v3.26.1
Noninterest Revenue and Noninterest Expense (Tables)
 6 Months Ended
Jun. 30, 2026
Noninterest Income (Expense) [Abstract]  
Components of 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)2026202520262025
Underwriting
Equity$827 $469 $1,303 $790 
Debt1,370 1,181 2,477 2,350 
Total underwriting2,197 1,650 3,780 3,140 
Advisory1,011 849 2,286 1,537 
Total investment banking fees
$3,208 $2,499 $6,066 $4,677 
Principal transactions revenue
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 June 30,Six months ended June 30,
(in millions)2026202520262025
Principal transactions revenue by instrument type
Interest rate(a)
$780 $984 $1,875 $2,342 
Credit(b)
247 199 799 437 
Foreign exchange1,636 1,596 2,951 2,972 
Equity5,984 3,836 10,043 8,010 
Commodity360 526 1,326 1,007 
Total revenue by instrument type9,007 7,141 16,994 14,768 
Private equity gains/(losses)— 8 — (5)
Principal transactions
$9,007 $7,149 $16,994 $14,763 
(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.
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)2026202520262025
Lending-related fees
$609 $560 $1,164 $1,093 
Deposit-related fees1,902 1,688 3,741 3,287 
Total lending- and deposit-related fees
$2,511 $2,248 $4,905 $4,380 
Components of 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)2026202520262025
Asset management fees
Investment management fees$5,547 $4,708 $10,955 $9,311 
All other asset management fees
111 98 218 195 
Total asset management fees
$5,658 $4,806 $11,173 $9,506 
Components of 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)2026202520262025
Commissions and other fees
Brokerage commissions$1,153 $948 $2,348 $1,848 
Administration fees
787 675 1,545 1,324 
All other commissions and fees(a)
674 571 1,203 1,055 
Total commissions and other fees$2,614 $2,194 $5,096 $4,227 
(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.
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)2026202520262025
Interchange and merchant processing income
$10,037 $9,159 $19,152 $17,557 
Rewards costs and partner payments(8,436)(7,350)(15,919)(14,135)
All other(a)
(253)(465)(695)(862)
Total card income
$1,348 $1,344 $2,538 $2,560 
(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.
Components of other income
The following table presents certain components of other income.
Three months ended June 30,Six months ended June 30,

(in millions)		2026202520262025
Operating lease income$1,207 $901 $2,360 $1,730 
Initial gain on the Visa share exchange(a)
4,509 — 4,509 — 
Gains on certain equity investments(b)
1,026 — 1,026 — 
First Republic-related gain
— 40 
(c)
— 628 (c)
(a)Relates to the initial gain recognized on May 11, 2026. Refer to Note 2 for additional information.
(b)Consisted of $763 million in Corporate and $263 million in CIB, which represented a measurement alternative markup on an equity investment and initial gains on transition from measurement alternative to recurring fair value on certain other equity investments.
(c)Relates to the settlement of outstanding items with the FDIC in 2025
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)2026202520262025
Legal expense$116 $118 $339 $239 
FDIC-related expense 350 302 682 291 
(a)
Operating losses280 314 566 700 
(a)Included an FDIC special assessment accrual release of $323 million for the three months ended March 31, 2025.