| Net Interest Income and Noninterest Income |
Net Interest Income and Noninterest IncomeThe table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and nine months ended September 30, 2020 and 2019. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
| (Dollars in millions) |
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| Net interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans and leases |
|
|
|
|
|
|
|
|
|
$ |
7,894
|
|
|
$ |
10,894 |
|
|
$ |
26,426
|
|
|
$ |
32,721 |
|
| Debt securities |
|
|
|
|
|
|
|
|
|
2,130
|
|
|
2,829 |
|
|
7,413
|
|
|
8,965 |
|
| Federal funds sold and securities borrowed or purchased under agreements to resell |
|
|
|
|
|
|
|
|
|
55
|
|
|
1,242 |
|
|
900
|
|
|
3,746 |
|
| Trading account assets |
|
|
|
|
|
|
|
|
|
948
|
|
|
1,319 |
|
|
3,203
|
|
|
3,962 |
|
| Other interest income |
|
|
|
|
|
|
|
|
|
459
|
|
|
1,632 |
|
|
2,182
|
|
|
4,916 |
|
| Total interest income |
|
|
|
|
|
|
|
|
|
11,486
|
|
|
17,916 |
|
|
40,124
|
|
|
54,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
|
|
|
|
|
|
|
227
|
|
|
1,880 |
|
|
1,784
|
|
|
5,640 |
|
| Short-term borrowings |
|
|
|
|
|
|
|
|
|
(24) |
|
|
1,876 |
|
|
1,024
|
|
|
5,725 |
|
| Trading account liabilities |
|
|
|
|
|
|
|
|
|
212
|
|
|
303 |
|
|
764
|
|
|
967 |
|
| Long-term debt |
|
|
|
|
|
|
|
|
|
942
|
|
|
1,670 |
|
|
3,445
|
|
|
5,227 |
|
| Total interest expense |
|
|
|
|
|
|
|
|
|
1,357
|
|
|
5,729 |
|
|
7,017
|
|
|
17,559 |
|
| Net interest income |
|
|
|
|
|
|
|
|
|
$ |
10,129
|
|
|
$ |
12,187 |
|
|
$ |
33,107
|
|
|
$ |
36,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fees and commissions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Card income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interchange fees (1)
|
|
|
|
|
|
|
|
|
|
$ |
1,172
|
|
|
$ |
963 |
|
|
$ |
2,794
|
|
|
$ |
2,827 |
|
| Other card income |
|
|
|
|
|
|
|
|
|
396
|
|
|
502 |
|
|
1,295
|
|
|
1,459 |
|
| Total card income |
|
|
|
|
|
|
|
|
|
1,568
|
|
|
1,465 |
|
|
4,089
|
|
|
4,286 |
|
| Service charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposit-related fees |
|
|
|
|
|
|
|
|
|
1,515
|
|
|
1,690 |
|
|
4,441
|
|
|
4,908 |
|
| Lending-related fees |
|
|
|
|
|
|
|
|
|
302
|
|
|
285 |
|
|
841
|
|
|
809 |
|
| Total service charges |
|
|
|
|
|
|
|
|
|
1,817
|
|
|
1,975 |
|
|
5,282
|
|
|
5,717 |
|
| Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset management fees |
|
|
|
|
|
|
|
|
|
2,740
|
|
|
2,597 |
|
|
7,905
|
|
|
7,591 |
|
| Brokerage fees |
|
|
|
|
|
|
|
|
|
883
|
|
|
897 |
|
|
2,898
|
|
|
2,733 |
|
| Total investment and brokerage services |
|
|
|
|
|
|
|
|
|
3,623
|
|
|
3,494 |
|
|
10,803
|
|
|
10,324 |
|
| Investment banking fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Underwriting income |
|
|
|
|
|
|
|
|
|
1,239
|
|
|
740 |
|
|
3,610
|
|
|
2,198 |
|
| Syndication fees |
|
|
|
|
|
|
|
|
|
133
|
|
|
341 |
|
|
634
|
|
|
887 |
|
| Financial advisory services |
|
|
|
|
|
|
|
|
|
397
|
|
|
452 |
|
|
1,072
|
|
|
1,083 |
|
| Total investment banking fees |
|
|
|
|
|
|
|
|
|
1,769
|
|
|
1,533 |
|
|
5,316
|
|
|
4,168 |
|
| Total fees and commissions |
|
|
|
|
|
|
|
|
|
8,777
|
|
|
8,467 |
|
|
25,490
|
|
|
24,495 |
|
| Market making and similar activities |
|
|
|
|
|
|
|
|
|
1,689
|
|
|
2,118 |
|
|
6,983
|
|
|
7,267 |
|
| Other income |
|
|
|
|
|
|
|
|
|
(259) |
|
|
35 |
|
|
(151) |
|
|
382 |
|
| Total noninterest income |
|
|
|
|
|
|
|
|
|
$ |
10,207
|
|
|
$ |
10,620 |
|
|
$ |
32,322
|
|
|
$ |
32,144 |
|
(1)Gross interchange fees were $2.4 billion and $2.6 billion for the three months ended September 30, 2020 and 2019 and are presented net of $1.4 billion and $1.6 billion of expenses for rewards and partner payments as well as certain other card costs. Gross interchange fees were $6.7 billion and $7.4 billion for the nine months ended September 30, 2020 and 2019 and are presented net of $4.1 billion and $4.6 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.
|