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Noninterest Revenue and Noninterest Expense
 3 Months Ended
Mar. 31, 2023
Noninterest Income (Expense) [Abstract]  
Noninterest Revenue and Noninterest Expense Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorgan Chase’s 2022 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)20232022
Underwriting
Equity$233 $242 
Debt672 974 
Total underwriting905 1,216 
Advisory744 792 
Total investment banking fees
$1,649 $2,008 
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)20232022
Trading revenue by instrument type
Interest rate(a)
$1,786 $469 
Credit(b)
634 457 
Foreign exchange1,551 1,324 
Equity2,693 2,255 
Commodity926 747 
Total trading revenue7,590 5,252 
Private equity gains/(losses)25 (147)
Principal transactions
$7,615 $5,105 
(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)20232022
Lending-related fees$369 $362 
Deposit-related fees1,251 1,477 
Total lending- and deposit-related fees
$1,620 $1,839 
Deposit-related fees include the impact of credits earned by clients that reduce such fees.
Asset management fees
The following table presents the components of asset management fees.
Three months ended March 31,
(in millions)20232022
Asset management fees
Investment management fees(a)
$3,390 $3,562 
All other asset management fees(b)
75 90 
Total asset management fees$3,465 $3,652 
(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.
Commissions and other fees
The following table presents the components of commissions and other fees.
Three months ended March 31,
(in millions)20232022
Commissions and other fees
Brokerage commissions(a)
$747 $810 
Administration fees(b)
557 633 
All other commissions and fees (c)
391 267 
Total commissions and other fees$1,695 $1,710 
(a)Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments.
(b)Predominantly includes fees for custody, securities lending, funds services and securities clearance.
(c)Includes travel-related and annuity sales commissions, depositary receipt-related service fees, as well as other service fees, which are recognized as revenue when the services are rendered.
Card income
The following table presents the components of card income.
Three months ended March 31,
(in millions)20232022
Interchange and merchant processing income
$7,139 $6,235 
Rewards costs and partner payments(5,509)(4,870)
Other card income(a)
(396)(390)
Total card income
$1,234 $975 
(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.
Other income
This revenue category includes operating lease income, as well as losses associated with the Firm’s tax-oriented investments, predominantly alternative energy equity-method investments in CIB.
The following table presents certain components of other income:
Three months ended March 31,
 
(in millions)		20232022
Operating lease income$755 $1,048 
Losses on tax-oriented investments(a)
(412)(408)
Gain related to the acquisition of CIFM(b)
339 — 
(a)    The losses associated with these tax-oriented investments are more than offset by lower income tax expense from the associated tax credits.
(b)    Gain on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% of the entity.
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)20232022
Legal expense$176 $119