Noninterest Revenue (Tables)

6 Months Ended

Jun. 30, 2015

The following table presents the components of investment banking fees.



	Three months ended June 30,				Six months ended June 30,
(in millions)	2015		2014		2015		2014
Underwriting
Equity	$	452	$	477	$	851	$	830
Debt	913		876		1,766		1,559
Total underwriting	1,365		1,353		2,617		2,389
Advisory	468		398		1,010		782
Total investment banking fees	$	1,833	$	1,751	$	3,627	$	3,171

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 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 June 30,				Six months ended June 30,
(in millions)	2015		2014		2015		2014
Trading revenue by instrument type
Interest rate	$	420	$	626	$	1,306	$	981
Credit	624		603		1,039		1,129
Foreign exchange	563		342		1,407		868
Equity	908		759		1,956		1,564
Commodity^(a)	250		347		589		1,035
Total trading revenue	2,765		2,677		6,297		5,577
Private equity gains^(b)	69		231		192		653
Principal transactions	$	2,834	$	2,908	$	6,489	$	6,230


(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.

Components of asset management, administration and commissions

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



	Three months ended June 30,				Six months ended June 30,
(in millions)	2015		2014		2015		2014
Asset management fees
Investment management fees^(a)	$	2,416	$	2,260	$	4,690	$	4,356
All other asset management fees^(b)	99		131		198		254
Total asset management fees	2,515		2,391		4,888		4,610

Total administration fees^(c)	527		564		1,034		1,091

Commission and other fees
Brokerage commissions	592		567		1,186		1,199
All other commissions and fees	381		485		714		943
Total commissions and fees	973		1,052		1,900		2,142
Total asset management, administration and commissions	$	4,015	$	4,007	$	7,822	$	7,843


(a)	Represents fees earned from managing assets on behalf of the Firm’s 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.

Schedule of amounts included in other income

Other income on the Firm’s Consolidated statements of income included the following:



	Three months ended June 30,				Six months ended June 30,
(in millions)	2015		2014		2015		2014
Operating lease income	$	504	$	422	$	973	$	820

- 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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