XML 30 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Noninterest Revenue and Noninterest Expense
 9 Months Ended
Sep. 30, 2021
Noninterest Income (Expense) [Abstract]  
Noninterest Revenue and Noninterest Expense Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorgan Chase’s 2020 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)2021202020212020
Underwriting
Equity$1,034 $736 $3,169 $2,037 
Debt1,019 1,019 3,713 3,342 
Total underwriting2,053 1,755 6,882 5,379 
Advisory1,229 432 2,840 1,524 
Total investment banking fees
$3,282 $2,187 $9,722 $6,903 
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 September 30,Nine months ended September 30,
(in millions)2021202020212020
Trading revenue by instrument type
Interest rate(a)
$339 $287 

$1,726 $2,258 
Credit(b)
496 950 
(c)
2,525 

2,201 
(c)
Foreign exchange648 714 2,287 3,606 
Equity1,863 1,410 6,449 4,816 
Commodity315 747 1,165 1,775 
Total trading revenue3,661 4,108 14,152 14,656 
Private equity gains/(losses)
(115)34 (30)44 
Principal transactions
$3,546 $4,142 $14,122 $14,700 
(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 marks on held-for-sale positions, including 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)2021202020212020
Lending-related fees$374 $337 $1,102 $916 
Deposit-related fees1,427 1,310 4,146 3,868 
Total lending- and deposit-related fees
$1,801 $1,647 $5,248 $4,784 
Asset management, administration and commissions
The following table presents the components of asset management, administration and commissions.
Three months ended September 30,Nine months ended September 30,
(in millions)2021202020212020
Asset management fees
Investment management fees(a)
$3,554 $2,937 $10,232 $8,439 
All other asset management fees(b)
94 85 283 253 
Total asset management fees
3,648 3,022 10,515 8,692 
Total administration fees(c)
642 561 1,925 1,661 
Commissions and other fees
Brokerage commissions(d)
719 645 2,280 2,224 
All other commissions and fees248 242 760 699 
Total commissions and fees
967 887 3,040 2,923 
Total asset management, administration and commissions
$5,257 $4,470 $15,480 $13,276 
(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)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.
(c)Predominantly includes fees for custody, securities lending, funds services and securities clearance.
(d)Represents commissions earned when the Firm acts as a broker, by facilitating its clients’ purchases and sales of securities and other financial instruments.
Card income
The following table presents the components of card income:
Three months ended September 30,Nine months ended September 30,
(in millions)2021202020212020
Interchange and merchant processing income
$6,117 $4,757 $16,959 $13,479 
Rewards costs and partner payments(4,860)(3,497)(12,676)(9,895)
Other card income(a)
(252)(91)(281)(446)
Total card income
$1,005 $1,169 $4,002 $3,138 
(a)Predominantly represents the amortization of account origination costs and annual fees.
Refer to Note 14 for further information on mortgage servicing rights, including risk management activities.
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 included the following:
Three months ended September 30,Nine months ended September 30,
(in millions)2021202020212020
Legal expense$76 $524 $289 $839 
FDIC-related expense
173 186 551 503