Annual report pursuant to Section 13 and 15(d)

Performance by Geographical Area

v3.24.0.1
Performance by Geographical Area
 12 Months Ended
Dec. 31, 2023
Segments, Geographical Areas [Abstract]  
Performance by Geographical Area Performance by Geographical Area
The Corporation’s operations are highly integrated with operations in both U.S. and non-U.S. markets. The non-U.S. business activities are largely conducted in Europe, the Middle East and Africa and in Asia. The Corporation identifies its geographic performance based on the business unit structure used to manage the capital or expense deployed in the region
as applicable. This requires certain judgments related to the allocation of revenue so that revenue can be appropriately matched with the related capital or expense deployed in the region. Certain asset, liability, income and expense amounts have been allocated to arrive at total assets, total revenue, net of interest expense, income before income taxes and net income by geographic area as presented below.
(Dollars in millions)  
Total Assets at Year End (1)
Total Revenue, Net of Interest Expense (2)
Income Before Income Taxes Net Income
U.S. (3)
2023 $ 2,768,003  $ 85,571  $ 24,525  $ 23,656 
  2022 2,631,815  82,890  28,135  25,607 
  2021 78,012  31,392  27,781 
Asia 2023 139,967  4,952  1,512  1,139 
  2022 127,399  4,597  1,144  865 
  2021 4,439  988  733 
Europe, Middle East and Africa 2023 238,052  6,393  1,540  1,098 
  2022 262,856  6,044  1,121  689 
  2021 5,423  1,097  3,134 
Latin America and the Caribbean 2023 34,129  1,665  765  622 
  2022 29,305  1,419  569  367 
  2021 1,239  499  330 
Total Non-U.S.  2023 412,148  13,010  3,817  2,859 
  2022 419,560  12,060  2,834  1,921 
  2021 11,101  2,584  4,197 
Total Consolidated 2023 $ 3,180,151  $ 98,581  $ 28,342  $ 26,515 
  2022 3,051,375  94,950  30,969  27,528 
  2021 89,113  33,976  31,978 
(1)Total assets include long-lived assets, which are primarily located in the U.S.
(2)There were no material intercompany revenues between geographic regions for any of the periods presented.
(3)Substantially reflects the U.S.