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Noninterest Revenue and Noninterest Expense
 12 Months Ended
Dec. 31, 2024
Noninterest Income (Expense) [Abstract]  
Noninterest Revenue and Noninterest Expense Noninterest revenue and noninterest expense
Noninterest revenue
The Firm records noninterest revenue from certain contracts with customers in investment banking fees, deposit-related fees, asset management fees, commissions and other fees, and components of card income. The related contracts are often terminable on demand and the Firm has no remaining obligation to deliver future services. For arrangements with a fixed term, the Firm may commit to deliver services in the future. Revenue associated with these remaining performance obligations typically depends on the occurrence of future events or underlying asset values, and is not recognized until the outcome of those events or values are known.
Investment banking fees
This revenue category includes debt and equity underwriting and advisory fees. As an underwriter, the Firm helps clients raise capital via public offering and private placement of various types of debt and equity instruments. Underwriting fees are primarily based on the issuance price and quantity of the underlying instruments, and are recognized as revenue typically upon execution of the client’s transaction. The Firm also manages and syndicates loan arrangements. Credit arrangement and syndication fees, included within debt underwriting fees, are recorded as revenue after satisfying certain retention, timing and yield criteria.
The Firm also provides advisory services by assisting its clients with mergers and acquisitions, divestitures, restructuring and other complex transactions. Advisory fees are recognized as revenue typically upon execution of the client’s transaction.
The following table presents the components of investment banking fees.
Year ended December 31,
(in millions)		202420232022
Underwriting
Equity$1,687 $1,149 $975 
Debt3,945 2,610 2,732 
Total underwriting5,632 3,759 3,707 
Advisory3,278 2,760 2,979 
Total investment banking fees$8,910 $6,519 $6,686 
Investment banking fees are earned primarily by CIB.
Principal transactions
Principal transactions revenue is driven by many factors, including:
•the bid-offer spread, which is the difference between the price at which a market participant is willing and able to sell an instrument to the Firm and the price at which another market participant is willing and able to buy it from the Firm, and vice versa; and
•realized and unrealized gains and losses on financial instruments and commodities transactions, including those accounted for under the fair value option, primarily used in client-driven market-making activities.
–Realized gains and losses result from the sale of instruments, closing out or termination of transactions, or interim cash payments.
–Unrealized gains and losses result from changes in valuation.
In connection with its client-driven market-making activities, the Firm transacts in debt and equity instruments, derivatives and commodities, including physical commodities inventories and financial instruments that reference commodities.
Principal transactions revenue also includes realized and unrealized gains and losses related to:
•derivatives designated in qualifying hedge accounting relationships, primarily fair value hedges of commodity and foreign exchange risk;
•derivatives used for specific risk management purposes, primarily to mitigate credit, foreign exchange and interest rate risks.
Refer to Note 5 for further information on the income statement classification of gains and losses from derivatives activities.
In the financial commodity markets, the Firm transacts in OTC derivatives (e.g., swaps, forwards, options) and ETD that reference a wide range of underlying commodities. In the physical commodity markets, the Firm primarily purchases and sells precious and base metals, natural gas, and may hold other commodities inventories under financing and other arrangements with clients.
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.
Year ended December 31,
(in millions)		202420232022
Trading revenue by instrument type
Interest rate(a)
$3,631 $5,607 $3,010 
Credit(b)
1,545 1,434 1,412 (c)
Foreign exchange4,874 5,082 5,119 
Equity13,476 10,229 8,068 
Commodity1,194 2,202 2,348 
Total trading revenue24,720 24,554 19,957 
Private equity gains/(losses)67 (94)(45)
Principal transactions$24,787 $24,460 $19,912 
(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 net markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio.
Principal transactions revenue is earned primarily by CIB.
Lending- and deposit-related fees
Lending-related fees include fees earned from loan commitments, standby letters of credit, financial guarantees, and other loan-servicing activities. Deposit-related fees include fees earned from performing cash management activities, and providing overdraft and other deposit account services. Deposit-related fees also include the impact of credits earned by clients that reduce such fees. Lending- and deposit-related fees are recognized over the period in which the related service is provided. Refer to Note 28 for further information on lending-related commitments.
The following table presents the components of lending- and deposit-related fees.
Year ended December 31,
(in millions)		202420232022
Lending-related fees$2,192 
(a)
$2,365 
(a)
$1,468 
Deposit-related fees5,414 5,048 5,630 
Total lending- and deposit-related fees
$7,606 $7,413 $7,098 
(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 2023 as the commitments were generally short term. Refer to Note 34 for additional information.
Lending- and deposit-related fees are earned by CCB, CIB and AWM.

Asset management fees
Investment management fees include fees associated with assets the Firm manages on behalf of its clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts. Management fees are typically based on the value of assets under management and are collected and recognized at the end of each period over which the management services are provided and the value of the managed assets is known. The Firm also receives performance-based management fees, which are earned based on exceeding certain benchmarks or other performance targets and are accrued and recognized when the probability of reversal is remote, typically at the end of the related billing period.
All other asset management fees include commissions earned on the sales or distribution of mutual funds to clients. These fees are recorded as revenue at the time the service is rendered or, in the case of certain distribution fees, based on the underlying fund’s asset value or investor redemption activity.
The following table presents the components of asset management fees.
Year ended December 31,
(in millions)		202420232022
Asset management fees
Investment management fees
$17,425 $14,908 $13,765 
All other asset management fees376 312 331 
Total asset management fees$17,801 $15,220 $14,096 
Asset management fees earned primarily by AWM and CCB.
Commissions and other fees
This revenue category includes commissions and fees from brokerage and custody services, and other products.
Brokerage commissions represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments. Brokerage commissions are collected and recognized as revenue upon occurrence of the client transaction. The Firm reports certain costs paid to third-party clearing houses and exchanges net against commission revenue.
Administration fees predominantly include fees for custody, funds services, securities lending and securities clearance. These fees are recorded as revenue over the period in which the related service is provided.

The following table presents the components of commissions and other fees.
Year ended December 31,
(in millions)		202420232022
Commissions and other fees
Brokerage commissions and fees$3,119 $2,820 $2,831 
Administration fees
2,526 2,310 2,348 
All other commissions and fees(a)
1,885 1,706 1,402 
Total commissions and other fees$7,530 $6,836 $6,581 
(a)Includes annuity sales commissions, depositary receipt-related service fees and travel-related sales commissions, as well as other service fees, which are recognized as revenue when the services are rendered.
Commissions and other fees are earned primarily by CIB, CCB and AWM.
Mortgage fees and related income
This revenue category reflects CCB’s Home Lending production and net mortgage servicing revenue.
Production revenue includes fees and income recognized as earned on mortgage loans originated with the intent to sell, and the impact of risk management activities associated with the mortgage pipeline and warehouse loans. Production revenue also includes gains and losses on sales and lower of cost or fair value adjustments on mortgage loans held-for-sale (excluding certain repurchased loans insured by U.S. government agencies), and changes in the fair value of financial instruments measured under the fair value option. Net mortgage servicing revenue includes operating revenue earned from servicing third-party mortgage loans, which is recognized over the period in which the service is provided; changes in the fair value of MSRs; the impact of risk management activities associated with MSRs; and gains and losses on securitization of excess mortgage servicing. Net mortgage servicing revenue also includes gains and losses on sales and lower of cost or fair value adjustments of certain repurchased loans insured by U.S. government agencies.
Refer to Note 15 for further information on risk management activities and MSRs.
Net interest income from mortgage loans is recorded in interest income.
Card income
This revenue category includes interchange and other income from credit and debit card transactions; and fees earned from processing card transactions for merchants, both of which are recognized when purchases are made by a cardholder and presented net of certain transaction-related costs. Card income also includes account origination costs and annual fees, which are deferred and recognized on a straight-line basis over a 12-month period.
Certain credit card products offer the cardholder the ability to earn points based on account activity, which the cardholder can choose to redeem for cash and non-cash rewards. The cost to the Firm related to these proprietary rewards programs varies based on multiple factors including the terms and conditions of the rewards programs, cardholder activity, cardholder reward redemption rates and cardholder reward selections. The Firm maintains a liability for its obligations under its rewards programs and reports the current-period cost as a reduction of card income.
Credit card revenue sharing agreements
The Firm has contractual agreements with numerous co-brand partners that grant the Firm exclusive rights to issue co-branded credit card products and market them to the customers of such partners. These partners endorse the co-brand credit card programs and provide their customer or member lists to the Firm. The partners may also conduct marketing activities and provide rewards redeemable under their own loyalty programs that the Firm will grant to co-brand credit cardholders based on account activity. The terms of these agreements generally range from five to ten years.
The Firm typically makes payments to the co-brand credit card partners based on the cost of partners’ marketing activities and loyalty program rewards provided to credit cardholders, new account originations and sales volumes. Payments to partners based on marketing efforts undertaken by the partners are expensed by the Firm as incurred and reported as marketing expense. Payments for partner loyalty program rewards are reported as a reduction of card income when incurred. Payments to partners based on new credit card account originations are accounted for as direct loan origination costs and are deferred and recognized as a reduction of card income on a straight-line basis over a 12-month period. Payments to partners based on sales volumes are reported as a reduction of card income when the related interchange income is earned.
The following table presents the components of card income:
Year ended December 31,
(in millions)		202420232022
Interchange and merchant processing income
$33,847 $31,021 $28,085 
Reward costs and partner payments(26,784)(24,601)(22,162)
All other(a)
(1,566)(1,636)(1,503)
Total card income$5,497 $4,784 $4,420 
(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.
Card income is earned primarily by CCB and CIB.
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 losses associated with these tax-oriented investments are more than offset by lower income tax expense from the associated tax credits.
The following table presents certain components of other income:
Year ended December 31,
(in millions)		202420232022
Operating lease income$2,795 $2,843 $3,654 
Losses on tax-oriented investments
(97)(1,538)(1,491)
Gain on Visa shares
7,990 
(b)
— 914 
(c)
Estimated bargain purchase gain associated with the First Republic acquisition103 2,775 — 
Gain related to the acquisition of CIFM (a)
— 339 — 
(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 on the Visa C shares. Refer to Note 2 for additional information.
(c)    Relates to the sale of Visa B shares.
Refer to Note 18 for additional information on operating leases.
Proportional Amortization Method: 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 recognized in income tax expense, which aligns with the associated tax credits and other tax benefits. Refer to Notes 1, 14 and 25 for additional information.

Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income included:
Year ended December 31,
(in millions)		202420232022
Legal expense$740 $1,436 $266 
FDIC-related expense 1,893 
(c)
4,203 
(c)
860 
Operating losses1,417 1,228 1,101 
Contribution of Visa shares(a)
1,000 — — 
First Republic-related expense(b)
777 

1,060 — 
(a) Represents the contribution of a portion of Visa C shares to the JPMorgan Chase Foundation recorded in the second quarter of 2024. Refer to Note 2 for additional information.
(b) Reflects the expenses classified within other expense, including $488 million and $360 million of integration and restructuring costs associated with First Republic for the full years ended December 31, 2024 and 2023, 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 34 for additional information on the First Republic acquisition.
(c) 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. The fourth quarter of 2023 included the $2.9 billion FDIC special assessment.
Refer to Note 32 for additional information on noninterest revenue and expense by segment.