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Noninterest Revenue and Noninterest Expense (Tables)

6 Months Ended

Jun. 30, 2022

Noninterest Income (Expense) [Abstract]

The following table presents the components of investment banking fees.


	Three months ended June 30,				Six months ended June 30,
(in millions)	2022		2021		2022		2021
Underwriting
Equity	$	230	$	1,073	$	472	$	2,135
Debt	711		1,473		1,685		2,694
Total underwriting	941		2,546		2,157		4,829
Advisory	645		924		1,437		1,611
Total investment banking fees	$	1,586	$	3,470	$	3,594	$	6,440

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 June 30,					Six months ended June 30,
(in millions)	2022			2021		2022			2021
Trading revenue by instrument type
Interest rate(a)	$	376		$	464	$	845		$	1,387
Credit(b)	279		(c)	759		736		(c)	2,029
Foreign exchange	1,425			641		2,749			1,639
Equity	2,303			1,929		4,558			4,586
Commodity	499			301		1,246			850
Total trading revenue	4,882			4,094		10,134			10,491
Private equity gains/(losses)	108			(18)		(39)			85
Principal transactions	$	4,990		$	4,076	$	10,095		$	10,576

(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 markdowns on held-for-sale positions, primarily unfunded commitments, in the bridge financing portfolio.

Components of lending and deposit-related fees

The following table presents the components of lending- and deposit-related fees.


	Three months ended June 30,				Six months ended June 30,
(in millions)	2022		2021		2022		2021
Lending-related fees	$	362	$	370	$	724	$	728
Deposit-related fees	1,511		1,390		2,988		2,719
Total lending- and deposit-related fees	$	1,873	$	1,760	$	3,712	$	3,447

Components of asset management, administration and commissions

The following table presents the components of asset management, administration and commissions.


	Three months ended June 30,				Six months ended June 30,
(in millions)	2022		2021		2022		2021
Asset management fees
Investment management fees(a)	$	3,425	$	3,421	$	6,987	$	6,678
All other asset management fees(b)	92		95		182		189
Total asset management fees	3,517		3,516		7,169		6,867

Total administration fees(c)	590		650		1,223		1,283

Commissions and other fees
Brokerage commissions(d)	738		761		1,548		1,561
All other commissions and fees	395		267		662		512
Total commissions and fees	1,133		1,028		2,210		2,073
Total asset management, administration and commissions	$	5,240	$	5,194	$	10,602	$	10,223

(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.

Schedule of components of card income

The following table presents the components of card income.


	Three months ended June 30,				Six months ended June 30,
(in millions)	2022		2021		2022		2021
Interchange and merchant processing income	$	7,214	$	5,974	$	13,449	$	10,842
Rewards costs and partner payments	(5,641)		(4,282)		(10,511)		(7,816)
Other card income(a)	(440)		(45)		(830)		(29)
Total card income	$	1,133	$	1,647	$	2,108	$	2,997

(a)Predominantly represents the amortization of account origination costs and annual fees.

Components of noninterest expense

Other expense on the Firm’s Consolidated statements of income includes the following:


	Three months ended June 30,				Six months ended June 30,
(in millions)	2022		2021		2022		2021
Legal expense	$	73	$	185	$	192	$	213

- Definition

Components of asset management, administration and commissions. Combination of: 1) Revenue recognized in the period for (A) performance (incentive) fees based on the investment results achieved for management of certain institutional accounts and hedge funds, (B) schedule-based fees earned for management of mutual funds and closed-end funds, based either on average daily net assets or on a combination of the average daily net assets and gross income, and (C) other investment management and advisory fees. 2) Acting as an agent, a broker-dealer may buy and sell securities on behalf of its customers. In return for such services, the broker-dealer charges a commission. Each time a customer enters into a buy or sell transaction, a commission is earned by the broker-dealer for its selling and administrative efforts. For securities purchased, the commission is recorded as a receivable from customers; for securities sold, it is recorded as reductions in the payable to customers. Commissions earned are usually related to the broker-dealer's customers' trading volume and the dollar amounts of the trades. In general, commissions are for smaller trades of exchange-listed stocks and bonds made by retail customers. 3)Income from services rendered by trust departments or by any consolidated subsidiaries acting in a fiduciary capacity, including fees earned for (A) acting as an agent for fiduciary placement and loans and (B) custody or investment advisory services when such fees are not separately billed to the customer. This item excludes commissions and fees received for the accumulation or disbursement of funds deposited to Individual Retirement or Keogh plan accounts when such are not handled by the reporting entity's trust department. 4) Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. 5) Revenues from providing transfer agent services to corporations. Such services include maintaining records of investors and account balances and transactions, canceling and issuing certificates, processing investor mailings and dealing with any associated problems (i.e. lost or stolen certificates). 6) Service revenue earned by a depository institution that holds the account balances of other financial institutions and provides services thereto. Such services include check collection and item processing. 7) Fee and commission revenue earned from sources not otherwise specified in the existing taxonomy, such as ADR fees, fund accounting fees, etc.

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