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 2015 Annual Report.

The following table presents the components of investment banking fees.



	Three months ended March 31,
(in millions)	2016		2015
Underwriting
Equity	$	202	$	399
Debt	550		853
Total underwriting	752		1,252
Advisory	581		542
Total investment banking fees	$	1,333	$	1,794

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)	2016		2015
Trading revenue by instrument type
Interest rate	$	383	$	886
Credit	375		415
Foreign exchange	707		844
Equity	830		1,048
Commodity^(a)	226		339
Total trading revenue	2,521		3,532
Private equity gains^(b)	158		123
Principal transactions	$	2,679	$	3,655


(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)	2016		2015
Asset management fees
Investment management fees^(a)	$	2,128	$	2,274
All other asset management fees^(b)	90		99
Total asset management fees	2,218		2,373

Total administration fees^(c)	478		507

Commission and other fees
Brokerage commissions	588		594
All other commissions and fees	340		333
Total commissions and fees	928		927
Total asset management, administration and commissions	$	3,624	$	3,807


(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.

Other income

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



	Three months ended March 31,
(in millions)	2016		2015
Operating lease income	$	615	$	469