Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.20.1
Business Segment Information
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information, see Note 24 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K. 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, 2020 and 2019, and total assets at March 31, 2020 and 2019 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)
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Net interest income
 
$
12,274

 
$
12,528

 
$
6,862

 
$
7,106

 
$
1,571

 
$
1,684

Noninterest income
 
10,637

 
10,629

 
2,267

 
2,526

 
3,365

 
3,136

Total revenue, net of interest expense
 
22,911

 
23,157

 
9,129

 
9,632

 
4,936


4,820

Provision for credit losses
 
4,761

 
1,013

 
2,258

 
974

 
189

 
5

Noninterest expense
 
13,475

 
13,224

 
4,495

 
4,367

 
3,600

 
3,434

Income before income taxes
 
4,675

 
8,920

 
2,376

 
4,291

 
1,147


1,381

Income tax expense
 
665

 
1,609

 
582

 
1,051

 
281

 
338

Net income
 
$
4,010

 
$
7,311

 
$
1,794

 
$
3,240

 
$
866


$
1,043

Period-end total assets
 
$
2,619,954

 
$
2,377,164

 
$
837,522

 
$
794,586

 
$
323,866

 
$
296,799

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
All Other
 
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Net interest income
 
$
2,612

 
$
2,790

 
$
1,153

 
$
953

 
$
76


$
(5
)
Noninterest income
 
1,988

 
2,365

 
4,072

 
3,228

 
(1,055
)
 
(626
)
Total revenue, net of interest expense
 
4,600

 
5,155

 
5,225

 
4,181


(979
)

(631
)
Provision for credit losses
 
2,093

 
111

 
107

 
(23
)
 
114

 
(54
)
Noninterest expense
 
2,321

 
2,266

 
2,813

 
2,755

 
246

 
402

Income before income taxes
 
186

 
2,778

 
2,305

 
1,449


(1,339
)

(979
)
Income tax expense
 
50

 
750

 
599

 
413

 
(847
)
 
(943
)
Net income
 
$
136

 
$
2,028

 
$
1,706

 
$
1,036


$
(492
)

$
(36
)
Period-end total assets
 
$
562,529

 
$
436,066

 
$
654,735

 
$
671,123

 
$
241,302

 
$
178,590

(1) 
There were no material intersegment revenues.
The table below presents noninterest income and the components thereto for the three months ended March 31, 2020 and 2019 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)
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Fees and commissions:
 
 
 
 
 
 
 
 
 
 
 
Card income
 
 
 
 
 
 
 
 
 
 
 
Interchange fees
$
792

 
$
896

 
$
644

 
$
728

 
$
8

 
$
17

Other card income
480

 
479

 
466


469


9


9

Total card income
1,272


1,375

 
1,110

 
1,197

 
17

 
26

Service charges
 
 
 
 
 
 
 
 
 
 
 
Deposit-related fees
1,627

 
1,580

 
995

 
1,020

 
17

 
18

Lending-related fees
276

 
259

 







Total service charges
1,903


1,839

 
995

 
1,020

 
17

 
18

Investment and brokerage services
 
 
 
 
 
 
 
 
 
 
 
Asset management fees
2,682

 
2,440

 
37

 
35

 
2,652

 
2,414

Brokerage fees
1,076

 
920

 
33


38


470


428

Total investment and brokerage services
3,758


3,360

 
70

 
73

 
3,122

 
2,842

Investment banking fees
 
 
 
 
 
 
 
 
 
 
 
Underwriting income
848

 
666

 

 

 
115

 
80

Syndication fees
271

 
255

 

 

 

 

Financial advisory services
269

 
343

 

 

 

 

Total investment banking fees
1,388


1,264

 




115


80

Total fees and commissions
8,321


7,838


2,175


2,290


3,271


2,966

Market making and similar activities
2,807

 
2,768

 
1

 
2

 
21

 
34

Other income (loss)
(491
)
 
23

 
91

 
234

 
73

 
136

Total noninterest income
$
10,637


$
10,629


$
2,267


$
2,526


$
3,365


$
3,136

 
 
 
 
 
 
 
 
 
 
 
 
 
Global Banking
 
Global Markets
 
All Other (1)
 
Three Months Ended March 31
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
Fees and commissions:
 
 
 
 
 
 
 
 
 
 
 
Card income
 
 
 
 
 
 
 
 
 
 
 
Interchange fees
$
119

 
$
129

 
$
21

 
$
21

 
$

 
$
1

Other card income
4


2




(1
)

1

 

Total card income
123

 
131

 
21

 
20

 
1

 
1

Service charges
 
 
 
 
 
 
 
 


 


Deposit-related fees
572

 
498

 
35

 
38

 
8

 
6

Lending-related fees
224


215


52


44



 

Total service charges
796

 
713

 
87

 
82

 
8

 
6

Investment and brokerage services
 
 
 
 
 
 
 
 


 


Asset management fees

 

 

 

 
(7
)
 
(9
)
Brokerage fees
7


9


567


444


(1
)
 
1

Total investment and brokerage services
7

 
9

 
567

 
444

 
(8
)
 
(8
)
Investment banking fees
 
 
 
 
 
 
 
 


 


Underwriting income
369

 
279

 
455

 
368

 
(91
)
 
(61
)
Syndication fees
145

 
127

 
125

 
129

 
1

 
(1
)
Financial advisory services
247


303


22


40



 

Total investment banking fees
761

 
709

 
602

 
537

 
(90
)
 
(62
)
Total fees and commissions
1,687


1,562


1,277


1,083


(89
)
 
(63
)
Market making and similar activities
87

 
50

 
2,973

 
2,082

 
(275
)
 
600

Other income (loss)
214

 
753

 
(178
)
 
63

 
(691
)
 
(1,163
)
Total noninterest income
$
1,988


$
2,365


$
4,072


$
3,228


$
(1,055
)
 
$
(626
)
(1) 
All Other includes eliminations of intercompany transactions.
 
 
 
 
Business Segment Reconciliations
 
 
 
 
 
 
 
 
Three Months Ended March 31
(Dollars in millions)
2020
 
2019
Segments’ total revenue, net of interest expense
$
23,890

 
$
23,788

Adjustments (1):
 

 
 

ALM activities
(85
)
 
12

Liquidating businesses, eliminations and other
894

 
643

FTE basis adjustment
(144
)
 
(153
)
Consolidated revenue, net of interest expense
$
22,767

 
$
23,004

Segments’ total net income
4,502

 
7,347

Adjustments, net-of-tax (1):
 
 
 

ALM activities
(77
)
 
18

Liquidating businesses, eliminations and other
(415
)
 
(54
)
Consolidated net income
$
4,010

 
$
7,311

 
 
 
 
 
March 31
 
2020
 
2019
Segments’ total assets
$
2,378,652

 
$
2,198,574

Adjustments (1):
 

 
 

ALM activities, including securities portfolio
840,187

 
671,751

Elimination of segment asset allocations to match liabilities
(665,795
)
 
(566,812
)
Other
66,910

 
73,651

Consolidated total assets
$
2,619,954

 
$
2,377,164


(1) 
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.