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Business Segment Information
6 Months Ended
Jun. 30, 2023
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 2022 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, 2023 and 2022, and total assets at June 30, 2023 and 2022 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)202320222023202220232022
Net interest income$14,293 $12,547 $8,437 $7,087 $1,805 $1,802 
Noninterest income11,039 10,244 2,087 2,049 3,437 3,631 
Total revenue, net of interest expense25,332 22,791 10,524 9,136 5,242 5,433 
Provision for credit losses1,125 523 1,267 350 13 33 
Noninterest expense16,038 15,273 5,453 4,959 3,925 3,875 
Income before income taxes8,169 6,995 3,804 3,827 1,304 1,525 
Income tax expense761 748 951 938 326 374 
Net income$7,408 $6,247 $2,853 $2,889 $978 $1,151 
Period-end total assets$3,123,198 $3,111,606 $1,084,512 $1,154,366 $338,184 $393,948 
 Global BankingGlobal MarketsAll Other
 202320222023202220232022
Net interest income$3,690 $2,634 $297 $981 $64 $43 
Noninterest income2,772 2,372 4,574 3,521 (1,831)(1,329)
Total revenue, net of interest expense6,462 5,006 4,871 4,502 (1,767)(1,286)
Provision for credit losses9 157 (4)(160)(25)
Noninterest expense2,819 2,799 3,349 3,109 492 531 
Income before income taxes3,634 2,050 1,526 1,385 (2,099)(1,792)
Income tax expense981 543 420 367 (1,917)(1,474)
Net income$2,653 $1,507 $1,106 $1,018 $(182)$(318)
Period-end total assets$586,397 $591,490 $851,771 $835,129 $262,334 $136,673 
(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)202320222023202220232022
Net interest income$28,875 $24,225 $17,030 $13,767 $3,681 $3,470 
Noninterest income22,849 21,900 4,200 4,182 6,876 7,439 
Total revenue, net of interest expense51,724 46,125 21,230 17,949 10,557 10,909 
Provision for credit losses2,056 553 2,356 298 38 (8)
Noninterest expense32,276 30,592 10,926 9,880 7,992 7,890 
Income before income taxes17,392 14,980 7,948 7,771 2,527 3,027 
Income tax expense1,823 1,666 1,987 1,904 632 742 
Net income$15,569 $13,314 $5,961 $5,867 $1,895 $2,285 
Period-end total assets$3,123,198 $3,111,606 $1,084,512 $1,154,366 $338,184 $393,948 
 Global BankingGlobal MarketsAll Other
 202320222023202220232022
Net interest income$7,597 $4,978 $406 $1,974 $161 $36 
Noninterest income5,068 5,222 10,091 7,820 (3,386)(2,763)
Total revenue, net of interest expense12,665 10,200 10,497 9,794 (3,225)(2,727)
Provision for credit losses(228)322 (57)13 (53)(72)
Noninterest expense5,759 5,482 6,700 6,226 899 1,114 
Income before income taxes7,134 4,396 3,854 3,555 (4,071)(3,769)
Income tax expense1,926 1,165 1,060 942 (3,782)(3,087)
Net income$5,208 $3,231 $2,794 $2,613 $(289)$(682)
Period-end total assets$586,397 $591,490 $851,771 $835,129 $262,334 $136,673 
(1) There were no material intersegment revenues.
The table below presents noninterest income and the associated components for the three and six months ended June 30, 2023 and 2022 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)202320222023202220232022
Fees and commissions:
Card income
Interchange fees $1,023 $1,072 $808 $853 $(3)$
Other card income 523 483 533 467 15 13 
Total card income1,546 1,555 1,341 1,320 12 17 
Service charges
Deposit-related fees1,045 1,417 525 679 10 19 
Lending-related fees319 300  — 8 — 
Total service charges1,364 1,717 525 679 18 19 
Investment and brokerage services
Asset management fees2,969 3,102 49 50 2,921 3,056 
Brokerage fees870 989 27 26 330 430 
Total investment and brokerage services
3,839 4,091 76 76 3,251 3,486 
Investment banking fees
Underwriting income657 435  — 40 41 
Syndication fees180 301  —  — 
Financial advisory services375 392  —  — 
Total investment banking fees1,212 1,128  — 40 41 
Total fees and commissions 7,961 8,491 1,942 2,075 3,321 3,563 
Market making and similar activities3,697 2,717 5 32 23 
Other income (loss)(619)(964)140 (28)84 45 
Total noninterest income$11,039 $10,244 $2,087 $2,049 $3,437 $3,631 
Global BankingGlobal Markets
All Other (1)
Three Months Ended June 30
202320222023202220232022
Fees and commissions:
Card income
Interchange fees $199 $194 $19 $17 $ $
Other card income 1  — (26)
Total card income200 196 19 17 (26)
Service charges
Deposit-related fees489 688 20 28 1 
Lending-related fees246 245 65 55  — 
Total service charges735 933 85 83 1 
Investment and brokerage services
Asset management fees — — — (1)(4)
Brokerage fees14 13 499 518  
Total investment and brokerage services
14 13 499 518 (1)(2)
Investment banking fees
Underwriting income283 179 384 282 (50)(67)
Syndication fees102 152 78 149  — 
Financial advisory services333 361 41 30 1 
Total investment banking fees718 692 503 461 (49)(66)
Total fees and commissions 1,667 1,834 1,106 1,079 (75)(60)
Market making and similar activities69 80 3,409 2,657 182 (45)
Other income (loss)1,036 458 59 (215)(1,938)(1,224)
Total noninterest income$2,772 $2,372 $4,574 $3,521 $(1,831)$(1,329)
(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)202320222023202220232022
Fees and commissions:
Card income
Interchange fees $1,979 $2,007 $1,561 $1,596 $(3)$11 
Other card income 1,036 951 1,054 909 27 24 
Total card income3,015 2,958 2,615 2,505 24 35 
Service charges
Deposit-related fees2,142 2,947 1,124 1,523 21 38 
Lending-related fees632 603  — 16 — 
Total service charges2,774 3,550 1,124 1,523 37 38 
Investment and brokerage services
Asset management fees5,887 6,388 96 102 5,794 6,290 
Brokerage fees1,804 1,995 54 57 695 850 
Total investment and brokerage services
7,691 8,383 150 159 6,489 7,140 
Investment banking fees
Underwriting income1,226 1,107  — 79 107 
Syndication fees411 613  —  — 
Financial advisory services738 865  —  — 
Total investment banking fees2,375 2,585  — 79 107 
Total fees and commissions 15,855 17,476 3,889 4,187 6,629 7,320 
Market making and similar activities8,409 5,955 10 66 36 
Other income (loss)(1,415)(1,531)301 (7)181 83 
Total noninterest income$22,849 $21,900 $4,200 $4,182 $6,876 $7,439 
Global BankingGlobal Markets
All Other (1)
Six Months Ended June 30
202320222023202220232022
Fees and commissions:
Card income
Interchange fees $386 $369 $35 $31 $ $— 
Other card income 4  — (49)15 
Total card income390 372 35 31 (49)15 
Service charges
Deposit-related fees956 1,325 40 56 1 
Lending-related fees493 494 123 109  — 
Total service charges1,449 1,819 163 165 1 
Investment and brokerage services
Asset management fees —  — (3)(4)
Brokerage fees23 25 1,032 1,063  — 
Total investment and brokerage services
23 25 1,032 1,063 (3)(4)
Investment banking fees
Underwriting income512 454 698 684 (63)(138)
Syndication fees228 318 183 295  — 
Financial advisory services646 800 91 64 1 
Total investment banking fees1,386 1,572 972 1,043 (62)(137)
Total fees and commissions 3,248 3,788 2,202 2,302 (113)(121)
Market making and similar activities114 129 7,807 5,847 412 (59)
Other income (loss)1,706 1,305 82 (329)(3,685)(2,583)
Total noninterest income$5,068 $5,222 $10,091 $7,820 $(3,386)$(2,763)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
Three Months Ended June 30Six Months Ended June 30
(Dollars in millions)2023202220232022
Segments’ total revenue, net of interest expense$27,099 $24,077 $54,949 $48,852 
Adjustments (1):
    
Asset and liability management activities(207)(65)(432)(132)
Liquidating businesses, eliminations and other(1,560)(1,221)(2,793)(2,595)
FTE basis adjustment(135)(103)(269)(209)
Consolidated revenue, net of interest expense$25,197 $22,688 $51,455 $45,916 
Segments’ total net income7,590 6,565 15,858 13,996 
Adjustments, net-of-tax (1):
  
Asset and liability management activities(151)(24)(325)(82)
Liquidating businesses, eliminations and other(31)(294)36 (600)
Consolidated net income$7,408 $6,247 $15,569 $13,314 
June 30
20232022
Segments’ total assets$2,860,864 $2,974,933 
Adjustments (1):
Asset and liability management activities, including securities portfolio1,162,755 1,179,629 
Elimination of segment asset allocations to match liabilities(963,574)(1,106,832)
Other63,153 63,876 
Consolidated total assets$3,123,198 $3,111,606 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.