XVAs ate $401m of JP Morgan's revenues in 2020

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JP Morgan deducted $401 million from trading income in 2020 to cover valuation adjustments (XVAs) linked to its derivatives portfolio – the most since the bank expanded its accounting framework to capture all of these in 2013. 
In its annual filings, the New York-based bank said it lopped $337 million off principal transactions revenue for credit valuation adjustments (CVA) and $64 million for funding valuation adjustments (FVA), though this didn’t taken into account the effect of hedging
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