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
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Net Interest Income and Noninterest Income Net Interest Income and Noninterest Income
The table below presents the Corporation’s net interest income and noninterest income disaggregated by revenue source for the three months ended March 31, 2022 and 2021. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 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 March 31
(Dollars in millions) 2022 2021
Net interest income
Interest income
Loans and leases $ 7,352  $ 7,234 
Debt securities 3,823  2,730 
Federal funds sold and securities borrowed or purchased under agreements to resell (1)
(7) (7)
Trading account assets 1,081  872 
Other interest income 645  566 
Total interest income 12,894  11,395 
Interest expense
Deposits 164  133 
Short-term borrowings (1)
(112) (79)
Trading account liabilities 364  246 
Long-term debt 906  898 
Total interest expense 1,322  1,198 
Net interest income $ 11,572  $ 10,197 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 935  $ 1,067 
Other card income 468  368 
Total card income 1,403  1,435 
Service charges
Deposit-related fees 1,530  1,495 
Lending-related fees 303  297 
Total service charges 1,833  1,792 
Investment and brokerage services
Asset management fees 3,286  3,002 
Brokerage fees 1,006  1,061 
Total investment and brokerage services 4,292  4,063 
Investment banking fees
Underwriting income 672  1,546 
Syndication fees 312  300 
Financial advisory services 473  400 
Total investment banking fees 1,457  2,246 
Total fees and commissions 8,985  9,536 
Market making and similar activities 3,238  3,529 
Other income (loss) (567) (441)
Total noninterest income $ 11,656  $ 12,624 
(1)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.
(2)Gross interchange fees and merchant income were $2.9 billion and $2.5 billion for the three months ended March 31, 2022 and 2021 and are presented net of $2.0 billion and $1.4 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.