Net Interest Income and Noninterest Income

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Net Interest Income and Noninterest Income

Net Interest Income and Noninterest Income

The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three months ended March 31, 2022 and 2021. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 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 March 31
(Dollars in millions)	2022		2021
Net interest income
Interest income
Loans and leases	$	7,352	$	7,234
Debt securities	3,823		2,730
Federal funds sold and securities borrowed or purchased under agreements to resell (1)	(7)		(7)
Trading account assets	1,081		872
Other interest income	645		566
Total interest income	12,894		11,395
Interest expense
Deposits	164		133
Short-term borrowings (1)	(112)		(79)
Trading account liabilities	364		246
Long-term debt	906		898
Total interest expense	1,322		1,198
Net interest income	$	11,572	$	10,197
Noninterest income
Fees and commissions
Card income
Interchange fees (2)	$	935	$	1,067
Other card income	468		368
Total card income	1,403		1,435
Service charges
Deposit-related fees	1,530		1,495
Lending-related fees	303		297
Total service charges	1,833		1,792
Investment and brokerage services
Asset management fees	3,286		3,002
Brokerage fees	1,006		1,061
Total investment and brokerage services	4,292		4,063
Investment banking fees
Underwriting income	672		1,546
Syndication fees	312		300
Financial advisory services	473		400
Total investment banking fees	1,457		2,246
Total fees and commissions	8,985		9,536
Market making and similar activities	3,238		3,529
Other income (loss)	(567)		(441)
Total noninterest income	$	11,656	$	12,624

(1)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.

(2)Gross interchange fees and merchant income were $2.9 billion and $2.5 billion for the three months ended March 31, 2022 and 2021 and are presented net of $2.0 billion and $1.4 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.