Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.7.0.1
Business Segment Information
3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Business Segment Information
Business Segment Information
The Corporation reports its results of operations through the following four business segments: Consumer Banking, GWIM, Global Banking and Global Markets, with the remaining operations recorded in All Other. For additional information, see Note 24 – Business Segment Information to the Consolidated Financial Statements of the Corporation's 2016 Annual Report on Form 10-K. The tables below present net income (loss) and the components thereto (with net interest income on an FTE basis) for three months ended March 31, 2017 and 2016, and total assets at March 31, 2017 and 2016 for each business segment, as well as All Other, including a reconciliation of the four business segments’ total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet.
 
 
 
 
 
 
 
 
 
 
Results of Business Segments and All Other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At and for the three months ended March 31
 
 
Total Corporation (1)
 
Consumer Banking
(Dollars in millions)
 
 
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
 
 
 
$
11,255

$
10,700

 
$
5,781

$
5,328

Noninterest income
 
 
 
 
11,190

10,305

 
2,503

2,529

Total revenue, net of interest expense (FTE basis)
 
 
 
 
22,445

21,005

 
8,284

7,857

Provision for credit losses
 
 
 
 
835

997

 
838

531

Noninterest expense
 
 
 
 
14,848

14,816

 
4,406

4,538

Income before income taxes (FTE basis)
 
 
 
 
6,762

5,192

 
3,040

2,788

Income tax expense (FTE basis)
 
 
 
 
1,906

1,720

 
1,146

1,024

Net income
 
 
 
 
$
4,856

$
3,472

 
$
1,894

$
1,764

Period-end total assets
 
 
 
 
$
2,247,701

$
2,185,726

 
$
734,087

$
666,292

 
 
 
 
 
 
 
 
 
 
 
 
 
Global Wealth &
Investment Management
 
Global Banking
 
 
 
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
 
 
 
$
1,560

$
1,513

 
$
2,774

$
2,545

Noninterest income
 
 
 
 
3,032

2,956

 
2,181

1,909

Total revenue, net of interest expense (FTE basis)
 
 
 
 
4,592

4,469

 
4,955

4,454

Provision for credit losses
 
 
 
 
23

25

 
17

553

Noninterest expense
 
 
 
 
3,333

3,273

 
2,163

2,174

Income before income taxes (FTE basis)
 
 
 
 
1,236

1,171

 
2,775

1,727

Income tax expense (FTE basis)
 
 
 
 
466

430

 
1,046

635

Net income
 
 
 
 
$
770

$
741

 
$
1,729

$
1,092

Period-end total assets
 
 
 
 
$
291,177

$
296,199

 
$
416,710

$
394,736

 
 
 
 
 
 
 
 
 
 
 
 
 
Global Markets
 
All Other
 
 
 
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
 
 
 
$
1,049

$
1,184

 
$
91

$
130

Noninterest income
 
 
 
 
3,659

2,767

 
(185
)
144

Total revenue, net of interest expense (FTE basis)
 
 
 
 
4,708

3,951

 
(94
)
274

Provision for credit losses
 
 
 
 
(17
)
9

 
(26
)
(121
)
Noninterest expense
 
 
 
 
2,757

2,449

 
2,189

2,382

Income (loss) before income taxes (FTE basis)
 
 
 
 
1,968

1,493

 
(2,257
)
(1,987
)
Income tax expense (benefit) (FTE basis)
 
 
 
 
671

520

 
(1,423
)
(889
)
Net income (loss)
 
 
 
 
$
1,297

$
973

 
$
(834
)
$
(1,098
)
Period-end total assets
 
 
 
 
$
604,015

$
581,150

 
$
201,712

$
247,349

 
 
 
 
 
 
 
 
 
 
Business Segment Reconciliations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31
 
 
 
 
 
 
 
 
2017
2016
Segments’ total revenue, net of interest expense (FTE basis)
 
$
22,539

$
20,731

Adjustments (2):
 
 

 

ALM activities
 
(45
)
(106
)
Liquidating businesses and other
 
(49
)
380

FTE basis adjustment
 
(197
)
(215
)
Consolidated revenue, net of interest expense
 
 
 
 
 
 
 
$
22,248

$
20,790

Segments’ total net income
 
 
 
 
 
 
 
5,690

4,570

Adjustments, net-of-taxes (2):
 
 
 
 
 
 
 
 
 

ALM activities
 
 
 
 
 
 
 
(179
)
(172
)
Liquidating businesses and other
 
 
 
 
 
 
 
(655
)
(926
)
Consolidated net income
 
 
 
 
 
 
 
$
4,856

$
3,472

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31
 
 
 
 
 
 
 
 
2017
2016
Segments’ total assets
 
 
 
 
 
 
 
$
2,045,989

$
1,938,377

Adjustments (2):
 
 
 
 
 
 
 
 

 

ALM activities, including securities portfolio
 
 
 
 
 
 
 
633,080

622,289

Liquidating businesses and other (3)
 
 
 
 
 
 
 
112,060

135,007

Elimination of segment asset allocations to match liabilities
 
 
 
 
(543,428
)
(509,947
)
Consolidated total assets
 
 
 
 
 
 
 
$
2,247,701

$
2,185,726

(1) 
There were no material intersegment revenues.
(2) 
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
(3) 
Includes assets of the non-U.S. consumer credit card business which are included in assets of business held for sale on the Consolidated Balance Sheet.