Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.23.2
Business Segment Information
 6 Months Ended
Jun. 30, 2023
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 2022 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, 2023 and 2022, and total assets at June 30, 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 June 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2023 2022 2023 2022 2023 2022
Net interest income $ 14,293  $ 12,547  $ 8,437  $ 7,087  $ 1,805  $ 1,802 
Noninterest income 11,039  10,244  2,087  2,049  3,437  3,631 
Total revenue, net of interest expense 25,332  22,791  10,524  9,136  5,242  5,433 
Provision for credit losses 1,125  523  1,267  350  13  33 
Noninterest expense 16,038  15,273  5,453  4,959  3,925  3,875 
Income before income taxes 8,169  6,995  3,804  3,827  1,304  1,525 
Income tax expense 761  748  951  938  326  374 
Net income $ 7,408  $ 6,247  $ 2,853  $ 2,889  $ 978  $ 1,151 
Period-end total assets $ 3,123,198  $ 3,111,606  $ 1,084,512  $ 1,154,366  $ 338,184  $ 393,948 
  Global Banking Global Markets All Other
  2023 2022 2023 2022 2023 2022
Net interest income $ 3,690  $ 2,634  $ 297  $ 981  $ 64  $ 43 
Noninterest income 2,772  2,372  4,574  3,521  (1,831) (1,329)
Total revenue, net of interest expense 6,462  5,006  4,871  4,502  (1,767) (1,286)
Provision for credit losses 9  157  (4) 8  (160) (25)
Noninterest expense 2,819  2,799  3,349  3,109  492  531 
Income before income taxes 3,634  2,050  1,526  1,385  (2,099) (1,792)
Income tax expense 981  543  420  367  (1,917) (1,474)
Net income $ 2,653  $ 1,507  $ 1,106  $ 1,018  $ (182) $ (318)
Period-end total assets $ 586,397  $ 591,490  $ 851,771  $ 835,129  $ 262,334  $ 136,673 
(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) 2023 2022 2023 2022 2023 2022
Net interest income $ 28,875  $ 24,225  $ 17,030  $ 13,767  $ 3,681  $ 3,470 
Noninterest income 22,849  21,900  4,200  4,182  6,876  7,439 
Total revenue, net of interest expense 51,724  46,125  21,230  17,949  10,557  10,909 
Provision for credit losses 2,056  553  2,356  298  38  (8)
Noninterest expense 32,276  30,592  10,926  9,880  7,992  7,890 
Income before income taxes 17,392  14,980  7,948  7,771  2,527  3,027 
Income tax expense 1,823  1,666  1,987  1,904  632  742 
Net income $ 15,569  $ 13,314  $ 5,961  $ 5,867  $ 1,895  $ 2,285 
Period-end total assets $ 3,123,198  $ 3,111,606  $ 1,084,512  $ 1,154,366  $ 338,184  $ 393,948 
  Global Banking Global Markets All Other
  2023 2022 2023 2022 2023 2022
Net interest income $ 7,597  $ 4,978  $ 406  $ 1,974  $ 161  $ 36 
Noninterest income 5,068  5,222  10,091  7,820  (3,386) (2,763)
Total revenue, net of interest expense 12,665  10,200  10,497  9,794  (3,225) (2,727)
Provision for credit losses (228) 322  (57) 13  (53) (72)
Noninterest expense 5,759  5,482  6,700  6,226  899  1,114 
Income before income taxes 7,134  4,396  3,854  3,555  (4,071) (3,769)
Income tax expense 1,926  1,165  1,060  942  (3,782) (3,087)
Net income $ 5,208  $ 3,231  $ 2,794  $ 2,613  $ (289) $ (682)
Period-end total assets $ 586,397  $ 591,490  $ 851,771  $ 835,129  $ 262,334  $ 136,673 
(1) There were no material intersegment revenues.
The table below presents noninterest income and the associated components for the three and six months ended June 30, 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 June 30
(Dollars in millions) 2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 1,023  $ 1,072  $ 808  $ 853  $ (3) $ 4 
Other card income 523  483  533  467  15  13 
Total card income 1,546  1,555  1,341  1,320  12  17 
Service charges
Deposit-related fees 1,045  1,417  525  679  10  19 
Lending-related fees 319  300  —  —  8  — 
Total service charges 1,364  1,717  525  679  18  19 
Investment and brokerage services
Asset management fees 2,969  3,102  49  50  2,921  3,056 
Brokerage fees 870  989  27  26  330  430 
Total investment and brokerage services
3,839  4,091  76  76  3,251  3,486 
Investment banking fees
Underwriting income 657  435  —  —  40  41 
Syndication fees 180  301  —  —  —  — 
Financial advisory services 375  392  —  —  —  — 
Total investment banking fees 1,212  1,128  —  —  40  41 
Total fees and commissions 7,961  8,491  1,942  2,075  3,321  3,563 
Market making and similar activities 3,697  2,717  5  2  32  23 
Other income (loss) (619) (964) 140  (28) 84  45 
Total noninterest income $ 11,039  $ 10,244  $ 2,087  $ 2,049  $ 3,437  $ 3,631 
Global Banking Global Markets
All Other (1)
Three Months Ended June 30
2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 199  $ 194  $ 19  $ 17  $ —  $ 4 
Other card income 1  2  —  —  (26) 1 
Total card income 200  196  19  17  (26) 5 
Service charges
Deposit-related fees 489  688  20  28  1  3 
Lending-related fees 246  245  65  55  —  — 
Total service charges 735  933  85  83  1  3 
Investment and brokerage services
Asset management fees —  —  —  —  (1) (4)
Brokerage fees 14  13  499  518  —  2 
Total investment and brokerage services
14  13  499  518  (1) (2)
Investment banking fees
Underwriting income 283  179  384  282  (50) (67)
Syndication fees 102  152  78  149  —  — 
Financial advisory services 333  361  41  30  1  1 
Total investment banking fees 718  692  503  461  (49) (66)
Total fees and commissions 1,667  1,834  1,106  1,079  (75) (60)
Market making and similar activities 69  80  3,409  2,657  182  (45)
Other income (loss) 1,036  458  59  (215) (1,938) (1,224)
Total noninterest income $ 2,772  $ 2,372  $ 4,574  $ 3,521  $ (1,831) $ (1,329)
(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) 2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 1,979  $ 2,007  $ 1,561  $ 1,596  $ (3) $ 11 
Other card income 1,036  951  1,054  909  27  24 
Total card income 3,015  2,958  2,615  2,505  24  35 
Service charges
Deposit-related fees 2,142  2,947  1,124  1,523  21  38 
Lending-related fees 632  603  —  —  16  — 
Total service charges 2,774  3,550  1,124  1,523  37  38 
Investment and brokerage services
Asset management fees 5,887  6,388  96  102  5,794  6,290 
Brokerage fees 1,804  1,995  54  57  695  850 
Total investment and brokerage services
7,691  8,383  150  159  6,489  7,140 
Investment banking fees
Underwriting income 1,226  1,107  —  —  79  107 
Syndication fees 411  613  —  —  —  — 
Financial advisory services 738  865  —  —  —  — 
Total investment banking fees 2,375  2,585  —  —  79  107 
Total fees and commissions 15,855  17,476  3,889  4,187  6,629  7,320 
Market making and similar activities 8,409  5,955  10  2  66  36 
Other income (loss) (1,415) (1,531) 301  (7) 181  83 
Total noninterest income $ 22,849  $ 21,900  $ 4,200  $ 4,182  $ 6,876  $ 7,439 
Global Banking Global Markets
All Other (1)
Six Months Ended June 30
2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 386  $ 369  $ 35  $ 31  $ —  $ — 
Other card income 4  3  —  —  (49) 15 
Total card income 390  372  35  31  (49) 15 
Service charges
Deposit-related fees 956  1,325  40  56  1  5 
Lending-related fees 493  494  123  109  —  — 
Total service charges 1,449  1,819  163  165  1  5 
Investment and brokerage services
Asset management fees —  —  —  —  (3) (4)
Brokerage fees 23  25  1,032  1,063  —  — 
Total investment and brokerage services
23  25  1,032  1,063  (3) (4)
Investment banking fees
Underwriting income 512  454  698  684  (63) (138)
Syndication fees 228  318  183  295  —  — 
Financial advisory services 646  800  91  64  1  1 
Total investment banking fees 1,386  1,572  972  1,043  (62) (137)
Total fees and commissions 3,248  3,788  2,202  2,302  (113) (121)
Market making and similar activities 114  129  7,807  5,847  412  (59)
Other income (loss) 1,706  1,305  82  (329) (3,685) (2,583)
Total noninterest income $ 5,068  $ 5,222  $ 10,091  $ 7,820  $ (3,386) $ (2,763)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
Three Months Ended June 30 Six Months Ended June 30
(Dollars in millions) 2023 2022 2023 2022
Segments’ total revenue, net of interest expense $ 27,099  $ 24,077  $ 54,949  $ 48,852 
Adjustments (1):
       
Asset and liability management activities (207) (65) (432) (132)
Liquidating businesses, eliminations and other (1,560) (1,221) (2,793) (2,595)
FTE basis adjustment (135) (103) (269) (209)
Consolidated revenue, net of interest expense $ 25,197  $ 22,688  $ 51,455  $ 45,916 
Segments’ total net income 7,590  6,565  15,858  13,996 
Adjustments, net-of-tax (1):
   
Asset and liability management activities (151) (24) (325) (82)
Liquidating businesses, eliminations and other (31) (294) 36  (600)
Consolidated net income $ 7,408  $ 6,247  $ 15,569  $ 13,314 
June 30
2023 2022
Segments’ total assets $ 2,860,864  $ 2,974,933 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,162,755  1,179,629 
Elimination of segment asset allocations to match liabilities (963,574) (1,106,832)
Other 63,153  63,876 
Consolidated total assets $ 3,123,198  $ 3,111,606 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.