Quarterly report pursuant to Section 13 or 15(d)

Net Interest Income and Noninterest Income

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Net Interest Income and Noninterest Income
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Net Interest Income and Noninterest Income Net Interest Income and Noninterest IncomeThe following table presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three and six months ended June 30, 2021 and 2020. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 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 June 30 Six Months Ended June 30
(Dollars in millions) 2021 2020 2021 2020
Net interest income
Interest income
Loans and leases $ 7,123  $ 8,569  $ 14,357  $ 18,532 
Debt securities 2,820  2,440  5,550  5,283 
Federal funds sold and securities borrowed or purchased under agreements to resell (42) 26  (49) 845 
Trading account assets 954  1,008  1,826  2,255 
Other interest income 532  497  1,098  1,723 
Total interest income 11,387  12,540  22,782  28,638 
Interest expense
Deposits 128  373  261  1,557 
Short-term borrowings (85) (72) (164) 1,048 
Trading account liabilities 293  223  539  552 
Long-term debt 818  1,168  1,716  2,503 
Total interest expense 1,154  1,692  2,352  5,660 
Net interest income $ 10,233  $ 10,848  $ 20,430  $ 22,978 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$ 1,210  $ 830  $ 2,277  $ 1,622 
Other card income 376  419  744  899 
Total card income 1,586  1,249  3,021  2,521 
Service charges
Deposit-related fees 1,557  1,299  3,052  2,926 
Lending-related fees 317  263  614  539 
Total service charges 1,874  1,562  3,666  3,465 
Investment and brokerage services
Asset management fees 3,156  2,483  6,158  5,165 
Brokerage fees 967  939  2,028  2,015 
Total investment and brokerage services 4,123  3,422  8,186  7,180 
Investment banking fees
Underwriting income 1,314  1,523  2,860  2,371 
Syndication fees 401  230  701  501 
Financial advisory services 407  406  807  675 
Total investment banking fees 2,122  2,159  4,368  3,547 
Total fees and commissions 9,705  8,392  19,241  16,713 
Market making and similar activities 1,826  2,487  5,355  5,294 
Other income (loss) (298) 599  (739) 108 
Total noninterest income $ 11,233  $ 11,478  $ 23,857  $ 22,115 
(1)Gross interchange fees and merchant income were $2.9 billion and $2.0 billion for the three months ended June 30, 2021 and 2020 and are presented net of $1.7 billion and $1.2 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods. Gross interchange fees and merchant income were $5.4 billion and $4.3 billion for the six months ended June 30, 2021 and 2020 and are presented net of $3.1 billion and $2.7 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.