Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.23.1
Business Segment Information (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment 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 months ended March 31, 2023 and 2022, and total assets at March 31, 2023 and 2022 for each business segment, as well as All Other.
Results of Business Segments and All Other
At and for the three months ended March 31
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2023 2022 2023 2022 2023 2022
Net interest income $ 14,582  $ 11,678  $ 8,593  $ 6,680  $ 1,876  $ 1,668 
Noninterest income 11,810  11,656  2,113  2,133  3,439  3,808 
Total revenue, net of interest expense 26,392  23,334  10,706  8,813  5,315  5,476 
Provision for credit losses 931  30  1,089  (52) 25  (41)
Noninterest expense 16,238  15,319  5,473  4,921  4,067  4,015 
Income before income taxes 9,223  7,985  4,144  3,944  1,223  1,502 
Income tax expense 1,062  918  1,036  966  306  368 
Net income $ 8,161  $ 7,067  $ 3,108  $ 2,978  $ 917  $ 1,134 
Period-end total assets $ 3,194,657  $ 3,238,223  $ 1,124,438  $ 1,166,443  $ 349,888  $ 433,122 
  Global Banking Global Markets All Other
  2023 2022 2023 2022 2023 2022
Net interest income $ 3,907  $ 2,344  $ 109  $ 993  $ 97  $ (7)
Noninterest income 2,296  2,850  5,517  4,299  (1,555) (1,434)
Total revenue, net of interest expense 6,203  5,194  5,626  5,292  (1,458) (1,441)
Provision for credit losses (237) 165  (53) 5  107  (47)
Noninterest expense 2,940  2,683  3,351  3,117  407  583 
Income before income taxes 3,500  2,346  2,328  2,170  (1,972) (1,977)
Income tax expense 945  622  640  575  (1,865) (1,613)
Net income $ 2,555  $ 1,724  $ 1,688  $ 1,595  $ (107) $ (364)
Period-end total assets $ 591,231  $ 623,168  $ 861,477  $ 883,304  $ 267,623  $ 132,186 
(1)There were no material intersegment revenues.
The table below presents noninterest income and the associated components for the three months ended March 31, 2023 and 2022 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 March 31
(Dollars in millions) 2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 956  $ 935  $ 753  $ 743  $ —  $ 7 
Other card income 513  468  521  442  12  11 
Total card income 1,469  1,403  1,274  1,185  12  18 
Service charges
Deposit-related fees 1,097  1,530  599  844  11  19 
Lending-related fees 313  303  —  —  8  — 
Total service charges 1,410  1,833  599  844  19  19 
Investment and brokerage services
Asset management fees 2,918  3,286  47  52  2,873  3,234 
Brokerage fees 934  1,006  27  31  365  420 
Total investment and brokerage services
3,852  4,292  74  83  3,238  3,654 
Investment banking fees
Underwriting income 569  672  —  —  39  66 
Syndication fees 231  312  —  —  —  — 
Financial advisory services 363  473  —  —  —  — 
Total investment banking fees 1,163  1,457  —  —  39  66 
Total fees and commissions 7,894  8,985  1,947  2,112  3,308  3,757 
Market making and similar activities 4,712  3,238  5  —  34  13 
Other income (loss) (796) (567) 161  21  97  38 
Total noninterest income $ 11,810  $ 11,656  $ 2,113  $ 2,133  $ 3,439  $ 3,808 
Global Banking Global Markets
All Other (1)
Three Months Ended March 31
2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 187  $ 175  $ 16  $ 14  $ —  $ (4)
Other card income 3  1  —  —  (23) 14 
Total card income 190  176  16  14  (23) 10 
Service charges
Deposit-related fees 467  637  20  28  —  2 
Lending-related fees 247  249  58  54  —  — 
Total service charges 714  886  78  82  —  2 
Investment and brokerage services
Asset management fees —  —  —  —  (2) — 
Brokerage fees 9  12  533  545  —  (2)
Total investment and brokerage services
9  12  533  545  (2) (2)
Investment banking fees
Underwriting income 229  275  314  402  (13) (71)
Syndication fees 126  166  105  146  —  — 
Financial advisory services 313  439  50  34  —  — 
Total investment banking fees 668  880  469  582  (13) (71)
Total fees and commissions 1,581  1,954  1,096  1,223  (38) (61)
Market making and similar activities 45  49  4,398  3,190  230  (14)
Other income (loss) 670  847  23  (114) (1,747) (1,359)
Total noninterest income $ 2,296  $ 2,850  $ 5,517  $ 4,299  $ (1,555) $ (1,434)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
Three Months Ended March 31
(Dollars in millions) 2023 2022
Segments’ total revenue, net of interest expense $ 27,850  $ 24,775 
Adjustments (1):
   
Asset and liability management activities (225) (67)
Liquidating businesses, eliminations and other (1,233) (1,374)
FTE basis adjustment (134) (106)
Consolidated revenue, net of interest expense $ 26,258  $ 23,228 
Segments’ total net income 8,268  7,431 
Adjustments, net-of-tax (1):
 
Asset and liability management activities (174) (58)
Liquidating businesses, eliminations and other 67  (306)
Consolidated net income $ 8,161  $ 7,067 
March 31
2023 2022
Segments’ total assets $ 2,927,034  $ 3,106,037 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,229,425  1,281,639 
Elimination of segment asset allocations to match liabilities (1,024,196) (1,216,401)
Other 62,394  66,948 
Consolidated total assets $ 3,194,657  $ 3,238,223 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.