Noninterest Revenue and Noninterest Expense

3 Months Ended

Mar. 31, 2022

Noninterest Income (Expense) [Abstract]

Noninterest Revenue and Noninterest Expense

Noninterest revenue and noninterest expense

Noninterest revenue

Refer to Note 6 of JPMorgan Chase’s 2021 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 March 31,
(in millions)	2022		2021
Underwriting
Equity	$	242	$	1,062
Debt	974		1,221
Total underwriting	1,216		2,283
Advisory	792		687
Total investment banking fees	$	2,008	$	2,970

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 March 31,
(in millions)	2022		2021
Trading revenue by instrument type
Interest rate(a)	$	469	$	923
Credit(b)	457		1,270
Foreign exchange	1,324		998
Equity	2,255		2,657
Commodity	747		549
Total trading revenue	5,252		6,397
Private equity gains/(losses)	(147)		103
Principal transactions	$	5,105	$	6,500

(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.

Lending- and deposit-related fees

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

	Three months ended March 31,
(in millions)	2022		2021
Lending-related fees	$	362	$	358
Deposit-related fees	1,477		1,329
Total lending- and deposit-related fees	$	1,839	$	1,687

Asset management, administration and commissions

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

	Three months ended March 31,
(in millions)	2022		2021
Asset management fees
Investment management fees(a)	$	3,562	$	3,257
All other asset management fees(b)	90		94
Total asset management fees	3,652		3,351
Total administration fees(c)	633		633
Commissions and other fees
Brokerage commissions(d)	810		800
All other commissions and fees	267		245
Total commissions and fees	1,077		1,045
Total asset management, administration and commissions	$	5,362	$	5,029

(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 March 31,
(in millions)	2022		2021
Interchange and merchant processing income	$	6,235	$	4,868
Rewards costs and partner payments	(4,870)		(3,534)
Other card income(a)	(390)		16
Total card income	$	975	$	1,350

(a)Predominantly represents the amortization of account origination costs and annual fees.

Refer to Note 14 for further information on mortgage fees and related income.

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 includes the following:

	Three months ended March 31,
(in millions)	2022		2021
Legal expense	$	119	$	28