Quarterly report [Sections 13 or 15(d)]

Business Segment Information

v3.25.1
Business Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information, see Note 23 – Business Segment Information to the Consolidated Financial Statements of the
Corporation’s 2024 Annual Report on Form 10-K. The following tables 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 the three months ended March 31, 2025 and 2024, and total assets at March 31, 2025 and 2024 for each business segment, as well as All Other.
Results of Business Segments and All Other (1)
At and for the three months ended March 31
Total Corporation (2)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2025 2024 2025 2024 2025 2024
Net interest income $ 14,588  $ 14,190  $ 8,505  $ 8,197  $ 1,765  $ 1,814 
Noninterest income 12,923  11,786  1,988  1,969  4,251  3,777 
Total revenue, net of interest expense 27,511  25,976  10,493  10,166  6,016  5,591 
Provision for credit losses 1,480  1,319  1,292  1,150  14  (13)
Noninterest expense
Compensation and benefits (3)
10,889  10,195  1,685  1,637  3,031  2,795 
Other noninterest expense 6,881  7,042  4,141  3,838  1,628  1,469 
Total noninterest expense 17,770  17,237  5,826  5,475  4,659  4,264 
Income before income taxes 8,261  7,420  3,375  3,541  1,343  1,340 
Income tax expense 865  746  844  885  336  335 
Net income $ 7,396  $ 6,674  $ 2,531  $ 2,656  $ 1,007  $ 1,005 
Period-end total assets $ 3,349,424  $ 3,273,803  $ 1,054,637  $ 1,060,482  $ 329,816  $ 343,718 
Global Banking Global Markets All Other
2025 2024 2025 2024 2025 2024
Net interest income $ 3,151  $ 3,460  $ 1,189  $ 681  $ (22) $ 38 
Noninterest income 2,826  2,520  5,395  5,202  (1,537) (1,682)
Total revenue, net of interest expense 5,977  5,980  6,584  5,883  (1,559) (1,644)
Provision for credit losses 154  229  28  (36) (8) (11)
Noninterest expense
Compensation and benefits (3)
1,190  1,180  1,051  964  —  — 
Other noninterest expense 1,994  1,832  2,760  2,528  290  994 
Total noninterest expense 3,184  3,012  3,811  3,492  290  994 
Income (loss) before income taxes 2,639  2,739  2,745  2,427  (1,841) (2,627)
Income tax expense (benefit) 726  753  796  704  (1,837) (1,931)
Net income (loss) $ 1,913  $ 1,986  $ 1,949  $ 1,723  $ (4) $ (696)
Period-end total assets $ 687,702  $ 623,204  $ 959,533  $ 902,741  $ 317,736  $ 343,658 
(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 $145 million and $158 million for the three months ended March 31, 2025 and 2024, 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 the three months ended March 31, 2025 and 2024 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
Three Months Ended March 31
(Dollars in millions) 2025 2024 2025 2024 2025 2024
Fees and commissions:
Card income
Interchange fees $ 916  $ 931  $ 710  $ 732  $ (6) $ (4)
Other card income 602  532  587  540  16  14 
Total card income 1,518  1,463  1,297  1,272  10  10 
Service charges
Deposit-related fees 1,228  1,122  618  578  13  11 
Lending-related fees 333  320  —  —  14  12 
Total service charges 1,561  1,442  618  578  27  23 
Investment and brokerage services
Asset management fees 3,738  3,270  55  55  3,687  3,219 
Brokerage fees 1,075  917  28  23  402  381 
Total investment and brokerage services
4,813  4,187  83  78  4,089  3,600 
Investment banking fees
Underwriting income 770  901  —  —  69  63 
Syndication fees 369  294  —  —  —  — 
Financial advisory services 384  373  —  —  —  — 
Total investment banking fees 1,523  1,568  —  —  69  63 
Total fees and commissions 9,415  8,660  1,998  1,928  4,195  3,696 
Market making and similar activities 3,584  3,888  8  5  34  34 
Other income (loss) (76) (762) (18) 36  22  47 
Total noninterest income $ 12,923  $ 11,786  $ 1,988  $ 1,969  $ 4,251  $ 3,777 
Global Banking Global Markets All Other
Three Months Ended March 31
2025 2024 2025 2024 2025 2024
Fees and commissions:
Card income
Interchange fees $ 198  $ 186  $ 14  $ 17  $ —  $ — 
Other card income 4  2  —  —  (5) (24)
Total card income 202  188  14  17  (5) (24)
Service charges
Deposit-related fees 582  509  14  23  1  1 
Lending-related fees 244  241  75  67  —  — 
Total service charges 826  750  89  90  1  1 
Investment and brokerage services
Asset management fees —  —  —  —  (4) (4)
Brokerage fees 18  18  627  495  —  — 
Total investment and brokerage services
18  18  627  495  (4) (4)
Investment banking fees
Underwriting income 322  381  453  510  (74) (53)
Syndication fees 186  152  183  142  —  — 
Financial advisory services 339  317  45  56  —  — 
Total investment banking fees 847  850  681  708  (74) (53)
Total fees and commissions 1,893  1,806  1,411  1,310  (82) (80)
Market making and similar activities 66  68  3,622  3,830  (146) (49)
Other income (loss) 867  646  362  62  (1,309) (1,553)
Total noninterest income $ 2,826  $ 2,520  $ 5,395  $ 5,202  $ (1,537) $ (1,682)