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Business Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The 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.
Consumer Banking
Consumer Banking offers a diversified range of credit, banking and investment products and services to consumers and small businesses. Consumer Banking product offerings include traditional savings accounts, money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans to consumers and small businesses in the U.S. Consumer Banking includes the impact of servicing residential mortgages and home equity loans.
Global Wealth & Investment Management
GWIM provides a high-touch client experience through a network of financial advisors focused on clients with over $250,000 in total investable assets, including tailored solutions to meet clients’ needs through a full set of investment management, brokerage, banking and retirement products. GWIM also provides comprehensive wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients’ wealth structuring, investment management, trust and banking needs, including specialty asset management services.
Global Banking
Global Banking provides a wide range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services through the Corporation’s network of offices and client relationship teams. Global Banking also provides investment banking products to clients. The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement. Global Banking clients generally include middle-market companies, commercial real estate firms, not-for-profit companies, large global corporations, financial institutions, leasing clients, and mid-sized U.S.-based businesses requiring customized and integrated financial advice and solutions.
Global Markets
Global Markets offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity and equity businesses. Global Markets provides market-making, financing, securities clearing, settlement and custody services globally to institutional investor clients in support of their investing and trading activities. Global Markets product coverage includes securities and derivative products in both the primary and secondary markets. Global Markets also works with commercial and corporate clients to provide risk management products. As a result of market-making activities, Global Markets may be required to manage risk in a broad range of financial products. In addition, the economics of certain investment banking and underwriting activities are shared primarily between Global Markets and Global Banking under an internal revenue-sharing arrangement.
All Other
All Other primarily consists of ALM activities, liquidating businesses and certain expenses not otherwise allocated to a business segment. ALM activities encompass interest rate and foreign currency risk management activities for which substantially all of the results are allocated to the business segments.
Basis of Presentation
The management accounting and reporting process derives segment and business results by utilizing allocation methodologies for revenue and expense. The net income derived for the businesses is dependent upon revenue and cost allocations using an activity-based costing model, funds transfer pricing, and other methodologies and assumptions management believes are appropriate to reflect the results of the business.
Total revenue, net of interest expense, includes net interest income on an FTE basis and noninterest income. The adjustment of net interest income to an FTE basis results in a corresponding increase in income tax expense. The segment results also reflect certain revenue and expense methodologies
that are utilized to determine net income. The net interest income of the businesses includes the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. In segments where the total of liabilities and equity exceeds assets, which are generally deposit-taking segments, the Corporation allocates assets to match liabilities. Net interest income of the business segments also includes an allocation of net interest income generated by certain of the Corporation’s ALM activities.
The Corporation’s ALM activities include an overall interest rate risk management strategy that incorporates the use of various derivatives and cash instruments to manage fluctuations in earnings and capital that are caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not significantly adversely affect earnings and capital. The results of
a majority of the Corporation’s ALM activities are allocated to the business segments and fluctuate based on the performance of the ALM activities. ALM activities include external product pricing decisions including deposit pricing strategies, the effects of the Corporation’s internal funds transfer pricing process and the net effects of other ALM activities.
Certain expenses not directly attributable to a specific business segment are allocated to the segments. The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization.
The table below presents net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for 2023, 2022 and 2021, and total assets at December 31, 2023, 2022 and 2021 for each business segment, as well as All Other.
Results of Business Segments and All Other
At and for the year ended December 31
Total Corporation (1)
Consumer Banking
(Dollars in millions)202320222021202320222021
Net interest income$57,498 $52,900 $43,361 $33,689 $30,045 $24,929 
Noninterest income41,650 42,488 46,179 8,342 8,590 9,076 
Total revenue, net of interest expense99,148 95,388 89,540 42,031 38,635 34,005 
Provision for credit losses4,394 2,543 (4,594)5,158 1,980 (1,035)
Noninterest expense65,845 61,438 59,731 21,416 20,077 19,290 
Income before income taxes28,909 31,407 34,403 15,457 16,578 15,750 
Income tax expense2,394 3,879 2,425 3,864 4,062 3,859 
Net income$26,515 $27,528 $31,978 $11,593 $12,516 $11,891 
Year-end total assets$3,180,151 $3,051,375 $1,049,830 $1,126,453 
Global Wealth & Investment ManagementGlobal Banking
202320222021202320222021
Net interest income$7,147 $7,466 $5,664 $14,645 $12,184 $8,511 
Noninterest income13,958 14,282 15,084 10,151 10,045 12,364 
Total revenue, net of interest expense21,105 21,748 20,748 24,796 22,229 20,875 
Provision for credit losses6 66 (241)(586)641 (3,201)
Noninterest expense15,836 15,490 15,258 11,344 10,966 10,632 
Income before income taxes5,263 6,192 5,731 14,038 10,622 13,444 
Income tax expense1,316 1,517 1,404 3,790 2,815 3,630 
Net income$3,947 $4,675 $4,327 $10,248 $7,807 $9,814 
Year-end total assets$344,626 $368,893 $621,751 $588,466 
 Global MarketsAll Other
 202320222021202320222021
Net interest income$1,678 $3,088 $4,011 $339 $117 $246 
Noninterest income17,849 15,050 15,244 (8,650)(5,479)(5,589)
Total revenue, net of interest expense19,527 18,138 19,255 (8,311)(5,362)(5,343)
Provision for credit losses(131)28 65 (53)(172)(182)
Noninterest expense13,206 12,420 13,032 4,043 2,485 1,519 
Income (loss) before income taxes6,452 5,690 6,158 (12,301)(7,675)(6,680)
Income tax expense (benefit)1,774 1,508 1,601 (8,350)(6,023)(8,069)
Net income (loss)$4,678 $4,182 $4,557 $(3,951)$(1,652)$1,389 
Year-end total assets$817,588 $812,489 $346,356 $155,074 
(1)There were no material intersegment revenues.
The table below presents noninterest income and the associated components for 2023, 2022, and 2021 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
(Dollars in millions)202320222021202320222021202320222021
Fees and commissions:
Card income
Interchange fees $3,983 $4,096 $4,560 $3,157 $3,239 $3,597 $(12)$20 $43 
Other card income 2,071 1,987 1,658 2,107 1,930 1,575 57 50 42 
Total card income6,054 6,083 6,218 5,264 5,169 5,172 45 70 85 
Service charges
Deposit-related fees4,382 5,190 6,271 2,317 2,706 3,538 41 65 72 
Lending-related fees1,302 1,215 1,233 — — — 37 8 — 
Total service charges5,684 6,405 7,504 2,317 2,706 3,538 78 73 72 
Investment and brokerage services
Asset management fees12,002 12,152 12,729 197 195 188 11,805 11,957 12,541 
Brokerage fees3,561 3,749 3,961 111 109 132 1,408 1,604 1,771 
Total investment and brokerage services
15,563 15,901 16,690 308 304 320 13,213 13,561 14,312 
Investment banking fees
Underwriting income2,235 1,970 5,077 — — — 171 189 388 
Syndication fees898 1,070 1,499 — — — — — — 
Financial advisory services1,575 1,783 2,311 — — — — — — 
Total investment banking fees4,708 4,823 8,887 — — — 171 189 388 
Total fees and commissions 32,009 33,212 39,299 7,889 8,179 9,030 13,507 13,893 14,857 
Market making and similar activities12,732 12,075 8,691 20 10 1 137 102 40 
Other income (loss)(3,091)(2,799)(1,811)433 401 45 314 287 187 
Total noninterest income$41,650 $42,488 $46,179 $8,342 $8,590 $9,076 $13,958 $14,282 $15,084 
Global BankingGlobal Markets
All Other (1)
202320222021202320222021202320222021
Fees and commissions:
Card income
Interchange fees $772 $767 $700 $66 $66 $220 $— $4 $— 
Other card income 9 7 13 — — — (102)— 28 
Total card income781 774 713 66 66 220 (102)4 28 
Service charges
Deposit-related fees1,943 2,310 2,508 79 101 146 2 8 7 
Lending-related fees1,009 983 1,015 256 224 218 — — — 
Total service charges2,952 3,293 3,523 335 325 364 2 8 7 
Investment and brokerage services
Brokerage fees57 42 104 1,993 2,002 1,979 (8)(8)(25)
Total investment and brokerage services
57 42 104 1,993 2,002 1,979 (8)(8)(25)
Investment banking fees
Underwriting income922 796 2,187 1,298 1,176 2,725 (156)(191)(223)
Syndication fees505 565 781 393 505 718 — — — 
Financial advisory services1,392 1,643 2,139 183 139 173 — 1 (1)
Total investment banking fees2,819 3,004 5,107 1,874 1,820 3,616 (156)(190)(224)
Total fees and commissions 6,609 7,113 9,447 4,268 4,213 6,179 (264)(186)(214)
Market making and similar activities190 215 145 13,430 11,406 8,760 (1,045)342 (255)
Other income (loss)3,352 2,717 2,772 151 (569)305 (7,341)(5,635)(5,120)
Total noninterest income$10,151 $10,045 $12,364 $17,849 $15,050 $15,244 $(8,650)$(5,479)$(5,589)
(1)All Other includes eliminations of intercompany transactions.
The table below presents a reconciliation of the four business segments’ total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet.
Business Segment Reconciliations
(Dollars in millions)202320222021
Segments’ total revenue, net of interest expense$107,459 $100,750 $94,883 
Adjustments (1):
   
Asset and liability management activities(2,011)(164)(4)
Liquidating businesses, eliminations and other(6,300)(5,198)(5,339)
FTE basis adjustment(567)(438)(427)
Consolidated revenue, net of interest expense$98,581 $94,950 $89,113 
Segments’ total net income30,466 29,180 30,589 
Adjustments, net-of-tax (1):
  
Asset and liability management activities(1,550)(122)11 
Liquidating businesses, eliminations and other(2,401)(1,530)1,378 
Consolidated net income$26,515 $27,528 $31,978 
December 31
20232022
Segments’ total assets$2,833,795 $2,896,301 
Adjustments (1):
Asset and liability management activities, including securities portfolio1,255,241 1,133,375 
Elimination of segment asset allocations to match liabilities(972,925)(1,041,793)
Other64,040 63,492 
Consolidated total assets$3,180,151 $3,051,375 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.