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
 6 Months Ended
Jun. 30, 2024
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 six months ended June 30, 2024 and 2023. 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.
Three Months Ended June 30 Six Months Ended June 30
(Dollars in millions) 2024 2023 2024 2023
Net interest income
Interest income
Loans and leases $ 15,338  $ 13,970  $ 30,578  $ 27,067 
Debt securities 6,325  4,691  12,462  10,151 
Federal funds sold and securities borrowed or purchased under agreements to resell 5,159  4,955  10,334  8,667 
Trading account assets 2,516  2,076  4,971  4,104 
Other interest income (1)
7,516  6,662  14,794  11,020 
Total interest income 36,854  32,354  73,139  61,009 
Interest expense
Deposits 9,655  5,785  18,793  10,099 
Short-term borrowings 9,070  8,355  17,605  14,535 
Trading account liabilities 540  472  1,086  976 
Long-term debt 3,887  3,584  7,921  6,793 
Total interest expense 23,152  18,196  45,405  32,403 
Net interest income $ 13,702  $ 14,158  $ 27,734  $ 28,606 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 1,023  $ 1,023  $ 1,954  $ 1,979 
Other card income 558  523  1,090  1,036 
Total card income 1,581  1,546  3,044  3,015 
Service charges
Deposit-related fees 1,172  1,045  2,294  2,142 
Lending-related fees 335  319  655  632 
Total service charges 1,507  1,364  2,949  2,774 
Investment and brokerage services
Asset management fees 3,370  2,969  6,640  5,887 
Brokerage fees 950  870  1,867  1,804 
Total investment and brokerage services 4,320  3,839  8,507  7,691 
Investment banking fees
Underwriting income 869  657  1,770  1,226 
Syndication fees 318  180  612  411 
Financial advisory services 374  375  747  738 
Total investment banking fees 1,561  1,212  3,129  2,375 
Total fees and commissions 8,969  7,961  17,629  15,855 
Market making and similar activities 3,298  3,697  7,186  8,409 
Other income (loss) (592) (619) (1,354) (1,415)
Total noninterest income $ 11,675  $ 11,039  $ 23,461  $ 22,849 
(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 $4.3 billion for the three months ended June 30, 2024 and 2023, and $9.0 billion and $6.3 billion for the six months ended June 30, 2024 and 2023.
(2)Gross interchange fees and merchant income are $3.5 billion and $3.4 billion for the three months ended June 30, 2024 and 2023 and both are presented net of $2.4 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 $6.7 billion and $6.6 billion for the six months ended June 30, 2024 and 2023 and are presented net of $4.7 billion and $4.6 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.