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 30				Six Months Ended June 30
(Dollars in millions)	2021		2020		2021		2020
Net interest income
Interest income
Loans and leases	$	7,123	$	8,569	$	14,357	$	18,532
Debt securities	2,820		2,440		5,550		5,283
Federal funds sold and securities borrowed or purchased under agreements to resell	(42)		26		(49)		845
Trading account assets	954		1,008		1,826		2,255
Other interest income	532		497		1,098		1,723
Total interest income	11,387		12,540		22,782		28,638
Interest expense
Deposits	128		373		261		1,557
Short-term borrowings	(85)		(72)		(164)		1,048
Trading account liabilities	293		223		539		552
Long-term debt	818		1,168		1,716		2,503
Total interest expense	1,154		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 income	376		419		744		899
Total card income	1,586		1,249		3,021		2,521
Service charges
Deposit-related fees	1,557		1,299		3,052		2,926
Lending-related fees	317		263		614		539
Total service charges	1,874		1,562		3,666		3,465
Investment and brokerage services
Asset management fees	3,156		2,483		6,158		5,165
Brokerage fees	967		939		2,028		2,015
Total investment and brokerage services	4,123		3,422		8,186		7,180
Investment banking fees
Underwriting income	1,314		1,523		2,860		2,371
Syndication fees	401		230		701		501
Financial advisory services	407		406		807		675
Total investment banking fees	2,122		2,159		4,368		3,547
Total fees and commissions	9,705		8,392		19,241		16,713
Market making and similar activities	1,826		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.