Noninterest Revenue (Tables)

12 Months Ended

Dec. 31, 2014

The following table presents the components of investment banking fees.



Year ended December 31, (in millions)	2014		2013		2012
Underwriting
Equity	$	1,571	$	1,499	$	1,026
Debt	3,340		3,537		3,290
Total underwriting	4,911		5,036		4,316
Advisory	1,631		1,318		1,492
Total investment banking fees	$	6,542	$	6,354	$	5,808

Principal transactions revenue

The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities. See Note 8 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual line of business.



Year ended December 31, (in millions)	2014		2013		2012
Trading revenue by instrument type ^(a)
Interest rate^(b)	$	1,362	$	284	$	4,002
Credit^(c)	1,880		2,654		(4,975		)
Foreign exchange	1,556		1,801		918
Equity	2,563		2,517		2,455
Commodity^(d)	1,663		2,083		2,365
Total trading revenue^(e)	9,024		9,339		4,765
Private equity gains^(f)	1,507		802		771
Principal transactions	$	10,531	$	10,141	$	5,536


(a)	Prior to the second quarter of 2014, trading revenue was presented by major underlying type of risk exposure, generally determined based upon the business primarily responsible for managing that risk exposure. Prior period amounts have been revised to conform with the current period presentation. This revision had no impact on the Firm’s Consolidated balance sheets or results of operations.


(b)	Includes a pretax gain of $665 million for the year ended December 31, 2012, reflecting the recovery on a Bear Stearns-related subordinated loan.


(c)	Includes $5.8 billion of losses incurred by CIO from the synthetic credit portfolio for the six months ended June 30, 2012, and $449 million of losses incurred by CIO from the retained index credit derivative positions for the three months ended September 30, 2012; and losses incurred by CIB from the synthetic credit portfolio.


(d)	Commodity derivatives are frequently used to manage the Firm’s risk exposure to its physical commodities inventories. For gains/(losses) related to commodity fair value hedges, see Note 6.

(e)

During 2013, the Firm implemented a FVA framework in order to incorporate the impact of funding into its valuation estimates for OTC derivatives and structured notes. As a result, the Firm recorded a $1.5 billion loss in principal transactions revenue in 2013, reported in the CIB. This reflected an industry migration towards incorporating the cost of unsecured funding in the valuation of such instruments.


(f)	Includes revenue on private equity investments held in the Private Equity business within Corporate, as well as those held in other business segments.

Components of asset management, administration and commissions

The following table presents components of asset management, administration and commissions.



Year ended December 31, (in millions)	2014		2013		2012
Asset management fees
Investment management fees^(a)	$	9,169	$	8,044	$	6,744
All other asset management fees^(b)	477		505		357
Total asset management fees	9,646		8,549		7,101

Total administration fees^(c)	2,179		2,101		2,135

Commissions and other fees
Brokerage commissions	2,270		2,321		2,331
All other commissions and fees	1,836		2,135		2,301
Total commissions and fees	4,106		4,456		4,632
Total asset management, administration and commissions	$	15,931	$	15,106	$	13,868


(a)	Represents fees earned from managing assets on behalf of Firm clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts.


(b)	Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.


(c)	Predominantly includes fees for custody, securities lending, funds services and securities clearance.

- Definition

Components of asset management, administration and commissions. Combination of: 1) Revenue recognized in the period for (A) performance (incentive) fees based on the investment results achieved for management of certain institutional accounts and hedge funds, (B) schedule-based fees earned for management of mutual funds and closed-end funds, based either on average daily net assets or on a combination of the average daily net assets and gross income, and (C) other investment management and advisory fees. 2) Acting as an agent, a broker-dealer may buy and sell securities on behalf of its customers. In return for such services, the broker-dealer charges a commission. Each time a customer enters into a buy or sell transaction, a commission is earned by the broker-dealer for its selling and administrative efforts. For securities purchased, the commission is recorded as a receivable from customers; for securities sold, it is recorded as reductions in the payable to customers. Commissions earned are usually related to the broker-dealer's customers' trading volume and the dollar amounts of the trades. In general, commissions are for smaller trades of exchange-listed stocks and bonds made by retail customers. 3)Income from services rendered by trust departments or by any consolidated subsidiaries acting in a fiduciary capacity, including fees earned for (A) acting as an agent for fiduciary placement and loans and (B) custody or investment advisory services when such fees are not separately billed to the customer. This item excludes commissions and fees received for the accumulation or disbursement of funds deposited to Individual Retirement or Keogh plan accounts when such are not handled by the reporting entity's trust department. 4) Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. 5) Revenues from providing transfer agent services to corporations. Such services include maintaining records of investors and account balances and transactions, canceling and issuing certificates, processing investor mailings and dealing with any associated problems (i.e. lost or stolen certificates). 6) Service revenue earned by a depository institution that holds the account balances of other financial institutions and provides services thereto. Such services include check collection and item processing. 7) Fee and commission revenue earned from sources not otherwise specified in the existing taxonomy, such as ADR fees, fund accounting fees, etc.

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