JPM · CIK 19617
What JPMorgan Chase & Co. told the SEC could break it.
JPMorgan's disclosures here highlight geographic concentration in its consumer-loan books and litigation exposure. About 70% of its retained residential real estate loans — $213.1 billion — sit in just five states (California, New York, Florida, Texas, and Massachusetts), and 47% of its credit card loans ($116.3 billion) cluster in a similar handful, concentrating regional housing-market and disaster risk. Separately, it estimates reasonably possible losses beyond established reserves of up to roughly $1.2 billion across legal proceedings spanning all its lines of business, including antitrust, securities, and consumer-protection claims.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- residential real estate loans 70% in CA, NY, FL, TX, MA ($213.1B)medium
70% of JPMorgan's retained residential real estate loan portfolio ($213.1B) is concentrated in five states — California, New York, Florida, Texas and Massachusetts — concentrating regional housing-market and disaster risk.
“At December 31, 2025, $213.1 billion, or 70%, of the total retained residential real estate loan portfolio, was concentrated in California, New York, Florida, Texas and Massachusetts, compared to $217.7 billion, or 70%, at December 31, 2024.”
SEC filing →As of 2026 - credit card loans 47% in CA, TX, NY, FL, IL ($116.3B)low
47% of JPMorgan's retained credit card loan portfolio ($116.3B) is concentrated in California, Texas, New York, Florida and Illinois.
“At December 31, 2025, $116.3 billion, or 47% of the total retained credit card loan portfolio, was concentrated in California, Texas, New York, Florida and Illinois, compared to $109.0 billion, or 47%, at December 31, 2024.”
SEC filing →As of 2026
Litigation
- legal proceedings — reasonably possible losses up to ~$1.2B above reservesmedium
JPMorgan estimates reasonably possible losses beyond established reserves of $0 to ~$1.2 billion across legal proceedings spanning all lines of business, including antitrust, securities and consumer-protection claims.
“The Firm estimates the aggregate range of reasonably possible losses, in excess of reserves established, for its legal proceedings is from $ 0 to approximately $ 1.2 billion at December 31, 2025.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“We depend on banks, including JPMorgan Chase, to process ACH transactions and checks for our customers.”
Cited →
Its suppliers
United Airlines Holdings, Inc.
“Other operating revenue increased $362 million, or 10.4%, in 2025 as compared to 2024, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., as well as increases in the purchases of United Club memberships.”
Cited →Resolute Holdings (CompoSecure business)
“The two largest customers of the CompoSecure business are JPMorgan Chase and American Express. Together, these customers represented approximately 55% and 62% of the net sales of the CompoSecure business for the years ended December 31, 2025 and 2024, respectively.”
Cited →“The two largest customers of our CompoSecure business are JPMorgan Chase and American Express. Together, these customers represented approximately 55% and 62% of the net sales of our CompoSecure business for the years ended December 31, 2025 and 2024, respectively.”
Cited →
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