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Noninterest Revenue and Noninterest Expense
 3 Months Ended
Mar. 31, 2026
Noninterest Income (Expense) [Abstract]  
Noninterest Revenue and Noninterest Expense Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorganChase’s 2025 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)20262025
Underwriting
Equity$476 $321 
Debt1,107 1,169 
Total underwriting1,583 1,490 
Advisory1,275 688 
Total investment banking fees
$2,858 $2,178 
Principal transactions
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue by instrument type. This table excludes interest income and interest expense on interest-earning assets and interest-bearing liabilities recorded within net interest income. Refer to Note 6 for further information on interest income and interest expense.
The Firm’s businesses and other activities generally utilize a variety of instrument types in connection with their transactions; accordingly, the principal transactions revenue presented in the table below is not representative of the total revenue of any individual business or activity.
Three months ended March 31,
(in millions)20262025
Principal transactions revenue by instrument type
Interest rate(a)
$1,095 $1,358 
Credit(b)
552 238 
Foreign exchange1,315 1,376 
Equity4,059 4,174 
Commodity966 481 
Total revenue by instrument type7,987 7,627 
Private equity losses
— (13)
Principal transactions
$7,987 $7,614 
(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)20262025
Lending-related fees
$555 $533 
Deposit-related fees1,839 1,599 
Total lending- and deposit-related fees
$2,394 $2,132 
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)20262025
Asset management fees
Investment management fees$5,408 $4,603 
All other asset management fees
107 97 
Total asset management fees
$5,515 $4,700 
Commissions and other fees
The following table presents the components of commissions and other fees.
Three months ended March 31,
(in millions)20262025
Commissions and other fees
Brokerage commissions$1,195 $900 
Administration fees
758 649 
All other commissions and fees (a)
529 484 
Total commissions and other fees$2,482 $2,033 
(a)Includes depositary receipt-related service fees, annuity and travel-related sales commissions, as well as other service fees, which are recognized as revenue when the services are rendered.

Mortgage fees and related income: refer to Note 14 for additional information.
Card income
The following table presents the components of card income.
Three months ended March 31,
(in millions)20262025
Interchange and merchant processing income
$9,115 $8,398 
Rewards costs and partner payments(7,483)(6,785)
All other(a)
(442)(397)
Total card income
$1,190 $1,216 
(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.
Other income
The following table presents certain components of other income.
Three months ended March 31,
 
(in millions)		20262025
Operating lease income$1,153 $829 
First Republic-related gain
— 588 
(a)
(a)Relates to the settlement of outstanding items with the FDIC in 2025.
Refer to Note 16 for information on operating lease income included within other income.
First Republic-related gain: On January 17, 2025, the Firm reached an agreement with the FDIC with respect to certain outstanding items related to the First Republic acquisition. As a result of the agreement, the Firm made a payment of $609 million to the FDIC on January 31, 2025 and reduced its additional payable to the FDIC, which resulted in a gain of $588 million recorded in other income in the first quarter of 2025. In addition, as of June 30, 2025, all outstanding matters between the Firm and the FDIC related to the final settlement of the purchase price for the First Republic acquisition had been resolved. Refer to Note 34 on pages 312–314 of the Firm’s 2025 Form 10-K for additional information.

Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income includes the following:
Three months ended March 31,
(in millions)20262025
Legal expense$223 $121 
FDIC-related expense 332 (11)
(a)
Operating losses286 386 
(a)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025.