Annual report pursuant to Section 13 and 15(d)

Net Interest Income and Noninterest Income

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Net Interest Income and Noninterest Income
 12 Months Ended
Dec. 31, 2021
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 2021, 2020 and 2019. For more information, see Note 1 – Summary of Significant Accounting Principles. For a disaggregation of noninterest income by business segment and All Other, see Note 23 – Business Segment Information.
(Dollars in millions) 2021 2020 2019
Net interest income
Interest income
Loans and leases $ 29,282  $ 34,029  $ 43,086 
Debt securities 12,376  9,790  11,806 
Federal funds sold and securities borrowed or purchased under agreements to resell (1)
(90) 903  4,843 
Trading account assets 3,770  4,128  5,196 
Other interest income 2,334  2,735  6,305 
Total interest income 47,672  51,585  71,236 
Interest expense
Deposits 537  1,943  7,188 
Short-term borrowings (1)
(358) 987  7,208 
Trading account liabilities 1,128  974  1,249 
Long-term debt 3,431  4,321  6,700 
Total interest expense 4,738  8,225  22,345 
Net interest income $ 42,934  $ 43,360  $ 48,891 
Noninterest income
Fees and commissions
Card income
Interchange fees (2)
$ 4,560  $ 3,954  $ 3,834 
Other card income 1,658  1,702  1,963 
Total card income 6,218  5,656  5,797 
Service charges
Deposit-related fees 6,271  5,991  6,588 
Lending-related fees 1,233  1,150  1,086 
Total service charges 7,504  7,141  7,674 
Investment and brokerage services
Asset management fees 12,729  10,708  10,241 
Brokerage fees 3,961  3,866  3,661 
Total investment and brokerage services 16,690  14,574  13,902 
Investment banking fees
Underwriting income 5,077  4,698  2,998 
Syndication fees 1,499  861  1,184 
Financial advisory services 2,311  1,621  1,460 
Total investment banking fees 8,887  7,180  5,642 
Total fees and commissions 39,299  34,551  33,015 
Market making and similar activities 8,691  8,355  9,034 
Other income (loss) (1,811) (738) 304 
Total noninterest income $ 46,179  $ 42,168  $ 42,353 
(1)For more information on negative interest, see Note 1 – Summary of Significant Accounting Principles.
(2)Gross interchange fees and merchant income were $11.5 billion, $9.2 billion and $10.0 billion for 2021, 2020 and 2019, respectively, and are presented net of $6.9 billion, $5.5 billion and $6.2 billion of expenses for rewards and partner payments as well as certain other card costs for the same periods.