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Noninterest Revenue and Noninterest Expense
 9 Months Ended
Sep. 30, 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 September 30,Nine months ended September 30,
(in millions)2023202220232022
Underwriting
Equity$274 $271 $824 $743 
Debt677 578 2,053 2,263 
Total underwriting951 849 2,877 3,006 
Advisory771 825 2,007 2,262 
Total investment banking fees
$1,722 $1,674 $4,884 $5,268 
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 7 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 September 30,Nine months ended September 30,
(in millions)2023202220232022
Trading revenue by instrument type
Interest rate(a)
$1,383 $1,092 $4,950 $1,937 
Credit(b)
487 488 1,540 1,224 
(c)
Foreign exchange1,219 1,398 4,205 4,147 
Equity2,677 1,868 8,311 6,426 
Commodity450 562 1,744 1,808 
Total trading revenue6,216 5,408 20,750 15,542 
Private equity losses
(6)(25)(15)(64)
Principal transactions
$6,210 $5,383 $20,735 $15,478 
(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 markdowns on held-for-sale positions, primarily 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 September 30,Nine months ended September 30,
(in millions)2023202220232022
Lending-related fees(a)
$777 $379 $1,736 $1,103 
Deposit-related fees1,262 1,352 3,751 4,340 
Total lending- and deposit-related fees
$2,039 $1,731 $5,487 $5,443 
(a)    Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic, predominantly in AWM and CB. The discount is deferred in other liabilities and recognized on a straight-line basis over the commitment period. Refer to Note 28 for additional information.
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 September 30,Nine months ended September 30,
(in millions)2023202220232022
Asset management fees
Investment management fees(a)(b)
$3,825 $3,420 $10,910 $10,407 
All other asset management fees(c)
79 75 233 257 
Total asset management fees$3,904 $3,495 $11,143 $10,664 
(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)Includes the impact of First Republic. Refer to Note 28 for additional information.
(c)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 September 30,Nine months ended September 30,
(in millions)2023202220232022
Commissions and other fees
Brokerage commissions(a)
$692 $648 $2,161 $2,196 
Administration fees(b)
589 558 1,721 1,781 
All other commissions and fees (c)
424 368 1,257 1,030 
Total commissions and other fees$1,705 $1,574 $5,139 $5,007 
(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 September 30,Nine months ended September 30,
(in millions)2023202220232022
Interchange and merchant processing income
$7,914 $7,166 $22,938 $20,615 
Rewards costs and partner payments(6,283)(5,747)(18,184)(16,258)
Other card income(a)
(422)(333)(1,217)(1,163)
Total card income
$1,209 $1,086 $3,537 $3,194 
(a)Predominantly represents the amortization of account origination costs and annual fees.
Refer to Note 15 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 September 30,Nine months ended September 30,
 
(in millions)		2023202220232022
Operating lease
income
$695 $870 $2,166 $2,863 
Losses on tax-oriented investments(a)
(316)(312)(1,190)(1,147)
Estimated bargain purchase gain associated with the First Republic acquisition(b)
100 — 2,812 — 
Gain related to the acquisition of CIFM(c)
— — 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)    Refer to Note 28 for additional information on the First Republic acquisition.
(c)    Gain on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% of the entity.
Refer to Note 17 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 September 30,Nine months ended September 30,
(in millions)2023202220232022
Legal expense$665 $47 $1,261 $239 
FDIC-related expense342 209 997 623 
First Republic-related expense(a)
244 — 843 — 
(a)    Included in the nine months ended September 30, 2023, were payments to the FDIC in the second quarter of 2023 with respect to First Republic individuals who were not employees of the Firm until July 2, 2023. Refer to Note 28 for additional information on the First Republic acquisition.
FDIC Special Assessment
In May 2023, the FDIC issued a notice of proposed rulemaking recommending a special assessment related to the systemic risk determination made on March 12, 2023, to recover losses to the Deposit Insurance Fund ("DIF") arising from the protection of uninsured depositors resulting from recent bank resolutions. In its current form, the rule would impose a special assessment at an annual rate of 12.5 basis points on certain banks’ estimated uninsured deposits reported as of December 31, 2022. The Firm expects to be subject to the special assessment as proposed by the FDIC.