“Consumers, middle market companies and corporations are in increasingly good financial shape and the labor market is showing steady improvement. JPMorgan Chase provided credit and raised capital of over $1.0 trillion for our clients during the first half of 2014, which included $10 billion for U.S. small businesses.”

Dimon concluded: “This quarter marked the 10-year anniversary of JPMorgan Chase and Bank One coming together - the company overcame significant challenges and achieved extraordinary things during this time. Each of our businesses is among the best in the world, with increased market share, strong earnings performance and power, and an unwavering focus on serving our clients, communities and shareholders with distinction and dedication. We continue our progress on adapting to the new global financial architecture and on our control agenda. My pride in the company is greater than ever.”

In the discussion below of the business segments and of JPMorgan Chase as a Firm, information is presented on a managed basis. For more information about managed basis, as well as other non-GAAP financial measures used by management to evaluate the performance of each line of business, see page 12. The following discussion compares the second quarters of 2014 and 2013 unless otherwise noted. Footnotes in the sections that follow are described on page 13.

CONSUMER & COMMUNITY BANKING (CCB)
                                     
Results for CCB                 1Q14     2Q13
($ millions)     2Q14     1Q14     2Q13     $ O/(U)     O/(U) %     $ O/(U)     O/(U) %
Net Revenue     $ 11,431     $ 10,460     $ 12,015       $ 971     9 %     $ (584 )     (5 )%
Provision for Credit Losses     852     816     (19 )     36     4       871       NM
Noninterest Expense     6,456     6,437     6,864       19           (408 )     (6 )
Net Income     $ 2,443     $ 1,936     $ 3,089       $ 507     26 %     $ (646 )     (21 )%
           

Discussion of Results:

Net income was $2.4 billion, a decrease of $646 million, or 21%, compared with the prior year, due to higher provision for credit losses and lower net revenue, partially offset by lower noninterest expense.

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