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Net Interest Income and Noninterest Income
6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Net Interest Income and Noninterest Income Net Interest Income and Noninterest IncomeThe following table presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and six months ended June 30, 2021 and 2020. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2021202020212020
Net interest income
Interest income
Loans and leases$7,123 $8,569 $14,357 $18,532 
Debt securities2,820 2,440 5,550 5,283 
Federal funds sold and securities borrowed or purchased under agreements to resell(42)26 (49)845 
Trading account assets954 1,008 1,826 2,255 
Other interest income532 497 1,098 1,723 
Total interest income11,387 12,540 22,782 28,638 
Interest expense
Deposits128 373 261 1,557 
Short-term borrowings(85)(72)(164)1,048 
Trading account liabilities293 223 539 552 
Long-term debt818 1,168 1,716 2,503 
Total interest expense1,154 1,692 2,352 5,660 
Net interest income$10,233 $10,848 $20,430 $22,978 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$1,210 $830 $2,277 $1,622 
Other card income376 419 744 899 
Total card income1,586 1,249 3,021 2,521 
Service charges
Deposit-related fees1,557 1,299 3,052 2,926 
Lending-related fees317 263 614 539 
Total service charges1,874 1,562 3,666 3,465 
Investment and brokerage services
Asset management fees3,156 2,483 6,158 5,165 
Brokerage fees967 939 2,028 2,015 
Total investment and brokerage services 4,123 3,422 8,186 7,180 
Investment banking fees
Underwriting income1,314 1,523 2,860 2,371 
Syndication fees401 230 701 501 
Financial advisory services407 406 807 675 
Total investment banking fees2,122 2,159 4,368 3,547 
Total fees and commissions9,705 8,392 19,241 16,713 
Market making and similar activities1,826 2,487 5,355 5,294 
Other income (loss)(298)599 (739)108 
Total noninterest income$11,233 $11,478 $23,857 $22,115 
(1)Gross interchange fees and merchant income were $2.9 billion and $2.0 billion for the three months ended June 30, 2021 and 2020 and are presented net of $1.7 billion and $1.2 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. Gross interchange fees and merchant income were $5.4 billion and $4.3 billion for the six months ended June 30, 2021 and 2020 and are presented net of $3.1 billion and $2.7 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.