Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.21.2
Business Segment Information (Tables)
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables present net income 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, 2021 and 2020, and total assets at September 30, 2021 and 2020 for each business segment, as well as All Other.
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) 2021 2020 2021 2020 2021 2020
Net interest income $ 11,195  $ 10,243  $ 6,493  $ 5,890  $ 1,451  $ 1,237 
Noninterest income 11,672  10,207  2,345  2,149  3,859  3,309 
Total revenue, net of interest expense 22,867  20,450  8,838  8,039  5,310  4,546 
Provision for credit losses (624) 1,389  247  479  (58) 24 
Noninterest expense 14,440  14,401  4,558  4,842  3,745  3,533 
Income before income taxes 9,051  4,660  4,033  2,718  1,623  989 
Income tax expense 1,360  (221) 988  666  398  242 
Net income $ 7,691  $ 4,881  $ 3,045  $ 2,052  $ 1,225  $ 747 
Period-end total assets $ 3,085,446  $ 2,738,452  $ 1,091,431  $ 947,513  $ 393,708  $ 337,576 
  Global Banking Global Markets All Other
  2021 2020 2021 2020 2021 2020
Net interest income $ 2,186  $ 2,028  $ 1,000  $ 1,108  $ 65  $ (20)
Noninterest income 3,058  2,489  3,519  3,175  (1,109) (915)
Total revenue, net of interest expense 5,244  4,517  4,519  4,283  (1,044) (935)
Provision for credit losses (781) 883  16  21  (48) (18)
Noninterest expense 2,534  2,365  3,252  3,102  351  559 
Income before income taxes 3,491  1,269  1,251  1,160  (1,347) (1,476)
Income tax expense 942  343  325  302  (1,293) (1,774)
Net income $ 2,549  $ 926  $ 926  $ 858  $ (54) $ 298 
Period-end total assets $ 623,640  $ 553,776  $ 776,929  $ 676,242  $ 199,738  $ 223,345 
(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) 2021 2020 2021 2020 2021 2020
Net interest income $ 31,846  $ 33,493  $ 18,386  $ 18,743  $ 4,137  $ 4,186 
Noninterest income 35,529  32,322  6,707  6,277  11,209  9,721 
Total revenue, net of interest expense 67,375  65,815  25,093  25,020  15,346  13,907 
Provision for credit losses (4,105) 11,267  (1,067) 5,761  (185) 349 
Noninterest expense 45,000  41,286  14,548  14,074  11,425  10,596 
Income before income taxes 26,480  13,262  11,612  5,185  4,106  2,962 
Income tax expense 1,515  838  2,845  1,270  1,006  726 
Net income $ 24,965  $ 12,424  $ 8,767  $ 3,915  $ 3,100  $ 2,236 
Period-end total assets $ 3,085,446  $ 2,738,452  $ 1,091,431  $ 947,513  $ 393,708  $ 337,576 
  Global Banking Global Markets All Other
  2021 2020 2021 2020 2021 2020
Net interest income $ 6,150  $ 7,003  $ 2,980  $ 3,558  $ 193  $ 3 
Noninterest income 8,817  7,205  12,457  11,301  (3,661) (2,182)
Total revenue, net of interest expense 14,967  14,208  15,437  14,859  (3,468) (2,179)
Provision for credit losses (2,738) 4,849  33  233  (148) 75 
Noninterest expense 7,915  6,910  10,150  8,598  962  1,108 
Income before income taxes 9,790  2,449  5,254  6,028  (4,282) (3,362)
Income tax expense 2,643  661  1,366  1,567  (6,345) (3,386)
Net income $ 7,147  $ 1,788  $ 3,888  $ 4,461  $ 2,063  $ 24 
Period-end total assets $ 623,640  $ 553,776  $ 776,929  $ 676,242  $ 199,738  $ 223,345 
(1)There were no material intersegment revenues
The tables below present noninterest income and the associated components for the three and nine months ended September 30, 2021 and 2020 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) 2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 1,154  $ 1,172  $ 905  $ 840  $ 11  $ 10 
Other card income 429  396  412  380  11  11 
Total card income 1,583  1,568  1,317  1,220  22  21 
Service charges
Deposit-related fees 1,619  1,515  935  837  18  17 
Lending-related fees 309  302  —  —  —  — 
Total service charges 1,928  1,817  935  837  18  17 
Investment and brokerage services
Asset management fees 3,276  2,740  49  36  3,228  2,706 
Brokerage fees 960  883  32  32  455  399 
Total investment and brokerage services
4,236  3,623  81  68  3,683  3,105 
Investment banking fees
Underwriting income 1,168  1,239  —  —  82  93 
Syndication fees 346  133  —  —  —  — 
Financial advisory services 654  397  —  —  —  — 
Total investment banking fees 2,168  1,769  —  —  82  93 
Total fees and commissions 9,915  8,777  2,333  2,125  3,805  3,236 
Market making and similar activities 2,005  1,689  1  —  9  14 
Other income (loss) (248) (259) 11  24  45  59 
Total noninterest income $ 11,672  $ 10,207  $ 2,345  $ 2,149  $ 3,859  $ 3,309 
Global Banking Global Markets
All Other (1)
Three Months Ended September 30
2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 180  $ 153  $ 59  $ 170  $ (1) $ (1)
Other card income 5  3  —  —  1  2 
Total card income 185  156  59  170  —  1 
Service charges
Deposit-related fees 633  597  30  54  3  10 
Lending-related fees 257  249  53  54  (1) (1)
Total service charges 890  846  83  108  2  9 
Investment and brokerage services
Asset management fees —  —  —  —  (1) (2)
Brokerage fees 9  14  470  439  (6) (1)
Total investment and brokerage services
9  14  470  439  (7) (3)
Investment banking fees
Underwriting income 512  536  629  643  (55) (33)
Syndication fees 177  78  170  55  (1) — 
Financial advisory services 608  356  45  40  1  1 
Total investment banking fees 1,297  970  844  738  (55) (32)
Total fees and commissions 2,381  1,986  1,456  1,455  (60) (25)
Market making and similar activities 40  16  2,014  1,725  (59) (66)
Other income (loss) 637  487  49  (5) (990) (824)
Total noninterest income $ 3,058  $ 2,489  $ 3,519  $ 3,175  $ (1,109) $ (915)
(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) 2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 3,431  $ 2,794  $ 2,687  $ 2,129  $ 33  $ 26 
Other card income 1,173  1,295  1,131  1,255  29  30 
Total card income 4,604  4,089  3,818  3,384  62  56 
Service charges
Deposit-related fees 4,671  4,441  2,617  2,538  54  49 
Lending-related fees 923  841  —  —  —  — 
Total service charges 5,594  5,282  2,617  2,538  54  49 
Investment and brokerage services
Asset management fees 9,434  7,905  136  108  9,298  7,811 
Brokerage fees 2,988  2,898  100  96  1,312  1,270 
Total investment and brokerage services
12,422  10,803  236  204  10,610  9,081 
Investment banking fees
Underwriting income 4,028  3,610  —  —  305  292 
Syndication fees 1,047  634  —  —  —  — 
Financial advisory services 1,461  1,072  —  —  —  — 
Total investment banking fees 6,536  5,316  —  —  305  292 
Total fees and commissions 29,156  25,490  6,671  6,126  11,031  9,478 
Market making and similar activities 7,360  6,983  1  2  31  52 
Other income (loss) (987) (151) 35  149  147  191 
Total noninterest income $ 35,529  $ 32,322  $ 6,707  $ 6,277  $ 11,209  $ 9,721 
Global Banking Global Markets
All Other (1)
Nine Months Ended September 30
2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 503  $ 337  $ 208  $ 301  $ —  $ 1 
Other card income 12  10  —  —  1  — 
Total card income 515  347  208  301  1  1 
Service charges
Deposit-related fees 1,877  1,693  117  134  6  27 
Lending-related fees 760  686  163  156  —  (1)
Total service charges 2,637  2,379  280  290  6  26 
Investment and brokerage services
Asset management fees —  —  —  —  —  (14)
Brokerage fees 90  45  1,504  1,487  (18) — 
Total investment and brokerage services
90  45  1,504  1,487  (18) (14)
Investment banking fees
Underwriting income 1,754  1,607  2,165  1,879  (196) (168)
Syndication fees 547  357  500  278  —  (1)
Financial advisory services 1,341  948  119  123  1  1 
Total investment banking fees 3,642  2,912  2,784  2,280  (195) (168)
Total fees and commissions 6,884  5,683  4,776  4,358  (206) (155)
Market making and similar activities 99  88  7,448  7,059  (219) (218)
Other income (loss) 1,834  1,434  233  (116) (3,236) (1,809)
Total noninterest income $ 8,817  $ 7,205  $ 12,457  $ 11,301  $ (3,661) $ (2,182)
(1)All Other includes eliminations of intercompany transactions.
The table below presents 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.
Business Segment Reconciliations
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2021 2020 2021 2020
Segments’ total revenue, net of interest expense $ 23,911  $ 21,385  $ 70,843  $ 67,994 
Adjustments (1):
       
Asset and liability management activities 3  (168) (41) 425 
Liquidating businesses, eliminations and other (1,047) (767) (3,427) (2,604)
FTE basis adjustment (101) (114) (322) (386)
Consolidated revenue, net of interest expense $ 22,766  $ 20,336  $ 67,053  $ 65,429 
Segments’ total net income 7,745  4,583  22,902  12,400 
Adjustments, net-of-tax (1):
   
Asset and liability management activities 10  (127) (20) 316 
Liquidating businesses, eliminations and other (64) 425  2,083  (292)
Consolidated net income $ 7,691  $ 4,881  $ 24,965  $ 12,424 
September 30
2021 2020
Segments’ total assets $ 2,885,708  $ 2,515,107 
Adjustments (1):
   
Asset and liability management activities, including securities portfolio 1,296,026  1,018,385 
Elimination of segment asset allocations to match liabilities (1,162,175) (857,788)
Other 65,887  62,748 
Consolidated total assets $ 3,085,446  $ 2,738,452 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.