Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.19.3
Business Segment Information (Tables)
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables present 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 nine months ended September 30, 2019 and 2018, and total assets at September 30, 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 September 30
 
Total Corporation (1)
 
Consumer Banking
 
Global Wealth & Investment Management
(Dollars in millions)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net interest income
 
$
12,335

 
$
12,212

 
$
7,031

 
$
6,844

 
$
1,609

 
$
1,531

Noninterest income
 
10,620

 
10,663

 
2,693

 
2,598

 
3,295

 
3,286

Total revenue, net of interest expense
 
22,955

 
22,875

 
9,724

 
9,442

 
4,904


4,817

Provision for credit losses
 
779

 
716

 
917

 
870

 
37

 
13

Noninterest expense
 
15,169

 
13,014

 
4,393

 
4,325

 
3,413

 
3,443

Income before income taxes
 
7,007

 
9,145

 
4,414

 
4,247

 
1,454


1,361

Income tax expense
 
1,230

 
1,978

 
1,081

 
1,082

 
356

 
347

Net income
 
$
5,777

 
$
7,167

 
$
3,333

 
$
3,165

 
$
1,098


$
1,014

Period-end total assets
 
$
2,426,330

 
$
2,338,833

 
$
788,743

 
$
765,498

 
$
288,317

 
$
276,146

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
All Other
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net interest income
 
$
2,617

 
$
2,726

 
$
1,016

 
$
933

 
$
62

 
$
178

Noninterest income
 
2,595

 
2,097

 
2,848

 
2,940

 
(811
)
 
(258
)
Total revenue, net of interest expense
 
5,212

 
4,823

 
3,864

 
3,873


(749
)

(80
)
Provision for credit losses
 
120

 
(70
)
 

 
(2
)
 
(295
)
 
(95
)
Noninterest expense
 
2,220

 
2,142

 
2,679

 
2,633

 
2,464

 
471

Income before income taxes
 
2,872

 
2,751

 
1,185

 
1,242


(2,918
)

(456
)
Income tax expense
 
775

 
714

 
338

 
323

 
(1,320
)
 
(488
)
Net income
 
$
2,097

 
$
2,037

 
$
847

 
$
919


$
(1,598
)

$
32

Period-end total assets
 
$
452,642

 
$
430,846

 
$
689,023

 
$
646,359

 
$
207,605

 
$
219,984

(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
 
Global Wealth & Investment Management
(Dollars in millions)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net interest income
 
$
37,201

 
$
36,113

 
$
21,253

 
$
19,914

 
$
4,917

 
$
4,653

Noninterest income
 
32,144

 
32,685

 
7,820

 
7,742

 
9,707

 
9,761

Total revenue, net of interest expense
 
69,345

 
68,798

 
29,073

 
27,656

 
14,624

 
14,414

Provision for credit losses
 
2,649

 
2,377

 
2,838

 
2,749

 
63

 
63

Noninterest expense
 
41,661

 
40,080

 
13,157

 
13,241

 
10,300

 
10,451

Income before income taxes
 
25,035

 
26,341

 
13,078

 
11,666

 
4,261

 
3,900

Income tax expense
 
4,599

 
5,472

 
3,204

 
2,975

 
1,044

 
994

Net income
 
$
20,436

 
$
20,869

 
$
9,874

 
$
8,691

 
$
3,217

 
$
2,906

Period-end total assets
 
$
2,426,330

 
$
2,338,833

 
$
788,743

 
$
765,498

 
$
288,317

 
$
276,146

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
All Other
 
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net interest income
 
$
8,116

 
$
8,144

 
$
2,780

 
$
2,922

 
$
135

 
$
480

Noninterest income
 
7,226

 
6,688

 
9,409

 
10,013

 
(2,018
)
 
(1,519
)
Total revenue, net of interest expense
 
15,342

 
14,832

 
12,189

 
12,935

 
(1,883
)
 
(1,039
)
Provision for credit losses
 
356

 
(77
)
 
(18
)
 
(6
)
 
(590
)
 
(352
)
Noninterest expense
 
6,697

 
6,618

 
8,109

 
8,283

 
3,398

 
1,487

Income before income taxes
 
8,289

 
8,291

 
4,098

 
4,658

 
(4,691
)
 
(2,174
)
Income tax expense
 
2,238

 
2,154

 
1,168

 
1,211

 
(3,055
)
 
(1,862
)
Net income
 
$
6,051

 
$
6,137

 
$
2,930

 
$
3,447

 
$
(1,636
)
 
$
(312
)
Period-end total assets
 
$
452,642

 
$
430,846

 
$
689,023

 
$
646,359

 
$
207,605

 
$
219,984

(1) 
There were no material intersegment revenues.
 
 
 
 
 
 
 
 
Business Segment Reconciliations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
Segments’ total revenue, net of interest expense
$
23,704

 
$
22,955

 
$
71,228

 
$
69,837

Adjustments (1):
 

 
 

 
 

 
 

ALM activities
(221
)
 
32

 
(175
)
 
(450
)
Liquidating businesses, eliminations and other
(528
)
 
(112
)
 
(1,708
)
 
(589
)
FTE basis adjustment
(148
)
 
(151
)
 
(450
)
 
(455
)
Consolidated revenue, net of interest expense
$
22,807

 
$
22,724

 
$
68,895

 
$
68,343

Segments’ total net income
7,375

 
7,135

 
22,072

 
21,181

Adjustments, net-of-tax (1):
 
 
 

 
 
 
 

ALM activities
(158
)
 
29

 
(112
)
 
(323
)
Liquidating businesses, eliminations and other
(1,440
)
 
3

 
(1,524
)
 
11

Consolidated net income
$
5,777

 
$
7,167

 
$
20,436

 
$
20,869

 
 
 
 
 
 
 
 
 
 
 
 
 
September 30
 
 
 
 
 
2019
 
2018
Segments’ total assets
 
 
 
 
$
2,218,725

 
$
2,118,849

Adjustments (1):
 
 
 
 
 

 
 

ALM activities, including securities portfolio
 
 
 
 
686,301

 
674,426

Elimination of segment asset allocations to match liabilities
 
 
 
 
(546,529
)
 
(529,830
)
Other
 
 
 
 
67,833

 
75,388

Consolidated total assets
 
 
 
 
$
2,426,330

 
$
2,338,833

(1) 
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
The tables below present noninterest income and the components thereto for the three and nine months ended September 30, 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 September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Fees and commissions:
 
 
 
 
 
 
 
 
 
 
 
Card income
 
 
 
 
 
 
 
 
 
 
 
Interchange fees
$
963

 
$
925

 
$
802

 
$
757

 
$
15

 
$
23

Other card income
502

 
492

 
487


480


11


11

Total card income
1,465


1,417

 
1,289

 
1,237

 
26

 
34

Service charges
 
 
 
 
 
 
 
 
 
 
 
Deposit-related fees
1,690

 
1,682

 
1,097

 
1,098

 
16

 
19

Lending-related fees
285

 
279

 







Total service charges
1,975


1,961

 
1,097

 
1,098

 
16

 
19

Investment and brokerage services
 
 
 
 
 
 
 
 
 
 
 
Asset management fees
2,597

 
2,576

 
36

 
38

 
2,572

 
2,538

Brokerage fees
897

 
918

 
39


42


429


466

Total investment and brokerage services
3,494


3,494

 
75

 
80

 
3,001

 
3,004

Investment banking fees
 
 
 
 
 
 
 
 
 
 
 
Underwriting income
740

 
701

 

 

 
88

 
86

Syndication fees
341

 
241

 

 

 

 

Financial advisory services
452

 
262

 




1


1

Total investment banking fees
1,533


1,204

 

 

 
89

 
87

Total fees and commissions
8,467


8,076


2,461


2,415


3,132


3,144

Trading account income
1,707

 
1,717

 
1

 
2

 
26

 
24

Other income
446

 
870

 
231

 
181

 
137

 
118

Total noninterest income
$
10,620


$
10,663


$
2,693


$
2,598


$
3,295


$
3,286

 
 
 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
All Other (1)
 
Three Months Ended September 30
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Fees and commissions:
 
 
 
 
 
 
 
 
 
 
 
Card income
 
 
 
 
 
 
 
 
 
 
 
Interchange fees
$
129

 
$
122

 
$
19

 
$
21

 
$
(2
)
 
$
2

Other card income
3


2






1

 
(1
)
Total card income
132

 
124

 
19

 
21

 
(1
)
 
1

Service charges
 
 
 
 
 
 
 
 


 


Deposit-related fees
533

 
520

 
37

 
41

 
7

 
4

Lending-related fees
230


233


55


45



 
1

Total service charges
763

 
753

 
92

 
86

 
7

 
5

Investment and brokerage services
 
 
 
 
 
 
 
 


 


Asset management fees

 

 

 

 
(11
)
 

Brokerage fees
10


27


419


388



 
(5
)
Total investment and brokerage services
10

 
27

 
419

 
388

 
(11
)
 
(5
)
Investment banking fees
 
 
 
 
 
 
 
 


 


Underwriting income
312

 
289

 
383

 
374

 
(43
)
 
(48
)
Syndication fees
163

 
118

 
178

 
124

 

 
(1
)
Financial advisory services
427


237


24


24



 

Total investment banking fees
902

 
644

 
585

 
522

 
(43
)
 
(49
)
Total fees and commissions
1,807


1,548


1,115


1,017


(48
)
 
(48
)
Trading account income
84

 
60

 
1,580

 
1,551

 
16

 
80

Other income
704

 
489

 
153

 
372

 
(779
)
 
(290
)
Total noninterest income
$
2,595


$
2,097


$
2,848


$
2,940


$
(811
)
 
$
(258
)
(1) 
All Other includes eliminations of intercompany transactions.
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest Income by Business Segment and All Other
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Corporation
 
Consumer Banking
 
Global Wealth &
Investment Management
 
Nine Months Ended September 30
(Dollars in millions)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Fees and commissions:
 
 
 
 
 
 
 
 
 
 
 
Card income
 
 
 
 
 
 
 
 
 
 
 
Interchange fees
$
2,827

 
$
2,850

 
$
2,334

 
$
2,349

 
$
43

 
$
59

Other card income
1,459

 
1,452

 
1,420


1,414


30


33

Total card income
4,286

 
4,302

 
3,754

 
3,763

 
73

 
92

Service charges
 
 
 
 
 
 
 
 
 
 
 
Deposit-related fees
4,908

 
5,008

 
3,163

 
3,214

 
50

 
55

Lending-related fees
809

 
828

 







Total service charges
5,717

 
5,836

 
3,163

 
3,214

 
50

 
55

Investment and brokerage services
 
 
 
 
 
 
 
 
 
 
 
Asset management fees
7,591

 
7,653

 
107

 
111

 
7,510

 
7,541

Brokerage fees
2,733

 
2,963

 
116


131


1,295


1,440

Total investment and brokerage services
10,324

 
10,616

 
223

 
242

 
8,805

 
8,981

Investment banking fees
 
 
 
 
 
 
 
 
 
 
 
Underwriting income
2,198

 
2,160

 

 

 
295

 
243

Syndication fees
887

 
958

 

 

 

 

Financial advisory services
1,083

 
861

 




1


1

Total investment banking fees
4,168

 
3,979

 

 

 
296

 
244

Total fees and commissions
24,495

 
24,733

 
7,140


7,219


9,224


9,372

Trading account income
6,390

 
6,421

 
5

 
6

 
90

 
81

Other income
1,259

 
1,531

 
675

 
517

 
393

 
308

Total noninterest income
$
32,144

 
$
32,685

 
$
7,820

 
$
7,742

 
$
9,707

 
$
9,761

 
 
 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
All Other (1)
 
Nine Months Ended September 30
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Fees and commissions:
 
 
 
 
 
 
 
 
 
 
 
Card income
 
 
 
 
 
 
 
 
 
 
 
Interchange fees
$
390

 
$
377

 
$
61

 
$
63

 
$
(1
)

$
2

Other card income
8


5






1

 

Total card income
398

 
382

 
61

 
63

 

 
2

Service charges
 
 
 
 
 
 
 
 


 


Deposit-related fees
1,557

 
1,598

 
120

 
126

 
18

 
15

Lending-related fees
668


687


141


140



 
1

Total service charges
2,225

 
2,285

 
261

 
266

 
18

 
16

Investment and brokerage services
 
 
 
 
 
 
 
 


 


Asset management fees

 

 

 

 
(26
)
 
1

Brokerage fees
26


71


1,296


1,306



 
15

Total investment and brokerage services
26

 
71

 
1,296

 
1,306

 
(26
)
 
16

Investment banking fees
 
 
 
 
 
 
 
 


 


Underwriting income
917

 
876

 
1,147

 
1,220

 
(161
)
 
(179
)
Syndication fees
427

 
472

 
461

 
486

 
(1
)
 

Financial advisory services
984


782


99


77


(1
)
 
1

Total investment banking fees
2,328

 
2,130

 
1,707

 
1,783

 
(163
)
 
(178
)
Total fees and commissions
4,977


4,868


3,325


3,418


(171
)
 
(144
)
Trading account income
190

 
184

 
5,623

 
6,129

 
482

 
21

Other income
2,059

 
1,636

 
461

 
466

 
(2,329
)
 
(1,396
)
Total noninterest income
$
7,226

 
$
6,688

 
$
9,409

 
$
10,013


$
(2,018
)
 
$
(1,519
)
(1) 
All Other includes eliminations of intercompany transactions.