Fee-Based Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2024

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 2023 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 our three reportable business segments: Retail Banking, Corporate & Institutional Banking and Asset Management Group. 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 are outside of the scope of Topic 606.

Table 80 presents the noninterest income recognized within the scope of Topic 606 for each of our three reportable business segments’ principal products and services, along with the relationship to the noninterest income revenue streams shown on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment’s principal products and services, see Note 23 Fee-based Revenue from Contracts with Customers in our 2023 Form 10-K.

Table 80: Noninterest Income by Business Segment and Reconciliation to Consolidated Noninterest Income

	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	Retail Banking		Corporate & Institutional Banking		Asset Management Group		Retail Banking		Corporate & Institutional Banking		Asset Management Group
Asset management and brokerage
Asset management fees					$	238					$	217
Brokerage fees	$	145					$	129			2
Total asset management and brokerage	145				238		129				219
Card and cash management
Treasury management fees	10		$	372			10		$	351
Debit card fees	177						175
Net credit card fees (a)	46						54
Merchant services	40		18				42		20
Other	23						24
Total card and cash management	296		390				305		371
Lending and deposit services
Deposit account fees	166						170
Other	19		7				18		8
Total lending and deposit services	185		7				188		8
Residential and commercial mortgage (b)			32						32
Capital markets and advisory			261						124
Other			16						22
Total in-scope noninterest income	626		706		238		622		557		219
Out-of-scope noninterest income (c)	75		324		4		162		278		4
Noninterest income by business segment	$	701	$	1,030	$	242	$	784	$	835	$	223
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income					$	1,570					$	1,398
Out-of-scope business segment noninterest income (c)					403						444
Noninterest income from Other (d)					49						(27)
Noninterest income as shown on the Consolidated Income Statement					$	2,022					$	1,815

(Continued from previous page)	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Retail Banking		Corporate & Institutional Banking		Asset Management Group		Retail Banking		Corporate & Institutional Banking		Asset Management Group
Asset management and brokerage
Asset management fees					$	694					$	663
Brokerage fees	$	417					$	383			6
Total asset management and brokerage	417				694		383				669
Card and cash management
Treasury management fees	31		$	1,100			31		$	1,024
Debit card fees	520						518
Net credit card fees (a)	149						173
Merchant services	118		56				126		58
Other	67						73
Total card and cash management	885		1,156				921		1,082
Lending and deposit services
Deposit account fees	479						476
Other	54		24				54		24
Total lending and deposit services	533		24				530		24
Residential and commercial mortgage (b)			90						114
Capital markets and advisory			644						410
Other			44						44
Total in-scope noninterest income	1,835		1,958		694		1,834		1,674		669
Out-of-scope noninterest income (c)	1,039		902		13		395		868		12
Noninterest income by business segment	$	2,874	$	2,860	$	707	$	2,229	$	2,542	$	681
Reconciliation to consolidated noninterest income
Total in-scope business segment noninterest income					$	4,487					$	4,177
Out-of-scope business segment noninterest income (c)					1,954						1,275
Noninterest income from Other (d)					(429)						164
Noninterest income as shown on the Consolidated Income Statement					$	6,012					$	5,616

(a)Net credit card fees consist of interchange fees of $167 million and $169 million and credit card reward costs totaled $121 million and $115 million for the three months ended September 30, 2024 and 2023, respectively. Net credit card fees consist of interchange fees of $496 million and $502 million and credit card reward costs of $347 million and $329 million for the nine months ended September 30, 2024 and 2023, respectively.

(b)Residential mortgage noninterest income falls under the scope of other accounting and disclosure requirements outside of Topic 606 and is included within the out-of-scope noninterest income line for the Retail Banking segment.

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

(d)Includes residual activities from corporate operations. For additional information see Note 14 Segment Reporting.