Net Interest Income and Noninterest Income

12 Months Ended

Dec. 31, 2023

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 2023, 2022 and 2021. 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)	2023		2022		2021
Net interest income
Interest income
Loans and leases	$	57,124	$	37,919	$	29,282
Debt securities	20,226		17,127		12,376
Federal funds sold and securities borrowed or purchased under agreements to resell (1)	18,679		4,560		(90)
Trading account assets	8,773		5,521		3,770
Other interest income	25,460		7,438		2,334
Total interest income	130,262		72,565		47,672
Interest expense
Deposits	26,163		4,718		537
Short-term borrowings (1)	30,553		6,978		(358)
Trading account liabilities	2,043		1,538		1,128
Long-term debt	14,572		6,869		3,431
Total interest expense	73,331		20,103		4,738
Net interest income	$	56,931	$	52,462	$	42,934
Noninterest income
Fees and commissions
Card income
Interchange fees (2)	$	3,983	$	4,096	$	4,560
Other card income	2,071		1,987		1,658
Total card income	6,054		6,083		6,218
Service charges
Deposit-related fees	4,382		5,190		6,271
Lending-related fees	1,302		1,215		1,233
Total service charges	5,684		6,405		7,504
Investment and brokerage services
Asset management fees	12,002		12,152		12,729
Brokerage fees	3,561		3,749		3,961
Total investment and brokerage services	15,563		15,901		16,690
Investment banking fees
Underwriting income	2,235		1,970		5,077
Syndication fees	898		1,070		1,499
Financial advisory services	1,575		1,783		2,311
Total investment banking fees	4,708		4,823		8,887
Total fees and commissions	32,009		33,212		39,299
Market making and similar activities	12,732		12,075		8,691
Other income (loss)	(3,091)		(2,799)		(1,811)
Total noninterest income	$	41,650	$	42,488	$	46,179

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

(2)Gross interchange fees and merchant income were $13.3 billion, $12.9 billion and $11.5 billion for 2023, 2022 and 2021, respectively, and are presented net of $9.3 billion, $8.8 billion and $6.9 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.