JPM · 10-Q · 2026Q1 · Full report

Net investment hedge FX swing

JPMORGAN CHASE & CO · 2026-05-01 · Importance 65 · Surprise 82

The Firm recorded pre‑tax amounts for net investment hedges (foreign exchange derivatives) showing an amount recorded in OCI of $1,065 million for the three months ended March 31, 2026 versus $(2,134) million for the same period in 2025, representing a material directional swing year‑over‑year. The Firm notes certain hedge effectiveness exclusions (e.g., forward points) and that changes in fair value for excluded components are recorded in net interest income, and excludes reclassifications from AOCI to income for net investment hedges in the table. The disclosure indicates no sales or liquidations of legal entities that resulted in reclassifications for the three months ended March 31, 2026 and 2025, and points to Note 19 for further information.