in those systems, as inaccurate, outdated, incomplete or corrupted data can significantly compromise the functionality or reliability of a particular system and other systems to which it transmits or from which it receives information, and
  541. 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    •JPMorganChase’s ability to continue to maintain and upgrade its systems on a regular and timely basis in line with technological advancements and evolving security requirements, maintain security and operational continuity of its systems, including by carefully managing any changes introduced to its systems, prevent unauthorized access and the misuse of access to its systems, and adhere to all applicable legal and regulatory requirements, particularly in regions where JPMorganChase may face a heightened risk of malicious activity.
  542. 문장 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    JPMorganChase has experienced and expects that it will continue to experience failures and disruptions in the stability of its operational systems, including degraded performance of data processing systems, data quality issues, disruptions of network connectivity and malfunctioning software, as well as disruptions in its ability to access and use the operational systems of third parties and interruptions in service from third-party service providers. These incidents have resulted in various negative effects for customers, including the inability to access account information or transact through ATM, internet or mobile channels, the exfiltration of customer personal data, the recording of duplicative transactions and extended delays for customers requiring services from call centers.
  543. 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    •disruptions in operational systems or in the ability of systems to communicate with each other could be caused by failures in synchronization or encryption software, or degraded performance of microprocessors, and
  544. 문장 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    JPMorganChase also depends on its ability to access and use the operational systems of third parties, including its custodians, vendors (such as those that provide data and cloud computing services, and security and technology services) and other market participants (such as clearing and payment systems, CCPs and securities exchanges). These external operational systems with which JPMorgan is connected, whether directly or indirectly, can be sources of operational risk to JPMorganChase. JPMorganChase may be exposed not only to a systems failure or cyber attack that may be experienced by a vendor or market infrastructure with which JPMorganChase is directly connected, but also to a systems breakdown or cyber attack involving another party to which such a vendor or infrastructure is connected.
  545. 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    If an external party obtains access to customer account data on JPMorganChase’s systems, whether authorized or unauthorized, and that party misappropriates that data, this could result in negative outcomes for JPMorganChase and its clients and customers, including a heightened risk of fraudulent transactions using JPMorganChase’s systems, losses from fraudulent transactions and reputational harm arising from the perception that JPMorganChase’s systems may not be secure.
  546. 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    The ineffectiveness, failure or other disruption of operational systems upon which JPMorganChase depends, including due to a systems malfunction, cyber incident or other systems failure, could result in unfavorable ripple effects in the financial markets and for JPMorganChase and its clients and customers, including:
  547. 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    •dissatisfaction among JPMorganChase’s clients or customers
  548. 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    •significant exposure to litigation and regulatory fines, penalties or other sanctions, and
  549. 삭제JPMorganChase’s businesses are dependent on the effectiveness of internal and external operational systems.
    If JPMorganChase’s operational systems, or those of acquired businesses or of external parties on which
  550. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    JPMorganChase experiences numerous cyber attacks on its computer systems, software, networks and other technology assets on a daily basis from various actors, including groups acting on behalf of hostile countries, cyber-criminals, “hacktivists” (i.e., individuals or groups that use technology to promote a political agenda or social change) and others. These cyber attacks can take many forms, including attempts to introduce computer viruses or malicious code, which are commonly referred to as “malware,” into JPMorganChase’s systems. These attacks are often designed to:
  551. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •destroy data or systems with the aim of rendering services unavailable
  552. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •disrupt, sabotage or degrade service on JPMorganChase’s systems
  553. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    JPMorganChase also experiences:
  554. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •distributed denial-of-service attacks intended to disrupt JPMorganChase’s websites, including those that provide online banking and other services,
  555. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •a high volume of disruptions to internet-based services used by JPMorganChase that are provided by third parties.
  556. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    A principal reason that JPMorganChase cannot provide absolute security against cyber attacks is that it may not always be possible to anticipate, detect or recognize threats to JPMorganChase’s systems, or to implement effective preventive measures against all breaches due to evolving risks, including:
  557. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •cyber attacks can originate from a wide variety of sources, including JPMorganChase’s own employees, cyber-criminals, hacktivists, groups linked to terrorist organizations or hostile nation-states that can sustain malicious activities for extended periods, or third parties whose objective is to disrupt the operations of financial institutions more generally
  558. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    The risk of a security breach due to a cyber attack could increase in the future due to factors such as:
  559. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •JPMorganChase’s ongoing expansion of its digital banking and other internet-based product offerings and its internal use of internet-based products and applications, including those that use cloud computing services
  560. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •the inability to maintain the security of information transmitted by JPMorganChase due to advances in quantum computing that may counteract or nullify existing information protections, and
  561. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •the acquisition and integration of new businesses.
  562. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    The dynamic nature of the cyber threat landscape, including the pace of innovation and increased threat of novel attack methods, necessitates ongoing investment in, as well as enhancement and adaptation of, cybersecurity controls, including the adoption of enhanced security measures in certain jurisdictions. Failure to discover or address emerging threats, known vulnerabilities or shortcomings in cybersecurity controls, or to prioritize or complete enhancements to address them, in each case in a timely manner, may leave JPMorganChase vulnerable to cyber attacks, potentially resulting in data breaches, financial losses, reputational damage and regulatory penalties, including the failure to prioritize or complete enhancements relating to:
  563. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •oversight of third-party vendors and early detection of attacks against those vendors, including ransomware attacks and attacks targeting vulnerabilities in third-party open-source software, in support of the secure development and maintenance of internal systems
  564. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    A successful penetration or circumvention of the security of JPMorganChase’s systems or the systems of a vendor, governmental body or another market participant could cause serious negative consequences, including:
  565. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •significant disruption of JPMorganChase’s operations and those of its clients, customers and counterparties, including losing access to operational systems
  566. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •losses to JPMorganChase in excess of cyber insurance policy coverage
  567. 삭제A successful cyber attack affecting JPMorganChase could cause significant harm to JPMorganChase and its clients and customers.
    •dissatisfaction among JPMorganChase’s clients, customers or counterparties
  568. 삭제JPMorganChase can be negatively affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services and delivery platforms or the adoption of new technologies.
    When JPMorganChase launches a new product or service, introduces a new platform for the delivery or distribution of products or services (including mobile connectivity, electronic trading and cloud computing), acquires or invests in a business, makes changes to an existing product, service or delivery platform, or adopts a new technology, it may not fully appreciate or identify new operational risks that may arise from those changes, including increased reliance on third party providers, or may fail to implement adequate controls to mitigate the risks associated with those changes. Any significant failure in this regard could diminish JPMorganChase’s ability to operate one or more of its businesses or result in:
  569. 삭제JPMorganChase can be negatively affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services and delivery platforms or the adoption of new technologies.
    •higher litigation costs, including regulatory fines, penalties and other sanctions
  570. 삭제JPMorganChase can be negatively affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services and delivery platforms or the adoption of new technologies.
    •damage to JPMorganChase’s reputation
  571. 삭제JPMorganChase can be negatively affected if it fails to identify and address operational risks associated with the introduction of or changes to products, services and delivery platforms or the adoption of new technologies.
    •regulatory intervention, or
  572. 삭제JPMorganChase’s business and operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of employees.
    •the ineffective implementation of business decisions
  573. 삭제JPMorganChase’s business and operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of employees.
    •any failure to institute controls that appropriately address risks associated with business activities, or to appropriately train employees with respect to those risks and controls
  574. 삭제JPMorganChase’s business and operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of employees.
    •the possibility that significant portions of JPMorganChase’s workforce are unable to work effectively, including because of illness, quarantines, shelter-in-place arrangements, government actions or other restrictions in connection with health emergencies, the spread of infectious diseases, epidemics or pandemics, or due to extraordinary events beyond JPMorganChase’s control such as natural disasters or an outbreak or escalation of hostilities
  575. 삭제JPMorganChase’s business and operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of employees.
    •a significant operational breakdown or failure, theft, fraud or other unlawful conduct, or
  576. 삭제JPMorganChase’s business and operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of employees.
    •other negative outcomes caused by human error or misconduct by an employee of JPMorganChase or of another party on which JPMorganChase’s businesses or operations rely.
  577. 삭제JPMorganChase’s business and operations rely on its ability, and the ability of key external parties, to maintain appropriately-staffed workforces, and on the competence, trustworthiness, health and safety of employees.
    JPMorganChase’s operations could also be impaired if the measures taken by it or by governmental authorities to protect the health and safety of its employees are ineffective, or if any external party on which JPMorganChase relies fails to take appropriate and effective actions to protect the health and safety of its employees.
  578. 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    JPMorganChase’s businesses and operations are subject to complex and evolving laws, rules and regulations, both within and outside the U.S., governing the privacy and protection of personal information of individuals. Governmental authorities around the world have adopted and are considering the adoption of numerous legislative and regulatory initiatives concerning privacy, data protection and security. Litigation or enforcement actions relating to these laws, rules and regulations could result in fines or orders requiring that JPMorganChase change its data-related practices, which could have an adverse effect on JPMorganChase’s ability to provide products and otherwise harm its business operations.
  579. 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    Implementing processes relating to JPMorganChase’s collection, use, sharing and storage of personal information to comply with all applicable laws, rules and regulations in all relevant jurisdictions, including where the laws of different jurisdictions are in conflict, can:
  580. 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    •increase JPMorganChase’s compliance and operating costs
  581. 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    •hinder the development of new products or services, curtail the offering of existing products or services, or affect how products and services are offered to clients and customers
  582. 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    •demand significant oversight by JPMorganChase’s management, and
  583. 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    Not all of JPMorganChase’s clients, customers, vendors, counterparties and other external parties may have appropriate controls in place to protect the confidentiality, integrity or availability of the information exchanged between them and JPMorganChase, particularly where information is transmitted by electronic means. JPMorganChase could be exposed to litigation or regulatory fines, penalties or other sanctions if personal information of clients, customers, employees or others were to be mishandled or misused, such as situations where such information is:
  584. 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    •erroneously provided to parties who are not permitted to have the information, or
  585. 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    •intercepted or otherwise compromised by unauthorized third parties.
  586. 문장 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    This challenge necessitates ongoing enhancements to client verification systems and security protocols to prevent unauthorized access and protect sensitive client information.
  587. 문장 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    Furthermore, any failure or perceived failure by JPMorganChase to comply with applicable privacy or data protection laws, rules and regulations, or any failure to appropriately calibrate, manage and monitor access by employees or third parties to personal information, could subject JPMorganChase to inquiries, examinations and investigations that could result in requirements to modify or cease certain operations or practices, significant liabilities or regulatory fines, penalties or other sanctions.
  588. 삭제JPMorganChase faces substantial legal and operational risks in the processing and safeguarding of personal information.
    In recent years, well-publicized incidents involving the inappropriate collection, use, sharing or storage of personal information have led to expanded governmental scrutiny of practices relating to the processing or safeguarding of personal information by companies in the U.S. and other countries. That scrutiny has in some cases resulted in, and could in the future lead to, the adoption of stricter laws, rules and regulations relating to the collection, use, sharing and storage of personal information. These types of laws, rules and regulations can prohibit or significantly restrict financial services firms such as JPMorganChase from transferring information across national borders or sharing information among affiliates or with third parties such as vendors, thereby increase compliance costs and operational risk, or restrict JPMorganChase’s use of personal information when developing or offering products or services to customers. Some countries are considering or have adopted legislation implementing data protection requirements or requiring local storage and processing of data which could increase the cost and complexity of JPMorganChase’s delivery of products and services. These restrictions could also inhibit JPMorganChase’s development or marketing of certain products or services, or increase the costs of offering them to customers.
  589. 삭제JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •effects of climate change
  590. 삭제JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •natural disasters or severe weather conditions
  591. 삭제JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •health emergencies, the spread of infectious diseases, epidemics or pandemics, or
  592. 삭제JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •events arising from local or larger-scale civil or political unrest, any outbreak or escalation of hostilities, or terrorist acts.
  593. 삭제JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    JPMorganChase operates a Firmwide resiliency framework that is intended to enable it to prepare for and adapt to changing conditions and withstand and recover from, and address any adverse effects on its operations caused by, disruptions that may impact critical business functions and supporting assets, including its staff, technology, data and facilities and those of third-party service providers.
  594. 문장 삭제JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    Although not every form of disruption can be anticipated or defended against, JPMorganChase strives for resiliency or recovery in a range of scenarios in the event of a disruption, including due to the occurrence of an extraordinary event beyond its control.
  595. 삭제JPMorganChase’s operations, results and reputation could be harmed by occurrences of extraordinary events beyond its control.
    •harm its reputation.
  596. 삭제된 항목
    Data quality is essential to JPMorganChase’s business and operations, and if JPMorganChase fails to maintain adequate data management processes, this could adversely affect its ability to effectively manage its businesses, comply with applicable laws, rules and regulations, or remain competitive.
  597. 삭제Data quality is essential to JPMorganChase’s business and operations, and if JPMorganChase fails to maintain adequate data management processes, this could adversely affect its ability to effectively manage its businesses, comply with applicable laws, rules and regulations, or remain competitive.
    •business activities, such as those related to managing JPMorganChase's market-making positions and liquidity and capital levels, including reliance on timely data for informed decision-making
  598. 문장 삭제Enhanced regulatory and other standards for the oversight of vendors and other service providers can result in higher costs and other potential exposures.
    JPMorganChase incurs significant costs and expenses in connection with its initiatives to address the risks associated with oversight of its internal and external service providers.
  599. 삭제Enhanced regulatory and other standards for the oversight of vendors and other service providers can result in higher costs and other potential exposures.
    •regulatory fines, penalties or other sanctions
  600. 삭제Enhanced regulatory and other standards for the oversight of vendors and other service providers can result in higher costs and other potential exposures.
    •increased operational costs, or
  601. 삭제된 항목
    JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.
  602. 문장 삭제JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.
    Any inadequacy or lapse in JPMorganChase’s risk management framework, governance structure, practices, models or reporting systems, or in its control environment, could expose it to unexpected losses, and its financial condition or results of operations could be materially and adversely affected.
  603. 삭제JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.
    •lead to non-compliance with laws, rules and regulations
  604. 삭제JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.
    •attract heightened regulatory scrutiny
  605. 삭제JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.
    •expose JPMorganChase to litigation, regulatory investigations or regulatory fines, penalties or other sanctions
  606. 삭제JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.
    •lead to potential harm to customers and clients, and any liability associated with that harm
  607. 삭제JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.
    •harm its reputation, or
  608. 삭제JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.
    •otherwise diminish confidence in JPMorganChase.
  609. 삭제JPMorganChase’s risk management framework and control environment will not be effective in identifying and mitigating every risk to JPMorganChase.
    Many of JPMorganChase’s risk management strategies and techniques consider historical market behavior and to some degree are based on management’s subjective judgment or assumptions. For example, many models used by JPMorganChase are based on assumptions regarding historical correlations among prices of various asset classes or other market indicators. In times of market stress, including difficult or less liquid market environments, or in the event of other unforeseen circumstances, previously uncorrelated indicators may become correlated. Conversely, previously-correlated indicators may become uncorrelated at those times. Sudden market movements and unanticipated market or economic events could, in some circumstances, limit the effectiveness of JPMorganChase’s risk management strategies, causing it to incur losses.
  610. 문장 삭제JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.
    JPMorganChase also uses internal models and estimations as a basis for its stress testing and in connection with the preparation of its financial statements under U.S. generally accepted accounting principles (“U.S. GAAP”).
  611. 문장 삭제JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.
    In addition, JPMorganChase may experience increased uncertainty in its estimates if assets acquired differ from those used to develop those models, which may lead to unexpected losses.
  612. 문장 삭제JPMorganChase could recognize unexpected losses, its capital levels could be reduced and it could face greater regulatory scrutiny if its models, estimations or judgments, including those used in its financial statements, are inadequate or incorrect.
    Some of the models and other analytical and judgment-based estimations used by JPMorganChase in managing risks are subject to review by, and require the approval of, JPMorganChase’s regulators.
  613. 삭제된 항목
    Lapses, weaknesses or deficiencies in controls over disclosure or financial reporting could materially affect JPMorganChase’s profitability or reputation.
  614. 삭제Lapses, weaknesses or deficiencies in controls over disclosure or financial reporting could materially affect JPMorganChase’s profitability or reputation.
    JPMorganChase’s businesses and operations are subject to complex and evolving laws, rules and regulations, both within and outside the U.S., requiring continuous enhancements to various disclosures in its financial statements and regulatory reports.
  615. 문장 삭제Lapses, weaknesses or deficiencies in controls over disclosure or financial reporting could materially affect JPMorganChase’s profitability or reputation.
    There can be no assurance that JPMorganChase’s disclosure controls and procedures will be effective in every circumstance, or that a material weakness or significant deficiency in internal control over financial reporting will not occur.
  616. 삭제Lapses, weaknesses or deficiencies in controls over disclosure or financial reporting could materially affect JPMorganChase’s profitability or reputation.
    •expose it to litigation or regulatory fines, penalties or other sanctions
  617. 삭제Lapses, weaknesses or deficiencies in controls over disclosure or financial reporting could materially affect JPMorganChase’s profitability or reputation.
    •harm its reputation, or
  618. 삭제Lapses, weaknesses or deficiencies in controls over disclosure or financial reporting could materially affect JPMorganChase’s profitability or reputation.
    •otherwise diminish investor confidence in JPMorganChase.
  619. 문장 삭제JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies, and to anticipate changes affecting those strategies.
    Management’s effectiveness in this regard will affect
  620. 삭제JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies, and to anticipate changes affecting those strategies.
    •allocate capital appropriately due to imprecise modeling or subjective judgments made in connection with those allocations
  621. 삭제JPMorganChase’s results or competitive standing could suffer if its management fails to develop and execute effective business strategies, and to anticipate changes affecting those strategies.
    •appropriately address concerns of clients, customers, investors, employees and other stakeholders, including with respect to climate and other ESG matters
  622. 삭제된 항목
    JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
  623. 문장 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    JPMorganChase expects that competition in the U.S. and global financial services industry will continue to be intense. Competitors include:
  624. 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    •other banks and financial institutions
  625. 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    •trading, advisory and investment management firms
  626. 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    •finance companies
  627. 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    •technology companies, and
  628. 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    •other non-bank firms that are engaged in providing similar as well as new products and services.
  629. 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    JPMorganChase cannot provide assurance that the significant competition in the financial services industry will not materially and adversely affect its future results of operations. For example, aggressive or less disciplined lending practices by non-bank competitors could lead to a loss of market share for traditional banks, and in an economic downturn could result in instability in the financial services industry and adversely impact other market participants, including JPMorganChase.
  630. 문장 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    New competitors in the financial services industry continue to emerge. These advances have also allowed financial institutions and other companies to provide electronic and internet-based financial solutions, including electronic securities and cryptocurrency trading, lending and other extensions of credit to consumers, payments processing and online automated algorithmic-based investment advice. Furthermore, both financial institutions and their non-banking competitors face the risk that payments processing and other products and services, including deposits and other traditional banking products, could be significantly disrupted by the use of new technologies, such as cryptocurrencies and other applications using secure distributed ledgers, that may not require intermediation. In addition, new technologies may be used by customers, or breached or infiltrated by third parties, in unexpected ways, which can increase JPMorganChase’s costs for complying with laws, rules and regulations that apply to the offering of products and services through those technologies and reduce the income that JPMorganChase earns from providing products and services through those technologies.
  631. 문장 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    This competition may be based on quality and variety of products and services offered, transaction execution, innovation, reputation and price. Any such impact could, in turn, reduce
  632. 문장 삭제JPMorganChase faces significant and increasing competition in the rapidly evolving financial services industry.
    JPMorganChase’s revenues.
  633. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    JPMorganChase operates in many regions, countries and communities around the world where its business, and the activities of its clients and customers, could be adversely affected by climate change. Climate change could manifest as a financial risk to JPMorganChase either through changes in the physical climate or from the process of transitioning to a lower-carbon economy. Both physical risks and transition risks associated with climate change could have negative impacts on the financial condition or creditworthiness of JPMorganChase’s clients and customers, on JPMorganChase's exposure to affected companies and markets, and on the effectiveness of JPMorganChase’s existing business strategy with respect to its operations, clients and customers.
  634. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    Physical risks include the increased frequency or severity of acute weather events, such as floods, wildfires and tropical cyclones, and chronic shifts in the climate, such as rising sea levels, persistent changes in precipitation levels, or increases in average ambient temperatures. Potential adverse impacts of climate-related physical risks to JPMorganChase, its clients or customers include:
  635. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    •declines in asset values, including due to the destruction or degradation of property
  636. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    •reduced availability or increased cost of insurance for clients of JPMorganChase
  637. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    •interruptions to business operations, including supply chain disruption, and
  638. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    •population migration or unemployment in affected regions.
  639. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    Transition risks arise from the financial and economic consequences of society’s shift towards a lower-carbon economy, such as changes in public policy, adoption of new technologies or changes in consumer preferences towards low-carbon goods and services. These risks could also be influenced by changes in the physical climate. Potential adverse impacts of transition risks to JPMorganChase, its clients or customers include:
  640. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    •sudden devaluation of assets, including unanticipated write-downs (“stranded assets”)
  641. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    •increased operational and compliance costs driven by changes in climate policy
  642. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    •increased energy costs driven by governmental actions and initiatives such as emission pricing and accelerated decarbonization policies
  643. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    •negative consequences to business models, and the need to make changes in response to those consequences, and
  644. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    •damage to JPMorganChase’s reputation, including due to any perception that its business practices are contrary to public policy or the preferences of different stakeholders.
  645. 삭제The effects of climate change could adversely affect JPMorganChase’s business and operations, both directly and as a result of impacts on its clients and customers.
    Climate risks can also arise from inconsistencies and conflicts in the manner in which climate policy and financial regulations are implemented in the many regions where JPMorganChase operates, including initiatives to apply and enforce policy and regulation with extraterritorial effect. Additionally, internal models and estimations used in climate risk assessments have an increased level of uncertainty due to limited historical trend information and the absence of standardized, reliable and comprehensive greenhouse gas emissions data, which could lead to inaccurate disclosures or financial reporting.
  646. 삭제된 항목
    Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
  647. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    JPMorganChase’s employees interact with clients, customers, counterparties and other market and industry participants, and with each other, every day. All employees are expected to demonstrate values and exhibit the behaviors that are an integral part of JPMorganChase’s Code of Conduct and Business Principles. JPMorganChase endeavors to embed conduct risk management throughout an employee’s life cycle, including recruiting, onboarding, training and development, and performance management. Conduct risk management is also an integral component of JPMorganChase’s promotion and compensation processes.
  648. 문장 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    Notwithstanding these expectations, policies and practices, certain employees have engaged in improper or illegal conduct in the past. There is no assurance that further inappropriate or unlawful actions by employees have not occurred or will not occur, lead to a violation of the terms of these resolutions (and associated consequences), or that any such actions will always be detected, deterred or prevented.
  649. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    JPMorganChase’s reputation could be harmed by, and collateral consequences could result from, a failure by one or more employees to conduct themselves in accordance with JPMorganChase’s expectations, policies and practices, including by acting in ways that harm clients, customers, other market participants, employees or others. Some examples of this include:
  650. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •improperly selling and marketing JPMorganChase’s products or services
  651. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •engaging in insider trading, market manipulation or unauthorized trading
  652. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •engaging in improper or fraudulent behavior in connection with government relief programs
  653. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •facilitating a transaction where a material objective is to achieve a particular tax, accounting or financial disclosure treatment that may be subject to scrutiny by governmental or regulatory authorities, or where the proposed treatment is unclear or may not reflect the economic substance of the transaction
  654. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •failing to fulfill fiduciary obligations or other duties owed to clients or customers
  655. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •violating antitrust or anti-competition laws by colluding with other market participants
  656. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •using electronic communications channels that have not been approved by JPMorganChase
  657. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •engaging in discriminatory behavior or harassment with respect to clients, customers or employees, or acting contrary to JPMorganChase’s goal of fostering an inclusive workplace
  658. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •managing or reporting risks in ways that subordinate JPMorganChase’s risk appetite to business performance goals or employee compensation objectives, and
  659. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •misappropriating property, confidential or proprietary information, or technology assets belonging to JPMorganChase, its clients and customers or third parties.
  660. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    The consequences of any failure by one or more employees to conduct themselves in accordance with JPMorganChase’s expectations, policies or practices could include litigation, or regulatory or other governmental investigations or enforcement actions. Any of these proceedings or actions could result in judgments, settlements, fines, penalties or other sanctions, or lead to:
  661. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •financial losses
  662. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •greater scrutiny by regulators and other parties
  663. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •regulatory actions that require JPMorganChase to restructure, curtail or cease certain of its activities
  664. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •the need for significant oversight by JPMorganChase’s management
  665. 삭제Conduct failure by JPMorganChase employees can harm clients and customers, impact market integrity, damage JPMorganChase’s reputation and trigger litigation and regulatory action.
    •loss of clients or customers, and
  666. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    Maintaining trust in JPMorganChase is critical to its ability to attract and retain clients, customers, investors and employees. Damage to JPMorganChase’s reputation can therefore cause significant harm to JPMorganChase’s business and prospects, and can arise from numerous sources, including:
  667. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •employee misconduct, including discriminatory behavior or harassment with respect to clients, customers or employees, or actions that are contrary to JPMorganChase’s goal of fostering an inclusive workplace
  668. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •security breaches, including as a result of cyber attacks
  669. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •failure to safeguard client, customer or employee information
  670. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •failure to manage risks associated with its client relationships, or with transactions or business activities in which JPMorganChase or its clients engage, including transactions or activities that may be unpopular among one or more constituencies
  671. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •rapid and broad dissemination of misinformation and disinformation across the media landscape, including social networking sites
  672. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •incorrect, biased or misleading results or content generated by artificial intelligence, leading to harmful outcomes, including discrimination in lending practices against vulnerable populations, fraud, manipulation of customers, privacy breaches or intellectual property infringement
  673. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •deficiencies or perceived failures in managing ESG-related initiatives, including modifying or failing to meet publicly-announced targets
  674. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •operational failures
  675. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •litigation or regulatory fines, penalties or other sanctions
  676. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •actions taken in executing regulatory and governmental requirements during a global or regional health emergency, spread of infectious disease, epidemic or pandemic
  677. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •regulatory investigations or enforcement actions, or resolutions of these matters, and
  678. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    Social and environmental activists have been targeting JPMorganChase and other financial services firms with public criticism concerning their business practices, including business relationships with clients that are engaged in certain sensitive industries, such as companies:
  679. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •whose products are or are perceived to be harmful to human health, or
  680. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •whose activities negatively affect or are perceived to negatively affect the environment, workers’ rights or communities.
  681. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    Activists have also taken actions intended to change or influence JPMorganChase’s business practices with respect to ESG matters, including public protests at JPMorganChase’s headquarters and other properties, and submitting specific ESG-related proposals for a vote by JPMorganChase’s shareholders.
  682. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    In addition, JPMorganChase has been and expects that it will continue to be criticized by activists, politicians and other members of the public concerning business practices or positions taken by JPMorganChase with respect to matters of public policy (such as diversity, equity and inclusion initiatives) or regarding transactions or other business or interactions between JPMorganChase and governmental or regulatory bodies. Furthermore, JPMorganChase's relationships or ability to transact with clients and customers, and with governmental or regulatory bodies in jurisdictions in which JPMorganChase does business, could be adversely affected if its decisions with respect to doing business with companies in certain sensitive industries are perceived to harm those companies or to align with particular political viewpoints. The foregoing types of criticism can be more widespread during election years in various jurisdictions, and could have the effect of focusing attention on a company such as JPMorganChase as part of a wider public debate on public policy matters. Furthermore, JPMorganChase's participation in or association with certain environmental and social industry groups or initiatives could be viewed by activists or governmental authorities as boycotting or other discriminatory business behavior.
  683. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    These and other types of criticism and actions directed at JPMorganChase could potentially engender dissatisfaction among clients, customers, investors, employees, government officials and other stakeholders. In all of these cases, JPMorganChase’s reputation and its business and results of operations could be harmed by:
  684. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    Actions by the financial services industry generally or individuals in the industry can also affect JPMorganChase’s reputation. For example, the reputation of the industry as a whole can be damaged by concerns that:
  685. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •consumers have been treated unfairly by a financial institution, or
  686. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    •a financial institution has acted inappropriately with respect to the methods used to offer products to customers.
  687. 삭제Damage to JPMorganChase’s reputation could harm its businesses.
    If JPMorganChase is perceived to have engaged in these types of behaviors, this could weaken its reputation among clients or customers, employees or other stakeholders.
  688. 삭제Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations can result in litigation and enforcement actions, as well as damage JPMorganChase’s reputation.
    •deliver appropriate standards of service and quality
  689. 삭제Failure to effectively manage potential conflicts of interest or to satisfy fiduciary obligations can result in litigation and enforcement actions, as well as damage JPMorganChase’s reputation.
    •use client and customer data responsibly and in a manner that meets legal requirements and regulatory expectations
  690. 문장 삭제An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    Aggressive actions by hostile governments or groups, including armed conflict or intensified cyber attacks, could expand in unpredictable ways by drawing in other countries or escalating into full-scale war with potentially catastrophic consequences, particularly if one or more of the combatants possess nuclear weapons.
  691. 삭제An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •disruption of global trade
  692. 삭제An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the global economy and on JPMorganChase’s businesses within the affected region or globally.
    •new economic sanctions or other regulatory requirements, including those that introduce exceptional compliance challenges for multinational companies such as JPMorganChase.
  693. 삭제JPMorganChase’s business and operations in certain countries can be adversely affected by local economic, political, regulatory and social factors.
    •price, capital or exchange controls, including imposition of punitive transfer and convertibility restrictions or forced currency exchange
  694. 삭제JPMorganChase’s business and operations in certain countries can be adversely affected by local economic, political, regulatory and social factors.
    •expropriation or nationalization of assets, including client assets, or confiscation of property, including intellectual property, and
  695. 삭제JPMorganChase’s business and operations in certain countries can be adversely affected by local economic, political, regulatory and social factors.
    •changes in laws, rules and regulations.
  696. 삭제된 항목
    JPMorganChase’s ability to attract and retain qualified employees is critical to its success.
  697. 문장 삭제JPMorganChase’s ability to attract and retain qualified employees is critical to its success.
    JPMorganChase’s employees are its most important resource, and in many areas of the financial services industry, competition for qualified personnel is intense. JPMorganChase endeavors to attract talented new employees from a variety of backgrounds and retain, develop and motivate its existing employees.
  698. 삭제JPMorganChase’s ability to attract and retain qualified employees is critical to its success.
    •modifications to or discontinuation of JPMorganChase's hybrid work models.
  699. 문장 삭제JPMorganChase’s ability to attract and retain qualified employees is critical to its success.
    In addition, advances in technology, such as automation and artificial intelligence, may lead to workforce displacement.
  700. 삭제된 항목
    Unfavorable changes in immigration or travel policies could adversely affect JPMorganChase’s businesses and operations.
  701. 삭제Unfavorable changes in immigration or travel policies could adversely affect JPMorganChase’s businesses and operations.
    JPMorganChase relies on the skills, knowledge and expertise of employees located throughout the world. Changes in immigration or travel policies in the U.S. and other countries that unduly restrict or otherwise make it more difficult for employees or their family members to work in, or travel to or transfer between, jurisdictions in which JPMorganChase has operations or conducts its business could inhibit JPMorganChase’s ability to attract and retain qualified employees, and thereby dilute the quality of its workforce, or could prompt JPMorganChase to make structural changes to its worldwide or regional operating models that cause its operations to be less efficient or more costly.
  702. 삭제된 항목
    Legal
  703. 삭제된 항목
    JPMorganChase faces significant legal risks from litigation and formal and informal regulatory and government investigations.
  704. 문장 삭제JPMorganChase faces significant legal risks from litigation and formal and informal regulatory and government investigations.
    Actions currently pending against JPMorganChase may result in judgments, settlements, fines, penalties or other sanctions adverse to JPMorganChase.
  705. 문장 삭제JPMorganChase faces significant legal risks from litigation and formal and informal regulatory and government investigations.
    There is no assurance that those actions will not result in resolutions or other enforcement actions against JPMorganChase. Furthermore, a single event involving a potential violation of law or regulation may give rise to numerous and overlapping investigations and proceedings, either by multiple federal, state or local agencies and officials in the U.S. or, in some instances, regulators and other governmental officials in non-U.S. jurisdictions.
  706. 문장 삭제JPMorganChase faces significant legal risks from litigation and formal and informal regulatory and government investigations.
    Regulatory investigations, examinations or other initiatives by U.S. and non-U.S. governmental authorities may subject JPMorganChase to judgments, settlements, fines, penalties or other sanctions, and may require JPMorganChase to restructure its operations and activities or to cease offering certain products or services. All of these potential outcomes could harm JPMorganChase’s reputation or lead to higher operational costs, thereby reducing JPMorganChase’s profitability, or result in collateral consequences.