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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 BankingGlobal Wealth & Investment Management
(Dollars in millions)202320222023202220232022
Net interest income$14,532 $13,871 $8,391 $7,784 $1,755 $1,981 
Noninterest income10,788 10,737 2,081 2,120 3,566 3,448 
Total revenue, net of interest expense25,320 24,608 10,472 9,904 5,321 5,429 
Provision for credit losses1,234 898 1,397 738 (6)37 
Noninterest expense15,838 15,303 5,256 5,097 3,950 3,816 
Income before income taxes8,248 8,407 3,819 4,069 1,377 1,576 
Income tax expense446 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 BankingGlobal MarketsAll Other
 202320222023202220232022
Net interest income$3,613 $3,326 $674 $743 $99 $37 
Noninterest income2,590 2,265 4,268 3,740 (1,717)(836)
Total revenue, net of interest expense6,203 5,591 4,942 4,483 (1,618)(799)
Provision for credit losses(119)170 (14)11 (24)(58)
Noninterest expense2,804 2,651 3,235 3,023 593 716 
Income before income taxes3,518 2,770 1,721 1,449 (2,187)(1,457)
Income tax expense950 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 BankingGlobal Wealth & Investment Management
(Dollars in millions)202320222023202220232022
Net interest income$43,407 $38,096 $25,421 $21,551 $5,436 $5,451 
Noninterest income33,637 32,637 6,281 6,302 10,442 10,887 
Total revenue, net of interest expense77,044 70,733 31,702 27,853 15,878 16,338 
Provision for credit losses3,290 1,451 3,753 1,036 32 29 
Noninterest expense48,114 45,895 16,182 14,977 11,942 11,706 
Income before income taxes25,640 23,387 11,767 11,840 3,904 4,603 
Income tax expense2,269 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 BankingGlobal MarketsAll Other
 202320222023202220232022
Net interest income$11,210 $8,304 $1,080 $2,717 $260 $73 
Noninterest income7,658 7,487 14,359 11,560 (5,103)(3,599)
Total revenue, net of interest expense18,868 15,791 15,439 14,277 (4,843)(3,526)
Provision for credit losses(347)492 (71)24 (77)(130)
Noninterest expense8,563 8,133 9,935 9,249 1,492 1,830 
Income before income taxes10,652 7,166 5,575 5,004 (6,258)(5,226)
Income tax expense2,876 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 CorporationConsumer BankingGlobal Wealth &
Investment Management
Three Months Ended September 30
(Dollars in millions)202320222023202220232022
Fees and commissions:
Card income
Interchange fees $994 $1,060 $789 $834 $(5)$
Other card income 526 513 536 497 14 12 
Total card income1,520 1,573 1,325 1,331 9 16 
Service charges
Deposit-related fees1,124 1,162 605 597 10 18 
Lending-related fees340 304  — 10 — 
Total service charges1,464 1,466 605 597 20 18 
Investment and brokerage services
Asset management fees3,103 2,920 51 47 3,054 2,874 
Brokerage fees860 875 29 26 342 381 
Total investment and brokerage services
3,963 3,795 80 73 3,396 3,255 
Investment banking fees
Underwriting income531 452  — 45 47 
Syndication fees209 283  —  — 
Financial advisory services448 432  —  — 
Total investment banking fees1,188 1,167  — 45 47 
Total fees and commissions 8,135 8,001 2,010 2,001 3,470 3,336 
Market making and similar activities3,325 3,068 5 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 BankingGlobal Markets
All Other (1)
Three Months Ended September 30
202320222023202220232022
Fees and commissions:
Card income
Interchange fees $194 $204 $16 $18 $ $— 
Other card income 3  — (27)
Total card income197 206 16 18 (27)
Service charges
Deposit-related fees490 524 19 24  (1)
Lending-related fees264 247 66 57  — 
Total service charges754 771 85 81  (1)
Investment and brokerage services
Asset management fees — — — (2)(1)
Brokerage fees14 11 475 457  — 
Total investment and brokerage services
14 11 475 457 (2)(1)
Investment banking fees
Underwriting income230 181 318 260 (62)(36)
Syndication fees117 148 92 135  — 
Financial advisory services396 397 53 35 (1)— 
Total investment banking fees743 726 463 430 (63)(36)
Total fees and commissions 1,708 1,714 1,039 986 (92)(36)
Market making and similar activities21 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 CorporationConsumer BankingGlobal Wealth &
Investment Management
Nine Months Ended September 30
(Dollars in millions)202320222023202220232022
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 income4,535 4,531 3,940 3,836 33 51 
Service charges
Deposit-related fees3,266 4,109 1,729 2,120 31 56 
Lending-related fees972 907  — 26 — 
Total service charges4,238 5,016 1,729 2,120 57 56 
Investment and brokerage services
Asset management fees8,990 9,308 147 149 8,848 9,164 
Brokerage fees2,664 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 income1,757 1,559  — 124 154 
Syndication fees620 896  —  — 
Financial advisory services1,186 1,297  —  — 
Total investment banking fees3,563 3,752  — 124 154 
Total fees and commissions 23,990 25,477 5,899 6,188 10,099 10,656 
Market making and similar activities11,734 9,023 15 100 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 BankingGlobal Markets
All Other (1)
Nine Months Ended September 30
202320222023202220232022
Fees and commissions:
Card income
Interchange fees $580 $573 $51 $49 $ $— 
Other card income 7  — (76)17 
Total card income587 578 51 49 (76)17 
Service charges
Deposit-related fees1,446 1,849 59 80 1 
Lending-related fees757 741 189 166  — 
Total service charges2,203 2,590 248 246 1 
Investment and brokerage services
Asset management fees —  — (5)(5)
Brokerage fees37 36 1,507 1,520  — 
Total investment and brokerage services
37 36 1,507 1,520 (5)(5)
Investment banking fees
Underwriting income742 635 1,016 944 (125)(174)
Syndication fees345 466 275 430  — 
Financial advisory services1,042 1,197 144 99  
Total investment banking fees2,129 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 activities135 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 30Nine Months Ended September 30
(Dollars in millions)2023202220232022
Segments’ total revenue, net of interest expense$26,938 $25,407 $81,887 $74,259 
Adjustments (1):
    
Asset and liability management activities28 (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 income7,713 7,363 23,571 21,359 
Adjustments, net-of-tax (1):
  
Asset and liability management activities16 (24)(309)(106)
Liquidating businesses, eliminations and other73 (257)109 (857)
Consolidated net income$7,802 $7,082 $23,371 $20,396 
September 30
20232022
Segments’ total assets$2,849,187 $2,944,902 
Adjustments (1):
Asset and liability management activities, including securities portfolio1,185,910 1,129,824 
Elimination of segment asset allocations to match liabilities(945,715)(1,065,057)
Other63,708 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.