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Business Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Business Segment Information Business Segment InformationThe Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information, see Note 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K. 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 six months ended June 30, 2022 and 2021, and total assets at June 30, 2022 and 2021 for each business segment, as well as All Other.
Results of Business Segments and All Other
At and for the three months ended June 30
Total Corporation (1)
Consumer BankingGlobal Wealth & Investment Management
(Dollars in millions)202220212022202120222021
Net interest income$12,547 $10,343 $7,087 $5,973 $1,802 $1,355 
Noninterest income10,244 11,233 2,049 2,213 3,631 3,710 
Total revenue, net of interest expense22,791 21,576 9,136 8,186 5,433 5,065 
Provision for credit losses523 (1,621)350 (697)33 (62)
Noninterest expense15,273 15,045 4,959 4,859 3,875 3,813 
Income before income taxes6,995 8,152 3,827 4,024 1,525 1,314 
Income tax expense748 (1,072)938 986 374 322 
Net income$6,247 $9,224 $2,889 $3,038 $1,151 $992 
Period-end total assets$3,111,606 $3,029,894 $1,154,366 $1,063,650 $393,948 $378,220 
 Global BankingGlobal MarketsAll Other
 202220212022202120222021
Net interest income$2,634 $1,984 $981 $990 $43 $41 
Noninterest income2,372 3,106 3,521 3,730 (1,329)(1,526)
Total revenue, net of interest expense5,006 5,090 4,502 4,720 (1,286)(1,485)
Provision for credit losses157 (831)8 22 (25)(53)
Noninterest expense2,799 2,599 3,109 3,471 531 303 
Income before income taxes2,050 3,322 1,385 1,227 (1,792)(1,735)
Income tax expense543 897 367 319 (1,474)(3,596)
Net income$1,507 $2,425 $1,018 $908 $(318)$1,861 
Period-end total assets$591,490 $607,969 $835,129 $773,714 $136,673 $206,341 
(1)There were no material intersegment revenues.
Results of Business Segments and All Other
At and for the six months ended June 30
Total Corporation (1)
Consumer BankingGlobal Wealth & Investment Management
(Dollars in millions)202220212022202120222021
Net interest income$24,225 $20,651 $13,767 $11,893 $3,470 $2,685 
Noninterest income21,900 23,857 4,182 4,362 7,439 7,351 
Total revenue, net of interest expense46,125 44,508 17,949 16,255 10,909 10,036 
Provision for credit losses553 (3,481)298 (1,314)(8)(127)
Noninterest expense30,592 30,560 9,880 9,990 7,890 7,682 
Income before income taxes14,980 17,429 7,771 7,579 3,027 2,481 
Income tax expense1,666 155 1,904 1,857 742 608 
Net income$13,314 $17,274 $5,867 $5,722 $2,285 $1,873 
Period-end total assets$3,111,606 $3,029,894 $1,154,366 $1,063,650 $393,948 $378,220 
 Global BankingGlobal MarketsAll Other
 202220212022202120222021
Net interest income$4,978 $3,964 $1,974 $1,981 $36 $128 
Noninterest income5,222 5,758 7,820 8,937 (2,763)(2,551)
Total revenue, net of interest expense10,200 9,722 9,794 10,918 (2,727)(2,423)
Provision for credit losses322 (1,957)13 17 (72)(100)
Noninterest expense5,482 5,380 6,226 6,898 1,114 610 
Income before income taxes4,396 6,299 3,555 4,003 (3,769)(2,933)
Income tax expense1,165 1,701 942 1,041 (3,087)(5,052)
Net income$3,231 $4,598 $2,613 $2,962 $(682)$2,119 
Period-end total assets$591,490 $607,969 $835,129 $773,714 $136,673 $206,341 
(1) There were no material intersegment revenues.
The tables below present noninterest income and the associated components for the three and six months ended June 30, 2022 and 2021 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 CorporationConsumer BankingGlobal Wealth &
Investment Management
Three Months Ended June 30
(Dollars in millions)202220212022202120222021
Fees and commissions:
Card income
Interchange fees $1,072 $1,210 $853 $945 $4 $12 
Other card income 483 376 467 367 13 9 
Total card income1,555 1,586 1,320 1,312 17 21 
Service charges
Deposit-related fees1,417 1,557 679 851 $19 18 
Lending-related fees300 317 — — — — 
Total service charges1,717 1,874 679 851 19 18 
Investment and brokerage services
Asset management fees3,102 3,156 50 45 3,056 3,109 
Brokerage fees989 967 26 33 430 427 
Total investment and brokerage services
4,091 4,123 76 78 3,486 3,536 
Investment banking fees
Underwriting income435 1,314 — — 41 88 
Syndication fees301 401 — — — — 
Financial advisory services392 407 — — — — 
Total investment banking fees1,128 2,122 — — 41 88 
Total fees and commissions 8,491 9,705 2,075 2,241 3,563 3,663 
Market making and similar activities2,717 1,826 2 — 23 11 
Other income (loss)(964)(298)(28)(28)45 36 
Total noninterest income$10,244 $11,233 $2,049 $2,213 $3,631 $3,710 
Global BankingGlobal Markets
All Other (1)
Three Months Ended June 30
202220212022202120222021
Fees and commissions:
Card income
Interchange fees $194 $178 $17 $73 $4 $2 
Other card income 2 2 — — 1 (2)
Total card income$196 180 17 73 5 — 
Service charges
Deposit-related fees688 641 28 45 3 2 
Lending-related fees245 259 55 58 — — 
Total service charges933 900 83 103 3 2 
Investment and brokerage services
Asset management fees— — — — (4)2 
Brokerage fees13 40 518 474 2 (7)
Total investment and brokerage services
13 40 518 474 (2)(5)
Investment banking fees
Underwriting income179 587 282 737 (67)(98)
Syndication fees152 210 149 191 — — 
Financial advisory services361 376 30 31 1 — 
Total investment banking fees692 1,173 461 959 (66)(98)
Total fees and commissions 1,834 2,293 1,079 1,609 (60)(101)
Market making and similar activities80 28 2,657 1,964 (45)(177)
Other income (loss)458 785 (215)157 (1,224)(1,248)
Total noninterest income$2,372 $3,106 $3,521 $3,730 $(1,329)$(1,526)
(1)All Other includes eliminations of intercompany transactions.
Noninterest Income by Business Segment and All Other
Total CorporationConsumer BankingGlobal Wealth &
Investment Management
Six Months Ended June 30
(Dollars in millions)202220212022202120222021
Fees and commissions:
Card income
Interchange fees $2,007 $2,277 $1,596 $1,781 $11 $22 
Other card income 951 744 909 720 24 18 
Total card income2,958 3,021 2,505 2,501 35 40 
Service charges
Deposit-related fees2,947 3,052 1,523 1,682 38 36 
Lending-related fees603 614 — — — — 
Total service charges3,550 3,666 1,523 1,682 38 36 
Investment and brokerage services
Asset management fees6,388 6,158 102 87 6,290 6,071 
Brokerage fees1,995 2,028 57 68 850 857 
Total investment and brokerage services
8,383 8,186 159 155 7,140 6,928 
Investment banking fees
Underwriting income1,107 2,860 — — 107 223 
Syndication fees613 701 — — — — 
Financial advisory services865 807 — — — — 
Total investment banking fees2,585 4,368 — — 107 223 
Total fees and commissions 17,476 19,241 4,187 4,338 7,320 7,227 
Market making and similar activities5,955 5,355 2 — 36 22 
Other income (loss)(1,531)(739)(7)24 83 102 
Total noninterest income$21,900 $23,857 $4,182 $4,362 $7,439 $7,351 
Global BankingGlobal Markets
All Other (1)
Six Months Ended June 30
202220212022202120222021
Fees and commissions:
Card income
Interchange fees $369 $324 $31 $150 $— $— 
Other card income 3 6 — — 15 — 
Total card income372 330 31 150 15 — 
Service charges
Deposit-related fees1,325 1,243 56 87 5 4 
Lending-related fees494 504 109 110 — — 
Total service charges1,819 1,747 165 197 5 4 
Investment and brokerage services
Asset management fees— — — — (4)— 
Brokerage fees25 81 1,063 1,033 — (11)
Total investment and brokerage services
25 81 1,063 1,033 (4)(11)
Investment banking fees
Underwriting income454 1,241 684 1,536 (138)(140)
Syndication fees318 371 295 330 — — 
Financial advisory services800 733 64 74 1 — 
Total investment banking fees1,572 2,345 1,043 1,940 (137)(140)
Total fees and commissions 3,788 4,503 2,302 3,320 (121)(147)
Market making and similar activities129 59 5,847 5,434 (59)(160)
Other income (loss)1,305 1,196 (329)183 (2,583)(2,244)
Total noninterest income$5,222 $5,758 $7,820 $8,937 $(2,763)$(2,551)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2022202120222021
Segments’ total revenue, net of interest expense$24,077 $23,061 $48,852 $46,931 
Adjustments (1):
    
Asset and liability management activities(65)(154)(132)(44)
Liquidating businesses, eliminations and other(1,221)(1,331)(2,595)(2,379)
FTE basis adjustment(103)(110)(209)(221)
Consolidated revenue, net of interest expense$22,688 $21,466 $45,916 $44,287 
Segments’ total net income6,565 7,363 13,996 15,155 
Adjustments, net-of-tax (1):
  
Asset and liability management activities(24)(113)(82)(30)
Liquidating businesses, eliminations and other(294)1,974 (600)2,149 
Consolidated net income$6,247 $9,224 $13,314 $17,274 
June 30
20222021
Segments’ total assets$2,974,933 $2,823,553 
Adjustments (1):
Asset and liability management activities, including securities portfolio1,179,629 1,250,633 
Elimination of segment asset allocations to match liabilities(1,106,832)(1,111,500)
Other63,876 67,208 
Consolidated total assets$3,111,606 $3,029,894 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.