Net Interest Income and Noninterest Income

9 Months Ended

Sep. 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 nine months ended September 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 September 30				Nine Months Ended September 30
(Dollars in millions)	2021		2020		2021		2020
Net interest income
Interest income
Loans and leases	$	7,502	$	7,894	$	21,859	$	26,426
Debt securities	3,282		2,130		8,832		7,413
Federal funds sold and securities borrowed or purchased under agreements to resell	6		55		(43)		900
Trading account assets	967		948		2,793		3,203
Other interest income	579		459		1,677		2,182
Total interest income	12,336		11,486		35,118		40,124
Interest expense
Deposits	133		227		394		1,784
Short-term borrowings	(41)		(24)		(205)		1,024
Trading account liabilities	285		212		824		764
Long-term debt	865		942		2,581		3,445
Total interest expense	1,242		1,357		3,594		7,017
Net interest income	$	11,094	$	10,129	$	31,524	$	33,107
Noninterest income
Fees and commissions
Card income
Interchange fees (1)	$	1,154	$	1,172	$	3,431	$	2,794
Other card income	429		396		1,173		1,295
Total card income	1,583		1,568		4,604		4,089
Service charges
Deposit-related fees	1,619		1,515		4,671		4,441
Lending-related fees	309		302		923		841
Total service charges	1,928		1,817		5,594		5,282
Investment and brokerage services
Asset management fees	3,276		2,740		9,434		7,905
Brokerage fees	960		883		2,988		2,898
Total investment and brokerage services	4,236		3,623		12,422		10,803
Investment banking fees
Underwriting income	1,168		1,239		4,028		3,610
Syndication fees	346		133		1,047		634
Financial advisory services	654		397		1,461		1,072
Total investment banking fees	2,168		1,769		6,536		5,316
Total fees and commissions	9,915		8,777		29,156		25,490
Market making and similar activities	2,005		1,689		7,360		6,983
Other income (loss)	(248)		(259)		(987)		(151)
Total noninterest income	$	11,672	$	10,207	$	35,529	$	32,322

(1)Gross interchange fees and merchant income were $3.0 billion and $2.4 billion for the three months ended September 30, 2021 and 2020 and are presented net of $1.8 billion and $1.4 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 $8.3 billion and $6.7 billion for the nine months ended September 30, 2021 and 2020 and are presented net of $4.9 billion and $4.1 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.