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, 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 and nine months ended September 30, 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 September 30 Nine Months Ended September 30
(Dollars in millions) 2023 2022 2023 2022
Net interest income
Interest income
Loans and leases $ 14,830  $ 10,231  $ 41,897  $ 25,805 
Debt securities 4,658  4,239  14,809  12,111 
Federal funds sold and securities borrowed or purchased under agreements to resell 4,888  1,446  13,555  1,835 
Trading account assets 2,217  1,449  6,321  3,753 
Other interest income 7,031  2,256  18,051  3,986 
Total interest income 33,624  19,621  94,633  47,490 
Interest expense
Deposits 7,340  1,235  17,439  1,719 
Short-term borrowings 7,629  2,264  22,164  2,705 
Trading account liabilities 510  383  1,486  1,117 
Long-term debt 3,766  1,974  10,559  4,168 
Total interest expense 19,245  5,856  51,648  9,709 
Net interest income $ 14,379  $ 13,765  $ 42,985  $ 37,781 
Noninterest income
Fees and commissions
Card income
Interchange fees (1)
$ 994  $ 1,060  $ 2,973  $ 3,067 
Other card income 526  513  1,562  1,464 
Total card income 1,520  1,573  4,535  4,531 
Service charges
Deposit-related fees 1,124  1,162  3,266  4,109 
Lending-related fees 340  304  972  907 
Total service charges 1,464  1,466  4,238  5,016 
Investment and brokerage services
Asset management fees 3,103  2,920  8,990  9,308 
Brokerage fees 860  875  2,664  2,870 
Total investment and brokerage services 3,963  3,795  11,654  12,178 
Investment banking fees
Underwriting income 531  452  1,757  1,559 
Syndication fees 209  283  620  896 
Financial advisory services 448  432  1,186  1,297 
Total investment banking fees 1,188  1,167  3,563  3,752 
Total fees and commissions 8,135  8,001  23,990  25,477 
Market making and similar activities 3,325  3,068  11,734  9,023 
Other income (loss) (672) (332) (2,087) (1,863)
Total noninterest income $ 10,788  $ 10,737  $ 33,637  $ 32,637 
(1)Gross interchange fees and merchant income are $3.4 billion and $3.3 billion for the three months ended September 30, 2023 and 2022 and are presented net of $2.4 billion and $2.2 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 $9.9 billion and $9.5 billion for the nine months ended September 30, 2023 and 2022 and are presented net of $7.0 billion and $6.4 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.