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Noninterest Revenue and Noninterest Expense (Tables)
 9 Months Ended
Sep. 30, 2024
Noninterest Income (Expense) [Abstract]  
Components of 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)2024202320242023
Underwriting
Equity$344 $274 $1,192 $824 
Debt1,040 677 3,073 2,053 
Total underwriting1,384 951 4,265 2,877 
Advisory847 771 2,224 2,007 
Total investment banking fees
$2,231 $1,722 $6,489 $4,884 
Principal transactions revenue
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 September 30,Nine months ended September 30,
(in millions)2024202320242023
Trading revenue by instrument type
Interest rate(a)
$711 $1,383 $2,717 $4,950 
Credit(b)
319 487 1,457 1,540 
Foreign exchange1,259 1,219 3,872 4,205 
Equity3,342 2,677 10,720 8,311 
Commodity359 450 805 1,744 
Total trading revenue5,990 6,216 19,571 20,750 
Private equity gains/(losses)
(2)(6)21 (15)
Principal transactions
$5,988 $6,210 $19,592 $20,735 
(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.
Components of 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)2024202320242023
Lending-related fees(a)
$542 $777 $1,663 $1,736 
Deposit-related fees1,382 1,262 3,991 3,751 
Total lending- and deposit-related fees
$1,924 $2,039 $5,654 $5,487 
(a)Includes the amortization of the fair value discount on certain acquired lending-related commitments associated with First Republic, predominantly in AWM and CIB. The discount is deferred in other liabilities and recognized on a straight-line basis over the commitment period and was largely recognized in the prior year as the commitments are generally short term. Refer to Note 26 for additional information.
Components of 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)2024202320242023
Asset management fees
Investment management fees$4,381 $3,825 $12,650 $10,910 
All other asset management fees
98 79 277 233 
Total asset management fees
$4,479 $3,904 $12,927 $11,143 
Components of 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)2024202320242023
Commissions and other fees
Brokerage commissions and fees
$785 $692 $2,336 $2,161 
Administration fees
660 589 1,874 1,721 
All other commissions and fees (a)
491 424 1,455 1,257 
Total commissions and other fees$1,936 $1,705 $5,665 $5,139 
(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.
Components of card income
The following table presents the components of card income.
Three months ended September 30,Nine months ended September 30,
(in millions)2024202320242023
Interchange and merchant processing income
$8,543 $7,914 $24,894 $22,938 
Rewards costs and partner payments(6,833)(6,283)(19,793)(18,184)
Other card income(a)
(365)(422)(1,206)(1,217)
Total card income
$1,345 $1,209 $3,895 $3,537 
(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.
Components of other income
The following table presents certain components of other income.
Three months ended September 30,Nine months ended September 30,
 
(in millions)		2024202320242023
Operating lease income$706 $695 $2,067 $2,166 
Losses on tax-oriented investments
(78)(316)(115)(1,190)
Estimated bargain purchase gain associated with the First Republic acquisition
— 100 103 2,812 
Gain related to the acquisition of CIFM(a)
— — — 339 
Initial gain on the Visa share exchange
— — 7,990 
(b)
— 
(a)Gain on the original minority interest in CIFM upon the Firm's acquisition of the remaining 51% of the entity.
(b)Relates to the initial gain recognized on May 6, 2024. Refer to Note 2 for additional information.
Components of noninterest 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)2024202320242023
Legal expense$259 $665 $504 $1,261 
FDIC-related expense312 342 1,576 
(d)
997 
Operating losses(a)
397 310 1,019 913 
Contribution of Visa shares(b)
— — 1,000 — 
First Republic-related expense(c)
142 244 615 843 
(a)Predominantly fraud losses in CCB associated with customer deposit accounts, credit and debit cards.
(b)Represents the contribution of a portion of Visa C shares to the JPMorgan Chase Foundation. Refer to Note 2 for additional information.
(c)Reflects the expenses classified within other expense, including $78 million and $394 million of restructuring and integration costs associated with First Republic in the three and nine months ended September 30, 2024, respectively. Additionally, the second quarter of 2023 Included payments to the FDIC for the First Republic individuals who were not employees of the Firm until July 2, 2023. Refer to Note 26 for additional information on the First Republic acquisition.
(d)The first quarter of 2024 included an increase of $725 million to the FDIC special assessment reflecting the FDIC's revised estimate of Deposit Insurance Fund losses.