| Disaggregation of Revenue |
For more information, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. For a disaggregation of noninterest income by business segment and All Other, see Note 17 – Business Segment Information.
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Three Months Ended March 31 |
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| (Dollars in millions) |
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2024 |
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2023 |
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| Net interest income |
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| Interest income |
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| Loans and leases |
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$ |
15,240
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$ |
13,097 |
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| Debt securities |
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6,137
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5,460 |
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| Federal funds sold and securities borrowed or purchased under agreements to resell |
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5,175
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3,712 |
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| Trading account assets |
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2,455
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2,028 |
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Other interest income (1)
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7,278
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4,358 |
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| Total interest income |
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36,285
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28,655 |
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| Interest expense |
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| Deposits |
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9,138
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4,314 |
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| Short-term borrowings |
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8,535
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6,180 |
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| Trading account liabilities |
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546
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504 |
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| Long-term debt |
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4,034
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3,209 |
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| Total interest expense |
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22,253
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14,207 |
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| Net interest income |
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$ |
14,032
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$ |
14,448 |
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| Noninterest income |
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| Fees and commissions |
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| Card income |
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Interchange fees (2)
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$ |
931
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$ |
956 |
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| Other card income |
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532
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513 |
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| Total card income |
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1,463
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1,469 |
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| Service charges |
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| Deposit-related fees |
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1,122
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1,097 |
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| Lending-related fees |
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320
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313 |
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| Total service charges |
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1,442
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1,410 |
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| Investment and brokerage services |
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| Asset management fees |
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3,270
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2,918 |
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| Brokerage fees |
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917
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934 |
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| Total investment and brokerage services |
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4,187
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3,852 |
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| Investment banking fees |
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| Underwriting income |
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901
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569 |
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| Syndication fees |
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294
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231 |
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| Financial advisory services |
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373
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363 |
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| Total investment banking fees |
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1,568
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1,163 |
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| Total fees and commissions |
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8,660
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7,894 |
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| Market making and similar activities |
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3,888
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4,712 |
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| Other income (loss) |
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(762) |
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(796) |
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| Total noninterest income |
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$ |
11,786
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$ |
11,810 |
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(1)Includes interest income on interest-bearing deposits with the Federal Reserve, non-U.S. central banks and other banks of $4.5 billion and $2.0 billion for the three months ended March 31, 2024 and 2023.
(2)Gross interchange fees and merchant income were $3.2 billion for both the three months ended March 31, 2024 and 2023 and are presented net of $2.3 billion and $2.2 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.
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