Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.22.1
Business Segment Information
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Business Segment Information Business Segment InformationThe Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information, see Note 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K. 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 months ended March 31, 2022 and 2021, and total assets at March 31, 2022 and 2021 for each business segment, as well as All Other.
Results of Business Segments and All Other
At and for the three months ended March 31
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Net interest income $ 11,678  $ 10,308  $ 6,680  $ 5,920  $ 1,668  $ 1,331 
Noninterest income 11,656  12,624  2,133  2,149  3,808  3,640 
Total revenue, net of interest expense 23,334  22,932  8,813  8,069  5,476  4,971 
Provision for credit losses 30  (1,860) (52) (617) (41) (65)
Noninterest expense 15,319  15,515  4,921  5,131  4,015  3,867 
Income before income taxes 7,985  9,277  3,944  3,555  1,502  1,169 
Income tax expense 918  1,227  966  871  368  286 
Net income $ 7,067  $ 8,050  $ 2,978  $ 2,684  $ 1,134  $ 883 
Period-end total assets $ 3,238,223  $ 2,969,992  $ 1,166,443  $ 1,047,413  $ 433,122  $ 378,654 
  Global Banking Global Markets All Other
  2022 2021 2022 2021 2022 2021
Net interest income $ 2,344  $ 1,980  $ 993  $ 990  $ (7) $ 87 
Noninterest income 2,850  2,653  4,299  5,208  (1,434) (1,026)
Total revenue, net of interest expense 5,194  4,633  5,292  6,198  (1,441) (939)
Provision for credit losses 165  (1,126) 5  (5) (47) (47)
Noninterest expense 2,683  2,782  3,117  3,427  583  308 
Income before income taxes 2,346  2,977  2,170  2,776  (1,977) (1,200)
Income tax expense 622  804  575  722  (1,613) (1,456)
Net income $ 1,724  $ 2,173  $ 1,595  $ 2,054  $ (364) $ 256 
Period-end total assets $ 623,168  $ 594,235  $ 883,304  $ 745,681  $ 132,186  $ 204,009 
(1)There were no material intersegment revenues
The table below presents noninterest income and the associated components for the three months ended March 31, 2022 and 2021 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 March 31
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 935  $ 1,067  $ 743  $ 835  $ 7  $ 10 
Other card income 468  368  442  354  11  9 
Total card income 1,403  1,435  1,185  1,189  18  19 
Service charges
Deposit-related fees 1,530  1,495  844  831  19  18 
Lending-related fees 303  297  —  —  —  — 
Total service charges 1,833  1,792  844  831  19  18 
Investment and brokerage services
Asset management fees 3,286  3,002  52  41  3,234  2,961 
Brokerage fees 1,006  1,061  31  36  420  430 
Total investment and brokerage services
4,292  4,063  83  77  3,654  3,391 
Investment banking fees
Underwriting income 672  1,546  —  —  66  135 
Syndication fees 312  300  —  —  —  — 
Financial advisory services 473  400  —  —  —  — 
Total investment banking fees 1,457  2,246  —  —  66  135 
Total fees and commissions 8,985  9,536  2,112  2,097  3,757  3,563 
Market making and similar activities 3,238  3,529  —  —  13  11 
Other income (loss) (567) (441) 21  52  38  66 
Total noninterest income $ 11,656  $ 12,624  $ 2,133  $ 2,149  $ 3,808  $ 3,640 
Global Banking Global Markets
All Other (1)
Three Months Ended March 31
2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 175  $ 146  $ 14  $ 76  $ (4) $ — 
Other card income 1  4  —  —  14  1 
Total card income 176  150  14  76  10  1 
Service charges
Deposit-related fees 637  602  28  42  2  2 
Lending-related fees 249  245  54  52  —  — 
Total service charges 886  847  82  94  2  2 
Investment and brokerage services
Asset management fees —  —  —  —  —  — 
Brokerage fees 12  41  545  560  (2) (6)
Total investment and brokerage services
12  41  545  560  (2) (6)
Investment banking fees
Underwriting income 275  654  402  799  (71) (42)
Syndication fees 166  161  146  139  —  — 
Financial advisory services 439  357  34  43  —  — 
Total investment banking fees 880  1,172  582  981  (71) (42)
Total fees and commissions 1,954  2,210  1,223  1,711  (61) (45)
Market making and similar activities 49  31  3,190  3,470  (14) 17 
Other income (loss) 847  412  (114) 27  (1,359) (998)
Total noninterest income $ 2,850  $ 2,653  $ 4,299  $ 5,208  $ (1,434) $ (1,026)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
Three Months Ended March 31
(Dollars in millions) 2022 2021
Segments’ total revenue, net of interest expense $ 24,775  $ 23,871 
Adjustments (1):
   
Asset and liability management activities (67) 109 
Liquidating businesses, eliminations and other (1,374) (1,048)
FTE basis adjustment (106) (111)
Consolidated revenue, net of interest expense $ 23,228  $ 22,821 
Segments’ total net income 7,431  7,794 
Adjustments, net-of-tax (1):
 
Asset and liability management activities (58) 83 
Liquidating businesses, eliminations and other (306) 173 
Consolidated net income $ 7,067  $ 8,050 
March 31
2022 2021
Segments’ total assets $ 3,106,037  $ 2,765,983 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,281,639  1,226,930 
Elimination of segment asset allocations to match liabilities (1,216,401) (1,086,268)
Other 66,948  63,347 
Consolidated total assets $ 3,238,223  $ 2,969,992 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.