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
 9 Months Ended
Sep. 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 nine months ended September 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 September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Net interest income
Interest income
Loans and leases $ 10,231  $ 7,502  $ 25,805  $ 21,859 
Debt securities 4,239  3,282  12,111  8,832 
Federal funds sold and securities borrowed or purchased under agreements to resell (1)
1,446  6  1,835  (43)
Trading account assets 1,449  967  3,753  2,793 
Other interest income 2,256  579  3,986  1,677 
Total interest income 19,621  12,336  47,490  35,118 
Interest expense
Deposits 1,235  133  1,719  394 
Short-term borrowings (1)
2,264  (41) 2,705  (205)
Trading account liabilities 383  285  1,117  824 
Long-term debt 1,974  865  4,168  2,581 
Total interest expense 5,856  1,242  9,709  3,594 
Net interest income $ 13,765  $ 11,094  $ 37,781  $ 31,524 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 1,060  $ 1,154  $ 3,067  $ 3,431 
Other card income 513  429  1,464  1,173 
Total card income 1,573  1,583  4,531  4,604 
Service charges
Deposit-related fees 1,162  1,619  4,109  4,671 
Lending-related fees 304  309  907  923 
Total service charges 1,466  1,928  5,016  5,594 
Investment and brokerage services
Asset management fees 2,920  3,276  9,308  9,434 
Brokerage fees 875  960  2,870  2,988 
Total investment and brokerage services 3,795  4,236  12,178  12,422 
Investment banking fees
Underwriting income 452  1,168  1,559  4,028 
Syndication fees 283  346  896  1,047 
Financial advisory services 432  654  1,297  1,461 
Total investment banking fees 1,167  2,168  3,752  6,536 
Total fees and commissions 8,001  9,915  25,477  29,156 
Market making and similar activities 3,068  2,005  9,023  7,360 
Other income (loss) (332) (248) (1,863) (987)
Total noninterest income $ 10,737  $ 11,672  $ 32,637  $ 35,529 
(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 $3.0 billion for the three months ended September 30, 2022 and 2021 and are presented net of $2.2 billion and $1.8 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 $9.5 billion and $8.3 billion for the nine months ended September 30, 2022 and 2021 and are presented net of $6.4 billion and $4.9 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.