Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Segment Reporting Information, by Segment

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)		2023		2022		2021		2023		2022		2021
Net interest income		$	57,498	$	52,900	$	43,361	$	33,689	$	30,045	$	24,929
Noninterest income		41,650		42,488		46,179		8,342		8,590		9,076
Total revenue, net of interest expense		99,148		95,388		89,540		42,031		38,635		34,005
Provision for credit losses		4,394		2,543		(4,594)		5,158		1,980		(1,035)
Noninterest expense		65,845		61,438		59,731		21,416		20,077		19,290
Income before income taxes		28,909		31,407		34,403		15,457		16,578		15,750
Income tax expense		2,394		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 Management						Global Banking
		2023		2022		2021		2023		2022		2021
Net interest income		$	7,147	$	7,466	$	5,664	$	14,645	$	12,184	$	8,511
Noninterest income		13,958		14,282		15,084		10,151		10,045		12,364
Total revenue, net of interest expense		21,105		21,748		20,748		24,796		22,229		20,875
Provision for credit losses		6		66		(241)		(586)		641		(3,201)
Noninterest expense		15,836		15,490		15,258		11,344		10,966		10,632
Income before income taxes		5,263		6,192		5,731		14,038		10,622		13,444
Income tax expense		1,316		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 Markets					All Other
		2023		2022		2021		2023		2022		2021
Net interest income		$	1,678	$	3,088	$	4,011	$	339	$	117	$	246
Noninterest income		17,849		15,050		15,244		(8,650)		(5,479)		(5,589)
Total revenue, net of interest expense		19,527		18,138		19,255		(8,311)		(5,362)		(5,343)
Provision for credit losses		(131)		28		65		(53)		(172)		(182)
Noninterest expense		13,206		12,420		13,032		4,043		2,485		1,519
Income (loss) before income taxes		6,452		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 Corporation						Consumer Banking						Global Wealth & Investment Management


(Dollars in millions)	2023		2022		2021		2023		2022		2021		2023		2022		2021
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 income	6,054		6,083		6,218		5,264		5,169		5,172		45		70		85
Service charges
Deposit-related fees	4,382		5,190		6,271		2,317		2,706		3,538		41		65		72
Lending-related fees	1,302		1,215		1,233		—		—		—		37		8		—
Total service charges	5,684		6,405		7,504		2,317		2,706		3,538		78		73		72
Investment and brokerage services
Asset management fees	12,002		12,152		12,729		197		195		188		11,805		11,957		12,541
Brokerage fees	3,561		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 income	2,235		1,970		5,077		—		—		—		171		189		388
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		—		—		—		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 activities	12,732		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 Banking						Global Markets						All Other (1)


	2023		2022		2021		2023		2022		2021		2023		2022		2021
Fees and commissions:
Card income
Interchange fees	$	772	$	767	$	700	$	66	$	66	$	220	$	—	$	4	$	—
Other card income	9		7		13		—		—		—		(102)		—		28
Total card income	781		774		713		66		66		220		(102)		4		28
Service charges
Deposit-related fees	1,943		2,310		2,508		79		101		146		2		8		7
Lending-related fees	1,009		983		1,015		256		224		218		—		—		—
Total service charges	2,952		3,293		3,523		335		325		364		2		8		7
Investment and brokerage services

Brokerage fees	57		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 income	922		796		2,187		1,298		1,176		2,725		(156)		(191)		(223)
Syndication fees	505		565		781		393		505		718		—		—		—
Financial advisory services	1,392		1,643		2,139		183		139		173		—		1		(1)
Total investment banking fees	2,819		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 activities	190		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)	2023		2022		2021
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 income	30,466		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
			2023		2022
Segments’ total assets			$	2,833,795	$	2,896,301
Adjustments (1):
Asset and liability management activities, including securities portfolio			1,255,241		1,133,375
Elimination of segment asset allocations to match liabilities			(972,925)		(1,041,793)

Other			64,040		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.