Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.22.2
Business Segment Information
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2022 and 2021, and total assets at June 30, 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 June 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Net interest income $ 12,547  $ 10,343  $ 7,087  $ 5,973  $ 1,802  $ 1,355 
Noninterest income 10,244  11,233  2,049  2,213  3,631  3,710 
Total revenue, net of interest expense 22,791  21,576  9,136  8,186  5,433  5,065 
Provision for credit losses 523  (1,621) 350  (697) 33  (62)
Noninterest expense 15,273  15,045  4,959  4,859  3,875  3,813 
Income before income taxes 6,995  8,152  3,827  4,024  1,525  1,314 
Income tax expense 748  (1,072) 938  986  374  322 
Net income $ 6,247  $ 9,224  $ 2,889  $ 3,038  $ 1,151  $ 992 
Period-end total assets $ 3,111,606  $ 3,029,894  $ 1,154,366  $ 1,063,650  $ 393,948  $ 378,220 
  Global Banking Global Markets All Other
  2022 2021 2022 2021 2022 2021
Net interest income $ 2,634  $ 1,984  $ 981  $ 990  $ 43  $ 41 
Noninterest income 2,372  3,106  3,521  3,730  (1,329) (1,526)
Total revenue, net of interest expense 5,006  5,090  4,502  4,720  (1,286) (1,485)
Provision for credit losses 157  (831) 8  22  (25) (53)
Noninterest expense 2,799  2,599  3,109  3,471  531  303 
Income before income taxes 2,050  3,322  1,385  1,227  (1,792) (1,735)
Income tax expense 543  897  367  319  (1,474) (3,596)
Net income $ 1,507  $ 2,425  $ 1,018  $ 908  $ (318) $ 1,861 
Period-end total assets $ 591,490  $ 607,969  $ 835,129  $ 773,714  $ 136,673  $ 206,341 
(1)There were no material intersegment revenues.
Results of Business Segments and All Other
At and for the six months ended June 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Net interest income $ 24,225  $ 20,651  $ 13,767  $ 11,893  $ 3,470  $ 2,685 
Noninterest income 21,900  23,857  4,182  4,362  7,439  7,351 
Total revenue, net of interest expense 46,125  44,508  17,949  16,255  10,909  10,036 
Provision for credit losses 553  (3,481) 298  (1,314) (8) (127)
Noninterest expense 30,592  30,560  9,880  9,990  7,890  7,682 
Income before income taxes 14,980  17,429  7,771  7,579  3,027  2,481 
Income tax expense 1,666  155  1,904  1,857  742  608 
Net income $ 13,314  $ 17,274  $ 5,867  $ 5,722  $ 2,285  $ 1,873 
Period-end total assets $ 3,111,606  $ 3,029,894  $ 1,154,366  $ 1,063,650  $ 393,948  $ 378,220 
  Global Banking Global Markets All Other
  2022 2021 2022 2021 2022 2021
Net interest income $ 4,978  $ 3,964  $ 1,974  $ 1,981  $ 36  $ 128 
Noninterest income 5,222  5,758  7,820  8,937  (2,763) (2,551)
Total revenue, net of interest expense 10,200  9,722  9,794  10,918  (2,727) (2,423)
Provision for credit losses 322  (1,957) 13  17  (72) (100)
Noninterest expense 5,482  5,380  6,226  6,898  1,114  610 
Income before income taxes 4,396  6,299  3,555  4,003  (3,769) (2,933)
Income tax expense 1,165  1,701  942  1,041  (3,087) (5,052)
Net income $ 3,231  $ 4,598  $ 2,613  $ 2,962  $ (682) $ 2,119 
Period-end total assets $ 591,490  $ 607,969  $ 835,129  $ 773,714  $ 136,673  $ 206,341 
(1) There were no material intersegment revenues.
The tables below present noninterest income and the associated components for the three and six months ended June 30, 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 June 30
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 1,072  $ 1,210  $ 853  $ 945  $ 4  $ 12 
Other card income 483  376  467  367  13  9 
Total card income 1,555  1,586  1,320  1,312  17  21 
Service charges
Deposit-related fees 1,417  1,557  679  851  $ 19  18 
Lending-related fees 300  317  —  —  —  — 
Total service charges 1,717  1,874  679  851  19  18 
Investment and brokerage services
Asset management fees 3,102  3,156  50  45  3,056  3,109 
Brokerage fees 989  967  26  33  430  427 
Total investment and brokerage services
4,091  4,123  76  78  3,486  3,536 
Investment banking fees
Underwriting income 435  1,314  —  —  41  88 
Syndication fees 301  401  —  —  —  — 
Financial advisory services 392  407  —  —  —  — 
Total investment banking fees 1,128  2,122  —  —  41  88 
Total fees and commissions 8,491  9,705  2,075  2,241  3,563  3,663 
Market making and similar activities 2,717  1,826  2  —  23  11 
Other income (loss) (964) (298) (28) (28) 45  36 
Total noninterest income $ 10,244  $ 11,233  $ 2,049  $ 2,213  $ 3,631  $ 3,710 
Global Banking Global Markets
All Other (1)
Three Months Ended June 30
2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 194  $ 178  $ 17  $ 73  $ 4  $ 2 
Other card income 2  2  —  —  1  (2)
Total card income $ 196  180  17  73  5  — 
Service charges
Deposit-related fees 688  641  28  45  3  2 
Lending-related fees 245  259  55  58  —  — 
Total service charges 933  900  83  103  3  2 
Investment and brokerage services
Asset management fees —  —  —  —  (4) 2 
Brokerage fees 13  40  518  474  2  (7)
Total investment and brokerage services
13  40  518  474  (2) (5)
Investment banking fees
Underwriting income 179  587  282  737  (67) (98)
Syndication fees 152  210  149  191  —  — 
Financial advisory services 361  376  30  31  1  — 
Total investment banking fees 692  1,173  461  959  (66) (98)
Total fees and commissions 1,834  2,293  1,079  1,609  (60) (101)
Market making and similar activities 80  28  2,657  1,964  (45) (177)
Other income (loss) 458  785  (215) 157  (1,224) (1,248)
Total noninterest income $ 2,372  $ 3,106  $ 3,521  $ 3,730  $ (1,329) $ (1,526)
(1)All Other includes eliminations of intercompany transactions.
Noninterest Income by Business Segment and All Other
Total Corporation Consumer Banking Global Wealth &
Investment Management
Six Months Ended June 30
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 2,007  $ 2,277  $ 1,596  $ 1,781  $ 11  $ 22 
Other card income 951  744  909  720  24  18 
Total card income 2,958  3,021  2,505  2,501  35  40 
Service charges
Deposit-related fees 2,947  3,052  1,523  1,682  38  36 
Lending-related fees 603  614  —  —  —  — 
Total service charges 3,550  3,666  1,523  1,682  38  36 
Investment and brokerage services
Asset management fees 6,388  6,158  102  87  6,290  6,071 
Brokerage fees 1,995  2,028  57  68  850  857 
Total investment and brokerage services
8,383  8,186  159  155  7,140  6,928 
Investment banking fees
Underwriting income 1,107  2,860  —  —  107  223 
Syndication fees 613  701  —  —  —  — 
Financial advisory services 865  807  —  —  —  — 
Total investment banking fees 2,585  4,368  —  —  107  223 
Total fees and commissions 17,476  19,241  4,187  4,338  7,320  7,227 
Market making and similar activities 5,955  5,355  2  —  36  22 
Other income (loss) (1,531) (739) (7) 24  83  102 
Total noninterest income $ 21,900  $ 23,857  $ 4,182  $ 4,362  $ 7,439  $ 7,351 
Global Banking Global Markets
All Other (1)
Six Months Ended June 30
2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 369  $ 324  $ 31  $ 150  $ —  $ — 
Other card income 3  6  —  —  15  — 
Total card income 372  330  31  150  15  — 
Service charges
Deposit-related fees 1,325  1,243  56  87  5  4 
Lending-related fees 494  504  109  110  —  — 
Total service charges 1,819  1,747  165  197  5  4 
Investment and brokerage services
Asset management fees —  —  —  —  (4) — 
Brokerage fees 25  81  1,063  1,033  —  (11)
Total investment and brokerage services
25  81  1,063  1,033  (4) (11)
Investment banking fees
Underwriting income 454  1,241  684  1,536  (138) (140)
Syndication fees 318  371  295  330  —  — 
Financial advisory services 800  733  64  74  1  — 
Total investment banking fees 1,572  2,345  1,043  1,940  (137) (140)
Total fees and commissions 3,788  4,503  2,302  3,320  (121) (147)
Market making and similar activities 129  59  5,847  5,434  (59) (160)
Other income (loss) 1,305  1,196  (329) 183  (2,583) (2,244)
Total noninterest income $ 5,222  $ 5,758  $ 7,820  $ 8,937  $ (2,763) $ (2,551)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
Three Months Ended June 30 Six Months Ended June 30
(Dollars in millions) 2022 2021 2022 2021
Segments’ total revenue, net of interest expense $ 24,077  $ 23,061  $ 48,852  $ 46,931 
Adjustments (1):
       
Asset and liability management activities (65) (154) (132) (44)
Liquidating businesses, eliminations and other (1,221) (1,331) (2,595) (2,379)
FTE basis adjustment (103) (110) (209) (221)
Consolidated revenue, net of interest expense $ 22,688  $ 21,466  $ 45,916  $ 44,287 
Segments’ total net income 6,565  7,363  13,996  15,155 
Adjustments, net-of-tax (1):
   
Asset and liability management activities (24) (113) (82) (30)
Liquidating businesses, eliminations and other (294) 1,974  (600) 2,149 
Consolidated net income $ 6,247  $ 9,224  $ 13,314  $ 17,274 
June 30
2022 2021
Segments’ total assets $ 2,974,933  $ 2,823,553 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,179,629  1,250,633 
Elimination of segment asset allocations to match liabilities (1,106,832) (1,111,500)
Other 63,876  67,208 
Consolidated total assets $ 3,111,606  $ 3,029,894 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.