Noninterest Revenue and Noninterest Expense

3 Months Ended

Mar. 31, 2019

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 2018 Form 10-K.

Investment banking fees

The following table presents the components of investment banking fees.

	Three months ended March 31,
(in millions)	2019		2018
Underwriting
Equity	$	261	$	352
Debt	945		796
Total underwriting	1,206		1,148
Advisory	634		588
Total investment banking fees	$	1,840	$	1,736

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 in CIB and cash deployment activities in Treasury-CIO. 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 March 31,
(in millions)	2019		2018
Trading revenue by instrument type
Interest rate	$	605	$	774
Credit	559		380
Foreign exchange	888		1,024
Equity	1,615		1,627
Commodity	383		277
Total trading revenue	4,050		4,082
Private equity gains/(losses)	26		(130		)
Principal transactions	$	4,076	$	3,952

Lending- and deposit-related fees

The following table presents the components of lending- and deposit-related fees.

	Three months ended March 31,
(in millions)	2019		2018
Lending-related fees	$	290	$	274
Deposit-related fees	1,192		1,203
Total lending- and deposit-related fees	$	1,482	$	1,477

Asset management, administration and commissions

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

	Three months ended March 31,
(in millions)	2019		2018
Asset management fees
Investment management fees(a)	$	2,577	$	2,694
All other asset management fees(b)	69		66
Total asset management fees	2,646		2,760
Total administration fees(c)	535		561
Commissions and other fees
Brokerage commissions	586		652
All other commissions and fees	347		336
Total commissions and fees	933		988
Total asset management, administration and commissions	$	4,114	$	4,309

(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 March 31,
(in millions)	2019			2018
Interchange and merchant processing income	$	4,721		$	4,359
Rewards costs and partner payments	(3,236		)	(2,884		)
Other card income(a)	(211		)	(200		)
Total card income	$	1,274		$	1,275

(a) Predominantly represents annual fees and new account origination costs, which are deferred and recognized on a straight-line basis over a 12-month period.

For information on operating lease income included within other income, refer to Note 16.

Noninterest expense

Other expense

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

	Three months ended March 31,
(in millions)	2019			2018
Legal expense/(benefit)	$	(81	)	$	70
FDIC-related expense	143			383