Business Segments (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment results and reconciliation

Segment results and reconciliation(a)
As of or for the three months ended June 30, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking						Asset Management
	2014			2013			2014			2013			2014			2013			2014			2013
Noninterest revenue	$	4,468		$	4,921		$	6,531		$	7,171		$	577		$	551		$	2,380		$	2,156
Net interest income	6,963			7,094			2,460			2,705			1,124			1,177			576			569
Total net revenue	11,431			12,015			8,991			9,876			1,701			1,728			2,956			2,725
Provision for credit losses	852			(19		)	(84		)	(6		)	(67		)	44			1			23
Noninterest expense	6,456			6,864			6,058			5,742			675			652			2,062			1,892
Income/(loss) before income tax expense/(benefit)	4,123			5,170			3,017			4,140			1,093			1,032			893			810
Income tax expense/(benefit)	1,680			2,081			1,054			1,302			435			411			341			310
Net income/(loss)	$	2,443		$	3,089		$	1,963		$	2,838		$	658		$	621		$	552		$	500
Average common equity	$	51,000		$	46,000		$	61,000		$	56,500		$	14,000		$	13,500		$	9,000		$	9,000
Total assets	447,277			460,642			873,288			873,527			192,523			184,124			128,362			115,157
Return on average common equity	19		%	27		%	13		%	20		%	19		%	18		%	25		%	22		%
Overhead ratio	56			57			67			58			40			38			70			69

As of or for the three months ended June 30, (in millions, except ratios)	Corporate/Private Equity						Reconciling Items(b)						Total
	2014			2013			2014			2013			2014			2013
Noninterest revenue	$	351		$	290		$	(651	)	$	(582	)	$	13,656		$	14,507
Net interest income	(81		)	(676		)	(244		)	(165		)	10,798			10,704
Total net revenue	270			(386		)	(895		)	(747		)	24,454			25,211
Provision for credit losses	(10		)	5			—			—			692			47
Noninterest expense	180			716			—			—			15,431			15,866
Income/(loss) before income tax expense/(benefit)	100			(1,107		)	(895		)	(747		)	8,331			9,298
Income tax expense/(benefit)	(269		)	(555		)	(895		)	(747		)	2,346			2,802
Net income/(loss)	$	369		$	(552	)	$	—		$	—		$	5,985		$	6,496
Average common equity	$	71,159		$	72,283		$	—		$	—		$	206,159		$	197,283
Total assets	878,886			806,044			NA			NA			2,520,336			2,439,494
Return on average common equity	NM			NM			NM			NM			11		%	13		%
Overhead ratio	NM			NM			NM			NM			63			63

Segment results and reconciliation(a)
As of or for the six months ended June 30, (in millions, except ratios)	Consumer & Community Banking						Corporate & Investment Bank						Commercial Banking						Asset Management
	2014			2013			2014			2013			2014			2013			2014			2013
Noninterest revenue	$	7,902		$	9,327		$	12,767		$	14,528		$	1,135		$	1,086		$	4,598		$	4,250
Net interest income	13,989			14,303			4,830			5,488			2,217			2,315			1,136			1,128
Total net revenue	21,891			23,630			17,597			20,016			3,352			3,401			5,734			5,378
Provision for credit losses	1,668			530			(35		)	5			(62		)	83			(8		)	44
Noninterest expense	12,893			13,654			11,662			11,853			1,361			1,296			4,137			3,768
Income/(loss) before income tax expense/(benefit)	7,330			9,446			5,970			8,158			2,053			2,022			1,605			1,566
Income tax expense/(benefit)	2,951			3,771			2,028			2,710			817			805			612			579
Net income/(loss)	$	4,379		$	5,675		$	3,942		$	5,448		$	1,236		$	1,217		$	993		$	987
Average common equity	$	51,000		$	46,000		$	61,000		$	56,500		$	14,000		$	13,500		$	9,000		$	9,000
Total assets	447,277			460,642			873,288			873,527			192,523			184,124			128,362			115,157
Return on average common equity	17		%	25		%	13		%	19		%	18		%	18		%	22		%	22		%
Overhead ratio	59			58			66			59			41			38			72			70

As of or for the six months ended June 30, (in millions, except ratios)	Corporate/Private Equity						Reconciling Items(b)						Total
	2014			2013			2014			2013			2014			2013
Noninterest revenue	$	875		$	651		$	(1,295	)	$	(1,146	)	$	25,982		$	28,696
Net interest income	(237		)	(1,270		)	(470		)	(327		)	21,465			21,637
Total net revenue	638			(619		)	(1,765		)	(1,473		)	47,447			50,333
Provision for credit losses	(21		)	2			—			—			1,542			664
Noninterest expense	14			718			—			—			30,067			31,289
Income/(loss) before income tax expense/(benefit)	645			(1,339		)	(1,765		)	(1,473		)	15,838			18,380
Income tax expense/(benefit)	(64		)	(1,037		)	(1,765		)	(1,473		)	4,579			5,355
Net income/(loss)	$	709		$	(302	)	$	—		$	—		$	11,259		$	13,025
Average common equity	$	68,989		$	71,016		$	—		$	—		$	203,989		$	196,016
Total assets	878,886			806,044			NA			NA			2,520,336			2,439,494
Return on average common equity	NM			NM			NM			NM			11		%	13		%
Overhead ratio	NM			NM			NM			NM			63			62

(a) Managed basis starts with the reported U.S. GAAP results and includes certain reclassifications that do not have any impact on net income as reported by the lines of business or by the Firm as a whole.

(b) Segment managed results reflect revenue on a FTE basis with the corresponding income tax impact recorded within income tax expense/(benefit). These FTE adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results.