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, 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 and six months ended June 30, 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 June 30 Six Months Ended June 30
(Dollars in millions) 2022 2021 2022 2021
Net interest income
Interest income
Loans and leases $ 8,222  $ 7,123  $ 15,574  $ 14,357 
Debt securities 4,049  2,820  7,872  5,550 
Federal funds sold and securities borrowed or purchased under agreements to resell (1)
396  (42) 389  (49)
Trading account assets 1,223  954  2,304  1,826 
Other interest income 1,085  532  1,730  1,098 
Total interest income 14,975  11,387  27,869  22,782 
Interest expense
Deposits 320  128  484  261 
Short-term borrowings (1)
553  (85) 441  (164)
Trading account liabilities 370  293  734  539 
Long-term debt 1,288  818  2,194  1,716 
Total interest expense 2,531  1,154  3,853  2,352 
Net interest income $ 12,444  $ 10,233  $ 24,016  $ 20,430 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 1,072  $ 1,210  $ 2,007  $ 2,277 
Other card income 483  376  951  744 
Total card income 1,555  1,586  2,958  3,021 
Service charges
Deposit-related fees 1,417  1,557  2,947  3,052 
Lending-related fees 300  317  603  614 
Total service charges 1,717  1,874  3,550  3,666 
Investment and brokerage services
Asset management fees 3,102  3,156  6,388  6,158 
Brokerage fees 989  967  1,995  2,028 
Total investment and brokerage services 4,091  4,123  8,383  8,186 
Investment banking fees
Underwriting income 435  1,314  1,107  2,860 
Syndication fees 301  401  613  701 
Financial advisory services 392  407  865  807 
Total investment banking fees 1,128  2,122  2,585  4,368 
Total fees and commissions 8,491  9,705  17,476  19,241 
Market making and similar activities 2,717  1,826  5,955  5,355 
Other income (loss) (964) (298) (1,531) (739)
Total noninterest income $ 10,244  $ 11,233  $ 21,900  $ 23,857 
(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 $3.3 billion and $2.9 billion for the three months ended June 30, 2022 and 2021 and are presented net of $2.2 billion and $1.7 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 $6.2 billion and 5.4 billion for the six months ended June 30, 2022 and 2021 and are presented net of $4.2 billion and $3.1 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.