Quarterly report [Sections 13 or 15(d)]

Business Segment Information (Tables)

v3.25.2
Business Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment 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 and six months ended June 30, 2025 and 2024, and total assets at June 30, 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 June 30
Total Corporation (2)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2025 2024 2025 2024 2025 2024
Net interest income $ 14,815  $ 13,862  $ 8,726  $ 8,118  $ 1,762  $ 1,693 
Noninterest income 11,793  11,675  2,087  2,088  4,175  3,881 
Total revenue, net of interest expense 26,608  25,537  10,813  10,206  5,937  5,574 
Provision for credit losses 1,592  1,508  1,282  1,281  20  7 
Noninterest expense
Compensation and benefits (3)
10,332  9,826  1,629  1,584  2,966  2,703 
Other noninterest expense 6,851  6,483  3,938  3,880  1,627  1,496 
Total noninterest expense 17,183  16,309  5,567  5,464  4,593  4,199 
Income before income taxes 7,833  7,720  3,964  3,461  1,324  1,368 
Income tax expense 717  823  991  866  331  342 
Net income $ 7,116  $ 6,897  $ 2,973  $ 2,595  $ 993  $ 1,026 
Period-end total assets $ 3,441,142  $ 3,257,996  $ 1,037,407  $ 1,033,960  $ 320,820  $ 324,476 
Global Banking Global Markets All Other
2025 2024 2025 2024 2025 2024
Net interest income $ 3,081  $ 3,275  $ 1,267  $ 770  $ (21) $ 6 
Noninterest income 2,609  2,778  4,713  4,689  (1,791) (1,761)
Total revenue, net of interest expense 5,690  6,053  5,980  5,459  (1,812) (1,755)
Provision for credit losses 277  235  22  (13) (9) (2)
Noninterest expense
Compensation and benefits (3)
1,090  1,032  944  873  —  — 
Other noninterest expense 1,980  1,867  2,862  2,613  147  261 
Total noninterest expense 3,070  2,899  3,806  3,486  147  261 
Income (loss) before income taxes 2,343  2,919  2,152  1,986  (1,950) (2,014)
Income tax expense (benefit) 644  803  624  576  (1,873) (1,764)
Net income (loss) $ 1,699  $ 2,116  $ 1,528  $ 1,410  $ (77) $ (250)
Period-end total assets $ 739,759  $ 620,217  $ 1,017,649  $ 887,162  $ 325,507  $ 392,181 
(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 $160 million for the three months ended June 30, 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.
Results of Business Segments and All Other (1)
At and for the six months ended June 30
Total Corporation (2)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2025 2024 2025 2024 2025 2024
Net interest income $ 29,403  $ 28,052  $ 17,231  $ 16,315  $ 3,527  $ 3,507 
Noninterest income 24,716  23,461  4,075  4,057  8,426  7,658 
Total revenue, net of interest expense 54,119  51,513  21,306  20,372  11,953  11,165 
Provision for credit losses 3,072  2,827  2,574  2,431  34  (6)
Noninterest expense
Compensation and benefits (3)
21,221  20,021  3,315  3,221  5,997  5,498 
Other noninterest expense 13,732  13,525  8,078  7,718  3,255  2,965 
Total noninterest expense 34,953  33,546  11,393  10,939  9,252  8,463 
Income before income taxes 16,094  15,140  7,339  7,002  2,667  2,708 
Income tax expense 1,582  1,569  1,835  1,751  667  677 
Net income $ 14,512  $ 13,571  $ 5,504  $ 5,251  $ 2,000  $ 2,031 
Period-end total assets $ 3,441,142  $ 3,257,996  $ 1,037,407  $ 1,033,960  $ 320,820  $ 324,476 
Global Banking Global Markets All Other
2025 2024 2025 2024 2025 2024
Net interest income $ 6,232  $ 6,735  $ 2,456  $ 1,451  $ (43) $ 44 
Noninterest income 5,435  5,298  10,108  9,891  (3,328) (3,443)
Total revenue, net of interest expense 11,667  12,033  12,564  11,342  (3,371) (3,399)
Provision for credit losses 431  464  50  (49) (17) (13)
Noninterest expense
Compensation and benefits (3)
2,280  2,212  1,996  1,838  —  — 
Other noninterest expense 3,974  3,699  5,621  5,140  437  1,255 
Total noninterest expense 6,254  5,911  7,617  6,978  437  1,255 
Income (loss) before income taxes 4,982  5,658  4,897  4,413  (3,791) (4,641)
Income tax expense (benefit) 1,370  1,556  1,420  1,280  (3,710) (3,695)
Net income (loss) $ 3,612  $ 4,102  $ 3,477  $ 3,133  $ (81) $ (946)
Period-end total assets $ 739,759  $ 620,217  $ 1,017,649  $ 887,162  $ 325,507  $ 392,181 
(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 $290 million and $318 million for the six months ended June 30, 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 and six months ended June 30, 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 June 30
(Dollars in millions) 2025 2024 2025 2024 2025 2024
Fees and commissions:
Card income
Interchange fees $ 1,036  $ 1,023  $ 821  $ 815  $ (7) $ (7)
Other card income 610  558  594  546  17  16 
Total card income 1,646  1,581  1,415  1,361  10  9 
Service charges
Deposit-related fees 1,265  1,172  627  614  12  10 
Lending-related fees 350  335  —  —  16  14 
Total service charges 1,615  1,507  627  614  28  24 
Investment and brokerage services
Asset management fees 3,698  3,370  58  45  3,643  3,327 
Brokerage fees 1,082  950  27  33  390  380 
Total investment and brokerage services
4,780  4,320  85  78  4,033  3,707 
Investment banking fees
Underwriting income 806  869  —  —  65  57 
Syndication fees 289  318  —  —  —  — 
Financial advisory services 333  374  —  —  —  — 
Total investment banking fees 1,428  1,561  —  —  65  57 
Total fees and commissions 9,469  8,969  2,127  2,053  4,136  3,797 
Market making and similar activities 3,153  3,298  6  6  28  38 
Other income (loss) (829) (592) (46) 29  11  46 
Total noninterest income $ 11,793  $ 11,675  $ 2,087  $ 2,088  $ 4,175  $ 3,881 
Global Banking Global Markets All Other
Three Months Ended June 30
2025 2024 2025 2024 2025 2024
Fees and commissions:
Card income
Interchange fees $ 203  $ 195  $ 19  $ 20  $ —  $ — 
Other card income 4  3  —  —  (5) (7)
Total card income 207  198  19  20  (5) (7)
Service charges
Deposit-related fees 607  525  17  22  2  1 
Lending-related fees 257  250  77  71  —  — 
Total service charges 864  775  94  93  2  1 
Investment and brokerage services
Asset management fees —  —  —  —  (3) (2)
Brokerage fees 23  21  642  516  —  — 
Total investment and brokerage services
23  21  642  516  (3) (2)
Investment banking fees
Underwriting income 322  345  489  517  (70) (50)
Syndication fees 154  168  135  150  —  — 
Financial advisory services 291  322  42  52  —  — 
Total investment banking fees 767  835  666  719  (70) (50)
Total fees and commissions 1,861  1,829  1,421  1,348  (76) (58)
Market making and similar activities 68  78  3,300  3,218  (249) (42)
Other income (loss) 680  871  (8) 123  (1,466) (1,661)
Total noninterest income $ 2,609  $ 2,778  $ 4,713  $ 4,689  $ (1,791) $ (1,761)
Noninterest Income by Business Segment and All Other
Total Corporation Consumer Banking Global Wealth &
Investment Management
Six Months Ended June 30
(Dollars in millions) 2025 2024 2025 2024 2025 2024
Fees and commissions:
Card income
Interchange fees $ 1,952  $ 1,954  $ 1,531  $ 1,547  $ (13) $ (11)
Other card income 1,212  1,090  1,181  1,086  33  30 
Total card income 3,164  3,044  2,712  2,633  20  19 
Service charges
Deposit-related fees 2,493  2,294  1,245  1,192  25  21 
Lending-related fees 683  655  —  —  30  26 
Total service charges 3,176  2,949  1,245  1,192  55  47 
Investment and brokerage services
Asset management fees 7,436  6,640  113  100  7,330  6,546 
Brokerage fees 2,157  1,867  55  56  792  761 
Total investment and brokerage services
9,593  8,507  168  156  8,122  7,307 
Investment banking fees
Underwriting income 1,576  1,770  —  —  134  120 
Syndication fees 658  612  —  —  —  — 
Financial advisory services 717  747  —  —  —  — 
Total investment banking fees 2,951  3,129  —  —  134  120 
Total fees and commissions 18,884  17,629  4,125  3,981  8,331  7,493 
Market making and similar activities 6,737  7,186  14  11  62  72 
Other income (loss) (905) (1,354) (64) 65  33  93 
Total noninterest income $ 24,716  $ 23,461  $ 4,075  $ 4,057  $ 8,426  $ 7,658 
Global Banking Global Markets All Other
Six Months Ended June 30
2025 2024 2025 2024 2025 2024
Fees and commissions:
Card income
Interchange fees $ 401  $ 381  $ 33  $ 37  $ —  $ — 
Other card income 8  5  —  —  (10) (31)
Total card income 409  386  33  37  (10) (31)
Service charges
Deposit-related fees 1,189  1,034  31  45  3  2 
Lending-related fees 501  491  152  138  —  — 
Total service charges 1,690  1,525  183  183  3  2 
Investment and brokerage services
Asset management fees —  —  —  —  (7) (6)
Brokerage fees 41  39  1,269  1,011  —  — 
Total investment and brokerage services
41  39  1,269  1,011  (7) (6)
Investment banking fees
Underwriting income 644  726  942  1,027  (144) (103)
Syndication fees 340  320  318  292  —  — 
Financial advisory services 630  639  87  108  —  — 
Total investment banking fees 1,614  1,685  1,347  1,427  (144) (103)
Total fees and commissions 3,754  3,635  2,832  2,658  (158) (138)
Market making and similar activities 134  146  6,922  7,048  (395) (91)
Other income (loss) 1,547  1,517  354  185  (2,775) (3,214)
Total noninterest income $ 5,435  $ 5,298  $ 10,108  $ 9,891  $ (3,328) $ (3,443)