Annual report [Section 13 and 15(d), not S-K Item 405]

Business Segment Information (Tables)

v3.25.0.1
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for 2024, 2023 and 2022, and total assets at December 31, 2024 and 2023 for each business segment, as well as All Other.
Results of Business Segments and All Other (1)
At and for the year ended December 31
Total Corporation (2)
Consumer Banking
(Dollars in millions) 2024 2023 2022 2024 2023 2022
Net interest income $ 56,679  $ 57,498  $ 52,900  $ 33,078  $ 33,689  $ 30,045 
Noninterest income 45,827  41,650  42,488  8,358  8,342  8,590 
Total revenue, net of interest expense 102,506  99,148  95,388  41,436  42,031  38,635 
Provision for credit losses 5,821  4,394  2,543  4,987  5,158  1,980 
Noninterest expense
Compensation and benefits (3)
40,182  38,330  36,447  6,422  6,490  6,218 
Other noninterest expense 26,630  27,515  24,991  15,682  14,926  13,859 
Total noninterest expense 66,812  65,845  61,438  22,104  21,416  20,077 
Income before income taxes 29,873  28,909  31,407  14,345  15,457  16,578 
Income tax expense 2,741  2,394  3,879  3,586  3,864  4,062 
Net income $ 27,132  $ 26,515  $ 27,528  $ 10,759  $ 11,593  $ 12,516 
Year-end total assets $ 3,261,519  $ 3,180,151  $ 1,034,370  $ 1,049,830 
Global Wealth & Investment Management Global Banking
2024 2023 2022 2024 2023 2022
Net interest income $ 6,969  $ 7,147  $ 7,466  $ 13,235  $ 14,645  $ 12,184 
Noninterest income 15,960  13,958  14,282  10,723  10,151  10,045 
Total revenue, net of interest expense 22,929  21,105  21,748  23,958  24,796  22,229 
Provision for credit losses 4  6  66  883  (586) 641 
Noninterest expense
Compensation and benefits (3)
11,126  10,120  9,922  4,327  4,134  4,092 
Other noninterest expense 6,115  5,716  5,568  7,526  7,210  6,874 
Total noninterest expense 17,241  15,836  15,490  11,853  11,344  10,966 
Income before income taxes 5,684  5,263  6,192  11,222  14,038  10,622 
Income tax expense 1,421  1,316  1,517  3,086  3,790  2,815 
Net income $ 4,263  $ 3,947  $ 4,675  $ 8,136  $ 10,248  $ 7,807 
Year-end total assets $ 338,367  $ 344,626  $ 670,905  $ 621,751 
  Global Markets All Other
  2024 2023 2022 2024 2023 2022
Net interest income $ 3,375  $ 1,678  $ 3,088  $ 22  $ 339  $ 117 
Noninterest income 18,437  17,849  15,050  (7,651) (8,650) (5,479)
Total revenue, net of interest expense 21,812  19,527  18,138  (7,629) (8,311) (5,362)
Provision for credit losses (32) (131) 28  (21) (53) (172)
Noninterest expense
Compensation and benefits (3)
3,550  3,428  3,210  —  —  — 
Other noninterest expense 10,376  9,778  9,210  1,688  4,043  2,485 
Total noninterest expense 13,926  13,206  12,420  1,688  4,043  2,485 
Income (loss) before income taxes 7,918  6,452  5,690  (9,296) (12,301) (7,675)
Income tax expense (benefit) 2,296  1,774  1,508  (7,648) (8,350) (6,023)
Net income (loss) $ 5,622  $ 4,678  $ 4,182  $ (1,648) $ (3,951) $ (1,652)
Year-end total assets $ 876,605  $ 817,588  $ 341,272  $ 346,356 
(1)Segment results are presented on an FTE basis and include additional net interest income and income tax expense, related to tax-exempt securities, of $619 million, $567 million and $438 million in 2024, 2023 and 2022, respectively, as compared to the Consolidated Statement of Income.
(2)There were no material intersegment revenues.
(3)Represents the compensation and benefits directly incurred by each segment.

The table below presents noninterest income and the associated components for 2024, 2023 and 2022, for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.
Noninterest Income by Business Segment and All Other
Total Corporation Consumer Banking Global Wealth &
Investment Management
(Dollars in millions) 2024 2023 2022 2024 2023 2022 2024 2023 2022
Fees and commissions:
Card income
Interchange fees $ 4,013  $ 3,983  $ 4,096  $ 3,194  $ 3,157  $ 3,239  $ (20) $ (12) $ 20 
Other card income 2,271  2,071  1,987  2,238  2,107  1,930  61  57  50 
Total card income 6,284  6,054  6,083  5,432  5,264  5,169  41  45  70 
Service charges
Deposit-related fees 4,708  4,382  5,190  2,445  2,317  2,706  44  41  65 
Lending-related fees 1,347  1,302  1,215  —  —  —  53  37  8 
Total service charges 6,055  5,684  6,405  2,445  2,317  2,706  97  78  73 
Investment and brokerage services
Asset management fees 13,875  12,002  12,152  207  197  195  13,668  11,805  11,957 
Brokerage fees 3,891  3,561  3,749  113  111  109  1,570  1,408  1,604 
Total investment and brokerage services
17,766  15,563  15,901  320  308  304  15,238  13,213  13,561 
Investment banking fees
Underwriting income 3,275  2,235  1,970  —  —  —  246  171  189 
Syndication fees 1,221  898  1,070  —  —  —  —  —  — 
Financial advisory services 1,690  1,575  1,783  —  —  —  —  —  — 
Total investment banking fees 6,186  4,708  4,823  —  —  —  246  171  189 
Total fees and commissions 36,291  32,009  33,212  8,197  7,889  8,179  15,622  13,507  13,893 
Market making and similar activities 12,967  12,732  12,075  21  20  10  143  137  102 
Other income (loss) (3,431) (3,091) (2,799) 140  433  401  195  314  287 
Total noninterest income $ 45,827  $ 41,650  $ 42,488  $ 8,358  $ 8,342  $ 8,590  $ 15,960  $ 13,958  $ 14,282 
Global Banking Global Markets All Other
2024 2023 2022 2024 2023 2022 2024 2023 2022
Fees and commissions:
Card income
Interchange fees $ 773  $ 772  $ 767  $ 66  $ 66  $ 66  $ —  $ —  $ 4 
Other card income 13  9  7  —  —  —  (41) (102) — 
Total card income 786  781  774  66  66  66  (41) (102) 4 
Service charges
Deposit-related fees 2,128  1,943  2,310  88  79  101  3  2  8 
Lending-related fees 1,007  1,009  983  287  256  224  —  —  — 
Total service charges 3,135  2,952  3,293  375  335  325  3  2  8 
Investment and brokerage services
Asset management fees —  —  —  —  —  —  —  —  — 
Brokerage fees 91  57  42  2,128  1,993  2,002  (11) (8) (8)
Total investment and brokerage services
91  57  42  2,128  1,993  2,002  (11) (8) (8)
Investment banking fees
Underwriting income 1,305  922  796  1,892  1,298  1,176  (168) (156) (191)
Syndication fees 644  505  565  577  393  505  —  —  — 
Financial advisory services 1,504  1,392  1,643  186  183  139  —  —  1 
Total investment banking fees 3,453  2,819  3,004  2,655  1,874  1,820  (168) (156) (190)
Total fees and commissions 7,465  6,609  7,113  5,224  4,268  4,213  (217) (264) (186)
Market making and similar activities 275  190  215  12,778  13,430  11,406  (250) (1,045) 342 
Other income (loss) 2,983  3,352  2,717  435  151  (569) (7,184) (7,341) (5,635)
Total noninterest income $ 10,723  $ 10,151  $ 10,045  $ 18,437  $ 17,849  $ 15,050  $ (7,651) $ (8,650) $ (5,479)