Revenue and Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue by Operating Segment

Table 18.1 presents our

revenue by operating segment. For additional description of our

operating segments, including additional financial information

and the underlying management accounting process, see

Note 17 (Operating Segments). For a description of our revenue from contracts with customers, see Note 21 (Revenue and Expenses) in our 2023 Form 10-K.

Table 18.1: Revenue by Operating Segment

(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate	Reconciling Items (1)	Consolidated Company
Quarter ended June 30, 2024
Net interest income (2)	$	7,024	2,281	1,945	906	(144)	(89)	11,923
Noninterest income:
Deposit-related fees	690		290	263	6	—	—	1,249
Lending-related fees (2)	23		139	205	2	—	—	369
Investment advisory and other asset-based fees (3)	—		20	38	2,357	—	—	2,415
Commissions and brokerage services fees	—		—	93	521	—	—	614
Investment banking fees	(1)		24	634	—	(16)	—	641
Card fees:
Card interchange and network revenue (4)	912		51	13	1	—	—	977
Other card fees (2)	124		—	—	—	—	—	124
Total card fees	1,036		51	13	1	—	—	1,101
Mortgage banking (2)	135		—	111	(3)	—	—	243
Net gains (losses) from trading activities (2)	—		(1)	1,387	39	17	—	1,442
Net gains from debt securities (2)	—		—	—	—	—	—	—
Net gains (losses) from equity securities (2)	—		(6)	9	15	62	—	80
Lease income (2)	—		133	—	—	159	—	292
Other (2)	99		191	140	14	170	(294)	320
Total noninterest income	1,982		841	2,893	2,952	392	(294)	8,766
Total revenue	$	9,006	3,122	4,838	3,858	248	(383)	20,689
Quarter ended June 30, 2023
Net interest income (2)	$	7,490	2,501	2,359	1,009	(91)	(105)	13,163
Noninterest income:
Deposit-related fees	666		248	247	6	(2)	—	1,165
Lending-related fees (2)	28		131	191	2	—	—	352
Investment advisory and other asset-based fees (3)	—		17	36	2,110	—	—	2,163
Commissions and brokerage services fees	—		—	76	494	—	—	570
Investment banking fees	(4)		15	390	—	(25)	—	376
Card fees:
Card interchange and network revenue (4)	929		59	15	1	1	—	1,005
Other card fees (2)	93		—	—	—	—	—	93
Total card fees	1,022		59	15	1	1	—	1,098
Mortgage banking (2)	132		—	73	(3)	—	—	202
Net gains (losses) from trading activities (2)	—		(6)	1,081	21	26	—	1,122
Net gains from debt securities (2)	—		—	—	—	4	—	4
Net gains (losses) from equity securities (2)	—		2	(16)	—	(80)	—	(94)
Lease income (2)	—		167	4	—	136	—	307
Other (2)(5)	121		235	175	8	61	(495)	105
Total noninterest income	1,965		868	2,272	2,639	121	(495)	7,370
Total revenue	$	9,455	3,369	4,631	3,648	30	(600)	20,533
(continued on following page)

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(in millions)	Consumer Banking and Lending		Commercial Banking	Corporate and Investment Banking	Wealth and Investment Management	Corporate	Reconciling Items (1)	Consolidated Company
Six months ended June 30, 2024
Net interest income (2)	$	14,134	4,559	3,972	1,775	(112)	(178)	24,150
Noninterest income:
Deposit-related fees	1,367		574	525	12	1	—	2,479
Lending-related fees (2)	47		277	408	4	—	—	736
Investment advisory and other asset-based fees (3)	—		43	79	4,624	—	—	4,746
Commissions and brokerage services fees	—		—	174	1,066	—	—	1,240
Investment banking fees	(3)		41	1,281	—	(51)	—	1,268
Card fees:
Card interchange and network revenue (4)	1,782		105	28	2	1	—	1,918
Other card fees (2)	244		—	—	—	—	—	244
Total card fees	2,026		105	28	2	1	—	2,162
Mortgage banking (2)	328		—	151	(6)	—	—	473
Net gains (losses) from trading activities (2)	—		(1)	2,792	83	22	—	2,896
Net losses from debt securities (2)	—		—	—	—	(25)	—	(25)
Net gains from equity securities (2)	—		14	14	15	55	—	98
Lease income (2)	—		282	122	—	309	—	713
Other (2)	198		380	274	25	371	(632)	616
Total noninterest income	3,963		1,715	5,848	5,825	683	(632)	17,402
Total revenue	$	18,097	6,274	9,820	7,600	571	(810)	41,552
Six months ended June 30, 2023
Net interest income (2)	$	14,923	4,990	4,820	2,053	(75)	(212)	26,499
Noninterest income:
Deposit-related fees	1,338		484	483	11	(3)	—	2,313
Lending-related fees (2)	59		260	385	4	—	—	708
Investment advisory and other asset-based fees (3)	—		35	71	4,171	—	—	4,277
Commissions and brokerage services fees	—		—	154	1,035	—	—	1,189
Investment banking fees	(4)		35	704	—	(33)	—	702
Card fees:
Card interchange and network revenue (4)	1,792		115	32	2	2	—	1,943
Other card fees (2)	188		—	—	—	—	—	188
Total card fees	1,980		115	32	2	2	—	2,131
Mortgage banking (2)	292		—	148	(6)	—	—	434
Net gains (losses) from trading activities (2)	—		(7)	2,338	44	89	—	2,464
Net gains from debt securities (2)	—		—	—	—	4	—	4
Net losses from equity securities (2)	—		(10)	(17)	(2)	(422)	—	(451)
Lease income (2)	—		336	46	—	272	—	654
Other (2)	231		438	369	17	217	(934)	338
Total noninterest income	3,896		1,686	4,713	5,276	126	(934)	14,763
Total revenue	$	18,819	6,676	9,533	7,329	51	(1,146)	41,262

(1)Taxable-equivalent adjustments related to tax-exempt income on certain loans and debt securities are included in net interest income, while taxable-equivalent adjustments related to income tax credits for affordable housing and renewable energy investments are included in noninterest income, in each case with corresponding impacts to income tax expense (benefit). Adjustments are included in Corporate, Commercial Banking, and Corporate and Investment Banking and are eliminated to reconcile to the Company’s consolidated financial results.

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

(3)We earned trailing commissions of $232 million and $463 million for the second quarter and first half of 2024, respectively, and $227 million and $454 million for the second quarter and first half of 2023, respectively.

(4)The cost of credit card rewards and rebates of $690 million and $1.3 billion for the second quarter and first half of 2024, respectively, and $628 million and $1.2 billion for the second quarter and first half of 2023, respectively, are presented net against the related revenue.

Operating Losses

Table 18.2 provides the components of our operating losses included in our consolidated statement of income.

Table 18.2: Operating Losses

	Quarter ended June 30,			Six months ended June 30,
(in millions)	2024		2023	2024		2023
Legal actions	$	135	(66)	$	152	(60)
Customer remediation	184		106	612		163
Other	174		192	362		396
Total operating losses	$	493	232	$	1,126	499