Refer to Note 6 of JPMorgan Chase’s 2020 Form 10-K for a discussion of the components of and accounting policies for the Firm’s noninterest revenue.


	Three months ended March 31,
(in millions)	2021		2020
Underwriting
Equity	$	1,062	$	327
Debt	1,221		1,044
Total underwriting	2,283		1,371
Advisory	687		495
Total investment banking fees	$	2,970	$	1,866

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 fund deployment activities in Treasury and 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 LOB.


	Three months ended March 31,
(in millions)	2021		2020
Trading revenue by instrument type
Interest rate(a)	$	923	$	452
Credit(b)	1,270		(702)		(c)
Foreign exchange	998		1,467
Equity	2,657		1,348
Commodity	549		437
Total trading revenue	6,397		3,002
Private equity gains/(losses)	103		(65)
Principal transactions	$	6,500	$	2,937

(b)Includes the impact of changes in credit valuation adjustments on derivatives, net of the associated hedging activities.

(c)Includes marks on held-for-sale positions, including unfunded commitments, in the bridge financing portfolio.


	Three months ended March 31,
(in millions)	2021		2020
Lending-related fees	$	358	$	291
Deposit-related fees	1,329		1,415
Total lending- and deposit-related fees	$	1,687	$	1,706

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


	Three months ended March 31,
(in millions)	2021		2020
Asset management fees
Investment management fees(a)	$	3,257	$	2,785
All other asset management fees(b)	94		93
Total asset management fees	3,351		2,878

Total administration fees(c)	633		554

Commissions and other fees
Brokerage commissions(d)	800		864
All other commissions and fees	245		244
Total commissions and fees	1,045		1,108
Total asset management, administration and commissions	$	5,029	$	4,540

(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.

(d)Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments.


	Three months ended March 31,
(in millions)	2021		2020
Interchange and merchant processing income	$	4,868	$	4,782
Rewards costs and partner payments	(3,534)		(3,582)
Other card income(a)	16		(205)
Total card income	$	1,350	$	995

Refer to Note 14 for further information on mortgage servicing rights, including risk management activities.


	Three months ended March 31,
(in millions)	2021		2020
Legal expense	$	28	$	197
FDIC-related expense	201		99