Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue by Operating Segment

Table 18.1 presents our revenue by operating segment. The “Other” segment for each of the tables below 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. For additional description of our operating segments, including additional financial information and the underlying management reporting process, see Note 22 (Operating Segments).

Table 18.1: Revenue by Operating Segment

	Quarter ended September 30,
	Community Banking			Wholesale Banking		Wealth and Investment Management		Other		Consolidated Company
(in millions)	2020		2019	2020	2019	2020	2019	2020	2019	2020	2019
Net interest income (1)	$	5,587	6,769	3,481	4,382	771	989	(471)	(515)	9,368	11,625
Noninterest income (2)
Deposit-related fees	723		952	574	527	7	6	(5)	(5)	1,299	1,480
Trust and investment fees:
Brokerage advisory, commissions and other fees:
Asset-based revenue (3)	386		381	—	—	1,768	1,741	(386)	(382)	1,768	1,740
Transactional revenue	86		105	4	(8)	357	376	(86)	(92)	361	381
Other revenue	17		18	66	70	140	155	(16)	(18)	207	225
Total brokerage advisory, commissions and other fees	489		504	70	62	2,265	2,272	(488)	(492)	2,336	2,346
Trust and investment management:
Investment management fees	—		—	—	—	506	510	—	—	506	510
Trust fees	188		203	85	85	99	106	(201)	(210)	171	184
Other revenue	—		—	55	36	5	(1)	—	—	60	35
Total trust and investment management	188		203	140	121	610	615	(201)	(210)	737	729
Investment banking	—		(26)	440	510	4	—	(3)	—	441	484
Total trust and investment fees	677		681	650	693	2,879	2,887	(692)	(702)	3,514	3,559
Card fees:
Card interchange and network revenues (4)	733		750	55	90	1	2	—	(1)	789	841
Other card fees (1)	123		186	—	—	—	—	—	—	123	186
Total card fees	856		936	55	90	1	2	—	(1)	912	1,027
Lending-related fees (1)	42		60	310	314	2	2	(2)	(2)	352	374
Mortgage banking (1)	1,542		339	49	128	(3)	(3)	2	2	1,590	466
Net gains (losses) from trading activities (1)	(11)		19	363	247	9	10	—	—	361	276
Net gains (losses) on debt securities (1)	240		(1)	24	4	—	—	—	—	264	3
Net gains (losses) from equity securities (1)	587		822	59	135	3	(1)	—	—	649	956
Lease income (1)	—		—	333	402	—	—	—	—	333	402
Other (1)	479		662	(304)	20	125	1,249	(80)	(89)	220	1,842
Total noninterest income	5,135		4,470	2,113	2,560	3,023	4,152	(777)	(797)	9,494	10,385
Total revenue	$	10,722	11,239	5,594	6,942	3,794	5,141	(1,248)	(1,312)	18,862	22,010

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	Nine months ended September 30,
	Community Banking			Wholesale Banking		Wealth and Investment Management		Other		Consolidated Company
(in millions)	2020		2019	2020	2019	2020	2019	2020	2019	2020	2019
Net interest income (1)	$	18,073	21,083	11,508	13,451	2,374	3,127	(1,395)	(1,630)	30,560	36,031
Noninterest income (2)
Deposit-related fees	2,207		2,675	1,676	1,610	20	18	(15)	(14)	3,888	4,289
Trust and investment fees:
Brokerage advisory, commissions and other fees:
Asset-based revenue (3)	1,126		1,093	—	—	5,141	5,019	(1,127)	(1,094)	5,140	5,018
Transactional revenue	266		288	9	18	1,132	1,153	(272)	(288)	1,135	1,171
Other revenue	48		52	230	196	428	472	(46)	(52)	660	668
Total brokerage advisory, commissions and other fees	1,440		1,433	239	214	6,701	6,644	(1,445)	(1,434)	6,935	6,857
Trust and investment management:
Investment management fees	—		—	—	—	1,469	1,488	—	—	1,469	1,488
Trust fees	557		612	255	250	302	449	(592)	(632)	522	679
Other revenue	(1)		—	146	102	(11)	41	—	—	134	143
Total trust and investment management	556		612	401	352	1,760	1,978	(592)	(632)	2,125	2,310
Investment banking	(166)		(64)	1,544	1,397	6	4	(5)	(4)	1,379	1,333
Total trust and investment fees	1,830		1,981	2,184	1,963	8,467	8,626	(2,042)	(2,070)	10,439	10,500
Card fees:
Card interchange and network revenues (4)	2,013		2,201	203	271	3	5	(2)	(3)	2,217	2,474
Other card fees (1)	384		522	—	—	—	—	—	—	384	522
Total card fees	2,397		2,723	203	271	3	5	(2)	(3)	2,601	2,996
Lending-related fees (1)	128		191	897	925	6	6	(6)	(6)	1,025	1,116
Mortgage banking (1)	2,135		1,635	154	300	(9)	(9)	6	6	2,286	1,932
Net gains (losses) from trading activities (1)	24		13	1,198	806	8	42	2	1	1,232	862
Net gains (losses) on debt securities (1)	557		51	156	97	—	—	—	—	713	148
Net gains (losses) from equity securities (1)	(53)		1,894	(52)	328	(114)	170	—	—	(219)	2,392
Lease income (1)	—		—	1,021	1,270	—	—	—	—	1,021	1,270
Other (1)	1,686		2,548	(971)	97	414	1,285	(260)	(263)	869	3,667
Total noninterest income	10,911		13,711	6,466	7,667	8,795	10,143	(2,317)	(2,349)	23,855	29,172
Total revenue	$	28,984	34,794	17,974	21,118	11,169	13,270	(3,712)	(3,979)	54,415	65,203

(1)These revenues are related to financial assets and liabilities, including loans, leases, securities and derivatives, with additional details included in other footnotes to our financial statements.

(2)In third quarter 2020, service charges on deposit accounts, cash network fees, wire transfer and other remittance fees, and certain other fees were combined into a single line item for deposit-related fees; certain fees associated with lending activities were combined into a single line item for lending-related fees; and certain other fees were reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation.

(3)We earned trailing commissions of $284 million and $816 million for the third quarter and first nine months of 2020, respectively, and $289 million and $858 million for the third quarter and first nine months of 2019, respectively.

(4)The cost of credit card rewards and rebates of $318 million and $969 million for the third quarter and first nine months of 2020, respectively, and $383 million and $1.1 billion for the third quarter and first nine months of 2019, respectively, are presented net against the related revenues.