Noninterest revenue

For a discussion of the components of and accounting policies for the Firm’s noninterest revenue, see Note 7 of JPMorgan Chase’s 2014 Annual Report.

The following table presents the components of investment banking fees.



	Three months ended March 31,
(in millions)	2015		2014
Underwriting
Equity	$	399	$	353
Debt	853		683
Total underwriting	1,252		1,036
Advisory	542		384
Total investment banking fees	$	1,794	$	1,420

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 7 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.



	Three months ended March 31,
(in millions)	2015		2014
Trading revenue by instrument type
Interest rate	$	886	$	355
Credit	415		526
Foreign exchange	844		526
Equity	1,048		805
Commodity^(a)	339		688
Total trading revenue	3,532		2,900
Private equity gains^(b)	123		422
Principal transactions	$	3,655	$	3,322


(a)	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 5.


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

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



	Three months ended March 31,
(in millions)	2015		2014
Asset management fees
Investment management fees^(a)	$	2,274	$	2,096
All other asset management fees^(b)	99		123
Total asset management fees	2,373		2,219

Total administration fees^(c)	507		527

Commission and other fees
Brokerage commissions	594		632
All other commissions and fees	333		458
Total commissions and fees	927		1,090
Total asset management, administration and commissions	$	3,807	$	3,836


(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.

Other income

Included in other income is operating lease income of $469 million and $398 million for the three months ended March 31, 2015 and 2014, respectively.