Business Segment Information

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022, and total assets at September 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 September 30	Total Corporation (1)				Consumer Banking				Global Wealth & Investment Management
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Net interest income	$	14,532	$	13,871	$	8,391	$	7,784	$	1,755	$	1,981
Noninterest income	10,788		10,737		2,081		2,120		3,566		3,448
Total revenue, net of interest expense	25,320		24,608		10,472		9,904		5,321		5,429
Provision for credit losses	1,234		898		1,397		738		(6)		37
Noninterest expense	15,838		15,303		5,256		5,097		3,950		3,816
Income before income taxes	8,248		8,407		3,819		4,069		1,377		1,576
Income tax expense	446		1,325		955		997		344		386
Net income	$	7,802	$	7,082	$	2,864	$	3,072	$	1,033	$	1,190
Period-end total assets	$	3,153,090	$	3,072,953	$	1,062,038	$	1,149,918	$	333,779	$	370,790
	Global Banking				Global Markets				All Other
	2023		2022		2023		2022		2023		2022
Net interest income	$	3,613	$	3,326	$	674	$	743	$	99	$	37
Noninterest income	2,590		2,265		4,268		3,740		(1,717)		(836)
Total revenue, net of interest expense	6,203		5,591		4,942		4,483		(1,618)		(799)
Provision for credit losses	(119)		170		(14)		11		(24)		(58)
Noninterest expense	2,804		2,651		3,235		3,023		593		716
Income before income taxes	3,518		2,770		1,721		1,449		(2,187)		(1,457)
Income tax expense	950		734		473		384		(2,276)		(1,176)
Net income	$	2,568	$	2,036	$	1,248	$	1,065	$	89	$	(281)
Period-end total assets	$	588,578	$	575,442	$	864,792	$	848,752	$	303,903	$	128,051

(1)There were no material intersegment revenues.

Results of Business Segments and All Other
At and for the nine months ended September 30	Total Corporation (1)				Consumer Banking				Global Wealth & Investment Management
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Net interest income	$	43,407	$	38,096	$	25,421	$	21,551	$	5,436	$	5,451
Noninterest income	33,637		32,637		6,281		6,302		10,442		10,887
Total revenue, net of interest expense	77,044		70,733		31,702		27,853		15,878		16,338
Provision for credit losses	3,290		1,451		3,753		1,036		32		29
Noninterest expense	48,114		45,895		16,182		14,977		11,942		11,706
Income before income taxes	25,640		23,387		11,767		11,840		3,904		4,603
Income tax expense	2,269		2,991		2,942		2,901		976		1,128
Net income	$	23,371	$	20,396	$	8,825	$	8,939	$	2,928	$	3,475
Period-end total assets	$	3,153,090	$	3,072,953	$	1,062,038	$	1,149,918	$	333,779	$	370,790
	Global Banking				Global Markets				All Other
	2023		2022		2023		2022		2023		2022
Net interest income	$	11,210	$	8,304	$	1,080	$	2,717	$	260	$	73
Noninterest income	7,658		7,487		14,359		11,560		(5,103)		(3,599)
Total revenue, net of interest expense	18,868		15,791		15,439		14,277		(4,843)		(3,526)
Provision for credit losses	(347)		492		(71)		24		(77)		(130)
Noninterest expense	8,563		8,133		9,935		9,249		1,492		1,830
Income before income taxes	10,652		7,166		5,575		5,004		(6,258)		(5,226)
Income tax expense	2,876		1,899		1,533		1,326		(6,058)		(4,263)
Net income	$	7,776	$	5,267	$	4,042	$	3,678	$	(200)	$	(963)
Period-end total assets	$	588,578	$	575,442	$	864,792	$	848,752	$	303,903	$	128,051

(1) There were no material intersegment revenues.

The table below presents noninterest income and the associated components for the three and nine months ended September 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 September 30
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	994	$	1,060	$	789	$	834	$	(5)	$	4
Other card income	526		513		536		497		14		12
Total card income	1,520		1,573		1,325		1,331		9		16
Service charges
Deposit-related fees	1,124		1,162		605		597		10		18
Lending-related fees	340		304		—		—		10		—
Total service charges	1,464		1,466		605		597		20		18
Investment and brokerage services
Asset management fees	3,103		2,920		51		47		3,054		2,874
Brokerage fees	860		875		29		26		342		381
Total investment and brokerage services	3,963		3,795		80		73		3,396		3,255
Investment banking fees
Underwriting income	531		452		—		—		45		47
Syndication fees	209		283		—		—		—		—
Financial advisory services	448		432		—		—		—		—
Total investment banking fees	1,188		1,167		—		—		45		47
Total fees and commissions	8,135		8,001		2,010		2,001		3,470		3,336
Market making and similar activities	3,325		3,068		5		3		34		30
Other income (loss)	(672)		(332)		66		116		62		82
Total noninterest income	$	10,788	$	10,737	$	2,081	$	2,120	$	3,566	$	3,448
	Global Banking				Global Markets				All Other (1)
	Three Months Ended September 30
	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	194	$	204	$	16	$	18	$	—	$	—
Other card income	3		2		—		—		(27)		2
Total card income	197		206		16		18		(27)		2
Service charges
Deposit-related fees	490		524		19		24		—		(1)
Lending-related fees	264		247		66		57		—		—
Total service charges	754		771		85		81		—		(1)
Investment and brokerage services
Asset management fees	—		—		—		—		(2)		(1)
Brokerage fees	14		11		475		457		—		—
Total investment and brokerage services	14		11		475		457		(2)		(1)
Investment banking fees
Underwriting income	230		181		318		260		(62)		(36)
Syndication fees	117		148		92		135		—		—
Financial advisory services	396		397		53		35		(1)		—
Total investment banking fees	743		726		463		430		(63)		(36)
Total fees and commissions	1,708		1,714		1,039		986		(92)		(36)
Market making and similar activities	21		52		3,195		2,874		70		109
Other income (loss)	861		499		34		(120)		(1,695)		(909)
Total noninterest income	$	2,590	$	2,265	$	4,268	$	3,740	$	(1,717)	$	(836)

(1)All Other includes eliminations of intercompany transactions.

Noninterest Income by Business Segment and All Other
	Total Corporation				Consumer Banking				Global Wealth & Investment Management
	Nine Months Ended September 30
(Dollars in millions)	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	2,973	$	3,067	$	2,350	$	2,430	$	(8)	$	15
Other card income	1,562		1,464		1,590		1,406		41		36
Total card income	4,535		4,531		3,940		3,836		33		51
Service charges
Deposit-related fees	3,266		4,109		1,729		2,120		31		56
Lending-related fees	972		907		—		—		26		—
Total service charges	4,238		5,016		1,729		2,120		57		56
Investment and brokerage services
Asset management fees	8,990		9,308		147		149		8,848		9,164
Brokerage fees	2,664		2,870		83		83		1,037		1,231
Total investment and brokerage services	11,654		12,178		230		232		9,885		10,395
Investment banking fees
Underwriting income	1,757		1,559		—		—		124		154
Syndication fees	620		896		—		—		—		—
Financial advisory services	1,186		1,297		—		—		—		—
Total investment banking fees	3,563		3,752		—		—		124		154
Total fees and commissions	23,990		25,477		5,899		6,188		10,099		10,656
Market making and similar activities	11,734		9,023		15		5		100		66
Other income (loss)	(2,087)		(1,863)		367		109		243		165
Total noninterest income	$	33,637	$	32,637	$	6,281	$	6,302	$	10,442	$	10,887
	Global Banking				Global Markets				All Other (1)
	Nine Months Ended September 30
	2023		2022		2023		2022		2023		2022
Fees and commissions:
Card income
Interchange fees	$	580	$	573	$	51	$	49	$	—	$	—
Other card income	7		5		—		—		(76)		17
Total card income	587		578		51		49		(76)		17
Service charges
Deposit-related fees	1,446		1,849		59		80		1		4
Lending-related fees	757		741		189		166		—		—
Total service charges	2,203		2,590		248		246		1		4
Investment and brokerage services
Asset management fees	—		—		—		—		(5)		(5)
Brokerage fees	37		36		1,507		1,520		—		—
Total investment and brokerage services	37		36		1,507		1,520		(5)		(5)
Investment banking fees
Underwriting income	742		635		1,016		944		(125)		(174)
Syndication fees	345		466		275		430		—		—
Financial advisory services	1,042		1,197		144		99		—		1
Total investment banking fees	2,129		2,298		1,435		1,473		(125)		(173)
Total fees and commissions	4,956		5,502		3,241		3,288		(205)		(157)
Market making and similar activities	135		181		11,002		8,721		482		50
Other income (loss)	2,567		1,804		116		(449)		(5,380)		(3,492)
Total noninterest income	$	7,658	$	7,487	$	14,359	$	11,560	$	(5,103)	$	(3,599)

(1)All Other includes eliminations of intercompany transactions.

Business Segment Reconciliations
	Three Months Ended September 30				Nine Months Ended September 30
(Dollars in millions)	2023		2022		2023		2022
Segments’ total revenue, net of interest expense	$	26,938	$	25,407	$	81,887	$	74,259
Adjustments (1):
Asset and liability management activities	28		(13)		(404)		(146)
Liquidating businesses, eliminations and other	(1,646)		(786)		(4,439)		(3,380)
FTE basis adjustment	(153)		(106)		(422)		(315)
Consolidated revenue, net of interest expense	$	25,167	$	24,502	$	76,622	$	70,418
Segments’ total net income	7,713		7,363		23,571		21,359
Adjustments, net-of-tax (1):
Asset and liability management activities	16		(24)		(309)		(106)
Liquidating businesses, eliminations and other	73		(257)		109		(857)
Consolidated net income	$	7,802	$	7,082	$	23,371	$	20,396
					September 30
					2023		2022
Segments’ total assets					$	2,849,187	$	2,944,902
Adjustments (1):
Asset and liability management activities, including securities portfolio					1,185,910		1,129,824
Elimination of segment asset allocations to match liabilities					(945,715)		(1,065,057)
Other					63,708		63,284
Consolidated total assets					$	3,153,090	$	3,072,953

(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.