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Interest Income and Interest Expense
 3 Months Ended
Mar. 31, 2022
Interest Income (Expense), Net [Abstract]  
Interest Income and Interest Expense Interest income and Interest expense
Refer to Note 7 of JPMorgan Chase’s 2021 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)20222021
Interest income
Loans(a)
$10,633 $10,187 
Taxable securities1,979 1,605 
Non-taxable securities(b)
245 277 
Total investment securities(a)
2,224 1,882 
Trading assets - debt instruments1,767 1,782 
Federal funds sold and securities purchased under resale agreements397 233 
Securities borrowed(c)
(87)

(77)
Deposits with banks238 65 
All other interest-earning assets(d)
324 199 
Total interest income$15,496 $14,271 
Interest expense
Interest-bearing deposits$182 $146 
Federal funds purchased and securities loaned or sold under repurchase agreements117 15 
Short-term borrowings(e)
40 33 
Trading liabilities – debt and all other interest-bearing liabilities(c)(f)
191 27 
Long-term debt1,076 1,134 
Beneficial interest issued by consolidated VIEs18 27 
Total interest expense$1,624 $1,382 
Net interest income$13,872 $12,889 
Provision for credit losses1,463 (4,156)
Net interest income after provision for credit losses$12,409 $17,045 
(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.