| 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 the three months ended March 31, 2019 and 2018, and total assets at March 31, 2019 and 2018 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 |
|
Global Wealth & Investment Management |
(Dollars in millions) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net interest income |
|
$ |
12,528 |
|
|
$ |
11,919 |
|
|
$ |
7,106 |
|
|
$ |
6,477 |
|
|
$ |
1,684 |
|
|
$ |
1,584 |
|
Noninterest income |
|
10,629 |
|
|
11,301 |
|
|
2,526 |
|
|
2,503 |
|
|
3,136 |
|
|
3,272 |
|
Total revenue, net of interest expense |
|
23,157 |
|
|
23,220 |
|
|
9,632 |
|
|
8,980 |
|
|
4,820 |
|
|
4,856 |
|
Provision for credit losses |
|
1,013 |
|
|
834 |
|
|
974 |
|
|
935 |
|
|
5 |
|
|
38 |
|
Noninterest expense |
|
13,224 |
|
|
13,842 |
|
|
4,359 |
|
|
4,548 |
|
|
3,426 |
|
|
3,580 |
|
Income before income taxes |
|
8,920 |
|
|
8,544 |
|
|
4,299 |
|
|
3,497 |
|
|
1,389 |
|
|
1,238 |
|
Income tax expense |
|
1,609 |
|
|
1,626 |
|
|
1,053 |
|
|
893 |
|
|
340 |
|
|
316 |
|
Net income |
|
$ |
7,311 |
|
|
$ |
6,918 |
|
|
$ |
3,246 |
|
|
$ |
2,604 |
|
|
$ |
1,049 |
|
|
$ |
922 |
|
Period-end total assets |
|
$ |
2,377,164 |
|
|
$ |
2,328,478 |
|
|
$ |
794,510 |
|
|
$ |
774,257 |
|
|
$ |
296,785 |
|
|
$ |
279,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
Global Markets |
|
All Other |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net interest income |
|
$ |
2,790 |
|
|
$ |
2,679 |
|
|
$ |
953 |
|
|
$ |
1,020 |
|
|
$ |
(5 |
) |
|
$ |
159 |
|
Noninterest income |
|
2,365 |
|
|
2,316 |
|
|
3,228 |
|
|
3,792 |
|
|
(626 |
) |
|
(582 |
) |
Total revenue, net of interest expense |
|
5,155 |
|
|
4,995 |
|
|
4,181 |
|
|
4,812 |
|
|
(631 |
) |
|
(423 |
) |
Provision for credit losses |
|
111 |
|
|
16 |
|
|
(23 |
) |
|
(3 |
) |
|
(54 |
) |
|
(152 |
) |
Noninterest expense |
|
2,266 |
|
|
2,291 |
|
|
2,755 |
|
|
2,923 |
|
|
418 |
|
|
500 |
|
Income before income taxes |
|
2,778 |
|
|
2,688 |
|
|
1,449 |
|
|
1,892 |
|
|
(995 |
) |
|
(771 |
) |
Income tax expense |
|
750 |
|
|
699 |
|
|
413 |
|
|
492 |
|
|
(947 |
) |
|
(774 |
) |
Net income |
|
$ |
2,028 |
|
|
$ |
1,989 |
|
|
$ |
1,036 |
|
|
$ |
1,400 |
|
|
$ |
(48 |
) |
|
$ |
3 |
|
Period-end total assets |
|
$ |
436,066 |
|
|
$ |
425,328 |
|
|
$ |
671,123 |
|
|
$ |
648,605 |
|
|
$ |
178,680 |
|
|
$ |
200,956 |
|
|
|
(1) |
There were no material intersegment revenues. |
The table below presents noninterest income and the components thereto for the three months ended March 31, 2019 and 2018 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) |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Fees and commissions: |
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
896 |
|
|
$ |
914 |
|
|
$ |
728 |
|
|
$ |
758 |
|
|
$ |
17 |
|
|
$ |
10 |
|
Other card income |
479 |
|
|
488 |
|
|
469 |
|
|
476 |
|
|
9 |
|
|
11 |
|
Total card income |
1,375 |
|
|
1,402 |
|
|
1,197 |
|
|
1,234 |
|
|
26 |
|
|
21 |
|
Service charges |
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
1,580 |
|
|
1,646 |
|
|
1,020 |
|
|
1,044 |
|
|
18 |
|
|
19 |
|
Lending-related fees |
259 |
|
|
275 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total service charges |
1,839 |
|
|
1,921 |
|
|
1,020 |
|
|
1,044 |
|
|
18 |
|
|
19 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
2,440 |
|
|
2,564 |
|
|
34 |
|
|
36 |
|
|
2,414 |
|
|
2,528 |
|
Brokerage fees |
920 |
|
|
1,100 |
|
|
39 |
|
|
46 |
|
|
428 |
|
|
512 |
|
Total investment and brokerage services |
3,360 |
|
|
3,664 |
|
|
73 |
|
|
82 |
|
|
2,842 |
|
|
3,040 |
|
Investment banking fees |
|
|
|
|
|
|
|
|
|
|
|
Underwriting income |
666 |
|
|
740 |
|
|
— |
|
|
— |
|
|
80 |
|
|
84 |
|
Syndication fees |
255 |
|
|
317 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Financial advisory services |
343 |
|
|
296 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total investment banking fees |
1,264 |
|
|
1,353 |
|
|
— |
|
|
— |
|
|
80 |
|
|
84 |
|
Total fees and commissions income |
7,838 |
|
|
8,340 |
|
|
2,290 |
|
|
2,360 |
|
|
2,966 |
|
|
3,164 |
|
Trading account income |
2,338 |
|
|
2,553 |
|
|
2 |
|
|
2 |
|
|
34 |
|
|
29 |
|
Other income |
453 |
|
|
408 |
|
|
234 |
|
|
141 |
|
|
136 |
|
|
79 |
|
Total noninterest income |
$ |
10,629 |
|
|
$ |
11,301 |
|
|
$ |
2,526 |
|
|
$ |
2,503 |
|
|
$ |
3,136 |
|
|
$ |
3,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
All Other (1)
|
|
Three Months Ended March 31 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Fees and commissions: |
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
129 |
|
|
$ |
127 |
|
|
$ |
21 |
|
|
$ |
20 |
|
|
$ |
1 |
|
|
$ |
(1 |
) |
Other card income |
2 |
|
|
1 |
|
|
(1 |
) |
|
— |
|
|
— |
|
|
— |
|
Total card income |
131 |
|
|
128 |
|
|
20 |
|
|
20 |
|
|
1 |
|
|
(1 |
) |
Service charges |
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
498 |
|
|
538 |
|
|
38 |
|
|
40 |
|
|
6 |
|
|
5 |
|
Lending-related fees |
215 |
|
|
225 |
|
|
44 |
|
|
50 |
|
|
— |
|
|
— |
|
Total service charges |
713 |
|
|
763 |
|
|
82 |
|
|
90 |
|
|
6 |
|
|
5 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(8 |
) |
|
— |
|
Brokerage fees |
9 |
|
|
25 |
|
|
444 |
|
|
488 |
|
|
— |
|
|
29 |
|
Total investment and brokerage services |
9 |
|
|
25 |
|
|
444 |
|
|
488 |
|
|
(8 |
) |
|
29 |
|
Investment banking fees |
|
|
|
|
|
|
|
|
|
|
|
Underwriting income |
280 |
|
|
310 |
|
|
367 |
|
|
430 |
|
|
(61 |
) |
|
(84 |
) |
Syndication fees |
126 |
|
|
158 |
|
|
130 |
|
|
159 |
|
|
(1 |
) |
|
— |
|
Financial advisory services |
303 |
|
|
276 |
|
|
40 |
|
|
20 |
|
|
— |
|
|
— |
|
Total investment banking income |
709 |
|
|
744 |
|
|
537 |
|
|
609 |
|
|
(62 |
) |
|
(84 |
) |
Total fees and commissions fees |
1,562 |
|
|
1,660 |
|
|
1,083 |
|
|
1,207 |
|
|
(63 |
) |
|
(51 |
) |
Trading account income |
50 |
|
|
61 |
|
|
2,082 |
|
|
2,557 |
|
|
170 |
|
|
(96 |
) |
Other income |
753 |
|
|
595 |
|
|
63 |
|
|
28 |
|
|
(733 |
) |
|
(435 |
) |
Total noninterest income |
$ |
2,365 |
|
|
$ |
2,316 |
|
|
$ |
3,228 |
|
|
$ |
3,792 |
|
|
$ |
(626 |
) |
|
$ |
(582 |
) |
|
|
(1) |
All Other includes eliminations of intercompany transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segment Reconciliations |
|
|
|
|
|
|
|
|
Three Months Ended March 31 |
(Dollars in millions) |
2019 |
|
2018 |
Segments’ total revenue, net of interest expense |
$ |
23,788 |
|
|
$ |
23,643 |
|
Adjustments (1):
|
|
|
|
|
|
ALM activities |
12 |
|
|
26 |
|
Liquidating businesses, eliminations and other |
(643 |
) |
|
(449 |
) |
FTE basis adjustment |
(153 |
) |
|
(150 |
) |
Consolidated revenue, net of interest expense |
$ |
23,004 |
|
|
$ |
23,070 |
|
Segments’ total net income |
7,359 |
|
|
6,915 |
|
Adjustments, net-of-tax (1):
|
|
|
|
|
ALM activities |
18 |
|
|
28 |
|
Liquidating businesses, eliminations and other |
(66 |
) |
|
(25 |
) |
Consolidated net income |
$ |
7,311 |
|
|
$ |
6,918 |
|
|
|
|
|
|
March 31 |
|
2019 |
|
2018 |
Segments’ total assets |
$ |
2,198,484 |
|
|
$ |
2,127,522 |
|
Adjustments (1):
|
|
|
|
|
|
ALM activities, including securities portfolio |
671,751 |
|
|
659,849 |
|
Elimination of segment asset allocations to match liabilities |
(566,787 |
) |
|
(543,322 |
) |
Other |
73,716 |
|
|
84,429 |
|
Consolidated total assets |
$ |
2,377,164 |
|
|
$ |
2,328,478 |
|
(1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
|