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Noninterest Revenue and Noninterest Expense
 6 Months Ended
Jun. 30, 2018
Noninterest Income (Expense) [Abstract]  
Noninterest Revenue and Noninterest Expense
Noninterest revenue and noninterest
expense
Noninterest revenue
For a discussion of the components of and accounting policies for the Firm’s noninterest revenue, refer to Note 6 of JPMorgan Chase’s 2017 Annual Report.
The adoption of the revenue recognition guidance in the first quarter of 2018, requires gross presentation of certain costs previously offset against revenue, predominantly associated with certain distribution costs (previously offset against asset management, administration and commissions), with the remainder associated with certain underwriting costs (previously offset against investment banking fees). Adoption of the guidance did not result in any material changes in the timing of revenue recognition. This guidance was adopted retrospectively and, accordingly, prior period amounts were revised, which resulted in an increase in both noninterest revenue and noninterest expense. For additional information, refer to Note 1.
Investment banking fees
The following table presents the components of investment banking fees.

Three months ended June 30,

Six months ended June 30,
(in millions)
2018

 
2017


2018

2017
Underwriting







Equity
$
573


$
379


$
925


$
803

Debt
964


968


1,760


1,928

Total underwriting
1,537


1,347


2,685


2,731

Advisory
631


499


1,219


995

Total investment banking fees
$
2,168


$
1,846


$
3,904


$
3,726


Principal transactions
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. Refer to Note 6 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)
2018

 
2017

 
2018
 
2017
Trading revenue by instrument type
 
 
 
 
 
 
 
Interest rate
$
672

 
$
588

 
$
1,446

 
$
1,383

Credit
648

 
278

 
1,028

 
958

Foreign exchange
745

 
901

 
1,769

 
1,682

Equity
1,386

 
1,118

 
3,013

 
2,238

Commodity
246

 
120

 
523

 
305

Total trading revenue
3,697

 
3,005

 
7,779

 
6,566

Private equity gains/(losses)
85

 
132

 
(45
)
 
153

Principal transactions
$
3,782

 
$
3,137

 
$
7,734

 
$
6,719


Lending- and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2018

 
2017

 
2018

 
2017
Lending-related fees
$
280

 
$
269

 
$
554

 
$
544

Deposit-related fees
1,215

 
1,213

 
2,418

 
2,386

Total lending- and deposit-related fees
$
1,495

 
$
1,482

 
$
2,972

 
$
2,930


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)
2018

 
2017

 
2018
 
2017
Asset management fees
 
 
 
 
 
 
 
Investment management fees(a)
$
2,671

 
$
2,551

 
$
5,365

 
$
4,967

All other asset management fees(b)
66

 
84

 
132

 
163

Total asset management fees
2,737

 
2,635

 
5,497

 
5,130

 
 
 
 
 
 
 
 
Total administration fees(c)
557

 
504

 
1,118

 
986

 
 
 
 
 
 
 
 
Commission and other fees
 
 
 
 
 
 
 
Brokerage commissions
631

 
567

 
1,283

 
1,145

All other commissions and fees
379

 
341

 
715

 
663

Total commissions and fees
1,010

 
908

 
1,998

 
1,808

Total asset management, administration and commissions
$
4,304

 
$
4,047

 
$
8,613

 
$
7,924

(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.
Card income
The following table presents the components of card income:
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2018

 
2017

 
2018

 
2017

Interchange and merchant processing income
$
4,723

 
$
4,309

 
$
9,082

 
$
8,215

Rewards costs and partner payments(a)
(3,527
)
 
(2,689
)
 
(6,411
)
 
(5,214
)
Other card income(b)
(176
)
 
(453
)
 
(376
)
 
(920
)
Total card income
$
1,020

 
$
1,167

 
$
2,295

 
$
2,081

(a)
Includes an adjustment to the credit card rewards liability of approximately $330 million.
(b)
Predominantly represents annual fees and new account origination costs, which are deferred and recognized on a straight-line basis over a 12-month period.
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)
2018

 
2017

 
2018

 
2017

Operating lease income
$
1,112

 
$
873

 
$
2,159

 
$
1,697


Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income included the following:
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2018

 
2017

 
2018

 
2017

Legal expense
$
—

 
$
61

 
$
70

 
$
279

FDIC-related expense
368

 
376

 
751

 
757