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 Banking				Global Wealth & Investment Management
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Net interest income	$	14,293	$	12,547	$	8,437	$	7,087	$	1,805	$	1,802
Noninterest income	11,039		10,244		2,087		2,049		3,437		3,631
Total revenue, net of interest expense	25,332		22,791		10,524		9,136		5,242		5,433
Provision for credit losses	1,125		523		1,267		350		13		33
Noninterest expense	16,038		15,273		5,453		4,959		3,925		3,875
Income before income taxes	8,169		6,995		3,804		3,827		1,304		1,525
Income tax expense	761		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 Banking				Global Markets				All Other
	2023		2022		2023		2022		2023		2022
Net interest income	$	3,690	$	2,634	$	297	$	981	$	64	$	43
Noninterest income	2,772		2,372		4,574		3,521		(1,831)		(1,329)
Total revenue, net of interest expense	6,462		5,006		4,871		4,502		(1,767)		(1,286)
Provision for credit losses	9		157		(4)		8		(160)		(25)
Noninterest expense	2,819		2,799		3,349		3,109		492		531
Income before income taxes	3,634		2,050		1,526		1,385		(2,099)		(1,792)
Income tax expense	981		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 Banking				Global Wealth & Investment Management
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Net interest income	$	28,875	$	24,225	$	17,030	$	13,767	$	3,681	$	3,470
Noninterest income	22,849		21,900		4,200		4,182		6,876		7,439
Total revenue, net of interest expense	51,724		46,125		21,230		17,949		10,557		10,909
Provision for credit losses	2,056		553		2,356		298		38		(8)
Noninterest expense	32,276		30,592		10,926		9,880		7,992		7,890
Income before income taxes	17,392		14,980		7,948		7,771		2,527		3,027
Income tax expense	1,823		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 Banking				Global Markets				All Other
	2023		2022		2023		2022		2023		2022
Net interest income	$	7,597	$	4,978	$	406	$	1,974	$	161	$	36
Noninterest income	5,068		5,222		10,091		7,820		(3,386)		(2,763)
Total revenue, net of interest expense	12,665		10,200		10,497		9,794		(3,225)		(2,727)
Provision for credit losses	(228)		322		(57)		13		(53)		(72)
Noninterest expense	5,759		5,482		6,700		6,226		899		1,114
Income before income taxes	7,134		4,396		3,854		3,555		(4,071)		(3,769)
Income tax expense	1,926		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 Corporation				Consumer Banking				Global Wealth & Investment Management
	Three Months Ended June 30
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	1,023	$	1,072	$	808	$	853	$	(3)	$	4
Other card income	523		483		533		467		15		13
Total card income	1,546		1,555		1,341		1,320		12		17
Service charges
Deposit-related fees	1,045		1,417		525		679		10		19
Lending-related fees	319		300		—		—		8		—
Total service charges	1,364		1,717		525		679		18		19
Investment and brokerage services
Asset management fees	2,969		3,102		49		50		2,921		3,056
Brokerage fees	870		989		27		26		330		430
Total investment and brokerage services	3,839		4,091		76		76		3,251		3,486
Investment banking fees
Underwriting income	657		435		—		—		40		41
Syndication fees	180		301		—		—		—		—
Financial advisory services	375		392		—		—		—		—
Total investment banking fees	1,212		1,128		—		—		40		41
Total fees and commissions	7,961		8,491		1,942		2,075		3,321		3,563
Market making and similar activities	3,697		2,717		5		2		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 Banking				Global Markets				All Other (1)
	Three Months Ended June 30
	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	199	$	194	$	19	$	17	$	—	$	4
Other card income	1		2		—		—		(26)		1
Total card income	200		196		19		17		(26)		5
Service charges
Deposit-related fees	489		688		20		28		1		3
Lending-related fees	246		245		65		55		—		—
Total service charges	735		933		85		83		1		3
Investment and brokerage services
Asset management fees	—		—		—		—		(1)		(4)
Brokerage fees	14		13		499		518		—		2
Total investment and brokerage services	14		13		499		518		(1)		(2)
Investment banking fees
Underwriting income	283		179		384		282		(50)		(67)
Syndication fees	102		152		78		149		—		—
Financial advisory services	333		361		41		30		1		1
Total investment banking fees	718		692		503		461		(49)		(66)
Total fees and commissions	1,667		1,834		1,106		1,079		(75)		(60)
Market making and similar activities	69		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 Corporation				Consumer Banking				Global Wealth & Investment Management
	Six Months Ended June 30
(Dollars in millions)	2023		2022		2023		2022		2023		2022
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 income	3,015		2,958		2,615		2,505		24		35
Service charges
Deposit-related fees	2,142		2,947		1,124		1,523		21		38
Lending-related fees	632		603		—		—		16		—
Total service charges	2,774		3,550		1,124		1,523		37		38
Investment and brokerage services
Asset management fees	5,887		6,388		96		102		5,794		6,290
Brokerage fees	1,804		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 income	1,226		1,107		—		—		79		107
Syndication fees	411		613		—		—		—		—
Financial advisory services	738		865		—		—		—		—
Total investment banking fees	2,375		2,585		—		—		79		107
Total fees and commissions	15,855		17,476		3,889		4,187		6,629		7,320
Market making and similar activities	8,409		5,955		10		2		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 Banking				Global Markets				All Other (1)
	Six Months Ended June 30
	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	386	$	369	$	35	$	31	$	—	$	—
Other card income	4		3		—		—		(49)		15
Total card income	390		372		35		31		(49)		15
Service charges
Deposit-related fees	956		1,325		40		56		1		5
Lending-related fees	493		494		123		109		—		—
Total service charges	1,449		1,819		163		165		1		5
Investment and brokerage services
Asset management fees	—		—		—		—		(3)		(4)
Brokerage fees	23		25		1,032		1,063		—		—
Total investment and brokerage services	23		25		1,032		1,063		(3)		(4)
Investment banking fees
Underwriting income	512		454		698		684		(63)		(138)
Syndication fees	228		318		183		295		—		—
Financial advisory services	646		800		91		64		1		1
Total investment banking fees	1,386		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 activities	114		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 30				Six Months Ended June 30
(Dollars in millions)	2023		2022		2023		2022
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 income	7,590		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
					2023		2022
Segments’ total assets					$	2,860,864	$	2,974,933
Adjustments (1):
Asset and liability management activities, including securities portfolio					1,162,755		1,179,629
Elimination of segment asset allocations to match liabilities					(963,574)		(1,106,832)
Other					63,153		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.