Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.8.0.1
Business Segment Information
9 Months Ended
Sep. 30, 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 the three and nine months ended September 30, 2017 and 2016, and total assets at September 30, 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 September 30
 
Total Corporation (1)
 
Consumer Banking
(Dollars in millions)
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
11,401

$
10,429

 
$
6,211

$
5,289

Noninterest income
 
10,678

11,434

 
2,563

2,679

Total revenue, net of interest expense (FTE basis)
 
22,079

21,863

 
8,774

7,968

Provision for credit losses
 
834

850

 
967

698

Noninterest expense
 
13,139

13,481

 
4,459

4,371

Income before income taxes (FTE basis)
 
8,106

7,532

 
3,348

2,899

Income tax expense (FTE basis)
 
2,519

2,577

 
1,261

1,086

Net income
 
$
5,587

$
4,955

 
$
2,087

$
1,813

Period-end total assets
 
$
2,283,896

$
2,195,314

 
$
742,513

$
687,241

 
 
 
 
 
 
 
 
 
Global Wealth &
Investment Management
 
Global Banking
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
1,496

$
1,394

 
$
2,743

$
2,470

Noninterest income
 
3,124

2,985

 
2,243

2,276

Total revenue, net of interest expense (FTE basis)
 
4,620

4,379

 
4,986

4,746

Provision for credit losses
 
16

7

 
48

118

Noninterest expense
 
3,370

3,255

 
2,118

2,152

Income before income taxes (FTE basis)
 
1,234

1,117

 
2,820

2,476

Income tax expense (FTE basis)
 
465

419

 
1,062

925

Net income
 
$
769

$
698

 
$
1,758

$
1,551

Period-end total assets
 
$
276,187

$
289,794

 
$
423,185

$
397,869

 
 
 
 
 
 
 
 
 
Global Markets
 
All Other
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
899

$
1,119

 
$
52

$
157

Noninterest income
 
3,001

3,239

 
(253
)
255

Total revenue, net of interest expense (FTE basis)
 
3,900

4,358

 
(201
)
412

Provision for credit losses
 
(6
)
19

 
(191
)
8

Noninterest expense
 
2,710

2,656

 
482

1,047

Income (loss) before income taxes (FTE basis)
 
1,196

1,683

 
(492
)
(643
)
Income tax expense (benefit) (FTE basis)
 
440

609

 
(709
)
(462
)
Net income (loss)
 
$
756

$
1,074

 
$
217

$
(181
)
Period-end total assets
 
$
629,270

$
595,165

 
$
212,741

$
225,245

(1) 
There were no material intersegment revenues.
 
 
 
 
 
 
 
Results of Business Segments and All Other
 
 
 
 
 
 
 
 
 
 
 
 
 
At and for the nine months ended September 30
 
Total Corporation (1)
 
Consumer Banking
(Dollars in millions)
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
33,879

$
31,470

 
$
17,953

$
15,825

Noninterest income
 
33,711

32,907

 
7,614

7,795

Total revenue, net of interest expense (FTE basis)
 
67,590

64,377

 
25,567

23,620

Provision for credit losses
 
2,395

2,823

 
2,639

1,955

Noninterest expense
 
41,713

41,790

 
13,280

13,324

Income before income taxes (FTE basis)
 
23,482

19,764

 
9,648

8,341

Income tax expense (FTE basis)
 
7,770

6,554

 
3,638

3,088

Net income
 
$
15,712

$
13,210

 
$
6,010

$
5,253

Period-end total assets
 
$
2,283,896

$
2,195,314

 
$
742,513

$
687,241

 
 
 
 
 
 
 
 
 
Global Wealth &
Investment Management
 
Global Banking
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
4,653

$
4,310

 
$
8,229

$
7,440

Noninterest income
 
9,254

8,963

 
6,751

6,456

Total revenue, net of interest expense (FTE basis)
 
13,907

13,273

 
14,980

13,896

Provision for credit losses
 
50

46

 
80

870

Noninterest expense
 
10,091

9,816

 
6,435

6,450

Income before income taxes (FTE basis)
 
3,766

3,411

 
8,465

6,576

Income tax expense (FTE basis)
 
1,420

1,270

 
3,192

2,435

Net income
 
$
2,346

$
2,141

 
$
5,273

$
4,141

Period-end total assets
 
$
276,187

$
289,794

 
$
423,185

$
397,869

 
 
 
 
 
 
 
 
 
Global Markets
 
All Other
 
 
2017
2016
 
2017
2016
Net interest income (FTE basis)
 
$
2,812

$
3,391

 
$
232

$
504

Noninterest income
 
9,743

9,227

 
349

466

Total revenue, net of interest expense (FTE basis)
 
12,555

12,618

 
581

970

Provision for credit losses
 
2

23

 
(376
)
(71
)
Noninterest expense
 
8,117

7,690

 
3,790

4,510

Income (loss) before income taxes (FTE basis)
 
4,436

4,905

 
(2,833
)
(3,469
)
Income tax expense (benefit) (FTE basis)
 
1,553

1,746

 
(2,033
)
(1,985
)
Net income (loss)
 
$
2,883

$
3,159

 
$
(800
)
$
(1,484
)
Period-end total assets
 
$
629,270

$
595,165

 
$
212,741

$
225,245

 
 
 
 
 
 
 
Business Segment Reconciliations
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
 
 
2017
2016
 
2017
2016
Segments’ total revenue, net of interest expense (FTE basis)
 
$
22,280

$
21,451

 
$
67,009

$
63,407

Adjustments (2):
 
 

 

 
 

 

ALM activities
 
273

(43
)
 
332

(12
)
Liquidating businesses and other
 
(474
)
455

 
249

982

FTE basis adjustment
 
(240
)
(228
)
 
(674
)
(666
)
Consolidated revenue, net of interest expense
 
$
21,839

$
21,635

 
$
66,916

$
63,711

Segments’ total net income
 
5,370

5,136

 
16,512

14,694

Adjustments, net-of-taxes (2):
 
 
 

 
 
 

ALM activities
 
57

(136
)
 
(208
)
(453
)
Liquidating businesses and other
 
160

(45
)
 
(592
)
(1,031
)
Consolidated net income
 
$
5,587

$
4,955

 
$
15,712

$
13,210

 
 
 
 
 
 
 
 
 
 
 
September 30
 
 
 
 
 
2017
2016
Segments’ total assets
 
 
 
 
$
2,071,155

$
1,970,069

Adjustments (2):
 
 

 

 
 

 

ALM activities, including securities portfolio
 
 
 
 
635,305

616,730

Liquidating businesses and other
 
 
 
 
92,443

116,989

Elimination of segment asset allocations to match liabilities
 
 
 
 
(515,007
)
(508,474
)
Consolidated total assets
 
 
 
 
$
2,283,896

$
2,195,314

(1) 
There were no material intersegment revenues.
(2) 
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.