XML 30 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Noninterest Revenue and Noninterest Expense
 6 Months Ended
Jun. 30, 2021
Noninterest Income (Expense) [Abstract]  
Noninterest Revenue and Noninterest Expense Noninterest revenue and noninterest expense
Noninterest revenue
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.
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)2021202020212020
Underwriting
Equity$1,073 $974 $2,135 $1,301 
Debt1,473 1,279 2,694 2,323 
Total underwriting2,546 2,253 4,829 3,624 
Advisory924 597 1,611 1,092 
Total investment banking fees
$3,470 $2,850 $6,440 $4,716 
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 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 June 30,Six months ended June 30,
(in millions)2021202020212020
Trading revenue by instrument type
Interest rate(a)
$464 $1,519 

$1,387 $1,971 
Credit(b)
759 1,953 
(c)
2,029 

1,251 
(c)
Foreign exchange641 1,425 1,639 2,892 
Equity1,929 2,058 4,586 3,406 
Commodity301 591 850 1,028 
Total trading revenue4,094 7,546 10,491 10,548 
Private equity gains/(losses)
(18)75 85 10 
Principal transactions
$4,076 $7,621 $10,576 $10,558 
(a)Includes the impact of changes in funding valuation adjustments on derivatives.
(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.
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)2021202020212020
Lending-related fees$370 $288 $728 $579 
Deposit-related fees1,390 1,143 2,719 2,558 
Total lending- and deposit-related fees
$1,760 $1,431 $3,447 $3,137 
Asset management, administration and commissions
The following table presents the components of asset management, administration and commissions.
Three months ended June 30,Six months ended June 30,
(in millions)2021202020212020
Asset management fees
Investment management fees(a)
$3,421 $2,717 $6,678 $5,502 
All other asset management fees(b)
95 75 189 168 
Total asset management fees
3,516 2,792 6,867 5,670 
Total administration fees(c)
650 546 1,283 1,100 
Commissions and other fees
Brokerage commissions(d)
761 715 1,561 1,579 
All other commissions and fees267 213 512 457 
Total commissions and fees
1,028 928 2,073 2,036 
Total asset management, administration and commissions
$5,194 $4,266 $10,223 $8,806 
(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.
Card income
The following table presents the components of card income:
Three months ended June 30,Six months ended June 30,
(in millions)2021202020212020
Interchange and merchant processing income
$5,974 $3,940 $10,842 $8,722 
Rewards costs and partner payments(4,282)(2,816)(7,816)(6,398)
Other card income(a)
(45)(150)(29)(355)
Total card income
$1,647 $974 $2,997 $1,969 
(a)Predominantly represents the amortization of account origination costs and annual fees.
Refer to Note 14 for further information on mortgage servicing rights, including risk management activities.
Refer to Note 16 for information on operating lease income included within other income.
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)2021202020212020
Legal expense$185 $118 $213 $315 
FDIC-related expense
177 218 378 317