Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.22.2.2
Business Segment Information
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 and 2021, and total assets at September 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 September 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Net interest income $ 13,871  $ 11,195  $ 7,784  $ 6,493  $ 1,981  $ 1,452 
Noninterest income 10,737  11,672  2,120  2,345  3,448  3,858 
Total revenue, net of interest expense 24,608  22,867  9,904  8,838  5,429  5,310 
Provision for credit losses 898  (624) 738  247  37  (58)
Noninterest expense 15,303  14,440  5,097  4,558  3,816  3,744 
Income before income taxes 8,407  9,051  4,069  4,033  1,576  1,624 
Income tax expense 1,325  1,360  997  988  386  398 
Net income $ 7,082  $ 7,691  $ 3,072  $ 3,045  $ 1,190  $ 1,226 
Period-end total assets $ 3,072,953  $ 3,085,446  $ 1,149,918  $ 1,091,431  $ 370,790  $ 393,708 
  Global Banking Global Markets All Other
  2022 2021 2022 2021 2022 2021
Net interest income $ 3,326  $ 2,185  $ 743  $ 1,000  $ 37  $ 65 
Noninterest income 2,265  3,060  3,740  3,519  (836) (1,110)
Total revenue, net of interest expense 5,591  5,245  4,483  4,519  (799) (1,045)
Provision for credit losses 170  (781) 11  16  (58) (48)
Noninterest expense 2,651  2,534  3,023  3,252  716  352 
Income before income taxes 2,770  3,492  1,449  1,251  (1,457) (1,349)
Income tax expense 734  943  384  325  (1,176) (1,294)
Net income $ 2,036  $ 2,549  $ 1,065  $ 926  $ (281) $ (55)
Period-end total assets $ 575,442  $ 623,640  $ 848,752  $ 776,929  $ 128,051  $ 199,738 
(1)There were no material intersegment revenues.

Results of Business Segments and All Other
At and for the nine months ended September 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Net interest income $ 38,096  $ 31,846  $ 21,551  $ 18,386  $ 5,451  $ 4,137 
Noninterest income 32,637  35,529  6,302  6,707  10,887  11,209 
Total revenue, net of interest expense 70,733  67,375  27,853  25,093  16,338  15,346 
Provision for credit losses 1,451  (4,105) 1,036  (1,067) 29  (185)
Noninterest expense 45,895  45,000  14,977  14,548  11,706  11,425 
Income before income taxes 23,387  26,480  11,840  11,612  4,603  4,106 
Income tax expense 2,991  1,515  2,901  2,845  1,128  1,006 
Net income $ 20,396  $ 24,965  $ 8,939  $ 8,767  $ 3,475  $ 3,100 
Period-end total assets $ 3,072,953  $ 3,085,446  $ 1,149,918  $ 1,091,431  $ 370,790  $ 393,708 
  Global Banking Global Markets All Other
  2022 2021 2022 2021 2022 2021
Net interest income $ 8,304  $ 6,150  $ 2,717  $ 2,980  $ 73  $ 193 
Noninterest income 7,487  8,817  11,560  12,457  (3,599) (3,661)
Total revenue, net of interest expense 15,791  14,967  14,277  15,437  (3,526) (3,468)
Provision for credit losses 492  (2,738) 24  33  (130) (148)
Noninterest expense 8,133  7,915  9,249  10,150  1,830  962 
Income before income taxes 7,166  9,790  5,004  5,254  (5,226) (4,282)
Income tax expense 1,899  2,643  1,326  1,366  (4,263) (6,345)
Net income $ 5,267  $ 7,147  $ 3,678  $ 3,888  $ (963) $ 2,063 
Period-end total assets $ 575,442  $ 623,640  $ 848,752  $ 776,929  $ 128,051  $ 199,738 
(1) There were no material intersegment revenues.
The tables below present noninterest income and the associated components for the three and nine months ended September 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 September 30
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 1,060  $ 1,154  $ 834  $ 905  $ 4  $ 11 
Other card income 513  429  497  412  12  12 
Total card income 1,573  1,583  1,331  1,317  16  23 
Service charges
Deposit-related fees 1,162  1,619  597  935  18  18 
Lending-related fees 304  309  —  —  —  — 
Total service charges 1,466  1,928  597  935  18  18 
Investment and brokerage services
Asset management fees 2,920  3,276  47  49  2,874  3,228 
Brokerage fees 875  960  26  32  381  454 
Total investment and brokerage services
3,795  4,236  73  81  3,255  3,682 
Investment banking fees
Underwriting income 452  1,168  —  —  47  83 
Syndication fees 283  346  —  —  —  — 
Financial advisory services 432  654  —  —  —  — 
Total investment banking fees 1,167  2,168  —  —  47  83 
Total fees and commissions 8,001  9,915  2,001  2,333  3,336  3,806 
Market making and similar activities 3,068  2,005  3  —  30  9 
Other income (loss) (332) (248) 116  12  82  43 
Total noninterest income $ 10,737  $ 11,672  $ 2,120  $ 2,345  $ 3,448  $ 3,858 
Global Banking Global Markets
All Other (1)
Three Months Ended September 30
2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 204  $ 180  $ 18  $ 59  $ —  $ (1)
Other card income 2  5  —  —  2  — 
Total card income 206  185  18  59  2  (1)
Service charges
Deposit-related fees 524  633  24  30  (1) 3 
Lending-related fees 247  256  57  53  —  — 
Total service charges 771  889  81  83  (1) 3 
Investment and brokerage services
Asset management fees —  —  —  —  (1) (1)
Brokerage fees 11  9  457  471  —  (6)
Total investment and brokerage services
11  9  457  471  (1) (7)
Investment banking fees
Underwriting income 181  512  260  629  (36) (56)
Syndication fees 148  177  135  170  —  (1)
Financial advisory services 397  608  35  45  —  1 
Total investment banking fees 726  1,297  430  844  (36) (56)
Total fees and commissions 1,714  2,380  986  1,457  (36) (61)
Market making and similar activities 52  40  2,874  2,014  109  (58)
Other income (loss) 499  640  (120) 48  (909) (991)
Total noninterest income $ 2,265  $ 3,060  $ 3,740  $ 3,519  $ (836) $ (1,110)
(1)All Other includes eliminations of intercompany transactions.
Noninterest Income by Business Segment and All Other
Total Corporation Consumer Banking Global Wealth &
Investment Management
Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 3,067  $ 3,431  $ 2,430  $ 2,687  $ 15  $ 33 
Other card income 1,464  1,173  1,406  1,131  36  29 
Total card income 4,531  4,604  3,836  3,818  51  62 
Service charges
Deposit-related fees 4,109  4,671  2,120  2,617  56  54 
Lending-related fees 907  923  —  —  —  — 
Total service charges 5,016  5,594  2,120  2,617  56  54 
Investment and brokerage services
Asset management fees 9,308  9,434  149  136  9,164  9,298 
Brokerage fees 2,870  2,988  83  100  1,231  1,312 
Total investment and brokerage services
12,178  12,422  232  236  10,395  10,610 
Investment banking fees
Underwriting income 1,559  4,028  —  —  154  305 
Syndication fees 896  1,047  —  —  —  — 
Financial advisory services 1,297  1,461  —  —  —  — 
Total investment banking fees 3,752  6,536  —  —  154  305 
Total fees and commissions 25,477  29,156  6,188  6,671  10,656  11,031 
Market making and similar activities 9,023  7,360  5  1  66  31 
Other income (loss) (1,863) (987) 109  35  165  147 
Total noninterest income $ 32,637  $ 35,529  $ 6,302  $ 6,707  $ 10,887  $ 11,209 
Global Banking Global Markets
All Other (1)
Nine Months Ended September 30
2022 2021 2022 2021 2022 2021
Fees and commissions:
Card income
Interchange fees $ 573  $ 503  $ 49  $ 208  $ —  $ — 
Other card income 5  12  —  —  17  1 
Total card income 578  515  49  208  17  1 
Service charges
Deposit-related fees 1,849  1,877  80  117  4  6 
Lending-related fees 741  760  166  163  —  — 
Total service charges 2,590  2,637  246  280  4  6 
Investment and brokerage services
Asset management fees —  —  —  —  (5) — 
Brokerage fees 36  90  1,520  1,504  —  (18)
Total investment and brokerage services
36  90  1,520  1,504  (5) (18)
Investment banking fees
Underwriting income 635  1,754  944  2,165  (174) (196)
Syndication fees 466  547  430  500  —  — 
Financial advisory services 1,197  1,341  99  119  1  1 
Total investment banking fees 2,298  3,642  1,473  2,784  (173) (195)
Total fees and commissions 5,502  6,884  3,288  4,776  (157) (206)
Market making and similar activities 181  99  8,721  7,448  50  (219)
Other income (loss) 1,804  1,834  (449) 233  (3,492) (3,236)
Total noninterest income $ 7,487  $ 8,817  $ 11,560  $ 12,457  $ (3,599) $ (3,661)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2022 2021 2022 2021
Segments’ total revenue, net of interest expense $ 25,407  $ 23,912  $ 74,259  $ 70,843 
Adjustments (1):
       
Asset and liability management activities (13) 3  (146) (41)
Liquidating businesses, eliminations and other (786) (1,048) (3,380) (3,427)
FTE basis adjustment (106) (101) (315) (322)
Consolidated revenue, net of interest expense $ 24,502  $ 22,766  $ 70,418  $ 67,053 
Segments’ total net income 7,363  7,746  21,359  22,902 
Adjustments, net-of-tax (1):
   
Asset and liability management activities (24) 10  (106) (20)
Liquidating businesses, eliminations and other (257) (65) (857) 2,083 
Consolidated net income $ 7,082  $ 7,691  $ 20,396  $ 24,965 
September 30
2022 2021
Segments’ total assets $ 2,944,902  $ 2,885,708 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,129,824  1,296,026 
Elimination of segment asset allocations to match liabilities (1,065,057) (1,162,175)
Other 63,284  65,887 
Consolidated total assets $ 3,072,953  $ 3,085,446 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.