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Noninterest Revenue and Noninterest Expense
 3 Months Ended
Mar. 31, 2024
Noninterest Income (Expense) [Abstract]  
Noninterest Revenue and Noninterest Expense Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorgan Chase’s 2023 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)20242023
Underwriting
Equity$354 $233 
Debt1,003 672 
Total underwriting1,357 905 
Advisory597 744 
Total investment banking fees
$1,954 $1,649 
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)20242023
Trading revenue by instrument type
Interest rate(a)
$1,071 $1,786 
Credit(b)
691 634 
Foreign exchange1,536 1,551 
Equity3,277 2,693 
Commodity200 926 
Total trading revenue6,775 7,590 
Private equity gains
15 25 
Principal transactions
$6,790 $7,615 
(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)20242023
Lending-related fees
$603 (a)$369 
Deposit-related fees1,299 1,251 
Total lending- and deposit-related fees
$1,902 $1,620 
(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 26 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 March 31,
(in millions)20242023
Asset management fees
Investment management fees
$4,059 
(a)
$3,390 
All other asset management fees
87 75 
Total asset management fees$4,146 $3,465 
(a)Includes the impact of First Republic. Refer to Note 26 for additional information.
Commissions and other fees
The following table presents the components of commissions and other fees.
Three months ended March 31,
(in millions)20242023
Commissions and other fees
Brokerage commissions
$763 $747 
Administration fees
606 557 
All other commissions and fees (a)
436 391 
Total commissions and other fees$1,805 $1,695 
(a)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)20242023
Interchange and merchant processing income
$7,831 $7,139 
Rewards costs and partner payments(6,171)(5,509)
Other card income(a)
(442)(396)
Total card income
$1,218 $1,234 
(a)Predominantly represents the amortization of account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12-month period.
Refer to Note 14 for further information on mortgage fees and related income.
Other income
The following table presents certain components of other income.
Three months ended March 31,
 
(in millions)		20242023
Operating lease income$672 $755 
Losses on tax-oriented investments
(14)(412)
Gain related to the acquisition of CIFM
— 339 (a)
(a)Gain on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% of the entity.
Effective January 1, 2024, as a result of adopting updates to the Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method guidance, the amortization of certain of the Firm's alternative energy tax-oriented investments that was previously recognized in other income is now being recognized in income tax expense, which aligns with the associated tax credits and other tax benefits. Refer to Notes 1 and 13 for additional information.
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)20242023
Legal expense$(72)$176 
FDIC-related expense973  (a)317 
First Republic-related expense
230  (b)— 
(a)Included the increase of $725 million to the special assessment instituted by the FDIC reflecting its revised estimated losses to the Deposit Insurance Fund for the three months ended March 31, 2024, which was an adjustment to the $2.9 billion estimate recorded in the three months ended December 31, 2023.
(b)Included $155 million restructuring and integration costs associated with First Republic in the three months ended March 31, 2024. Refer to Note 26 for additional information on the First Republic acquisition.