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Interest Income and Interest Expense
 3 Months Ended
Mar. 31, 2021
Interest Income (Expense), Net [Abstract]  
Interest Income and Interest Expense Interest income and Interest expense
Refer to Note 7 of JPMorgan Chase’s 2020 Form 10-K for a description of JPMorgan Chase’s accounting policies regarding interest income and interest expense.
The following table presents the components of interest income and interest expense.
Three months ended
March 31,
(in millions)20212020
Interest income
Loans(a)
$10,187 $12,305 
Taxable securities1,605 2,233 
Non-taxable securities(b)
277 300 
Total investment securities(a)
1,882 2,533 
Trading assets - debt instruments1,782 2,064 
Federal funds sold and securities purchased under resale agreements233 1,095 
Securities borrowed(c)
(77)

152 
Deposits with banks65 569 
All other interest-earning assets(d)
199 443 
Total interest income$14,271 $19,161 
Interest expense
Interest-bearing deposits$146 $1,575 
Federal funds purchased and securities loaned or sold under repurchase agreements15 787 
Short-term borrowings(e)
33 151 
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)
27 372 
Long-term debt1,134 1,747 
Beneficial interest issued by consolidated VIEs27 90 
Total interest expense$1,382 $4,722 
Net interest income$12,889 $14,439 
Provision for credit losses(4,156)8,285 
Net interest income after provision for credit losses$17,045 $6,154 
(a)Includes the amortization/accretion of unearned income (e.g., purchase premiums/discounts and net deferred fees/costs).
(b)Represents securities which are tax-exempt for U.S. federal income tax purposes.
(c)Negative interest income is related to the impact of current interest rates combined with the fees paid on client-driven securities borrowed balances. The negative interest expense related to prime brokerage customer payables is recognized in interest expense and reported within trading liabilities - debt and all other interest-bearing liabilities.
(d)Includes interest earned on brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets which are classified in other assets on the Consolidated balance sheets.
(e)Includes commercial paper.
(f)All other interest-bearing liabilities includes interest expense on brokerage-related customer payables.