Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.24.3
Business Segment Information
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023, and total assets at September 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 September 30
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2024 2023 2024 2023 2024 2023
Net interest income $ 14,114  $ 14,532  $ 8,278  $ 8,391  $ 1,709  $ 1,755 
Noninterest income 11,378  10,788  2,140  2,081  4,053  3,566 
Total revenue, net of interest expense 25,492  25,320  10,418  10,472  5,762  5,321 
Provision for credit losses 1,542  1,234  1,302  1,397  7  (6)
Noninterest expense 16,479  15,838  5,534  5,256  4,340  3,950 
Income before income taxes 7,471  8,248  3,582  3,819  1,415  1,377 
Income tax expense 575  446  895  955  354  344 
Net income $ 6,896  $ 7,802  $ 2,687  $ 2,864  $ 1,061  $ 1,033 
Period-end total assets $ 3,324,293  $ 3,153,090  $ 1,026,293  $ 1,062,038  $ 328,831  $ 333,779 
  Global Banking Global Markets All Other
  2024 2023 2024 2023 2024 2023
Net interest income $ 3,230  $ 3,613  $ 898  $ 674  $ (1) $ 99 
Noninterest income 2,604  2,590  4,732  4,268  (2,151) (1,717)
Total revenue, net of interest expense 5,834  6,203  5,630  4,942  (2,152) (1,618)
Provision for credit losses 229  (119) 7  (14) (3) (24)
Noninterest expense 2,991  2,804  3,443  3,235  171  593 
Income (loss) before income taxes 2,614  3,518  2,180  1,721  (2,320) (2,187)
Income tax expense (benefit) 719  950  632  473  (2,025) (2,276)
Net income (loss) $ 1,895  $ 2,568  $ 1,548  $ 1,248  $ (295) $ 89 
Period-end total assets $ 650,936  $ 588,578  $ 958,227  $ 864,792  $ 360,006  $ 303,903 
(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) 2024 2023 2024 2023 2024 2023
Net interest income $ 42,166  $ 43,407  $ 24,593  $ 25,421  $ 5,216  $ 5,436 
Noninterest income 34,839  33,637  6,197  6,281  11,711  10,442 
Total revenue, net of interest expense 77,005  77,044  30,790  31,702  16,927  15,878 
Provision for credit losses 4,369  3,290  3,733  3,753  1  32 
Noninterest expense 50,025  48,114  16,473  16,182  12,803  11,942 
Income before income taxes 22,611  25,640  10,584  11,767  4,123  3,904 
Income tax expense 2,144  2,269  2,646  2,942  1,031  976 
Net income $ 20,467  $ 23,371  $ 7,938  $ 8,825  $ 3,092  $ 2,928 
Period-end total assets $ 3,324,293  $ 3,153,090  $ 1,026,293  $ 1,062,038  $ 328,831  $ 333,779 
  Global Banking Global Markets All Other
  2024 2023 2024 2023 2024 2023
Net interest income $ 9,965  $ 11,210  $ 2,349  $ 1,080  $ 43  $ 260 
Noninterest income 7,902  7,658  14,623  14,359  (5,594) (5,103)
Total revenue, net of interest expense 17,867  18,868  16,972  15,439  (5,551) (4,843)
Provision for credit losses 693  (347) (42) (71) (16) (77)
Noninterest expense 8,902  8,563  10,421  9,935  1,426  1,492 
Income before income taxes 8,272  10,652  6,593  5,575  (6,961) (6,258)
Income tax expense 2,275  2,876  1,912  1,533  (5,720) (6,058)
Net income (loss) $ 5,997  $ 7,776  $ 4,681  $ 4,042  $ (1,241) $ (200)
Period-end total assets $ 650,936  $ 588,578  $ 958,227  $ 864,792  $ 360,006  $ 303,903 
(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, 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 September 30
(Dollars in millions) 2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 1,030  $ 994  $ 824  $ 789  $ (5) $ (5)
Other card income 588  526  578  536  14  14 
Total card income 1,618  1,520  1,402  1,325  9  9 
Service charges
Deposit-related fees 1,198  1,124  631  605  12  10 
Lending-related fees 354  340  —  —  12  10 
Total service charges 1,552  1,464  631  605  24  20 
Investment and brokerage services
Asset management fees 3,533  3,103  52  51  3,482  3,054 
Brokerage fees 1,013  860  28  29  392  342 
Total investment and brokerage services
4,546  3,963  80  80  3,874  3,396 
Investment banking fees
Underwriting income 742  531  —  —  64  45 
Syndication fees 274  209  —  —  —  — 
Financial advisory services 387  448  —  —  —  — 
Total investment banking fees 1,403  1,188  —  —  64  45 
Total fees and commissions 9,119  8,135  2,113  2,010  3,971  3,470 
Market making and similar activities 3,278  3,325  5  5  35  34 
Other income (loss) (1,019) (672) 22  66  47  62 
Total noninterest income $ 11,378  $ 10,788  $ 2,140  $ 2,081  $ 4,053  $ 3,566 
Global Banking Global Markets
All Other (1)
Three Months Ended September 30
2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 197  $ 194  $ 14  $ 16  $ —  $ — 
Other card income 3  3  —  —  (7) (27)
Total card income 200  197  14  16  (7) (27)
Service charges
Deposit-related fees 534  490  21  19  —  — 
Lending-related fees 268  264  74  66  —  — 
Total service charges 802  754  95  85  —  — 
Investment and brokerage services
Asset management fees —  —  —  —  (1) (2)
Brokerage fees 31  14  562  475  —  — 
Total investment and brokerage services
31  14  562  475  (1) (2)
Investment banking fees
Underwriting income 285  230  426  318  (33) (62)
Syndication fees 147  117  127  92  —  — 
Financial advisory services 351  396  36  53  —  (1)
Total investment banking fees 783  743  589  463  (33) (63)
Total fees and commissions 1,816  1,708  1,260  1,039  (41) (92)
Market making and similar activities 66  21  3,349  3,195  (177) 70 
Other income (loss) 722  861  123  34  (1,933) (1,695)
Total noninterest income $ 2,604  $ 2,590  $ 4,732  $ 4,268  $ (2,151) $ (1,717)
(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) 2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 2,984  $ 2,973  $ 2,371  $ 2,350  $ (16) $ (8)
Other card income 1,678  1,562  1,664  1,590  44  41 
Total card income 4,662  4,535  4,035  3,940  28  33 
Service charges
Deposit-related fees 3,492  3,266  1,823  1,729  33  31 
Lending-related fees 1,009  972  —  —  38  26 
Total service charges 4,501  4,238  1,823  1,729  71  57 
Investment and brokerage services
Asset management fees 10,173  8,990  152  147  10,028  8,848 
Brokerage fees 2,880  2,664  84  83  1,153  1,037 
Total investment and brokerage services
13,053  11,654  236  230  11,181  9,885 
Investment banking fees
Underwriting income 2,512  1,757  —  —  184  124 
Syndication fees 886  620  —  —  —  — 
Financial advisory services 1,134  1,186  —  —  —  — 
Total investment banking fees 4,532  3,563  —  —  184  124 
Total fees and commissions 26,748  23,990  6,094  5,899  11,464  10,099 
Market making and similar activities 10,464  11,734  16  15  107  100 
Other income (loss) (2,373) (2,087) 87  367  140  243 
Total noninterest income $ 34,839  $ 33,637  $ 6,197  $ 6,281  $ 11,711  $ 10,442 
Global Banking Global Markets
All Other (1)
Nine Months Ended September 30
2024 2023 2024 2023 2024 2023
Fees and commissions:
Card income
Interchange fees $ 578  $ 580  $ 51  $ 51  $ —  $ — 
Other card income 8  7  —  —  (38) (76)
Total card income 586  587  51  51  (38) (76)
Service charges
Deposit-related fees 1,568  1,446  66  59  2  1 
Lending-related fees 759  757  212  189  —  — 
Total service charges 2,327  2,203  278  248  2  1 
Investment and brokerage services
Asset management fees —  —  —  —  (7) (5)
Brokerage fees 70  37  1,573  1,507  —  — 
Total investment and brokerage services
70  37  1,573  1,507  (7) (5)
Investment banking fees
Underwriting income 1,011  742  1,453  1,016  (136) (125)
Syndication fees 467  345  419  275  —  — 
Financial advisory services 990  1,042  144  144  —  — 
Total investment banking fees 2,468  2,129  2,016  1,435  (136) (125)
Total fees and commissions 5,451  4,956  3,918  3,241  (179) (205)
Market making and similar activities 212  135  10,397  11,002  (268) 482 
Other income (loss) 2,239  2,567  308  116  (5,147) (5,380)
Total noninterest income $ 7,902  $ 7,658  $ 14,623  $ 14,359  $ (5,594) $ (5,103)
(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 September 30 Nine Months Ended September 30
(Dollars in millions) 2024 2023 2024 2023
Segments’ total revenue, net of interest expense $ 27,644  $ 26,938  $ 82,556  $ 81,887 
Adjustments (1):
       
Asset and liability management activities (183) 28  (323) (404)
Liquidating businesses, eliminations and other (1,969) (1,646) (5,228) (4,439)
FTE basis adjustment (147) (153) (465) (422)
Consolidated revenue, net of interest expense $ 25,345  $ 25,167  $ 76,540  $ 76,622 
Segments’ total net income 7,191  7,713  21,708  23,571 
Adjustments, net-of-tax (1):
   
Asset and liability management activities (138) 16  (247) (309)
Liquidating businesses, eliminations and other (157) 73  (994) 109 
Consolidated net income $ 6,896  $ 7,802  $ 20,467  $ 23,371 
September 30
2024 2023
Segments’ total assets $ 2,964,287  $ 2,849,187 
Adjustments (1):
Asset and liability management activities, including securities portfolio 1,251,025  1,185,910 
Elimination of segment asset allocations to match liabilities (953,618) (945,715)
Other 62,599  63,708 
Consolidated total assets $ 3,324,293  $ 3,153,090 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.