Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.23.3
Business Segment Information (Tables)
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2023 and 2022, and total assets at September 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 September 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2023 2022 2023 2022 2023 2022
Net interest income $ 14,532  $ 13,871  $ 8,391  $ 7,784  $ 1,755  $ 1,981 
Noninterest income 10,788  10,737  2,081  2,120  3,566  3,448 
Total revenue, net of interest expense 25,320  24,608  10,472  9,904  5,321  5,429 
Provision for credit losses 1,234  898  1,397  738  (6) 37 
Noninterest expense 15,838  15,303  5,256  5,097  3,950  3,816 
Income before income taxes 8,248  8,407  3,819  4,069  1,377  1,576 
Income tax expense 446  1,325  955  997  344  386 
Net income $ 7,802  $ 7,082  $ 2,864  $ 3,072  $ 1,033  $ 1,190 
Period-end total assets $ 3,153,090  $ 3,072,953  $ 1,062,038  $ 1,149,918  $ 333,779  $ 370,790 
  Global Banking Global Markets All Other
  2023 2022 2023 2022 2023 2022
Net interest income $ 3,613  $ 3,326  $ 674  $ 743  $ 99  $ 37 
Noninterest income 2,590  2,265  4,268  3,740  (1,717) (836)
Total revenue, net of interest expense 6,203  5,591  4,942  4,483  (1,618) (799)
Provision for credit losses (119) 170  (14) 11  (24) (58)
Noninterest expense 2,804  2,651  3,235  3,023  593  716 
Income before income taxes 3,518  2,770  1,721  1,449  (2,187) (1,457)
Income tax expense 950  734  473  384  (2,276) (1,176)
Net income $ 2,568  $ 2,036  $ 1,248  $ 1,065  $ 89  $ (281)
Period-end total assets $ 588,578  $ 575,442  $ 864,792  $ 848,752  $ 303,903  $ 128,051 
(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) 2023 2022 2023 2022 2023 2022
Net interest income $ 43,407  $ 38,096  $ 25,421  $ 21,551  $ 5,436  $ 5,451 
Noninterest income 33,637  32,637  6,281  6,302  10,442  10,887 
Total revenue, net of interest expense 77,044  70,733  31,702  27,853  15,878  16,338 
Provision for credit losses 3,290  1,451  3,753  1,036  32  29 
Noninterest expense 48,114  45,895  16,182  14,977  11,942  11,706 
Income before income taxes 25,640  23,387  11,767  11,840  3,904  4,603 
Income tax expense 2,269  2,991  2,942  2,901  976  1,128 
Net income $ 23,371  $ 20,396  $ 8,825  $ 8,939  $ 2,928  $ 3,475 
Period-end total assets $ 3,153,090  $ 3,072,953  $ 1,062,038  $ 1,149,918  $ 333,779  $ 370,790 
  Global Banking Global Markets All Other
  2023 2022 2023 2022 2023 2022
Net interest income $ 11,210  $ 8,304  $ 1,080  $ 2,717  $ 260  $ 73 
Noninterest income 7,658  7,487  14,359  11,560  (5,103) (3,599)
Total revenue, net of interest expense 18,868  15,791  15,439  14,277  (4,843) (3,526)
Provision for credit losses (347) 492  (71) 24  (77) (130)
Noninterest expense 8,563  8,133  9,935  9,249  1,492  1,830 
Income before income taxes 10,652  7,166  5,575  5,004  (6,258) (5,226)
Income tax expense 2,876  1,899  1,533  1,326  (6,058) (4,263)
Net income $ 7,776  $ 5,267  $ 4,042  $ 3,678  $ (200) $ (963)
Period-end total assets $ 588,578  $ 575,442  $ 864,792  $ 848,752  $ 303,903  $ 128,051 
(1) There were no material intersegment revenues.
The table below presents noninterest income and the associated components for the three and nine months ended September 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 September 30
(Dollars in millions) 2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 994  $ 1,060  $ 789  $ 834  $ (5) $ 4 
Other card income 526  513  536  497  14  12 
Total card income 1,520  1,573  1,325  1,331  9  16 
Service charges
Deposit-related fees 1,124  1,162  605  597  10  18 
Lending-related fees 340  304  —  —  10  — 
Total service charges 1,464  1,466  605  597  20  18 
Investment and brokerage services
Asset management fees 3,103  2,920  51  47  3,054  2,874 
Brokerage fees 860  875  29  26  342  381 
Total investment and brokerage services
3,963  3,795  80  73  3,396  3,255 
Investment banking fees
Underwriting income 531  452  —  —  45  47 
Syndication fees 209  283  —  —  —  — 
Financial advisory services 448  432  —  —  —  — 
Total investment banking fees 1,188  1,167  —  —  45  47 
Total fees and commissions 8,135  8,001  2,010  2,001  3,470  3,336 
Market making and similar activities 3,325  3,068  5  3  34  30 
Other income (loss) (672) (332) 66  116  62  82 
Total noninterest income $ 10,788  $ 10,737  $ 2,081  $ 2,120  $ 3,566  $ 3,448 
Global Banking Global Markets
All Other (1)
Three Months Ended September 30
2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 194  $ 204  $ 16  $ 18  $ —  $ — 
Other card income 3  2  —  —  (27) 2 
Total card income 197  206  16  18  (27) 2 
Service charges
Deposit-related fees 490  524  19  24  —  (1)
Lending-related fees 264  247  66  57  —  — 
Total service charges 754  771  85  81  —  (1)
Investment and brokerage services
Asset management fees —  —  —  —  (2) (1)
Brokerage fees 14  11  475  457  —  — 
Total investment and brokerage services
14  11  475  457  (2) (1)
Investment banking fees
Underwriting income 230  181  318  260  (62) (36)
Syndication fees 117  148  92  135  —  — 
Financial advisory services 396  397  53  35  (1) — 
Total investment banking fees 743  726  463  430  (63) (36)
Total fees and commissions 1,708  1,714  1,039  986  (92) (36)
Market making and similar activities 21  52  3,195  2,874  70  109 
Other income (loss) 861  499  34  (120) (1,695) (909)
Total noninterest income $ 2,590  $ 2,265  $ 4,268  $ 3,740  $ (1,717) $ (836)
(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) 2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 2,973  $ 3,067  $ 2,350  $ 2,430  $ (8) $ 15 
Other card income 1,562  1,464  1,590  1,406  41  36 
Total card income 4,535  4,531  3,940  3,836  33  51 
Service charges
Deposit-related fees 3,266  4,109  1,729  2,120  31  56 
Lending-related fees 972  907  —  —  26  — 
Total service charges 4,238  5,016  1,729  2,120  57  56 
Investment and brokerage services
Asset management fees 8,990  9,308  147  149  8,848  9,164 
Brokerage fees 2,664  2,870  83  83  1,037  1,231 
Total investment and brokerage services
11,654  12,178  230  232  9,885  10,395 
Investment banking fees
Underwriting income 1,757  1,559  —  —  124  154 
Syndication fees 620  896  —  —  —  — 
Financial advisory services 1,186  1,297  —  —  —  — 
Total investment banking fees 3,563  3,752  —  —  124  154 
Total fees and commissions 23,990  25,477  5,899  6,188  10,099  10,656 
Market making and similar activities 11,734  9,023  15  5  100  66 
Other income (loss) (2,087) (1,863) 367  109  243  165 
Total noninterest income $ 33,637  $ 32,637  $ 6,281  $ 6,302  $ 10,442  $ 10,887 
Global Banking Global Markets
All Other (1)
Nine Months Ended September 30
2023 2022 2023 2022 2023 2022
Fees and commissions:
Card income
Interchange fees $ 580  $ 573  $ 51  $ 49  $ —  $ — 
Other card income 7  5  —  —  (76) 17 
Total card income 587  578  51  49  (76) 17 
Service charges
Deposit-related fees 1,446  1,849  59  80  1  4 
Lending-related fees 757  741  189  166  —  — 
Total service charges 2,203  2,590  248  246  1  4 
Investment and brokerage services
Asset management fees —  —  —  —  (5) (5)
Brokerage fees 37  36  1,507  1,520  —  — 
Total investment and brokerage services
37  36  1,507  1,520  (5) (5)
Investment banking fees
Underwriting income 742  635  1,016  944  (125) (174)
Syndication fees 345  466  275  430  —  — 
Financial advisory services 1,042  1,197  144  99  —  1 
Total investment banking fees 2,129  2,298  1,435  1,473  (125) (173)
Total fees and commissions 4,956  5,502  3,241  3,288  (205) (157)
Market making and similar activities 135  181  11,002  8,721  482  50 
Other income (loss) 2,567  1,804  116  (449) (5,380) (3,492)
Total noninterest income $ 7,658  $ 7,487  $ 14,359  $ 11,560  $ (5,103) $ (3,599)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
Three Months Ended September 30 Nine Months Ended September 30
(Dollars in millions) 2023 2022 2023 2022
Segments’ total revenue, net of interest expense $ 26,938  $ 25,407  $ 81,887  $ 74,259 
Adjustments (1):
       
Asset and liability management activities 28  (13) (404) (146)
Liquidating businesses, eliminations and other (1,646) (786) (4,439) (3,380)
FTE basis adjustment (153) (106) (422) (315)
Consolidated revenue, net of interest expense $ 25,167  $ 24,502  $ 76,622  $ 70,418 
Segments’ total net income 7,713  7,363  23,571  21,359 
Adjustments, net-of-tax (1):
   
Asset and liability management activities 16  (24) (309) (106)
Liquidating businesses, eliminations and other 73  (257) 109  (857)
Consolidated net income $ 7,802  $ 7,082  $ 23,371  $ 20,396 
September 30
2023 2022
Segments’ total assets $ 2,849,187  $ 2,944,902 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,185,910  1,129,824 
Elimination of segment asset allocations to match liabilities (945,715) (1,065,057)
Other 63,708  63,284 
Consolidated total assets $ 3,153,090  $ 3,072,953 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.