League table results – wallet share 2018 2017 2016 Year ended December 31, Rank Share Rank Share Rank Share Based on fees (a) Long-term debt (b) Global #1 7.3% #1 7.8% #1 6.8% U.S. 1 11.2 2 11.1 1 11.1 Equity and equity-related Global (c) 1 9.1 2 7.1 1 7.4 U.S. 1 12.3 1 11.6 1 13.4 M&A (d) Global 2 8.9 2 8.4 2 8.3 U.S. 2 9.1 2 9.1 2 9.8 Loan syndications Global 1 9.5 1 9.3 1 9.3 U.S. 1 12.1 1 11.0 2 11.9 Global investment banking fees  (e) #1 8.7% #1 8.1% #1 7.9% 2018 2017 2016 Year ended December 31, (in millions, except where otherwise noted) Fixed Income Markets Equity Markets Total Markets Fixed Income Markets Equity Markets Total Markets Fixed Income Markets Equity Markets Total Markets Principal transactions $ 7,560 $ 5,566 $ 13,126 $ 7,393 $ 3,855 $ 11,248 $ 8,347 $ 3,130 $ 11,477 Lending- and deposit-related fees 197 6 203 191 6 197 220 2 222 Asset management, administration and commissions 410 1,794 2,204 390 1,635 2,025 388 1,551 1,939 All other income 952 22 974 436 (21) 415 1,014 13 1,027 Noninterest revenue 9,119 7,388 16,507 8,410 5,475 13,885 9,969 4,696 14,665 Net interest income (a) 3,587 (500) 3,087 4,402 228 4,630 5,290 1,044 6,334 Total net revenue $ 12,706 $ 6,888 $ 19,594 $ 12,812 $ 5,703 $ 18,515 $ 15,259 $ 5,740 $ 20,999 Loss days (b) 5 4 0 (a) Source: Dealogic as of January 1, 2019. Reflects the ranking of revenue wallet and market share. (b) Long-term debt rankings include investment-grade, high-yield, supranationals, sovereigns, agencies, covered bonds, asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”); and exclude money market, short-term debt, and U.S. municipal securities. (c) Global equity and equity-related ranking includes rights offerings and Chinese A-Shares. (d) Global M&A reflects the removal of any withdrawn transactions. U.S. M&A revenue wallet represents wallet from client parents based in the U.S. (e) Global investment banking fees exclude money market, short-term debt and shelf deals. The following table summarizes select income statement data for the Markets businesses. Markets includes both Fixed Income Markets and Equity Markets. Markets revenue comprises principal transactions, fees, commissions and other income, as well as net interest income. The Firm assesses its Markets business performance on a total revenue basis, as offsets may occur across revenue line items. For example, securities that generate net interest income may be risk- managed by derivatives that are recorded in principal transactions revenue. For a description of the composition of these income statement line items, refer to Notes 6 and 7. Principal transactions reflects revenue on financial instruments and commodities transactions that arise from client-driven market making activity. Principal transactions revenue includes amounts recognized upon executing new transactions with market participants, as well as “inventory-related revenue”, which is revenue recognized from gains and losses on derivatives and other instruments that the Firm has been holding in anticipation of, or in response to, client demand, and changes in the fair value of instruments used by the Firm to actively manage the risk exposure arising from such inventory. Principal transactions revenue recognized upon executing new transactions with market participants is driven by many factors including the level of client activity, the bid-offer spread (which is the difference between the price at which a market participant is willing to sell an instrument to the Firm and the price at which another market participant is willing to buy it from the Firm, and vice versa), market liquidity and volatility. These factors are interrelated and sensitive to the same factors that drive inventory-related revenue, which include general market conditions, such as interest rates, foreign exchange rates, credit spreads, and equity and commodity prices, as well as other macroeconomic conditions.  For the periods presented below, the predominant source of principal transactions revenue was the amount recognized upon executing new transactions. (a) Declines in Markets net interest income in 2018 and 2017 were driven by higher funding costs. (b) Loss days represent the number of days for which Markets posted losses. The loss days determined under this measure differ from the disclosure of daily market risk- related gains and losses for the Firm in the value-at-risk (“VaR”) back-testing discussion on pages 126-128. JPMorgan Chase & Co./2018 Form 10-K 69 Markets revenue