| Schedule of Segment Reporting Information, by Segment |
The following table presents 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 2018, 2017 and 2016, and total assets at December 31, 2018 and 2017 for each business segment, as well as All Other.
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|
|
|
|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Results of Business Segments and All Other |
|
|
|
|
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At and for the year ended December 31 |
|
Total Corporation (1)
|
|
Consumer Banking |
(Dollars in millions) |
|
2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
Net interest income |
|
$ |
48,042 |
|
|
$ |
45,592 |
|
|
$ |
41,996 |
|
|
$ |
27,123 |
|
|
$ |
24,307 |
|
|
$ |
21,290 |
|
Noninterest income |
|
43,815 |
|
|
42,685 |
|
|
42,605 |
|
|
10,400 |
|
|
10,214 |
|
|
10,441 |
|
Total revenue, net of interest expense |
|
91,857 |
|
|
88,277 |
|
|
84,601 |
|
|
37,523 |
|
|
34,521 |
|
|
31,731 |
|
Provision for credit losses |
|
3,282 |
|
|
3,396 |
|
|
3,597 |
|
|
3,664 |
|
|
3,525 |
|
|
2,715 |
|
Noninterest expense |
|
53,381 |
|
|
54,743 |
|
|
55,083 |
|
|
17,713 |
|
|
17,795 |
|
|
17,664 |
|
Income before income taxes |
|
35,194 |
|
|
30,138 |
|
|
25,921 |
|
|
16,146 |
|
|
13,201 |
|
|
11,352 |
|
Income tax expense |
|
7,047 |
|
|
11,906 |
|
|
8,099 |
|
|
4,117 |
|
|
4,999 |
|
|
4,186 |
|
Net income |
|
$ |
28,147 |
|
|
$ |
18,232 |
|
|
$ |
17,822 |
|
|
$ |
12,029 |
|
|
$ |
8,202 |
|
|
$ |
7,166 |
|
Year-end total assets |
|
$ |
2,354,507 |
|
|
$ |
2,281,234 |
|
|
|
|
$ |
768,877 |
|
|
$ |
749,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Wealth &
Investment Management |
|
Global Banking |
|
|
2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
Net interest income |
|
$ |
6,294 |
|
|
$ |
6,173 |
|
|
$ |
5,759 |
|
|
$ |
10,881 |
|
|
$ |
10,504 |
|
|
$ |
9,471 |
|
Noninterest income |
|
13,044 |
|
|
12,417 |
|
|
11,891 |
|
|
8,763 |
|
|
9,495 |
|
|
8,974 |
|
Total revenue, net of interest expense |
|
19,338 |
|
|
18,590 |
|
|
17,650 |
|
|
19,644 |
|
|
19,999 |
|
|
18,445 |
|
Provision for credit losses |
|
86 |
|
|
56 |
|
|
68 |
|
|
8 |
|
|
212 |
|
|
883 |
|
Noninterest expense |
|
13,777 |
|
|
13,556 |
|
|
13,166 |
|
|
8,591 |
|
|
8,596 |
|
|
8,486 |
|
Income before income taxes |
|
5,475 |
|
|
4,978 |
|
|
4,416 |
|
|
11,045 |
|
|
11,191 |
|
|
9,076 |
|
Income tax expense |
|
1,396 |
|
|
1,885 |
|
|
1,635 |
|
|
2,872 |
|
|
4,238 |
|
|
3,347 |
|
Net income |
|
$ |
4,079 |
|
|
$ |
3,093 |
|
|
$ |
2,781 |
|
|
$ |
8,173 |
|
|
$ |
6,953 |
|
|
$ |
5,729 |
|
Year-end total assets |
|
$ |
305,906 |
|
|
$ |
284,321 |
|
|
|
|
|
$ |
441,477 |
|
|
$ |
424,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Markets |
|
All Other |
|
|
2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
Net interest income |
|
$ |
3,171 |
|
|
$ |
3,744 |
|
|
$ |
4,557 |
|
|
$ |
573 |
|
|
$ |
864 |
|
|
$ |
919 |
|
Noninterest income |
|
12,892 |
|
|
12,207 |
|
|
11,533 |
|
|
(1,284 |
) |
|
(1,648 |
) |
|
(234 |
) |
Total revenue, net of interest expense |
|
16,063 |
|
|
15,951 |
|
|
16,090 |
|
|
(711 |
) |
|
(784 |
) |
|
685 |
|
Provision for credit losses |
|
— |
|
|
164 |
|
|
31 |
|
|
(476 |
) |
|
(561 |
) |
|
(100 |
) |
Noninterest expense |
|
10,686 |
|
|
10,731 |
|
|
10,171 |
|
|
2,614 |
|
|
4,065 |
|
|
5,596 |
|
Income (loss) before income taxes |
|
5,377 |
|
|
5,056 |
|
|
5,888 |
|
|
(2,849 |
) |
|
(4,288 |
) |
|
(4,811 |
) |
Income tax expense (benefit) |
|
1,398 |
|
|
1,763 |
|
|
2,071 |
|
|
(2,736 |
) |
|
(979 |
) |
|
(3,140 |
) |
Net income (loss) |
|
$ |
3,979 |
|
|
$ |
3,293 |
|
|
$ |
3,817 |
|
|
$ |
(113 |
) |
|
$ |
(3,309 |
) |
|
$ |
(1,671 |
) |
Year-end total assets |
|
$ |
641,922 |
|
|
$ |
629,013 |
|
|
|
|
$ |
196,325 |
|
|
$ |
194,042 |
|
|
|
|
|
|
(1) |
There were no material intersegment revenues. |
The table below presents noninterest income and the components thereto for 2018, 2017 and 2016 for each business segment, as well as All Other. For more information, see Note 1 – Summary of Significant Accounting Principles and Note 2 – Noninterest Income.
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income by Business Segment and All Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporation |
|
Consumer Banking |
|
Global Wealth &
Investment Management |
(Dollars in millions) |
2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
Card income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
4,093 |
|
|
$ |
3,942 |
|
|
$ |
3,960 |
|
|
$ |
3,383 |
|
|
$ |
3,224 |
|
|
$ |
3,271 |
|
|
$ |
82 |
|
|
$ |
109 |
|
|
$ |
106 |
|
Other card income |
1,958 |
|
|
1,960 |
|
|
1,891 |
|
|
1,906 |
|
|
1,846 |
|
|
1,664 |
|
|
46 |
|
|
44 |
|
|
44 |
|
Total card income |
6,051 |
|
|
5,902 |
|
|
5,851 |
|
|
5,289 |
|
|
5,070 |
|
|
4,935 |
|
|
128 |
|
|
153 |
|
|
150 |
|
Service charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
6,667 |
|
|
6,708 |
|
|
6,545 |
|
|
4,300 |
|
|
4,266 |
|
|
4,142 |
|
|
73 |
|
|
76 |
|
|
74 |
|
Lending-related fees |
1,100 |
|
|
1,110 |
|
|
1,093 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total service charges |
7,767 |
|
|
7,818 |
|
|
7,638 |
|
|
4,300 |
|
|
4,266 |
|
|
4,142 |
|
|
73 |
|
|
76 |
|
|
74 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
10,189 |
|
|
9,310 |
|
|
8,328 |
|
|
147 |
|
|
133 |
|
|
120 |
|
|
10,042 |
|
|
9,177 |
|
|
8,208 |
|
Brokerage fees |
3,971 |
|
|
4,526 |
|
|
5,021 |
|
|
172 |
|
|
184 |
|
|
200 |
|
|
1,917 |
|
|
2,217 |
|
|
2,666 |
|
Total investment and brokerage services |
14,160 |
|
|
13,836 |
|
|
13,349 |
|
|
319 |
|
|
317 |
|
|
320 |
|
|
11,959 |
|
|
11,394 |
|
|
10,874 |
|
Investment banking income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting income |
2,722 |
|
|
2,821 |
|
|
2,585 |
|
|
(1 |
) |
|
— |
|
|
2 |
|
|
335 |
|
|
316 |
|
|
225 |
|
Syndication fees |
1,347 |
|
|
1,499 |
|
|
1,388 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
Financial advisory services |
1,258 |
|
|
1,691 |
|
|
1,268 |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
2 |
|
|
1 |
|
Total investment banking income |
5,327 |
|
|
6,011 |
|
|
5,241 |
|
|
(1 |
) |
|
— |
|
|
2 |
|
|
337 |
|
|
318 |
|
|
227 |
|
Trading account profits |
8,540 |
|
|
7,277 |
|
|
6,902 |
|
|
8 |
|
|
3 |
|
|
— |
|
|
112 |
|
|
144 |
|
|
175 |
|
Other income |
1,970 |
|
|
1,841 |
|
|
3,624 |
|
|
485 |
|
|
558 |
|
|
1,042 |
|
|
435 |
|
|
332 |
|
|
391 |
|
Total noninterest income |
$ |
43,815 |
|
|
$ |
42,685 |
|
|
$ |
42,605 |
|
|
$ |
10,400 |
|
|
$ |
10,214 |
|
|
$ |
10,441 |
|
|
$ |
13,044 |
|
|
$ |
12,417 |
|
|
$ |
11,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Banking |
|
Global Markets |
|
All Other (1)
|
|
2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
|
2018 |
|
2017 |
|
2016 |
Card income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interchange fees |
$ |
533 |
|
|
$ |
506 |
|
|
$ |
483 |
|
|
$ |
95 |
|
|
$ |
94 |
|
|
$ |
79 |
|
|
$ |
— |
|
|
$ |
9 |
|
|
$ |
21 |
|
Other card income |
8 |
|
|
12 |
|
|
20 |
|
|
(2 |
) |
|
(2 |
) |
|
(5 |
) |
|
— |
|
|
60 |
|
|
168 |
|
Total card income |
541 |
|
|
518 |
|
|
503 |
|
|
93 |
|
|
92 |
|
|
74 |
|
|
— |
|
|
69 |
|
|
189 |
|
Service charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit-related fees |
2,111 |
|
|
2,197 |
|
|
2,170 |
|
|
161 |
|
|
147 |
|
|
143 |
|
|
22 |
|
|
22 |
|
|
16 |
|
Lending-related fees |
916 |
|
|
928 |
|
|
924 |
|
|
184 |
|
|
182 |
|
|
169 |
|
|
— |
|
|
— |
|
|
— |
|
Total service charges |
3,027 |
|
|
3,125 |
|
|
3,094 |
|
|
345 |
|
|
329 |
|
|
312 |
|
|
22 |
|
|
22 |
|
|
16 |
|
Investment and brokerage services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management fees |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Brokerage fees |
94 |
|
|
97 |
|
|
74 |
|
|
1,780 |
|
|
2,049 |
|
|
2,102 |
|
|
8 |
|
|
(21 |
) |
|
(21 |
) |
Total investment and brokerage services |
94 |
|
|
97 |
|
|
74 |
|
|
1,780 |
|
|
2,049 |
|
|
2,102 |
|
|
8 |
|
|
(21 |
) |
|
(21 |
) |
Investment banking income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting income |
502 |
|
|
511 |
|
|
426 |
|
|
2,084 |
|
|
2,249 |
|
|
2,100 |
|
|
(198 |
) |
|
(255 |
) |
|
(168 |
) |
Syndication fees |
1,237 |
|
|
1,403 |
|
|
1,302 |
|
|
109 |
|
|
95 |
|
|
85 |
|
|
1 |
|
|
1 |
|
|
— |
|
Financial advisory services |
1,152 |
|
|
1,557 |
|
|
1,156 |
|
|
103 |
|
|
132 |
|
|
111 |
|
|
1 |
|
|
— |
|
|
— |
|
Total investment banking income |
2,891 |
|
|
3,471 |
|
|
2,884 |
|
|
2,296 |
|
|
2,476 |
|
|
2,296 |
|
|
(196 |
) |
|
(254 |
) |
|
(168 |
) |
Trading account profits |
260 |
|
|
134 |
|
|
133 |
|
|
7,932 |
|
|
6,710 |
|
|
6,550 |
|
|
228 |
|
|
286 |
|
|
44 |
|
Other income |
1,950 |
|
|
2,150 |
|
|
2,286 |
|
|
446 |
|
|
551 |
|
|
199 |
|
|
(1,346 |
) |
|
(1,750 |
) |
|
(294 |
) |
Total noninterest income |
$ |
8,763 |
|
|
$ |
9,495 |
|
|
$ |
8,974 |
|
|
$ |
12,892 |
|
|
$ |
12,207 |
|
|
$ |
11,533 |
|
|
$ |
(1,284 |
) |
|
$ |
(1,648 |
) |
|
$ |
(234 |
) |
|
|
(1) |
All Other includes eliminations of intercompany transactions.
|
The tables below present 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
2018 |
|
2017 |
|
2016 |
Segments’ total revenue, net of interest expense |
$ |
92,568 |
|
|
$ |
89,061 |
|
|
$ |
83,916 |
|
Adjustments (1):
|
|
|
|
|
|
|
|
|
ALM activities |
588 |
|
|
312 |
|
|
(299 |
) |
Liquidating businesses, eliminations and other |
(1,299 |
) |
|
(1,096 |
) |
|
984 |
|
FTE basis adjustment |
(610 |
) |
|
(925 |
) |
|
(900 |
) |
Consolidated revenue, net of interest expense |
$ |
91,247 |
|
|
$ |
87,352 |
|
|
$ |
83,701 |
|
Segments’ total net income |
28,260 |
|
|
21,541 |
|
|
19,493 |
|
Adjustments, net-of-tax (1):
|
|
|
|
|
|
|
|
ALM activities |
(46 |
) |
|
(355 |
) |
|
(651 |
) |
Liquidating businesses, eliminations and other |
(67 |
) |
|
(2,954 |
) |
|
(1,020 |
) |
Consolidated net income |
$ |
28,147 |
|
|
$ |
18,232 |
|
|
$ |
17,822 |
|
|
|
(1) |
Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31 |
(Dollars in millions) |
|
|
2018 |
|
2017 |
Segments’ total assets |
$ |
2,158,182 |
|
|
$ |
2,087,192 |
|
Adjustments (1):
|
|
|
|
|
|
ALM activities, including securities portfolio |
670,057 |
|
|
625,483 |
|
Elimination of segment asset allocations to match liabilities |
(540,801 |
) |
|
(520,448 |
) |
Other |
67,069 |
|
|
89,007 |
|
Consolidated total assets |
$ |
2,354,507 |
|
|
$ |
2,281,234 |
|
(1) Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.
|