| Schedule of Segment Reporting Information, by Segment |
The following tables present net income (loss) and the associated components (with net interest
income on an FTE basis for the business segments, All Other and the total Corporation) for the three and six months ended June 30, 2020 and 2019, and total assets at June 30, 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.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Results of Business Segments and All Other |
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|
|
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|
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At and for the three months ended June 30 |
|
Total Corporation (1)
|
|
Consumer Banking |
|
Global Wealth & Investment Management |
(Dollars in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net interest income |
|
$ |
10,976 |
|
|
$ |
12,338 |
|
|
$ |
5,991 |
|
|
$ |
7,116 |
|
|
$ |
1,378 |
|
|
$ |
1,624 |
|
Noninterest income |
|
11,478 |
|
|
10,895 |
|
|
1,860 |
|
|
2,601 |
|
|
3,047 |
|
|
3,276 |
|
Total revenue, net of interest expense |
|
22,454 |
|
|
23,233 |
|
|
7,851 |
|
|
9,717 |
|
|
4,425 |
|
|
4,900 |
|
Provision for credit losses |
|
5,117 |
|
|
857 |
|
|
3,024 |
|
|
947 |
|
|
136 |
|
|
21 |
|
Noninterest expense |
|
13,410 |
|
|
13,268 |
|
|
4,733 |
|
|
4,412 |
|
|
3,463 |
|
|
3,454 |
|
Income before income taxes |
|
3,927 |
|
|
9,108 |
|
|
94 |
|
|
4,358 |
|
|
826 |
|
|
1,425 |
|
Income tax expense |
|
394 |
|
|
1,760 |
|
|
23 |
|
|
1,068 |
|
|
202 |
|
|
349 |
|
Net income |
|
$ |
3,533 |
|
|
$ |
7,348 |
|
|
$ |
71 |
|
|
$ |
3,290 |
|
|
$ |
624 |
|
|
$ |
1,076 |
|
Period-end total assets |
|
$ |
2,741,688 |
|
|
$ |
2,395,892 |
|
|
$ |
929,193 |
|
|
$ |
787,036 |
|
|
$ |
334,190 |
|
|
$ |
287,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
All Other |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net interest income |
|
$ |
2,363 |
|
|
$ |
2,709 |
|
|
$ |
1,297 |
|
|
$ |
811 |
|
|
$ |
(53 |
) |
|
$ |
78 |
|
Noninterest income |
|
2,728 |
|
|
2,266 |
|
|
4,052 |
|
|
3,333 |
|
|
(209 |
) |
|
(581 |
) |
Total revenue, net of interest expense |
|
5,091 |
|
|
4,975 |
|
|
5,349 |
|
|
4,144 |
|
|
(262 |
) |
|
(503 |
) |
Provision for credit losses |
|
1,873 |
|
|
125 |
|
|
105 |
|
|
5 |
|
|
(21 |
) |
|
(241 |
) |
Noninterest expense |
|
2,223 |
|
|
2,211 |
|
|
2,682 |
|
|
2,675 |
|
|
309 |
|
|
516 |
|
Income before income taxes |
|
995 |
|
|
2,639 |
|
|
2,562 |
|
|
1,464 |
|
|
(550 |
) |
|
(778 |
) |
Income tax expense |
|
269 |
|
|
713 |
|
|
666 |
|
|
417 |
|
|
(766 |
) |
|
(787 |
) |
Net income |
|
$ |
726 |
|
|
$ |
1,926 |
|
|
$ |
1,896 |
|
|
$ |
1,047 |
|
|
$ |
216 |
|
|
$ |
9 |
|
Period-end total assets |
|
$ |
586,078 |
|
|
$ |
440,352 |
|
|
$ |
652,068 |
|
|
$ |
674,987 |
|
|
$ |
240,159 |
|
|
$ |
205,614 |
|
|
|
(1) |
There were no material intersegment revenues. |
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of Business Segments and All Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At and for the six months ended June 30 |
|
Total Corporation (1)
|
|
Consumer Banking |
|
Global Wealth & Investment Management |
(Dollars in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net interest income |
|
$ |
23,250 |
|
|
$ |
24,866 |
|
|
$ |
12,853 |
|
|
$ |
14,222 |
|
|
$ |
2,949 |
|
|
$ |
3,308 |
|
Noninterest income |
|
22,115 |
|
|
21,524 |
|
|
4,127 |
|
|
5,127 |
|
|
6,412 |
|
|
6,412 |
|
Total revenue, net of interest expense |
|
45,365 |
|
|
46,390 |
|
|
16,980 |
|
|
19,349 |
|
|
9,361 |
|
|
9,720 |
|
Provision for credit losses |
|
9,878 |
|
|
1,870 |
|
|
5,282 |
|
|
1,921 |
|
|
325 |
|
|
26 |
|
Noninterest expense |
|
26,885 |
|
|
26,492 |
|
|
9,228 |
|
|
8,779 |
|
|
7,063 |
|
|
6,887 |
|
Income before income taxes |
|
8,602 |
|
|
18,028 |
|
|
2,470 |
|
|
8,649 |
|
|
1,973 |
|
|
2,807 |
|
Income tax expense |
|
1,059 |
|
|
3,369 |
|
|
605 |
|
|
2,119 |
|
|
483 |
|
|
688 |
|
Net income |
|
$ |
7,543 |
|
|
$ |
14,659 |
|
|
$ |
1,865 |
|
|
$ |
6,530 |
|
|
$ |
1,490 |
|
|
$ |
2,119 |
|
Period-end total assets |
|
$ |
2,741,688 |
|
|
$ |
2,395,892 |
|
|
$ |
929,193 |
|
|
$ |
787,036 |
|
|
$ |
334,190 |
|
|
$ |
287,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
All Other |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net interest income |
|
$ |
4,975 |
|
|
$ |
5,499 |
|
|
$ |
2,450 |
|
|
$ |
1,764 |
|
|
$ |
23 |
|
|
$ |
73 |
|
Noninterest income |
|
4,716 |
|
|
4,631 |
|
|
8,125 |
|
|
6,562 |
|
|
(1,265 |
) |
|
(1,208 |
) |
Total revenue, net of interest expense |
|
9,691 |
|
|
10,130 |
|
|
10,575 |
|
|
8,326 |
|
|
(1,242 |
) |
|
(1,135 |
) |
Provision for credit losses |
|
3,966 |
|
|
236 |
|
|
212 |
|
|
(18 |
) |
|
93 |
|
|
(295 |
) |
Noninterest expense |
|
4,544 |
|
|
4,478 |
|
|
5,494 |
|
|
5,432 |
|
|
556 |
|
|
916 |
|
Income before income taxes |
|
1,181 |
|
|
5,416 |
|
|
4,869 |
|
|
2,912 |
|
|
(1,891 |
) |
|
(1,756 |
) |
Income tax expense |
|
319 |
|
|
1,462 |
|
|
1,266 |
|
|
830 |
|
|
(1,614 |
) |
|
(1,730 |
) |
Net income |
|
$ |
862 |
|
|
$ |
3,954 |
|
|
$ |
3,603 |
|
|
$ |
2,082 |
|
|
$ |
(277 |
) |
|
$ |
(26 |
) |
Period-end total assets |
|
$ |
586,078 |
|
|
$ |
440,352 |
|
|
$ |
652,068 |
|
|
$ |
674,987 |
|
|
$ |
240,159 |
|
|
$ |
205,614 |
|
|
|
(1) |
There were no material intersegment revenues. |
The tables below present noninterest income and the associated components for the three and six months ended June 30, 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.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income by Business Segment and All Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporation |
|
Consumer Banking |
|
Global Wealth &
Investment Management
|
|
Three Months Ended June 30 |
(Dollars in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Fees and commissions: |
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
830 |
|
|
$ |
968 |
|
|
$ |
646 |
|
|
$ |
804 |
|
|
$ |
8 |
|
|
$ |
10 |
|
Other card income |
419 |
|
|
478 |
|
|
407 |
|
|
464 |
|
|
10 |
|
|
11 |
|
Total card income |
1,249 |
|
|
1,446 |
|
|
1,053 |
|
|
1,268 |
|
|
18 |
|
|
21 |
|
Service charges |
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
1,299 |
|
|
1,638 |
|
|
706 |
|
|
1,045 |
|
|
15 |
|
|
16 |
|
Lending-related fees |
263 |
|
|
265 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total service charges |
1,562 |
|
|
1,903 |
|
|
706 |
|
|
1,045 |
|
|
15 |
|
|
16 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
2,483 |
|
|
2,554 |
|
|
35 |
|
|
36 |
|
|
2,453 |
|
|
2,524 |
|
Brokerage fees |
939 |
|
|
916 |
|
|
32 |
|
|
39 |
|
|
401 |
|
|
438 |
|
Total investment and brokerage services |
3,422 |
|
|
3,470 |
|
|
67 |
|
|
75 |
|
|
2,854 |
|
|
2,962 |
|
Investment banking fees |
|
|
|
|
|
|
|
|
|
|
|
Underwriting income |
1,523 |
|
|
792 |
|
|
— |
|
|
— |
|
|
84 |
|
|
127 |
|
Syndication fees |
230 |
|
|
291 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Financial advisory services |
406 |
|
|
288 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total investment banking fees |
2,159 |
|
|
1,371 |
|
|
— |
|
|
— |
|
|
84 |
|
|
127 |
|
Total fees and commissions |
8,392 |
|
|
8,190 |
|
|
1,826 |
|
|
2,388 |
|
|
2,971 |
|
|
3,126 |
|
Market making and similar activities |
2,487 |
|
|
2,381 |
|
|
1 |
|
|
2 |
|
|
18 |
|
|
30 |
|
Other income (loss) |
599 |
|
|
324 |
|
|
33 |
|
|
211 |
|
|
58 |
|
|
120 |
|
Total noninterest income |
$ |
11,478 |
|
|
$ |
10,895 |
|
|
$ |
1,860 |
|
|
$ |
2,601 |
|
|
$ |
3,047 |
|
|
$ |
3,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
All Other (1)
|
|
Three Months Ended June 30 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Fees and commissions: |
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
65 |
|
|
$ |
133 |
|
|
$ |
111 |
|
|
$ |
22 |
|
|
$ |
— |
|
|
$ |
(1 |
) |
Other card income |
3 |
|
|
2 |
|
|
— |
|
|
— |
|
|
(1 |
) |
|
1 |
|
Total card income |
68 |
|
|
135 |
|
|
111 |
|
|
22 |
|
|
(1 |
) |
|
— |
|
Service charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
524 |
|
|
526 |
|
|
45 |
|
|
44 |
|
|
9 |
|
|
7 |
|
Lending-related fees |
213 |
|
|
223 |
|
|
50 |
|
|
43 |
|
|
— |
|
|
(1 |
) |
Total service charges |
737 |
|
|
749 |
|
|
95 |
|
|
87 |
|
|
9 |
|
|
6 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5 |
) |
|
(6 |
) |
Brokerage fees |
24 |
|
|
7 |
|
|
481 |
|
|
433 |
|
|
1 |
|
|
(1 |
) |
Total investment and brokerage services |
24 |
|
|
7 |
|
|
481 |
|
|
433 |
|
|
(4 |
) |
|
(7 |
) |
Investment banking fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting income |
702 |
|
|
325 |
|
|
782 |
|
|
397 |
|
|
(45 |
) |
|
(57 |
) |
Syndication fees |
134 |
|
|
138 |
|
|
97 |
|
|
154 |
|
|
(1 |
) |
|
(1 |
) |
Financial advisory services |
345 |
|
|
254 |
|
|
61 |
|
|
34 |
|
|
— |
|
|
— |
|
Total investment banking fees |
1,181 |
|
|
717 |
|
|
940 |
|
|
585 |
|
|
(46 |
) |
|
(58 |
) |
Total fees and commissions |
2,010 |
|
|
1,608 |
|
|
1,627 |
|
|
1,127 |
|
|
(42 |
) |
|
(59 |
) |
Market making and similar activities |
(15 |
) |
|
56 |
|
|
2,361 |
|
|
1,961 |
|
|
122 |
|
|
332 |
|
Other income (loss) |
733 |
|
|
602 |
|
|
64 |
|
|
245 |
|
|
(289 |
) |
|
(854 |
) |
Total noninterest income |
$ |
2,728 |
|
|
$ |
2,266 |
|
|
$ |
4,052 |
|
|
$ |
3,333 |
|
|
$ |
(209 |
) |
|
$ |
(581 |
) |
|
|
(1) |
All Other includes eliminations of intercompany transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income by Business Segment and All Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporation |
|
Consumer Banking |
|
Global Wealth &
Investment Management
|
|
Six Months Ended June 30 |
(Dollars in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Fees and commissions: |
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
1,622 |
|
|
$ |
1,864 |
|
|
$ |
1,290 |
|
|
$ |
1,532 |
|
|
$ |
16 |
|
|
$ |
28 |
|
Other card income |
899 |
|
|
957 |
|
|
873 |
|
|
933 |
|
|
19 |
|
|
20 |
|
Total card income |
2,521 |
|
|
2,821 |
|
|
2,163 |
|
|
2,465 |
|
|
35 |
|
|
48 |
|
Service charges |
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
2,926 |
|
|
3,218 |
|
|
1,701 |
|
|
2,065 |
|
|
32 |
|
|
33 |
|
Lending-related fees |
539 |
|
|
524 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total service charges |
3,465 |
|
|
3,742 |
|
|
1,701 |
|
|
2,065 |
|
|
32 |
|
|
33 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
5,165 |
|
|
4,994 |
|
|
72 |
|
|
71 |
|
|
5,105 |
|
|
4,939 |
|
Brokerage fees |
2,015 |
|
|
1,836 |
|
|
65 |
|
|
77 |
|
|
871 |
|
|
866 |
|
Total investment and brokerage services |
7,180 |
|
|
6,830 |
|
|
137 |
|
|
148 |
|
|
5,976 |
|
|
5,805 |
|
Investment banking fees |
|
|
|
|
|
|
|
|
|
|
|
Underwriting income |
2,371 |
|
|
1,458 |
|
|
— |
|
|
— |
|
|
199 |
|
|
207 |
|
Syndication fees |
501 |
|
|
546 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Financial advisory services |
675 |
|
|
631 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total investment banking fees |
3,547 |
|
|
2,635 |
|
|
— |
|
|
— |
|
|
199 |
|
|
207 |
|
Total fees and commissions |
16,713 |
|
|
16,028 |
|
|
4,001 |
|
|
4,678 |
|
|
6,242 |
|
|
6,093 |
|
Market making and similar activities |
5,294 |
|
|
5,149 |
|
|
2 |
|
|
4 |
|
|
39 |
|
|
64 |
|
Other income (loss) |
108 |
|
|
347 |
|
|
124 |
|
|
445 |
|
|
131 |
|
|
255 |
|
Total noninterest income |
$ |
22,115 |
|
|
$ |
21,524 |
|
|
$ |
4,127 |
|
|
$ |
5,127 |
|
|
$ |
6,412 |
|
|
$ |
6,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
All Other (1)
|
|
Six Months Ended June 30 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Fees and commissions: |
|
|
|
|
|
|
|
|
|
|
|
Card income |
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
184 |
|
|
$ |
261 |
|
|
$ |
132 |
|
|
$ |
43 |
|
|
$ |
— |
|
|
$ |
— |
|
Other card income |
7 |
|
|
4 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total card income |
191 |
|
|
265 |
|
|
132 |
|
|
43 |
|
|
— |
|
|
— |
|
Service charges |
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
1,096 |
|
|
1,024 |
|
|
80 |
|
|
82 |
|
|
17 |
|
|
14 |
|
Lending-related fees |
437 |
|
|
438 |
|
|
102 |
|
|
87 |
|
|
— |
|
|
(1 |
) |
Total service charges |
1,533 |
|
|
1,462 |
|
|
182 |
|
|
169 |
|
|
17 |
|
|
13 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(12 |
) |
|
(16 |
) |
Brokerage fees |
31 |
|
|
16 |
|
|
1,048 |
|
|
877 |
|
|
— |
|
|
— |
|
Total investment and brokerage services |
31 |
|
|
16 |
|
|
1,048 |
|
|
877 |
|
|
(12 |
) |
|
(16 |
) |
Investment banking fees |
|
|
|
|
|
|
|
|
|
|
|
Underwriting income |
1,071 |
|
|
605 |
|
|
1,237 |
|
|
764 |
|
|
(136 |
) |
|
(118 |
) |
Syndication fees |
279 |
|
|
264 |
|
|
222 |
|
|
283 |
|
|
— |
|
|
(1 |
) |
Financial advisory services |
592 |
|
|
557 |
|
|
83 |
|
|
74 |
|
|
— |
|
|
— |
|
Total investment banking fees |
1,942 |
|
|
1,426 |
|
|
1,542 |
|
|
1,121 |
|
|
(136 |
) |
|
(119 |
) |
Total fees and commissions |
3,697 |
|
|
3,169 |
|
|
2,904 |
|
|
2,210 |
|
|
(131 |
) |
|
(122 |
) |
Market making and similar activities |
72 |
|
|
106 |
|
|
5,334 |
|
|
4,043 |
|
|
(153 |
) |
|
932 |
|
Other income (loss) |
947 |
|
|
1,356 |
|
|
(113 |
) |
|
309 |
|
|
(981 |
) |
|
(2,018 |
) |
Total noninterest income |
$ |
4,716 |
|
|
$ |
4,631 |
|
|
$ |
8,125 |
|
|
$ |
6,562 |
|
|
$ |
(1,265 |
) |
|
$ |
(1,208 |
) |
|
|
(1) |
All Other includes eliminations of intercompany transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segment Reconciliations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
(Dollars in millions) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Segments’ total revenue, net of interest expense |
$ |
22,716 |
|
|
$ |
23,736 |
|
|
$ |
46,607 |
|
|
$ |
47,525 |
|
Adjustments (1):
|
|
|
|
|
|
|
|
|
|
|
|
ALM activities |
677 |
|
|
34 |
|
|
592 |
|
|
47 |
|
Liquidating businesses, eliminations and other |
(939 |
) |
|
(537 |
) |
|
(1,834 |
) |
|
(1,182 |
) |
FTE basis adjustment |
(128 |
) |
|
(149 |
) |
|
(272 |
) |
|
(302 |
) |
Consolidated revenue, net of interest expense |
$ |
22,326 |
|
|
$ |
23,084 |
|
|
$ |
45,093 |
|
|
$ |
46,088 |
|
Segments’ total net income |
3,317 |
|
|
7,339 |
|
|
7,820 |
|
|
14,685 |
|
Adjustments, net-of-tax (1):
|
|
|
|
|
|
|
|
|
|
ALM activities |
521 |
|
|
27 |
|
|
444 |
|
|
46 |
|
Liquidating businesses, eliminations and other |
(305 |
) |
|
(18 |
) |
|
(721 |
) |
|
(72 |
) |
Consolidated net income |
$ |
3,533 |
|
|
$ |
7,348 |
|
|
$ |
7,543 |
|
|
$ |
14,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30 |
|
|
|
|
|
2020 |
|
2019 |
Segments’ total assets |
|
|
|
|
$ |
2,501,529 |
|
|
$ |
2,190,278 |
|
Adjustments (1):
|
|
|
|
|
|
|
|
|
|
ALM activities, including securities portfolio |
|
|
|
|
1,002,652 |
|
|
677,337 |
|
Elimination of segment asset allocations to match liabilities |
|
|
|
|
(829,129 |
) |
|
(543,938 |
) |
Other |
|
|
|
|
66,636 |
|
|
72,215 |
|
Consolidated total assets |
|
|
|
|
$ |
2,741,688 |
|
|
$ |
2,395,892 |
|
(1)
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
|