Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Segment Reporting Information, by Segment

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 nine months ended September 30, 2021 and 2020, and total assets at September 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 September 30	Total Corporation (1)			Consumer Banking		Global Wealth & Investment Management
(Dollars in millions)		2021		2020		2021		2020		2021		2020
Net interest income		$	11,195	$	10,243	$	6,493	$	5,890	$	1,451	$	1,237
Noninterest income		11,672		10,207		2,345		2,149		3,859		3,309
Total revenue, net of interest expense		22,867		20,450		8,838		8,039		5,310		4,546
Provision for credit losses		(624)		1,389		247		479		(58)		24
Noninterest expense		14,440		14,401		4,558		4,842		3,745		3,533
Income before income taxes		9,051		4,660		4,033		2,718		1,623		989
Income tax expense		1,360		(221)		988		666		398		242
Net income		$	7,691	$	4,881	$	3,045	$	2,052	$	1,225	$	747
Period-end total assets		$	3,085,446	$	2,738,452	$	1,091,431	$	947,513	$	393,708	$	337,576

	Global Banking			Global Markets		All Other
		2021		2020		2021		2020		2021		2020
Net interest income		$	2,186	$	2,028	$	1,000	$	1,108	$	65	$	(20)
Noninterest income		3,058		2,489		3,519		3,175		(1,109)		(915)
Total revenue, net of interest expense		5,244		4,517		4,519		4,283		(1,044)		(935)
Provision for credit losses		(781)		883		16		21		(48)		(18)
Noninterest expense		2,534		2,365		3,252		3,102		351		559
Income before income taxes		3,491		1,269		1,251		1,160		(1,347)		(1,476)
Income tax expense		942		343		325		302		(1,293)		(1,774)
Net income		$	2,549	$	926	$	926	$	858	$	(54)	$	298
Period-end total assets		$	623,640	$	553,776	$	776,929	$	676,242	$	199,738	$	223,345

(1)There were no material intersegment revenues.



Results of Business Segments and All Other

At and for the nine months ended September 30	Total Corporation (1)					Consumer Banking			Global Wealth & Investment Management
(Dollars in millions)		2021		2020			2021		2020		2021		2020
Net interest income		$	31,846	$	33,493		$	18,386	$	18,743	$	4,137	$	4,186
Noninterest income		35,529		32,322			6,707		6,277		11,209		9,721
Total revenue, net of interest expense		67,375		65,815			25,093		25,020		15,346		13,907
Provision for credit losses		(4,105)		11,267			(1,067)		5,761		(185)		349
Noninterest expense		45,000		41,286			14,548		14,074		11,425		10,596
Income before income taxes		26,480		13,262			11,612		5,185		4,106		2,962
Income tax expense		1,515		838			2,845		1,270		1,006		726
Net income		$	24,965	$	12,424		$	8,767	$	3,915	$	3,100	$	2,236
Period-end total assets		$	3,085,446	$	2,738,452		$	1,091,431	$	947,513	$	393,708	$	337,576

	Global Banking					Global Markets			All Other
		2021		2020			2021		2020		2021		2020
Net interest income		$	6,150	$	7,003		$	2,980	$	3,558	$	193	$	3
Noninterest income		8,817		7,205			12,457		11,301		(3,661)		(2,182)
Total revenue, net of interest expense		14,967		14,208			15,437		14,859		(3,468)		(2,179)
Provision for credit losses		(2,738)		4,849			33		233		(148)		75
Noninterest expense		7,915		6,910			10,150		8,598		962		1,108
Income before income taxes		9,790		2,449			5,254		6,028		(4,282)		(3,362)
Income tax expense		2,643		661			1,366		1,567		(6,345)		(3,386)
Net income		$	7,147	$	1,788		$	3,888	$	4,461	$	2,063	$	24
Period-end total assets		$	623,640	$	553,776		$	776,929	$	676,242	$	199,738	$	223,345

(1)There were no material intersegment revenues

The tables below present noninterest income and the associated components for the three and nine months ended September 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 Corporation				Consumer Banking			Global Wealth & Investment Management
	Three Months Ended September 30
(Dollars in millions)	2021		2020			2021		2020		2021		2020
Fees and commissions:
Card income
Interchange fees	$	1,154	$	1,172		$	905	$	840	$	11	$	10
Other card income	429		396			412		380		11		11
Total card income	1,583		1,568			1,317		1,220		22		21
Service charges
Deposit-related fees	1,619		1,515			935		837		18		17
Lending-related fees	309		302			—		—		—		—
Total service charges	1,928		1,817			935		837		18		17
Investment and brokerage services
Asset management fees	3,276		2,740			49		36		3,228		2,706
Brokerage fees	960		883			32		32		455		399
Total investment and brokerage services	4,236		3,623			81		68		3,683		3,105
Investment banking fees
Underwriting income	1,168		1,239			—		—		82		93
Syndication fees	346		133			—		—		—		—
Financial advisory services	654		397			—		—		—		—
Total investment banking fees	2,168		1,769			—		—		82		93
Total fees and commissions	9,915		8,777			2,333		2,125		3,805		3,236
Market making and similar activities	2,005		1,689			1		—		9		14
Other income (loss)	(248)		(259)			11		24		45		59
Total noninterest income	$	11,672	$	10,207		$	2,345	$	2,149	$	3,859	$	3,309


	Global Banking				Global Markets			All Other (1)
	Three Months Ended September 30
	2021		2020			2021		2020		2021		2020
Fees and commissions:
Card income
Interchange fees	$	180	$	153		$	59	$	170	$	(1)	$	(1)
Other card income	5		3			—		—		1		2
Total card income	185		156			59		170		—		1
Service charges
Deposit-related fees	633		597			30		54		3		10
Lending-related fees	257		249			53		54		(1)		(1)
Total service charges	890		846			83		108		2		9
Investment and brokerage services
Asset management fees	—		—			—		—		(1)		(2)
Brokerage fees	9		14			470		439		(6)		(1)
Total investment and brokerage services	9		14			470		439		(7)		(3)
Investment banking fees
Underwriting income	512		536			629		643		(55)		(33)
Syndication fees	177		78			170		55		(1)		—
Financial advisory services	608		356			45		40		1		1
Total investment banking fees	1,297		970			844		738		(55)		(32)
Total fees and commissions	2,381		1,986			1,456		1,455		(60)		(25)
Market making and similar activities	40		16			2,014		1,725		(59)		(66)
Other income (loss)	637		487			49		(5)		(990)		(824)
Total noninterest income	$	3,058	$	2,489		$	3,519	$	3,175	$	(1,109)	$	(915)

(1)All Other includes eliminations of intercompany transactions.



Noninterest Income by Business Segment and All Other

	Total Corporation				Consumer Banking				Global Wealth & Investment Management
	Nine Months Ended September 30
(Dollars in millions)	2021		2020		2021		2020		2021		2020
Fees and commissions:
Card income
Interchange fees	$	3,431	$	2,794	$	2,687	$	2,129	$	33	$	26
Other card income	1,173		1,295		1,131		1,255		29		30
Total card income	4,604		4,089		3,818		3,384		62		56
Service charges
Deposit-related fees	4,671		4,441		2,617		2,538		54		49
Lending-related fees	923		841		—		—		—		—
Total service charges	5,594		5,282		2,617		2,538		54		49
Investment and brokerage services
Asset management fees	9,434		7,905		136		108		9,298		7,811
Brokerage fees	2,988		2,898		100		96		1,312		1,270
Total investment and brokerage services	12,422		10,803		236		204		10,610		9,081
Investment banking fees
Underwriting income	4,028		3,610		—		—		305		292
Syndication fees	1,047		634		—		—		—		—
Financial advisory services	1,461		1,072		—		—		—		—
Total investment banking fees	6,536		5,316		—		—		305		292
Total fees and commissions	29,156		25,490		6,671		6,126		11,031		9,478
Market making and similar activities	7,360		6,983		1		2		31		52
Other income (loss)	(987)		(151)		35		149		147		191
Total noninterest income	$	35,529	$	32,322	$	6,707	$	6,277	$	11,209	$	9,721


	Global Banking				Global Markets				All Other (1)
	Nine Months Ended September 30
	2021		2020		2021		2020		2021		2020
Fees and commissions:
Card income
Interchange fees	$	503	$	337	$	208	$	301	$	—	$	1
Other card income	12		10		—		—		1		—
Total card income	515		347		208		301		1		1
Service charges
Deposit-related fees	1,877		1,693		117		134		6		27
Lending-related fees	760		686		163		156		—		(1)
Total service charges	2,637		2,379		280		290		6		26
Investment and brokerage services
Asset management fees	—		—		—		—		—		(14)
Brokerage fees	90		45		1,504		1,487		(18)		—
Total investment and brokerage services	90		45		1,504		1,487		(18)		(14)
Investment banking fees
Underwriting income	1,754		1,607		2,165		1,879		(196)		(168)
Syndication fees	547		357		500		278		—		(1)
Financial advisory services	1,341		948		119		123		1		1
Total investment banking fees	3,642		2,912		2,784		2,280		(195)		(168)
Total fees and commissions	6,884		5,683		4,776		4,358		(206)		(155)
Market making and similar activities	99		88		7,448		7,059		(219)		(218)
Other income (loss)	1,834		1,434		233		(116)		(3,236)		(1,809)
Total noninterest income	$	8,817	$	7,205	$	12,457	$	11,301	$	(3,661)	$	(2,182)

(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 September 30				Nine Months Ended September 30
(Dollars in millions)	2021		2020		2021		2020
Segments’ total revenue, net of interest expense	$	23,911	$	21,385	$	70,843	$	67,994
Adjustments (1):
Asset and liability management activities	3		(168)		(41)		425
Liquidating businesses, eliminations and other	(1,047)		(767)		(3,427)		(2,604)
FTE basis adjustment	(101)		(114)		(322)		(386)
Consolidated revenue, net of interest expense	$	22,766	$	20,336	$	67,053	$	65,429
Segments’ total net income	7,745		4,583		22,902		12,400
Adjustments, net-of-tax (1):
Asset and liability management activities	10		(127)		(20)		316
Liquidating businesses, eliminations and other	(64)		425		2,083		(292)
Consolidated net income	$	7,691	$	4,881	$	24,965	$	12,424

					September 30
					2021		2020
Segments’ total assets					$	2,885,708	$	2,515,107
Adjustments (1):
Asset and liability management activities, including securities portfolio					1,296,026		1,018,385
Elimination of segment asset allocations to match liabilities					(1,162,175)		(857,788)

Other					65,887		62,748
Consolidated total assets					$	3,085,446	$	2,738,452

(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.