JPM · 10-Q · 2026Q1 · Full report
Apple Card and First Republic Impacts
JPMORGAN CHASE & CO · 2026-05-01 · Importance 71 · Surprise 82 · In source text
The Apple Card transaction’s estimated impact to RWA decreased to approximately $30 billion as of March 31, 2026, down from approximately $110 billion as of December 31, 2025, reflecting completion of modeling steps. The allowance for lending-related commitments included $2.2 billion associated with the Apple Card transaction. First Republic-related items impacted Corporate noninterest revenue: Corporate noninterest revenue was $189 million in the quarter compared with $653 million in the prior year, reflecting the absence of a $588 million First Republic-related gain in the prior year. Certain First Republic assets were included under the Standardized approach as permitted by transition provisions, which also affected Standardized capital calculations.
Key facts
- Provision for credit losses included $2.2 billion associated with the Apple Card transaction source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | negative | realized | -4.4% | Provision for credit losses included $2.2 billion associated with the Apple Card transaction |