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
 3 Months Ended
Mar. 31, 2023
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 months ended March 31, 2023 and 2022. For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 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 March 31
(Dollars in millions) 2023 2022
Net interest income
Interest income
Loans and leases $ 13,097  $ 7,352 
Debt securities 5,460  3,823 
Federal funds sold and securities borrowed or purchased under agreements to resell (1)
3,712  (7)
Trading account assets 2,028  1,081 
Other interest income 4,358  645 
Total interest income 28,655  12,894 
Interest expense
Deposits 4,314  164 
Short-term borrowings (1)
6,180  (112)
Trading account liabilities 504  364 
Long-term debt 3,209  906 
Total interest expense 14,207  1,322 
Net interest income $ 14,448  $ 11,572 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 956  $ 935 
Other card income 513  468 
Total card income 1,469  1,403 
Service charges
Deposit-related fees 1,097  1,530 
Lending-related fees 313  303 
Total service charges 1,410  1,833 
Investment and brokerage services
Asset management fees 2,918  3,286 
Brokerage fees 934  1,006 
Total investment and brokerage services 3,852  4,292 
Investment banking fees
Underwriting income 569  672 
Syndication fees 231  312 
Financial advisory services 363  473 
Total investment banking fees 1,163  1,457 
Total fees and commissions 7,894  8,985 
Market making and similar activities 4,712  3,238 
Other income (loss) (796) (567)
Total noninterest income $ 11,810  $ 11,656 
(1)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2022 Annual Report on Form 10-K.
(2)Gross interchange fees and merchant income were $3.2 billion and $2.9 billion for the three months ended March 31, 2023 and 2022 and are presented net of $2.2 billion and $2.0 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.