v3.25.2
Noninterest Revenue and Noninterest Expense
 6 Months Ended
Jun. 30, 2025
Noninterest Income (Expense) [Abstract]  
Noninterest Revenue and Noninterest Expense Noninterest revenue and noninterest expense
Noninterest revenue
Refer to Note 6 of JPMorganChase’s 2024 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 June 30,Six months ended June 30,
(in millions)2025202420252024
Underwriting
Equity$469 $494 $790 $848 
Debt1,181 1,030 2,350 2,033 
Total underwriting1,650 1,524 3,140 2,881 
Advisory849 780 1,537 1,377 
Total investment banking fees
$2,499 $2,304 $4,677 $4,258 
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 June 30,Six months ended June 30,
(in millions)2025202420252024
Trading revenue by instrument type
Interest rate(a)
$984 $935 $2,342 $2,006 
Credit(b)
199 447 437 1,138 
Foreign exchange1,596 1,077 2,972 2,613 
Equity3,836 4,101 8,010 7,378 
Commodity526 246 1,007 446 
Total trading revenue7,141 6,806 14,768 13,581 
Private equity gains/(losses)
8 8 (5)23 
Principal transactions
$7,149 $6,814 $14,763 $13,604 
(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 June 30,Six months ended June 30,
(in millions)2025202420252024
Lending-related fees(a)
$560 $518 $1,093 $1,121 
Deposit-related fees1,688 1,310 3,287 2,609 
Total lending- and deposit-related fees
$2,248 $1,828 $4,380 $3,730 
(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, which is deferred in other liabilities and recognized on a straight-line basis over the commitment period, continues to decline as commitments expire.
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 June 30,Six months ended June 30,
(in millions)2025202420252024
Asset management fees
Investment management fees$4,708 $4,210 $9,311 $8,269 
All other asset management fees
98 92 195 179 
Total asset management fees
$4,806 $4,302 $9,506 $8,448 
Commissions and other fees
The following table presents the components of commissions and other fees.
Three months ended June 30,Six months ended June 30,
(in millions)2025202420252024
Commissions and other fees
Brokerage commissions and fees
$948 $788 $1,848 $1,551 
Administration fees
675 608 1,324 1,214 
All other commissions and fees (a)
571 528 1,055 964 
Total commissions and other fees$2,194 $1,924 $4,227 $3,729 
(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.

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 June 30,Six months ended June 30,
(in millions)2025202420252024
Interchange and merchant processing income
$9,159 $8,520 $17,557 $16,351 
Rewards costs and partner payments(7,350)(6,789)(14,135)(12,960)
All other(a)
(465)(399)(862)(841)
Total card income
$1,344 $1,332 $2,560 $2,550 
(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 June 30,Six months ended June 30,
 
(in millions)		2025202420252024
Operating lease income$901 $689 $1,730 $1,361 
Gain on Visa shares
— 7,990 
(b)
— 7,990 
(b)
First Republic-related gains(a)
40 119 628 103 
(a)Relates to the settlement of outstanding items with the FDIC in 2025, and adjustments to the estimated bargain purchase gain associated with the acquisition in 2024.
(b)Relates to the initial gain recognized on May 6, 2024 on the Visa C shares. Refer to Note 2 of JPMorganChase’s 2024 Form 10-K for additional information.
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 319-321 of the Firm’s 2024 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 June 30,Six months ended June 30,
(in millions)2025202420252024
Legal expense$118 $317 $239 $245 
FDIC-related expense(a)
302 291 291 1,264 
Operating losses314 323 700 622 
Contribution of Visa shares
— 1,000 (b)— 1,000 (b)
(a)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025, and an accrual increase of $725 million for the three months ended March 31, 2024.
(b)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 of JPMorganChase’s 2024 Form 10-K for additional information.