Net Interest Income and Noninterest Income

12 Months Ended

Dec. 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 2022, 2021 and 2020. For more information, see Note 1 – Summary of Significant Accounting Principles. For a disaggregation of noninterest income by business segment and All Other, see Note 23 – Business Segment Information.

(Dollars in millions)	2022		2021		2020
Net interest income
Interest income
Loans and leases	$	37,919	$	29,282	$	34,029
Debt securities	17,127		12,376		9,790
Federal funds sold and securities borrowed or purchased under agreements to resell (1)	4,560		(90)		903
Trading account assets	5,521		3,770		4,128
Other interest income	7,438		2,334		2,735
Total interest income	72,565		47,672		51,585
Interest expense
Deposits	4,718		537		1,943
Short-term borrowings (1)	6,978		(358)		987
Trading account liabilities	1,538		1,128		974
Long-term debt	6,869		3,431		4,321
Total interest expense	20,103		4,738		8,225
Net interest income	$	52,462	$	42,934	$	43,360
Noninterest income
Fees and commissions
Card income
Interchange fees (2)	$	4,096	$	4,560	$	3,954
Other card income	1,987		1,658		1,702
Total card income	6,083		6,218		5,656
Service charges
Deposit-related fees	5,190		6,271		5,991
Lending-related fees	1,215		1,233		1,150
Total service charges	6,405		7,504		7,141
Investment and brokerage services
Asset management fees	12,152		12,729		10,708
Brokerage fees	3,749		3,961		3,866
Total investment and brokerage services	15,901		16,690		14,574
Investment banking fees
Underwriting income	1,970		5,077		4,698
Syndication fees	1,070		1,499		861
Financial advisory services	1,783		2,311		1,621
Total investment banking fees	4,823		8,887		7,180
Total fees and commissions	33,212		39,299		34,551
Market making and similar activities	12,075		8,691		8,355
Other income (loss)	(2,799)		(1,811)		(738)
Total noninterest income	$	42,488	$	46,179	$	42,168

(1)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles.

(2)Gross interchange fees and merchant income were $12.9 billion, $11.5 billion and $9.2 billion for 2022, 2021, and 2020, respectively, and are presented net of $8.8 billion, $6.9 billion and $5.5 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.