| Operating Segments |
Table 27.1 presents our results by operating segment. Table 27.1: Operating Segments | | | | | | | | | | | | | | | | | (income/expense in millions, average balances in billions) | Community Banking |
| | Wholesale Banking |
| | Wealth and Investment Management |
| | Other (1) |
| | Consolidated Company |
| 2019 | | | | | | | | | | Net interest income (2) | $ | 27,610 |
| | 17,699 |
| | 4,037 |
| | (2,115 | ) | | 47,231 |
| Provision (reversal of provision) for credit losses | 2,319 |
| | 378 |
| | 5 |
| | (15 | ) | | 2,687 |
| Noninterest income | 17,706 |
| | 9,978 |
| | 13,304 |
| | (3,156 | ) | | 37,832 |
| Noninterest expense | 32,696 |
| | 15,352 |
| | 13,709 |
| | (3,579 | ) | | 58,178 |
| Income (loss) before income tax expense (benefit) | 10,301 |
| | 11,947 |
|
| 3,627 |
|
| (1,677 | ) |
| 24,198 |
| Income tax expense (benefit) (3) | 2,426 |
| | 1,246 |
| | 904 |
| | (419 | ) | | 4,157 |
| Net income (loss) before noncontrolling interests | 7,875 |
| | 10,701 |
| | 2,723 |
| | (1,258 | ) | | 20,041 |
| Less: Net income (loss) from noncontrolling interests | 477 |
| | 5 |
| | 10 |
| | — |
| | 492 |
| Net income (loss) | $ | 7,398 |
| | 10,696 |
| | 2,713 |
| | (1,258 | ) | | 19,549 |
| 2018 | | | | | | | | | | Net interest income (2) | $ | 29,219 |
| | 18,690 |
| | 4,441 |
| | (2,355 | ) | | 49,995 |
| Provision (reversal of provision) for credit losses | 1,783 |
| | (58 | ) | | (5 | ) | | 24 |
| | 1,744 |
| Noninterest income | 17,694 |
| | 10,016 |
| | 11,935 |
| | (3,232 | ) | | 36,413 |
| Noninterest expense | 30,491 |
| | 16,157 |
| | 12,938 |
| | (3,460 | ) | | 56,126 |
| Income (loss) before income tax expense (benefit) | 14,639 |
| | 12,607 |
| | 3,443 |
| | (2,151 | ) | | 28,538 |
| Income tax expense (benefit) (3) | 3,784 |
| | 1,555 |
| | 861 |
| | (538 | ) | | 5,662 |
| Net income (loss) before noncontrolling interests | 10,855 |
| | 11,052 |
| | 2,582 |
| | (1,613 | ) | | 22,876 |
| Less: Net income (loss) from noncontrolling interests | 461 |
| | 20 |
| | 2 |
| | — |
| | 483 |
| Net income (loss) | $ | 10,394 |
| | 11,032 |
| | 2,580 |
| | (1,613 | ) | | 22,393 |
| 2017 | | | | | | | | | | Net interest income (2) | $ | 28,658 |
| | 18,810 |
| | 4,641 |
| | (2,552 | ) | | 49,557 |
| Provision (reversal of provision) for credit losses | 2,555 |
| | (19 | ) | | (5 | ) | | (3 | ) | | 2,528 |
| Noninterest income | 18,360 |
| | 11,190 |
| | 12,431 |
| | (3,149 | ) | | 38,832 |
| Noninterest expense | 32,615 |
| | 16,624 |
| | 12,623 |
| | (3,378 | ) | | 58,484 |
| Income (loss) before income tax expense (benefit) | 11,848 |
| | 13,395 |
| | 4,454 |
| | (2,320 | ) | | 27,377 |
| Income tax expense (benefit) (3) | 634 |
| | 3,496 |
| | 1,668 |
| | (881 | ) | | 4,917 |
| Net income (loss) before noncontrolling interests | 11,214 |
| | 9,899 |
| | 2,786 |
| | (1,439 | ) | | 22,460 |
| Less: Net income (loss) from noncontrolling interests | 276 |
| | (15 | ) | | 16 |
| | — |
| | 277 |
| Net income (loss) | $ | 10,938 |
| | 9,914 |
| | 2,770 |
| | (1,439 | ) | | 22,183 |
| 2019 | | | | | | | | | | Average loans | $ | 459.4 |
| | 475.3 |
| | 75.6 |
| | (59.3 | ) | | 951.0 |
| Average assets | 1,028.4 |
| | 861.0 |
| | 84.3 |
| | (60.3 | ) | | 1,913.4 |
| Average deposits | 782.0 |
| | 422.5 |
| | 146.0 |
| | (64.2 | ) | | 1,286.3 |
| 2018 | | | | | | | | | | Average loans | 463.7 |
| | 465.7 |
| | 74.6 |
| | (58.8 | ) | | 945.2 |
| Average assets | 1,034.1 |
| | 830.5 |
| | 83.9 |
| | (59.6 | ) | | 1,888.9 |
| Average deposits | 757.2 |
| | 423.7 |
| | 165.0 |
| | (70.0 | ) | | 1,275.9 |
|
| | (1) | Includes the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for WIM customers served through Community Banking distribution channels. |
| | (2) | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments. |
(3) Income tax expense (benefit) for our Wholesale Banking operating segment included income tax credits related to low-income housing and renewable energy investments of $1.8 billion, $1.6 billion and $1.4 billion for the years ended December 31, 2019, 2018 and 2017 respectively.
|