Strengthening Financial Health and Wealth Creation Access to relevant, useful and affordable financial services is a critical foundation for achieving financial stability. However, nearly 7.1 million households in the U.S. are “unbanked” – meaning no one in the household has a checking or savings account – according to the FDIC. The FDIC found that not having sufficient money to meet minimum balance requirements was the most common reason households cited for being unbanked. Additionally, access to financial services is not equally distributed: Black, Hispanic and Latino households represent 64% of the country’s unbanked, despite the fact that they make up only 32% of the U.S. population. 34 33 JPMo rgan Chase is leveraging our reach and expertise to expand access to banking, develop products that meet the needs of low- and moderate-income consumers and provide financial health education and other resources and tools that help people become financially resilient and, ultimately, build wealth. We are also supporting a federal wealth and savings agenda to pilot portable benefits, incentivizing savings policies to help families build emergency savings, and seeding baby bonds to build wealth. ACCESS TO BANKING SERVICES As part of our Racial Equity Commitment (see page 21), we pledged to help one million consumers open low-cost checking or savings accounts over five years through expanded awareness of our Chase Secure Banking SM product. Chase Secure Banking SM accounts have no overdraft fees and provide users with the benefits of being a Chase customer, like access to thousands of fee-free ATMs, free money orders and cashier’s checks, Chase’s mobile app and support from bankers in person or by phone. Chase Secure Banking SM has been certified by Bank On for meeting the National Account Standards as a low-cost, low-fee account. In the 12 months following our announcement of our Racial Equity Commitment in October 2020, we helped customers open more than 200,000 low-cost checking accounts with no overdraft fees. All told, since its launch in 2019, Chase Secure Banking SM has been made available to 1.3 million accounts to help people access mainstream banking. We continue to invest in our digital channels – including online and mobile banking – which are an important way for us to reach our customers and provide them access to our products and services, particularly during the COVID-19 pandemic. At the same time, our bank branches are a key part of our strategy to expand access to banking services. The Firm has opened bank branches in all of the lower 48 states. And, since January 2021, we have opened 47 out of 100 planned new branches in LMI communities, many within Black, Hispanic and Latino populations. As of December 2021, approximately 27% of Chase branches in new markets are in LMI communities. We have also committed to open 17 Community Center Branches, which offer additional resources for communities that have lacked access to traditional banking, and to hire more than 150 Community Managers (see page 48). In addition, we are increasing marketing to reach more customers who are currently underserved, underbanked or unbanked. TOOLS TO HELP OUR CUSTOMERS ACHIEVE THEIR FINANCIAL GOALS Our Firm provides affordable and scalable products and services that help our customers strengthen their financial health. Our aim is to not only offer tools that help customers manage their daily lives, but also provide access to products and services that enable them to meet long-term goals and make wealth-building investments in areas like retirement savings, education, homeownership and growing a small business. One tool we offer is Autosave, which allows customers to identify their savings goals and set up automatic transfers to fund them. Autosave helps build a saving habit by automating transfers from customers’ checking to their savings accounts and allowing them to monitor their progress through a savings dashboard. The number of customers enrolled in Autosave grew by 39% in 2021 to nearly 3.3 million. On average, customers saved 47% more per month using Autosave in 2021 compared with the prior year. Another tool we provide is Budget, which gives customers a simple way to create a monthly budget based on their income, recurring expenses and flexible spending. Budget then tracks all of their Chase credit and debit card spending so that they can stay on track and identify additional ways to save. In addition, with Chase Credit Journey SM we help consumers – regardless of whether they are Chase customers – build, manage and repair their credit. This free resource enables consumers to check their credit score and view their full credit report online, and also offers automatic alerts and a score simulator that demonstrates how certain actions can impact credit scores. We provide information about these tools, as well as other information and tips to manage a budget, grow savings and build credit, on our online Financial Goals resource center. 33 Source: https://www.fdic.gov/analysis/household-survey/index.html (Note: 2019 is latest data available as FDIC only does this survey biennially) 34 Source: https://www.bcg.com/publications/2021/unbanked-and-underbanked-households-breaking-down-the-myths-towards-racial-equity-in-banking 46 INTRODUCTION ENVIRONMENTAL SOCIAL Feature: Our Commitment to Racial Equity Diversity, Equity & Inclusion Human Capital Inclusive Growth GOVERNANCE ESG REPORT APPENDICES