Fee-Based Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Fee-Based Revenue from Contracts with Customers

FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS

As more fully described in Note 23 Fee-based Revenue from Contracts with Customers in our 2019 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 - Revenue from Contracts with Customers (Topic 606).

Fee-based revenue within the scope of Topic 606 is recognized within three of our reportable business segments, Retail Banking, Corporate & Institutional Banking and Asset Management Group. Income recognized from our investment in BlackRock, also a reportable segment, is outside of the scope of the standard. Topic 606 also excludes interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets.

The following tables present noninterest income within the scope of Topic 606 disaggregated by segment. A description of the fee-based revenue and how it is recognized for each segment’s principal services and products is included in our 2019 Form 10-K.

Retail Banking

Table 78: Retail Banking Noninterest Income Disaggregation

	Three months ended March 31
In millions	2020		2019
Product
Deposit account fees	$	158	$	148
Debit card fees	129		124
Brokerage fees	93		89
Merchant services	49		48
Net credit card fees (a)	41		48
Other	56		66
Total in-scope noninterest income by product	$	526	$	523
Reconciliation to total Retail Banking noninterest income
Total in-scope noninterest income	$	526	$	523
Total out-of-scope noninterest income (b)	262		72
Total Retail Banking noninterest income	$	788	$	595

(a) Net credit card fees consists of interchange fees of $118 million and $112 million and credit card reward costs of $77 million and $64 million for the three months ended March 31, 2020 and 2019, respectively.

(b)

Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.

Corporate & Institutional Banking

Table 79: Corporate & Institutional Banking Noninterest Income Disaggregation

	Three months ended March 31
In millions	2020		2019
Product
Treasury management fees	$	216	$	199
Capital markets fees	175		127
Commercial mortgage banking activities	26		25
Other	20		17
Total in-scope noninterest income by product	$	437	$	368
Reconciliation to total Corporate & Institutional Banking noninterest income
Total in-scope noninterest income	$	437	$	368
Total out-of-scope noninterest income (a)	257		208
Total Corporate & Institutional Banking noninterest income	$	694	$	576

(a)

Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.

Asset Management Group

Table 80: Asset Management Group Noninterest Income Disaggregation

	Three months ended March 31
In millions	2020		2019
Customer Type
Personal	$	150	$	147
Institutional	51		65
Total in-scope noninterest income by customer type	$	201	$	212
Reconciliation to Asset Management Group noninterest income
Total in-scope noninterest income	$	201	$	212
Total out-of-scope noninterest income (a)	3		5
Total Asset Management Group noninterest income	$	204	$	217

(a)

Out-of-scope noninterest income includes revenue streams that fall under the scope of other accounting and disclosure requirements outside of Topic 606.