Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.24.2
Business Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Corporation reports its results of operations through the following four business segments: Consumer Banking, Global Wealth & Investment Management, Global Banking and Global Markets, with the remaining operations recorded in All Other. For more information, see Note 23 – Business Segment Information to the Consolidated Financial Statements of the Corporation’s
2023 Annual Report on Form 10-K. The following tables present net income (loss) 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 six months ended June 30, 2024 and 2023, and total assets at June 30, 2024 and 2023 for each business segment, as well as All Other.
Results of Business Segments and All Other
At and for the three months ended June 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2024 2023 2024 2023 2024 2023
Net interest income $ 13,862  $ 14,293  $ 8,118  $ 8,437  $ 1,693  $ 1,805 
Noninterest income 11,675  11,039  2,088  2,087  3,881  3,437 
Total revenue, net of interest expense 25,537  25,332  10,206  10,524  5,574  5,242 
Provision for credit losses 1,508  1,125  1,281  1,267  7  13 
Noninterest expense 16,309  16,038  5,464  5,453  4,199  3,925 
Income before income taxes 7,720  8,169  3,461  3,804  1,368  1,304 
Income tax expense 823  761  866  951  342  326 
Net income $ 6,897  $ 7,408  $ 2,595  $ 2,853  $ 1,026  $ 978 
Period-end total assets $ 3,257,996  $ 3,123,198  $ 1,033,960  $ 1,084,512  $ 324,476  $ 338,184 
  Global Banking Global Markets All Other
  2024 2023 2024 2023 2024 2023
Net interest income $ 3,275  $ 3,690  $ 770  $ 297  $ 6  $ 64 
Noninterest income 2,778  2,772  4,689  4,574  (1,761) (1,831)
Total revenue, net of interest expense 6,053  6,462  5,459  4,871  (1,755) (1,767)
Provision for credit losses 235  9  (13) (4) (2) (160)
Noninterest expense 2,899  2,819  3,486  3,349  261  492 
Income (loss) before income taxes 2,919  3,634  1,986  1,526  (2,014) (2,099)
Income tax expense (benefit) 803  981  576  420  (1,764) (1,917)
Net income (loss) $ 2,116  $ 2,653  $ 1,410  $ 1,106  $ (250) $ (182)
Period-end total assets $ 620,217  $ 586,397  $ 887,162  $ 851,771  $ 392,181  $ 262,334 
(1)There were no material intersegment revenues.

Results of Business Segments and All Other
At and for the six months ended June 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2024 2023 2024 2023 2024 2023
Net interest income $ 28,052  $ 28,875  $ 16,315  $ 17,030  $ 3,507  $ 3,681 
Noninterest income 23,461  22,849  4,057  4,200  7,658  6,876 
Total revenue, net of interest expense 51,513  51,724  20,372  21,230  11,165  10,557 
Provision for credit losses 2,827  2,056  2,431  2,356  (6) 38 
Noninterest expense 33,546  32,276  10,939  10,926  8,463  7,992 
Income before income taxes 15,140  17,392  7,002  7,948  2,708  2,527 
Income tax expense 1,569  1,823  1,751  1,987  677  632 
Net income $ 13,571  $ 15,569  $ 5,251  $ 5,961  $ 2,031  $ 1,895 
Period-end total assets $ 3,257,996  $ 3,123,198  $ 1,033,960  $ 1,084,512  $ 324,476  $ 338,184 
  Global Banking Global Markets All Other
  2024 2023 2024 2023 2024 2023
Net interest income $ 6,735  $ 7,597  $ 1,451  $ 406  $ 44  $ 161 
Noninterest income 5,298  5,068  9,891  10,091  (3,443) (3,386)
Total revenue, net of interest expense 12,033  12,665  11,342  10,497  (3,399) (3,225)
Provision for credit losses 464  (228) (49) (57) (13) (53)
Noninterest expense 5,911  5,759  6,978  6,700  1,255  899 
Income before income taxes 5,658  7,134  4,413  3,854  (4,641) (4,071)
Income tax expense 1,556  1,926  1,280  1,060  (3,695) (3,782)
Net income (loss) $ 4,102  $ 5,208  $ 3,133  $ 2,794  $ (946) $ (289)
Period-end total assets $ 620,217  $ 586,397  $ 887,162  $ 851,771  $ 392,181  $ 262,334 
(1) There were no material intersegment revenues.
The table below presents noninterest income and the associated components for the three and six months ended June 30, 2024 and 2023 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 June 30
(Dollars in millions) 2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 1,023  $ 1,023  $ 815  $ 808  $ (7) $ (3)
Other card income 558  523  546  533  16  15 
Total card income 1,581  1,546  1,361  1,341  9  12 
Service charges
Deposit-related fees 1,172  1,045  614  525  10  10 
Lending-related fees 335  319  —  —  14  8 
Total service charges 1,507  1,364  614  525  24  18 
Investment and brokerage services
Asset management fees 3,370  2,969  45  49  3,327  2,921 
Brokerage fees 950  870  33  27  380  330 
Total investment and brokerage services
4,320  3,839  78  76  3,707  3,251 
Investment banking fees
Underwriting income 869  657  —  —  57  40 
Syndication fees 318  180  —  —  —  — 
Financial advisory services 374  375  —  —  —  — 
Total investment banking fees 1,561  1,212  —  —  57  40 
Total fees and commissions 8,969  7,961  2,053  1,942  3,797  3,321 
Market making and similar activities 3,298  3,697  6  5  38  32 
Other income (loss) (592) (619) 29  140  46  84 
Total noninterest income $ 11,675  $ 11,039  $ 2,088  $ 2,087  $ 3,881  $ 3,437 
Global Banking Global Markets
All Other (1)
Three Months Ended June 30
2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 195  $ 199  $ 20  $ 19  $ —  $ — 
Other card income 3  1  —  —  (7) (26)
Total card income 198  200  20  19  (7) (26)
Service charges
Deposit-related fees 525  489  22  20  1  1 
Lending-related fees 250  246  71  65  —  — 
Total service charges 775  735  93  85  1  1 
Investment and brokerage services
Asset management fees —  —  —  —  (2) (1)
Brokerage fees 21  14  516  499  —  — 
Total investment and brokerage services
21  14  516  499  (2) (1)
Investment banking fees
Underwriting income 345  283  517  384  (50) (50)
Syndication fees 168  102  150  78  —  — 
Financial advisory services 322  333  52  41  —  1 
Total investment banking fees 835  718  719  503  (50) (49)
Total fees and commissions 1,829  1,667  1,348  1,106  (58) (75)
Market making and similar activities 78  69  3,218  3,409  (42) 182 
Other income (loss) 871  1,036  123  59  (1,661) (1,938)
Total noninterest income $ 2,778  $ 2,772  $ 4,689  $ 4,574  $ (1,761) $ (1,831)
(1)All Other includes eliminations of intercompany transactions.
Noninterest Income by Business Segment and All Other
Total Corporation Consumer Banking Global Wealth &
Investment Management
Six Months Ended June 30
(Dollars in millions) 2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 1,954  $ 1,979  $ 1,547  $ 1,561  $ (11) $ (3)
Other card income 1,090  1,036  1,086  1,054  30  27 
Total card income 3,044  3,015  2,633  2,615  19  24 
Service charges
Deposit-related fees 2,294  2,142  1,192  1,124  21  21 
Lending-related fees 655  632  —  —  26  16 
Total service charges 2,949  2,774  1,192  1,124  47  37 
Investment and brokerage services
Asset management fees 6,640  5,887  100  96  6,546  5,794 
Brokerage fees 1,867  1,804  56  54  761  695 
Total investment and brokerage services
8,507  7,691  156  150  7,307  6,489 
Investment banking fees
Underwriting income 1,770  1,226  —  —  120  79 
Syndication fees 612  411  —  —  —  — 
Financial advisory services 747  738  —  —  —  — 
Total investment banking fees 3,129  2,375  —  —  120  79 
Total fees and commissions 17,629  15,855  3,981  3,889  7,493  6,629 
Market making and similar activities 7,186  8,409  11  10  72  66 
Other income (loss) (1,354) (1,415) 65  301  93  181 
Total noninterest income $ 23,461  $ 22,849  $ 4,057  $ 4,200  $ 7,658  $ 6,876 
Global Banking Global Markets
All Other (1)
Six Months Ended June 30
2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 381  $ 386  $ 37  $ 35  $ —  $ — 
Other card income 5  4  —  —  (31) (49)
Total card income 386  390  37  35  (31) (49)
Service charges
Deposit-related fees 1,034  956  45  40  2  1 
Lending-related fees 491  493  138  123  —  — 
Total service charges 1,525  1,449  183  163  2  1 
Investment and brokerage services
Asset management fees —  —  —  —  (6) (3)
Brokerage fees 39  23  1,011  1,032  —  — 
Total investment and brokerage services
39  23  1,011  1,032  (6) (3)
Investment banking fees
Underwriting income 726  512  1,027  698  (103) (63)
Syndication fees 320  228  292  183  —  — 
Financial advisory services 639  646  108  91  —  1 
Total investment banking fees 1,685  1,386  1,427  972  (103) (62)
Total fees and commissions 3,635  3,248  2,658  2,202  (138) (113)
Market making and similar activities 146  114  7,048  7,807  (91) 412 
Other income (loss) 1,517  1,706  185  82  (3,214) (3,685)
Total noninterest income $ 5,298  $ 5,068  $ 9,891  $ 10,091  $ (3,443) $ (3,386)
(1) All other includes eliminations of intercompany transactions.
The table below presents a reconciliation of the four business segments’ total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet.
Business Segment Reconciliations
Three Months Ended June 30 Six Months Ended June 30
(Dollars in millions) 2024 2023 2024 2023
Segments’ total revenue, net of interest expense $ 27,292  $ 27,099  $ 54,912  $ 54,949 
Adjustments (1):
       
Asset and liability management activities (68) (207) (140) (432)
Liquidating businesses, eliminations and other (1,687) (1,560) (3,259) (2,793)
FTE basis adjustment (160) (135) (318) (269)
Consolidated revenue, net of interest expense $ 25,377  $ 25,197  $ 51,195  $ 51,455 
Segments’ total net income 7,147  7,590  14,517  15,858 
Adjustments, net-of-tax (1):
   
Asset and liability management activities (53) (151) (108) (325)
Liquidating businesses, eliminations and other (197) (31) (838) 36 
Consolidated net income $ 6,897  $ 7,408  $ 13,571  $ 15,569 
June 30
2024 2023
Segments’ total assets $ 2,865,815  $ 2,860,864 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,261,291  1,162,755 
Elimination of segment asset allocations to match liabilities (931,120) (963,574)
Other 62,010  63,153 
Consolidated total assets $ 3,257,996  $ 3,123,198 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.