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Business Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Business Segment Information Business Segment InformationThe Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information see Note 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. The following tables present net income and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three and six months ended June 30, 2021 and 2020, and total assets at June 30, 2021 and 2020 for each business segment, as well as All Other.
Results of Business Segments and All Other
At and for the three months ended June 30
Total Corporation (1)
Consumer BankingGlobal Wealth & Investment Management
(Dollars in millions)202120202021202020212020
Net interest income$10,343 $10,976 $5,973 $5,991 $1,354 $1,378 
Noninterest income11,233 11,478 2,213 1,861 3,711 3,047 
Total revenue, net of interest expense21,576 22,454 8,186 7,852 5,065 4,425 
Provision for credit losses(1,621)5,117 (697)3,024 (62)136 
Noninterest expense15,045 13,410 4,859 4,735 3,814 3,464 
Income before income taxes8,152 3,927 4,024 93 1,313 825 
Income tax expense(1,072)394 986 23 322 202 
Net income$9,224 $3,533 $3,038 $70 $991 $623 
Period-end total assets$3,029,894 $2,741,688 $1,063,650 $929,193 $378,220 $334,190 
 Global BankingGlobal MarketsAll Other
 202120202021202020212020
Net interest income$1,984 $2,363 $991 $1,297 $41 $(53)
Noninterest income3,105 2,728 3,729 4,053 (1,525)(211)
Total revenue, net of interest expense5,089 5,091 4,720 5,350 (1,484)(264)
Provision for credit losses(831)1,873 22 105 (53)(21)
Noninterest expense2,599 2,222 3,471 2,684 302 305 
Income before income taxes3,321 996 1,227 2,561 (1,733)(548)
Income tax expense897 269 319 666 (3,596)(766)
Net income$2,424 $727 $908 $1,895 $1,863 $218 
Period-end total assets$607,969 $586,078 $773,714 $652,068 $206,341 $240,159 
(1)There were no material intersegment revenues.
Results of Business Segments and All Other
At and for the six months ended June 30
Total Corporation (1)
Consumer BankingGlobal Wealth & Investment Management
(Dollars in millions)202120202021202020212020
Net interest income$20,651 $23,250 $11,893 $12,853 $2,685 $2,949 
Noninterest income23,857 22,115 4,362 4,127 7,351 6,412 
Total revenue, net of interest expense44,508 45,365 16,255 16,980 10,036 9,361 
Provision for credit losses(3,481)9,878 (1,314)5,282 (127)325 
Noninterest expense30,560 26,885 9,990 9,230 7,682 7,064 
Income before income taxes17,429 8,602 7,579 2,468 2,481 1,972 
Income tax expense155 1,059 1,857 605 608 483 
Net income$17,274 $7,543 $5,722 $1,863 $1,873 $1,489 
Period-end total assets$3,029,894 $2,741,688 $1,063,650 $929,193 $378,220 $334,190 
 Global BankingGlobal MarketsAll Other
 202120202021202020212020
Net interest income$3,964 $4,975 $1,981 $2,449 $128 $24 
Noninterest income5,758 4,716 8,937 8,126 (2,551)(1,266)
Total revenue, net of interest expense9,722 9,691 10,918 10,575 (2,423)(1,242)
Provision for credit losses(1,957)3,966 17 212 (100)93 
Noninterest expense5,380 4,540 6,898 5,498 610 553 
Income before income taxes6,299 1,185 4,003 4,865 (2,933)(1,888)
Income tax expense1,701 320 1,041 1,265 (5,052)(1,614)
Net income$4,598 $865 $2,962 $3,600 $2,119 $(274)
Period-end total assets$607,969 $586,078 $773,714 $652,068 $206,341 $240,159 
(1)There were no material intersegment revenues
The tables below present noninterest income and the associated components for the three and six months ended June 30, 2021 and 2020 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.
Noninterest Income by Business Segment and All Other
Total CorporationConsumer BankingGlobal Wealth &
Investment Management
Three Months Ended June 30
(Dollars in millions)202120202021202020212020
Fees and commissions:
Card income
Interchange fees $1,210 $830 $945 $645 $12 $8 
Other card income 376 419 367 408 9 10 
Total card income1,586 1,249 1,312 1,053 21 18 
Service charges
Deposit-related fees1,557 1,299 851 706 18 14 
Lending-related fees317 263 — — — — 
Total service charges1,874 1,562 851 706 18 14 
Investment and brokerage services
Asset management fees3,156 2,483 45 34 3,110 2,454 
Brokerage fees967 939 33 32 427 400 
Total investment and brokerage services
4,123 3,422 78 66 3,537 2,854 
Investment banking fees
Underwriting income1,314 1,523 — — 88 84 
Syndication fees401 230 — — — — 
Financial advisory services407 406 — — — — 
Total investment banking fees2,122 2,159 — — 88 84 
Total fees and commissions 9,705 8,392 2,241 1,825 3,664 2,970 
Market making and similar activities1,826 2,487 — 1 11 18 
Other income (loss)(298)599 (28)35 36 59 
Total noninterest income$11,233 $11,478 $2,213 $1,861 $3,711 $3,047 
Global BankingGlobal Markets
All Other (1)
Three Months Ended June 30
202120202021202020212020
Fees and commissions:
Card income
Interchange fees $178 $65 $74 $111 $1 $1 
Other card income 2 3 — — (2)(2)
Total card income180 68 74 111 (1)(1)
Service charges
Deposit-related fees641 524 45 45 2 10 
Lending-related fees259 214 58 50 — (1)
Total service charges900 738 103 95 2 9 
Investment and brokerage services
Asset management fees— — — — 1 (5)
Brokerage fees40 23 473 480 (6)4 
Total investment and brokerage services
40 23 473 480 (5)(1)
Investment banking fees
Underwriting income587 703 737 781 (98)(45)
Syndication fees210 133 191 97 — — 
Financial advisory services376 345 31 61 — — 
Total investment banking fees1,173 1,181 959 939 (98)(45)
Total fees and commissions 2,293 2,010 1,609 1,625 (102)(38)
Market making and similar activities28 (15)1,964 2,360 (177)123 
Other income (loss)784 733 156 68 (1,246)(296)
Total noninterest income$3,105 $2,728 $3,729 $4,053 $(1,525)$(211)
(1)All Other includes eliminations of intercompany transactions.
Noninterest Income by Business Segment and All Other
Total CorporationConsumer BankingGlobal Wealth &
Investment Management
Six Months Ended June 30
(Dollars in millions)202120202021202020212020
Fees and commissions:
Card income
Interchange fees $2,277 $1,622 $1,781 $1,289 $22 $16 
Other card income 744 899 720 874 18 19 
Total card income3,021 2,521 2,501 2,163 40 35 
Service charges
Deposit-related fees3,052 2,926 1,682 1,701 36 32 
Lending-related fees614 539 — — — — 
Total service charges3,666 3,465 1,682 1,701 36 32 
Investment and brokerage services
Asset management fees6,158 5,165 87 72 6,071 5,106 
Brokerage fees2,028 2,015 68 65 857 870 
Total investment and brokerage services
8,186 7,180 155 137 6,928 5,976 
Investment banking fees
Underwriting income2,860 2,371 — — 223 199 
Syndication fees701 501 — — — — 
Financial advisory services807 675 — — — — 
Total investment banking fees4,368 3,547 — — 223 199 
Total fees and commissions 19,241 16,713 4,338 4,001 7,227 6,242 
Market making and similar activities5,355 5,294 — 2 22 39 
Other income (loss)(739)108 24 124 102 131 
Total noninterest income$23,857 $22,115 $4,362 $4,127 $7,351 $6,412 
Global BankingGlobal Markets
All Other (1)
Six Months Ended June 30
202120202021202020212020
Fees and commissions:
Card income
Interchange fees $324 $184 $150 $132 $— $1 
Other card income 6 7 — — — (1)
Total card income330 191 150 132 — — 
Service charges
Deposit-related fees1,243 1,095 87 80 4 18 
Lending-related fees504 438 110 102 — (1)
Total service charges1,747 1,533 197 182 4 17 
Investment and brokerage services
Asset management fees— — — — — (13)
Brokerage fees81 31 1,033 1,048 (11)1 
Total investment and brokerage services
81 31 1,033 1,048 (11)(12)
Investment banking fees
Underwriting income1,241 1,071 1,536 1,237 (140)(136)
Syndication fees371 279 330 222 — — 
Financial advisory services733 592 74 83 — — 
Total investment banking fees2,345 1,942 1,940 1,542 (140)(136)
Total fees and commissions 4,503 3,697 3,320 2,904 (147)(131)
Market making and similar activities59 72 5,434 5,334 (160)(153)
Other income (loss)1,196 947 183 (112)(2,244)(982)
Total noninterest income$5,758 $4,716 $8,937 $8,126 $(2,551)$(1,266)
(1)All Other includes eliminations of intercompany transactions.
The table below presents a reconciliation of the four business segments' total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet.
Business Segment Reconciliations
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2021202020212020
Segments’ total revenue, net of interest expense$23,060 $22,718 $46,931 $46,607 
Adjustments (1):
    
Asset and liability management activities(154)677 (44)592 
Liquidating businesses, eliminations and other(1,330)(941)(2,379)(1,834)
FTE basis adjustment(110)(128)(221)(272)
Consolidated revenue, net of interest expense$21,466 $22,326 $44,287 $45,093 
Segments’ total net income7,361 3,315 15,155 7,817 
Adjustments, net-of-tax (1):
  
Asset and liability management activities(113)521 (30)444 
Liquidating businesses, eliminations and other1,976 (303)2,149 (718)
Consolidated net income$9,224 $3,533 $17,274 $7,543 
June 30
20212020
Segments’ total assets$2,823,553 $2,501,529 
Adjustments (1):
  
Asset and liability management activities, including securities portfolio1,250,633 1,002,652 
Elimination of segment asset allocations to match liabilities(1,111,500)(829,129)
Other67,208 66,636 
Consolidated total assets$3,029,894 $2,741,688 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.